Insurance firm BF&M today reported earnings of $23.9 million for last year, up by $2.1 million on 2014.

The 2015 figure resulted in a return on shareholders’ equity of 9.6 per cent.

Gross premiums written for the year were $336.1 million, a decrease of less than one per cent on the previous year.

John Wight, BF&M CEO, said: “Earnings from BF&M’s core business of insurance and investment advisory services performed extremely well overall in Bermuda and the 15 islands in the Caribbean where the group operates.

“The company’s success in 2015 was due to a combination of factors, including lower than normal claims, with no major storm activity in Bermuda and the Caribbean.

“This followed an active storm year in Bermuda in 2014.”

Equity attributable to shareholders stood at $257.5 million at the end of the year.

General fund assets totalled $1.1 billion, of which $96.2 million was held in cash and cash equivalents.

Investment income for the year reflected a $6.5 million decrease, compared to a $20.3 million increase in 2014.

The report on the figures noted: “Partially offsetting this was a $5.3 million decrease in the value of life and health policyholder benefits as a result of the company’s disciplined asset liability matching policy which limits volatility of reported earnings as a result of interest rate swings.”

The group also reported impairment expenses of $6.6 million from relating to its mortgage and loan investment portfolio.

Commission and other income increased by 19 per cent to $47 million from improved reinsurance commission income. And operating expenses decreased by two per cent to $62.9 million.