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February 21, 2017
Revenues topped $1 billion for the first time, while operating earnings and net income grew more than 30 percent versus prior year Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced today financial results for the full year ending December 31, 2016.
For the first time in its history, PALIG saw revenue and total premium exceed $1 billion. This reflects a 25.7 percent increase in revenue and a 17 percent increase in total premium. GAAP pre-tax operating earnings increased by 32.9 percent compared with 2015 to total $72.1 million. Net income for 2016 increased 38 percent to $48.9 million, as compared to $35.3 million the year before. Total assets for the Group grew to $5.6 billion, a 3.28 percent increase, while its total equity increased 10 percent to $933 million.
Each of the four key business segments made significant contributions to the company's overall revenue growth. Respectively they delivered the following premium: International Life: $265 million; U.S. Life: $237 million; International Group: $326 million; U.S. Group: $237 million. This distribution reflects a healthy balance in the company's portfolio by line of business as well as by geographic footprint - the Life business represents 47 percent of premium with Group business representing 53 percent; and the United States represents 45 percent of premium while international business accounts for 55 percent.
"2016 marked the beginning of a new chapter in Pan-American Life's history. Thanks to more than a decade of careful strategic planning, excellent execution and an unwavering commitment to delivering peace of mind to our policyholders, we are now a billion dollar company," said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. "Our sustained top and bottom line growth positions us to continue strengthening our legacy across the Americas in 2017 and beyond."
About Pan-American Life Insurance Group
Pan-American Life Insurance Group is a leading provider of insurance and financial services throughout the Americas that has been delivering trusted financial services since 1911. The New Orleans-based Group is comprised of more than twenty member companies, employs more than 1,650 worldwide and offers top-rated individual and/or group life, accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin Islands, and throughout Latin America and the Caribbean. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan-American Life Web site at palig.com