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BF&M Limited's 3 Month Results To 31st March 2007
Hamilton, Bermuda, May 22, 2007 - BF&M Limited (BFM.BH) today announced to the Bermuda Stock Exchange (BSX) net earnings for the three month period to 31st March 2007 of $6,307,154, resulting in a return on shareholders equity of 21%. Earnings for the comparative three month period in 2006 were $4,728,977. John Wight, President & CEO of BF&M stated that "we were very pleased with the result. Earnings from domestic insurance business in Bermuda remained strong with the increases in earnings coming principally from BF&M's 51.7% owned subsidiary, the Insurance Corporation of Barbados Limited, and Bermuda International Insurance Services Limited, the company formed to sell offshore life insurance products to high net worth clients in the international marketplace."
Total assets for the consolidated group at 31st March 2007 were $586,543,824. Shareholders Equity was $122,702,542. Gross Premiums Written for the three month period increased 4% over 2006 to $44,577,528. Investment income increased 36% to $4,961,695. Claims, policy benefits and claim expenses increased 2% to $21,220,344. Operating expenses increased 9% to $7,965,700.
ENDS
BACKGROUND
BF&M Limited is the holding company of the BF&M Insurance Group. The two largest operating companies within the Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The group includes several other companies including Bermuda International Insurance Services Limited, Bermuda International Reinsurance Services Limited, Marchmont Insurance Company Limited, North Atlantic Asset Management Limited and BF&M Properties Limited (including Scarborough Property Holdings Limited and Barr's Bay Properties Limited), and a 51.7% interest in the Insurance Corporation of Barbados Limited.
For further information contact :-
R. John Wight C.A, President & Chief Executive Officer
Phone 295 5566, Fax 292 8831, e-mail jwight@bfm.bm