Protective Reports Q4 EPS of $0.90 vs. $0.65

Protective Life Corporation PL today reported results for the fourth quarter of 2010 and for the twelve months ended December 31, 2010. Net income available to PLC's common shareowners for the fourth quarter of 2010 was $78.6 million, or $0.90 per average diluted share, compared to $131.0 million, or $1.50 per average diluted share, in the fourth quarter of 2009. Operating income, after tax, for the fourth quarter of 2010 was $54.1 million, or $0.62 per average diluted share, compared to $132.3 million, or $1.51 per average diluted share, in the fourth quarter of 2009. Included in the fourth quarter 2009 results is a $120.1 million pre-tax gain generated from the repurchase of non-recourse funding obligations. The fourth quarter of 2010 included a $5.7 million pre-tax gain on the repurchase of non-recourse funding obligations.