Protective Life (PLPDZ) 8-K Protective Announces Fourth Quarter 2008 Net Loss of $0.22 Per Share and Operating Income of $0.80 Per Share

Exhibit 99.2

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Supplemental Schedules

Fourth Quarter 2008

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Page 1

Quarterly Financial Highlights

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
Pretax Operating Income *
Life Marketing	$	46,098		$	46,449		$	38,127		$	52,222		$	51,737		$	189,186		$	188,535
Acquisitions	35,809			33,576			34,514			33,021			35,368			129,247			136,479
Annuities	4,340			2,489			9,487			556			6,175			23,051			18,707
Stable Value Contracts	12,583			16,216			17,545			28,184			27,866			50,231			89,811
Asset Protection	10,048			9,852			6,664			8,186			6,087			41,559			30,789
Corporate & Other	(6,236		)	(29,973		)	(2,093		)	(32,173		)	(41,747		)	(3,416		)	(105,986		)
Total Pretax Operating Income	$	102,642		$	78,609		$	104,244		$	89,996		$	85,486		$	429,858		$	358,335
Balance Sheet Data
Total GAAP Assets	$	41,786,041		$	41,749,006		$	42,636,077		$	41,152,791		$	39,491,546
Shareowners’ Equity	$	2,456,761		$	2,163,860		$	2,081,742		$	1,524,655		$	761,095
Shareowners’ Equity (excluding accumulated other comprehensive income) **	$	2,537,290		$	2,543,808		$	2,567,964		$	2,452,860		$	2,428,151
Stock Data
Closing Price	$	41.02		$	40.56		$	38.05		$	28.51		$	14.35		$	41.02		$	14.35
Average Shares Outstanding
Basic	71,076,532			71,080,703			71,116,961			71,115,365			71,122,593			71,061,152			71,108,961
Diluted	71,467,783			71,453,824			71,442,599			71,380,898			71,122,593			71,478,021			71,108,961

* “Pretax Operating Income” is a non-GAAP financial measure. “Income (loss) 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 (loss) Before Income Tax”.

** “Shareowners’ equity excluding accumulated other comprehensive income” is a non-GAAP financial measure. “Shareowners’ equity” is a GAAP financial measure to which “Shareowners’ equity excluding accumulated other comprehensive income” may be compared.

See Page 4 for a reconciliation of “Shareowners’ equity excluding accumulated other comprehensive income” to “Shareowners’ equity”.

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Page 2

Financial Strength Ratings as of December 31, 2008

	A.M. Best	Fitch	Standard & Poor’s	Moody’s
Legal Entity
Insurance companies:
Protective Life Insurance Company	A+	A+	AA	A1
West Coast Life Insurance Company	A+	A+	AA	A1
Protective Life and Annuity Insurance Company	A+	A+	AA	—
Lyndon Property Insurance Company	A-	—	—	—

Credit Ratings as of December 31, 2008

	A.M. Best	Fitch	Standard & Poor’s	Moody’s
Legal Entity
Holding company
Protective Life Corporation	a	A-/BBB+ (1)	A	Baa1

(1)  The default rating is A-. The BBB+ rating is related to our senior notes due at 2013, 2014, and 2018.

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Page 3

GAAP Consolidated Statements of Income (Loss)

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	702,341		$	662,404		$	678,873		$	664,464		$	686,812		$	2,727,023		$	2,692,553
Reinsurance Ceded	(438,043		)	(371,072		)	(423,774		)	(366,734		)	(421,230		)	(1,600,684		)	(1,582,810		)
Net Premiums and Policy Fees	264,298			291,332			255,099			297,730			265,582			1,126,339			1,109,743
Net investment income	421,024			408,465			438,941			423,522			404,236			1,675,934			1,675,164
RIGL - Derivatives	(28,054		)	(1,657		)	65,087			91,991			(38,764		)	8,469			116,657
RIGL - All Other Investments	18,803			(28,045		)	(112,411		)	(351,102		)	(92,934		)	8,602			(584,492		)
Other income	49,239			45,509			47,983			47,943			47,057			232,357			188,492
Total Revenues	725,310			715,604			694,699			510,084			585,177			3,051,701			2,505,564
BENEFITS & EXPENSES
Benefits and settlement expenses	462,068			494,676			470,344			535,839			475,682			1,893,707			1,976,541
Amortization of deferred policy acquisition costs and value of businesses acquired	71,991			68,370			71,450			39,331			54,591			300,270			233,742
Other operating expenses	61,178			65,068			60,204			60,788			47,120			297,109			233,180
Interest on indebtedness - subsidiaries	20,448			17,233			18,554			16,990			14,698			64,141			67,475
Interest on indebtedness - holding company - other debt	6,322			7,267			7,267			7,677			9,942			22,782			32,153
Interest on indebtedness - holding company - hybrid securities	9,401			9,401			9,401			9,401			9,401			37,604			37,604
Total Benefits and Expenses	631,408			662,015			637,220			670,026			611,434			2,615,613			2,580,695
INCOME (LOSS) BEFORE INCOME TAX	93,902			53,589			57,479			(159,942		)	(26,257		)	436,088			(75,131		)
Income tax expense (benefit)	33,016			17,707			19,295			(59,934		)	(10,344		)	146,522			(33,276		)
NET INCOME (LOSS)	$	60,886		$	35,882		$	38,184		$	(100,008	)	$	(15,913	)	$	289,566		$	(41,855	)
PER SHARE DATA FOR QUARTER
Operating income-diluted *	$	0.93		$	0.73		$	0.96		$	0.88		$	0.80
RIGL - Derivatives net of gains related to corp debt, investments and annuities	(0.24		)	0.04			0.59			0.91			(0.15		)
RIGL - All Other Investments, net of participating income	0.16			(0.27		)	(1.02		)	(3.19		)	(0.87		)
Net income (loss) -diluted	$	0.85		$	0.50		$	0.53		$	(1.40	)	$	(0.22	)
Average shares outstanding-diluted	71,467,783			71,453,824			71,442,599			71,380,898			71,122,593
Dividends paid	$	0.225		$	0.225		$	0.235		$	0.235		$	0.120
PER SHARE DATA FOR YTD
Operating income-diluted *	$	3.99		$	0.73		$	1.69		$	2.57		$	3.37
RIGL - Derivatives net of gains related to corp debt, investments and annuities	0.07			0.04			0.63			1.54			1.39
RIGL - All Other Investments, net of participating income	(0.01		)	(0.27		)	(1.28		)	(4.47		)	(5.35		)
Net income (loss) -diluted	$	4.05		$	0.50		$	1.04		$	(0.36	)	$	(0.59	)
Average shares outstanding-diluted	71,478,021			71,453,824			71,448,211			71,425,610			71,108,961
Dividends paid	$	0.890		$	0.225		$	0.460		$	0.695		$	0.815

