national pension scheme and by the end of March 2000 were managing a total of $137 million in this field.

The local insurance company released its year end results last month, showing profits of $14.7 million, but has just published its annual report for 1999 which shows it has taken on more staff and a new computer system to deal with the volume of new business.

The report details how the pension scheme boosted business and Argus now has hundreds of new clients because of the National Pension Scheme (Occupational Pensions) Act 1998 which required all Bermudians or spouses of Bermudians in full time employment to take out a private pension.

And the company is looking forward to boosting profits further with the host of new business it has acquired.

The report stated: "In order to cope with the huge volume of work, we have added new staff and implemented a new computer system.

"Inevitably this has resulted in very high costs for the year which were not offset by the fee income that the new business will generate. For this reason Bermuda Life was considerably less profitable than in previous years, but we look forward to greatly enhanced profitability in the future.'' Pension plan boost for Argus Group The report does not state exactly how much extra business was brought in by the Government's new act, but the extra staff and new computer system point to a large volume of business.

Argus also said that the costs of expanding the department has impacted on the bottom line as profits from the new growing business have not yet been seen by the company in full.

The report said: "The past year was exceptionally busy for our pensions department. The National Pension Scheme, which came into effect on January 1, 2000, provided a unique opportunity to significantly increase our volume of business.'' According to the report Argus has secured groups as well as the self-employed which they have added to their portfolio.

The report stated: "We are grateful to our marketing team and pension administrators for their Herculean efforts which have enabled us to maintain our position as the leading provider of private pensions in Bermuda.

"The work is not over yet as we are now registering all of our pension plans with the Pension Commission.'' Argus is celebrating its silver anniversary this year. 50 years ago Somers Isles was launched and offered health insurance to the Island. The name was changed to Argus Insurance Company in 1962 and promoted itself as a `Community Service'.

Now The Argus Group incorporates nine separate companies, including reinsurance, property and management companies.

Argus shares trade on the Bermuda Stock Exchange. At the year end March 31, 200, the company had 873 shareholders, 90 percent of whom are Bermudian, holding 88 percent of the company.

The share price closed yesterday at $17.00. The stock was last traded on July 5. Its 52 week low in $16.00 and high is $17.50.