8-K

                       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)                JULY 28, 1998



                           PROTECTIVE LIFE CORPORATION
             (Exact name of registrant as specified in its charter)


            DELAWARE                  1-12332                   95-2492236
     (State or other jurisdiction    (Commission               (IRS Employer
        of incorporation)             File Number)          Identification No.)


              2801 HIGHWAY 280 SOUTH, BIRMINGHAM, ALABAMA             35223
              (Address of principal executive offices)              (Zip Code)


             Registrant's telephone number, including area code (205) 879-9230


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


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Item 5.   OTHER EVENTS.

     On July 28,  1998,  Registrant  issued a press  release with respect to its
earnings which is included as an Exhibit to this Current Report and incorporated
by reference herein.


Item 7.   FINANCIAL STATEMENTS AND EXHIBITS

       (c)   EXHIBITS

              The following exhibit is included herein.

                    Exhibit 99: Press Release dated July 28, 1998.





                                   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 CORPORATION


                                                  BY/S/JERRY W. DEFOOR
                                                  Jerry W. DeFoor
                                                  Vice President and Controller

Dated:   July 28, 1998

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                                  Exhibit Index


EXHIBIT NUMBER                            DESCRIPTION            

         99.                 Press Release Dated July 28, 1998    

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EX-99

                                                                  Exhibit 99
July 28, 1998

FOR IMMEDIATE RELEASE


                    PROTECTIVE ANNOUNCES RECORD 2Q98 EARNINGS



BIRMINGHAM,  Alabama  (July 28,  1998)  Protective  Life  Corporation  (NYSE:PL)
announced  record second quarter  results today.  The Company's  basic operating
income,  which  excludes  realized  investment  gains  and  losses  and  related
amortization,  was a record  $.50 per share in the 1998  second  quarter,  a 16%
increase  over the $.43 per share  last  year.  Consolidated  net income for the
second  quarter of 1998 was a record $32.5  million,  compared to $27.5  million
reported  for the 1997 second  quarter.  Basic net income per share was $.52 per
share in the 1998  second  quarter  compared  to $.44 per share  last  year.  An
increase in the Company's  effective tax rate in the 1998 second quarter reduced
income by almost $.02 per share  compared to last year. All prior period results
have been restated to reflect a two-for-one stock split on April 1, 1998.

Diluted  operating income was $.50 per share in the 1998 second quarter compared
to $.42 last year,  and  diluted  net income per share was $.52 per share in the
1998 second quarter compared to $.43 per share last year.

Drayton  Nabers,  Jr.,  Protective's  Chairman of the Board and Chief  Executive
Officer  commented:  "We are pleased with our earnings growth both in the second
quarter  and for the first  half of 1998.  We are  especially  pleased  that our
Company is enjoying strong sales growth in our marketing divisions."

The Company's basic operating  income was $.98 per share in the first six months
of 1998,  a 17%  increase  over the $.84 per  share  reported  for the first six
months of 1997.  Consolidated  net  income  for the first six months of 1998 was
$62.5 million, compared to $52.3 million reported for the same period last year.
Basic net  income  per share was $1.00 per share in the first six months of 1998
compared  to $.84 per share last  year.  Diluted  operating  income was $.97 per
share in the first six months of 1998 compared to $.83 last

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year,  and  diluted  net  income  per  share was $.99 per share in the first six
months of 1998 compared to $.83 per share last year.

At June 30, 1998, the Company's assets were $11.0 billion.  Stockholders' equity
per share was $12.14  (excluding $1.01 per share of unrealized  investment gains
resulting from marking the Company's securities to market values).

Operating  return on average  equity for the twelve  months ending June 30, 1998
was 17.3%. (Average equity excludes the effect of unrealized gains and losses on
stockholders' equity.)


THIS RELEASE INCLUDES "FORWARD-LOOKING STATEMENTS" WHICH EXPRESS EXPECTATIONS OF
FUTURE EVENTS AND/OR RESULTS. ALL STATEMENTS BASED ON FUTURE EXPECTATIONS RATHER
THAN ON HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE A NUMBER OF
RISKS  AND  UNCERTAINTIES,  AND THE  COMPANY  CANNOT  GIVE  ASSURANCE  THAT SUCH
STATEMENTS WILL PROVE TO BE CORRECT. PLEASE REFER TO EXHIBIT 99 OF THE COMPANY'S
MOST RECENT FORM 10-Q OR THE MANAGEMENT'S DISCUSSION AND ANALYSIS SECTION OF THE
COMPANY'S MOST RECENT ANNUAL REPORT TO STOCKHOLDERS FOR MORE  INFORMATION  ABOUT
FACTORS WHICH COULD AFFECT FUTURE RESULTS.

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