First Capital Policyholders to Share in Profit

About 150,000 policyholders of First Capital Life Insurance Co., a big San Diego insurer that went under late in 1991, stand to share $80 million from a Newport Beach insurer that took over the policies under a state rescue program. Pacific Life Insurance Co., which invested First Capital assets of $4.1 billion, said it should pay out the profits from those investments--an average $533 per policy--by the end of the year, pending regulatory approval. The policyholders also received almost 6% annual interest on their accounts during the last five years, Pacific Life said. The insurer took over the policies under a rescue plan established by state insurance officials.