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Colina Holdings Bahamas Limited Reports Third Quarter Financial Results

Nassau, The Bahamas, November 05, 2019 – Colina Holdings Bahamas Limited (CHBL) today reported its financial results for the period ended September 30, 2019.

Total net income for the nine months ended September 30, 2019 totalled $12.1 million, compared with $9.7 million during the same period in the prior year. Similarly, net income attributable to the Company’s ordinary shareholders totalled $8.9 million or $0.36 per ordinary share, compared to $7.1 million or $0.29 per ordinary share for the same period in the prior year.

Total revenues increased to $138.7 million for the quarter ended September 30, 2019 compared to $127.1 million for the nine months ended September 30, 2018. The increase in revenues is largely attributed to mark to market gains included in net investment income which totalled $32.9 million for the third quarter of 2019 up from $20.6 million in the prior year. Premium revenues through September 30, 2019 totalled $99.2 million compared to $101.3 million in the prior year.

The Company’s total assets have increased to $791.6 million from $759.9 million at December 31, 2018 with invested assets remaining the largest proportion of the Company’s total assets, which at September 30, 2019 comprised 79.6% of total assets.

Benefits paid to policyholders totalled $67.6 million for the nine months ended September 30, 2019 compared to $68.4 million for the same period in 2018. The Company has increased its policyholder reserves by $20.2 million resulting in a provision for future policy benefits totalling $455.1 million at September 30, 2019.

CHBL’s Chairman, Terry Hilts said, “The Company’s Board of Directors and executives remain deeply saddened by Hurricane Dorian’s devastation. We continue to work diligently to assist impacted employees and policy owners. While our Grand Bahama business is fully operational, the Marsh Harbour office remains closed.”

“Restoration is an arduous and protracted process but the people of The Bahamas are resilient. We will get through these challenging times, together,” Hilts said.

About Colina Holdings Bahamas Limited (“CHBL”)
Colina Holdings Bahamas Limited acts principally as the holding company of Colina Insurance Limited (“Colina”), a wholly owned life and health insurer; Colina General Insurance Agents & Brokers Ltd. (“CGIA”), a property and casualty agency; and Colina Financial Advisors Ltd (“CFAL”), an investment advisory firm. CHBL holds more than $780 million in total assets and over $200 million in total equity