Bermuda-based Argus Group Holdings has substantially increased its earnings, achieving a net profit of $10.6 million for the six months ended September 30, 2014, compared with $1.6 million for the same period last year.
Net premiums earned in the period increased by 18 percent, or $11.3 million, compared with the year prior, while net benefits and claims increased by $9.9 million primarily due to new business in the life and pensions division of the group where the reserves are increased in close proportion to the premiums received.
Alison Hill, chief executive officer of the Argus Group, said: “We are proud to report these positive earnings and attribute the growth to the continued strong performance from our core business operations. Argus has positioned itself as a strategic partner that provides both immediate and long-term value to its clients, which has resulted in high client retention levels while operating in fiercely competitive markets.
“The leadership team continues to look for opportunities to improve product and client offerings in order to provide increasing benefits to shareholders and clients. Furthermore, we continue to optimise the Balance Sheet and capital structure in a considered and orderly fashion.”
According to Argus, the group has expanded the Preferred Provider Network, which is an overseas network of selected medical facilities focused on quality patient care at excellent value. These preferred provider relationships have led to some containment of overseas claims.
“Next year will be an exciting time for Argus as we pilot a patient advocacy programme in partnership with Johns Hopkins Medicine International,” said Hill. “A key challenge for Bermuda’s health care system continues to be the rise in chronic diseases. Preventing and managing these diseases is critical to managing future health care costs. The objective of the programme is to assist with the management and coordination of care for our clients living with chronic illness with the goal of improving health outcomes both for our clients and the community as a whole. We look forward to continuing our leadership role in health management and wellness.”
As a result of these figures, the Board has declared a dividend of seven cents per share payable on February 16, 2015 for shareholders of record on January 30, 2015. This represents a final dividend based upon the audited financial statements of the Group for the year ended March 31, 2014.
Argus, Bermuda, Alison Hill, Reinsurance