Jackson National Life has reported total sales and deposits of $4.4 billion during the first quarter of 2010, up 62 percent over the prior year period, according to a statement by the insurer. The increase was driven primarily by a 108 percent year-over-year rise in variable annuity (VA) sales to $3.1 billion.
"Jackson is continuing to benefit from the sales momentum generated during the financial crisis," comments Clark Manning, president and CEO, Jackson National Life. "Advisers and their clients are attracted by the consistency we have maintained in our product offering, wholesaling support, customer service and financial strength ratings."
Jackson, and indirect wholly owned subsidiary of U.K.-based Prudential plc, sold $473 million in fixed annuities during the first quarter of 2010, up nearly 34 percent over the prior year period, according to the Jackson statement. First quarter 2010 sales of traditional deferred fixed annuities totaled $238 million, compared to $693 million during the first quarter of 2009, as the Jackson continued to manage fixed annuity volumes to preserve capital.
The carrier's flagship VA offering, Perspective II, was Jackson's top selling VA product for the seventh year in a row. Last year it was also Jackson's top selling product in the bank distribution channel for the first time, according to the statement. Jackson ranked first in the industry in VA net flows during the third and first quarters of 2009 and second for the full year, the statement says.
"Stability was the primary driver of Jackson's sales success during the last 15 months," says Clifford Jack, executive vice president and chief distribution officer, Jackson National life. "While our adherence to a consistent product pricing strategy cost us some VA market share during the top of the cycle in 2007, we gained market share when the majority of VA providers reacted swiftly to the financial crisis by reducing their offerings or exiting the business all together. Jackson is increasingly attracting the interest of advisers who are seeking a stable product provider."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio