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 23, 1997



                           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.)


                                        1






Item 5.   OTHER EVENTS.

     On July 23,  1997,  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 23, 1997.





                                   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 23, 1997

                                        2






                                  Exhibit Index


EXHIBIT NUMBER                  DESCRIPTION                        PAGE NUMBER

     99.              Press Release Dated July 23, 1997                 4

                                        3

EX-99

                                                                     Exhibit 99



July 23, 1997


FOR IMMEDIATE RELEASE


                    PROTECTIVE ANNOUNCES RECORD 2Q97 EARNINGS


Protective Life  Corporation  (NYSE:PL)  announced second quarter results today.
The Company's  operating income,  which excludes  realized  investment gains and
losses and related amortization,  was a record $.86 per share in the 1997 second
quarter,  a 13%  increase  over the $.76 per share last year.  Consolidated  net
income  for the  second  quarter  of 1997 was $27.5  million  or $.88 per share,
compared  to  $23.3  million  or $.78 per  share  reported  for the 1996  second
quarter.

The  Company's  operating  income was $1.67 per share in the first six months of
1997, a 12% increase over the $1.49 per share  reported for the first six months
of 1996.  Consolidated  net  income in the  first  six  months of 1997 was $52.3
million or $1.68 per share,  compared  to $44.4  million or $1.51 per share last
year.

Drayton  Nabers,  Jr.,  the  Company's  Chairman  and Chief  Executive  Officer,
commented "Our record earnings for the first half of 1997 are  encouraging,  and
we are building a foundation to support continued earnings growth."

At June 30, 1997, the Company's assets were $9.3 billion.  Stockholders'  equity
per share was $21.09  (excluding $.40 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, 1997
was 16.0%. (Average equity excludes the effect of unrealized gains and losses on
stockholders' equity.)

                                        4