Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, announced financial results for the full year ending December 31, 2014.
Revenues grew 8 percent to $704 million, while GAAP pre-tax operating earnings increased by 11 percent to close the year at $62 million. Revenue gains were primarily attributable to strong premium growth across the companys core business areas: International Group, Global Life and U.S. Domestic Group. Net income for the year was $49 million compared to $57 million in 2013, reflecting lower year-over-year realized investment gains that offset growth in operating income.
I am very encouraged by the strong organic growth we have experienced across all our lines of business in all of our jurisdictions, said José S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group. It is a tremendous accomplishment for our entire organization and a testament to the clearly defined strategic vision that we continue to execute on.
Total sales for 2014 closed at $458 million, a 9 percent increase over 2013. All three core lines of business posted sales gains for 2014 and the Private Client Major Medical business continued its sharp growth trend with a 17 percent increase in sales.
Key growth drivers include continuous product development, geographic expansion, and strengthening of the companys operational and service platforms. Additionally, a number of key initiatives put in place over the years have produced positive returns, among them, Pan-American Lifes Costa Rica operation, Private Client Major Medical business, along with the Personal Accident, Mass Marketing and Multinational Employee Benefits businesses.
There is no better reflection of the cumulative impact of our successful initiatives than the fact that in 2014 each one of our three main businesses , Global Life, International Group and Domestic Group, individually delivered comparable gross premium than what the entire company produced when I first joined the company in 2004, added Mr. Suquet.
2014 financial and sales highlights follow:
2014 Financial Highlights
- Total Assets: $3.3 billion
- Total Equity: $659 million est.
- Net Income: $49 million est.
- Total Revenues: $704 million
2014 Sales Highlights
- Overall sales in 2014 increased 9 percent
- Global Life showed a 5 percent increase
- International Group increased 14 percent
- Domestic Markets grew by 4 percent, led by 10 percent growth in U.S. Benefits
About Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group’s flagship member, has been delivering trusted financial services since 1911, employing more than 1,400 worldwide, providing top-rated life and health insurance, employee benefits and financial services in 47 states, the District of Columbia (DC), Puerto Rico, and the U.S. Virgin Islands. The Groups member companies offer individual and/or group life and health insurance 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 Web site at palig.com.