N-30D 1 dn30d.htm PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT Pacific Corinthian Variable Separate Account

December 31, 2002

      •   Pacific Corinthian Variable
    Separate Account of
    Pacific Life Insurance Company

 

Annual

Report

 

PACIFIC CORINTHIAN

TABLE OF CONTENTS
 
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
 
Financial Statements:
     
Statements of Assets and Liabilities
   
1
Statements of Operations
   
2
Statements of Changes in Net Assets
   
3
Financial Highlights
   
5
Notes to Financial Statements
   
6
Independent Auditors’ Report
   
8

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2002
(In thousands)
 
    
Variable Account I
   
Variable Account
II
   
Variable Account IV
   
Variable Account VII
   
Variable Account IX
   
Variable Account X
   
Variable Account XI
   
Variable Account XII
   
Variable Account XIII
   
Variable Account XIV
    
ASSETS
                                                  
Investments:
                                                  
Money Market Portfolio
   
$1,771
                                             
Equity Portfolio
        
$18,391
                                        
Inflation Managed Portfolio
             
$1,249
                                   
Large-Cap Core Portfolio (1)
                  
$4,249
                              
Multi-Strategy Portfolio
                       
$3,930
                         
Managed Bond Portfolio
                            
$9,747
                    
High Yield Bond Portfolio
                                 
$87
               
Equity Index Portfolio
                                      
$1,447
          
International Value Portfolio
                                           
$416
     
Growth LT Portfolio
                                                
$2,713
Receivables:
                                                  
Due from Pacific Life Insurance Company
   
—
   
—
   
—
   
—
   
44
   
—
   
—
   
—
   
—
   
—
Fund shares redeemed
   
2
   
28
   
1
   
4
   
—
   
8
   
—
   
49
   
1
   
4
    
Total Assets
   
1,773
   
18,419
   
1,250
   
4,253
   
3,974
   
9,755
   
87
   
1,496
   
417
   
2,717
    
LIABILITIES
                                                  
Payables:
                                                  
Due to Pacific Life Insurance Company
   
2
   
28
   
1
   
4
   
—
   
8
   
—
   
49
   
1
   
4
Fund shares purchased
   
—
   
—
   
—
   
—
   
44
   
—
   
—
   
—
   
—
   
—
Other liabilities
   
6
   
60
   
3
   
15
   
9
   
1
   
—
   
5
   
1
   
9
    
Total Liabilities
   
8
   
88
   
4
   
19
   
53
   
9
   
—
   
54
   
2
   
13
    
NET ASSETS
   
$1,765
   
$18,331
   
$1,246
   
$4,234
   
$3,921
   
$9,746
   
$87
   
$1,442
   
$415
   
$2,704
    
Shares Owned in each Portfolio
   
176
   
1,308
   
104
   
285
   
315
   
841
   
14
   
69
   
41
   
207
    
Cost of Investments
   
$1,761
   
$17,607
   
$1,073
   
$4,023
   
$3,760
   
$8,902
   
$113
   
$1,713
   
$552
   
$3,930
    
 
(1) Formerly named Equity Income Portfolio.
 
See Notes to Financial Statements

1

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
(In thousands)
 
    
Variable Account I
     
Variable Account
II
     
Variable Account IV
   
Variable Account VII
     
Variable Account IX
     
Variable Account X
   
Variable Account XI
     
Variable Account XII
     
Variable Account XIII
     
Variable Account XIV
  
    
INVESTMENT INCOME
                                                                  
Dividends
   
$28
 
   
$85
 
   
$28
   
$39
 
   
$139
 
   
$514
   
$9
 
   
$180
 
   
$4
 
   
$35
 
EXPENSES
                                                                  
Mortality and expense risk fees and operating expenses
   
24
 
   
279
 
   
14
   
67
 
   
55
 
   
116
   
1
 
   
23
 
   
6
 
   
42
 
    
Net Investment Income (Loss)
   
