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Protective Reports Third Quarter 2013 Financial Results

(October 30, 2013) – Protective Life Corporation (NYSE: PL) (“PLC” or “the Company”) today reported results for the third quarter of 2013. Net income available to PLC’s common shareowners for the third quarter of 2013 was $93.1 million or $1.15 per average diluted share, compared to $60.5 million or $0.73 per average diluted share in the third quarter of 2012. After-tax operating income was $79.5 million or $0.98 per average diluted share, compared to $63.0 million or $0.76 per average diluted share in the third quarter of 2012.

Net income available to PLC’s common shareowners for the nine months ended September 30, 2013 was $274.6 million or $3.39 per average diluted share, compared to $235.7 million or $2.83 per average diluted share for the nine months ended September 30, 2012. After-tax operating income was $228.7 or $2.82 per average diluted share, compared to $233.0 million or $2.80 per average diluted share for the nine months ended September 30, 2012.

“We are very pleased to report another solid quarter,” said John D. Johns, Chairman, President and CEO. “Notwithstanding the headwinds created by the low interest rate environment, an unsettled regulatory environment and intense competition across all retail product lines, we continue to stay on track to meet our sales, capital and earnings plans for the year. We are particularly pleased to have the MONY transaction closed and expect this acquisition to be immediately accretive to our bottom line in the fourth quarter.”

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) $ %
3Q13 3Q12 Change Change
Life Marketing $ 29,218 $ 28,673 $ 545 2 %
Acquisitions 29,429 46,155 (16,726 ) (36 )
Annuities 50,866 9,408 41,458 n/m
Stable Value Products 19,206 13,050 6,156 47
Asset Protection 6,827 4,150 2,677 65
Corporate & Other   (14,251 )   (6,614 )   (7,637 ) n/m
$ 121,295   $ 94,822   $ 26,473   28
 

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

           
($ in thousands)
        3Q13 3Q12
Operating income before income tax $ 121,295 $ 94,822
Realized investment gains (losses) 28,919 (10,582 )
Less:

Amortization related to deferred policy acquisition costs, value of business acquired, and benefits and settlement expenses

8,093 (6,746 )
Income tax expense   49,060   30,506  
Net income available to PLC's common shareowners $ 93,061 $ 60,480  
 

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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