-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, J274bhU9+3MdBwMC6n1J/WqD4vhI/vXtCZPmJCpQHuAoVmlnMFmnao6WceCNATBL zNK+xHau5kNui49DYMzG9w== 0000912057-95-003665.txt : 19950517 0000912057-95-003665.hdr.sgml : 19950516 ACCESSION NUMBER: 0000912057-95-003665 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROTECTIVE LIFE INSURANCE CO CENTRAL INDEX KEY: 0000310826 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 630169720 STATE OF INCORPORATION: AL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-31940 FILM NUMBER: 95538038 BUSINESS ADDRESS: STREET 1: 2801 HIGHWAY 280 SOUTH CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2058799230 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 10-Q 1 FORM 10-Q - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------ ----- Commission File Numbers 33-31940; 33-39345; 33-57052 PROTECTIVE LIFE INSURANCE COMPANY (Exact name of registrant as specified in its charter) TENNESSEE 63-0169720 (State of incorporation) (IRS Employer Identification Number) 2801 HIGHWAY 280 SOUTH BIRMINGHAM, ALABAMA 35223 (Address of principal executive offices) (205) 879-9230 (Registrant's telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No Number of shares of Common Stock, $1.00 par value, outstanding as of May 9, 1995: 5,000,000 shares. THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2). PROTECTIVE LIFE INSURANCE COMPANY INDEX PAGE NUMBER ----------- PART I. FINANCIAL INFORMATION: Item 1. Financial Statements: Report of Independent Accountants............................ 2 Consolidated Condensed Statements of Income for the Three Months ended March 31, 1995 and 1994 (unaudited)........... 3 Consolidated Condensed Balance Sheets as of March 31, 1995 (unaudited) and December 31, 1994.......................... 4 Consolidated Condensed Statements of Cash Flows for the Three Months ended March 31, 1995 and 1994 (unaudited)................................................ 5 Notes to Consolidated Condensed Financial Statements (unaudited)................................................ 6 Item 2. Management's Narrative Analysis of the Results of Operations................................................... 8 PART II. OTHER INFORMATIONH: Item 6. Exhibits and Reports on Form 8-K........................ 13 Signature.......................................................... 13 REPORT OF INDEPENDENT ACCOUNTANTS To the Directors and Stockholder Protective Life Insurance Company Birmingham, Alabama We have reviewed the accompanying consolidated condensed balance sheet of Protective Life Insurance Company and subsidiaries as of March 31, 1995, and the related consolidated condensed statements of income and cash flows for the three-month periods ended March 31, 1995 and 1994. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the consolidated condensed financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet as of December 31, 1994, and the related consolidated statements of income, stockholder's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 13, 1995, we expressed an unqualified opinion which contains an explanatory paragraph regarding the changes in accounting for certain investments in debt and equity securities in 1993 and postretirement benefits other than pensions in 1992 on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated condensed balance sheet as of December 31, 1994, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived. COOPERS & LYBRAND L.L.P. Birmingham, Alabama April 26, 1995 2 PROTECTIVE LIFE INSURANCE COMPANY CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands) (Unaudited)
THREE MONTHS ENDED MARCH 31 -------------------- 1995 1994 -------- -------- REVENUES Premiums and policy fees (net of reinsurance ceded: 1995 - $62,131; 1994 - $34,126) $ 90,562 $ 89,437 Net investment income 110,291 98,825 Realized investment gains 2,661 2,297 Other income 1,354 752 -------- -------- 204,868 191,311 -------- -------- BENEFITS AND EXPENSES Benefits and settlement expenses (net of reinsurance ceded: 1995 - $44,203; 1994 - $24,111) 123,941 115,876 Amortization of deferred policy acquisition costs 20,325 20,039 Other operating expenses (net of reinsurance ceded: three months: 1995 - $11,269; 1994 - $2,729) 31,695 26,272 -------- -------- 175,961 162,187 -------- -------- INCOME BEFORE INCOME TAX 28,907 29,124 Income tax expense 9,539 9,320 -------- -------- NET INCOME $ 19,368 $ 19,804 -------- -------- -------- --------
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 3 PROTECTIVE LIFE INSURANCE COMPANY CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands)
