Letters to Policyholders and clients

2021 was a dynamic and eventful year for Pacific Life. The ongoing uncertainties of the COVID-19 pandemic along with a continued low interest rate environment brought challenges. But we met them head on through continued growth and a strong performing investment organization, maintaining Pacific Life’s position of strength for long-term success as a leader in the financial services industry.

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  • Launched new indexed universal life (IUL) and competitive variable universal life (VUL) products, strengthening product line diversity and raising overall VUL ranking to 3rd in the industry
  • Achieved $5.6B in variable annuity sales, nearly 150% of sales from the prior year
  • $1.7B in pension risk-transfer sales as we expanded our capabilities to meet the needs of retirees and pensioners in the defined benefit plan space
  • Achieved over 120% sales growth and 10% industry market share in fee-based annuity business targeting the registered investment advisor market
  • Expanded into funded reinsurance market for both longevity and asset risks associated with pension liabilities
  • Launched proprietary online health history platform, allowing applicants to input their information at their convenience, day or night, seven days a week
  • Awarded DALBAR Financial Intermediary Service Award for the 18th consecutive year—9th consecutive year ranked #1 among annuity companies—and DALBAR Insurance Service Award for the 5th consecutive year for life insurance, further exemplifying our commitment to providing unparalleled customer service experiences
  • #1 Business Capacity Index ranking for reinsurance companies in the UK and Ireland 1
  • Named best-in-class life insurance for retirement planning by Forbes Advisor and best customer service company by Newsweek for quality of communications and customer focus 2
  • $800M largest funding agreement backed sustainable bond issuance in the insurance sector at time of issuance
  • $84.4B portfolio of fixed maturity securities, maintaining focus on credit quality and highly competitive yields
  • $19B portfolio of commercial mortgage loans, focused on high quality and low loan-to-value investments
  • $5.9B equity investments, consisting of $3.5B of private equity and $2.4B of real estate investments, emphasizing diversification and low volatility


Our company and industry were built to manage and respond in times of crisis, backed by a long-term promise that we will be here when you need us the most.

Darryl Button, President and Chief Executive Officer

Demonstrating Policyholder Value

For more than 150 years, Pacific Life has remained steadfast in delivering on its promise to be there for our policyholders when they need us most. As a mutual holding company, we have the benefit of long-horizon thinking, which aligns with our products and services, and allows us to invest in and focus on the needs of the future. We are focused on markets and areas that present growth opportunities across our businesses while continuing an unwavering prioritization of the needs of our customers.

Improving the Customer Experience

Advancing Financial Education

Founding member of the Alliance for Lifetime Income that creates awareness and educates Americans about the value and importance of having protected lifetime income in retirement

Analytics & Risk Mitigation

Created medical analytics team to further strengthen the company’s emerging risk capabilities in international reinsurance, ensuring insight related to new treatments, medical innovations, and other emerging risks and developments

Culture & Ethics

Recognized as an organization committed to a strong culture of ethics and integrity by being named one of the World’s Most Ethical Companies for the 5th consecutive year

Digital Investment

Launched new and innovative digital capabilities and experiences, including eApplication, eDelivery of policy documents, improved insurance automation and marketplace solutions, accelerated underwriting, and online health history options and tracking, designed to handle complex scenarios, increase operational efficiency, and make it easier for policyholders and financial professionals to do business with us

History of Pricing Improvements

Since 1985, passed along more than 125 cost improvements to non-guaranteed elements of our in-force life insurance policies, resulting in $425 million in cost savings to in-force policyowners 1

1 Cumulative impact of COI improvements over 30 years. To compute the estimated cost savings of COI reductions to the policyholder, actuarial models were run under both the improved and the prior COI rates for a 30-year period for each product and policy that was receiving a COI reduction. The resulting policyholder savings of $425 million was derived by taking the difference between the sum of the COIs to be collected by Pacific Life for each of the two runs.

Our Board & Senior Management

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Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2022 is compiled by Pacific Life using the 2022 FORTUNE 500® list.

* Includes retail mutual funds sales.
** Includes sales of Stable Value synthetic guaranteed interest contracts.
*** 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.
**** These numbers are a subset of total charitable giving by Pacific Life and the Pacific Life Foundation.

Life insurance rankings are from the 2021 Confidential Sales Survey of Participating Companies by LIMRA. Pacific Life Insurance Company sales are based on planned recurring premiums as measured against 67 participating companies. Structured settlement sales ranking from U.S. Individual Annuities Sales Survey by LIMRA, as of December 31, 2021. FORTUNE ranking as of May 2022 is of the top 500 U.S. firms by total revenue.

1 Life & Health Reinsurance Programme 2021 by NMG Consulting.
2 “Best Life Insurance Companies of 2022” Published January 2022. “America’s Best Customer Service Companies 2021” Published May 2021. Forbes Advisor and Newsweek are not affiliated companies of Pacific Life Insurance Company.

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 2021 audited GAAP consolidated financial statements, please visit www.PacificLife.com/financials.


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