for the six months to September 30, a gain of 8.4 percent compared with the same period in the previous financial year.

Argus is listed on the Bermuda Stock Exchange and last traded at $17 on December 12.

During the six months the company's premium income rose by 9.4 percent and investment and other income by 19 percent, resulting in total income rising by 12.2 percent to $27.7 million. Operating expenses increased by about 12 percent due to the hiring of more staff, company managing director and chief executive officer John Sainsbury stated.

For the first six months of the financial year property claims were at below average levels, while health claims "continued at relatively high levels with some deterioration in the major medical figures'' Mr. Sainsbury stated.

The result for the full year is expected to remain within the budgeted range.

Subsidiary Centurion Insurance Services was affected by the reduction in commercial property and liability rates. Mr. Sainsbury said new business written after September 30 will have a "positive'' effect for the full year.

Investment income doubled at subsidiary Bermuda Life mostly as a result of gains in investments made in the local companies listed on the Bermuda Stock Exchange.

Bermuda Life had pension deposits of $142.7 million, a gain of 21.6 percent.

The company also announced the sale of 80 percent of Argus International Management to US group Liberty Mutual. Since March 31 Argus shares have risen 56 percent in value to $17 from $12. The company's directors and officers held 22 percent of the 5.68 million shares issued.