Argus Group Holdings announced a net profit of €14.5 million for year ended March 31, 2015, compared to €12 million in the previous year. Its board has declared an interim dividend of 8c per share.

“This solid result, which was negatively impacted by hurricanes Fay and Gonzalo, reflects the benefits of the geographic and product diversification within the group,” CEO Alison Hill said.

Vanessa Borg, the chief executive for Argus Insurance Agencies, added that market conditions were favourable in Malta this year with opportunities for growth and expansion in European operations.

“We were pleased that the Malta office produced posi­tive results despite the downward pressure on global rates. Our rebranding of Fogg Insurance Agencies to Argus Insurance Agencies was very successful and supports our long-term strategy to seek further opportunities in the local insurance market,” Dr Borg said.

Last year, the group expanded its footprint in Malta through the acquisition of Millennium Insurance Agency’s client portfolio.

Shareholders’ equity now stands at €107 million, up from €96 million in the previous year.

The result for the year represents a return on average shareholders’ equity of 14.3 per cent, compared to 13.2 per cent for the previous year.

Earnings per share for the year were €0.69, compared to €0.57 last year.

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