Argo International has released updated results and forecasts as follows:

 

Year Of Account

Result/Forecast

as at 31.12.13

Forecast

as at 30.09.13

Movement

(at point estimate)

2011

2.1%

2.0% to 7.0% (point 4.8%)

-2.7%/-£9.7m

2012

2.0% to 5.0% (point 3.1%)

2.0% to 5.0% (point 3.8%)

-0.7%/-£1.4m

2013

point estimate +3.8%

+3.1%

+0.7%/+£2.5m

Argo says all years have been impacted by an adverse movement in rates of exchange, which moves income down and expenses up. Forecast investment returns for 2012 and 2013 have been reduced, while the actual investment outcome on the 2011is £1.3m short of expectation at Q3. Underwriting results have generally been stable or have improved. In the 2012 account, there was deterioration on the D&O and accident and health books offset by improvements in property and energy books.