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Pacific Life Insurance Co

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BUSINESS
March 24, 1999
Newport Beach-based Pacific Life Insurance Co. said Tuesday that net income for 1998 rose 37% to $241.5 million from $176 million the previous year. Revenue totaled $2.8 billion, up 33% from $2.1 billion. Company assets grew 17% to $39.9 billion from $34 billion.
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SPORTS
August 8, 2008 | Jim Peltz, Times Staff Writer
The professional tennis tournament held in Indian Wells is seeking a new title sponsor after ending its seven-year relationship with Pacific Life Insurance Co. of Newport Beach. The former Pacific Life Open, held at the Indian Wells Tennis Garden, drew more than 300,000 spectators during this year's two-week event in March, making it one of the most attended non-Grand Slam events in the world.
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BUSINESS
April 5, 2000
Pacific Life Insurance Co., which is based in Newport Beach, said net income for 1999 rose 54% to $371 million from $241.5 million the previous year. Revenue rose 11% to $3.1 billion.
BUSINESS
September 21, 2001 | E. Scott Reckard
Pacific Life & Annuity Co. said Thursday that it will move next year to a new five-story building in Irvine's Main Corporate Center, consolidating its Southern California operations in one place. Layton-Belling & Associates, a real estate company, is building the new offices for Pacific Life & Annuity, which currently has 450 employees in Fountain Valley and Huntington Beach. Pacific Life & Annuity, a division of Pacific Life Insurance Co.
BUSINESS
October 29, 1997 | John O'Dell
About 150,000 policyholders of First Capital Life Insurance Co., a big San Diego insurer that went under late in 1991, stand to share $80 million from a Newport Beach insurer that took over the policies under a state rescue program. Pacific Life Insurance Co., which invested First Capital assets of $4.1 billion, said it should pay out the profits from those investments--an average $533 per policy--by the end of the year, pending regulatory approval.
NEWS
December 22, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Newport Beach-based Pacific Life Insurance Co., California's largest insurance company, is in talks that could lead to it being sold to German insurance giant Allianz AG for more than $3 billion. The company is Orange County's largest privately held concern and one of its largest employers with 2,200 workers. It is also a leading corporate citizen, overseeing a $2.4 million charitable foundation that has provided support for such events as AIDS Walk Orange County and Race for the Cure.
BUSINESS
December 22, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
California's largest insurance company, Newport Beach-based Pacific Life Insurance Co., is in talks that could lead to it being sold to German insurance giant Allianz for more than $3 billion. The negotiations were disclosed Tuesday in a filing with the Securities and Exchange Commission and are separate from the pending $3.3-billion acquisition by Munich-based Allianz of Pimco Advisors Holdings, which is 30%-owned by Pacific Life.
BUSINESS
September 21, 2001 | E. Scott Reckard
Pacific Life & Annuity Co. said Thursday that it will move next year to a new five-story building in Irvine's Main Corporate Center, consolidating its Southern California operations in one place. Layton-Belling & Associates, a real estate company, is building the new offices for Pacific Life & Annuity, which currently has 450 employees in Fountain Valley and Huntington Beach. Pacific Life & Annuity, a division of Pacific Life Insurance Co.
BUSINESS
January 29, 2000 | Daryl Strickland and Karen Alexander
Newport Beach-based Pacific Life Insurance Co. is relocating 450 employees, or about 25% of its work force, to Foothill Ranch, the company said Friday. Most of the workers will be transferred from Newport Center, the office buildings that ring Fashion Island. A smaller number will be moved from a Fountain Valley facility, said company spokeswoman Marie Connell. She added that the company has run out of space at its main office at Newport Center, and at other area buildings where it leases space.
BUSINESS
August 7, 2001 | Reuters
Scottish Annuity & Life Holdings Ltd. on Monday said it would buy a reinsurance unit of Pacific Life Insurance Co. for $78 million in stock to boost capital and build a core business overseas. Scottish Annuity, which provides reinsurance of life insurance and annuities and also issues customized variable life and annuity products for the wealthy, will buy World-Wide Holdings Ltd. and its World-Wide Reassurance Co. Ltd. unit, based in Windsor, England.
