Nassau, The Bahamas, August 14, 2023 – Today, Colina Holdings Bahamas Limited (“CHBL” or “the Company”) released its unaudited consolidated interim financial results for the six months ended June 30, 2023.

During the first half of fiscal 2023, the Company recorded net income attributable to ordinary shareholders of $8.5 million or $0.34 per ordinary share. The net income attributable to ordinary shareholders was $6.4 million or $0.26 per ordinary share, during the same period in 2022.

Comprehensive income attributable to the ordinary shareholders totalled $11.3 million or $0.46 per ordinary share for the six months ended June 30, 2023, compared to the period ended June 30, 2022, which reflected comprehensive income for the ordinary shareholders of $7.0 million or $0.28 per share.

Net investment income totals $26.7 million for the period, compared to $10.3 million for the same period in the prior year. The increase in net investment income is attributed to improvements in net fair value gains relative to losses that were experienced in the prior period on certain investment securities.

Premium revenues total $74.7 million for the 6 months ended June 30, 2023, compared to the prior year’s gross written premiums of $87.1 million.

“Gross premiums for the prior period comprised revenues from a COVID-19 trip interruption product,” said Terence Hilts, Chairman of CHBL. “The Company experienced growth in its other life, health and general insurance lines of business, exclusive of the premiums from the trip interruption product that was terminated in mid-2022.”

Net policyholder benefits total $44.6 million, a reduction from the prior year’s net policyholder benefits of $48.3 million, in part due to the terminated product as well as improved mortality claims experience relative to 2022.

“During the period, additional net reserves of $17.0 million were booked and they are included in the provision for future policy benefits net of the changes in reinsurance assets at June 30, 2023,” said Hilts.

Total assets at June 30, 2023 were $886.3 million, with invested assets totalling $688.8 million comprising 77.7% of total assets.

Shareholders’ equity as at June 30, 2023 totalled $217.2 million and is net of dividend distributions to the Class “A” preference shareholders totalling $1.2 million and Class “A” Ordinary Shareholders of $4.5 million for the period.

“CHBL remains focused on implementing strategies aimed at fortifying its balance sheet and capital position to provide the Company with the flexibility necessary to effectively address the ever-evolving requirements of both policyholders and customers,” concluded Hilts.

About Colina Holdings Bahamas Limited

Colina Holdings Bahamas Limited (CHBL) is a holding company incorporated in 1993. CHBL subsidiaries provide financial services solutions through the production, distribution, and administration of insurance and investment products. CHBL’s subsidiaries include Colina Insurance Limited (“CIL”), Colina General Insurance Agency & Brokers Limited (“CGIA”), and Colina Financial Advisors Ltd. (“CFAL”).

CIL is The Bahamas’ largest life and health insurer and is rated A- (Excellent) by AM Best Company. CGIA is a general insurance agent and broker. CFAL is an investment advisory firm, established to provide financial services including investment management, pension management and administration, corporate advisory services, escrow, registrar and transfer agent services.

CHBL has more than $900 million in total assets and $200 million in total shareholders’ equity. Copies of the full financial statements can be obtained online at www.colina.com.