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 and annual statistical financial information for the quarter and year ended December 31, 2007. This document is dated February 7, 2008. 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) and the cumulative effect of change in accounting principle. Consolidated and segment operating income excludes net realized investment gains (losses) (net of the related amortization of DAC and VOBA and participating income from real estate ventures) and the cumulative effect of change in accounting principle. 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)
	4TH QTR			1ST QTR		2ND QTR			3RD QTR		4TH QTR			12 MOS		12 MOS
Pretax Operating Income *	2006			2007		2007			2007		2007			2006		2007
Life Marketing	$	41,913		$	65,280	$	37,834		$	39,974	$	46,098		$	174,189	$	189,186
Acquisitions		33,610			32,249		30,814			30,375		35,809			104,534		129,247
Annuities		8,403			5,606		6,669			6,436		4,340			24,645		23,051
Stable Value Contracts		12,500			12,186		12,355			13,107		12,583			47,073		50,231
Asset Protection		6,570			10,084		11,522			9,905		10,048			9,811		41,559
Corporate & Other		(2,807	)		1,777		(1,300	)		2,342		(6,236	)		11,776		(3,417	)
Total Pretax Operating Income	$	100,189		$	127,182	$	97,894		$	102,139	$	102,642		$	372,028	$	429,857
Balance Sheet Data
Total GAAP Assets	$	39,795,294		$	39,791,832	$	40,237,283		$	41,461,169	$	41,744,849
Share Owners' Equity	$	2,313,075		$	2,419,317	$	2,293,542		$	2,405,623	$	2,456,761
Share Owners' Equity (excluding accumulated other comprehensive income) **	$	2,300,644		$	2,381,363	$	2,432,674		$	2,491,334	$	2,537,290
Stock Data
Closing Price	$	47.50		$	44.04	$	47.81		$	42.44	$	41.02		$	47.50	$	41.02
Average Shares Outstanding
Basic		70,811,686			71,017,662		71,074,976			71,074,619		71,076,532			70,795,453		71,061,152
Diluted		71,269,472			71,487,063		71,490,467			71,467,009		71,467,783			71,390,513		71,478,021
* "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)
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			12 MOS			12 MOS
	2006			2007			2007			2007			2007			2006			2007
REVENUES
Gross Premiums and Policy Fees	$	665,975		$	657,017		$	691,165		$	676,500		$	702,341		$	2,317,337		$	2,727,023
Reinsurance Ceded		(411,088	)		(370,997	)		(422,766	)		(368,878	)		(438,043	)		(1,371,215	)		(1,600,684	)
Net Premiums and Policy Fees		254,887			286,020			268,399			307,622			264,298			946,122			1,126,339
Net investment income		409,233			415,682			410,436			428,792			421,024			1,419,778			1,675,934
RIGL - Derivatives		25,248			(2,291	)		76,281			(37,467	)		(28,054	)		(21,516	)		8,469
RIGL - All Other Investments		5,623			13,294			(66,609	)		43,114			18,803			104,084			8,602
Other income		66,175			73,792			57,452			51,874			42,227			230,665			225,345
Total Revenues		761,166			786,497			745,959			793,935			718,298			2,679,133			3,044,689
BENEFITS & EXPENSES
Benefits and settlement expenses		462,722			467,785			458,949			504,905			462,068			1,637,215			1,893,707
Amortization of deferred policy acquisition costs and value of businesses acquired		74,421			76,380			78,036			73,863			71,991			225,804			300,270
Other operating expenses		71,719			85,138			80,130			70,663			54,166			311,426			290,097
Interest on indebtedness - subsidiaries		6,489			8,728			12,441			22,524			20,448			20,633			64,141
Interest on indebtedness - holding company - other debt		5,746			5,737			5,561			5,162			6,322			21,892			22,782
Interest on indebtedness - holding company - hybrid securities		9,402			9,401			9,401			9,401			9,401			30,255			37,604
Total Benefits and Expenses		630,499			653,169			644,518			686,518			624,396			2,247,225			2,608,601
