Pacific Life Unit Does $10.5B in Plane Orders

The jet leasing arm of Newport Beach-based insurance company Pacific LifeCorp plans to nearly double the planes it already owns with orders for $10.5 billion more.

Pacific LifeCorp’s Aviation Capital Group Corp. recently ordered 17 Boeing Co. 737s valued at $1 billion, though the actual price negotiated could be less than half that, according to the company.

It was its eighth purchase from Boeing in two years, bringing Aviation Capital’s total to 80 planes to be delivered in the next eight years.

The company also has 45 A320 aircraft on order from Airbus SAS, part of European Aeronautic Defense