BF&M reports loss for first nine months
Domestic insurer BF&M Limited has reported a shareholders’ net loss of $13.4 million for the nine months ended September 30.
This compares with shareholders’ net income for the same period in 2021 of $19.5 million.
The company said net income from operations after excluding the negative fair value movements in investments was $9.3 million versus $17.8 million in the first nine months of 2021.
Group president and CEO Abigail Clifford stated: “Despite the economic headwinds and investment market volatility that continue to impact our results, the company’s underlying business is trending favourably with P&C benefiting from a strong rate environment and minimal exposure to hurricanes Fiona and Ian.
“Our group life results were strong while group health claims remain elevated over pre-pandemic levels as expected.
“Our solid pension and annuity businesses remain well positioned to optimise opportunities as the markets settle.”
Ms Clifford added: “As evidenced through AM Best’s recent rating affirmation of ‘A’ Excellent, our balance sheet and exceptionally strong capital position allow us to continue to support our customers as we jointly navigate through this challenging period.”
Equity attributable to shareholders at September 30 was $294.0 million. General fund assets totalled $1.1 billion, of which $111.4 million was held in cash and cash equivalents.
Gross premiums written for the period increased 2 per cent from the prior year to $290.9 million, driven by increased property premiums and new business offset by the non-renewal of a large account which was fully reinsured.
Short-term P&C claims and adjustment expenses decreased 1 per cent to $11.7 million. Life and health policy benefits increased 9 per cent to $73.3 million.