Protective Life returns excess cash to shareholders, repays debt

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Protective Life Corp. is "sensitive to not hoarding capital," said chief financial officer Rich Bielen.

In one seven-quarter period following an acquisition, Protective Life bought back a little more that $200 million of stock and returned 50% of GAAP earnings to shareholders, he said during a presentation at the Scotiabank Financials Summit in Toronto on Thursday.

When not used for acquisitions, Bielen said Protective Life believes in "allocating capital rationally" between returning it to shareholders and reducing debt.

Protective Life is a financial and insurance products provider based in Birmingham, Ala.

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