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Pacific Life

Pacific Life Insurance Company is a major American mutual company founded on January 2, 1868, as the Pacific Mutual Life Insurance Company of in Sacramento by , specializing in , annuities, guaranteed investment contracts, and funding agreements for its individual and institutional clients. Headquartered at 700 Newport Center Drive in , the company operates as a of the Pacific Mutual Holding Company and has grown over its 157-year history from serving Gold Rush-era pioneers to managing approximately $239 billion in assets as of December 31, 2024, while employing around 4,300 people nationwide. Pacific Life maintains strong financial ratings from leading agencies, including A+ (Superior) from A.M. Best, AA- (Very Strong) from Fitch and , and Aa3 (Excellent) from Moody's, all with stable outlooks, reflecting its commitment to policyholder security and long-term stability. The company offers a diverse portfolio of products, including with durations up to 30 years, universal and variable life policies, fixed and variable annuities for income, and solutions, serving millions of individuals, families, and institutions through a of independent agents and financial professionals. In recent years, Pacific Life has emphasized innovation in pension de-risking, digital platforms launched in 2023, and , including 15,000 employee volunteer hours donated in 2024 to community initiatives, while ranking 272nd on the Fortune 500 list with $15.8 billion in revenue for 2024.

History

Founding and early years

Pacific Mutual Life Insurance Company was founded on January 2, 1868, in , by a group of prominent California pioneers, including , who served as the company's first president from 1868 to 1876. The company was established to meet the growing demand for among settlers and their families, providing financial security in the unpredictable frontier conditions of post-1849 . The first policy, for $10,000 of coverage, was issued to Stanford himself on May 9, 1868, marking the beginning of operations as a stock company focused on whole life and endowment policies. In its initial decades, the company expanded steadily despite economic volatility, moving its home office from Sacramento to San Francisco in 1881 to access a larger market. By 1885, Pacific Mutual introduced accident insurance, an early innovation that broadened its offerings beyond traditional life coverage and positioned it as a pioneer in the industry. Growth accelerated in the late 19th century; by 1905, the company had achieved $61 million in life insurance in force, operating agencies across 40 states and territories after an eightfold expansion since 1880. The early 20th century brought significant challenges, including the and ensuing fire, which destroyed the company's headquarters despite the building surviving the initial quake. A timely merger with Conservative Life Insurance Company in March 1906 provided critical reserves, enabling Pacific Mutual to reinsure policies and relocate its headquarters to in 1908, where it constructed a new iconic office building. During the Great Depression, Pacific Mutual faced severe financial strain from its popular non-cancellable disability income policies, which proved underpriced amid widespread claims. On July 22, 1936, California Insurance Commissioner Samuel L. Carpenter declared the company insolvent and seized control, initiating a court-approved rehabilitation plan that created a new entity, the Pacific Mutual Life Insurance Company of California, to reinsure all existing policies. This reorganization transferred assets and liabilities from the original stock company to the new structure, halting sales of non-cancellable policies, adjusting benefits to match premiums, and repaying all obligations over time, with final payments completed by 1957; it laid the groundwork for the company's full mutualization, approved by policyholder vote in 1946 and effective after a 10-year transition period.

Expansion and innovations

Following , Pacific Life pursued aggressive expansion, supported by the structure established in the 1936 reorganization and its subsequent full mutualization in , which allowed the company to retain earnings and invest in growth initiatives without distributing dividends to shareholders. This period saw the company broaden its reach and diversify offerings to capitalize on the postwar economic boom and rising demand for financial protection. A pivotal innovation came in 1955 when Pacific Life installed the , becoming the first private company west of the to implement this groundbreaking electronic computer for business applications. The system, which cost $2 million and featured over 200 miles of wiring, revolutionized operations by automating policy administration and processing more than 300,000 policies daily, positioning the company as a leader in technological adoption within the insurance industry. Concurrently, Pacific Life expanded its product portfolio in the 1950s and 1960s by enhancing group —initially launched in the 1940s with $15 million in coverage accumulated by 1947—and introducing to address employer needs for comprehensive employee protection beyond individual policies. By the 1970s, Pacific Life had solidified its national presence, operating across the with more than $4 billion in in force as early as 1968. This growth was bolstered by the 1971 founding of Pacific Investment Management Company () as a wholly owned focused on fixed-income for the company's clients and general accounts. 's establishment marked a strategic diversification into professional investment services, rapidly scaling to over $1 billion in by the decade's end. Further included the 1978 relaunch of the Multi-Protection Trust plan, a group insurance package incorporating , , and coverage that drove a 1,000% increase in sales and reinforced the company's competitive edge.

