Bermuda’s Ministry of Finance tabled the Bermuda Monetary Authority’s (BMA) 2024 Annual Report in Parliament, summarising the supervisor’s work across banking, insurance, investments, digital assets and the Bermuda Stock Exchange, alongside key financial and operational results. The report shows the BMA moved to net income of $17.93 million, supported by higher supervisory and licensing fee income. Total revenue rose 50% to $129.8 million, mainly reflecting a $40 million increase in supervisory and licensing fees, while expenses increased 24% to $111.9 million, driven largely by higher salaries and benefits; licensing fees totalled $114.5 million, including $103 million from the insurance sector, and the Auditor General issued a clean opinion. The report also describes 2024 legislative and rulemaking activity, including proposals to strengthen the supervision of recognised investment exchanges and clearing houses, a Ministerial Order affecting Restricted Banks’ minimum initial net assets at licensing and the classes of persons they may serve, fee changes for entities in the innovation hub, new insurer recovery plan rules, and regulations enabling updated coin designs featuring King Charles III. Sector indicators included flat banking consolidated assets of $23.7 billion, 1,239 registered insurers at 31 December 2024, growth in digital asset business providers to 36 (up 50%), and Bermuda Stock Exchange equity market capitalisation of $217.6 billion at end-2024.

Original source View in tracker