BF&M Ltd has reported a net income of $13.9 million for the six months ended June 30, 2023, bouncing back from a restated net loss of $12.2 million for the same period in 2022.

This marks the second quarter the company is reporting under IFRS 17 and IFRS 9, the respective new accounting standards for insurance contracts and the measurement of financial assets.

Abigail Clifford, group president and CEO, said the strong quarter of solid financial results was marked by efforts to raise appropriate rates and adopt a more discerning approach to risk underwriting.

She said: “Our commitment to operational excellence, service and prudent risk management continues to pay off. These strong results are a testament to the hard work and strategic vision of our entire team who remain dedicated to offering unparalleled protection and peace of mind to our valued policyholders.”

Equity attributable to shareholders at June 30, 2023, was $295.6 million. General fund assets totalled $937.9 million, of which $126.5 million was held in cash and cash equivalents.

The company’s combined insurance service and net investment result under IFRS 17, a measure of operating performance, was a gain of $31.3 million, driven by higher core investment income, increases in bond and equity assets and an increase in profit commissions on certain reinsurance contracts.

This, compared with a loss of $31.9 million in Q2 2022 as restated under IFRS 17.