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Ecclesiastical Insurance Office plc announces results for the period ending 30 June 2022

Ecclesiastical Insurance Office plc (“Ecclesiastical”), the specialist financial services group*, announced its 2022 interim results.
Group overview

Within Ecclesiastical, there was excellent growth in Gross Written Premiums (GWP) to £261.9m (H1 2021: £226.5m), driven by new business, and supported by strong retention and rate strengthening. 
Underwriting profit increased to £16.6m (H1 2021: £2.5m). 
Our capital position remains robust with Solvency II capital cover increasing to 280% and AM Best and S&P affirming our excellent and strong ratings. A consequence of our capital strength is that we are able to hold a large diversified portfolio of equities, property, infrastructure and other investments on top of those assets held to meet our insurance and capital requirements. This is done to enhance our returns over the long term, although it can lead to short-term volatility in our reported results, as it has in the first half of the year.
Overall loss before tax of £27.3m (H1 2021: Profit before tax of £46.5m), which includes £79.8m of fair value investment losses (H1 2021: £34.3m gains) as a result of adverse market conditions. Net investment losses were £26.6m (H1 2021: £58.2m profit).
As part of the Benefact Group of companies, Ecclesiastical remained focused on its charitable ambition to grow to give. The Group has now given £182m1 to charity against its target of donating £250m by the end of 2025.
This includes a grant of £5m to our owner Benefact Trust Limited in respect of 2021 performance. Alongside this, thanks to a robust underlying performance of the Group’s businesses, we’re announcing a further £5m will be granted to our charitable owner.
Our donations are benefiting charities and communities all over the UK and Ireland, Canada and Australia, and also helping to tackle current issues such as the war in Ukraine and cost of living crisis in the UK.
Our parent company Benefact Group plc published its climate commitments in March, setting out a roadmap to achieve net zero (direct and indirect) by 2040. This includes an ambitious commitment to achieve net zero for direct emissions by the end of 2023 and to become net negative for direct emissions by the end of 2025.
Continued external recognition of the Group as a trusted and specialist financial services organisation. This included being named as the UK’s most trusted home insurer for the 15th time by independent ratings agency Fairer Finance, and our Canadian team was named one of the Top Employers for Young People for the tenth consecutive year. Ecclesiastical Financial Advisory Services won the NatWest Intermediary local hero mortgage awards – South West & Wales, while EdenTree’s Responsible & Sustainable Managed Income Fund was awarded the ESG Clarity Best Multi-Asset ESG (Environmental, Social and Governance) fund.

