As we mark the halfway point of this year, we are pleased to present our six month report, detailing the strides we have made as part of our ongoing commitment to building an organisation that is fit for the future needs of our customers.
An excellent first six months
We are reporting a consolidated net income for the six months of $13.9 million. The Company’s combined insurance service and net investment result 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. This compared to a net income loss of $12.2 million in the comparable period in 2022. Shareholders’ equity remains strong at $295.6 million, an increase of 3% over 31 December 2022, supported by our high-quality general fund asset portfolio totaling $937.9 million.
BF&M’s investment portfolio performed exceptionally well in the first half of the year, driven by improving market fundamentals and the positive impact of rising interest rates, which bolstered our core investment income. We anticipate that our investment income will sustain its momentum, as our portfolio continues to benefit from the higher interest rate environment over the next several years.
Our Property and Casualty business continues to drive rate increases across our markets as we initiate a selective approach to underwriting risks to mitigate the impact of a hard reinsurance market and the associated increased cost of reinsurance. Our Property and Casualty results benefited from lower property loss experience.
Within our Life and Health business, we remain committed to counteracting the rising loss trends within our Group Health business. We are actively collaborating with our strategic partners to manage costs effectively while ensuring that our valued customers receive best-in-class coverage. Our Pension business continues to be a strength, with positive financial contributions and a healthy influx of new business.
Focused on underwriting discipline and operational excellence
With the industry facing the challenges of the rise in reinsurance pricing and reduced capacity, insurers like BF&M must assume more exposure on our balance sheet. A similar challenge is felt across our Life and Health business where we continue to see the impact on pricing of inflation and utilisation. It has therefore never been more critical that we can demonstrate disciplined underwriting. Understanding the risk we are taking on and pricing it appropriately. This is one tool we can use to withstand the market challenges we face.
In tandem with disciplined underwriting, we have launched 'Project Propel'. True to its name, this initiative is our driving force behind propelling efficiency improvements across the board. Efficiency, in our view, is not about cutting corners, but about streamlining processes to serve our customers better, faster, and more seamlessly. In our continuous pursuit of excellence, fostering a culture of efficiency ensures we remain agile, adaptive, and ahead of the curve.
Driven by our purpose
BF&M’s purpose has always been anchored in putting the needs of our customers at the forefront of our operations, and the past six months have been a testament to that commitment. As we look forward to building our future state, we are looking to exceed customer expectations at every touchpoint. By committing to superior customer experiences, we are setting the benchmark for what insurance should feel like in a modern era — one where customers are not just policy numbers, but valuable members of our community. This perspective is feeding every decision we make.
Investing for tomorrow
Perhaps one of the most transformative aspects of our journey this year so far has been the considerable investment in our digital roadmap. As the world around us grows more interconnected and tech-centric, it has become imperative for us to not only adapt but to lead. By reimagining our digital strategy, keeping digital at the forefront, and building a forward-looking digital roadmap, we are setting the groundwork for a future where our services are not only efficient but also intuitive. Our commitment goes beyond short-term fixes. We are future proofing our digital strategy, ensuring that we are not only relevant today, but we are ready to capitalise and accelerate on opportunities into the future.
Delivering on our strategy
All these initiatives, while crucial in their own right, are aligned with, and indeed emanate from, our transparent and focused five-year strategy that continues to guide our every step. This strategy, crafted with vision and diligence, ensures that every initiative, every project, and every investment we undertake is laddered up to our overarching goals.
It is this strategy that has been our foundation as we build for tomorrow. A tomorrow where our commitment to our customers, our drive for efficiency, and our digital ambition coalesce to create value for all our stakeholders.
Together, we can build a future vision with purpose, passion, and an unwavering commitment to excellence.
An excellent first six months
We are reporting a consolidated net income for the six months of $13.9 million. The Company’s combined insurance service and net investment result 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. This compared to a net income loss of $12.2 million in the comparable period in 2022. Shareholders’ equity remains strong at $295.6 million, an increase of 3% over 31 December 2022, supported by our high-quality general fund asset portfolio totaling $937.9 million.
BF&M’s investment portfolio performed exceptionally well in the first half of the year, driven by improving market fundamentals and the positive impact of rising interest rates, which bolstered our core investment income. We anticipate that our investment income will sustain its momentum, as our portfolio continues to benefit from the higher interest rate environment over the next several years.
Our Property and Casualty business continues to drive rate increases across our markets as we initiate a selective approach to underwriting risks to mitigate the impact of a hard reinsurance market and the associated increased cost of reinsurance. Our Property and Casualty results benefited from lower property loss experience.
Within our Life and Health business, we remain committed to counteracting the rising loss trends within our Group Health business. We are actively collaborating with our strategic partners to manage costs effectively while ensuring that our valued customers receive best-in-class coverage. Our Pension business continues to be a strength, with positive financial contributions and a healthy influx of new business.
Focused on underwriting discipline and operational excellence
With the industry facing the challenges of the rise in reinsurance pricing and reduced capacity, insurers like BF&M must assume more exposure on our balance sheet. A similar challenge is felt across our Life and Health business where we continue to see the impact on pricing of inflation and utilisation. It has therefore never been more critical that we can demonstrate disciplined underwriting. Understanding the risk we are taking on and pricing it appropriately. This is one tool we can use to withstand the market challenges we face.
In tandem with disciplined underwriting, we have launched 'Project Propel'. True to its name, this initiative is our driving force behind propelling efficiency improvements across the board. Efficiency, in our view, is not about cutting corners, but about streamlining processes to serve our customers better, faster, and more seamlessly. In our continuous pursuit of excellence, fostering a culture of efficiency ensures we remain agile, adaptive, and ahead of the curve.
