BMA: Q4 2010 Financial Services Statistics
The Bermuda Monetary Authority this week released its latest regulatory update, containing figures for the final quarter of 2010, and providing year-on-year statistics in respect of the island’s financial services industry.
In the banking sector, total assets increased 4.9 percent on the previous quarter, to $23.4 billion for the fourth quarter of 2010. Compared to a figure of $21.9 billion the previous year, this represents a $1.5 billion rise.
In total, deposits reached $19.6 billion, a jump of 5.4 percent from the third quarter, when they sat at $18.6 billion. For the fourth quarter of 2010, total deposits were $18.5 billion, resulting in a year-on-year increase of $1.1 billion.
In the funds industry, numbers fell slightly, continuing the downward trend seen in previous quarters. Whereas, in the third quarter of 2009, the total number of funds was 1,016, by the third quarter of 2010, this had fallen to 938. Now, as the figures show, the total stands at 900.
However, as the BMA points out, the end of 2010 actually saw an increase in the net asset value of Bermuda’s funds. Compared to the previous quarter, the fourth quarter saw an increase of 1.6 percent, or $2.85 billion, to $178.44 billion. Year-on-year, there was a $35.14 billionn rise in net asset value.
According to the BMA, the insurance sector continued to record significant results, with an increase in aggregate total assets for the reporting period ended December, 2009, of $496 billion.
The registration of new insurance companies picked up again after a small slump in the third quarter, with 13 new additions in the fourth quarter, mostly of the single parent captive and single purpose, single transaction or single customer variety.
These 13 new authorisations represented a year-on-year increase of 30 percent over the fourth quarter of 2009, when 10 were registered.
