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, 1999



                           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, 1999,  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, 1999.





                                   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, 1999

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                                  Exhibit Index


Exhibit Number                    Description             

    99.                 Press Release Dated April 23, 1999


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EX-99

        



                                                                Exhibit 99




                    PROTECTIVE ANNOUNCES RECORD 1Q99 EARNINGS


BIRMINGHAM,  Alabama  (April 23, 1999)  Protective  Life  Corporation  (NYSE:PL)
announced  record first quarter results today. The Company's  diluted  operating
income,  which  excludes  realized  investment  gains  and  losses  and  related
amortization,  was $.55 per share in the 1999 first quarter, a 17% increase over
the $.47 per share last year.  Consolidated  net income for the first quarter of
1999 was $36.6  million,  compared to $30.0 million  reported for the 1998 first
quarter.  Diluted  net  income  per share  was $.56 per share in the 1999  first
quarter compared to $.47 per share last year.

At March 31, 1999, the Company's assets were $12.2 billion. Share-owners' equity
per share was $14.26  (excluding $.03 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, 1999
was 16.6%. (Average equity excludes the effect of unrealized gains and losses on
share-owners' 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-K for more  information  about  factors  which could  affect
future results.

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