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Annual Report
WHO WE ARE
Behind Pan-American Life Insurance Group (PALIG) is a dedicated team of people who thrive on elevating our company to new heights. Our 110-year heritage is built on our people’s spirit of innovation and commitment to help our customers achieve financial security and peace of mind.
We are powered by people our clients can trust for life. Serving more than 7 million policyholders and counting, PALIG is a leading provider of insurance and financial services. We offer premiere individual and group life, accident and health insurance, 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.
A MESSAGE
José S. Suquet
ACHIEVING
From the Global Life and Global Benefits divisions to Corporate and Investments, PALIG’s outstanding performance in 2024 showcases a year of record-breaking performance. Through strategic vision, innovation, and a steadfast commitment to growth, we capitalized on emerging opportunities and strengthened our leadership in the industry.
This year’s accomplishments reflect our ability to navigate an evolving landscape with agility, drive sustainable results, and create lasting impact—solidifying PALIG’s position as a trusted partner for life.
Corporate
Highlights
Global
Life
PALIG’s Global Life division delivered exceptional financial performance in 2024, driven by strategic market growth, product innovation, and underwriting excellence.
The digital transformation of Global Life advances with the continued deployment of Easy@pp, the Aura underwriting engine, and a new web-based illustration system. These innovations are streamlining the customer and producer experience, enhancing underwriting efficiency, and optimizing policy illustrations.
Global
Benefits
2024 was a landmark year for PALIG’s Global Benefits Division, delivering exceptional financial performance and strategic expansion. Strong market-driven strategies and disciplined execution fueled growth, solidifying PALIG’s position as an industry leader.
Pan-American
Accident & Health – U.S.
Pan-American Accident & Health U.S. delivered strong financial performance in 2024, surpassing premium growth targets, optimizing loss ratios, and expanding reach in the U.S. accident and health markets. Product innovation, regulatory approvals, and enhanced underwriting reinforced its competitive position, while operational efficiencies and digital advancements drove continued success.
Ratings
Reflecting a history of strong financial performance and consistent earnings, Fitch Ratings and AM Best have reaffirmed Pan-American Life’s ‘A’ (Strong) Insurance Financial Strength (IFS) rating and ‘A’ (Excellent) rating, both with a stable outlook. These ratings extend to Pan-American Life Insurance Company (PALIC) and its wholly owned subsidiaries—Pan-American Assurance Company International Inc. (PAAC), Pan-American International Insurance Corp. (PAIIC), and INRECO International Reinsurance.
Key factors driving these ratings include PALIG’s strong leadership position across Latin America and the Caribbean, reinforced by extensive distribution and provider networks, deep market expertise, and a profound understanding of the Hispanic culture. Coupled with a well-diversified business profile and robust capitalization, these strengths solidify PALIG’s standing as a trusted leader in the industry.
Investments
In 2024, PALIG's consolidated purchases achieved a "New Acquisition Yield" of 6.22%, surpassing the U.S. Corporate bond investment grade index average of 5.30%. PALIG maintained investment quality, with 55% of new acquisitions rated NAIC 1 or A- or higher. As of 12/31/24, PALIG's consolidated bond yield stood at 5.32%. This performance continues to exceed the Life Industry average, reported by SNL as 4.54% as of 12/31/23.
ELEVATING
Congratulations to Chairman of the Board and CEO of PALIG, José S. Suquet for two decades of excellence. As we commemorate his remarkable 20-year journey, we reflect on a legacy defined by vision, exceptional leadership, and unwavering commitment to our clients and community. Under José’s dynamic stewardship, PALIG has not only weathered challenges but has thrived, elevating our position as a trusted industry leader to new heights.
José's journey with PALIG began in 2004 when he was appointed CEO. In 2005, he showcased his compassionate leadership by spearheading United Way's recovery efforts in post-Hurricane Katrina New Orleans. During the 2007-2009 economic crisis, José navigated PALIG through the downturn with tenacity. He established a strategic roadmap focused on sustainable growth in life, accident, and health insurance solutions through organic opportunities and strategic mergers and acquisitions.
