Company Profile - Protective Life Corporation

Overview

Protective Life Corporation and its subsidiaries provide financial security through insurance and investment products to individuals and families across the United States.* Life insurance products are marketed through our Life and Annuity Division and West Coast Life Division and under the banners of three companies: Protective Life Insurance Company, West Coast Life Insurance Company, and Protective Life and Annuity Insurance Company (our New York licensed company).

Our Acquisitions Division acquires blocks of policies from other companies. Having successfully invested approximately $700 million in these transactions over the last dozen years, we have developed expertise and know-how in this area. Retirement savings and investment products, which consist of annuities, guaranteed investment contracts (GICs), and funding agreements, are marketed through the Life and Annuity Division and Stable Value Products Division. Finally, a variety of asset protection products, primarily credit insurance and service contracts, are offered through our Asset Protection Division.

Most recently in 2006, Protective Life acquired the Chase Insurance group of companies, including Chase Insurance Life and Annuity Company, Chase Insurance Life Company, Chase Life & Annuity Company, Chase Life & Annuity Company of New York and Chase Insurance Life Company of New York. The two New York insurance companies have merged. The survivor company is called Protective Life Insurance Company of New York. The remaining Chase insurance companies have been or will be merged into Protective Life Insurance Company as of April 1, 2007. We welcome our new Protective customers. For those customers whose life insurance business is being administered by Alliance-One Services, Inc., we invite you to call (800) 321-9313 or email PLICOinsuranceservices@csc.com for your customer service needs. Our annuity customers should continue to call (800) 621-5001 for their customer needs or visit www.insuranceserviceonline.com .

Protective Life Insurance Company has had consistently high ratings from independent rating organizations who assign ratings measuring financial strength or claims-paying abilities. They consider factors such as overall operating performance, asset quality, financial flexibility, and capitalization. This wholly owned subsidiary has insurer financial strength ratings of A+ (Superior, 2nd highest of 15 ratings) from A.M. Best, AA (Very Strong, 3rd highest of 21 ratings) from Standard & Poor’s, AA- (Very Strong, 4th highest of 22 ratings) from Fitch, and Aa3 (Excellent, 4th highest of 21 ratings) from Moody’s Investors Service.**

Our Company has grown and prospered through six generations of management. We have been fortunate to enjoy tremendous growth in sales, earnings, and assets - growth that has been driven by faithfulness to, and consistent application of, our core business principles over time.

Benefits

Health Benefits Protective offers competitive subsidized medical and dental coverages to employees and their dependents, and premiums may be paid on a pre-tax basis through payroll deduction. Employees may choose medical coverage through a health maintenance organization (HMO), where available, or a preferred provider organization (PPO). Employees in many locations may choose between a dental managed care option and a dental indemnity plan. Financial Benefits As a Protective employee, you may choose to take advantage of the Flexible Benefits Plan which allows you to establish reimbursement accounts in order to use pre-tax dollars for meeting medical plan deductibles, other expenses not covered under the medical plan, and dependent care expenses. Group Life Insurance Upon employment, Protective provides basic term life insurance equal to two times your salary up to $50,000, and funds the cost of dependent coverage of $5,000 for your eligible spouse and each of your children. You may also purchase additional term life insurance in increments of one, two, or three times your base salary at age-based rates. Long-Term Disability Insurance To help provide employees with a source of income during a period of absence due to illness (non-work related), Protective offers optional long-term disability insurance. This insurance provides the employee with partial salary in the event of extended illness or injury. 401(k) and Stock Ownership Plan Employees are eligible to participate in Protective’s 401(k) savings plan as soon as administratively possible after hire date. This plan allows you to defer, via payroll deduction, up to 25% of your earnings before taxes are withheld. Protective matches your contribution dollar for dollar, in Protective stock, up to 4% of your earnings. The plan also has a profit sharing element for most employees, where Protective will contribute between 1% and 3% of base pay in Protective stock based on company performance. Company matching and profit sharing contributions are immediately 100% vested. Pension Plan Protective funds the entire cost of the pension plan, which provides monthly income benefits at retirement, based on your earnings history and length of service. Participation in this plan is automatic and employees are 100% vested after five years of service. Personal Benefits Vacations & Holidays Protective observes nine holidays each year and, in addition, provides one floating holiday. As a new employee you accrue vacation to a maximum of ten days per year, during the first two years of employment. After three months of service, you are eligible to use accrued vacation time. Your vacation benefit will increase to fifteen days after five years of service and to twenty days after fifteen years. Sick Leave Upon completion of six months of service, employees are eligible for up to five days of paid sick leave to be used when ill or to care for a sick family member. After completion of one year of service, employees are eligible for up to ten days of sick leave annually. Short-Term Disability Leave After completing one year of service, employees are eligible for short-term disability leave. In the event of extended illness (typically after five days), full or partial salary (based on length of employment) may be paid for up to six months. Employee Assistance Program A wide range of issues not directly associated with work can have an effect on your job performance. In an effort to help meet the changing needs of our employees, Protective has established an Employee Assistance Program (EAP). The program provides access to professional counselors and is open to all employees and their family members free of charge. Educational Benefits Protective is committed to and provides many resources toward the professional growth and development of its employees. Tuition Reimbursement We offer financial assistance through tuition reimbursement to help employees develop their careers. After six months of service, full-time employees are eligible to have Protective reimburse tuition costs for successfully completed job-related courses. Industry Education Protective employees also have numerous opportunities for personal and professional development in such nationally recognized areas of insurance education as the Life Office Management Association (LOMA), International Claims Association (ICA), Chartered Life Underwriter (CLU), and the Society of Actuaries, among others. Incentives include cash awards for mastering progressive levels of study and career development. In-House Training Our Performance Development Team is committed to helping each employee reach his or her full potential. We provide a variety of programs and services to help employees develop their skills and abilities, to enhance individual and team performance, and to create a climate of continuous learning. Whether it is to improve leadership, customer service, or conflict resolution skills, to learn the latest software packages, or to help a team work more effectively together, Protective offers a training class to meet those needs Wellness Benefits Protective is dedicated to providing its employees an environment to enhance their physical and emotional well-being. The ProHealth Wellness Program was established to promote wellness of mind and body by using a comprehensive, holistic approach to health. Our mission focuses on giving employees the skills needed to achieve an optimum level of wellness. Protective's strong commitment to wellness is evident from its designation as a Gold Well Workplace by the Wellness Councils of America. Some of the wellness benefits that our employees enjoy include the following: Access to a registered nurse and nutritionist Health-E-tips (TM) Digital pedometer program On-site lactation services Smoking cessation information Annual fitness event Disease management program Health related seminars Additionally, our Birmingham headquarters location offers: Health assessments On-site fitness center Health library Pregnancy and other laboratory tests On-site osteoporosis screening Indoor/outdoor walking routes Chair massage Work/Life Balance Protective has established a number of programs to address the issues employees face in balancing the demands of work and family life. Through these programs, we are able to truly enhance the quality of life for employees and their families. Protective has consistently been recognized as one of the Best Companies for Working Families, in Birmingham, our largest market. Some of our work/life programs include: Flextime Job Sharing Alternative Work Schedules Part-time Employment Long-Term Care Insurance Family Medical Leave Sick childcare Bring Your Child to Work Day Corporate Camp Programs Childcare/Eldercare Referral Adoption Assistance Scholarships for Dependents

