today tomorrow togetherpan-american life insurance group today tomorrow together 3 pan-american life...

Today Tomorrow Together

2017 ANNUAL REPORT

2 2017 Annual Report

1. Who We Are ......................................................................3

2. A Message from Our CEO ...............................................4

3. 2017 Annual Review ........................................................6 • U.S. Life • U.S. Group • International Life • International Group • Corporate Highlights • Ratings

4. Working Together ..........................................................10

5. Corporate Giving.............................................................11

6. 2018 Key Initiatives & Vision .......................................12

7. Corporate ........................................................................14 • Senior Management Committee • International Leadership • Board of Directors

8. Financials ........................................................................18 • Summary of Operations • Consolidated Balance Sheet

Table of Contents

Pan-American Life Insurance Group: Today | Tomorrow | Together 3

Pan-American Life Insurance Group is a leading provider of insurance and financial services throughout the Americas. Since 1911, the New Orleans-based Group has been delivering trusted financial services and currently comprises more than 20 member companies, employs more than 1,950 worldwide and offers top-rated individual and group life, accident and health insurance, 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.

Pan-American Life Insurance Group offers:

• Individuals & Families - Life - Accident - Health• Businesses - Life - Accident - Health - Pensions - Mass Marketing - Credit Life - Multinationals

___________________________________

Not all products are available in all locations. For additional information on Pan-American Life products and services, and the Group member companies that offer them, visit palig.com.

Who we are


Pan-American Life Insurance Group delivered a stellar performance in 2017. What we’ve accom-plished speaks volumes about the company we are today and will be tomorrow.

I state that with confidence, because I have wit-nessed first-hand what can result from the col-lective effort and collaboration that permeates at all levels of our organization as well as in our work with our external business partners and the markets we serve. This powerful dynamic has truly allowed us to become one PALIG, aligned under the common vision of improving our pol-icyholders’ sense of wellbeing, while becoming the leading insurance carrier in the Americas. And that exceptional teamwork shows.

Teamwork shows in our financial performance. PALIG has consistently delivered top-line revenue, premium and pre-tax operating income (PTOI) growth. In 2017 revenues grew 6.7 percent to reach a record $1.07 billion. Pre-tax operating earnings grew a strong 21.7 percent to $87.8 million. Net income for the year was $77.5 million, a 58 percent increase compared to 2016. Total assets now stand at $6 billion and total equity increased 14.5 percent to over $1 billion.

We exhibited strong performance across business lines, registering a combined growth of 7 percent in new sales and 3 percent in total premium. International Group and U.S. Life led the way with double digit growth in sales over 2016. This level of performance can only be achieved through the consistent, integrated effort of all our functional areas working together towards a common goal.

A message from our CEO

José S. SuquetChairman of the Board, President and CEO


When we embarked on our 5-year strategic plan in 2014, we set aggressive targets for the year 2018. We surpassed those targets two years ahead of schedule. As a result, we’ve reset our expectations, embarking on a new 5-year plan with an eye towards 2021. Our new plan builds on our current performance and our strengths as an organization, focusing on four core areas:

• Organic growth of product business• Investing in talent and technology• Capitalizing on strategic market opportunities• Investing in future wins

Teamwork shows in our ability to integrate new operations into the PALIG organization. The exceptional performance of our U.S. Life business in 2017 is testament to the outstand-ing work our teams have done to integrate our U.S. Life operations in the United States. It has now been two years since the completion of the merger of Mutual Trust and Pan-American Life, and the highly eff ective integration of human, operational, and investment resources is show-ing clear results in the bottom line.

And in 2017, with the acquisition of HolaDoctor, we demonstrated yet again how PALIG can seamlessly add and integrate strategic assets that complement our existing operations to advance the company’s overall mission and set us up for future success. Joining forces with the leading digital provider of health and wellness solutions for Hispanic audiences is a signifi cant strategic initiative that both expands our presence in the U.S. Hispanic market and strengthens our position as a healthcare leader in Latin America.

