Colina Holdings Bahamas Limited (CHBL) Releases Second Quarter ResultsCompany’s Financials Reflect Increase in Net Income and Strong Balance Sheet
Nassau, The Bahamas, August 24, 2021 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the six months ended June 30, 2021.
The Company recorded net income attributable to ordinary shareholders of $9.9 million or $0.40 per ordinary share. This compares to the net income attributable to ordinary shareholders of $4.8 million and $0.19 per ordinary share for the same six-month period in 2020.
The results through June 30, 2021 continue to reflect the improved market conditions, with the most notable impact reflected in net investment income for the six months ended June 30, 2021 totalling $21.6 million compared to $1.1 million for the same period in the prior year, representing an increase of $20.5 million. Premium revenues are up, totalling $64.5 million for the first half of 2021, increasing by 6.3% over the prior year’s gross written premiums of $60.7 million.
The increases in net investment income and premium revenues resulted in revenues of $91.6 million for the six months ended June 30, 2021 compared to $64.5 million in the prior year.
Net policyholders’ benefits have increased through June 30, 2021 to $43.1 million compared to $38.7 million for the same period in the prior year. The June 2020 premiums and net benefits were below expected levels due to the business restrictions that were then implemented in response to the onset of the COVID-19 pandemic.
The change in provision for future policy benefits net of reinsurance assets ceded for the six months ended June 30, 2021 totalled $9.6 million.
“During the period, the Company continued rebalancing its investment portfolio and facilitated some disposal of securities,” said Terence Hilts, Chairman of CHBL.
“Proceeds from these sales are reflected in the increase in cash at mid-year, relative to the prior period,” said Hilts.
Total assets at June 30, 2021 were $807.9 million with invested assets remaining the largest component of total assets, comprising 76.1% of total assets.
Shareholders’ equity as at June 30, 2021 totalled $182.5 million and is net of dividend distributions to the Class “A” preference shareholders for Q1 and Q2 totalling $1.2 million and dividends to the ordinary shareholders of $4.0 million or $0.16 per ordinary share.
“The Bahamas continues to navigate its way out of the pandemic, the prospects are promising which is reflected in CHBL’s financials,” said Hilts.
“The Company remains focused on efforts that will boost its balance sheet and capital position to provide CHBL with flexibility to continue to meet the needs of policyholders and customers within this evolving economic environment,” Hilts concluded.
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”), Colina Financial Advisors Ltd. (“CFAL”), and Indigo Insurance (Bahamas) Limited (“Indigo”).
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. Indigo is registered to operate within The Bahamas as a general insurer.
CHBL has more than $800 million in total assets and $200 million in total shareholders’ equity.