Protective to Acquire United Investors Life for $316 Million

Protective Life Corporation PL (“Protective”) today announced that its principal subsidiary, Protective Life Insurance Company, has signed an agreement to acquire United Investors Life Insurance Company from Liberty National Life Insurance Company for a purchase price of approximately $316 million, including statutory capital and surplus of approximately $130 million at closing. Liberty National is a subsidiary of Torchmark Corporation TMK. The acquisition and related transactions, including pre-closing distributions and reinsurance agreements, are subject to the final negotiation of related agreements and receipt of various regulatory approvals and other customary conditions to closing. The expected closing date is December 31, 2010. The initial capital invested by Protective Life is projected to be approximately $260 million, excluding excess capital of approximately $56 million held by United Investors Life Insurance Company at closing. The acquisition is expected to contribute between $0.15 and $0.20 to Protective's earnings per diluted share in 2011, net of the effect of integration and transition costs. The earnings per diluted share impact is expected to be between $0.18 and $0.22 in 2012.