BF&M's subsidiary Insurance Corporation of Barbados has paid out $5.7 million less in net claims this year compared to 2006.

The company's net premiums earnings rose by just under $1 million from $37.28 million last year up to $38.25 million over 2007.

The statements, which were signed off by ICBL chairman John Wight and managing director Wismar Greaves, put underwriting income before expenses at $25.35 million, representing a total of $5.64 million more than in 2006.

Net income also increased by $4.97 million from $12.11 million last year to reach $17.09 million at the end of the 2007 period.

The company likewise experienced a significant climb in the value of total current assets of $43.12 million from $94.78 million at the end of 2006 to $137.91 million as at September 30 this year.

Total long-term assets worth $236.76 million in 2006 were valued at $256.79 million this year, while total assets went up from $331.55 million to $391.7 million at the end of the 2007 fiscal year.

ICBL also reported a $44.42 million rise in total liabilities and an increase of $18.73 million in total equity in 2007.