2015 Pacific Life Annual Report

WHO WE ARE
OUR MISSION
We provide financial
security through products
and services that stand
the test of time.
OUR VISION
To be the company of choice
for clients who seek asset
protection and growth.
Pacific Life
2015
Annual Report
OUR CORE VALUES
We live our core values
each and every day. They
define us and guide us.
1
CORE VALUES
TABLE OF CONTENTS
PEOPLE
2015 Financial Summary
1
Business Highlights
2
Letter to Policyholders and Clients
3
We recognize our mission of helping clients
achieve financial security can only be accomplished
through our people. We invest in developing the
talents and expertise of our employees and fostering
a work environment that is challenging, inclusive, collaborative, and results-oriented.
ACCOUNTABILITY
We hold ourselves accountable by honoring our
commitments, taking personal responsibility for
Life Insurance Division
6
Retirement Solutions Division
8
Aviation Capital Group
10
Pacific Life Re
12
Pacific Asset Management
14
opportunity to meet or exceed their expectations.
Investments
15
INTEGRITY
Corporate Social Responsibility
18
our actions, and focusing on solutions.
CUSTOMER FOCUS
We meet the needs of our clients by developing
carefully designed products, services, and solutions,
and treat each request from customers as an
We do the right thing in all aspects of our business,
demonstrating honesty, fairness, and respect.
FINANCIAL STRENGTH
We believe financial strength is essential to fulfilling
the needs of our clients. We manage our businesses
with a long-term view, focusing on consistent growth,
Directors and Corporate Leadership
Contact Information
20
21
PACIFIC MUTUAL HOLDING COMPANY
Pacific Mutual Holding Company (Pacific Mutual) is the parent
company of Pacific LifeCorp, which is the parent company
of Pacific Life Insurance Company. Policyholders of Pacific
Life Insurance Company are members of Pacific Mutual and,
as such, are invited to attend the annual meeting of Pacific
Mutual and to elect its board of directors. Through its direct
and indirect subsidiaries, Pacific Mutual is engaged in
a wide variety of insurance, financial services, and other
investment‐related businesses.
2015 FINANCIAL SUMMARY
PACIFIC MUTUAL HOLDING COMPANY
Dollars in Millions
December 31,
2015
2014
% Change
Company Assets
$ 137,279
$137,048
0%
Policyholder & Other Liabilities
$ 127,171
$126,817
0%
Equity
$
$
8%
Company Assets
In billions of dollars
130
137
Equity
In billions of dollars
137
8.1
9.4
8.7
PACIFIC LIFE INSURANCE COMPANY
Offering insurance since 1868, Pacific Life provides 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.
Pacific Life counts more than half of the 100 largest U.S.
companies as its clients.
1
9,363
8,672
2013
Operating Revenues
Operating Income
PACIFIC LIFE & ANNUITY COMPANY
3
2
$
8,428
$
7,712
9%
$
561
$
626
(10%)
Pacific Life & Annuity Company offers a wide range of
products, including life insurance, annuities, structured
settlement annuities, and other investment products
and services for individuals and businesses.
2014
2015
Operating Revenues
In billions of dollars
7.5
7.7
2013
2014
2013
2014
2015
Operating Income
In millions of dollars
8.4
568
2015
2013
626
561
profitability, and effective capital management.
INNOVATION
We actively seek out opportunities for new products,
services, and creative solutions. We believe that
innovation requires rigorous analysis, open-mindedness,
and a clear understanding of the needs of our clients.
COMMUNITY
We are active in our communities through involvement,
volunteerism, and charitable giving.
“P acific Life” refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2015 is compiled by Pacific Life using the 2015 FORTUNE 500®list. Pacific Life Insurance
Company, a subsidiary of Pacific Mutual Holding Company, is licensed in all states except New York. In New York, individual life insurance and annuity products are available through Pacific Life & Annuity Company, a subsidiary
of Pacific Life Insurance Company. Product availability and features vary by state. Insurance product and rider guarantees are backed by the financial strength and claims‐paying ability of the issuing company and do not protect
the value of the variable investment options. Each company is solely responsible for the financial obligations accruing under the policies it issues. Variable products are issued by Pacific Life Insurance Company and Pacific
Life & Annuity Company. These products and mutual funds are distributed by Pacific Select Distributors, LLC (member FINRA and SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity
Company, and are available through licensed third‐party broker‐dealers. In order to sell life insurance products, a financial professional must be a properly licensed and appointed life insurance producer. For current ratings, visit
us online at www.PacificLife.com/ratings.
