Canadian Underwriter

Western Financial Group’s 2006 Q3 profit up 37.9%

November 9, 2006   by Canadian Underwriter

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Western Financial Group has announced its revenue for the first nine months of 2006 increased 22.7% — from Cdn$45.6 million in 2005 Q3 to Cdn$56 million in 2006 Q3.
In addition, the company’s profits went to Cdn$1.486 million in 2006 Q3 from Cdn$1.026 million in 2005 Q3, an increase of 37.9%.
“We are enjoying performance from each of our main business units,” said Western Financial Group president and CEO Scott Tannas. “The network’s performance is particularly impressive in a year of flattening insurance premiums.
“The Bank continues to grow its loan book, and Western Life has just posted one of its best-ever quarters. In addition, our equity investments showed strong returns in the third quarter.”
The company’s ROE (trailing 12 months) was 7.12% in 2006 Q3, compared to 6.88% in the first quarter of 2006.
Western Financial announced its financial results a few weeks after acquiring a 25% initial interest in Hayhurst Elias Dudek Inc. (“HED”), the largest independent insurance broker/administrator in Manitoba.
HED has approximately 190 employees nationwide. Its head office and the majority of employees are located in Winnipeg, with additional offices in Toronto, Montreal and Halifax.
HED operates three core product segments:
commercial property and casualty
life and health
pet health insurance, through its subsidiary SecuriCan General Insurance Company