Domestic insurer BF&M Ltd has reported net income of $24.2 million for the nine months ended September 30, a jump of $10 million from the net income for the comparative period in 2023.

Abigail Clifford, group president and chief executive, said: “We are pleased to report another strong quarter of performance.

“On the insurance side, we observed further improvements in our Group Health and Group Life business, reflecting the positive impact of ongoing cost containment strategies and revenue optimisation.

“Our Property and Casualty business saw higher investment income that partially offset market challenges, including increased reinsurance costs, and slightly higher attritional losses.”

She added: “Investment income continued to benefit from favourable market conditions, which supported robust returns from fixed income and equity holdings. Our Pension business maintained its momentum, delivering excellent results in this positive investment environment.

“BF&M’s disciplined approach and commitment to growth, operational efficiency, and service excellence ensure we are well-equipped to continue responding to the needs of our customers and delivering value for our shareholders.”

Equity attributable to shareholders at September 30 was $310.6 million, which compares with $300 million at December 31 2023.

The company said general fund assets had increased by 6.7 per cent year-to-date and totalled $1.03 billion, of which $165.7 million was held in cash and cash equivalents.

BF&M said the company’s combined insurance service and net investment result under IFRS 17 was $48.4 million, which compares with $34.4 million in 2023, as a result of marked to market increases in investments backing reserves, improving results in Group Health, partially offset by higher net reinsurance expenses in P&C.

BF&M and rivals Argus Group announced in June that they are to merge after signing a definitive amalgamation agreement.