Argus posts annual net profit of $26m

Argus Group Holdings has reported net income for the year ended 31 March, 2022 of $25.7 million compared to $10.1 million in the previous year. Its average combined ratio for the health and general insurance businesses was 78% which compares well with the three-year average of 79%.

“This year’s financial results are outstanding,” Alison Hill, Argus chief executive officer, said.

“We invite our shareholders, investors and our customers to take a closer look at our business and how we have successfully evolved into a physical and financial health services organisation that focuses on integrated people-centric experiences,” she added.

Economic activity returned to more normal levels during the past year, Argus said. As a result, benefit and claims costs across its core businesses increased $15.8 million or about 27% compared to the prior year.

Combined fee income was $44.4 million, an increase of $4.7 million or 12% over the prior year. Significantly contributing to this growth were the acquisitions of medical practices in Bermuda and the continued growth of Antes, the group’s insurance brokerage in Malta.