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ColinaImperial Reports Third Quarter Results: Profitability Sustained without Compromising on Security
NASSAU, November 30, 2009 - CHBL reported total net income of $8.6 million for the period ending September 30, 2009, compared to $3.8 million in the same period in 2008. Similarly, net income attributable to the Company’s ordinary shareholders grew to $7.1 million or $0.29 per ordinary share, compared to net income of $2.3 million or $0.09 per ordinary share for the same period in 2008.
“Driven partly by the launch of our new Stellar Care Series of group employee benefit products, our Health Division contributed significantly to the Company’s overall results,” said Hilts. “The new Stellar Care Series of products have been well received by the market. The structure of the plans gives our clients more options to better manage their medical claims, which results in slightly lower costs associated with medical claims.”
Management’s continued focus on realizing operational efficiencies contributed to a reduction in administrative costs to $18.2 million for the nine months ended September 30, 2009 compared to $21.9 million for the same period in the prior year – notwithstanding increased staffing levels to accommodate the Company’s changing business needs.
This control of administrative expenses helped to offset the impact of lower new business sales and mortgage delinquency. Additionally, while surrender benefits increased, the Company pointed out that the number of policy surrenders was on a steady decline.
Said Executive Vice Chairman Emanuel M. Alexiou, “The best way to compensate for the things you cannot change is to change the things you can. We have been preparing for a downturn in our economy ever since the first signs of recession in the United States last Fall by containing our administrative costs and improving efficiency in our operations. This strategy has allowed us to improve and sustain profitability over three quarters of 2009 despite challenges in equity investment growth, and without compromising our conservative provisioning policies.”
The Company’s balance sheet remains very strong with total assets of $480.3 million, and total equity of $94.4 million, compared to $90.6 million as at September 30, 2008. Invested assets remain a significant proportion of the asset base, comprising 83.3% of total assets.