New Orleans, LA–(HISPANIC PR WIRE – BUSINESS WIRE)–February 27, 2008–Pan-American Life Insurance Company reported today that the company achieved statutory revenues of $275 million, and $21.1 million in contribution to surplus during 2007. The gains attained in the past year build on the record levels reached during 2006, and place the company’s total capital at an all-time high of $331 million.
In its first year operating under a new mutual holding company structure – the Pan-American Life Insurance Group – the company also recorded an increase of $25 million in sales, nearing $146 million. The 21 percent increase in total sales was spurred by strong gains in Latin American group sales – 27% higher than 2006 – and US worksite products – a 36% increase in premiums.
“The restructure of our sales team during 2007 has produced impressive results across most of our business divisions, and sets the stage for continued growth going forward,” said Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life. “More importantly, our investment strategy limited our exposure to sub-prime loans and collateralized debt and loan obligations, which has insulated us from the troubles affecting some companies in the financial sector.”
Pan-American life’s A.M. Best “A-” and Fitch “A” ratings remained unchanged from the prior year. A.M. Best also upgraded the company outlook rating to positive.
2007 Financial Highlights Ratings Highlights
— Total Adjusted Surplus: $331 — “A-” (Excellent) rating from
million (Total Capital) A.M. Best
— Total Assets: $1.6 billion — “A” (Stable) rating from
the Fitch Ratings Insurance
— Contribution to Surplus: $21.1 million — Upgrade in the company outlook
rating to positive
— Total Revenues: $275 million
2007 Sales Highlights
— Latin American Group sales reached over $70 million — a 27 percent jump from 2006.
— Worksite saw an increase of 36 percent and Special Markets posted
21 percent growth.
— International Dollar annualized life insurance premium increased 10 percent from 2006.
— Latin American Individual life insurance with a 4 percent increase in sales from 2006.
About Pan-American Life Insurance Company
Founded in 1911, New Orleans-based Pan-American Life Insurance Company is a leading international insurance company, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 44 states, the District of Columbia (DC) and Puerto Rico. Its international operations, offering individual and group life and health insurance throughout Latin America, includes affiliates in Panama, Guatemala and Colombia, and branch offices in Ecuador, El Salvador and Honduras. For more information, visit the Pan-American Life Web site at http://www.panamericanlife.com.
Pan-American Life Insurance Company is a member of Pan-American Life Insurance Group. The Group is comprised of a number of insurance and reinsurance companies serving nearly half a million customers throughout the Americas.