As a mutual holding company and leader in the life insurance and retirement industry, we are proud of our 156-year legacy of strength, stability, and doing the right thing for our members. The opportunity to help our customers achieve financial security and peace of mind is what motivates us day in and day out, and drove us to show up for our customers in important ways over the past year.

We are industry leaders in our chosen markets and consistently receive recognition for our service experience. We fulfilled our commitments by distributing more than $18 billion in benefits and reached a milestone of 1 million in-force members for the first time – a clear sign of progress on our efforts to build confidence for generations. Our 2023 financial results were strong, driven by record-high life and annuity sales, solid investment performance, and the strength of our balance sheet.

We maintained a focus on achieving diversified growth and expanded our global footprint through our reinsurance business, Pacific Life Re. In our Institutional business, we placed our largest pension risk-transfer contract to date, a reflection of the continued strength of our Institutional and Pacific Life Investment teams. Our new Workforce Benefits business was successfully launched and provides an opportunity for future growth.

Technology and data analytics are powering an evolution of underwriting and new business operations. We recently introduced a proprietary underwriting model to advance processing capabilities and enhance the customer experience. We also launched an enterprise technology strategy that will enable a more agile customer-centric experience, and realigned our risk and technology functions to maximize their collective strength. Our ongoing commitment to innovation – exemplified by these two initiatives – ensures that we are always there for our customers, helping them worry less and live more.

In looking back on 2023, we know none of these achievements would have been possible without the dedication of our employees. Every member of our team plays a crucial role in upholding our legacy of integrity, and we remain committed to developing and investing in our people.

We strive to create a lasting impact through volunteerism and philanthropy, guided by the Pacific Life Foundation. In 2023, Pacific Life employees and their families accumulated 13,300 hours volunteering with more than 170 charities around the globe. This engagement is a testament to our collective efforts in making a difference to the communities we serve, reinforcing our foundation of doing the right thing in everything we do. In addition, we were recognized by Points of Light as one of America’s 50 Most Community-Minded Companies, and we have been named one of the World’s Most Ethical Companies by the Ethisphere Institute for the seventh consecutive year.

As we look ahead through 2024 and beyond, we are well positioned to deliver on our promises when members need us most. Guided by our commitment to doing right by our people, customers, and communities above all else, we aspire to be the partner of choice to all whom we serve. For the continued trust of our members, we are grateful.