4th May 2022

Argo reports operating income up in first quarter

Argo Group International Holdings has announced financial results for the first quarter. Argo reported a net loss attributable to common shareholders of $3.6m or $0.11 per diluted common share compared to net income attributable to common shareholders of $27.2m or $0.78 per diluted common share for the first quarter 2021. Annualized return on average common shareholders’ equity was(0.9%) compared to 6.4% in the prior year first quarter. Operating income was $43.4m or $1.24 per diluted common share, compared to $15.5m or $0.44 per diluted common share.
“We continue to execute on our strategic priorities of improving underwriting margins, reducing volatility and managing expenses,” said Argo executive chairman and i ceo Thomas A. Bradley. “The success of these efforts is reflected in the results and provides a strong start to the year.
“We are pleased to report operating income of $43.4 million, and an operating return on equity of 11.4% for the first quarter 2022. The loss ratio was solid at 59%, our catastrophe losses were significantly lower than a year ago, and the expense ratio of 36% improved nearly two percentage points from the prior year first quarter.
Looking forward, we are pleased with the opportunities for growth across our ongoing businesses and remain confident in achieving our 2022 financial objectives.”

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