Financials
Our 2024 financial results reflect a year of steady performance in a challenging environment. While profitability was broadly in line with expectations, results were tempered by ongoing pressure from rising health claims and market volatility. As we enter a pivotal year in 2025, our focus remains on strengthening our financial position, driving sustainable growth, and creating long-term value. Disciplined underwriting, prudent risk management, and a continued emphasis on operational excellence provide a strong foundation for the road ahead.
Financials
Our 2024 financial results reflect a year of steady performance in a challenging environment. While profitability was broadly in line with expectations, results were tempered by ongoing pressure from rising health claims and market volatility. As we enter a pivotal year in 2025, our focus remains on strengthening our financial position, driving sustainable growth, and creating long-term value. Disciplined underwriting, prudent risk management, and a continued emphasis on operational excellence provide a strong foundation for the road ahead.
Financial highlights
Note: On January 1, 2023, BF&M adopted IFRS 17, resulting in a transformational change to the accounting treatment for insurance contracts. The standard was adopted retrospectively; therefore, the January 1, 2022, opening balance sheet was adjusted to reflect the new standard. The figures presented in the table prior to 2022 may not be directly comparable to those under the new standard.
*Presented as Gross Written Premium under previous accounting standards.
Best in class ratings from AM Best**
**Effective July 2, 2024, AM Best placed BF&M ratings under review with developing implications following BF&M Limited and Argus Group Holdings Limited’s joint announcement. For the latest rating information please refer to the Best’s Financial Report.