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AMERICAN PHYSICIANS SERVICE GROUP, INC. REPORTS RECORD ANNUAL EARNINGS FROM OPERATIONS
AUSTIN, TX (MARKET WIRE) March 1, 2010 American Physicians Service Group, Inc. (APS) (NASDAQ: AMPH) today announced results for the quarter and year ended December 31, 2009. For the year ended December 31, 2009, revenues were $84 million compared to $74.7 million in 2008. Net income for the year was $22.9 million or $3.26 per diluted share, compared to $19.2 million or $2.64 per diluted share in 2008. For the three months ended December 31, 2009, revenues were $22.3 million compared to $17.4 million in 2008. Net income for the fourth quarter was $6.8 million or $.97 per diluted share, compared to $2.5 million or $.34 per diluted share, in 2008.
Ken Shifrin, APS Chairman of the Board, stated, Operating and market performance were both excellent in 2009. Revenue was up 12%, net income was up 19%, income per diluted share was up 23% and book value per share was up 19%. Our share price grew by over 7%, significantly outpacing our peer group, and continuing a trend of steady increases since 2000, a remarkable achievement given market volatility during that time period.
Tim LaFrey, President of APS, added, Our core insurance operations did very well in 2009. In spite of an industry-wide soft market, we experienced an excellent 90% retention rate and policyholder growth of 19%. Though we maintained our rigorous underwriting standards, we were able to grow in all of our markets. Claims activity remained favorable and, consequently, we experienced $7 million of favorable development in the quarter, compared to $4.8 million in the same period last year. For the year, favorable development was $24.2 million compared to $27.4 million in 2008. We continue to accrue our current accident year at the high-end of the actuarial range. On the investment side, we mitigated portfolio risk by significantly reducing our exposure to corporate and agency mortgage obligations, believing that safeguarding capital was wiser than maximizing yields in uncertain economic times.
The following information was filed by American Physicians Service Group Inc on Monday, March 1, 2010 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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