Live To Win
A Message from our
CEO José S. Suquet

My warmest greetings to all of PALIG’s policyholders, business partners and employees.

Download PDF Annual Report

Who We Are

Pan-American Life Insurance Group is a leading provider of insurance and financial services throughout the Americas. Since 1911, the New Orleans-based Group has been delivering trusted financial services and currently comprises more than 20 member companies, employs more than 1,750 worldwide and offers top-rated individual and group life, accident and health insurance, 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, Curaçao and Trinidad and Tobago.

Pan-American Life Insurance
Group offers:

Individuals & Families

Life | Accident | Health


Life | Accident | Health | Pensions | Mass Marketing | Credit Life | Multinationals

Strategy & Execution for the Win

Strategy & Execution for
the Win

More than a decade of thoughtful strategic planning and effective execution laid the foundation for record breaking financial results in 2016, with strong performances across all of our business units.

2016 Highlights

U.S. Life

  • Outperformed industry in sales growth with 15% increase over prior year, compared to industry standard of 2%
  • Successful execution of PALIG/Mutual Trust integration
    • Transferred oversight of Mutual Trust assets to PALIG investment team, leading to increased investment yields
    • Combined Oak Brook and New Orleans Life Operations teams to streamline support infrastructure for U.S. Life business
    • Developed cross-selling opportunities across Mutual Trust and PALIG business units
    • Executed strategic communication plan to stabilize and strengthen U.S. Life distribution
  • Introduced a new whole life product with superior flexibility
  • Mutual Trust highlights in 2016 included:
    • A. M. Best rating upgraded to “A” from “A-“
    • Increased statutory capital and surplus from $137.9 million in 2015 to $144.8 million, reflecting a 5% increase
    • Maintained risk-based capital ratio in excess of 600%
    • Announced increased aggregate policyholder dividend payout for 2017 despite continued low-interest rate environment, with over $8 million in dividends to be delivered to policyholders
    • Extended string of continuous annual dividend payouts since 1909
    • Grew distribution force to more than 7,000 licensed agents
    • Named one of ”101 Best and Brightest Companies to Work For” in the Chicago area for the 11th consecutive year

U.S. Group

  • Continued to successfully navigate healthcare reform and other regulatory changes with flexible product offerings
  • Delivered strong new account sales in Employee Benefits and Major Medical Stop Loss
  • Added new coverages to accident product portfolio
  • Strengthened service culture and customer service delivery
  • Brought new Group Critical Illness solutions to market
  • Added experienced talent to our Accident Underwriting team
  • Maintained Hispanic niche market focus with Hispanic-owned businesses accounting for 65% of new group clients

International Life

  • Doubled the size of the captive agency structure in Colombia
  • Introduced new term life insurance portfolio across Latin America
  • Launched new personal accident portfolio in the Caribbean and Latin America
  • Added a personal accident product to the Private Client Life product suite
  • Standardized agency training process with the introduction of the Professional Agency Selling System (PASS)

International Group

  • Delivered strong growth in mass marketing business
  • Achieved significant growth in Colombia operations
  • Restructured international operations to better support growth and growth expectations
    • Recruited experienced insurance executive with international credentials
    • Created two new high level business leadership positions
    • Promoted new country managers in El Salvador and the Caribbean
  • Began life insurance sales in Mexico following license approval
  • Invested in patient advocacy through the creation of a specialized case management team to coordinate treatment for insureds needing medical attention outside their country of residence
  • Rolled out Benefits Direct, a portal to provide online support to our health insureds
  • Continued to invest in operational excellence and our regional service center in Panama
  • Actively engaged with local insurance industries, notably through leadership of industry associations by PALIG executives in Panama, Ecuador and Costa Rica

Spotlight on Costa Rica

Costa Rica is one of our top performing and fastest growing international operations. After our first six years operating there we have:

  • Become the leading private insurer in the country
  • Achieved  $50 million in premium
  • Experienced strong sales growth across all lines of individual and group business

Spotlight on Panama

Panama was our Chairman’s Award winning country. This recognition is given to the international operation that delivers the strongest performance across several KPIs including leadership and growth of top and bottom lines:

  • $100 million in premium
  • Market leaders
    • #1 in individual life insurance
    • #1 in employee benefits
  • 105 year presence

Enterprise Risk Management

  • Successfully funded all growth initiatives through disciplined group-wide capital management
  • Grew each of our business units while maintaining prudent underwriting standards
  • Delivered top quartile investment performance within established, and strictly adhered to, investment policies
  • Continued investments in Compliance, Information Security, Operations, Financial Reporting and Human Resources infrastructure to support sustainable and profitable growth


We’re proud to say that Pan-American Life Insurance Company enjoys an A (Excellent) rating from A.M. Best and an A (Strong) rating from Fitch Ratings. These ratings are strong endorsements of the financial strength that enables us to be there when our clients need us the most.

“Pan-American Life’s rating affirmations reflect the benefits derived from the company’s long-established presence and name recognition in Latin America and the U.S. Hispanic marketplace, as well as its improved balance sheet and income statement. The ratings also reflect Pan-American Life’s solid consolidated risk-adjusted capitalization, well-performing fixed-income investment portfolio and positive net operating performance.”