Modern transformations

In 1997, Pacific Mutual Life Insurance Company underwent a significant restructuring, converting from a traditional mutual life insurer to a stock life insurance company within a mutual holding company framework, and adopted the name Pacific Life Insurance Company to reflect its evolving identity and increased financial flexibility. Concurrently, the company introduced its iconic humpback whale logo, a stylized breaching whale within a semicircle, symbolizing stability, longevity, power, and the enduring qualities of the Pacific Ocean and life itself. This rebranding marked a pivotal shift toward a more modern corporate image while preserving its mutual ownership roots. A key strategic divestiture occurred in 2000 when Pacific Life sold a 70% stake in its subsidiary Pacific Investment Management Company (), originally spun off as a separate publicly traded entity in 1994, to AG for $3.3 billion, allowing PIMCO to pursue independent expansion under new ownership. Following the transaction, PIMCO experienced substantial growth, managing over $1 trillion in assets by the early as it operated autonomously from its founding parent. This move enabled Pacific Life to streamline its focus on core insurance operations while realizing significant capital from the sale. Pacific Life further transformed its portfolio through targeted acquisitions and subsequent divestitures of non-core subsidiaries. In 2005, the company achieved full ownership of Aviation Capital Group (ACG), a commercial aircraft leasing firm in which it had made an initial equity investment in 1996, expanding into alternative asset management. ACG was sold in 2019 to Tokyo Century Corporation for approximately $3 billion, marking a profitable exit from the aviation leasing sector amid favorable market conditions. Similarly, in 2023, Pacific Life divested Pacific Asset Management LLC, its credit-focused asset management arm, to Aristotle Capital Management, which rebranded it as Aristotle Pacific Capital and integrated it into its broader offerings, managing around $20.7 billion in assets at the time of the transaction. In a nod to emerging trends in sustainable investing, Pacific Life launched Swell Investing in 2017 as a wholly owned digital platform dedicated to (ESG)-themed portfolios targeted at millennial investors. Despite initial promise, the platform struggled to scale, and Pacific Life closed it in August 2019, liquidating its approximately $33 million in assets and retaining its technology for potential future use. More recently, in 2022, Pacific Life entered the benefits market by launching offerings in dental, , and for employers, establishing a dedicated to provide digitally integrated group benefits solutions. This expansion diversified its product ecosystem beyond individual insurance into employer-sponsored plans. In 2025, Pacific Life expanded its footprint by opening an office in , and was recognized as one of the World's Most Ethical Companies by the Ethisphere Institute.

Products and services

Life insurance

Pacific Life offers a range of life insurance products designed to provide financial protection, including term life insurance for temporary coverage needs and permanent options such as universal life, indexed universal life, and variable universal life insurance policies. Term life insurance provides a death benefit for a specified period, typically 10 to 30 years, with level premiums during the term and high coverage amounts, making it suitable for short- to medium-term protection against income loss. Universal life insurance combines flexible premiums with death benefit protection and cash value accumulation on a tax-deferred basis, featuring guaranteed minimum interest crediting rates and options for no-lapse guarantees extending up to age 121 in certain cases. Indexed universal life adds potential for index-linked growth while protecting against market losses, and variable universal life allows allocation to market-driven investment options for higher growth potential, alongside a guaranteed minimum interest rate. In June 2025, Pacific Life introduced a new variable universal life insurance product available through State Farm. These products have been part of Pacific Life's offerings since the company's founding in 1868, when it began providing life insurance to mutual policyholders. Key features across these policies include customizable benefits that are generally paid income tax-free to beneficiaries, policy loans or withdrawals from for liquidity needs, and optional riders to enhance protection. Common riders encompass accelerated benefits for , allowing access to a portion of the during the policyholder's lifetime, and options that enable policies to convert to permanent coverage without additional medical . Guaranteed insurability riders are available on select products, permitting additional coverage purchases at key life events without proof of insurability. In 2025, Pacific Life launched an updated universal life product with three customizable coverage types for varied needs, including enhanced growth potential and no-lapse guarantees to ensure lifelong protection. These offerings target individuals, families, business owners, and high-net-worth clients seeking tailored protection for , income replacement, or wealth transfer, with flexible designs to accommodate diverse financial goals. Coverage can be customized based on age, health, and needs, appealing to affluent clients who value versatility in products like indexed and variable universal life. The process for Pacific Life's involves application review, evaluation, and potential exams, but includes accelerated options for faster approval up to $3 million in coverage without an exam for qualified applicants. Simplified issue processes are available for smaller policies, bypassing full medical exams to streamline issuance for lower face amounts. All policies are subject to approval and state-specific availability, with guarantees backed by Pacific Life Insurance Company's financial strength.

