BF&M Reports $7.5M Net Income
BF&M Limited reported a net income of $7.5 million for the first half of 2024, down from $13.9 million in 2023.
A spokesperson said, “BF&M Limited [“BF&M”, “the BF&M Group” or “the Company”] today reported a net income of $7.5 million for the six months ended 30 June 2024, compared to a net income for the comparative period in 2023 of $13.9 million.
“The Company’s combined insurance service and net investment result under IFRS 17 was $21.6 million versus $31.3 million in 2023 as a result of favorable but reduced net fair value surplus and favorable reserve release offset by higher net reinsurance expenses in P&C.”
Abigail Clifford, Group President and CEO, stated, “We are pleased with our company’s performance in the first half of the year, despite ongoing macroeconomic headwinds. Our core investment income was strong, continuing to benefit from higher-for-longer interest rates and a robust stock and bond market environment. Our Pension business also performed well in this buoyant investment climate, delivering excellent results.
“On the insurance side, we observed slight improvements in our Group Health and Group Life results as we navigate an extremely challenging environment alongside our customers. Earlier this year in P&C, we proactively de-risked certain elements of our property portfolio, which, as anticipated, led to a short-term impact on our underwriting results. Our recent announcement of the transaction with Argus marks an exciting and pivotal moment for the BF&M Group. This represents a compelling opportunity to build a stronger, more diversified organisation that will benefit all stakeholders and enhance our ability to serve our customers, shareholders, and the community.”
The spokesperson said, “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
