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                                                                   EXHIBIT 99.1



                          JOHN ALDEN FINANCIAL CORPORATION

                            EMPLOYEE STOCK PURCHASE PLAN

                                FOR THE YEARS ENDED

                             DECEMBER 31, 1997 AND 1996


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               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


To the Plan Participants of the John Alden Financial Corporation
Employee Stock Purchase Plan and the Compensation Committee
of the Board of Directors of John Alden Financial Corporation

In our opinion, the accompanying statement of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of the John Alden Financial Corporation Employee Stock Purchase
Plan at December 31, 1997 and 1996, and the changes in net assets available for
plan benefits for each of the three years in the period ended December 31, 1997,
in conformity with generally accepted accounting principles. These financial
statements are the responsibility of the plan's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.

As discussed in Note 3, on March 9, 1998, John Alden Financial Corporation 
entered into an agreement for the sale of the Company to a wholly-owned
subsidiary of Fortis, Inc. which may result in the termination of the Plan. 
These financial statements do not reflect any adjustments that may result from
the termination of the Plan.


/s/ Price Waterhouse LLP
------------------------

PRICE WATERHOUSE LLP

Miami, Florida
March 17, 1998



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                        JOHN ALDEN FINANCIAL CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN

                                TABLE OF CONTENTS

                                                                       Page No.

Report of Independent Certified Public Accountants                         3

Financial Statements:

  Statements of Net Assets Available for Plan
     Benefits as of December 31, 1997 and 1996                             4

  Statements of Changes in Net Assets
     Available for Plan Benefits for the Years
     Ended December 31, 1997, 1996 and 1995                                5

  Notes to Financial Statements                                            6

Consent of Independent Certified Public Accountants                       10

Supplemental schedules have been omitted since they are not applicable or the
required information is shown in the financial statements or related notes.


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                        JOHN ALDEN FINANCIAL CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN
              STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS





<TABLE>
<CAPTION>
                                                                                 DECEMBER 31,
                                                                   -----------------------------------------
                                                                          1997                  1996
                                                                   -------------------    ------------------
<S>                                                                <C>                   <C>             
Common stock of John Alden Financial
   Corporation, at market (cost $152,695 and $195,041)               $        130,008      $        200,652

Contributions receivable:
   Employee                                                                    36,440                71,353

   Employer                                                                     7,507                14,723
                                                                   -------------------    ------------------

     Total contributions receivable                                            43,947                86,076
                                                                   -------------------    ------------------

Total assets                                                                  173,955               286,728

                                                                                           
Distributions of common stock payable, at market value                       (123,984)             (194,620)

                                                                   -------------------    ------------------
                                                                         
Net assets available for plan benefits                              $          49,971      $         92,108
                                                                   ===================    ==================
</TABLE>

The accompanying notes to financial statements are an integral part of these
financial statements.



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                        JOHN ALDEN FINANCIAL CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN
         STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS



<TABLE>
<CAPTION>
                                                                              YEAR ENDED DECEMBER 31,
                                                           ---------------------------------------------------------------
                                                                  1997                  1996                  1995
                                                           -------------------   -------------------   -------------------
<S>                                                        <C>                   <C>                   <C>             
Contributions:
   Employee                                                $          729,121    $        1,087,321    $        1,640,586

   Employer                                                           115,896               184,789               288,012
                                                           -------------------   -------------------   -------------------

      Total contributions                                             845,017             1,272,110             1,928,598

Change in unrealized appreciation/depreciation
    of common stock                                                   (28,298)                 4,996               (8,214)

Distributions of common stock, at cost                               (855,117)           (1,313,067)           (1,928,620)

                                                                                                        
Plan expenses                                                          (3,739)               (4,005)               (5,658)
                                                           -------------------   -------------------   -------------------

    Net decrease in net assets                                        (42,137)              (39,966)              (13,894)


Beginning of year                                                      92,108               132,074               145,968
                                                           -------------------   -------------------   -------------------

End of year                                                $           49,971    $           92,108    $          132,074
                                                           ===================   ===================   ===================
</TABLE>



The accompanying notes to financial statements are an integral part of these
financial statements.


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                        JOHN ALDEN FINANCIAL CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1 - THE PLAN

The following description of the John Alden Financial Corporation Employee Stock
Purchase Plan (the "Plan") provides general information. Interested parties
should refer to the Plan agreement for a more complete description of the Plan's
provisions.

General

The Plan, which became effective January 1, 1993 and was amended and restated as
of December 31, 1997, was established to provide the employees of John Alden
Financial Corporation ("JAFCO") and its subsidiaries (collectively, the
"Company") who meet certain eligibility requirements the opportunity to purchase
shares of common stock of JAFCO. The number of shares of common stock of JAFCO
which may be acquired pursuant to the Plan may not exceed 746,966 shares, except
as may be equitably adjusted in certain circumstances. Shares purchased through
the Plan are held by Alex. Brown & Sons, Incorporated, the firm utilized by the
Plan to acquire the shares or distribute shares to participants upon request.
Full-time employees are eligible to participate in the Plan on the first day of
any calendar quarter following completion of one year of service.

Shares of common stock are purchased in round lots at the beginning of each
month. Although the Plan may purchase shares directly from the Company, to date
it has purchased shares solely on the open market. The number of shares to be
purchased and the estimated purchase price are generally based upon the amount
of employee contributions withheld during the previous month and the trading
price of the common stock on the day preceding the actual purchase date. The
actual purchase price may differ due to changes in the trading price. The
estimated cost of shares to be purchased is split between the employees (85%)
and the Company (15%). See further discussion of contributions below.

