Montgomery, Ala.-based ALFA Corp. Alfa Corp. has announced financial results for the second quarter and six months ended June 30, 2005.
Operating income for the second quarter was $27,332,929, or $0.34 per diluted share, compared with operating income of $19,311,504, or $0.24 per diluted share for the second quarter of 2004, an increase of 41.5 percent on a per share basis. Net income, which includes net realized investment gains and losses, was $28,555,161, or $0.35 per diluted share for the second quarter of 2005, compared with $20,566,130, or $0.26 per diluted share for the second quarter of 2004, an increase of 38.8 percent. Premiums and policy charges for the second quarter of 2005 increased 12.7 percent to $156,892,571.
For the six months ended June 30, 2005, operating income was $48,177,076 compared with operating income of $43,841,114 for the first half of 2004. On a per share basis, operating income increased 9.9 percent to $0.60 per diluted share for the six-month period in 2005 compared with $0.54 per diluted share for the similar period in 2004.
Net income, which includes net realized investment gains, was $50,125,505, or $0.62 per diluted share for the first six months of 2005, compared with net income of $46,043,017, or $0.57 per diluted share for the same period in 2004, a per share increase of 8.8 percent. Premiums and policy charges increased 12.0 percent to $311,670,728 for the first half of 2005.
“Strong performance in both our property casualty and life operations produced another record quarter for Alfa Corporation,” Jerry A. Newby, Alfa chairman, president and CEO commented. “We are extremely proud of our results for the second quarter with income increasing over 50 percent in our combined insurance operations. New production by our exclusive agency force, combined with the addition of Alfa Virginia Mutual and Alfa Vision Insurance, led to a 13 percent increase in our premium and policy charges. We are excited about our company’s direction and look forward to the second half of 2005.”
Alfa specializes in property and casualty insurance.
Topics Profit Loss
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