Annuities and retirement products

Pacific Life offers a range of annuities designed to provide income security, principal protection, and tax-deferred growth for pre-retirees and retirees. These products include fixed, , indexed, and immediate annuities, each tailored to different risk tolerances and income needs. In September 2025, Pacific Life launched two new fixed indexed annuities, Pacific Index Foundation 2 and Pacific Index Destination 2. Fixed annuities from Pacific Life guarantee principal protection and accumulate value at a declared , with options for steady, reliable monthly payouts that can last for life. Variable annuities allow for market-based growth through in subaccounts, offering tax-deferred accumulation and potential lifetime streams, often with protections. Fixed indexed annuities link growth to the performance of market indexes while shielding principal from losses, providing a balance of upside potential and downside protection. Immediate annuities convert a lump-sum into immediate periodic payments, suitable for those seeking instant replacement in . Key features across these annuities include optional riders for lifetime income guarantees, which ensure payments continue regardless of market performance or longevity. Death benefit riders, such as the Interest Enhanced Death Benefit, provide a payout to beneficiaries if the annuitant dies before annuitization, preserving accumulated value. Spousal continuation options allow a surviving spouse to assume ownership of the contract upon the primary owner's death, maintaining tax-deferred status and ongoing benefits. Fixed annuities typically offer minimum guaranteed interest rates, such as 0.05% annually, with declared rates varying by product and term, often ranging from 4% to 5% for multi-year guarantees. In addition to standard annuities, Pacific Life provides retirement-focused products like deferred annuities, which defer income payments to allow for tax-deferred compounding over time. Qualified Longevity Annuity Contracts (QLACs) are a specialized deferred income annuity option, compliant with IRS regulations, that can be funded from retirement accounts up to $210,000 as of 2025 and begin guaranteed lifetime payouts as late as age 85, helping manage required minimum distributions and longevity risk. Pacific Life positions its products to target individuals seeking income stability and asset preservation, with record annuity sales reaching $12 billion in 2024, contributing to the company's overall assets of $239 billion. These offerings emphasize guarantees backed by the insurer's financial strength, appealing to conservative investors planning for extended retirements.

Investment and asset management

Pacific Life offers a variety of non-insured investment products and asset management services, including mutual funds, separately managed accounts, and 401(k) plans, primarily through partnerships and its subsidiary Pacific Life Fund Advisors LLC (PLFA). The Individual(k) program provides small businesses with access to 401(k) plans featuring a selection of mutual funds for retirement savings, allowing participants to contribute pre-tax or Roth dollars into diversified portfolios. Separately managed accounts are available via advisor-managed programs, enabling customized investment strategies tailored to individual or institutional needs, often integrated with lifetime income solutions. The company's approach benefits from a historical legacy tied to , which Pacific Life founded in 1971 as Pacific Investment Management Company to handle its investments; although was spun off in 2000, this foundation continues to influence Pacific Life's emphasis on strategies alongside equities and alternative investments for balanced, risk-adjusted returns. PLFA oversees multi-asset class solutions, incorporating rigorous manager selection and to support institutional clients in areas like de-risking. In sustainable investing, Pacific Life advanced its offerings after closing the Swell Investing platform in 2019, launching ESG-focused funds managed by PLFA, such as the PLFA ESG Diversified Allocation portfolio, which invests in underlying mutual funds screened for criteria to promote long-term impact alongside financial performance. The company also integrates factors into its broader Sustainable Financing Framework, established in 2021, to finance green and social projects through bonds and other instruments. As of 2024, Pacific Life reported $69 billion in total and assets under wrap, with a focus on constructing risk-managed portfolios that serve both institutional investors, such as funds, and retail clients seeking diversified growth. Certain of these options are also accessible as sub-accounts within annuity products for enhanced flexibility.

