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Argo Group Reports 2021 First Quarter Results

Argo Group International Holdings reported a strong financial performance for Q1 2021, achieving a net income of $27.2 million or $0.78 per diluted share, reversing a net loss of $24.7 million in Q1 2020.

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Argo Group International Holdings, Ltd. (NYSE: ARGO) ("Argo" or the "Company") today announced financial results for the three months ended March 31, 2021. Argo reported first quarter 2021 net income attributable to common shareholders of $27.2 million or $0.78 per diluted common share, compared to a net loss attributable to common shareholders of $24.7 million or $(0.72) per diluted common share for the 2020 first quarter. Operating income in the first quarter of 2021 was $15.5 million or $0.44 per diluted common share, compared to operating income of $12.5 million or $0.36 per diluted common share for the 2020 first quarter.

"We are pleased with the improved underlying combined ratio of 93.4% during the quarter, which was our strongest result since 2016," said Argo Chief Executive Officer Kevin J. Rehnberg. "We believe the improvement in underwriting results this quarter is further evidence that the actions we have taken over the last two years are the right ones. This positive momentum is supported by our expense focus and positions us to take advantage of market opportunities and execute on our targeted growth strategy.

“While the first quarter included elevated catastrophe losses, we have made good progress on reducing our property exposure. We expect the majority of our targeted actions to be completed ahead of U.S. wind season. This will reduce our exposure to future events.”

 

First Quarter Consolidated Operating Highlights

$ in millions

 

Three Months Ended

March 31,

 

Y/Y

Consolidated

 

2021

 

2020

 

Change