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BF&M Limited's Six Month Results to 30th June 2006
Hamilton, Bermuda: September 15, 2006 - In an announcement made to the Bermuda Stock Exchange (BSX) "John Wight, President & CEO of BF&M Limited, today announced that BF&M Limited had recorded net earnings for the six month period to 30th June 2006 of $9,611,932. This represented a 7% increase in earnings as compared to the first six months in 2005 of $8,947,468. Return on shareholders equity was 23% in 2006 versus 22% in 2005. "We were pleased with the results for the six month period, experiencing very good financial results from all our insurance and non insurance lines of business.
Group contributions from general insurance, health and life insurance, real estate, asset management, pension administration, and BF&M's interest in the operations of the Insurance Corporation of Barbados Limited were strong".
Total assets for the consolidated group at 30th June 2006 were $524,789,061. Shareholders Equity was $76,438,049. Gross Premiums Written for the six month period increased 61% over 2005 to $93,039,259. The increase from 2006 gross premiums over 2005 from Bermuda insurance operations was 13%. BF&M's 51.7% interest in the Insurance Corporation of Barbados Limited took effect 28th December 2005 and thus gross premiums from this company were not included in BF&M's comparative results for 2005.
Mr. Wight stated that the six month results did not include the effects of the company's successful Rights Offering which raised approximately $20,700,000 in July to fund the growth of the Company's international life business and other future expansion."
Net Earnings per Share was $1.48 for 2006, compared to $1.29 for 2005.