Nassau, The Bahamas, May 16, 2023 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the three months ended March 31, 2023.

During the period, the Company recorded net income attributable to ordinary shareholders of $2.4 million or $0.10 per ordinary share. During the same period in 2022, the net income attributable to ordinary shareholders was $3.0 million or $0.12 per ordinary share.

Comprehensive income attributable to the ordinary shareholders totalled $1.0 million or $0.04 per ordinary share for the first quarter of 2023, compared to the quarter ended March 31, 2022 which reflected comprehensive income for the ordinary shareholders of $2.7 million or $0.11 per share.

Net investment income totals $10.7 million for the three months ended March 31, 2023 compared to $4.6 million for the same period in the prior year.

“Net investment income increased due to improvements in net fair value gains relative to losses that were experienced in the prior quarter on certain investment securities,” said Terence Hilts, Chairman of CHBL.

Premium revenues total $37.0 million for the three months ended March 31, 2023, compared to the prior year’s gross written premiums of $43.2 million.

“Prior period gross premiums included revenues from a COVID-19 trip interruption product that was terminated in mid-2022,” said Hilts. “Excluding the premiums from the trip interruption product in 2022, the Company experienced growth in its other life, health and general insurance lines of business.”

Net policyholder benefits total $20.9 million, a reduction from the prior year’s net policyholder benefits of $23.7 million, in part due to the terminated product as well as improved mortality claims experience relative to 2022.

Additional net reserves of $7.6 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 March 31, 2023,” said Hilts.

“During the quarter the Company was able to secure a $30 million loan facility whose proceeds were immediately used to purchase long-term fixed rate securities that further enhance asset-liability matching,” said Hilts.

“The Company will continue to direct funds towards investment purchases aligned with the Company’s long-term investment strategy, through the balance of the year,” said Hilts.

Total assets at March 31, 2023 were $901.6 million with invested assets remaining the largest component of total assets, comprising 76.5% of total assets.

Shareholders’ equity as at March 31, 2023 totalled $206.9 million and is net of the first quarter dividend distribution to the Class “A” preference shareholders totalling $0.6 million and Class “A” Ordinary Shareholders of $4.5 million for the period.

“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,” concluded 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 $900 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.