April 11, 2005
Western National Insurance Group Announces First Quarter 2005 Results
Western National Insurance Group today announced their 2005 financial results through March 31, 2005. Total Assets increased $14.5 million from 12/31/04, and now total $353.6 million. Net written premium increased $4.25 million, or 10.6%, from the same time last year.
With the Loss Ratio improved by 5 points (49.6% compared to 54.6% at 3/31/04), the Combined Ratio at the end of the quarter was 89.6%. The result was Net Income After Tax of $4.2 million for the quarter and ending Surplus of $117.3 million (up $18.5 million, or 18.7%, from first quarter 2004).
"2005 has so far continued the profitable trends of the last 3 years, and then some, once again exceeding expected US Property & Casualty industry performance," said Stuart Henderson, president & chief executive officer. "We expect continued careful and profitable growth for 2005 in all lines, consistent with our Business Plan. We thank our employees, independent agent partners, loyal policyholders, and other business partners for joining with us to achieve these superior financial 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