BUSINESS
August 7, 2001 | Reuters
Scottish Annuity & Life Holdings Ltd. on Monday said it would buy a reinsurance unit of Pacific Life Insurance Co. for $78 million in stock to boost capital and build a core business overseas. Scottish Annuity, which provides reinsurance of life insurance and annuities and also issues customized variable life and annuity products for the wealthy, will buy World-Wide Holdings Ltd. and its World-Wide Reassurance Co. Ltd. unit, based in Windsor, England.
BUSINESS
April 8, 2000 | From Associated Press
Prison Realty Trust Inc., a struggling developer and owner of prisons and other detention facilities, said Friday it has agreed to a $200-million restructuring plan with shareholder Pacific Life Insurance Co. of Newport Beach. Under the agreement, Pacific Life, which owns about 4.5 million of Prison Realty's 118.4 million outstanding shares, will receive warrants to buy either 10% of Prison Realty common stock or 20 million shares, whichever is greater.
BUSINESS
April 5, 2000
Pacific Life Insurance Co., which is based in Newport Beach, said net income for 1999 rose 54% to $371 million from $241.5 million the previous year. Revenue rose 11% to $3.1 billion.
BUSINESS
February 26, 2000 | Bloomberg News
Pacific Life Insurance Co. said Friday that it has proposed a $200-million restructuring plan for a struggling Nashville real estate investment trust that owns prison properties. The Newport Beach life insurer, which owns a 4% stake in Prison Realty Trust Inc., said its proposal is better for shareholders than the company's plan to sell a $350-million stake to a group led by Blackstone Group Inc.
CALIFORNIA | LOCAL
February 12, 2000 | KAREN ALEXANDER, TIMES STAFF WRITER
Faced with a slow-growth initiative on the ballot in November, Pacific Life Insurance Co. on Friday became the third company to withdraw plans for a major expansion of its headquarters in Newport Beach. In tandem with the Irvine Co. and other landowners in and around Fashion Island, Pacific Life had been seeking an amendment to the city's general plan that would have allowed the company to increase its headquarters by 420,000 square feet.
BUSINESS
January 29, 2000 | Daryl Strickland and Karen Alexander
Newport Beach-based Pacific Life Insurance Co. is relocating 450 employees, or about 25% of its work force, to Foothill Ranch, the company said Friday. Most of the workers will be transferred from Newport Center, the office buildings that ring Fashion Island. A smaller number will be moved from a Fountain Valley facility, said company spokeswoman Marie Connell. She added that the company has run out of space at its main office at Newport Center, and at other area buildings where it leases space.
BUSINESS
February 26, 2000 | Bloomberg News
Pacific Life Insurance Co. said Friday that it has proposed a $200-million restructuring plan for a struggling Nashville real estate investment trust that owns prison properties. The Newport Beach life insurer, which owns a 4% stake in Prison Realty Trust Inc., said its proposal is better for shareholders than the company's plan to sell a $350-million stake to a group led by Blackstone Group Inc.
BUSINESS
January 23, 1999
Pacific Life Insurance Co. said it has acquired the U.S. portion of the annuity business of the now-defunct Canadian insurer Confederation Life Insurance Co. Terms of the transaction weren't disclosed. Most of the $2 billion in policies, known as structured settlement annuities, provide monthly payments of lawsuit settlement awards for plaintiffs. Newport Beach-based Pacific Life said it was the winning bidder after a six-week auction of the policies by Canadian regulators.
BUSINESS
December 22, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
California's largest insurance company, Newport Beach-based Pacific Life Insurance Co., is in talks that could lead to it being sold to German insurance giant Allianz for more than $3 billion. The negotiations were disclosed Tuesday in a filing with the Securities and Exchange Commission and are separate from the pending $3.3-billion acquisition by Munich-based Allianz of Pimco Advisors Holdings, which is 30%-owned by Pacific Life.
NEWS
December 22, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Newport Beach-based Pacific Life Insurance Co., California's largest insurance company, is in talks that could lead to it being sold to German insurance giant Allianz AG for more than $3 billion. The company is Orange County's largest privately held concern and one of its largest employers with 2,200 workers. It is also a leading corporate citizen, overseeing a $2.4 million charitable foundation that has provided support for such events as AIDS Walk Orange County and Race for the Cure.
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