Argo Group International Holdings, Ltd. (NASDAQ: AGII) today
announced financial results for the three months ended March 31,
2017.
2017 First Quarter Recap
Gross WrittenPremiums$598.6M↑ 15.2%from
1Q 2016
CombinedRatio99.1%vs. 94.0%in 1Q
2016
Net InvestmentIncome$30.5M↑ 43.9%from
1Q 2016
Net Income PerDiluted Share$1.19↑
33.7%from 1Q 2016
Book ValuePer Share$60.84↑ 1.9%from 4Q
2016
“First quarter 2017 net income per share grew 33.7% to $1.19
per share benefiting from strong results in our investment
portfolio, our U.S. Operations, and within our International
Segment, the inclusion of Ariel Re,” said Argo Group CEO
Mark E. Watson III. “Despite challenges in the Lloyd’s
market and pre-announced charges related to claims for Hurricane
Matthew and the Ogden rate change, our book value per share grew
8.4% from March 31, 2016.”
HIGHLIGHTS FOR THE FIRST QUARTER ENDED MARCH 31, 2017
- Gross written premiums were up
15.2% to $598.6 million from $519.8 million in the first quarter of
2016. In the U.S. Operations, gross written premiums were up 16.5%
to $335.0 million from $287.6 million. In the International
Operations gross written premiums grew 13.5% to $263.6 million from
$232.2 million. Excluding Ariel Re, which closed in February 2017,
overall gross written premiums were up 9.3% in the first quarter
comparison.
- Net income was $36.7 million or
$1.19 per diluted share, compared to $27.7 million or $0.89 per
diluted share for the first quarter of 2016.
- Adjusted operating income
(1) was $21.9 million or $0.71 per diluted share, compared
to $29.9 million or $0.96 per diluted share for the first quarter
of 2016. The current quarter included $16.5 million or $0.43 per
diluted share in pre-announced non-recurring charges and claims
from fourth quarter 2016 catastrophe events.
- Pre-tax underwriting income
(1) was $3.3 million, compared to $20.7 million in the first
quarter of 2016.
- The loss ratio for the first quarter
of 2017 was 58.6% compared to 55.5% for the first quarter of 2016.
The loss ratio excluding catastrophes and reserve development
for the first quarter of 2017 was 56.4%, compared to 55.5% for the
first quarter of 2016.
- Estimated pre-tax catastrophe
losses for the first quarter of 2017 were $1.8 million or 0.4
points on the combined ratio, compared to $3.3 million or 0.9
points on the combined ratio for the first quarter of 2016.
- As previously reported, the quarter
was impacted by approximately $10.0 million from the combination of
the Ogden rate change, and claims from Hurricane Matthew. As a
result net unfavorable prior-year reserve development in the
quarter was $6.8 million or 1.8 points on the combined ratio,
compared to net favorable prior-year reserve development of $3.2
million or 0.9 points on the combined ratio for the first quarter
of 2016.
- Excluding previously announced
non-recurring charges related to the Ariel Re transaction and
information technology transition costs, the expense ratio was
38.8% for the first quarter of 2017, compared to 38.5% for the
first quarter of 2016.
- Net Investment Income was $30.5
million, compared to $21.2 million for the 2016 first quarter.
- Book value per share increased
to $60.84, up 1.9% from $59.73 at Dec. 31, 2016.
- Cash and investments at March
31, 2017 totaled approximately $4.8 billion with a net pre-tax
unrealized gain of approximately $130.9 million.
Notes
- All per share amounts are adjusted for
the 10% stock dividend paid on June 15, 2016, to stockholders of
record on June 1, 2016.
- All references to catastrophe losses
are pre-tax and net of reinsurance and estimated reinstatement
premiums. Point impacts on the combined ratio are calculated as the
difference between the reported combined ratio and the combined
ratio excluding incurred catastrophe losses and associated
reinstatement premiums.
FINANCIAL HIGHLIGHTS BY SEGMENT
U.S. Operations
U.S. Operations includes the former Excess & Surplus Lines
and Commercial Specialty reportable segments.
- First quarter 2017 gross written
premiums growth of 16.5% was driven by all four of our major
businesses which include Property, Liability, Professional, and
Specialty lines.
- The loss ratio for the 2017 quarter was
55.6% compared to 55.9% for the 2016 quarter.
