24 Feb 2022
Pan-American Life Insurance Group Reports 2021 Financial Results - GAAP Equity Grew to Record $1.38 Billion
New Orleans, LA – February 24, 2022 – 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, 2021.
In 2021, PALIG’s financial strength and resilient team coupled with continued investments in talent and technology propelled solid results, despite continued global challenges. Full-year revenue was $1.221 billion, a 3% increase over 2020. Total premiums increased by 6.5% to $1.3 billion and GAAP equity reached a record $1.38 billion, reflecting the strength of the underlying balance sheet. 2021 pre-tax operating income (PTOI) was $37 million, impacted by $90 million paid in COVID-19 claims and investments that made great strides toward significantly advancing technology resources and digital transformation. Net income for 2021 was $45 million, while total assets were up by 2% over prior year to $6.9 billion.
Amid the extraordinary circumstances caused by the pandemic, the Group’s financial strength continues to be reflected in AM Best and Fitch Ratings maintaining PALIG’s “A” rating with a stable outlook. Additionally, in a low interest rate environment, PALIG’s consolidated bond yield outperformed the Life Industry average, a reflection of the company’s strong investment profile.
“Over the past two years, as the pandemic has taken its tragic toll, we have upheld our promise to our customers to be there when they need us most.” said José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group. “2021 was a record year for PALIG with payouts of nearly $1 billion in claims, policy loans and surrenders. COVID-19 related claims over the past two years reached $134 million. As a leading insurance provider in the Americas, and with a true sense of purpose, our top priority continues to be to ensure that our policyholders have the support they need with access to prevention, testing and treatment options.”
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.