BF & M Limited reported consolidated shareholders’ net income — a measure of profit — of $17.5 million for the first half of the year, an increase of $10.2 million over the comparable period in 2013.

The announcement came in their unaudited financial statements for the half year to 30 June 2014.

Group president John Wight said in his report to shareholders: “These 2014 results represent an annualised 14.5 percent return on equity for shareholders. At 30 June 2014, general fund assets totalled $1.2 billion and shareholders’ equity was $242.4 million.”

He announced a dividend of 22 cents a share: “based on the company’s strong balance sheet and six months results.”

Mr Wight also stated that they were “pleased” that ratings agency AM Best maintained their financial strength rating ‘A’ (excellent) for BF & M’s two principal Bermuda-based operating companies, BF & M Life Insurance Company Limited and BF & M General Insurance Company Limited.

He added: “AM Best recently upgraded the financial strength rating of BF & M Limited’s Cayaman based company, Island Heritage Insurance Company Ltd, to ‘A’ (Excellent) and affirmed the financial strength rating of ‘A-’ (Excellent) for BF & M Limited’s Barbados based company the Insurance Corporation of Barbados Limited.”