Life Health > Life Insurance

Protective Reports Higher 2nd Quarter Net Income

Your article was successfully shared with the contacts you provided.

NU Online News Service, July 24, 1:32 p.m. – Protective Life Corp., Birmingham, Ala., is reporting $54 million in net income for the second quarter on $479 million in revenue, compared with $27 million in net income on $382 million in revenue for the second quarter of 2001.

Sales of credit insurance products were down, but sales of life insurance increased to $58 million, from $37 million, and sales of annuities increased to $360 million, from $264 million.

Sales of new stable-value contracts fell to $88 million, from $427 million, but stable-value contract operating income increased 11% because of higher average balances and an increase in the spread between the rates Protective paid on the contracts and the rates it earned on its own investments.

More on this topic