Jackson National Life Insurance Co., a Lansing, Mich., unit of London's Prudential PLC, has announced that its annuity sales grew 8% in the first quarter, to $2.6 billion, from a year earlier.
First-quarter annuity net inflows increased 21%, to $1 billion, due in part to an 81% increase in traditional fixed annuity sales, the insurance company announced Thursday.
Jackson National's first-quarter retail sales and deposits remained steady, at $2.7 billion, from a year earlier.
Its variable annuity sales declined 16.7%, to $1.5 billion. On the other hand, sales of traditional fixed annuities rose 81%, to $693 million, and fixed index annuity sales rose 83%, to $354 million.
Sales of life insurance products fell 14.3%, to $12 million.
Curian Capital, Jackson National's unit for separately managed accounts, saw its deposits decline 54.8%, to $140 million, because of difficult conditions in the equity markets. Curian's assets under management shrank 11.5%, to $2.3 billion.