Excludes accumulated other comprehensive income and noncontrolling interest. 2 Excludes net realized investment
gain (loss) (NRIGL) and other than temporary impairments (OTTI). 3 Excludes NRIGL (net of an estimate of related
amortization of deferred policy acquisition costs [DAC] for variable annuity products and stable value product
income), adjustments to variable annuity DAC resulting from true‐ups, assumption unlockings and modeling
refinements, and OTTI, net of taxes.
1
2014
2015
2
3
BUSINESS HIGHLIGHTS
$137B
company assets
1st
indexed universal life and
universal life insurance sales
$661M $2.1B
net income
387th
FORTUNE 500®company
paid in insurance
and annuity benefits
7th
total life insurance sales
$800B
11th
variable annuity sales
LETTER TO
POLICYHOLDERS
AND CLIENTS
life insurance in force
148
years
$6M
charitable contributions
Life insurance rankings are from the 2015 Confidential Annual Sales Survey of Participating Companies by
LIMRA International. Pacific Life Insurance Company sales are based on planned recurring premiums as
measured against 81 participating companies. Annuity ranking is from the Variable Annuity Sales and
Asset Survey by Morningstar, Inc., as of December 31, 2015. FORTUNE ranking as of June 2015 is of the
top 500 U.S. firms by gross revenue.
This is a time of opportunity in the financial services industry to provide
increased financial security and value to families. Four out of 10 households
have no life insurance, and those that do typically lack adequate coverage
to meet the needs of their families. The retirement picture is similarly
challenged. The average employee balance in a retirement account is $50,000
and 66 percent of working families fall far short of conservative retirement
savings goals. The retirement readiness gap is large, as is the gap of
understanding the significant financial resources needed for retirement, which
may be of a long and unpredictable length.
Pacific Life is moving forward with innovation, one of our core values, to help
address the challenges and uncertainties that our customers are facing.
This past year, we have actively sought out opportunities for new products,
services, and creative solutions, helping us better meet the needs of our
customers and enhance the support provided to financial advisors.
5
4
2015 FINANCIAL REVIEW
Pacific Life continued its momentum forward in 2015, reporting a strong
net income of $661 million. We continued to be a leader in several product
areas, while maintaining a diversified and risk-managed product portfolio.
Our investment areas delivered strong results and deployed more than
$9 billion in new investments during 2015, our highest level ever. Our
focus on credit quality and highly competitive yields allows us to maintain
attractive and competitive crediting rates offered in our products.
The Life Insurance Division celebrated its seventh year as the number one
seller of indexed universal life (IUL), and Pacific Life was one of the first
ACKNOWLEDGMENTS
$1 billion in sales in each of its main product categories, namely variable
annuities, fixed annuities, mutual funds, and institutional products. We
added 13 new investment options within our variable annuity product line,
bringing Pacific Life’s total number of available investment options to more
than 100. Pacific Funds, our retail mutual fund family, initiated six new U.S.
Equity Funds subadvised by Rothschild Asset Management Inc.
Aviation Capital Group (ACG) is celebrating its 27th year as an aviation
industry leader. It successfully completed a $900 million unsecured senior
note sale, bringing the amount raised through debt financing to more than
“Pacific Life is moving forward with innovation,
one of our core values, to help address the challenges
and uncertainties that our customers are facing.”
to introduce this product to consumers more than 10 years ago. Pacific
Life’s IUL products combine upside potential and downside protection
while providing death benefits that can help protect families and businesses
from unexpected losses due to death. PRIME, a web-based life insurance
sales tool, was recognized with a Stevie Award for the best new businessto-business service in the financial and insurance sector. PRIME is an
innovative mobile platform that provides a personalized, simple, and
seamless customer experience for both financial professionals and
their clients.