MARCH 31 DECEMBER 31 1995 1994 ----------- ----------- (UNAUDITED) ASSETS Investments: Fixed maturities $3,583,409 $3,493,646 Equity securities 44,149 45,005 Mortgage loans on real estate 1,555,340 1,488,495 Investment in real estate, net 20,202 20,170 Policy loans 147,258 147,608 Other long-term investments 59,238 50,751 Short-term investments 159,277 54,683 ----------- ----------- Total investments 5,568,873 5,300,358 Accrued investment income 57,724 55,630 Accounts and premiums receivable, net 19,679 28,928 Reinsurance receivables 131,725 122,175 Deferred policy acquisition costs 411,573 434,200 Property and equipment, net 34,762 33,185 Receivables from related parties 2,349 281 Other assets 11,769 11,802 Assets held in separate accounts 159,951 124,145 ----------- ----------- TOTAL ASSETS $6,398,405 $6,110,704 ----------- ----------- ----------- ----------- LIABILITIES Policy liabilities and accruals $1,840,956 $1,797,774 Guaranteed investment contract deposits 2,330,249 2,281,673 Annuity deposits 1,282,139 1,251,318 Other policyholders' funds 142,688 144,461 Other liabilities 106,345 94,181 Accrued income taxes 5,874 (4,699) Deferred income taxes 8,665 (14,667) Indebtedness to related parties 39,443 39,443 Liabilities related to separate accounts 159,951 124,145 ----------- ----------- TOTAL LIABILITIES 5,916,310 5,713,629 ----------- ----------- COMMITMENTS AND CONTINGENT LIABILITIES - NOTE B REDEEMABLE PREFERRED STOCK, $1 par value, at redemption value; Shares authorized and issued: 2,000 2,000 2,000 ----------- ----------- STOCKHOLDER'S EQUITY Common Stock, $1 par value Shares authorized and issued: 5,000,000 5,000 5,000 Additional paid-in capital 144,494 126,494 Net unrealized losses on investments (Net of income tax: 1995 - $(32,335); 1994 - $(57,902)) (60,051) (107,532) Retained earnings 396,417 377,049 Note receivable from PLC Employee Stock Ownership Plan (5,765) (5,936) ----------- ----------- TOTAL STOCKHOLDER'S EQUITY 480,095 395,075 ----------- ----------- $6,398,405 $6,110,704 ----------- ----------- ----------- -----------
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 4 PROTECTIVE LIFE INSURANCE COMPANY CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited)
THREE MONTHS ENDED MARCH 31 -------------------- 1995 1994 -------- --------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 19,368 $ 19,804 Adjustments to reconcile net income to net cash provided by operating activities: Net change in deferred policy acquisition costs (1,461) 117 Depreciation expense 1,020 770 Deferred income taxes (2,234) 610 Accrued income taxes 10,573 3,034 Interest credited to universal life and investment products 67,685 58,460 Policy fees assessed on universal life and investment products (22,716) (19,089) Change in accrued investment income and other receivables (4,463) 1,049 Change in policy liabilities and other policyholders' funds of traditional life and health products 20,252 6,575 Change in other liabilities 12,165 (5,624) Other (net) 597 (1,838) -------- --------- Net cash provided by operating activities 100,786 63,868 -------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Maturities and principal reductions of investments Investments available for sale 42,451 166,705 Other 22,808 85,840 Sale of investments Investments available for sale 197,797 60,609 Other 1,759 2,249 Cost of investments acquired Investments available for sale (374,660) (348,025) Other (61,928) (100,621) Purchase of property and equipment (2,638) (1,059) Sale of property and equipment 41 1,201 -------- --------- Net cash used in investing activities (174,370) (133,101) -------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Capital contribution from PLC 18,000 Proceeds from borrowings under line of credit arrangements and debt 283,500 287,186 Principal payments on line of credit arrangements and debt (283,500) (287,205) Change in universal life and investment product deposits 55,584 60,613 -------- --------- Net cash provided by financing activities 73,584 60,594 -------- --------- INCREASE (DECREASE) IN CASH 0 (8,639) CASH AT BEGINNING OF PERIOD 0 23,951 -------- --------- CASH AT END OF PERIOD $ 0 $ 15,312 -------- --------- -------- --------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period: Interest on notes and mortgages payable $ (992) $ (1,526) Income taxes $ (1,200) $ (6,922) SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES Reduction of principal on note from ESOP $ 171 $ 28
