Argonaut Group Returns To Quarterly Profit
NU Online News Service, Feb. 4, 4:01 p.m. EST?Argonaut Group Inc. returned to profitability for its 2003 fourth quarter, reporting net income of $31 million compared to a net loss of $105.3 million for the 2002 fourth quarter.[@@]
The San Antonio, Texas-based insurer's quarterly figures were helped by a $20.9 million net income boost from a reduction in the value of the deferred tax asset. In contrast, during the 2002 fourth quarter, Argonaut earnings were hurt by a $52.8 million reserve charge related to asbestos in its run-off lines as well as a $71.9 million write-down for the value of a deferred tax asset.
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