Hamilton, Bermuda (June 21, 2022) – Argus Group Holdings Limited (the “Group”; “the Company”; the “Argus Group”) today announced net income for the year ended March 31, 2022 of $25.7 million compared to $10.1 million in the previous year.

Argus Chief Executive Officer, Alison Hill 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.”

Return on average equity for the year was 17.6%. The average annual return on equity over the last four years is 12.3% based on reported net income, and 15.1% on an operating earnings basis.

Since March 2018, our shareholders’ equity has increased from $105.9 million to $143.0 million as of March 31, 2022. During this time, we have returned $19.6 million to shareholders through dividends and a further $2.5 million through share repurchases. The decline in shareholders’ equity since March 2021 is primarily due to market value declines in our fixed income portfolios that support our long-term products.

Key performance metrics have remained strong. For the year ended March 31, 2022 the Group’s average combined ratio for the health and general insurance businesses was a healthy 78% which compares well with the 3-year average of 79%.

Economic activity returned to more normal levels during the past year. As a result, benefit and claims costs across our core businesses increased $15.8 million or approximately 27 percent compared to the prior year.

Combined fee income was $44.4 million, an increase of $4.7 million or approximately 12% over the prior year. Significantly 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.

Book value per share stood at $6.69 as at March 31, 2022 compared with $6.94 as at March 31, 2021. The share price as at March 31, 2022 was $6.10 compared with $4.56 as at March 31, 2021.

Based on the Group’s financial strength and strong performance, Argus has declared a dividend of eleven cents per share for shareholders of record as of July 29, 2022, payable on August 26, 2022.

“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.”

Ms. 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.”