- The loss ratio excluding catastrophe
losses and reserve development was 57.6%, compared to 56.2% in the
2016 first quarter.
Gross written premiums were $335.0 million in the 2017 first
quarter, up $47.4 million from $287.6 million for 2016 first
quarter. Net written premiums were $217.0 million versus $189.4
million in the 2016 first quarter. Earned premiums were $221.2
million versus $206.6 million for the 2016 first quarter.
For the 2017 first quarter, U.S. Operations reported
underwriting income of $20.8 million, compared to underwriting
income of $24.2 million for the 2016 first quarter. The 2017 first
quarter combined ratio of 90.6% compares to 88.3% for the
prior-year quarter.
For the 2017 first quarter, net favorable prior-year reserve
development was $5.2 million or 2.4 points on the combined ratio,
compared to net favorable prior-year reserve development of $2.9
million benefiting the combined ratio by 1.4 points for the 2016
first quarter. Catastrophe losses for the 2017 first quarter were
$0.8 million or 0.4 points on the combined ratio, compared to
catastrophe losses of $2.3 million or 1.1 points for the 2016 first
quarter. The loss ratio for the 2017 first quarter, excluding
catastrophe losses and reserve development, was 57.6%, compared to
56.2% in the 2016 first quarter.
International Operations
International Operations includes the former Syndicate 1200 and
International Specialty reportable segments, and the recently
acquired Ariel Re businesses. The Ariel Re transaction closed on
February 6, 2017, therefore, Ariel Re results are included in the
consolidated International Operations results since that date.
- First quarter 2017 gross written
premiums growth was driven primarily by Ariel Re. Excluding Ariel
Re gross written premiums was up approximately 0.5%.
- The current quarter loss ratio was
61.3% compared to 54.0% in the 2016 quarter primarily driven by
pre-announced losses from the Ogden rate change and claims from
Hurricane Matthew.
- The loss ratio for the 2017 first
quarter, excluding catastrophe losses and reserve development, was
54.7%, compared to 54.5% in the 2016 first quarter.
The segment reported gross written premiums of $263.6 million in
the 2017 first quarter, up 13.5% or $31.4 million from $232.2
million for the 2016 first quarter. Net written premiums were
$126.4 million, up 10.9% from $114.0 million in the 2016 first
quarter. Earned premiums were up 14.4% to $158.2 million from
$138.3 million for the 2016 first quarter.
For the 2017 first quarter, International Operations reported
underwriting income of $3.6 million, compared to underwriting
income of $11.8 million for the 2016 first quarter. The 2017 first
quarter combined ratio of 97.7% compares to 91.5% for the 2016
first quarter.
For the 2017 first quarter, net unfavorable prior-year reserve
development was $9.6 million or 6.0 points on the combined ratio
due to the previously announced losses related to claims from
Hurricane Matthew of $4.9 million and an estimated impact of $4.5
million to incorporate the recent change in the UK Ogden discount
rate. This compares to net favorable prior-year reserve development
of $1.7 million that benefited the combined ratio by 1.3 points for
the 2016 first quarter. The loss ratio for the 2017 first quarter,
excluding catastrophe losses and reserve development, was 54.7%,
compared to 54.5% in the 2016 first quarter.
CONFERENCE CALL
Argo Group management will conduct an investor conference call
starting at 10 a.m. EDT (11 a.m. ADT) on Thursday, May 4, 2017. A
live webcast of the conference call can be accessed by visiting
http://services.choruscall.com/links/agii170504.html. Participants
in the U.S. can access the call by dialing (877) 291-5203. Callers
dialing from outside the U.S. can access the call by dialing (412)
902-6610. Please ask the operator to be connected to the Argo Group
earnings call.
A webcast replay will be available shortly after the live
conference call and can be accessed at
http://services.choruscall.com/links/agii170504.html. A telephone
replay of the conference call will be available through May 11,
2017, to callers in the U.S. by dialing (877) 344-7529 (conference
# 10105588). Callers dialing from outside the U.S. can access the
telephone replay by dialing (412) 317-0088 (conference #
10105588).
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an
international underwriter of specialty insurance and reinsurance
products in the property and casualty market. Argo Group offers a
full line of products and services designed to meet the unique
coverage and claims handling needs of businesses in two primary
segments: U.S. Operations and International Operations, focusing on
four primary lines of business: property, liability, professional
and specialty. Argo Group's insurance subsidiaries are A. M.
