BF&M Reports First Quarter Net Income: $6.5M
In a filing with the Bermuda Stock Exchange [BSX], BF&M Limited today reported shareholders’ net income for the three months ended 31st March, 2021, of $6.5 million. Shareholders’ net loss for the comparative three-month period of 2020 was $2.2 million.
Group Chairman and CEO John Wight stated: “Overall, we were pleased with the results. Q1 proved to be a solid start for 2021 in all lines of business, particularly the Company’s group benefits business in Bermuda, where premium growth and loss experience were better than expected. An increase in interest rates adversely affecting the values of fixed-income securities was offset by strong equity markets.
“While Covid-19 poses challenges for many businesses and homeowners in the 16 territories where the BF&M Group operates, we continue to be encouraged by the resiliency of these economies as they begin to gradually reopen.”
The filing said, “Equity attributable to shareholders at 31st March, 2021, was $298.3 million. General fund assets totaled $1.1 billion, of which $140.3 million was held in cash and cash equivalents.
“Gross premiums written for the period increased from the prior year by 20% to $86.2 million, driven by increased property and casualty premiums in the quarter, primarily from the Cayman Islands and The Bahamas.
“Short term claims and adjustment expenses increased by 42% to $4.2 million. Life and health policy benefits decreased by 71% to $5.1 million. Operating expenses increased by 7% to $13.1 million for the period.
“BF&M offers property and casualty products as well as health, life, annuities, pension products, investment advisory and financial planning services. The BF&M Group consists of three main insurance operating companies, with the following A.M. Best financial strength ratings:
- “BF&M General Insurance Company Limited A [Excellent] Bermuda
- “BF&M Life Insurance Company Limited A [Excellent] Bermuda
- “Island Heritage Insurance Company Ltd. A [Excellent] Cayman”
