Nassau, The Bahamas, April 22, 2020 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) continued to build on its balance sheet strength with its performance during fiscal 2019. As a result of improved claims experience over 2018, CHBL’s 2019 net income attributable to equity shareholders of the Company increased to $17.6 million compared to $12.3 million in 2018. CHBL’s balance sheet saw an increase in total assets to $793.3 million at December 31, 2019 compared to $759.9 million in 2018 due to its investment strategy.

“These objectives are bolstered by the Company’s financial strength, sound investment principles and diverse portfolio,” said Terence Hilts, Chairman of CHBL.

“Our primary objective and commitment to our policyholders is that we fulfill our obligations to have the financial capacity and strength to pay claims as they become due,” said Hilts. “We are pleased to see that we continue to have strong liquidity and capital ratios which provide the Company with the flexibility to meet these obligations in the regular course of business and more importantly in times of extreme stress.”

The Company focused on investing in high-quality assets. Invested assets totaled $622.4 million, comprising 78.5% of total assets. This strategy has resulted in an improvement in net investment income with returns totaling $38.9 million compared to $26.6 million in the prior year.

The Company continues its efforts on transforming its service offerings to digital and online capabilities to better enhance accessibility of its products and services to its customers and partners. General and administrative expenses totaled $35.8 million comprising 19.6% of total revenues compared to $33.4 million and 19.8% respectively in 2018.

From a capital standpoint, CHBL strengthened its total shareholders’ equity position to $184.4 million, an increase of $9.1 million over the prior year. Ordinary shareholder equity has increased to $141.9 million, compared to $132.8 million in 2018. As a result of the growth in equity and the diverse investments the Company has made, the Company enjoys strong capital ratios which speak to the its ability to meet its obligations over the long term.

“Looking ahead, although these are unusual times, we believe that we are in a good position to withstand the uncertainties within this current environment.” said Hilts. “We will continue to focus on executing our growth strategies, enabling us to meet the financial needs of our customers.”

About Colina Holdings Bahamas Limited

Colina Holdings Bahamas Limited (CHBL) is the parent company of Colina Insurance Limited (CIL), The Bahamas’ largest life and health insurer. CIL is rated A- (Excellent) by AM Best Company. CHBL has more than $790 million in total assets and $184 million in total shareholders’ equity.