Pan-American Life Insurance Group Reports Record Net Income for 2024 On Strong Operating Performance

Business Wire

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, 2024*.

In 2024, PALIG delivered yet another year of outstanding revenue growth and strong operational performance, including the successful acquisition and integration of Encova Life. Full‑year GAAP operating revenue rose 12% to reach $1.46 billion, while total written premiums increased 11% to $1.72 billion. Pre‑tax operating income (PTOI) grew 39% to $107.6 million, resulting from strong revenue growth, favorable mortality and morbidity, as well as outperformance in Net Investment Income. Net income grew 52% year-over-year to a record $104.3 million, benefitting from strong operational results as well as a $20.4 million gain related to the Encova Life transaction. Total GAAP Equity grew to $1.20 billion in 2024 and GAAP equity, excluding accumulated other comprehensive income (AOCI), reached $1.43 billion.

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.

“In 2024, PALIG achieved record revenue, strong premium growth, and continued improvement in operational efficiency across all our lines of business,” said José S. Suquet, Chairman of the Board and CEO of Pan-American Life Insurance Group. “These results are a testament to the success of our customer-first innovation and digital transformation, which are simplifying access to benefits, expanding our market reach and enhancing efficiency. With this strong foundation, we are confident in our outlook for 2025 and long-term success to further solidify our position as the partner our customers trust for life and financial security.”

*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 thirty-member companies, employs more than 2,200 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.