In a year marred by a global pandemic and a volatile economy, Pacific Life’s recently formed Institutional Division recorded $2.3 billion in pension risk-transfer (PRT) sales, with $972 million in the fourth quarter of 2020, eclipsing the team’s annual goal by 24 percent.
A key contributor to this success was Pacific Life’s investment in developing new and innovative capabilities to meet the growing demand from plan sponsors for PRT solutions. This included hiring new talent, developing solutions to handle complex PRT scenarios and investing in digital initiatives to improve the customer experience. An additional strength lies in the division’s ability, where others may not be as agile, to quickly pivot based on changes to the market and the needs of customers.
"The PRT business is expected to see continued growth, securing the pensions for 250,000 new participants in the next five years," said Brian Woolfolk, head of the Institutional Division, Pacific Life. "Understanding the opportunity and fluidity in the market, we have developed solutions to address and grow with the needs of our customers. And, as part of our efforts to expand our thought leadership, we’ve created a customer solutions group spanning our customer-focused product lines, led by Paul Hance, to ensure consistent focus on market drivers and need."
The Institutional Division consolidates a suite of products, including PRT, stable value wrap, defined contribution lifetime income, and capital markets. The division recently established a $20 billion funding agreement program, including a note program ($15 billion) and commercial paper program ($5 billion). Its stable value wrap solutions saw significant growth with inflows of $7.8 billion driven by volatile equity markets.
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 pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2021 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 2020 is compiled by Pacific Life using the 2020 FORTUNE 500® list.
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.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company (Newport Beach, CA) 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.
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