28 Oct 2022
Pan-American Life Celebrates 65 Years Of Successful Operations In Guatemala
- Pan-American Life de Guatemala has maintained excellent profitability, thanks to strong income growth combined with GTQ 1,267 million in assets and GTQ 273 million in equity.
- Rated by the international rating agency Fitch Ratings for the ninth year in a row as a national scale insurer with “AAA” (gtm) financial strength, Outlook Stable.
- Since the beginning of the pandemic, it has contributed to the Guatemalan community by paying out more than GTQ 555.9 million in claims to its insureds.
Guatemala, October 27, 2022. Pan-American Life de Guatemala, the foreign insurance company with the longest track record in the country and a member company of Pan-American Life Insurance Group (PALIG), is celebrating its 65th anniversary. Its success has been based on its ongoing cultivation of strong values, its team of dedicated professionals, and the support of its parent company in the United States, which have helped it become the leading company in life, health, and accident insurance.
Despite the global and local health situation, which has posed a major challenge in recent years, PALIG has managed to meet the 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: “People you can trust for life.” The company has also promoted digital transformation and the projects carried out by this area.
PALIG, which along with its affiliated companies has over 2,000 employees across the Americas, constantly strives to bolster its organic growth in order to expand its presence and strengthen its position as a leader in the Americas.
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. Pre-Taxes Operating income 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 its enterprise risk management process.
Operations, Awards, and Ratings in Guatemala
Guatemala is a key market for the Group. Robert DiCianni, President of Global Benefits, stated, “Pan-American Life de Guatemala has a solid foundation as the number one Life Insurance company in Guatemala. Our experience of over 110 years providing peace of mind and security in 22 countries in the region has led us to understand each branch’s challenges and opportunities, and Guatemala is unquestionably key to our growth.”
Pan-American Life de Guatemala has paid out more than GTQ 555.9 million in claims in the country. This amount covers payment of life, personal accident, and medical claims, including GTQ 99.5 million in life and health insurance claims related to the Covid-19 pandemic that has affected the world since 2020 (figures from 2020 to September 2022).
In Guatemala, the company offers strong, high-quality services, with an extensive network of more than 1,000 medical providers. It also provides digital solutions for ease of doing business and has implemented online portals for strategic partners and health insureds.
Under the leadership of Salvador Leiva, in 2011, 2012, and 2020, Pan-American Life of Guatemala received the prestigious international award granted by the Chairman of the Board of Pan-American Life Insurance Group, the “Chairman’s Award,” for its strong growth in sales and its exemplary profitability.
Salvador Leiva, Country Manager, commented, “Pan-American Life de Guatemala is the only insurance company in Guatemala that for nine years in a row, from 2014 to 2022, has been rated with AAA (gtm) financial strength by Fitch Ratings. This repeated high rating, stretching over nearly a decade, is the result of the work by our great team of more than one hundred employees. It is synonymous with our operational efficiency, our portfolio’s favorable loss ratio, our financial strength, and international support from our parent company.”
What’s Next for Pan-American Life de Guatemala. Pan-American Life de Guatemala continues to invest in Guatemala, with a focus on expanding initiatives to improve the overall service experience and ease of doing business for insurance brokers and insureds; continuing to provide education and thought leadership on health and wellness issues; further strengthening its enterprise risk management processes, cybersecurity controls, and compliance infrastructure; and reaching key market sectors with high-quality products.
Contributions to the Community. Pan-American Life de Guatemala is committed to organizations that address needs and fund programs and projects with a positive impact on Guatemalan communities, especially the work of United Way and others.
Fulfilling Promises. Pan-American Life de Guatemala has earned the trust of millions of customers since it opened its doors in Guatemala 65 years ago, and even since the company’s policies were sold at the dawn of the 20th century through J.G. Blane’s general agency. By providing trusted financial security and peace of mind, and by meeting the needs of individuals and businesses through its products and services, Pan-American Life de Guatemala protects what matters most to policyholders—their families, their businesses, and their 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, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.