INCOME BEFORE INCOME TAX		130,667			133,328			101,441			107,417			93,902			431,908			436,088
Income tax expense		45,485			42,745			36,336			34,425			33,016			150,347			146,522
Discontinued Operations		0			0			0			0			0			0			0
NET INCOME	$	85,182		$	90,583		$	65,105		$	72,992		$	60,886		$	281,561		$	289,566
PER SHARE DATA FOR QUARTER
Operating income-diluted *	$	0.91		$	1.21		$	0.88		$	0.97		$	0.93
RIGL - Derivatives net of gains related to corp debt, investments and annuities		0.23			(0.03	)		0.68			(0.34	)		(0.24	)
RIGL - All Other Investments, net of participating income		0.05			0.09			(0.65	)		0.39			0.16
Discontinued Operations		0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	1.19		$	1.27		$	0.91		$	1.02		$	0.85
Average shares outstanding-diluted		71,269,472			71,487,063			71,490,467			71,467,009			71,467,783
Dividends paid	$	0.215		$	0.215		$	0.225		$	0.225		$	0.225
PER SHARE DATA FOR YTD
Operating income-diluted *	$	3.39		$	1.21		$	2.09		$	3.06		$	3.99		$	3.39		$	3.99
RIGL - Derivatives net of gains related to corp debt, investments and annuities		(0.20	)		(0.03	)		0.65			0.31			0.07			(0.20	)		0.07
RIGL - All Other Investments, net of participating income		0.75			0.09			(0.56	)		(0.17	)		(0.01	)		0.75			(0.01	)
Discontinued Operations		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	3.94		$	1.27		$	2.18		$	3.20		$	4.05		$	3.94		$	4.05
Average shares outstanding-diluted		71,390,513			71,487,063			71,488,786			71,481,471			71,478,021			71,390,513			71,478,021
Dividends paid	$	0.840		$	0.215		$	0.440		$	0.665		$	0.890		$	0.840		$	0.890
* "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)
	4TH QTR		1ST QTR		2ND QTR		3RD QTR		4TH QTR
	2006		2007		2007		2007		2007
ASSETS
Fixed maturities	$	21,367,263	$	21,570,487	$	21,459,631	$	22,278,777	$	23,389,069
Equity securities		128,695		69,211		68,540		73,237		117,037
Mortgage loans		3,880,028		4,025,025		4,119,350		4,193,776		3,284,326
Investment real estate		38,918		38,828		12,067		9,735		8,026
Policy loans		839,502		822,930		819,387		816,958		818,280
Other long-term investments		310,225		167,571		185,958		183,667		185,892
Long-term investments		26,564,631		26,694,052		26,664,933		27,556,150		27,802,630
Short-term investments		1,381,073		1,064,768		809,957		1,105,393		1,236,443
Total investments		27,945,704		27,758,820		27,474,890		28,661,543		29,039,073
Cash		69,516		120,190		361,129		175,420		146,152
Accrued investment income		284,529		265,772		284,181		277,696		291,734
Accounts and premiums receivable		194,447		121,051		206,857		234,351		87,883
Reinsurance receivable		4,618,122		4,780,956		4,881,638		4,956,979		5,089,100
Deferred policy acquisition costs and value of businesses acquired		3,198,735		3,212,048		3,391,650		3,393,961		3,390,644
Goodwill		100,479		100,318		114,717		118,032		118,032
Property and equipment, net		43,796		42,245		43,328		42,510		42,795
Other assets		165,656		163,543		155,102		162,930		154,145
Income Tax Receivable		116,318		116,684		50,102		128,143		125,268
Assets Related to Separate Accounts
Variable Annuity		2,750,129		2,790,233		2,929,160		2,955,534		2,910,606
Variable Universal Life		307,863		319,972		344,529		354,070		350,802
TOTAL ASSETS	$	39,795,294	$	39,791,832	$	40,237,283	$	41,461,169	$	41,746,234

PROTECTIVE LIFE CORPORATION
GAAP Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
LIABILITIES AND SHARE-OWNERS' EQUITY
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR
LIABILITIES	2006			2007			2007			2007			2007
Future policy benefits and claims	$	15,120,996		$	15,285,420		$	15,644,544		$	15,898,097		$	16,249,495
