Exhibit 12.1
Protective Life Insurance Company
Year Ended December 31 ------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- 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 ---------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- 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