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March 06, 2012 at 09:00 AM
Pan-American Life Insurance Group, a provider of life and health insurance in Latin America and the US Hispanic market, reported gains in earnings in revenue for the year ended December 31.
Net income for the year was $30.7 million, an 11.5% improvement over 2010. Revenues grew 9.8% to $470 million, while pre-tax operating earnings also gained 9.8% to close the year at $35.5 million, the company reports.
The company attributes revenue gains chiefly to premium revenue, which boosted profits across all three major business segments: Domestic, International and Global Life.
In November 2011 the company entered into an agreement to acquire businesses and assets from MetLife—ALICO/ALGICO units in Central America and the Caribbean. The company says it is securing regulatory approval for the acquisition in the appropriate jurisdictions and expects to close the transaction in the first half of 2012.
In other company news:
Financial Architects Partners, LLC, a Boston-based estate planning life insurance firm, announced the opening of its fourth regional office in Minneapolis, Minn. The company says the office will be headed by Jon Christie, who will be joining FAP as managing director.
From the Midwest location, the company says, Christie will provide wealth transfer life insurance planning for ultra-affluent families and their advisors. He will be a resource for estate planning attorneys, tax specialists, family offices, and wealth managers, helping to integrate the life insurance asset into the families’ estate and financial plans.
Liberty Mutual Holding Company Inc. and its subsidiaries, Boston, reported net income for the three months ended December 31 of $284 million, a decrease of $292 million or 50.7% from the same period in 2010. Revenue for the three months ended December 31 was $8.963 billion, an increase of $413 million or 4.8% over the same period in 2010.
