EX-99
2
pressrel.txt
DECEMBER 31, 2004 RESULTS OF OPERATIONS

                                                                Exhibit 99.1
                                     [Logo]
                                 PRESS RELEASE

                     AMERICAN PHYSICIANS SERVICE GROUP, INC.
                   Announces Fourth Quarter Earnings Per Share
               Up 87% ($.58 versus $.31)on 26% Increase in Revenue

     AUSTIN,  TEXAS,  March 29, 2005 - American  Physicians  Service Group, Inc.
("APS")  (NASDAQ:  AMPH)  today  announced  results  for the fourth  quarter and
year-end 2004.

     For the three months ended  December 31,  2004,  revenues  were  $9,843,000
versus  $7,840,000  in the  comparable  period a year ago.  Net earnings for the
quarter were  $1,603,000,  compared to $834,000 in last year's  fourth  quarter.
Diluted  earnings per share were $0.58 for the quarter  ended  December 31, 2004
versus $.31 in the year-ago period.  For the year ended December 31, 2004, total
revenues were $32,021,000 versus $30,449,000 in 2003. Net earnings of $2,152,000
in 2004 compared to $2,799,000  in 2003.  Diluted  earnings per share were $0.76
versus $1.14 in 2003.  Net  earnings  included  write-downs  in the value of the
Company's  investment  in the common stock of Financial  Industries  Corporation
("FIC"),  net of income taxes,  of $127,000 and  $1,567,000 for the three months
and year ended December 31, 2004, respectively.

     Ken Shifrin,  APS Chairman of the Board  stated,  "2004 was another year of
excellent  performance for us.  Operating  income increased 135% and 35% for the
quarter and year ended December 31, 2004 ,  respectively,  compared to the prior
periods.  Although  profit at our Financial  Services  segment was down from its
record high in 2003, it was still its second best year.  Our Insurance  Services
segment also had an excellent  year in 2004,  partially  due to our October 2003
repurchase  of its 20%  minority  share.  The 2004 fourth  quarter  results were


favorably  impacted by the improved  profitability of the insurance company that
we  manage.  Our  results-dependent  management  fee  benefited  in the  form of
increased  profit  sharing in 2004,  all of which was  recognized  in the fourth
quarter.  Our disappointment  this year has been in our FIC investment.  We made
the investment as a turnaround  situation,  but it has not progressed as quickly
as envisioned.  Our non-cash write down was based on the  uncertainty and timing
of a stock price  recovery at FIC,  which has not  occurred,  but we continue to
believe that an opportunity remains."

         Bill Hayes, APS' CFO added, "We didn't neglect our balance sheet in
2004. Working capital grew from approximately $8.5 million to approximately
$10.7 million. The market value of our portfolio of long-term bonds and equity
securities grew from $9.6 million to $12.3 million and our book value per share
grew to $9.23 from $7.78. We were able to achieve all of these improvements even
after paying our first ever dividend in September 2004 and recording the
impairment in the common stock of FIC. "

         Mr. Shifrin concluded, "Going forward, we are again faced with the
challenges of improving on outstanding past results. We believe that market
conditions remain acceptable and that our employee team is motivated to meet
that challenge. We look forward to creating continued improvement in shareholder
value in 2005".

         APS is a management and financial services firm with subsidiaries and
affiliates which provide: medical malpractice insurance services for doctors;
and brokerage and investment services to institutions and high net worth
individuals. The Company is headquartered in Austin, Texas and maintains offices
in Dallas and Houston.

         This press release includes forward-looking statements related to the
Company that involve risks and uncertainties that could cause actual results to
differ materially. These forward-looking statements are made in reliance on the


"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. For further information about these factors that could affect the
Company's future results, please see the Company's recent filings with the
Securities and Exchange Commission. Prospective investors are cautioned that
forward-looking statements are not guarantees of future performance. Actual
results may differ materially from management expectations. Copies of the
filings are available upon request from the Company's investor relations
department.

For further information, visit APS' website at www.amph.com or contact:

Mr. Kenneth Shifrin, Chairman of the Board (or)
Mr. W. H. Hayes, Sr. Vice President - Finance
American Physicians Service Group, Inc.
1301 Capital of Texas Highway, C-300
Austin, Texas  78746
(512)328-0888






AMERICAN PHYSICIANS SERVICE GROUP, INC. SELECTED FINANCIAL DATA (In thousands, except per share data) Three Months Ended Year Ended December 31, December 31, ----------------------- ------------------------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues $9,843 $7,840 $32,021 $30,449 Expenses 7,206 6,717 26,733 26,494 Gain on sale of assets -- -- 56 8 ------- ------- -------- -------- Operating income 2,637 1,123 5,344 3,963 Gain (loss) on investments (193) 38 (2,247) 127 ------- ------- -------- -------- Earning from continuing operations before interest, income taxes, minority interest and equity in unconsolidated affiliates 2,444 1,161 3,097 4,090 Interest and other income 83 78 373 259 Income tax expense 924 433 1,317 1,640 Minority interest -- -- 1 197 Equity in gain (loss) of unconsolidated affiliates -- -- -- 260 ------- ------- ------- ------- Earnings from continuing operations 1,603 807 2,152 2,772 Discontinued operations -- 27 -- 27 ------- ------- ------- ------- Net earnings $1,603 $ 834 $2,152 $2,799 ======= ======= ======= ======= Diluted earnings per share: Earnings from continuing operations $0.58 $0.30 $0.76 $1.13 Discontinued operations -- 0.01 -- 0.01 ------- ------- ------ ------ Net earnings $0.58 $0.31 $0.76 $1.14 ======= ======= ===== ===== Weighted average shares outstanding (diluted) 2,787 2,652 2,838 2,449
For further information, visit APS's website at www.amph.com or contact: Mr. Kenneth Shifrin, Chairman of the Board (or) Mr. W. H. Hayes, Sr. VicePresident - Finance American Physicians Service Group, Inc. 1301 Capital of Texas Highway, C-300 Austin, Texas 78746 (512)328-0888

The following information was filed by American Physicians Service Group Inc on Wednesday, March 30, 2005 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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