Pacific Life

Provides life insurance, annuities and investments.

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Headquarters:
700 Newport Center Drive
Newport Beach, CA 92660
Employees: 3,000+
CEO: Thomas Sutton

Website: http://www.pacificlife.com/

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Pacific Life provides life insurance, mutual funds, college savings plans, annuities and investment products to individuals, businesses and pension plans.

The company counts more than half the top Fortune 100 companies as clients.

In 2004, Pacific Life reported $4.1 billion in revenues and operating income of $394 million. The company had assets of $77.3 billion at the end of 2004.

History

The company was founded in 1868 as Pacific Mutual in Sacramento. California Governor Leland Stanford was the first company President. He would also found Stanford University.

In 1997, Pacific Mutual converts to a mutual holding company structure and Pacific Mutual is re-named Pacific Life. The company remains held by stockholders but is not publicly traded.

Benefits

- Medical, dental plans and prescription drugs
- Health care reimbursement account
- Life and disability coverage
- Dependent care reimbursement account (includes Company matching contribution)
- Elective vacation

Retirement Plans
Defined benefit plan - has a cash balance approach with a company contribution of at least 4% of employee compensation which grows at a fixed rate of interest.

Defined contribution plan (401K plan)- employee contribution rate of 2-35% and the company matches 75% of the first 2-6% of employee contributions with company stock through an Employee Stock Ownership Plan (ESOP).

Updated September 18, 2005

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