Pan-American Life Insurance Group Annual increase of turnove

 

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Pan-American Life Insurance Group Annual increase of turnover and operating profit in 2008, Groupe de Transitions of financial information under GAAP NEW ORLEANS, February 17
NEW ORLEANS, February 17 / PRNewswire / - Pan-American Life Insurance Group today announced its financial results for 2008. The company generated revenues of $ 400 million before taxes and operating income of $ 25.7 million, representing an annual growth of 9% and 17% respectively.

The profit growth was influenced by the restructuring and diversification of the international sales organizations, a performance in life insurance sales and improved sales, turnover, and loss ratios in the group health insurance in the domestic and international markets. The net profit of $ 5 million reflects strong operating performance to compensate for losses primarily Fannie Mae and Freddie Mac preferred.

In 2008, Pan-American Life Insurance Group rose to U.S. GAAP accounting standards and financial reporting. Earnings released the results are presented on the new basis of accounting, including GAAP comparative 2007. Among the main reasons for the transition to the business practice of Mutual Holding Company structure, which include improving access to capital markets, facilitating mergers and acquisitions, to increase the possibilities of studying selection among the largest credit rating agencies and other groups to increase evaluation and comparative analysis of opportunities in the industry.

"Overall, 2008 was another good year for the Pan-American life. Closure with a sharp increase in annual revenue by double digits in sales is an excellent achievement, we favorable position for continued growth and success in 2009, "said Jose S. Suquet, Chairman, President and CEO of Pan-American Life." As we look ahead, despite difficult economic conditions, we will build on the momentum 2008, while monitoring the development and maintenance of our conservative investment strategy and risk management process. We will also continue to focus on initiatives that ensure that we maintain our financial strength and commitment to our policyholders, while continuing to focus on our expansion strategy in Latin America and U.S. Hispanic market. "

Pan-American Life has maintained its rating scores from "A-" with a "positive" from AM Best, said January 31, 2009, and an "A" by Fitch Ratings Insurance Group.

In 2008, the Company has focused on enhancing its Latin American group business operating results. Many of these initiatives have been implemented in the first quarter. As a result of these initiatives, there has been an overall decrease in rate of loss of 2% and a decrease of 10% of the Group of Latin American affairs and general administrative expenses.

      2008 Financial and sales highlights below:


                            Financial Highlights 2008

       - Total assets: $ 2 billion
       - Total capital: $ 339 million
       - Total revenues: $ 400 million
       - Total operating profit: $ 25.7 million


                              Highlights of 2008 Sales

       - Interior gross earned premiums increased $ 31.1 million more
            its contribution to gross premiums earned of 54% from 50% in 2007
       - Contribution to the total gross premiums earned LATAM remained stable at
            32%, increasing from 10.9 million.
       - Domestic sales reached $ 93.4 million, representing 52% of total
            sales.
       - Latin America sales reached nearly $ 75 million contribution
            remained constant at 43%, while increasing by $ 8 million
            2007.
       - Total sales of $ 176.8 million 22% growth over previous year

About Pan-American Life Insurance Group

Pan-American Life Insurance Group includes a number of insurance companies and reinsurance companies serving nearly half a million customers throughout the Americas. A member of the Group, of New Orleans-based Pan-American Life Insurance Company, is a leading international insurance company since 1911, employing over 700 employees worldwide, providing top-rated life and health insurance , workplaces and financial services in 46 states, the District of Columbia (DC) and Puerto Rico. Its international operations, offering individual and group life insurance and health throughout Latin America, includes affiliates in Panama, Guatemala, the Cayman Islands and Colombia, and agencies of the Ecuador, El Salvador and Honduras. For more information, visit the Pan-American Life Web site at http: / / www.panamericanlife.com

SOURCE Pan-American Life Insurance Group

CONTACT: Marta Reeves, Pan-American Life Insurance Company, +1-504-566-3112, or Isabel MReeves@panamericanlife.com Abislaiman Fleishman-Hillard, +1-305-520-9017, Isabel.Abislaiman @ Fleishman. com, for the Pan-American Life Insurance Company

Copyright © 2009 PR Newswire NEW ORLEANS, February 17 / PRNewswire / - Pan-American Life Insurance Group today announced its financial results for 2008.