Protective Life Corporation is a financial service holding company in Birmingham, Alabama. The company's primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and services in all 50 states. As of December 31, 2019, the corporation had more than 3,000 employees, annual revenues of $6 billion and assets of $121 billion. In addition to Protective Life Insurance Company, Protective Life Corporation's subsidiaries include West Coast Life Insurance Company, MONY Life Insurance Company, Protective Life And Annuity Insurance Company, ProEquities Inc./Protective Securities, and Protective Property and Casualty Insurance Company.
History
Protective Life Insurance Company was founded in 1907 and paid its first death claim in 1909. 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. 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. The younger Rushton then presided over a series of acquisitions that led Protective into all 50 states. As part of this push, Drayton Nabers Jr. became CEO in 1992 and in 1993, Protective Life Corporation was listed on the New York Stock Exchange under the ticker symbol PL. In 1997, Protective Life acquired West Coast Life. Nabers retired in 2002 and Harvard Business School graduate John D. Johns was then named president and CEO of Protective Life. John D. Johns served as president and chief executive officer until 2017 and as chairman of the board from January 2003 to November 2019. Johns has been a director since May 1997 and an employee of the company and its subsidiaries since 1993. In 2007, Protective Life celebrated its 100th anniversary, just one year after its acquisition of Chase Insurance Group in 2006. 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. The total transaction price was $1.06 billion. On July 1, 2017, Rich Bielen became Protective's 7th President and Chief Executive Officer. He joined Protective in 1991 with responsibility for the company's securities portfolio and became Chief Investment Officer and Treasurer in 2002. He became Vice Chairman and Chief Financial Officer in 2007. In January 2016, Mr. Bielen was named President and Chief Operating Officer. On June 1, 2019, Protective closed its largest transaction to date to acquire via reinsurance substantially all of the individual life and annuity business of Great-West Life & Annuity Insurance Company. The acquisition represented an estimated capital investment of approximately $1.20 billion. Protective Life has offices in Alabama, California, Illinois, Missouri, Nebraska, New Hampshire, Ohio and Tennessee. Protective Life Corporation was acquired by The Dai-ichi Life Insurance Company, Limited on February 15, 2015.
Protective Life Corporation leadership includes Richard J. Bielen, Mike Temple, Scott Adams, Mark Drew, Nancy Kane, Carl S. Thigpen, Steven G. Walker and Wendy Evesque. The company's board of directors includes W. Michael Warren, Jr., Richard J. Bielen, John J. McMahon, Jr. Jesse J. Spikes, Norimitsu Kawahara, Tetsuya Kikuta, Vanessa Leonard, Toshiaki Sumino, Ungyong Shu and William A. Terry.
Operations
The company offers plans in:
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.
Sponsorships
In April 2019, Protective Life was announced as the naming sponsor for a 45,000-seat football stadium on the grounds of the Birmingham–Jefferson Convention Complex that is scheduled for completion in 2021. Protective Stadium will become the new home for UAB Blazers football.
Philanthropy
The company established the Protective Life Foundation, which supports education and healthy development of at-risk youth. In addition, the foundation engages charitable activities to cultural organizations, civic and community initiatives, human services groups, and the United Way.
