-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FgpJOZI99AcHDuisVZ+SYgMM4J5hbsg+OUtFFt5EWt+iKytc45JSh5O1dBVilrbt pVNuqZ89lCDdJgxA9g+d7A== 0000310826-04-000015.txt : 20040402 0000310826-04-000015.hdr.sgml : 20040402 20040402153116 ACCESSION NUMBER: 0000310826-04-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031231 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROTECTIVE LIFE INSURANCE CO CENTRAL INDEX KEY: 0000310826 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 630169720 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31901 FILM NUMBER: 04713698 BUSINESS ADDRESS: STREET 1: 2801 HIGHWAY 280 SOUTH CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2058799230 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 8-K 1 f8kplico.htm FORM 8-K 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report    (Date of earliest event reported)     April 2, 2004

Protective Life Insurance Company

(Exact name of registrant as specified in its charter)


Tennessee 001-31901 63-0169720
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation)   Identification No.)

2801 Highway 280 South
Birmingham, Alabama 35223

(Address of principal executive offices and zip code)


Registrant's telephone number, including area code (205) 268-1000



N/A
(Former name or former address, if changed since last report.)


___________________________________________________________________











Item 5. Other Events.

CONSOLIDATED EARNINGS RATIOS

          The  following table sets forth, for the years and periods indicated, Protective Life Insurance Company’s (Protective Life) ratios of:
• Consolidated earnings to fixed charges;
• Consolidated earnings to fixed charges before interest credited on investment products.		 


                                                     Year Ended December 31,
                                              --------------------------------
                                              2003   2002   2001   2000   1999
                                              ----   ----   ----   ----   ----

Ratio of Consolidated Earnings to Fixed
 Charges(1)                                    1.5    1.3    1.2    1.2    1.6
Ratio of Consolidated Earnings to Fixed
 Charges Before Interest Credited on
 Investment Products(2)                       83.4   49.1   47.2   28.3    27.7

(1)

  Protective Life calculates the ratio of “Consolidated Earnings to Fixed Charges” by dividing the sum of income from continuing operations before income tax (BT), interest expense (which includes an estimate of the interest component of operating lease expense) (I) and interest credited on investment products (IP) by the sum of interest expense (I) and interest credited on investment products (IP). The formula for this ratio is: (BT+I+IP)/(I+IP). Protective Life continues to sell investment products that credit interest to the contractholder. Investment products include products such as guaranteed investment contracts, annuities, and variable universal life insurance policies. The inclusion of interest credited on investment products results in a negative impact on the ratio of earnings to fixed charges because the effect of increases in interest credited to contractholders more than offsets the effect of the increases in earnings.


(2)

  Protective Life calculates the ratio of “Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products” by dividing the sum of income from continuing operations before income tax (BT) and interest expense (I) by interest expense (I). The formula for this calculation, therefore, would be: (BT+I)/I.



Item 7. Financial Statements and Exhibits.

          (c)     Exhibits 



    Exhibit Number                           Description of Document
    --------------      ----------------------------------------------------------------------
             12.1       Statement Regarding Computation of Ratio of Earnings to Fixed Charges



SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PROTECTIVE LIFE INSURANCE COMPANY
BY/s/ Steven G. Walker
Steven G. Walker
Vice President and Controller
and Chief Accounting Officer
(Duly authorized officer)

Dated:   April 2, 2004









Exhibit Index


    Exhibit Number                             Description                                             Page Number
    --------------                             -----------                                             -----------
             12.1       Statement Regarding Computation of Ratio of Earnings to Fixed Charges




EX-12 3 f8kex12.htm EXHIBIT 12 Exhibit 12.1

Exhibit 12.1

Protective Life Insurance Company 






                                                                                       Year Ended December 31
                                                           -------------------------------------------------------------------------

                                                                2003         2002            2001           2000           1999
                                                                ----         ----            ----           ----           ----


Computation of Ratio of Consolidated Earnings
 to Fixed Charges Before Interest Credited
 on Investment Products

Income from Continuing Operations before Income Tax        $  349,972   $  241,623      $  213,958       $174,622       $186,613
Add Interest Expense                                            4,249        5,019           4,633          6,400          7,000
                                                           ----------------------------------------------------------------------------
Earnings before Interest and Taxes                         $  354,221   $  246,642      $  218,591       $181,022       $193,613

Earnings before Interest and Taxes Divided
 by Interest Expense                                             83.4         49.1            47.2           28.3           27.7


Computation of Ratio of Consolidated Earnings
 to Fixed Charges

Income from Continuing Operations before Income Tax         $  349,972  $  241,623      $  213,958       $174,622       $186,613
Add Interest Expense                                             4,249       5,019           4,633          6,400          7,000
Add Interest Credited on Investment Products                   647,695     900,930         944,098        766,004        331,746
                                                            ---------------------------------------------------------------------------
Earnings before Interest, Interest Credited on
 Investment Products and Taxes                              $1,001,916  $1,147,572      $1,162,689       $947,026       $525,359

Earnings before Interest, Interest Credited on
 Investment Products and Taxes Divided by Interest
 Expense and Interest Credited on Investment Products              1.5         1.3             1.2           1.2             1.6








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