Pan-American Life Insurance Group Reports Growth in Revenue and Earnings from Ongoing Operations in 2015

Double Digit Increases in Total Premium and New Sales Highlight
Another Year of Record Revenues and Strong Results

NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life Insurance Group (PALIG), a leading provider of
insurance and financial services throughout the Americas, announced
today financial results for the full year ending December 31, 2015.

Revenues grew 13 percent to $801 million, reflecting strong performance
across all lines of business that led to a 15 percent increase in total
premium and a 10 percent gain in new sales. GAAP pre-tax operating
earnings, exclusive of the one-time Mutual Trust Financial Group (Mutual
Trust) merger costs, grew 12 percent to $77 million. Net income for the
year was $30 million compared to $54 million in 2014 as a result of the
one-time Mutual Trust merger costs and taxes associated with one-time
capital repatriations from affiliates. Including Mutual Trust, the Group
also saw its total assets grow 69 percent over prior year to $5.5
billion and its total equity increase 25 percent to $837 million.

“This was a landmark year for Pan-American Life with record growth in
sales and gross premium. We’ve entered into 2016 with strong momentum
and an even stronger portfolio after the merger with Mutual Trust,” said
José S. Suquet, Chairman of the Board, President and CEO of Pan-American
Life Insurance Group. “Our continued growth is evidence that maintaining
disciplined business practices and providing peace of mind to those we
serve will continue to strengthen our position in the market.”

New sales for 2015 closed at $505 million, a 10 percent increase over
the prior year. The Global Life Business ended the year with $43 million
in new sales, a record high that represents 10 percent annual growth.
International Group sales increased 13 percent, while the U.S. Group
business grew 6 percent for the year. The 2015 figures reflect the
positive two-month impact of the Mutual Trust merger, which closed in
October 2015.

The growth in Global Life sales reflects a strong year for Private
Client Life and Caribbean Life, which grew 19 percent and 8 percent,
respectively, over the prior year. The U.S. Group business was led by a
9 percent increase in U.S. Benefits sales, while Special Markets
returned to growth in 2015. International Group registered sales gains
in most countries, with Mexico, Costa Rica, El Salvador and Colombia all
growing by double digits.

2015 financial and sales highlights follow:

2015 Financial Highlights

  • Total Assets: $5.5 billion
  • Total Equity: $837 million
  • Net Income: $30 million
  • Total Revenues: $801 million

2015 Sales Highlights

  • Overall sales in 2015 increased 10 percent
  • Global Life showed a 10 percent increase
  • International Group increased 13 percent
  • U.S. Group grew by 6 percent

About Pan-American Life Insurance Group

Pan-American Life Insurance Group is a leading provider of insurance
and financial services throughout the Americas that has been delivering
trusted financial services since 1911. The New Orleans-based Group is
comprised of more than twenty member companies, employs more than 1,650
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
branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador,
Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including
Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more
information, visit the Pan-American Life Web site at
palig.com,
follow us on Twitter @PanAmericanLife, and connect with us on LinkedIn
at Pan-American Life Insurance Group.

Contacts

Pan-American Life Insurance Company
Marta C. Reeves, 504-566-3112
MReeves@palig.com
or
FleishmanHillard
Isabel
Abislaiman, 305-520-9017
isabel.abislaiman@fleishman.com