Protective Life (PLPDZ) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Protective Life Corporation

Post Office Box 2606

Birmingham, AL 35202

Phone 205-268-1000

SUPPLEMENTAL FINANCIAL INFORMATION

The following document contains supplemental quarterly statistical financial information for the quarter ended September 30, 2005. This document is dated October 31, 2005. Protective does not undertake a duty to update such information after such date.

All income per share results are presented on a diluted basis.

The sales statistics given in this document are used by the Company to measure the relative progress of its marketing efforts. These statistics and certain other information reported herein were derived from the Company’s various sales tracking and administrative systems and were not derived from the Company’s financial reporting systems or financial statements. These statistics attempt to measure only one of many factors that may affect future business segment profitability, and therefore are not intended to be predictive of future profitability.

Information About Non-GAAP Financial Measures

Throughout this document, GAAP refers to accounting principles generally accepted in the United States of America. Operating income differs from the GAAP measure, net income, in that it excludes realized investment gains and losses (net of the related amortization of deferred acquisition costs (“DAC”) and participating income from real estate ventures) and the cumulative effect of change in accounting principle. Consolidated and segment operating income excludes net realized investment gains (losses) (net of the related amortization of DAC and participating income from real estate ventures) and the cumulative effect of change in accounting principle. Periodic settlements of interest rate swaps associated with corporate debt and certain investments are included in realized gains (losses) but are considered part of operating income because the swaps are used to mitigate risk in items affecting operating income. Management believes that consolidated and segment operating income (loss) enhances an investor’s and the Company’s understanding of the Company’s results of operations, as it represents the basis on which the performance of the Company’s business is internally assessed.

As prescribed by GAAP, certain investments are recorded at their market values with the resulting unrealized gains (losses) reduced by a related adjustment to deferred policy acquisition costs, net of income tax, reported as a component of share-owners’ equity. The market values of fixed maturities increase or decrease as interest rates rise or fall. The Company believes that an insurance company’s share-owners’ equity may be difficult to analyze without disclosing the effects of recording accumulated other comprehensive income, including unrealized gains (losses) on investments. Therefore, the Company reports the non-GAAP measure share owners’ equity per share excluding accumulated other comprehensive income,including unrealized gains (losses) on investments. This non-GAAP measure may be reconciled to the GAAP measure, share owners’ equity per share by including accumulated other comprehensive income, including unrealized gains (losses) on investments.

From time to time, the Company provides additional financial information, which is available on the Company’s web site at www.protective.com in the Analyst/Investor section under the financial report library titled Company Overview.

PROTECTIVE LIFE CORPORATION													Draft
Quarterly Financial Highlights													10/27/2005
(Dollars in Thousands)													Page 1
(Unaudited)
	3RD QTR		4TH QTR		1ST QTR		2ND QTR		3RD QTR		9 MOS		9 MOS
	2004		2004		2005		2005		2005		2004		2005
Pretax Operating Income *
Life Marketing	$	38,818	$	41,881	$	39,141	$	38,332	$	38,014	$	124,016	$	115,487
Acquisitions		21,262		21,374		21,035		21,473		19,510		65,926		62,018
Annuities		4,008		4,671		4,064		8,145		4,927		11,796		17,136
Stable Value Contracts		13,313		14,221		14,399		13,484		13,743		38,938		41,626
Asset Protection		5,425		4,680		6,172		6,292		6,102		14,399		18,566
Corporate & Other		12,325		1,802		11,645		9,380		16,236		19,758		37,261
Total Pretax Operating Income	$	95,151	$	88,629	$	96,456	$	97,106	$	98,532	$	274,833	$	292,094
Balance Sheet Data
Total GAAP Assets	$	25,967,529	$	27,211,378	$	27,863,074	$	28,551,847	$	28,592,534
Share Owners' Equity	$	2,117,109	$	2,166,327	$	2,124,402	$	2,299,265	$	2,200,866
Share Owners' Equity (excluding accumulated other comprehensive income) **	$	1,823,064	$	1,870,016	$	1,925,428	$	1,959,487	$	2,016,355
Stock Data
Closing Price	$	39.31	$	42.69	$	39.30	$	42.22	$	41.18	$	39.31	$	41.18
Average Shares Outstanding
Basic		70,337,248		70,431,763		70,474,337		70,517,476		70,582,016		70,255,051		70,525,004
Diluted		71,115,468		71,221,826		71,273,760		71,279,363		71,350,044		71,011,727		71,301,335
* "Pretax Operating Income" is a non-GAAP financial measure. "Income Before Income Tax" is a GAAP financial measure to which "Pretax Operating Income" may be compared.
See Page 5 for a reconciliation of "Pretax Operating Income" to "Income Before Income Tax".
** "Share-owners' equity excluding accumulated other comprehensive income" is a non-GAAP financial measure. "Share-owners' equity" is a GAAP financial measure to which
"Share-owners' equity excluding accumulated other comprehensive income" may be compared.
See Page 4 for a reconciliation of "Share-owners' equity excluding accumulated other comprehensive income" to "Share-owners' equity".