Unearned premiums		938,934			1,020,401			1,093,468			1,131,611			1,179,812
Stable value product deposits		5,513,464			5,055,382			4,806,721			4,988,787			5,046,463
Annuity deposits		8,958,089			8,966,309			8,786,272			8,882,935			8,708,383
Other policyholders' funds		328,664			323,898			372,299			353,301			307,950
Securities sold under repurchase agreements		16,949			2,844			312,000			144,200			0
Other liabilities		1,310,145			1,227,373			1,357,877			1,310,059			1,188,773
Accrued income taxes		0			0			0			0			0
Deferred income taxes		374,486			429,481			312,154			439,495			472,782
Non-recourse funding obligations		425,000			525,000			600,000			1,175,000			1,375,000
Debt		479,132			466,532			444,852			482,852			559,852
Liabilities related to variable interest entities		420,395			421,684			400,000			400,000			400,000
Subordinated debt securities		524,743			524,743			524,743			524,743			524,743
Minority interest - subsidiaries		13,230			13,243			15,122			14,862			14,812
Liabilities related to separate accounts
Variable annuity		2,750,129			2,790,233			2,929,160			2,955,534			2,910,606
Variable universal life		307,863			319,972			344,529			354,070			350,802
TOTAL LIABILITIES		37,482,219			37,372,515			37,943,741			39,055,546			39,289,473
SHARE-OWNERS' EQUITY
Common stock		36,626			36,626			36,626			36,626			36,626
Additional paid-in capital		438,485			440,813			442,504			443,912			444,765
Treasury stock		(11,796	)		(11,468	)		(11,181	)		(11,140	)		(11,140	)
Cumulative Effect Adjustments -  FAS 155 & FIN 48		0			2,146			2,146			2,146			2,146
Unallocated ESOP shares		(1,231	)		(853	)		(852	)		(852	)		(852	)
Retained earnings		1,838,560			1,914,099			1,963,431			2,020,642			2,065,745
Accumulated other comprehensive income		12,431			37,954			(139,132	)		(85,711	)		(80,529	)
Total Share-owners' Equity		2,313,075			2,419,317			2,293,542			2,405,623			2,456,761
TOTAL LIABILITIES AND EQUITY	$	39,795,294		$	39,791,832		$	40,237,283		$	41,461,169		$	41,746,234
SHARE-OWNERS' EQUITY PER SHARE
Total Share-owners' Equity	$	33.06		$	34.53		$	32.70		$	34.29		$	35.02
Accumulated other comprehensive income		0.18			0.54			(1.98	)		(1.23	)		(1.15	)
Excluding accumulated other comprehensive income *	$	32.88		$	33.99		$	34.68		$	35.52		$	36.17
Total Share-owners' Equity	$	2,313,075		$	2,419,317		$	2,293,542		$	2,405,623		$	2,456,761
Accumulated other comprehensive income		12,431			37,954			(139,132	)		(85,711	)		(80,529	)
Share-owners' Equity (excluding accumulated other comprehensive income) *	$	2,300,644		$	2,381,363		$	2,432,674		$	2,491,334		$	2,537,290
Common shares outstanding		69,964,648			70,056,891			70,140,728			70,147,926			70,149,062
Treasury Stock shares		3,287,312			3,195,069			3,111,232			3,104,034			3,102,898
* "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)
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			12 MOS			12 MOS
	2006			2007			2007			2007			2007			2006			2007
CALCULATION OF NET INCOME PER SHARE
Net income	$	85,182		$	90,583		$	65,105		$	72,992		$	60,886		$	281,561		$	289,566
Average shares outstanding-basic		70,811,686			71,017,662			71,074,976			71,074,619			71,076,532			70,811,686			71,061,152
Average shares outstanding-diluted		71,269,472			71,487,063			71,490,467			71,467,009			71,467,783			71,269,472			71,478,021
Net income per share-basic	$	1.21		$	1.28		$	0.92		$	1.03		$	0.85		$	3.98		$	4.07
Net income per share-diluted	$	1.19		$	1.27		$	0.91		$	1.02		$	0.85		$	3.94		$	4.05
Income from continuing operations	$	85,182		$	90,583		$	65,105		$	72,992		$	60,886		$	281,561		$	289,566
EPS (basic)	$	1.21		$	1.28		$	0.92		$	1.03		$	0.85		$	3.98		$	4.07
