NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Formed in early 2020 to bring Pacific Life’s collection of products to the institutional space, including defined contribution lifetime income, stable value wrap, pension risk-transfer, and funding agreements, the institutional business recently celebrated its second anniversary. Posting more than $10.4 billion in sales and deposits in 2021, and 144 percent employee growth since 2020, the business enters its third year with significant momentum.
“We’re exceptionally pleased with the growth and performance of this team,” said Brian Woolfolk, executive vice president and head of the Institutional Division. “This group is laser-focused on ideation, innovation, and delivering creative solutions to our customers. Streamlining our products has allowed the business to maximize efficiencies, customize solutions, innovate, and provide world-class customer service.”
Notable business achievements include:
- Sustainable Bond Framework. The Institutional Division established Pacific Life as a leader in the ESG bond market with the introduction of its Sustainable Bond Framework. The framework enables the issuance of sustainable bonds through the organization’s Capital Markets Group. Shortly after, the business announced the issuance of an $800 million bond, the largest sustainability bond in the history of the US financial industry at the time of issuance. The framework and issuance were achieved in less than eight weeks.
- Health Savings Account Fixed Annuity. The stable value team developed and launched a new fixed annuity product for the health-savings account market in just six months, a standout example of cross-functional subject matter experts working efficiently to impactfully implement more cost-effective solutions.
- High Tech Customer Service. In September 2021, the division upgraded its administration platform, enabling the business to better meet market demands for digital capabilities and product innovation, while scaling core business functionality with productivity improvements.
- Building Intellectual Capital. The business’ diverse group of employees is located remotely throughout the US Building an entire division of more than 100 individuals during a global pandemic presented unique challenges, but it also provided opportunities to establish remote and hybrid work models that maximize collaboration and increase efficiencies, both of which will serve the division well in the future.
Woolfolk continued, “Dedicated to providing best-in-class solutions and exceptional customer service, the institutional business has cemented a foundation and is well-positioned for the future. From the beginning, our group embraced the start-up mentality and entrepreneurial spirit. I’m so proud of this team and what we’ve accomplished in such a short time.”
To learn more about the institutional business, visit www.IN.PacificLife.com.
Click here to listen to The Wave Strength Podcast where Brian Woolfolk discusses the first two years of Pacific Life’s Institutional Division
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pensions planes. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest US companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.
2022 World’s Most Ethical Companies® is based on the Ethisphere Institute’s Ethics Quotient®. “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.
Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Annuity products are not FDIC insured, may lose value, and are not guaranteed by any bank. Fixed annuity products issued by Pacific Life (Newport Beach, CA) are available through licensed, independent third parties.