Protective Life Corp (PL) 2004年年度报告「NYSE」.pdf

1、2004 A N N U A L R E P O R T PROTECTIVE LIFE CORPORATIONPOST OFFICE BOX 2606BIRMINGHAM,AL 35202ww w.p rot e cti ve.c om2004 A N N U A L R E P O R T CORPORATEINFORMATIONHIGHLIGHTSFINANCIALRevenues$1,988,575$1,957,525$1,962,688 1.6%(0.3%)Net income$234,580$217,050$177,355 8.1%22.4%Operating income per

2、 share(1)$3.32$2.79$2.48 19.0%12.5%Net income per share$3.30$3.07$2.52 7.5%21.8%Total assets$27,211,378$24,517,615$21,893,403 11.0%12.0%Share-owners equityexcluding accumulated othercomprehensive income(2)$1,870,016$1,669,559$1,484,788 12.0%12.4%Share-owners equity per shareexcluding accumulated oth

3、ercomprehensive income(2)$26.93$24.20$21.62 11.3%11.9%Market price of common stock$42.69$33.84$27.52 26.2%23.0%FOR THE YEARAT YEAR ENDRATINGS 2004 2003 2002 CHANGE04/03CHANGE03/02As of the date of this report,the Companys principal operating subsidiary,Protective Life Insurance Company,has insurer f

4、inancial strength ratings of A+(Superior)from A.M.Best,AA(Very Strong)from Standard&Poors,AA-(Very Strong)from Fitch,and Aa3(Excellent)from Moodys Investors Services.Each of these independent rating agencies has assigned its rating based on a variety of factors,including Protectives operating perfor

5、mance,asset quality,financial flexibility and capitalization.For current information:.(1)Operating income per diluted share is calculated by dividing operating income as defined below by the number of weighted average diluted shares outstanding for the period indicated.Operating income differs from

6、the GAAP measure,net income,in that it excludes realized investmentgains(losses)related to certain derivative financial instruments,and the cumulative effect of change in accounting principle.Operating income is defined as net income,excluding net realized investment gains(losses)and the related amo