EPS (diluted)	$	1.19		$	1.27		$	0.91		$	1.02		$	0.85		$	3.94		$	4.05
CALCULATION OF REALIZED INVESTMENT GAINS (LOSSES) PER SHARE
RIGL - Derivatives	$	25,248		$	(2,291	)	$	76,281		$	(37,467	)	$	(28,054	)	$	(21,516	)	$	8,469
Derivative Gains related to Corporate Debt and Investments		(77	)		(257	)		(237	)		(132	)		(195	)		(2,737	)		(821	)
Derivative Gains related to Annuities		960			(254	)		(1,351	)		(193	)		1,866			2,747			68
RIGL - All Other Investments, net of participating income		5,623			10,144			(70,316	)		43,114			18,803			90,590			1,745
Related amortization of DAC & VOBA		(1,276	)		(1,196	)		(830	)		(44	)		(1,160	)		(9,204	)		(3,230	)
		30,478			6,146			3,547			5,278			(8,740	)		59,880			6,231
Tax effect		(10,667	)		(2,151	)		(1,242	)		(1,847	)		3,059			(20,958	)		(2,181	)
	$	19,811		$	3,995		$	2,305		$	3,431		$	(5,681	)	$	38,922		$	4,050
RIGL - Derivatives per share-diluted	$	0.23		$	(0.03	)	$	0.68		$	(0.34	)	$	(0.24	)	$	(0.20	)	$	0.07
RIGL - All Other Investments per share-diluted	$	0.05		$	0.09		$	0.65		$	0.39		$	0.16		$	0.75		$	(0.01	)
OPERATING INCOME PER SHARE *
Net income per share-diluted	$	1.19		$	1.27		$	0.91		$	1.02		$	0.85		$	3.94		$	4.05
Discontinued operations		0			0			0			0			0			0			0
RIGL - Derivatives per share-diluted		0.23			(0.03	)		0.68			(0.34	)		(0.24	)		(0.20	)		0.07
RIGL - All Other Investments, net of participating income per share-diluted		0.05			0.09			(0.65	)		0.39			0.16			0.75			(0.01	)
Change in accounting principle		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Operating income per share-diluted	$	0.91		$	1.21		$	0.88		$	0.97		$	0.93		$	3.39		$	3.99
NET OPERATING INCOME *
Net income	$	85,182		$	90,583		$	65,105		$	72,992		$	60,886		$	281,561		$	289,566
RIGL - Derivatives net of tax & gains related to corp debt, investments & annuities		16,985			(1,822	)		48,551			(24,565	)		(17,149	)		(13,979	)		5,015
RIGL - All Other Investments net of tax, amortization, and participating income		2,826			5,816			(46,245	)		27,996			11,468			52,901			(965	)
Discontinued operations		0			0			0			0			0			0			0
Change in accounting principle		0			0			0			0			0			0			0
Net operating income	$	65,371		$	86,589		$	62,799		$	69,561		$	66,567		$	242,639		$	285,516
PRETAX OPERATING INCOME **
Income before income tax and discontinued operations	$	130,667		$	133,328		$	101,441		$	107,417		$	93,902		$	431,908		$	436,088
RIGL - Derivatives		25,248			(2,291	)		76,281			(37,467	)		(28,054	)		(21,516	)		8,469
Derivative gains related to corporate debt, investments & annuities		882			(511	)		(1,588	)		(325	)		1,671			10			(753	)
RIGL - All Other Investments, net of participating income		5,623			10,144			(70,316	)		43,114			18,803			90,590			1,745
Related amortization of DAC & VOBA		(1,276	)		(1,196	)		(830	)		(44	)		(1,160	)		(9,204	)		(3,230	)
Pretax operating income	$	100,190		$	127,182		$	97,894		$	102,139		$	102,642		$	372,028		$	429,857
* "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)
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR
	2006			2006			2007			2007			2007
Total Portofolio
Fixed Income	$	21,367.3		$	21,570.5		$	21,459.6		$	22,278.8		$	23,389.1
Mortgage Loans		3,880.0			4,025.0			4,119.3			4,193.8			3,284.3
Real Estate		38.9			38.8			12.1			9.7			8.0
Equities		128.7			69.2			68.5			73.2			117.0
Policy Loans		839.5			822.9			819.4			817.0			818.3
Short Term Investments		1,381.1			1,064.8			810.0			1,105.4			1,236.4
Other Long Term Investments		310.2			167.6			186.0			183.6			185.9
Total Invested Assets	$	27,945.7		$	27,758.8		$	27,474.9		$	28,661.5		$	29,039.0
Fixed Income
Corporate Bonds	$	10,223.1		$	10,796.0		$	10,972.0		$	11,474.8		$	11,778.6
