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BF&M Limited Announces Financial Results 2005
Hamilton, Bermuda: April 11, 2006 - John Wight, President & CEO of BF&M Limited, today announced that 2005 was a year of unprecedented financial results for BF&M Limited. Net earnings for the year ended 31st December 2005 were $16.9 million as compared with $9.9 million for 2004. This represented a 21% return on equity for shareholders. "We were very pleased with this result as all insurance and non insurance lines of business recorded excellent results. The one line of business that performed poorly in 2004, group health insurance, showed a profit in 2005 although we remain concerned about the increasing costs of healthcare in Bermuda and in particular the trend in higher utilization of local and overseas medical services."
Mr. Wight added that "the diversification and growth of BF&M, particularly through acquisition of businesses both in Bermuda and now Barbados will serve not only to increase earnings but also reduce volatility in earnings. Our results in 2005 reflected that".
Gross premiums increased $12.9 million or 12% year on year to $118.8 million. Investment income increased 3% to $9.7 million, and commissions and other income grew 20% to $14.1 million. Claims, benefits, and claim expenses increased 7% to $67.7 million.
Total assets increased from $292.4 million at 31st December 2004 to $490.2 million at 31st December 2005. Total assets include those of the Insurance Corporation of Barbados Limited, a company in which BF&M acquired a majority interest on 28th December 2005. Shareholders equity increased 6.7 % from $79.4 million to $84.6 million at 31st December 2005.
BF&M shares opened 2005 at $15.35 and closed the year at $18.50. Shareholder dividends for the year totaled $3,524,348.
Mr. Wight added that 2005 was a year of many accomplishments for BF&M, including the acquisition of the Bermuda block of individual life insurance business of The Canada Life Assurance Company, the acquisition of a controlling interest in the Insurance Corporation of Barbados Limited, the incorporation of Bermuda International Insurance Services Limited to market and distribute offshore life insurance products to high net worth individuals, the sale of the business in BF&M Management Limited to HSBC, and the recertification of BF&M as an "Investor in People".