EXHIBIT 99.2


                    CERTIFICATION OF CHIEF FINANCIAL OFFICER


I, Maxim C. W. Webb, Chief Financial Officer of PICO Holdings, Inc., (the
"Registrant"), do hereby certify in accordance with 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my
knowledge:

(1)    the Quarterly Report on Form 10-Q of the Registrant for the three months
       ended March 31, 2003, to which this certification is attached as an
       exhibit (the "Report"), fully complies with the requirements of Section
       13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)    the information contained in the Report fairly presents, in all material
       respects, the financial condition and results of operations of the
       Registrant.

A signed original of this written statement required by Section 906 has been
provided to PICO Holdings, Inc., and will be retained by PICO Holdings, Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.


Dated:  May 12, 2003                         /s/ Maxim C. W. Webb
                                             -------------------------
                                             Maxim C. W. Webb
                                             Chief Financial Officer





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