Pacific Life
| Company type | Mutual holding company |
|---|---|
| Industry | Insurance |
| Founded | January 1, 1868 in Sacramento, California, United States |
| Founder | Leland Stanford |
| Headquarters | Newport Beach , United States |
Area served | United States |
Key people | Darryl Button (President and CEO) |
| Products | Life insurance, investment management, workforce benefits |
| Parent | Pacific Mutual Holding Company |
| Website | pacificlife |
Pacific Life Insurance Company is a United States-based insurer.
History
Established in 1868 by former California Governor Leland Stanford in Sacramento, California, Pacific Mutual Life counted Stanford as its inaugural policyholder. After his passing, the proceeds from his policy contributed to the funding of Stanford University. Beginning in 1885, the company ventured into accident insurance, marking an innovative step among life insurers at that time. Following the 1906 San Francisco earthquake, Pacific Mutual Life merged with Conservative Life, a Los Angeles insurer, and subsequently moved its headquarters to Los Angeles. Since 2005, its legal domicile has been in Nebraska.
Amid the challenges of the Great Depression, the insurance commissioner promoted mutualization to safeguard policyholders and stabilize operations, thereby making policyholders partial owners. In 1955, Pacific Mutual Life distinguished itself as the first insurer west of the Mississippi River to implement Univac I computing technology. The company’s 100th anniversary featured a keynote address by Ronald Reagan. In 1971, it established Pacific Investment Management Company (PIMCO), and a year later relocated its headquarters to Newport Beach, California, aiming to enhance employee quality of life.
In 1997, reflecting a transition from mutual ownership toward a mutual holding company framework, the firm adopted the name Pacific Life Insurance Company and selected the humpback whale as its emblem symbolizing endurance and resilience.
Pacific Life gained majority control of Aviation Capital Group (ACG) in 2001; ACG specializes in managing and leasing commercial aircraft worldwide. By August 2019, ACG’s equity was appraised at $3.6 billion. Later that year, Pacific Life divested its aviation division to minority stakeholder Tokyo Century Group for approximately $3 billion, with the transaction concluding in December 2019.
On May 30, 2007, Pacific Asset Management was launched to offer advisory services and institutional fixed income management with an emphasis on credit-focused investments. Its portfolio included bank loans, high-yield bonds, investment-grade bonds, and money market instruments. On April 17, 2023, Pacific Life divested Pacific Asset Management to Aristotle Capital Management.
Founded in 1984 and based in Newport Beach, the Pacific Life Foundation has donated over $142 million to nonprofit organizations addressing a broad range of social issues.
In 2017, Pacific Life introduced Swell Investing, a subsidiary dedicated solely to impact investing aligned with United Nations sustainable development goals. Despite being an early entrant in this sector, Swell ceased operations on August 30, 2019 due to scaling difficulties.
Louise Pentland, EVP and chief business and legal officer at PayPal, joined the board of Pacific Mutual Holding Company—Pacific Life’s ultimate parent—in 2020.
On April 1, 2022, Darryl Button assumed the role of president and CEO as the company’s 15th chief executive officer, succeeding Jim Morris upon his retirement.
On May 19, 2022, Pacific Life announced intentions to expand into the workforce benefits sector.