4
 
   
(194
)
   
14
   
(28
)
   
84
 
   
398
   
8
 
   
157
 
   
(2
)
   
(7
)
    
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
                                                                  
Net realized gain (loss) from
security transactions
   
3
 
   
441
 
   
6
   
119
 
   
43
 
   
4
   
(11
)
   
(96
)
   
(29
)
   
(1,071
)
Net unrealized appreciation (depreciation)
on investments
   
(3
)
   
(7,697
)
   
124
   
(2,084
)
   
(857
)
   
473
   
(2
)
   
(578
)
   
(50
)
   
(247
)
    
Net Realized and Unrealized Gain (Loss)
on Investments
   
—
 
   
(7,256
)
   
130
   
(1,965
)
   
(814
)
   
477
   
(13
)
   
(674
)
   
(79
)
   
(1,318
)
    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
   
$4
 
   
($7,450
)
   
$144
   
($1,993
)
   
($730
)
   
$875
   
($5
)
   
($517
)
   
($81
)
   
($1,325
)
    
 
See Notes to Financial Statements

2

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2002
(In thousands)
 
    
Variable Account I
     
Variable Account
II
     
Variable Account IV
     
Variable Account VII
     
Variable Account IX
     
Variable Account X
     
Variable Account XI
     
Variable Account XII
     
Variable Account XIII
     
Variable Account XIV
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                                      
Net investment income (loss)
   
$4
 
   
($194
)
   
$14
 
   
($28
)
   
$84
 
   
$398
 
   
$8
 
   
$157
 
   
($2
)
   
($7
)
Net realized gain (loss) from
security transactions
   
3
 
   
441
 
   
6
 
   
119
 
   
43
 
   
4
 
   
(11
)
   
(96
)
   
(29
)
   
(1,071
)
Net unrealized appreciation (depreciation)
on investments
   
(3
)
   
(7,697
)
   
124
 
   
(2,084
)
   
(857
)
   
473
 
   
(2
)
   
(578
)
   
(50
)
   
(247
)
    
Net Increase (Decrease) in Net Assets
Resulting from Operations
   
4
 
   
(7,450
)
   
144
 
   
(1,993
)
   
(730
)
   
875
 
   
(5
)
   
(517
)
   
(81
)
   
(1,325
)
    
INCREASE (DECREASE) IN NET ASSETS
FROM ACCOUNT TRANSACTIONS
                                                                      
Transfer of net premiums
   
—
 
   
27
 
   
—
 
   
1
 
   
1
 
   
12
 
   
—
 
   
—
 
   
—
 
   
—
 
Transfers between variable accounts, net
   
(55
)
   
(718
)
   
5
 
   
(121
)
   
(79
)
   
—
 
   
(16
)
   
(162
)
   
(22
)
   
(340
)
Transfers—policy charges and deductions
   
(81
)
   
(181
)
   
(1
)
   
(179
)
   
(25
)
   
(69
)
   
—
 
   
(45
)
   
(1
)
   
(203
)
Transfers—surrenders
   
(285
)
   
(1,583
)
   
(5
)
   
(500
)
   
(503
)
   
(511
)
   
(7
)
   
(159
)
   
(14
)
   
(251
)
Transfers—other
   
—
 
   
21
 
   
(1
)
   
7
 
   
1
 
   
—
 
   
—
 
   
3
 
   
1
 
   
9
 
    
Net Decrease in Net Assets
Derived from Account Transactions
   
(421
)
   
(2,434
)
   
(2
)
   
(792
)
   
(605
)
   
(568
)
   
(23
)
   
(363
)
   
(36
)
   
(785
)
    
NET INCREASE (DECREASE) IN NET ASSETS
   
(417
)
   
(9,884
)
   
142
 
   
(2,785
)
   
(1,335
)
   
307
 
   
(28
)
   
(880
)
   
(117
)
   
