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.
The company says that operating results in the fourth quarter were adversely affected by the Thailand floods, bringing pre-tax catastrophe losses for the year to a historically high level of $2.7 billion.
Net income for the twelve months ended December 31 was $365 million, a decrease of $1.3 billion or 78.2% from the same period in 2010.
Revenues for the twelve months ended December 31 was $34.7 billion, an increase of $1.5 billion or 4.5% over the same period in 2010. Nippon Life Benefits, a New York-based provider of employee benefit solutions and unit of Nippon Life Insurance Company of America, has appointed Takayuki Murai as the company’s president and chief executive officer. Murai has worked for Nippon Life Group for more than 25 years and has held domestic and international assignments in corporate finance, real estate investment and overseas business planning and operations.
Most recently, the company says, Murai served as deputy chief representative in the New York office of Nippon Life Insurance Company. Murai succeeds outgoing President and CEO Toshihiro Nakashima, who will be rotating back to Nippon Life Insurance Company in Tokyo to serve as general manager of the International Investments Department.
Western & Southern Financial Group, Cincinnati, has debuted a life insurance product to New York State. Legacy Forward, a single-premium, interest-sensitive whole life insurance policy recently enhanced with improved death benefit payouts and five-minute underwriting, will be distributed through financial institutions that market products in New York from National Integrity Life Insurance Company, a Western & Southern Financial Group.
The contract issued by National Integrity will also be available in Maine, New Hampshire and Rhode Island. A companion version issued by Western-Southern Life Assurance Company has been available in 45 states and District of Columbia since October of 2010. Both are distributed by W&S Financial Group Distributors, Inc., the wholesale distributor of annuities and life insurance from Western & Southern member companies.
The Global Life division of multiline insurer Zurich Financial Services Group, Schaumburg, Ill., has introduced Zurich Survivor Index UL. The product jointly insures two individuals, offers a flexible premium adjustable survivorship life insurance policy and features index-linked interest options.