PALIG sees US$1 billion in revenue

In a statement, he said, “Our sustained top and bottom line growth positions us to continue strengthening our legacy across the Americas in 2017 and beyond.”

Suquet said PALIG announced revenues of more than US$1 billion for the first time in its history as revenue and total premium exceeded US$1 billion for the year ending December 31, 2016. “This reflects a 25.7 percent increase in revenue and a 17 percent increase in total premium. GAAP (Generally Accepted Accounting Principles) pre-tax operating earnings increased by 32.9 percent compared with 2015 to total US$72.1 million. Net income for 2016 increased 38 percent to US$48.9 million, as compared to US$35.3 million the year before,” the company said in the statement, adding that, “Total assets for the Group grew to US$5.6 billion, a 3.28 percent increase, while its total equity increased ten percent to US$933 million.”

The statement added that each of its four key business segments made significant contributions to the company’s overall revenue growth: International Life, which includes the company’s Caribbean and Trinidad and Tobago results, produced: US$265 million; U.S. Life: US$237 million; International Group, which also reflects the company’s Caribbean and Trinidad and Tobago business: US$326 million; U.S.
Group: US$237 million. It said that this distribution of contribution reflected a healthy balance in the company’s portfolio by line of business as well as by geographic footprint – the Life business represents 47 percent of premium with Group business representing 53 percent; and the United States represents 45 percent of premium while international business accounts for 55 percent.