Protective Life Corporation Post Office Box 2606 Birmingham, AL 35202 Phone 205-268-1000 Exhibit 99.2

SUPPLEMENTAL FINANCIAL INFORMATION

The following document contains supplemental quarterly statistical financial information for the quarter ended September 30,  2007. This document is dated November 6, 2007. Protective does not undertake a duty to update such information after such date.

All income per share results are presented on a diluted basis.

The sales statistics given in this document are used by the Company to measure the relative progress of its marketing efforts. These statistics and certain other information reported herein were derived from the Company’s various sales tracking and administrative systems and were not derived from the Company’s financial reporting systems or financial statements. These statistics attempt to measure only one of many factors that may affect future business segment profitability, and therefore are not intended to be predictive of future profitability.

Information About Non-GAAP Financial Measures

Throughout this document, GAAP refers to accounting principles generally accepted in the United States of America. Operating income differs from the GAAP measure, net income, in that it excludes realized investment gains and losses (net of the related amortization of deferred acquisition costs (“DAC”)  and value of businesses acquired ("VOBA") and participating income from real estate ventures). Consolidated and segment operating income excludes net realized investment gains (losses) (net of the related amortization of DAC and value of businesses acquired ("VOBA") and participating income from real estate ventures). Periodic settlements of derivatives associated with corporate debt and certain investments and annuity products are included in realized gains (losses) but are considered part of operating income because the derivatives are used to mitigate risk in items affecting operating income. Management believes that consolidated and segment operating income (loss) enhances an investor’s and the Company’s understanding of the Company’s results of operations, as it represents the basis on which the performance of the Company’s business is internally assessed.

As prescribed by GAAP, certain investments are recorded at their market values with the resulting unrealized gains (losses) reduced by a related adjustment to DAC and VOBA, net of income tax, reported as a component of share-owners’ equity. The market values of fixed maturities increase or decrease as interest rates rise or fall. The Company believes that an insurance company’s share-owners’ equity may be difficult to analyze without disclosing the effects of recording accumulated other comprehensive income, including unrealized gains (losses) on investments. Therefore, the Company reports the non-GAAP measure share owners’ equity per share excluding accumulated other comprehensive income, including unrealized gains (losses) on investments. This non-GAAP measure may be reconciled to the GAAP measure, share owners’ equity per share by including accumulated other comprehensive income, including unrealized gains (losses) on investments.

From time to time, the Company provides additional financial information, which is available on the Company’s web site at www.protective.com in the Analyst/Investor section under the financial report library titled Company Overview.

PROTECTIVE LIFE CORPORATION
Quarterly Financial Highlights
(Dollars in thousands)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR		2ND QTR			3RD QTR		9 MOS		9 MOS
	2006			2006			2007		2007			2007		2006		2007
Pretax Operating Income *
Life Marketing	$	40,270		$	41,913		$	65,280	$	37,834		$	39,974	$	132,276	$	143,088
Acquisitions		32,060			33,610			32,249		30,814			30,375		70,924		93,438
Annuities		5,351			8,403			5,606		6,669			6,436		16,242		18,711
Stable Value Contracts		10,429			12,500			12,186		12,355			13,107		34,573		37,648
Asset Protection		(14,401	)		6,570			10,084		11,522			9,905		3,241		31,511
Corporate & Other		(3,929	)		(2,806	)		1,777		(1,300	)		2,342		14,582		2,819
Total Pretax Operating Income	$	69,780		$	100,190		$	127,182	$	97,894		$	102,139	$	271,838	$	327,215
Balance Sheet Data
Total GAAP Assets	$	38,805,973		$	39,795,294		$	39,791,832	$	40,237,283		$	41,461,169
Share Owners' Equity	$	2,271,889		$	2,313,075		$	2,419,317	$	2,293,542		$	2,405,623
Share Owners' Equity (excluding  accumulated other comprehensive income) **	$	2,233,494		$	2,300,644		$	2,381,363	$	2,432,674		$	2,491,334
Stock Data
Closing Price	$	45.75		$	47.50		$	44.04	$	47.81		$	42.44	$	45.75	$	42.44
Average Shares Outstanding
Basic		70,811,292			70,811,686			71,017,662		71,074,976			71,074,619		70,789,982		71,055,969
Diluted		71,355,221			71,269,472			71,487,063		71,490,467			71,467,009		71,431,304		71,481,471
* "Pretax Operating Income" is a non-GAAP financial measure. "Income Before Income Tax" is a GAAP financial measure to which "Pretax Operating Income" may be compared.
See Page 5 for a reconciliation of "Pretax Operating Income" to "Income Before Income Tax".
** "Share-owners' equity excluding accumulated other comprehensive income" is a non-GAAP financial measure. "Share-owners' equity" is a GAAP financial measure to which
"Share-owners' equity excluding accumulated other comprehensive income" may be compared.
See Page 4 for a reconciliation of "Share-owners' equity excluding accumulated other comprehensive income" to "Share-owners' equity".