Mortgage Backed Securities		7,870.3			8,331.8			8,004.5			8,597.5			9,363.9
US Govt Bonds		1,373.8			529.4			570.8			260.4			321.8
Public Utilities		1,784.5			1,794.4			1,820.3			1,853.8			1,836.1
States, Municipals and Political Subdivisions		115.3			118.6			91.7			92.0			88.4
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	$	21,367.3		$	21,570.5		$	21,459.6		$	22,278.8		$	23,389.1
Fixed Income - Quality
AAA		46.2	%		44.1	%		42.5	%		42.3	%		43.4	%
AA		6.8	%		8.4	%		8.5	%		9.5	%		8.8	%
A		18.4	%		19.1	%		19.8	%		18.5	%		18.5	%
BBB		27.0	%		26.7	%		26.7	%		26.6	%		25.7	%
BB or Less		1.6	%		1.7	%		2.5	%		3.1	%		3.6	%
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		68.3	%		66.9	%		65.9	%		66.4	%		65.0	%
Apartments		10.0	%		11.2	%		11.6	%		10.2	%		10.2	%
Office Buildings		11.9	%		12.2	%		12.8	%		13.0	%		13.9	%
Warehouses		7.1	%		7.0	%		7.6	%		8.2	%		8.1	%
Miscellaneous		2.7	%		2.7	%		2.1	%		2.2	%		2.8	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Problem Mortgage Loans
60 Days Past Due	$	0.0		$	2.0		$	0.0		$	0.0		$	7.5
90 Days Past Due		0.0			0.0			0.0			21.6			0.0
Renegotiated Loans		0.1			0.1			2.1			2.1			0.0
Foreclosed Real Estate		15.7			0.0			0.0			0.0			0.0
	$	15.8		$	2.1		$	2.1		$	23.7		$	7.5
Trading Portfolio Composition (excl. Modco Trading Portfolio)
Asset Class
AAA		199.6			198.7			194.4			191.1			186.6
AA		31.0			20.0			20.0			31.7			31.4
A		51.9			56.8			56.3			46.1			56.8
BBB		113.5			121.7			132.8			137.8			136.7
BB		4.9			4.9			5.0			5.0			0.0
B		6.2			6.4			0.0			0.0			0.0
Short Term Investments		8.4			6.5			4.2			6.2			15.0
Swaps		4.5			3.5			6.7			3.2			(4.7	)
Total	$	420.0		$	418.5		$	419.4		$	421.1		$	421.8

PROTECTIVE LIFE CORPORATION
Life Marketing and Acquisitions - Quarterly Earnings Trends
(Dollars in thousands)
(Unaudited)
	4TH QTR			1ST QTR				2ND QTR			3RD QTR			4TH QTR			12 MOS			12 MOS
	2006			2007				2007			2007			2007			2006			2007
LIFE MARKETING
REVENUES
Gross Premiums and Policy Fees	$	349,650		$	345,685			$	361,624		$	360,450		$	385,268		$	1,327,865		$	1,453,027
Reinsurance Ceded		(254,542	)		(207,614	)			(239,702	)		(203,285	)		(262,649	)		(906,590	)		(913,250	)
Net Premiums and Policy Fees		95,108			138,071				121,922			157,165			122,619			421,275			539,777
Net investment income		79,726			81,103				82,291			79,437			82,287			308,497			325,118
Realized investment gains (losses)		0			0				0			0			0			0			0
Other income		43,539			51,365				30,992			27,514			28,485			137,891			138,356
Total Revenues		218,373			270,539				235,205			264,116			233,391			867,663			1,003,251
BENEFITS & EXPENSES
Benefits and settlement expenses		130,396			149,329				152,147			182,010			151,577			535,940			635,063
Amortization of deferred policy acquisition costs and value of businesses acquired		17,436			28,698				25,564			27,807			24,025			60,227			106,094
Other operating expenses		28,628			27,232				19,660			14,325			11,691			97,307			72,908
Total Benefits and Expenses		176,460			205,259				197,371			224,142			187,293			693,474			814,065
INCOME BEFORE INCOME TAX	$	41,913		$	65,280			$	37,834		$	39,974		$	46,098		$	174,189		$	189,186
ACQUISITIONS
REVENUES
Gross Premiums and Policy Fees	$	199,891		$	194,482			$	214,464		$	198,381		$	203,369		$	514,571		$	810,696
Reinsurance Ceded		(110,416	)		(118,242	)			(137,370	)		(122,347	)		(132,581	)		(256,311	)		(510,540	)
Net Premiums and Policy Fees		89,475			76,240				77,094			76,034			70,788			258,260			300,156
Net investment income		152,686			148,986				145,263			143,342			141,374			413,636			578,965
RIGL - Derivatives		13,379			(3,703	)			71,782			(38,782	)		(22,259	)		(45,165	)		7,038