* “Operating Income” is a non-GAAP financial measure. “Net Income (loss)” is a GAAP financial measure to which “Operating Income” may be compared.

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Page 4

GAAP Consolidated Balance Sheets

(Dollars In Thousands)	4TH QTR		1ST QTR		2ND QTR		3RD QTR		4TH QTR
(Unaudited)	2007		2008		2008		2008		2008
ASSETS
Fixed maturities	$	23,389,069	$	23,167,901	$	24,097,693	$	22,084,909	$	20,098,980
Equity securities	117,037		289,307		357,672		312,389		302,132
Mortgage loans	3,284,326		3,377,397		3,523,121		3,653,919		3,848,288
Investment real estate	8,026		7,975		7,834		7,793		14,810
Policy loans	818,280		813,107		805,105		811,846		810,933
Other long-term investments	185,892		193,364		222,770		329,259		352,891
Long-term investments	27,802,630		27,849,051		29,014,195		27,200,115		25,428,034
Short-term investments	1,236,443		1,121,138		839,973		987,604		1,059,506
Total investments	29,039,073		28,970,189		29,854,168		28,187,719		26,487,540
Cash	146,152		117,933		107,367		86,587		149,358
Accrued investment income	291,734		281,396		294,908		308,144		287,543
Accounts and premiums receivable	87,883		118,533		139,123		163,258		55,017
Reinsurance receivable	5,089,100		5,287,241		5,203,089		5,227,020		5,254,788
Deferred policy acquisition costs and value of businesses acquired	3,400,493		3,499,271		3,629,243		3,965,955		4,200,321
Goodwill	117,366		116,481		116,307		122,128		120,954
Property and equipment, net	42,795		42,027		40,924		40,274		39,707
Other assets	144,296		156,486		163,752		172,759		174,035
Current/Deferred income tax	165,741		148,342		120,248		154,454		451,869
Assets related to separate accounts
Variable annuity	2,910,606		2,686,752		2,641,203		2,426,806		2,027,470
Variable universal life	350,802		324,355		325,745		297,687		242,944
TOTAL ASSETS	$	41,786,041	$	41,749,006	$	42,636,077	$	41,152,791	$	39,491,546

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GAAP Consolidated Balance Sheets - Continued

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR
(Unaudited)	2007			2008			2008			2008			2008
LIABILITIES
Policy liabilities and accruals
Future policy benefits and claims	$	16,249,495		$	16,728,276		$	16,772,722		$	16,882,724		$	17,008,524
Unearned premiums	1,179,812			1,188,886			1,222,142			1,248,942			1,251,855
Stable value product deposits	5,046,463			5,207,936			5,442,022			6,021,834			4,960,405
Annuity deposits	8,708,383			8,726,137			8,886,520			8,976,496			9,357,427
Other policyholders’ funds	307,950			350,779			405,653			424,185			421,313
Securities sold under repurchase agreements	—			—			360,000			—			—
Other liabilities	1,189,206			1,116,630			1,306,493			741,120			845,824
Accrued income taxes	—			—			—			—			—
Deferred income taxes	512,156			361,038			317,531			58,747			—
Non-recourse funding obligations	1,375,000			1,375,000			1,375,000			1,375,000			1,375,000
Debt	559,852			579,852			559,852			649,852			714,852
Liabilities related to variable interest entities	400,000			400,000			400,000			—			—
Subordinated Debt Securities	524,743			524,743			524,743			524,743			524,743
Minority interest - subsidiaries	14,812			14,762			14,709			—			94
Liabilities related to separate accounts
Variable annuity	2,910,606			2,686,752			2,641,203			2,426,806			2,027,470
Variable universal life	350,802			324,355			325,745			297,687			242,944
TOTAL LIABILITIES	39,329,280			39,585,146			40,554,335			39,628,136			38,730,451
SHAREOWNERS’ EQUITY
Common stock	36,626			36,626			36,626			36,626			36,626
Additional paid-in-capital	444,765			446,191			447,914			448,887			448,481
Treasury stock	(11,140		)	(27,998		)	(27,334		)	(26,978		)	(26,978		)
Cumulative Effect Adjustments	2,146			3,616			3,616			3,616			3,616
Unallocated ESOP shares	(852		)	(474		)	(474		)	(474		)	(474		)
Retained earnings	2,065,745			2,085,847			2,107,616			1,991,183			1,966,880
Accumulated other comprehensive income (loss)	(80,529		)	(379,948		)	(486,222		)	(928,205		)	(1,667,056		)
TOTAL SHAREOWNERS’ EQUITY	2,456,761			2,163,860			2,081,742			1,524,655			761,095
TOTAL LIABILITIES AND SHAREOWNERS’ EQUITY	$	41,786,041		$	41,749,006		$	42,636,077		$	41,152,791		$	39,491,546
SHAREOWNERS’ EQUITY PER SHARE
Total Shareowners’ Equity	$	35.02		$	30.99		$	29.80		$	21.81		$	10.89
Less: Accumulated other comprehensive income (loss)	(1.15		)	(5.44		)	(6.96		)	(13.28		)	(23.85		)
Excluding accumulated other comprehensive income (loss) *	$	36.17		$	36.43		$	36.76		$	35.09		$	34.74
Total Shareowners’ Equity	$	2,456,761		$	2,163,860		$	2,081,742		$	1,524,655		$	761,095
Less: Accumulated other comprehensive income (loss)	(80,529		)	(379,948		)	(486,222		)	(928,205		)	(1,667,056		)
Shareowners’ Equity (excluding accumulated other comprehensive income (loss)) *	$	2,537,290		$	2,543,808		$	2,567,964		$	2,452,860		$	2,428,151
Common shares outstanding	70,149,062			69,829,037			69,864,518			69,903,431			69,905,807
Treasury Stock shares	3,102,898			3,422,923			3,387,442			3,348,529			3,346,153

