Exhibit 12

Protective Life Corporation

Computation of Consolidated Earnings Ratios

	For The Three Months Ended March 31,				For The Year Ended December 31,
	2014		2013		2013		2012		2011		2010		2009
	(Dollars In Thousands, Except Ratio Data)
Computation of Ratio of Consolidated Earnings to Fixed Charges
Income from Continuing Operations before Income Tax	125,205		117,627		$	590,373	$	452,971	$	470,476	$	334,772	$	382,185
Add Interest Expense	43,702		43,595		173,610		162,641		161,346		153,330		116,290
Add Interest Credited on Investment Products	210,800		223,468		875,180		962,678		993,574		972,806		993,245
Earnings before Interest, Interest Credited on Investment Products and Taxes	$	379,707	$	384,690	$	1,639,163	$	1,578,290	$	1,625,396	$	1,460,908	$	1,491,720
Earnings before Interest, Interest Credited on Investment Products and Taxes Divided by Interest expense and Interest Credited on Investment Products	1.5		1.4		1.6		1.4		1.4		1.3		1.3
Computation of Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products
Income from Continuing Operations before Income Tax	125,205		117,627		$	590,373	$	452,971	$	470,476	$	334,772	$	382,185
Add Interest Expense	43,702		43,595		173,610		162,641		161,346		153,330		116,290
Earnings before Interest and Taxes	168,907		161,222		$	763,983	$	615,612	$	631,822	$	488,102	$	498,475
Earnings before Interest and Taxes Divided by Interest Expense	3.9		3.7		4.4		3.8		3.9		3.2		4.3