PL Planet Labs PBC

A.M. Best Co. has assigned indicative debt ratings of �a� to senior unsecured debt, �a-� to subordinated debt, �a-� to trust preferred securities and �bbb+� to preferred stock, which may be issued under Protective Life Corporation�s (Protective) (Birmingham, AL) (NYSE: PL) recently filed shelf registration statement. The outlook for all ratings is stable. The financial strength, issuer credit and debt ratings of Protective and its direct and indirect life/health subsidiaries led by Protective Life Insurance Company (PLIC) (Tennessee) are unchanged. (Please see below for a detailed listing of the companies and ratings.) This registration has an undesignated amount of securities, which can be issued in accordance with the Securities and Exchange Commission rules for seasoned issuers. Under the terms of the shelf, Protective may issue an indeterminate number of senior debt securities, subordinated debt securities, preferred stock, common stock, warrants, stock purchase contracts and stock purchase units. Proceeds from the securities issued under the shelf would be added to Protective�s general funds and used for general corporate purposes, including the repayment of indebtedness. 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. 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 current all in financial leverage 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. � � � � � � � � The following indicative shelf ratings have been assigned: � Protective Life Corporation -- "a" senior unsecured debt -- "a-" subordinated debt -- "bbb+" preferred stock � PLC Capital Trust VI, VII and VIII -- "a-" trust preferred securities For Best�s Debt Ratings, all other Best�s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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.