* “Shareowners’ equity excluding accumulated other comprehensive income (loss)” is a non-GAAP financial measure.  “Shareowners’ equity” is a GAAP financial measure to which “Shareowners’ equity excluding accumulated other comprehensive income (loss)” may be compared.

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Calculation of Operating Earnings Per Share

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
CALCULATION OF NET INCOME (LOSS) PER SHARE
Net income (loss)	$	60,886		$	35,882		$	38,184		$	(100,008	)	$	(15,913	)	$	289,566		$	(41,855	)
Average shares outstanding-basic	71,076,532			71,080,703			71,116,961			71,115,365			71,122,593			71,061,152			71,108,961
Average shares outstanding-diluted	71,467,783			71,453,824			71,442,599			71,380,898			71,122,593			71,478,021			71,108,961
Net income (loss) per share-basic	$	0.85		$	0.50		$	0.54		$	(1.41	)	$	(0.22	)	$	4.07		$	(0.59	)
Net income (loss) per share-diluted	$	0.85		$	0.50		$	0.53		$	(1.40	)	$	(0.22	)	$	4.05		$	(0.59	)
Income (loss) from continuing operations	$	60,886		$	35,882		$	38,184		$	(100,008	)	$	(15,913	)	$	289,566		$	(41,855	)
EPS (basic)	$	0.85		$	0.50		$	0.54		$	(1.41	)	$	(0.22	)	$	4.07		$	(0.59	)
EPS (diluted)	$	0.85		$	0.50		$	0.53		$	(1.40	)	$	(0.22	)	$	4.05		$	(0.59	)
CALCULATION OF REALIZED INVESTMENT GAINS (LOSSES) PER SHARE
RIGL - Derivatives	$	(28,054	)	$	(1,657	)	$	65,087		$	91,991		$	(38,764	)	$	8,469		$	116,657
Derivative Gains related to Corporate Debt and Investments	(195		)	(484		)	(1,786		)	(1,915		)	(1,569		)	(821		)	(5,754		)
Derivative Gains related to Annuities	1,866			6,240			1,850			10,385			22,496			68			40,971
RIGL - All Other Investments, net of participating income	18,803			(28,045		)	(112,411		)	(351,102		)	(92,934		)	1,745			(584,492		)
Related amortization of DAC & VOBA	(1,160		)	(1,074		)	495			703			(972		)	(3,230		)	(848		)
	(8,740		)	(25,020		)	(46,765		)	(249,938		)	(111,743		)	6,231			(433,466		)
Tax effect	3,059			8,757			16,368			87,478			39,110			(2,181		)	151,713
	$	(5,681	)	$	(16,263	)	$	(30,397	)	$	(162,460	)	$	(72,633	)	$	4,050		$	(281,753	)
RIGL - Derivatives per share-diluted	$	(0.24	)	$	0.04		$	0.59		$	0.91		$	(0.15	)	$	0.07		$	1.39
RIGL - All Other Investments per share-diluted	$	0.16		$	(0.27	)	$	(1.02	)	$	(3.19	)	$	(0.87	)	$	(0.01	)	$	(5.35	)
OPERATING INCOME PER SHARE *
Net income (loss) per share-diluted	$	0.85		$	0.50		$	0.53		$	(1.40	)	$	(0.22	)	$	4.05		$	(0.59	)
RIGL - Derivatives per share-diluted	(0.24		)	0.04			0.59			0.91			(0.15		)	0.07			1.39
RIGL - All Other Investments, net of participating income per share-diluted	0.16			(0.27		)	(1.02		)	(3.19		)	(0.87		)	(0.01		)	(5.35		)
Operating income per share-diluted	$	0.93		$	0.73		$	0.96		$	0.88		$	0.80		$	3.99		$	3.37
NET OPERATING INCOME *
Net income (loss)	$	60,886		$	35,882		$	38,184		$	(100,008	)	$	(15,913	)	$	289,566		$	(41,855	)
Less: RIGL - Derivatives net of tax & gains related to corp debt, investments & annuities	(17,149		)	2,664			42,349			65,299			(11,594		)	5,015			98,718
Less: RIGL - All Other Investments net of tax, amortization, and participating income	11,468			(18,927		)	(72,746		)	(227,759		)	(61,039		)	(965		)	(380,471		)
Net operating income	$	66,567		$	52,145		$	68,581		$	62,452		$	56,720		$	285,516		$	239,898
PRETAX OPERATING INCOME **
Income (loss) before income tax and discontinued operations	$	93,902		$	53,589		$	57,479		$	(159,942	)	$	(26,257	)	$	436,088		$	(75,131	)
Less: RIGL - Derivatives	(28,054		)	(1,657		)	65,087			91,991			(38,764		)	8,469			116,657
Less: Derivative gains related to corporate debt, investments & annuities	1,671			5,756			64			8,470			20,927			(753		)	35,217
Less: RIGL - All Other Investments, net of participating income	18,803			(28,045		)	(112,411		)	(351,102		)	(92,934		)	1,745			(584,492		)
Less: Related amortization of DAC & VOBA	(1,160		)	(1,074		)	495			703			(972		)	(3,230		)	(848		)
Pretax operating income	$	102,642		$	78,609		$	104,244		$	89,996		$	85,486		$	429,857		$	358,335

* “Net Operating Income” and “Operating Income Per Share” are non-GAAP financial measures.  “Net Income (Loss)” and “Net Income (Loss) 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 (Loss) Before Income Tax” is a GAAP financial measure to which “Pretax Operating Income” may be compared.

