Alfa Corp. Reports Q3 Results

Alabama-based Alfa Corp. announced financial results for the third quarter and nine months ended Sept. 30, 2004. Operating income for the third quarter was $19,542,970, or $0.24 per diluted share, compared with operating income of $16,960,007, or $0.21 per diluted share, for the third quarter of 2003, an increase of 15.5 percent on a per share basis.

Management uses operating income and operating income per share as measures of the company’s ongoing profitability since they eliminate the effect of securities market volatility from earnings. Net income, which includes net realized investment gains, was $20,720,249, or $0.26 per diluted share, for the third quarter of 2004, compared with net income of $18,781,056, or $0.23 per diluted share, for the same period in 2003, a per share increase of 10.6 percent. Premiums and policy charges for the third quarter of 2004 increased 6.7 percent to $141,137,949.

For the nine months ended Sept. 30, 2004, operating income was $63,384,085 compared with operating income of $53,989,553 for the first nine months of 2003. On a per share basis, operating income increased 17.0 percent to $0.79 per diluted share for the nine-month period in 2004 compared with $0.67 per diluted share for the similar period in 2003. Net income, which includes net realized investment gains, was $66,763,267, or $0.83 per diluted share, for the first nine months of 2004, compared with net income of $56,698,505, or $0.71 per diluted share, for the same period in 2003, a per share increase of 17.3 percent. Premiums and policy charges for the first nine months of 2004 increased 7.2 percent to $419,420,109.

Alfa Corp. is engaged in insurance and financial activities through its subsidiaries.