Amidst ongoing global economic challenges, José has persistently driven PALIG’s growth and operational excellence to date. He led the Alico/Algico strategic acquisition across more than 15 countries in Central America and the Caribbean, solidifying our leadership position. His people-first mindset strengthened customer and producer relationships, embodying our core values. Additionally, he innovated our product portfolio to meet evolving market needs and champion policyholder well-being.
Under José’s leadership, PALIG achieved sustained revenue growth, building a robust financial foundation, while maintaining stellar industry ratings, which enabled PALIG to meet our commitments to customers and forge mutually beneficial relationships with our business and community partners worldwide. José expanded PALIG’s presence in the U.S. with the merger of Mutual Trust Life Insurance Company and diversified our products to serve more customers with. His commitment to a culture of integrity, excellence, and collaboration continues to inspire employees and transform lives with globally recognized insurance solutions.
During the uncertainty of the COVID-19 pandemic, José prioritized the stability of our organization while ensuring the well-being of our colleagues through a work-from-home approach and maintaining exceptional customer care, staying true to our mission of providing financial security and peace of mind, paying over $330 million in COVID-19 claims alone.
In 2023 Jose lead the acquisition and merger with Encova Life adding $500 million in total assets further enhancing PALIC U.S. scale, reach and investment portfolio. Despite ongoing geoeconomic challenges, under José’s guidance, PALIG achieved remarkable financial success, with revenue growing to nearly $1.6 billion. A true visionary, José continues to transform our business to meet customer needs.
José’s visionary leadership resulted in pivotal financial milestones, exponential revenue growth from $284 million in 2004 to $1.47 billion in 2024, and assets jumping from $1 billion to $7.3 billion over the two decades. It is with great honor that we commemorate José S. Suquet’s outstanding achievements over the last 20 years. He is a pillar of excellence, resilience, and inspiration to our employees, customers, partners and the communities we serve. We are immensely proud to celebrate this significant milestone and look forward to many more years of innovation, growth, and success under José’s leadership.
ELEVATING
PALIG has proudly donated $1 million to support the Xavier Ochsner College of Medicine (XOCOM), a collaborative initiative between Xavier University of Louisiana and Ochsner Health. This generous contribution will fund stipends for 10 students each year to participate in the XOCOM Summer Internship Program, creating vital opportunities for aspiring medical professionals.
We are deeply committed to creating opportunities that empower the next generation of leaders and are grateful for our long-standing partnership with Ochsner and the incredible dedication of their team, whose vision and commitment to advancing healthcare make this program possible. Together, we are enriching students’ medical school experience, supporting their calling and shaping the future of medicine.
On January 27, 2025, we proudly unveiled a bold new rooftop sign at our headquarters atop the 28-story Pan-American Life Center in downtown New Orleans.
This striking sign, positioned 322 feet above the city, symbolizes PALIG's enduring commitment to our hometown and reflects the loyalty of our policyholders, employees, and community partners. The sign not only represents our remarkable growth but also PALIG's legacy of providing financial security and peace of mind for families and businesses over nearly 115 years.
The 6.8-foot-tall sign spans 75 feet in width and serves as a testament to our deep-rooted dedication to the New Orleans community.
At PALIG, we believe that true success transcends business growth alone; it is defined by the positive impact we create within the communities we serve. Through robust partnerships and meaningful initiatives, we are dedicated to empowering individuals and families to forge a healthier, more secure future. By collaborating closely with our community partners, we strive tomake a profound difference—transforming one life, seizing one opportunity, and enriching one community at a time.
PALIG Colombia improved the Nuestro Señor de la Buena Esperanza School in Bucaramanga with a $20M COP donation, enhancing facilities for 130 children and creating a safer, more engaging learning environment.
In Bogotá, PALIG volunteers supported Fundación Ángeles de Campo, delivering food donations and organizing activities to bring joy and educational opportunities to children with special needs.
PALIG Costa Rica donated school supplies to a school in Barrio El Futuro, doubling employee contributions to ensure children received complete kits for a strong start to the school year.
PALIG Ecuador, in partnership with Fundación REMAR, brought joy to 50 children in Quito by delivering toys and essential care baskets to their families, reaffirming our commitment to community well-being.
