Argus ups profits in FY’22 on 10% revenue growth & margin expansion
Argus increased net profits in the fiscal year ended March 31, on 10% premium growth for the health-care based business versus relatively strong cost control on both claims and OPEX.
“We have quietly gone about rethinking our place, our products, and our very purpose,” Argus CEO Alison Hill (pictured) said.
She claims a balance sheet “prepared for accelerated growth” and a business profile “that can be exported to other integrated communities.”
Gross written premium rose 5.8% to $164 million, behind the 10.6% gain in premiums earned in after flat retentions versus the prior year period.
Some 55% of premium comes from the health business where Argus claims annual repricing to stay ahead of healthcare costs. Argus claimed a 12% annual increase in revenues from its Americas employee benefits and health segment.
Some 39% of premiums are from general insurance split between European and the Bermuda market. P&C revenues were said to be nearly flat in the Americas, but up a notable 14% in Europe.
Claims and claim adjustment expense across the group rose a milder 4.8% year on year, although the adjustment net gain was offset by reduced reinsurance recoveries. Sales and operating expenses grew at a still smaller rate.
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