BF&M Reports Net Income Of $14.8M
BF&M Limited today [Aug 23] reported net income for the six months ended 30th June 2021 of $14.8 million as compared to net income for the comparative period in 2020 of $10.4 million.
Earnings for the period for 2021 equated to an annualized Return on Equity of 9.7% as compared with 7.1% for 2020.
Group Chairman and CEO John Wight stated: “The BF&M Group has achieved strong results for the six months ended 30th June 2021. Both our P&C and Group Benefits businesses performed well, as reflected in the increase in premiums earned and commission income.”
“Equity attributable to shareholders at 30th June 2021, was $306.5 million. General fund assets totaled $1.2 billion, of which $93.7 million was held in cash and cash equivalents,” the company said.
“Gross premiums written for the period increased from the prior year by 15% to $170.9 million, driven by increased property premiums in the Caribbean and from health & annuities premiums in Bermuda.
“Short term claims and adjustment expenses increased by 64% to $6.9 million. Life and health policy benefits decreased by 43% to $33.7 million.
“Operating expenses increased by 2% to $27.0 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”