Corporate affairs

Headquarters and workforce

Pacific Life's headquarters is located at 700 Newport Center Drive in Newport Beach, California, where the company has been based since completing its move there in 1972. The facility spans a 10-acre site in the Newport Center development and serves as the central hub for executive operations and corporate functions. In addition to the Newport Beach headquarters, Pacific Life maintains a key home office in Omaha, Nebraska, which acts as the legal domicile for Pacific Life Insurance Company and supports administrative and policy-related activities. The company is expanding its footprint with a new regional hub in Charlotte, North Carolina, announced in October 2025, expected to create 301 jobs and open in 2026 to bolster operations in the Southeast. Through its reinsurance subsidiary, Pacific Life Re, Pacific Life extends its global reach, maintaining a presence in over 12 countries across four continents, including key markets in Europe, Asia, Australia, and North America. As of 2025, Pacific Life employs approximately 4,334 people worldwide. The organization operates as a under the ownership of Pacific Mutual, a structure that prioritizes policyholder interests and long-term over returns. This framework supports a network of regional sales offices throughout the , enabling localized distribution of and products, alongside robust digital platforms that allow customers to manage policies, access accounts, and receive support online. Pacific Life emphasizes diversity and inclusion as core to its culture, actively working to attract and retain talent from varied backgrounds to enhance innovation and decision-making across all levels of the organization. Post-COVID-19, the company has implemented work policies, providing flexibility for many roles to combine remote and in-office arrangements, which promotes employee and operational .

Leadership and governance

Pacific Life's is headed by and Darryl Button, who assumed the role on April 1, 2022, marking him as the 15th chief executive in the company's history. Button joined Pacific Life in March 2017 as executive vice president and , where he led financial strategy and operations before his promotion. Prior to Pacific Life, he spent 17 years at in various senior finance roles, including , and holds fellowships from the and the Canadian Institute of Actuaries. The of Pacific Mutual , Pacific Life's parent, consists of 10 members as of 2025, with a structure divided into three classes serving staggered three-year terms elected by policyholders. The board includes independent directors with expertise in , , and related fields, such as Mariann Byerwalter ( and technology ), Julia S. Gouw (retired banking leader), and (Adobe's chief legal officer), alongside internal members like Button. This composition reflects the mutual structure, where policyholders serve as members with voting rights to elect directors, ensuring alignment with owner interests rather than shareholder pressures. Governance at Pacific Life emphasizes ethical standards, robust , and . The board's guidelines outline policies for assessing enterprise risks, including oversight by dedicated committees that review practices with senior leadership. As a Nebraska-domiciled mutual since 2007, Pacific Life adheres to Department of Insurance regulations, including confidentiality and solvency requirements for life insurers. Succession planning and diversity are integral to Pacific Life's leadership strategy, with the board prioritizing diverse perspectives in director selection based on experience, judgment, and background. Recent executive appointments, such as Christine Bass as head of Defined Contribution Lifetime Income in August 2025 and promotions of Gary Godin and Sean McCartney to senior vice presidents, support ongoing talent development and C-suite evolution. The leadership team features increased representation of women and underrepresented groups, exemplified by executives like Dawn Behnke (EVP, Consumer Markets) and Mary Beth Eckert (EVP, Chief Information and Digital Officer).

