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Protective Insurance Corp (PTVCA) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Protective Insurance Corp

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CIK: 9346 Ticker: PTVCA

Protective Insurance Corporation                                                                                                                                                                                                                                                                               February 26, 2019
Unaudited Fourth Quarter Financial Statements                                                                                                                                                                                                                                Investor Contact:  William Vens
                                                                                                                                                                                                                                                                                                             investors@protectiveinsurance.com
                                                                                                                                                                                                                                                                                                                                             (317) 429-2554

PROTECTIVE INSURANCE CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS
Carmel, Indiana, February 26, 2019—Protective Insurance Corporation (formerly Baldwin & Lyons, Inc.) (NASDAQ: PTVCA, PTVCB) today reported results for the fourth quarter and twelve months of 2018.  The Company produced a fourth quarter net loss of $24.6 million, or $1.65 per share, which compares to net income of $16.5 million, or $1.10 per share, for the prior year’s fourth quarter.  For the full year of 2018, net loss totaled $34.1 million, or $2.28 per share, which compares to net income of $18.3 million, or $1.21 per share, for the prior year period.

●
Gross premiums written increased 5.9% for the fourth quarter of 2018 compared to the prior year and 15.4% during the full year of 2018 compared to the prior year.
●
Net investment income increased 6.7% for the fourth quarter of 2018 compared to the prior year and 21.8% during the full year of 2018 compared to the prior year.
●
Combined ratio of 112.2% for the fourth quarter of 2018 and 108.6% for the full year of 2018.

Net premiums earned for the fourth quarter of 2018 increased 22.2% to $118.7 million compared to the prior year period.  For the full year of 2018, net premiums earned increased 31.9% to $432.9 million compared to the prior year period, which is a result of continued growth in the Company’s commercial automobile and workers’ compensation products, in both our retail and program distribution channels.

Gross premiums written for the fourth quarter of 2018 increased 5.9% to $152.7 million compared to $144.2 million written during the prior year period.  As with net premiums earned, the increases were primarily driven by continued growth in the Company’s commercial automobile and workers’ compensation products in both our retail and program distribution channels.  Gross premiums written for the full year of 2018 increased 15.4% to $582.5 million compared to $504.7 million written during the 2017 period, reflecting growth impacts similar to those experienced during the fourth quarter.

Underwriting operations produced a combined ratio of 112.2% during the fourth quarter of 2018 compared to a combined ratio of 99.3% for the prior year period.  For the full year of 2018, the combined ratio was 108.6%, which compares to a combined ratio of 108.4% for 2017.  The fourth quarter 2018 increase in the combined ratio reflects an increase in the current accident year loss ratio related to severe commercial automobile losses.  The elevated combined ratio for the full year 2018 reflects: (1) unfavorable prior accident year loss development of $16.8 million related to commercial automobile coverages, (2) ceding an additional $17.3 million in premium, related to variable premium adjustment provisions in our historical reinsurance treaties, and (3) an increase in current accident year loss estimates as noted above.  This reserve strengthening was the result of increased claim severity due to a more challenging litigation environment, as well as an increase in the time to settle claims.

- 1 -
Commercial auto products covered by our reinsurance treaties are subject to an aggregate stop-loss provision. Once this aggregate stop-loss level is reached, for every $100 of additional loss, the Company is responsible only for its $25 retention.  The following table illustrates the financial impact of a further 5% or 10% increase in ultimate losses for the five most recent reinsurance treaty years (2013-2017) covering these commercial auto products:

   
5% Increase in Ultimate Loss Ratio
    
10% Increase in Ultimate Loss Ratio
  
Gross loss expense from further strengthening current reserve position
  
$
34.4
    
$
68.7
  
Net financial loss
    
9.0
      
17.6
  
$/share (after tax)
  
