Colina Holdings Bahamas Limited reports increase in total net income
Colina Holdings Bahamas Limited (CHBL) yesterday 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 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 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.”