Argus Group Holdings Limited

c o n s o l ida ted Balance Shee t

(In $ thousands)

March 31
2012

March 31 April 1
2011
2010

46,127
404
185,068
11,404
22,164

26,245
850
304,394
46,449
12,672
18,372

22,313
820
360,149
13,633
10,463

11,573
10,860
7,010
7,083
2,295
75,648
6,787

13,758
10,463
7,006
6,393
2,135
76,754
7,968

18,058
9,811
6,949
6,166
1,746
77,656
6,123

Total General Fund assets

Total Segregated Fund Assets

386,423
1,334,693

533,459
1,218,701

533,887
1,171,007

Total Assets

1,721,116

1,752,160

1,704,894

Liabilities
Insurance contract liabilities
Insurance balances payable
Investment contract liabilities

Payable for investments purchased
Tax payable

Accounts payable and accrued liabilities
Dividend payable
Note payable
Loan payable

Post-employment benefit obligation

190,932
12,751
69,764
-
188
14,730
-
-
7,843
4,078

184,563
14,613
192,059
20,821
249
17,088
2,103
-
13,843
3,625

184,466
9,468
180,290
121
15,885
2,103
16,750
19,843
6,076

Total General Fund liabilities

Total Segregated Fund liabilities

300,286
1,334,693

448,964
1,218,701

435,002
1,171,007

1,634,979

1,667,665

1,606,009

Assets
Cash and short-term investments
Interest and dividends receivable
Investments

Investment in associates

Receivable for investments sold
Insurance balances receivable

Reinsurers share of:
Claims provisions

Unearned premiums

Investment properties

Other assets

Deferred policy acquisition costs

Property and equipment

Intangible assets

Total liabilities

Equity

Attributable to shareholders of the Company

Share capital
Contributed surplus
Retained earnings
Accumulated other comprehensive income

16,433
52,737
15,913
(1,289)

16,426
52,629
14,217
(866)

16,436
52,382
28,723
(1,126)

Total equity attributable to shareholders of the company

83,794

82,406

96,415

Attributable to non-controlling interests

2,343

2,089

2,470

86,137

84,495

98,885

1,752,160

1,704,894

Total equity
Total equity and liabilities

1,721,116

Argus Group Holdings Limited

Co n s o l i da ted Sta tement of Opera tions

For the years ended March 31 (In $ thousands, except per share data)

2011

2012

Revenue
Gross premiums written
Reinsurance ceded

167,985
(42,507)

157,087
(41,175)

Net premiums written

Net change in unearned premiums

125,478
274

115,912
(624)

Net premiums earned

Investment income

Change in fair value of investments


Share of (loss)/earnings of investment in associates
Commissions, management fees and other

125,752
3,862
3,805
(12,197)
33,565

115,288
3,101
(12,840)
1,312
31,327

154,787

138,188

expenses
Policy benefits
Claims and adjustment expenses
Reinsurance recoveries

Gross change in contract liabilities

Change in reinsurers share of claims provisions

15,927
91,077
(11,126)
6,301
2,180

Net benefits and claims

Commission expenses
Operating expenses

Amortisation and depreciation

Interest on loan

104,359
3,481
39,007
5,350
528

97,425
3,234
36,357
5,857
812

152,725

143,685

Earnings/(Loss) before income taxes

2,062
112

(5,497)
176

Net Earnings/(Loss) for the year

1,950

Income taxes

15,062
88,281
(9,300)
(994)
4,376

(5,673)

Attributable to:
Shareholders of the Company
Non-controlling interests

1,696
254

(6,092)
419

1,950

(5,673)

Earnings/(loss) per share:

basic
fully diluted

0.08
0.08

(0.29)
(0.29)