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 5 PROTECTIVE LIFE INSURANCE COMPANY NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements of Protective Life Insurance Company ("Protective Life") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 1995 are not necessarily indicative of the results that may be expected for the year ending December 31, 1995. For further information, refer to the consolidated financial statements and notes thereto included in Protective Life's annual report on Form 10-K for the year ended December 31, 1994. Protective Life is a wholly-owned subsidiary of Protective Life Corporation ("PLC"). NOTE B - COMMITMENTS AND CONTINGENT LIABILITIES Under insurance guaranty fund laws, in most states, insurance companies doing business therein can be assessed up to prescribed limits for policyholder losses incurred by insolvent companies. Protective Life does not believe such assessments will be materially different from amounts already provided for in the financial statements. Most of these laws do provide, however, that an assessment may be excused or deferred if it would threaten an insurer's own financial strength. Protective Life and its subsidiaries, like other life and health insurers, from time to time are involved in litigation. To date, no such lawsuit has resulted in the award of any significant amount of damages against Protective Life. Among the litigation currently pending are two class actions concerning the sale of credit insurance; with respect to one action a proposed settlement agreement has been filed with the supervising court for approval. Although the outcome of any litigation cannot be predicted with certainty, Protective Life believes that such litigation will not have a material adverse effect on its financial position. NOTE C - STATUTORY REPORTING PRACTICES Financial statements prepared in conformity with generally accepted accounting principles (i.e., GAAP) differ in some respects from the statutory accounting practices prescribed or permitted by insurance regulatory authorities. At March 31, 1995, Protective Life and its life insurance subsidiaries had consolidated stockholder's equity and net income prepared in conformity with statutory reporting practices of $314.2 million and $17.5 million, respectively. 6 NOTE D - RECENTLY ADOPTED ACCOUNTING STANDARDS At December 31, 1993, Protective Life adopted Statement of Financial Accounting Standards ("SFAS") No. 115, "Accounting for Certain Investments in Debt and Equity Securities." For purposes of adopting SFAS No. 115 Protective Life has classified all of its investments in fixed maturities, equity securities, and short-term investments as "available for sale." As prescribed in SFAS No. 115, these investments are recorded at their market values with the resulting net unrealized gain or loss, net of income tax and a related adjustment to deferred policy acquisition costs, recorded as a component of stockholder's equity. Protective Life's balance sheets at March 31, 1995 and December 31, 1994, prepared on the basis of reporting investments at amortized cost rather than at market values, are as follows:
MARCH 31, 1995 DECEMBER 31, 1994 -------------- ----------------- (IN THOUSANDS) Total investments $5,674,970 $5,499,511 Deferred policy acquisition costs 401,941 400,480 All other assets 413,880 376,146 -------------- ----------------- $6,490,791 $6,276,137 -------------- ----------------- -------------- ----------------- Deferred income taxes $ 41,000 $ 43,235 All other liabilities 5,907,645 5,728,296 -------------- ----------------- 5,948,645 5,771,531 Redeemable preferred stock 2,000 2,000 Stockholder's equity 540,146 502,606 -------------- ----------------- $6,490,791 $6,276,137 -------------- ----------------- -------------- -----------------
On January 1, 1995 Protective Life adopted SFAS No. 114 "Accounting by Creditors for Impairment of a Loan" and SFAS No. 118 "Accounting by Creditors for Impairment of a Loan-Income Recognition and Disclosures". Under the new standards, a loan is considered impaired, based on current information and events, if it is probable that Protective Life will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. The measurement of impaired loans is generally based on the present value of expected future cash flows discounted at the historical effective interest rate, except that all collateral-dependent loans are measured for impairment based on the fair value of the collateral. Since Protective Life's mortgage loans are collateralized by real estate any assessment of impairment is based upon the estimated fair value of the real estate. Based on Protective Life's evaluation of its mortgage loan portfolio Protective Life does not expect any material losses on its mortgage loans and therefore no allowance for losses is required under SFAS No. 114. 7 ITEM 2. MANAGEMENT'S NARRATIVE ANALYSIS OF THE RESULTS OF OPERATIONS Protective Life Insurance Company ("Protective Life") is a wholly-owned and the principal operating subsidiary of Protective Life Corporation ("PLC"), an insurance holding company whose common stock is traded on the New York Stock Exchange. Founded in 1907, Protective Life provides financial services through the production, distribution, and administration of insurance and investment products. In accordance with General Instruction H(2)(a), Protective Life includes the following analysis with the reduced disclosure format. REVENUES The following table sets forth revenues by source for the period shown:
