The net income of the Bermuda Monetary Authority fell by more than $7.8 million last year, the Premier and Minister of Finance told the House of Assembly on Friday as he tabled the annual report of the island’s financial services regulator.

David Burt said net comprehensive income was $5.45 million in 2022, down from $13.3 million in the previous year.

The BMA’s total revenue increased by 8.98 per cent to $79.65 million, up from $73.09 million.

The increase was mainly due to a $2.47 million increase in revenue from supervisory and licensing fees.

But Mr Burt said expenses had increased by 24.12 per cent to $74.2 million.

The increase was mainly due to $8.75 million in increased salaries and benefits.

At year end, the BMA had 235 full-time permanent employees compared with 219 in 2021.

Licensing fees were $71,049 million at year-end compared with $68,672 million, of which $60,900 million was paid by the insurance sector.

Revenue from fines, penalties and other income grew by $1.69 million due to increased anti-money laundering fines, insurance fines, and trust and corporate service provider fines.

In the banking sector, consolidated assets decreased by 2.9 per cent or $0.8 billion to $26 billion in 2022.

This change was in line with a decrease in deposit liabilities and was evidenced primarily by cash and deposit liabilities decreasing by 16.4 per cent to $4.2 billion ($5.0 billion: 2021).

Net interest income continues to be the largest component of the banking sector’s income at $620 million ($484 million: 2021).

In the insurance sector, 1,196 insurance companies were registered as at December 31, 2022 compared with 1,158 in 2021. Eighty insurers registered in 2022 (64: 2021).

According to 2021 year-end information, total capital and surplus was $370.7 billion in 2021 ($349 billion: 2020).

Gross premiums written were $268 billion in 2021 ($294 billion: 2020).

In the investment sector, the aggregate total assets under management was $216.2 billion compared with $253.2 billion in 2021.

In the digital asset business sector, there were 16 (10: 2021) digital asset business providers operating in Bermuda at year-end.

Licensing fees increased from $369,000 in 2021 up to $845,000 in 2022.

At year-end, the total equity market capitalisation of the Bermuda Stock Exchange stood at $166 billion compared with $334 billion at the end of 2021.

A total of 142 (281: 2021) new insurance-linked securities were added to the BSX in 2022 increasing the total nominal value up to $52 billion ($50.8 billion: 2021).