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October 22, 2001   Email to Friend 

ALFA CORPORATION REPORTS THIRD QUARTER RESULTS
Stephen G. Rutledge
334-288-3900
October 22, 2001

Montgomery, Alabama (October 19, 2001) -- Alfa Corporation (Nasdaq/NM:ALFA) today announced record operating results for the nine months that ended Sept. 30, 2001. Operating income for the nine months was $48,606,477, or $1.23 per diluted share, compared with operating income of $47,732,784, or $1.21 per diluted share for the first nine months of 2000, an increase of 1.7% on a per share basis. Net income, which includes net realized investment gains, was $50,343,269, or $1.28 per diluted share for the first nine months of 2001, compared with $50,998,181, or $1.29 per diluted share, for the similar period in 2000, a per share decrease of 1.4%. Premium revenue for the nine months increased 5.3% to $338,019,104.

Operating income for the third quarter of 2001 was $17,348,198, or $0.44 per diluted share, compared with $14,199,546, or $0.36 per diluted share, for the third quarter of 2000, an increase of 21.5% on a per share basis. Net income, including net realized investment gains, was $18,595,533, or $0.47 per diluted share for the third quarter of 2001, an increase of 33.9% on a per share basis.

Alfa's Chairman, President and CEO Jerry A. Newby said, "This was the most profitable nine-month period in our company's history. We are pleased with these results and continue to look for opportunities to increase shareholder value."

Alfa Corporation hosted a conference call Oct. 19 at 10:30 a.m. Eastern time. Investors and other interested parties may access the teleconference via links located on Alfa's web site: www.alfains.com. A 30-day Internet replay of the call will also be available from Alfa's web site.

Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on the Nasdaq Stock Market's National Market under the symbol ALFA. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies - including political, economic, regulatory, climatic, competitive, legal, and technological - any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements. Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission.


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