PROTECTIVE LIFE CORPORATION
GAAP Consolidated Statements Of Income
(Dollars in thousands)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2006			2006			2007			2007			2007			2006			2007
REVENUES
Gross Premiums and Policy Fees	$	637,457		$	665,975		$	657,017		$	691,165		$	676,500		$	1,651,362		$	2,024,682
Reinsurance Ceded		(371,688	)		(411,088	)		(370,997	)		(422,766	)		(368,878	)		(960,127	)		(1,162,641	)
Net Premiums and Policy Fees		265,769			254,887			286,020			268,399			307,622			691,235			862,041
Net investment income		410,746			409,233			415,682			410,436			428,792			1,010,545			1,254,910
RIGL - Derivatives		(55,302	)		25,248			(2,291	)		76,281			(37,467	)		(46,764	)		36,523
RIGL - All Other Investments		78,645			5,623			13,294			(66,609	)		43,114			98,461			(10,201	)
Other income		62,355			66,175			73,792			57,452			51,874			164,490			183,118
Total Revenues		762,213			761,166			786,497			745,959			793,935			1,917,967			2,326,391
BENEFITS & EXPENSES
Benefits and settlement expenses		488,948			462,722			467,785			458,949			504,905			1,174,493			1,431,639
Amortization of deferred policy acquisition costs and value of businesses acquired		67,199			74,421			76,380			78,036			73,863			151,383			228,279
Other operating expenses		97,711			71,719			85,138			80,130			70,663			239,706			235,930
Interest on indebtedness - subsidiaries		5,898			6,489			8,728			12,441			22,524			14,144			43,693
Interest on indebtedness - holding company - other debt		5,198			5,746			5,737			5,561			5,162			16,146			16,461
Interest on indebtedness - holding company - hybrid securities		9,361			9,402			9,401			9,401			9,401			20,854			28,203
Total Benefits and Expenses		674,315			630,499			653,169			644,518			686,518			1,616,726			1,984,205
INCOME BEFORE INCOME TAX		87,898			130,667			133,328			101,441			107,417			301,241			342,186
Income tax expense		30,597			45,485			42,745			36,336			34,425			104,862			113,506
Discontinued Operations		0			0			0			0			0			0			0
NET INCOME	$	57,301		$	85,182		$	90,583		$	65,105		$	72,992		$	196,379		$	228,680
PER SHARE DATA FOR QUARTER
Operating income-diluted *	$	0.63		$	0.91		$	1.21		$	0.88		$	0.97
RIGL - Derivatives net of gains related to corp debt, investments and annuities		(0.49	)		0.23			(0.03	)		0.68			(0.34	)
RIGL - All Other Investments, net of participating  income		0.66			0.05			0.09			(0.65	)		0.39
Discontinued Operations		0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	0.80		$	1.19		$	1.27		$	0.91		$	1.02
Average shares outstanding-diluted		71,355,221			71,269,472			71,487,063			71,490,467			71,467,009
Dividends paid	$	0.215		$	0.215		$	0.215		$	0.225		$	0.225
PER SHARE DATA FOR YTD
Operating income-diluted *	$	2.48		$	3.39		$	1.21		$	2.09		$	3.06		$	2.48		$	3.06
RIGL - Derivatives net of gains related to corp debt, investments and annuities		(0.43	)		(0.20	)		(0.03	)		0.65			0.31			(0.43	)		0.31
RIGL - All Other Investments, net of participating income		0.70			0.75			0.09			(0.56	)		(0.17	)		0.70			(0.17	)
Discontinued Operations		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	2.75		$	3.94		$	1.27		$	2.18		$	3.20		$	2.75		$	3.20
Average shares outstanding-diluted		71,431,304			71,390,513			71,487,063			71,488,786			71,481,471			71,431,304			71,481,471
Dividends paid	$	0.625		$	0.840		$	0.215		$	0.440		$	0.665		$	0.625		$	0.665
* "Operating Income" is a non-GAAP financial measure. "Net Income" is a GAAP financial measure to which "Operating Income" may be compared.