Teamwork shows in our operational excellence.Day in and day out, I witness integrated cross-functional and cross-geography teams working together to deliver operational excel-lence, achieve our business objectives and build the footprint of our bright future. Over the past four years those teams have driven execution and margin improvement; tapped into new

market opportunities and leveraged our grow-ing scale; and strengthened our operational support functions to deliver improved respon-siveness and customer service.

Our team has also shown resilience and come together to assist each other when parts of our organization have come under severe external stress, as was readily evident with a spate of natural disasters in 2017. We all pulled together to support our operation in Mexico in the after-math of the earthquakes and did likewise after major hurricanes aff ected our colleagues in Texas, Florida, Puerto Rico and the Caribbean.Without doubt, we are able to accomplish much more with support and trust as an anchor.

At Pan-American Life Insurance Group every individual has the capacity to make a diff erence and drive business success. That capacity grows exponentially when we work hand in hand to-wards a common purpose, leveraging the best of what we each have to off er.

I don’t want to end my remarks this year with-out also noting a fabulous addition to our team on the Board of Directors. Suzanne Mestayer, Managing Principal of Thirty North Investments, LLC, will contribute her fi nancial expertise as a member of the Audit and Finance Committee. In addition to her long and successful record as a fi nancial services and banking professional, Suzanne has been a supporter and leader of several prominent community organizations and business groups in the New Orleans area.

I am proud to be a part of this great team and am looking forward to working in unison with all of my colleagues to make PALIG a bigger, stronger and more successful company for years to come.

Sincerely,

José S. Suquet Chairman of the Board, President and CEO


2017 annual review

TogetherAcross our footprint in the Americas, our teams are executing

on our vision of success. Their commitment to

working together inspires our performance as a

company and enhances the value that we add

to our stakeholders.

U.S. LIFE

• Achieved double-digit sales growth for the second consecutive year, outper-forming the industry by 18 percentage points

• Introduced new whole life product, Horizon Guarantee to further strength-en product off ering

• Continued to invest in strong relation-ships with independent distribution partners

• Repositioned Mutual Trust assets as part of the integrated PALIG invest-ment portfolio, resulting in increased investment yields

• Optimized coordination between operations teams in New Orleans and Oak Brook to enhance administrative processes

• Mutual Trust highlights in 2017 – Achieved $2 billion in statutory assets – Announced increased aggregate

policyholder dividend payout for 2018 despite continued low-interest rate environment, with over $9 million in dividends to be delivered to policyholders

Together we drive success


U.S. GROUP

• Demonstrated the ability to remain fl exible and successfully pivot in uncertain political and regulatory environments

• Delivered strong new account sales in Employee Benefi ts and Major

Medical Stop Loss• Expanded sales and marketing

distribution channels• Added new coverages to accident

product portfolio• Strengthened service culture and

customer service delivery• Maintained Hispanic niche market

focus with Hispanic-owned businesses accounting for 65 percent of new group clients

INTERNATIONAL LIFE

• Delivered pre-tax operating income (PTOI) of $52.7 million

• Generated strong sales in Latin America driven by growth in Panama, Honduras, Costa Rica, Colombia and El Salvador

• Achieved strong sales of annuity and personal accident products in the Caribbean

• Grew sales in the personal accident segment by 20 percent

• Expanded the agency distribution model for individual products to Costa Rica and El Salvador

• Added a single premium term insurance product to the Pan-American Private Client Life suite of products

• Enhanced product portfolios in Latin America and the Caribbean with the introduction of a new critical illness product and a new term insurance product in key regional markets

TogetherTogether we drive success


INTERNATIONAL GROUP

• Realized impressive top and bottom line growth of 19 percent and 18 per-cent, respectively

• Achieved record breaking sales in the multinational employee benefits segment sales with over $15 million in new annualized premium (NAP)

• Delivered particularly strong growth in the employee benefits segment in Latin America with over 30 percent growth in pre-tax operating income (PTOI) growth

