Argus Group Holdings Limited had net income for the six months ended September 30 of $5.9 million, up from $5 million at the end of the same period last year.

This IFRS net income was impacted by exceptional project costs arising from Argus’s proposed amalgamation with BF&M. Net operating earnings, reflecting the performance of the business excluding non-recurring project expenses, were $11 million compared with $9 million in the same period last year.

Alison Hill, chief executive of the Argus Group, said: “We are pleased with these resilient financial results, achieved in the face of challenging macroeconomic conditions. Inflation added pressure to our margins and operating expenses, yet these solid financial results highlight the strength of our growth strategy to diversify our income sources, with our fee-based businesses helping to offset elevated health insurance claims.”

She thanked her team for continuing to focus on ways to address claims cost inflation, while being strategic with pricing and underwriting.

Revenue for the period reached $135.1 million, a 15.2 per cent increase from $117.3 million in the same period last year, driven by growth in both insurance and fee revenues. Insurance revenue grew by $14.4 million, or 15.6 per cent, while fee revenue reached $28.2 million, a 13.8 per cent increase, supported by continued growth in their medical practices.

As a result, operating cash flows were strong, with a net inflow of $19 million for the six-month period.

Insurance service expenses rose by $13.7 million, or 21.5 per cent, compared with the previous year. The elevated growth in health insurance claims seen last year continued into Q1 of this year. While this showed signs of stabilising in Q2, performance continues to be influenced by higher utilisation levels and increased average costs, particularly in local health claims.

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