PROTECTIVE LIFE CORPORATION
Quarterly Financial Highlights
(Dollars in thousands)
(Unaudited)
	1ST QTR		2ND QTR			3RD QTR		4TH QTR			1ST QTR			3 MOS		3 MOS
	2007		2007			2007		2007			2008			2007		2008
Pretax Operating Income *
Life Marketing	$	65,280	$	37,834		$	39,974	$	46,098		$	46,449		$	65,280	$	46,449
Acquisitions		32,249		30,814			30,375		35,809			33,576			32,249		33,576
Annuities		5,606		6,669			6,436		4,340			2,489			5,606		2,489
Stable Value Contracts		12,186		12,355			13,107		12,583			16,216			12,186		16,216
Asset Protection		10,084		11,522			9,905		10,048			9,852			10,084		9,852
Corporate & Other		1,777		(1,300	)		2,342		(6,236	)		(29,973	)		1,777		(29,973	)
Total Pretax Operating Income	$	127,182	$	97,894		$	102,139	$	102,642		$	78,609		$	127,182	$	78,609
Balance Sheet Data
Total GAAP Assets	$	39,791,832	$	40,237,283		$	41,461,169	$	41,786,041		$	41,749,006
ShareOwners' Equity	$	2,419,317	$	2,293,542		$	2,405,623	$	2,456,761		$	2,163,860
ShareOwners' Equity (excluding accumulated other   comprehensive income)**	$	2,381,363	$	2,432,674		$	2,491,334	$	2,537,290		$	2,543,808
Stock Data
Closing Price	$	44.04	$	47.81		$	42.44	$	41.02		$	40.56		$	44.04	$	40.56
Average Shares Outstanding
Basic		71,017,662		71,074,976			71,074,619		71,076,532			71,080,703			71,017,662		71,080,703
Diluted		71,487,063		71,490,467			71,467,009		71,467,783			71,453,824			71,487,063		71,453,824
* "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".
** "Shareowners' equity excluding accumulated other comprehensive income" is a non-GAAP financial measure. "Shareowners' equity" is a GAAP financial measure to which
"Shareowners' equity excluding accumulated other comprehensive income" may be compared.
See Page 4 for a reconciliation of "Shareowners' equity excluding accumulated other comprehensive income" to "Shareowners' equity".

PROTECTIVE LIFE CORPORATION
GAAP Consolidated Statements Of Income
(Dollars in thousands)
(Unaudited)
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			3 MOS			3 MOS
	2007			2007			2007			2007			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	657,017		$	691,165		$	676,500		$	702,341		$	662,404		$	657,017		$	662,404
Reinsurance Ceded		(370,997	)		(422,766	)		(368,878	)		(438,043	)		(371,072	)		(370,997	)		(371,072	)
Net Premiums and Policy Fees		286,020			268,399			307,622			264,298			291,332			286,020			291,332
Net investment income		415,682			410,436			428,792			421,024			408,465			415,682			408,465
RIGL - Derivatives		(2,291	)		76,281			(37,467	)		(28,054	)		(1,657	)		(2,291	)		(1,657	)
RIGL - All Other Investments		13,294			(66,609	)		43,114			18,803			(28,045	)		13,294			(28,045	)
Other income		73,792			57,452			51,874			49,239			45,509			73,792			45,509
Total Revenues		786,497			745,959			793,935			725,310			715,604			786,497			715,604
BENEFITS & EXPENSES
Benefits and settlement expenses		467,785			458,949			504,905			462,068			494,676			467,785			494,676
Amortization of deferred policy acquisition costs   and value of business required		76,380			78,036			73,863			71,991			68,370			76,380			68,370
Other operating expenses		85,138			80,130			70,663			61,178			65,068			85,138			65,068
Interest on indebtedness - subsidiaries		8,728			12,441			22,524			20,448			17,233			8,728			17,233
Interest on indebtedness - holding company - other   debt		5,737			5,561			5,162			6,322			7,267			5,737			7,267
Interest on indebtedness - holding company - hybrid   securities		9,401			9,401			9,401			9,401			9,401			9,401			9,401
Total Benefits and Expenses		653,169			644,518			686,518			631,408			662,015			653,169			662,015
INCOME BEFORE INCOME TAX		133,328			101,441			107,417			93,902			53,589			133,328			53,589
