WASHINGTON: Pan-American Life Insurance Group’s (PALIG) revenues topped US$1 billion for the first time in 2016, while operating earnings and net income grew more than 30 per cent versus the prior year, the company said in a media release.
The insurance and financial services firm on March 1 announced financial results for the full year ending December 31, 2016. “For the first time in its history, PALIG saw revenue and total premium exceed US$1 billion. This reflects a 25.7 percent increase in revenue and a 17 percent increase in total premium. GAAP pre-tax operating earnings increased by 32.9 percent compared with 2015 to total US$72.1 million. Net income for 2016 increased 38 percent to US$48.9million, as compared to US$35.3 million the year before. Total assets for the Group grew to US$5.6 billion, a 3.28 per cent increase, while its total equity increased 10 per cent to US$933 million,” the release stated.
