Allshores posts $76m in first half profit
Allshores Ltd, the combined operations of the former Argus Group and BF&M, has reported a staggering increase in first half-year profit.
A filing with the Bermuda Stock Exchange showed strongly positive unaudited interim results for the six months to June 30, including a $75.8 million profit for the first half of the year, up 884 per cent from the same period (H1 2024: $7.7 million) the year before.
While gross written premium was largely unchanged at $318.4 million (-0.2 per cent), net earned premium was up 11 per cent to nearly $200 million.
Abigail Clifford, president and chief executive, said: “The group has delivered a strong first half performance. Excluding the $45.8 million one-off gains associated with the amalgamation with Argus, we generated an operating profit of $27.6 million, nearly double the prior year’s pro forma result of $14.6 million.
“The increase in profitability was driven primarily by strong investment performance, supported by improved health underwriting results. While rising health claims continue to create headwinds, our disciplined underwriting, prudent risk management and focus on sustainable growth are driving improved profitability.
“We remain confident in our long-term strategy and in our ability to deliver value for our shareholders.”
Meanwhile, the company is moving its head office from Pitts Bay Road to the former Argus head office building on Wesley Street in Hamilton, which it said is larger and better able to accommodate the amalgamated group.
Net profit was $75.8 million, which includes a one-off bargain purchase gain of $45.8 million from the amalgamation between BF&M Limited and Argus. A further $1.4 million amortisation charge was recognised relating to newly-acquired intangibles in the areas of customer relationships and technology.
The company’s combined ratio improved to 94.4 per cent (H1 2024: 100.7 per cent), which Allshores said underscored more efficient underwriting performance.
Core investment income delivered $32.4 million, driven by fair value gains across portfolios.
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