Pan-American Life Insurance Group said it continued its growth trajectory last year. The life, accident and health insurer which operates in the U.S., Central America and the Caribbean, including Cayman, reported 6 percent higher pre-tax operating earnings of $93 million in 2018.
GAAP revenues exceeded $1.1 billion, a 3 percent increase over 2017. Sales improved 5 percent to $604 million with International Group and U.S. Group sales up 8 percent and 3 percent, respectively.
Net income for 2018, however, decreased 5 percent to $73 million, due to lower realized gains versus 2017. Unrealized investment losses stemming from rising interest rates reduced total assets by 1 percent to $5.9 billion and total equity by 5 percent to $1.01 billion.
The financial services company said it had shown strong operating performance in its two key business segments, Global Life and Global Benefits, with the latter producing double digit earnings growth over 2017.
Premiums were higher in all business segments but especially in the International Group with a growth of 7 percent.
“Our solid and steady performance has permitted us to focus attention on investments that will strengthen the organization well into the future, including in leadership and talent development, systems and technology enhancements and succession planning” said José S. Suquet, chairman of the board, president and CEO of Pan-American Life Insurance Group.
He added, “After a decade of remarkable growth and transformation, we are poised to take on the market with new leadership in key areas of the company and renewed momentum.”
In 2018, the company stated, it brought to market an Equity-Indexed Universal Life product and invested in talent and technology, including expanding digital capabilities.