$
0.60
    
$
1.18
  

Net investment income for the fourth quarter of 2018 increased 6.7% to $6.0 million compared to $5.7 million in the prior year period.  The increase reflected an increase in average funds invested resulting from positive cash flow, as well as higher interest rates, which led to higher reinvestment yields for our short-duration fixed income portfolio.  Our fixed income investment portfolio continues to emphasize shorter-duration instruments. If there was a hypothetical increase in interest rates of 100 basis points, the price of our bonds at December 31, 2018 would be expected to fall by approximately 2.8%.  Credit quality remains high with a weighted average rating of AA-, including cash.  For the full year of 2018, net investment income increased 21.8% to $22.0 million, compared to $18.1 million in 2017, reflecting investment dynamics similar to those noted above.

Premium growth is continuing to have a favorable impact on our expense ratio, consistent with our stated strategy to leverage the Company’s fixed expense base to improve the expense ratio over time.  The 4.3% decline in the expense ratio during the full year of 2018 when compared to 2017 reflects this fixed expense leverage.  Favorable prior accident year loss development from our workers’ compensation products also positively impacted the expense ratio as a result of increased ceding commission income from prior year contingent reinsurance contracts, which reduces expenses.

Book value per share as of December 31, 2018 was $23.95, a decrease of $2.01 per share during the fourth quarter, after the payment of cash dividends to shareholders totaling $0.28 per share.  For the full year of 2018, book value per share decreased $3.88 after the payment of cash dividends to shareholders totaling $1.12 per share.

The Company's net income (loss), determined in accordance with U.S. generally accepted accounting principles (GAAP) includes items that may not be indicative of ongoing operations. The following table reconciles income (loss) before federal income taxes (benefits) to underwriting income (loss), a non-GAAP financial measure that is a useful tool for investors and analysts in analyzing ongoing operating trends.

- 2 -
   
Three Months Ended
    
Twelve Months Ended
  
   
December 31
    
December 31
  
   
2018
    
2017
    
2018
    
2017
  
                         
Income (loss) before federal income taxes (benefits)
  
$
(31,674
)
  
$
10,506
    
$
(43,872
)
  
$
10,122
  
Less: Net realized gains (losses) on investments
    
(8,391
)
    
198
      
(6,651
)
    
7,217
  
Less: Net unrealized gains (losses) - equity securities and limited partnerships
    
(11,705
)
    
3,954
      
(19,040
)
    
12,469
  
Less: Goodwill impairment charge included in Other operating expenses
    
(3,152
)
    
-
      
(3,152
)
    
-
  
Income (loss) from core business operations
  
$
(8,426
)
  
$
6,354
    
$
(15,029
)
  
$
(9,564
)
Less: Net investment income
    
6,038
      
5,661
      
22,048
      
18,095
  
Underwriting income (loss)
  
$
(14,464
)
  
$
693
    
$
(37,077
)
  
$
(27,659
)

Loss from core business operations, before federal income tax benefits, was $8.4 million for the fourth quarter of 2018 compared to income from core business operations, before federal income taxes, of $6.4 million during the fourth quarter of 2017.  For the full year of 2018, loss from core business operations, before federal income tax benefits, totaled $15.0 million compared to a loss from core business operations, before federal income tax benefits, of $9.6 million during the 2017 period.
The Company’s management uses the term income (loss) from core business operations, a non-GAAP financial measure, which is defined as income before federal income taxes excluding pre-tax realized and unrealized investment gains and losses and impairments.  This financial measure is used to evaluate the Company’s performance because the recognition of investment gains and losses and impairments in any given period is largely discretionary as to timing and could distort the analysis of trends.

The combined ratios and the components, as presented herein, are commonly used in the property/casualty insurance industry and are applied to the Company’s GAAP underwriting results.

During the fourth quarter of 2018, the Company reallocated approximately $24 million of equity securities into short-duration treasuries.  This reallocation was consistent with investment activity during the first, second and third quarters and, for the full year of 2018, approximately $122 million of equity securities were reallocated to short-duration treasuries.  These equity sales further solidified the conservative nature of our high quality, short-duration investment portfolio; opportunistically utilized the new lower corporate tax rate of 21%, which was beneficial given the low tax basis of many of these equity positions; and were accretive to income, given the increase in yields at the shorter end of the yield curve.

