Company Quick10K Filing
Protective Life Insurance
Price1.00 EPS-531,796,000
Shares-0 P/E-0
MCap-0 P/FCF0
Net Debt-223 EBIT672
TEV-223 TEV/EBIT-0
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-25
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-13
10-K 2018-12-31 Filed 2019-03-25
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-13
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-21
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-20
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-10
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-18
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-24
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-25
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-12
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-29
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-30
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-12
10-Q 2010-03-31 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-06-10
8-K 2020-05-01
8-K 2020-02-24
8-K 2019-06-03
8-K 2019-03-25
8-K 2019-02-25
8-K 2019-01-23
8-K 2018-12-11
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-01-18

PLICO 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.3 plico3312020exh103.htm
EX-10.4 plico3312020exh104.htm
EX-10.5 plico3312020exh105.htm
EX-10.6 plico33120exh106.htm
EX-10.7 plico3312020exh107.htm
EX-10.8 plico33120exh108.htm
EX-10.9 plico33120exh109.htm
EX-31.1 plico3312020exh311.htm
EX-31.2 plico3312020exh312.htm
EX-32.1 plico3312020exh321.htm
EX-32.2 plico3312020exh322.htm

Protective Life Insurance Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1209672482402012201420172020
Assets, Equity
1.71.31.00.60.3-0.12012201420172020
Rev, G Profit, Net Income
1.61.00.3-0.3-1.0-1.62012201420172020
Ops, Inv, Fin

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Table of Contents


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q
 
  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended March 31, 2020
 
or
 
  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the transition period from              to             
 
Commission File Number 001-31901
 
PROTECTIVE LIFE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
 
Tennessee63-0169720
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number)
 
2801 Highway 280 South
Birmingham, Alabama 35223
(Address of principal executive offices and zip code)
 
(205) 268-1000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated Filer
  
Non-accelerated filer
Smaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No
 
Number of shares of Common Stock, $1.00 Par Value, outstanding as of April 26, 2020:  5,000,000



Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
QUARTERLY REPORT ON FORM 10-Q
FOR QUARTERLY PERIOD ENDED MARCH 31, 2020
TABLE OF CONTENTS
  Page
 PART I 
   
Item 1.Financial Statements (unaudited): 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
   
  
   
Item 1.
Item 1A.
Item 6.
 

1

Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
For The
Three Months Ended
March 31,
20202019
 (Dollars In Thousands)
Revenues 
Premiums and policy fees$896,165  $923,686  
Reinsurance ceded(53,318) (331,517) 
Net of reinsurance ceded842,847  592,169  
Net investment income752,980  641,422  
Realized gains (losses) - investments/derivatives(38,111) 53,078  
Other income127,170  78,136  
Total revenues1,684,886  1,364,805  
Benefits and expenses 
Benefits and settlement expenses, net of reinsurance ceded: (2020 - $(30,724); 2019 - $251,674)
1,344,162  973,154  
Amortization of deferred policy acquisition costs and value of business acquired53,963  30,373  
Other operating expenses, net of reinsurance ceded: (2020 - $59,611; 2019 - $52,534)
195,288  184,551  
Total benefits and expenses1,593,413  1,188,078  
Income before income tax91,473  176,727  
Income tax expense17,508  34,629  
Net income$73,965  $142,098  

See Notes to Consolidated Condensed Financial Statements
2

Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited) 
For The
Three Months Ended
March 31,
20202019
 (Dollars In Thousands)
Net income$73,965  $142,098  
Other comprehensive income (loss): 
Change in net unrealized gains (losses) on investments, net of income tax: (2020 - $(391,653); 2019 - $300,430)
(1,473,362) 1,130,190  
Reclassification adjustment for investment amounts included in net income, net of income tax: (2020 - $2,651; 2019 - $(419))
9,972  (1,576) 
Change in net unrealized gains (losses) for which a credit loss has been recognized in operations, net of income tax: (2020 - $(1,735))
(6,529) —  
Change in net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (2019 - $2,337)
—  8,792  
Change in accumulated (loss) gain - derivatives, net of income tax: (2020 - $(1,232); 2019 - $(522))
(4,636) (1,966) 
Reclassification adjustment for derivative amounts included in net income, net of income tax: (2020 - $253; 2019 - $58)
951  220  
Total other comprehensive income (loss)(1,473,604) 1,135,660  
Total comprehensive income (loss)$(1,399,639) $1,277,758  

