Protective Life Corporation Overview

Deutsche Bank FABN Conference

March 3, 2021

2

IntroductionIn addition to the information contained in this presentation, we have supplemental financial information available on our website at

www.protective.com. The information found on our website is not incorporated by reference or made a part of this presentation. Unless

context otherwise requires, “we,” “us,” and “our” refer to the consolidated group of the Protective Life Corporation (“PLC” or the

“Company”) and its subsidiaries. This presentation includes forward-looking statements which express expectations of future events

and/or results. Actual events and results may differ materially from these expectations. For more information about the risks,

uncertainties, and other factors that could affect our future results, please refer to the “Risk Factors” sections of the most recently filed

Annual Report on Form 10-K and Quarterly Report on Form 10-Q of the Company’s primary operating subsidiary, Protective Life

Insurance Company (“PLICO”), which reports are available on our website.

This presentation includes certain consolidated financial information of PLC. Please note that PLC is neither the issuer nor guarantor of

the securities offered under the Funding Agreement Backed Note (“FABN”) program or the funding agreements that will be used to

make payments on those securities. The funding agreements used to make payments on the securities under the FABN program are

issued by PLICO.

Certain information included in this presentation may contain non-GAAP financial measures. The preparation of Company financial

statements requires management to make estimates and assumptions that impact the reported amount of assets and liabilities, the

disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and

expenses during the reporting periods.

This presentation is not intended as, and should not be construed as, earnings guidance. This presentation is dated March 3, 2021. We

assume no obligation to, and do not intend to update the information contained herein after such date.

Overview

4

Financial Overview

$6.5BTOTAL

REVENUE

4 CORE SEGMENTS

Retail Life & Annuity

Asset Protection

Acquisitions

Stable Value$127BTOTAL

ASSETS

$950BLIFE INSURANCE

IN FORCE

$7.8BSHAREOWNER’S

EQUITY1

As of December 31, 2020

1Shareowner’s Equity excludes AOCI (Accumulated Other Comprehensive Income)

5

Robust Growth

1Excludes Accumulated Other Comprehensive Income

ASSETS REVENUE SHAREOWNER’S EQUITY

$47.6 BAssets as of 12/31/10

$126.9 BASSETS AS OF 12/31/20

$3.1 BRevenues in 2010

$6.5 BREVENUES IN 2020

$3.0 B SHAREOWNER’S EQUITY1

AS OF 12/31/10

$7.8 BSHAREOWNER’S

EQUITY1

AS OF 12/31/20

10%

CAGR

8%

CAGR

10%

CAGR

Financial & Capital Strength

7

Strong Financial Foundation

As of December 31, 2020

TOTAL ADJUSTED

STATUTORY CAPITAL ($BLN)

$3.0 $3.3 $3.2 $3.9 $4.1 $4.5 $4.7 $4.7 $5.4 $5.6

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

RISK-BASED CAPITAL RATIO

434% 510% 447% 562% 562% 619% 614% 459% 479% 490%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

8

Strong Capital Position

RBC RATIO

December 31, 2020

DEBT/CAPITAL RATIO

December 31, 2020

24%Target: 25%

Risk limit: 30%

490%Target: 400%

Risk limit: 350%

9

Highly Rated

As of March 3, 2021

Protective Life

Corporation

Protective Life

Insurance Company

Senior Debt Financial Strength

AM Best Company a- A+

Fitch Ratings BBB+ A+

Moody’s Investors

ServiceBaa1 A1

S&P Global Ratings A- AA-

Outlook for all ratings is stable

Operating Performance Review

11

2020 Financial Results

After-tax adjusted operating income of $411 million, a

$29 million decrease year-over-year

• The Retail Life and Annuity segment was impacted by

elevated mortality due to the COVID-19 pandemic.

• The Acquisitions segment growth was driven by the Great-

West acquisition.

• The Asset Protection segment benefited from lower

expenses, along with improved loss ratios.

