Protective Life Corp. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2009. Net income for the third quarter of 2009 was $27.6 million, or $0.32 per average diluted share, compared to a net loss of $100.0 million, or $1.41 per average diluted share, in the third quarter of 2008. Operating income, after-tax, for the third quarter of 2009 was $47.9 million, or $0.55 per average diluted share, compared to $62.5 million, or $0.88 per average diluted share, in the third quarter of 2008. Book value per share increased to $26.91 at quarter-end, compared to $10.89 at December 31, 2008. Operating income for the third quarter of 2009 included $4.6 million of net negative items, on a pre-tax basis: positive items: positive fair value changes of $14.1 million on a portfolio of securities designated for trading; positive prospective unlocking of $10.1 million. Negative items: negative fair value changes of $3.8 million in the Annuities segment; negative mortality variance to plan in the Life Marketing and Acquisitions segments of $7.8 million. Income before income tax was $41.636 million compared to loss before income tax of $159.942 million for the same period last year. For the nine months ended September 30, 2009, net income was $140.5 million, or $1.77 per average diluted share, compared to a net loss of $25.9 million, or $0.36 per average diluted share, in the nine months ended September 30, 2008. Operating income, after tax, for the nine months ended September 30, 2009 was $190.3 million, or $2.40 per average diluted share, compared to operating income, after tax, of $183.2 million, or $2.57 per average diluted share, in the nine months ended September 30, 2008.

Protective Life Corp. declared a quarterly dividend of $0.12 per share to be paid on November 30, 2009 to share owners of record at the close of business on November 13, 2009.

Protective Life Corp. announced that on October 9, 2009 it closed on offerings of $400 million of its senior notes due in 2019, $100 million of its senior notes due in 2024, and $300 million of its senior notes due in 2039, for an aggregate principal amount of $800 million. Protective used the net proceeds to purchase $800 million of newly issued surplus notes from its indirect wholly-owned insurance subsidiary, Golden Gate Captive Insurance Company. Golden Gate concurrently purchased at a discount $800 million in aggregate principal amount of its floating rate surplus notes held by third parties. The repurchase transactions are expected to result in an estimated pre-tax gain of $126 million, or $0.94 per diluted share, to be recognized in the fourth quarter of 2009. Banc of America Securities LLC, Barclays Capital Inc. and Wells Fargo Securities, LLC were joint book-running managers for the 2019 and 2039 notes. Banc of America Securities LLC and Wells Fargo Securities, LLC were joint book-running managers for the 2024 notes.