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HIGH RIVER, AB, Feb. 4 /CNW/ - (TSX - WES) Western Financial Group ("the Company") today confirmed their intention to release their 2009 financial results on Monday, March 15, 2010. A conference call to discuss the year end will be held at 9:00 am MST (11:00 am EST) on Wednesday, March 17th. To access the conference call, please dial (888) 231-8191 or (647) 427-7450 (Toronto). The conference will also be broadcast live over the internet and archived through the Company's website at www.westernfinancialgroup.ca.
Also today, the Company released its 2010 objectives:
Network Same Store Sales: 4%-7%
Network Operating Margin: 28%
Bank West Specific Provision: 75 BPS or less
SecuriCan Loss Ratio: 55% or less
Western Life Loss Ratio: 45% or less
Overall 2010 Net Income: $18.5-20 Million
Western's CEO Scott Tannas said, "We are cautiously optimistic about 2010. While signs of growth have been emerging in many communities, we still see areas of the West that are not yet moving forward. Therefore, we believe that same store sales growth in 2010 will be modest at the Network. We expect a good year ahead for Western Life in top and bottom line growth. At Bank West, we believe that credit quality will steadily improve from levels sustained in the second half of 2009."
Western Financial Group is a leader in providing insurance, financial services and banking services in over 90 communities, to more than 500,000 individuals and businesses in Western Canada through its Network locations, its affiliated insurance brokers, Western Life Assurance Company, Bank West, and SecuriCan General Insurance Company.
The Common Shares of Western Financial Group are traded on the Toronto Stock Exchange under the symbol "WES".
From time to time Western Financial Group makes written and verbal forward-looking statements. These statements involve numerous assumptions, risks and uncertainties, including the risk that prediction and other forward-looking statements may not prove to be accurate. We caution the reader not to place undue reliance on these disclosures, as a number of important factors could cause actual results to differ materially from the estimates and comments expressed in them. Such factors may include, but are not limited to: changing financial and economic conditions in Canada, particularly in Western Canada; regulatory developments; competition industry trends and availability of capital resources; and our anticipated success in managing our risks. We caution readers that the foregoing list is not exhaustive. Except required by law, we do not undertake to update any forward-looking statements, written or oral, that we may make from time to time regarding our operations and performance.
SOURCE Western Financial Group
For further information: For further information: Arlene Beggs, Assistant to the CEO, Western Financial Group, (403) 652-2663, firstname.lastname@example.org