EXHIBIT 99.1


FOR IMMEDIATE RELEASE
February 17, 2004

FOR MORE INFORMATION CONTACT
Theodore A. Fleron
512-404-5040

                   FINANCIAL INDUSTRIES CORPORATION ANNOUNCES
            ELECTION OF CHARLES B. COOPER AS CHIEF OPERATING OFFICER

AUSTIN,  Texas -- (BUSINESS  WIRE) - February  17, 2004 -- Financial  Industries
Corporation  ("FIC")  today  announced  that its Board of Directors  has elected
Charles B. Cooper as Chief Operating Officer.

Mr.  Cooper has over 33 years of  management  experience  in the life  insurance
industry.  From  February  2000 to July 2002,  he served as President and CEO of
American  Amicable  Group.  He was  President  and Chief  Operating  Officer  of
American  Income  Life  from  1975 to 1999.  Mr.  Cooper  has also  served  as a
management  consultant to several insurance  companies.  His consulting practice
has involved a wide range of operational  matters,  including  product analysis,
systems  conversions  and  operations  audit.  Mr. Cooper has received a B.A. in
Economics  from the  University  of  Washington  and a J.D.  from  University of
Washington School of Law.

Mr. Cooper has served as a consultant to FIC since November 2003.

FIC also  announced the  termination of the employment of Thomas C. Richmond and
John Welliver, who had been vice presidents of the Company. Mr. Richmond and Mr.
Welliver had been responsible, respectively, for information technology services
and operations.

The  information in this release  relating to the Company's  operations,  future
business   developments,   and  contingencies   and   uncertainties   constitute
forward-looking statements under the Private Securities Litigation Reform Act of
1995.

Financial Industries Corporation, through its various subsidiaries,  markets and
underwrites individual life insurance and annuity products. The Company's Nasdaq
symbol is FNIN. For more  information on FIC, go to  http://www.ficgroup.com  on
the Internet.



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