PROTECTIVE LIFE CORPORATION
GAAP Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
	3RD QTR		4TH QTR		1ST QTR		2ND QTR		3RD QTR
	2006		2006		2007		2007		2007
ASSETS
Fixed maturities	$	21,146,307	$	21,367,263	$	21,570,487	$	21,459,631	$	22,278,777
Equity securities		124,495		128,695		69,211		68,540		73,237
Mortgage loans		3,650,356		3,880,028		4,025,025		4,119,350		4,193,776
Investment real estate		52,263		38,918		38,828		12,067		9,735
Policy loans		835,817		839,502		822,930		819,387		816,958
Other long-term investments		290,304		310,225		167,571		185,958		183,667
Long-term investments		26,099,542		26,564,631		26,694,052		26,664,933		27,556,150
Short-term investments		1,377,210		1,381,073		1,064,768		809,957		1,105,393
Total investments		27,476,752		27,945,704		27,758,820		27,474,890		28,661,543
Cash		39,285		69,516		120,190		361,129		175,420
Accrued investment income		266,688		284,529		265,772		284,181		277,696
Accounts and premiums receivable		130,427		194,447		121,051		206,857		234,351
Reinsurance receivable		4,541,415		4,618,122		4,780,956		4,881,638		4,956,979
Deferred policy acquisition costs and value of businesses acquired		3,099,726		3,198,735		3,212,048		3,391,650		3,393,961
Goodwill		68,472		100,479		100,318		114,717		118,032
Property and equipment, net		44,569		43,796		42,245		43,328		42,510
Other assets		248,197		165,656		163,543		155,102		162,930
Income Tax Receivable		0		116,318		116,684		50,102		128,143
Assets Related to Separate Accounts
Variable Annuity		2,604,488		2,750,129		2,790,233		2,929,160		2,955,534
Variable Universal Life		285,954		307,863		319,972		344,529		354,070
TOTAL ASSETS	$	38,805,973	$	39,795,294	$	39,791,832	$	40,237,283	$	41,461,169

PROTECTIVE LIFE CORPORATION
GAAP Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
LIABILITIES AND SHARE-OWNERS' EQUITY
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR
LIABILITIES	2006			2006			2007			2007			2007
Policy liabilities and accruals
Future policy benefits and claims	$	14,761,428		$	15,120,996		$	15,285,420		$	15,644,544		$	15,898,097
Unearned premiums		906,542			938,934			1,020,401			1,093,468			1,131,611
Stable value product deposits		5,515,633			5,513,464			5,055,382			4,806,721			4,988,787
Annuity deposits		8,943,078			8,958,089			8,966,309			8,786,272			8,882,935
Other policyholders' funds		340,756			328,664			323,898			372,299			353,301
Securities sold under repurchase agreements		0			16,949			2,844			312,000			144,200
Other liabilities		1,110,058			1,310,145			1,227,373			1,357,877			1,310,059
Accrued income taxes		99,428			0			0			0			0
Deferred income taxes		271,894			374,486			429,481			312,154			439,495
Non-recourse funding obligations		250,000			425,000			525,000			600,000			1,175,000
Debt		471,132			479,132			466,532			444,852			482,852
Liabilities related to variable interest entities		435,756			420,395			421,684			400,000			400,000
Subordinated debt securities		524,743			524,743			524,743			524,743			524,743
Minority interest - subsidiaries		13,194			13,230			13,243			15,122			14,862
Liabilities related to separate accounts
Variable annuity		2,604,488			2,750,129			2,790,233			2,929,160			2,955,534
Variable universal life		285,954			307,863			319,972			344,529			354,070
TOTAL LIABILITIES		36,534,084			37,482,219			37,372,515			37,943,741			39,055,546
SHARE-OWNERS' EQUITY
Common stock		36,626			36,626			36,626			36,626			36,626
Additional paid-in capital		441,589			438,485			440,813			442,504			443,912
Treasury stock		(11,906	)		(11,796	)		(11,468	)		(11,181	)		(11,140	)
Cumulative Effect Adjustments -  FAS 155 & FIN 48		0			0			2,146			2,146			2,146
Unallocated ESOP shares		(1,231	)		(1,231	)		(853	)		(852	)		(852	)
Retained earnings		1,768,416			1,838,560			1,914,099			1,963,431			2,020,642
Accumulated other comprehensive income		38,395			12,431			37,954			(139,132	)		(85,711	)
Total Share-owners' Equity		2,271,889			2,313,075			2,419,317			2,293,542			2,405,623
TOTAL LIABILITIES AND EQUITY	$	38,805,973		$	39,795,294		$	39,791,832		$	40,237,283		$	41,461,169
SHARE-OWNERS' EQUITY PER SHARE
Total Share-owners' Equity	$	32.49		$	33.06		$	34.53		$	32.70		$	34.29
Accumulated other comprehensive income		0.55			0.18			0.54			(1.98	)		(1.23	)
Excluding accumulated other comprehensive income *	$	31.94		$	32.88		$	33.99		$	34.68		$	35.52
Total Share-owners' Equity	$	2,271,889		$	2,313,075		$	2,419,317		$	2,293,542		$	2,405,623
Accumulated other comprehensive income		38,395			12,431			37,954			(139,132	)		(85,711	)
Share-owners' Equity (excluding accumulated other comprehensive income) *	$	2,233,494		$	2,300,644		$	2,381,363		$	2,432,674		$	2,491,334
Common shares outstanding		69,934,277			69,964,648			70,056,891			70,140,728			70,147,926
Treasury Stock shares		3,317,683			3,287,312			3,195,069			3,111,232			3,104,034
* "Share-owners' equity excluding accumulated other comprehensive income" is a non-GAAP financial measure. "Share-owners' equity" is a GAAP financial measure to which
"Share-owners' equity excluding accumulated other comprehensive income" may be compared.