Mission and Values

Protective Life Corporation provides financial security through insurance and investment products. Our purpose is to enhance the quality of life of our customers, our share owners, and our people. We hold to three preeminent values - quality, serving people, and growth - which by tradition and choice transcend all others. They are the foundation of our aspirations, our plans, our best energies, and our life together in this Company.

Quality
The heart of quality is integrity. Quality is the cornerstone on which all our activity rests - quality products, services, people, and investments. We strive for superior quality and continuous quality improvement in everything we do.

Serving People
Serving people begins with being worthy of their trust. We believe we are at our best when we value and build upon the diverse talents, backgrounds, and insights of all people. We find our ultimate reward in serving these three groups:

Customers: Our customers come first. Our success as a Company depends upon our ability to respond to the needs of the many different types of people we serve as customers. We prosper only to the extent that we create long-term relationships with satisfied customers. We do so in discerning their needs and responding to them; in providing high value, distinctive products; in prudent investment of policyholder funds; in systems, information, and counsel which help our customers solve problems; and in prompt, accurate, innovative, and courteous service which is the best in the business.

Share owners: Our share owners provide the equity essential for our success. We are stewards of their investment and must return a profit to them. Profit is essential for implementing our commitment to quality, serving people, and growth. It is a critical measurement of our performance. Our objective is to rank at the top of the industry in long-range earnings growth and return on equity.

Protective people: The accomplishment of our mission depends on valuing and leveraging our many differences and on building a community based on trust and teamwork. We want our people to enjoy their work and take pride in Protective, its mission and values. We are committed to opportunity and development for all to help us fulfill our potential; open, candid communication; the input, initiative, and empowerment of all people; the recognition and encouragement of one another; and creating a place where a zeal to serve our customers, share owners, and each other permeates the Company.

Growth
The keys to growth are resourcefulness, passion, and persistence. We are dedicated to long-term growth in sales, revenues, and profit, not only for our share owners, but also because it contributes to personal growth and development of Protective people. We achieve growth through innovative marketing, superior service, and acquisitions. Growth is critical for improving quality and serving people. It is essential to maintaining a position of strength in our marketplace and attracting and retaining high-caliber people.

Contact

Protective Life Corporation

2801 Highway 280 South
Birmingham, AL 35223
205-268-1000
800-866-3555

Community Reinvestment

Doing the right thing for the community.

Our Company has maintained, since its earliest days, a strong tradition of philanthropy and community service. We have a rich tradition of giving back to our local communities as a means of expressing our appreciation for what they give and contribute to the health and success of our Company. Protective contributes in a variety of ways. Because our culture tends to attract people with good leadership skills and an interest in community affairs, our people are often leaders in charitable organizations, community groups, churches and cultural organizations.

The objectives of our Foundation are: to contribute to the welfare and the quality of life of the local community; to be a corporate leader and pacesetter in giving; and to work in partnership with other organizations, corporations and individuals to find solutions for some of the difficult human and economic situations in our communities.