Colina sees near $15M revenue increase in Q1

“We are pleased the company’s financials are beginning to reflect the positive economic effects the reopening of The Bahamas is expected to bring”

NASSAU, BAHAMAS — Colina Holdings Bahamas (CHBL) saw a noticeable improvement in its first-quarter earnings, with revenues increasing by nearly $15 million in its first quarter.

The company, in its unaudited consolidated interim financial results for the three months ended March 31, 2021, recorded net income attributable to ordinary shareholders of $4.5 million or $0.18 per ordinary share. This compares to the net loss attributable to ordinary shareholders of $1.8 million and $0.07 per ordinary share for the same period in 2020 when market volatility arose with the onset of the COVID-19 pandemic, driving the prior year’s net investment income losses.

The company saw a net investment income for the quarter of $8 million, compared to the prior year’s loss of $6.1 million, representing an increase of $14.1 million. Premium revenues were up to $31.7 million for the first three months of 2021, compared to $31.5 million in 2020, according to the insurer.

Revenues for the first quarter increased by $14.7 million, totaling $41.9 million for the three months ended March 31, 2021 compared to total revenues of $27.2 million for the same period last year.

CHBL Chairman Terence Hilts said: “During the first quarter, the company continued rebalancing its investment portfolio and facilitated some disposals of securities. Proceeds from these sales are reflected in the increase in cash at quarter-end relative to the prior period.”

Total assets at March 31 were $797.9 million, with invested assets remaining the largest component of total assets, comprising 75.6 percent of total assets.

“Overall, we are pleased that the company’s financials are beginning to reflect the positive economic effects that the reopening of The Bahamas is expected to bring,” said Hilts.

“CHBL continues to focus efforts on strengthening 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.”