Western Financial Group is reporting improved earnings for the nine-months ended September 30.

Revenue for the nine months increased 17.8% to $20.8 million from $17.7 million for the corresponding period of 2001. Net income increased 86.8% to $1.2 million from $674,960.

Earnings per share increased 17% over the nine months ended Sept. 30, 2002 and remained unchanged at 1¢ for the three months ended Sept. 30, 2002.

Same-store revenue at the insurance agency increased 10% compared to the third quarter of 2001, largely as a result of rising insurance prices. Operating margin remained unchanged at 19.2%.

The company also announced the appointment of Jim Dinning to its Board of Directors as vice chairman. “We’re extremely fortunate to have Jim as part of our board,” said Scott Tannas, president and CEO, Western Financial Group. “Jim is a well-respected western Canadian, an astute businessman, and brings with him a combined 30 years of government, industry and board experience”.

Dinning is Executive Vice-President of TransAlta Corp., a position he has occupied since 1997. Prior to that, he served as a Member of the Legislative Assembly of Alberta for 11 years, as Provincial Treasurer from 1992 to 1997, and Minister of Education from 1988 to 1992. Dinning also serves as a director of Finning International Inc. and Shaw Communications Inc.

The company also announced the acquisition of Diamond Valley Agencies (formerly Wray-McRae Insurance) of Turner Valley, Alberta. Hal Banasch, most recently a broker at Western Financial Group’s agency in Bow Island, has been appointed Manager of the new agency.

The firm provides insurance, investment and agency banking services to more than 40 communities in B.C., Alberta and Saskatchewan.