Bahamas: CHBL sees an improvement of $14.7 million, in its first quarter

The Colina Holdings Bahamas - CHBL insurance company has seen a notable improvement in its first-quarter earnings. The company saw a nearly $15 million revenue increase in its first quarter.

Bahamas: The Colina Holdings Bahamas – CHBL insurance company has seen a notable improvement in its first-quarter earnings. The company saw a nearly $15 million revenue increase in its first quarter.

The insurance company of Bahamas has recorded a net income accountable to regular shareholders of – $4.5 million or $0.18 per ordinary share in its unaudited combined interim financial results for the 3 months, which ended on March 31, 2021.

These statistics compare to the net loss accountable to ordinary shareholders of amount- $1.8 million and $0.07 per common share for the same time in the year of 2020 when market volatility rises with the ongoing COVID-19 pandemic on the island.

The revenues for the first quarter were boosted by – $14.7 million, totalling $41.9 million for the three months that ended on March 31, 2021, related to total revenues of $27.2 million for the same period last year.

The Chairman of CHBL insurance company, Terence Hilts, asserted, “During the first quarter, the insurance company continued rebalancing its investment portfolio and facilitated some sales of securities, proceeds from these sales are reflected in the increase in cash at quarter-end relative to the prior period.”

The total amount of assets as of March 31 were at – $797.9 million
with invested assets outlasting the most significant element of total assets, including 75.6 per cent of total assets.

The Chairman further added, “Overall, we are pleased that our company’s financials are beginning to reflect the positive economic effects that the reopening of The Bahamas is expected to bring.”

Following the statement, the Chairman added that CHBL continued to
centre its efforts on increasing the company’s balance sheet & its capital l position to provide the company with the versatility it needs to continue to meet the needs of its policyholders and customers within this growing economic environment.