• Generated significant growth in large markets, notably Mexico and Colombia

• Continued to successfully grow mass marketing business in Latin America and the Caribbean

• Expanded Accident & Health product offerings

• Completed the transformational acquisition of HolaDoctor, a leading digital provider of health and wellness solutions for Hispanic audiences

CORPORATE HIGHLIGHTS

• Completed new 5-year strategic plan and made significant inroads in map-ping the company’s succession plan-ning process

• Continued to enhance financial controls• Expanded enterprise risk manage-

ment (ERM) frameworks across the Group, further embedding the culture of ERM throughout the organization’s activities, from strategic planning to execution

• Upgraded cybersecurity capabilities with the addition of expert profes-sionals

2017 annual review

FOCUS ON: U.S. LIFE

2017 was another outstanding year for our U.S. Life business. Building on the value added in the 2015 merger with Mutual Trust, this line of business is helping PALIG maintain its balanced geographic and product distribution. Other highlights include:

• Completing the post-merger integration and accelerating growth momentum

• Growing 21 percent in an industry that rarely exceeds 2 – 3 percent annual growth

• Delivering an excellent performance in terms of revenue and pre-tax operating income (PTOI)


We’re proud to say that Pan-American Life Insurance Company received an A (Excellent) rating from A.M. Best and an A (Strong) rating from Fitch Ratings; and that Mutual Trust Life Insurance Company is also rated A (Excellent) by A.M. Best. These ratings are strong endorse-ments of the financial strength that enables us to be there when our clients need us the most.

“Pan-American Life’s rating affirmations reflect the benefits derived from the company’s long- established presence and name recognition in Latin America and the U.S. Hispanic marketplace, as well as its improved balance sheet and income statement. The ratings also reflect Pan-American Life’s solid con-solidated risk-adjusted capitalization, well-performing fixed-income invest-ment portfolio and positive net oper-ating performance.”

– A.M. Best

“Pan-American’s ratings reflect its very strong capitalization and rel-atively low-risk liability profile. The company’s strong balance sheet continues to be a key ratings driver with very strong capitalization and low leverage. The ratings also con-sider the successful integration of Mutual Trust, which has strength-ened Pan-American’s position in the U.S. life insurance market.”

- Fitch Ratings

INVESTMENTS

• Pan-American Life Insurance Group achieved a “new acquisition yield” of 5.28 percent on $830.9 million of bond purchases in 2017

• Net unrealized gains in Pan-American Life Insurance Group’s bond portfolio stood at $251.0 million as of December 31, 2017. This constitutes an increase of $119.9 million from the previous year

• Pan-American Life Insurance Company’s statutory bond yield in 2017 of 5.76 per-cent compares exceptionally well to the Life Industry average as published by A.M. Best. The most updated statistic available from A.M. Best reports that in 2016 the average bond yield for the Life Industry was 4.64 percent

Ratings


OUR LEADERSHIP WORKING TOGETHERPan-American Life’s corporate and in-country leadership teams nourish a collaborative culture that encourages every individual within the organization to play their part in bringing the company’s mission, vision and values to life every day.

OUR SALES TEAMS WORKING TOGETHER Across the United States, Latin America and the Caribbean, our agents and brokers relish the challenge of setting themselves apart and representing their client’s best interests – always. Together, they epitomize all we can accomplish when we work together.

OUR EMPLOYEES WORKING TOGETHERFor more than 100 years, we’ve been known as people you can trust for life. Our teams across the Americas protect and strengthen that legacy with their commitment to delivering the best service to every client from the moment their application comes through the door.

CELEBRATING OUR LEGACY AND WORKING TOGETHERIn 2017, Pan-American Life’s affiliates in Panama and Guatemala turned 105 and 60, respectively. We also celebrated the 5th anniversary of the MetLife acquisition in the Caribbean, Costa Rica and Pana-ma. These important milestones are the result of an unwavering commitment to working together

Working together

Over the course of our 107 year history we have learned many lessons about how we can best serve the people and communities that place their trust in us. Chief among those lessons is the impact of our collective power. When we work together we benefit from each other’s knowledge, empower each other to progress and most importantly, we enhance the company’s ability to deliver on the promise we make to our policyholders.

