Western Financial Group announced late yesterday its operating and financial results for the year ended Dec. 31, 2006. For the year, revenue increased 24% to $82.6 million, while net income increased 64.7% to $7.9 million.

“Operationally and financially we accomplished what we set out to do in 2006,” said Scott Tannas, president and CEO. “We saw good growth in all areas of the company, reaching our next level of profitability with an EPS of 22¢ and net income up to $8 million. In fact we overshot our target.”

The WFG Agency Network realized steady growth in market share through gains in same store sales of 6.9%, and a products per customer account increase to 2.29 items.

Bank West posted its first pre-tax profit, increasing its loan book by $57.9 to $149.4 million and grew at an average rate of $4.8 million per month.

Western Life Assurance posted its strongest year in the company’s 20 year history,

both in terms of profitability and premiums. Revenues grew to $25.7 million as its policy and certificate count grew by 15% in the year.

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

Both Falkins Insurance and Harvard Western Ventures also showed increased income over the previous year. New additions to the portfolio in 2006, Northcountry Insurance and H.E.D. performed as expected.

Western Financial Group is one of the leading western-based financial service companies in Western Canada. With offices in towns and small cities across the West, the company provides more than 350,000 individuals and businesses with insurance, investment and banking products through WFG Agency Network, Western Life, and Bank West.