In a challenging low-interest rate environment and with an industry-wide
decline in sales, the Retirement Solutions Division exceeded more than
$9 billion since the beginning of 2010. ACG continues to look to the future,
committing to purchase the latest technology aircraft, bringing its total
number of owned, managed, and committed aircraft to nearly 390.
Pacific Life Re, our reinsurance subsidiary, provides a comprehensive
range of wholesale life risk management products and services in
the United Kingdom, Ireland, Asia, Australia, and North America. Pacific
Life Re expanded its reach in 2015 to Australia and completed its
first group risk reinsurance transaction there. During the year, new
longevity swap transactions covering $6 billion of underlying liabilities
were completed.
Douglas Ingram, former president of Allergan and current CEO of Chase
Pharmaceuticals, was elected to the board of Pacific Mutual Holding
Company in May 2015. He is an accomplished business leader and we
welcome his valuable insights to our board.
In May, our longest-standing board member of 36 years, Susan Westerberg
Prager, retired from the board of directors. She made remarkable
contributions in her role, being the first woman to serve on our board of
directors. The Pacific Life board of directors has greatly benefited from her
insightful contributions and we thank her for her strong leadership and
support over the years.
At the end of 2015, Pacific Life President Khanh T. Tran transitioned to
become Aviation Capital Group’s next CEO. He was a key member of Pacific
Life’s leadership since he joined the company in 1990, and his knowledge
of the aircraft leasing industry and the financial markets makes him ideally
suited to focus on and lead ACG’s continued growth. Denis Kalscheur, the
former CEO of ACG, was named vice chairman of ACG’s board. Denis has
done an outstanding job in strengthening ACG’s financial position, attracting
capital, and growing the aircraft portfolio. We look forward to his continued
leadership in his new role.
MEETING YOUR NEEDS
The need for Pacific Life’s solutions is now more evident than ever before.
We are committed to creating products and services that meet the needs
of current and future generations and that will stand the test of time. Thank
you for trusting Pacific Life to be there for you.
James T. Morris
Chairman, President and Chief Executive Officer
6
7
OUR ACHIEVEMENTS
• Strengthened position as a leader in Life Insurance Retirement Plan sales by introducing new customer‐focused initiatives,
including an executive class underwriting initiative, a variable universal life insurance accumulation product, and
a one‐year indexed account with no cap rate.
Individual Life Insurance in Force
In billions of dollars
232
243
252
2014
2015
• Recognized with Stevie Award for Best New Business-to-Business for PRIME web‐based portal.
SM
LIFE INSURANCE
DIVISION
We offer solutions to individuals, families, and businesses to help them
reach their goals for financial protection and supplemental retirement
income through life insurance. We work with leading financial and insurance
professionals to provide high‐quality products and services for the diverse
and evolving needs of their clients.
OUR EXPERTISE
OUR SOLUTIONS
• Financial protection
• Business planning and
continuation strategies
• Estate planning
strategies
• Supplemental
retirement income
• Term life insurance
• Universal life insurance
• Variable universal
life insurance
• Indexed universal
life insurance
• Universal life insurance
with long-term care
benefits
• Created a more streamlined experience for life insurance producers by refreshing their dedicated online portal.
• Established a dedicated innovations team to enhance our business by identifying and evaluating opportunities that align
with the changing needs of our customers and our strategic objectives.
1
st
largest seller indexed universal life and universal
life insurance
7th
largest seller total life insurance
2
nd
2013
largest seller variable universal life insurance
10th
Direct Premium
In billions of dollars
2.9
3.0
3.0
2013
2014
2015
year as an indexed universal life insurance market leader
LEADERSHIP
Richard J. Schindler, Executive Vice President • Kevin M. Roddy, Senior Vice President, Finance • Dawn M. Trautman,
Senior Vice President, Product & Strategy Management
DISTRIBUTION NETWORKS
ivisional sales/regional offices • M Financial Group • Marketing organizations • Independent broker-dealers • Regional wirehouses
D
National wirehouses • Financial institutions
Life insurance rankings are from the 2015 Confidential Annual Sales Survey of Participating Companies by LIMRA International. Pacific Life Insurance Company sales are based on planned recurring premiums as measured against
81 participating companies. Awarded a Bronze Stevie® Award for the Best New Business‐to‐Business Service in the financial and insurance sector.