11

Teams that work well together achieve a greater impact and make a genuine difference in the lives of all those they touch. In 2017, our employees and producers across the Americas came together to make a meaningful difference in the communities they serve. With their generous support Pan-American Life Insurance Group part-nered with organizations that share our commitment to community development, the arts, education and public safety.

• Alianza Anticáncer Infantil - Mexico• American Cancer Society• American Diabetes Association• American Red Cross• Asociación de Cónyuges de Funcionarios Diplomáticos

del Ecuador• Asociación Hogar Jesucristo es mi casa - Guatemala• Asociación Pro-Niñez Panameña - Panama• Audubon Nature Institute – New Orleans• Bayou District Foundation – New Orleans• Birdfoot Festival – New Orleans• Boy Scouts of America – New Orleans• Breastoration – New Orleans• Casa Argentina – New Orleans• Club de Leones Guatemala• Club Rotario de Guatemala• Club Rotario Panama Norte - Panama• Committee for a Better New Orleans – New Orleans• Comunidad Religiosa “Siervas de María Ministras

de los Enfermos” - Ecuador• Court Watch NOLA• Creer – Honduras• Crimestoppers – New Orleans• Cystic Fibrosis• Doctors without Borders• Easter Seals• Ejército de Salvación - Puerto Rico• Escuela República de Francia - Honduras• Family Shelter Service• Fondo Unido de Guatemala United Way• French Quarter Festival – New Orleans• Fundacáncer - Panama• Fundación Amigos del Niño con Leucemia y Cáncer - Panama• Fundación Ayuvi – Guatemala• Fundación Castillo Córdova - Guatemala • Fundación Jesús Luz de Oportunidades - Panama• Fundación Latidos – Panama• Fundación Más Magia Más Vida - Mexico• Fundación Niño Feliz - Honduras• Fundación Porque quiero a Colombia - Colombia• Fundación San Ignacio de Loyola - Mexico• Fundación Valórate – Panama• Fundación Voces del Autismo - Guatemala• Fundayuda - Panama• Great Lakes Adaptive Sports Association• Greater New Orleans Council• Greater New Orleans Foundation• Greater New Orleans, Inc.• Guardian Angel Community Service• Habitat for Humanity• Habitat for Humanity – New Orleans• Hábitat para la Humanidad - Guatemala• Help HOPE Live• Hispanic Chamber of Commerce of Louisiana• Hogar de Niñas Natalia de Simán - El Salvador• Hogar del Niño El Ave María - Puerto Rico• Hogs for the Cause – New Orleans• Honor Flight Chicago• Houston Food Bank• Humanitarian Service Project

• Hurricane Harvey Relief Fund• Idea Village – New Orleans• Illinois Leukemia and Lymphoma Society• Instituto Oncológico Nacional - Panama• Junior Achievement – New Orleans• Juntos Podemos - Curundú• Juvenile Diabetes Foundation• Leukemia & Lymphoma Society• Liga Nacional Contra el Cáncer de Guatemala• Little Brothers – Friends of the Elderly• Little Friends• Louisiana Appleseed• Louisiana Children’s Museum• Louisiana Philharmonic Orchestra• Louisiana State University• Loyola University New Orleans• Lungevity• Make a Wish - Mexico• Make- A-Wish Foundation• March of Dimes• Midwest Shelter for Homeless Veterans• National Alliance on Mental Illness• National MS Society• New Orleans Ballet Association• New Orleans Council for Community & Justice• New Orleans Hispanic Heritage Foundation• New Orleans Museum of Art• New Orleans Police and Justice Foundation• Northern Illinois Food Bank• Nutre Hogar - Panama• Ochsner Clinic Foundation• Pacific Garden Mission• Pancreatic Cancer Action Network• Patronato Ciudad del Niño - Panama• Patronato de Nutrición - Panama• Pediatric Brain Tumor Foundation• Rotary Club of Port of Spain – Trinidad• Salvation Army• Sociedad Israelita de Beneficencia Shevet Ahim - Panama• Sociedad Protectora del Niño - Guatemala• St. Baldrick’s Foundation• Susan G. Komen• Texas Diaper Drive• The Cotton Tree Foundation -Trinidad• The Good Shepherd School – New Orleans• The San Antonio Green Market• The YMCA of Greater New Orleans• Toys for Tots• Tulane University• United Way• United Way - Honduras• United Way of Trinidad and Tobago• Upturn Arts• US Armed Forces• US Fund for UNICEF• West Suburban Community Pantry• WYES – New Orleans• Young Leadership Council• Youth Leadership Project

