The Argus Group, parent company of the Malta based Argus Insurance Agencies Limited (formerly Fogg Insurance), has announced profits of 13.2 million Bermudan Dollars (€9.86 million), for the year ending 31 March 2014. The Company’s board has also declared an interim dividend on seven Bermudan Cents per share.
Alison Hill, Chief Executive Officer of the Argus Group, comments: “These positive results are underpinned by strong business fundamentals including continued strong performance by our core business operations, high client retention levels and efficient management of operating expenses. In addition, we continue to follow strong governance and risk management processes and to optimise the Balance Sheet and capital structure. The Group continues to make progress with its strategic goal of focusing on markets where Argus can grow and earn higher returns within acceptable risk tolerances. Accordingly, we remain confident that the Argus Group is well positioned for the future.”
Shareholders’ Equity now stands at BM$106.9 million (€79.88 million), representing an increase from BM$94.4 million one year ago, which is substantially in excess of the statutory capital required to conduct the Group’s various insurance and investment related businesses. The result for the year represents a return on average Shareholders’ Equity of 13.2 percent. The earnings per share for the year were $0.63 compared to $0.61 last year. As at 31 March 2014, the Group’s total assets stood at BM$2.1 billion (€1.57 billion).
Vanessa Borg, Chief Executive at Argus Insurance Agencies Limited, said, “Argus is committed to building a stronger presence in Malta and to offering our clients a greater range of products coupled with excellent service. Argus also views our country as a potential hub for regional operations. As such, Argus Insurance Agencies Limited is key to the Group’s strategy of expanding into new markets which offer opportunities for growth. These positive results, which include an increase in net premiums written of BM$3.0 million (€2.24 million), are very encouraging and augur well for continued investment in product development and support for the Maltese business, which in turn will benefit our customers.”