Pacific Mutual Holding Company (Pacific Mutual) is the parent company of Pacific LifeCorp, which is the parent company of Pacific Life Insurance Company. Policyholders of Pacific Life Insurance Company are Members of Pacific Mutual and, as such, are invited to attend an annual meeting of Pacific Mutual and to elect its Board of Directors. Through its direct and indirect subsidiaries, Pacific Mutual is engaged in a wide variety of insurance, financial services, and other investment-related businesses.

The Pacific Mutual Holding Company Annual Meeting of Members (Annual Meeting) will be held virtually on Wednesday, May 21, 2025, at 11:30 a.m., Pacific Time, and is open to Pacific Life Insurance Company policyholders and contract holders as Members of Pacific Mutual Holding Company. The purpose of the Annual Meeting is the election of directors to the Pacific Mutual Holding Company Board of Directors, a vote upon proposed amendments to the Pacific Mutual Holding Company’s Articles of Incorporation and such other business as may properly come before the meeting.

You can attend the virtual Annual Meeting by visiting www.PacificMutual.com/AnnualMeeting up to 15 minutes prior to the start of the meeting and entering the 15-digit Control Number included in your proxy materials, without spaces.

Please click here to read the Annual Meeting Procedures.

STARLA YAMAUCHI
Vice President and Secretary

Letter from Mariann Byerwalter and
Darryl Button

For nearly 160 years, Pacific Life has delivered on our purpose to provide Confidence for Generations to our members, customers and distribution partners. Confidence is built over decades. It’s doing the right thing and acting with integrity in every interaction. It’s demonstrating trustworthiness consistently, and over time. In 2024, we upheld our promise by paying more than $21 billion in total benefits.

Pacific Life draws strength from its diverse business portfolio, which spans our Consumer Markets, Institutional, Reinsurance and Workforce Benefits divisions. Our robust financial position is further supported by consistently high ratings from the major independent rating agencies, including A.M. Best A+ (Superior), Fitch AA- (Very Strong), Moody’s Aa3 (Excellent) and S&P Global AA- (Very Strong). As a mutual company, our unique holding structure enables us to focus on our long-term goals to maximize customer value while ensuring that we remain committed to meeting the needs of our members for generations to come.

The past year has been one of our strongest to date, driven by historic growth, solid investment results, and new products and partnerships. Highlights include:

• Record life sales of $609 million supported by product innovation, including the launch of our updated flagship indexed universal life product, which went on to become one of our most successful product launches in history.
• Record annuity sales of $12 billion and continued product innovation to drive further growth, including the introduction of our first registered index-linked annuity product in December.
• Record pension risk transfer sales of $2.5 billion and significant progress toward addressing the critical need for lifetime income through employer-sponsored savings plans and innovative solutions.
• Expansion of our international Reinsurance business into new Asian markets.
• The launch of a full portfolio of supplemental health and disability insurance products through our growing Workforce Benefits business.

Our asset portfolio had tremendous growth in 2024, with a record volume of new investments generating competitive new money yields. The portfolio is well diversified, and credit fundamentals remain strong. We continue to source assets through our strategic partners, major securities dealers and experienced asset managers with strong track records and global reach, to ensure access to best-in-class opportunities.

With a focus on the future of technology, we made significant strides in AI and automation, laying the foundation for transformative operations. Our initial investment in AI tools is focused on enhancing customer experience, streamlining our underwriting process and building on our data analytics capabilities.

As a relationship-driven organization, we pride ourselves on how we show up in our communities, both locally and globally, and have a deep commitment to our people. Our core Values: People, Integrity, Courage, Partnership and Enduring Strength guide our legacy to provide confidence and financial security. We were recognized by the Ethisphere Institute for our commitment to integrity and named one of the World’s Most Ethical Companies for the eighth consecutive year.

Thank you for your continued trust. We remain steadfastly focused on providing a growing and highly relevant array of life insurance and retirement solutions that meet your unique needs, while providing confidence for generations.

MARIANN BYERWALTER
Chair, Board of Directors

DARRYL BUTTON
President and Chief Executive Officer