Income tax expense		42,745			36,336			34,425			33,016			17,707			42,745			17,707
Discontinued Operations		0			0			0			0			0			0			0
NET INCOME	$	90,583		$	65,105		$	72,992		$	60,886		$	35,882		$	90,583		$	35,882
PER SHARE DATA FOR QUARTER
Operating income-diluted *	$	1.21		$	0.88		$	0.97		$	0.93		$	0.73
RIGL - Derivatives net of gains related to corp debt,   investments and annuities		(0.03	)		0.68			(0.34	)		(0.24	)		0.04
RIGL - All Other Investments, net of participating   income		0.09			(0.65	)		0.39			0.16			(0.27	)
Discontinued Operations		0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	1.27		$	0.91		$	1.02		$	0.85		$	0.50
Average shares outstanding-diluted		71,487,063			71,490,467			71,467,009			71,467,783			71,453,824
Dividends paid	$	0.215		$	0.225		$	0.225		$	0.225		$	0.225
PER SHARE DATA FOR YTD
Operating income-diluted *	$	1.21		$	2.09		$	3.06		$	3.99		$	0.73		$	1.21		$	0.73
RIGL - Derivatives net of gains related to corp debt,   investments and annuities		(0.03	)		0.65			0.31			0.07			0.04			(0.03	)		0.04
RIGL - All Other Investments, net of participating   income		0.09			(0.56	)		(0.17	)		(0.01	)		(0.27	)		0.09			(0.27	)
Discontinued Operations		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	1.27		$	2.18		$	3.20		$	4.05		$	0.50		$	1.27		$	0.50
Average shares outstanding-diluted		71,487,063			71,488,786			71,481,471			71,478,021			71,453,824			71,487,063			71,453,824
Dividends paid	$	0.215		$	0.440		$	0.665		$	0.890		$	0.225		$	0.215		$	0.225
* "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)
	1ST QTR		2ND QTR		3RD QTR		4TH QTR		1ST QTR
	2007		2007		2007		2007		2008
ASSETS
Fixed maturities	$	21,570,487	$	21,459,631	$	22,278,777	$	23,389,069	$	23,167,901
Equity securities		69,211		68,540		73,237		117,037		289,307
Mortgage loans		4,025,025		4,119,350		4,193,776		3,284,326		3,377,397
Investment real estate		38,828		12,067		9,735		8,026		7,975
Policy loans		822,930		819,387		816,958		818,280		813,107
Other long-term investments		167,571		185,958		183,667		185,892		193,364
Long-term investments		26,694,052		26,664,933		27,556,150		27,802,630		27,849,051
Short-term investments		1,064,768		809,957		1,105,393		1,236,443		1,121,138
Total investments		27,758,820		27,474,890		28,661,543		29,039,073		28,970,189
Cash		120,190		361,129		175,420		146,152		117,933
Accrued investment income		265,772		284,181		277,696		291,734		281,396
Accounts and premiums receivable		121,051		206,857		234,351		87,883		118,533
Reinsurance receivable		4,780,956		4,881,638		4,956,979		5,089,100		5,287,241
Deferred policy acquisition costs and value of businesses acquired		3,212,048		3,391,650		3,393,961		3,400,493		3,499,271
Goodwill		100,318		114,717		118,032		117,366		116,481
Property and equipment, net		42,245		43,328		42,510		42,795		42,027
Other assets		163,543		155,102		162,930		144,296		156,486
Income Tax Receivable		116,684		50,102		128,143		165,741		148,342
Assets Related to Separate Accounts
Variable Annuity		2,790,233		2,929,160		2,955,534		2,910,606		2,686,752
Variable Universal Life		319,972		344,529		354,070		350,802		324,355
TOTAL ASSETS	$	39,791,832	$	40,237,283	$	41,461,169	$	41,786,041	$	41,749,006

PROTECTIVE LIFE CORPORATION
GAAP Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
LIABILITIES AND SHARE-OWNERS' EQUITY
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR
LIABILITIES	2007			2007			2007			2007			2008
Policy liabilities and accruals
Future policy benefits and claims	$	15,285,420		$	15,644,544		$	15,898,097		$	16,249,495		$	16,728,276
Unearned premiums		1,020,401			1,093,468			1,131,611			1,179,812			1,188,886
Stable value product deposits		5,055,382			4,806,721			4,988,787			5,046,463			5,207,936
