BF&M Reports Net Income Of $27.2 Million
BF&M Limited today [March 25] reported a “net income of $27.2 million for the year ended 31 December 2023, marking a significant turnaround to a restated net loss for the comparative period in 2022 of $11.0 million.”
Abigail Clifford, Group President and CEO, stated, “This year has been significant for us, overcoming numerous obstacles to mark a period of notable achievement including record results.
“It was a good year for our Property & Casualty business with a disciplined focus on underwriting and excellent loss experience in what was an active but ultimately favourable hurricane season. Our pension business benefitted from more advantageous market conditions with investment markets having made a strong comeback in 2023.
“Despite challenges within our health business, which was impacted by an increase in both the severity and frequency of group health claims, we remain committed to securing suitable rates and working closely with partners to control expenses. This ensures our clients will continue to enjoy the high-quality coverage they expect from BF&M.
“We remain steadfast in our commitment to operational excellence, exceptional service, disciplined underwriting, and careful risk management, all of which are fundamental to our ongoing success. This year’s results are a clear indication that we are on the right track and reflects the dedication of our team who strive to provide peace of mind to our valued policyholders.
“BF&M stands on a foundation of financial strength and I look forward to what the future holds for us.”
The company added, “Equity attributable to shareholders at 31 December 2023, was $300.0 million. General fund assets totaled $966.3 million, of which $83.7 million was held in cash and cash equivalents.
“This marks the first year the Company is reporting under IFRS 17 and IFRS 9, the respective new accounting standards for insurance contracts and the measurement of financial assets.
“The Company’s combined insurance service and net investment result under IFRS 17, a measure of operating performance, was $66.5 million, versus a loss of $16.3 million in 2022 as restated under IFRS 17. This year’s results were driven by higher core investment income, increases in bond and equity values as well as an increase in ceded profit commissions.
“The BF&M Group consists of three main insurance operating companies, with the following AM 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], Bermuda”
INSURANCE TAKES A BIG CHUNK OF THIS COUNTRIES ASSETS.
May I respectfully ask if any of the insurance companies doing business on this islands golden brick road
gives any thing substantially back to the community with respect to housing or anything other for that matter, when they offer strict term insurance subject to time and date or to date and timee without accountability for profit subject to their conditions contained in their small print .
Third party insurance subject to conditions of blame cover for the un insured .
Comprehensive insurance is paying for what we do not need or require.
May I asked way back two months ago , why we received two separate reminder notices 30 days apart prior to the payment due date that our premiun would be increased by 10 % on a depreciated commody, with no additional risk cover offered, I guess that the Genie of the Lamp is forcasting gloom and doom or are they promoting or advancing the tirony of inflation.
Kind of putting butter on both sides of the bread .
I doubt if price increases due to inflation affects the value or risk replacement cost being usualy unknown.
why are measurements taken on buildings to establish demolition and or replacement costs.
no body insures the unknown .
Exceptions are real estate which increase in value or replacement cost but only in an afflent community.
Yet the insurers say thay they are not valuers until payment is made subject to a sizable deductible
is forfeited to satisfy nuisance clames. then they become valuers .