Jackson National Life Insurance Company has reported a net income of $619 million for fiscal 2007, up 14% compared to fiscal 2006.
The increase in net income was driven primarily by record fee income of $1 billion, up 41% over 2006. Fee income comprised 24% of Jackson’s total revenue in 2007, up from 19% in 2006, as Jackson further diversified its revenue streams. Total revenue of the company for the year increased 11% to $1.4 billion.
The company has also achieved increased sales and deposits of more than $14.5 billion, a 22% increase over 2006, and surpassed $82 billion in assets at the end of 2007.
Clark Manning, president and CEO of Jackson, said: Jackson’s success is due to our focus on manufacturing a diverse lineup of customizable retirement products designed for distribution through advice-based channels, coupled with sound risk management practices and investment strategies.