Nassau, The Bahamas, March 30, 2022 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the period ended December 31,2021.

The Company’s unaudited financial results, for the twelve months ended December 31, 2021, show net income attributable to ordinary shareholders of $22.1 million or $0.89 per ordinary share. During the same period in 2020, the net income attributable to ordinary shareholders was $17.6 million and $0.71 per ordinary share.

Improved market conditions continued through December 31, 2021. Net investment income totals $31.2 million for the 12 months ended December 31, 2021 compared to $16.5 million for the same period in the prior year. The onset of the pandemic in 2020 contributed to significant mark to market valuation losses on  investment securities negatively affecting the prior year’s net investment income. Premium revenues are  up, totalling $136.6 million for the 12 months ended December 31, 2021, increasing by 10.6% over the prior  year’s gross written premiums of $123.5 million.

The growth in total revenues to $176.2 million for the twelve months ended December 31, 2021 compared  to $146.2 million for the same period in the prior year was driven by increases in net investment income  and premium revenues.

Net policyholders’ benefits totalled $89.6 million for the 12 months ended December 31, 2021 compared to  $79.1 million for the same period in the prior year. Claims activity in 2020 was shaped by business restrictions that were implemented in response to the COVID-19 pandemic, resulting in levels below normal expectations.

Additional net reserves of $5.9 million were booked during the period. These additional reserves are included in the provision for future policy benefits net of the changes in reinsurance assets at December 31, 2021.

During the period, the Company continued rebalancing its investment portfolio and facilitated some disposal of securities. Some of these proceeds were reinvested into the portfolio and used in operating activities.

Total assets at December 31, 2021 were $810.1 million with invested assets remaining the largest component of total assets, comprising 72.5% of total assets.

Shareholders’ equity as at December 31, 2021 totalled $197.3 million and is net of dividend distributions to the Class “A” preference shareholders through December 31, 2021 totalling $2.4 million and dividends to the ordinary shareholders of $5.4 million or $0.22 per ordinary share.

“Generally, the Company’s financials are a reflection of ongoing recovery from the pandemic, most notably  the positive economic effects of the reopening of The Bahamas,” said Terence Hilts, Chairman of CHBL.

“CHBL continues to concentrate on strategies that will strengthen its balance sheet and capital position to provide the Company with the flexibility necessary to consistently meet the needs of policyholders and customers within these shifting economic conditions,” Hilts said.

About Colina Holdings Bahamas Limited

Colina Holdings Bahamas Limited (CHBL) is a holding company incorporated in 1993. CHBL subsidiaries provide financial services solutions through the production, distribution, and administration of insurance and investment products. CHBL’s subsidiaries include Colina Insurance Limited (“CIL”), Colina General Insurance Agency & Brokers Limited (“CGIA”), Colina Financial Advisors Ltd. (“CFAL”), and Indigo Insurance (Bahamas) Limited (“Indigo”).

CIL is The Bahamas’ largest life and health insurer and is rated A- (Excellent) by AM Best Company. CGIA is a general insurance agent and broker. CFAL is an investment advisory firm, established to provide financial services including investment management, pension management and administration, corporate advisory services, escrow, registrar and transfer agent services. Indigo is registered to operate within The Bahamas as a general insurer.

CHBL has more than $800 million in total assets and $200 million in total shareholders’ equity.