Colina Holdings Bahamas Limited reports first quarter financial results
Colina Holdings Bahamas Limited (CHBL) yesterday reported its first quarter financial results for 2019.
Total net income for the three months ended March 31, 2019 totalled $4.0 million, compared with $4.6 million during the same period in the prior year. Similarly, net income attributable to the company’s ordinary shareholders totalled $2.6 million or $0.10 per ordinary share, compared to $3.6 million or $0.15 per ordinary share for the same period in the prior year.
Total revenues increased to $45.7 million for the quarter ended March 31, 2019 compared to $44.7 million for the three months ended March 31, 2018. The increase in revenues is largely attributed to an increase in net investment income which totalled $10.6 million for the first quarter of 2019, up from $7.7 million in the prior year. Premium revenues through March 31, 2019 totalled $32.9 million compared to $34.7 million in the prior year.
The company’s total assets have increased to $776.8 million from $759.9 million in December 31, 2018, with invested assets remaining the largest proportion of the company’s total assets, which at March 31, 2019 comprised 80 percent of total assets.
Benefits paid to policyholders totalled $29 million for the three months ended March 31, 2019 compared to $28.1 million for the same period in 2018. The company increased its policyholder reserves by $5.3 million, resulting in a provision for future policy benefits totalling $440.3 million at March 31, 2019.
CHBL Chairman Terry Hilts said, “We announced dividend distributions totalling $4 million to our ordinary shareholders after fulfilling our preference share dividend obligation of $0.6 million during the period, reflecting the growth in our business and our commitment to maximize value for our shareholders.”
He continued, “Overall, we are pleased that the company continues to maintain its balance sheet strength and we remain focused on achieving our targeted financial objectives over the long term. CHBL will continue to pursue opportunities which will enable the company to deliver sustainable earnings in the future.”