We are pleased that the strength ARGUS has developed across the entire domestic insurance market ensured continued growth and success for the year ended march 31,1997. Each major area of business - property and casualty insurance,health insurance, life insurance and pensions made its contribution. As we have come to expect,our investment result was excellent with the depressed
local stock prices being more than offset by realised gains in overseas markets.
Shareholders equity increased to $67.5 million at March 31, 1997 and total group assets,not including managed funds, grew to $234 million.
The agreement to sell Winson Holdings Limited, the subsidiary which owned the Bermudiana site, was executed subsequent to the year end and all the outstanding indebtedness of Winson was repaid.
We now look forward to the challenges of a new financial year and are confident that we can continue the Group's long term pattern of growth.
E. John Sainsbury
Managing Director and Chief Executive officer
June 26, 1997