NEW ORLEANS (AP) — Charges tied to 2011 acquisitions of insurance operations in the Caribbean and in Latin America pushed Pan-American Life Insurance Group pre-tax earnings down 27 percent in 2012, though overall revenue continued to grow, the company says.
New Orleans CityBusiness reports (http://bit.ly/12y9Vg2 ) the New Orleans-based insurance group on Tuesday reported $25.6 million in pre-tax operating earnings for 2012, down from about $35.1 million in 2011. Excluding $19 million in one-time, acquisition-related costs, Pan-American posted a 13 percent increase in pre-tax operating income last year.
Pan-American acquired some MetLife operations in Central America and the Caribbean for an undisclosed price in November 2011. The acquisitions, including an American Life and General Insurance Co. unit in Trinidad and Tobago and assets in Panama and Costa Rica, have been keys in Pan-American's growth strategy.
Information from: New Orleans CityBusiness, http://www.neworleanscitybusiness.com
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