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.”