April 6, 2023
Western National Insurance Group Announces Year-End 2022 Results
(Minneapolis, Minn.) Western National Insurance Group today announced full-year financial results through December 31, 2022. Significant comparative financial measures include:
- Total Assets grew from $1.77 billion to $1.90 billion, an increase of $130.7 million (7.4%) compared to 12/31/21.
- Direct Premium Written totaled $815.3 million, with growth from continuing operations of 10.5% over 2021.
- Net Income After Tax totaled $77.1 million, compared to $97.9 million in 2021.
- Surplus increased from $728.6 million to $781.0 million, an increase of $52.5 million (7.2%) compared to 12/31/21.
These figures reflect the combined performance of all group companies, including Western National Mutual Insurance Company and its subsidiaries: American Freedom Insurance Company, Nevada General Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, and Western National Assurance Company. These numbers do not include results from affiliates. With affiliate results, the Group’s year-end results include Total Assets of $2.20 billion, Surplus of $884.3 million, and Direct Written Premium of $959.8 million.
“These outstanding year-end numbers for 2022, achieved amidst a record year for storm-related losses, are the result of a year of incredible effort and customer service by our employees and Independent Agency partners,” said Richard Long, President and CEO of Western National Insurance Group. “The storm activity was a challenge not only for our Group, but for our whole industry, and I’m proud of how our Group’s people and solid business plan enabled us to both serve our customers and further grow our policyholder’s surplus. This surplus growth adds to a strong foundation of financial stability and security for our customers' continued protection in 2023 and beyond.”
Western National Insurance, headquartered in Edina, Minn., is a super-regional group of property-and-casualty insurance companies. The Group writes business through five active insurance companies—Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, and American Freedom Insurance Company — and is affiliated with Michigan Millers Mutual Insurance Company. Together, the affiliated Group writes over $900 million in personal and commercial direct premium in 19 states across the Midwestern, Northern, and Western U.S. as well as in Alaska; and surety bonds in 38 states. All of the companies’ products are sold exclusively through professional Independent Insurance Agents.
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Senior Vice President - Communications & Customer Experience
(952) 921-5680 or (800) 862-6070 (Ext. 7680)