Jackson National Life
Encyclopedia
Jackson National Life Insurance (often referred to as simply Jackson) is a U.S.
company that offers life insurance
and annuities
. It is a subsidiary of the British
insurer, Prudential Plc
, who bought the company for $608 million in 1986. Founded in 1961, Jackson is headquartered in Lansing, Michigan
. The company also has offices in Denver, Colorado
; Santa Monica, California
, Chicago, Illinois, Tampa, Florida
, and Appleton, Wisconsin
. Plans for a new office in Cool Springs, Tennessee were announced on May 26, 2010.
Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. A subsidiary of Jackson, Jackson National Life Insurance Company of New York, markets products similarly within the state of New York.
6.5 billion in 2008 to US$
10.0 billion in 2009. Fixed index annuity sales increased from US$
928 million in 2008 to US$
2.2 billion in 2009. Annuity net flows (total premium minus surrenders, exchanges, and annuitizations) totaled US$
7.9 billion in 2009, an 82% increase over 2008.
Sales of life insurance products went down, totaling US$
53 million in 2009, down slightly from US$
58 million in 2008. Sales of traditional individual deferred fixed annuities also went down in 2009, to US$
1.6 billion from a 2008 total of nearly US$
3.2 billion.
In 2009, Jackson ranked fourth overall in total annuity, variable annuity, and fixed annuity sales. Jackson's market share for total annuity sales increased from 4.0% in 2008 to 5.9% in 2009. Market share for variable annuity sales increased from 4.3% in 2008 to 8.1% in 2009. Fixed index annuity market share also increased, from 3.5% in 2008 to 7.5% in 2009.
Curian Capital, Jackson's separately managed accounts subsidiary, saw growth during 2009. Deposits increased slightly to US$
1.2 billion in 2009, up from US$
1.1 billion in 2008; and total assets under management increased to US$
3.6 billion in 2009 from US$
2.6 billion in 2008.
Jackson's financial strength ratings among the major rating agencies have remained unchanged for more than seven years, even through the troubled markets of 2009. As of February 2010, Jackson's ratings were as follows:
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
company that offers life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
and annuities
Annuity (US financial products)
In the United States an annuity contract is created when an insured party, usually an individual, pays a life insurance company a single premium that will later be distributed back to the insured party over time...
. It is a subsidiary of the British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
insurer, Prudential Plc
Prudential plc
Prudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...
, who bought the company for $608 million in 1986. Founded in 1961, Jackson is headquartered in Lansing, Michigan
Lansing, Michigan
Lansing is the capital of the U.S. state of Michigan. It is located mostly in Ingham County, although small portions of the city extend into Eaton County. The 2010 Census places the city's population at 114,297, making it the fifth largest city in Michigan...
. The company also has offices in Denver, Colorado
Denver, Colorado
The City and County of Denver is the capital and the most populous city of the U.S. state of Colorado. Denver is a consolidated city-county, located in the South Platte River Valley on the western edge of the High Plains just east of the Front Range of the Rocky Mountains...
; Santa Monica, California
Santa Monica, California
Santa Monica is a beachfront city in western Los Angeles County, California, US. Situated on Santa Monica Bay, it is surrounded on three sides by the city of Los Angeles — Pacific Palisades on the northwest, Brentwood on the north, West Los Angeles on the northeast, Mar Vista on the east, and...
, Chicago, Illinois, Tampa, Florida
Tampa, Florida
Tampa is a city in the U.S. state of Florida. It serves as the county seat for Hillsborough County. Tampa is located on the west coast of Florida. The population of Tampa in 2010 was 335,709....
, and Appleton, Wisconsin
Appleton, Wisconsin
Appleton is a city in Outagamie, Calumet, and Winnebago Counties in the U.S. state of Wisconsin. It is situated on the Fox River, 30 miles southwest of Green Bay and 100 miles north of Milwaukee. Appleton is the county seat of Outagamie County. The population was 78,086 at the 2010 census...
. Plans for a new office in Cool Springs, Tennessee were announced on May 26, 2010.
Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. A subsidiary of Jackson, Jackson National Life Insurance Company of New York, markets products similarly within the state of New York.
Financial Information
During 2009, in the midst of an economic recession, Jackson enjoyed growth in many key areas. Sales of variable annuities increased from US$United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
6.5 billion in 2008 to US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
10.0 billion in 2009. Fixed index annuity sales increased from US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
928 million in 2008 to US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
2.2 billion in 2009. Annuity net flows (total premium minus surrenders, exchanges, and annuitizations) totaled US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
7.9 billion in 2009, an 82% increase over 2008.
Sales of life insurance products went down, totaling US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
53 million in 2009, down slightly from US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
58 million in 2008. Sales of traditional individual deferred fixed annuities also went down in 2009, to US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1.6 billion from a 2008 total of nearly US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3.2 billion.
In 2009, Jackson ranked fourth overall in total annuity, variable annuity, and fixed annuity sales. Jackson's market share for total annuity sales increased from 4.0% in 2008 to 5.9% in 2009. Market share for variable annuity sales increased from 4.3% in 2008 to 8.1% in 2009. Fixed index annuity market share also increased, from 3.5% in 2008 to 7.5% in 2009.
Curian Capital, Jackson's separately managed accounts subsidiary, saw growth during 2009. Deposits increased slightly to US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1.2 billion in 2009, up from US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1.1 billion in 2008; and total assets under management increased to US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3.6 billion in 2009 from US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
2.6 billion in 2008.
Jackson's financial strength ratings among the major rating agencies have remained unchanged for more than seven years, even through the troubled markets of 2009. As of February 2010, Jackson's ratings were as follows:
| A.M. Best A.M. Best A.M. Best Company, Inc., headquartered in Oldwick, New Jersey, is a rating agency designated as a Nationally Recognized Statistical Rating Organization by the United States Securities and Exchange Commission.... |
A+ (superior) |
| Standard & Poor's Standard & Poor's Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian... |
AA (very strong) |
| Fitch Ratings Fitch Ratings The Fitch Group is a majority-owned subsidiary of FIMALAC, headquartered in Paris. Fitch Ratings, Fitch Solutions and Algorithmics, are part of the Fitch Group.... |
AA (very strong) |
| Moody's Investors Service | A1 (good) |