8
9
OUR ACHIEVEMENTS
• Pacific Funds, our retail mutual fund family, initiated six new U.S. Equity Funds sub-advised by Rothschild Asset Management Inc.
• Entered the qualified longevity annuity contract (QLAC) market by introducing a QLAC for IRA owners who are looking to save
on taxes earlier in retirement and increase their guaranteed lifetime income payments at a later time.
RETIREMENT
SOLUTIONS
DIVISION
We offer a broad and diversified range of products and solutions designed
to help individuals and families achieve asset growth, sustainable retirement
income, and long‐term financial independence. We also help businesses
manage and fulfill their long‐term retirement plan commitments to employees.
OUR EXPERTISE
OUR SOLUTIONS
• Retirement savings
• Retirement income
• Asset allocation
strategies
• Investment strategies
• Fixed annuities
• Variable annuities
• Mutual funds
• Structured settlement
annuities
• Pension risk transfer
Annuities Assets
Under Management
In billions of dollars
73.2
74.9
73.6
2013
2014
2015
• L aunched a dedicated, mobile-friendly website to help financial professionals leverage their social networking capabilities
to enhance their existing sales and marketing practices.
• 18 years of award‐winning customer service to financial professionals and contract owners.
• E xpanded our distribution network by creating a new fixed indexed annuity to independent insurance agents and agencies.
11
14
2
$1B
th
largest seller variable annuities
nd
largest seller structured settlement annuities
th
largest seller fixed annuities
exceeded in sales in each of our main product categories,
namely variable annuities, fixed annuities, mutual funds, and
institutional products
Mutual Funds Assets
Under Management
In billions of dollars
5.5
5.9
5.6
LEADERSHIP
Dewey P. Bushaw, Executive Vice President • Kevin R. Byrne, Senior Vice President, Finance & Risk Management • Lorene C. Gordon,
Senior Vice President, Operations & Program Management Office • Philip A. Teeter, Senior Vice President, Technology • Chris van Mierlo,
Senior Vice President, Sales & Chief Marketing Officer • Brian T. Woolfolk, Senior Vice President, Product Design & Pricing
DISTRIBUTION NETWORKS
2013
2014
2015
Independent broker-dealers • National/regional wirehouses • Financial institutions • Structured settlement brokers • Pacific Life Producer Alliance
Rankings from Variable Annuity Sales and Assets Survey by Morningstar, Inc. and Fixed Annuity Premium Study by Beacon Research, as of December 31, 2015. Structured settlement annuity rankings from U.S. Individual Annuities
Sales Survey by LIMRA, as of December 31, 2015. Customer service awards include DALBAR Service Awards, awarded 1997–2015 (DALBAR, Inc. is a Boston‐based financial services market research company), and Gold and
Silver Stevie® Awards, awarded at the 2015 Stevie Awards for Sales & Customer Service.
10
11
OUR ACHIEVEMENTS
• Established a joint venture with a significant partner to invest in newer narrow-body aircraft with a broad airline user base.
• Secured $1.2 billion in unsecured revolving credit facilities supported by 21 banks globally, and closed our fourth
yen-denominated term loan with additional lenders in the group.
AVIATION CAPITAL
GROUP
Aviation Capital Group is proud to celebrate its 27th year as an aviation
industry leader. With a platform of 266 commercial jet aircraft leased to
approximately 100 airlines in 45 countries, we are established as a trusted
aircraft lessor to airline customers worldwide. We also provide aircraft asset
management and advisory services to lenders and institutional investors.
OUR EXPERTISE
OUR SOLUTIONS
• Understanding our
customers and their
needs
• Deep knowledge of
global aircraft markets
and airlines
• Strategic manufacturer
and global financial
institution relationships
• Full-service, premier
operating lease platform
• Aircraft asset
investments and
management
• Commercial jet
aircraft trading
Aircraft Owned or Managed
261
265
266
2013
2014
2015
• Issued an additional $900 million of unsecured senior notes to institutional investors in the U.S. markets, continuing our
strategy of accessing multiple funding sources.
