Colina Holdings Bahamas Limited Reports Strong Third Quarter Financial Results

Colina Holdings Bahamas Limited (CHBL) today reported strong third quarter financial results, delivering year-over-year increases in net income attributable to equity shareholders, total equity and total assets.

Total net income for the nine months ended September 30, 2016 totalled $13.3 million, compared with $11.2 million during the same period in the prior year. Similarly, net income attributable to the Company’s ordinary shareholders increased to $10.5 million or $0.43 per ordinary share, compared to $9.1 million or $0.37 per ordinary share for the same period in the prior year.

Total gross premium revenues totalled $98.3 million, compared to $104.3 million for the nine months ended  September 30, 2015.  About $4.4 million of the decrease in gross premiums are attributed to premium revenues in respect of the Company’s participation in reinsurance facilities which will fluctuate from period to period.  Gross policyholder benefits were lower than the prior year experience, totalling $64.5 million for the nine months ended September 30, 2016.  Fluctuations in mark to market adjustments have resulted in $21.6 million in net investment income for the third quarter of 2016 compared to $25.8 million for the same period in the prior year.

The Company’s total equity continues on an upward trend, standing at $177.7 million at September 30, 2016 compared to $169.8 million at December 31, 2015 after consideration of dividend distributions for both ordinary and preference shareholders.  Total assets have increased to $731.0 million from $710.9 million at  December 31, 2015.

“We delivered strong results this quarter, with all of our key performance indicators driving growth in earnings over the prior year,” said CHBL’s Chairman, Terry Hilts. “We announced ordinary and preference shareholder dividend payments of $7.4 million during the period, reflecting the growth in our business and our commitment to maximise value for our shareholders. We continue to grow company equity and expand our asset base to ensure our stability and long-term commitment to our customers.

“Today we are strategically well positioned and continue our long-term strategy to direct new investments in high quality, fixed-income securities to ensure that invested assets remain the largest proportion of our total assets which at September 30, 2016 comprised 80.5% of total assets.  Operationally, our outlays hold steady within Board-approved limits and are designed enhance our ability to capitalize on our growth, including enhancements in technology systems and expansion of customer service capabilities.”

Rated A- (Excellent)
Financial Strength Rating:
A- Excellent

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