Colina Holdings Bahamas Limited (CHBL) has reported that the company has been able to maintain its leading market position and stable financial results for the first quarter of 2016. The company yielded a 9.1 percent period-over-period increase in net income attributable to equity shareholders, and an $18.8 million growth in total assets at March 31, 2016 from December 31, 2015.

Total net income for the three months ended March 31, 2016 totaled $5.6 million, compared with $5.1 million during the same period in the prior year. Similarly, net income attributable to the company's ordinary shareholders increased to $4.8 million, or $0.19 per ordinary share, compared to $4.3 million, or $0.18 per ordinary share for the same period in the prior year.

Total gross premium revenues totaled $33 million, compared to $38 million for the three months ended March 31, 2015, with the decrease attributed largely to fluctuations in premium revenues in respect of the company's participation in reinsurance facilities.  Gross policyholder benefits were lower than prior year experience totaling $20.7 million for the three months ended March 31, 2016. Fluctuations in mark to market adjustments have resulted in $6.9 million in net investment income for the first quarter of 2016, compared to $8.8 million for the same period in the prior year.

CHBL Chairman Terry Hilts said, "The board of directors is pleased to have been able to approve ordinary and preference shareholder dividend payments of $4.6 million during the quarter on the heels of the company's strong performance in 2015. We will continue our long-term strategy to direct new investments in high quality, fixed-income securities to ensure that invested assets remain the largest proportion of our total assets, which at March 31, 2016 comprised 80.8 percent of total assets."

The company's ordinary shareholders' equity continues on an upward trend, standing at $109.6 million at March 31, 2016 compared to $108.2 million at December 31, 2015 after consideration of dividend distributions. Total assets have increased to $729.7 million from $710.9 million at December 31, 2015. Invested assets remain a significant proportion of the asset base, comprising 80.8 percent of total assets.

Click here to read more at The Nassau Guardian