BF&M Limited has increased shareholder dividends, reflecting the strong financial performance and its commitment to delivering long-term value to its shareholders, the company said.

BF&M said that as part of its ongoing efforts to enhance shareholder returns it has declared an increase from $0.24 to $0.28 payable to shareholders on July 14, 2023.

The insurer said the decision to raise dividends aligns with its strategy to provide shareholders with attractive and competitive returns on their investment.

"We are delighted to announce an increase in dividends for our shareholders," stated Abigail Clifford, group president and CEO.

The local insurer Tuesday reported first quarter net income of $10.5 million for the three months ended 31 March 2023.