PROTECTIVE LIFE CORPORATION																			Draft
GAAP Consolidated Statements Of Income																			10/27/2005
(Dollars in thousands)																			Page 2
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2004			2004			2005			2005			2005			2004			2005
REVENUES
Gross Premiums and Policy Fees	$	456,193		$	476,709		$	472,143		$	481,014		$	486,660		$	1,344,385		$	1,439,817
Reinsurance Ceded		(272,846	)		(327,817	)		(284,913	)		(309,750	)		(282,919	)		(797,829	)		(877,582	)
Net Premiums and Policy Fees		183,347			148,892			187,230			171,264			203,741			546,556			562,235
Net investment income		279,271			274,439			287,953			282,374			306,885			809,778			877,212
RIGL - Derivatives		6,287			(519	)		(6,368	)		(26,021	)		7,662			20,110			(24,727	)
RIGL - All Other Investments		8,181			4,420			27,878			12,480			3,612			23,885			43,970
Other income		41,622			42,443			43,416			46,373			47,377			118,571			137,166
Total Revenues		518,708			469,675			540,109			486,470			569,277			1,518,900			1,595,856
BENEFITS & EXPENSES
Benefits and settlement expenses		288,455			272,197			300,434			291,636			333,365			858,240			925,435
Amortization of deferred policy acquisition costs		52,375			42,908			74,251			51,867			57,950			157,222			184,068
Amortization of goodwill		0			0			0			0			0			0			0
Other operating expenses		63,177			53,419			60,456			55,911			55,513			169,672			171,880
Interest on indebtedness		12,435			12,985			13,098			13,614			15,582			36,731			42,294
Total Benefits and Expenses		416,442			381,509			448,239			413,028			462,410			1,221,865			1,323,677
INCOME BEFORE INCOME TAX		102,266			88,166			91,870			73,442			106,867			297,035			272,179
Income tax expense		35,793			30,858			31,787			25,411			36,976			103,962			94,174
Change in Acct Principle		0			(0	)		0			0			0			(15,801	)		-
NET INCOME	$	66,473		$	57,308		$	60,083		$	48,031		$	69,891		$	177,272		$	178,005
PER SHARE DATA FOR QUARTER
Operating income-diluted *	$	0.88		$	0.80		$	0.88		$	0.90		$	0.90
RIGL - Derivatives net of gains related to corp debt and investments		0.02			(0.05	)		(0.09	)		(0.27	)		0.05
RIGL - All Other Investments, net of participating income		0.04			0.05			0.05			0.05			0.03
Change in Accounting Principle		0.00			0.00			0.00			0.00			0.00
Net income-diluted	$	0.94		$	0.80		$	0.84		$	0.68		$	0.98
Average shares outstanding-diluted		71,115,468			71,221,826			71,273,760			71,279,363			71,350,044
Dividends paid	$	0.175		$	0.175		$	0.175		$	0.195		$	0.195
PER SHARE DATA FOR YTD
Operating income-diluted *	$	2.52		$	3.32		$	0.88		$	1.78		$	2.68		$	2.52		$	2.68
RIGL - Derivatives net of gains related to corp debt and investments		0.05			0.00			(0.09	)		(0.36	)		(0.31	)		0.05			(0.31	)
RIGL - All Other Investments, net of participating income		0.15			0.20			0.05			0.10			0.13			0.15			0.13
Change in Accounting Principle		(0.22	)		(0.22	)		0.00			0.00			0.00			(0.22	)		-
Net income-diluted	$	2.50		$	3.30		$	0.84		$	1.52		$	2.50		$	2.50		$	2.50
Average shares outstanding-diluted		71,011,727			71,064,539			71,273,760			71,276,577			71,301,335			71,011,727			71,301,335
Dividends paid	$	0.510		$	0.685		$	0.175		$	0.370		$	0.565		$	0.510		$	0.565
* "Operating Income" is a non-GAAP financial measure. "Net Income" is a GAAP financial measure to which "Operating Income" may be compared.

PROTECTIVE LIFE CORPORATION									Draft
GAAP Consolidated Balance Sheets									10/27/2005
(Dollars in thousands)									Page 3
(Unaudited)
	3RD QTR		4TH QTR		1ST QTR		2ND QTR		3RD QTR
	2004		2004		2005		2005		2005
ASSETS
Fixed maturities	$	13,679,358	$	14,412,605	$	15,263,694	$	15,686,373	$	15,824,420
Equity securities		59,635		58,941		59,605		115,758		115,570
Mortgage loans		2,904,729		3,005,418		3,042,584		3,124,877		3,101,823
Investment real estate		107,220		107,246		104,986		91,981		92,340
Policy loans		485,282		482,780		472,345		466,701		463,514
Other long-term investments		334,734		377,724		342,840		307,031		286,497
Long-term investments		17,570,958		18,444,714		19,286,054		19,792,721		19,884,164
Short-term investments		1,042,278		1,059,557		816,335		626,795		606,165
Total investments		18,613,236		19,504,271		20,102,389		20,419,516		20,490,329
Cash		117,118		130,596		53,673		98,316		63,565
Accrued investment income		204,977		196,076		202,008		192,454		201,037
Accounts and premiums receivable		51,504		44,364		50,271		348,688		58,889
Reinsurance receivable		2,631,037		2,750,260		2,835,979		2,883,648		2,862,674
Deferred policy acquisition costs		1,792,335		1,821,972		1,913,803		1,866,815		2,032,784
Goodwill		46,619		46,619		46,619		49,423		49,423
Property and equipment, net		46,359		45,454		44,520		46,878		47,304
Other assets		157,451		145,813		139,725		134,441		193,298
Assets Related to Separate Accounts
Variable Annuity		2,110,082		2,308,858		2,256,920		2,286,141		2,352,287
Variable Universal Life		192,478		217,095		217,167		225,527		240,944
Other		4,333		0		0		0		0
TOTAL ASSETS	$	25,967,529	$	27,211,378	$	27,863,074	$	28,551,847	$	28,592,534

PROTECTIVE LIFE CORPORATION													Draft
GAAP Consolidated Balance Sheets													10/27/2005
(Dollars in thousands)													Page 4
(Unaudited)
LIABILITIES AND SHARE-OWNERS' EQUITY
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR
	2004			2004			2005			2005			2005
LIABILITIES
Policy liabilities and accruals
Future policy benefits and claims	$	9,682,429		$	10,014,106		$	10,222,011		$	10,499,494		$	10,797,532
Unearned premiums		635,364			666,560			673,841			679,916			671,971
Stable value product deposits		5,143,367			5,562,997			5,670,355			5,846,120			5,900,740
Annuity deposits		3,429,473			3,463,477			3,433,293			3,447,394			3,430,039
Other policyholders' funds		155,952			151,660			151,572			149,247			149,838
Securities sold under repurchase agreements		0			0			0			31,550			142,850
Other liabilities		950,556			1,062,706			1,556,736			1,482,085			1,043,260
Accrued income taxes		0			13,195			29,213			21,701			0
Deferred income taxes		329,272			312,544			256,453			311,146			287,976
Non-recourse funding obligations		0			0			0			0			100,000
Debt		401,541			451,433			451,424			469,317			471,808
Liabilities related to variable interest entities		475,953			482,434			481,921			465,078			464,747
Subordinated debt securities		324,743			324,743			324,743			324,743			324,743
		0			0			0			0			0
Minority interest - subsidiaries		14,877			13,243			13,023			13,123			12,933
Liabilities related to separate accounts
Variable annuity		2,110,082			2,308,858			2,256,920			2,286,141			2,352,287
Variable universal life		192,478			217,095			217,167			225,527			240,944
Other		4,333			0			0			0			0
TOTAL LIABILITIES	$	23,850,420		$	25,045,051		$	25,738,672		$	26,252,582		$	26,391,668
SHARE-OWNERS' EQUITY
Preferred stock		0			0			0			0			0
Common stock		36,626			36,626			36,626			36,626			36,626
Additional paid-in capital		425,181			426,927			433,467			433,040			433,363
Treasury stock		(13,684	)		(13,632	)		(13,041	)		(13,011	)		(12,768	)
Stock held in trust		0			0			0			0			0
Unallocated ESOP shares		(1,989	)		(1,989	)		(1,610	)		(1,610	)		(1,610	)
Retained earnings		1,376,930			1,422,084			1,469,986			1,504,442			1,560,744
Accumulated other comprehensive income		294,045			296,311			198,974			339,778			184,511
Total Share-owners' Equity		2,117,109			2,166,327			2,124,402			2,299,265			2,200,866
TOTAL LIABILITIES AND EQUITY	$	25,967,529		$	27,211,378		$	27,863,074		$	28,551,847		$	28,592,534
SHARE-OWNERS' EQUITY PER SHARE
Total Share-owners' Equity	$	30.49		$	31.19		$	30.52		$	33.02		$	31.58
Accumulated other comprehensive income		4.23			4.26			2.86			4.88			2.65
Excluding accumulated other comprehensive income *	$	26.26		$	26.93		$	27.66		$	28.14		$	28.93
Total Share-owners' Equity	$	2,117,109		$	2,166,327		$	2,124,402		$	2,299,265		$	2,200,866
Accumulated other comprehensive income		294,045			296,311			198,974			339,778			184,511
Share-owners' Equity (excluding accumulated other comprehensive income) *	$	1,823,064		$	1,870,016		$	1,925,428		$	1,959,487		$	2,016,355
Common shares outstanding		69,435,440			69,449,889			69,615,285			69,627,244			69,692,925
Treasury Stock shares		3,816,520			3,802,071			3,636,675			3,624,716			3,559,035
* "Share-owners' equity excluding accumulated other comprehensive income" is a non-GAAP financial measure. "Share-owners' equity" is a GAAP financial measure to which
"Share-owners' equity excluding accumulated other comprehensive income" may be compared.

