Protective to Acquire United Investors Life

Protective Life Corporation (NYSE: PL) (“Protective”) today announced that its principal subsidiary, Protective Life Insurance Company (“Protective Life”), has signed an agreement to acquire United Investors Life Insurance Company from Liberty National Life Insurance Company (“Liberty National”) for a purchase price of approximately $316 million, including statutory capital and surplus of approximately $130 million at closing. Liberty National is a subsidiary of Torchmark Corporation (NYSE: TMK). The acquisition and related transactions, including pre-closing distributions and reinsurance agreements, are subject to the final negotiation of related agreements and receipt of various regulatory approvals and other customary conditions to closing. The expected closing date is December 31, 2010.

The initial capital invested by Protective Life is projected to be approximately $260 million, excluding excess capital of approximately $56 million held by United Investors Life Insurance Company at closing. The acquisition is expected to contribute between $0.15 and $0.20 to Protective’s earnings per diluted share in 2011, net of the effect of integration and transition costs. The earnings per diluted share impact is expected to be between $0.18 and $0.22 in 2012.

“We are very pleased to announce this transaction,” said John D. Johns, Protective’s Chairman, President and Chief Executive Officer. “It leverages our extensive experience and capabilities in acquiring closed blocks of business and is entirely consistent with our strategy to augment earnings growth by deploying excess capital through acquisitions.”

The Company will host a brief conference call for management to discuss the transaction with analysts and professional investors on September 14, 2010 at 10:00 a.m. Eastern. Analysts and professional investors may access this call by dialing 1-866-783-2137 (international callers 1-857-350-1596) and entering the conference passcode: 37088882. A recording of the call will be available from 12:00 p.m. Eastern September 14, 2010 until midnight September 28, 2010. The recording may be accessed by calling 1-888-286-8010 (international callers 1-617-801-6888) and entering the passcode: 26768943.

The public may access a live webcast of the call, along with a call presentation, on the Company’s website at www.protective.com.

Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the United States. It has annual revenues of approximately $3.1 billion and as of December 31, 2009 had assets of approximately $42.3 billion.

FORWARD-LOOKING STATEMENTS

This release includes “forward-looking statements” that may express expectations of future events and results regarding the proposed transactions, including but not limited to statements regarding the expected benefits and costs of the proposed transactions, the ability to complete the proposed transactions, and the expected timing of the completion of the proposed transactions. All statements that express expectations for and results of future events rather than historical facts are forward-looking statements that may involve certain risks and uncertainties. Protective cannot give assurance that such statements will prove to be correct. The factors that could affect the future events include, but are not limited to, general economic conditions and the following known trends and uncertainties: Protective Life may not be able to complete the transactions due to, among other things, the failure of the parties to satisfy the various closing conditions, including the receipt of required regulatory approvals; completion of the transactions may be more costly or may take longer than expected; the financing structure of the transactions may be different than currently contemplated; the actual financial results of the transactions could differ materially from Protective’s expectations and may be impacted by items not taken into account in its forecasts and/or its earnings per share calculations; and Protective Life’s expectations regarding its ability to successfully integrate and transition the acquired operations and satisfy its legal and compliance obligations in relation to the transactions may prove to be incorrect. In addition, please refer to Part I, Item 1A, Risk Factors and Cautionary Factors that may Affect Future Results of Protective’s most recent Form 10-K; Part II, Item 1A, Risk Factors, of Protective’s subsequent quarterly reports on Form 10-Q; and Protective’s reports filed on Form 8-K for more information about risk factors. Protective assumes no obligation and does not intend to update these forward-looking statements.

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