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The force of a resilient team

Who we are

Providing trusted financial security and peace of mind, while meeting the insurance needs of individuals and businesses in the Americas, has been the mandate since New Orleans-based Pan-American Life Insurance Group (PALIG) opened its doors for business in 1911. Now, 110 years later, PALIG continues to deliver on this vision as the leading provider of insurance and financial services for more than 5.8 million of insureds, thanks to 2,100 colleagues at more than 20-member companies, and a network of trusted agents and brokers across the Americas.

PALIG 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.

Not all products are available in all locations. For a complete list of the Group’s branches and affiliates as well as the products and services offered, visit palig.com.

“In 2020, our dedication to our customers, the work of our resilient team and the strategic decisions we made as a business enabled us to persevere and emerge stronger.”

A Message
from our

Trust, commitment, and resilience serve as bedrock principles of any enduring relationship, which we strive for each and every day in our work at Pan-American Life Insurance Group. In 2020, the importance of these principles and the work we do to provide customers with security and peace of mind reached new heights.

At PALIG, we promise to serve as a lifeline for our customers, their families, and their businesses when they need us most. In 2020, that promise forced us to reckon with the real human cost of the COVID-19 pandemic as we continued to serve our customers through unparalleled challenges and extraordinary circumstances – while also juggling personal and family commitments.

Over the course of the year, we paid more than $44 million in death and health insurance claims related to the COVID-19 pandemic to over 4,000 affected customers. To us, these disheartening numbers represent real people in our communities. Like for many of you, it has been difficult to face the pandemic’s devastating toll on our communities. Nonetheless, thanks to the dedication of our team, I am proud to say we upheld our commitments to our customers with the highest degree of honor.

In 2020, our dedication to our customers, the work of our resilient team and the strategic decisions we made as a business enabled us to persevere and emerge stronger. Revenue levels increased 2% to $1.181 billion in 2020; this was an incredibly impressive feat as our sales levels returned to pre-pandemic levels in September, achieving a V-shaped recovery only months after the global pandemic was declared in the spring. In fact, PALIG fared very favorably over peer companies in terms of sales growth, investment income, revenue growth and Pre-Tax Operating Income (PTOI).

Importantly, we maintained our A rating and stable outlook from the rating agencies, who opined, “the impact of COVID-19 is manageable for Pan-American Life, due to their excess capital position, strong GAAP earnings generation and operating performance.”

The business continued to grow and experienced strong underlying operating performance, and GAAP equity experienced record growth to $1.3 billion. 2020 PTOI was $65.5 million, down from 2019 – $109.3 million, due to COVID-19 claims of $44 million and our strategic investment in technology and digital transformation of $8 million.

Having pivoted quickly to a work remote model in the first quarter, we still maintained the level of exceptional customer service that customers expect from PALIG. In addition to a robust response plan anchored in frequent and transparent communications, we hosted informative webinars, significantly adapted our underwriting guidelines, and expanded our telemedicine, e-delivery, e-underwriting and e-policy delivery services.

We also approved a 3-year corporate wide digital strategy, calling for an additional $40 million investment over three years, focused on improving all our essential services, bolstering our cybersecurity readiness, and the modernization of our sales and service portals – ONE PALIG. This investment also supports implementing significant changes to our operational and technology model to enable working remotely; accelerating the digital transformation of our sales and retention initiatives; and improving our start-to-finish user experience. To design and oversee these efforts, we on-boarded several leaders and top-level technology specialists, Miguel Edwards, Senior Vice President, Chief Information Officer; Rafael Pelaez, Vice President Chief Information Security Officer; Jennifer Noteware, Vice President Global IT Infrastructure and Iván Vergara, Vice President Global Application Delivery to help optimize the performance of our systems.

Our commitment to our colleagues held fast in 2020, as the strength and grit of the PALIG team was a prime catalyst for the strong financial position we find ourselves in today. By establishing a hiring freeze and expense controls early on, we were able to avoid layoffs and changes to our benefit plans while also maintaining our 6% employer 401K match and paying merit increases. I am amazed at the remarkable efforts of our colleagues in the past year to remain resilient. The character exhibited by the entire PALIG team has been nothing short of inspirational.

