Argo Reports 2021 4th Quarter, Full Year Results
Argo Group International Holdings announced financial results for the three months and year ended December 31, 2021. On February 8, 2022, the Company reported that its results for the quarter ended December 31, 2021, would be negatively affected by adverse prior year reserve development and non-operating charges.
Argo reported a fourth quarter 2021 net loss attributable to common shareholders of $118.8 million or $3.41 per diluted common share, compared to a net loss attributable to common shareholders of $3.5 million or $0.10 per diluted common share for the 2020 fourth quarter. For the year ended 2021, Argo reported a net loss attributable to common shareholders of $4.7 million or $0.13 per diluted common share, compared to a net loss attributable to common shareholders of $58.7 million or $1.70 per diluted common share in 2020.
The operating loss in the fourth quarter of 2021 was $61.8 million or $1.77 per diluted common share, compared to an operating loss of $8.9 million or $0.26 per diluted common share for the 2020 fourth quarter. Operating income in 2021 was $41.5 million or $1.19 per diluted common share, compared to an operating loss of $10.0 million or $0.29 per diluted common share in 2020.
“Our strategic priorities of pursuing profitable growth, reducing volatility, and disciplined expense management are evident in our 2021 current accident year underwriting results,” said Argo Group Chief Executive Officer Kevin Rehnberg. “We remain encouraged by the continued growth and underlying strength of our ongoing business
