Financial products provider Protective Life (NYSE:PL) announced yesterday its second-quarter dividend of $0.20 per share, an 11% increase over the $0.18 per share it paid for the past year.

The board of directors said the quarterly dividend is payable on June 10 to the holders of record at the close of business on May 24. The insurance company has made quarterly dividends since 2000, though it cut its payout in half in 2009.

The new dividend payment equates to an $0.80-per-share annual dividend yielding 2.1% based on the closing price of Protective Life's stock on May 13.

PL Dividend Chart

PL Dividend data by YCharts. Chart does not reflect new, higher dividend payment

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.