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BF&M Limited’s Six Month Results to 30th June 2005

BF&M Limited
Hamilton, Bermuda
9 September, 2005

John Wight, President & CEO of BF&M Limited, today announced that BF&M Limited had recorded net earnings for the six month period to 30th June 2005 of $8,947,468. This compared favourably with earnings for the first six months in 2004 of $3,324,673. Return on shareholders equity was 19% in 2005 versus 9% in 2004. “We were pleased with the results for the six month period, experiencing very good financial results from all our insurance and non insurance lines of business. Group contributions from general insurance, health and life insurance, real estate, asset management, and risk management services were strong. 2004 group financial results were adversely affected by increased frequency and severity of group health claims. For the first six months of 2005 claims experience returned to more reasonable and expected levels. We continue however to be concerned about the rising cost of health care in Bermuda.”

Total assets for the consolidated group at 30th June 2005 were $293,758,095. Shareholders Equity was $78,678,040. Gross Premiums Written for the six month period increased 14% over 2004 to $60,011,491. Claims, benefits and claim expenses decreased by 1% to $32,338,052.

Mr. Wight stated that the first six months of 2005 for BF&M included several strategic initiatives conducted to reallocate capital and focus the group on areas of profitability and growth. These included the acquisition of The Canada Life Assurance Company Limited’s individual life business in Bermuda, the incorporation of a new BF&M company called Bermuda International Insurance Services Limited to promote the sale of life insurance products to high net worth individuals in the international marketplace, and the acquisition of seven Sun Life Assurance Company agents to write new business through BF&M.

Following the Company’s strong earnings performance for this six month period the Board decided to increase the quarterly dividend by 2 cents to 14 cents per share. The dividend is payable on October 14 to shareholders of record on September 30.

ABOUT BF&M INSURANCE GROUP
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)

For further information contact :-

R. John Wight, President & Chief Executive Officer

Phone 295-5566 Fax 292-8831 e-mail jwight@bfm.bm

 
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