BF&M Reports Earnings Of $11.9 Million
In a filing with the Bermuda Stock Exchange [BSX], BF&M Limited announced shareholders’ net income for the year ended 31st December 2019.
The full filing stated: “BF&M Limited today reported solid shareholders’ net income for the year ended 31st December, 2019, of $11.9 million, despite impact from hurricanes. Shareholders’ net income for the comparative twelve-month period of 2018 was $20.2 million.
Group Chairman and CEO John Wight says, “Our 2019 results are particularly pleasing given the challenges faced by our industry over the past twelve months. Not only did we weather two major storms affecting Bermuda and the Caribbean region, but we navigated through significant legislative and regulatory upheaval impacting our industry.”
Mr. Wight continued, “Throughout, we delivered on our promise of being there for our customers when they needed us most, both with our strong capital base and by sharing information through these changing times.”
“Equity attributable to shareholders at 31st December, 2019, was $280.9 million. General fund assets totaled $1.7 billion of which $143.3 million was held in cash and cash equivalents.
“Gross premiums written for the period increased from the prior year by 12% to $331.7 million, driven by growth in property premiums in the Caribbean and higher Annuity premium.
“Investment income for the year reflected a $53.6 million increase in the fair value of investments, driven largely by gains in the market value of the company’s fixed income investments.
“Short term claims and adjustment expenses increased 37% to $18.5 million of which $7.2 million is from 2019 storm claims. Life and health policy benefits increased by 57% to $128.5 million. “Life and health policy benefits” includes changes in life reserves, which increased in 2019 compared to 2018 in the same period due to differences in market interest rates.
“Operating expenses increased 9% to $48.6 million for the period.”