The Plan is administered by the Compensation Committee appointed by the Board of
Directors of JAFCO.


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Tax Status

The Plan is designed as an Employee Stock Purchase Plan as defined in Section
423 of the Internal Revenue Code of 1986 as amended. In accordance with Section
423, Plan participants cannot dispose of their stock within the later of two
years after the date an option is granted to purchase the stock or one year
after the purchase date (the "Statutory Holding Period") without adverse tax
consequences. A participant who sells his stock within the Statutory Holding
Period will recognize ordinary income in an amount equal to the difference
between the fair market value on the purchase date and the participant's share
of the cost of the common stock.

The tax basis of a participant's shares is equal to the participant's share of
the purchase price of the stock, plus any ordinary income recognized upon the
sale of the stock. Thus, for a sale during the Statutory Holding Period, any
excess of the sale proceeds received upon disposition of the shares by the
participant over the tax basis in such shares sold is considered a capital gain.
Similarly, if the tax basis of the participant's shares exceeds the sales
proceeds received by the participant, after adjustment for any required
recognition of ordinary income, the excess is considered a capital loss. If the
participant recognized ordinary income during the Statutory Holding Period, then
the Company has a matching deduction equal to the amount of ordinary income
recognized by the participant.

If the stock is sold after the Statutory Holding Period for more than the
participant's share of the purchase price, a special rule under Section 423 for
options granted with prices between 85% and 100% of the value of the stock
applies (the "Special Rule"). The Special Rule requires that the participant
recognize ordinary income upon the disposition of such stock in an amount equal
to the lesser of (i) the excess of the fair market value of the stock at the
time of disposition over the amount paid by the participant for the stock or
(ii) the excess of the fair market value of the stock at the time the option was
granted over the price the participant would have paid under the Plan to
purchase the stock at that time. Any gain realized in excess of this amount will
be considered a long-term capital gain. If the stock is sold for less than the
participant's share of the purchase price after the Statutory Holding Period,
the resulting loss will be considered a long-term capital loss.

Contributions

Eligible employees may elect to contribute from 1% to 10% of compensation
through payroll deductions, subject to certain limits. Employee contributions
constitute 85% of the cost of shares of JAFCO common stock to be purchased at
the beginning of each month.

Employer contributions consist of (i) 15% of the cost of shares of JAFCO common
stock to be purchased by the Plan at the beginning of each month, (ii)
reimbursement of Plan expenses and, (iii) differences between the actual and
estimated cost of shares acquired. 


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Employee contributions receivable as of the end of the Plan year represent
amounts withheld from employees in the month of December and employee
contributions carried forward from the preceding purchase date. Employer
contributions receivable represent employer contributions as described above to
be used to acquire shares of common stock.

Vesting

Employees acquire title to the shares of common stock at the time of purchase
and, therefore, vest 100% at purchase date.

Basis of Accounting

The accounting records of the Plan are maintained on the accrual basis. The
accompanying financial statements have been prepared in accordance with
generally accepted accounting principles and include management estimates and
assumptions that affect the recorded amounts.

Reclassifications

Certain reclassifications have been made to the prior year financial statements
to conform with the current year presentation.

Plan Termination

In accordance with the Plan agreement as amended and restated as of December 31,
1997, the Plan will be in effect for seven years, ending December 31, 2004.
Although it has not expressed any intent to do so, the Board of Directors of 
JAFCO has the right under the Plan agreement to terminate the Plan before that 
date.

NOTE 2 - COMMON STOCK OF JAFCO

Shares of common stock are purchased at the beginning of each month and
distributed to employees each quarter in the month following quarter end. In
addition, the Plan purchases shares of common stock in round lots and,
therefore, maintains a balance of excess shares to be used for future
distribution to employees. As of December 31, 1997 and 1996, the Plan held 5,417
and 10,846 shares, respectively, of JAFCO common stock which are carried at
market value in the accompanying statements of net assets available for plan
benefits. Of these shares, 5,166 and 10,520 shares, respectively, were
distributed subsequent to year end in relation to the quarterly distribution
described above and are reflected as distributions of common stock payable in
the accompanying statements of net assets available for plan benefits.


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NOTE 3 - ANTICIPATED SALE OF THE COMPANY

On March 9, 1998, the Company entered into an agreement with a wholly-owned
subsidiary of Fortis, Inc. ("Fortis"), a wholly-owned subsidiary of Fortis
Amev, Netherlands, and Fortis, AG, Belgium, as a result of which, among other
things, the Company will become a wholly-owned subsidiary of Fortis and each
outstanding share of the Company's common stock will be converted into the
right to receive $22.50 in cash.  Consummation of the merger is subject to
regulatory and stockholder approvals, as well as other customary terms and
conditions.  It is anticipated that the merger will be consummated during 1998. 
If the merger with Fortis is consummated, the Plan may be terminated.


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             CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS




We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-55230) of John Alden Financial Corporation of our
report dated March 17, 1998 appearing on page 3 of the Financial Statements of
the John Alden Financial Corporation Employee Stock Purchase Plan in Exhibit
99.1 to this Annual Report on Form 10-K for the year ended December 31, 1997. 



/s/ PRICE WATERHOUSE LLP
-----------------------------
PRICE WATERHOUSE LLP

Miami, Florida
March 17, 1998




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