• The Stable Value segment was impacted by lower

participating income offset by growth in the balance.

Net income of $362 million, a $101 million decrease

year-over-year

• Net income decreased primarily due to credit losses in the

fixed income portfolio and an increase in the allowance for

credit losses on the commercial mortgage loan portfolio.

GAAP Basis

$ IN MILLIONS

2019

ACTUAL*

2020

ACTUAL*

Retail Life & Annuity 150 98

Acquisitions 347 407

Asset Protection 41 46

Stable Value 93 90

Corp & Other (84) (118)

Pretax Operating

Income

$547 $523

Tax (107) (112)

After-tax Operating

Income

$440 $411

Realized Gains

(Losses)

23 (49)

Net Income $463 $362

* Totals may not appear to foot due to rounding.

12

2020 Financial Plan

* Debt to Capital excludes non-recourse captive financings.

** 2021 dividend to parent assumes 50% of prior year net income

2019

ACTUAL

2020

ACTUAL

2020

PLAN

After-tax Adj. Operating Income $440M $411M $430M

Net Income $463M $362M $365M

RBC Ratio 479% 490% 498%

Debt to Capital* 23% 24% 24%

Dividend to Dai-ichi** - $232M $221M

Capital > 400% RBC $0.9B $1.2B $1.1B

13

• Protection and Acquisitions

– Elevated mortality but believe ultimate impact to be manageable

– Actual to expected 114%

o Over 5,000 death certificates with COVID cause of death

o Average policy size $100K, average age 79 and average policy age 29

– Going forward actual to expected estimated at 98-99%, bigger issue is behavioral (suicide, opioids)

• Retirement

– Strong sales in the last half of the year

• Asset Protection

– Sales following overall new car sales with decline in March/April 2020 followed by rebound

– Some positive impact on claims due to reduced driving

• Investments

– YTD impairments of $99M after-tax through Q4, primarily in energy sector

– Limited exposure to travel and leisure industry

– $2.3 billion mortgage loan modifications granted through 12/31/20 on 305 loans

• Capital remains well above 400% RBC even in modeled severe scenario

COVID-19 Financial Update

Investments

15

Prudent Investment Strategy

81%

1%11%

2%

3% 1%

1%

Fixed Maturities

Policy

Loans

Other long-term

investments Cash

Short-term

investments

Mortgage

Loans

Equity

Securities

Mortgage

Loans

Portfolio Mix as of December 31, 2020

$89.5 Billion Fair Value High quality investment grade assets

Only 4%1 of bonds below investment grade

Disciplined approach to ratings and

diversification

Strong Asset Liability Management focus

Maintaining commercial mortgage loan

portfolio quality

No investments in alternative asset classes

99% of the General Account is managed

in-house, at costs more attractive than

passive index funds

1As of December 31, 2020

16

Fixed Maturities | December 31, 2020

74%

2%

1%

7%

9%

4% 2%1%

Corporate securities

US Government-related securities

Other Government-related securities

States, munis, and political subdivisions

Residential mortgage backed securities

Commercial mortgage backed securities

Other Asset-backed securities

Redeemable preferred stocks

13%

10%

34%

39%

4%

A

AA

AAA

BBB

BB or less

$72.7 Billion Fair Value

Investment Allocation Credit Quality Allocation

17

Current Market Disruption Exposures in Securities Portfolio

Energy exposure fair value was $5.1 billion ($4.6 billion amortized cost) as of

12/31/20:

– Represented 7.0% of fixed income assets

– Primarily concentrated in midstream issuers (processing, storing and transporting)

Corporate securities Travel and Leisure exposure:

– Less than $8 million amortized cost in Lodging

– Leisure exposure approximately $153 million amortized cost – over 99% to NFL, NBA and MLB

– No unsecured airline exposure, less than $217 million amortized cost of low Loan-to-Value (LTV)

