Company Profile
Pacific Life Insurance Company
Company Overview
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.
Our company is known and respected because of our integrity and our commitment to do the right thing, whether it is regarding our customers or our employees. Programs such as “It’s My Responsibility” encourage employees to act according to our values, and above all, to act ethically. Our employees benefit from our diverse product lines, which allow them to gain a broad knowledge of the financial services industry. Our decentralized business structure fosters a dynamic atmosphere by allowing for quick and decisive action using an entrepreneurial approach. Our pay-for-performance philosophy and emphasis on work/life balance add to the satisfaction of working at Pacific Life.
So many people who work for Pacific Life tend to stay at Pacific Life because they believe in what we are doing and what we stand for as a company. We maintain a small-company feel where everyone is treated with equal respect, and feedback is encouraged at all levels.
We have several locations, two in Southern California and one in Omaha, Nebraska. Our corporate headquarters is located in Newport Beach, California, directly across from Fashion Island. Our new location just off the 73 toll way in Aliso Viejo, houses our Life Insurance Division and is home to approximately 1,000 employees. Our Nebraska office is housed in the Landmark building in Downtown Omaha, which is walking distance from the scenic Old Market area.
So there really is something for everybody at Pacific Life.
Company History
Significant Events In Our History
1868 - Pacific Mutual is formed in Sacramento. Former Governor Leland Stanford is first president.
1876 - Pacific Mutual buys Alliance Mutual Life of Kansas.
1881 - Home Office moves to San Francisco.
1885 - Accident insurance offered. Claim filed--$50 for injuries sustained setting a wagon brake.
1905 - Pacific Mutual operates in 40 states.
1906 - Pacific Mutual merges with Conservative Life in Los Angeles. San Francisco earthquake destroys Home Office building.
1906 - Pacific Mutual moves to Los Angeles.
1936 - Pacific Mutual works with California Insurance Commissioner to meet depression-era claims.
1948 - Group Insurance established as separate division.
1950 - Life insurance in force passes $1 billion.
1959 - Pacific Mutual is restructured as a policyholder-owned "mutual" company.
1968 - Pacific Mutual marks its 100th anniversary, with Governor Reagan as anniversary dinner speaker.
1970 - Pacific Investment Management Company (PIMCO) is founded as an investment management subsidiary wholly-owned by Pacific Mutual.
1972 - Pacific Mutual Home Office moves to Newport Beach, CA.
1976 - Life Insurance in force passes $10 billion.
1985 - The Pacific Mutual Foundation is funded by Pacific Mutual and begins making grants to non-profit agencies.
1988 - Pacific Mutual introduces its first variable universal life insurance policy. Pacific Mutual's group insurance unit consolidates into subsidiary, PM Group Life Insurance Company.
1992 - Pacific Mutual acquires the assets of San Diego-based First Capital Life Insurance Company.
1993 - Pacific Mutual adds variable annuities to its product offerings through its newly formed Annuities Division.
1994 - PIMCO Advisors L.P. is formed, in a merger between Pacific Mutual's investment subsidiaries and Thomson Advisory Group L.P.
1995 - Pacific Mutual, subsidiaries, and affiliated enterprises exceed $100 billion in assets and funds under management.
1996 - Pacific Mutual was selected by the state of Michigan to rehabilitate the COLI life insurance block from Confederation Life.
1997 - Pacific Mutual converts to a mutual holding company structure, with Pacific Life Insurance Company as its leading brand. Begins advertising campaigns featuring the humpback whale.
1998 - Pacific LifeCorp makes its first investment in Aviation Capital Group.
2000 - Allianz AG, acquires approximately 70 percent of PIMCO Advisors L.P. while Pacific Life maintains an approximate 30 percent beneficial economic interest.
2002 - Pacific Life acquires Princeton, NJ based College Savings Bank which launches Pacific Life into the 529 College Savings Plan market. Pacific Life launches mutual fund product.
2004 - Pacific Life opens new business center in Omaha, Nebraska.
2005 - Pacific Life's subsidiary, Aviation Capital Group, acquires Boullioun Aviation Services and becomes one of the top 5 aircraft operating lessors in the world.
2005 - Pacific Life Insurance Company completed the legal redomestication process and became officially domiciled in the state of Nebraska.
2007 - Pacific Life sells its four broker-dealers to Linsco/Private Ledger Corp.
2008 - Pacific Life completes its new division headquarters for the Life Insurance Division. The almost 250,000 square-foot office building is located in Aliso Viejo, CA.
2008 - Pacific LifeCorp completed the purchase of the International Life Reinsurance segment of Scottish Re Group Limited. Renamed Pacific Life Re, this subsidiary provides reinsurance solutions to insurance and annuity providers in the U.K., Ireland, and in selected markets in Asia.
2009 - Pacific Life Insurance Company successfully completes the issuance of a $1 billion surplus note.
Benefits
Compensation:
Pacific Life's compensation philosophy is to link performance and pay. In addition to a competitive base salary, all employees share in the Company’s financial success through a variety of variable incentive pay bonus programs. All employees participate in either our Variable Incentive Pay (VIP) Plan or a Special Incentive Plan.
VIP Awards – calculated annually by considering two performance factors: The organization's success in meeting its annual goals and each individual's personal performance.
Specialized Incentive Plans – these plans are designed to award employees based on achievement of specified personal and/or organizational goals.
Flexible Benefit Plan:
Pacific Life offers group benefits coverage to provide for the financial security of employees and their families by providing a benefit dollar allowance to purchase coverage that is right for them.
Retirement Plans:
Defined Contribution Plan (401K Plan) – employee contribution rate of 2-35% and the company matches 75% of the first 2-6% of employee contributions.
Retirement Benefits – employees receive non-matching company contributions of at least 4% of employee compensation allocated into a Retirement Benefit Account within our 401k.
Other Programs to Support Work/Life Balance:
Pacific Life offers a variety of programs and services to our employees. We offer variable work schedules, a wellness program, sports activities/teams, volunteer programs, educational reimbursement and child scholarship programs. In addition we offer counseling to assist employees with family and work related issues.
We also offer credit union services, free parking, a non-smoking environment, fitness center discounts, travel and entertainment discounts, and a business casual dress environment.