Protective Life Corp. reported third quarter 2008 net losses of $100 million as its investments plunged by $203 million.

The Birmingham-based insurance firm reported pre-tax stock losses of $92.4 million in Lehman Bros., $45.3 million in Washington Mutual, $7.1 million in Freddie Mac and $21.9 million in Fannie Mae.

Protective Life’s net losses for the quarter ended Sept. 30 follow three previous quarters in which it posted a combined $135 million in net income.

Protective Life reported net income of $73 million for the quarter ended Sept. 30, 2007.