Annuity deposits		8,966,309			8,786,272			8,882,935			8,708,383			8,726,137
Other policyholders' funds		323,898			372,299			353,301			307,950			350,779
Securities sold under repurchase agreements		2,844			312,000			144,200			0			0
Other liabilities		1,227,373			1,357,877			1,310,059			1,189,206			1,116,630
Accrued income taxes		0			0			0			0			0
Deferred income taxes		429,481			312,154			439,495			512,156			361,038
Non-recourse funding obligations		525,000			600,000			1,175,000			1,375,000			1,375,000
Debt		466,532			444,852			482,852			559,852			579,852
Liabilities related to variable interest entities		421,684			400,000			400,000			400,000			400,000
Subordinated debt securities		524,743			524,743			524,743			524,743			524,743
Minority interest - subsidiaries		13,243			15,122			14,862			14,812			14,762
Liabilities related to separate accounts
Variable annuity		2,790,233			2,929,160			2,955,534			2,910,606			2,686,752
Variable universal life		319,972			344,529			354,070			350,802			324,355
TOTAL LIABILITIES		37,372,515			37,943,741			39,055,546			39,329,280		$	39,585,146
SHAREOWNERS' EQUITY
Common stock		36,626			36,626			36,626			36,626			36,626
Additional paid-in-capital		440,813			442,504			443,912			444,765			446,191
Treasury stock		(11,468	)		(11,181	)		(11,140	)		(11,140	)		(27,998	)
Cumulative Effect Adjustments		2,146			2,146			2,146			2,146			3,616
Unallocated ESOP shares		(853	)		(852	)		(852	)		(852	)		(474	)
Retained earnings		1,914,099			1,963,431			2,020,642			2,065,745			2,085,847
Accumulated other comprehensive income		37,954			(139,132	)		(85,711	)		(80,529	)		(379,948	)
Total Shareowners' Equity		2,419,317			2,293,542			2,405,623			2,456,761			2,163,860
TOTAL LIABILITIES AND EQUITY	$	39,791,832		$	40,237,283		$	41,461,169		$	41,786,041		$	41,749,006
SHAREOWNERS' EQUITY PER SHARE
Total Shareowners' Equity	$	34.53		$	32.70		$	34.29		$	35.02		$	30.99
Less: Accumulated other comprehensive income		0.54			(1.98	)		(1.23	)		(1.15	)		(5.44	)
Excluding accumulated other comprehensive income *	$	33.99		$	34.68		$	35.52		$	36.17		$	36.43
Total Shareowners' Equity	$	2,419,317		$	2,293,542		$	2,405,623		$	2,456,761		$	2,163,860
Less: Accumulated other comprehensive income		37,954			(139,132	)		(85,711	)		(80,529	)		(379,948	)
Share-owners' Equity (excluding accumulated other comprehensive income) *	$	2,381,363		$	2,432,674		$	2,491,334		$	2,537,290		$	2,543,808
Common shares outstanding		70,056,891			70,140,728			70,147,926			70,149,062			69,829,037
Treasury Stock shares		3,195,069			3,111,232			3,104,034			3,102,898			3,422,923
* "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)
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			3 MOS			3 MOS
	2007			2007			2007			2007			2008			2007			2008
CALCULATION OF NET INCOME PER SHARE
Net income	$	90,583		$	65,105		$	72,992		$	60,886		$	35,882		$	90,583		$	35,882
Average shares outstanding-basic		71,017,662			71,074,976			71,074,619			71,076,532			71,080,703			71,017,662			71,080,703
Average shares outstanding-diluted		71,487,063			71,490,467			71,467,009			71,467,783			71,453,824			71,487,063			71,453,824
Net income per share-basic	$	1.28		$	0.92		$	1.03		$	0.85		$	0.50		$	1.28		$	0.50
Net income per share-diluted	$	1.27		$	0.91		$	1.02		$	0.85		$	0.50		$	1.27		$	0.50
Income from continuing operations	$	90,583		$	65,105		$	72,992		$	60,886		$	35,882		$	90,583		$	35,882
EPS (basic)	$	1.28		$	0.92		$	1.03		$	0.85		$	0.50		$	1.28		$	0.50
EPS (diluted)	$	1.27		$	0.91		$	1.02		$	0.85		$	0.50		$	1.27		$	0.50
CALCULATION OF REALIZED INVESTMENT GAINS (LOSSES) PER SHARE
RIGL - Derivatives	$	(2,291	)	$	76,281		$	(37,467	)	$	(28,054	)	$	(1,657	)	$	(2,291	)	$	(1,657	)
