Colina Holdings Bahamas Limited (CHBL) Releases 2020 ResultsCompany is Future Focused Amidst Uncertainties of Current Economic Climate
Nassau, The Bahamas, May 31, 2021 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its Audited consolidated financials for 2020 for the twelve-month period ended December 31, 2020.
The Company recorded net income attributable to equity shareholders of $20.1 million compared to $17.1 million in 2019 representing earnings per ordinary share of $0.71 in 2020 vs $0.59 in 2019.
Comprehensive income attributable to equity shareholders totalled $9.5 million compared to $17.6 million in 2019, representing comprehensive earnings per ordinary share of $0.29 in 2020 compared to $0.61 in 2019. The current year’s comprehensive income was affected by a $10.4 million net unrealized fair value loss on the revaluation of investment securities.
“CHBL was in a strong position to weather the uncertainties of 2020 due to its continued focus on building balance sheet strength,” said Terence Hilts, Chairman of CHBL.
“However, the economic conditions that arose from the pandemic did have an impact on the Company’s income as significant mark to market unrealized losses were recognized in comprehensive earnings during 2020 coupled with reduced sales of individual life and annuity products,” said Hilts.
Total revenue for the year ended December 31, 2020 totalled $146.2 million compared to $180.2 million in 2019. Over $21.5 million of the decrease in revenues is attributable to the decrease in net investment income which was negatively impacted by mark to market fair value adjustments.
The Company carefully maintained a balance in its asset portfolio to ensure adequate liquidity to safeguard the swift payment of life and medical insurance claim payments throughout the pandemic. Claims utilization was temporarily slowed, particularly during the widespread shutdowns. Notwithstanding, total benefits paid to or on behalf of policyholders totaled $91.6 million compared to $99.9 million in 2019. Payments to or on behalf of policyholders represented over 74.2% of gross premiums.
Despite the volatility within its operating results, the Company was still able to maintain a very healthy capital position and has increased its total shareholders’ equity to $179.5 million from $177.7 million in 2019. The increase in shareholders’ equity is net of ordinary and preference shareholder distributions of $5.4 million and $2.4 million respectively.
“These are unusual times and the pandemic continues to present challenges for the local and global economy but our strength is secured and we are focused on remaining a leader in financial services,” said 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 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 $780 million in total assets and over $190 million in total shareholders’ equity.