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American Physicians Capital, Inc. Reports First Quarter 2010 Results

American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $9.0 million or $.90 per diluted common share for the first quarter of 2010. This compares to net income of $10.1 million, or $.85 per share for the first quarter of 2009. The 2010 first quarter net income represents an annualized return on beginning GAAP equity of 15.1%. At March 31, 2010, APCapital’s book value per share was $24.39 based on 9,600,387 shares outstanding, an increase of 2.8% from $23.74 at December 31, 2009.

“We continue to generate strong operating results despite the challenges of a soft market,” said President and Chief Executive Officer R. Kevin Clinton. “We were able to retain 88% of our business in the first quarter.”

“New premium growth at adequate rates remains difficult. Therefore we continue to focus on effective capital management through our share repurchases and dividend program,” added Clinton.

Consolidated Income Statement
(Dollars in thousands)
  Three Months Ended
March 31,
2010   2009
Direct Premiums Written $ 27,296   $ 30,121  
Net Premiums Written $ 26,035   $ 28,720  
Net Premiums Earned $ 26,695 $ 29,306
Incurred Loss and Loss Adjustment Expenses:
Current Accident Year Losses 21,913 23,836
Prior Year Losses (8,121 ) (8,224 )
Total 13,792 15,612
Underwriting Expenses 6,627   7,132  
Underwriting Income 6,276 6,562
Investment Income 6,366 8,190
Other Income (1) 575 223
Other Expenses (838 ) (972 )
Pre-tax Income 12,379 14,003
Federal Income Taxes 3,428   3,916  
Net Income $ 8,951   $ 10,087  
Loss Ratio:
Current Accident Year 82.1 % 81.3 %
Prior Year Development -30.4 % -28.0 %
Calendar Year 51.7 % 53.3 %
Underwriting Expense Ratio 24.8 % 24.3 %
Combined Ratio 76.5 % 77.6 %
(1) Includes realized gains and losses

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