BF&M Reports Net Income Of $19.5 Million
BF&M Limited today [Dec 6] reported shareholders’ net income for the nine months ended 30th September 2021 of $19.5 million as compared to shareholders’ net income for the comparative period in 2020 of $18.4 million.
Earnings for the period for 2021 equated to an annualized Return on Equity of 8.5% which is level with 2020.
Group Chairman and CEO John Wight stated: “The BF&M Group has achieved strong results for the nine months ended 30th September 2021. Both our P&C and Group Benefits businesses performed well, as reflected in the increase in premiums earned and commission income.”
Mr. Wight added: “The absence of significant storm activity in Bermuda and the Caribbean further supported improved underwriting results.”
The company added, “Equity attributable to shareholders at 30th September 2021, was $308.4 million. General fund assets totaled $1.2 billion, of which $109.6 million was held in cash and cash equivalents.
“Gross premiums written for the period increased from the prior year by 23% to $285.6 million, driven by increased property and group health premiums and new business.
“Short term claims and adjustment expenses increased by 51% to $11.9 million. Life and health policy benefits decreased by 27% to $55.6 million.
“Operating expenses increased by 3% to $41.1 million for the period.
“BF&M offers property and casualty products as well as health, life, annuities, pension products and investment advisory 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”
