Domestic insurer BF&M Ltd has reported net income of $14.2 million for the nine months ended September 30, marking a significant improvement compared with an IFRS 17 restated net loss for the comparative period in 2022 of $17 million.

BF&M said this marked the third quarter the company was reporting under IFRS 17 and IFRS 9, the respective new accounting standards for insurance contracts and the measurement of financial assets.

Abigail Clifford, the group's president and chief executive, said: “This quarter, our financial standing has remained robust. As anticipated, the introduction of IFRS 17 has led to some variability in our financial outcomes, including alterations in earn out timings.

"Despite these changes, the strong results we've achieved are a direct reflection of our team's dedication to appropriately adjusting rates and continuously improving our risk underwriting methods."

She added: "The recent affirmation of our A (Excellent) rating from AM Best confirms our dedication to our policyholders, shareholders, employees, and business partners. Our goal is to foster trust, deliver exceptional service and maintain the highest level of financial integrity."

Equity attributable to shareholders at September 30 was $293.4 million.

General fund assets totalled $952 million, of which $123.3 million was held in cash and cash equivalents.

BF&M said the company’s combined insurance service, net investment, and finance result under IFRS 17 was $34.4 million versus a Q3 2022 IFRS 17 restated amount of $1.9 million, driven by higher core investment income, increases in bond and equity assets and higher than expected profit commissions due to favourable loss experience in P&C.