I have been particularly impressed by the ways in which our organization has maintained our admirable culture of collaboration and values, despite the rapid transition to a remote working environment. We remained committed to taking care of each other and adapting our processes. Colleagues participated in multiple surveys that educated leadership on ways we could do better and provided constructive feedback on how we could sustain our positive culture. In addition, as steadfast leaders, our Board of Directors and Executive Management Committee remained dedicated to the well-being of our people and focused on making rapid decisions to address policyholders’ and agent/broker needs and communicate with stakeholders.

2020 was marked by an unprecedented number of challenges, and it proved to be one of the most difficult of my more than 42 years in the insurance industry. The global pandemic and its related crises, civil unrest and more than 20 natural disasters across our footprint made 2020 a year unlike any of us have ever seen. Additionally, we recently navigated a number of challenges following a systems disruption. However, because of our dedicated commitment to our customers, the exceptional level of customer service we provide and our ability to withstand crises, PALIG is emerging stronger and well positioned for the future, as we prepare to commemorate our 110th anniversary in 2021.

Before I bid my farewell, I like to extend a heartfelt thank you to Wendell Mottley, board member since 2013, who will be retiring from the PALIG board at the end of May 2021. Wendell played a vital role as an envoy for the MetLife-Alico/Algico acquisition. I will always value his strategic contributions, his vision and leadership that will continue to influence PALIG’s mission well beyond his tenure.

While the global pandemic is not over, I am confident that 2021 – a transformational year – will see PALIG emerge even more capable of fulfilling its mission of being a company you can trust for life, as the world begins to see a glimmer of hope emerge from the shadows.


José S. Suquet

Chairman of the Board, President & CEO

Pan-American Life Insurance Group

“In 2020, our dedication to our customers, the work of our resilient team and the strategic decisions we made as a business enabled us to persevere and emerge stronger.”


In response to the pandemic, Pan-American Life prioritized our employees’ health and safety by taking swift action to develop our COVID-19 response while continuing to deliver on our commitment to our policyholders and producers. In a matter of weeks, every member of the PALIG team across the Americas transitioned to a flexible, work-from-home environment. This meant a substantial change to our operational and technology model that considered the differing and evolving requirements and regulations in each country where we are present. We are proud of our team’s ability to adjust so quickly and seamlessly to such an unprecedented moment in our world’s history.
2020 Highlights

Global Life

  • Developed and implemented a weekly webinar program for producers across all regions
  • Completed the launch of our virtual sales process (including virtual interviews via telephone and video conferencing, Telemed Underwriting, e-signature, and e-delivery) under the brand name easy@pp by PALIG
  • In order to drive sales growth, introduced Global Flex Universal Life and Global Term portfolio in our Private Client Life division, Vidaflex Max in Colombia and Universal Life in Mexico
  • Implemented a new agent contracting and licensing system to improve and expedite new producer onboarding at Mutual Trust
  • Celebrated 5th Anniversary of our merger with Mutual Trust

Global Benefits

  • Offered free telemedicine services to our health insureds during the pandemic lockdowns in many countries
  • Developed a chronic disease management pilot program and published a chronic disease management whitepaper in order to educate and help improve the health of our insureds
  • Launched U.S. Hispanic cross-border sales strategy in Mexico
  • Launched Benefits Direct, a producer group portal in the Caribbean
  • Restructured the underwriting organization to improve alignment with business needs
  • Maintained industry leading service metrics at a high level
  • Developed an individual product digital service platform
  • Continued building out our service capabilities for the unique requirements of the Government Contractor market segment
  • Launched Short Term Medical and Individual Vision products
  • Expanded our Accident Specialty Programs
  • Obtained regulatory approval for International Student Health product
  • Implemented remote audit and due diligence process