PROTECTIVE LIFE CORPORATION																				Draft
Calculation of Operating Earnings Per Share																				10/27/2005
(Dollars in thousands)																				Page 5
(Unaudited)
		3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
		2004			2004			2005			2005			2005			2004			2005
CALCULATION OF NET INCOME PER SHARE
Net income	$	66,473		$	57,308		$	60,083		$	48,031		$	69,891		$	177,272		$	178,005
Average shares outstanding-basic		70,337,248			70,431,763			70,474,337			70,517,476			70,582,016			70,255,051			70,525,004
Average shares outstanding-diluted		71,115,468			71,221,826			71,273,760			71,279,363			71,350,044			71,011,727			71,301,335
Net income per share-basic	$	0.95		$	0.81		$	0.85		$	0.68		$	0.99		$	2.53		$	2.52
Net income per share-diluted	$	0.94		$	0.80		$	0.84		$	0.68		$	0.98		$	2.50		$	2.50
Income from continuing operations	$	66,473		$	57,308		$	60,083		$	48,031		$	69,891		$	193,073		$	178,005
EPS (basic)	$	0.95		$	0.81		$	0.85		$	0.68		$	0.99		$	2.75		$	2.52
EPS (diluted)	$	0.94		$	0.80		$	0.84		$	0.68		$	0.98		$	2.72		$	2.50
CALCULATION OF REALIZED INVESTMENT GAINS (LOSSES) PER SHARE
RIGL - Derivatives	$	6,287		$	(519	)	$	(6,368	)	$	(26,021	)	$	7,662		$	20,110		$	(24,727	)
Derivative Gains related to Corporate Debt and Investments		(4,684	)		(4,309	)		(3,684	)		(2,960	)		(2,777	)		(14,913	)		(9,421	)
RIGL - All Other Investments, net of participating income		8,181			4,420			27,878			6,597			3,612			23,885			38,087
Related amortization of DAC		(2,669	)		(55	)		(22,412	)		(1,280	)		(162	)		(6,880	)		(23,854	)
		7,115			(463	)		(4,586	)		(23,664	)		8,335			22,202			(19,915	)
Tax effect		(2,491	)		162			1,605			8,283			(2,918	)		(7,771	)		6,970
	$	4,624		$	(301	)	$	(2,981	)	$	(15,381	)	$	5,417		$	14,431		$	(12,945	)
RIGL - Derivatives per share-diluted	$	0.02		$	(0.05	)	$	(0.09	)	$	(0.27	)	$	0.05		$	0.05		$	(0.31	)
RIGL - All Other Investments per share-diluted	$	0.04		$	0.05		$	0.05		$	0.05		$	0.03		$	0.15		$	0.13
OPERATING INCOME PER SHARE *
Net income per share-diluted	$	0.94		$	0.80		$	0.84		$	0.68		$	0.98		$	2.50		$	2.50
RIGL - Derivatives per share-diluted		0.02			(0.05	)		(0.09	)		(0.27	)		0.05			0.05			(0.31	)
RIGL - All Other Investments, net of participating income per share-diluted		0.04			0.05			0.05			0.05			0.03			0.15			0.13
Change in accounting principle		-			-			-			-			-			(0.22	)		-
Operating income per share-diluted	$	0.88		$	0.80		$	0.88		$	0.90		$	0.90		$	2.52		$	2.68
NET OPERATING INCOME *
Net income	$	66,473		$	57,308		$	60,083		$	48,031		$	69,891		$	177,272		$	178,005
RIGL - Derivatives net of tax & gains related to corp debt & investments		1,042			(3,138	)		(6,534	)		(18,837	)		3,175			3,378			(22,196	)
RIGL - All Other Investments net of tax, amortization, and participating income		3,583			2,838			3,553			3,456			2,242			11,053			9,251
Change in accounting principle		-			-			-			-			-			(15,801	)		-
Net operating income	$	61,848		$	57,608		$	63,064		$	63,412		$	64,474		$	178,642		$	190,950
PRETAX OPERATING INCOME **
Income before income tax	$	102,266		$	88,166		$	91,870		$	73,442		$	106,867		$	297,035		$	272,179
RIGL - Derivatives		6,287			(519	)		(6,368	)		(26,021	)		7,662			20,110			(24,727	)
Derivative Gains related to Corporate Debt and Investments		(4,684	)		(4,309	)		(3,684	)		(2,960	)		(2,777	)		(14,913	)		(9,421	)
RIGL - All Other Investments, net of participating income		8,181			4,420			27,878			6,597			3,612			23,885			38,087
Related amortization of DAC		(2,669	)		(55	)		(22,412	)		(1,280	)		(162	)		(6,880	)		(23,854	)
Pretax operating income	$	95,151		$	88,629		$	96,456		$	97,106		$	98,532		$	274,833		$	292,094
* "Net Operating Income" and "Operating Income Per Share" are non-GAAP financial measures. "Net Income" and "Net Income Per Share" are GAAP
financial measures to which "Net Operating Income" and "Operating Income Per Share" may be compared.
** "Pretax Operating Income" is a non-GAAP financial measure. "Income Before Income Tax" is a GAAP financial measure to which "Pretax Operating Income" may be compared.

