Bermuda insurance and pensions company BF&M today announced record profits of just over $12 million for the first six months of the year.

The total of $12,068,828 compares to $9,611,932 for the same period a year ago, and for shareholders represents a 20 percent return on equity.

John Wight, president & CEO of BF&M said: "We were very pleased with the results, experiencing very good financial performance from all our insurance and non insurance lines of business.

"Group contributions from general insurance, health and life insurance, real estate, asset management, pension administration, and BF&M's interest in the operations of the Insurance Corporation of Barbados Limited were strong.

"In addition, our life and health reinsurance activities in the Caribbean and Latin America have commenced which over time we anticipate contributing to our earnings."

Mr. Wight added that "while underwriting results were very positive investment performance was poor due to the weak US bond markets in the second quarter. This had a negative effect on half year earnings."

Full story in tomorrow's Royal Gazette