BISX-listed Colina Holdings Bahamas Limited has reported a 21.4 percent rise in net income attributable to equity shareholders for 2013, an improvement it has attributed to an ability to adapt to the current economic climate.
Colina Holdings Bahamas Limited, parent company of Colina Insurance Limited, Colina General Insurance Agents & Brokers Limited, and CFAL Ltd., said the results show that the company has been able to maintain its leading market position and stable financial results for 2013.
Robust results over successive quarters of the year continued to reflect consistent profitability. Along with a 21.4 percent year-over-year increase in net income attributable to equity shareholders, the company also generated a $22.3 million increase in its asset base.
Net income attributable to the company's ordinary shareholders for 2013 rose to $11.7 million or $0.47 per ordinary share, compared to $9.4 million or $0.38 per ordinary share in 2012. Total revenues increased by 2.8 percent to $162.9 million, compared to $158.5 million for 2012.
"Our strong financial results speak to the company's ability to adapt to the current economic reality, and to continue our growth in core businesses while pursuing sound investment and operational efficiency initiatives to enhance value for our customers and shareholders," said CHBL Chairman Terence Hilts.
The company's ordinary equity continues on an upward trend, rising to $91.5 million at December 31, 2013 compared to $83.7 million at December 31, 2012. The increase in ordinary equity of $7.9 million or 9.4 percent is net of distributions to ordinary shareholders of $0.18 per share in 2013 and preference share dividends of $0.06 per share.
Total assets have increased to $605.5 million from $583.1 million at December 31, 2012. Invested assets remain a significant proportion of the asset base, comprising 83.9 percent of total assets.
While the company continues to produce positive results from its core insurance operations, the current economic environment has impacted net investment earnings, which stand at $24.9 million compared to $29.8 million in the prior year.
"I express gratitude to my fellow directors for their diligence and professionalism in the strategic and financial management of CHBL in 2013," added Hilts.
"The board has confidence that CHBL's management, strategy and people will enable the company to operate in the best interests of all stakeholders and to deliver on our service promise to our loyal customers."

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