Bankers Protective Life Insurance Co. announces financial results.AUSTIN, Texas--(BUSINESS WIRE)--May 31, 1995--At the first quarter meeting on May 22, 1995, of the board of directors of Bankers Protective Life Insurance Co. the president of the company, Steven R. Hague announced that the earnings of the company for the first quarter of 1995 were $307,000, and that the surplus regarding policyholders was in excess of $4.4 million. Hague stated, "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. at the results for the first quarter of 1995 that resulted in a $307,000 profit to the company. We are particularly pleased when the company showed a negative figure of $308,000 for the first quarter of 1994. "This dramatic swing in the profits of the company is the result of the dedicated efforts of the management of this company to decrease the overhead of the company, to return the company to profitability and at the same time provide consistently good service to the company's policyholders." Bankers Protective Life Insurance Co. is a Texas insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. whose business primarily is reinsuring large blocks of business from other insurers. Hague stated that at the end of the first quarter of 1995, the portfolio quality of the company for the company's co-insurance co-insurance Managed care A cost-sharing requirement in many health insurance policies or health plans, in which the insured and insurer share payment of an approved charge/fee for covered services in a specified ratio, after an annual deductible is paid, up to a account was 100 percent in investment grade securities, and the portfolio quality of the company's general life insurance account was 85 percent in investment grade securities. Hague further stated: "We are pleased with the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. of the company and the quality of the company's investment portfolios. The increase in the company's policyholders surplus from year-end 1994 has been accomplished after reserving for non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and by the efforts by the management of the company to increase the performance and quality of its mortgage portfolio, and maintain the company's policyholder Policyholder An individual who owns an insurance policy. surplus above minimum levels for risk-based capital as determined by the Texas Department of Insurance." Bankers Protective Life Insurance Co. is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bankers Protective Financial Corp. of Austin. For further information, contact Steven R. Hague or Nicholas M. Powling at 800/223-0694. CONTACT: Steven R. Hague/Nicholas M. Powling, 800/223-0694 |
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