Argus posts annual net profit of $26m


Argus posts annual net profit of $26m

Alison Hill, CEO, The Argus Group

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.

Bermuda Re