At Pan-American Life Insurance Group, trust has been built over time through principled action, consistency, and accountability. It is reinforced in moments of challenge and affirmed through performance. In 2025, trust continued to fuel our results, drive strong execution across the organization, and guide the decisions shaping our long-term vision.

This was a defining year for PALIG, one that reinforced why I remain as energized about this business today as I was when I entered this industry 46 years ago. We delivered exceptional financial performance, strengthened our balance sheet, advanced strategic initiatives, and deepened relationships across our markets. These results did not happen by chance. They reflect a long-term strategy grounded in prudence, resilience, and a clear focus on serving policyholders, partners, and communities across the Americas.

As we celebrate 115 years of service, this milestone strengthens what has always been our mission: to be there when people need us the most. More than a century of experience has taught us that we're in the people business, and that never gets old. Every challenge we face propels us forward with greater purpose. Every opportunity reminds us why this work matters.

In 2025, PALIG achieved record-breaking financial results, reflecting another year of strong operational execution and focused growth. Total premiums reached a record $1.86 billion, representing 8.0% year-over-year growth, with strong momentum across our core business lines. Revenues also reached a record $1.56 billion, growing 6% from the previous year. Pre-tax operating income increased to $128 million, driven by sustained premium growth, favorable experience gains, and continued strength in investment income, with net income totaling $110 million. These results underscore the effectiveness of our long-term strategy and the trust placed in us by policyholders and partners. Our financial position continued to strengthen, with total assets reaching $7.5 billion and total GAAP equity increasing by 15% to $1.4 billion, reinforcing PALIG's ability to deliver consistent performance while remaining well positioned for the future.

I’m energized by our trajectory: we spent 105 years building to $1 billion in premiums, almost reaching $2 billion a decade later, a reflection of both our strengthening position and the expanding opportunities across our markets. And our financial strength continues to be independently validated. In 2025, AM Best and Fitch Ratings reaffirmed PALIG's A ratings with stable outlooks, reflecting the durability of our business model, disciplined risk management and leadership position across Latin America, the Caribbean, and the United States.

That performance was matched by meaningful progress in execution. We advanced our modernization roadmap with more than 45 projects completed across corporate finance, human resources, global benefits, technology, and operations including expanding mobile and digital tools, automating claims and new business processes, and strengthening our core systems. Our business lines delivered solid results, with Global Benefits benefiting from strong experience gains and international growth, and Global Life performing well across key markets with Latin America leading in sales and premium strength. The successful rebranding of Mutual Trust Life Solutions to Pan-American Life marked an important milestone in strengthening our unified presence in the United States.

While global uncertainty persists, PALIG remains focused on what we can control. By serving our partners and honoring our commitments we maintain clarity of purpose and the ability to navigate change with confidence. And we see meaningful opportunity emerging. There is renewed and constructive focus on Latin America and the Caribbean, alongside stronger alignment between the region and the United States. In my time at PALIG, I have not seen a moment where the environment across our markets has been more aligned. These evolving dynamics create opportunity, and PALIG's longstanding presence, deep relationships, and regional expertise position us well to continue growing responsibly and sustainably. These moments, when challenge meets opportunity, and we have the team in place to seize it, excite me the most.

What gives me confidence in our future is simple: our people. We have assembled the best professionals in the industry, from our local teams serving communities every day, to our regional leaders driving strategy, to our executive leadership setting the course. This is a team that's tough to beat, and one I'm proud to work alongside. In 2025, we continued our strong track record of promoting from within and investing in talent development and employee wellbeing. Watching the next generation of talent come into this business and seeing the impact we're making in the communities we serve is part of what keeps me going and what makes these more than four decades feel like just the beginning.

We also welcomed David J. Turner, Jr., to our Board of Directors. David brings more than three decades of leadership experience in insurance and financial services, with deep expertise that aligns strongly with PALIG's commitment to disciplined growth, sound risk management, and long-term value creation.

Our priorities for 2026 and beyond remain clear: strategic expansion across our markets, supported by innovation and operational agility. We are engaging more intentionally with technology and artificial intelligence to enhance service, efficiency, and value. We continue strengthening our cyber defenses and risk management capabilities as threats evolve. And we remain flexible in U.S. healthcare, prepared to adapt while maintaining our long-term focus on stability and value creation.

As I reflect on 2025, I am deeply grateful to our employees, producers, partners, policyholders, Board members, and the communities we serve. Your trust enables our performance, and together we are building a future defined by strength and resilience.

Even in challenging times, perhaps especially in challenging times, I see tremendous opportunities ahead. With trust as our foundation, performance as our proof, and the best team in the business by our side, we move forward with confidence, clarity, and purpose.

Sincerely,

José S. Suquet
Chairman of the Board and Chief Executive Officer