July 13, 2004
Western National Mutual Insurance Company Announces June 2004 Results and Milestone of Surplus Exceeding $100 Million
Western National Mutual Insurance Company announced their results through June 30, 2004 today. Total Assets are $309,984,519, up $20.7 million (7.2%) from 12/31/03. The Combined Ratio was 90.2%, producing an Underwriting Gain of $6.4 million (up $3.3 million or 111% from 6/30/03). Net Income After Tax totaled $8.2 million, up $1.3 million (18%) from the same time last year.
The month ending Policyholder Surplus of $103,038,216 is an all time high for the 100+ year old Minnesota based mutual property & casualty insurer, and is an increase of $15.5 million, or 17.7%, over the Surplus level of 12 months ago.
"This milestone is in no small part due to the hard work, perseverance, dedication and faith of our employees and our independent agents, as well as the loyalty of our long time insured customers," said President & CEO, Stu Henderson. "We had to make some tough decisions over the last few years on our growth, rates, internal expenses and commissions as we traveled the road to renewed profitability. And the good news for all those who have contributed to this success is that we are now well positioned, and excited, to grow together again!"
The Company noted that this achievement is all the more significant given the challenges of severe weather losses from 1998 to 2001. After many years of steady Surplus increases, the Company's Surplus actually dropped to $55.3 million at 12/31/2000, due to the Company using all of its income, and more, in order to honor the promise it made to insureds to pay their losses during those turbulent storm years.
Western National Insurance Group consists of two regional Property and Casualty Insurance companies with annual direct written premium in excess of $185 million. Western National Mutual Insurance Company (with headquarters in Edina, Minnesota) currently offers insurance products in Minnesota, South Dakota, Iowa, and Wisconsin. Western National Assurance Company (with offices in Seattle, Washington) currently offers insurance products in the states of Washington and Oregon. The company distributes its insurance products solely via the Independent Agency distribution system.
For further information, contact:
Mary S. Manley
SVP Corporate Affairs & Administration