NASSAU, BAHAMAS – Colina Holdings Bahamas Limited (CHBL), the holding company of life and health insurer Colina Insurance Limited has reported that its total net income for the nine months ended September 30, 2019 totaled $12.1 million, compared with $9.7 million during the same period in the prior year.
The company in its third quarter financial results for the period ending September 30, 2019 stated, “Total net income for the nine months ended September 30, 2019 totaled $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 totaled $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.”
According to CHBL, 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 totaled $32.9 million for the third quarter of 2019 up from $20.6 million in the prior year.
“Premium revenues through September 30, 2019 totaled $99.2 million compared to $101.3 million in the prior year,” the company noted.
The company also reported that its 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 per cent of total assets.
“Benefits paid to policyholders totaled $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 totaling $455.1 million at September 30, 2019,” CHBL stated.
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.