Financial performance

Pacific Life reported operating revenues of $16.0 billion in 2024, marking a 7% increase from $15.0 billion in 2023, with total assets reaching $239 billion, up 9% from the previous year. The company maintained its position on the list, ranking 272nd by total revenue. This financial scale underscores Pacific Life's status as a major player in the insurance sector, supported by robust growth in core operations. Key performance metrics highlight steady expansion, with adjusted operating income rising to $1.5 billion in 2024, a 15% increase from $1.3 billion in 2023, reflecting an average annual growth rate of approximately 7% in operating revenues from 2020 to 2024, largely propelled by strong sales. Policyholder surplus, equivalent to , stood at $16.0 billion at year-end 2024, an 8% improvement from $14.8 billion in 2023, bolstering the company's capacity to meet obligations. The portfolio, totaling $155 billion in invested assets, is predominantly allocated to fixed- securities, with bonds comprising 63%, mortgage loans 16%, and equities 5%. Net reached $3.9 billion in 2024, benefiting from higher-yielding new investments amid improving market conditions. Pacific Life faced challenges from prolonged low interest rates throughout the and into the , which compressed spreads and pressured profitability on interest-sensitive products. The company mitigated these pressures through portfolio diversification, including increased allocations to loans and private placements, alongside disciplined asset-liability matching to sustain stable returns.

Philanthropy and sustainability

Pacific Life Foundation

The Pacific Life Foundation was established in 1984 as the charitable arm of Pacific Life, focusing on philanthropic investments to support communities where the company operates. Since its inception, the foundation has contributed nearly $159 million to nonprofits across the as of 2025, with a particular emphasis on initiatives in , , and . The foundation's grant-making prioritizes , , and initiatives, directing support to nonprofits addressing critical local needs. In 2024, for example, grants were allocated as follows: 61% to and , 22% to , 8% to environmental causes including health, 4% to civic and , 4% to and , and 1% to other areas. remains a core focus, with programs like the 3Ts of grants providing for , , and textbooks in K-12 schools serving underserved students; in 2023, this initiative awarded $455,000 to 142 schools nationwide. efforts support economic vitality and , while initiatives fund organizations tackling and access to care, often in collaboration with local partners in and beyond. Key programs include scholarships for underserved students and disaster relief efforts. The foundation's Life Lessons Scholarship Program, in partnership with Life Happens, has awarded more than $600,000 since its start, providing $15,000 college scholarships to students who lost a without ; in 2025, five such scholarships totaling $75,000 were granted to recipients in Pacific Life employee communities. For disaster relief, the foundation has donated over $6.1 million since 2000 to preparedness, response, and recovery, including $750,000 in 2025 to aid victims of the wildfires through organizations like the and the Community Foundation. The foundation's funding model allocates resources annually through a combination of grants, corporate matching gifts, and in-kind contributions, overseen by Pacific Life's leadership to align with priorities. Recent annual giving has totaled $9 million to $9.5 million, with 2024 supporting 134 nonprofits via an initial $2.1 million grant cycle and 2025 planning $9.5 million overall.

Environmental and social initiatives

Pacific Life has integrated (ESG) factors into its investment processes since becoming a signatory to the (UNPRI) in 2019, emphasizing through eligible project categories such as and . As of 2023, the company manages $16.9 billion in socially responsible and environmental assets, including $322 million in investments for low-income and an $800 million bond issued in 2021. This approach aligns investments with UN , supporting transitions to a via and clean energy projects. In its social initiatives, Pacific Life maintains (DEI) programs that embed these principles into its culture, with 96% of employees completing DEI training in 2023 and earning a Silver distinction in the Insurance . The company's Supplier Program partners with minority-, women-, LGBTQIA+-, veteran-, and disabled veteran-owned businesses to foster inclusive practices as an extension of its internal DEI commitments. Additionally, Pacific Life collaborates with organizations like for and the for and to support workforce development and inclusive recruiting in communities. On the environmental front, Pacific Life has reduced its Scope 1 and Scope 2 by 63% from its 2019 baseline, reaching 3,828.5 metric tons of CO2 equivalent in 2023 through operational efficiencies in , , and . The company supports investments, including solar and wind projects, as part of its broader commitment to and the on Climate-related Financial Disclosures (TCFD) standards. Pacific Life's efforts evolved following the 2019 closure of its Swell Investing platform, a digital that struggled to achieve scale despite aligning portfolios with UN . In the , the company shifted focus to proprietary options, launching the PLFA Diversified Funds and a Sustainable Financing in 2021 to finance green and social projects while integrating criteria across its general account investments.

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