NEW ORLEANS, June 22, 2011 /PRNewswire-HISPANIC PR WIRE/ — Pan-American Life Insurance Group is ranked at the number twelve position in the 29th annual ranking of the HispanicBusiness 500, a list of the largest Hispanic businesses in the United States. Additionally, in the Finance Sector, Hispanic Business Magazine ranked the company #2 among the top 10 Hispanic companies.
“By remaining committed to its mission, Pan-American Life Insurance Group has continued to see a steady and strong growth pattern in the past year. Addressing the needs of the growing Hispanic population in the U.S. has provided Pan-American Life with new opportunities,” said Chairman of the Board, President and CEO Jose S. Suquet. “Newly developed products, along with our core PanaMed product, accounted for 22 percent gain in sales in our Worksite Division, with 38 percent of new sales attributable to the Hispanic market segment. These products are aimed at providing Hispanics living in the U.S. services which historically have been unavailable to them. We are grateful for the collaborative efforts of our employees and partners and for the confidence of Hispanic policyholders whose life and health we protect.”
Today, 64 percent of the company’s senior management team, and more than 70 percent of the overall company employees are Hispanic. Additionally, 63 percent of the company’s policyholders are of Hispanic origin.
In 2010, Pan-American Life grew its revenues by 9.6 percent to $455 million over the previous year. Total assets reached $2.2 billion and total capital $521 million.
Since 1979, the HispanicBusiness 500 has served as a barometer of the U.S. Hispanic economy and of the leading Hispanic businesses in the country.
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 800 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