Western Financial Group saw its profit more than double in fiscal 2009 compared to the previous year as revenues rose 33%, the insurer and financial services company said on Monday.

The company’s net income for the fiscal year ended Dec. 31 amounted to $15.9 million, or 22 cents a share, up from $6.5 million or five cents a share in 2008.

Revenues totalled $166.1 million, up from $124.9 million the previous year. Revenues were bolstered by strong growth in commissions, premium income and interest income on consumer loans.

“We are pleased to report a solid result in a year of challenge,” said Scott Tannas, president and CEO. “We achieved the majority of the 2009 objectives we published at the beginning of the year, including Net Income at the high side of the range.”

For 2010, the company expects to earn net income of $18.5 million to $20 million.

IE