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The Power
Of Momentum


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We Are

People you can trust for life

Pan-­American Life Insurance Group (PALIG) began earning the trust of millions of customers more than 110 years ago. Fueled by the power of momentum, and inspired by our commitment to promises kept, our foundation of financial strength means Pan-­American Life can be there when our clients need us most.







Serving more than 7 million Policyholders

As a leading provider of insurance and financial services, 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.

  • Whole Life
  • Term Life
  • Universal Life
  • Indexed Universal Life
  • Personal Accident
  • Life
  • Accident
  • Health
  • Credit Life
  • Mass Marketing
  • Medical Stop Loss
  • Multinational Solutions

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

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American Life Logo

A Message from our CEO

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The Power of Momentum

Economic conditions remained a challenge in many of our markets in 2023. But, amid a welcome return to a more normal operating environment as the multiyear impact of the COVID-19 pandemic diminished, PALIG demonstrated positive momentum across its operations, laying the groundwork for future growth and value creation.

That momentum, stemming from our concerted focus on enhancing resilience, agility and innovation, was reflected in our results. Full-year operating revenue rose 7% to a record $1.31 billion while total premiums increased by 5% to a record $1.55 billion, representing 19 years of consecutive premium growth. Pre-­tax operating income (PTOI) grew 14% to $77.2 million and net income for 2023 more than doubled to $68.9 million. Total GAAP Equity grew, and our financial strength was further underscored by our maintained “A” ratings and stable outlook from AM Best and Fitch Ratings.

The strength of our business in 2023 was broad-­based with both our life and health businesses helping to drive growth and solid performance across geographies. Our ongoing initiatives to enhance operational efficiency, facilitate ease of doing business, promote flexibility and prioritize productivity coupled with prudent expense and financial management are bearing tangible results, ensuring continued momentum. We are leveraging technology and innovation to accelerate our digital transformation. From the launch of member portals in Latin America and the rollout of agent portals in the Caribbean to streamlined processes that eliminate paper applications and reduce underwriting turnaround times, we are improving the customer experience of our policyholders and enhancing our distribution capabilities across our regions.

Innovation is also what is driving PALIG’s expansion strategy as we continue to explore new insurance products and opportunities. In health, we introduced our Gap Supplemental Medical Expense Insurance in the United States, an employee benefits solution designed to help offset the out-of-pocket expenses that may be incurred under high deductible major medical plans. In individual life insurance, our focus is on innovative policy design and expanding distribution channels. That strategy capitalizes on the unique strengths and opportunities in different regions, from the Northern Triangle, Panama and Costa Rica to Colombia, Mexico and the Caribbean.

In a watershed year for our U.S. business, we entered 2023 having just completed the merger of Mutual Trust Life Insurance Company into Pan-­American Life Insurance Company (PALIC) as the fully integrated Mutual Trust Life SolutionsSM division and ended the year by completing the acquisition and merger of Encova Life Insurance Company, further enhancing our scale, reach and investment portfolio in the U.S. The introduction of our new Indexed Universal Life (IUL) product in the U.S. is poised to be a significant driver of sales growth, while integration of former Encova Life agents into the PALIC team are further bolstering our market presence and sales capabilities.

Our progress and momentum are being recognized. PALIG was named a 2023 US Best Managed Company, a program sponsored by Deloitte Private and The Wall Street Journal that recognizes outstanding U.S. private companies and the achievements of their management teams. This is the third consecutive year Pan-­American Life has been named a US Best Managed Company.

That is a testament to the quality and depth of our leadership team and structure, led by our three Presidents: Robert DiCianni, President Global Benefits; Bruce Parker, President Global Life; and Steven Friedman, President Finance and Investments, who in September also assumed the role of Chief Financial Officer. And to the expert oversight of our Board of Directors, to which we welcomed our newest member, Dr. Sandra Johnson, in September. As importantly, it reflects the commitment and dedication of our 2,100 employees across 22 countries who embody our mission and everyday live our values of authenticity, transparency, accountability, collaboration and integrity. We will continue to invest in our people and in technology as we build an organization and staffing model to support current and future growth.

