Jackson National Life Insurance Company saw a 37% increase in sales during the first three quarters of this year, due mostly to a great increase in sales of variable annuities. In the Annuity News Journal article “Jackson National Sales Rise To $14 Billion,” Christi Roberts says that the company’s sales of $14.3 billion jumped 37% from the same time frame last year. Sales of Jackson’s variable annuities increased 57% to nearly $10.5 billion.
President Mike Wells stresses that Jackson has seen this increased growth because they are offering products with a higher value rather than lowering quality to obtain a bigger share of the market like some of their competitors. 10.5% of their increase came in the first half of the year capping off three quarters with the highest retail sales of variable annuities. Jackson sold $1.88 billion during the second quarter of 2010, which was the most they have ever sold in one quarter. They also saw the largest growth of any company in their industry between June 2009 and June 2010 as the company assets increased by over 45%.
They began offering two new lifetime guaranteed minimum withdrawal benefits this year. One combats taxes by allowing investors to increase the amounts they withdraw. They also introduced the first customizable GMWB. Whether an investor is looking for a death benefit annuity or other guaranteed benefits, between this new GMWB and the 8 new portfolios being offered by Jackson, they will find what they need. Jackson maintains an ‘excellent’ rating from all four of the financial ratings firms, and has over the past seven years.
