Western Financial Group reports 37% increase in profit in 2010 Q2

Western Financial Group has reported a net income of $5.7 million in 2010 Q2 as compared to $4.9 million in 2009 Q2. The group’s profit increased by 37% over the same period in 2009. “We are pleased with the company’s performance for all our business units in what appears to be a moderate economy in western Canada,” Scott Tannas, president and CEO, said in a release. Western Financial Insurance reported an operating income of $1.1 million in 2010 Q2 and $3.2 million for the first six months of 2010. The division’s premium revenue is up 15%, the company reported, with improved loss ratios year-over-year of 46% compared to 51% during the same period last year. Western Financial Insurance said a key objective for 2010 was to keep its loss ratio at 55% or less.