Pan-American Life Insurance Group Reports Strong Operating Performance and Investment Gains in 2009

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Pan-American Life Insurance Group

Feb 23, 2010, 09:00 ET

NEW ORLEANS, Feb. 23 /PRNewswire/ -- Pan-American Life Insurance Group today announced that in 2009 the company generated revenues of $423 million and pre-tax operating earnings of $26.6 million, representing annual growth of 5.6% and 4.2% respectively. Additionally, net income amounted to $26.4 million, a 428% gain over the prior year.

The improvement in net income resulted from both top line premium and investment revenue growth and cost savings from system wide operating efficiencies. Significant drivers of profitability include sales growth, strong operating performance, execution in key product lines and overall expense control.  

"The Group closed 2009 with a very positive outcome and strong momentum that reaffirms our financial strength, despite a year of challenges stemming from the economic adversities presented by the global financial crisis," said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life. "We owe this enviable position to the impact our operating managers have had on our overall performance."  

Mr. Suquet attributed the Group's positive positioning in the marketplace to its continued ability to attract quality talent, creating opportunities for upgrading management across key business lines and geographic regions.

"The above industry average sales performance in 2009, coupled with the product portfolio expansion, enhanced leadership plan, and our steady, sound investment strategy have favorably positioned Pan-American Life to capitalize on market opportunities in the coming year," added Suquet.

The company's financial strength and stability continue to be recognized within the industry. Earlier in 2009, A.M. Best and Fitch reaffirmed Pan-American Life's ratings with "A-" (excellent) and a Positive Outlook and "A" (stable) assessments, respectively.

2009 financial and sales highlights follow:

2009 Financial Highlights


  • Total Assets: $2.2 billion
  • Total Equity: $468 million
  • Total Revenues: $423 million
  • Pre-tax Operating Earnings: $26.6 million

2009 Sales Highlights

  • Total sales were $189.9 million, 7% above 2008; with fourth quarter sales 8% above 2008
  • Latin America Group increased sales to $69.2 million, 8% higher than 2008; with fourth quarter sales 12% higher than prior year
  • The Puerto Rico Group capitalized on the exit of several competitors in the third quarter to increase sales 60% over 2008, to $23.0 million
  • A new product offering beginning in August contributed to an increase of 82% in fourth quarter sales of the Special Markets Group compared to 2008 for overall total Gross Premium of $84.2 million

About Pan-American Life Insurance Group

The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group's member companies offer individual and group life and health insurance throughout Latin America, including Cayman Islands, Colombia, Ecuador, El Salvador, Guatemala, Honduras and Panama. For more information, visit the Pan-American Life Web site at www.panamericanlife.com.  

SOURCE Pan-American Life Insurance Group

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