Pacific LifeCorp Announces Pricing of Private Placement of $750 Million Aggregate Principal Amount of 5.400% Senior Notes due 2052

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Media Contact:
Jesse Page
(949) 219-4575
jpage@pacificlife.com

Investor Contact:
Tarun Varma
(949) 219-3144
Tarun.Varma@pacificlife.com

Pacific LifeCorp Announces Pricing of Private Placement of
$750 Million Aggregate Principal Amount of 5.400% Senior Notes due 2052

NEWPORT BEACH, Calif. – September 8, 2022 – Pacific LifeCorp (the “Company”) today announced the pricing of $750 million aggregate principal amount of 5.400% senior notes due 2052 (the “notes”). The notes have been offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. The Company plans to use the net proceeds of the private placement for general corporate purposes, including redemption or repayment of certain of its outstanding indebtedness, including the 7.90% surplus notes due 2023.

The notes have not been registered under the Securities Act or under any state securities laws. Therefore, the Company may not offer or sell the notes within the United States to, or for the account or benefit of, any United States person unless the offer or sale would qualify for a registration exemption from the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes or any other securities nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements that are intended to enhance your ability to assess the Company’s future financial and business performance. These statements are based on the beliefs and assumptions of the Company’s management, and are subject to risks and uncertainties. Generally, statements that are not about historical facts, including statements concerning the Company’s possible or assumed future actions or results of operations are forward-looking statements. Forward-looking statements include, but are not limited to, statements that represent the Company’s beliefs concerning future operations, strategies, financial results or other developments, and contain words and phrases such as “may,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “expects,” “projects,” “should” or similar expressions.

Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Pacific Life. There can be no assurance that future developments affecting Pacific Life will be those anticipated by management and Pacific Life makes no representation or warranty that any projection, calculation, forward-looking statement, assumption or estimate will be achieved. Actual results could differ materially from the expectations expressed by the forward-looking statements.

Pacific Life does not intend, and is under no obligation, to update any particular forward-looking statement or other information included in this announcement.

About Pacific LifeCorp and Pacific Life
Pacific LifeCorp is an intermediate stock holding company and is a wholly-owned subsidiary of Pacific Mutual Holding Company. It is also the parent company of Pacific Life Insurance Company. 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. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2022 is compiled by Pacific Life using the 2022 FORTUNE 500® list. 2022 World’s Most Ethical Companies® is based on the Ethisphere Institute’s Ethics Quotient®. “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

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