THREE MONTHS ENDED PERCENTAGE MARCH 31 INCREASE ---------------- ---------- (IN THOUSANDS) 1995 1994 -------- -------- Premiums and policy fees $ 90,562 $ 89,437 1.3% Net investment income 110,291 98,825 11.6 Realized investment gains 2,661 2,297 15.8 Other income 1,354 752 80.1 -------- -------- $204,868 $191,311 -------- -------- -------- --------
Premiums and policy fees increased $1.1 million or 1.3% in the first three months of 1995 over the first three months of 1994. Increases in premiums and policy fees from the Group and Individual Life Divisions represent increases of $3.7 million and $3.2 million, respectively. The reinsurance of a block of payroll deduction policies in the second quarter of 1994 resulted in a $2.5 million increase in premiums and policy fees in 1995. The reinsurance of a block of policies in the fourth quarter of 1994 resulted in a $6.2 million increase in premiums and policy fees in 1995. Decreases in older acquired blocks resulted in a $2.2 million decrease in premiums and policy fees. Premiums and policy fees from the Financial Institutions Division decreased $12.8 million in the first quarter of 1995 as compared to the first quarter of 1994. This resulted from a reinsurance arrangement whereby a significant portion of the Division's new sales in the first quarter of 1995 was ceded to a reinsurer. 8 Net investment income in the first three months of 1995 increased by $11.5 million or 11.6% over the corresponding period of the preceding year, primarily due to increases in the average amount of invested assets. Invested assets have increased primarily due to receiving annuity and guaranteed investment contract ("GIC") deposits and to acquisitions. Annuity and GIC deposits are not considered revenues in accordance with generally accepted accounting principles. These deposits are included in the liability section of the balance sheet. The reinsurance of two blocks of policies in 1994 resulted in an increase in net investment income of $3.5 million in the first three months of 1995. Protective Life generally purchases its investments with the intent to hold to maturity by purchasing investments that match future cash-flow needs. However, Protective Life may sell any of its investments to maintain proper matching of assets and liabilities. Accordingly, Protective Life has classified its fixed maturities and certain other securities as "available for sale." The sales of investments that have occurred have largely resulted from portfolio management decisions to maintain proper matching of assets and liabilities. Realized investment gains for the first three months of 1995 were $0.4 million higher than the corresponding period of 1994. Recently, rising interest rates have caused market values to fall below amortized cost for many of Protective Life's fixed maturity investments. Therefore, some realized investment losses may be incurred upon future sales of investments to maintain proper matching of assets and liabilities. Protective Life does not anticipate such realized investment losses will be material. Other income consists primarily of fees from administrative-services-only types of group accident and health insurance contracts, and from rental of space in its administrative building to PLC. 9 INCOME BEFORE INCOME TAX The following table sets forth income or loss before income tax by business segment for the periods shown:
INCOME (LOSS) BEFORE INCOME TAX THREE MONTHS ENDED MARCH 31 (IN THOUSANDS) ---------------------------- BUSINESS SEGMENT 1995 1994 ---------------- ------- ------- Acquisition $11,781 $ 8,967 Financial Institutions 1,560 2,137 Group 1,981 1,880 Guaranteed Investment Contracts 8,172 10,203 Individual Life 4,708 5,112 Investment Products 2,157 1,660 Corporate and Other (4,015) (978) Unallocated Realized Investment Gains (Losses) 2,563 143 ------- ------- $28,907 $29,124 ------- ------- ------- -------
Pretax earnings from the Acquisitions Division increased $2.8 million in the first three months of 1995 as compared to the same period of 1994. Earnings from the Acquisitions Division are expected to decline over time (due to the lapsing of policies resulting from deaths of insureds or terminations of coverage) unless new acquisitions are made. As previously discussed, Protective Life reinsured two blocks of policies during 1994. These two acquisitions represent $1.7 million of the increase. Improved results related to Wisconsin National Life Insurance Company (a company acquired in 1993) represent a $1.0 million increase. Pretax earnings of the Financial Institutions Division were $0.6 million lower in the first three months of 1995 as compared to the same period in 1994 due to an increase in life claims. Group pretax earnings were $0.1 million higher in the first three months of 1995 as compared to the first three months of 1994 due to improved earnings from traditional group products which were partially offset by lower earnings from cancer products. 