The Tribune

A BISX-listed insurer believes it is well-positioned “to withstand the uncertainties” associated with the COVID-19 pandemic after profits earned by equity shareholders rose 43 percent last year.

Colina Holdings Bahamas, the life and health insurance parent, said an improved claims experience saw its bottom line jump to $17.6m compared to $12.3m in 2018. Total assets on its balance sheet grew by 4.4 percent to $793.3m at December 31, 2019, compared to $759.9m in 2018, due to an increase in the value of its various investments.

Terence Hilts, Colina Holdings (Bahamas) chairman, said the underwriter’s 2019 performance had left it well-placed to ride out the COVID-19 economic fall-out.

“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,” he added. “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.

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

Invested assets totalled $622.4m at 2019 year-end, comprising 78.5 percent of the total on Colina Holdings (Bahamas) balance sheet. The insurer added that its focus on high-quality assets has resulted in an improvement in net investment income, with returns totalling $38.9m compared to $26.6m in the prior year.

Colina Holdings (Bahamas) added that it has extended its service offerings to digital and online capabilities, thereby improving access to its products and services. General and administrative expenses totaled $35.8m, equivalent to 19.6 percent of total revenues, as opposed to $33.4m and 19.8 percent, respectively, in 2018.

Total shareholders’ equity rose to $184.4m, an increase of $9.1m over the prior year. Ordinary shareholder equity grew to $141.9m, compared to $132.8m in 2018.