Pacific Life Sees Life Insurance Gains Amid Down 2008

Newport Beach-based Pacific Life Insurance Co. was among the top gainers in what was a lackluster year for life insurance in 2008.

Pacific Life saw a 19.5% yearly rise to $24.6 billion in life insurance policies issued, according to an insurance industry publication of Thomson Reuters PLC.

The gain came as the life insurance industry saw a 1.2% decline to $1.8 trillion in policies issued last year versus 2007, the report said, citing research by New Jersey’s A.M. Best Co., which rates and tracks insurers.

Pacific Life, the insurance unit of ING Groep NV of the Netherlands, and Canada’s Manulife Financial Corp. were the big gainers last year, according to the report.

ING USA Life’s business rose 67%, while Manulife was up 57%.

Pacific Life ranks as the No. 23 life insurer, according to the report.

Parent company Pacific Mutual Holding Co. has yearly revenue of $5.2 billion. The company offers life insurance policies, investments and leases jets through its Aviation Capital Group.