Argo Group International Holdings, which is being acquired by Brookfield Reinsurance subject to approvals, published its financial results for the quarter and year ended December 31, 2022.
Here’s how the company has performed during what CEO and CEO Thomas A. Bradley called it a “transformational” year:
|
measurement |
Fourth quarter 2022 |
Fourth quarter 2021 |
fiscal year 22 |
fiscal year 21 |
|---|---|---|---|---|
|
Gross Premium Written (GWP) |
$644.5 million |
733.8 million dollars |
$2.85 billion |
$3.18 billion |
|
Underwriting Income / (Loss) |
(133.8 million) |
($109 million) |
($97.2 million) |
($106.8 million) |
|
net investment income |
$28.9 million |
$44.4 million |
$129.8 million |
$187.6 million |
|
Net income / (loss) attributable to ordinary shareholders |
(111.8 million) |
(117.8 million) |
(185.7 million) |
($3.8 million) |
|
operating profit |
($94.5 million) |
($61.8 million) |
(4.7 million) |
$41.5 million |
According to Argo, the decline in GWP was mainly due to businesses that got out of it. Meanwhile, net losses attributable to common shareholders in the fourth quarter included $11.5 million in foreign exchange losses and $17.6 million in non-operating expenses.
Going forward, Argo is looking to capitalize on its streamlined business model and strengthened balance sheet. Last month, the company completed the sale of Argo Underwriting Agency Limited and Lloyd’s Syndicate 1200. The move was part of Argo’s efforts to become a specialist insurer in the United States.
Bradley stated, “2022 was a transformative year for the company. The strategic actions we took have strengthened and better positioned Argo to deliver strong returns going forward.
“The current Argo is markedly different from the Argo of just two years ago. We have streamlined the business to focus on our most profitable lines of business, achieved targeted expense reductions, and continued to de-risk the balance sheet. At the same time, we remained nimble in the market.” – In response to the needs of customers and business partners.
Excited about the “next chapter as part of Brookfield Reinsurance,” the CEO also expressed his thanks to both the leadership team and Argo employees for their dedication over the past year during the now-completed business strategic alternatives review.
Argo’s merger with Brookfield Reinsurance is expected to close in the second half of the year.
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