(2,110
)
    
NET ASSETS
                                                                      
Beginning of Year
   
2,182
 
   
28,215
 
   
1,104
 
   
7,019
 
   
5,256
 
   
9,439
 
   
115
 
   
2,322
 
   
532
 
   
4,814
 
    
End of Year
   
$1,765
 
   
$18,331
 
   
$1,246
 
   
$4,234
 
   
$3,921
 
   
$9,746
 
   
$87
 
   
$1,442
 
   
$415
 
   
$2,704
 
    
 
See Notes to Financial Statements

3

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2001
(In thousands)
 
    
Variable Account I
     
Variable Account
II
     
Variable Account IV
     
Variable Account VII
     
Variable Account IX
     
Variable Account X
     
Variable Account XI
     
Variable Account XII
     
Variable Account XIII
     
Variable Account XIV
  
    
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
                                                                      
Net investment income
   
$69
 
   
$1,680
 
   
$32
 
   
$53
 
   
$81
 
   
$373
 
   
$13
 
   
$6
 
   
$9
 
   
$961
 
Net realized gain (loss) from
security transactions
   
3
 
   
1,036
 
   
(1
)
   
409
 
   
112
 
   
22
 
   
(15
)
   
(46
)
   
(35
)
   
(1,525
)
Net unrealized appreciation (depreciation)
on investments
   
(2
)
   
(11,994
)
   
6
 
   
(1,384
)
   
(329
)
   
163
 
   
—
 
   
(395
)
   
(147
)
   
(1,945
)
    
Net Increase (Decrease) in Net Assets
Resulting from Operations
   
70
 
   
(9,278
)
   
37
 
   
(922
)
   
(136
)
   
558
 
   
(2
)
   
(435
)
   
(173
)
   
(2,509
)
    
INCREASE (DECREASE) IN NET ASSETS
FROM ACCOUNT TRANSACTIONS
                                                                      
Transfer of net premiums
   
—
 
   
18
 
   
9
 
   
15
 
   
3
 
   
2
 
   
—
 
   
22
 
   
1
 
   
86
 
Transfers between variable accounts, net
   
496
 
   
(1,221
)
   
183
 
   
5
 
   
40
 
   
357
 
   
30
 
   
(122
)
   
5
 
   
(892
)
Transfers—policy charges and deductions
   
(191
)
   
(457
)
   
(1
)
   
(17
)
   
(29
)
   
(26
)
   
—
 
   
(4
)
   
(1
)
   
(33
)
Transfers—surrenders
   
(833
)
   
(2,990
)
   
(340
)
   
(1,286
)
   
(672
)
   
(1,079
)
   
(45
)
   
(338
)
   
(61
)
   
(462
)
Transfers—other
   
—
 
   
26
 
   
—
 
   
4
 
   
1
 
   
—
 
   
(2
)
   
4
 
   
—
 
   
7
 
    
Net Decrease in Net Assets
Derived from Account Transactions
   
(528
)
   
(4,624
)
   
(149
)
   
(1,279
)
   
(657
)
   
(746
)
   
(17
)
   
(438
)
   
(56
)
   
(1,294
)
    
NET DECREASE IN NET ASSETS
   
(458
)
   
(13,902
)
   
(112
)
   
(2,201
)
   
(793
)
   
(188
)
   
(19
)
   
(873
)
   
(229
)
   
(3,803
)
    
NET ASSETS
                                                                      
Beginning of Year
   
2,640
 
   
42,117
 
   
1,216
 
   
9,220
 
   
6,049
 
   
9,627
 
   
134
 
   
3,195
 
   
761
 
   
8,617
 
    
End of Year
   
$2,182
 
   
$28,215
 
   
$1,104
 
   
$7,019
 
   
$5,256
 
   
$9,439
 
   
$115
 
   
$2,322
 
   
$532
 
   
$4,814
 
    
 