RIGL - All Other Investments		(747	)		7,933				(69,216	)		38,431			20,080			73,881			(2,772	)
Other income		354			2,248				2,525			2,405			2,284			6,038			9,462
Total Revenues		255,147			231,704				227,448			221,430			212,267			706,650			892,849
BENEFITS & EXPENSES
Benefits and settlement expenses		181,149			161,904				158,284			162,460			151,323			494,533			633,971
Amortization of deferred policy acquisition costs and value of businesses acquired		30,528			20,554				19,977			18,435			20,273			58,814			79,239
Other operating expenses		(1,182	)		13,373				16,584			10,772			7,478			26,829			48,207
Total Benefits and Expenses		210,495			195,831				194,845			191,667			179,074			580,176			761,417
INCOME BEFORE INCOME TAX		44,652			35,873				32,603			29,763			33,193			126,474			131,432
Adjustments to Reconcile to Operating Income:
Less:  RIGL - Derivatives		13,379			(3,703	)			71,782			(38,782	)		(22,259	)		(45,165	)		7,038
Less:  RIGL - All Other Investments		(747	)		7,933				(69,216	)		38,431			20,080			73,881			(2,772	)
Add back: Related amortization of deferred policy acquisition costs and value of businesses acquired		1,590			606		777					261			437			6,776			2,081
PRETAX OPERATING INCOME	$	33,610		$	32,249			$	30,814		$	30,375		$	35,809		$	104,534		$	129,247

PROTECTIVE LIFE CORPORATION
Life Marketing and Annuities Data
(Dollars in thousands)
(Unaudited)
	2006		2007		2007		2007		2007			12 MOS		12 MOS
	4TH QTR		1ST QTR		2ND QTR		3RD QTR		4TH QTR			2006		2007
LIFE MARKETING
SALES BY PRODUCT
Term	$	32,619	$	33,492	$	43,955	$	36,326	$	31,544		$	145,380	$	145,317
U/L		15,090		14,197		18,515		24,761		18,290			75,715		75,763
VUL		1,914		1,828		2,181		1,826		1,850			6,524		7,685
Total	$	49,623	$	49,517	$	64,651	$	62,913	$	51,684		$	227,619	$	228,765
SALES BY DISTRIBUTION
Brokerage general agents	$	29,439	$	29,879	$	41,210	$	35,919	$	31,250		$	133,995	$	138,258
Independent agents		9,932		8,328		10,629		11,461		8,843			40,762		39,261
Stockbrokers/banks		6,983		8,493		9,452		9,651		8,760			35,748		36,356
Direct Response & BOLI		3,269		2,817		3,360		5,882		2,831			17,114		14,890
Total	$	49,623	$	49,517	$	64,651	$	62,913	$	51,684		$	227,619	$	228,765
ANNUITIES
SALES
Variable Annuity	$	91,526	$	78,982	$	123,263	$	147,275	$	122,962		$	322,762	$	472,482
Immediate Annuity		73,057		54,004		61,517		58,292		103,115			226,507		276,928
Single Premium Deferred Annuity		124,688		69,860		114,326		130,293		65,016			275,860		379,495
Market Value Adjusted Annuity		99,166		104,876		121,839		170,122		116,472			298,514		513,309
Equity Indexed Annuity		12,648		7,451		7,872		4,987		3,900			77,297		24,210
Total	$	401,085	$	315,173	$	428,817	$	510,969	$	411,465		$	1,200,940	$	1,666,424
PRETAX OPERATING INCOME
Variable Annuity	$	5,701	$	4,673	$	5,114	$	3,565	$	5,828		$	19,890	$	19,180
Fixed Annuity		2,702		933		1,555		2,871		(1,488	)		4,755		3,871
Total	$	8,403	$	5,606	$	6,669	$	6,436	$	4,340		$	24,645	$	23,051
DEPOSIT BALANCE
VA Fixed Annuity	$	206,237	$	194,479	$	214,966	$	234,950	$	214,220
VA Separate Account Annuity		2,559,452		2,594,554		2,725,302		2,750,591		2,706,239
Sub-total		2,765,689		2,789,033		2,940,268		2,985,541		2,920,459
Fixed Annuity		3,780,062		3,929,194		4,164,402		4,468,045		4,682,912
Total	$	6,545,751	$	6,718,227	$	7,104,670	$	7,453,586	$	7,603,371

PROTECTIVE LIFE CORPORATION
Annuities, Stable Value Contracts, and Asset Protection
Quarterly Earnings Trends  (Dollars in thousands)
(Unaudited)
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			12 MOS			12 MOS
	2006			2007			2007			2007			2007			2006			2007
ANNUITIES
REVENUES