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Invested Asset Summary

(Dollars In Millions)	4TH QTR		1ST QTR		2ND QTR		3RD QTR		4TH QTR
(Unaudited)	2007		2008		2008		2008		2008
Total Portfolio									��
Fixed Income	$	23,389.1	$	23,167.9	$	24,097.7	$	22,084.9	$	20,099.0
Mortgage Loans	3,284.3		3,377.4		3,523.1		3,653.9		3,848.3
Real Estate	8.0		8.0		7.8		7.8		14.8
Equities	117.0		289.3		357.7		312.4		302.1
Policy Loans	818.3		813.1		805.1		811.8		810.9
Short-Term Investments	1,236.4		1,121.1		840.0		987.6		1,059.5
Other Long-Term Investments	185.9		193.4		222.8		329.3		352.9
Total Invested Assets	$	29,039.0	$	28,970.2	$	29,854.2	$	28,187.7	$	26,487.5

% Total Portfolio by Asset Type as of 12/31/08

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Invested Asset Summary - Fixed Income

(Dollars In Millions)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR
(Unaudited)	2007			2008			2008			2008			2008
Fixed Income
Corporate Bonds	$	11,778.6		$	11,978.3		$	12,607.8		$	11,613.2		$	10,441.8
Residential Mortgage-Backed Securities	7,040.4			6,216.0			6,587.1			5,652.5			4,960.2
Commercial Mortgage-Backed Securities	1,481.3			1,232.7			1,206.3			1,249.5			1,184.9
Asset-Backed Securities	842.2			1,486.1			1,316.5			1,209.0			1,132.7
US Govt Bonds	321.8			317.7			313.3			390.2			484.9
Public Utilities	1,836.1			1,874.1			2,035.1			1,939.2			1,864.5
States, Municipals and Political Subdivisions	88.4			62.9			31.5			31.3			30.0
Preferred Securities	0.1			0.1			0.1			—			—
Convertibles and Bonds with Warrants	0.2			—			—			—			—
Total Fixed Income Portfolio	$	23,389.1		$	23,167.9		$	24,097.7		$	22,084.9		$	20,099.0
Fixed Income - Quality
AAA	43.4		%	42.2		%	40.9		%	38.6		%	35.2		%
AA	8.8		%	8.2		%	7.3		%	7.1		%	6.6		%
A	18.5		%	17.8		%	18.1		%	18.8		%	19.8		%
BBB	25.7		%	27.0		%	28.4		%	30.3		%	33.0		%
BB or Lower	3.6		%	4.8		%	5.3		%	5.2		%	5.4		%
	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

% Fixed Income Portfolio by Type as of 12/31/08

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Invested Asset Summary - Mortgages

(Dollars In Millions)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR
(Unaudited)	2007			2008			2008			2008			2008
Mortgage Loans - Type
Retail	64.8		%	64.5		%	64.4		%	64.9		%	65.2		%
Apartments	10.5		%	10.8		%	10.6		%	10.4		%	10.1		%
Office Buildings	13.8		%	13.8		%	13.8		%	14.0		%	14.3		%
Warehouses	8.1		%	8.0		%	8.3		%	8.1		%	7.9		%
Miscellaneous	2.8		%	2.9		%	2.9		%	2.6		%	2.5		%
	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Problem Mortgage Loans
60 Days Past Due	$	7.5		$	7.4		$	—		$	7.8		$	—
90 Days Past Due	—			—			7.4			7.4			7.4
Renegotiated Loans	—			—			—			—			—
Foreclosed Real Estate	—			—			—			—			7.8
	$	7.5		$	7.4		$	7.4		$	15.2		$	15.2

%  Mortgage Loans by Type as of 12/31/08

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Invested Asset Summary - Trading Portfolios

(Dollars In Millions)	4TH QTR			1ST QTR			2ND QTR			3RD QTR		4TH QTR
(Unaudited)	2007			2008			2008			2008		2008
Trading Portfolio Composition (excl. Modco Trading Portfolio)
Asset Class
AAA	$	186.6		$	182.3		$	192.4		$	183.4	$	148.6
AA	31.4			16.6			17.1			19.2		—
A	56.8			62.4			58.1			81.9		55.3
BBB	136.7			153.7			153.9			103.0		137.5
BB	—			—			—			—		—
B	—			—			—			—		—
Short term investments	15.0			17.6			2.0			—		—
Swaps	(4.7		)	(13.9		)	(5.7		)	—		—
Total	$	421.8		$	418.7		$	417.8		$	387.5	$	341.4
Modco Trading Portfolio
Asset Class
AAA	$	1,631.2		$	1,527.2		$	1,477.5		$	1,330.5	$	1,357.1
AA	344.9			263.8			249.6			200.2		147.3
A	834.5			754.0			713.3			654.9		591.5
BBB	755.0			806.5			837.3			792.5		743.5
Below investment grade	39.0			29.9			46.7			53.2		55.6
Total	$	3,604.6		$	3,381.4		$	3,324.4		$	3,031.3	$	2,895.0

Portfolio Composition by Rating % as of 12/31/08 – Trading Portfolio (excl. Modco)

Portfolio Composition by Rating % as of 12/31/08 – Modco Trading Portfolio

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Invested Asset Summary - MBS - Alt-A

Mortgage-backed Securities Collateralized by Alt-A Mortgage Loans as of December 31, 2008:

