29 Mar 2021
Pan-American Life Insurance Group Reports 2020 Financial Results; Record GAAP Equity Grew to $1.3 Billion
New Orleans, LA – March 29, 2021 – Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, announced today financial results for the full year ending December 31, 2020.
In 2020, PALIG performed favorably over peers in terms of sales growth, investment income, revenue growth and Pre-Tax Operating Income (PTOI). Full-year revenue was $1.181 billion, a 2% increase over 2019. The business continued to grow and experienced strong underlying operating performance, as GAAP equity increased by 8% to over $1.35 billion and total premium increased by 4% to $1.23 billion. 2020 PTOI was $65.6 million, down from $109.3 million in 2019. The decrease was driven by the $44 million paid in COVID-19 claims and PALIG’s strategic investment in technology and digital transformation. Net income for 2020 was $47.5 million, while total assets were up by 5% over prior year to $6.71 billion.
PALIG maintained it’s A rating and stable outlook from the rating agencies, despite the unprecedented disruption caused by COVID-19. Additionally, company sales figures returned to pre-pandemic levels in September 2020, achieving a V-shaped recovery just months after the global pandemic was declared in the spring.
“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,” said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. “We were forced to reckon with the real human cost of the COVID-19 pandemic as we continued to serve our customers through unparalleled challenges, paying more than $44 million in death and health insurance claims to over 4,000 affected customers. With that said, 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.”
About Pan-American Life Insurance Group
Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, has been delivering trusted financial services since 1911. The New Orleans-based Group is comprised of more than twenty-member companies, employs more than 2,100 worldwide and offers top-rated individual and/or group life, accident and health insurance, employee benefits 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, Curacao and Trinidad and Tobago. For more information, visit the Pan-American Life website at palig.com, follow us on Instagram @panamericanlife.latam, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.