Best-rated 'A' (Excellent) with a stable outlook, and Argo's U.S.
insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong)
with a stable outlook. More information on Argo Group and its
subsidiaries is available at www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release may include forward-looking statements, both
with respect to Argo Group and its industry, that reflect our
current views with respect to future events and financial
performance. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as "expect," "intend," "plan," "believe,"
“do not believe,” “aim,” "project," "anticipate," “seek,” "will,"
“likely,” “assume,” “estimate,” "may," “continue,” “guidance,”
“objective,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “on track” and similar expressions of a future
or forward-looking nature. All forward-looking statements address
matters that involve risks and uncertainties, many of which are
beyond Argo Group's control. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements. We
believe that these factors include, but are not limited to, the
following: 1) unpredictability and severity of catastrophic events;
2) rating agency actions; 3) adequacy of our risk management and
loss limitation methods; 4) cyclicality of demand and pricing in
the insurance and reinsurance markets; 5) statutory or regulatory
developments including tax policy, reinsurance and other regulatory
matters; 6) our ability to implement our business strategy; 7)
adequacy of our loss reserves; 8) continued availability of capital
and financing; 9) retention of key personnel; 10) competition; 11)
potential loss of business from one or more major insurance or
reinsurance brokers; 12) our ability to implement, successfully and
on a timely basis, complex infrastructure, distribution
capabilities, systems, procedures and internal controls, and to
develop accurate actuarial data to support the business and
regulatory and reporting requirements; 13) general economic and
market conditions (including inflation, volatility in the credit
and capital markets, interest rates and foreign currency exchange
rates); 14) the integration of Ariel Re and other businesses we may
acquire or new business ventures we may start; 15) the effect on
our investment portfolios of changing financial market conditions
including inflation, interest rates, liquidity and other factors;
16) acts of terrorism or outbreak of war; and 17) availability of
reinsurance and retrocessional coverage, as well as management's
response to any of the aforementioned factors.
In addition, any estimates relating to loss events involve the
exercise of considerable judgment and reflect a combination of
ground-up evaluations, information available to date from brokers
and cedants, market intelligence, initial tentative loss reports
and other sources. The actuarial range of reserves and management’s
best estimate is based on our then current state of knowledge
including explicit and implicit assumptions relating to the pattern
of claim development, the expected ultimate settlement amount,
inflation and dependencies between lines of business. Our internal
capital model is used to consider the distribution for
reserving risk around this best estimate and predict the potential
range of outcomes. However, due to the complexity of factors
contributing to the losses and the preliminary nature of the
information used to prepare these estimates, there can be no
assurance that Argo Group’s ultimate losses will remain within the
stated amount.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included herein and elsewhere,
including the risk factors included in our most recent reports on
Form 10-K and Form 10-Q and other documents of Argo Group on file
with or furnished to the U.S. Securities and Exchange Commission
(“SEC”). Any forward-looking statements made in this press release
are qualified by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by
Argo Group will be realized or, even if substantially realized,
that they will have the expected consequences to, or effects on,
Argo Group or its business or operations. Except as required by
law, Argo Group undertakes no obligation to update publicly or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
NON-GAAP FINANCIAL MEASURES
In presenting the Company's results, management has included and
discussed in this press release certain non-generally accepted
accounting principles ("non-GAAP") financial measures within the
meaning of Regulation G as promulgated by the U.S. Securities and
Exchange Commission. Management believes that these non-GAAP
measures, which may be defined differently by other companies,
better explain the Company's results of operations in a manner that
allows for a more complete understanding of the underlying trends
in the Company's business. However, these measures should not be
viewed as a substitute for those determined in accordance with
generally accepted accounting principles ("U.S. GAAP").
“Underwriting income” is an internal performance measure used in
the management of the Company’s operations and represents net
amount earned from underwriting activities (net premiums earned
less underwriting expenses and claims incurred). Although this
measure of profit (loss) does not replace net income (loss)
computed in accordance with U.S. GAAP as a measure of
profitability, management uses this measure of profit (loss) to
focus our reporting segments on generating underwriting income. The
Company presents Underwriting income as a measure that is commonly
recognized as a standard of performance by investors, analysts,
rating agencies and other users of its financial information.