Our progress and accomplishments in 2023 are the culmination of our steadfast commitment to growth, innovation, customer support and financial strength, all while fostering strong partnerships and efficient operations in a dynamic market environment. The power of that momentum will carry us forward to ever greater goals as we build on our 113-year heritage, ensure financial security and peace of mind for our customers and strive to be the leading insurance carrier in the Americas.


Ceo Signature

José S. Suquet
Chairman of the Board & CEO
Pan-­American Life Insurance Group

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2023 Highlights: Action Creates Momentum


From the Global Life and Benefits divisions to Corporate Highlights and Investments, PALIG’s dynamic achievements in 2023 reflect a year of strategic growth and innovation – one which capitalized on emerging opportunities and navigated challenges with resilience, propelling the company forward with momentum and bolstering PALIG’s position in the evolving insurance landscape.

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Recognized as the U.S. Best Managed Company for the third consecutive year

Introduced new products, successfully managed market realities, dynamic decisions and product innovation

Supported future growth through organizational development enhancing talent management, training, and recruitment initiatives

Completed New Orleans headquarters renovations and implemented our hybrid work program, Flexible Work @ PALIG

Further strengthened our enterprise risk management processes, cybersecurity controls and compliance infrastructure

Continued implementing innovative technologies that improve production and operational efficiency for better customer experiences

  • Improve access to information, decisioning, and analytics
  • Portal experiences modernized for agents, providers, and insureds
  • Flexible and secure remote working solutions

Executed our new general ledger solution as well as met new regulatory requirements

Focused on key sectors for mergers and acquisitions opportunities


Increased momentum with expansion of product development, including policy design; and expanded distribution channels and market reach

Private Client Life continues to serve high net worth international clients through innovative digital initiatives and continued growth of it market leading Global Assets IUL offering

Executed the Distribution Expansion Program in Latin America, contributing to 35% of sales in the region

Launched a new competitive Term product in the Caribbean to meet evolving customer needs

Successfully launched easy@pp (featuring digital features such as paperless applications and e-­signatures) in Panama, Costa Rica and Honduras, achieving high adoption rates among producers

Improved processes and service for producers in Latin America


Completed acquisition of Encova Life business

Successfully implemented enhancements to the Whole Life Product suite

Developed a new Indexed Universal Life (IUL) product with innovative features and enhanced benefits

Successful introduction to the U.S. Hispanic market achieving top-10 agency status within nine months


Rapid expansion and growth momentum marked by higher demand in the health insurance industry; Doubled growth of International Major Medical and Individual Health lines of business in Panama, Guatemala, Honduras, Mexico, and El Salvador

Grew new annualized premium by 22 percent

Continued to manage increased medical trend in many of our international markets, including in Costa Rica, driven by a shift in patient utilization from the public sector to the private sector

Executed on a comprehensive cancer screening campaign in Latin America, and expanded Bwell, our chronic disease management program, to Panama and Honduras

Launched our mobile health clinic, Health on Wheels, in Panama

Delivered significant mass marketing results due to growth in Mexico, Honduras, Colombia, and Trinidad


Launched the re-branding initiative for Pan-­American Accident & Health

Began to work on Minimum Value and Supplemental Gap products

Refreshing our PanaMed product to meet evolving market demands

Implemented a targeted segment approach focusing on specific sectors for enhanced client engagement

Initiated the development of a Salesforce-­based Trucking Platform solution

Introduced new MGUs with a focus on Supplemental Medical and Accident & Health products

Led growth and diversification of MGUs and expanded product offerings

Began to refresh our Stop Loss product to better serve client needs


Developed international expansion strategy for key regions: Northern Triangle (Honduras, El Salvador and Guatemala), Costa Rica, Ecuador, Panama, Colombia, and Mexico

Implemented strategic initiatives, including member portals in Latin America, agent portals in the Caribbean, and digital transformation efforts to enhance customer service and streamline processes

Grand opening of new renovated headquarters for Panama featuring a collaborative working environment

Celebrated 95-year anniversary in El Salvador


Citing strong financial performance supported by historically stable earnings, Fitch Ratings and AM Best have maintained Pan-­American Life’s ‘A’ (Strong) Insurance Financial Strength (IFS) rating and A (Excellent) rating both with stable outlook. This includes Pan-­American Life Insurance Company (PALIC) and its wholly owned subsidiary, Pan-­American Assurance Company (PAAC), Pan-­American International Insurance Corp. (PAIIC) and INRECO International Reinsurance.

