Argo Group Worldwide Holdings, which is being acquired by Brookfield Reinsurance topic to approvals, has printed its monetary outcomes for the quarter and yr ended December 31, 2022.
Right here’s how the corporate carried out throughout what was described by government chair and chief government 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) |
|
Web funding earnings |
$28.9 million |
$44.4 million |
$129.8 million |
$187.6 million |
|
Web earnings / (loss) attributable to widespread shareholders |
$(111.8 million) |
$(117.8 million) |
$(185.7 million) |
$(3.8 million) |
|
Working earnings |
$(94.5 million) |
$(61.8 million) |
$(4.7 million) |
$41.5 million |
In line with Argo, the decline in GWP was primarily resulting from companies it has exited. In the meantime, 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.
Transferring ahead, Argo is seeking to leverage its simplified enterprise mannequin and strengthened steadiness sheet. Final month, the agency accomplished the sale of Argo Underwriting Company Restricted and Lloyd’s Syndicate 1200. The transfer was a part of Argo’s push to change into a pure-play US specialty insurer.
Bradley acknowledged: “2022 was a transformative yr for the corporate. The strategic actions now we have taken strengthened Argo and higher place it to ship sturdy returns transferring ahead.
“The Argo of right this moment is markedly completely different from the Argo of solely two years in the past. We have now streamlined the corporate to give attention to our most worthwhile enterprise traces, achieved focused expense reductions, and continued to de-risk the steadiness sheet. On the identical time, now we have remained nimble within the market – responding to the wants of consumers and enterprise companions.”
Enthusiastic about “our subsequent chapter as a part of Brookfield Reinsurance,” the CEO additionally thanked each the management group and Argo staff for his or her dedication over the previous yr through the now accomplished strategic options assessment of the enterprise.
Argo’s merger with Brookfield Reinsurance is predicted to shut within the second half of the yr.
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