NEW ORLEANS--(BUSINESS WIRE)--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, 2017.
PALIG continued its consistent trajectory of revenue, premium and earnings growth in 2017. GAAP revenues reached $1.08 billion, a 6.8 percent increase over 2016, and total premium grew 3 percent to $1.10 billion. Pre-tax operating income also continued on an upward trajectory, rising by 21.7 percent to a record $87.8 million. Net income for 2017 also registered double digit growth of 22.7 percent to reach $60 million compared to $48.9 million in 2016. Total assets surpassed $6 billion for the first time in PALIG’s history, while total equity grew 13.9 percent to $1,059.
The company exhibited strong performance across its four key business segments, with International Group and U.S. Life in particular producing double digit growth in sales versus 2016. Respectively the business segments delivered the following premium: International Life: $245 million; U.S. Life: $242 million; International Group: $386 million; U.S. Group: $226 million.
A well-balanced portfolio by line of business as well as by geographic region is a priority in the current strategic plan and premium distribution reflects that balance. PALIG’s Life business represents 44 percent of premium, with Group business representing 56 percent; and business in the United States represents 43 percent of premium, while International accounts for 57 percent.
“Pan-American Life has sustained a consistent growth trajectory thanks to the work that our integrated cross-functional and cross-geography teams are doing to deliver operational excellence, achieve our business objectives and build the footprint for an even brighter future,” said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “Over the past four years those teams have driven execution and margin improvement, tapped into new market opportunities, leveraged our growing scale, and strengthened our operational support functions to deliver improved responsiveness and customer service.”
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 1,950 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, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.