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October 20, 2006   Email to Friend 

ALFA CORPORATION REPORTS THIRD QUARTER 2006 RESULTS
Dave Rickey
(334) 613-4034
October 20, 2006

MONTGOMERY, Ala., Oct. 20 -- Alfa Corporation (NASDAQ:ALFA) today announced financial results for the three and nine months ended Sept. 30, 2006. Operating income for the quarter was $26,871,178, or $0.33 per diluted share, compared with operating income of $24,219,493, or $0.30 per diluted share, for the third quarter of 2005, a per share increase of 10.2 percent. Net income, which includes net realized investment gains, was $27,237,673, or $0.34 per diluted share, for the third quarter of 2006, compared with $25,102,904, or $0.31 per diluted share in 2005, a per share increase of 7.8 percent. Premiums and policy charges for the third quarter of 2006 increased 7.5 percent to $172,953,460.

For the nine months ended Sept. 30, 2006, operating income was $71,354,899 compared with operating income of $72,396,566 for the first nine months of 2005. On a per share basis, operating income decreased 2.0 percent to $0.88 per diluted share for the nine-month period in 2006 compared with $0.90 per diluted share for the same period in 2005. After net realized investment gains, net income was $72,883,563, or $0.90 per diluted share, for the first nine months of 2006, compared with net income of $75,228,407, or $0.93 per diluted share, for the same period in 2005, a per share decrease of 3.7 percent. Premiums and policy charges increased 9.1 percent to $512,801,354 for the first nine months of 2006.

Alfa's Chairman, President and Chief Executive Officer Jerry A. Newby, said, "I am pleased with our performance in the third quarter. Healthy top-line growth in both our property and casualty and life business segments contributed to these results. Our loss ratio, which is also a key component behind our operating performance, remains outstanding. The commitment of our agency force to deliver strong top-line growth, together with our management team's dedication to achieving consistent operating performance, continues to prevail in today's competitive market conditions. We look forward to the remainder of 2006 with anticipation of another solid year for Alfa Corporation."

Alfa Corporation will host a conference call on Friday, Oct. 20, at 10:30 a.m. Eastern time. Investors and other interested parties may access the teleconference by calling 1-800-289-0493 (access code 7339774), 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 Global Select Market under the symbol ALFA.

The associated investor supplement package for the third quarter ended Sept. 30, 2006, may be found by clicking on the web cast link in the "Invest in Alfa" section of Alfa's web site and is also available at: http://www.irinfo.com/alfa/3q06fsg.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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