BF&M Reports Nine Month Earnings Of $12.6M
In a filing with the Bermuda Stock Exchange, BF&M Limited announced net income for the nine months ended 30th September 2019.
The full filing stated, “BF&M Limited today reported shareholders’ net income for the nine months ended 30th September 2019 of $12.6 million. Shareholders’ net income for the comparative nine month period of 2018 was $16.9 million.
Group Chairman and CEO John Wight stated: “I am pleased to report good results for the nine months ended September 30th, 2019. Earnings were largely driven by strong results from our Group Life and Pensions businesses, supported by excellent investment performance from the equity and fixed income markets.
Mr. Wight added: “Our results are particularly pleasing for a period that was impacted by losses from two hurricanes—Humberto in Bermuda and Dorian in the Bahamas. Despite significant claims, our P&C businesses recorded a profit for the period. BF&M maintains a robust reinsurance programme, which responded as expected following the storms.
“The Group’s P&C businesses were the first in the region to have their A.M. Best financial strength ratings reaffirmed following Hurricane Dorian. The Group’s ratings are:
- BF&M General Insurance Company Limited A [Excellent] Bermuda
- Island Heritage Insurance Company Ltd. A [Excellent] Cayman
- BF&M Life Insurance Company Limited A [Excellent] Bermuda
- Insurance Corporation of Barbados Limited A- [Excellent] Barbados
“Equity attributable to shareholders at 30th September 2019 was $283.8 million. General fund assets totaled $1.9 billion.
“Gross premiums written for the period increased from the prior year by 10% to $289.5 million, driven by growth in property premiums in the Caribbean and higher annuity premium.
“Loss experience in the P&C businesses, other than the effects of the hurricanes referred to above, was better than expected. Offsetting this was the poor loss experience in the Group Health line of business, as benefits paid were greater than forecasted.
“Operating expenses increased 5% over the same period in 2018.”
