Argus Group Holdings Ltd. today announced a net full-year loss of $18.4 million, due mainly to the plunge in value of its stake in Butterfield Bank.

The insurer, pension provider and investment company said its operating earnings had been strong for the year through March 31, 2010, and its board has maintained its quarterly dividend to shareholders at 10 cents per share.

But Argus recorded a net loss for the second successive year because the value of its significant holding in Butterfield Bank fell by $29 million.

Additionally, Argus said it had made a provision of $10 million against “potentially uncollectable commercial loans”.

Discounting these items, Argus said it would have made a profit of around $20 million.

Argus’s shareholders’ equity at March 31 was $97.5 million — well in excess of regulatory requirements for insurers.

Total General Fund Assets of the Argus Group fell by $10 million to $519 million.

Read the full story in the Business section of Monday’s Royal Gazette.