Recently Adopted Accounting Standard
Accounting guidance for recognizing the mark-to-market change in our equity investments portfolio was revised in 2018 under FASB ASU 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities.  As a result of the Company adopting this accounting standard update, effective January 1, 2018, equity portfolio investments are measured at fair value (i.e. marked-to-market) and any changes in fair value are recognized in net income through the Income Statement.  Previously, the Company’s equity portfolio securities, excluding those held within limited partnerships, were classified as available-for-sale and changes in fair value were recorded in other comprehensive income on the Balance Sheet.

- 3 -
Upon adoption of this ASU, cumulative net unrealized gains on equity securities of $71.0 million, ($46.2 million, net of tax), were reclassified within the equity section of the Balance Sheet from accumulated other comprehensive income to retained earnings.  This adjustment had no overall impact on shareholders’ equity, however since these net unrealized gains are now included within retained earnings, they will not appear as realized gains on the Income Statement when sold.  During the fourth quarter of 2018, we sold $31.5 million in equity securities resulting in a gain on sale of $1.1 million and during the full year of 2018, we sold $149.2 million in equity securities resulting in a gain on sale of $51.9 million.  Since the majority of this gain was already included in retained earnings on the Balance Sheet, that portion already included in retained earnings was not recognized within realized gains on the Income Statement.


Conference Call Information:
Protective Insurance Corporation has scheduled its quarterly conference call for Wednesday, February 27, 2019, at 11:00 AM EST to discuss results for the fourth quarter ended December 31, 2018.
To participate via teleconference, investors may dial 1-877-705-6003 (U.S./Canada) or 1-201-493-6725 (International or local) at least five minutes prior to the beginning of the call.  A replay of the call will be available through March 6, 2019 by calling 1-844-512-2921 or 1-412-317-6671 and referencing passcode 13686155.  Investors and interested parties may also listen to the call via a live webcast, accessible on the company’s web site via a link at the top of the main Investor Relations page.  To participate in the webcast, please register at least fifteen minutes prior to the start of the call.  The webcast will be archived on this site until August 27, 2019. The webcast may be accessed directly at: http://public.viavid.com/index.php?id=132660.
Also available on the investor relations section of our web site is an investor presentation providing additional information to be reviewed in conjunction with our earnings call.  We have also made available complete interim financial statements and copies of our filings with the Securities and Exchange Commission.
The accompanying unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10-K but do not include all of the information and footnotes as disclosed in the Company’s annual audited financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.
Forward-looking statements in this report are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Investors are cautioned that such forward-looking statements involve inherent risks and uncertainties.  Readers are encouraged to review the Company's annual report for its full statement regarding forward-looking information.

- 4 -

Protective Insurance Corporation and Subsidiaries
            
Unaudited Condensed Consolidated Balance Sheets
            
(in thousands, except per share data)
            
             
             
             
   
December 31
    
December 31
  
   
2018
    
2017
  
Assets
            
Investments 1:
            
   Fixed maturities (2018: $600,504; 2017: $521,017)
  
