Colina Holdings Bahamas Limited (CHBL) has released its second quarter financial results for 2019, reporting an eight percent increase in its total revenues to $91 million, owing to an increase in investment income.
In a press release on the company’s second quarter results, CHBL noted an increase in total net income for the six months ended June 30, 2019 of $8.9 million compared to $6.9 million the year before.
“Similarly net income attributable to the
company’s ordinary shareholders totaled $6.6 million or $0.27 per ordinary share, compared to $5.3 million or $0.22 per ordinary share for the same period in the prior year,” the release states.
The company’s total revenues strengthened from $84.2 million for the six months ended June 30, 2018, to $91 million for the same period this year.
“The increase in revenues is largely attributed to an increase in net investment income, which totaled $21.5 million for the second quarter of 2019, up from $12.6 million in the prior year,” the release states.
“Premium revenues through June 30, 2019 totaled $65.3 million compared to $67.5 million in the prior year.”
CHBL’s Chairman Terry Hilts said in the release that the company is pleased with its second quarter results and plans to move forward with those strategies that have resulted in earnings increases.
“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,” Hilts said.
“CHBL will continue to pursue opportunities which will enable the company to deliver sustainable earnings in the future.”
The release also added that the company’s total assets increased to $779.1 million from $759.9 million at December 31, 2018.
“Invested assets remain the largest proportion of the company’s total assets, which at June 30, 2019 comprised $80.6 percent of total assets,” the release states.
“Benefits paid to policyholders totaled $44.2 million for the six months ended June 30, 2019 compared to $45.7 million for the same period in 2018. The company has increased its policyholder reserves by $12.1 million, resulting in a provision for future policy benefits totaling $447.1 million at June 30, 2019.”