Bermuda’s financial regulator recorded a dramatic turnaround in 2024, reporting net income of $17.93 million, up from a loss of $3.53 million the previous year.

This was thanks to a 50 per cent jump in revenue driven largely by a $40 million spike in licensing and supervisory fees.

The Bermuda Monetary Authority’s 2024 Annual Report, tabled in the House of Assembly on Friday by David Burt, the Premier and Minister of Finance, points to major growth in the insurance and digital asset sectors, both of which helped push the regulator’s total revenue to $129.8 million.

The BMA ended the year with 1,239 registered insurers and 36 licensed digital asset businesses, up 50 per cent from 2023.

“This growth is a testament to this Government’s foresight in ensuring that Bermuda established a credible regime for this emerging sector,” Mr Burt told MPs, noting the digital asset business is now projected to become the BMA’s third-largest revenue earner.

The insurance sector posted strong numbers across the board, with total capital and surplus rising to $404 billion, up from $347 billion in 2022.

Gross premiums written increased by $39 billion to $316 billion, while total assets reached $1.87 trillion.

“This increase was largely due to increased business written by a specific group of insurers,” the report noted.

The banking sector remained stable, with consolidated assets holding steady at $23.7 billion. Net interest income totalled $755 million, down slightly from $790 million the year before.

In the investment sector, the number of licensed investment business providers grew to 52, with assets under management reaching $231 billion.

The Bermuda Stock Exchange also saw major movement, with domestic trading volume skyrocketing from 2.3 million to 11.3 million shares. The total value of shares traded jumped fivefold to $105.8 million.

Expenses at the BMA rose by 24 per cent to $111.9 million, mainly due to higher staff costs.

The Authority increased its headcount to 302 full-time employees and boosted compensation for its board and executives.

The chief executive’s salary rose to $550,000 with a potential 50 per cent bonus, while board members’ fees nearly doubled.

Mr Burt praised the BMA’s leadership and results: “The board and executive team deserve honourable members’ congratulations for their sound stewardship and the excellent financial results achieved in 2024.”