We wanted to share some good news with you during these trying times.
First, Pacific Life has been assessing the financial impact of the capital markets since the start of the outbreak. We expect to maintain a strong capital position relative to our industry peers. Our investment portfolios remain solid though headwinds are expected, and our hedging programs are performing as designed. In other words, we entered this challenging time in a very strong financial position, which will help us weather this storm.
Second, we are proud to report that the Pacific Life Foundation has set aside $1.7 million to provide to nonprofit organizations on the front line of supporting those impacted by COVID-19 and the current economic environment. An initial $600,000 of this was distributed to support local food banks and United Way pandemic relief funds in the communities near our offices in Lynchburg, Omaha, and Orange County. The additional funds will be distributed over the coming months.
Third, Pacific Life also had on hand in Newport Beach more than 1,000 medical-grade masks that have been donated to the local hospital network for use by our doctors and nurses on the frontlines.
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