28 Feb 2023
Pan-American Life Insurance Group Reports 2022 Financial Results Posts Strong Operating Performance Amid Challenging Investment Climate
New Orleans, LA – February 28, 2023– 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, 2022*.
In 2022, amid a challenging investment climate, PALIG delivered another year of solid revenue growth and strong operational performance as the impact of the COVID-19 pandemic on results eased. Full-year revenue rose 1.1% to $1.23 billion while total premiums increased by 12.4% to $1.48 billion. Pre-tax operating income (PTOI) grew 59% to $67.9 million as the impact of COVID-19 on claims lessened and while mortality/morbidity outcomes improved, they remain higher than pre-pandemic levels. Net income for 2022 was $20.3 million, reflecting one-time costs associated with the discontinuation of the HolaDoctor business segment. GAAP equity, excluding accumulated other comprehensive income (AOCI), totaled almost $1.3 billion. With rising interest rates reducing the market value of fixed income investments, AOCI receded to a loss position, following last year’s record GAAP equity.
The Group demonstrated continued financial strength, maintaining Pan-American Life’s “A” ratings with a stable outlook from AM Best and Fitch Ratings.
“PALIG achieved another year of strong operating results and successfully completed the merger of Mutual Trust Life Insurance Company into Pan-American Life Insurance Company as we continued to be there for our customers across the Americas whenever and wherever they needed us, providing financial security and peace of mind,” said José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group. “While inflationary pressures, rising interest rates and market volatility made for a challenging investment climate, our financial strength provides us with a strong and stable foundation on which to grow and serve our policyholders.”
*Unaudited GAAP figures
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, like us on Facebook @PanAmericanLife, follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn at Pan-American Life Insurance Group.