Nassau, The Bahamas, August 14, 2019 – Colina Holdings Bahamas Limited (CHBL) today reported its second quarter financial results for 2019.

Total net income for the six months ended June 30, 2019 totalled $8.9 million, compared with $6.9 million during the same period in the prior year. Similarly, net income attributable to the Company’s ordinary shareholders totalled $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.

Total revenues increased to $91.0 million for the quarter ended June 30, 2019 compared to $84.2 million for the six months ended June 30, 2018. The increase in revenues is largely attributed to an increase in net investment income which totalled $21.5 million for the second quarter of 2019 up from $12.6 million in the prior year. Premium revenues through June 30, 2019 totalled $65.3 million compared to $67.5 million in the prior year.

The Company’s total assets have increased to $779.1 million from $759.9 million at December 31, 2018 with invested assets remaining the largest proportion of the Company’s total assets, which at June 30, 2019 comprised 80.6% of total assets.

Benefits paid to policyholders totalled $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 totalling $447.1 million at June 30, 2019.

CHBL’s Chairman, Terry Hilts said, “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. CHBL will continue to pursue oppoutunities which will enable the Company to deliver sustainable earnings in the future.”

About Colina Holdings Bahamas Limited (“CHBL”)
Colina Holdings Bahamas Limited acts principally as the holding company of Colina Insurance Limited (“Colina”), a wholly owned life and health insurer; Colina General Insurance Agents & Brokers Ltd. (“CGIA”), a property and casualty agency; and Colina Financial Advisors Ltd (“CFAL”), an investment advisory firm. CHBL holds more than $770 million in total assets and over $199 million in total equity