CORPORATE FINANCIALS ONLINE Fastest direct links to news from publicly-traded companies.

           Amer Physicians: Fourth Quarter and 1999 Results



                 AMERICAN PHYSICIANS SERVICE GROUP, INC.
                     REPORTS EPS ADVANCE OF 45%


AUSTIN, TEXAS, March 23, 2000 - American Physicians Service Group, Inc. ("APS")
(NASDAQ: AMPH) today announced results for the fourth quarter and year-end
1999.

For the year ended December 31, 1999, APS reported total revenues of
$19,115,000 versus $16,403,000 in 1998.  Net earnings were $1,413,000 compared
to $1,545,000 in 1998.  Diluted earnings per share was $.45 versus $.31 in
1998.  Ken Shifrin, APS Chairman of the Board stated, "While we are happy with
the 45% increase in earnings per share for 1999, we are disappointed that we
did not achieve an equal improvement in net earnings.  However, we believe our
successful exchange of a portion of our Prime Medical Services, Inc.
(NASDAQ:PMSI) ("Prime Medical") shares for our own common stock in 1999 should
meaningfully aid future shareholder value."

For the three months ended December 31, 1999, revenues were $5,066,000 versus
$6,202,000 in the comparable period a year ago.  Net income was $379,000,
compared to $1,070,000 in last year's fourth quarter.  Diluted earnings per
share was $.14 for the quarter ended December 31, 1999 versus $.22 in the
year-ago period.  Mr. Shifrin continued, "The decline in net earnings for both
the quarter and the year resulted primarily from reduced profit sharing with
our managed insurance company.  Historically recognized in the fourth quarter,
this fee declined by approximately $1,400,000 compared to the prior periods,
due to a competitive market.  We see signs that this unfavorable insurance
cycle may begin to ease in 2000."

Mr. Shifrin concluded, "Record earnings at both our financial services
subsidiary and our affiliate, Prime Medical helped make up for most of the lost
profit sharing in the insurance services segment.  We believe that Prime also
established a beachhead for its next expansion by entering the rapidly growing
refractive surgery business with two acquisitions.  Likewise, Uncommon Care,
Inc., the developer and operator of specialized care centers expanded its
number of facilities significantly in 1999, going from four to seven.  We see
increasing value in our 34% investment in this company as it continues its
growth in 2000".

APS is a management and financial services firm with subsidiaries and
affiliates which provide: medical malpractice insurance services for doctors;
brokerage, and investment services to institutions and individuals; lithotripsy
services in 34 states; refractive vision surgery; and dedicated care facilities
for Alzheimer's patients.  The Company is headquartered in Austin, Texas and
maintains offices in Dallas and Houston.

This press release, particularly the statements by Mr. Shifrin, 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.


                  AMERICAN PHYSICIANS SERVICE GROUP, INC. 
                         SELECTED FINANCIAL DATA
                    (In thousands, except per share data)

                                   Three Months Ended        Year Ended 
                                      December 31,           December 31,
                                      1999    1998           1999     1998
Revenue                              $5,066  $6,202        $19,115  $16,403
Expenses                              4,972   5,312         19,499   15,605
Operating income                         94     890           (384)     798
Equity in earnings of
  unconsolidated affiliates             516     681          2,116    1,457
Earnings from continuing
  operations before income
  taxes and minority interest           610   1,571          1,732    2,255
Income tax expense                      239     617            621      863
Minority interest                       (32)   (179)             5     (178)
Earnings from continuing
  operations                            339     775          1,116    1,214
Discontinued operations:
  Earnings from discontinued
    operations net of income
    tax of $20 and $152 and
    $152 and $171 for the
    three months and year in
    1999 and 1998,
    respectively                         40     295            297      331
Net earnings (loss)                     379   1,070          1,413    1,545
Diluted earnings per share:
Earnings from continuing
  operations                           $.12    $.16           $.35     $.24
Discontinued operations                 .01     .06            .09      .07
Net earnings                            .14     .22            .45      .31
  outstanding (diluted)               2,779   4,892          3,168    4,692



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


End.