10 The Guaranteed Investment Contract ("GIC") Division had pretax operating earnings of $8.1 million in the first three months of 1995 and $7.6 million in the corresponding period of 1994. This increase was due to the growth in GIC deposits placed with Protective Life. At March 31, 1995, GIC deposits totaled $2.3 billion compared to $2.1 billion one year earlier. Realized investment gains associated with this Division in the first three months of 1995 were $0.1 million, $2.4 million lower than the same period last year. Total pre-tax earnings were $8.2 million in the 1995 first quarter compared to $10.2 million for the same period in 1994. Individual Life pretax earnings were $0.4 million lower in the first three months of 1995 as compared to the first three months of 1994. At December 31, 1994 Protective Life reduced certain statutory policy liabilities for certain term-like products to be more consistent with current regulation and industry practice. This reduced investment income allocated to the Division in the 1995 first quarter by approximately $0.7 million when compared to the same period in 1994. Additionally, expenses to develop new marketing ventures were $0.7 million higher in the first three months of 1995 as compared to the first three months of 1994. These decreases were partially offset by earnings from a growing amount of business in force. Investment Products Division pretax earnings were $0.5 million higher in the first three months of 1995 compared to the same period of 1994. During 1994 the Division completed the amortization of the deferred policy acquisition costs related to its book value annuities. Accordingly, 1995 first quarter earnings were $2.1 million higher due to lower amortization. This increase was partially offset by higher expenses related to the Company's variable annuity which was introduced in early 1994, and to increases in other expenses. The Corporate and Other segment consists of several small insurance lines of business, net investment income and other operating expenses not identified with the preceding operating divisions (including interest on substantially all debt), and the operations of a small noninsurance subsidiary. Pretax losses for this segment were $3.0 million higher in the first three months of 1995 as compared to the first three months of 1994 primarily due to higher expenses, including management fees to PLC. INCOME TAXES The following table sets forth the effective tax rates for the periods shown:
THREE MONTHS ENDED ESTIMATED EFFECTIVE MARCH 31 INCOME TAX RATES ------------ --------------------- 1995 33.0% 1994 32.0
The effective income tax rate for the first three months of 1994 was 32.0%. Management's estimate of the effective income tax rate for 1995 is 33.0%. 11 NET INCOME The following table sets forth net income for the periods shown:
NET INCOME THREE MONTHS ----------------------------------- ENDED TOTAL PERCENTAGE MARCH 31 (IN THOUSANDS) INCREASE (DECREASE) -------------- ----------------------------------- 1995 $19,368 (2.2)% 1994 19,804 93.0
Compared to the same period in 1994, net income in the first three months of 1995 decreased $0.4 million, reflecting improved earnings in the Acquisitions, Group, and Investment Products Divisions, which were offset by lower earnings in the Financial Institutions, Guaranteed Investment Contracts, and Individual Life Divisions and the Corporate and Other segment. RECENTLY ISSUED ACCOUNTING STANDARDS In January 1995, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 120, "Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts." In March 1995, the FASB issued SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." Protective Life anticipates that the impact of adopting SFAS Nos. 120 and 121 will be immaterial. 12 ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 27 - Financial data schedule SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PROTECTIVE LIFE INSURANCE COMPANY Date: May 12, 1995 /s/ Jerry W. DeFoor ---------------------------------------- Jerry W. DeFoor Vice President and Controller, and Chief Accounting Officer (Duly authorized officer) 13 EX-27 2 EXHIBIT 27
7 This schedule contains summary financial information extracted from the consolidated financial statements of Protective Life Insurance Company and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 3,583,409 0 0 44,149 1,555,340 20,202 5,568,873 0 131,725 411,573 6,398,405 1,741,020 99,936 0 142,688 0 5,000 2,000 0 475,095 6,398,405 90,562 110,291 2,661 1,354 123,941 20,325 31,695 28,907 9,539 19,368 0 0 0 19,368 0 0 0 0 0 0 0 0 0
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