Argus posts solid half-year performance

Argus Group Holdings has reported earnings of $8.1 million for the six months to the end of September.

According to the business, good underlying performance across all main lines of business contributed to “solid” six-month results. The group’s average combined ratio for the health and general insurance businesses was 78% compared with the three-year average of 79% on fee income of $22.3m, up $5.6 million over the previous year.

The group‘s average combined ratio for the health and general insurance businesses was a healthy 78% which compares well with the 3-year average of 79%.

“Claims activity across core insurance businesses have started to return to more normal levels during the first six months of the fiscal year, after the unusually low levels experienced in the first half of 2020,” it noted.

Acquisitions of medical practices in Bermuda and the continued growth of Antes, the group’s insurance brokerage in Malta, contributed to the increase in fee income. The group also benefitted from one-time gains related to its disposal of the private placement life business in July 2021.

“The first six months of our fiscal year saw the world start to emerge from COVID-19 lockdown,” said group CEO Alison Hill. “Malta and Gibraltar saw excellent economic recovery largely driven by high vaccination rates and a bounce-back of tourism and business travel. Bermuda’s economic recovery remains somewhat muted as the island experiences periodic spikes in infections while continuing to encourage first and second vaccination shots and implementing the booster programme.

“Since the onset of the pandemic, businesses around the world have had to revise their operating models. At Argus, while we have adapted, we have remained true to our brand. We are a good corporate citizen, a well-run organisation with a strong balance sheet. We believe in putting people at the heart of our decisions, and we will always do the right thing.”