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Protective Reports Higher 2nd Quarter Net Income

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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.