Pacific Life

Pacific Life is a US-based life insurance and financial services company headquartered in Newport Beach in the U.S. state of California.

The company was founded in 1868 and is listed in the Fortune 500 list of Forbes Magazine. The turnover in 2007 amounted to about 6.5 billion U.S. dollars.

Pacific Life was also until 2008 eponymous sponsor of tennis tournament Indian Wells Masters.

History

The company was founded in 1868 under the name of Pacific Mutual in Sacramento. The former governor Leland Stanford was the first chairman of the company, which moved in 1881 to San Francisco. Four years later, the first casualty was offered. After the devastating San Francisco earthquake of 1906 Pacific Mutual shifted its headquarters from further south Los Angeles.

Beginning of the 1970s saw the establishment of the subsidiary PIMCO, which operates as an independent investment management company today. The company's headquarters in 1972 once again moved to the new business district of Newport Center in Newport Beach. As of 1988, Pacific Mutual a unit-linked life insurance with flexible premiums payment way.

In 1997, the company was eventually converted into a Mutual Holding Company and assumed its present name Pacific Life. Since 2005, the insurer is officially home for tax reasons in the state of Nebraska. However, the office of the Management remains in Newport Beach in the state of California.