Briefly…Mixed Results for Western Financial Group

The Western Financial Group reported “modest growth” in its business units, posting a 9% increase in earnings-to $125 million-in 2008. Though operating income at the company’s insurance and banking units went up, net income for the year fell from $12 million in 2007 to $6.5 million last year.

Operating income at the company’s WFG Agency Network rose by 4.6% in 2008. It also went up by 4.1% at its Western Life unit, and by 13.6% at its Bank West operations. The units “continue to show strong performance in our current challenging environment,” said Scott Tannas, the group’s president and CEO. Following losses in investment income, “we have decided to be proactive and adjust the recorded values of our investment portfolios at Western Life, Jennings Capital, and the holding company. In addition, we have decided to write down the value of one of our private investments. In these uncertain times, we believe that smaller financial companies such as ourselves must take a conservative approach,” Tannas said in a statement.

This story was originally published by Canadian Insurance Top Broker.