497VPI 1 a23-25149_4497vpi.htm 497VPI

Supplement dated September 1, 2023 to the Initial Summary Prospectus, Updating Summary Prospectus and Statutory
Prospectus dated May 1, 2023 for the Pacific Advisory Variable Annuity contracts issued by Pacific Life Insurance Company
and
Pacific Advisory Variable Annuity contracts issued by Pacific Life & Annuity Company

The purpose of this supplement is to update certain underlying fund information. This supplement must be preceded or accompanied by the Initial Summary Prospectus, Updating Summary Prospectus, or Statutory Prospectus (collectively, the "Prospectus") for your Contract, as supplemented. Capitalized terms used in this supplement are defined in your Prospectus unless otherwise defined herein. "We'', "us'', or "our" refer to Pacific Life Insurance Company or Pacific Life & Annuity Company, as applicable; "you" or "your" refer to the Contract Owner. You can obtain a copy of the current Prospectus by contacting us at (800) 722-4448 or (800) 748-6907 for New York Contracts, or online at PacificLife.com/Prospectuses. Please retain this supplement for future reference.

The underlying fund information related to Current Expenses in the APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT section is deleted and replaced with the following underlying fund information:

Investment Objective

  Fund; Advisor (Subadvisor)   Current
Expenses
  Average Annual Total Returns
(as of 12/31/22)
 
           

1 Year

 

5 Year

 

10 Year

 
Seeks high total
investment return.
  BlackRock Global Allocation
V.I. Fund Class I; BlackRock
Advisors, LLC
    0.77%1      

-15.86

%

    3.50%       5.06%    

1​ To help limit Fund expenses, Fund advisers have contractually agreed to reduce investment advisory fees or otherwise reimburse certain Funds which reflect temporary fee reductions. There can be no assurance that Fund expense waivers or reimbursements will be extended beyond their current terms as outlined in each Fund prospectus, and they may not cover certain expenses such as extraordinary expenses. See each Fund prospectus for complete information regarding these arrangements.

Form No VASUP0923