DESPITE the challenges introduced on by the Covid-19 pandemic, Pan-American Life Insurance coverage Group (PALIG) is about to regain its 2019 profitability.
So mentioned chairman and chief government officer of the board, José S Suquet, on the firm’s tenth anniversary celebration of its institution within the Caribbean, on the Hyatt Regency lodge, final week.
“We’re 80 per cent close to our 2019 profitability. The nice factor is, we did maintain our income machine going. Our rising income was about three to 5 per cent in 2021 and 2025.
“At Pan-American Life, we’re not owned by anybody, aside from our policyholders. We’re a mutual holding firm. So a lot of our colleagues, particularly regionally, have been acquired by banks or non-public fairness companies, however we proceed to be unbiased. We’re very considering taking a look at alternatives,” Suquet emphasised. He famous that some firms didn’t fare that nicely throughout the pandemic, so there could also be some alternatives that PALIG can have a look at, however he didn’t want to disclose extra simply but.
Suquet indicated to the media that PALIG is predicted to make US$1.4 billion in world income as its life insurance coverage enterprise within the Caribbean area has grown exponentially, comprising 45 per cent of the premium of its worldwide territories.
“Caribbean individuals imagine in insurance coverage far more than a lot of our Latin American international locations. That’s why the expansion is a lot extra within the area,” he mentioned.
The chairman and chief government officer outlined that, throughout the pandemic, PALIG paid out US$135 million in life and medical health insurance claims.
“It was a really humbling expertise for me. As a result of I received to see a few of the tales, behind the numbers and the struggling of the households, all through our footprint and we had been there for them.
“We got A’ rankings and constructive outlook all through the pandemic by the score companies…a testomony to our monetary power and resilience. Many firms, inside the trade, had been both downgraded, or placed on a damaging outlook, due to the Covid claims expertise,” Suquet careworn.
In the meantime, requested in regards to the Authorities’s proposed extension of the retirement age from 60 to 65, Greer Quan, PALIG’s chief government officer for the Caribbean, mentioned the corporate already has packages for people’ longevity of their careers and lives.
“Despite the fact that the retirement age bracket is altering because of longevity, individuals experiencing longer life spans, the truth that our merchandise additionally match a few of these life-style enhancements is once more a testomony to what Pan American Life is doing within the Caribbean. Simply as an employer ourselves, our retirement age is already 65. So, we very nicely perceive what it means to ensure and take care of the complete life cycle of our insurance coverage,” Quan added.
In PALIG monetary outcomes ending December 31, 2021, income was US$1.221 billion, a 3 per cent enhance over 2020. Whole premiums elevated by 6.5 per cent to US$1.3 billion.
It famous that 2021 pre-tax working earnings (PTOI) was US$37 million, impacted by US$90 million paid in Covid-19 claims and investments that made nice strides towards considerably advancing know-how sources and digital transformation.
The insurance coverage firm’s web earnings for 2021 was US$45 million, whereas complete property had been up by two per cent over the prior yr to US$6.9 billion.