Alfa Corp. Reports Satisfaction with Q3 Financials

Alabama-based Alfa Corporation announced financial results for the third quarter and nine months ended Sept. 30, 2003.

Operating income for the third quarter was $16,960,007, or $0.21 per diluted share, compared with operating income of $15,849,293, or $0.20 per diluted share for the third quarter of 2002, an increase of 5.7 percent on a per share basis.

Net income, which includes net realized investment gains, was $18,781,056, or $0.23 per diluted share for the third quarter of 2003, compared with net income of $17,450,115 or $0.22 per diluted share for the same period in 2002, a per share increase of 6.3 percent. Premiums and policy charges for the third quarter of 2003 increased 7.0 percent to $132,337,421.

For the nine months ended Sept. 30, operating income was $53,989,553 compared with operating income of $49,062,573 for the first nine months of 2002. On a per share basis, operating income increased 9.0 percent to $0.67 per diluted share for the nine-month period in 2003 compared with $0.62 per diluted share for the similar period in 2002.

Net income, which includes net realized investment gains, was $56,698,505, or $0.71 per diluted share for the first nine months of 2003, compared with net income of $51,449,601, or $0.65 per diluted share for the same period in 2002, a per share increase of 9.1 percent. Premiums and policy charges for the first nine months of 2003 increased 7.3% to $391,370,170.

Alfa’s Chairman, President and CEO, Jerry Newby, noted, “Alfa Corporation has completed another successful quarter with property and casualty premiums increasing 7 percent and life premiums and policy charges increasing 8 percent. Our agency force continues to deliver solid top-line growth and our management team remains committed to delivering consistent operating performance.”