BF&M posts 19% rise in 2021 earnings
BF&M posted a net income of $25.2m for 2021, up from $20.5m the previous year. BF&M offers property and casualty products as well as health, life, annuities, pension products, investment advisory and financial planning services.
John Wight, group chairman, said BF&M’s employee benefits business was the primary driver for the increase as group health, life, and pension lines all met profit expectations.
The property and casualty business also recorded improved financial results, he said, thanks to strong growth in earned premiums and commission income – “with claims experience acceptable in a year with storm activity largely limited to Tropical Storm Grace in Cayman”.
Gross written premium rose by 15% to $353m on increased property and group health premiums and new business.
Short-term claims and adjustment expenses increased by 53% to $14.8m. Life and health policy benefits decreased by 24% to $77.5m.
The BF&M Group consists of three main insurance operating companies: BF&M General Insurance Company (Bermuda); BF&M Life Insurance Company (Bermuda); and Island Heritage Insurance Company (Cayman).
