The Tribune

Colina Holdings (Bahamas) yesterday unveiled a 29 percent year-over-year increase in total net income to $8.9m for the 2019 first half.

The BISX-listed holding company, revealing a $2m bottom line increase upon last year's $6.9m, said net income attributable to ordinary shareholders had also risen by 24.5 percent for the six months to end-June.

This produced an increase from $5.3m, or $0.22 in earnings per share (EPS) in 2018, to $6.6m or $0.27 in EPS. Colina Holdings (Bahamas), which is the parent for Colina Insurance Company, attributed its improved profitability to greater investment income driving top-line growth.

The life, health and general insurer said total revenues for the half-year rose by $6.8m, or eight percent, from $84.2m to $91m. This was entirely driven by improved returns on its investment portfolio, which increased year-over-year by 70.6 percent or $8.9m to $21.5m.

The increased investment yields offset a reduction in Colina Holdings (Bahamas) premium revenues, which fell by more than $2m year-over-year - from $67.5m in the 2018 half-year to $65.3m.

The BISX-listed entity said benefits paid to policyholders decreased slightly year-over-year, falling from $45.7m in 2018 to $44.2m this year. Policyholder reserves were increased by $12.1m, taking provisions for future benefits paid out on their behalf to $447.1m.

Colina Holdings (Bahamas) total assets stood at $779.1m at end-June 2019, a near $20m increase upon the 2018 year-end figure of $759.9m. Invested assets accounted for the highest proportion of these assets, standing at some 80.6 percent.

Terry Hilts, the company's chairman, 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.

"Colina Holdings Bahamas will continue to pursue opportunities which will enable the company to deliver sustainable earnings in the future."