March 31, 2014
Western National Insurance Group Announces Year-End 2013 Results
(Minneapolis, Minn.) Western National Insurance Group today announced full-year financial results through December 31, 2013. Significant comparative financial measures include:
Total Assets grew from $774.6 million to $833.0 million ($58.4 million, or 7.5% growth compared to 12/31/12)
Direct Premium Written totaled $410.9 million, an increase of $45.0 million (12.2%) over 2012
The Combined Ratio improved to 94.9%, compared to 97.3% in 2012
Net Income After Tax totaled $22.7 million, compared to $18.7 million in 2012
Surplus increased from $292.4 million to $314.2 million ($21.8 million, or 7.4% growth compared to 12/31/12)
These figures reflect the combined performance of all group companies, including Western National Mutual Insurance Company and its subsidiaries American Freedom Insurance Company, Arizona Automobile Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, Western National Assurance Company, and Western Home Insurance Company.
“We are pleased to report a very successful year of financial performance and policyholder protection for Western National,” said Stuart Henderson, president and chief executive officer. “The great results of 2013 have added to our group’s strong financial foundation and are enabling us to pursue initiatives that further enhance our customer service programs and systems. We thank our committed staff and agency partners for their work in executing our long-term plan, and we look forward to building on these successes in 2014 and beyond.”
Western National Insurance Group (WNIG), headquartered in Edina, Minn., is a super-regional group of seven active property-and-casualty insurance companies writing over $400 million of premium on over $315 million of policyholder’s surplus. The group serves the property-and-casualty insurance needs of individuals, families, and businesses in 19 states in the Midwestern, Northwestern, and Southwestern U.S., with products sold exclusively through independent insurance agents.
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Assistant Vice President - Communications
(952) 921–5680 or (800) 862–6070 Ext. 7680