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)      OCTOBER 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.)


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Item 5.   OTHER EVENTS.

     On October 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 October 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:   October 23, 1997

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                                  Exhibit Index


EXHIBIT NUMBER                    DESCRIPTION                    PAGE NUMBER

         99.            Press Release Dated October 23, 1997           4

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EX-99

                                                                  Exhibit 99



October 23, 1997


FOR IMMEDIATE RELEASE



                    PROTECTIVE ANNOUNCES RECORD 3Q97 EARNINGS


Protective Life Corporation (NYSE:PL) announced third quarter results today. The
Company's operating income,  which excludes realized investment gains and losses
and related amortization, was a record $.97 per share in the 1997 third quarter,
compared  to $.63 per share  last  year.  Consolidated  net income for the third
quarter of 1997 was $30.4  million or $.97 per share,  compared to $20.0 million
or $.64 per share reported for the 1996 third quarter.

In the current quarter,  the Company had approximately $.08 per share of unusual
investment income. In the 1996 third quarter,  the Company had a one-time charge
of $.15 per share relating to a refund of premiums.  Excluding  both items,  the
Company's  operating income was $.89 per share in the 1997 third quarter,  a 14%
increase over the $.78 per share last year.

The Company's  operating  income was $2.64 per share in the first nine months of
1997,  compared  to the $2.12 per share  reported  for the first nine  months of
1996. Consolidated net income in the first nine months of 1997 was $82.7 million
or $2.65 per share, compared to $64.4 million or $2.15 per share last year.

At September 30, 1997, the Company's  assets were $10.2  billion.  Stockholders'
equity per share was $21.85 (excluding $1.22 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  September 30,
1997, was 17.0%.  (Average  equity  excludes the effect of unrealized  gains and
losses on stockholders' equity.)

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