NEW ORLEANS--(BUSINESS WIRE)--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, 2023*.
In 2023, PALIG delivered another year of solid revenue growth and strong operational performance. Full-year operating revenue rose 7% to $1.31 billion while total premiums increased by 5% to $1.55 billion. Pre-tax operating income (PTOI) grew 14% to $77.2 million, anchored by higher Net Investment Income as well as improved mortality/morbidity due to the reduced impact of COVID-19. Net income for 2023 was $63.7 million, reflecting 240% growth over 2022, which included certain one-time disposition costs. GAAP equity, excluding accumulated other comprehensive income (AOCI), totaled almost $1.33 billion. Total GAAP Equity also grew during 2023, reflecting Net Income growth as well as improvement in the market value of the fixed income portfolio.
The Group's financial strength is underpinned by strong ratings from the independent ratings agencies, with AM Best and Fitch Ratings maintaining Pan-American Life's "A" ratings.
"PALIG's strong growth and operational performance in 2023 marked a welcome return to a more normal operating environment, demonstrating our resilience in successfully navigating the multi-year impact of the COVID-19 pandemic and other recent events," said José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group. "Our life business delivered outstanding results and we further solidified our market leadership position in life and future growth prospects with the acquisition of Encova Life, which was completed in early 2024 and enhances our scale, reach and investment portfolio in the U.S. We are encouraged by our 2023 results and are confident in our outlook for continued strength in 2024, as we remain steadfast in our focus on operational efficiency and productivity to better serve our policyholders and provide them with the financial security they need."
*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 affiliates and branches 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, follow us on Facebook @PanAmericanLife, Twitter @PanAmericanLife, Instagram @panamericanlife.latam, and connect with us on LinkedIn at Pan-American Life Insurance Group.
Contacts
Marta C. Reeves
Pan-American Life Insurance Group
MReeves@palig.com
Isabel Abislaiman
FleishmanHillard
isabel.abislaiman@fleishman.com