$
592,645
    
$
521,853
  
   Equity securities
    
66,422
      
201,763
  
   Limited partnerships, at equity
    
55,044
      
70,806
  
   Commercial mortgage loans
    
6,672
      
-
  
   Short-term 2
    
1,000
      
1,000
  
     
721,783
      
795,422
  
Cash and cash equivalents
    
163,996
      
64,680
  
Restricted cash and cash equivalents
    
6,815
      
4,033
  
Accounts receivable
    
102,972
      
87,551
  
Reinsurance recoverable
    
392,436
      
318,331
  
Other assets
    
88,426
      
80,061
  
Current federal income taxes
    
7,441
      
6,938
  
Deferred federal income taxes
    
6,262
      
-
  
   
$
1,490,131
    
$
1,357,016
  
                 
Liabilities and shareholders' equity
                
Reserves for losses and loss expenses
  
$
865,339
    
$
680,274
  
Reserves for unearned premiums
    
71,625
      
53,085
  
Borrowings under line of credit
    
20,000
      
20,000
  
Accounts payable and other liabilities
    
177,085
      
170,488
  
Deferred federal income taxes
    
-
      
14,358
  
     
1,134,049
      
938,205
  
Shareholders' equity:
                
   Common stock-no par value
    
634
      
642
  
   Additional paid-in capital
    
54,720
      
55,078
  
   Accumulated other comprehensive income ( loss)
    
(7,347
)
    
46,391
  
   Retained earnings
    
308,075
      
316,700
  
     
356,082
      
418,811
  
   
$
1,490,131
    
$
1,357,016
  
                 
Number of common and common
                
    equivalent shares outstanding
    
14,869
      
15,047
  
Book value per outstanding share
  
$
23.95
    
$
27.83
  
                 
1 2018 & 2017 cost in parentheses
                
2 Approximates cost
                

- 5 -

Protective Insurance Corporation and Subsidiaries
                        
Unaudited Condensed Consolidated Statements of Operations
                        
(in thousands, except per share data)
                        
                         
   
Three Months Ended
    
Twelve Months Ended
  
   
December 31
    
December 31
  
   
2018
    
2017
    
2018
    
2017
  
Revenues
                        
Net premiums earned
  
$
118,671
    
$
97,075
    
$
432,880
    
$
328,145
  
Net investment income
    
6,038
      
5,661
      
22,048
      
18,095
  
Commissions and other income
    
2,443
      
1,520
      
9,932
      
5,308
  
Net realized gains (losses) on investments, excluding impairment losses
    
(8,372
)
    
278
      
(6,632
)
    
7,366
  
Other-than-temporary impairment losses on investments
    
(19
)
    
(80
)
    
(19
)
    
(149
)
Net unrealized gains (losses) on equity securities and limited partnership investments
    
(11,705
)
    
3,954
      
(19,040
)
    
12,469
  
Net realized and unrealized gains (losses) on investments
    
(20,096
)
    
4,152
      
(25,691
)
    
19,686
  
     
107,056
      
108,408
      
439,169
      
371,234
  
Expenses
                                
Losses and loss expenses incurred
    
101,537
      
66,492
      
345,864
      
247,518
  
Other operating expenses
    
37,193
      
31,410
      
137,177
      
113,594
  
     
138,730
      
97,902
      
483,041
      
361,112
  
Income (loss) before federal income tax expense (benefit)
    
(31,674
)
    
10,506
      
(43,872
)
    
10,122
  
Federal income tax benefit
    
(7,107
)
    
(5,970
)
    
(9,797
)
    
(8,201
)
Net income (loss)
  
$
(24,567
)
  
$
16,476
    
$
(34,075
)
  
$
18,323
  
                                 
Per share data - diluted:
                                
Income (loss) before net gains (losses) on investments
  
$
(.58
)
  
$
.92
    
$
(.92
)
  
$
.37
  
Net gains (losses) on investments
    
(1.07
)
    
.18
      
(1.36
)
    
.84
  
Net income (loss)
  
$
(1.65
)
  
$
1.10
    
$
(2.28
)
  
$
1.21
  
                                 
Dividends
  
$
.28
    
$
.27
    
$
1.12
    
$
1.08
  
                                 
Reconciliation of shares outstanding:
                                
Average shares outstanding - basic
    
14,867
      
15,010
      
14,965
      
15,065
  
Dilutive effect of share equivalents
    
-
      
35
      
-
      
42
  
Average shares outstanding - diluted
    
14,867
      
15,045
      
14,965
      
15,107
  


- 6 -

Protective Insurance Corporation and Subsidiaries
            
Unaudited Condensed Consolidated Statements of Cash Flows
            
(in thousands)
            
