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Protective Life Reports 4th Quarter Net Loss

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NU Online News Service, Feb. 14, 1:31 p.m. – Protective Life Corp., Birmingham, Ala., is reporting a $4.9 million net loss for the fourth quarter of 2001 on $413 million in revenue, compared with $37 million in net income on $326 million in revenue for the fourth quarter of 2000.

Net results for the latest quarter include $22 million in losses on derivatives and $32 million in losses related to the sale of Protective Life’s dental insurance operation and the shutdown of some related health insurance operations.

Net operating income from continuing operations, which excludes those costs and others, increased to $45 million, from $38 million.

Operating income increased to $12 million, from $10 million, for West Coast life operations, and to $8.7 million, from $8.2 million, for stable value products.

Operating income fell to $8.7 million, from $9.2 million, for sales of specialty insurance products through financial institutions, and held steady at $10 million for individual life insurance.