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BF&M Limited Announces 2007 Earnings of $27.3 Million
Hamilton, Bermuda: April 10, 2008 - BF&M Limited today reported net earnings for the year ended 31st December, 2007 of $27.3 million, a record for the Company and up 15% year on 2006 earnings of $23.9 million. This represented a 21.8% return on equity for shareholders. Financial highlights for 2007 included:
- Gross premiums written up 10% to $195 million
- Investment income up 25% to $20 million
- Commissions and other income up 35% to $23 million
- Earnings per share of $3.33, up from $3.30
- Total company assets up 12% to $644 million
- Shareholders Equity up 27% to $140 million
Reflecting on the company's strong earnings, John Wight, President & CEO commented: "We were very pleased with our results for 2007 as all insurance and non insurance lines of business recorded excellent results. It was the combined efforts and team work of management and staff at BF&M that generated these results in 2007". Mr. Wight added that "the diversification of BF&M into other countries but in lines of business that we have expertise in has opened up new avenues for profitability in future years. Bermuda will always be our main focus however expansion outside Bermuda into Barbados in 2005, and other Caribbean countries and Latin America in 2007 will enhance long term shareholder value."
BF&M Limited is rated A (Excellent) by AM Best. This rating also applies to BF&M Life Insurance Company Limited and BF&M General Insurance Company Limited.
Last month the Company announced a 1 for 10 stock dividend to shareholders of record 29th February 2008 followed by an increase in the quarterly dividend from 16 cents to 20 cents per share for shareholders of record on 31st March 2008.
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 North Atlantic Asset Management Limited, Bermuda International Insurance Services Limited, Bermuda International Reinsurance Services Limited, Insurance Corporation of Barbados Limited ( 51.7% ownership), Marchmont Insurance Company Limited, and BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr's Bay Properties 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