The home office is destroyed in an earthquake, and the Pacific Life headquarters moves to Los Angeles.
The company establishes a correspondence program, the School for Salesmen, to offer better training to its agents.
Pacific Life begins supporting the United Way.
Popular non-cancellable disability policies threaten Pacific Life's financial security. California's insurance commissioner rules that the company must be reorganized.
Pacific Life issues its first group annuity pension contract.
When San Francisco was destroyed by earthquake and fire in April 1906, Pacific Mutual moved its home office to Los Angeles. The company took advantage of a strong agency model and an expanding number of products to grow its assets 1,000 percent over the next two decades.
However, Pacific Mutual's popular non-cancellable disability policy almost caused the company to collapse during the Great Depression. Struggling non-cancellable policyholders made an increasing number of claims, and the company's reserves dwindled. In 1936, California's insurance commissioner ordered Pacific Mutual to reorganize.
As part of the rehabilitation plan, the company converted to a mutual. In July 1959, policyholders officially became the owners of Pacific Mutual Life Insurance Company, which had achieved full restoration and met its former obligations nearly 15 years earlier than predicted.