The Company leases administrative and marketing office space in approximately 45 cities including approximately 137,355 square feet in Birmingham, with most leases being for periods of three to five years. The aggregate annualized rent is approximately $6.8 million.
Premium and policy fees $ 1,299,317 $ 1,122,010 $ 856,549 $ 802,327 $ 765,749 Reinsurance ceded (538,033) (459,215) (334,214) (308,174) (333,173) ------------- ------------- ---------- -------- ---------- Net of reinsurance ceded 761,284 662,795 522,335 494,153 432,576 Net investment income................. 676,401 636,396 591,376 517,483 475,924 Realized investment gains(losses)..... (1,057) 3,121 830 5,510 1,612 Other income.......................... 97,254 64,103 32,784 20,857 11,768 ------------- -------------- ----------- ----------- ----------- Total revenues.............. 1,533,882 1,366,415 1,147,325 1,038,003 921,880 Benefits and expenses................. 1,278,107 1,145,691 967,952 898,262 800,846 Income tax expense.................... 92,079 77,845 60,987 47,512 41,152 Minority interest..................... 10,606 12,098 6,393 3,217 3,217 Extraordinary loss(1) 1,763 ------------- -------------- ----------- ----------- -----------
Net income............................ $ 151,327 $ 130,781 $ 111,993 $ 89,012 $ 76,665 ============= ============ =========== ============ =========
Operating income per share - basic(3).$ 2.36 $ 2.04 $ 1.79 $ 1.45 $ 1.34
Income before extraordinary loss - basic............. $ 2.34 $ 2.06 $ 1.79 $ 1.47 $ 1.34 Net income per share - basic..........$ 2.31 $ 2.06 $ 1.79 $ 1.47 $ 1.34
Average shares outstanding - basic.. 65,604,311 63,521,587 62,429,250 60,570,782 57,320,224 Operating income per share - diluted(3)$ 2.34 $ 2.02 $ 1.78 $ 1.44 $ 1.33 Income before extraordinary loss - diluted...................$ 2.32 $ 2.04 $ 1.78 $ 1.46 $ 1.33 Net income per share - diluted........$ 2.29 $ 2.04 $ 1.78 $ 1.46 $ 1.33 Average shares outstanding - diluted............ 66,161,367 64,087,744 62,849,618 60,969,664 57,705,698 Cash dividends........................$ .47 $ .43 $ .39 $ .35 $ .31 Share-owners' equity..................$ 13.41 $ 14.65 $ 12.30 $ 9.99 $ 9.15 Share-owners' equity excluding net unrealized gains and losses on investments...................$ 15.68 $ 13.80 $ 11.30 $ 9.88 $ 8.14
December 31 ------------------------------------------------------------------------- 1999 1998 1997 1996 1995 ----------- ------------- -------------- -------------- ------------- (dollars in thousands) BALANCE SHEET DATA
Information regarding the Company’s financial condition and results of operations is included under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 1999 Annual Report to Share Owners and is incorporated herein by reference.
Our report on the consolidated financial statements of Protective Life Corporation and subsidiaries has been incorporated by reference in this Form 10-K from page 29 of the 1999 Annual Report to Share Owners of Protective Life Corporation. In connection with our audits of such financial statements, we have also audited the related financial statement schedules listed in the index on page 28 of this Form 10-K.
In our opinion, the financial statement schedules referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information required to be included therein.