PROTECTIVE LIFE CORPORATION
Calculation of Operating Earnings Per Share
(Dollars in thousands)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2006			2006			2007			2007			2007			2006			2007
CALCULATION OF NET INCOME PER SHARE
Net income	$	57,301		$	85,182		$	90,583		$	65,105		$	72,992		$	196,379		$	228,680
Average shares outstanding-basic		70,811,292			70,811,686			71,017,662			71,074,976			71,074,619			70,789,982			71,055,969
Average shares outstanding-diluted		71,355,221			71,269,472			71,487,063			71,490,467			71,467,009			71,355,221			71,481,471
Net income per share-basic	$	0.81		$	1.21		$	1.28		$	0.92		$	1.03		$	2.77		$	3.22
Net income per share-diluted	$	0.80		$	1.19		$	1.27		$	0.91		$	1.02		$	2.75		$	3.20
Income from continuing operations	$	57,301		$	85,182		$	90,583		$	65,105		$	72,992		$	196,379		$	228,680
EPS (basic)	$	0.81		$	1.21		$	1.28		$	0.92		$	1.03		$	2.77		$	3.22
EPS (diluted)	$	0.80		$	1.19		$	1.27		$	0.91		$	1.02		$	2.75		$	3.20
CALCULATION OF REALIZED INVESTMENT GAINS (LOSSES) PER SHARE
RIGL - Derivatives	$	(55,302	)	$	25,248		$	(2,291	)	$	76,281		$	(37,467	)	$	(46,764	)	$	36,523
Derivative Gains related to Corporate Debt and Investments		(654	)		(77	)		(257	)		(237	)		(132	)		(2,659	)		(626	)
Derivative Gains related to Annuities		1,808			960			(254	)		(1,351	)		(193	)		1,787			(1,798	)
RIGL - All Other Investments, net of participating income		78,645			5,623			10,144			(70,316	)		43,114			84,967			(17,058	)
Related amortization of DAC & VOBA		(6,379	)		(1,276	)		(1,196	)		(830	)		(44	)		(7,928	)		(2,070	)
		18,118			30,478			6,146			3,547			5,278			29,403			14,971
Tax effect		(6,341	)		(10,667	)		(2,151	)		(1,242	)		(1,847	)		(10,291	)		(5,240	)
	$	11,777		$	19,811		$	3,995		$	2,305		$	3,431		$	19,112		$	9,731
RIGL - Derivatives per share-diluted	$	(0.49	)	$	0.23		$	(0.03	)	$	0.68		$	(0.34	)	$	(0.43	)	$	0.31
RIGL - All Other Investments per share-diluted	$	0.66		$	0.05		$	0.09		$	0.65		$	0.39		$	0.70		$	(0.17	)
OPERATING INCOME PER SHARE *
Net income per share-diluted	$	0.80		$	1.19		$	1.27		$	0.91		$	1.02		$	2.75		$	3.20
Discontinued operations		0			0			0			0			0			0			0
RIGL - Derivatives per share-diluted		(0.49	)		0.23			(0.03	)		0.68			(0.34	)		(0.43	)		0.31
RIGL - All Other Investments, net of participating income per share-diluted		0.66			0.05			0.09			(0.65	)		0.39			0.70			(0.17	)
Change in accounting principle		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Operating income per share-diluted	$	0.63		$	0.91		$	1.21		$	0.88		$	0.97		$	2.48		$	3.06
NET OPERATING INCOME *
Net income	$	57,301		$	85,182		$	90,583		$	65,105		$	72,992		$	196,379		$	228,680
RIGL - Derivatives net of tax & gains related to corp debt, investments & annuities		(35,197	)		16,985			(1,822	)		48,551			(24,565	)		(30,964	)		22,164
RIGL - All Other Investments net of tax, amortization, and participating income		46,972			2,826			5,816			(46,245	)		27,996			50,075			(12,433	)
Discontinued operations		0			0			0			0			0			0			0
Change in accounting principle		0			0			0			0			0			0			0
Net operating income	$	45,526		$	65,371		$	86,589		$	62,799		$	69,561		$	177,268		$	218,949
PRETAX OPERATING INCOME **
Income before income tax and discontinued operations	$	87,898		$	130,667		$	133,328		$	101,441		$	107,417		$	301,241		$	342,186
RIGL - Derivatives		(55,302	)		25,248			(2,291	)		76,281			(37,467	)		(46,764	)		36,523
Derivative gains related to corporate debt, investments & annuities		1,154			882			(511	)		(1,588	)		(325	)		(872	)		(2,424	)
RIGL - All Other Investments, net of participating income		78,645			5,623			10,144			(70,316	)		43,114			84,967			(17,058	)
Related amortization of DAC & VOBA		(6,379	)		(1,276	)		(1,196	)		(830	)		(44	)		(7,928	)		(2,070	)
Pretax operating income	$	69,780		$	100,190		$	127,182		$	97,894		$	102,139		$	271,838		$	327,215
* "Net Operating Income" and "Operating Income Per Share" are non-GAAP financial measures. "Net Income" and "Net Income Per Share" are GAAP
financial measures to which "Net Operating Income" and "Operating Income Per Share" may be compared.
** "Pretax Operating Income" is a non-GAAP financial measure. "Income Before Income Tax" is a GAAP financial measure to which "Pretax Operating
Income" may be compared.

