2020 Annual Highlights and Achievements

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- About Us Whether you’re protecting your loved ones or growing your assets, you’re highly invested in your financial future. And so are we. When you purchase life and retirement insurance, you’re buying a promise. A promise that today, tomorrow or ten years from now, we’ll be there. For more than 150 years, we’ve fulfilled that promise. Our clients trust Pacific Life to protect what matters most to them—their families, their businesses, their futures.

2020 ANNUAL HIGHLIGHTS AND ACHIEVEMENTS

Letter to Policyholders and clients

The year 2020 was unlike any other. It challenged us in every way, leaving us at times feeling uncertain. We stayed home, social distanced, worked remotely, and helped teach our children. While it’s a year we are glad to put behind us, there are positives to embrace: precious time with family, taking care of others and our communi-ties, the creation of effective vaccines, and in the face of adversity, coming together to be there for one another.

Read full letter

Business Highlights

View Our Insurance Ratings and Financials

Achievements

Sales/Distribution

Strengthened position as a top provider of term life insurance with a 55% increase in sales over the prior year during a time of unparalleled disruption, reaching 100,000 policies placed in force since 2017
Achieved $3.7 billion in overall variable annuity sales, primarily driven by lower-cost, investment-only contracts
Celebrated 6^th consecutive year as the #2 structured settlements provider
Pension risk-transfer set record sales of $2.3 billion, as we expanded our capabilities to meet the needs of retirees and pensioners in the defined benefit plan space
Expanded distribution into the independent registered investment advisors market by launching our fee-based annuities with industry-leading distribution partners and integrating with key digital platforms in the advisory space

Products/Service

Awarded DALBAR Financial Intermediary Service Award for the 17^th consecutive year and DALBAR Insurance Service Award for the 4^th consecutive year, solidifying our commitment to providing outstanding customer service experiences
Launched digital transformation efforts in our retail divisions, reimagining the customer experience, modernizing core operating systems, and fundamentally changing how we interact with our third-party partners
Introduced the Key Executive Advantage Program with variable universal life insurance, servicing nonqualified deferred compensation plans for midsize businesses
Ranked by Forbes Advisor as the #1 Life Insurance Carrier, based on cost competitiveness, historical performance, and financial strength¹
Established $20 billion in funding agreement programs, including a note program ($15 billion) and commercial paper program ($5 billion)

Investments

Grew portfolio of fixed maturity securities to $76.5 billion, maintaining focus on credit quality and highly competitive yields
Continued strong performance of $20.3 billion commercial mortgage loan and real estate equity portfolios, committing $1.4 billion to new commercial mortgage loan and real estate equity investments

Subsidiaries

Pacific Global Asset Management

Assets under management grew $2.6 billion to $18.5 billion²
Established environmental, social, and governance investment strategies

Pacific Life Re

Named re/insurer of the year by the InsuranceERM UK & EMEA 2021 Awards
Ranked #1 on Business Capacity Index in the UK & Ireland³

Meeting the Moment

Pacific Life has a long history of strength and resiliency in “meeting the moment” for our policyholders when they’ve needed us the most. That foundation has enabled us to keep our promises and deliver benefits year after year, helping millions of individuals and families to weather the unexpected. Through natural disasters, global pandemics, and social uncertainty, we’ve experienced a lot in 2020 and over the past 153 years. And we’ve met each moment with a steadfast commitment to providing products and services that stand the test of time. As we look to the future, we will continue to be there for our policyholders, providing value and financial security for current and future generations.

Pandemic Relief Efforts

The Pacific Life Foundation distributed more than $1.75 million in grants to support COVID-19 relief efforts.

Donations were made to organizations focused on providing emergency financial relief for low-income families, food security and distribution, and to nonprofits caring for the families of first responders and essential workers.

Adressing Diversity and Inclusion

Our Chairman, President and CEO Jim Morris has joined more than 1,600 CEOs from other companies, associations, and universities to advance diversity and inclusion within the workplace through the CEO Action for Diversity & Inclusion^TM pledge. Supporting an inclusive and diverse workplace starts from the top, but it also comes from within our company. As such, we have created the Enterprise Inclusion Council at Pacific Life, which will be focused on building our strategy and intended outcomes of our diversity, equity and inclusion work. We are committed to doing our part to help ensure a more inclusive workplace for employees and strengthening our communities, including:

97% of all employees successfully completed unconscious bias training
Achieved a score of 95 out of 100 on the 2021 Human Rights Campaign’s Corporate Equality Index
Provided more than $700,000 in funding to organizations whose specific mission is to support and empower underrepresented individuals and families in our communities

Taking Care of our Policyholders

We exist for the benefit of our policyholders and provide long-term value to more than 898K in-force-members.

During the COVID-19 pandemic, as part of our commitment to providing exceptional customer service and making it easy to do business with us, we:

Extended deadlines by at least 60 days for COVID-19 impacted policyholders
Kept policies in force for missed payments with premium repayment plans in select states
Staffed customer service centers with remote workforces and reduced call wait times compared to 2019
Expanded our e-application and e-signature technology, allowing for quicker and safer interactions with both financial professionals and policyholders
Leveraged alternate underwriting whenever possible to address medical exam social distancing concerns

Corporate Social Responsibility

Our Board & Senior Management

View Leadership

Download 2020 Annual Report

Download 2021 Pacific Life Profile

Download 2020 Corporate Social Responsibility Report

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2020 is compiled by Pacific Life using the 2020 FORTUNE 500® list.

*Reflects the combined results of Pacific Life Insurance Company and its insurance subsidiaries on a statutory basis and primarily includes death and annuity benefits paid.
**Includes retail mutual funds sales distributed by Pacific Global Asset Management.

Life insurance rankings are from the 2020 Confidential Sales Survey of Participating Companies by LIMRA. Pacific Life Insurance Company sales are based on planned recur-ring premiums as measured against 70 participating companies. Structured settlement sales ranking from U.S. Individual Annuities Sales Survey by LIMRA, as of December 31, 2020. FORTUNE ranking as of June 2021 is of the top 500 U.S. firms by total revenue.

¹ Forbes Advisor “Best Life Insurance Companies 2020.” Published 7/14/20. Forbes Advisor is not an affiliated company of Pacific Life Insurance Company.
² Growth from Pacific Asset Management and Pacific Private Fund Advisors.
³ Life & Health Reinsurance Programme 2020 by NMG Consulting.

Pacific Life Insurance Company, an indirect wholly owned subsidiary of Pacific Mutual Holding Company, is licensed in all states except New York. In New York, individual life insurance and annuity products are available through Pacific Life & Annuity Company, a subsidiary of Pacific Life Insurance Company. Product availability and features vary by state. Insurance product and rider guarantees are backed by the financial strength and claims-paying ability of the issuing company and do not protect the value of the variable investment options. Each company is solely responsible for the financial obligations accruing under the policies it issues. Variable products are issued by Pacific Life Insurance Company and Pacific Life & Annuity Company. These products and mutual funds are distributed by Pacific Select Distributors, LLC (member FINRA and SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers. In order to sell life insurance products, a financial professional must be a properly licensed and appointed life insurance producer. For current financial strength ratings, please visit us online at www.PacificLife.com/ratings.

To view a copy of Pacific Mutual Holding Company’s 2020 audited GAAP consolidated financial statements, please visit www.PacificLife.com/financials.