(Dollars In Millions)	2004 and
(Unaudited)	Prior			2005			2006			2007			2008		Total
Estimated Fair Value of Security by Year of Origination
Rating
AAA	$	7.9		$	70.6		$	87.9		$	107.2		$	—	$	273.6
AA	—			—			—			—			—		—
Subtotal	$	7.9		$	70.6		$	87.9		$	107.2		$	—	$	273.6
A	—			5.2			22.0			55.2			—		82.4
BBB	—			0.9			—			—			—		0.9
Below investment grade	—			—			143.2			43.4			—		186.6
Total mortgage-backed securities collateralized by Alt-A mortgage loans	$	7.9		$	76.7		$	253.1		$	205.8		$	—	$	543.5
Estimated Unrealized Gain (Loss) of Security by Year of Origination
Rating
AAA	$	(1.0	)	$	(11.8	)	$	(11.1	)	$	(11.6	)	$	—	$	(35.5	)
AA	—			—			—			—			—		—
Subtotal	$	(1.0	)	$	(11.8	)	$	(11.1	)	$	(11.6	)	$	—	$	(35.5	)
A	—			(3.5		)	(7.0		)	(3.2		)	—		(13.7		)
BBB	—			(6.8		)	—			—			—		(6.8		)
Below investment grade	—						(81.0		)	(54.4		)	—		(135.4		)
Total mortgage-backed securities collateralized by Alt-A mortgage loans	$	(1.0	)	$	(22.1	)	$	(99.1	)	$	(69.2	)	$	—	$	(191.4	)

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Invested Asset Summary - MBS - Subprime

Mortgage-backed Securities Collateralized by Subprime Loans as of December 31, 2008:

(Dollars In Millions)	2004 and
(Unaudited)	Prior			2005			2006			2007			2008		Total
Estimated Fair Value of Security by Year of Origination
Rating
AAA	$	1.0		$	3.0		$	8.0		$	—		$	—	$	12.0
AA	0.9			—			3.8			4.4			—		9.1
Subtotal	$	1.9		$	3.0		$	11.8		$	4.4		$	—	$	21.1
A	—			—			3.7			—			—		3.7
BBB	0.2			—			9.2			10.7			—		20.1
Below investment grade	1.2			—			—			0.5			—		1.7
Total mortgage-backed securities collateralized by sub-prime mortgage loans	$	3.3		$	3.0		$	24.7		$	15.6		$	—	$	46.6
Estimated Unrealized Gain (Loss) of Security by Year of Origination
Rating
AAA	$	(0.2	)	$	(0.7	)	$	(1.5	)	$	—		$	—	$	(2.4	)
AA	(0.7		)	—			(1.2		)	(5.7		)	—		(7.6		)
Subtotal	$	(0.9	)	$	(0.7	)	$	(2.7	)	$	(5.7	)	$	—	$	(10.0	)
A	—			—			(0.4		)	—			—		(0.4		)
BBB	(0.1		)	—			(4.7		)	(13.7		)	—		(18.5		)
Below investment grade	(1.5		)	—			—			—			—		(1.5		)
Total mortgage-backed securities collateralized by sub-prime mortgage loans	$	(2.5	)	$	(0.7	)	$	(7.8	)	$	(19.4	)	$	—	$	(30.4	)

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Invested Asset Summary - MBS - Prime

Mortgage-backed Securities Collateralized by Prime Loans as of December 31, 2008:

(Dollars In Millions)	2004 and
(Unaudited)	Prior			2005			2006			2007			2008		Total
Estimated Fair Value of Security by Year of Origination
Rating
AAA	$	1,453.4		$	1,337.7		$	724.9		$	272.5		$	4.0	$	3,792.5
AA	3.1			3.0			72.2			55.3			—		133.6
Subtotal	1,456.5			1,340.7			797.1			327.8			4.0		3,926.1
A	—			2.7			132.7			7.3			—		142.7
BB	—			—			—			—			—		—
BBB	—			—			193.3			—			—		193.3
Below investment grade	0.1			1.5			55.0			51.4			—		108.0
Unrated	—			—			—			—			—		—
Total mortgage-backed securities collateralized by prime loans	$	1,456.6		$	1,344.9		$	1,178.1		$	386.5		$	4.0	$	4,370.1
Estimated Unrealized Gain (Loss) of Security by Year of Origination
Rating
AAA	$	(52.3	)	$	(237.4	)	$	(102.3	)	$	(55.7	)	$	0.1	$	(447.6	)
AA	(1.5		)	(10.2		)	(30.5		)	(14.5		)	—		(56.7		)
Subtotal	(53.8		)	(247.6		)	(132.8		)	(70.2		)	0.1		(504.3		)
A	—			(0.1		)	(30.1		)	(1.5		)	—		(31.7		)
BB	—			—			—			—			—		—
BBB	—			—			(44.7		)	(11.1		)	—		(55.8		)
Below investment grade	(0.7		)	0.1			(20.5		)	—			—		(21.1		)
Unrated	—			—			—			—			—		—
Total mortgage-backed securities collateralized by prime loans	$	(54.5	)	$	(247.6	)	$	(228.1	)	$	(82.8	)	$	0.1	$	(612.9	)

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Invested Asset Summary - External CMBS

External Commercial Mortgage-backed Securities as of December 31, 2008

(Dollars In Millions)	2004 and
(Unaudited)	Prior			2005			2006			2007		2008			Total
Estimated Fair Value of Security by Year of Origination
Rating
AAA	$	231.4		$	44.3		$	11.0		$	—	$	37.7		$	324.4
BBB	4.6			—			—			—		—			4.6
Total external commercial mortgage-backed securities	$	236.0		$	44.3		$	11.0		$	—	$	37.7		$	329.0
Estimated Unrealized Gain (Loss) of Security by Year of Origination
Rating
AAA	$	(6.3	)	$	(6.5	)	$	(2.7	)	$	—	$	(6.6	)	$	(22.1	)
BBB	(2.4		)	—			—			—		—			(2.4		)
Total external commercial mortgage-backed securities	$	(8.7	)	$	(6.5	)	$	(2.7	)	$	—	$	(6.6	)	$	(24.5	)

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Invested Asset Summary - ABS*

Asset-backed Securities* as of December 31, 2008:

