...Solid Competitive Position: Pacific LifeCorp, with its insurance subsidiaries (collectively, PLC), is one of the nation's leading providers of individual life insurance and retirement savings products. The company maintains a strong competitive position within the affluent market. The company also benefits from an extensive distribution network. Strong Statutory Capital: PLC had statutory capitalization of $7.8 billion at year-end 2014, up 11% from the prior year-end, driven by statutory net income and unrealized capital gains from derivatives partially offset by a $200 million dividend paid to the holding company. PLC has diversified and derisked its product portfolio and strengthened its variable annuity (VA) hedging program, which should lessen the capital impact if equity markets experience significant deterioration. Reduced RBC Volatility: Pacific Life Insurance Company's (PLIC) reported RBC ratio has historically exhibited more volatility than peers'. In 2012, PLC formed a captive...
