FPIC INSURANCE GROUP UNVEILS Q1 REPORT:

Florida-based FPIC Insurance Group Inc. reported that its net income increased to $7.0 million, or $0.68 per diluted share, for the first quarter 2004, up from net income of $2.8 million, or $0.29 per diluted share, for the first quarter 2003. Operating earnings increased to $5.3 million, or $0.51 per diluted share, for the first quarter 2004, up from operating earnings of $2.6 million, or $0.28 per diluted share, for the first quarter 2003. “Earnings momentum has continued in the first quarter of 2004 with actual results exceeding market expectations,” stated John Byers, president and CEO. “We attribute our strong financial performance over the past nine quarters to our conviction in the main tenets of our business strategy. Our focus on disciplined pricing and underwriting, controlling loss costs through strong claims management and providing outstanding service to our clients has contributed to our success in generating and sustaining profitability. While our insurance segment continues to grow in its core market, our non-insurance segments have consistently contributed positive cash flow to the holding company, and, in the case of our reciprocal management segment, consistent earnings to our organization.”