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July 20, 2005   Email to Friend 

ALFA CORPORATION REPORTS SECOND QUARTER RESULTS
Debra Davis
(334) 613-4686
July 20, 2005

Alfa Corporation (Nasdaq/NM:ALFA) today 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% 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%. Premiums and policy charges for the second quarter of 2005 increased 12.7% 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% 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%. Premiums and policy charges increased 12.0% to $311,670,728 for the first half of 2005.

Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "Strong performance in both our property casualty and life operations produced another record quarter for Alfa Corporation. We are extremely proud of our results for the second quarter with income increasing over 50% 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% 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 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 800-289-0730, 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.

The associated investor supplement package for the second quarter and six months ended June 30, 2005, may be found by clicking on the webcast link in the "Invest in Alfa" section of Alfa's website and is also available at: http://www.irinfo.com/alfa/2q05fsx.pdf.

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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