THE ARGUS GROUP REPORTS EARNINGS OF $12.0 MILLION
Argus Group Holdings Limited (the “Group” or the “Argus Group”), the parent company of Malta based Argus Insurance Agencies Limited, has announced net earnings to shareholders of $12.0 million for the year ended March 31, 2017, compared with $7.3 million in the prior year.
Alison Hill, Chief Executive Officer of the Argus Group, says: “This is a solid result which is underpinned by disciplined, long-term underwriting strategies and strong investment performance against a backdrop of geopolitical turmoil and market disruption. We believe our role is one of careful stewardship of our shareholders’ assets and long-term custodianship of our business for future generations. We are making continued progress in our commitment to diversify the Group’s sources of earnings across products and geographies, including the acquisition of Island Insurance Brokers Limited in Malta.”
Shareholders’ equity now stands at $130.2 million and remains well in excess of the capital level required by regulators to support the insurance and investment activities of the Group. The result for the year represents a return on average Shareholders’ Equity of 9.5 percent, compared with 6 percent in the prior year. Earnings per share for the year were $0.57, compared with $0.34 in the previous year. As of March 31, 2017, Total Assets including Segregated Fund Assets stood at $2.2 billion.
Investment income increased by $16.9 million compared to the prior year. The robust results reflected stronger performance from our selected investment managers, with all managers meeting or outperforming their target returns.
Alison Hill comments: “Despite competitive markets and environmental changes, we remain optimistic about the future. The Group’s three strategic priorities are positioning the Group to thrive in uncertain times and to be resilient to whatever global forces push our way. Our advocacy and innovation strategies are creating the value our clients are looking for, which helps support long-term margin squeeze. Our growth strategy will diversify the Group’s sources of revenue and bring economies of scale. Underpinning these strategies are our highly engaged team and our culture of doing the right thing, for everyone, always.”
The strong financial position and underlying earnings strength of the Group has allowed the Board to declare an interim dividend of 9 cents per share payable on August 23, 2017.