Insurer BF&M Ltd yesterday announced earnings of $16.69 million for the first nine months of this year, down just over one percent compared to the same period last year.Insurance sales increased, with gross premiums written climbing seven percent over 2010 to $189.67 million. Investment income decreased two percent to $12.32 million.Claims and adjustment expenses fell by two percent to $17.58 million, while policy benefits increased two percent to $93.59 million.The company added that operating expenses increased 19 percent to $36.31 million, due mainly to several one-time expenses that are not expected to recur in 2012.The results were boosted by an increase of $23.92 million in the fair value of BF&M’s investments during the nine-month period.The company said this gain was principally as a result of the company’s planned overweighting in conservative investments such as US long term Treasuries, which increased in value significantly due to the flight to quality during a time of increased uncertainty in the global investment markets.Commissions and other income decreased three percent to $17.11 million.The Bermuda Stock Exchange-listed company’s CEO John Wight said: “We were satisfied overall with the company’s financial results given the current economic climate in Bermuda and the resulting challenges faced by many of our policyholders.”BF&M’s board of directors decided to maintain the quarterly dividend of 20 cents per share for shareholders of record at December 30, 2011.Equity attributable to owners at September 30, 2011, was $178.76 million. Assets totalled $870.17 million, of which $69.05 million was held in cash and short term deposits.