Pacific Life Insurance
Pacific Life Insurance
700 Newport Center Drive
Newport Beach, CA 92660-6397
(800) 800-7646, ext. 3011
Pacific Life Insurance Company is a California-domiciled insurance provider offering life insurance products, annuities, and mutual funds to individuals and businesses, as well as pension plans and investment products and services. Pacific Life is licensed in all states except New York. In New York, individual life insurance and annuity products are available through Pacific Life and Annuity Company, a subsidiary of Pacific Life. The company is headed by President and Chief Executive Officer James Morris.
Pacific Life is a company with a history of product innovation. It has introduced various new products over the years, and included numerous improvements to existing products. Currently, more than half of the 100 largest companies in the United States are clients of Pacific Life. This client count is complied by Pacific Life is as of April 2010 using the 2010 FORTUNE 500 list.
Founded in 1868, Pacific Life was established by former California Governor Leland Stanford, the same individual who founded Stanford University. Beginning in 1885, Pacific Life started issuing accident insurance which was a pioneering move for a life insurance company that time. In 1906, Pacific Life merged with Conservative Life Insurance Company and moved its headquarters to Los Angeles, California. The company began Pacific Investment Management Company in 1971, and transferred its head office to its current location in Newport Beach, California. The company dropped mutual from its name, changing it to Pacific Life Insurance Company in 1997. This expressed the company structure’s change from a mutual ownership to a mutual holding company. In the same year, the company adopted the humpback whale as its symbol reflecting the whale’s qualities of persistence, performance, and strength.
The company has four divisions: life insurance, retirement solutions, investment management, and real estate. Its principal life insurance products offered include universal life insurance, variable universal life, indexed universal life, interest-sensitive whole life, joint and last survivor life, and term life insurance. Pacific Life’s retirement solutions division supplies an array of annuities and mutual funds designed to help grow assets and to provide retirement income for financial independence. Principal products for retirement include fixed annuities, variable annuities, mutual funds, small business 401(k) programs, individual (k) programs, structured settlement annuities, and single premium group annuity contracts.
The company’s investment management division, on the other hand, provide public corporate bonds and asset-backed securities, private placements, private equity limited partnerships, and accounting, reporting, as well as valuation support for registered investment advisors. High-quality commercial real estate investments through direct mortgage loan originations, commercial mortgage-backed securities and real estate investment trust debt purchases are provided by Pacific Life’s real estate division. Direct property development and ownership, as well as partnership and fund investments, adds to the equity portfolio. Furthermore, primary and special servicing to third-party commercial mortgage-backed securities and private investors are offered by this division.
Pacific Life boasts of a solid financial strength as exhibited by the ratings issued by major independent rating agencies. Pacific Life’s rating from A.M. Best is A+ or superior, reflecting the company’s strong risk-based capital position at year-end 2009. It also reflects a considerably reduced net unrealized loss position within its investment portfolio, and a significant shift in the individual annuity product sales mix from mainly variable to an equal amount of variable and fixed. The rating likewise reflects the company’s wide-ranging distribution relationships and solid competitive positions. Fitch and Standard and Poor’s provided a rating of A+ or strong for Pacific Life, while Moody’s gave a rating of A1 or good. These rating agencies also gave a stable outlook for Pacific Life.
As of 2009, the company has an asset of $ 109,954 million, equity of $ 6,537 million, operating revenues of $ 5,359 million, operating income of $ 520 million and deposits of $ 10,687 million.