Western Financial Group today reported record revenues and net income for the year ended Dec. 31, 2007.

The High River, Alta.-based firm said net income increased 52.9% to $12.2 million from $8 million a year ago.

Basic earnings per share were 24¢ up from 22¢ in 2006.

Revenue for the year increased by 38.1% to $114.1 million from $82.6 million in 2006.

“We are proud to report another record year of exceptional growth and improved profitability,” says Scott Tannas, Western’s CEO.

“All our business units gained market share. All made significant improvements to their bottom lines,” he added.

The WFG Agency Network’s revenue showed a 42.3% increase, driven by new acquisitions
and strong gains in same store sales, up 7.7%.

In 2007, the Bank West subsidiary grew its loan book by $138.2 million to $289.4 million, largely as a result of the Ubiquity Bank acquisition, which closed on October 1, and through other new loan growth. Specific loan losses remain lower than budgeted for the year.

Premium income at Western Life Assurance grew by 19.6% while operating income surged by 57.3%.