BF&M Announce Earnings of $16 Million
BF&M Limited today [Nov 18] announced net earnings for the nine month period ended 30th September 2010 of $16,899,331, a 3% increase over the comparative period in 2009 of $16,373,408. These earnings represented a 12% return on shareholders equity.
John Wight [pictured], President & CEO of BF&M stated that “We were overall pleased with our financial results which showed positive underwriting contributions from all major lines of business, except for health insurance, where higher than expected medical claims have contributed to a slight loss for the nine month period. The impact on financial results due to Hurricane Igor were not material. Investment results were strong. The fair value of investments increased $11,697,747 for the nine month period.”
Total assets at 30th September 2010 were $786,025,303. Shareholders’ equity was $181,499,629. Gross premiums written increased 3% for the nine month period in 2010 over the same period in 2009 to $177,279,960. Investment income decreased 2% to $12,555,539. All of the company’s investments that are rated are of investment grade. Commissions and other income increased 5% to $17,582,121 as the assets under management on investments that the company advises on and administers increased over the same period in 2009.
Claims and adjustment expenses increased 24% over 2009 to $17,966,870. Policy benefits, which include health claims for medical treatment received by policyholders locally and overseas, increased 22%.
