In a world defined by change and uncertainty, that purpose anchors who we are, shapes how we anticipate and meet customer needs and guides every promise we make.

In 2025, Pacific Life delivered on those promises with clarity and conviction. We achieved record results, expanded into new markets and invested in the capabilities that will support our customers and policyholders for decades to come. We delivered $25 billion in promised benefits, fulfilling our commitment to serve individuals, families and institutions across every stage of the financial lifecycle.

Our Performance Reflects the Strength of a Diversified, Purpose-Built Portfolio
This was a year of transformation in action. Growth across our businesses drove record assets and investments, including $40 billion in new investments, reinforcing our ability to scale and support long-term commitments.

We led the industry in life insurance sales, finishing number one in LIMRA rankings with $776 million in total sales. Success spanned our full product suite – universal life, indexed universal life, variable life and term life – and was amplified by an omni-channel distribution model designed to meet customers where they are.

In annuities, we regained market share and earned a top 10 LIMRA ranking with $16 billion in total sales. The completion of our product suite with our registered index-linked annuity (RILA) offering, launched in 2024, generated more than $2 billion in sales and strengthened our position in one of the fastest-growing segments of the market.

We expanded our institutional reach by entering the jumbo pension risk transfer market with our first $1 billion transaction and deepened our presence in the defined contribution lifetime income space, helping address one of the most pressing challenges facing retirees today: dependable income for life.

Our reinsurance business demonstrated the power of global diversification and scale. We completed our largest-ever $1.4 billion reinsurance transaction, expanded our savings product reinsurance offering in Japan, executed several longevity transactions in the Netherlands, grew our protection reinsurance presence in India and expanded Capital Solutions globally. These achievements affirm Pacific Life’s role as a trusted global risk partner and a provider of solutions to life insurance and reinsurance companies.

Our newest division, Workforce Benefits, delivered tenfold growth in sales year over year, underscoring both the demand for our solutions and the scalability and future growth of our operating model.

Our financial strength foundation remains strong, supported by consistently high ratings from the major independent rating agencies. As a mutual company, we focus on the long term to maximize customer value and meet the needs of our policyholders for generations to come.

Building for the Future
We continue to invest in the future of Pacific Life by building modern, scalable digital capabilities. Through targeted investments in our people and in generative AI, we launched new internal tools to enhance customer experience in our life and annuity businesses and strengthen underwriting capabilities in Workforce Benefits. These tools increase speed and efficiency across new business acquisitions, customer service and back-office operations, while enabling us to test, learn and scale innovation across the organization.

We are equally focused on investing in our people, recognizing that attracting, developing and retaining exceptional talent is critical to our long-term success. We recently announced Charlotte, North Carolina as our third U.S. location and talent hub to support our growth, and we are committed to equipping our global workforce with the skills, tools and experiences needed to innovate, adapt and deliver on the promises we have made to our policyholders. 

Throughout this transformation, our purpose and values have remained constant. We are honored to be recognized by Ethisphere as one of the World’s Most Ethical Companies for the ninth consecutive year, reflecting our commitment to integrity, accountability and responsibility. We invested $9.7 million in our communities and expanded volunteer efforts globally – living our values through action.

Both Dwight Decker and Dean Yoost retired from the board of directors in May. With a combined 41 years of service on our board, we thank them for their valuable leadership and guidance.

We are proud of what we have accomplished and are confident in the path ahead. Guided by purpose, strengthened by performance and grounded in our values, Pacific Life is well positioned to deliver confidence, certainty and lasting value – for today, tomorrow and generations to come.

MARIANN BYERWALTER
Chairman of the Board

DARRYL BUTTON
President and Chief Executive Officer