b'PROMUTUEL RASSURANCESTATEMENT OF INCOME AND COMPREHENSIVE INCOMEFor the year ended December 31, 20232023 2022$ $(in thousands of Canadian dollars)Adjusted*Insurance and reinsurance service result from contracts issuedInsurance and reinsurance service revenue 165,291 150,626Insurance and reinsurance service expenses (108,576) (130,793)56,715 19,833Reinsurance and retrocession service result from contracts heldTransfer of reinsurance and retrocession on premiums (52,616) (36,819)Amounts recovered from reinsurers and retrocessionariesfor claims incurred 11,930 22,312(40,686) (14,507)Insurance service result 16,029 5,326Investment incomeInvestment income (losses) 26,516 (27,834)Share of net income in an associate 1 (13)Share of net income in joint ventures - (560)Gain on disposal from an investment in a joint venture 1,794 1,446Finance expenses (211) (109)28,100 (27,070)Financial income (expenses) for insurance and reinsurance contracts issued (4,863) 1,075 A n n u a l Rep o rt 51Financial income (expenses) for reinsurance and retrocession contracts held 1,541 (1,296)(3,322) (221)Net financial result 24,778 (27,291)3 2 0 2|*Adjusted for the application of the IFRS 17 standard, restrospectively on January 1, 2022.'