Derivative Gains related to Corporate Debt and Investments		(257	)		(237	)		(132	)		(195	)		(484	)		(257	)		(484	)
Derivative Gains related to Annuities		(254	)		(1,351	)		(193	)		1,866			6,240			(254	)		6,240
RIGL - All Other Investments, net of participating income		10,144			(70,316	)		43,114			18,803			(28,045	)		10,144			(28,045	)
Related amortization of DAC & VOBA		(1,196	)		(830	)		(44	)		(1,160	)		(1,074	)		(1,196	)		(1,074	)
		6,146			3,547			5,278			(8,740	)		(25,020	)		6,146			(25,020	)
Tax effect		(2,151	)		(1,242	)		(1,847	)		3,059			8,757			(2,151	)		8,757
	$	3,995		$	2,305		$	3,431		$	(5,681	)	$	(16,263	)	$	3,995		$	(16,263	)
RIGL - Derivatives per share-diluted	$	(0.03	)	$	0.68		$	(0.34	)	$	(0.24	)	$	0.04		$	(0.03	)	$	0.04
RIGL - All Other Investments per share-diluted	$	0.09		$	0.65		$	0.39		$	0.16		$	(0.27	)	$	0.09		$	(0.27	)
OPERATING INCOME PER SHARE *
Net income per share-diluted	$	1.27		$	0.91		$	1.02		$	0.85		$	0.50		$	1.27		$	0.50
Discontinued operations		-			-			-			-			-			-			-
RIGL - Derivatives per share-diluted		(0.03	)		0.68			(0.34	)		(0.24	)		0.04			(0.03	)		0.04
RIGL - All Other Investments, net of participating income per share-diluted		0.09			(0.65	)		0.39			0.16			(0.27	)		0.09			(0.27	)
Change in accounting principle		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Operating income per share-diluted	$	1.21		$	0.88		$	0.97		$	0.93		$	0.73		$	1.21		$	0.73
NET OPERATING INCOME *
Net income	$	90,583		$	65,105		$	72,992		$	60,886		$	35,882		$	90,583		$	35,882
Less: RIGL - Derivatives net of tax & gains related to corp debt, investments & annuities		(1,822	)		48,551			(24,565	)		(17,149	)		2,664			(1,822	)		2,664
Less: RIGL - All Other Investments net of tax, amortization, and participating income		5,816			(46,245	)		27,996			11,468			(18,927	)		5,816			(18,927	)
Net operating income	$	86,589		$	62,799		$	69,561		$	66,567		$	52,145		$	86,589		$	52,145
PRETAX OPERATING INCOME **
Income before income tax and discontinued operations	$	133,328		$	101,441		$	107,417		$	93,902		$	53,589		$	133,328		$	53,589
Less: RIGL - Derivatives		(2,291	)		76,281			(37,467	)		(28,054	)		(1,657	)		(2,291	)		(1,657	)
Less: Derivative gains related to corporate debt, investments & annuities		(511	)		(1,588	)		(325	)		1,671			5,756			(511	)		5,756
Less: RIGL - All Other Investments, net of participating income		10,144			(70,316	)		43,114			18,803			(28,045	)		10,144			(28,045	)
Less: Related amortization of DAC & VOBA		(1,196	)		(830	)		(44	)		(1,160	)		(1,074	)		(1,196	)		(1,074	)
Pretax operating income	$	127,182		$	97,894		$	102,139		$	102,642		$	78,609		$	127,182		$	78,609
* "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)
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR
	2007			2007			2007			2007			2008
Total Portfolio
Fixed Income	$	21,570.5		$	21,459.6		$	22,278.8		$	23,389.1		$	23,167.9
Mortgage Loans		4,025.0			4,119.3			4,193.8			3,284.3			3,377.4
Real Estate		38.8			12.1			9.7			8.0			8.0
Equities		69.2			68.5			73.2			117.0			289.3
Policy Loans		822.9			819.4			817.0			818.3			813.1
Short Term Investments		1,064.8			810.0			1,105.4			1,236.4			1,121.1
Other Long Term Investments		167.6			186.0			183.6			185.9			193.4
Total Invested Assets	$	27,758.8		$	27,474.9		$	28,661.5		$	29,039.0		$	28,970.2
Fixed Income
Corporate Bonds	$	10,796.0		$	10,972.0		$	11,474.8		$	11,778.6		$	11,978.3
Residential Mortgage Backed Securities*		8,331.8			8,004.5			8,597.5			7,040.4			6,216.0
Commercial Mortgage Backed Securities*											1,481.3			1,232.7
Asset Backed Securities*											842.2			1,486.1
US Govt Bonds		529.4			570.8			260.4			321.8			317.7
Public Utilities		1,794.4			1,820.3			1,853.8			1,836.1			1,874.1
