NEW ORLEANS--(BUSINESS WIRE)--Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, announced today financial results for the full year ending December 31, 2019.
In 2019, PALIG accelerated its positive path of growth across its four core businesses while simultaneously making investments in technology, digital initiatives and talent. PALIG implemented scalable platforms to position the company for future growth and continued to enhance Compliance, Risk and Cyber-security defenses.
Pre-Tax Operating Earnings grew 18 percent to a record $109 million in 2019 with all business divisions posting strong results. GAAP revenues grew to $1.165 billion, compared to $1.1 billion in 2018. Sales improved to $658 million, up from $606 million in 2018, with Global Life sales up 15 percent. Net income increased to $90 million, compared to $66 million in the prior year. Total assets grew to $6.35 billion, compared to $5.94 billion in 2018, while total equity increased to $1.21 billion compared to $1.01 billion in the same period in 2018.
The company achieved meaningful premium growth across its business segments, of note, Global Benefits increased 9 percent and Global Life grew 6 percent compared to 2018. The business segments generated the following premium:
- U.S. Life: $238 million
- International Life: $250 million
- U.S. Group: $255 million
- International Group: $449 million
“In 2019, we were focused on strengthening our leadership, organization, technology and digital initiatives for the long-term. While we will never take our eye off of continuous improvement, we believe our actions in 2019 put us on a positive path for sustained growth,” said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “In 2020, we will continue to build on our momentum with a key focus on improving our customer experience, developing new products and expanding into new markets, to propel organic growth and new business development in 2020 and beyond.”
Pan-American Life Insurance Group is a leading provider of life, accident and health insurance throughout the Americas that has been delivering trusted financial security since 1911. The New Orleans-based Group is comprised of more than twenty member companies, employs more than 2,100 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, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.