Pan-American Life Insurance Group delivered a stellar performance in 2017. What we’ve accomplished speaks volumes about the company we are today and will be tomorrow.
I state that with confidence, because I have witnessed first-hand what can result from the collective effort and collaboration that permeates at all levels of our organization as well as in our work with our external business partners and the markets we serve. This powerful dynamic has truly allowed us to become one PALIG, aligned under the common vision of improving our policyholders’ sense of wellbeing, while becoming the leading insurance carrier in the Americas. And that exceptional teamwork shows.
Teamwork shows in our financial performance.
PALIG has consistently delivered top-line revenue, premium and pre-tax operating income (PTOI) growth. In 2017 revenues grew 6.7 percent to reach a record $1.07 billion. Pre-tax operating earnings grew a strong 21.7 percent to $87.8 million. Net income for the year was $77.5 million, a 58 percent increase compared to 2016. Total assets now stand at $6 billion and total equity increased 14.5 percent to over $1 billion.
We exhibited strong performance across business lines, registering a combined growth of 7 percent in new sales and 3 percent in total premium. International Group and U.S. Life led the way with double digit growth in sales over 2016. This level of performance can only be achieved through the consistent, integrated effort of all our functional areas working together towards a common goal.
When we embarked on our 5-year strategic plan in 2014, we set aggressive targets for the year 2018. We surpassed those targets two years ahead of schedule. As a result, we’ve reset our expectations, embarking on a new 5-year plan with an eye towards 2021. Our new plan builds on our current performance and our strengths as an organization, focusing on four core areas:
- Organic growth of product business
- Investing in talent and technology
- Capitalizing on strategic market opportunities
- Investing in future wins