Nassau, The Bahamas, September 10, 2024 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its audited consolidated interim financial results for the twelve months ended December 31, 2023, reflecting the full implementation of accounting standards, IFRS 17 – Insurance Contracts and IFRS 9 – Financial Instruments.

For the twelve months ended December 31, 2023, the Company recorded net income attributable to ordinary shareholders of $32.3 million or $1.30 per ordinary share. During the same period in 2022, on a restated and comparable basis, net income attributable to ordinary shareholders was $8.4 million or $0.34 per ordinary share – (note that the previously reported 2022 net income attributable to ordinary
shareholders was $15.7 million or $0.64 per ordinary share).

The Company benefited from increased investment returns, driven largely by mark-to-market gains, reflecting recoveries from unrealized loss positions experienced on the investment portfolio in the prior year. Net investment income totals $66.1 million for the 12 months ended December 31, 2023 compared to the restated $19 million for the same period in the prior year. Net insurance and investment result for the year ended December 31, 2023 was $30.7 million, compared to the restated $6.7 million in 2022.

“CHBL is now reflecting fluctuations in mark-to-market unrealized gains and losses directly in its profit and loss as a result of the recent adoption of the IFRS 9 accounting standard,” said Terence Hilts, Chairman of CHBL. “So, we anticipate there will be volatility in returns going forward as these movements are now directly reflected in income rather than in revaluation reserves as in prior reporting years.”

IFRS 17 – Insurance Contracts was also adopted, introducing material changes to presentation and disclosure of its financial reporting. While the timing and measurement of the recognition of insurance contracts is the most notable change, the underlying fundamentals of the Company remain the same. The adoption of both IFRS 17 and IFRS 9 resulted in a net increase to retained earnings of $4.2 million at
transition, January 1, 2022.

“The Company’s strong foundation keeps it adequately positioned to withstand local and global market changes, as reflected in the key indicators for 2023,” said Hilts.

Total assets at December 31, 2023 increased to $824.1 million, compared to the restated $757.1 million in 2022. Shareholders’ equity as at December 31, 2023 grew to $230.2 million, up from the restated $204.2 million in 2022 and is net of dividend distributions to the Class “A” preference shareholders totalling $2.4 million and Ordinary Shareholders totalling $6.4 million for the year.

“CHBL’s Board uses sound judgment as we strive to deliver value on shareholders’ investment,” said Hilts. “We prioritize the appropriate balance of liquidity and risk within the Company’s investment portfolios as part of our long-term strategic objectives.”

“Notwithstanding the new presentation, CHBL continues to focus on strategies that enhance its balance sheet and capital position, ensuring the flexibility needed to meet the ongoing obligations to policyholders and customers,” said Hilts.

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 and Indigo Insurance (Cayman) Limited.

CIL is The Bahamas’ largest life and health insurer. 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 a digital property and casualty insurer, operating in The Bahamas and the Cayman Islands.

CHBL has over $800 million in total assets and over $200 million in total shareholders’ equity. Copies of the full financial statements can be obtained online at www.colina.com.