Corporate Giving

OUR 2017 COMMUNITY

PARTNERS


2017 was the beginning of a new phase for Pan-American Life as we began to implement our new strategic five year plan, with ambitious goals for 2021 and beyond. With mutual support and trust anchoring the efforts of our teams across all areas of the business, we are preparing Pan-American Life to continue building on its success.

Key business initiatives for 2018 include:

• Execute first phase of 5-year strategic plan

• Assess strategic implications of U.S. tax reform

• Expand enterprise risk management processes

• Continue to enhance cybersecurity infrastructure

• Leverage strategic M&A opportunities

• Expand U.S. Group accident product portfolio

• Introduce additional products in the U.S. Life portfolio and leverage cross-selling opportunities

• Launch Index Universal Life product for U.S. Foreign National business

• Achieve growth in U.S. Special Markets segment through new strategic partnerships

• Offer additional products through Hola Doctor distribution channels

• Strengthen wellness platform in support of international health products

• Install new anti-money laundering system and further strengthen compliance culture

2018 Key Initiatives & Vision

TodayTomorrowTogether


Senior Management Committee

MR. JOSÉ S. SUQUETChairman of the Board, President and CEO

MR. CARLOS F. MICKANVice Chairman of the Board, Head of Finance and Administration

MR. PATRICK C. FRAIZERExecutive Vice President - General Counsel and Corporate Secretary

MR. RODOLFO J. (RUDY) REVUELTAExecutive Vice President and Chief Investment Officer

MR. STEPHEN BATZAPresident – U.S. Life Business; President and CEO, Mutual Trust Life Insurance Company

MR. ROBERT DICIANNIPresident – International Group Business

MR. JOHN FOLEYPresident - U.S. Group Business

MR. BRUCE PARKERPresident - International Life Business

MR. ROBERTO ESTRADACEO – HolaDoctor

MR. MICHAEL CARRICARTESenior Vice President – Individual Health

MR. DANIEL COSTELLOSenior Vice President – International Country Management

MR. DAVID DEMMONSenior Vice President – Chief Financial Officer and Controller

MR. FRANK RECIOSenior Vice President - International Business Technology and Operations

MR. SCOTT REITANSenior Vice President - Administration and Information Technology

MR. BRYAN SCOFIELDSenior Vice President - Human Resources

MR. SELIG EHRLICH, FSA, MAAAChief Actuary and Risk Officer

MR. CARLOS ALDANAVice President - Corporate Development

MR. PAUL ENGERISERVice President - Corporate Actuary

MR. ALYWIN FRUGEVice President - Internal Audit

MR. RICK MABRYVice President - Tax

MR. CARLO MULVENNAVice President - Domestic Operations and Head of Product Development

MR. ÁLVARO MUÑOZVice President - Financial Reporting & Planning

MS. MARTA C. REEVESVice President - Corporate Marketing

MR. WILLIAM R. (BILL) SCHULTZ, JR Vice President – International Group

MR. RAFAEL SHABETAIVice President - International Life Chief Underwriter – Latin America and the Caribbean