• Maintained active portfolio trading activity with purchases of 30 aircraft and sales of 28 aircraft.
• Entered into an agreement to sell an additional 18 mid-life aircraft to a group of investors.
$9.3B
total assets
50%
compounded annual growth rate in
pre‐tax income from 2013 to 2015
$858M
revenues
101
Total Assets
In billions of dollars
8.6
8.7
2013
2014
9.3
new technology aircraft commitments
LEADERSHIP
hanh T. Tran, Chief Executive Officer • John N. Feren, Executive Vice President, Head of Global Strategy & Development • Andrew M. Mansell,
K
Executive Vice President, Head of Global Marketing & Trading • Madhu Vijay, Executive Vice President and Chief Financial Officer
Todd E. Woodward, Executive Vice President, Asset Management
DISTRIBUTION NETWORKS
United States, United Kingdom, Ireland, Chile, China, and Singapore
2015
12
13
OUR ACHIEVEMENTS
• Launched a new reinsurance operation in Australia and completed our first Australian group risk reinsurance transaction.
Earned Premiums
In millions of dollars
• Rated #1 for innovation for the fifth time in six years in the leading independent survey of the United Kingdom
and Ireland life reinsurance markets. 1
1,384
1,067
PACIFIC LIFE RE
Pacific Life Re offers a comprehensive range of wholesale life risk management
products and services in the United Kingdom, Ireland, Asia, Australia, and
North America. We specialize in risk and capital management of life assurance,
critical illness, income protection, and annuity businesses.
OUR EXPERTISE
OUR SOLUTIONS
• Life insurance
• Longevity and
annuity risk
• Critical illness insurance
• Income protection
insurance
• Underwriting manuals
and expert systems
• Reinsurance of life
assurance, critical
illness, and income
protection businesses
• Reinsurance of annuity
and longevity risk
• Life insurance
retrocession
• Associated reinsurance
services and technical
support
$1.4B
earned premium income
$6B
896
of underlying liabilities covered by new
longevity swap reinsurance transactions
$100M
annualized new business premium generated by
our Australian office in its first year of operation
2013
2015
Life Reinsurance in Force
In billions of dollars
513
LEADERSHIP
David R. Howell, Chief Executive Officer • Duncan L. Hayward, Chief Financial Officer • David G. Heeney, Chief Marketing Officer, Europe
Alex R. King, Managing Director, Asia • Andrew P. Gill, Managing Director, Australia • Robert A. Diefenbacher, Senior Vice President, Retrocession
2014
546
285
DISTRIBUTION NETWORKS
In-house marketing to insurance companies and retrocession clients
2013
1
Source: Life & Health Reinsurance Programme 2015 by NMG Consulting.
2014
2015
14
15
OUR ACHIEVEMENTS
• Announced the listing of our exchange-traded fund, FLRT, in partnership
with AdvisorShares®, with the ringing of the New York Stock Exchange
opening bell.
• Achieved top quartile performance for bank loan and short duration
strategies over one year, and short duration and core plus over five years.
PACIFIC ASSET
MANAGEMENT
$5.5B
assets under management
Founded in 2007, Pacific Asset Management specializes in institutional fixed
income asset management. Our investment team focuses on fundamental
credit analysis and the management of bank loan, high‐yield bond, and
investment‐grade bond strategies.
OUR EXPERTISE
OUR SOLUTIONS
• F ixed income investment
management
• Floating-rate loans
• High-yield bonds
• Investment-grade bonds
• Corporate debt
investment strategies
• Core plus
• Strategic credit
• Short‐duration credit
• Subadvisory investment
management
• Institutional separate
accounts
$715M
INVESTMENTS
Positioning the company for the long term
The Pacific Life family of companies is supported by seasoned investment
teams that focus on investment strategies that provide attractive risk‐adjusted
returns. As an independent company with no publicly traded stock, we follow
a disciplined and long‐term investment philosophy that stands the test of time
and serves the best interests of our policyholders and clients.
fixed income assets gained through institutional
and retail channels
OUR ACHIEVEMENTS
LEADERSHIP
$41B
J ames P. Leasure, Senior Managing Director
Dominic D. Nolan, Senior Managing Director
Grew our portfolio of fixed maturity
securities to $41 billion, maintaining
our focus on credit quality and highly
competitive yields.