Gross Premiums and Policy Fees	$	8,136		$	8,262		$	8,633		$	8,481		$	8,787		$	32,074		$	34,163
Reinsurance Ceded		0			0			0			0			0			0			0
Net Premiums and Policy Fees		8,136			8,262			8,633			8,481			8,787			32,074			34,163
Net investment income		60,326			60,861			64,890			69,313			72,244			225,160			267,308
RIGL - Derivatives		(960	)		254			1,351			193			(1,866	)		(2,747	)		(68	)
RIGL - All Other Investments		(223	)		1,664			53			(266	)		557			4,697			2,008
Other income		2,725			2,713			2,797			2,769			3,006			10,436			11,285
Total Revenues		70,004			73,754			77,724			80,490			82,728			269,620			314,696
BENEFITS & EXPENSES
Benefits and settlement expenses		48,809			55,949			56,101			62,731			65,429			191,238			240,210
Amortization of deferred policy acquisition costs and value of businesses acquired		7,585			5,128			9,909			5,022			7,626			27,872			27,685
Other operating expenses		5,116			5,997			5,045			6,350			5,499			23,596			22,891
Total Benefits and Expenses		61,510			67,074			71,055			74,103			78,554			242,706			290,786
INCOME BEFORE INCOME TAX		8,494			6,680			6,669			6,387			4,174			26,914			23,910
Adjustments to Reconcile to Operating Income:
Less:  RIGL - Derivatives		(960	)		254			1,351			193			(1,866	)		(2,747	)		(68	)
Add back:  Derivative gains related to equity indexed annuities		(960	)		254			1,351			193			(1,866	)		(2,747	)		(68	)
Less:  RIGL - All Other Investments		(223	)		1,664			53			(266	)		557			4,697			2,008
Add back:  Related amortization of deferred policy acquisition costs		(314	)		590			53			(217	)		723			2,428			1,149
PRETAX OPERATING INCOME	$	8,403		$	5,606		$	6,669		$	6,436		$	4,340		$	24,645		$	23,051
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		80,336			79,101			71,478			73,501			76,121			325,653			300,201
RIGL - Derivatives		210			4,270			(104	)		(148	)		237			607			4,255
RIGL - All Other Investments		574			(2,845	)		(479	)		(185	)		648			554			(2,861	)
Other income		0			0			0			0			0			0			0
Total Revenues		81,120			80,526			70,895			73,168			77,006			326,814			301,595
BENEFITS & EXPENSES
Benefits and settlement expenses		65,819			64,719			57,097			58,340			61,304			269,851			241,460
Amortization of deferred policy acquisition costs and value of businesses acquired		1,009			1,168			987			985			1,059			4,438			4,199
Other operating expenses		1,008			1,028			1,039			1,069			1,175			4,291			4,311
Total Benefits and Expenses		67,836			66,915			59,123			60,394			63,538			278,580			249,970
INCOME BEFORE INCOME TAX		13,284			13,611			11,772			12,774			13,468			48,234			51,625
Adjustments to Reconcile to Operating Income:
Less:  RIGL-Derivatives		210			4,270			(104	)		(148	)		237			607			4,255
Less:  RIGL-All Other Investments		574			(2,845	)		(479	)		(185	)		648			554			(2,861	)
PRETAX OPERATING INCOME	$	12,500		$	12,186		$	12,355		$	13,107		$	12,583		$	47,073		$	50,231
ASSET PROTECTION
REVENUES
Gross Premiums and Policy Fees	$	99,067		$	99,420		$	97,985		$	101,189		$	96,518		$	404,524		$	395,112
Reinsurance Ceded		(46,126	)		(45,138	)		(45,689	)		(43,244	)		(42,808	)		(208,291	)		(176,879	)
Net Premiums and Policy Fees		52,941			54,282			52,296			57,945			53,710			196,233			218,233
Net investment income		8,812			9,212			9,467			10,188			10,233			33,345			39,100
Realized investment gains (losses)		0			0			0			0			0			0			0
Other income		18,087			16,529			20,455			19,330			15,740			66,749			72,054
Total Revenues		79,840			80,023			82,218			87,463			79,683			296,327			329,387
BENEFITS & EXPENSES
Benefits and settlement expenses		27,202			25,815			26,113			30,779			24,105			98,418			106,812
