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Terence Hilts Chairman, Board of Directors Colina Holdings Bahamas Limited

Third Quarter Results Released by Colina Holdings Bahamas Limited (CHBL)

Company’s Financials Reflect Improved Market Conditions Relative to 2020

Nassau, The Bahamas, November 11, 2021 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the 9 months ended September 30, 2021.

The Company recorded net income attributable to ordinary shareholders of $12.4 million or $0.50 per ordinary share. This compares to the net income attributable to ordinary shareholders of $9.8 million or $0.40 per ordinary share for the same period in 2020.

The results through September 30, 2021 continue to reflect the improved market conditions relative to 2020. Net investment income totals $22.7 million for the 9 months ended September 30, 2021 compared to $8.2 million for the same period in the prior year. The onset of the pandemic in 2020 contributed to significant mark to market valuation losses on investment securities negatively affecting the prior year’s net investment income. Premium revenues are up, totalling $96.4 million for the 9 months endedSeptember 30, 2021, increasing by 2.2% over the prior year’s gross written premiums of $94.3 million.

The increases in net investment income and premium revenues resulted in revenues totalling $127.1 million for the nine months ended September 30, 2021 compared to $108.5 million for the same period in the prior year.

Net policyholders’ benefits have increased through September 30, 2021 to $64.4 million compared to $60.1 million for the same period in the prior year. The September 2020 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.

Additional reserves of $8.0 million were booked during the period to increase the provision for future policy benefits to $480.3 million from $471.6 million at December 31, 2020.

During the period, the Company continued rebalancing its investment portfolio and facilitated some disposal of securities. Proceeds from these sales are reflected in the increase in cash at September 30, 2021, relative to December 31, 2020.

Total assets at September 30, 2021 were $810.1 million with invested assets remaining the largest component of total assets, comprising 74.4% of total assets.

Shareholders’ equity as at September 30, 2021 totalled $181.9 million and is net of dividend distributions to the Class “A” preference shareholders through September 30, 2021 totalling $1.8 million and dividends to the ordinary shareholders of $5.4 million or $0.22 per ordinary share.

“The positive economic effects of the reopening of The Bahamas are reflected in the Company’s financials,” said Terence Hilts, Chairman of CHBL.

“As the country continues to navigate the ongoing pandemic, CHBL remains focused on strategies that will further strengthen its balance sheet and capital position to provide the Company with the flexibility it needs to continue to meet the needs of policyholders and customers within this changing economic environment,” 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”), 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.

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