Company Overview of Pacific Life Insurance Company
Pacific Life Insurance Company, together with its subsidiaries, provides various life insurance products, mutual funds, and investment advisory services in the United States. The company operates in three segments: Life Insurance, Retirement Solutions, and Aircraft Leasing. The Life Insurance segment provides various life insurance products, including universal life, variable universal life, survivor life, interest sensitive whole life, and corporate-owned life insurance, as well as traditional products, such as whole life and term life to the upper income and corporate markets. This segment distributes its products through regional life offices, marketing organizations, broker-dealer firms,...
700 Newport Center Drive
Newport Beach, CA 92660-6397
Founded in 1868
Key Executives for Pacific Life Insurance Company
Chairman and Chief Executive Officer
Chief Financial Officer and Executive Vice President
Senior Vice President of Operations
Compensation as of Fiscal Year 2013.
Pacific Life Insurance Company Key Developments
The California Court of Appeal Affirms Trial Court's Denial of Motion for New Trial
Jan 31 14
The California Court of Appeal affirmed a trial court's denial of a motion for a new trial filed by two life insureds who sued the insurer, alleging its agent used fraudulent sales tactics in selling the policies. The record supported a finding that the trial court did not abuse its discretion in rejecting the insureds' claim of juror misconduct. Two married couples, Jane and Marc Grossman and Carolina and Gaetano Zanfini (plaintiffs), each purchased high face value life insurance policies issued by Pacific Life Insurance Co. The plaintiffs later sued Pacific, alleging that Pacific's independent insurance agent, Gerald Sherman, steered them into purchasing policies that held face amounts that were ‘wildly in excess’ of their needs. The complaint alleged Sherman used fraudulent tactics to entice the plaintiffs into purchasing the policies, falsely assuring them they could cancel or reduce the face amount of the policies without penalty after one year, when in fact any reduction was penalized during the first five years the policies were in force. The complaint further alleged Sherman represented his commission was 2.5%, when in fact it was a much higher percentage. Following trial, and the jury entered a verdict in Pacific Life's favor on all claims. After the trial ended, the plaintiffs' counsel retained a private investigator, who determined the jury foreman did not disclose during voir dire that Pacific Life provided financial support to his employer. Based on that information, the plaintiffs moved for a new trial. The trial court denied the motion, and the plaintiffs appealed. Record supports trial court's finding. The court of appeal found the record contained a declaration by the juror detailing his actions taken to disclose, during trial, the financial relationship between Pacific Life and his employer and the potential conflict. In his declaration, the juror indicated he took those actions immediately upon learning that Pacific Life was a donor to his employer. The court of appeal concluded that based on that record, the trial court did not abuse its discretion in rejecting the claim of juror misconduct against the juror. Accordingly, and after finding no merit to the plaintiffs' remaining claim, the court of appeal affirmed the trial court's judgment.
Pacific Life Presents at 27th Annual Private Placements Industry Forum, Jan-30-2014 01:00 PM
Jan 26 14
Pacific Life Presents at 27th Annual Private Placements Industry Forum, Jan-30-2014 01:00 PM. Venue: Turnberry Isle, Miami, Florida, United States. Speakers: Diane Dales, Managing Director, Investment Management Division.
Pacific Life Offers Financial Advisors a New and Innovative Option for Building Retirement Income: Pacific Income Advantage
Dec 3 13
Pacific Life Insurance Company has launched Pacific Income Advantage. This innovative, new addition to Pacific Life's diverse annuity product line combines the advantages of a traditional deferred fixed annuity -- including safety of principal, interest-rate guarantees, tax deferral, and death benefit protection -- with a built-in Guaranteed Withdrawal Benefit that includes a 6% Annual Credit for deferring income. The Guaranteed Withdrawal Benefit is included for an additional cost and allows clients to begin taking lifetime withdrawals for retirement while the contract continues to earn interest. Plus, the benefit includes a 6% Annual Credit that can increase the total amount available for lifetime withdrawals, and this amount is called the Protected Payment Base. Each year the client delays taking withdrawals -- for up to 10 years -- 6% is added to the Protected Payment Base. This credit can really add up. For example, a client who purchases Pacific Income Advantage with $100,000 would initially have a $100,000 Protected Payment Base. If the client waits 10 years before beginning withdrawals, the Protected Payment Base would grow to $160,000.
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