Pacific Life Insurance Company provides life insurance products, annuities, and mutual funds, and offers to individuals, businesses, and pension plans a variety of investment products and services. Pacific Life also counts more than half of the 100 largest U.S. companies as clients.
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History
Pacific Mutual Life was founded in 1868 by former California Governor Leland Stanford in Sacramento, CA. Stanford also was the first policy holder of the company.
In 1885, Pacific Mutual Life began issuing accident insurance, this was an innovative move for a life insurance company at the time. In 1906, Pacific Mutual Life merged with Conservative Life, a Los Angeles, CA based life insurance company. Following the San Francisco, CA fires and earthquake of 1906, Pacific Mutual Life’s Board of Directors moved the company to Los Angeles, CA. During the Great Depression, the company was hit with hard times and in 1936 in an effort to save both the policy holders and the company the Insurance Commissioner, Samuel L. Carpenter, encouraged the policy holders to become part owners of the company through mutualization.
In 1971, the company started Pacific Investment Management Company (PIMCO). The company moved its headquarters to their current Newport Beach, CA location in 1972 when management decided that Newport Beach would provide a higher standard of living for their families. In 1997, the company dropped mutual from its name, changing it to Pacific Life Insurance Company. This reflects the company structure’s change from a mutual ownership to a mutual holding company structure.
Pacific Life Annuities
Among the numerous products sold by Pacific Life are a single-premium immediate annuity, variable annuities, and an extensive selection of fixed annuities with a wide variety of terms, conditions, riders and options.
Pacific Life Annuities Financial Ratings and Strength
Pacific Life annuities were assigned the following ratings by the four major rating agencies:
- A.M. Best: A+ (2nd-best out of 16 categories)
- Standard & Poor’s: A+ (5th-best out of 22 categories)
- Moody’s: A1 (5th-best out of 21 categories)
- Fitch: A+ (5th-best out of 19 categories)
*Company ratings current as of October 1, 2010
