Nassau, The Bahamas, November 14, 2022 – Colina Holdings Bahamas Limited (“CHBL” or “the Company”) today released its unaudited consolidated interim financial results for the nine months ended September 30, 2022.

Premium revenues total $119.3 million for the nine months ended September 30, 2022, increasing over the prior year’s gross written premiums of $96.4 million. “Premium revenue growth is attributed to new lines of medical and general insurance business in 2022,” said Terence Hilts, Chairman of CHBL.

“As a result of the additional insurance business, net policyholder benefits have similarly increased totalling $69.9 million for the nine months ended September 30, 2022, compared to $64.4 million for the same period in 2021,” said Hilts.

The Company recorded net income attributable to ordinary shareholders of $5.1 million ($0.21 per ordinary share). During the same period in 2021, the net income attributable to ordinary shareholders was $12.4 million ($0.50 per ordinary share).

Comprehensive income attributable to the ordinary shareholders totalled $6.1 million ($0.25 per ordinary share) for the nine-month period ended September 30, 2022. This is compared to comprehensive income attributable to the ordinary shareholders of $7.8 million ($0.32 per share) for the same period in the prior year.

Net investment income totals $13.1 million for the nine months ended September 30, 2022 compared to $22.7 million for the same period in the prior year. Net investment income in 2022 has been negatively impacted by market movements resulting from rising interest rates in the U.S. which has caused bond prices to fall. These market movements have generated unrealized fair value mark-to-market losses on the Company’s foreign denominated investment securities.

The Company continues to grow its asset base and has increased its invested assets from $598.9 million at December 31, 2021 to $636.6 million at September 30, 2022.

“The Company received some significant repayments of certain of its receivable balances resulting in large cash balances held at quarter end,” said Hilts. “As a result, the Company is well positioned to take advantage of additional purchases of investment securities aligned with the Company’s long-term investment strategy as such opportunities become available.”

Shareholders’ equity as at September 30, 2022 totalled $197.4 million and is net of dividend distributions of $1.8 million and $5.9 million to the Class “A” Preference Shareholders and Ordinary Shareholders, respectively.

“The Company’s balance sheet and capital position remain strong and position CHBL to weather uncertainties resulting from mark-to-market fluctuations and claims volatility,” said Hilts.

“CHBL continues to concentrate on strategies that will strengthen its balance sheet and capital position to provide the Company with the flexibility necessary to consistently meet the needs of policyholders and customers within these shifting economic conditions,” 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 $858 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.