ALFA CORPORATION REPORTS RECORD 2003 RESULTS
Alfa Corporation (Nasdaq/NM:ALFA) today announced record financial results for the year ended December 31, 2003. Operating income for the year was a record $74,397,597, or $0.93 per diluted share, compared with operating income of $68,354,141, or $0.86 per diluted share for 2002, an increase of 7.7% on a per share basis. Net income, which includes net realized investment gains, was a record $78,468,948, or $0.98 per diluted share for 2003, compared with $71,708,006, or $0.90 per diluted share in 2002, a per share increase of 8.3%. Premiums and policy charges for 2003 increased 6.9% to $525,229,034.
Operating income for the fourth quarter of 2003 was $20,418,044, or $0.25 per diluted share, compared with fourth quarter 2002 operating income of $19,291,569, or $0.24 per diluted share. After net realized investment gains, net income for the fourth quarter of 2003 was $21,780,443, or $0.27 per diluted share, compared with $20,258,405, or $0.25 per diluted share, in the prior-year period. Premium revenue for the final three months of 2003 increased 5.9% to $133,858,864.
Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "We are extremely pleased to report another record year. Loss ratios in our property and casualty business were outstanding despite the challenges of increased weather-related losses. Alfa Corporation enters 2004 with a strong balance sheet, a well-positioned property and casualty business, solid consumer finance and commercial lease portfolios, repositioned life products, and a great management team - ready to deliver value to our shareholders. In addition, technology initiatives slated for 2004 delivery will take our ability to service our customers to a new level."
Alfa Corporation will host a conference call today at 10:30 a.m. Eastern time. Investors and other interested parties may access the teleconference by calling 1-800-289-0528, or via links located on Alfa's web site: www.alfains.com. A 30-day Internet play 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.
Click here for unaudited quarterly financial statements for the fourth quarter and year ended December 31, 2003 and 2002, along with additional information.
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