Driven by our purpose
BF&M’s purpose has always been anchored in putting the needs of our customers at the forefront of our operations, and the past six months have been a testament to that commitment. As we look forward to building our future state, we are looking to exceed customer expectations at every touchpoint. By committing to superior customer experiences, we are setting the benchmark for what insurance should feel like in a modern era — one where customers are not just policy numbers, but valuable members of our community. This perspective is feeding every decision we make.
Investing for tomorrow
Perhaps one of the most transformative aspects of our journey this year so far has been the considerable investment in our digital roadmap. As the world around us grows more interconnected and tech-centric, it has become imperative for us to not only adapt but to lead. By reimagining our digital strategy, keeping digital at the forefront, and building a forward-looking digital roadmap, we are setting the groundwork for a future where our services are not only efficient but also intuitive. Our commitment goes beyond short-term fixes. We are future proofing our digital strategy, ensuring that we are not only relevant today, but we are ready to capitalise and accelerate on opportunities into the future.
Delivering on our strategy
All these initiatives, while crucial in their own right, are aligned with, and indeed emanate from, our transparent and focused five-year strategy that continues to guide our every step. This strategy, crafted with vision and diligence, ensures that every initiative, every project, and every investment we undertake is laddered up to our overarching goals.
It is this strategy that has been our foundation as we build for tomorrow. A tomorrow where our commitment to our customers, our drive for efficiency, and our digital ambition coalesce to create value for all our stakeholders.
Together, we can build a future vision with purpose, passion, and an unwavering commitment to excellence.
An excellent first six months
We are reporting a consolidated net income for the six months of $13.9 million. The Company’s combined insurance service and net investment result 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. This compared to a net income loss of $12.2 million in the comparable period in 2022. Shareholders’ equity remains strong at $295.6 million, an increase of 3% over 31 December 2022, supported by our high-quality general fund asset portfolio totaling $937.9 million.
BF&M’s investment portfolio performed exceptionally well in the first half of the year, driven by improving market fundamentals and the positive impact of rising interest rates, which bolstered our core investment income. We anticipate that our investment income will sustain its momentum, as our portfolio continues to benefit from the higher interest rate environment over the next several years.
Our Property and Casualty business continues to drive rate increases across our markets as we initiate a selective approach to underwriting risks to mitigate the impact of a hard reinsurance market and the associated increased cost of reinsurance. Our Property and Casualty results benefited from lower property loss experience.
Within our Life and Health business, we remain committed to counteracting the rising loss trends within our Group Health business. We are actively collaborating with our strategic partners to manage costs effectively while ensuring that our valued customers receive best-in-class coverage. Our Pension business continues to be a strength, with positive financial contributions and a healthy influx of new business.
Focused on underwriting discipline and operational excellence
With the industry facing the challenges of the rise in reinsurance pricing and reduced capacity, insurers like BF&M must assume more exposure on our balance sheet. A similar challenge is felt across our Life and Health business where we continue to see the impact on pricing of inflation and utilisation. It has therefore never been more critical that we can demonstrate disciplined underwriting. Understanding the risk we are taking on and pricing it appropriately. This is one tool we can use to withstand the market challenges we face.
In tandem with disciplined underwriting, we have launched 'Project Propel'. True to its name, this initiative is our driving force behind propelling efficiency improvements across the board. Efficiency, in our view, is not about cutting corners, but about streamlining processes to serve our customers better, faster, and more seamlessly. In our continuous pursuit of excellence, fostering a culture of efficiency ensures we remain agile, adaptive, and ahead of the curve.
Driven by our purpose
BF&M’s purpose has always been anchored in putting the needs of our customers at the forefront of our operations, and the past six months have been a testament to that commitment. As we look forward to building our future state, we are looking to exceed customer expectations at every touchpoint. By committing to superior customer experiences, we are setting the benchmark for what insurance should feel like in a modern era — one where customers are not just policy numbers, but valuable members of our community. This perspective is feeding every decision we make.
Investing for tomorrow
Perhaps one of the most transformative aspects of our journey this year so far has been the considerable investment in our digital roadmap. As the world around us grows more interconnected and tech-centric, it has become imperative for us to not only adapt but to lead. By reimagining our digital strategy, keeping digital at the forefront, and building a forward-looking digital roadmap, we are setting the groundwork for a future where our services are not only efficient but also intuitive. Our commitment goes beyond short-term fixes. We are future proofing our digital strategy, ensuring that we are not only relevant today, but we are ready to capitalise and accelerate on opportunities into the future.
Delivering on our strategy
All these initiatives, while crucial in their own right, are aligned with, and indeed emanate from, our transparent and focused five-year strategy that continues to guide our every step. This strategy, crafted with vision and diligence, ensures that every initiative, every project, and every investment we undertake is laddered up to our overarching goals.
It is this strategy that has been our foundation as we build for tomorrow. A tomorrow where our commitment to our customers, our drive for efficiency, and our digital ambition coalesce to create value for all our stakeholders.
Together, we can build a future vision with purpose, passion, and an unwavering commitment to excellence.
Abigail Clifford
Group President and Chief Executive Officer, BF&M Limited
L. Anthony Joaquin
Group Chairman, BF&M Limited
Abigail Clifford
Group President and Chief Executive Officer, BF&M Limited
L. Anthony Joaquin
Group Chairman, BF&M Limited