PROTECTIVE LIFE CORPORATION													Draft
Invested Asset Summary													10/27/2005
(Dollars in millions)													Page 6
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR
	2004			2004			2005			2005			2005
Total Portfolio
Fixed Income	$	13,679.4		$	14,412.6		$	15,263.7		$	15,686.4		$	15,824.4
Mortgage Loans		2,904.7			3,005.4			3,042.6			3,124.9			3,101.8
Real Estate		107.2			107.3			105.0			92.0			92.3
Equities		59.6			58.9			59.6			115.7			115.6
Policy Loans		485.3			482.8			472.4			466.7			463.5
Short Term Investments		1,042.3			1,059.6			816.3			626.8			606.2
Other Long Term Investments		217.3			377.7			222.9			186.0			286.5
Total Invested Assets	$	18,495.8		$	19,504.3		$	19,982.5		$	20,298.5		$	20,490.3
Fixed Income
Corporate Bonds	$	7,200.4		$	7,466.0		$	7,209.4		$	7,597.3		$	7,489.8
Mortgage Backed Securities		4,598.3			5,070.2			6,201.5			6,094.3			6,348.2
US Govt Bonds		79.3			86.0			94.7			88.5			88.3
Public Utilities		1,759.2			1,745.5			1,705.6			1,852.7			1,844.4
States, Municipals and Political Subdivisions		27.7			30.4			49.6			52.2			50.9
Preferred Securities		3.5			3.6			2.7			1.2			2.6
Convertibles and Bonds with Warrants		11.0			10.9			0.2			0.2			0.2
Total Fixed Income Portfolio	$	13,679.4		$	14,412.6		$	15,263.7		$	15,686.4		$	15,824.4
Fixed Income - Quality
AAA		34.6	%		35.9	%		40.9	%		40.0	%		40.9	%
AA		6.4	%		6.2	%		6.0	%		3.7	%		4.4	%
A		23.5	%		22.2	%		21.0	%		17.8	%		17.0	%
BBB		28.6	%		28.9	%		25.8	%		31.1	%		30.5	%
BB or Less		6.9	%		6.8	%		6.3	%		7.4	%		7.2	%
Redeemable Preferred Stock		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mortgage Loans - Type
Retail		71.2	%		70.7	%		69.6	%		69.2	%		68.6	%
Apartments		10.1	%		10.2	%		11.7	%		12.5	%		12.3	%
Office Buildings		8.7	%		9.2	%		9.4	%		9.2	%		9.8	%
Warehouses		8.5	%		8.4	%		8.3	%		7.9	%		8.2	%
Miscellaneous		1.5	%		1.5	%		1.0	%		1.2	%		1.1	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Problem Mortgage Loans
60 Days Past Due	$	5.4		$	1.9		$	1.9		$	1.9		$	1.9
90 Days Past Due		1.9			1.9			8.2			2.6			5.4
Renegotiated Loans		5.7			5.6			5.4			8.3			5.5
Foreclosed Real Estate		1.3			1.4			0.0			4.3			5.0
	$	14.3		$	10.8		$	15.5		$	17.1		$	17.8

