NEW ORLEANS, Feb. 22, 2011 /PRNewswire/ -- Pan-American Life Insurance Group, a leading provider of life and health insurance in Latin America and the US Hispanic market, today announced financial results for the full year ending December 31, 2010.
Jose S. Suquet, Chairman of the Board, President and CEO said, "The results that Pan-American Life Insurance Group delivered in 2010 demonstrate that our focused strategy is producing sizable dividends. This is a testament to our commitment to serving the life and health insurance needs of consumers in Latin America and the US Hispanic market, as well as to the leadership of our experienced executive team. Additionally, an enhanced product offering and our continued investment in operations and technology enabled us to increase efficiencies and be more competitive in the marketplace."
Revenues grew 9.5 percent to $455 million, while pre-tax operating earnings increased 16 percent to $30.8 million. Additionally, net income amounted to $34.1 million, a 19 percent gain, reflecting the continued strong performance of the company's investment portfolio. Total assets stand at $2.2 billion and GAAP equity grew 11 percent to $521 million. "Our balance sheet is now even stronger than before the global financial crisis," added Mr. Suquet. "The company's performance was validated midyear, when ratings agency A.M. Best upgraded the financial strength rating to A (Excellent) from A- (Excellent) of lead Group member Pan-American Life Insurance Company and its affiliates."
2010 Full Year Highlights
- Total assets: $2.2 billion
- GAAP Equity of $521 million marks an 11 percent increase
- Revenues grew 9.5 percent to reach $455 million
- Pre-tax operating earnings rise to $30.8 million, a gain of 16 percent
- Net income grows 19 percent to reach $34.1 million
2010 Sales Highlights
- Total sales increased 22 percent over prior year, with double digit growth in all segments of our operations
- Latin America Group Life and Health business delivered 16 percent growth
- Global Life annualized first year target premium grew 19 percent
- Worksite grew 22 percent over 2009, with 38 percent of first year premiums attributable to the Hispanic market segment
- Special Markets premium was up 52 percent
About Pan-American Life Insurance Group
The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers 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 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group's member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, Puerto Rico, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com.
SOURCE Pan-American Life Insurance Group