MR. ROBB SUCHECKIVice President – International Healthcare


MS. MARÍA DEL ROSARIO ÁLVAREZCountry Manager – Honduras

MR. CARLOS CHIRIBOGACountry Manager – Ecuador

MR. JOSÉ ANTONIO (TONY) ELETACountry Manager – Panama

MS. MARIA TERESA BOLAÑOSCountry Manager – El Salvador

MR. SALVADOR LEIVACountry Manager – Guatemala

MR. JUAN PABLO LUQUECountry Manager – Colombia

MR. ALFREDO RAMÍREZCountry Manager – Costa Rica

MS. GREER QUANCEO – Caribbean

MR. LUIS CARLOS COVARRUBIASCountry Manager – Mexico

MR. JOSÉ LUIS VARGASCountry Manager – Puerto Rico

International Leadership


Frank Purvis was a man of vision,

whose more than 56 years of

stewardship and service was instrumental in

making Pan-American Life

the company that it is today.

He was an inspiration

to all those who knew him

and an example, even to those

who didn’t. May he

rest in peace.

In Memorium: Frank Purvis


MR. STEPHEN BATZA President - U.S. Life BusinessCEO, Mutual Trust Life Insurance CompanyPan-American Life Insurance Group Former Executive Vice President & Chief Operating Officer - Individual Life Business Unit Liberty Mutual GroupFellow of the Society of Actuaries and member of the American Academy of ActuariesOAK BROOK, ILLINOIS

MR. JERRY CARLISLEFinancial ConsultantFormer Adjunct ProfessorFormer Vice President, Controller & Chief Accounting OfficerLouisiana Land and Exploration CompanyFormer Audit ManagerPeat Marwick Mitchell & Co. (now/ahora KPMG)NEW ORLEANS, LOUISIANA

MS. MARTHA O. HESSERetired PresidentHesse Gas CompanyFormer Chairman of the BoardEnbridge Energy Partners Former ChairmanU.S. Federal Energy Regulatory Commission Assistant Secretary for Management and AdministrationWINNEMUCCA, NEVADA

MS. SUZANNE T. MESTAYEROwner & Managing Principal ThirtyNorth Investments, LLCChairmanOchsner Health SystemNEW ORLEANS, LOUISIANA

MR. CARLOS MICKANVice Chairman of the Board, Head of Finance and AdministrationPan-American Life Insurance GroupNEW ORLEANS, LOUISIANA

MR. KENNETH C. MLEKUSHFormer Vice Chairman Jefferson Pilot CorporationPresidentLife Companies Jefferson Pilot FinancialGREENSBORO, NORTH CAROLINA

MR. WENDELL MOTTLEYFormer ChairmanUnit Trust CorporationFormer Minister of Finance TrinidadFormer Managing DirectorCredit SuissePORT OF SPAIN, TRINIDAD

MR. DANIEL MULHERANRetired President, Individual Life Distribution ING U.S., LLC Former Senior Vice President and Head of IGA Distribution, U.S. Life GroupING U.S. Financial Services Former President and Principal Mulheran & Associates, Inc.NAPLES, FLORIDA

MR. CARLOS PALOMARESPresident SMC ResourcesFormer COO of Capital One FSBFormer COO Citibank Latin America Consumer BankMIAMI, FLORIDA

DR. PATRICK J. QUINLANFormer Chief Executive OfficerOchsner Clinic Foundation & International ServicesFormer Executive DirectorCenter for Community Wellness & Health PolicyFormer Chief Executive OfficerOchsner Health SystemNEW ORLEANS, LOUISIANA

MR. COLEMAN D. ROSSRetired PartnerPricewaterhouse Coopers LLPCHAPEL HILL, NORTH CAROLINA

MR. JOSÉ S. SUQUETChairman of the Board, President & CEOPan-American Life Insurance GroupNEW ORLEANS, LOUISIANA

DR. JOSÉ ANTONIO VILLAMILPrincipal AdvisorThe Washington Economics Group Inc.CORAL GABLES, FLORIDA

