CORRECTING and REPLACING Pacific Life Announces Completion of $1 Billion Surplus Note Offering

NEWPORT BEACH, Calif.--(Business Wire)--
Please replace the release with the following corrected version due to multiple
revisions.

The corrected release reads:

PACIFIC LIFE ANNOUNCES COMPLETION OF $1 BILLION SURPLUS NOTE OFFERING

Pacific Life Insurance Company today announced that it has completed a $1
billion surplus note offering. The surplus notes will mature in June 2039 and
have a coupon of 9.25%. The proceeds from the sale of the surplus notes will be
used for general corporate purposes.

This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of the surplus notes. The surplus notes were sold in transactions exempt
from registration under the Securities Act of 1933.

Offering insurance since 1868, Pacific Life provides 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.
With more than half of the 100 largest U.S. companies as its clients, Pacific
Life is also a member of the Insurance Marketplace Standards Association (IMSA),
whose membership promotes high ethical standards for the sale of individual life
insurance and annuities.

Pacific Life refers to Pacific Life Insurance Company and its affiliates,
including Pacific Life & Annuity Company. Client count as of April 2009 is
compiled by Pacific Life using the 2009 FORTUNE 500 list.

Pacific Life Insurance Company
Tennyson Oyler, 949-219-3248
TOyler@PacificLife.com

Copyright Business Wire 2009