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BF&M Limited (“BF&M”) Reports Shareholders’ Net Loss for the Six Months Ended 30th, June 2022 of $12.3 million

22 August 2022

Hamilton, Bermuda: 22^nd, August 2022 - In a filing with the Bermuda Stock Exchange (the “Exchange”), BF&M Limited (the "Company"; Ticker: BFM.BH) Reports Shareholders’ Net Loss for the Six Months Ended 30^th, June 2022 of $12.3 million. The full filing stated:

BF&M Reports Shareholders’ Net Loss

for the Six Months Ended 30 June 2022 of $12.3 million

Hamilton, Bermuda, 22 August 2022—BF&M Limited (“BF&M”, “the BF&M Group” or “the Company”) today reported shareholders’ net loss of $12.3 million for the six months ended 30th June 2022, as compared to the shareholders’ net income for the comparative period in 2021 of $14.8 million. Net income from operations after excluding the negative fair value movements in investments was $4.3 million versus $13.3 million in the first six months of 2021.

Group Chairman and CEO John Wight stated: “A large driver of our second quarter losses was the negative impact of fair value losses on the Company’s investments. In addition, as pandemic restrictions eased, we experienced higher claims costs and lower underwriting results in our Life, Health and Pensions-related businesses, while higher reinsurance costs and a slightly increased incidence of property losses impacted our P&C business.”

Mr. Wight added: “Our capital base and financial strength ratings are market-leading and we stand ready to serve our customers should they need us this hurricane season.”

Equity attributable to shareholders at 30 June 2022, was $297.2 million. General fund assets totaled

$1.1 billion, of which $112.9 million was held in cash and cash equivalents.

Gross premiums written for the period increased by 6% from the prior year to $181.2 million, driven by increased property premiums and new business.

Short term P&C claims and adjustment expenses increased by 12% to $7.8 million.

Operating expenses increased by 3% to $28.9 million for the period.

The BF&M Group consists of three main insurance operating companies, with the following A.M. Best financial strength ratings:

BF&M General Insurance Company Limited A (Excellent) Bermuda

BF&M Life Insurance Company Limited A (Excellent) Bermuda

Island Heritage Insurance Company Ltd. A (Excellent) Cayman

ENDS

BACKGROUND

BF&M Limited is the holding company of the BF&M group of companies (“BF&M Group”). The two largest operating companies within the BF&M Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions products, and BF&M General Insurance Company Limited, the leading general insurer providing all forms of property, casualty, motor and marine products. The BF&M Group includes several other companies including BF&M Investment Services Limited, BF&M Properties Limited, (including Scarborough Property Holdings Limited and Barr’s Bay Properties Limited), and Island Heritage Insurance Company, Ltd.

For further information contact:

Geraldine Kempe, Chief Communications Officer

Phone +1 441 298 0349 Email gkempe@bfm.bm

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

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Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.