Pan-American Life Insurance Group has reported a rise in fiscal 2013 net income to $53m, compared to $24m last year.
Revenues for the year also increased by 17.5% to $653.7m compared to total revenues in fiscal 2012.
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The rise in revenues can be primarily attributable to continued strong growth both in the Latin America markets where the company operates as well as the new markets from the acquisition of MetLife’s Algico/Alico operations in the Caribbean, Panama and Costa Rica.
The overall sales in 2013 increased 10% with Global Life showing a 11% increase, International Group 29% and Pan-American Benefits Solutions 7.1%.
Pan-American Life Insurance Group board chairman, president and CEO José Suquet said that the effect of the 2012 acquisition is now showing throughout the organization, and the company is now operating on a greater scale, across many more countries and lines of business.
"While we continue to solidify the foundation of the core business that is the underpinning of our financial strength and we maintain a conservative financial management and prudent risk profile, our team has been focusing on nurturing growth in new areas that promise to accelerate the momentum we built after the acquisition and will propel us to new heights," Suquet added.
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