18 Oct 2022
PALIG Celebrates 110 Years in Panama
- Pan-American Life has established a reputation for reliability and a track record as one of the most financially strong insurers in 22 countries in the Americas.
- It insures 7.1 million lives and maintains a strategic focus on life, accident, and health insurance, lines of business with portfolios of high-quality products.
Panama City, October 12, 2022. Pan-American Life Insurance Group (PALIG) celebrated its 110 years in Panama with a visit by José S. Suquet, Chairman of the Board and CEO of this multinational insurance company that is present throughout the Americas.
During the celebration, Suquet referred to the global and local health situation, which has posed a major challenge in recent years. Pan-American Life has managed to meet this challenge in a positive way thanks to the commitment of its strategic partners, suppliers, and employees, as well as its constant reassertion of its value proposition: “Trust for Life.” He also commented on the company’s push toward digital transformation and the projects carried out by this area.
PALIG, a company with over 2,000 employees in the region, constantly strives to bolster its organic growth in order to expand its presence and strengthen its position as a leader in the Americas. Pan-American Life Insurance Company has an A (Excellent) rating from AM Best and an A (Sound) rating from Fitch Ratings. These ratings offer a powerful endorsement of the company’s financial strength, which allows it to efficiently meet its clients’ needs.
In 2021, PALIG paid more than $1 billion in policy loans, surrender values, and claims, including more than $90 million in insurance claims from deaths and health events related to the COVID-19 pandemic. In 2021 and so far in 2022, a total of $134 million in COVID-19-related claims have been paid.
The company’s revenue grew 3% in 2021, to $1.218 billion, driven by growth in all of its highly diversified lines of business. Operating income before taxes was $37 million, while significant pandemic-related claims continued to be paid. This demonstrates the strength of the company’s balance sheet, with GAAP revenue reaching a record figure of $1.38 billion.
Currently, PALIG continues to reinforce its systems and processes with a strategic approach based on organic business growth, strengthened cybersecurity solutions, and the enterprise risk management process.
According to José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group, “the group’s reputation as a leading provider of employee benefits and wellness solutions for local and multinational businesses continues to improve, through our unwavering commitments to product innovation, operational improvements, and world-class service. Furthermore, the PALIGMED wellness and health care network continues to be a strong differentiating factor. The PALIGMED network gives insureds access to more than 7,500 medical providers in Latin America and the United States, providing extensive coverage and support with superior service, territorial coverage, and preferential discounts.
A Legacy of Trust Spanning More Than a Century
PALIG Panama’s Country Manager, Tony Eleta, expressed his pride in celebrating Pan-American Life’s 110 years of leadership and financial strength in Panama. “I am gratified to be part of the generations of teams that have provided peace of mind and financial protection to millions of individuals, families, and businesses over these eleven decades. Panama is a key market for the Group’s operations in Latin America. We are proud that amidst extraordinary circumstances, we have continued to consolidate our position as the #1 Insurer in Group Health Insurance, as recognized by the Panamanian Association of Insurers (APADEA) in its 2021 year-end report,” he added.
The 2021 Market Share Summary report, produced by the Panamanian Insurance and Reinsurance Commission, also provides interesting figures about Pan-American Life Insurance of Panama. The report states that the company maintained a market share of 16% in the personal line of business, with premiums on issued policies reaching USD 132 million.
The company’s goal is to continue to grow, with a special emphasis on long-term business sustainability. As an insurer with a sound financial profile, the strategy to be implemented must focus on strengthening and facilitating its processes, portals for insureds, cost containment programs, and cybersecurity controls. These actions are all aimed at accelerating the process of the company’s digital transformation, which seeks to make the organization easier to do business with.
“At PALIG, we are convinced that our proactive approach, proven participatory leadership skills, and business knowledge are essential factors in keeping us on the cutting edge, so that we can continue to provide solutions contributing to the wellness of those who entrust their future, their protection, and their care to us,” said Eleta.
The Keys to Success in Panama
PALIG Panama’s solid track record and privileged market position over the years has been primarily based on its financial strength and soundness and on its 192 employees’ hard work providing high-quality solutions to all its insureds. Another noteworthy factor in the company’s success has been its reasonable expense control in its operations and the conservative investment approach developed by its expert, experienced leaders.
PALIG’s focus on specialized life, accident, and health insurance for individuals and corporations, its group and mass market insurance, and PALIG’s international support have led the company to have more than 300,000 insured lives in Panama and more than 2,300 corporate accounts, which are able to use an extensive network of more than 1,500 local medical providers.
In addition, the company’s proactive vision focused on digital solutions places it at the forefront of its industry while providing insureds with valuable experiences such as its portals, which offer online support to strategic partners and health insureds. Some of the company’s other digital tools are easy@pp, an app for managing digital sales of individual policies, and the recent PALIG Telemedicine app, which provides medical assistance and support to all health insureds and their dependents.
About Pan-American Life Insurance Group
Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas that 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, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.