Enhanced Equipment Trust Certificate (EETC), primarily investment grade

18

Commercial Mortgage Portfolio Overview (as of 12/31/20)

Total Portfolio of 1,827 loans (GAAP) $ 10.2 B

Average Loan Size $ 5.6 M

Weighted Average Amortization 21 years

Weighted Average Coupon 4.3%

Weighted Average LTV 54%

Weighted Average Debt Coverage Ratio 1.72x

Mortgage Loans by Type

35%

16%

16%

15%

13%

3%

2%0.20%

Retail

Seniors Housing

Industrial

Multi-Family/Apt

Office

Commercial Mortgage Loan

Portfolio Profile

Other Commercial

Hotel and Motel

Mixed Use

1GAAP Commercial Mortgage Loan balance which includes premiums and discounts, gross of allowance for credit losses of $222 mil lion as

of December 31, 2020

19

We have a unique business model and franchise

Our focus is on growth and scale

• Retail sales plans leverage new distribution and partnerships

• Ability to leverage our distinctive M&A franchise

• New capabilities to support growth and improve the customer experience

We have deployed excess capital to create a transformational opportunity

• We are focused on the successful integration of two life and annuity acquisitions (closed in 2018

and 2019) and one asset protection acquisition (closed in 2021)

• Significant earnings growth is possible over the next 3 years as a result of these acquisitions

We have a strong balance sheet and bright future

• High-quality asset portfolio, diversified product portfolio with disciplined asset-liability

management

• Strong financial strength metrics, solid investment grade ratings, with a supportive global parent

Summary

Q&A

21

Forward-Looking StatementsThis Presentation contains forward-looking statements. Forward-looking statements are necessarily based on estimates and

assumptions that are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, many of

which are beyond the Company’s control and many of which are subject to change. Such statements include statements regarding the

belief or current expectations of the management of the Company concerning its future financial condition and results of operations,

including the impact of the novel coronavirus (COVID-19) global pandemic and the scope and duration of the pandemic and actions

taken by governmental authorities in response thereto, the Company’s expected operating and non-operating relationships, ability to

meet debt service obligations and financing plans, product sales, distribution channels, retention of business, investment yields and

spreads, investment portfolio, ability to manage asset-liability cash flows and strategic and financial targets. Such targets are subject to

change and are not necessarily indicative of how the Company may conduct its business. Any such forward-looking statements or

targets are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those

in the forward-looking statements and targets as a result of various factors. Any forward-looking statements reflect the Company’s views

and assumptions as of the date of this Presentation and the Company disclaims any obligation to update forward-looking information.

For additional information concerning risks, uncertainties and other factors that could affect the future results of the Company and PLICO,

please refer to the “Risk Factors” sections of the most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q of

PLICO, the Company’s primary operating subsidiary, which reports are available on our website.

This Presentation has been prepared, in part, from information supplied third-party sources, as indicated herein. Such third-party

information has not been independently verified and the Company makes no representation or warranty, expressed or implied, as to the

accuracy or completeness of such information. The summary descriptions and other information included in this Presentation are

intended only for informational purposes and convenient reference. The information contained in this Presentation is not intended to

provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. The information found on our

website is not incorporated by reference or made a part of this presentation.

Protective Life Corporation Overview

Deutsche Bank FABN Conference

March 3, 2021

Appendix

24

Funding Agreement Backed Notes (FABN) Program

• Re-entered the Funding Agreement Backed Note market under Protective Life

Global Funding (“PLGF”) in November 2015

• Between 1999 and 2008 Protective was an active issuer in this market

• Established $5 billion PLGF program in 2015, upsized to $10 billion in 2020

• This program further complements our overall asset-liability management efforts

• Available to institutional investors in both domestic and international markets

• Program rated AA-/A1 (S&P/Moody’s)

Note | Protective Life Global Funding is not registered with the United States Securities and Exchange Commission.