Jim Breen: A history of leadership. 


Mike Domingos: Pacific Life was one of the first insurers to transact in the buy-in space. 


Jim Breen: A commitment to secure retirement. 


Mike Domingos: We have successfully navigated and been there to fulfill the promises that we've made over those 160 years. And when you think about the pension risk transfer market, that's exactly what folks value. 


Jim Breen: And looking into the future. 


Mike Domingos: We are really looking to have this opportunity now with this market to really grow into that larger end of the market and we've been successful. 


Jim Breen: All this and more on today's episode of The Wave Strength. 


Voiceover: Welcome to The Wave Strength, innovative solutions for a secure retirement presented by Pacific Life. 


Jim Breen: Hello everyone, and welcome to another exciting episode of The Wave Strength podcast series. I'm your host, Jim Breen, head of marketing with Pacific Life's Institutional team. Joining us today in the studio is none other than Mike Domingos, our head of Pension Risk Transfer for Pacific Life's Institutional team. So Mike, thank you very much for joining us here in the studio. 


Mike Domingos: Jim, it's a pleasure to be here. I've been a long time fan of The Wave Strength podcast. 


Jim Breen: Long time listener. First time seated. 


Mike Domingos: That's right. So here I am. 


Jim Breen: I'm very excited to have you on here. Mike, we have so much to unpack. What a great opportunity. 


Pacific Life's Institutional team is here this week in Newport Beach. We have about 150 people here joining us for what we call our Setting The Stage event, an opportunity to discuss strategy and how we are continuing to grow five-years-in now within this nearly 160-year-old financial institution. 


But how can we continue to grow and execute? And part of that strategy, part of that growth, is definitely focused on that DB or pension risk transfer side of the house. So before we unpack that, get deep into it, perhaps Mike, you can share with our listeners a little bit about your background which is extensive, I know. 
But share a little bit about that. Maybe a little about your role here at Pacific Life. 


Mike Domingos: Sure, and by extensive you mean long? 


Jim Breen: Yeah yeah, I know. 


Mike Domingos: I'm, figuring you out, Jim. But it has been, yeah I've, been in the retirement, institutional retirement industry now for, I just say over 30 years. 


So it's been three decades and it's been amazing to see how the industry has evolved over those 30 years and, it's an absolute privilege. To be here at Pacific Life and to have the opportunity to lead the pension, risk transfer business here at Pacific Life because it's a really, it's an exciting time and I know we'll get into this in a moment so I won't completely bury the lead, but it is an exciting time, and I'm glad that you mentioned Setting The Stage because it really is an amazing testament to what has been accomplished in with this Institutional Division in such a short period of time. 


But even more exciting. What we laid out here and where we're headed and how we're looking to grow. It's just a very, exciting time in an amazing culture. 


Jim Breen: Let's talk a little bit about our, pension risk transfer team and a lot of great successes throughout the years. 


We've been a long time in the, PRT market and I don't want to hear, I wanna hear the story from, you there but certainly celebrating such great success but, now building on that success. So maybe you can share a little bit about the background of the, PRT team, the history at Pacific Life. 
And, help our listeners understand that important story. 


Mike Domingos: Absolutely. And so just the pension risk transfer space in general it's not a new space. It's been around for a long time. And as a matter of fact, Pacific Life has been in it for a long time. So we've been in it for over 80 years. 


Jim Breen: Over 80 years. 


Mike Domingos: Yeah, and fulfilling the promises which, is extremely powerful. And over those 80 years a, lot certainly has happened in Pacific Life has been at the forefront of innovation during those 80 years. And I could say this both now as somebody who is proudly here at Pacific Life, but also somebody who I had mentioned, I'd been in the industry for a long time and, long admired the strength, the stability, and how Pacific Life went about doing its business. 


So it's a, privilege to be here but like an example of that is, is the fact that, this concept of pension risk transfer on the buy-in side. That's something that I, we're seeing more in the market. There's more activity along those lines. Pacific Life was one of the first insurers to transact in the buy-in space. It took courage. And it took a lot of ingenuity and, thoughtfulness to do that. And it positions us well now. So, that's just one example of, at it for a long time, but also during that time, not resting on our laurels and looking for places where we could help the market in more places. 


So we look forward to not just doing that in the rear view mirror but, there's a lot of opportunity that's ahead of us, Jim. So that's really exciting. 


Jim Breen: A lot of opportunity. And how unique that this over 80-year-old section of our, business our overall business, is seeded within a firm with nearly 160 years of financial strength and stability as we've talked about. 


And can you share a little bit, Mike, about the mutual nature of Pacific Life and how that is also sets. Your team up for a unique angle, a unique story if you will that, perhaps sets us apart, makes our story a little different. 


Mike Domingos: Yeah, and you hit on, two things there, Jim, that I think do make us not only unique but value one of them is around the longevity. 

In that longevity for nearly 160 years, we've seen just about every market cycle. We have seen every market cycle that has pretty much existed. So managing through, whether it be stock market crashes, depression, pandemics, we have successfully navigated and been there to fulfill the promises that we've made over those 160 years. 


