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Protective Reports Fourth Quarter And Full-Year 2012 Financial Results

Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the fourth quarter of 2012. Net income available to PLC’s common shareowners for the fourth quarter of 2012 was $66.8 million or $0.82 per average diluted share, compared to $86.0 million or $1.02 per average diluted share in the fourth quarter of 2011. After-tax operating income was $79.7 million or $0.98 per average diluted share, compared to $81.8 million or $0.97 per average diluted share in the fourth quarter of 2011.

Net income available to PLC’s common shareowners for the twelve months ended December 31, 2012 was $302.5 million or $3.66 per average diluted share, compared to $315.4 million or $3.65 per average diluted share for the twelve months ended December 31, 2011. After-tax operating income was $312.7 million or $3.78 per average diluted share, compared to $283.8 million or $3.28 per average diluted share for the twelve months ended December 31, 2011.

“We are delighted to report excellent results for the quarter and the year,” said John D. Johns, Chairman, President and CEO. “Notwithstanding the headwinds presented by low interest rates and a challenging competitive environment, we delivered record operating earnings and an increase in our operating return on equity. Across the board, our team rose to the challenges and efficiently executed our business plans for the year. We believe that we are very well positioned to continue our strong earnings momentum and operating fundamentals in 2013.”

Business Segment Results

The table below sets forth business segment operating income before income tax for the periods shown:

 
Operating Income Before Income Tax
($ in thousands)
    For the     For the
three months ended twelve months ended
December 31, December 31,
2012     2011 2012     2011
Life Marketing $ 15,642 $ 33,810 $ 105,032 $ 96,123
Acquisitions 42,191 41,545 171,060 157,393
Annuities 45,348 24,230 119,092 80,224
Stable Value Products 18,675 14,226 60,329 56,780
Asset Protection 859 6,706 16,454 25,407
Corporate & Other   928   (4,416 )   (3,203 )   5,767
$ 123,643 $ 116,101   $ 468,764   $ 421,694
 

The following table reconciles segment operating income to consolidated net income available to PLC’s common shareowners:

 
    For the     For the
three months ended twelve months ended

($ in thousands)

December 31, December 31,
2012     2011 2012     2011
Operating income before income tax $ 123,643 $ 116,101 $ 468,764 $ 421,694
Realized investment gains (losses) (25,613 ) 7,558 (29,830 ) 54,103
Less:

Related amortization of deferred policy acquisition costs and value of business acquired

(5,689 ) 1,022 (14,037 ) 5,566
Income tax expense   36,923     36,603   150,519     154,839

Net income available to PLC’s common shareowners

$ 66,796   $ 86,034 $ 302,452   $ 315,392
 

Sales

The Company uses sales statistics to measure the relative progress of its marketing efforts. The Company derives these statistics from various sales tracking and administrative systems and not from its financial reporting systems or financial statements. These statistics measure only one of many factors that may affect future profitability of the business segments and therefore are not intended to be predictive of future profitability.

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