The Tribune

Colina Holdings (Bahamas) yesterday said a strong 2014 first quarter had generated a 27.2 per cent increase in net income attributable to ordinary shareholders, with total assets growing $14.8 million in three months.

The BISX-listed life and health insurer said total net income for the three months ended March 31, 2014, totalled $4.3 million, compared to $3.6 million during the period to end-March 2013.

Net income attributable to the company’s ordinary shareholders increased by $0.7 million to $3.5 million or $0.14 per ordinary share, compared to $2.8 million or $0.11 per ordinary share for the same period in the prior year.

Total gross premium revenues during the 2014 first quarter totalled $34.4 million compared to $33.4 million for the three months ended March 31, 2013. Gross policyholder benefits remained consistent with prior year experience, but the impact of such claims on expenses were reduced as a result of the company’s reinsurance arrangements.

Total equity stood at $147.6 million at March 31, 2014, and is net of a $3.9 million ordinary share dividend issued in the first quarter for fiscal 2013. Total assets have increased to $620.3 million as at March 31, 2014, compared to $605.5 million as at December 31, 2013. Invested assets remain a significant proportion of the asset base, comprising 85.8 per cent of the total.

“I am pleased to report solid results for the first quarter ended March 31, 2014,” said Colina Holdings (Bahamas) chairman, Terence Hilts. “Colina remains committed to continue our growth in our core businesses while pursuing sound investment and operational efficiency initiatives to increase value for our customers and shareholders.”