“Adjusted operating income" is an internal performance measure
used in the management of the Company's operations and represents
after-tax (at an assumed effective tax rate of 20%) operational
results excluding, as applicable, net realized investment gains or
losses, net foreign exchange gain or loss, and other similar
non-recurring items. The Company excludes net realized investment
gains or losses, net foreign exchange gain or loss, and other
similar non-recurring items from the calculation of adjusted
operating income because these amounts are influenced by and
fluctuate in part, by market conditions that are outside of
managements’ control. In addition to presenting net income
determined in accordance with U.S. GAAP, the Company believes that
showing adjusted operating income enables investors, analysts,
rating agencies and other users of the Company's financial
information to more easily analyze our results of operations and
underlying business performance. Adjusted operating income should
not be viewed as a substitute for U.S. GAAP net income. "
"Annualized return on average shareholders’ equity" ("ROAE") is
calculated using average shareholders' equity. In calculating ROAE,
the net income available to shareholders for the period is
multiplied by the number of periods in a calendar year to arrive at
annualized net income available to shareholders. The Company
presents ROAE as a measure that is commonly recognized as a
standard of performance by investors, analysts, rating agencies and
other users of its financial information.
"Annualized adjusted operating return on average shareholders'
equity" is calculated using adjusted operating income (as defined
above and annualized in the manner described for net income (loss)
available to shareholders under ROAE above) and average
shareholders' equity. The assumed tax rate is 20%.
Reconciliations of these financial measures to their most
directly comparable U.S. GAAP measures are included in the attached
tables.
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
CONSOLIDATED BALANCE SHEETS (in millions, except per share amounts)
March 31, December 31, 2017 2016 (unaudited) Assets
Total investments $ 4,565.6 $ 4,324.3 Cash 190.7 86.0 Accrued
investment income 21.8 20.7 Receivables 2,084.7 1,849.4 Goodwill
and intangible assets 259.3 219.9 Deferred acquisition costs, net
155.1 139.1 Ceded unearned premiums 438.6 302.8 Other assets
303.7 262.8 Total assets $ 8,019.5 $ 7,205.0
Liabilities and Shareholders' Equity Reserves for losses and loss
adjustment expenses $ 3,580.3 $ 3,350.8 Unearned premiums 1,130.4
970.0 Ceded reinsurance payable, net 611.6 466.6 Senior unsecured
fixed rate notes 139.5 139.5 Other indebtedness 180.3 55.4 Junior
subordinated debentures 256.3 172.7 Other liabilities 286.5
257.3 Total liabilities 6,184.9 5,412.3 Total
shareholders' equity 1,834.6 1,792.7 Total
liabilities and shareholders' equity $ 8,019.5 $ 7,205.0
Book value per common share $ 60.84 $ 59.73 ARGO
GROUP INTERNATIONAL HOLDINGS, LTD. FINANCIAL HIGHLIGHTS ALL
SEGMENTS (in millions, except per share amounts)
Three Months Ended March 31, 2017 2016 (unaudited)
Gross written premiums $ 598.6 $ 519.8 Net written premiums
343.4 303.4 Earned premiums 379.4 344.9 Net investment
income 30.5 21.2 Fee and other income 3.6 6.8 Net realized
investment and other gains (losses) 14.6 (2.8
) Total revenue 428.1 370.1 Losses and loss adjustment
expenses 222.5 191.6 Underwriting, acquisition and insurance
expenses 153.6 132.6 Interest expense 5.9 4.8 Fee and other
expense, net 4.1 6.5 Foreign currency exchange (gains) losses
(0.7 ) 1.5 Total expenses 385.4 337.0
Income before taxes 42.7 33.1 Income tax provision 6.0
5.4 Net income $ 36.7 $ 27.7
Net income per common share (basic) $ 1.22 $
0.91 Net income per common share (diluted) $
1.19 $ 0.89 Weighted average common shares:
Basic 30.0 30.5 Diluted 30.9
31.1 ARGO GROUP INTERNATIONAL
HOLDINGS, LTD. SEGMENT DATA (in millions) (unaudited)
For Three Months Ended March 31, March 31, 2017 2016
U.S.
