Formed in early 2020 to bring Pacific Life’s collection of products to the institutional space, including defined contribution lifetime income, stable value wrap, pension risk-transfer, and funding agreements, the institutional business recently celebrated its second anniversary. Posting more than $10.4 billion in sales and deposits in 2021, and 144 percent employee growth since 2020, the business enters its third year with significant momentum.
“We’re exceptionally pleased with the growth and performance of this team,” said Brian Woolfolk, executive vice president and head of the Institutional Division. “This group is laser-focused on ideation, innovation, and delivering creative solutions to our customers. Streamlining our products has allowed the business to maximize efficiencies, customize solutions, innovate, and provide world-class customer service.”
Notable business achievements include:
- Sustainable Bond Framework. The Institutional Division established Pacific Life as a leader in the ESG bond market with the introduction of its Sustainable Bond Framework. The framework enables the issuance of sustainable bonds through the organization’s Capital Markets Group. Shortly after, the business announced the issuance of an $800 million bond, the largest sustainability bond in the history of the U.S. financial industry at the time of issuance. The framework and issuance were achieved in less than eight weeks.
- Health Savings Account Fixed Annuity. The stable value team developed and launched a new fixed annuity product for the health-savings account market in just six months, a standout example of cross-functional subject matter experts working efficiently to impactfully implement more cost-effective solutions.
- High Tech Customer Service. In September 2021, the division upgraded its administration platform, enabling the business to better meet market demands for digital capabilities and product innovation, while scaling core business functionality with productivity improvements.
- Building Intellectual Capital. The business’ diverse group of employees is located remotely throughout the U.S. Building an entire division of more than 100 individuals during a global pandemic presented unique challenges, but it also provided opportunities to establish remote and hybrid work models that maximize collaboration and increase efficiencies, both of which will serve the division well in the future.
See related article: Sustainalytics Releases 2021 Annual Review of Pacific Life’s Sustainable Bond Framework
Woolfolk continued, “Dedicated to providing best-in-class solutions and exceptional customer service, the institutional business has cemented a foundation and is well-positioned for the future. From the beginning, our group embraced the start-up mentality and entrepreneurial spirit. I’m so proud of this team and what we’ve accomplished in such a short time.”
To learn more about the institutional business, visit www.IN.PacificLife.com.
Click here to listen to The Wave Strength Podcast where Brian Woolfolk discusses the first two years of Pacific Life’s Institutional Division
Source: Pacific Life