Western Financial Group Reports First Quarter 2009 Results
High River, Alberta – May 14, 2009, (TSX – WES) - Western Financial Group (“the Company”) announced today its operating and financial results for the three months ended March 31, 2009. Revenue from the Network’s property and casualty operations increased from $16.5 million to $17.5 million, Western Life increased net premium revenue to $8.5 million from $7.2 million year over year, and Bank West increased interest and investment income to $5.5 million from $4.9 million. Overall operating income declined from $4.0 million $2.2 million for the first quarter as a result of non-recurring restructuring costs, increased loan provisions and increased salary and wage costs over the same period in 2008...read more.
