Thursday, November 7, 2019
Colina Holdings Bahamas (CHBL) yesterday unveiled a $20.2m increase in reserves to cover future policyholder payouts in the wake of Hurricane Dorian.
The rise, likely undertaken in anticipation of increased benefits claims, occurred as the BISX-listed life and health insurer reported a 25.3 percent year-over-year profits rise for ordinary shareholders during the three months to end-September 2019
Net income attributable to them totalled $8.9m or $0.36 per ordinary share, compared to $7.1 million or $0.29 per share for the same period in the prior year. Total net income for the nine months ended to end-September stood at $12.1m compared to $9.7m during the same period in 2018, an increase of 24.7 percent.
Total revenues increased to $138.7m for the first nine months of 2019 compared to $127.1m during the prior year, with the rise largely attributed to mark-to-market gains included in net investment income.
This totalled $32.9m for the 2019 third quarter, up from $20.6m in the prior year. Premium revenues through September 30, 2019, totalled $99.2m compared to $101.3m in the prior year.
Colina Holdings said its total assets have increased to $791.6m as opposed to $759.9m at December 31, 2018, with invested assets remaining the largest proportion of the total at 79.6 percent.
Benefits paid to policyholders totalled $67.6m for the nine months to end-September 30 compared to $68.4m for the same period in 2018.
Terry Hilts, Colina Holdings (Bahamas) chairman, said: "The company's Board of Directors and executives remain deeply saddened by Hurricane Dorian's devastation. We continue to work diligently to assist impacted employees and policy owners. While our Grand Bahama business is fully operational, the Marsh Harbour office remains closed.