Among the key ratings drivers are PALIG’s strong leadership position in Latin America and Caribbean markets, including extensive distribution and provider networks and understanding of local markets and the Hispanic culture, along with a moderate business profile and very strong capitalization.


In 2023, PALIG's consolidated purchases achieved a "New Acquisition Yield" of 6.56%, surpassing the U.S. Corporate bond investment grade index average of 5.57%. Despite higher rates, PALIG maintained investment quality, with 60% of new acquisitions rated NAIC 1 or A- or higher. As of 12/31/23, PALIG's consolidated bond yield stood at 5.299%, marking an 18-bps increase from 12/31/22. This performance continues to exceed the Life Industry average, reported by SNL as 4.05% as of 12/31/22.

Latina Leaders Driving Momentum and Making Impact


Since its inception in 1911, PALIG has established itself not only as one of the most financially strong insurers in the Americas but also as an employer that elevates and empowers female leaders throughout the U.S., Latin America and the Caribbean.

That’s extraordinary for many reasons, including the realities of women in the workforce in Latin America where less than 50% of women are employed, according to the International Labour Organization.

As we witness the unfolding tapestry of Latina influence at PALIG, it’s imperative to acknowledge and celebrate their diverse contributions and impact. In partnership with two of the top Hispanic/Latino business publications, Hispanic Executive Magazine and Latino Leaders Magazine, PALIG set to highlight the authentic voices of very deserving Latina leaders who are redefining the international business landscape.

The following Latina Leaders at PALIG have emerged as trailblazers in the insurance industry and their respective areas of expertise through notable achievements, building trust and mentorship. Their leadership is characterized by resilience, empathy and dedication, inspiring future generations.

Ana Melissa Ramos
Deputy Global HR Officer
Ana Melissa, a deputy global HR officer, has used her life experiences to help strengthen PALIG’s HR vision and be a voice for talent. In her role, she aims to support her colleagues in the same way PALIG has supported her. She’s committed to mentoring and coaching other women, by being accessible, understanding what her colleagues are passionate about and the challenges they face, and encouraging them to have confidence.
Diana Alejandra
Vargas Torres
Country Manager, Colombia
If it wasn’t for a life insurance policy that her father left behind following his death, Diana Alejandra doesn’t know how she and her family would have survived. That’s why she pursued a career focused on the benefits, health, and life insurance space, which ultimately led her to PALIG. She joined when the COVID-19 pandemic was at its peak and was moved by PALIG’s commitment to pay for COVID-­related claims even as some competitors turned their backs on their policy commitments. That inspired her mission to help families and drive positive change in their communities.
Maria del Rosario Alvarez
Country Manager, Honduras
As the first woman to be named general manager in PALIG’s Latin American operations, Maria del Rosario gained her experience through a variety of roles, responsibilities, and opportunities over two decades at Pan-­American Life. That journey has not only helped her understand the business but also inspired her to continue improving every day and set an example for other professional women. Today, she gives back to her community and mentors young Latinas seeking success.
Maria Teresa Bolaños
Country Manager,
El Salvador
Maria Teresa also began her journey at PALIG two decades ago and has had a chance to work in a wide array of roles, serving in provider network operations, finance administration, operations and currently as the country manager for El Salvador. In April 2023, she was the first woman to be named president of the El Salvador Insurance Association. Her career experiences have inspired the “open-­door” leadership style she practices today.
Marta Reeves
Vice President
of Corporate Marketing
Guided by the wisdom of three influential mentors, Marta immersed herself fully in marketing and business and now plays a pivotal role in maintaining and strengthening the PALIG brand and driving insights-­based communications initiatives with customers at the center. The crucial turning point in her career was during Hurricane Katrina in New Orleans. While various insurance groups were halting operations, PALIG persevered, a testament to the leadership team’s strategic foresight and precise execution. The experience inspired today’s enterprise level brand storytelling focused on PALIG’s resilience and unwavering commitment.
Paola Corrada
Vice President
Chief Compliance Officer
Paola found her calling at PALIG more than a decade ago. Since then, she has been instrumental in driving the success of the company’s compliance department. Her depth of experience, years of leadership and passion for compliance and ethics led to her promotion to Chief Compliance Officer. In this dynamic position, she is essential to PALIG’s ability to deliver trusted service, and the company’s aspiration to continue being a great place to work.
Rosalina (Rosie) Miranda
Regional Vice President of
Health Operations
Rosie began her insurance career at a call center and ascended to a senior management position before age 30. At PALIG, Rosie currently oversees the contracting and managing of medical providers, leads the medical underwriting, claims payment integrity, healthcare strategy, and medical management in Latin America and the Caribbean. Rosie aims to leave a legacy of relentless dedication to pursue one’s vision.