And when you think about the pension risk transfer market, that's exactly what folks value is the strength, the stability, and knowing that insurer's gonna be there when they need them. So that first one around longevity, 'cause make no mistake, there have been a number of insurers that have entered into the pension risk transfer market space more recently. 


And that's great, and I think that's good for the industry. It's good for clients. It creates more capacity. So that's wonderful. But we're very proud of the fact that we've been able to manage through this for a very long time. That's point one is longevity, point two is around the mutuality. So now you layer on top of that the fact that we really exist. 


We are here to support our policy owners. That's really who we're here to serve. So we are here to act in their best interest. 


Jim Breen: Of course. 


Mike Domingos: And here we go. Those are the obligations that we're helping fulfill. So, it's also a state of mind. It's in our DNA to care deeply about that person whose obligation we are making whole. And that brings me to a quick point, Jim, just around the pension risk transfer market is a very it's a, complex financial transaction, there's no doubt about it. But, part of that mutuality, we never forget who's at the other end of that is the actual individual, the annuitant, it's really, really powerful. 


Jim Breen: So, you've set the stage here. Yes, mutually held nearly 160 years of strength and stability over 80 years in the PRT market. Let's talk about the commitment that we bring for secure retirements. Maybe share a little bit about the, commitment that we bring and this vision that you bring to the table, Mike. 


Mike Domingos: Yeah, and the vision is really around growth. The market in and of itself, the final numbers aren't out yet, but it's going to be, if not a record year, it's going to be close to a record year for the pension risk transfer market. That's exciting. 


Jim Breen: Very exciting. 


Mike Domingos: So, we have seen continued growth. So, to your specific question, Jim, what that really means is, there are more opportunities to help more individuals secure their financial futures. Yes, we're helping the employer along the way as well, and they're an important constituent in this as well. But, really that financial security and being able to be there for those individuals is, we're excited about this. 


We're excited about the fact that this market is growing, that there's opportunities to transact on more of these opportunities. And so, really at Pacific Life, the the part of the excitement that ends up building is, this is viewed as and is one of our strategic growth businesses. So yes, we are very proud of the fact that we did have a record year in 2024 in terms of total premium. We're extremely proud of that. We are literally looking to grow this business to over $6 billion in new premium by 2030. 


Jim Breen: You touch on that a little bit about the future, perhaps you can share, Mike in this role that you have as, head of Pension Risk Transfer. Talk about the future, what's next for you and the team? 


Mike Domingos: Yeah, so what's next is really around that growth. So we've been given a pretty sizable mandate to grow our footprint in the pension risk transfer space. So again, we have been in this market for a very long time. We have been a very well-respected, very successful pension risk transfer provider, in what we'll call that really that core space. 


We are really looking to have this opportunity now, with this market, to really grow into that larger end of the market. And we've been successful. We've been successful in doing it with just this past year, having recorded our largest ever single premium deal. 


Jim Breen: Amazing. 


Mike Domingos: And yes, thank you. And, not only was it the best single largest premium deal, we added another significantly large deal that very same day for what is now a record day here at Pacific Life. 


So, we really feel like we're in the early innings of a really exciting growth trajectory. And, so that's really, as we look to the future, we look at a couple of those things that I mentioned, which is it's exciting to be able to serve more individuals in doing this and to participate and help more clients in that, mid-to-larger end of the market. 


Jim Breen: Fantastic. Mike, so much happening. Very exci... I know we use that word here a lot on the podcast, but truly very exciting with all the wonderful things you have going on here with your team and so much happening in within the Institutional Retirement Solutions Group as well on both the, DB and DC side, retirement of tomorrow and the retirement of today. But talking to you about what you have on deck, super exciting. We'd love to have you back to, talk about that again. 


Mike Domingos: Yeah. I'd, love to come back, and you do an amazing job, Jim. Thanks for making me feel so comfortable. 


Jim Breen: Thank you so much Mike. And to our audience, I wanna thank you for joining us today on another episode of The Wave Strength podcast. I wanna encourage you to head over to YouTube, Spotify, and Audible. Make sure you hit like and subscribe so that you can stay current with new content as it becomes available. We'll see you next time everyone. 


Voiceover: [Disclosure] This has been another episode of The Wave Strength presented by Pacific Life. Don't forget to catch us on YouTube and make sure to subscribe. Although this podcast is presented by Pacific Life, the opinions and views expressed are those of the hosts and participants and do not necessarily reflect Pacific Life's views on any of the topics discussed. 


Unless otherwise noted, pacific Life is unaffiliated with any other individual or company mentioned. Pacific Life is a product provider. It is not a fiduciary, and therefore does not give advice or make recommendations regarding insurance or investment products. Pacific Life. Its affiliates, its distributors, and respective representatives do not provide any employer-sponsored qualified plan, administrative services, or impartial advice about investments, and do not act in a fiduciary capacity for any plan. 

Pacific Life refers to Pacific Life Insurance Company and its subsidiary Pacific Life & Annuity Company. Insurance products can be issued in all states except New York by Pacific Life Insurance Company and in all states by Pacific Life & Annuity Company. 


Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products at issues. This podcast was recorded on February 27th, 2025. 


Jim Breen: Thanks for joining us on today's show.