Total revenue for the year ended
Net income for the year ended
Year Ended | |||||||||
$ | 2023 | 2022 | Change | ||||||
Income (loss) from equity investments | 1,235,241 | (613,687 | ) | 1,848,928 | |||||
Finance income | 605,278 | 601,682 | 3,596 | ||||||
Gain on disposal and dilution | 485 | 950,638 | (950,153 | ) | |||||
Loss on debt settlement | (205,594 | ) | - | (205,594 | ) | ||||
Management fees | 172,500 | 284,271 | (111,771 | ) | |||||
Total Revenue | 1,807,910 | 1,222,904 | 585,006 | ||||||
“There is a collective sense of growth and momentum at Western today. Beyond our proposed transaction with
2023 Portfolio Company Report
Fortress continued its trajectory of growth by increasing gross written premiums by 26% to
Results were also boosted this year by gains in their investment portfolio. 2023 investment income exceeds the prior year by
The trailing 12-month loss ratio as at
Year Ended | |||||||||
$ | 2023 | 20222 | Change | ||||||
Insurance revenue | 20,535,772 | 11,499,180 | 9,036,592 | ||||||
Investment income (loss) | 913,309 | (704,781 | ) | 1,618,090 | |||||
Net income (loss) | 719,536 | (382,702 | ) | 1,102,238 | |||||
Gross written premiums1 | 22,406,496 | 17,719,454 | 4,687,042 | ||||||
1 Supplementary financial measure – total gross insurance premiums written during the year.
2 Prior year numbers have been restated to conform with the new standard, IFRS 17, Insurance Contracts, which was adopted by Fortress on
GlassMasters Autoglass posted another year of record sales and profit for 2023. Sales exceeded that of 2022 by
Golden Health Care has made modest improvements in occupancy leading to a profitable 2023. Golden provides a steady, but modest return to shareholders. Growth in market value of the Golden homes is where Western will earn its return on this investment.
Outlook
Strong results from all Associate in 2023, coupled with an improving business environment, lead to a positive outlook for 2024. That said, the tremendous growth in gross written premiums at Fortress is expected to moderate somewhat as it navigates its entry into the
Western also intends to transform itself into an insurance and investment holding company through a proposed transaction previously announced on
- Grow the Fortress platform to
$100 million per annum in written premiums by 2028 through a combination of prudent organic growth and accretive acquisitions; and - Continue managing Western’s non-insurance holdings as long-term investments.
For more information about the Transaction you can watch a recording of the webcast that took place on
Completion of the Transaction (including any rights offering) is subject to the approval of the
About The
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the Exchange under the symbol WI.
For more information on Western, please visit its website at www.winv.ca.
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CONTACT INFORMATION - The
Advisories
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Western should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future results and plans for Western and its associated companies, acquisitions, financings and returns. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western's control.
More particularly, this document contains statements concerning: the completion of the transactions contemplated by the Definitive Agreement (as defined in the
The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives, the timing of receipt of required shareholder and regulatory approvals (including TSXV approval) and third party consents and the satisfaction of other conditions to the completion of the Transaction.
Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required shareholder, TSXV, regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for in the Definitive Agreement, or at all, and risks that other conditions to the completion of the Transaction are not satisfied on the timelines set forth in the Definitive Agreement or at all, the ability of management to execute its business strategy, and the impact of general economic conditions in
The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news release also contains financial outlook information (“FOFI”) about prospective results of operations and book value, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release to provide information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for any other purpose. Western disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by applicable law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in
“Neither the
Source: The
2024 GlobeNewswire, Inc., source