Insurer BF&M Ltd today 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 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.