Western Financial Group today announced its operating and financial results for the six months ended June 30.

For the six months, revenue increased 32% to $51.2 million from $38.8 million compared to the same period in 2006 and net income increased 88.3%. Basic earnings per share amounted to 14¢ a share from 11¢ in the same period in 2006.

“We had a strong first half this year, and I am pleased that we continue to see our business units and our equity investments perform well ahead of the same period last year,” said Scott Tannas, president and CEO, in a release. “Our equity investments have enjoyed another outstanding quarter, and our network same store sales indicator reached a new level of 8.1%.”

WFG Agency Network’s revenue showed a 42.5% increase, through new acquisitions and from strong gains in same store sales, up 8.1%.

Bank west grew its loan book by a record amount in the second quarter, up $24 million to $178.1 million at June 30. Specific loan losses for the quarter remain exceptionally low. The loan approval pipeline remains strong, and the bank expects to continue to grow the loan book over the coming quarter.

Western Life Assurance continues to show strength in premium income and in operating income with a growth of 15.9% and 30.2% respectively. The decrease in investment income is a result of adopting the new accounting standards for financial instruments. With the increase in interest rates in 2007, Western Life saw a market drop in bonds resulting in a decrease in investment income and a corresponding decrease in actuarial expense.

Western Financial Group’s portfolio of equity partner investments performed well with Jennings Capital again showing continued strong performance.