States, Municipals and Political Subdivisions		118.6			91.7			92.0			88.4			62.9
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			0.0
Total Fixed Income Portfolio	$	21,570.5		$	21,459.6		$	22,278.8		$	23,389.1		$	23,167.9
Fixed Income - Quality
AAA		44.1	%		42.5	%		42.3	%		43.4	%		42.2	%
AA		8.4	%		8.5	%		9.5	%		8.8	%		8.2	%
A		19.1	%		19.8	%		18.5	%		18.5	%		17.8	%
BBB		26.7	%		26.7	%		26.6	%		25.7	%		27.0	%
BB or Less		1.7	%		2.5	%		3.1	%		3.6	%		4.8	%
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		66.9	%		65.9	%		66.4	%		64.8	%		64.5	%
Apartments		11.2	%		11.6	%		10.2	%		10.5	%		10.8	%
Office Buildings		12.2	%		12.8	%		13.0	%		13.8	%		13.8	%
Warehouses		7.0	%		7.6	%		8.2	%		8.1	%		8.0	%
Miscellaneous		2.7	%		2.1	%		2.2	%		2.8	%		2.9	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Problem Mortgage Loans
60 Days Past Due	$	2.0		$	0.0		$	0.0		$	7.5		$	7.4
90 Days Past Due		0.0			0.0			21.6			0.0			0.0
Renegotiated Loans		0.1			2.1			2.1			0.0			0.0
Foreclosed Real Estate		0.0			0.0			0.0			0.0			0.0
	$	2.1		$	2.1		$	23.7		$	7.5		$	7.4
Trading Portfolio Composition (excl. Modco Trading Portfolio)
Asset Class
AAA	$	198.7		$	194.4		$	191.1		$	186.6		$	182.3
AA		20.0			20.0			31.7			31.4			16.6
A		56.8			56.3			46.1			56.8			62.4
BBB		121.7			132.8			137.8			136.7			153.7
BB		4.9			5.0			5.0			0.0			0.0
B		6.4			0.0			0.0			0.0			0.0
Short term investments		6.5			4.2			6.2			15.0			17.6
Swaps		3.5			6.7			3.2			-4.7			-13.9
Total	$	418.5		$	419.4		$	421.1		$	421.8		$	418.7
* Prior to 4th quarter 2007, Residential Mortgage Backed, Commercial Mortgage Backed, and Asset Backed Securities were included in Residential
Mortgage Backed Securities.

PROTECTIVE LIFE CORPORATION
Life Marketing and Acquisitions - Quarterly Earnings Trends
(Dollars in thousands)
(Unaudited)
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			3 MOS			3 MOS
	2007			2007			2007			2007			2008			2007			2008
LIFE MARKETING
REVENUES
Gross Premiums and Policy Fees	$	345,685		$	361,624		$	360,450		$	385,268		$	358,783		$	345,685		$	358,783
Reinsurance Ceded		(207,614	)		(239,702	)		(203,285	)		(262,649	)		(207,865	)		(207,614	)		(207,865	)
Net Premiums and Policy Fees		138,071			121,922			157,165			122,619			150,918			138,071			150,918
Net investment income		81,103			82,291			79,437			82,287			84,956			81,103			84,956
Realized investment gains (losses)		0			0			0			0			0			0			0
Other income		51,365			30,992			27,514			28,485			25,045			51,365			25,045
Total Revenues		270,539			235,205			264,116			233,391			260,919			270,539			260,919
BENEFITS & EXPENSES
Benefits and settlement expenses		149,329			152,147			182,010			151,577			177,778			149,329			177,778
Amortization of deferred policy acquisition costs   and value of businesses acquired		28,698			25,564			27,807			24,025			26,923			28,698			26,923
Other operating expenses		27,232			19,660			14,325			11,691			9,769			27,232			9,769
Total Benefits and Expenses		205,259			197,371			224,142			187,293			214,470			205,259			214,470
INCOME BEFORE INCOME TAX	$	65,280		$	37,834		$	39,974		$	46,098		$	46,449		$	65,280		$	46,449
ACQUISITIONS
REVENUES
Gross Premiums and Policy Fees	$	194,481		$	214,464		$	198,381		$	203,370		$	191,492		$	194,481		$	191,492
Reinsurance Ceded		(118,241	)		(137,370	)		(122,347	)		(132,582	)		(115,763	)		(118,241	)		(115,763	)
Net Premiums and Policy Fees		76,240			77,094			76,034			70,788			75,729			76,240			75,729
Net investment income		148,986			145,263			143,342			141,374			136,213			148,986			136,213
RIGL - Derivatives		(3,703	)		71,782			(38,782	)		(22,675	)		28,590			(3,703	)		28,590
RIGL - All Other Investments								38,431			20,080			(36,318	)		7,933			(36,318	)