Positive Change: Forward Momentum


In 2023, we announced exciting office enhancements and plans for the creation of inspiring workspaces at PALIG. The rollout included the inauguration of our new offices in Panama, the newly renovated headquarters in New Orleans and a series of office remodels throughout Latin America and Trinidad.

The renovated offices were inspired by and proudly portray the PALIG brand, mission, and values. The inviting settings features refreshed workspaces that cultivate collaboration within the hybrid and flexible work model. In the new spaces, colleagues and guests can choose between focus booths, collaboration and project spaces, creative nooks, learning and development rooms, and socialization hubs.

It was a highlight of our year, and true pleasure, opening our refreshed office spaces and capturing the delight of our colleagues. Click below to join us on a virtual open house tour of our newly appointed spaces.

Supporting Communities to Create Greater Momentum & Make a Difference


In 2023, PALIG continued its commitment to supporting communities across the Americas, striving to create greater momentum towards tangible change. Through collaborative efforts with dedicated colleagues and strategic partnerships with nonprofits, we directed our resources towards communities in need.

Below is a list of organizations that we proudly supported in our collective mission to make a difference:

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  • Aldea S.O.S – Honduras
  • Alianza Anticáncer Infantil – México
  • American Heart Association
  • Association of Female Executives (AFETT) – Trinidad & Tobago
  • Audubon Nature Institute
  • Ayuda Social FANLYC – Panamá
  • Barbados Cancer Society
  • Barbados Cancer Society (Breast screening Programme)
  • Camara de Comercio Guatemalteco Americana – Guatemala
  • CFA Society Louisiana
  • Donación de Sangre – Costa Rica
  • Faces of Cancer - St. Lucia
  • French Quarter Festival
  • Fundación Belisario Porras – Panamá
  • Fundación CREER – Honduras
  • Fundación de Amigos del Niño con Leucemia y Cáncer (FANLYC) - Panamá
  • Fundación Infantil Jonathan – Ecuador
  • Fundación Luces - Panamá
  • Fundación Niños con Cáncer - Honduras
  • Fundación Pollitos del Hierro – Costa Rica
  • Fundación Porque Quiero a Colombia
  • Fundación SEMABO - México
  • Fundación Spay - Panamá
  • Greater New Orleans, Inc.
  • HeartGift
  • Hispanic Chamber of Commerce of Louisiana
  • Hogar del Corazón de Jesús – Ecuador
  • Hogar Divino Niño – Panamá
  • Hogar Jesucristo es mi casa – Guatemala
  • Hospital Oncológico – Panamá
  • Hospital Pediátrico – México
  • Instituto Nacional de Pediatría -México
  • Jones Walker US/Latin American Partnerships in Action
  • Junior Achievement of Greater New Orleans
  • Liga Nacional Contra el Cáncer – El Salvador
  • Louisiana International Trade Conference
  • Louisiana Philharmonic Orchestra
  • Loyola College of Business
  • New Orleans Ballet Association
  • New Orleans Hispanic Heritage Foundation
  • New Orleans Police & Justice Foundation
  • Ochsner Health System
  • Orfanato de Santo Tomás de Aquino de la Rosa – México
  • Plantación voluntaria de árboles Santa Ana – Costa Rica
  • Sanar Niños con Cáncer – Colombia
  • Secretaría del medio Ambiente – México
  • Team Gleason
  • Trinidad and Tobago Cancer Society
  • United Way - Guatemala
  • United Way - Honduras
  • United Way of Metro Chicago
  • United Way of Metropolitan Dallas
  • United Way of Miami-Dade
  • United Way of Southeast Louisiana
  • United Way of Trinidad & Tobago
  • Visión mundial sistemas de protección – Guatemala
  • YMCA of Greater New Orleans