Mark Hews, Group Chief Executive Officer of Ecclesiastical, said:
“Being owned by a charity, we measure our success less in terms of the profit we make, but more in terms of the amount we give away to good causes. Together, thanks to outstanding commitment from all our supporters, the Group has now become the fourth largest corporate donor to charity in the UK, and with additional donations made this year, we have now given £182m2 to good causes against our target of giving £250m by the end of 2025.
“In terms of Group profits, whilst we report short term losses due to investment volatility, I’m pleased to report a resilient financial performance for the first half of 2022 from our core businesses. Our business model is focused on delivering long-term sustainable profits, which allows us to withstand short-term economic pressures, and we have continued to grow the business despite the challenging environment. Our GI businesses reported excellent premium growth, driven by new business wins, and supported by strong retention and rate strengthening. This led to an underwriting profit of £16.6m, a significant increase on the previous year. 
“While much of the investment industry saw outflows as investor sentiment fell, EdenTree, our award-winning responsible and sustainable investment management business, bucked the trend by growing its fee income and receiving positive net flows. Our broker businesses also performed well, with SEIB reporting solid results with a half year profit before tax of £1.9m (H1 2021: £1.7m).
“Our capital position remains strong, with AM Best and S&P recently affirming our excellent and strong credit ratings, and we continued to invest in our business. In the UK and Ireland, we saw the release of our new general insurance system, which will ultimately enable a better, faster service for our customers and brokers, and we continued to rollout our innovative Smart Properties proposition to heritage properties, schools and cathedrals, which provides an early-warning system to prevent fire and flood. I’m also pleased that Ecclesiastical Financial Advisory Services (EFAS) have signed an official partnership to provide independent financial advice to ordained and lay members of the various Church of England Pension schemes administered by the Church of England Pension Board.
“The challenging market conditions in the first half adversely affected our investment performance as equity prices fell sharply amid concerns around inflation and the on-going uncertainty in Ukraine. Our results included fair value losses of £79.8m (H1 2021: £34.3m gains) on our investment portfolio, which contributed to a net investment loss of £26.6m (H1 2021: £58.2m profit) and overall loss before tax of £27.3m (H1 2021: £46.5m profit).
“In these difficult times, we remain resolute in our vision to build a movement for good in society, helping to transform lives and communities for the better. In June, we celebrated our achievement of giving £100m to good causes with a Service of Thanksgiving at Westminster Abbey, attended by HRH The Prince of Wales, now HM King Charles III, politicians, brokers, clients, colleagues and some of over 10,000 charities that have benefited from our giving. It was a remarkable and moving occasion. It demonstrated our combined impact and inspires us to do even more.
“In the first half of 2022, we have helped hundreds of charities in the UK through our Movement for Good Awards. Our charitable owner, Benefact Trust, stepped up its giving to include a £1m funding package to support those affected by the devastating conflict in Ukraine.
“Earlier this year we granted £5m to Benefact Trust in respect of our excellent 2021 performance and we have announced a further grant of £5m to be paid in October. This will support even more people and help us achieve our new ambition of becoming Britain’s biggest corporate donor.
“We are conscious of the financial pressures currently facing many of our customers. In response, we have provided fundraising resources to help churches and charities raise much-needed funds. We have also invested significantly in our risk management services, both face to face and online, to help customers protect themselves from losses, and if the worst happens, our expert claims team are always there for our customers when they need us most.
“Our charitable purpose feels even more relevant in these difficult times. It spurs us on to grow the business, so that we may give even more to good causes, and help those in society who need it most. We are actively seeking new opportunities and paths to growth in all our markets and we have the appetite and capacity to achieve this goal.”

Korean Re’s Business Results for the First Half of 2022

Korean Re reported strong premium growth for the first half of 2022, with gross written premiums jumping by 10% to KRW 4,586.4 billion. The growth was driven by new coinsurance business, which led domestic personal lines of business to expand by 16.4%. Excluding coinsurance transactions, we achieved a 4.4% increase in premiums from domestic personal lines as long-term and motor businesses continued to grow. A robust increase in premiums from overseas business also boosted overall top-line growth, supported by ongoing market hardening. Although our overseas life business shrank due to portfolio adjustment, we saw our international P&C business grow strongly in the current favorable rating environment.
 
For the six months ending June 30, 2022, we delivered KRW 67 billion in net income, down 44.3% compared to the same period of the previous year. The deterioration in profit was attributable to weaker underwriting results of our overseas business amid growing COVID-19 losses, coupled with natural catastrophe losses. We reported a combined ratio of 100.2%, up 2.1%p year on year, with the ratio for overseas business rising to 107.4%. On the other hand, domestic commercial business continued to record underwriting profit, generating an improved combined ratio of 84.1%. This higher underwriting profitability was backed by upward pricing trends in most commercial lines of business and fewer large-loss events in Korea. Our domestic personal lines of business also improved to a combined ratio of 100.5% from 101.9% a year earlier as we withdrew from poorly performing contracts. 

We achieved stable investment results on the back of a strong growth in invested assets, with investment gains amounting to KRW 113 billion in the first half of 2022. The total invested assets soared by 17.2% due to coinsurance transactions and the issuance of hybrid capital securities. We saw gains on the sale of bonds decrease but managed to yield solid returns on alternative investments. Our alternative investment portfolio consists mostly of high-quality assets that generate stable cash flows. In the first six months of the year, we posted an investment yield of 3.1% in spite of increased market volatility. Going forward, we will continue our expansion into new and diversifying sources of investment return to deliver stable investment performance.

UBS’s second-quarter 2022 results

2Q22 net profit of USD 2.1bn, 18.9% return on CET1 capital
“In these uncertain times, we remained close to our clients. We focused on improving our ecosystem and how clients access it. This, combined with our strategy, diversified business model and strong balance sheet led to strong reported results and good underlying performance.” Ralph Hamers, Group CEO
View Full Press Release

Results for the First Quarter 2022

CAG and Crédit Agricole S.A. stated and underlying results Q1-2022

 
 
 
 
 
 

 

CRÉDIT AGRICOLE GROUP

 

CRÉDIT AGRICOLE S.A.

