Newport Beach-based Pacific Life Insurance Co. plans to lay off about 140 in March.

It said it intends the cuts to align costs against sales and assure it has the proper skills for growth.

“These efforts have included realigning the organization to better meet current and future growth opportunities as well as enhancing the effectiveness of its operations,” said Corporate Communications Manager Jesse Page in a statement.

Affected employees are eligible for “significantly enhanced severance packages,” Page said.

Pacific Life sells life insurance products, annuities and mutual funds and has about $137 billion in assets. It reported revenue of about $8.4 billion in its most recent fiscal year and income of $561 million. It employs 2,139 locally and about 3,300 companywide.