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BF&M Announces Q2 Earnings to 30 June 2011 of $11.4 Million
Hamilton, Bermuda – 13 September, 2011 – BF&M Limited (Ticker: BFM.BH) today announced net earnings for the 6 month period ended 30th June, 2011, of $11,352,382, resulting in a return on shareholder equity of 12%. These results compared with net earnings of $10,707,811 for the comparable 6 month period in 2010. President & CEO, John Wight stated that “we were satisfied overall with the company’s financial results given the current economic climate in Bermuda which is very challenging for many of our policyholders”.
Equity attributable to owners at 30th June 2011 was $175,283,499. Assets totaled $838,227,605, of which $67,191,286 was held in cash and short term deposits. Based on the company’s strong balance sheet and financial performance, the Board of Directors maintained the dividend of 20c per share for shareholders of record at 30th September 2011.
Mr. Wight added that “we were very pleased that AM Best reaffirmed the financial strength ratings of A (Excellent) to BF&M’s two principal operating subsidiaries, BF&M General Insurance Company Limited and BF&M Life Insurance Company Limited. There is no insurance company in Bermuda writing domestic insurance business with ratings this strong. AM Best cited BF&M’s “consistent positive net income, steady premium growth, high level of capital, and strong market share”.
Gross Premiums Written for the 6 month period ended 30th June 2011 increased 6% over 2010 to $130,598,712. Investment income increased 3% to $8,996,871. The fair value of assets classified as held for trading increased earnings by $2,433,027. Commissions and other income increased 7% to $11,443,835. Claims and adjustment expenses decreased by 16% to $10,850,706 and policy benefits decreased 14% to $51,302,044. Operating expenses increased 21% to $25,539,544, due to several one-time expenses that are not expected to recur in 2012.
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, BF&M Investment Services Limited, BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited), Hamilton Financial Limited, and a 51.7% interest in the Insurance Corporation of Barbados Limited.
For further information contact :-
R. John Wight C.A, CPCU, President & Chief Executive Officer
Phone 295 5566, Fax 292 8831, e-mail jwight@bfm.bm