Pacific LifeCorp Announces Pricing of Private Placement of $500 Million Aggregate Principal Amount of 5.125% Senior Notes due 2043

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NEWPORT BEACH, Calif.--(Business Wire)--
Pacific LifeCorp (the "Company") today announced the pricing of $500 million
aggregate principal amount of 5.125% senior notes due 2043 (the "notes"). The
notes have been offered only to qualified institutional buyers in accordance
with Rule 144A under the Securities Act of 1933, as amended (the "Securities
Act"), and outside the United States in accordance with Regulation S under the
Securities Act. The Company plans to use the net proceeds of the private
placement in connection with the previously announced tender offer by Pacific
Life Insurance Company for its 9.25% Surplus Notes due 2039 and for general
corporate purposes.

The notes have not been registered under the Securities Act or under any state
securities laws. Therefore, the Company may not offer or sell the notes within
the United States to, or for the account or benefit of, any United States person
unless the offer or sale would qualify for a registration exemption from the
Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any of the notes nor does it constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is
unlawful.

About Pacific LifeCorp and Pacific Life

Pacific LifeCorp is an intermediate stock holding company and is a wholly-owned
subsidiary of Pacific Mutual Holding Company. It is also the parent company of
Pacific Life Insurance Company. 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. Pacific Life and its affiliates count more than
half of the 100 largest U.S. companies as their clients. Client count as of May
2012 is compiled by Pacific Life using the 2012 FORTUNE 500 list.

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

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