Argus reports 2020 earnings in line with previous year
Argus Group Holdings has reported net earnings of $14.2 million for the 2020 financial year, the same figure it reported in 2019.
Net earnings from its global property and casualty operations were reduced by $4.7 million, due to Hurricane Humberto, Argus said.
However, Argus stressed that client retention remains very high at 99.4 percent.
Argus said it will pay a dividend of 9 cents per share to shareholders of record as of July 27, 2020, payable on August 28, 2020.
The insurer noted that it had responded rapidly to the COVID-19 pandemic, launching products within weeks of the outbreak, including a COVID-19 health insurance product to support local businesses who were experiencing severe economic pressures. It also offered coverage for mental health and prescription drugs, access to lower cost healthcare, free tele-medicine helplines and financial relief packages, it said.
It also supported communities, purchasing laptops for students to support remote learning and providing free transportation for people struggling with their commute to work.
“We are proud of our Bermudian heritage and that over 90 percent of our declared dividends get reinvested back into our community,” Argus said.
Alison Hill, Argus group chief executive officer, said: “Nearly two years ago we recognised that a new strategic vision for Argus was needed” to build a more resilient business.
Hill said Argus had recognised that social and technological changes were exposing new business opportunities, while global economic, regulatory, political and environmental pressures were driving greater risk and uncertainty.
“These uncertain times have become very real in recent months,” she said. “Management and the board could be forgiven for having focused entirely on short-term crisis management. We didn’t. We are continuing to balance stability within the Argus Group with a strategy for long-term sustainable growth.”
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