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BF&M Limited’s Financial Results 2004

BF&M Limited
Hamilton, Bermuda
07 April 2005

John Wight, President & CEO of BF&M Limited, today announced that BF&M Limited had recorded net earnings for 2004 of $9,910,240. This represented a 5.4% increase over 2003 earnings of $9,399,000. Return on shareholders equity was 13.4%. “We were pleased overall with this result, experiencing very good earnings from most of our insurance and non insurance lines of business. Group contributions from general insurance business, real estate, asset management, and risk management services were strong. The one line of business that performed poorly was our health account which recorded its worst year on record, due principally to the frequency and severity of major medical claims overseas and outpatient hospital services and prescription drugs locally. We are very supportive of Government’s effort to expand the partnerships involved in the management of Bermuda’s Health Care system and deal with the industry’s critical issues.”

Total assets for the consolidated group increased from $278,706,016 to $290,925,907. Shareholders Equity increased 16.1% from $68,352,392 to $79,358,694. Premiums increased 18.9% over 2003 to $110,341,090. Claims, benefits and claim expenses increased by 18.6% to $66,755,127. BF&M shares opened 2004 at $12.00 and closed the year at $15.35. Shareholder dividends for the year totaled $3,273,645.

Mr. Wight added that 2004 was a year of many accomplishments for BF&M, including A.M. Best upgrading the financial strength rating of the company to A (Excellent) from A- (Excellent), recognizing “BF&M’s consistently strong operating performance, excellent capitalisation, experienced and focused managed group and substantial market share in the Bermudian health care market”. Financial strength ratings of BF&M General Insurance Company Limited and BF&M Life Insurance Company Limited were also upgraded to A (Excellent) from A-(Excellent).

BF&M Limited is the holding company of the BF&M Insurance Group. The two largest operating companies within the Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The group includes several other companies including BF&M Management Limited, Marchmont Insurance Company Limited, BF&M Investment Services and BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited)

Further information will be released at a later date.

R. John Wight, President & Chief Executive Officer
Phone 295 5566, Fax 292 8831

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