$11B
Continued strong performance of our
$11 billion commercial mortgage loan
and real estate equity portfolios, originating
$2.6 billion of new commercial real
estate-related investments.
LEADERSHIP
Tod Nasser, Senior Vice President, Investment Management
T. Anthony Premer, Senior Vice President, Real Estate Investments
Pacific Asset Management is a business division of Pacific Life Fund Advisors LLC, an SEC-registered investment adviser and
wholly owned subsidiary of Pacific Life Insurance Company.
16
17
DISTRIBUTION OF INVESTMENTS
QUALITY OF FIXED MATURITY SECURITIES
DISTRIBUTION OF REAL ESTATE INVESTMENTS
REAL ESTATE MORTGAGE PROPERTIES
Pacific Life invests in carefully selected securities and mortgage loans. Pacific
Life has an accomplished management team with experience in both positive
and negative market environments. Our disciplined underwriting and diligent
monitoring helps ensure that we maintain portfolio quality over the long horizon.
Our bond and real estate securities holdings are very strong, with more
than 96 percent of our fixed maturity securities rated as investment‐grade
by the Securities Valuation Office of the National Association of Insurance
Commissioners (NAIC).
Pacific Life emphasizes high-quality properties in select major metropolitan
areas that exhibit strong demographic and economic trends.
These featured properties represent just a few of the high‐quality mortgage
loans included in Pacific Life’s real estate investment portfolio.
$61.7B
$40.6B
$11.4B
Dollars in millions
December 31, 2015
Dollars in millions
$40,602
Fixed Maturity Securities
$622
Other Investments
$11,092
Mortgage Loans
$536
Fair Value Option Securities
$7,331
Policy Loans
$351
Real Estate
$849
Private Equity
$228
Trading Securities
$1,726
$136
Equity Securities
Non-Investment-Grade
December 31, 2015
Dollars in millions
$38,876
$1,371
Lodging
Investment-Grade
$2,736
Retail
$978
Credit Tenant Loans
$2,064
Apartments
$502
Other
$1,321
NAIC 3
Medium Quality
$20,487
NAIC 2
High Quality
$405
NAIC 4 – NAIC 6
Low Quality and Below
Kinects Tower
Seattle, WA
Pinehurst Resort
Pinehurst, NC
Century Centre
Irvine, CA
Tempe Marketplace
Tempe, AZ
Metro Pointe at
South Coast
Costa Mesa, CA
December 31, 2015
$3,792
Office Buildings
$18,389
NAIC 1
Highest Quality
The Mall at Short Hills
Milburn, NJ
18
19
$90M
$840K
10,000
$500K
$1.5M
$3.7B
10,200
4th
given to community nonprofits in the past 31 years.
CORPORATE SOCIAL
RESPONSIBILITY
Beyond our business commitments, we strive to improve our communities and
environment through philanthropy and volunteerism.
The Pacific Life Foundation donated $6 million in cash contributions to 781
nonprofit agencies in 2015.
$6M
packaged JoyJars in partnership with Jessie Rees Foundation
that were shipped to hospitals in 42 states and four countries
for children battling cancer.
donated to organizations working to improve ocean health and
sustainability, as well as the conservation, education, and
research of humpback whales and other marine mammals.
47%
Health & Human Services
19%
Education
31%
Civic, Community & Environment
3%
Arts & Culture
total volunteer hours at 156 different community projects through
our Pacific Life Good Guys Program, a 40% increase in volunteer
hours from 2014.
in employee and Foundation contributions to the 2015
United Way Campaign.
pledged to Children’s Hospital of Orange County in support
of its new pediatric mental health initiative.
Pacific Life has invested $3.7 billion in assets related to
socially responsible efforts in underserved and low‐income
communities, as well as environmentally green efforts. We
have also made commitments of an additional $1.1 billion
toward future investments.
completed employee‐built community playground in partnership
with KaBOOM!
