Led By Fixed Annuities, Jackson National Posts Record Sales
October 25, 2008
Jackson National Life Insurance Company generated $11.2 billion in total sales and deposits during the first three quarters this year, primarily because of higher sales of traditional fixed annuities and institutional products.
The three-quarter results represented a 2% increase over the same period in 2007 and is Jackson’s highest level of total sales during the first three quarters of any previous year. The sale of traditional fixed annuities was up 165% year over year and institutional products were up 41% year over year.
The profits were partially offset by lower sales of variable annuities, which were down 26% year over year.
“Our diversified portfolio, excess capital position and the way in which we actively manage our investments make Jackson resilient to changes in the business cycle and macroeconomic challenges,” said Clark Manning, Jackson’s president and chief executive officer. “Jackson has been, and will continue to be, managed for the long-term benefit of our customers and shareholders.”
Sales of traditional fixed annuities totaled more than $2.2 billion during the first nine months of 2008, compared to $837 million during the same period in 2007. Its variable annuity sales exceeded $5 billion during the first nine months of this year, compared to $6.8 billion in 2007.
Jackson National’s products include Perspective II Fixed and Variable Annuity, which offers both a guaranteed minimum withdrawal and a guaranteed lifetime withdrawal option, Perspective Advisors II, Perspective L Series, Curiangard Simplified Retirement Annuity, which offers a choice of guaranteed return-of-premium or lifetime income, and Retirement Latitudes Fixed and Variable Annuity.
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