EXHIBIT 99.1



FOR IMMEDIATE RELEASE
January 8, 2004

FOR MORE INFORMATION CONTACT
Robert Cox
512-404-5128

                   FINANCIAL INDUSTRIES CORPORATION ANNOUNCES
                 ELECTION OF BRUCE BOISTURE AS PRESIDENT AND CEO

AUSTIN,  Texas --  (BUSINESS  WIRE) - January  8, 2004 --  Financial  Industries
Corporation  ("FIC")  today  announced  that its Board of Directors  has elected
Bruce  Boisture as President and CEO,  effective  January 7, 2004.  The Board of
Directors also approved a three-year employment agreement for Mr. Boisture.  Mr.
Boisture  replaces  Eugene E. Payne,  who had served as President  and CEO since
November 2002.

Mr.  Boisture has also served on the Board of Directors of FIC since August 2003
and is a member of the  Executive  Committee of the Board.  From June 2001 until
his election as President and CEO of FIC, Mr. Boisture served as CEO of EDsmart,
Inc., which provides data warehouse and analysis  services to school  districts.
From 1992 until  January  2004,  he also served as president of Trinity  Capital
Alliance,  Inc.,  an  investment  banking  company  he  founded  in  1992,  that
specializes in leveraged buy-outs,  start-up  investments and turnarounds.  From
1986 through  1991 he was a partner and chief  operating  officer of  Rosecliff,
Inc./Acadia  Partners  L.P.  Mr.  Boisture has  received a B.A.  from  Princeton
University,  a B. Phil.  degree from Oxford  University and a J.D. from Yale Law
School.

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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