Amortization of deferred policy acquisition costs and value of businesses acquired		17,111			20,703			21,464			21,291			18,822			71,065			82,280
Other operating expenses		28,957			23,421			23,119			25,488			26,708			117,033			98,736
Total Benefits and Expenses		73,270			69,939			70,696			77,558			69,635			286,516			287,828
INCOME BEFORE INCOME TAX	$	6,570		$	10,084		$	11,522		$	9,905		$	10,048		$	9,811		$	41,559

PROTECTIVE LIFE CORPORATION
Stable Value Contracts and Asset Protection Data
(Dollars in thousands)
(Unaudited)
	2006			2007			2007			2007			2007			12 MOS			12 MOS
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			2006			2007
STABLE VALUE CONTRACTS
SALES
GIC	$	29,000		$	2,500		$	75,000		$	54,500		$	800		$	294,100		$	132,800
GFA - Direct Institutional		0			0			0			0			182,179			0			182,179
GFA - Non-Registered		0			0			0			0			0			0			0
GFA - Registered - Institutional		0			0			50,000			475,000			0			0			525,000
GFA - Registered - Retail		31,164			13,120			10,014			42,735			20,796			139,826			86,665
Total	$	60,164		$	15,620		$	135,014		$	572,235		$	203,775		$	433,926		$	926,644
DEPOSIT BALANCE
Quarter End Balance	$	5,513,464		$	5,055,382		$	4,806,721		$	4,988,787		$	5,046,463		$	5,513,464		$	5,046,463
Average Daily Balance	$	5,520,061		$	5,461,832		$	4,780,565		$	4,826,108		$	4,964,733		$	5,751,796		$	5,006,929
OPERATING SPREAD		0.93	%		0.92	%		1.04	%		1.09	%		1.02	%		0.84	%		1.01	%
ASSET PROTECTION
SALES
Credit	$	27,482		$	28,082		$	31,579		$	27,686		$	26,271		$	140,769		$	113,618
Service Contracts		73,534			74,807			90,588			96,189			79,772			279,781			341,356
Other		39,456			30,186			28,046			20,763			18,347			115,069			97,342
Total	$	140,472		$	133,075		$	150,213		$	144,638		$	124,390		$	535,619		$	552,316

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.

PROTECTIVE LIFE CORPORATION
Corporate & Other Segment - Quarterly Earnings Trends
(Dollars in thousands)
(Unaudited)
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			12 MOS			12 MOS
	2006			2007			2007			2007			2007			2006			2007
REVENUES
Gross Premiums and Policy Fees	$	9,231		$	9,169		$	8,458		$	7,999		$	8,399		$	38,303		$	34,025
Reinsurance Ceded		(4	)		(4	)		(4	)		(2	)		(5	)		(23	)		(15	)
Net Premiums and Policy Fees		9,227			9,165			8,454			7,997			8,394			38,280			34,010
Net investment income		27,347			36,419			37,047			53,011			38,765			113,487			165,242
RIGL - Derivatives		12,619			(3,112	)		3,252			1,270			(4,166	)		25,789			(2,756	)
RIGL - All Other Investments		6,019			6,542			3,033			5,134			(2,482	)		24,952			12,227
Other income		1,470			937			683			(144	)		(276	)		9,551			1,200
Total Revenues		56,682			49,951			52,469			67,268			40,235			212,059			209,923
BENEFITS & EXPENSES
Benefits and settlement expenses		9,347			10,069			9,207			8,585			8,330			47,235			36,191
Amortization of deferred policy acquisition costs and value of businesses acquired		752			129			135			323			186			3,388			773
Other operating expenses		30,829			37,953			42,086			49,746			44,798			115,150			174,583
Total Benefits and Expenses		40,928			48,151			51,428			58,654			53,314			165,773			211,547
INCOME BEFORE INCOME TAX		15,754			1,800			1,041			8,614			(13,079	)		46,286			(1,624	)
Adjustments to Reconcile to Operating Income:
Less:  RIGL-Derivatives		12,619			(3,112	)		3,252			1,270			(4,166	)		25,789			(2,756	)
Less:  RIGL-All Other Investments, net of participating income		6,019			3,392			(674	)		5,134			(2,482	)		11,458			5,370
Add back:  Derivative gains related to corporate debt and investments		77			257			237			132			195			2,737			821
PRETAX OPERATING INCOME	$	(2,807	)	$	1,777		$	(1,300	)	$	2,342		$	(6,236	)	$	11,776		$	(3,417	)