ALFA CORPORATION is a financial services holding company which operates predominantly in the insurance industry through its wholly-owned subsidiaries Alfa Life Insurance Corporation, Alfa Insurance Corporation, Alfa General Insurance Corporation and Alfa Agency Mississippi, Inc.

Other wholly-owned noninsurance subsidiaries include Alfa Financial Corporation, Alfa Investment Corporation, Alfa Builders, Inc., Alfa Realty, Inc. and Alfa Benefits Corporation, which are engaged in consumer financing, leasing, real estate investments, residential and commercial construction, real estate sales and benefit services for the Alfa Group.

Alfa Corporation is affiliated with the Alfa Mutual Insurance Companies (the Mutual Group), which collectively own 50.9% of Alfa Corporation's common stock, their largest single investment.

Alfa Corporation's insurance subsidiaries write life insurance in Alabama, Georgia and Mississippi and property and casualty insurance in Georgia and Mississippi. Its property and casualty business is pooled with that of the Alfa Mutual Insurance Companies which write property and casualty business in Alabama. Approximately 83% of the Company's property and casualty premium income and 73% of its total premium income for 1999 was derived from the Company's participation with the Mutual Group in a Pooling Agreement.

The Mutual Group is a direct writer primarily of personal lines of property and casualty insurance in Alabama. The Company's subsidiaries similarly are direct writers in Georgia and Mississippi. Both the Mutual Group and the Company write preferred risk automobile, homeowner, farmowner and mobile home insurance, fire and allied lines, standard risk automobile and homeowner insurance, and a limited amount of commercial insurance, including church, and businessowner insurance.

The Company's Common Stock is traded on The NASDAQ Stock Market under the symbol "ALFA".