Argo Group International Holdings, which is being acquired by Brookfield Reinsurance topic to approvals, has revealed its monetary outcomes for the quarter and yr ended December 31, 2022.
Here’s how the corporate carried out throughout what was described by govt chair and chief govt Thomas A. Bradley as a “transformative” yr:
|
Metric |
This autumn 2022 |
This autumn 2021 |
FY22 |
FY21 |
|---|---|---|---|---|
|
Gross written premium (GWP) |
$644.5 million |
$733.8 million |
$2.85 billion |
$3.18 billion |
|
Underwriting earnings / (loss) |
$(133.8 million) |
$(109 million) |
$(97.2 million) |
$(106.8 million) |
|
Net funding earnings |
$28.9 million |
$44.4 million |
$129.8 million |
$187.6 million |
|
Net earnings / (loss) attributable to widespread shareholders |
$(111.8 million) |
$(117.8 million) |
$(185.7 million) |
$(3.8 million) |
|
Operating earnings |
$(94.5 million) |
$(61.8 million) |
$(4.7 million) |
$41.5 million |
According to Argo, the decline in GWP was primarily as a result of companies it has exited. Meanwhile, the web loss attributable to widespread shareholders within the fourth quarter included $11.5 million in international foreign money trade losses and $17.6 million of non-operating bills.
Moving ahead, Argo is seeking to leverage its simplified enterprise mannequin and strengthened steadiness sheet. Last month, the agency accomplished the sale of Argo Underwriting Agency Limited and Lloyd’s Syndicate 1200. The transfer was a part of Argo’s push to turn out to be a pure-play US specialty insurer.
Bradley said: “2022 was a transformative yr for the corporate. The strategic actions we now have taken strengthened Argo and higher place it to ship robust returns shifting ahead.
“The Argo of today is markedly different from the Argo of only two years ago. We have streamlined the company to focus on our most profitable business lines, achieved targeted expense reductions, and continued to de-risk the balance sheet. At the same time, we have remained nimble in the marketplace – responding to the needs of customers and business partners.”
Excited about “our next chapter as part of Brookfield Reinsurance,” the CEO additionally thanked each the management staff and Argo workers for his or her dedication over the previous yr throughout the now accomplished strategic alternate options assessment of the enterprise.
Argo’s merger with Brookfield Reinsurance is anticipated to shut within the second half of the yr.