Performance evaluation of a new hybrid encryption protocol for authentication and key distribution is considered. The new protocol uses a hybrid of public and symmetric key cryptography to distribute Diffie-Hellman components. Queueing analysis is undertaken to numerically compare the new protocol and two other protocols used for authentication and key distribution: the Kerberos protocol and the authenticated Diffie-Hellman protocol. The results show that the new protocol has a fast response that far exceeds the authenticated Diffie-Hellman, and which can approach the response of the Kerberos protocol. At the same time, the new protocol is more secure than the Kerberos protocol.