PROTECTIVE LIFE CORPORATION
Invested Asset Summary
(Dollars in millions)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR
	2006			2006			2007			2007			2007
Total Portfolio
Fixed Income	$	21,146.3		$	21,367.3		$	21,570.5		$	21,459.6		$	22,278.8
Mortgage Loans		3,650.4			3,880.0			4,025.0			4,119.3			4,193.8
Real Estate		52.3			38.9			38.8			12.1			9.7
Equities		124.5			128.7			69.2			68.5			73.2
Policy Loans		835.8			839.5			822.9			819.4			817.0
Short Term Investments		1,377.2			1,381.1			1,064.8			810.0			1,105.4
Other Long Term Investments		290.3			310.2			167.6			186.0			183.6
Total Invested Assets	$	27,476.8		$	27,945.7		$	27,758.8		$	27,474.9		$	28,661.5
Fixed Income
Corporate Bonds	$	10,247.2		$	10,223.1		$	10,796.0		$	10,972.0		$	11,474.8
Mortgage Backed Securities		8,299.4			7,870.3			8,331.8			8,004.5			8,597.5
US Govt Bonds		654.4			1,373.8			529.4			570.8			260.4
Public Utilities		1,821.0			1,784.5			1,794.4			1,820.3			1,853.8
States, Municipals and Political Subdivisions		124.0			115.3			118.6			91.7			92.0
Preferred Securities		0.1			0.1			0.1			0.1			0.1
Convertibles and Bonds with Warrants		0.2			0.2			0.2			0.2			0.2
Total Fixed Income Portfolio	$	21,146.3		$	21,367.3		$	21,570.5		$	21,459.6		$	22,278.8
Fixed Income - Quality
AAA		44.8	%		46.2	%		44.1	%		42.5	%		42.3	%
AA		6.6	%		6.8	%		8.4	%		8.5	%		9.5	%
A		18.5	%		18.4	%		19.1	%		19.8	%		18.5	%
BBB		28.1	%		27.0	%		26.7	%		26.7	%		26.6	%
BB or Less		2.0	%		1.6	%		1.7	%		2.5	%		3.1	%
Redeemable Preferred Stock		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mortgage Loans - Type
Retail		68.1	%		68.3	%		66.9	%		65.9	%		66.4	%
Apartments		10.6	%		10.0	%		11.2	%		11.6	%		10.2	%
Office Buildings		11.7	%		11.9	%		12.2	%		12.8	%		13.0	%
Warehouses		7.2	%		7.1	%		7.0	%		7.6	%		8.2	%
Miscellaneous		2.4	%		2.7	%		2.7	%		2.1	%		2.2	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Problem Mortgage Loans
60 Days Past Due	$	0.0		$	0.0		$	2.0		$	0.0		$	0.0
90 Days Past Due		6.6			0.0			0.0			0.0			21.6
Renegotiated Loans		0.2			0.1			0.1			2.1			2.1
Foreclosed Real Estate		5.1			15.7			0.0			0.0			0.0
	$	11.9		$	15.8		$	2.1		$	2.1		$	23.7

