CEO of Bermuda’s Argus hails “outstanding” results
Bermuda-based multiline insurer Argus Group posted what its CEO called “outstanding” results for the 12 months, ending March 31, 2022, as she said the company has “evolved into a physical and financial health services organization that focuses on integrated people-centric experiences”.
The company posted a net income for the year ended March 31, 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%, compared with a three-year average of 79%.
Combined fee income was $44.4 million, an increase of $4.7 million or approximately 12% over the prior year. 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.
Alison Hill (pictured), Argus CEO, stated: “This year’s financial results are outstanding. 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 organization that focuses on integrated people-centric experiences. It is pleasing to see how this has translated into enhanced shareholder value.
“We’ve been pleased to see our share price grow over the past 18 months. We still trade at a discount to our intrinsic value but are heartened that the market has started to take note of the value we’re building. We will be steadfast in our focus on addressing the discount to intrinsic value which we believe is below the level warranted by a company with our consistent performance. Our financial strength, together with having the right team in place, at all levels of the organization, will propel us forward as we grow.”
Hill concluded: “Take a closer look and you will find that we have reimagined our whole business. We have quietly gone about rethinking our place, our products and our very purpose. A closer look at our balance sheet, reveals the work done to prepare for accelerated growth, building scale and diversification. A closer look at our growing business footprint reveals a diversified portfolio that can be exported into other integrated communities.
“A closer look at our expanding offer reveals our commitment to look after our customers’ physical, financial and mental wellbeing. A closer look at our people, reveals talent density and diversity. A friendly, focused and formidable team that is building an integrated, digitized customer and employee experience. We are closely examining our sustainability as an organization and making meaningful change to leave the planet a better place.
“Together, we are a powerful force for sustainable physical, financial and mental wellbeing. Making life meaningfully better in our connected communities. This year’s results are a reflection of the hard work of my colleagues around the company and the belief our customers and shareholders place in us on a daily basis.”
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