Pacific Life Insurance Co. lays off almost 300 employees in light of COVID-19

Just under 300 employees from Newport Beach-based Pacific Life Insurance Co. were laid off last week in light of the ongoing coronavirus pandemic and low interest rates.

“We are constantly evaluating our business to ensure Pacific Life has the right structure to accomplish its goals and best serve the long-term interests of our clients,” a statement from the company stated.

“As we work toward transformational goals designed to deliver sustained value to our organization and those we serve, the coronavirus pandemic, the current sustained low interest rate environment and our strategy to improve operational efficiency have created a need to readjust internal resources,” it said.

Affected employees are being offered a severance package and job placement support. About 7% of the company’s total workforce were let go, company spokesman Jesse Page said.

Most of the layoffs were immediate and happened last week, but a small portion will occur in the fourth quarter of this year and in the first quarter of 2021. Page said the action largely affects employees in Orange County but will also affect employees in other parts of the country.

Pacific Life also has locations in Aliso Viejo, Omaha, Neb., and Lynchburg, Va.

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