The Tribune

Colina Holdings (Bahamas) yesterday unveiled a 120 per cent net income rise for the 2012 full-year, due largely to a reduction in claims and investor payouts.

The BISX-listed holding company for Colina Insurance said net profits for the year to end-December 31, 2012, rose year-ovver year from $5.6 million to $12.3 million.

The company said it had grown its total equity base by 6.9 per cent to $127.9 million, from $119.7 million at the prior year-end. Ordinary shareholders’ equity increased by $6.4 million to $83.7 million, compared to $77.3 million as at December 31, 2012, notwithstanding dividends paid to both equity and Class A Preference shareholders.

Colina Holdings’ gross premium revenues increased by $3 million, totalling $135.1 million for the 12 months compared to $132.1 million in the prior year.

“That net investment income remained relatively consistent at $29.8 million, compared to $30.1 million in 2011, was also a very satisfactory development, given that this was moderated in the second quarter of 2011 by the impact of the reduction in the Bahamian dollar Prime Rate and the resultant increase in actuarial reserves required to support future policyholder obligations,” said Colina Holdings chairman Terence Hilts.

The company’s total assets climbed by $33.2 million to $583.1 million, representing a 6 per cent increase over total assets as at December 31, 2011.

General and administrative expenses represented about 20.9 per cent of total revenues compared to 19.5 per cent in the prior year.

Colina Holdings’ consolidated general and administrative expenses for the year ended December 31, 2012, include a full year from the company’s subsidiary, Colina General Insurance Agency & Brokers, whose administrative expenses were not included in 2011 figures.

“After careful consideration of the company’s financial position as at December 31, 2012, the Board of Directors is pleased to announce it has approved the payments of preference shareholder dividends for the first and second quarters of 2013 as they come due” said Mr Hilts.

“Additionally, in light of the company’s performance during fiscal 2012, the Board has also approved a final ordinary shareholder dividend of $0.14 per share on all issued and outstanding ordinary shares of record on April 30, 2013.

“While we remain focused on the complex macroeconomic environment, we believe we can continue to maintain the company’s financial performance in the coming year and beyond by harnessing the power of our people, our solutions and our strategy.”