See Notes to Financial Statements

4

 

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

FINANCIAL HIGHLIGHTS

 

Selected accumulation unit value (AUV), total units outstanding, total net assets, ratios of investment income and expenses to average daily net assets, and total returns for the years ended December 31, 2002 and 2001 were as follows:

 

For the Year Ended

  

AUV

at

End

of Year

   

Number

of

Units

Outstanding

   

Total

Net

Assets

(in $000’s)

   

Ratios of

Investment

Income to

Average Net

Assets

     

Ratios of

Expenses to

Average Net Assets

   

Total
Returns (1)

I

                               

2002

  

$2.20

   

801,386

   

$1,765

   

1.41%

     

1.22%

   

0.18%

2001

  

2.20

   

992,530

   

2,182

   

3.87%

     

1.21%

   

2.62%

II

                               

2002

  

$4.47

   

4,097,487

   

$18,331

   

0.37%

     

1.23%

   

(27.40%)

2001

  

6.16

   

4,578,403

   

28,215

   

6.33%

     

1.21%

   

(22.70%)

IV

                               

2002

  

$2.69

   

462,326

   

$1,246

   

2.54%

     

1.23%

   

14.04%

2001

  

2.36

   

467,059

   

1,104

   

3.71%

     

1.20%

   

3.02%

VII

                               

2002

  

$2.12

   

1,993,087

   

$4,234

   

0.71%

     

1.23%

   

(29.27%)

2001

  

3.00

   

2,336,761

   

7,019

   

1.88%

     

1.21%

   

(9.97%)

IX

                               

2002

  

$2.27

   

1,725,264

   

$3,921

   

3.10%

     

1.23%

   

(14.13%)

2001

  

2.65

   

1,985,813

   

5,256

   

2.67%

     

1.21%

   

(2.34%)

X

                               

2002

  

$1.75

   

5,573,069

   

$9,746

   

5.40%

     

1.23%

   

9.58%

2001

  

1.60

   

5,914,861

   

9,439

   

5.11%

     

1.21%

   

6.04%

XI

                               

2002

  

$1.29

   

67,462

   

$87

   

8.70%

     

1.22%

   

(4.17%)

2001

  

1.34

   

85,823

   

115

   

9.90%

     

1.21%

   

0.13%

XII

                               

2002

  

$1.91

   

754,519

   

$1,442

   

9.76%

     

1.23%

   

(23.29%)

2001

  

2.49

   

931,726

   

2,322

   

1.45%

     

1.21%

   

(13.21%)

XIII

                               

2002

  

$1.04

   

397,673

   

$415

   

0.91%

     

1.22%

   

(14.96%)

2001

  

1.23

   

433,781

   

532

   

2.68%

     

1.21%

   

(22.81%)

XIV

                               

2002

  

$1.93

   

1,402,534

   

$2,704

   

1.02%

     

1.23%

   

(29.84%)

2001

  

2.75

   

1,752,136

   

4,814

   

17.14%

     

1.21%

   

(30.40%)

 

(1) Total returns reflect a deduction for mortality and expense risk (M&E) charges and operating expenses assessed through the daily accumulation unit value calculation. M&E charges are assessed at an annual rate of 1.19% of the average daily net assets of each Variable Account as discussed in Notes 5 to Financial Statements. Total returns do not include deductions at the separate account or contract level for any premium loads, maintenance fees, premium tax charges, surrender charges, or other charges that may be incurred under a contract which, if incurred, would have resulted in lower returns.

