third successive year, as total income rose to $51,231,000, more than 12 percent higher than the year ending March 1996.

Net income climbed 1 2.8 percent to $10,457,00 ($2.03 per share) for the year to March 31, when compared to the year before.

The performance came as a result of an increase in net premiums of more than 9.5 percent and an improvement in investment return of nearly 20.4 percent.

Net premiums were up to $34,606,000, while investment income rose to $8,127,000. Commissions and management fees were $8,498,000, compared to $7,340,000 in the year before.

Claims and benefits were $29,998,000 for the year, while commissions and operating expenses were $10,776,000, compared to $26,660,000 and $9,763,000 for the comparative period, respectively.

Managing director and CEO, John Sainsbury, commented: "We are pleased that the strength Argus has developed across the entire domestic insurance market ensured continued growth and success for the year ended March 31, 1997.

Each major area of business -- property & casualty insurance, health insurance, life insurance and pensions -- made its contributions.

"As we have come to expect, our investment result was excellent with the depressed local stock prices being more than offset by realised gains in overseas markets. "Shareholders' equity increased to $67.5 million at March 31, 1997 and total group assets, not including managed funds, grew to $234 million.

"The agreement to sell Winson Holdings Ltd., the subsidiary which owned the Bermudiana site, was executed subsequent to the year end, and all the outstanding indebtedness of Winson was repaid. We now look forward to the challenges of a new financial year and are confident that we can continue the group's long term pattern of growth.'' John Sainsbury