To celebrate 80 years in Honduras, PALIG hosted a Health Day in San Pedro Sula, providing free medical services in partnership with local healthcare providers—reinforcing our commitment to community well-being.
Through its “La Tiendita” initiative, PALIG Mexico raised funds to purchase a specialized wheelchair for a child with cerebral palsy, showcasing the power of collective impact and community support.
PALIG proudly sponsors Relevo por la Vida, supporting FANLYC’s mission to provide medical, emotional, and educational assistance to children with cancer in Panama. Each year, our team comes together to make a meaningful impact in the life of a child from the foundation.
For over 15 years, PALIG has supported the Instituto Oncológico Nacional, contributing to cancer research, treatment, and awareness initiatives to improve the lives of patients and their families.
PALIG colleagues volunteered at Second Harvest Food Bank, helping sort and package donated food to support community hunger relief efforts.
PALIG proudly supported ArcGNO by collecting and recycling over 835 lbs of Mardi Gras throws, contributing to their mission of empowering individuals with intellectual and developmental disabilities through employment, community integration, and support services.
The PALIG Miami team joined forces with United Way for a Thanksgiving Meal Packing Drive, assembling over 1,000 meal boxes to support low-income families in the community.
PALIG Trinidad and Tobago, in collaboration with United Way’s “Show You Care Everywhere” campaign, revitalized Nelson Street Boys R.C. School, reinforcing our commitment to the community. With the help of the school's Principal and parents, we created a vibrant space for students.
During Summit 2024 at Casa de Campo, our producers, colleagues and guests joined forces in a community outreach activity with the MIR Foundation. Together, we packed and delivered school supplies, bringing hope and opportunity to the children of La Romana, Dominican Republic.
ELEVATE
Achieving Growth through Purposeful Progress:
2025 Key Initiatives and
Vision
PALIG LEADERSHIP:
PURPOSE
Great leadership transcends decision-making; it is about creating lasting impact. At PALIG, our leaders do more than set goals; they are visionaries shaping the future. Through strategic insight, bold initiatives, and a consistent commitment to excellence, they transform challenges into opportunities and aspirations into remarkable achievements. Their capacity to inspire, innovate, and drive meaningful progress forms the bedrock of our organization’s success. From expanding partnerships and enhancing customer experiences to strengthening risk management and redefining product and service excellence, PALIG's leadership propels us forward with momentum. Their dedication is reflected not only in our milestones but also in the trust they cultivate and the lives they safeguard. At PALIG, leadership is not merely about sustaining success; it’s about elevating it to new heights.
Action and
Transform
THE
FUTURE
Great leadership transcends decision-making; it is about creating lasting impact. At PALIG, our leaders do more than set goals; they are visionaries shaping the future. Through strategic insight, bold initiatives, and a consistent commitment to excellence, they transform challenges into opportunities and aspirations into remarkable achievements. Their capacity to inspire, innovate, and drive meaningful progress forms the bedrock of our organization’s success. From expanding partnerships and enhancing customer experiences to strengthening risk management and redefining product and service excellence, PALIG's leadership propels us forward with momentum. Their dedication is reflected not only in our milestones but also in the trust they cultivate and the lives they safeguard. At PALIG, leadership is not merely about sustaining success; it’s about elevating it to new heights.
HEIGHTS
Great leadership transcends decision-making; it is about creating lasting impact. At PALIG, our leaders do more than set goals; they are visionaries shaping the future. Through strategic insight, bold initiatives, and a consistent commitment to excellence, they transform challenges into opportunities and aspirations into remarkable achievements. Their capacity to inspire, innovate, and drive meaningful progress forms the bedrock of our organization’s success. From expanding partnerships and enhancing customer experiences to strengthening risk management and redefining product and service excellence, PALIG's leadership propels us forward with momentum. Their dedication is reflected not only in our milestones but also in the trust they cultivate and the lives they safeguard. At PALIG, leadership is not merely about sustaining success; it’s about elevating it to new heights.
FINANCIAL
Pan-American Life Mutual Holding Company
As of December 31, 2024*, 2023, and 2022.
