Pan-American Life reports lower net income; notes pre-tax operating earnings set a record in 2018

March 5, 2019 by Advocate staff report

Pan-American Life Insurance Group on Tuesday reported net income for 2018 decreased 5 percent to $73 million, due to lower realized gains versus 2017.

The New Orleans-based life, accident and health insurer said its pre-tax operating earnings increased 6 percent in 2018 to a record $93 million, with both its business divisions posting strong results. Sales improved 5 percent to $604 million, with International Group and U.S. Group sales up 8 percent and 3 percent, respectively.

The company said unrealized investment losses stemming from rising interest rates reduced total assets by 1 percent to $5.9 billion and total equity by 5 percent to $1.01 billion.

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Originally Posted at The New Orleans Advocate on February 26, 2019 by Advocate staff report.