Board of Directors


Financials

Summary of Operations Pan-American Life Mutual Holding Company Years ended December 31, 2017, 2016, and 2015*2017 reflects unaudited financials | **2016, 2015 reflects audited financials

$ (000)

Revenues

Total revenues

*2017

$1,072,496

**2016

$1,005,125

**2015

$799,895

Premiums

Policy and contract fees

Net investment income

Other revenues

$701,723

114,106

243,141

13,526

$650,332

111,165

231,432

12,196

$515,384

111,820

156,405

16,286


Benefits and expenses

Total benefits and expenses

Net income

2017

$984,667

$77,490

2016

$932,975

$48,939

2015

$745,623

$35,311

Policyholder benefits and interest credited

Underwriting, acquisition, insurance and other expenses

Amortization of deferred policy acquistion costs

Income from operations before taxes and noncontrolling interest

Loss from discontinued operations net of tax

Net realized investment gains

Income tax expense

Income after taxes and before noncontrolling interest

Noncontrolling interest in income

$617,166

336,520

30,981

$87,829

-

8,688

19,029

77,488

(2)

$580,610

319,329

33,036

$72,150

-

6,606

29,810

48,946

7

$454,635

276,226

14,762

$54,272

-

1,690

20,599

35,363

52


Balance Sheet

Assets

Liabilities and equity

Total liabilities and equity

Total assets

Total liabilities

Total equity

*2017

2017

$6,001,616

$6,001,616

$4,936,006

$1,065,610

**2016

2016

$5,688,704

$5,688,704

$4,758,534

$930,170

**2015

2015

$5,513,001

$5,513,001

$4,665,203

$847,798

Cash and invested assets

Deferred policy acquisition costs

Other assets

Future policy benefits and claims

Policyholder account balances and funds

Other liabilities

Noncontrolling interests subsidiaries

Unassigned equity

Accumulated other comprehensive income (loss)

$5,237,693

194,281

569,642

$2,444,775

2,132,760

358,471

$293

1,001,843

63,474

$4,979,558

190,032

519,114

$2,397,061

2,039,287

322,186

$592

924,350

5,228

$4,776,399

190,863

545,739

$2,213,129

1,951,584

500,490

$537

875,411

(28,150)

Pan-American Life Mutual Holding Company Years ended December 31, 2017, 2016, and 2015*2017 reflects unaudited financials | **2016, 2015 reflects audited financials

$ (000)


Total Equity(GAAP in millions of $)The 15% growth in 2017 was driven by positive earnings and an increase in the fair value of the Company’s investment portfolio.

Net Income(GAAP in millions of $)Net income increased 58% from 2016 to 2017 due to the strong earnings across all four of the Company’s lines of business and a lower eff ective tax rate.

Pre-tax Operating Income(GAAP in millions of $)Pre-tax operating income in 2017 increased 22% due to strong earnings across all four of the Company’s lines of business.

Revenue(GAAP in millions of $)The 7% growth in 2017 represents continued growth in the Company’s International Group and US Life business.

2015

1,200

1,000

800

600

400

200-

1,200

1,000

800

600

400

200

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

90.0

80.0

70.0

60.0

50.0

40.0

2015 2015

848

35.3

54.3

800

930

48.9

77.5

72.2

1,005

87.8

1,072

2016

2016 2016

2017

2017 2017

1,066

2015 2016 2017

Live to Win

Antigua/Barbuda

Aruba

Barbados

Bonaire

Cayman Islands

Colombia

Costa Rica

Curaçao

Dominica

Ecuador

El Salvador

Grenada

Guatemala

Honduras

Mexico

Panama

Puerto Rico

St. Lucia

St. Kitts/Nevis

St. Maarten

St. Vincent/Grenadines

Trinidad & Tobago

United States

palig.com

today tomorrow togetherpan-american life insurance group today tomorrow together 3 pan-american life...

Documents