OPERATIONS
Gross written premiums $ 335.0 $ 287.6 Net written premiums 217.0
189.4 Earned premiums 221.2 206.6 Underwriting income 20.8
24.2 Net investment income 19.9 13.8 Interest expense (2.7 ) (2.2 )
Fee expense, net (0.8 ) (0.9 ) Net income before
taxes $ 37.2 $ 34.9 Loss ratio 55.6 % 55.9 %
Expense ratio 35.0 % 32.4 % GAAP combined ratio
90.6 % 88.3 %
INTERNATIONAL
OPERATIONS
Gross written premiums $ 263.6 $ 232.2 Net written premiums 126.4
114.0 Earned premiums 158.2 138.3 Underwriting income 3.6
11.8 Net investment income 6.6 6.1 Interest expense (2.0 ) (1.3 )
Fee income, net 0.1 1.1 Net income
before taxes $ 8.3 $ 17.7 Loss ratio 61.3 %
54.0 % Expense ratio 36.4 % 37.5 % GAAP combined
ratio 97.7 % 91.5 % ARGO GROUP
INTERNATIONAL HOLDINGS, LTD. (in millions) (unaudited)
Net Prior Year Development For the Three Months Ended
(Favorable)/Unfavorable
March 31, 2017 2016 (unaudited) U.S. Operations $ (5.2 ) $
(2.9 ) International Operations 9.6
(a)
(1.7 ) Run-off Lines 2.4 1.4 Total $
6.8 $ (3.2 )
(a)
Includes $4.9 million in development for
Hurricane Matthew and $4.5 million for the Ogden rate change in the
UK.
ARGO GROUP INTERNATIONAL
HOLDINGS, LTD. RECONCILIATION OF UNDERWRITING INCOME TO NET INCOME
(in millions) (unaudited) Three Months Ended March 31, 2017
2016 Net Income $ 36.7 $ 27.7 Add (deduct): Income tax
provision 6.0 5.4 Net investment income (30.5 ) (21.2 ) Net
realized investment and other (gains) losses (14.6 ) 2.8 Fee and
other income (3.6 ) (6.8 ) Interest expense 5.9 4.8 Fee and other
expense 4.1 6.5 Foreign currency exchange (gains) losses
(0.7 ) 1.5 Underwriting income $ 3.3 $ 20.7
ARGO GROUP INTERNATIONAL
HOLDINGS, LTD. RECONCILIATION OF ADJUSTED OPERATING INCOME TO NET
INCOME (in millions, except per share amounts) (unaudited)
Three Months Ended March 31, 2017 2016 Net income, as
reported $ 36.7 $ 27.7 Provision for income taxes 6.0
5.4 Net income, before taxes 42.7 33.1 Add (deduct): Net
realized investment and other (gains) losses (14.6 ) 2.8 Foreign
currency exchange (gains) losses (0.7 ) 1.5 Adjusted
operating income before taxes 27.4 37.4 Provision for income taxes,
at assumed rate (a) 5.5 7.5 Adjusted operating
income $ 21.9 $ 29.9 Adjusted operating income
per common share (diluted) $ 0.71 $ 0.96 Weighted
average common shares, diluted 30.9 31.1
(a) At assumed tax rate of 20%.
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. RECONCILIATION OF SEGMENT
INCOME TO NET INCOME (in millions) (unaudited) For
the Three Months Ended March 31, 2017 2016 Segment income
(loss) before income taxes U.S. Operations 37.2 34.9 International
Operations 8.3 17.7 Run-off Lines (2.5 ) (1.4 ) Corporate and Other
(15.6 ) (13.8 ) Realized investment and other gains (losses) 14.6
(2.8 ) Foreign currency exchange gains (losses) 0.7
(1.5 ) Net income before income taxes 42.7 33.1 Provision
for taxes 6.0 5.4 Net income $ 36.7
$ 27.7 ARGO GROUP INTERNATIONAL
HOLDINGS, LTD. RECONCILIATION OF LOSS RATIOS (unaudited)
Three Months Ended March 31, 2017 2016 U.S.