 
 

Stated

 

Underlying

 
 

Stated

 

Underlying

Revenues

 

€9,680m
+7.0% Q1/Q1

 

€9,601m
+5.7% Q1/Q1

 
 

€5,938m
+8.1% Q1/Q1

 

€5,929m
+7.6% Q1/Q1

Costs excl. SRF

 

-€5,911m
+7.4% Q1/Q1

 

-€5,892m
+7.1% Q1/Q1

 
 

-€3,518m
+10.0% Q1/Q1

 

-€3,499m
+9.6% T1/T1

SRF

 

-€794m
+70.1% Q1/Q1

 

 -€794m
+21.9% Q1/Q1

 
 

-€636m
+67.3% Q1/Q1

 

-€636m
+24.7% Q1/Q1

GOI

 

€2,975m
-3.3% Q1/Q1

 

€2,914m
-0.5% Q1/Q1

 
 

€1,784m
-6.9% Q1/Q1

 

€1,793m
-0.6% Q1/Q1

Cost of risk

 

-€888m
+65.5% Q1/Q1

 

-€693m
+29.2% Q1/Q1

 
 

-€741m
+93.0% Q1/Q1

 

-€546m
42.2% Q1/Q1

Net income Group share

 

€1,331m
-24.1% Q1/Q1

 

€1,484m
-7.2% Q1/Q1

 
 

€552m
-47.2% Q1/Q1

 

€756m
-18.9% Q1/Q1

C/I ratio (excl. SRF)

 

61.1%
+0.2 pp Q1/Q1

 

61.4%
+0.8 pp Q1/Q1

 
 

59.2%
+1.0 pp Q1/Q1

 

59.0%
+1.1 pp Q1/Q1

Crédit Agricole S.A. underlying results Q1-2022
Gross operating income excluding SRF: +4.9% Q1/Q1, or +€114m to €2,429m
Cost/ income ratio (excl. SRF): 59.0% (+1.1 pp Q1/Q1), below the MTP target of 60%
Net income Group share €756m, -€176m Q1/Q1, impacted by

a new increase in the SRF (+24.7% Q1/Q1 to €636m, contribution -€126m)
a conservative provisioning of Russian exposures (-€389m)
provision for Ukraine equity risk accounted for in specific items (-€195m)

Underlying ROTE Q1-2022: 11.6%

Dynamic commercial activity in Q1 in all business lines, macroeconomic impact of conflict yet to come

516,000 new customers (France, Italy, Poland) in Q1-22, six million since the launch of the MTP
RB and LCL loan production +13.8% Q1/Q1
Insurance equipment +0.3 pp RB year-on-year, +0.6 pp LCL, +1.5 pp CA Italia
Life insurance and asset management inflows +€6.8bn, assets under management +12.4% yoy

Solid balance sheet and capital position

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Argo Group Reports First Quarter 2022 Results

Continued Strategic Growth: Net earned premium increased 3.1% in the first quarter 2022; strong net earned premium growth in our ongoing business[1] of approximately 20.8%
Disciplined Expense Focus: Expense ratio of 36.0% for the first quarter 2022 improved 1.8 percentage points from the first quarter 2021, driven by reduced General and Administrative expenses
Improved Underwriting Performance: Combined ratio of 95.0% for the first quarter 2022 improved 8.8 percentage points from the first quarter 2021, driven by improvement in both the loss and expense ratio
Reduced Catastrophe Losses: Total catastrophe losses of $8.7 million for the first quarter 2022 decreased $38.8 million from the first quarter 2021
Syndicate 1200 Loss Portfolio Transfer (“LPT”): Agreement on LPT transaction for Syndicate 1200’s reserves for the 2018 and 2019 Years of Account

