May 9, 2007
Western National Insurance Group Announces First Quarter 2007 Results
Western National Insurance Group today reported on its financial results for 2007 through March 31. These numbers reflect the pooled results of Western National Mutual Insurance Company, Western National Assurance Company, Farmers Home Mutual Insurance Company, Western Home Insurance Company and Pioneer Insurance Company. All comparisons mentioned are to results as of 3/31/06.
- Net Written Premiums of $54.5 million, up 6.5%
- Combined Ratio of 89.5% (versus 89.6% at 3/31/06)
- Net Income After Tax of $7.12 million, up 18%
- Policyholder Surplus of $196.2 million, up 16.3% (after adjustment for Surplus Note)
- Total Assets of $506.1 million, up 2.5%
"We continue to see profitable growth in what others describe as a more difficult market," said company president and chief executive officer, Stuart C. Henderson, JD, CPCU. "Providing a quality product at a reasonable price through a dedicated and professional independent agency channel, and servicing the customer's needs quickly and fairly, is a recipe for success in any timeframe. Our employees are very pleased to be able to prove this once again."
Western National Insurance Group consists of five regional Property and Casualty Insurance companies with shared administrative offices in Edina, Minnesota. Western National Mutual Insurance Company writes personal and commercial lines in MN, WI, SD, ND and IA; Western National Assurance Company writes personal and commercial lines in WA and OR (and maintains an underwriting and claim office in Seattle); and Farmers Home Mutual Insurance Company, Western Home Insurance Company and Pioneer Insurance Company write personal lines in MN, WA, NV and UT. All of the companies' products are sold exclusively through professional independent agents.
For further information, contact:
Mary S. Manley
SVP Corporate Affairs & Administration