BF&M Limited is reporting net income of $25.2 million for the 2021 financial year to December 31, an improvement on 2020 earnings of $20.5 million.

The company said the results equated to an annualised return on equity of 8.3 per cent compared with 7.1 per cent in 2020.

John Wight, group chairman stated: “BF&M’s group employee benefits business was the primary driver for these earnings as group health, life, and pension lines all met profit expectations.

“In addition, the property and casualty business recorded improved financial results driven by 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.

“Finally, investment results for the group were strong as equity markets performed well.”

Wight added: “It is telling that these results were achieved in a year that continued to feature pressures from the pandemic. By partnering with our customers and prioritising high service levels, we were able to demonstrate the strength of our value proposition.”

Equity attributable to shareholders at 31 December 2021, was $312.8 million. General fund assets totalled $1.1 billion, of which $103.2 million was held in cash and cash equivalents.

Gross premiums written for the year increased from the prior year by 15 per cent to $353 million, driven by increased property and group health premiums and new business.

Short-term claims and adjustment expenses increased by 53 per cent to $14.8 million. Life and health policy benefits decreased by 24 per cent to $77.5 million.

Operating expenses maintained at the similar level, $54.6 million for the year.

BF&M offers property and casualty products as well as health, life, annuities, pension products, investment advisory and financial planning services. The BF&M Group consists of three main insurance operating companies, with the following A.M. Best financial strength ratings:

BF&M General Insurance Company Limited A (Excellent) Bermuda

BF&M Life Insurance Company Limited A (Excellent) Bermuda

Island Heritage Insurance Company Ltd. A (Excellent) Cayman