...Solid Competitive Position: Pacific LifeCorp, with its insurance subsidiaries (collectively PLC), is one of the leading providers of individual life insurance and retirement savings products in the U.S. The company maintains a strong competitive position within the affluent market and also benefits from an extensive distribution network. Strong Statutory Capital: As of Dec. 31, 2013, the company's total adjusted capital (TAC) of $7.1 billion has grown by almost $3.5 billion since year-end 2008. PLC has diversified its product portfolio and strengthened its variable annuity (VA) hedging program, which should lessen the capital impact if equity markets experience significant deterioration. RBC Volatility: Pacific Life Insurance Company's (PLIC) reported RBC ratio has exhibited more volatility than peers, since historically PLIC had not moved the VA business to a captive. Currently the company cedes a small percentage of existing VA block and new business to a captive. During 2013, PLIC changed...
