The earnings represent an increase of 8.4 percent compared with the corresponding six month period in the previous financial year.
During the six month period, premium income rose 9.4 percent and investment and other income increased by 19 percent, resulting in an increase in total income of 12.2 percent. Operating expenses increased by 12 percent during the period resulting from the hiring of new staff.
Property claims were at below average levels for the six month period, and health claims continued at relatively high levels with some deterioration in the major medical figures.
Argus Managing Director and Chief Executive Officer Mr. John Sainsbury said he was pleased with the results and expected results for the next six month period to remain within the budgeted range. New business written after September 30, 1997 will have a positive effect for the full year, Mr. Sainsbury said.
In other areas of the Argus Group, Bermuda Life had pension deposits of $142.7 million, representing an increase of 21.6 percent. Additionally, Argus announced the sale of 80 percent of Argus International Management to Liberty Mutual of the United States.