             
   
Twelve Months Ended
  
   
December 31
  
   
2018
    
2017
  
             
Net cash provided by operating activities
  
$
100,708
    
$
97,744
  
Investing activities:
                
   Purchases of available-for-sale investments
    
(415,326
)
    
(436,932
)
   Purchases of limited partnership interests
    
(450
)
    
(1,097
)
   Proceeds from sales or maturities
                
       of available-for-sale investments
    
454,659
      
350,031
  
   Net purchases of short-term investments
    
-
      
500
  
   Purchase of insurance company-owned life insurance
    
(10,000
)
    
-
  
   Purchase of commercial mortgage loans
    
(6,672
)
    
-
  
   Distributions from limited partnerships
    
6,869
      
19,230
  
   Other investing activities
    
(5,429
)
    
(6,079
)
Net cash provided by (used in) investing activities
    
23,651
      
(74,347
)
Financing activities:
                
   Dividends paid to shareholders
    
(16,835
)
    
(16,302
)
   Repurchase of common shares
    
(4,596
)
    
(1,880
)
Net cash used in financing activities
    
(21,431
)
    
(18,182
)
                 
Effect of foreign exchange rates on cash and cash equivalents
    
(830
)
    
522
  
                 
Increase in cash, cash equivalents and restricted cash
    
102,098
      
5,737
  
Cash, cash equivalents and restricted cash at beginning of period
    
68,713
      
62,976
  
Cash, cash equivalents and restricted cash at end of period
  
$
170,811
    
$
68,713
  


- 7 -

Financial Highlights (unaudited)
                        
Protective Insurance Corporation and Subsidiaries
                        
(In thousands, except per share data)
  
Three Months Ended
    
Twelve Months Ended
  
   
December 31
    
Decmeber 31
  
   
2018
    
2017
    
2018
    
2017
  
                         
Annualized
                        
Book value per share beginning of period
  
$
25.96
    
$
26.93
    
$
27.83
    
$
26.81
  
Book value per share end of period
    
23.95
      
27.83
      
23.95
      
27.83
  
Change in book value per share
  
$
(2.01
)
  
$
0.90
    
$
(3.88
)
  
$
1.02
  
Dividends paid
    
0.28
      
0.27
      
1.12
      
1.08
  
Change in book value per share plus dividends paid
  
$
(1.73
)
  
$
1.17
    
$
(2.76
)
  
$
2.10
  
Total value creation 1
    
(26.7
%)
    
17.4
%
    
(9.9
%)
    
7.8
%
                                 
                                 
Return on average shareholders' equity:
                                
Average shareholders' equity
    
372,064
      
411,871
      
387,447
      
411,578
  
                                 
Net income (loss)
    
(24,567
)
    
16,476
      
(34,075
)
    
18,323
  
Less: Net realized gains (losses) on investments, net of tax
    
(15,876
)
    
2,699
      
(20,296
)
    
12,796
  
Less: Goodwill impairment charge, net of tax
    
(2,490
)
    
-
      
(2,490
)
    
-
  
Net operating income (loss)
    
(6,201
)
    
13,777
      
(11,289
)
    
5,527
  
                                 
Return on net income (loss) 2
    
(26.4
%)
    
16.0
%
    
(8.8
%)
    
4.5
%
Return on net operating income (loss) 2
    
(6.7
%)
    
13.4
%
    
(2.9
%)
    
1.3
%
                                 
                                 
Loss and LAE expenses incurred
  
$
101,537
    
$
66,492
    
$
345,864
    
$
247,518
  
Net premiums earned
    
118,671
      
97,075
      
432,880
      
328,145
  
     Loss and LAE ratio
    
85.6
%
    
68.5
%
    
79.9
%
    
75.4
%
                                 
Other operating expenses, excluding goodwill impairment charge
  
$
34,041
    
$
31,410
    
$
134,025
    
$
113,594
  
Less: Commissions and other income
    
2,443
      
1,520
      
9,932
      
5,308
  
Other operating expenses, exluding goodwill impairment charge, less commissions and other income
  