In $ thousands
*Unaudited
| Revenues | 2024 | 2023 | 2022 |
|---|---|---|---|
| Premiums | 981,979 | 896,534 | 842,411 |
| Policy and contract fees | 162,346 | 125,404 | 124,668 |
| Net investment income | 323,628 | 282,758 | 254,997 |
| Other revenues | 9,197 | 5,816 | 6,509 |
| Total Revenues | 1,477,150 | 1,310,512 | 1,228,585 |
| Benefits and Expenses | 2024 | 2023 | 2022 |
|---|---|---|---|
| Policyholder benefits and interest credited | 866,580 | 778,912 | 755,404 |
| Underwriting, acquisition, insurance and other expenses | 451,524 | 413,597 | 361,931 |
| Amortization of deferred policy acquisition costs | 51,463 | 40,850 | 43,452 |
| Total Benefits and Expenses | 1,369,567 | 1,233,358 | 1,160,787 |
| Income from operations before taxes and noncontrolling interest | 107,584 | 77,154 | 67,798 |
| (Loss) income from discontinued operations net of tax | - | (2,203) | (28,209) |
| Gain from bargain purchase | 20,409 | - | - |
| Net realized investment (losses) gains and unrealized losses on equity securities | (14 ,987) | 1,990 | (9,925) |
| Income tax expense | 4,248 | 8,238 | 10,949 |
| Income after taxes and before noncontrolling interest | 108,757 | 68,703 | 18,715 |
| Noncontrolling interest in income | - | - | 11 |
| Net Income | 108,757 | 68,703 | 18,704 |
Pan-American Life Mutual Holding Company
As of December 31, 2024*, 2023, and 2022.
In $ thousands
*Unaudited
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash and invested assets | 5,973,535 | 5,413,617 | 5,170,860 |
| Deferred policy acquisition costs | 462,928 | 444,813 | 448,544 |
| Other assets | 939,308 | 906,716 | 765,814 |
| Total Assets | 7,375,771 | 6,765,146 | 6,385,218 |
| Liabilities and Equity | 2024 | 2023 | 2022 |
|---|---|---|---|
| Future policy benefits and claims | 3,164,300 | 2,807,575 | 2,784,293 |
| Policyholder account balances and funds | 2,489,651 | 2,312,695 | 2,138,324 |
| Other liabilities | 519,646 | 542,349 | 438,973 |
| Total Liabilities | 6,173,598 | 5,662,620 | 5,361,590 |
| Equity | 2024 | 2023 | 2022 |
|---|---|---|---|
| Non controlling interests in subsidiaries | (7) | (7) | (7) |
| Unassigned equity | 1,438,834 | 1,330,076 | 1,279,482 |
| Accumulated other comprehensive (loss) income | (236,653) | (227,543) | (255,847) |
| Total Equity | 1,202,174 | 1,102,526 | 1,023,628 |
| Total Liabilities and Equity | 7,375,771 | 6,765,146 | 6,385,218 |
(GAAP in millions of $)
Total GAAP Equity increased 9% during 2024 as a result of Net Income growth.
(GAAP in millions of $)
Pre-tax operating income in 2024 increased 39% due to higher Net Investment Income as well as improved mortality / morbidity, the latter benefitting from continued reductions in COVID-19 experience.
(GAAP in millions of $)
Net income grew 58% in 2024 due to stronger operating earnings and bargain purchase gain recorded from Encova transaction.
(GAAP in millions of $)
The 13% growth in revenues during 2024 is the result of premium growth as well as higher Net Investment Income.
RISING
Success is never a solo journey; it is built on collaboration, trust, and a shared purpose. At PALIG, we extend our heartfelt gratitude to everyone who contributes to elevating our mission each day. To our dedicated colleagues, whose passion and commitment drive our success; to our producers, who bring our promise to life for those we serve; to our strategic partners, whose support enhances our ability to protect more lives; and to our insureds, who place their trust in us—we sincerely thank you.
Your steady commitment, resilience, and belief in our vision propel us forward. Together, we are not only reaching new heights but also creating a lasting impact on the lives we protect and in the communities we serve. As we look to the future, we remain steadfast in our promise to drive meaningful change and be the partner you can trust for life.
BECAUSE WHEN WE RISE TOGETHER, WE CREATE A FUTURE WHERE EVERYONE THRIVES.
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José S. Suquet