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April 25, 2002   Email to Friend 

ALFA CORPORATION DECLARES TWO-FOR-ONE STOCK SPLIT
Debra Davis
(334) 613-4686
April 25, 2002

Alfa Corp. (Nasdaq/NM:ALFA) today announced that its board has increased the quarterly cash dividend to $0.15 per share, payable on May 31, 2002, to shareholders of record on May 15, 2002. This represents an increase of 3.4 percent from the previous rate of $0.145 per share per quarter and marks the 28th consecutive year in which cash dividends have increased.

Alfa Corp. also announced that its board of directors has approved a two-for-one stock split to be effected as a 100 percent stock dividend. The new shares will be distributed on June 17, 2002, to stockholders of record on June 3, 2002. Alfa Corp. currently has approximately 39.5 million common shares outstanding.

Commenting on the announcement, Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "It is gratifying that the company's continued growth and its strong capital position have enabled the board to declare this split and increase the cash dividend rate again. We are confident that the additional shares outstanding will benefit shareholders by increasing the trading activity, visibility, and liquidity of our shares."

Alfa Corp. is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corp. is traded on the Nasdaq Stock Market's National Market under the symbol ALFA.


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