Argo Group International Holdings, Ltd. announced financial results for the three months ended March 31, 2022. Argo reported a net loss attributable to common shareholders of $3.6 million or $0.11 per diluted common share, for the first quarter 2022, compared to net income attributable to common shareholders of $27.2 million or $0.78 per diluted common share for the first quarter 2021. Annualized return on average common shareholders’ equity was (0.9%) in the first quarter 2022, compared to 6.4% in the prior year first quarter. Operating income in the first quarter 2022 was $43.4 million or $1.24 per diluted common share, compared to $15.5 million or $0.44 per diluted common share for the first quarter 2021. Annualized operating return on average common shareholders’ equity was 11.4% in the first quarter 2022, compared to 3.7% in the prior year first quarter.
“We continue to execute on our strategic priorities of improving underwriting margins, reducing volatility and managing expenses,” said Argo Executive Chairman and Interim Chief Executive Officer Thomas A. Bradley. “The success of these efforts is reflected in the results and provides a strong start to the year.
“We are pleased to report operating income of $43.4 million, and an operating return on equity of 11.4% for the first quarter 2022. The loss ratio was solid at 59%, our catastrophe losses were significantly lower than a year ago, and the expense ratio of 36% improved nearly two percentage points from the prior year first quarter.
“Looking forward, we are pleased with the opportunities for growth across our ongoing businesses and remain confident in achieving our 2022 financial objectives.”

[1] Ongoing business does not include the businesses the Company is exiting, plan to exit or have sold, including sales of Ariel Re in November 2020, Contract Binding P&C in October 2021, U.S. Specialty Property in December 2021, Argo Seguros Brasil in February 2022 and businesses in Italy, Malta, London Property D&F and North American Binders business in Syndicate 1200, and the U.S. grocery business.
View the Full 1st Quarter Release

SCOR’s Q1 2022 results will be impacted by the conflict in Ukraine

Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity.
SCOR PO (the subsidiary owned by SCOR in Russia) is directly impacted and has stopped underwriting new business. More generally, this conflict has consequences on business lines such as Political Risks, Credit and Surety, and Aviation. SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance. As the conflict continues, this estimate will evolve.
In Q1 2022, the estimated cost of this conflict is combined with a series of natural catastrophes (including floods in Australia, European windstorms and a drought in Brazil) and the continuation of the pandemic in the United States. These developments will have an adverse impact on SCOR P&C’s combined ratio and on SCOR L&H’s technical margin and are expected to result in a quarterly loss.
The Q1 2022 results will be published on May 6th, 2022.
The Group remains very well capitalized with a solvency ratio which should stand as of March 31st, 2022 at a level significantly above the 226% position reported at the end of Q4 2021. This solvency position reflects the payment of a dividend of EUR 1.80 per share for the fiscal year 2021, which will be submitted to the approval of the shareholders at the 2022 Annual General Meeting to be held on May 18th, 2022, with a payment date on May 24th, 2022.

Ecclesiastical Insurance Office plc announces results for the year ended 31 December 2021

Ecclesiastical Insurance Office plc (“Ecclesiastical”), the specialist financial services group, has announced its full year 2021 results.
Group overview

Driven by its purpose to contribute to the greater good of society, the Group achieved its landmark target of giving more than £100m to good causes. Alongside a grant of £21m awarded to its owner Benefact Trust, the Group gave more than £2.5m directly through its own giving programmes. A further £5m was awarded to the Trust in 2022 in respect of 2021 performance.
The Group is now the fourth largest corporate donor to charity in the UK1 and has set an ambition to become the biggest in the years ahead.
Profit before tax of £77.0m (2020: loss before tax £15.7m), driven by investment returns because of improving market conditions and a good current year underwriting performance.
Gross Written Premiums (GWP) grew 11% to £486m (2020: £437m), supported by strong retention and rate increases as well as new business wins.
Underwriting profit of £8.8m (2020: profit of £12.1m) thanks to a robust underwriting performance in the UK and Canada.  This result includes a strengthening of reserves in our Australian business and the impacts of some adverse weather events.
We remained in a robust and strong capital position with AM Best and S&P affirming our excellent and strong credit ratings.
We continued to prioritise the wellbeing of our colleagues and in June we were awarded Best Companies’ 2 star accreditation demonstrating ‘outstanding’ levels of employee engagement.
We achieved a record number of external awards, recognising the Group as a trusted and specialist financial services organisation. This included being named as the UK’s most trusted home insurer for the 13th and 14th time by independent ratings agency Fairer Finance, and our Canadian team was named one of the Top Employers for Young People for the ninth consecutive year. Ecclesiastical UK won Digital Insurance Innovation of the Year Award at the British Insurance Awards for Smart Properties, while EdenTree was named Best Ethical Investment Provider at the 2021 Investment Life & Pensions Moneyfacts Awards for the 13th time.

