Colina Holdings Bahamas Limited (CHBL) Releases First Quarter ResultsCompany’s Financials Reflect Continuing Recovery from the Pandemic
Nassau, The Bahamas, May 31, 2022 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the three months ended March 31, 2022.
The Company recorded net income attributable to ordinary shareholders of $2.9 million or $0.12 per ordinary share for the three months ended March 31, 2022. During the same period in 2021, the net income attributable to ordinary shareholders was $4.5 million or $0.18 per ordinary share.
Comprehensive income attributable to the ordinary shareholders totalled $2.7 million or $0.11 per ordinary share for the first quarter of 2022, an increase of $0.6 million in comparison to the quarter ended March 31, 2021 which reflected comprehensive income for the ordinary shareholders of $2.1 million or $0.08 per share.
Net investment income totals $4.6 million for the 3 months ended March 31, 2022 compared to $8.0 million for the same period in the prior year. Net investment income decreased due to mark to market unrealized losses on certain investment securities.
Premium revenues total $43.2 million for the 3 months ended March 31, 2022, increasing over the prior year’s gross written premiums of $31.7 million. Premium revenue growth is attributed to new lines of medical and general insurance business in 2022. The new lines of business have had a modest impact on net policyholder benefits which totalled $23.7 million for the first quarter of 2022, an increase compared to the $21.3 million experienced for the same period in 2021.
Additional net reserves of $5.5 million were booked during the period. These additional reserves are included in the provision for future policy benefits net of the changes in reinsurance assets at March 31, 2022.
“During the first quarter, the Company received some significant significant repayments of certain of its receivable balances which resulted in the large cash balances held at quarter end,” said Terence Hilts, Chairman of CHBL.
“These assets are expected to be largely redirected towards investment purchases aligned with the Company’s long-term investment strategy through the balance of the year,” continued Hilts.
Total assets at March 31, 2022 were $850.3 million with invested assets remaining the largest component of total assets, comprising 70.0% of total assets.
Shareholders’ equity as at March 31, 2022 totalled $199.9 million and is net of the first quarter dividend distribution to the Class “A” preference shareholders totalling $0.6 million.
The Company’s financials are a reflection of ongoing recovery from the pandemic, most notably the positive economic effects of the reopening of The Bahamas.
“CHBL continues to concentrate on strategies that will strengthen its balance sheet and capital position to provide the Company with the flexibility necessary to consistently meet the needs of policyholders and customers within these shifting economic conditions,” 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 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 $850 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.