Exhibit 12.1
Protective Life Insurance Company
Year Ended December 31
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2003 2002 2001 2000 1999
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Computation of Ratio of Consolidated Earnings
to Fixed Charges Before Interest Credited
on Investment Products
Income from Continuing Operations before Income Tax $ 349,972 $ 241,623 $ 213,958 $174,622 $186,613
Add Interest Expense 4,249 5,019 4,633 6,400 7,000
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Earnings before Interest and Taxes $ 354,221 $ 246,642 $ 218,591 $181,022 $193,613
Earnings before Interest and Taxes Divided
by Interest Expense 83.4 49.1 47.2 28.3 27.7
Computation of Ratio of Consolidated Earnings
to Fixed Charges
Income from Continuing Operations before Income Tax $ 349,972 $ 241,623 $ 213,958 $174,622 $186,613
Add Interest Expense 4,249 5,019 4,633 6,400 7,000
Add Interest Credited on Investment Products 647,695 900,930 944,098 766,004 331,746
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Earnings before Interest, Interest Credited on
Investment Products and Taxes $1,001,916 $1,147,572 $1,162,689 $947,026 $525,359
Earnings before Interest, Interest Credited on
Investment Products and Taxes Divided by Interest
Expense and Interest Credited on Investment Products 1.5 1.3 1.2 1.2 1.6
