2009-06-16 22:22:11 -

Pacific Life Insurance Company today announced that it has completed a $1 billion surplus note offering. The surplus note will mature in June 2039 and has a coupon of 9.25%.

“Today’s surplus note offering provides Pacific Life with additional financial flexibility as it manages its businesses during this economic downturn,” said James T. Morris, Pacific Life’s chairman, president and CEO. “As evidenced by the strong interest in the offering, investors have confidence in Pacific Life’s strength and longevity as a top tier insurance company.”


The proceeds from today’s offering will be used for general corporate purposes by the insurance company. “It is prudent to operate with a conservative level of capital during these uncertain times,” said Morris. Pacific Life Insurance Company

reported GAAP net income of $52 million for the three months ending March 31, 2009.

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. With more than half of the 100 largest U.S. companies as its clients, Pacific Life is also a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com : .

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of April 2009 is compiled by Pacific Life using the 2009 FORTUNE 500® list.



Pacific Life Insurance CompanyTennyson Oyler, 949-219-3248 TOyler@PacificLife.com : mailto:TOyler@PacificLife.com