Exhibit 12.1
Protective Life Insurance Company
Year Ended December 31 ------------------------------------------------------------------------- 9/30/2003 9/30/2002 2002 2001 2000 1999 1998 --------- --------- ---- ---- ---- ---- ---- Computation of Ratio of Consolidated Earnings to Fixed Charges Before Interest Credited on Investment Products Income from Continuing Operations before Income Tax $243,858 $196,662 $ 241,623 $ 213,958 $174,622 $186,613 $171,461 Add Interest Expense 3,728 3,808 5,019 4,633 6,400 7,000 9,836 -------------------- ------------------------------------------------------------------------- Earnings before Interest and Taxes $247,586 $200,470 $ 246,642 $ 218,591 $181,022 $193,613 $181,297 Earnings before Interest and Taxes Divided by Interest Expense 66.4 52.6 49.1 47.2 28.3 27.7 18.4 Computation of Ratio of Consolidated Earnings to Fixed Charges Income from Continuing Operations before Income Tax $243,858 $196,662 $ 241,623 $ 213,958 $174,622 $186,613 $171,461 Add Interest Expense 3,728 3,808 5,019 4,633 6,400 7,000 9,836 Add Interest Credited on Investment Products 494,054 742,426 900,930 944,098 766,004 331,746 352,721 -------------------- ------------------------------------------------------------------------ Earnings before Interest, Interest Credited on Investment Products and Taxes $741,640 $942,896 $1,147,572 $1,162,689 $947,026 $525,359 $534,018 Earnings before Interest, Interest Credited on Investment Products and Taxes Divided by Interest Expense and Interest Credited on Investment Products 1.5 1.3 1.3 1.2 1.2 1.6 1.5