Exhibit 99.1

 

LOGO    NEWS RELEASE
2108 East South Boulevard    Montgomery, Alabama 36116    Telephone 334-288-3900

 

FINANCIAL CONTACT:    MEDIA CONTACT:
Stephen G. Rutledge    David Rickey
Senior Vice President, CFO    Vice President – Public Relations
and Chief Investment Officer    (334) 613-4034
(334) 613-4500   

ALFA CORPORATION REPORTS THIRD QUARTER 2007 RESULTS

Montgomery, Alabama (October 24, 2007) — Alfa Corporation (NASDAQ:ALFA) today announced financial results for the three and nine months ended September 30, 2007. Operating income for the quarter was $24,977,250, or $0.31 per diluted share, compared with operating income of $26,871,178, or $0.33 per diluted share, for the third quarter of 2006, a per share decrease of 7.6%. Net income, which includes net realized investment gains, was $25,119,350, or $0.31 per diluted share, for the third quarter of 2007, compared with $27,237,673, or $0.34 per diluted share in 2006, a per share decrease of 8.3%. Premiums and policy charges increased 3.7% to $179,386,267 for the third quarter of 2007.

For the nine months ended September 30, 2007, operating income was $73,320,225 compared with operating income of $71,354,899 for the first nine months of 2006. On a per share basis, operating income increased 2.2% to $0.90 per diluted share for the nine-month period in 2007 compared with $0.88 per diluted share for the same period in 2006. After net realized investment gains, net income was $74,729,635, or $0.92 per diluted share, for the first nine months of 2007, compared with net income of $72,883,563, or $0.90 per diluted share, for the same period in 2006, a per share increase of 2.0%. Premiums and policy charges increased 4.7% to $536,949,278 for the first nine months of 2007.

During the third quarter of 2007, Alfa Corporation recorded a non-recurring loss resulting from its 41% ownership in MidCountry Financial Corporation. Alfa Corporation accounts for this investment using the equity method. The loss at MidCountry resulted from loans originated and serviced by an independent mortgage lender headquartered

 

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The following information was filed by Alfa Corp on Wednesday, October 24, 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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