New Orleans-based Insurance Company Posts Loss

March 22, 2006

Pan-American Life Insurance Co., which provides life insurance, group life and health coverage and worksite benefits, posted a $4.5 million net loss for 2005, the company said Monday, March 20.

The loss included $5.2 million in expenses from Hurricane Katrina and a one-time restructuring charge of $9.4 million, the company said.

Revenue for the year totaled $242.3 million, Pan-American said.

Pan-American said its overall sales rose 1 percent, despite hurricane interruptions, while worksite business premiums jumped 22 percent.

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