Pacific Life Insurance names longtime insider as new president
Pacific Life Insurance Co. on Wednesday named a new president and chief executive to guide its continuing growth as a provider of insurance, mutual funds and other products for baby boomers and others facing retirement.
James T. Morris, 46, will take over in April from Thomas C. Sutton, 64, who will remain chairman. Morris currently is chief operating officer of the privately held Newport Beach-based company, known for its humpback whale logo.
Growth opportunities for Pacific Life and other insurance companies will come from helping investors protect their financial assets and prepare for retirement, Morris said. Many people are living longer while facing reduced pension benefits from their employers, he said.
“The theme that we are focused on is helping clients not outlive their assets,” he said.
Pacific Life “is a very major player in the industry,” said Frank Keating, chief executive of the American Council of Life Insurers, a trade advocacy group based in Washington. “They are a major annuity seller.”
Annuities are insurance and investment hybrids sold by insurance companies that allow savings to grow tax-free until payouts begin, usually at retirement.
Morris has spent his entire career at Pacific Life, starting as an assistant actuary after his 1982 graduation from UCLA. After holding a series of significant positions, Morris was promoted to executive vice president of the life insurance division in 2002.
In 2005, he was elevated to executive vice president and chief insurance officer. Morris has served as chief operating officer since the beginning of this year, overseeing the annuity and mutual fund division, life insurance division and Pacific Select Group, a subsidiary that owns five financial product dealers.
Morris will be the company’s 14th chief executive since it was founded in 1868 in Sacramento. It moved from Los Angeles to Newport Beach in 1972.
Pacific Life is among the nation’s 20 largest insurers measured by assets, which at $95 billion are up 955% from 1990, when Sutton became president, the company said. Equity rose from $258 million to almost $3.2 billion during that time.
The company has 3,100 employees and a “superior” rating from analyst A.M. Best and “very strong” designations from Standard & Poor’s and Fitch Ratings.
Sutton will retire in June, ending a 43-year career with Pacific Life, including two years as president and 17 years as chairman and chief executive.
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