– A.M. Best

Pan-American's ratings reflect its very strong capitalization and relatively low-risk liability profile. The company’s strong balance sheet continues to be a key ratings driver with very strong capitalization and low leverage. The ratings also consider the successful integration of Mutual Trust, which has strengthened Pan-American's position in the U.S. life insurance.”

- Fitch Ratings


  • Notwithstanding the low interest rate environment throughout 2016, Pan-American Life Insurance Group achieved a “new acquisition yield” of 5.70% on $837.3 million of bond purchases in 2016.
  • Net unrealized gains in the PALIG bond portfolio stood at $131.8 million as of 12/31/16 – an increase of $83.5 million from the previous year.
  • The Pan-American Life Insurance Company (PALIC) statutory bond yield in 2016 of 5.84% compares exceptionally well to the Life Industry average as published by A.M. Best. The most updated statistic available from A.M. Best reports that in 2015 the average bond yield for the Life Industry was 4.70%


As a leading provider of life, accident and health insurance solutions we have the privilege of helping people protect what matters most to them. We live to win because each one of our successes enhances our ability to contribute meaningfully to the lives of all those we serve – our policyholders, our employees, our producers and the communities where we live and work.

The Value Of Victory

Corporate Giving

The true value of victory is the number of lives we touch. Beyond the financial security and peace of mind we provide, we also strive to inspire excellence in our communities. With the generous support of our employees and producers across the Americas, Pan-American Life Insurance Group was able to partner with organizations that share our commitment to community development, the arts, education and public safety.

Our 2016 Community Partners

Alianza Anticáncer Infantil
Alzheimer’s Association
American Cancer Society
American Heart Association
American Lung Association
American Red Cross
Asociación Nacional de Conciertos
Audubon Nature Institute
Bayou District Foundation
Birdfoot Festival
Boy Scouts of America
Bridge House
Bureau of Governmental Research
Casa Hogar el Buen Samaritano
Casa Argentina
Club de Leones Guatemala
Club Rotario de Guatemala
Comunidad Religiosa “Siervas de María Ministras de los Enfermos”
Court Watch NOLA
Cystic Fibrosis
Easter Seals
Ejército de Salvación
Escuela República de Francia
Family Shelter Service
Fondo Unido de Guatemala United Way
French Quarter Festival
Fundación Ayuvi
Fundación Castillo Córdova
Fundación Jesús Luz de Oportunidades
Fundación Latidos
Fundación Niño Feliz
Fundación San Ignacio de Loyola
Fundación Valórate
Fundación Voces del Autismo
Great Lakes Adaptive Sports Association
Greater New Orleans Foundation
Greater New Orleans, Inc.
Help HOPE Live
Hispanic Chamber of Commerce of Louisiana
Hogar de Niñas Natalia de Simán
Hogar del Niño El Ave María
Hogs for the Cause
Humanitarian Service Project
Idea Village
Illinois Leukemia and Lymphoma Society
Instituto Oncológico Nacional
Junior Achievement
Little Friends
Louisiana Appleseed
Louisiana Children’s Museum
Louisiana Historical Society
Loyola University New Orleans
March of Dimes
Midwest Shelter for Homeless Veterans
National Alliance on Mental Illness
National MS Society
New Orleans Ballet Association
New Orleans Hispanic Heritage Foundation
New Orleans Museum of Art
New Orleans Police and Justice Foundation
Northern Illinois Food Bank
Ochsner Cancer Institute
Pacific Garden Mission
Patronato de Nutrición
Pediatric Brain Tumor Foundation
Proyecto Mi Futuro está en tus manos Feria del Libro
Radio María
Rotary Club of Port of Spain
Salvation Army
St. Baldrick’s Foundation
St. Jude Children’s Research Hospital
St. Michael’s Capital Campaign Orleans
Susan G. Komen 3 Day Cure
The Cancer Federation
The Good Shepherd School
The YMCA of Greater New Orleans
Toys for Tots
Tulane University
United Way
United Way of Southeast Louisiana
United Way of Trinidad and Tobago
US Armed Forces
West Suburban Community Pantry

Our Success

2016 marked the start of a new chapter for Pan-American Life and positioned us to look toward the future with confidence. We have proven that with discipline, teamwork and a winning attitude, we can exceed our own high expectations.

We move into 2017 with renewed energy and the determination to transform our past accomplishments into the prologue of sustained success.