PROTECTIVE LIFE CORPORATION
Life Marketing and Acquisitions - Quarterly Earnings Trends
(Dollars in thousands)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2006			2006			2007			2007			2007			2006			2007
LIFE MARKETING
REVENUES
Gross Premiums and Policy Fees	$	327,355		$	349,650		$	345,685		$	361,624		$	360,450		$	978,215		$	1,067,759
Reinsurance Ceded		(206,269	)		(254,542	)		(207,614	)		(239,702	)		(203,285	)		(652,048	)		(650,601	)
Net Premiums and Policy Fees		121,086			95,108			138,071			121,922			157,165			326,167			417,158
Net investment income		80,444			79,726			81,103			82,291			79,437			228,771			242,831
Realized investment gains (losses)		0			0			0			0			0			0			0
Other income		32,278			43,539			51,365			30,992			27,514			94,352			109,871
Total Revenues		233,808			218,373			270,539			235,205			264,116			649,290			769,860
BENEFITS & EXPENSES
Benefits and settlement expenses		147,213			130,396			149,329			152,147			182,010			405,544			483,486
Amortization of deferred policy acquisition costs and value of businesses acquired		21,689			17,436			28,698			25,564			27,807			42,791			82,069
Other operating expenses		24,636			28,628			27,232			19,660			14,325			68,679			61,217
Total Benefits and Expenses		193,538			176,460			205,259			197,371			224,142			517,014			626,772
INCOME BEFORE INCOME TAX	$	40,270		$	41,913		$	65,280		$	37,834		$	39,974		$	132,276		$	143,088
ACQUISITIONS
REVENUES
Gross Premiums and Policy Fees	$	188,491		$	199,891		$	194,482		$	214,464		$	198,381		$	314,680		$	607,327
Reinsurance Ceded		(112,636	)		(110,416	)		(118,242	)		(137,370	)		(122,347	)		(145,895	)		(377,959	)
Net Premiums and Policy Fees		75,855			89,475			76,240			77,094			76,034			168,785			229,368
Net investment income		152,834			152,686			148,986			145,263			143,342			260,950			437,591
RIGL - Derivatives		(58,544	)		13,379			(3,703	)		71,782			(38,782	)		(58,544	)		29,297
RIGL - All Other Investments		74,628			(747	)		7,933			(69,216	)		38,431			74,628			(22,852	)
Other income		4,774			354			2,248			2,525			2,405			5,684			7,178
Total Revenues		249,547			255,147			231,704			227,448			221,430			451,503			680,582
BENEFITS & EXPENSES
Benefits and settlement expenses		178,946			181,149			161,904			158,284			162,460			313,384			482,648
Amortization of deferred policy acquisition costs and value of businesses acquired		15,142			30,528			20,554			19,977			18,435			28,286			58,966
Other operating expenses		12,501			(1,182	)		13,373			16,584			10,772			28,011			40,729
Total Benefits and Expenses		206,589			210,495			195,831			194,845			191,667			369,681			582,343
INCOME BEFORE INCOME TAX		42,958			44,652			35,873			32,603			29,763			81,822			98,239
Adjustments to Reconcile to Operating Income:
Less:  RIGL - Derivatives		(58,544	)		13,379			(3,703	)		71,782			(38,782	)		(58,544	)		29,297
Less:  RIGL - All Other Investments		74,628			(747	)		7,933			(69,216	)		38,431			74,628			(22,852	)
Add back: Related amortization of deferred policy acquisition costs and value of businesses acquired											777			261			5,186			1,644
PRETAX OPERATING INCOME	$	32,060		$	33,610		$	32,249		$	30,814		$	30,375		$	70,924		$	93,438

