Pan-American Life Insurance Group (PALIG) has reported a 9.8% rise in its revenues for the full year of 2011 to $470m.

The insurance provider’s pre-tax operating earnings also reported a 9.8% rise in 2011 to $35.5m.

Pan-American Life Insurance Group Board chairman and CEO Jose Suquet said continued execution of the company’s core strategy, expansion of distribution partners and new product development combined to make 2011 a successful year.

"Our revenue growth reflects strong sales performance throughout our core business segments and we are also very encouraged by the sales gains experienced across multiple markets in Latin America," Suquet said.

PALIG has reported 11.5% rise in its net income for the period to $30.7m when compared to the previous year.

"In 2012 we will build on these results and continue providing trusted financial security to customers throughout the Americas while integrating the operations that we are in the process of acquiring from MetLife and exploring new avenues for sustained growth."

During the same year, the company had signed an agreement to acquire select businesses and assets from MetLife ALICO/ALGICO units in Central America and the Caribbean and is currently securing regulatory approval for the acquisition and the company expects to close the transaction in the first half of this year.