Corporate Highlights

  • Established actions to protect the financial health of the company
    • Elevated liquidity to further solidify financial strength
    • Established hiring freeze
  • Instituted actions to protect the health of our colleagues and producers
    • Transitioned colleagues to a work-from-home environment and maintained excellent service to our customers
    • Eliminated all travel and all in-person production campaigns and seminars
  • Accelerated the company’s digital transformation by implementing virtual sales models across all regions
  • Focused on producer relationships through virtual training, meetings, webinars and events, which were conducted weekly across our regions
  • Conducted extensive tracking of COVID-19 death and health claims, paying benefits under established protocols that protect our insureds
  • Enhanced information security capabilities throughout the company
  • Completed implementation of the Governance, Risk and Compliance (GRC) system
  • Strengthened Anti-Money Laundering infrastructure


We are proud to report that Pan-American Life Insurance Company, Pan-American Assurance Company International, Inc., Pan-American Assurance Company and INRECO International Reinsurance Company received an A (Excellent) rating from A.M. Best and an A (Strong) rating from Fitch Ratings, both with stable outlook. Additionally, Mutual Trust Life Insurance Company is also rated A (Excellent) by A.M. Best.

“Based on the application of Fitch’s coronavirus rating case assumptions, Pan-American is expected to maintain its very strong capitalization, including a Prism score of ‘Extremely Strong’.”

“Fitch’s current expectation is that the impact of the coronavirus…is manageable for Pan-American due to its excess capital position and strong GAAP earnings generation.”

“Pan-American’s ratings continue to consider the company’s strong business profile…strong niche position in the Hispanic market, and conservative product profile, very strong capitalization, and strong operating performance.”


  • Achieved a “new acquisition yield” of 4.41% on $697.6 million of bond purchases, in an environment of record low yields as the U.S. Corporate bond investment grade index ended 2020 at 1.78%
  • Company’s statutory bond yield of 4.95% outperforms the Life industry average as published by A.M. Best



Respond | Recover | Thrive

We are Stronger

Although we remained physically distant in 2020, our commitment to support the progress, health, safety and wellbeing of the communities we serve did not waver.

Through the PALIG Cares Safe Return Initiative in the Caribbean and Ecuador we united to help small businesses adapt to our new environment and safely reopen for business in the face of stark challenges during COVID-19. The PALIG Cares reentry package included a combination of personal protective equipment (PPE) such as hand sanitizers, masks, gloves, directional signage for social distancing requirements and other safety signage for small business retail locations and offices. More than 300 kits were distributed.

We are proud to stand with our local communities and could not be more thankful for the dedicated efforts of our PALIG team.

The Strength to Persevere

2021 Key Initiatives and Vision

Key initiatives for 2021 include:

Significantly enhance our investment of our corporate-wide digital strategy, including an expanded consumer and producer portal strategy – One PALIG – in order to position the company to emerge stronger

Drive premium growth through deeper connections with our agents and brokers and continue to foster our webinar educational series across all regions

Introduce new products and services across our footprint

Continue to enhance and strengthen our enterprise risk management processes, cybersecurity controls and compliance infrastructure

Continue our enterprise succession planning

Target key sectors for mergers and acquisitions opportunities

Leadership in times
of uncertainty

Senior Management Committee

International Leadership

of Directors

Mr. Stephen Batza

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

Ms. Suzanne T. Mestayer

Owner & Managing Principal
ThirtyNorth Investments, LLC
Ochsner Health System

Mr. Carlos F. Mickan

Vice Chairman of the Board, Head of Finance and Administration
Pan-American Life Insurance Group

Mr. Wendell Mottley

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

Mr. Carlos Palomares

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.

A Well-Deserved Recognition to Departing Board Member Wendell Mottley

Mr. Wendell Mottley will be stepping down from his role as a PALIG board member at the end of May 2021. His strategic contributions to the board have been invaluable, and his vision and leadership will continue to influence PALIG’s mission well beyond his tenure.

A board member since 2013, Wendell played a vital role as an envoy for the
MetLife-Alico/Algico acquisition, which solidified Pan-American Life Insurance Group’s strategy to become one of the leading life and health insurance providers in the Americas. Moreover, his sophisticated business sense and keen understanding of Environmental, Social, and Corporate Governance (ESG) was instrumental for the company’s overall growth.

Prior to joining the PALIG Board of Directors, Wendell was chairman of the Unit Trust Corporation, the Caribbean’s largest mutual fund company. He also served as the Minister of Housing, Minister of Industry and Commerce, and Minister of Finance in his native Trinidad & Tobago from 1981 to 1995.