Other income		2,248			2,525			2,405			2,284			1,421			2,248			1,421
Total Revenues		231,704			227,448			221,430			211,851			205,635			231,704			205,635
BENEFITS & EXPENSES
Benefits and settlement expenses		161,904			158,284			162,460			151,323			154,420			161,904			154,420
Amortization of deferred policy acquisition costs   and value of businesses acquired		20,554			19,977			18,435			20,273			19,596			20,554			19,596
Other operating expenses		13,373			16,584			10,772			7,478			6,865			13,373			6,865
Total Benefits and Expenses		195,831			194,845			191,667			179,074			180,881			195,831			180,881
INCOME BEFORE INCOME TAX		35,873			32,603			29,763			32,777			24,754			35,873			24,754
Adjustments to Reconcile to Operating Income:
Less:  RIGL - Derivatives		(3,703	)		71,782			(38,782	)		(22,675	)		28,590			(3,703	)		28,590
Less: RIGL - All Other Investments								38,431			20,080			(36,318	)		7,933			(36,318	)
Add back: Related amortization of deferred policy acquisition costs and value of businesses acquired								261			437			1,094			606			1,094
PRETAX OPERATING INCOME	$	32,249		$	30,814		$	30,375		$	35,809		$	33,576		$	32,249		$	33,576

PROTECTIVE LIFE CORPORATION
Life Marketing and Annuities Data
(Dollars in thousands)
(Unaudited)
	2007		2007		2007		2007			2008			3 MOS		3 MOS
	1ST QTR		2ND QTR		3RD QTR		4TH QTR			1ST QTR			2007		2008
LIFE MARKETING
SALES BY PRODUCT
Term	$	33,492	$	43,955	$	36,326	$	31,544		$	27,008		$	33,492	$	27,008
U/L		14,197		18,515		24,761		18,290			14,663			14,197		14,663
VUL		1,828		2,181		1,826		1,850			1,604			1,828		1,604
Total	$	49,517	$	64,651	$	62,913	$	51,684		$	43,275		$	49,517	$	43,275
SALES BY DISTRIBUTION
Brokerage general agents	$	29,879	$	41,210	$	35,919	$	31,250		$	24,396		$	29,879	$	24,396
Independent agents		8,328		10,629		11,461		8,843			8,852			8,328		8,852
Stockbrokers/banks		8,493		9,452		9,651		8,760			8,447			8,493		8,447
Direct Response & BOLI		2,817		3,360		5,882		2,831			1,580			2,817		1,580
Total	$	49,517	$	64,651	$	62,913	$	51,684		$	43,275		$	49,517	$	43,275
ANNUITIES
SALES
Variable Annuity	$	78,982	$	123,263	$	147,275	$	122,962		$	92,792		$	78,982	$	92,792
Immediate Annuity		54,004		61,517		58,292		103,115			225,759			54,004		225,759
Single Premium Deferred Annuity		69,860		114,326		130,293		65,016			81,891			69,860		81,891
Market Value Adjusted Annuity		104,876		121,839		170,122		116,472			208,423			104,876		208,423
Equity Indexed Annuity		7,451		7,872		4,987		3,900			3,175			7,451		3,175
Total	$	315,173	$	428,817	$	510,969	$	411,465		$	612,040		$	315,173	$	612,040
PRETAX OPERATING INCOME
Variable Annuity	$	4,673	$	5,114	$	3,565	$	5,828		$	4,068		$	4,673	$	4,068
Fixed Annuity		933		1,555		2,871		(1,488	)		(1,579	)		933		(1,579	)
Total	$	5,606	$	6,669	$	6,436	$	4,340		$	2,489		$	5,606	$	2,489
DEPOSIT BALANCE
VA Fixed Annuity	$	194,479	$	214,966	$	234,950	$	214,220		$	190,968
VA Separate Account Annuity		2,594,554		2,725,302		2,750,591		2,706,239			2,501,975
Sub-total		2,789,033		2,940,268		2,985,541		2,920,459			2,692,943
Fixed Annuity		3,929,194		4,164,402		4,468,045		4,682,912			5,114,313
Total	$	6,718,227	$	7,104,670	$	7,453,586	$	7,603,371		$	7,807,256

PROTECTIVE LIFE CORPORATION
Annuities, Stable Value Contracts, and Asset Protection
Quarterly Earnings Trends (Dollars in thousands)
(Unaudited)
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			3 MOS			3 MOS
	2007			2007			2007			2007			2008			2007			2008
ANNUITIES
REVENUES
Gross Premiums and Policy Fees	$	8,262		$	8,633		$	8,481		$	8,787		$	8,191		$	8,262		$	8,191
Reinsurance Ceded		-			-			-			-			-			-			-
Net Premiums and Policy Fees		8,262			8,633			8,481			8,787			8,191			8,262			8,191
