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Protective Life Corporation

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Protective Life Corporation

Protective Life Corporation
Public
Traded as PL
Industry Insurance & Finance
Founded 1907
Headquarters Birmingham, Alabama, USA
Key people John D. Johns (Chairman, President and Chief Executive Officer)
Richard J. Bielen (Vice Chairman and Chief Financial Officer)
Products Life Insurance, Annuities and asset protection
Revenue Increase$3.62 billion USD (2012)
Operating income Increase$469 million USD (2012)
Net income Increase302 million USD (2012)
Total assets $57.4 billion USD (2012)
Employees 2,270 (2012)
Subsidiaries Protective Life Insurance Company
Protective Life and Annuity Insurance Company
West Coast Life Insurance Company
Lyndon Insurance Group, Inc. and Affiliates
Website www.protective.com

Protective Life Corporation is a financial service holding company in Birmingham, Alabama.[1][2][3][4] The company’s primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and services in all 50 states.[1][2] As of 2012, the corporation had more than 2,200 employees, annual revenues of $3.62 billion and assets of $57.4 billion.[3][5][6][7] With a market capitalization of $2.35 billion as of June 2012, Protective is listed in the 2012 Fortune 1000 list and the 2012 Forbes Global 2000 list.[1][2] In addition to Protective Life Insurance, Protective Life Corporation’s primary operating subsidiaries include Protective Life & Annuity Insurance Company, West Coast Life Insurance Company and Lyndon Insurance Group, Inc.[1][4][8]

History

In 1907, former Alabama governor William Dorsey Jelks founded Protective Life Insurance Company, and in 1909, Protective Life paid its first death claim.[6][9] In 1927, Protective merged with Alabama National Insurance Company, and Alabama National’s president, Samuel Clabaugh, became the president of the combined companies, which continued to do business as Protective.[6][9] In 1937, Clabaugh turned over the leadership of the company to Col. William J. Rushton, and in 1969, Col. Rushton’s son, William “Billy” J. Rushton III, became president of Protective.[6][9] The younger Rushton then presided over a series of acquisitions that led Protective into all 50 states.[6] As part of this push, Drayton Nabers Jr. became CEO in 1992 and in 1993, Protective Life Coporation was listed on the New York Stock Exchange under the ticker symbol PL.[1][8][9] In 1997, Protective Life acquired West Coast Life.[6] Nabers retired in 2002 and Harvard Business School graduate John D. Johns was then named president and CEO of Protective Life.[6][9] John D. Johns has served as president and chief executive officer since 2002 and has been chairman of the board since January 2003.[6] Johns has been a director since May 1997 and an employee of the company and its subsidiaries since 1993.[6] In 2007, Protective Life celebrated its 100th anniversary, just one year after its acquisition of Chase Insurance Group in 2006.[6][10] In 2013, Protective’s principal subsidiary, Protective Life Insurance Company completed the acquisition of MONY Life Insurance Company and reinsured certain policies of MONY Life Insurance Company of America.[7] The total transaction price was $1.06 billion.[7] Protective Life has offices in Alabama, California, Illinois, Missouri, Minnesota, Nebraska, Ohio and Tennessee.[6]

Current Leadership and board of directors

The Protective Life leadership includes John D. Johns (chairman and CEO), Richard J. Bielen (vice chairman and CFO), Deborah J. Long, JD (EVP, secretary and general counsel), Mike Temple (EVP and CRO) and Carl S. Thigpen (EVP and CIO).[11][6] In addition, the company’s board of directors include Elaine L. Chao, Charles D. McCrary, Malcolm Portera and C. Dowd Ritter.[11][6]

Operations

The company offers plans in:[4][5][6][10]

  • Life insurance, including universal life, variable universal life, and bank-owned life insurance products offered through a network of brokers, stockbrokers and independent marketing organizations.
  • Annuities, including fixed and variable annuity products sold through broker-dealers, financial institutions and brokers.
  • Stable value products, including fixed and floating-rate funding agreements sold to the trustees of municipal bond proceeds, institutional investors, bank trust departments and money market funds.
  • Asset protection, marketing extended service contracts and credit life and disability insurance to protect consumers’ investments in automobiles, watercraft and recreational vehicles.
  • Acquisitions, consisting of policies originated by other companies and later acquired by Protective. The segment’s primary focus is on life insurance policies and annuity products that were sold to individuals.

Awards and recognition

Protective Life was awarded the 2010 Optimas Award from Workforce Management Magazine and honored in the Partnership category by the Virgin HealthMiles employee wellness program.[6]

Philanthropy

The company established the Protective Life Foundation, which supports education and healthy development of at-risk youth.[9] In addition, the foundation engages charitable activities to cultural organizations, civic and community initiatives, human services groups, and the United Way.[6][9]

References

External links

  • Protective Life's Website
  • Financial Reports Protective Life
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