Growth and Increased Momentum




  • Prepare long-term strategic plan for the next 3-5 years
  • Continue enhancement of finance transformation program and implementation of IFRS17 and Workday Financial
  • Further develop our security capabilities, emphasizing third-party management and compliance infrastructure
  • Fortify our enterprise risk management processes and cybersecurity controls
  • Target key sectors for mergers and acquisitions opportunities
  • Continue development and enterprise-wide succession planning beyond Executive Management Committee

Global Life

  • Integrate Encova Life (acquisition) into our Mutual Trust Life Solutions (MTLS) division
  • Launch Vista Life (IUL) product for U.S. market and tailored Indexed Universal Life product for Private Client Life (PCL) market
  • Enhance technological capabilities in Panama and Latin America with launch of Sapiens Illustration System and AURA Accelerated Underwriting platform in MTLS
  • Launch easy@pp in Guatemala, Colombia, and the Caribbean
  • Strengthen Latin America distribution through 3R program initiative (Recruit, Reactivate, Re-energize)
  • Expand Caribbean distribution, with a focus on Individual Personal Accident

Global Benefits

  • Enhance customer experience and continue best in class service for our Group and Individual health portfolios
  • Support expansion, distribution and market penetration
    • Recruit, reactivate, and re-energize our distribution partners throughout our footprint
    • Continue to improve and expand Accident product offerings
    • In the U.S., diversify Managing General Underwriters (MGUs) and focus on Supplemental Medical and Accident & Health products
  • Continue to drive thought leadership in the healthcare arena in Latin America and the Caribbean
  • Finalize the refresh of our Stop-Loss product and introduce additional Minimum Essential Coverage (MEC) offerings
  • Continue expansion of State approvals for our GAP products
  • Introduce our refreshed PanaMed product offering
  • Launch our Trucking Administrative Platform solution
  • Execute on strategic initiatives to support the GIG marketplace

Leaders Leveraging the Power of Momentum


Leveraging the power of momentum, PALIG leaders transform inspiration into an idea, an idea into a shared vision, and vision into successful action. This force fosters a culture of innovation and collaboration that propels the company. PALIG’s leaders have a clear vision for the Group’s future, and they uphold the company’s values with a collective dedication to the PALIG mission. Whether forging strategic partnerships, seizing opportunities, prioritizing customer needs, driving product innovation and service excellence, mitigating risks, or sustaining momentum during challenging times, PALIG’s leadership team powers the momentum that fuels the company’s purpose and progress.

