Colina Holdings Bahamas Limited (CHBL) yesterday announced strong first quarter financial results for 2017, "boasting a positive start to the company's fiscal year".
The company's Q1 financial statements revealed that total net income for the three months ended March 31, 2017, totalled $5.6 million, compared with $5.6 million during the same period in the prior year.
According to the statements, CHBL's total equity continues on an upward trend, standing at $182.3 million at March 31, 2017, compared to $181.4 million at December 31, 2016, after consideration of dividend distributions for both ordinary and preference shareholders. Total assets have increased to $744.6 million from $726.6 million at December 31, 2016.
On the investor side, the company's net income, attributable to the company's ordinary shareholders, totalled $4.6 million or $0.19 per ordinary share, compared to $4.8 million or $0.19 per ordinary share for the same period in the prior year.
"We announced ordinary shareholder dividend payments of $4 million after payment of preference share dividends of $0.6 million during the period, reflecting the growth in our business and our commitment to maximize value for our shareholders," said CHBL Chairman Terrence Hilts.
"We continue to grow company equity and expand our asset base to ensure our stability and long-term commitment to our customers."
CHBL saw a small dip in total gross premium revenues, which totalled $32.5 million in Q1 2017, compared to $33.0 million for the three months ended March 31, 2016.
"Gross policyholder benefits were higher than the prior year experience, totalling $23.7 million for the three months ended March 31, 2017 compared to $20.7
million," the report states.
"Fluctuations in mark to market adjustments have resulted in a decrease in net investment income to $5.4 million for the first quarter of 2017, compared to $6.8 million for the same period in the prior year."
CHBL contends that it is strategically positioned and continues its proven 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, 2017 comprised 75.8 percent of total assets".
"Operationally, our outlays hold steady within board-approved limits and are designed to enhance our ability to capitalize on our growth, including enhancements in technology systems and expansion of customer service capabilities," the statement notes.

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