Jackson National Life Insurance Co., a Lansing, Mich., unit of the British firm Prudential PLC, said net income fell 8.8% last year, to $542 million.
Revenue fell 2.6%, to $3.7 billion, the unit said in a report released Thursday.
Sales increased 21%, to $11 billion, and assets rose 5.7%, to $74 billion.
Sales of core life insurance and annuity products increased 28% last year, and separately managed account deposits from Jackson National’s subsidiary Curian Capital increased 12.2% to $845 million.
But the increase in overall sales was driven primarily by variable annuities, where sales rose 48%, to $7 billion. Jackson National ’s share of the variable annuity market increased 1 percentage point, to 4.6%.
Jackson National ranked 12th in variable annuity sales last year, according to data from Kehrer-Limra International, a Princeton, N.J., consulting firm. The company’s top variable annuity, Perspective II, was the top-selling variable annuity in the independent broker dealer channel for the fourth straight year, according to Kehrer-Limra.
