Pacific Mutual Holding Company

Financial Summary ¹

Dollars in Millions June 30, 2023 December 31, 2022 December 31, 2021
Company Assets 207,363 199,324 209,486
Policyholder & Other Liabilities 199,824 192,596 192,481
Equity ² 14,475 14,124 13,361
Adj. Operating Revenues ³ 6,813 13,500 13,677
Adj. Operating Income ⁴ 702 992 983
 

INSURANCE RATINGS

The following table identifies the financial strength ratings for Pacific Life Insurance Company and Pacific Life & Annuity Company issued from the major independent rating agencies.

What the ratings mean

 

Rating Agency Strength Ratings Outlook Recent Reports
A.M. Best A+ (Superior) Stable Ratings Report
(08/10/2023)
Press Release
(07/21/2023)
Fitch AA- (Very Strong) Stable Ratings Report 
(09/22/2023)
Press Release 
(09/01/2023)
Moody's Aa3 (Excellent) Stable Credit Opinion
(06/05/2023)
Press Release
(07/21/2021)
S&P Global AA- (Very Strong) Stable Research Update
(02/22/2024)
 

ANNUAL REPORT

Click below to read a summary of our business highlights and achievements and to download a copy of our 2022 Annual Report.

READ ANNUAL REPORT SUMMARY

Distribution of Investments

Pacific Life invests in carefully selected securities, mortgage loans, real estate equity, and private equity. Pacific Life has an accomplished management team with experience in both positive and negative market environments. Our disciplined underwriting and diligent monitoring help ensure that we maintain portfolio quality over the long horizon. 

Dollars in Millions

$120.0B

as of Dec. 31, 2022

  • Fixed Maturity Securities ($77,806)
  • Mortgage Loans ($22,476)
  • Policy Loans ($7,608)
  • Other Investments ($5,244)
  • Private Equity ($3,797)
  • Real Estate ($3,118)

An insurer's financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders. A rating is an opinion of the rating agency, only, and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. A positive or negative outlook indicates that the rating could change based on certain future events relating to the financial condition of the company. For more information about a particular rating or rating agency, please visit the website of the relevant agency.

The Best's Company Report(s) reproduced on this site appear under license from A.M. Best and do not constitute, either expressly or implied, an endorsement of (Licensee)'s products or services. A.M. Best is not responsible for transcription errors made in presenting Best's Company Reports. Best’s Company Reports are copyright© A.M. Best Company and may not be reproduced or distributed without the express written permission of A.M. Best Company. Visitors to this web site are authorized to print a single copy of the Best’s Company Report(s) displayed here for their own personal use. Any other printing, copying or distribution is strictly prohibited. Best's Ratings are under continuous review and subject to change and/or affirmation. To confirm the current rating, please visit the AM Best web site, www.ambest.com.

 

1 Based on accounting principles generally accepted in the United States of America (GAAP).
2 Excludes accumulated other comprehensive income (loss) and noncontrolling interests.
3 Adjusted operating revenues excludes net investment gain (loss) other than stable value product income, gain (loss) on real estate equity investments and certain derivative costs. It also excludes other than temporary impairments (OTTI) and non-recurring items that are not relevant to our ongoing operations. Revenues attributable to noncontrolling interests are excluded.
4 Adjusted operating income is utilized by management to measure the profitability generated by the operations of the Company. It excludes net investment gain (loss) other than stable value product income, gain (loss) on real estate equity investments, and certain derivative costs. It also excludes OTTI, deferred policy acquisition cost amortization due to movements in economic factors, certain other adjustments related to net investment gain (loss), other movements in economic factors and non-recurring items that are not relevant to our ongoing operations. Net income (loss) attributable to noncontrolling interests is excluded. The tax impact of the adjustments are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate.
5 Statutory financial information of Pacific Life Insurance Company is presented in conformity with statutory accounting practices (SAP), which are accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Pacific Life Insurance Company is domiciled in Nebraska. SAP is a comprehensive basis of accounting that differs in certain significant respects from GAAP.
6 Statutory financial information of Pacific Life & Annuity Company is presented in conformity with statutory accounting practices (SAP), which are accounting practices prescribed or permitted by the Insurance Department of the State of Arizona. Pacific Life & Annuity Company is domiciled in Arizona. SAP is a comprehensive basis of accounting that differs in certain significant respects from GAAP.

The results for past accounting periods are not necessarily indicative of results to be expected for any future accounting period.

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