Jackson National Life Insurance Company said that it will establish a regional headquarters employing 400 people in Franklin, Tennessee, a suburb of Nashville. The company also plans to hire an additional 50-100 people in Lansing, Michigan.
According to Jackson, in Tennessee, it has entered into a long-term lease to occupy 150,000sqft of office space, 90,000sqft in January 2011, an additional 30,000sqft in January 2012 and another 30,000sqft in mid-2013, providing capacity for a total of 750 employees.
In addition, the Franklin location will house a variety of positions, including operations, information technology, distribution, human resources, facilities and administration.
The company said that it has generated a total sales and deposits of $15.2bn and IFRS net income of $670m during 2009. The total sales and deposits were 8% up compared to 2008, primarily due to a 55% increase in variable annuity sales to $10bn.
Clark Manning, president and CEO of Jackson, said: “Jackson’s business model is founded upon efficiency and low expenses, so any decision we make to expand our workforce is never taken lightly.
“Given Jackson’s rapid growth, which resulted in record total sales and deposits last year and our expectations for future growth opportunities, we must proactively expand, so we will be able to continue to deliver the award-winning service that advisers and their clients have come to expect from Jackson.”
Jackson National Life Insurance Company is a provider of variable, fixed and fixed index annuities as well as provider asset management and retail brokerage services through its affiliates and subsidiaries. it also offers life insurance and institutional products.