BF&M Limited today announced net earnings of $17.3 million for 2010, representing an 11.7 percent decline on 2009 profits.The decrease was driven by a 21 percent increase in claims and adjustment expenses, as well as a 16 percent increase in policy benefits.The company recorded higher insurance sales, as gross premiums written climbed five percent from 2009 to $235.7 million. Investment income climbed 46 percent to $19.5 million. The earnings represented a 10 percent return on shareholders’ equity.BF&M CEO John Wight said: “2010 proved to be a challenging year for Bermuda as the weakened economy which affected businesses and households also affected BF&M’s financial performance.”Shareholders’ equity totalled $180.5 million at the end of 2010, while total assets were $794.2 million.The company’s board of directors maintained the dividend of 20 cents per share for shareholders of record at March 31, 2011, based on the strength of the company’s balance sheet and positive earnings.