Colina Holdings (Bahamas) has hailed “exceptional investment returns” and improvements across all business segments for driving a near-$7m, or 21.4 percent, increase in ordinary shareholder profits for 2024.

The BISX-listed holding vehicle for Colina Insurance Company, the life and health insurer, in a statement said net income attributable to ordinary shareholders hit $39.2m, or $1.59 per share, for the 12 months ended December 31, 2024. This, it added, marked an increase compared to $32.3m, or $1.30 per share, for the same period in 2023.

Net investment income for the 2024 full-year amounted to $59.3m, representing a decline upon the prior year’s $66.1m. Profits were boosted by unrealised mark-to-market gains of $24.8m on Colina Holdings (Bahamas) various securities investments, representing a slight increase upon the $22.9m gain recorded for 2023. For the 2024 fourth quarter, net investment income totalled $13.8m.

“As we move forward, we anticipate that investment income should return to more typical levels,” said Terence Hilts, Colina Holdings (Bahamas) chairman. “The recognition of unrealised mark-to-market gains and losses directly in income has increased income variability across reporting periods, affecting comparisons with prior years.

“While it may introduce greater fluctuations in results, it aligns with international financial reporting standards and enhances financial statement comparability.” Colina’s insurance service result hit $15.3m for the 12 months ended December 31, 2024, compared to $4.4m for the same period in 2023.

The improvement was largely due to lower claims costs, which resulted in reduced insurance service expenses accompanied by an increase in insurance revenue.

“The growth in our insurance service result reflects our disciplined approach to pricing our insurance products while continuing to enhance our service offerings,” Mr Hilts said. “We are also pleased with the strong results of our market-leading investment management and advisory business.”

Colina Holdings (Bahamas) total assets stood at $887.4m at year-end 2024, with invested assets comprising $652.2m or more than 73.5 percent of the total. Shareholder equity stood at $265.3m at December 31, 2024, after the company paid dividends of $2.4m to Class ‘A’ preference shareholders and $6.4m to Class ‘A’ ordinary shareholders.

“Our focus on delivering value to our customers and shareholders remains unwavering, and we continue to prioritise initiatives that enhance our competitive edge and foster long-term success,” Mr Hilts said.

“Colina Holdings (Bahamas) commitment to innovation, operational effectiveness and customer service excellence has driven us forward, enabling us to deliver strong financial results and set the stage for future growth in an evolving market environment.

“I would also like to thank our Board of Directors for their invaluable guidance and our employees for their hard work and dedication. Together, we will continue to build on our successes and strive for even greater accomplishments in the coming year.”