In announcing the results the Chairman, Lt. Col. Michael Darling, described them as "excellent". "It is difficult to compare 2000 to 1999 in any meaningful way. There are many reasons for this. For example, one time settlement and legal expenses in 1999 totaled $41 million. Also decreased investment income on fewer investment assets, combined with the interest expense on the loan taken out to help fund the settlement, reduced earnings in 2000."
At 31st December 2000 Assets stood at $157.7 million, excluding segregated account assets of $117.3 million, while Shareholders Equity had increased to $45.6 million. Gross Premiums for the year increased to $69.4 million despite continuing downward pressure on some rates and Investment Income increased by 12%. Expenses increased by 5%.
President & Chief Executive Officer, Glenn Titterton, said that "the year 2000 represents the happy beginning of a new chapter in the development of BF&M." "It included exciting, high-profile events such as the launch of "e-surance @ bfm", Bermuda's first full quote and buy personal insurance market at www.bfm.bm . However, there were also many less visible developments, which will solidify our position as a market leader and shape our plans for growth in the new century. Our companies are financially strong, secure and well prepared. We believe that our excellent results in 2000 represent a very strong start to the new millennium."
Mr. Titterton said that the Group's two largest companies BF&M Life Insurance Co. Ltd. and BF&M General Insurance Co. Ltd. had both produced good results in 2000, in a highly competitive market. He said that he was also pleased with the results for BF&M Management Limited and that all other subsidiaries had also produced profits.
Commenting further on BF&M's innovative and market leading e-commerce initiative, Mr. Titterton said that this facility enabled the Bermuda public to obtain self service insurance at any time, 24 hours a day, 365 days a year. "This is one of the very few sites globally, on which all the underwriting, binding and purchasing of personal insurance is done online immediately. "e-surance @ bfm" on our web site www.bfm.bm has received recognition both in Bermuda and internationally, for being at the leading edge of interactive insurance web sites. We are now rolling out additional products and services which will result in www.bfm.bm becoming a full service insurance site. There will be immense benefits for our customers as we move forward. This is a very tangible demonstration of the high level of innovation taking place at BF&M."
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, amongst others, BF&M Management Limited, BF&M Properties Limited and Fortress Insurance Company Limited.
For further information contact :-
Glenn M. Titterton, President & Chief Executive Officer
Phone 295 5566, Fax 292 3381, e-mail gmtitterton@bfm.bm