Protective Life Corp (PL) 2009年年度报告「NYSE」.pdf

1、2009 ANNUAL REPORTREBUILDINGMOMENTUMNotwithstanding the headwinds created by the economy,the Company produced strong overall financial results for the year.As we look to the future,we are energized by the abundant opportunities we see for growth next year and beyond.We are well on our way to rebuild

2、ing momentum for the future.lower earnings.The downward earnings pressure in this line was primarily the result of much higher funding costs for securitizing redundant reserves.Stable Value earnings decreased steadily throughout 2009 as a result of disruptions in the funding agree-ment market which

3、caused our account balanceto decrease.Finally,the Asset Protection segmentreported lower earnings,primarily as a result of much reduced sales volumes in the auto and marine markets.There were,however,many other encouraging and positive developments to report at the operatingsegment level of our busi

4、ness.In our Life Marketing segment,we increased ourlife sales by 3%,while industry data indicates that industry sales were down 20%for the year.We were able to successfully execute our plan to grow our universal life sales in the face of a sharp decline inindustry sales of that product,and by the la

5、st quar-ter of the year we had achieved a near 50/50 mix of term and universal life sales.Mortality experience forthe year was$14.5 million more favorable than our expectations.And even in the face of economicturmoil and unstable market conditions,we continuedto invest in the development and introdu

6、ction of many new,innovative life products and increased2009 was a year of challenges and achievements.The combined effects of turmoil in the financial and creditmarkets and the most challenging economic condi-tions weve experienced since the 1930s created adifficult operating environment.Notwithsta