Articles from Pacific Life Insurance Company

Pacific Life announced today the creation of a new office in Charlotte, North Carolina. Pacific Life expects to create 300 new jobs in Mecklenburg County over the next five years.

Pacific Life announced today that it has added a new flexible premium universal life (UL) insurance product to its lineup. Pacific Venture UL 21 provides a robust set of choices and replaces the Versa-Flex Venture UL2 product. This versatile UL product is designed for business owners and affluent clients looking for competitively priced insurance protection and the ability to use the policy to meet a variety of financial needs—whether that's income replacement, business protection, or legacy planning.

Pacific Life announced today the launch of two new fixed indexed annuity offerings, Pacific Index Foundation® 2 and Pacific Index Income™ in approved states and firms. For firms selling the new annuities, these products will replace Pacific Index Foundation® and Pacific Index Edge®.

Pacific Life Insurance Company (the “Company”) today announced the pricing of $750 million aggregate principal amount of 5.95% surplus notes due 2055 (the “notes”) which represents a 105 basis points credit spread over the 30-year U.S. Treasury rate. The notes have been offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. The Company plans to use the net proceeds of the private placement for general corporate purposes. Any payment of principal or interest on the notes will be made from the Company’s available surplus funds, as defined under Nebraska law, and only with the prior approval of the Director of the Nebraska Department of Insurance.

Pacific Life Insurance Company announced today that it has introduced a new flagship indexed universal life (IUL) insurance product, aimed at affluent clients who need competitively priced life insurance protection and significant flexibility in their retirement and estate plans.

Pacific Life will host the Defined Contribution Institutional Investment Association (DCIIA) 2024 Innovation Forum on February 28 in Newport Beach, California. The Forum will feature dozens of industry experts who will explore the theme: Challenging Inertia – Moving Beyond Conflicts to Foster Innovation.

Pacific Life announced today a collaboration with Fidelity Investments to provide Pacific Lifetime Income (a single premium immediate annuity or SPIA) for Fidelity's new retirement income solution, Guaranteed Income Direct (GID). The strategic collaboration marks a significant step in addressing the evolving needs in retirement planning and the increasing demand for retirement income solutions that are easily accessed from an employer-sponsored plan.

A recent study by The Alliance for Lifetime Income indicates that 51 percent of consumers between ages 45 and 75 feel they do not have enough retirement savings to last their lifetime. Launched in early 2020, Pacific Life’s Institutional Business team remains focused on providing innovative retirement solutions to help pave the way for more successful retirement journeys. To continue growth in this area, Karen Neeley recently joined Pacific Life as vice president and head of the Institutional Retirement Solutions Group, reporting to Executive Vice President and Head of Institutional Business Brian Woolfolk. Neeley’s team will focus on defined contribution lifetime income (DCLI) and pension risk transfer (PRT) solutions.

Pacific Life has been named one of the 2023 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on five categories, including its ethics and compliance program; culture of ethics; environmental and societal impact; corporate governance; and leadership and reputation.

Pacific Life and Franklin Templeton have announced a collaboration to jointly tackle the need for lifetime income for defined contribution plan participants through personalization and insurance solutions.

To help address market volatility, Pacific Life recently announced that it has enhanced its Pacific Index Dimensions® fixed indexed annuity. The product now includes five new crediting options linked to the BofA Iris U.S. Sectors Index, two of which can be used with the Index Lock‐In Feature that gives clients the ability to lock in market gains.

Taking another step to becoming the annuity company of choice for registered investment advisors (RIAs) and their fee-only advisors, Pacific Life today announced the launch of Pacific Harbor, a new multi-year guaranteed fixed annuity with no withdrawal charges.

Today, Pacific Life, in collaboration with Ensight and Insurance Technologies, introduced an innovative new sales tool that links to its current illustration software to provide financial professionals with an interactive, personalized presentation or e-brochure they can share with clients. The new presentation tool allows financial professionals to show their clients a comparison between two or more annuities, based on separate illustrations. Financial professionals can interactively show their clients how the annuities would hypothetically perform over time and the amount of lifetime income they could provide under different circumstances.

Recognizing that investors are looking for both growth and protection, Pacific Life recently launched the Invesco® V.I. Defined Outcome Funds, available with certain Pacific Life variable annuities. These innovative new funds are designed to give investors the benefits of a registered index-linked annuity (RILA) but with more flexibility, control, and transparency.

Pacific Life Insurance Company announced today that Darryl Button has been named CEO-Elect and will become president and CEO of Pacific Life, succeeding Chairman, President and CEO Jim Morris, on April 1, 2022, upon Mr. Morris’ retirement. Mr. Button, currently the company’s chief financial officer, will be only the 15th chief executive in Pacific Life’s 154-year history. In addition, the board of directors of Pacific Mutual Holding Company, the ultimate parent company of Pacific Life, has named Mariann Byerwalter as its non-executive board chair beginning April 1, 2022.

Pacific Life today announced two new portfolios to diversify its variable annuity investment lineup designed to meet today’s consumer needs: PLFA ESG Diversified Portfolio and JPMorgan Hedged Equity Portfolio. Both are available to consumers who purchase certain variable annuities from Pacific Life and are eligible for investment with an optional living benefit.