See Notes to Consolidated Condensed Financial Statements
3

Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS

As of
March 31, 2020December 31, 2019
(Unaudited)
 (Dollars In Thousands)
Assets  
Fixed maturities, at fair value (amortized cost: 2020 - $63,974,338; 2019 - $63,268,660; allowance for credit losses: 2020 - $51,793)
$63,906,243  $66,043,992  
Fixed maturities, at amortized cost (fair value: 2020 - $2,930,737; 2019 - $3,025,790)
2,775,710  2,823,881  
Equity securities, at fair value (cost: 2020 - $502,063; 2019 - $534,463)
478,189  553,720  
Mortgage loans, net of allowance for credit losses (allowance for credit losses: 2020 - $171,216; 2019 - $4,884)
9,332,867  9,379,401  
Investment real estate, net of accumulated depreciation (2020 - $245; 2019 - $203)
10,279  10,321  
Policy loans1,657,375  1,675,121  
Other long-term investments2,561,893  2,479,520  
Short-term investments1,021,337  1,320,864  
Total investments81,743,893  84,286,820  
Cash381,447  171,752  
Accrued investment income723,400  715,388  
Accounts and premiums receivable127,550  174,202  
Reinsurance receivables, net of allowances for credit losses (allowances for credit losses: 2020 - $95,819; 2019 - $0)
4,432,117  4,371,865  
Deferred policy acquisition costs and value of business acquired3,760,783  3,519,555  
Goodwill825,511  825,511  
Other intangibles, net of accumulated amortization (2020 - $267,746; 2019 - $253,759)
574,158  583,426  
Property and equipment, net of accumulated depreciation (2020 - $52,583; 2019 - $49,357)
211,383  211,745  
Other assets646,598  308,544  
Income tax receivable58,932    
Assets related to separate accounts  
Variable annuity10,493,017  12,730,090  
Variable universal life915,750  1,135,666  
Reinsurance assumed10,603,032  11,443,105  
Total assets$115,497,571  $120,477,669  

See Notes to Consolidated Condensed Financial Statements
4

Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED BALANCE SHEETS
(continued)
As of
March 31, 2020December 31, 2019
(Unaudited)
 (Dollars In Thousands)
Liabilities  
Future policy benefits and claims$53,182,778  $53,943,962  
Unearned premiums788,752  794,832  
Total policy liabilities and accruals53,971,530  54,738,794  
Stable value product account balances5,885,738  5,443,752  
Annuity account balances14,604,211  14,289,907  
Other policyholders’ funds1,331,233  1,576,856  
Other liabilities3,756,147  2,977,278  
Income tax payable  34,224  
Deferred income taxes1,053,794  1,371,970  
Debt878  968  
Subordinated debt110,000  110,000  
Non-recourse funding obligations3,035,549  3,082,753  
Secured financing liabilities67,605  335,480  
Liabilities related to separate accounts  
Variable annuity10,493,017  12,730,090  
Variable universal life915,750  1,135,666  
Reinsurance assumed10,603,032  11,443,105  
Total liabilities105,828,484  109,270,843  
Commitments and contingencies - Note 11
Shareowner’s equity  
Preferred Stock; $1 par value, shares authorized: 2,000; Liquidation preference: $2
2  2  
Common Stock, $1 par value, shares authorized and issued: 2020 and 2019 - 5,000,000
5,000  5,000  
Additional paid-in-capital8,260,537  8,260,537  
Retained earnings1,469,510  1,533,645  
Accumulated other comprehensive income (loss):  
Net unrealized gains (losses) on investments, net of income tax: (2020 - $(5,692); 2019 - $(383,311))
(21,412) 1,441,978  
Net unrealized losses on investments for which a credit loss has been recognized in operations, net of income tax: (2020 - $(8,739))
(32,876) —  
Net unrealized losses relating to other-than-temporary impaired investments for which a portion has been recognized in operations, net of income tax: (2019 - $(7,004))
—  (26,347) 
Accumulated gain (loss) - derivatives, net of income tax: (2020 - $(3,103); 2019 - $(2,123))
(11,674) (7,989) 
Total shareowner’s equity9,669,087  11,206,826  
Total liabilities and shareowner’s equity$115,497,571  $120,477,669  

See Notes to Consolidated Condensed Financial Statements
5

Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF SHAREOWNER’S EQUITY
(Unaudited)

Preferred
Stock
Common
Stock
Additional
Paid-In-Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareowner’s
Equity
 (Dollars In Thousands)
Balance, December 31, 2019$2  $5,000  $8,260,537  $1,533,645  $1,407,642  $11,206,826  
Net income for the three months ended March 31, 2020         73,965     73,965  
Other comprehensive income (loss)         (1,473,604) (1,473,604) 
Comprehensive income (loss) for the three months ended March 31, 2020(1,399,639) 
Cumulative effect adjustments(138,100) (138,100) 
Balance, March 31, 2020$2  $5,000  $8,260,537  $1,469,510  $(65,962) $9,669,087  

PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF SHAREOWNER’S EQUITY
(Unaudited)

Preferred
Stock
Common
Stock
Additional
Paid-In-Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareowner’s
Equity
 (Dollars In Thousands)
Balance, December 31, 2018$2  $5,000  $7,410,537  $1,031,465  $(1,404,216) $7,042,788  
Net income for the three months ended March 31, 2019         142,098     142,098  
Other comprehensive income         1,135,660  1,135,660  
Comprehensive income for the three months ended March 31, 20191,277,758  
Cumulative effect adjustments(50,804) (50,804) 
Balance, March 31, 2019$2  $5,000  $7,410,537  $1,122,759  $(268,556) $8,269,742  

See Notes to Consolidated Condensed Financial Statements
6

Table of Contents
PROTECTIVE LIFE INSURANCE COMPANY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
For The
Three Months Ended
March 31,
20202019
 (Dollars In Thousands)
Cash flows from operating activities 
Net income$73,965  $142,098  
Adjustments to reconcile net income to net cash used in operating activities:  
Realized (gains) losses - investments/derivatives38,111  (53,078) 
Amortization of DAC and VOBA53,963  30,373  
Capitalization of DAC(106,881) (95,970) 
Depreciation and amortization expense18,605  18,477  
Deferred income tax112,115  4,938  
Accrued income tax(93,156) 105,877  
Interest credited to universal life and investment products410,691  285,588  
Policy fees assessed on universal life and investment products(448,079) (407,380)