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A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of �aa� of Protective Life Corporation�s (Protective) (Birmingham, AL) [NYSE: PL] direct and indirect life/health subsidiaries led by Protective Life Insurance Company (PLIC) (Tennessee). Concurrently, A.M. Best has affirmed the ICR of �a� and debt ratings of Protective. In addition, A.M. Best has affirmed the debt ratings of the outstanding notes issued for the various funding agreement-backed securities (FABS) programs of PLIC. A.M. Best also has affirmed the FSR of A- (Excellent) and ICR of �a-� of Protective�s indirect property/casualty subsidiary, Lyndon Property Insurance Company (St. Louis, MO). The outlook for all ratings is stable. (Please see link below for a detailed listing of the companies and ratings.) Protective�s ratings reflect its consistent earnings performance, diversified revenue and profit sources, broad distribution capabilities, historically solid risk-adjusted capitalization and superior investment performance. The ratings also acknowledge Protective�s success in deploying excess capital via acquisition and effectively integrating acquired insurance companies and blocks of business. Protective�s steady sales and profitability are supported by its diversified network of non-captive distribution channels and its well-managed growth strategy. In addition, Protective�s acquisitions have increased its earnings and allowed the organization to enter new markets and realize certain operating efficiencies. Protective maintains a high-quality, diversified investment portfolio, which has experienced a significantly lower level of realized losses on sales and impairments than many of its peers. While the ratings recognize Protective�s strong and diverse business profile, A.M. Best notes that a few of the group�s product lines are not material in size or synergy with Protective�s core businesses. Furthermore, a significant portion of its GAAP and statutory earnings are generated by segments that are somewhat opportunistic and products that are commoditized in nature. Additionally, Protective�s all-in financial leverage�senior-plus-subordinated debt�is slightly over 30% and near the upper end of the range for its current ratings. However, Protective�s interest coverage is strong at approximately eight times, partially mitigating A.M. Best�s financial leverage concerns. For a complete listing of Protective Life Corporation�s FSRs, ICRs and debt ratings, please visit www.ambest.com/press/060208protective.pdf. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.