The statement went on to say " Argus increased its earnings by 17.3% over the corresponding period last year as underwriting results improved in our health insurance operations and strong earnings by our equity investment portfolios generated a 30.1% increase in investment income. Income from commissions and management fees dropped some 15.7% as property and casualty premium rates, and thus our commission income, declined significantly. Life and pension business continues to do well in what has become a very competitive market. This year of change has encompassed the upgrading of many of our computer systems and the addition of new pension business generated by Bermuda's new mandatory pension legislation. This has necessitated the employment of several additional staff members and as a result operating expenses have risen considerably. This is reflected in the 23.3% increase in commissions and operating expenses which totaled $7.1 million in the six-months ended September 30, 1999 compared to $5.8 million in the corresponding period of 1998."
"Given no catastrophic claims and no deterioration of investment markets we expect the growth in earnings experienced in the first six months to continue through the remainder of the financial year."