Alfa Reports 36% Rise In Quarterly Income
NU Online News Service, April 22, 11:02 a.m. EDT?The Montgomery, Ala.-based insurer Alfa Corp. reported first-quarter net income increased 36 percent to $25.48 million compared with $18.73 million reported during the year-ago period.[@@]
Chief executive Jerry Newby said Alfa had solid top-line growth for the quarter, increasing property-casualty earned premium by 7.6 percent while life premium went up by 8.1 percent. Overall, Alfa's premiums and policy charges for the first quarter were reported at $139.08 million, up 7.66 percent from $129.19 million reported one year ago.
The company's quarterly combined ratio was 84. Mr. Newby said the company's underwriting profitability got a boost from both an improvement in loss ratio and a decrease in expense ratio.
Net investment income for the quarter was $22.02 million, up slightly from $21.65 million reported one year ago.
"These operating results in the first quarter give us a great foundation on which to build for the remainder of 2004," Mr. Newby said.
Alfa provides auto, life, homeowner and other property-casualty insurance in Alabama, Georgia and Mississippi.
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