 

See Notes to Financial Statements

 

5

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS

 

 

1. ORGANIZATION

 

Pacific Corinthian Variable Separate Account (the “Separate Account”) of Pacific Life Insurance Company (“Pacific Life”) operates as a unit investment trust under the Investment Company Act of 1940, as amended, is divided into subaccounts (“Variable Accounts”). The assets in each Variable Account are invested in shares of the corresponding portfolios of Pacific Select Fund (the “Fund”) as follows:

 

    

Portfolios

Variable Account I

   

Money Market Portfolio

Variable Account II

   

Equity Portfolio

Variable Account IV

   

Inflation Managed Portfolio

Variable Account VII

   

Large-Cap Core Portfolio *

Variable Account IX

   

Multi-Strategy Portfolio

Variable Account X

   

Managed Bond Portfolio

Variable Account XI

   

High Yield Bond Portfolio

Variable Account XII

   

Equity Index Portfolio

Variable Account XIII

   

International Value Portfolio

Variable Account XIV

   

Growth LT Portfolio

* Formerly named Equity Income Portfolio

 

Each portfolio pursues different investment objectives and policies. The financial statements of the Fund, including the schedules of investments, are provided separately and should be read in conjunction with the Separate Account’s financial statements.

 

The Separate Account held by Pacific Life represents funds from individual flexible premium deferred annuity and variable accumulation contracts (the “Contract”). The assets of the Separate Account are carried at market value.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for investment companies which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

 

A. Valuation of Investments

 

Investments in shares of the Fund are valued at the reported net asset values of the respective portfolios. Valuation of securities held by the Fund is discussed in the notes to its financial statements.

 

B. Security Transactions and Investment Income

 

Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date.

 

C. Federal Income Taxes

 

The operations of the Separate Account will be reported on the Federal income tax return of Pacific Life, which is taxed as a life insurance company under the provisions of the Tax Reform Act of 1986. Under current tax law, no Federal income taxes are expected to be paid by Pacific Life with respect to the operations of the Separate Account.

 

3. DIVIDENDS

 

During 2002, the Fund declared dividends for each of the portfolios invested in by the Separate Account. The amounts accrued by the Separate Account for its share of the dividends were reinvested in additional full and fractional shares of the related portfolio.

 

4. RELATED PARTY AGREEMENT

 

Pacific Select Distributors, Inc., a wholly-owned subsidiary of Pacific Life, serves as principal underwriter of variable annuity contracts funded by interests in the Separate Account, without remuneration from the Separate Account.

 

5. CONTRACT CHARGES

 

A contingent deferred sales charge may be deducted upon partial or complete withdrawal or upon annuitization of a Contract.

 

An annual contract maintenance charge of $30 is imposed on all Contracts on December 31 of each year. The charge covers the cost of Contract administration and is apportioned equally among the Accounts to which the Contract Value is allocated.

 

Mortality and expense risks assumed by Pacific Life are compensated for by a charge equivalent to an annual rate of 1.19% of the value of each Variable Account’s net assets of which approximately 1.00% is for assuming mortality risks and 0.19% is for assuming expense risks.

 

In addition, the Separate Account bears certain of its operating expenses, subject to Pacific Life’s guarantee that such expenses will not exceed 0.25% of each Variable Account’s average daily net assets annually. For the year ended December 31, 2002, these operating expenses for each of the Variable Accounts were below the 0.25% expense cap. Pacific Life further guarantees that the ordinary operating expenses of a Variable Account together with the operating expenses incurred by its underlying Fund Portfolio, exclusive of advisory and management fees, interest, taxes, brokerage commissions, transaction costs or extraordinary expenses, will not exceed 0.60% of average daily net assets annually after consideration for any adjustment by the Fund’s Investment Adviser for Fund expenses in excess of state expense limitations, except that additional custodial costs associated with holding foreign securities and foreign taxes on dividends, interests and gains will also be excluded with respect to the underlying International Value Portfolio of the Fund. For the year ended December 31, 2002, these combined operating expenses for each of the Variable Accounts were below the 0.60% expense cap.