PROTECTIVE LIFE CORPORATION																			Draft
Life Marketing and Acquisitions - Quarterly Earnings Trends																			10/27/2005
(Dollars in thousands)																			Page 7
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2004			2004			2005			2005			2005			2004			2005
LIFE MARKETING
REVENUES
Gross Premiums and Policy Fees	$	253,952		$	286,020		$	273,769		$	290,333		$	297,098		$	740,869		$	861,200
Reinsurance Ceded		(191,228	)		(253,121	)		(199,746	)		(235,968	)		(204,572	)		(565,086	)		(640,286	)
Net Premiums and Policy Fees		62,724			32,899			74,023			54,365			92,526			175,783			220,914
Net investment income		59,985			61,339			61,153			62,541			66,847			176,854			190,541
Realized investment gains (losses)		-			-			-			-			-			-			-
Other income		25,151			26,053			28,556			27,107			27,577			68,642			83,240
Total Revenues		147,860			120,291			163,732			144,013			186,950			421,279			494,695
BENEFITS & EXPENSES
Benefits and settlement expenses		78,361			57,505			89,783			72,994			112,119			217,079			274,896
Amortization of deferred policy acquisition costs		14,823			12,140			17,827			21,413			23,831			46,830			63,071
Amortization of goodwill		-			-			-			-			-			-			-
Other operating expenses		15,858			8,765			16,981			11,274			12,986			33,354			41,241
Total Benefits and Expenses		109,042			78,410			124,591			105,681			148,936			297,263			379,208
INCOME BEFORE INCOME TAX	$	38,818		$	41,881		$	39,141		$	38,332		$	38,014		$	124,016		$	115,487
ACQUISITIONS
REVENUES
Gross Premiums and Policy Fees	$	66,985		$	70,281		$	65,500		$	66,104		$	64,265		$	206,113		$	195,869
Reinsurance Ceded		(16,562	)		(20,559	)		(20,029	)		(17,257	)		(17,668	)		(51,503	)		(54,954	)
Net Premiums and Policy Fees		50,423			49,722			45,471			48,847			46,597			154,610			140,915
Net investment income		57,682			57,458			56,714			56,099			55,366			175,041			168,179
Realized investment gains (losses)		-			-			-			-			-			-			-
Other income		655			432			361			453			251			1,840			1,065
Total Revenues		108,760			107,612			102,546			105,399			102,214			331,491			310,159
BENEFITS & EXPENSES
Benefits and settlement expenses		71,571			71,425			66,399			68,784			69,312			215,931			204,495
Amortization of deferred policy acquisition costs		7,056			6,271			7,071			7,185			6,197			22,381			20,453
Amortization of goodwill		-			-			-			-			-			-			-
Other operating expenses		8,871			8,542			8,041			7,957			7,195			27,253			23,193
Total Benefits and Expenses		87,498			86,238			81,511			83,926			82,704			265,565			248,141
INCOME BEFORE INCOME TAX	$	21,262		$	21,374		$	21,035		$	21,473		$	19,510		$	65,926		$	62,018

PROTECTIVE LIFE CORPORATION																	Draft
Life Marketing and Annuities Data																	10/27/2005
(Dollars in thousands)																	Page 8
(Unaudited)
	2004		2004		2004		2004		2005		2005		2005		9MOS		9 MOS
	1ST QTR		2ND QTR		3RD QTR		4TH QTR		1ST QTR		2ND QTR		3RD QTR		2004		2005
LIFE MARKETING
SALES BY PRODUCT
Term	$	46,835	$	42,208	$	41,046	$	41,794	$	34,508	$	26,861	$	27,975	$	130,089	$	89,344
U/L		17,697		19,266		16,364		31,212		32,747		41,639		50,308		53,327		124,694
VUL		1,125		1,474		1,491		1,146		1,138		1,197		1,698		4,090		4,033
Total	$	65,657	$	62,948	$	58,901	$	74,152	$	68,393	$	69,697	$	79,981	$	187,506	$	218,071
SALES BY DISTRIBUTION
Brokerage general agents	$	42,747	$	39,580	$	37,843	$	40,975	$	36,172	$	29,495	$	36,072	$	120,170	$	101,739
Independent agents		12,740		12,570		12,615		18,004		17,309		18,815		21,788		37,925		57,912
Stockbrokers/banks		6,059		6,782		7,016		11,854		12,627		17,936		19,741		19,857		50,304
Direct Response & BOLI		4,111		4,016		1,427		3,319		2,285		3,451		2,380		9,554		8,116
Total	$	65,657	$	62,948	$	58,901	$	74,152	$	68,393	$	69,697	$	79,981	$	187,506	$	218,071
ANNUITIES
SALES
Variable Annuity	$	61,724	$	63,317	$	74,231	$	83,654	$	77,003	$	90,329	$	74,659	$	199,272	$	241,991
Immediate Annuity		10,966		33,576		23,216		150,179		32,476		21,194		25,606		67,758		79,276
Market Value Adjusted Annuity		5,128		74,729		83,175		62,201		26,483		33,065		23,032		163,032		82,580
Equity Indexed Annuity										609		6,582		21,188		0		28,379
Total	$	77,818	$	171,622	$	180,622	$	296,034	$	136,571	$	151,170	$	144,485	$	430,062	$	432,226
PRETAX OPERATING INCOME
Variable Annuity	$	625	$	3,492	$	2,901	$	3,417	$	3,735	$	4,274	$	3,555	$	7,018	$	11,564
Fixed Annuity		2,188		1,483		1,107		1,254		329		3,871		1,372		4,778		5,572
Total	$	2,813	$	4,975	$	4,008	$	4,671	$	4,064	$	8,145	$	4,927	$	11,796	$	17,136
DEPOSIT BALANCE
VA Fixed Annuity	$	275,462	$	269,353	$	269,363	$	262,295	$	251,822	$	250,556	$	232,578
VA Separate Account Annuity		2,012,396		2,026,781		2,023,325		2,222,102		2,176,065		2,210,639		2,280,264
Sub-total		2,287,858		2,296,134		2,292,688		2,484,397		2,427,887		2,461,195	$	2,512,842
Fixed Annuity		2,877,159		2,930,544		2,986,179		3,173,862		3,195,043		3,202,752		3,217,052
Total	$	5,165,017	$	5,226,678	$	5,278,867	$	5,658,259	$	5,622,930	$	5,663,947	$	5,729,894

