Western Reports Second Quarter Financial Results

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Reports Second Quarter Financial Results TORONTO, ON / ACCESS Newswire / August 26, 2025 / The Western Investment Company of Canada Limited (TSXV:WI) (\"Western\" or the \"Company\") today reported its financial and operating results for the three and six months ended June 30, 2025. The interim financial statements and management's discussion and analysis have been filed on SEDAR+. Unless otherwise indicated, financial figures are expressed in Canadian dollars and comparisons are to the prior period ended June 30, 2024.In the second quarter of 2025, Fortress Insurance continued to achieve strong growth in Gross Written Premiums (\"GWP\") 1 while Western's equity-accounted investments delivered strong operating results and returned capital to the Company.Net income in the second quarter of 2025 increased to $0.75 million compared with net income of $0.1 million in the prior-year comparative period. Western's expenses now include consolidated expenses from Fortress Insurance and a comparison to previous periods is not currently meaningful.\"Fortress Insurance continues to expand its premium base through growth in its existing customer portfolio, while maintaining strong underwriting discipline in a softening market. We are equally encouraged by the strong performance of our equity-accounted investments, with all three companies delivering solid year-over-year increases in both revenue and profitability\" said Paul Rivett, Western's Chief Executive Officer.Western financial highlights Three Months Ended June 30, 2025 2024 Change Total insurance service result 2 $357,243 - 357,243 Investment income 2 355,780 - 355,780 Income (loss) from equity investments 778,957 442,152 336,805 Other finance income 480,102 187,329 292,773 Net income 751,997 103,987 648,010 1 GWP is a Non-GAAP measure defined as all premiums written during the year, including both earned and unearned auto insurance premiums, and fronting fees earned2 Fortress Insurance results are consolidated into Western from fourth-quarter 2024Fortress InsuranceIn the second quarter, Fortress Insurance grew GWP to $15.4 million from $10.6 million in the second quarter of 2024. Total investment portfolio, including cash and cash equivalents, ended the quarter at $24.6 million compared to $23.5 million as of December 31, 2024. Insurance revenue increased 17% year-over-year ...

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