Jackson National Life Insurance Co. reported $7.3 billion of retail sales Wednesday in its core life insurance and annuity product lines during 2005, a 12% increase from the year before.
Institutional product sales of $1.8 billion boosted total sales volume by 13%, to more than $9.1 billion, said the company, which is a subsidiary of Britain's Prudential PLC.
Jackson National said sales of its variable annuities grew 31% last year, to more than $4.7 billion. Variable annuity sales rose in each consecutive quarter, topping out at nearly $1.3 billion in the fourth quarter. And its fixed index annuity sales grew 43% last year, to a company record $1.1 billion.
It also sold more than $1.4 billion of fixed annuities during 2005, a 31% decline from the year earlier, which it said reflected an environment of low interest rates and a flat yield curve.
