Argus Group Reports Earnings Of $14.2 Million
Argus Group Holdings today [June 10] announced net earnings of $14.2 million for the 2019 financial year, compared with a net loss of $18.6 million in the corresponding period in 2018. Net equity at March 31, 2019 stood at $120.0 million, an increase of $14.1 million compared to the previous year end.
Based on the Group’s financial strength and strong performance a dividend of 9 cents per share for shareholders of record as of July 31, 2019 payable on August 23, 2019 has been declared.
Alison Hill, Chief Executive Officer of the Argus Group, says: “We have seized opportunity across the Group for the benefit of our customers, our shareholders and our communities. Opportunities for improved efficiency. Opportunities for innovation. Opportunities for better service. Opportunities for growth.
“This year has seen us act strategically and decisively to enhance the long-term economics of our business. We have controlled the cost of our healthcare business in partnership with One Team Health, and are strengthening our international presence through the acquisition of FirstUnited Insurance Brokers in Malta.
“2019 has been a year of strong results, reporting net earnings of $14.2 million and net operating income of $18.1 million, a significant return to strength from 2018’s year of tough decisions.
“These positive results provide a strong foundation, from which we will continue to build a better future, with our strong vision, confidence and ambition.
“Our profitability is underpinned by stability and strength across all three divisions of our organisation: Employee Benefits, Global Property & Casualty, and Wealth Management. Employee Benefits has performed particularly well this year, with our Health division working hard to reduce the cost of claims, whilst delivering excellent stewardship of our clients’ premium dollars.
“Against the backdrop of hospital financing reform, we experienced a challenging health renewal, where premium rate increases were necessary for many clients in order to keep pace with global health cost inflation.
“We work closely with our valued clients to ensure plan benefits fit their evolving needs and take our role as custodians of their health dollars very seriously. We also work closely with our health members to support healthy lifestyles. Supporting healthy lifestyles helps to control the cost of healthcare and promote a better life for our members.
“We are incredibly proud of the hard work and commitment from our team that has driven these results in a very competitive environment. Our team continues to deliver the high quality, high value service which is characteristic of Argus. The result of this commitment is high retention of our great clients with all divisions reporting client retention rates of over 90%.
“Our position of financial strength, and capital in excess of regulatory requirements, has given us the robust foundation to accelerate investment in our future. We continue to focus on putting our capital to best use, making responsible and judicious choices to further our strategic aims, whilst ensuring long-term sustainable shareholder value. We are taking action today and investing in new technologies and new ways of doing business to constantly improve service and value to our customers. Delivering genuine benefit to our clients for a prosperous tomorrow, for all.
“We’re a Bermudian company. When we prosper and grow so does Bermuda. 90% of the value of Argus and the dividends we pay remains in the Bermuda economy. This means that when we succeed, Bermuda succeeds as well. Today and tomorrow.”
