Newport Beach, Calif. (March 3, 2006) – Pacific Life Insurance Company’s Chairman and Chief Executive Officer Thomas C. Sutton was on hand last night in New York at the 13th Annual Mutual Fund Industry Awards to honor Alan Richard’s Fund Directions Lifetime Achievement Award. Before retiring in November, Mr. Richards was the lead independent trustee of Pacific Select Fund, the underlying investment vehicle for Pacific Life’s variable life insurance and variable annuity contracts, and Pacific Funds.

Mr. Richards had served on the board of the Pacific Select Fund since its inception in 1987 and oversaw its growth to its current size of over $37 billion in assets under management. Recently, Mr. Richards was instrumental in the development of Pacific Select Fund’s advisory fee reduction program. This unique program is a way of sharing economies of scale based on performance such that the advisory fee is reduced if the funds do well.

“Alan’s expertise in both the insurance and variable annuity business was crucial to Pacific Select Fund’s success these past 18 years,” said Sutton. “We thank him for his dedication and steady influence and congratulate him on his Lifetime Achievement Award.”

Founded in 1868, Pacific Life provides life insurance products, individual annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as clients¹ and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.

Variable insurance products issued by Pacific Life Insurance Company, shares of Pacific Select Fund, and shares of the Pacific Funds are distributed by Pacific Select Distributors, Inc. (Member NASD and SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third party broker-dealers.

¹ Data compiled by Pacific Life using the FORTUNE 500 list as of April 2005.