Jackson National Life Insurance Co. said Monday that it set a company record for variable annuity sales, at more than $964 million during the second quarter, up 27% from the year earlier, compared with $33.4 billion of sales industrywide, a 1.5% increase.
The Lansing, Mich., insurer said in a press release that its first-half variable annuity sales were $1.8 billion, up 25% from the year earlier, and that nearly 95% of these sales were of its Perspective II unbundled product, which can be tailored to the needs of individual customers. The industry's first-half sales were $66.1 billion, up 9.8%, according to data released Thursday by the National Association for Variable Annuities.
Perspective II was the top-ranked variable annuity contract by net flow, based on estimates of growth in quarterly assets under management net of monthly investment returns, during the first half, according to Variable Annuity Research and Data Service, or VARDS®, a product of Finetre Corp. Net flows are calculated by subtracting surrenders, exchanges, and annuitizations from total premium.
The product has 55 variable investment options among money managers, asset allocation tools created for Jackson National by Standard & Poor's Investment Advisory Services LLC, four fixed accounts, passively managed investments, and an indexed fixed option, the company said. It offers access to virtually every asset class and investment style.
