Protective Life Corp (PL) 2010年年度报告「NYSE」.pdf

1、ANNUAL REPORTrefocused on growth2010 2010 was a transitional year in which we put the financial crisis behind us and refocused our efforts on growth and creating shareholder value.Thanks to the hard work and commitment of our team,we emerged from the financial crisis in 2010 with a strong balance sh

2、eet and with our core retail business platforms in solid condition.However,we also came out of the crisis facing some formidable challenges,including:a sharp reduction in the market for our stable value products;much higher costs for redundant reserve financing in our term insurance line;lower sales

3、 levels in our Asset Protection segment caused by a sharp drop in U.S.auto sales;reduced investment income as a result of historically low interest rates and less income from our participating commercial mortgage loans;and a requirement that we hold much more redundant capital to maintain our rating

4、s.Notwithstanding these headwinds,we are pleased to report a number of positive developments during the year:Our stock price performed well,rising 61%during the year.Our operating earnings for the year were$2.73,ahead of our plan of$2.60.While earnings were down from the prior year,most of the diffe

5、rence is attributable to the fact that in 2009 we enjoyed a material gain on the repurchase of debt securities.We announced two of the largest acquisitions in our history.-In September,we announced that we would acquire United Investors Life Insurance to our share ownersI am pleased to report good p

6、rogress and solid results in 2010a transitional year in which we put the financial crisis behind us and refocused our efforts on growth and creating shareholder value.Company220 10 John d.Johns /Chairman,President and Chief Executive Officerthis annual report is going to press,we are continuing to s