million for the year ended March 31.

Net premiums for the year rose 8.6 percent to $45.14 million. Investment income increased $1.42 million. Commissions, fees and other income was down by $790,000 for the year.

The figure does not include nine months of management fees from Argus International Management Ltd. following the previously announced sale of its captive management business.

Claims, benefits and claims expenses increased 11.5 percent over 1998. The 1998 figures in turn showed a 23 percent increase over 1997, president and chief executive officer Gerald Simons said.

"We remain concerned about the ever-rising cost of health care services which continues to grow at a rate well above the overall level of inflation,'' he said.

The group had total assets of $320 million and shareholders' equity of $82 million at March 31.