(Dollars In Millions)	2004 and
(Unaudited)	Prior			2005			2006			2007			2008			Total
Estimated Fair Value of Security by Year of Origination
Rating
AAA	$	620.9		$	30.9		$	22.7		$	309.5		$	45.0		$	1,029.0
AA	8.6			—			—			—			—			8.6
Subtotal	629.5			30.9			22.7			309.5			45.0			1,037.6
A	0.4			2.1			8.4			—			—			10.9
BBB	1.7			—			28.3			36.2			—			66.2
BB	—			—			—			—			—			—
Below investment grade	—			—			10.9			7.1			—			18.0
Total asset-backed securities	$	631.6		$	33.0		$	70.3		$	352.8		$	45.0		$	1,132.7
Estimated Unrealized Gain (Loss) of Security by Year of Origination
Rating
AAA	$	(60.4	)	$	(2.1	)	$	(1.1	)	$	(37.6	)	$	(5.0	)	$	(106.2	)
AA	(0.5		)	—			—			—			—			(0.5		)
Subtotal	(60.9		)	(2.1		)	(1.1		)	(37.6		)	(5.0		)	(106.7		)
A	(0.1		)	(0.2		)	(1.6		)	—			—			(1.9		)
BBB	(1.1		)	—			(27.9		)	(5.1		)	—			(34.1		)
BB	—			—			—			—			—			—
Below investment grade	—			—			(0.7		)	(1.7		)	—			(2.4		)
Total asset-backed securities	$	(62.1	)	$	(2.3	)	$	(31.3	)	$	(44.4	)	$	(5.0	)	$	(145.1	)

*  Excludes Residential and Commercial mortgage-backed securities

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Invested Asset Summary - Other

(Dollars In Millions)

(Unaudited)

Hybrid / Preferred Securities	GAAP Amortized Cost		Market Value		Unrealized Gain / (Loss)
Domestic Exposure
Upper Tier 2	$	—	$	—	$	—
Tier 1	1,030.2		615.8		(414.4		)
Preferred Stock	163.2		126.7		(36.5		)
Total Domestic Exposure	$	1,193.4	$	742.5	$	(450.9	)
European Exposure
Upper Tier 2	$	15.3	$	12.6	$	(2.7	)
Tier 1	282.3		127.3		(155.0		)
Preferred Stock	64.5		51.5		(13.0		)
Total European Exposure	$	362.1	$	191.4	$	(170.7	)
Other Foreign Exposure
Upper Tier 2	$	—	$	—	$	—
Tier 1	66.2		35.4		(30.8		)
Preferred Stock	0.1		—		(0.1		)
Total Other Foreign Exposure	$	66.3	$	35.4	$	(30.9	)
Total Domestic, European and Other Exposure
Upper Tier 2	$	15.3	$	12.6	$	(2.7	)
Tier 1	1,378.7		778.5		(600.2		)
Preferred Stock	227.8		178.2		(49.6		)
Total Domestic, European and Other Exposure	$	1,621.8	$	969.3	$	(652.5	)

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Life Marketing Quarterly Trends

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	385,268		$	358,783		$	377,807		$	372,674		$	391,302		$	1,453,027		$	1,500,566
Reinsurance Ceded	(262,649		)	(207,865		)	(255,739		)	(205,699		)	(254,723		)	(913,250		)	(924,026		)
Net Premiums and Policy Fees	122,619			150,918			122,068			166,975			136,579			539,777			576,540
Net investment income	82,287			84,956			86,989			88,825			89,283			325,118			350,053
Realized investment gains (losses)	—			—			—			—			—			—			—
Other income	28,485			25,045			26,010			23,507			22,184			138,356			96,746
Total Revenues	233,391			260,919			235,067			279,307			248,046			1,003,251			1,023,339
BENEFITS & EXPENSES
Benefits and settlement expenses	151,577			177,778			161,861			212,201			153,115			635,063			704,955
Amortization of deferred policy acquisition costs and value of businesses acquired	24,025			26,923			27,234			5,009			35,256			106,094			94,422
Other operating expenses	11,691			9,769			7,845			9,875			7,938			72,908			35,427
Total Benefits and Expenses	187,293			214,470			196,940			227,085			196,309			814,065			834,804
INCOME BEFORE INCOME TAX	$	46,098		$	46,449		$	38,127		$	52,222		$	51,737		$	189,186		$	188,535

Life Marketing Key Data

(Dollars In Thousands)	4TH QTR		1ST QTR		2ND QTR		3RD QTR		4TH QTR		YEAR
(Unaudited)	2007		2008		2008		2008		2008		2007		2008
SALES BY PRODUCT
Term	$	31,544	$	27,008	$	26,881	$	23,039	$	22,274	$	145,317	$	99,202
U/L	18,290		14,663		12,581		11,092		14,496		75,763		52,832
VUL	1,850		1,604		1,679		1,222		1,162		7,685		5,667
Total	$	51,684	$	43,275	$	41,141	$	35,353	$	37,932	$	228,765	$	157,701
SALES BY DISTRIBUTION
Brokerage general agents	$	31,250	$	24,396	$	23,545	$	20,805	$	20,549	$	138,258	$	89,295
Independent agents	8,843		8,852		9,331		7,403		7,515		39,261		33,101
Stockbrokers/banks	8,760		8,447		7,307		6,587		8,205		36,356		30,546
Direct Response & BOLI	2,831		1,580		958		558		1,663		14,890		4,759
Total	$	51,684	$	43,275	$	41,141	$	35,353	$	37,932	$	228,765	$	157,701