Net investment income		60,861			64,890			69,313			72,244			77,286			60,861			77,286
RIGL - Derivatives		254			1,351			193			(1,866	)		(6,240	)		254			(6,240	)
RIGL - All Other Investments		1,664			53			(266	)		557			20			1,664			20
Other income		2,713			2,797			2,769			3,006			3,003			2,713			3,003
Total Revenues		73,754			77,724			80,490			82,728			82,260			73,754			82,260
BENEFITS & EXPENSES
Benefits and settlement expenses		55,949			56,101			62,731			65,429			67,416			55,949			67,416
Amortization of deferred policy acquisition costs   and value of businesses acquired		5,128			9,909			5,022			7,626			5,901			5,128			5,901
Other operating expenses		5,997			5,045			6,350			5,499			6,414			5,997			6,414
Total Benefits and Expenses		67,074			71,055			74,103			78,554			79,731			67,074			79,731
INCOME BEFORE INCOME TAX		6,680			6,669			6,387			4,174			2,529			6,680			2,529
Adjustments to Reconcile to Operating Income:
Less:  RIGL - Derivatives		254			1,351			193			(1,866	)		(6,240	)		254			(6,240	)
Add back:  Derivative gains related to equity   indexted annuities		254			1,351			193			(1,866	)		(6,240	)		254			(6,240	)
Less:  RIGL - All Other Investments		1,664			53			(266	)		557			20			1,664			20
Add back:  Related amortization of deferred   policy acquisition costs		590			53			(217	)		723			(20	)		590			(20	)
PRETAX OPERATING INCOME	$	5,606		$	6,669		$	6,436		$	4,340		$	2,489		$	5,606		$	2,489
STABLE VALUE CONTRACTS
REVENUES
Gross Premiums and Policy Fees	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Reinsurance Ceded		-			-			-			-			-			-			-
Net Premiums and Policy Fees		-			-			-			-			-			-			-
Net investment income		79,101			71,478			73,501			76,121			78,361			79,101			78,361
RIGL - Derivatives		4,270			(104	)		(148	)		237			220			4,270			220
RIGL - All Other Investments		(2,845	)		(479	)		(185	)		648			5,213			(2,845	)		5,213
Other income		-			-			-			-			-			-			-
Total Revenues		80,526			70,895			73,168			77,006			83,794			80,526			83,794
BENEFITS & EXPENSES
Benefits and settlement expenses		64,719			57,097			58,340			61,304			59,929			64,719			59,929
Amortization of deferred policy acquisition costs   and value of businesses acquired		1,168			987			985			1,059			1,067			1,168			1,067
Other operating expenses		1,028			1,039			1,069			1,175			1,149			1,028			1,149
Total Benefits and Expenses		66,915			59,123			60,394			63,538			62,145			66,915			62,145
INCOME BEFORE INCOME TAX		13,611			11,772			12,774			13,468			21,649			13,611			21,649
Adjustments to Reconcile to Operating Income:
Less:  RIGL-Derivatives		4,270			(104	)		(148	)		237			220			4,270			220
Less:  RIGL-All Other Investments		(2,845	)		(479	)		(185	)		648			5,213			(2,845	)		5,213
PRETAX OPERATING INCOME	$	12,186		$	12,355		$	13,107		$	12,583		$	16,216		$	12,186		$	16,216
ASSET PROTECTION
REVENUES
Gross Premiums and Policy Fees	$	99,420		$	97,985		$	101,189		$	96,518		$	95,335		$	99,420		$	95,335
Reinsurance Ceded		(45,138	)		(45,689	)		(43,244	)		(42,808	)		(47,443	)		(45,138	)		(47,443	)
Net Premiums and Policy Fees		54,282			52,296			57,945			53,710			47,892			54,282			47,892
Net investment income		9,212			9,467			10,188			10,233			9,905			9,212			9,905
Realized investment gains (losses)		-			-			-			-			-			-			-
Other income		16,529			20,455			19,330			15,740			15,136			16,529			15,136
Total Revenues		80,023			82,218			87,463			79,683			72,933			80,023			72,933
BENEFITS & EXPENSES
Benefits and settlement expenses		25,815			26,113			30,779			24,105			24,766			25,815			24,766
Amortization of deferred policy acquisition costs   and value of businesses acquired		20,703			21,464			21,291			18,822			14,332			20,703			14,332
Other operating expenses		23,421			23,119			25,488			26,708			23,983			23,421			23,983
