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April 16, 2003   Email to Friend 

ALFA CORP. REPORTS FIRST QUARTER RESULTS
Stephen Rutledge
(334) 613-4410
April 16, 2003

MONTGOMERY, Ala.-- Alfa Corporation (Nasdaq/NM:ALFA) today announced financial results for the three months ended March 31, 2003. Operating income for the quarter was $19,896,969, or $0.25 per diluted share, compared with operating income of $17,879,100, or $0.23 per diluted share for the first quarter of 2002, an increase of 10.4% on a per share basis. Net income, which includes net realized investment gains and losses, was $18,729,628, or $0.23 per diluted share for the first quarter of 2003, compared with $18,468,147, or $0.23 per diluted share for the first quarter of 2002, an increase of 0.6%. Premiums and policy charges for the first quarter of 2003 increased 8.1% to $129,187,339.

Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "Alfa Corporation has had its strongest quarter ever. This was the result of excellent top-line growth, an outstanding loss ratio, and improvement in our expense ratio. Our employees continue to deliver superior customer service and solid financial performance for the benefit of both our policyholders and our shareholders. We are extremely pleased with the quarter and look forward to another successful year."

Alfa Corporation hosted a conference call today about the first-quarter results. Investors and other interested parties may access a 30-day Internet replay of the call from the company's web site: www.alfains.com.

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.

More detailed earnings information is available at www.alfains.com.


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