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Moody’s Upgrades Pacific Life to Aa3; Outlook Stable
NEWPORT BEACH, Calif. - July 21, 2021 - Moody’s Investor Service (“Moody’s”) announced today it has upgraded the financial strength ratings for Pacific Life Insurance Company and Pacific Life & Annuity Company to Aa3 from A1. The Aa3 rating is considered “Excellent” and is the fourth highest rating out of the 21 rating categories used by Moody’s. The outlook on the ratings is Stable.
According to Moody's, Pacific Life and its insurance subsidiaries' ratings have been upgraded to reflect the company's strong market, excellent statutory capitalization, ongoing risk management actions and a commitment to its mutual philosophy (i.e., focus on policyholder value). The firm also cited Pacific Life’s top-tier market share in the sale of life insurance and a competitive position in the sale of annuities, both of which have been bolstered by product and distribution diversity.
“This ratings upgrade by Moody’s acknowledges Pacific Life’s strong, excess capital position and true financial strength,” said Pacific Life Executive Vice President and Chief Financial Officer Darryl Button. “Our continued industry leadership in several product categories, coupled with our outstanding business diversification and risk mitigation strategy, are evidenced by this upgrade in a continued difficult environment.”
To read the full press release from Moody’s, visit www.PacificLife.com/Ratings.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2021 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.