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AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS
CONTINUED STRONG EARNINGS IN THE THIRD QUARTER
AUSTIN, TX (MARKET WIRE) November 2, 2009 American Physicians Service Group, Inc. (APS) (NASDAQ: AMPH) today announced results for the quarter and nine months ended September 30, 2009. For the three months ended September 30, 2009, revenues were $22.4 million compared to $19.9 million for the same period last year. For the nine months ended September 30, 2009, revenues were $61.7 million compared to $57.3 million in the same period last year. Net income for the third quarter was $6.4 million or $.92 per diluted share, compared to $7.2 million or $.99 per diluted share, in the same period last year. Net income for the first nine months was $16.1 million or $2.28 per diluted share, compared to $16.7 million or $2.29 per diluted share in the same period last year.
Ken Shifrin, APS Chairman of the Board, stated, We continue to perform at a high level. Revenue was up 12% quarter-over-quarter, underwriting profits remained solid, our Financial Services subsidiary was again profitable and our book value per share increased to a record $22.20. Rating agency A.M. Best recently affirmed our A- rating, saying the rating reflects APIs excellent risk-adjusted capital position, solid history of operating profitability and strong policyholder retention levels.
Tim LaFrey, President of APS, added, Our core insurance operations continue to grow. Net earned premium was up 12% compared to the third quarter of 2008, a result of moderating rate decreases, increasing policyholder count and ceding less premium under our 2009 reinsurance treaty. Claims data remained favorable, with pending claims dropping by 15% from a year ago. On the investment side, we held to our belief that benefits from safeguarding our capital outweigh the sacrifice in short-term yield and thus further reduced our exposure in non-agency CMOs to $5.6 million from $25.4 million at the beginning of the year. We also continue to shorten the duration of the portfolio to manage for interest rate risk.
Mr. LaFrey continued, Our Financial Services business turned in another small profit this quarter, a significant improvement over its results during the peak of the economic crisis last year. We continue to explore ways to return this segment to meaningful and sustained profitability.
Mr. Shifrin concluded, We are gratified that our long-practiced conservative business philosophy has been the cornerstone for excellent performance during a difficult economic period and that our shareholders have benefitted from new stock highs as a result.
APS is an insurance and financial services firm with subsidiaries and affiliates which provide medical malpractice insurance for physicians and other healthcare providers and brokerage and investment services to institutions and high net worth individuals. APS is headquartered in Austin, Texas.
The following information was filed by American Physicians Service Group Inc on Monday, November 2, 2009 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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