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)              APRIL 23, 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 April 23, 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 April 23, 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:   April 23, 1998

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                                  Exhibit Index


EXHIBIT NUMBER                     DESCRIPTION                     PAGE NUMBER

    99.                 Press Release Dated April 23, 1998             4-5

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EX-99

                                                                Exhibit 99


                       PROTECTIVE ANNOUNCES 1Q98 EARNINGS


BIRMINGHAM,  Alabama (April 23, 1998)  Protective Life  Corporation  (NYSE:  PL)
announced first quarter results today.  The Company's  operating  income,  which
excludes realized investment gains and related amortization,  was $.48 per share
in the 1998 first  quarter,  a 17%  increase  over the $.41 per share last year.
Consolidated  net  income  for the  first  quarter  of 1998 was  $30.0  million,
compared to $24.8 million reported for the 1997 first quarter.  Basic net income
per share  was $.48 per share in the 1998  first  quarter  compared  to $.40 per
share  last  year.  Diluted  net income per share was $.47 per share in the 1998
first  quarter  compared to $.40 per share last year.  All prior period  results
have been restated to reflect a two-for-one stock split on April 1, 1998.

At March 31,  1998,  the  Company's  assets were  approximately  $10.7  billion.
Stockholders'  equity  per  share  was  $11.72  (excluding  $1.00  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 March 31, 1998,
was  17.3%.  (Average  equity  excludes  the  effect  of  unrealized  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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