PROTECTIVE LIFE CORPORATION																			Draft
Annuities, Stable Value Contracts, and Asset Protection																			10/27/2005
Quarterly Earnings Trends (Dollars in thousands)																			Page 9
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2004			2004			2005			2005			2005			2004			2005
ANNUITIES
REVENUES
Gross Premiums and Policy Fees	$	7,370		$	7,749		$	7,840		$	7,866		$	8,057		$	22,592		$	23,763
Reinsurance Ceded		-			-			-			-			-			-			-
Net Premiums and Policy Fees		7,370			7,749			7,840			7,866			8,057			22,592			23,763
Net investment income		52,854			54,923			56,150			54,786			54,008			155,965			164,944
RIGL - Derivatives		-			-			(162	)		-			163			-			1
RIGL - All Other Investments		3,524			55			27,624			1,474			70			9,818			29,168
Other income		1,556			2,108			1,726			2,264			2,133			4,896			6,123
Total Revenues		65,304			64,835			93,178			66,390			64,431			193,271			223,999
BENEFITS & EXPENSES
Benefits and settlement expenses		46,526			46,243			48,080			48,687			44,596			137,028			141,363
Amortization of deferred policy acquisition costs		8,459			7,636			29,638			3,453			7,663			24,635			40,754
Amortization of goodwill		-			-			-			-			-			-			-
Other operating expenses		5,456			6,285			6,346			5,911			7,174			16,874			19,431
Total Benefits and Expenses		60,441			60,164			84,064			58,051			59,433			178,537			201,548
INCOME BEFORE INCOME TAX		4,863			4,671			9,114			8,339			4,998			14,734			22,451
Adjustments to Reconcile to Operating Income:
Less: RIGL - Derivatives		-			-			(162	)		-			163			-			1
Less: RIGL - All Other Investments		3,524			55			27,624			1,474			70			9,818			29,168
Add back: Related amortization of deferred policy acquisition costs		2,669			55			22,412			1,280			162			6,880			23,854
PRETAX OPERATING INCOME	$	4,008		$	4,671		$	4,064		$	8,145		$	4,927		$	11,796		$	17,136
STABLE VALUE CONTRACTS
REVENUES
Gross Premiums and Policy Fees	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Reinsurance Ceded		-			-			-			-			-			-			-
Net Premiums and Policy Fees		-			-			-			-			-			-			-
Net investment income		66,472			71,013			73,875			76,081			79,118			197,171			229,074
RIGL - Derivatives		700			53			292			(310	)		416			1,106			398
RIGL - All Other Investments		6,292			279			327			2,395			884			11,787			3,606
Other income		-			-			-			-			-			-			-
Total Revenues		73,464			71,345			74,494			78,166			80,418			210,064			233,078
BENEFITS & EXPENSES
Benefits and settlement expenses		50,301			54,378			57,169			60,084			62,747			150,790			180,000
Amortization of deferred policy acquisition costs		894			1,022			1,084			1,121			1,240			2,458			3,445
Amortization of goodwill		-			-			-			-			-			-			-
Other operating expenses		1,964			1,392			1,223			1,392			1,388			4,985			4,003
Total Benefits and Expenses		53,159			56,792			59,476			62,597			65,375			158,233			187,448
INCOME BEFORE INCOME TAX		20,305			14,553			15,018			15,569			15,043			51,831			45,630
Adjustments to Reconcile to Operating Income:
Less: RIGL-Derivatives		700			53			292			(310	)	��	416			1,106			398
Less: RIGL-All Other Investments		6,292			279			327			2,395			884			11,787			3,606
PRETAX OPERATING INCOME	$	13,313		$	14,221		$	14,399		$	13,484		$	13,743		$	38,938		$	41,626
ASSET PROTECTION
REVENUES
Gross Premiums and Policy Fees	$	115,967		$	101,271		$	110,375		$	109,846		$	106,685		$	337,808		$	326,906
Reinsurance Ceded		(64,865	)		(53,979	)		(62,302	)		(59,233	)		(60,661	)		(180,366	)		(182,196	)
Net Premiums and Policy Fees		51,102			47,292			48,073			50,613			46,024			157,442			144,710
Net investment income		7,922			7,976			7,600			8,602			8,075			22,963			24,277
Realized investment gains (losses)		-			-			-			-			-			-			-
Other income		10,266			9,268			9,405			12,732			13,624			30,412			35,761
Total Revenues		69,290			64,536			65,078			71,947			67,723			210,817			204,748
BENEFITS & EXPENSES
Benefits and settlement expenses		29,226			26,219			26,529			29,851			27,560			94,788			83,940
Amortization of deferred policy acquisition costs		20,042			14,753			17,546			17,669			18,052			57,520			53,267
Amortization of goodwill		-			-			-			-			-			-			-
Other operating expenses		14,597			18,884			14,831			18,135			16,009			44,110			48,975
Total Benefits and Expenses		63,865			59,856			58,906			65,655			61,621			196,418			186,182
INCOME BEFORE INCOME TAX	$	5,425		$	4,680		$	6,172		$	6,292		$	6,102		$	14,399		$	18,566