Total Benefits and Expenses		69,939			70,696			77,558			69,635			63,081			69,939			63,081
INCOME BEFORE INCOME TAX	$	10,084		$	11,522		$	9,905		$	10,048		$	9,852		$	10,084		$	9,852

PROTECTIVE LIFE CORPORATION
Stable Value Contracts and Asset Protection Data
(Dollars in thousands)
(Unaudited)
	2007			2007			2007			2007			2008			3 MOS			3 MOS
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			2007			2008
STABLE VALUE CONTRACTS
SALES
GIC	$	2,500		$	75,000		$	54,500		$	800		$	74,232		$	2,500		$	74,232
GFA - Direct Institutional		0			0			0			182,179			0			-			-
GFA - Non-Registered		0			0			0			0			0			-			-
GFA - Registered - Institutional		0			50,000			475,000			0			450,000			-			450,000
GFA - Registered - Retail		13,120			10,014			42,735			20,796			113,404			13,120			113,404
Total	$	15,620		$	135,014		$	572,235		$	203,775		$	637,636		$	15,620		$	637,636
DEPOSIT BALANCE
Quarter End Balance	$	5,055,382		$	4,806,721		$	4,988,787		$	5,046,463		$	5,207,936		$	5,055,382		$	5,207,936
Average Daily Balance	$	5,461,832		$	4,780,565		$	4,826,108		$	4,964,733		$	5,140,310		$	5,461,832		$	5,140,310
OPERATING SPREAD		0.92	%		1.04	%		1.09	%		1.02	%		1.26	%		0.92	%		1.26	%
	2007			2007			2007			2007			2008			3 MOS			3 MOS
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			2007			2008
ASSET PROTECTION
SALES
Credit	$	28,082		$	31,579		$	27,686		$	26,271		$	22,790		$	28,082		$	22,790
Service Contracts		74,807			90,588			96,189			79,772			71,663			74,807			71,663
Other		30,186			28,046			20,763			18,347			16,262			30,186			16,262
Total	$	133,075		$	150,213		$	144,638		$	124,390		$	110,715		$	133,075		$	110,715
Note: The Asset Protection sales amounts relating to Service Contracts and Other lines for 1Q07 thru 3Q07 have been adjusted to provide a consistent presentation with 4Q07 and 1Q08.

PROTECTIVE LIFE CORPORATION
Corporate & Other Segment - Quarterly Earnings Trends
(Dollars in thousands)
(Unaudited)
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			3 MOS			3 MOS
	2007			2007			2007			2007			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	9,169		$	8,458		$	7,999		$	8,399		$	8,603		$	9,169		$	8,603
Reinsurance Ceded		(4	)		(4	)		(2	)		(5	)		(1	)		(4	)		(1	)
Net Premiums and Policy Fees		9,165			8,454			7,997			8,394			8,602			9,165			8,602
Net investment income		36,419			37,047			53,011			38,765			21,744			36,419			21,744
RIGL - Derivatives		(3,112	)		3,252			1,270			(3,751	)		(24,227	)		(3,112	)		(24,227	)
RIGL - All Other Investments		6,542			3,033			5,134			(2,482	)		3,040			6,542			3,040
Other income		937			683			(144	)		(276	)		904			937			904
Total Revenues		49,951			52,469			67,268			40,650			10,063			49,951			10,063
BENEFITS & EXPENSES
Benefits and settlement expenses		10,069			9,207			8,585			8,330			10,367			10,069			10,367
Amortization of deferred policy acquisition costs   and value of businesses acquired		129			135			323			186			551			129			551
Other operating expenses		37,953			42,086			49,746			44,798			50,789			37,953			50,789
Total Benefits and Expenses		48,151			51,428			58,654			53,314			61,707			48,151			61,707
INCOME BEFORE INCOME TAX		1,800			1,041			8,614			(12,664	)		(51,644	)		1,800			(51,644	)
Adjustments to Reconcile to Operating Income:
Less:  RIGL-Derivatives		(3,112	)		3,252			1,270			(3,751	)		(24,227	)		(3,112	)		(24,227	)
Less:  RIGL-All Other Investments, net of   participating income		3,392			(674	)		5,134			(2,482	)		3,040			3,392			3,040
Add back:  Derivative gains related to corporate   debt and investments		257			237			132			195			484			257			484
PRETAX OPERATING INCOME	$	1,777		$	(1,300	)	$	2,342		$	(6,236	)	$	(29,973	)	$	1,777		$	(29,973	)