$
31,598
    
$
29,890
    
$
124,093
    
$
108,286
  
Net premiums earned
    
118,671
      
97,075
      
432,880
      
328,145
  
     Expense ratio
    
26.6
%
    
30.8
%
    
28.7
%
    
33.0
%
                                 
     Combined ratio 3
    
112.2
%
    
99.3
%
    
108.6
%
    
108.4
%
                                 
                                 
Gross premiums written
  
$
152,709
    
$
144,179
    
$
582,500
    
$
504,737
  
Net premiums written
    
119,696
      
106,930
      
444,398
      
353,389
  
                                 
1 Total Value Creation equals change in book value plus dividends paid, divided by beginning book value. Quarterly amounts have been annualized.
  
2 Quarterly amounts have been annualized
                                
3 The combined ratio is calculated as ratio of losses and loss expenses incurred, plus other operating expenses excluding goodwill impairment charge, less commission and other income to net premiums earned.
  



- 8 -
The following information was filed by Protective Insurance Corp (PTVCA) on Tuesday, February 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Protective Insurance Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I -- Summary Of Investments-Other Than Investments In Related Parties (Details)
Schedule I --Summary Of Investments-Other Than Investments In Related Parties
Schedule Ii Condensed Financial Information Of Registrant
Schedule Ii Condensed Financial Information Of Registrant (Details)
Schedule Iii -- Supplementary Insurance Information
Schedule Iii -- Supplementary Insurance Information (Details)
Schedule Iv -- Reinsurance
Schedule Iv -- Reinsurance (Details)
Schedule Vi--Supplemental Information Concerning Property/Casualty Insurance Operations
Schedule Vi--Supplemental Information Concerning Property/Casualty Insurance Operations (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Acquisition And Related Goodwill And Intangibles
Acquisition And Related Goodwill And Intangibles (Details)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Details)
Debt
Debt (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value
Fair Value (Details)
Fair Value (Tables)
Fair Value, Balance Sheet Grouping (Details)
Fair Value, Unobservable Input Reconciliation (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Investments
Investments (Tables)
Investments, Continuous Unrealized Loss Position (Details)
Investments, Gain And Loss For Fixed Income And Equity Security Investments Including Adjustments For Otti (Details)
Investments, Gains Losses On Investments, Including Equity Method Earnings From Limited Partnerships (Details)
Investments, Limited Partnerships (Details)
Investments, Major Categories Of Investment Income (Details)
Investments, Summary Of Available-For-Sale Securities (Details)
Leases
Leases (Details)
Leases (Tables)
Loss And Loss Expense Reserves
Loss And Loss Expense Reserves (Tables)
Loss And Loss Expense Reserves, Activity In Reserves For Losses And Major Components (Details)
Loss And Loss Expense Reserves, Average Historical Claims Duration (Details)
Loss And Loss Expense Reserves, Incurred Claims Development (Details)
Loss And Loss Expense Reserves, Incurred Paid Claims Reconciliation (Details)
Other Operating Expenses
Other Operating Expenses (Details)
Other Operating Expenses (Tables)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Details)
Quarterly Results Of Operations (Unaudited) (Tables)
Reinsurance
Reinsurance (Details)
Reinsurance (Tables)
Related Parties
Related Parties (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Statutory
Statutory (Details)
Stock Based Compensation
Stock Based Compensation (Details)
Stock Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies, Recently Adopted Accounting Pronouncements (Details)
Ticker: PTVCA
CIK: 9346
Form Type: 10-K Annual Report
Accession Number: 0000009346-19-000012
Submitted to the SEC: Thu Mar 07 2019 11:51:14 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: Fire Marine And Casualty Insurance

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