20
21
DIRECTORS AND CORPORATE LEADERSHIP
DIRECTORS
Jane M. Guon 3
Vice President and Secretary
Pacific Life Insurance Company
Douglas D. Abbey
Chairman
Swift Real Estate Partners
1, 2
Mariann Byerwalter
Chairman
SRI International
Interim President and Chief Executive Officer
Stanford Health Care
1, 2
Sharon A. Cheever 3
Senior Vice President and General Counsel
Pacific Life Insurance Company
Christopher D. Furman 2
President and Chief Executive Officer
Ventura Foods, LLC
John Gottschalk 1
Retired Chairman
Omaha World-Herald Company
Julia S. Gouw 1, 2
Retired President and Chief Operating Officer
East West Bank
CORPORATE SENIOR MANAGEMENT
James T. Morris
Chairman, President and Chief Executive Officer
Lawrence F. Harr 3
Partner
Lamson, Dugan & Murray, LLP
Mary Ann Brown
Executive Vice President, Investments, Fund Advisory,
Corporate Risk Management & Reinsurance
Douglas S. Ingram 1
Chief Executive Officer
Chase Pharmaceuticals Corporation
Adrian S. Griggs
Executive Vice President and Chief Financial Officer
James T. Morris 1, 2, 3
Chairman, President and Chief Executive Officer
Pacific Life Insurance Company
Dwight W. Decker 1
Retired Chairman and Chief Executive Officer
Conexant Systems, Inc.
CONTACT INFORMATION
Edward R. Byrd
Senior Vice President and Chief Accounting Officer
Joseph E. Celentano
Senior Vice President and Chief Risk Officer
J. Michael Shepherd 1, 2
Chairman and Chief Executive Officer
BancWest Corporation
Sharon A. Cheever
Senior Vice President and General Counsel
Scott D. Stowell 1
Executive Chairman of the Board
CalAtlantic Group, Inc.
Thomas Gibbons
Senior Vice President, Corporate Treasury, Tax
& Enterprise Consulting
William S. Thompson 2
Retired Chief Executive Officer
PIMCO
Howard T. Hirakawa
Senior Vice President, Investment Advisor Operations
Dean A. Yoost 2
Retired Partner
PricewaterhouseCoopers
Adrian S. Griggs 3
Executive Vice President and Chief Financial Officer
Pacific Life Insurance Company
Director of Pacific Mutual Holding Company
2
Director of Pacific LifeCorp
3
Director of Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660-6397
(800) 800-7646
(949) 219-3011
Email: Info@PacificLife.com
www.PacificLife.com
Investment Management
(800) 800-7646
Real Estate Investments
(800) 800-7646, ext. 4763
Retirement Solutions Division
(800) 722-4448
Life Insurance Division
45 Enterprise
Aliso Viejo, CA 92656-2601
(800) 800-7681, ext. 6000
(949) 420-6000
Andrew Oleksiw
Senior Vice President, Corporate Development
Carol R. Sudbeck
Senior Vice President, Human Resources, Facilities,
Public Affairs & Corporate Information Technology
Richard A. Vrieling
Senior Vice President, Corporate Information Technology
1
PACIFIC LIFE INSURANCE COMPANY/
PACIFIC LIFE & ANNUITY COMPANY
To view a copy of Pacific Mutual Holding
Company’s 2015 audited GAAP consolidated
financial statements, please visit
www.PacificLife.com/financials.
PRINCIPAL SUBSIDIARIES
Aviation Capital Group Corp.
840 Newport Center Drive, Suite 300
Newport Beach, CA 92660-6322
(949) 219-4600
www.AviationCapital.com
Pacific Asset Management
(800) 800-7646, ext. 1656
(949) 219-1656
www.PAM.PacificLife.com
Pacific Life Re Limited
Tower Bridge House
St. Katharine’s Way
London E1W 1BA
+44 (0)20 7709 1700
www.PacificLifeRe.com
Pacific Select Distributors, LLC
(800) 800-7646, ext. 3881
(949) 219-3881
w w w. P a c i f i c L i f e.c o m