The Birmingham age-herald., 1914-01-27
ANNUAL MEETING
PROTECTIVE LIFE
HELD YESTERDAY
Reports of Actuary and
President Make Fine
Showing to Stock
holders

The Protective Life Insurance COM
pany, a flourishing home institution,
yesterday held the annual meeting of
Its stockholders.
OF the 14.16S shares of stock that
have been issued there were present in
person or by proxy 11,075. The presi-
dent laid before the stockholders the
report recently made by w. r. Hal
liday. actuary. under the instructions
OF the Alabama state insurance depart
ment. The report was in print and the
stockholders had an opportunity to
read it and to carry copies of it home
with them. 1t was announced at the
meeting that the Protective Life had
been examined by competent actuaries
every year of it's life and for the last
four years always early in January by
an actuary selected by the Alabama in
surance department and always at the
request of the company. The purpose
OF the company in insisting on an ex-
animation in January is to allow the
stockholders at their annual meeting,
always in January, to have that report
before them.
The actuary's report shows that the
assets of the company have grown last
year from s362,7s4 to $3.50, ,S6S.71; that
the reserve liability has grown from
s174,so6 to s252956 The report also
shows that the admitted, surplus at
the same time has grown from $40
14S.72 to an admitted surplus of $780,
63c. the difference between these two
amounts representing an earning of ID
per cent on the stock. The net earn
ings for the year before Wa. about
10 per cent. In addition to ,nese net
earnings the report of the actuary
shows that the company's assets have
increased by 27 per cent; that the COM
pany's reserves have Increased "A per
cent The company began business with
100000 capital and $4,000 surplus or
assets of s125,OoO. The company now
has admitted assets of $3.50, ,46S.71. The
president in his report said:
'The stockholders of this company
will recall that the officers of the COM
pany from the first adopted con-
servative course, insistently and per-
sistently. We were bent on producing
and advertising a character for the
duction of a large amount of business
through excessive commissions and
salaries and the acceptance of sub
standard risks. We believe we have
built solidly. Any actuary who looks
US over must certainly say that the
company has been prudently and hon
estly and carefully managed from the
beginning. We are building here a great
insurance company and one which is
entitled to the respect of the business
public Many fake insurance companies
have been set up since the Protective
begun life, many promotion schemes
have been launched; we have had many
invitations to adopt like courses, but
We have stood out against all sugges-
tions to make company quick, be-
cause to make a company quick would
probably make it temporary. Our pur-
pose always has been TO build the Pro-
tective Life for time"
The president also advised the stock
hc.ders that the company had never
sold anything but old fashion, in
surance from the first. The only con-
cession the company has made in this
respect has been in adding to the COM
pany's policies total disability and
double benefit clauses. both of which
clauses have been approved by COM
petent actuaries
The meeting was called to order at
noon. Sydney j. Bowie was able
chairman. The reports of the president.
secretary, treasurer. medical director
and actuary were all laid before the
meeting and became part of the min
utes of the meeting. The following
board of directors were unanimously
chosen:
j. c. Maben. Charles Henderson. Rob-
ert Jemison, Sr. S. j. Bowie. Frank
Nelson M. NJ Baldwin. A. H. Ford,
T.. A. Mitchell. e. III. Cabaniss, John
l.. Kaul. j II. Wilson. William A. Da-
Wis. G. r. Harsh, W. w. Crawford, w.
G. Harrison. r. w. Massey. C. J. Pal
nfer. William d. Jellks.
Immediately, following the adjourn
ment of the stockholders meeting the
board OF directors were in session The
Following officers were elected
William d. Jelks. president
Richard w. Massey. vice president
Clarence J. Palmer. secretary
w w. Crawford, treasurer
W. q. Harrison. medical director
The board of directors is practically
the same board with which the com
pany originally organized and the same
officers have been elected every wear
siiioe tiie coiHpdHy organization, which
would indicate that all parties con-
cerned are satisfied with the conduct
of the company's business
The stockholders and the directors
were all assured by the officers that
no effort would be left untried this
year to make 1t banner year for the
company.
The following committees were ap-
pointed by the president:
Finance taa Picb o,.d
sey. w. w. Crawford. John j.. KauI, w.
G. Harrison.
Executive committee: ]. C. Maben,
Robert Jemison, Sr., +. II. Cabaniss.
nj. NJ. Baldwin.
Medical committed W. G. Harrison,
G. r. Harsh. Frank Nelson.
Insurance committee: s. ]. Bowie, A.
Fl. Ford. G. ]. Palmer.
These gentlemen together with the
president make up the committees.
Cabaniss & Bowie were retained as
the cOmpany's ATTORNEYS