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Annuities Quarterly Trends

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	8,787		$	8,191		$	8,449		$	7,885		$	10,013		$	34,163		$	34,538
Reinsurance Ceded	—			—			—			—			(206		)	—			(206		)
Net Premiums and Policy Fees	8,787			8,191			8,449			7,885			9,807			34,163			34,332
Net investment income	72,244			77,286			85,007			89,742			95,516			267,308			347,551
RIGL - Derivatives	(1,866		)	(6,240		)	(1,850		)	(10,385		)	(22,496		)	(68		)	(40,971		)
RIGL - All Other Investments	557			20			1,095			(14,419		)	387			2,008			(12,917		)
Other income	3,006			3,003			3,255			3,366			3,137			11,285			12,761
Total Revenues	82,728			82,260			95,956			76,189			86,351			314,696			340,756
BENEFITS & EXPENSES
Benefits and settlement expenses	65,429			67,416			71,842			81,441			90,101			240,210			310,800
Amortization of deferred policy acquisition costs and value of businesses acquired	7,626			5,901			7,239			3,034			(15,558		)	27,685			616
Other operating expenses	5,499			6,414			6,333			6,650			6,225			22,891			25,622
Total Benefits and Expenses	78,554			79,731			85,414			91,125			80,768			290,786			337,038
INCOME BEFORE INCOME TAX	4,174			2,529			10,542			(14,936		)	5,583			23,910			3,718
Adjustments to Reconcile to Operating Income:
Less: RIGL - Derivatives	(1,866		)	(6,240		)	(1,850		)	(10,385		)	(22,496		)	(68		)	(40,971		)
Add back: Derivative gains related to equity indexed annuities	(1,866		)	(6,240		)	(1,850		)	(10,385		)	(22,496		)	(68		)	(40,971		)
Less: RIGL - All Other Investments	557			20			1,095			(14,419		)	387			2,008			(12,917		)
Add back: Related amortization of deferred acquisition costs	723			(20		)	40			1,073			979			1,149			2,072
PRETAX OPERATING INCOME	$	4,340		$	2,489		$	9,487		$	556		$	6,175		$	23,051		$	18,707

Annuities Key Data

	4TH QTR			1ST QTR			2ND QTR		3RD QTR			4TH QTR			YEAR
	2007			2008			2008		2008			2008			2007		2008
SALES
Variable Annuity	$	122,962		$	92,792		$	115,448	$	132,374		$	111,794		$	472,482	$	452,408
Immediate Annuity	103,115			225,759			41,731		34,727			47,642			276,928		349,859
Single Premium Deferred Annuity	65,016			81,891			185,468		58,854			400,638			379,495		726,851
Market Value Adjusted Annuity	116,472			208,423			205,866		240,639			411,145			513,309		1,066,073
Equity Indexed Annuity	3,900			3,175			3,723		5,565			4,911			24,210		17,374
Total	$	411,465		$	612,040		$	552,236	$	472,159		$	976,130		$	1,666,424	$	2,612,565
PRETAX OPERATING INCOME
Variable Annuity	$	5,828		$	4,068		$	5,436	$	(5,737	)	$	(7,056	)	$	19,180	$	(3,289	)
Fixed Annuity	(1,488		)	(1,579		)	4,051		6,293			13,231			3,871		21,996
Total	$	4,340		$	2,489		$	9,487	$	556		$	6,175		$	23,051	$	18,707
DEPOSIT BALANCE
VA Fixed Annuity	$	214,220		$	190,968		$	201,171	$	212,011		$	202,395
VA Separate Account Annuity	2,706,239			2,501,975			2,464,467		2,265,765			2,098,203
Sub-total	2,920,459			2,692,943			2,665,638		2,477,776			2,300,598
Fixed Annuity	4,682,912			5,114,313			5,443,137		5,703,702			6,195,293
Total	$	7,603,371		$	7,807,256		$	8,108,775	$	8,181,478		$	8,495,891

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Stable Value Quarterly Trends

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Net investment income	$	76,121		$	78,361		$	77,747		$	88,254		$	83,991		$	300,201		$	328,353
RIGL - Derivatives	237			220			354			(3,196		)	(1,451		)	4,255			(4,073		)
RIGL - All Other Investments	648			5,213			1,469			8,180			(17,216		)	(2,861		)	(2,354		)
Other income	—			—			—			3,000			6,360			—			9,360
Total Revenues	77,006			83,794			79,570			96,238			71,684			301,595			331,286
BENEFITS & EXPENSES
Benefits and settlement expenses	61,304			59,929			57,485			60,128			60,066			241,460			237,608
Amortization of deferred policy acquisition costs and value of businesses acquired	1,059			1,067			1,095			1,211			1,094			4,199			4,467
Other operating expenses	1,175			1,149			1,622			1,731			1,325			4,311			5,827
Total Benefits and Expenses	63,538			62,145			60,202			63,070			62,485			249,970			247,902
INCOME BEFORE INCOME TAX	13,468			21,649			19,368			33,168			9,199			51,625			83,384
Adjustments to Reconcile to Operating Income:
Less: RIGL-Derivatives	237			220			354			(3,196		)	(1,451		)	4,255			(4,073		)
Less: RIGL-All Other Investments	648			5,213			1,469			8,180			(17,216		)	(2,861		)	(2,354		)
PRETAX OPERATING INCOME	$	12,583		$	16,216		$	17,545		$	28,184		$	27,866		$	50,231		$	89,811
Stable Value Key Data
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
	2007			2008			2008			2008			2008			2007			2008
SALES
GIC	$	800		$	74,232		$	11,113		$	22,600		$	58,339		$	132,800		$	166,284
GFA - Direct Institutional	182,179			—			425,000			636,651			—			182,179			1,061,651
GFA - Registered - Institutional	—			450,000			—			—			—			525,000			450,000
GFA - Registered - Retail	20,796			113,404			151,725			25,719			—			86,666			290,848
Total	$	203,775		$	637,636		$	587,838		$	684,970		$	58,339		$	926,645		$	1,968,783
DEPOSIT BALANCE
Quarter End Balance	$	5,046,463		$	5,207,936		$	5,442,022		$	6,021,834		$	4,960,405
Average Daily Balance	$	4,964,733		$	5,140,310		$	5,139,017		$	5,824,533		$	5,666,809
OPERATING SPREAD	1.02		%	1.26		%	1.34		%	1.70		%	1.97		%

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Asset Protection Quarterly Trends