PROTECTIVE LIFE CORPORATION
Annuities, Stable Value Contracts, and Asset Protection
Quarterly Earnings Trends (Dollars in thousands)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2006			2006			2007			2007			2007			2006			2007
ANNUITIES
REVENUES
Gross Premiums and Policy Fees	$	7,794		$	8,136		$	8,262		$	8,633		$	8,481		$	23,938		$	25,376
Reinsurance Ceded		0			0			0			0			0			0			0
Net Premiums and Policy Fees		7,794			8,136			8,262			8,633			8,481			23,938			25,376
Net investment income		56,475			60,326			60,861			64,890			69,313			164,834			195,064
RIGL - Derivatives		(1,808	)		(960	)		254			1,351			193			(1,787	)		1,798
RIGL - All Other Investments		3,412			(223	)		1,664			53			(266	)		4,920			1,451
Other income		2,469			2,725			2,713			2,797			2,769			7,711			8,279
Total Revenues		68,342			70,004			73,754			77,724			80,490			199,616			231,968
BENEFITS & EXPENSES
Benefits and settlement expenses		48,233			48,809			55,949			56,101			62,731			142,429			174,781
Amortization of deferred policy acquisition costs and value of businesses acquired		7,778			7,585			5,128			9,909			5,022			20,287			20,059
Other operating expenses		4,761			5,116			5,997			5,045			6,350			18,480			17,392
Total Benefits and Expenses		60,772			61,510			67,074			71,055			74,103			181,196			212,232
INCOME BEFORE INCOME TAX		7,570			8,494			6,680			6,669			6,387			18,420			19,736
Adjustments to Reconcile to Operating Income:
Less:  RIGL - Derivatives		(1,808	)		(960	)		254			1,351			193			(1,787	)		1,798
Add back:  Derivative gains related to equity indexed annuities		(1,808	)		(960	)		254			1,351			193			(1,787	)		1,798
Less:  RIGL - All Other Investments		3,412			(223	)		1,664			53			(266	)		4,920			1,451
Add back:  Related amortization of deferred policy acquisition costs		1,193			(314	)		590			53			(217	)		2,742			426
PRETAX OPERATING INCOME	$	5,351		$	8,403		$	5,606		$	6,669		$	6,436		$	16,242		$	18,711
STABLE VALUE CONTRACTS
REVENUES
Gross Premiums and Policy Fees	$	0		$	0		$	0		$	0		$	0		$	0		$	0
Reinsurance Ceded		0			0			0			0			0			0			0
Net Premiums and Policy Fees		0			0			0			0			0			0			0
Net investment income		80,734			80,336			79,101			71,478			73,501			245,317			224,080
RIGL - Derivatives		(13	)		210			4,270			(104	)		(148	)		397			4,018
RIGL - All Other Investments		4,534			574			(2,845	)		(479	)		(185	)		(20	)		(3,509	)
Other income		0			0			0			0			0			0			0
Total Revenues		85,255			81,120			80,526			70,895			73,168			245,694			224,589
BENEFITS & EXPENSES
Benefits and settlement expenses		68,154			65,819			64,719			57,097			58,340			204,032			180,156
Amortization of deferred policy acquisition costs and value of businesses acquired		1,064			1,009			1,168			987			985			3,429			3,140
Other operating expenses		1,087			1,008			1,028			1,039			1,069			3,283			3,136
Total Benefits and Expenses		70,305			67,836			66,915			59,123			60,394			210,744			186,432
INCOME BEFORE INCOME TAX		14,950			13,284			13,611			11,772			12,774			34,950			38,157
Adjustments to Reconcile to Operating Income:
Less:  RIGL-Derivatives		(13	)		210			4,270			(104	)		(148	)		397			4,018
Less:  RIGL-All Other Investments		4,534			574			(2,845	)		(479	)		(185	)		(20	)		(3,509	)
PRETAX OPERATING INCOME	$	10,429		$	12,500		$	12,186		$	12,355		$	13,107		$	34,573		$	37,648
ASSET PROTECTION
REVENUES
Gross Premiums and Policy Fees	$	104,564		$	99,067		$	99,420		$	97,985		$	101,189		$	305,457		$	298,594
Reinsurance Ceded		(52,775	)		(46,126	)		(45,138	)		(45,689	)		(43,244	)		(162,165	)		(134,071	)
Net Premiums and Policy Fees		51,789			52,941			54,282			52,296			57,945			143,292			164,523
Net investment income		8,649			8,812			9,212			9,467			10,188			24,533			28,867
Realized investment gains (losses)		0			0			0			0			0			0			0
Other income		20,597			18,087			16,529			20,455			19,330			48,662			56,314
Total Revenues		81,035			79,840			80,023			82,218			87,463			216,487			249,704
BENEFITS & EXPENSES
Benefits and settlement expenses		26,137			27,202			25,815			26,113			30,779			71,216			82,707
Amortization of deferred policy acquisition costs and value of businesses acquired		20,713			17,111			20,703			21,464			21,291			53,954			63,458
Other operating expenses		48,586			28,957			23,421			23,119			25,488			88,076			72,028
Total Benefits and Expenses		95,436			73,270			69,939			70,696			77,558			213,246			218,193
INCOME BEFORE INCOME TAX	$	(14,401	)	$	6,570		$	10,084		$	11,522		$	9,905		$	3,241		$	31,511

PROTECTIVE LIFE CORPORATION
Corporate & Other Segment - Quarterly Earnings Trends
(Dollars in thousands)
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2006			2006			2007			2007			2007			2006			2007
REVENUES
Gross Premiums and Policy Fees	$	9,253		$	9,231		$	9,169		$	8,458		$	7,999		$	29,072		$	25,626
Reinsurance Ceded		(8	)		(4	)		(4	)		(4	)		(2	)		(19	)		(10	)
Net Premiums and Policy Fees		9,245			9,227			9,165			8,454			7,997			29,053			25,616
Net investment income		31,610			27,347			36,419			37,047			53,011			86,140			126,477
RIGL - Derivatives		5,063			12,619			(3,112	)		3,252			1,270			13,170			1,410
RIGL - All Other Investments		(3,929	)		6,019			6,542			3,033			5,134			18,933			14,709
Other income		2,237			1,470			937			683			(144	)		8,081			1,476
Total Revenues		44,226			56,682			49,951			52,469			67,268			155,377			169,688
BENEFITS & EXPENSES
Benefits and settlement expenses		20,265			9,347			10,069			9,207			8,585			37,888			27,861
Amortization of deferred policy acquisition costs and value of businesses acquired		813			752			129			135			323			2,636			587
Other operating expenses		26,597			30,829			37,953			42,086			49,746			84,321			129,785
Total Benefits and Expenses		47,675			40,928			48,151			51,428			58,654			124,845			158,233
INCOME BEFORE INCOME TAX		(3,449	)		15,754			1,800			1,041			8,614			30,532			11,455
Adjustments to Reconcile to Operating Income:
Less:  RIGL-Derivatives		5,063			12,619			(3,112	)		3,252			1,270			13,170			1,410
Less:  RIGL-All Other Investments, net of participating income		(3,929	)		6,019			3,392			(674	)		5,134			5,439			7,852
Add back:  Derivative gains related to corporate debt and investments		654			77			257			237			132			2,659			626
PRETAX OPERATING INCOME	$	(3,929	)	$	(2,807	)	$	1,777		$	(1,300	)	$	2,342		$	14,582		$	2,819