Mark Hews, Group Chief Executive Officer of Ecclesiastical, said:

“2021 was an outstanding year for Ecclesiastical. We reported strong financial performance, a record number of external awards, excellent customer and employee survey feedback, and continued progress on our strategy.
“Most importantly, thanks to the incredible support of our customers, brokers, business partners, colleagues and all our supporters, we achieved our goal of giving more than £100m to good causes. This fantastic achievement has enabled our ultimate parent, Benefact Trust, and ourselves, to give more than 10,000 charitable donations over the past five years.
“After a challenging year in 2020 due to the impact of the Covid-19 pandemic, I’m delighted that the Group returned to profit in 2021, reporting a profit before tax of £77.0m (2020: loss before tax of £15.7m). Our positive financial performance was driven by impressive investment returns, as markets bounced back, and a solid underwriting result.
“We delivered Gross Written Premium (GWP) growth of 11% to £486m (2020: £437m) supported by strong retention and new business in the UK and Canada.
“Our award-winning investment management firm EdenTree had another excellent year, achieving record inflows and exceeding fund benchmarks. Our broking businesses also performed above expectation with SEIB reporting a profit before tax of £3.2m (2020: £2.8m).
“Alongside this, we made significant progress on our strategic initiatives, despite the ongoing uncertainty in the external environment. We successfully launched the new Ecclesiastical brand to positive feedback, we opened our new head office in Gloucestershire, and we continued to make investments in new systems and technology to improve the broker and customer experience.
“Our parent group also unveiled its new name – the Benefact Group. The new name for the Group better reflects our diversity, breadth and charitable purpose – it originates from Latin and means “to do well” by supporting a person or good cause. All of the trading brands in the Benefact family will continue to operate under their own names, united in a belief that better business can mean better lives.
“While 2021 was a truly transformational year for Ecclesiastical, we are ambitious to do more. At the end of last year, we unveiled an exciting new vision and strategy that will take the business forward over the next five years. This will see us invest significantly in our businesses, seeking out new opportunities and paths to growth and continuing to innovate for our customers. Our ambition is to be the first-choice insurer in all of our specialist markets and we have the appetite and capacity to achieve our goal.
“By growing our business and generating profits to donate to charity, we are fulfilling our purpose as an organisation committed to the greater good of society. We’re already the fourth biggest corporate donor in the UK and we have an ambition to be the biggest. By the end of 2025 we aim to donate an incredible £250m to good causes.”

1 Directory of Social Change Guide to UK Company Giving 2021/22

Dynagas LNG Partners LP Reports Results for the Three Months and Year Ended December 31, 2021

Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced its results for the three months and year ended December 31, 2021.
Fourth Quarter Highlights:
– Net income and earnings per common unit (basic and diluted) of $16.9 million and $0.38, respectively;- Adjusted Net Income(1)of $11.4 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.23;- Adjusted EBITDA(1) $24.7 million;- 100% fleet utilization(2); and- Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: “DLNG PR A”) for the period from August 12, 2021 to November 11, 2021 and $0.546875 per unit on the Series B Preferred Units (NYSE: “DLNG PR B”) for the period from August 22, 2021 to November 21, 2021.
Subsequent Events:
– Declared a quarterly cash distribution of $0.5625 on the Series A Preferred Units for the period from November 12, 2021 to February 11, 2022, which was paid on February 14, 2022 to all preferred Series A unit holders of record as of February 7, 2022; and- Declared a quarterly cash distribution of $0.546875 on the Series B Preferred Units for the period from November 22, 2021 to February 21, 2022, which was paid on February 22, 2022 to all preferred Series B unit holders of record as of February 14, 2022.
(1) Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.
(2) Please refer to Appendix B.
CEO Commentary:
Our thoughts go out to everyone affected and suffering as a result of the crisis in Ukraine. We continue to closely monitor this ongoing situation, including the implications of economic sanctions, trading restrictions and other considerations that may affect our business. Please see section of this report entitled “Russian Sanctions Developments”.
We are pleased to report the results for the three months and full year ended December 31, 2021. All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 6.9 years. As of March 17, 2022, our estimated contracted revenue backlog is $1.02 billion.
All six of our LNG carriers are contracted with major international energy companies. The earliest contracted re-delivery date for any of our six LNG carriers, subject to the terms of the applicable charter, is in the third quarter of 2023 (the Arctic Aurora), with the second earliest contracted re-delivery date (for the Clean Energy) in the first quarter of 2026.
For the fourth quarter of 2021, we reported Net Income of $16.9 million, Earnings per common unit of $0.38, Adjusted Net Income of $11.4 million, Adjusted Earnings per common unit of $0.23 and Adjusted EBITDA of $24.7 million. We are also pleased to report 100% utilization of our fleet for the seventh quarter in a row.
Going forward, we intend to continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity to build equity value over time and enhance our ability to pursue future growth initiatives.
Russian Sanctions Developments
Due to the ongoing Russian conflicts with Ukraine, the United States (“U.S.”), European Union (“E.U.”), Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government.
As of today’s date and to the Partnership’s knowledge:
– The Partnership is in compliance with all applicable U.S. and E.U. sanctions;
– Current U.S. and E.U. sanctions regimes have exempted certain LNG shipping operations and do not materially affect the business, operations or financial condition of the Partnership;
– The Partnership’s counterparties are currently performing their obligations under their respective time charters in compliance with applicable U.S. and E.U. rules and regulations;
– Sanctions legislation is changing rapidly and the Partnership is continuously monitoring the ongoing situation.
The full impact of the commercial and economic consequences of the Russian conflict with Ukraine are uncertain at this time. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine situation more generally, will not have a significant impact on its business, financial condition or results of operations.
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Argo Group Reports 2021 Fourth Quarter and Full Year Results

Continued Strategic Growth: Net earned premium increased 4.2% in the fourth quarter of 2021; Strong net earned premium growth in our ongoing business[1] of approximately 19.6%, supported by favorable market conditions
Expense Ratio Improvement: Expense ratio of 35.3% for the fourth quarter of 2021 improved 2.9 points from the fourth quarter of 2020 and full year 2021 expense ratio of 36.8% improved 0.7 points compared to the same period in 2020
Reduced Catastrophe Losses: Total catastrophe losses of $6.8 million for the fourth quarter of 2021, down from $51.0 million in the fourth quarter of 2020 and full year 2021 catastrophe losses of $92.7 million, down from $179.2 million in 2020
Improved Results in International Operations: Combined ratio improved 40.9 points to 76.5% for the fourth quarter of 2021 from the fourth quarter of 2020 and full year 2021 combined ratio of 97.2% improved 19.9 points compared to the same period in 2020

Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “Company”) announced financial results for the three months and year ended December 31, 2021. On February 8, 2022, the Company reported that its results for the quarter ended December 31, 2021, would be negatively affected by adverse prior year reserve development and non-operating charges.
Argo reported a fourth quarter 2021 net loss attributable to common shareholders of $118.8 million or $3.41 per diluted common share, compared to a net loss attributable to common shareholders of $3.5 million or $0.10 per diluted common share for the 2020 fourth quarter. For the year ended 2021, Argo reported a net loss attributable to common shareholders of $4.7 million or $0.13 per diluted common share, compared to a net loss attributable to common shareholders of $58.7 million or $1.70 per diluted common share in 2020.
The operating loss in the fourth quarter of 2021 was $61.8 million or $1.77 per diluted common share, compared to an operating loss of $8.9 million or $0.26 per diluted common share for the 2020 fourth quarter. Operating income in 2021 was $41.5 million or $1.19 per diluted common share, compared to an operating loss of $10.0 million or $0.29 per diluted common share in 2020.
“Our strategic priorities of pursuing profitable growth, reducing volatility, and disciplined expense management are evident in our 2021 current accident year underwriting results,” said Argo Group Chief Executive Officer Kevin Rehnberg. “We remain encouraged by the continued growth and underlying strength of our ongoing business.”

[1] Ongoing business does not include the businesses the Company is exiting, plan to exit or have sold, including sales of Ariel Re in November 2020, Contract Binding P&C in October 2021, U.S. Specialty Property in December 2021, Argo Seguros Brasil in February 2022 and businesses in Italy, Malta, London Property D&F and North American Binders business in Syndicate 1200, and the U.S. grocery business.
View the Full 4th Quarter Release