The Tribune

COLINA Holdings (Bahamas) Limited enjoyed a 21.4 per cent year-over-year increase in net income, and a $22.3 million asset base growth 2013.

The BISX-listed Colina Insurance Limited, Colina General Insurance Agents & Brokers and CFAL yesterday reported that it had been able to maintain stable financial results for 2013, witnessing a total revenue increase of 2.8 per cent.

Net income attributable to the company’s ordinary shareholders rose to $11.7 million or $0.47 per ordinary share, compared to $9.4 million or $0.38 per ordinary share in 2012. Total revenues increased by 2.8 per cent to $162.9 million, compared to $158.5 million for 2012. 
 “Our strong financial results speak to the company’s ability to adapt to the current economic reality, and to continue our growth in core businesses while pursuing sound investment and operational efficiency initiatives to enhance value for our customers and shareholders,” said Colina Holdings (Bahamas) chairman, Terence Hilts. The company’s ordinary equity hit $91.5 million at December 31, 2013, compared to $83.7 million at December 31, 2012. The increase of $7.9 million or 9.4 per cent is net of distributions to ordinary shareholders of $0.18 per share in 2013, and preference share dividends of $0.06 per share.

Total assets increased to $605.5 million from $583.1 million at December 31, 2012. Invested assets remain a significant proportion of the asset base, comprising 83.9 per cent of the total.

While Colina Holdings continues to produce positive results from its core insurance operations, the current economic environment has impacted net investment earnings, which stand at $24.9 million compared to $29.8 million in the prior year.