PROTECTIVE LIFE CORP
8-K, 1994-04-28
LIFE INSURANCE
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               SECURITIES AND EXCHANGE COMMISSION

                     Washington, D. C. 20549


                           FORM 8-K


                         CURRENT REPORT



Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)              APRIL 26, 1994



                  PROTECTIVE LIFE CORPORATION
     (Exact name of registrant as specified in its charter)


            DELAWARE                  0-9924            95-2492236
     (State or other jurisdiction  (Commission        (IRS Employer
          of incorporation)        File Number)     Identification No.)


       2801 HIGHWAY 280 SOUTH, BIRMINGHAM, ALABAMA            35223
               (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code    (205) 879-9230


                                         N/A
       (Former name or former address, if changed since last report.)



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Item 5.   OTHER EVENTS.



  On April 26, 1994, Registrant issued a press release with respect to its
earnings which is attached hereto as Exhibit A.













                           SIGNATURES


  Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                           PROTECTIVE LIFE CORPORATION


                           BY/s/JERRY W. DEFOOR
                             --------------------------------
                                Jerry W. DeFoor
                                Vice President and Controller

Dated: April 28, 1994


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                                                       Exhibit A





April 26, 1994


FOR IMMEDIATE RELEASE


Protective Life Corporation (NYSE: PL) announced record first quarter results
today.  The Company's operating income, which excludes realized investment
gains, was $1.09 per share in the 1994 first quarter, a 27% increase over the
$.86 per share last year. Consolidated net income for the first quarter of
1994 was $16.6 million or $1.21 per share, a 39% increase over the $11.9
million or $.87 per share reported for the 1993 first quarter.

At March 31, 1994, the Company's assets were $5.3 billion, and stockholders'
equity per share was $24.46 (excluding $1.19 of unrealized investment losses
resulting from marking the Company's securities to their market values).  The
Company's operating return on average equity for the twelve months ending
March 31, 1994 was 18.4%.


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