February 28, 2005
Western National Insurance Group Announces Year End 2004 Results
Western National Insurance Group today announced their full year 2004 financial results through December 31, 2004. Notable comparisons to results at 12/31/03 are:
- Net Written Premiums grew from $158.7 million to $181.9 million, an increase of $23.1 million or 14.6%
- Total Assets increased from $291.3 million to $341.8 million, up $50.5 million or 17.3%
- The Combined Ratio improved to 90.7%, bettering last year's 93.3%
- Net Underwriting Gain totaled $12.3 million, up $7.5 million or 155.1%
- Net Income After Tax totaled $17.4 million, up $4.8 million or 38.1%
- Ending Surplus increased from $94.4 million to $113.4 million, an increase of $19.0 million or 20.1%
"2004 was an extraordinary year for Western National, producing results that will once again exceed expected US Property & Casualty industry performance," said Stuart Henderson, president & chief executive officer. "These numbers reflect a continuing trend of growth and profitability over the last 3 years - over 40% growth in assets; 78% growth in Surplus, and annual double digit Returns on Surplus. Our financial strength was again recognized this year by A.M. Best's upgrade to A- (Excellent), the second upgrade in 3 years - and during a period where many companies are receiving downgrades. We thank our employees, independent agent partners, and our loyal policyholders for combining to drive these results."
Western National Insurance Group consists of two regional Property and Casualty Insurance companies with direct written premium in excess of $205 million. Western National Mutual Insurance Company is headquartered in Edina, Minnesota and writes in MN, WI, SD, ND and IA. Western National Assurance Company maintains offices in Seattle, Washington, and writes in WA and OR. Both companies write both personal and commercial lines. The company distributes its insurance products solely via the Independent Agency distribution system.
For further information, contact:
Mary S. Manley
SVP Corporate Affairs & Administration