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	96,518		$	95,335		$	91,110		$	88,763		$	87,961		$	395,112		$	363,169
Reinsurance Ceded	(42,808		)	(47,443		)	(42,954		)	(40,249		)	(40,229		)	(176,879		)	(170,875		)
Net Premiums and Policy Fees	53,710			47,892			48,156			48,514			47,732			218,233			192,294
Net investment income	10,233			9,905			9,808			9,595			9,348			39,100			38,656
Realized investment gains (losses)	—			—			—			—			—			—			—
Other income	15,740			15,136			17,379			16,445			13,311			72,054			62,271
Total Revenues	79,683			72,933			75,343			74,554			70,391			329,387			293,221
BENEFITS & EXPENSES
Benefits and settlement expenses	24,105			24,766			27,662			28,021			26,288			106,812			106,737
Amortization of deferred policy acquisition costs and value of businesses acquired	18,822			14,332			15,341			14,154			13,877			82,280			57,704
Other operating expenses	26,708			23,983			25,676			24,193			24,139			98,736			97,991
Total Benefits and Expenses	69,635			63,081			68,679			66,368			64,304			287,828			262,432
INCOME BEFORE INCOME TAX	$	10,048		$	9,852		$	6,664		$	8,186		$	6,087		$	41,559		$	30,789
Asset Protection Key Data
	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
	2007			2008			2008			2008			2008			2007			2008
SALES
Credit	$	26,271		$	22,790		$	18,381		$	15,628		$	10,518		$	113,618		$	67,317
Service Contracts	79,772			71,663			82,199			72,483			53,517			341,356			279,862
Other	18,347			16,262			19,055			16,126			12,025			97,342			63,468
Total	$	124,390		$	110,715		$	119,635		$	104,237		$	76,060		$	552,316		$	410,647

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Acquisitions Quarterly Trends

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	203,370		$	191,492		$	193,516		$	188,377		$	191,053		$	810,696		$	764,438
Reinsurance Ceded	(132,582		)	(115,763		)	(125,079		)	(120,785		)	(126,071		)	(510,540		)	(487,698		)
Net Premiums and Policy Fees	70,788			75,729			68,437			67,592			64,982			300,156			276,740
Net investment income	141,374			136,213			134,482			132,177			127,156			578,965			530,028
RIGL - Derivatives	(22,675		)	28,590			46,499			106,974			27,737			6,622			209,800
RIGL - All Other Investments	20,080			(36,318		)	(50,323		)	(146,976		)	(72,964		)	(2,772		)	(306,581		)
Other income	2,284			1,421			1,847			1,605			1,862			9,462			6,735
Total Revenues	211,851			205,635			200,942			161,372			148,773			892,433			716,722
BENEFITS & EXPENSES
Benefits and settlement expenses	151,323			154,420			142,801			145,153			137,897			633,971			580,271
Amortization of deferred policy acquisition costs and value of businesses acquired	20,273			19,596			19,977			15,405			19,406			79,239			74,384
Other operating expenses	7,478			6,865			6,939			6,019			1,322			48,207			21,145
Total Benefits and Expenses	179,074			180,881			169,717			166,577			158,625			761,417			675,800
INCOME (LOSS) BEFORE INCOME TAX	32,777			24,754			31,225			(5,205		)	(9,852		)	131,016			40,922
Adjustments to Reconcile to Operating Income:
Less: RIGL - Derivatives	(22,675		)	28,590			46,499			106,974			27,737			6,622			209,800
Less: RIGL - All Other Investments	20,080			(36,318		)	(50,323		)	(146,976		)	(72,964		)	(2,772		)	(306,581		)
Add back: Related amortization of deferred policy acquisition costs and value of businesses acquired	437			1,094			(535		)	(1,776		)	(7		)	2,081			(1,224		)
PRETAX OPERATING INCOME	$	35,809		$	33,576		$	34,514		$	33,021		$	35,368		$	129,247		$	136,479

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Corporate & Other Quarterly Trends

(Dollars In Thousands)	4TH QTR			1ST QTR			2ND QTR			3RD QTR			4TH QTR			YEAR
(Unaudited)	2007			2008			2008			2008			2008			2007			2008
REVENUES
Gross Premiums and Policy Fees	$	8,399		$	8,603		$	7,991		$	6,765		$	6,483		$	34,025		$	29,842
Reinsurance Ceded	(5		)	(1		)	(2		)	(1		)	(1		)	(15		)	(5		)
Net Premiums and Policy Fees	8,394			8,602			7,989			6,764			6,482			34,010			29,837
Net investment income	38,765			21,744			44,908			14,929			(1,058		)	165,242			80,523
RIGL - Derivatives	(3,750		)	(24,227		)	20,084			(1,402		)	(42,554		)	(2,340		)	(48,099		)
RIGL - All Other Investments	(2,482		)	3,040			(64,652		)	(197,887		)	(3,141		)	12,227			(262,640		)
Other income	(276		)	904			(508		)	20			203			1,200			619
Total Revenues	40,651			10,063			7,821			(177,576		)	(40,068		)	210,339			(199,760		)
BENEFITS & EXPENSES
Benefits and settlement expenses	8,330			10,367			8,693			8,895			8,215			36,191			36,170
Amortization of deferred policy acquisition costs and value of businesses acquired	186			551			564			518			516			773			2,149
Other operating expenses	44,798			50,789			47,011			46,388			40,212			174,583			184,400
Total Benefits and Expenses	53,314			61,707			56,268			55,801			48,943			211,547			222,719
INCOME (LOSS) BEFORE INCOME TAX	(12,663		)	(51,644		)	(48,447		)	(233,377		)	(89,011		)	(1,208		)	(422,479		)
Adjustments to Reconcile to Operating Income:
Less: RIGL-Derivatives	(3,750		)	(24,227		)	20,084			(1,402		)	(42,554		)	(2,340		)	(48,099		)
Less: RIGL-All Other Investments, net of participating income	(2,482		)	3,040			(64,652		)	(197,887		)	(3,141		)	5,370			(262,640		)
Add back: Derivative gains related to corporate debt and investments	195			484			1,786			1,915			1,569			822			5,754
PRETAX OPERATING INCOME (LOSS)	$	(6,236	)	$	(29,973	)	$	(2,093	)	$	(32,173	)	$	(41,747	)	$	(3,416	)	$	(105,986	)