Jackson National Life Insurance Co.'s sales during the first three quarters of the year rose 15% from a year earlier, to $6.1 billion, as a result of strong sales of variable annuities and institutional products.
The Lansing, Mich., subsidiary of the British company Prudential PLC announced its results Tuesday.
Within its core annuity and life insurance product lines, retail sales in the first nine months rose 6%, to more than $4.8 billion.
Sales of Jackson National variable annuities rose 14%, to $2.7 billion.
Fixed annuity sales fell 17%, to $1.5 billion. The company attributed the drop to the low interest rate environment, which has limited demand for fixed annuities. However, third-quarter fixed annuity sales rose 55% from a year earlier and 15% from the second quarter, to nearly $500 million.
Sales of equity-indexed annuities during the first nine months of the year rose 80% from a year earlier, to $534 million.
Jackson National also nearly doubled its life insurance sales during the first nine months, to $35 million of first-year premiums.