PROTECTIVE LIFE CORPORATION																									Draft
Stable Value Contracts and Asset Protection Data																									10/27/2005
(Dollars in thousands)																									Page 10
(Unaudited)
	2004			2004			2004			2004			2005			2005			2005			9 MOS			9 MOS
	1ST QTR			2ND QTR			3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			2004			2005
STABLE VALUE CONTRACTS
SALES
GIC	$	-		$	39,000		$	15,000		$	5,000		$	24,050		$	5,000		$	20,500		$	54,000		$	49,550
GFA - Direct Institutional		-			960			-			66,060			-			-			-			960			0
GFA - Non-Registered		-			-			-			-			-			-			-			0			0
GFA - Registered - Institutional		300,000			-			625,000			-			350,000			350,000			300,000			925,000			1,000,000
GFA - Registered - Retail		221,500			68,250			135,520			106,290			31,845			96,795			20,790			425,270			149,430
Total	$	521,500		$	108,210		$	775,520		$	177,350		$	405,895		$	451,795		$	341,290		$	1,405,230		$	1,198,980
DEPOSIT BALANCE
Quarter End Balance	$	4,923,231		$	4,921,166		$	5,143,367		$	5,562,997		$	5,670,355		$	5,846,120		$	5,900,740
Average Daily Balance	$	4,851,592		$	5,062,014		$	5,112,019		$	5,455,427		$	5,716,571		$	5,808,943		$	5,973,325		$	5,009,546		$	5,834,429
OPERATING SPREAD		0.99	%		1.13	%		1.07	%		1.07	%		1.04	%		0.95	%		0.94	%		1.07	%		0.98	%

	2003		2004		2004		2004		2005		2005		2005		9 MOS		9 MOS
	1ST QTR		2ND QTR		3RD QTR		4TH QTR		1ST QTR		2ND QTR		3RD QTR		2004		2005
ASSET PROTECTION
SALES
Credit	$	51,246	$	59,035	$	59,543	$	47,761	$	50,106	$	51,421	$	56,749	$	169,824	$	158,276
Service Contracts		44,275		54,861		56,627		47,220		47,138		62,437		65,301		155,763		174,876
Other		8,152		8,940		8,883		13,780		9,075		13,567		14,812		25,975		37,454
Total	$	103,673	$	122,836	$	125,053	$	108,761	$	106,319	$	127,425	$	136,862	$	351,562	$	370,606

PROTECTIVE LIFE CORPORATION																			Draft
Corporate & Other Segment - Quarterly Earnings Trends																			10/27/2005
(Dollars in thousands)																			Page 11
(Unaudited)
	3RD QTR			4TH QTR			1ST QTR			2ND QTR			3RD QTR			9 MOS			9 MOS
	2004			2004			2005			2005			2005			2004			2005
REVENUES
Gross Premiums and Policy Fees	$	11,919		$	11,373		$	11,030		$	10,494		$	10,555		$	37,003		$	32,079
Reinsurance Ceded		(191	)		(143	)		(75	)		(53	)		(18	)		(874	)		(146	)
Net Premiums and Policy Fees		11,728			11,230			10,955			10,441			10,537			36,129			31,933
Net investment income		34,356			21,730			32,461			24,265			43,471			81,784			100,197
RIGL - Derivatives		5,587			(572	)		(6,498	)		(25,711	)		7,083			19,004			(25,126	)
RIGL - All Other Investments		(1,635	)		4,086			(73	)		8,611			2,658			2,280			11,196
Other income		3,994			4,582			4,236			2,949			3,792			12,781			10,977
Total Revenues		54,030			41,056			41,081			20,555			67,541			151,978			129,177
BENEFITS & EXPENSES
Benefits and settlement expenses		12,470			16,427			12,474			11,236			17,031			42,624			40,741
Amortization of deferred policy acquisition costs		1,101			1,086			1,085			1,026			967			3,398			3,078
Amortization of goodwill		-			-			-			-			-			-			-
Other operating expenses		28,866			22,536			26,132			24,856			26,343			79,827			77,331
Total Benefits and Expenses		42,437			40,049			39,691			37,118			44,341			125,849			121,150
INCOME BEFORE INCOME TAX		11,593			1,007			1,390			(16,563	)		23,200			26,129			8,027
Adjustments to Reconcile to Operating Income:
Less: RIGL-Derivatives		5,587			(572	)		(6,498	)		(25,711	)		7,083			19,004			(25,126	)
Less: RIGL-All Other Investments, net of participating income		(1,635	)		4,086			(73	)		2,728			2,658			2,280			5,313
Add back: Derivative gains related to corporate debt and investments		4,684			4,309			3,684			2,960			2,777			14,913			9,421
PRETAX OPERATING INCOME	$	12,325		$	1,802		$	11,645		$	9,380		$	16,236		$	19,758		$	37,261