Sustaining Our Success
Key business initiatives for 2017 include

Key business initiatives
for 2017 include:

  • Complete a new 5-year strategic plan
  • Implement remaining aspects of PALIG/Mutual Trust integration and leverage investment synergies
  • Review and refresh the Enterprise Risk Management platform
  • Continue to invest in strengthening cybersecurity solutions
  • Drive organizational growth through strategic M&A activity
  • Further enhance U.S. Life product portfolio
  • Begin implementation of new administration system to support U.S Life operations
  • Introduce captive agency system in Costa Rica
  • Expand International Group distribution in Colombia and Mexico
  • Continue rollout of group business administrative system to the Caribbean
  • Deliver online portal access to producers and providers in Latin America and the Caribbean
  • Focus on Accident growth in the U.S. Group market
  • Introduce refreshed code of conduct

Senior Management Committee

International Leadership

Board of Directors

Board of Directors

Mr. Stephen Batza

President - U.S. Life Business
CEO, Mutual Trust Life Insurance Company
Pan-American Life Insurance Group
Former Executive Vice President & Chief Operating Officer - Individual Life Business Unit
Liberty Mutual Group
Fellow of the Society of Actuaries and member of the American Academy of Actuaries

Mr. Jerry Carlisle

Financial Consultant
Adjunct Professor
Tulane University
Former Vice President, Controller & Chief Accounting Officer/
Louisiana Land and Exploration Company
Former Audit Manager
Peat Marwick Mitchell & Co. (now/ahora KPMG)

Ms. Martha O. Hesse

Retired President, Hesse Gas Company
Former Chairman of the Board
Enbridge Energy Partners, Former Chairman
U.S. Federal Energy Regulatory Commission
Assistant Secretary for Management and Administration U.S. Department of Energy

Mr. Carlos Mickan

Executive Vice President and Chief Financial Officer
Pan-American Life Insurance Group

Mr. Kenneth C. Mlekush

Former Vice Chairman
Jefferson Pilot Corporation
Life Companies Jefferson Pilot Financial

Mr. Wendell Mottley

Former Chairman
Unit Trust Corporation
Former Minister of Finance Trinidad
Former Managing Director
Credit Suisse

Mr. Daniel Mulheran

Retired President, Individual Life Distribution ING U.S., LLC
Former Senior Vice President and Head of IGA Distribution, U.S. Life Group
ING U.S. Financial Services
Former President and Principal
Mulheran & Associates, Inc.

Mr. Carlos Palomares

President , SMC Resources
Former COO of Capital One FSB
Former COO
Citibank Latin America Consumer Bank

Dr. Patrick J. Quinlan

Former Chief Executive Officer
Ochsner Clinic Foundation & International Services
Former Executive Director
Center for Community Wellness and Health Policy
Former Chief Executive Officer
Ochsner Health System

Mr. Coleman D. Ross

Retired Partner
Pricewaterhouse Coopers LLP

Mr. José S. Suquet

Chairman of the Board, President & CEO
Pan-American Life Insurance Group

Dr. José Antonio Villamil

Principal Advisor
The Washington Economics Group Inc.


Summary of Operations

Pan-American Life Mutual Holding Company
Years ended December 31, 2016, 2015, and 2014

*2016 reflects unaudited financials | **2015, 2014 reflects audited financials

$ (000)
Revenues 2016* 2015** 2014**  
Premiums $ 650,332 $ 515,384 $ 445,300  
Policy and contract fees 111,165 111,820 107,163  
Net investment income 231,432 156,405 138,231  
Other revenues 12,197 16,286 12,332  
Total Revenues $ 1,005,126 $ 799,895 $ 703,026  
Benefits And Expenses 2016* 2015** 2014**  
Policyholder benefits and interest credited $ 580,610 $ 454,635 $ 390,359  
Underwriting, acquisition, insurance and other expenses 319,330 276,226 233,057  
Amortization of deferred policy acquistion costs 33,036 14,762 17,428  
Total benefits and expenses $ 932,976 $ 745,623 $ 640,844  
Income from operations before taxes and noncontrolling interest $ 72,150 $ 54,272 $ 62,182  
Loss from discontinued operations net of tax - - (3,175)  
Net realized investment gains (losses) 6,606 1,690 7,661  
Income tax expense 29,810 20,599 13,305  
Income after taxes and before noncontrolling interest 48,946 35,363 53,363  
Noncontrolling interest in income 7 52 (700)  
Net Income $ 48,939 $ 35,311 $ 54,063  

Balance Sheet

Pan-American Life Mutual Holding Company
Years ended December 31, 2016, 2015, and 2014

*2016 reflects unaudited financials | **2015, 2014 reflects audited financials

$ (000)
Assets 2016* 2015** 2014**  
Cash and invested assets $ 4,979,557 $ 4,776,399 $ 2,849,052  
Deferred policy acquisition costs 190,032 190,863 142,261  
Other assets 518,003 545,739 270,124  
Total Assets $ 5,687,592 $ 5,513,001 $ 3,261,437  
Liabilities And Equity 2016* 2015** 2014**  
Future policy benefits and claims $ 2,397,061 $ 2,213,129 $ 845,356  
Policyholder account balances and funds 2,039,287 1,951,584 1,522,076  
Other liabilities 321,074 500,490 223,979  
Total Liabilities $ 4,757,422 $ 4,665,203 $ 2,591,411  
Equity 2016* 2015** 2014**  
Noncontrolling interest subsidiaries $ 592 $ 537 $ 1,244  
Unassigned equity 924,350 875,411 636,691  
Accumulated other comprehensive income (loss) 5,228 (28,150) 32,091  
Total Equity $ 930,170 $ 847,798 $ 670,026  
Total Liabilities And Equity $ 5,687,592 $ 5,513,001 $ 3,261,437