Argus Group Holdings Limited has declared a $27.7 million profit for the 2023 year to March 31, slightly up on the $25.7 million in the previous year.

Argus chief executive Alison Hill said: “Despite the macroeconomic turmoil seen through this fiscal year, we are very pleased with how the Argus Group has continued to show resilience and delivered another year of strong performance.”

Other key performance metrics for the group were robust. Operating earnings — a key measure of group profitability — were $17.7 million for the year ended March 31, 2023, compared with $18.2 million last year.

The Argus statement said that economic activity continued to return to more normal pre-pandemic levels during the year, with gross premiums written within core insurance businesses increasing $6.0 million, or approximately 4.0 per cent.

Benefit and claims costs across core businesses also increased by $8.5 million, or approximately 11.0 per cent, compared with the prior year.

The group’s combined ratio for the health and general insurance businesses for the year was 78.0 per cent compared with 76.7 per cent in 2022 and 70.4 per cent in 2021 (a year when claims levels were strongly impacted by Covid-19).

Combined fee income from continuing operations was $57.8 million, an increase of $1.5 million, or approximately 2.7 per cent, over the prior year. Fee income from medical practices continues to grow, offset by market-driven declines in pension administration fee income.

Shareholders’ equity at March 31, 2023 was $141.3 million, in line with the prior year ($143.0 million). Substantial rises in market interest rates in the year resulted in unrealised losses in the group’s fixed-income bond portfolios, which suppressed shareholders’ equity growth, offset by releases in interest rate-sensitive life and annuity liabilities.

The company’s share price on March 31, 2023 was $5.55 compared with $6.10 on March 31, 2022. (It closed at $6 Monday, up 25 cents.) Book value per share was $6.56 at March 31, 2023 compared with $6.69 at March 31, 2022.

Based on the group’s financial strength and performance, Argus said it has declared a dividend of 12 cents per share for shareholders of record as of July 28, 2023, payable on August 25, 2023.

Ms Hill added: “When viewed over the longer term, we remain pleased with our shareholders’ equity, which has grown by approximately 33 per cent over the past five years. During the same period we have also deployed $3.2 million in share buybacks and returned $20.5 million to shareholders in dividend payments.

“Our team has made smart, bold decisions by investing in new capabilities and new markets and delivered a series of financially successful acquisitions and post-deal integrations. We have built a culture of excellence, ambition and dynamism, attracted brilliant talent and partners and developed an authentic, trusted and loyal business and brand.

“It is also critical as we grow that we never lose sight of who we are — we are a purpose-driven organisation. We are on a journey to simplify, transform and grow our business into a powerful force for sustainable wellbeing.”