Colina Holdings Bahamas Limited (CHBL) is reporting "strong" mid-year financial results "reflecting a continued positive trajectory for 2017".
In a press statement released last week, CHBL reported total net income for the first half of 2017, ending June 30, of $10.4 million, compared to $9.8 million during the same period last year.
"Similarly, net income attributable to the company's ordinary shareholders totaled $8.6 million, or $0.35 per ordinary share, compared to $8.1 million, or $0.33 per ordinary share, for the same period in the prior year," the company's release states.
"Total revenues for the six months ended June 30, 2017 increased to $84.1 million from $83.6 million in the prior year, as a result of the company's strategies to diversify its income streams. Gross premium revenues remain the most significant contributor to total revenues, comprising $64.7 million, compared to $65.4 million for the six months ended June 30, 2016.
"From an expense perspective, gross policy holder benefits were higher than the prior year, totalling $49 million for the six months ended June 30, 2017 due to increased claims experience. Net investment income for the first half of 2017 totalled $13.9 million, compared to $14.6 million for the six months ended June 30, 2016."
CHBL Chairman Terry Hilts said in the release: "We announce 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. We continue to grow company equity and expand our asset base to ensure our stability and long-term commitment to our customers.
"Today we are strategically well-positioned and are continuing our 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 June 30, 2017 comprised 77.4 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 company reported that its total equity continues to trend upward, standing at $186.3 million as of the end of June this year, compared to $181.4 million at the end of 2016, "after consideration of dividend distributions for both ordinary and preference shareholders". The company said total assets also increased to $743.4 million from $726.6 million at the end of last year.

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