Jackson National Life Insurance Company (Jackson), an indirect wholly owned subsidiary of the UK’s Prudential, has reported sales and deposits of $15.2bn, an increase of 8% compared to 2008.
Jackson said that it has sold $10bn in variable annuities during 2009, compared to $6.5bn during the prior year. Sales of fixed index annuities totaled $2.2bn up from $928m in 2008. It sold around $1.6bn in traditional individual deferred fixed annuities during 2009, compared to $3.2bn during the prior year. Annuity net flows of $7.9bn in 2009 were 82% up from 2008. In 2009, the company sold $53m in life insurance products, compared to $58m in 2008.
Curian Capital, Jackson’s separately managed accounts subsidiary, accumulated $1.2bn in deposits during 2009, an increase from $1.1bn during 2008. Platform enhancements, new distribution agreements and recovering equity markets were $464m during Q4 2009, up 203% from Q4 2008 and increased 22% sequentially.
Clark Manning, president and CEO of Jackson, said: “We laid the foundation for Jackson’s strong performance during 2009 by remaining disciplined in our product pricing and risk management practices throughout the business cycle. Despite the challenging macroeconomic environment, Jackson was able to deliver the highest level of sales and net income in the company’s history.”