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ALFA CORPORATION REPORTS FIRST QUARTER 2007 RESULTS

Montgomery, Alabama (May 2, 2007)

— Alfa Corporation (NASDAQ:ALFA) today announced financial results for the three months ended March 31, 2007. Operating income for the quarter was $13,514,159, or $0.17 per diluted share, compared with operating income of $20,055,079, or $0.25 per diluted share, for the first quarter of 2006, a decrease of 33.0% on a per share basis. Net income, which includes net realized investment gains, was $14,328,820, or $0.18 per diluted share for the first quarter of 2007, compared with $20,137,442, or $0.25 per diluted share in 2006, a per share decrease of 29.2%. Premiums and policy charges for the first quarter of 2007 increased 5.3% to $178,006,383.

Alfa’s results for the first quarter of 2007 were affected by losses from the tornado in Enterprise, Alabama, as well as other storms throughout the state in February and March. The impact of these claims on Alfa Corporation’s first quarter earnings, after reinsurance and taxes, was $0.11 per diluted share compared with $0.08 per diluted share in the first quarter of 2006 from the same type of weather-related events. In addition, costs associated with the acquisition of Virginia Mutual and the related commutation of the inter-company quota share, together with the adoption of Statement of Position (SOP) 05-1, Accounting for Deferred Acquisition Costs In Connection With Modifications or Exchanges of Insurance Contracts, added approximately $1.7 million, after-tax, of additional expense in the first quarter of 2007, resulting in an additional earnings decline of $0.02 per diluted share during the quarter.

Alfa’s Chairman, President and Chief Executive Officer, Jerry A. Newby, said, “Storm losses had a significant impact on our first quarter results. When such dramatic events occur, our first thoughts are with our policyholders and taking care of them in their time of need. I am proud of the way our claims personnel responded as we dealt with storm damage across the state of Alabama. Despite this level of storm activity, stockholders’ equity increased $9.5 million for the quarter. We continue to experience sound top-line growth, and our core loss ratio remains outstanding at 57.8%.”

 

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The following information was filed by Alfa Corp on Wednesday, May 2, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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