He joined Credit Suisse New York in 1996 and grew in his career as an investment banker in various positions over the course of 15 years including Managing Director and Senior Advisor roles.

Wendell has been recognized for his remarkable professional and personal accomplishments: in 2018, he was honored with the prestigious Order of the Republic of Trinidad and Tobago (ORTT), the country’s highest national award. Wendell is also an Olympic medalist, winning silver and bronze medals in track and field at the 1964 Tokyo games; he also won two gold medals at the 1966 British Empire and Commonwealth Games, winning in the 440 yards and the 4×440 yards relay events.

Wendell’s social perspectives and the global financial expertise he imparted will have a lasting impact on the future of PALIG. We thank Wendell for his many years of service to the PALIG Board of Directors and wish him much success in his new endeavors.


Summary of Operations

Pan-American Life Mutual Holding Company
As of December 31, 2020, 2019, and 2018
$ (000)

Revenues 2020 2019 2018
Premiums 793,912 770,431 719,523
Policy and contract fees 117,899 116,812 113,997
Net investment income 250,853 259,847 254,220
Other revenues 18,464 17,731 19,295
Total Revenues 1,181,128 1,164,821 1,107,035
Benefits and Expenses 2020 2019 2018
Policyholder benefits and interest credited 699,760 668,307 627,822
Underwriting, acquisition, insurance and other expenses 368,636 359,097 352,310
Amortization of deferred policy acquisition costs 47,149 28,143 34,192
Total benefits and expenses 1,115,545 1,055,547 1,014,324
Income from operations before taxes and noncontrolling interest/ 65,583 109,274 92,711
Net realized investment (losses) gains and unrealized losses on equity securities (3,862) 9,716 (181)
Income tax expense 14,196 23,894 26,164
Income after taxes and before noncontrolling interest 47,525 95,096 66,366
Noncontrolling interest in income (18) 6 4
Net income 47,543 95,090 66,362
Balance Sheet

Pan-American Life Mutual Holding Company
As of December 31, 2020, 2019, and 2018
$ (000)

Assets 2020 2019 2018
Cash and invested assets 5,909,298 5,557,446 5,093,184
Deferred policy acquisition costs 225,410 237,399 256,749
Other assets 570,486 573,814 588,169
Total Assets 6,705,194 6,368,659 5,938,102
Liabilities and Equity 2020 2019 2018
Future policy benefits and claims 2,615,124 2,520,113 2,456,753
Policyholder account balances and funds 2,280,266 2,198,109 2,099,268
Other liabilities 451,962 399,028 368,763
Total liabilities 5,347,352 5,117,250 4,924,784
Equity 2020 2019 2018
Non controlling interests in subsidiaries 6 314 286
Unassigned equity 1,209,401 1,161,858 1,065,103
Accumulated other comprehensive (loss) income 148,435 89,237 (52,071)
Total equity 1,357,842 1,251,409 1,013,318
Total Liabilities and Equity 6,705,194 6,368,659 5,938,102

Total Equity








(GAAP in millions of $)

The 8% increase in 2020 was driven by a combination of positive earnings even with increased COVID-19 related claims and an increase in the fair value of the Company’s investment portfolio.

Pre-tax Operating Income








(GAAP in millions of $)

Pre-tax operating income in 2020 decreased 40% due to increased COVID-19 related claims, as well as the investments related to our corporate wide digital strategy.

Net Income








(GAAP in millions of $)

Net income decreased 50% from 2019 to 2020 due to increased COVID-19 related claims and unrealized losses on equity securities during 2020.









(GAAP in millions of $)

The 2% growth in 2020 includes a 3% increase in premium compared to 2019, in a year that included a global pandemic.


Thank You

A sincere thank you to our PALIG family across the Americas for your unrelenting dedication, teamwork, and flexibility. In a year unlike any other, Pan-American Life Insurance Group and our policyholders were bolstered by your steadfast resilience and commitment. We cannot overstate our appreciation for your remarkable efforts, despite the many challenges faced, to uphold our PALIG charge to be there for our policyholders when they need us most. Thank you.

© 2020 Pan-American Life Insurance Group