PROTECTIVE LIFE CORPORATION
Life Marketing and Annuities Data
(Dollars in thousands)
(Unaudited)
	2006		2006		2007		2007		2007		9 MOS		9 MOS
	3RD QTR		4TH QTR		1ST QTR		2ND QTR		3RD QTR		2006		2007
LIFE MARKETING
SALES BY PRODUCT
Term	$	39,552	$	32,619	$	33,492	$	43,955	$	36,326	$	112,761	$	113,773
U/L		13,028		15,090		14,197		18,515		24,761		60,625		57,473
VUL		1,697		1,914		1,828		2,181		1,826		4,610		5,835
Total	$	54,277	$	49,623	$	49,517	$	64,651	$	62,913	$	177,996	$	177,081
SALES BY DISTRIBUTION
Brokerage general agents	$	33,733	$	29,438	$	29,879	$	41,210	$	35,919	$	104,556	$	107,008
Independent agents		7,814		9,932		8,328		10,629		11,461		30,830		30,418
Stockbrokers/banks		7,116		6,983		8,493		9,452		9,651		28,765		27,596
Direct Response & BOLI		5,614		3,269		2,817		3,360		5,882		13,845		12,059
Total	$	54,277	$	49,622	$	49,517	$	64,651	$	62,913	$	177,996	$	177,081
ANNUITIES
SALES
Variable Annuity	$	76,299	$	91,526	$	79,671	$	123,263	$	147,275	$	231,236	$	350,209
Immediate Annuity		59,292		73,057		55,201		61,517		58,292		153,450		175,010
Single Premium Deferred Annuity		151,172		124,688		75,838		114,326		130,293		151,172		320,457
Market Value Adjusted Annuity		112,511		99,166		105,195		121,839		170,122		199,348		397,156
Equity Indexed Annuity		16,975		12,648		7,628		7,872		4,987		64,649		20,487
Total	$	416,249	$	401,085	$	323,533	$	428,817	$	510,969	$	799,855	$	1,263,319
PRETAX OPERATING INCOME
Variable Annuity	$	3,484	$	5,701	$	4,673	$	5,114	$	3,565	$	14,189	$	13,352
Fixed Annuity		1,867		2,702		933		1,555		2,871		2,054		5,359
Total	$	5,351	$	8,403	$	5,606	$	6,669	$	6,436	$	16,243	$	18,711
DEPOSIT BALANCE
VA Fixed Annuity	$	209,135	$	206,237	$	194,479	$	214,966	$	234,950
VA Separate Account Annuity		2,424,837		2,559,452		2,594,554		2,725,302		2,750,591
Sub-total		2,633,972		2,765,689		2,789,033		2,940,268		2,985,541
Fixed Annuity		3,521,346		3,780,062		3,929,194		4,164,402		4,468,045
Total	$	6,155,318	$	6,545,751	$	6,718,227	$	7,104,670	$	7,453,586

PROTECTIVE LIFE CORPORATION
Stable Value Contracts and Asset Protection Data
(Dollars in thousands)
(Unaudited)
	2006			2006			2007			2007			2007			9 MOS			9 MOS
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			2006			2007
STABLE VALUE CONTRACTS
SALES
GIC	$	107,500		$	29,000		$	2,500		$	75,000		$	54,500		$	265,100		$	132,000
GFA - Direct Institutional		0			0			0			0			0			0			0
GFA - Non-Registered		0			0			0			0			0			0			0
GFA - Registered - Institutional		0			0			0			50,000			475,000			0			525,000
GFA - Registered - Retail		54,743			31,164			13,120			10,014			42,735			108,662			65,869
Total	$	162,243		$	60,164		$	15,620		$	135,014		$	572,235		$	373,762		$	722,869
DEPOSIT BALANCE
Quarter End Balance	$	5,515,633		$	5,513,464		$	5,055,382		$	4,806,721		$	4,988,787		$	5,515,633		$	4,988,787
Average Daily Balance	$	5,662,236		$	5,520,061		$	5,461,832		$	4,780,565		$	4,826,108		$	5,829,589		$	5,021,185
OPERATING SPREAD		0.75	%		0.93	%		0.92	%		1.04	%		1.09	%		0.81	%		1.01	%
	2006			2006			2007			2007			2007			9 MOS			9 MOS
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			2006			2007
ASSET PROTECTION
SALES
Credit	$	41,488		$	27,482		$	28,082		$	31,579		$	27,686		$	113,287		$	87,347
Service Contracts		79,183			73,534			72,937			86,519			90,954			206,247			250,410
Other		35,792			39,456			38,030			35,796			28,175			75,613			102,001
Total	$	156,463		$	140,472		$	139,049		$	153,894		$	146,815		$	395,147		$	439,758