Operations Loss ratio 55.6 % 55.9 % Prior accident year loss
development 2.4 % 1.4 % Catastrophe losses -0.4 % -1.1 % Current
accident year ex-cats loss ratio 57.6 % 56.2 % International
Operations Loss ratio 61.3 % 54.0 % Prior accident year loss
development -6.0 % 1.3 % Catastrophe losses -0.6 % -0.8 % Current
accident year ex-cats loss ratio 54.7 % 54.5 % Consolidated
Loss ratio 58.6 % 55.5 % Prior accident year loss development -1.8
% 0.9 % Catastrophe losses -0.4 % -0.9 % Current accident year
ex-cats loss ratio 56.4 % 55.5 %
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
RECONCILIATION OF EXPENSE RATIO (in millions) (unaudited)
For the three months ended March 31, 2017 As reported Adjustments
As adjusted Earned premiums $ 379.4 $ - $ 379.4
Underwriting, insurance and acquisition expenses 153.6 6.5 (a)
147.1 Expense ratio 40.5 % 38.8 % (a)
Includes one-time costs relating to the
acquisition of Ariel Re ($2.5 million) and the transition of
certain IT functions to a third party service provider ($4.0
million.)
ARGO
GROUP INTERNATIONAL HOLDINGS, LTD. GROSS WRITTEN PREMIUMS BY
SEGMENT AND LINE OF BUSINESS (in millions) (unaudited)
U.S. Operations Three months ended
Three months ended March 31, 2017 March 31, 2016 Gross Written Net
Written Net Earned Gross Written Net Written Net Earned
Property $ 55.9 $ 15.0 $ 29.0 $ 43.7 $ 19.1 $ 33.5 Liability 218.0
154.7 145.8 193.9 135.7 140.8 Professional 33.1 26.2 26.2 29.5 17.3
17.6 Specialty 28.0 21.1 20.2 20.5
17.3 14.7 Total $ 335.0 $ 217.0 $ 221.2 $ 287.6 $
189.4 $ 206.6
International Operations Three
months ended Three months ended March 31, 2017 March 31, 2016 Gross
Written Net Written Net Earned Gross Written Net Written Net Earned
Property $ 92.8 $ 34.0 $ 60.6 $ 97.0 $ 42.1 $ 51.7 Liability
32.0 17.2 18.6 36.3 20.5 21.3 Professional 36.2 20.5 23.9 31.7 17.6
23.5 Specialty 102.6 54.7 55.1 67.2
33.8 41.8 Total $ 263.6 $ 126.4 $ 158.2 $ 232.2 $
114.0 $ 138.3
Consolidated Three months ended
Three months ended March 31, 2017 March 31, 2016 Gross Written Net
Written Net Earned Gross Written Net Written Net Earned
Property $ 148.7 $ 49.0 $ 89.6 $ 140.7 $ 61.2 $ 85.2 Liability
250.0 171.9 164.4 230.2 156.2 162.1 Professional 69.3 46.7 50.1
61.2 34.9 41.1 Specialty 130.6 75.8 75.3
87.7 51.1 56.5 Total $ 598.6 $ 343.4 $ 379.4 $
519.8 $ 303.4 $ 344.9 ARGO GROUP INTERNATIONAL
HOLDINGS, LTD. COMPONENTS OF NET INVESTMENT INCOME ALL SEGMENTS (in
millions) (unaudited) Three Months Ended March 31
March 31 2017 2016 Net investment income, excluding
alternatives $ 22.2 $ 22.7 Alternative investments 8.3
(1.5 ) Total net investment income $ 30.5 $ 21.2
ARGO GROUP
INTERNATIONAL HOLDINGS, LTD. SHAREHOLDER RETURN ANALYSIS (in
millions) (unaudited) For the Three Months Ended March 31,
2017 2016 % Change Net income $ 36.7 $ 27.7 32.5 % Adjusted
operating income (a) 21.9 29.9 (26.8 %) Shareholders' Equity
- Beginning of the period $ 1,792.7 $ 1,668.1 7.5 % Shareholders'
Equity - End of current period 1,834.6 1,705.4
7.6 % Average Shareholders' Equity $ 1,813.7 $ 1,686.8 7.5 %
Annualized return on average shareholders' equity 8.1 % 6.6
% Annualized adjusted operating return on average shareholders'
equity 4.8 % 7.1 %
(a) at assumed 20% tax rate
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170503006553/en/
Argo Group International Holdings, Ltd.Susan Spivak Bernstein,
212-607-8835Senior Vice President, Investor Relations
Argo (NYSE:ARGO)
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