Pacific Life Launches New Registered Index-Linked Annuity in New York

Pacific Protective Growth NY offers multiple features and new approaches in one robust product.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life & Annuity Company announced today that it has entered the registered index-linked annuity (RILA) market in New York with Pacific Protective Growth NY¹, which offers growth opportunities to track market indexes while providing a level of protection during market downturns. In addition to traditional cap rate crediting strategies, Pacific Protective Growth NY offers a selection of strategies and terms to meet the needs of clients with a variety of objectives and risk appetites.

“It takes time to build something special, and we took our time to create the nationally available version of Pacific Protective Growth² in 2024,” said Nick Weber, vice president of annuity product development at Pacific Life. “It was important for us to put that same effort into creating a product that can meet the needs of consumers in New York. We’re proud to bring this product to the New York market, and we believe the features we’ve included with Pacific Protective Growth NY create a highly competitive offering.”

RILAs are experiencing double-digit growth fueled by independent broker/dealers, regional and wirehouse broker/dealers, career agents, and bank distribution, with sales projected to surpass [$60] billion in 2026, according to LIMRA.³ These annuities blend growth potential and risk management for clients who may be looking for a balanced investment option. The launch of Pacific Protective Growth NY enables Pacific Life to provide more options to clients in New York looking for growth opportunities and a level of protection.

Pacific Protective Growth NY offers four well-known indexes, each tracking a distinct market. It features crediting strategies familiar to financial professionals alongside two strategies distinct from most other RILAs and not found together in a RILA anywhere else:

• The Tiered Participation Rate with a Cap Rate crediting strategy uses two participation rates and two tier levels, acting as a multiplier for index performance. It potentially can accelerate growth with interest credited at a rate higher than the actual index return, subject to the cap rate.
• The Performance Mix crediting strategy is a combined weighted average of certain indexes, subject to a cap rate. It can enable clients to select an option that’s automatically overweighted to the best-performing index over the past six years.

Support for Financial Professionals

Pacific Life offers tools to help financial professionals customize Pacific Protective Growth NY for each client’s needs, including:

• An online tool to help financial professionals design accumulation and protection features to match their clients’ growth goals and risk-tolerance levels.
• Digital performance notifications that can help decide the future of a strategy.

“We’re excited to join the RILA market in New York and look forward to keeping pace with the continuing evolution of these products,” said Kevin Kennedy, chief sales and marketing officer, Consumer Markets, Pacific Life. “We think the opportunities provided by our RILA, combined with brand recognition and our status as one of the highest-rated insurance carriers, should make Pacific Protective Growth NY a strong consideration for financial professionals and their clients.”

About Pacific Life

Pacific Life Insurance Company and Pacific Life & Annuity Company ("Pacific Life") provide a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for nearly 160 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial- strength ratings, visit www.PacificLife.com.

¹Pacific Protective Growth NY is issued by Pacific Life & Annuity Company (Contract form series: 10-2900, Rider series: 20-2906, 20-2909).
²Pacific Protective Growth is issued by Pacific Life Insurance Company (Contract form series: 10-1900, state variations may apply).
³Theroux, Catherine, and Stover, Bailey. "A Mixed Bag Likely for the U.S. Retail Annuity Market in 2025." LIMRA. January 9, 2025.

Annuities are long-term contracts designed for retirement. Annuity withdrawals and other distributions of taxable amounts, including death benefit payouts, will be subject to ordinary income tax. For nonqualified contracts, an additional 3.8% federal tax may apply on net investment income. If withdrawals and other distributions are taken prior to age 59½, an additional 10% federal income tax may apply. A withdrawal charge also may apply. Withdrawals will reduce the contract value and the value of the death benefit.

An investment in a crediting strategy is subject to risks, including the possible loss of all or a significant portion of the principal investment and any credited contract earnings. This loss could be greater if withdrawals or surrenders occur due to the imposition of withdrawal charges and possible negative tax consequences.

The crediting strategy or protection level is not applied until the end of the term. Before the end of a term, if the contract is surrendered or annuitized, a withdrawal is taken, or if the death benefit is paid, the transaction will reduce the interim value of the investment in that crediting option and could result in the loss of principal and previously credited contract earnings. Such losses could be as high as 100%. The interim value is the amount in the crediting option that is available for transactions that occur during the term, including full surrenders, withdrawals, free withdrawal amounts, pre-authorized withdrawals, death benefit payments, and annuitization. The interim value could be less than the investment in the crediting strategy option even if the index is performing positively.

No bank guarantee • Not a deposit • May lose value • Not FDIC/NCUA insured • Not insured by any federal government agency

All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.

Pacific Life, its affiliates, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

This material must be preceded or accompanied by the product prospectus or summary prospectus, if available, each of which contains information about the contract’s features, risks, limitations, charges, and expenses. You should read the prospectus, which is available from your financial professional or by visiting PacificLife.com/Prospectuses, and consider its information carefully before investing.

Pacific Life refers to Pacific Life Insurance Company and its subsidiary, Pacific Life & Annuity Company.

The indexes are unmanaged and not available for direct investment. The index performance does not include the reinvestment of dividends. Not all indexes, protection options, and terms are available on every crediting strategy.

Pacific Life & Annuity Company is licensed to issue insurance products in all states, including New York.

Insurance products and their guarantees, including optional benefits, annuity payout rates, and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the insurance company with regard to such guarantees because these guarantees are not backed by the independent broker/dealers, insurance agencies, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the issuing company.

Securities are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), an affiliate of Pacific Life & Annuity Company.

The home office for Pacific Life & Annuity Company is located in Phoenix, Arizona.

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