Senior Management

Mr. José S. Suquet

Chairman of the Board and CEO

Mr. Robert DiCianni

President – Global Benefits

Mr. Steven Friedman

President - Finance and Investments and CFO

Mr. Bruce Parker

President – Global Life

Ms. Geri Gaughan

President & Chief Operating Officer Mutual Trust Life Solutions

Mr. Daniel Costello

Executive Vice President – International Markets

Mr. Frank Recio

Executive Vice President – Operations and Technology

Mr. Carlos Aldana

Senior Vice President – Corporate Finance

Ms. Lisa Baudot

Senior Vice President – Investments

Mr. Jose Corrada

Senior Vice President - General Counsel and Corporate Secretary

Mr. Bryan Scofield

Senior Vice President - Human Resources

Mr. Iván Vergara

Senior Vice President – Chief Technology Officer

Mr. Selig Ehrlich, FSA, MAAA

Chief Actuary and Risk Officer

Mr. Luke Cosme

Senior Vice President – Sales and Marketing - Mutual Trust Life Solutions

Mr. Floriano Alencar

Vice President - Private Client Life Sales and Operations

Ms. Paola Corrada

Vice President - Chief Compliance Officer

Mr. Paul Engeriser

Vice President - Corporate Actuary

Mr. Alywin Fruge

Vice President - Internal Audit

Mr. Mark Jollands

Vice President – U.S. Group Operations

Ms. Jennifer Lafleur

Vice President – U.S. Group

Mr. Grant Martindale

Vice President – Chief Underwriter International Life

Ms. Rosalina Miranda

Vice President – Regional Health Operations

Mr. Álvaro Muñoz

Vice President – Financial Reporting, Controller

Ms. Renee Parkins

Vice President - Corporate Administration

Mr. Rafael Pelaez

Vice President - Chief Information Security Officer

Mr. Alfredo Ramírez

Vice President – Regional Country Management

Ms. Ana Melissa Ramos

Deputy Chief Human Resources Officer

Ms. Marta C. Reeves

Vice President - Corporate Marketing

Mr. William R. (Bill) Schultz, Jr

Vice President – Global Benefits

Mr. Rodrigo Vasquez

Vice President – International Group

Mr. Jared Woodward

Vice President – Tax


Ms. María del Rosario Álvarez

Country Manager – Honduras

Ms. Maria Teresa Bolaños

Country Manager – El Salvador

Mr. Luis Carlos Covarrubias

Country Manager – Mexico

Mr. José Antonio (Tony) Eleta

Country Manager – Panama

Mr. Salvador Leiva

Country Manager – Guatemala

Ms. Greer Quan

CEO & Managing Director – Caribbean

Mr. Mario Naranjo

Country Manager – Costa Rica

Ms. Diana Alejandra Vargas Torres

Country Manager – Colombia

Board of

From left to right: Stephen Batza, Carlos Mickan, Sandra K. Johnson, José Suquet, Suzanne T. Mestayer, William H. Hines, Patrick J. Quinlan, Carlos Palomares. Seated from left to right: José Antonio Villamil, Jerry Carlisle.

  • Mr. Stephen Batza

    Member of the Board
    since November 2015

  • Mr. Jerry Carlisle

    Member of the Board
    since February 2013

    Chair – Organization & Compensation Committee

  • Mr. William H. Hines

    Member of the Board
    since January 2023

  • Dr. Sandra K. Johnson

    Member of the Board
    since June 2023

  • Ms. Suzanne T. Mestayer

    Member of the Board
    since November 2017

  • Mr. Carlos Mickan

    Member of the Board
    since July 2014

    Chair – Audit Committee

  • Mr. Carlos Palomares

    Member of the Board
    since October 2007

    Chair - Finance Committee

  • Dr. Patrick J. Quinlan

    Member of the Board
    since November 2011

    Lead Director

  • Mr. José S. Suquet

    Member of the Board
    since October 2004

  • Dr. José Antonio Villamil

    Member of the Board
    since November 2010

    Chair – Nominating & Governance Committee

Momentum Marked by Remarkable Leaders

In 2023 PALIG welcomed two new Board Members, William “Bill” Hines in January and Dr. Sandra K. Johnson in June.

Mr. Hines is managing partner of Jones Walker, among the largest 135 law firms in the U.S. He is actively involved in the business, cultural, civic, and charitable communities in the New Orleans region.

