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Protective Reports Second Quarter 2013 Financial Results

Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the second quarter of 2013. Net income available to PLC’s common shareowners for the second quarter of 2013 was $103.2 million or $1.27 per average diluted share, compared to $76.2 million or $0.91 per average diluted share in the second quarter of 2012. After-tax operating income was $77.7 million or $0.96 per average diluted share, compared to $70.9 million or $0.85 per average diluted share in the second quarter of 2012.

Net income available to PLC’s common shareowners for the six months ended June 30, 2013 was $181.5 million or $2.24 per average diluted share, compared to $175.2 million or $2.10 per average diluted share for the six months ended June 30, 2012. After-tax operating income was $149.2 or $1.84 per average diluted share, compared to $170.0 million or $2.04 per average diluted share for the six months ended June 30, 2012.

“We are pleased to report solid financial results in the second quarter that exceed our plan for the quarter,” said John D. Johns, Chairman, President and CEO. “Very strong investment income, strong earnings in the variable annuity line, favorable mortality in life marketing and better than plan results in the Asset Protection segment more than offset the adverse impact of several items and adjustments in the quarter. We are continuing to press ahead on the MONY acquisition and are making good progress on all fronts toward our targeted closing date of October 1. We are also pleased to report that in each of our three major retail business lines (Life Marketing, Annuities and Asset Protection) our sales in this quarter exceeded last year’s comparable sales. Overall, we remain on track to achieve or exceed our earnings plan for the year.”

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) $ %
2Q13 2Q12 Change Change
Life Marketing $ 24,673 $ 30,348 $ (5,675 ) (19 ) %
Acquisitions 29,435 43,615 (14,180 ) (33 )
Annuities 36,382 28,553 7,829 27
Stable Value Products 22,464 15,958 6,506 41
Asset Protection 7,384 6,479 905 14
Corporate & Other   (2,483 )   (25,397 )   22,914   90
$ 117,855   $ 99,556   $ 18,299   18
 

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

         
($ in thousands)
    2Q13 2Q12
Operating income before income tax $ 117,855 $ 99,556
Realized investment gains (losses) 44,491 12,072
Less:

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

5,333 3,941
Income tax expense   53,814   31,532
Net income available to PLC's common shareowners $ 103,199 $ 76,155
 

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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