 

6

 

PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS (Continued)

 

6. SEPARATE ACCOUNT'S COST OF INVESTMENTS IN THE FUND SHARES

 

The cost of investments in the Fund shares are determined on an identified cost basis, which represents the amount available for investment (including reinvested distributions of net investment income and realized gains) in such shares after deduction of mortality and expense risk fees and operating expenses (M&E). A reconciliation of total cost and market value of the Separate Account’s investments in the Fund as of December 31, 2002 were as follows (amounts in thousands):

 

    

Variable Accounts

  
    
    

I

   

II

     

IV

     

VII

     

IX

  
    

Total cost of investments at beginning of year

   

$2,175

   

$19,815

 

   

$1,054

 

   

$4,730

 

   

$4,239

 

Add:    Total net proceeds from policy and M&E transactions

   

174

   

52

 

   

223

 

   

104

 

   

206

 

    Reinvested distributions from the Fund:

                                 

    (a) Dividends from net investment income

   

28

   

85

 

   

12

 

   

39

 

   

89

 

    (b) Distributions from capital gains

   

—

   

—

 

   

16

 

   

—

 

   

50

 

    

Sub-Total

   

2,377

   

19,952

 

   

1,305

 

   

4,873

 

   

4,584

 

Less:    Cost of investments disposed during the year

   

616

   

2,345

 

   

232

 

   

850

 

   

824

 

    

Total cost of investments at end of year

   

1,761

   

17,607

 

   

1,073

 

   

4,023

 

   

3,760

 

Add:    Unrealized appreciation

   

10

   

784

 

   

176

 

   

226

 

   

170

 

    

Total market value of investments at end of year

   

$1,771

   

$18,391

 

   

$1,249

 

   

$4,249

 

   

$3,930

 

    
    

X

   

XI

     

XII

     

XIII

     

XIV

  
    

Total cost of investments at beginning of year

   

$9,068

   

$140

 

   

$2,017

 

   

$620

 

   

$5,797

 

Add:    Total net proceeds from policy and M&E transactions

   

170

   

—

 

   

133

 

   

21

 

   

98

 

    Reinvested distributions from the Fund:

                                 

    (a) Dividends from net investment income

   

439

   

9

 

   

23

 

   

4

 

   

35

 

    (b) Distributions from capital gains

   

75

   

—

 

   

157

 

   

—

 

   

—

 

    

Sub-Total

   

9,752

   

149

 

   

2,330

 

   

645

 

   

5,930

 

Less:    Cost of investments disposed during the year

   

850

   

36

 

   

617

 

   

93

 

   

2,000

 

    

Total cost of investments at end of year

   

8,902

   

113

 

   

1,713

 

   

552

 

   

3,930

 

Add:    Unrealized appreciation (depreciation)

   

845

   

(26

)

   

(266

)

   

(136

)

   

(1,217

)

    

Total market value of investments at end of year

   

$9,747

   

$87

 

   

$1,447

 

   

$416

 

   

$2,713

 

    

 

 

7

 

INDEPENDENT AUDITORS’ REPORT

 

 

The Board of Directors

Pacific Life Insurance Company

 

We have audited the accompanying statements of assets and liabilities of Pacific Corinthian Variable Separate Account (the “Separate Account”) (comprised of Variable Accounts I, II, IV, VII, IX, X, XI, XII, XIII, and XIV) as of December 31, 2002, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years then ended. These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2002. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements and financial highlights presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Variable Accounts constituting Pacific Corinthian Variable Separate Account as of December 31, 2002, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the two years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

DELOITTE & TOUCHE LLP

 

Costa Mesa, California

February 14, 2003

 

 

8

Annual Report

as of December 31, 2002

 

•   

  

Pacific Corinthian Variable
Separate Account of
Pacific Life Insurance Company

 

Accountants

Deloitte & Touche LLP

695 Town Center Drive

Suite 1200

Costa Mesa, CA 92626

 

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

 

Pacific Life Insurance Company

P.O. Box 7187

Pasadena, California 91109-7187

 

ADDRESS SERVICE REQUESTED

 

Form No.     1001-3A