Dr. Johnson is the Founder & CEO of SKJ Visioneering, a technology consulting company based in North Carolina. She is also a director on the Board of Directors for Regional Management Corporation.

These inspirational leaders are an asset to the PALIG Board, bringing extensive experience, innovative thinking, purpose-driven focus, and expert guidance to continue executing on the company’s growth strategy and preparing PALIG for the future.




  • Pan-­American Life Mutual Holding Company
    As of December 31, 2023, 2022, and 2021


  • 2023 reflects unaudited financials 2022, 2021 reflects audited financials.

Revenues 2023 2022 2021
Premiums 871,488 842,411 826,206
Policy and contract fees 150,450 124,668 109,601
Net investment income 282,758 254,997 260,948
Other revenues 5,815 6,509 7,665
TOTAL REVENUES 1,310,512 1,228,585 1,204,420
Benefits and Expenses 2023 2022 2021
Policyholder benefits and interest credited 778,912 755,404 781,397
Underwriting, acquisition, insurance and other expenses 413,597 361,931 341,551
Amortization of deferred policy acquistion costs 40,850 43,452 38,724
TOTAL BENEFITS AND EXPENSES 1,233,358 1,160,787 1,161,672
Income from operations before taxes and noncontrolling interest 77,154 67,798 42,748
(Loss) income from discontinued operations net of tax (2,204) (28,209) (4,247)
Net realized investment (losses) gains and unrealized losses on equity securities 1,990 (9,925) 18,485
Income tax expense 8,000 10,949 8,967
Income after taxes and before noncontrolling interest 68,940 18,715 48,019
Noncontrolling interest in income - 11 22
Net Income 68,940 18,704 47,997


  • Pan-­American Life Mutual Holding Company
    As of December 31, 2023, 2022, and 2021


  • 2023 reflects unaudited financials 2022, 2021 reflects audited financials.

Assets 2023 2022 2021
Cash and invested assets 5,426,716 5,170,860 5,943,645
Deferred policy acquisition costs 444,813 448,544 244,876
Other assets 888,333 765,814 677,552
TOTAL ASSETS 6,759,862 6,385,218 6,866,073
Liabilities and Equity 2023 2022 2021
Future policy benefits and claims 2,807,575 2,784,293 2,719,156
Policyholder account balances and funds 2,312,695 2,138,324 2,296,590
Other liabilities 535,425 438,973 471,809
TOTAL LIABILITIES 5,655,696 5,361,590 5,487,555
Equity 2023 2022 2021
Non controlling interests in subsidiaries (7) (7) 4
Unassigned equity 1,332,316 1,279,482 1,260,778
Accumulated other comprehensive (loss) income (228,143) (255,847) 117,736
TOTAL EQUITY 1,104,166 1,023,628 1,378,518
Total Liabilities and Equity 6,759,862 6,385,218 6,866,073

Total Equity

(GAAP in millions of $)

Total GAAP Equity increased 8% during 2023 as a result of Net Income growth as well as an increase in the fair value of investment portfolio.


(GAAP in millions of $)

The 7% growth in revenues during 2023 is the result of premium growth as well as higher Net Investment Income.

Pre-­tax Operating Income

(GAAP in millions of $)

Pre-­tax operating income in 2023 increased 14% due to higher Net Investment Income as well as improved mortality / morbidity, the latter benefitting from continued reductions in COVID-19 experience.

Net Income

(GAAP in millions of $)

Net income grew 269% from 2022 to 2023 due to stronger operating earnings, increases in fair value of equity securities, as well as the non-recurrence of Hola Doctor liquidation charges that lowered Net income in 2022.

Momentum and Motivation


Our momentum in 2023 fueled our success across regions, lines of businesses and portfolios.

To our relentless leaders who inspired momentum among their teams and ensured it was directed to meet goals and exceed expectations.


To our dedicated colleagues who energized and elevated our work, took action, and kept the momentum going.


To our agents, brokers and business partners who worked together with our teams across the Americas to amplify our momentum.


Your collective efforts ignite, sustain and increase our powerful momentum.