The Birmingham age-herald., 1913-01-28
PROTECTIVE LIFE IN
ANNUAL MEETING
Report of Actuary Laid Be-
fore Stockholders
BIG BUSINESS GAIN
President Reports on Success of Con-
servatiye Policy, Which Was
Decided Upon at Organiza-
ton of the Company
BIG BUSINESS GAIN

ton OF the company
The stockholders of the Protective
Life Insurance company met in annual
session yesterday at noon at the home
office of the company in the Empire
building. OF 1868 shares of stock
there were represented in person and
by proxies 1851 shares. Reports were
heard from the officers of the company.
Directors were elected and other bust
ness was transacted. The president In
his report to the stockholders said in
part:
The Protective Life Insurance COM
pany has had a prosperous year. 1t has
sold a larger amount of insurance than
from s115,5eo one year ago to S362,7S4
Its insurance in force has grown by
$4,000. Its unassigned assets and cap
ital have grown from $4,000 to $751;
500. Its surplus is now S4S,7S5. This
includes admitted as well as unadmitted
surplus. its admitted surplus being s40,-
149. w. r. Halliday, the insurance de-
partment's aetuary, has Just gone over
our books and these are his figures His
report lies on the table before you and
will be printed as part of these pro-
ceedings. Mr. Halliday's report is very
complimentary to us. l believe he con-
siders the Protective Life Insurance
company, after an exhaustive examina-
tion, as being one of the best, one of
the cleanest and one of the most prom
ising of all the young companies. I
believe he would, in conversation with
ANYONE of the stockholders Of this COM
pany be more emphatic in praise than
he has been in his report.
The company's assets show for each
one of the last two years an average
yearly increase of over 80 per cent, the
company's reserve shows for two years
an average increase of over 10 per cent,
the company's surplus for the same two
years shows an average yearly increase
of over 80 per cent; the company's bust
ness in force for the same two years
shows an increase yearly OF about 30
per cent. The figures need no comment.
They speak for themselves
Followed Conservative Course
The president of the company ad-
vised the stockholders that the COM
pany had followed a conservative
course, consistently, insistently and
persistently" He Insisted that the COM
pany had been organized as a conserv-
ative life insurance company and that
the officers had not knowingly varied
from that programme at any time. lie
congratulated the stockholders that the
business done last year was larger than
ever before and that the net earnings
were larger than at any time before
The question of dividend was dis
cussed by some members of the meeting
and it WAS decided that the company
while earning an per cent dividend
last year. should not pay out any div
lidend. The company began business
with $500 surplus. Its surplus now
amounts to s4S7S5, but the wiser heads
believed that surplus in a larger amount
should be accumulated before any par
of 1t was paid out The stockholders
congratulated themselves that there has
been no wrangle in the company; that
the officers of the company firsl
elected were still the officers of the
company without dispute; that on ae-
count of this the company had beer
continuous and not broken by divisions
| in either the stockholders or the direc
tors. The directors, indeed, are praetl-
calIy the same as when organized, ex-
cept that the company has found il
necessary from time to time 10 drof
off of the board out of town membe II
because OF the inability at times to ge
a quorum of the board of directors.
The eompany's assets explained to the
stockholders amounted to s362.7S4 oi
Practically all of this money has beer
loaned on central Birmingham property
or improved and income bearing farms
loans from which the company has no
lost in its life a dollar. The stock
| holders were also told there was nc
| overdue interest or principal notes
The board had before 1t the report u
Actuary Halliday. sent here by the IN
suranee department of the state to max,
the examinations for the state. In this
connection the stockholders were ad
vised that the company had regularl,
and would continue regularly 10 have
itself examined by the insurance de-
partment every January so that tn,
actuary's report migat be before III,
stockholders. The actuary In summing
UP his report, closed it with this state
ment:
"The company is increasing the vol.
ume of business on its books each yea
and is steadily strengthening its po-
lsition. Although its claims are heavier
than those for last year. it's profits from
mortality are greater. .t is evident In,
company is being efficiently admins.
tered in every department.
Officers Elected
After hearing the presidents report
and the report of the secretary, of tn,
treasurer and of the medical director
and passing some resolutions, the fol-
lowing board of directors were elected
IL. c. Maben w. w. Screws, Charlie.
Henderson, A.. II. Ford, r.. A. Mitchell
Robert Jemison, w. A. Davis, r. II
Cabaniss S. j.. Bowie, John L. Kaul
G. r. Harsh, Frank Nelson, Thomas w
Coleman. J. II. Wilson, II. X. Shorter
NJ. NJ. Baldwin, w. G. Harrison, William
D. Jelks, w. w. Crawford, Richard w
Massey, c. J. Palmer.
After the meeting ofthe stociSholder'
the board of directors met and electct
the following officers. all of them beina