Montgomery, Ala.-based Alfa Corp. has released record financial results for the year ended Dec. 31, with operating income increasing 13.9 percent to $84.86 million, or $1.05 per diluted share compared to $74.4 million for the same period one year ago.
Net income also increased 13.8 percent to 489.44 million, or $1.11 per diluted share compared to $78.47 million for the same period one year ago. In addition, premiums and policy charges for 2004 increased 6.9 percent to $561.36 million.
Alfa also posted an increase in fourth quarter operating income to $21.48 million, or 27 cents per diluted share, compared to $20.42 million, or 25 cents per diluted share for the same period one year ago.
After net realized investment gains, net income for the fourth quarter of 2004 was $22.68 million, or 28 cents per diluted share, compared to $21.78 million, or $0.27 per diluted share, in the prior-year period. Premium revenue for the final three months of 2004 increased 6 percent to $141.94 million.
Jerry A. Newby, Alfa chairman, president and chief executive anticipates the company’s new nonstandard automobile subsidiary, Alfa Vision, will add insurance production in nine new states.
“We expect this new company, together with the addition of Alfa Virginia Mutual to our inter-company pooling agreement, will substantially increase Alfa’s geographic reach and enhance our growth potential in the coming years,” he said.
Alfa Insurance specializes in property and casualty insurance.
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