Nassau, The Bahamas, March 31, 2023 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the twelve months ended December 31, 2022.

For the twelve months ended December 31, 2022, the Company recorded net income attributable to ordinary shareholders of $15.7 million or $0.64 per ordinary share. During the same period in 2021, the net income attributable to ordinary shareholders was $22.1 million or $0.89 per ordinary share.

Comprehensive income attributable to the ordinary shareholders totalled $19.0 million or $0.77 per ordinary share for 2022 compared to $22.0 million or $0.89 per ordinary share in the prior year.

Net investment income totals $30.6 million for the 12 months ended December 31, 2022 compared to $30.9 million for the same period in the prior year.

Net premium revenues in 2022 total $127.8 million, increasing by $11.7 million over the prior year’s net written premiums of $116.1 million. Net premium revenue growth is attributed to new lines of medical and general insurance business net of reinsurance ceded in 2022. The new lines of business have had a modest impact on net policyholder benefits which totalled $91.7 million for the period, compared to $89.6 million in the prior year.

Additional net reserves of $12.1 million were booked during the period, an increase of $6.1 million over the prior year’s charge of $6.0 million. These additional reserves are included in the provision for future policy benefits net of the changes in reinsurance assets at December 31, 2022.

During the period, the Company received some significant repayments of certain of its receivable balances. “A significant portion of these funds were reinvested in long-term securities with the balance reflected in the cash position at year end,” said Terence Hilts, Chairman of CHBL.

“These assets will be directed towards investment purchases aligned with the Company’s long-term investment strategy in the new year as these opportunities become available,” said Hilts.

Total assets at December 31, 2022 were $860.8 million with invested assets remaining the largest component of total assets, comprising 78.3% of total assets.

Shareholders’ equity as at December 31, 2022 totalled $210.3 million and is net of dividend distributions to the Class “A” preference shareholders totalling $2.4 million and Ordinary Shareholders totalling $5.9 million for the year.

“CHBL continues to concentrate on strategies that will strengthen its balance sheet and capital position to provide the Company with the flexibility necessary to meet the ongoing needs of 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”), and Colina Financial Advisors Ltd. (“CFAL”).

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.

CHBL has more than $850 million in total assets and $200 million in total shareholders’ equity. Copies of the full financial statements can be obtained online at www.colina.com.