Montgomery, Ala.-based Alfa Corp. has reported its first-quarter net income, which includes net realized investment gains and losses, was $21.57 million, or 27 cents per diluted share, compared with $25.47 million, or 32 cents per diluted share, in the first quarter of 2004, a decrease of 15.4 percent.
Operating income for the quarter was $20.84 million, or 26 cents per diluted share, compared with operating income of $24.53 million, or 30 cents per diluted share, for the same period last year. Premiums and policy charges for the first quarter of 2005 increased 11.2 percent to $154.78 million.
In a written earnings release Alfa noted that its first-quarter performance was affected by losses from a series of thunderstorms that struck Alabama and Mississippi. The storms produced wind and hail that caused damage to both automobiles and homes, generating claims of more than $20 million for the Alfa Group. The impact of these claims on Alfa Corp. first-quarter earnings, after reinsurance and taxes, was 9 cents per diluted share. There were no such storm losses in the year-earlier period.
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