The chief operating officer at Jackson National Life Insurance Co. said that he does not expect to add assets this year but remains optimistic that market conditions will improve and the annuity industry will grow in 2010.
"In 2009, I think companies will regroup," said Mike Wells, the COO for the Lansing, Mich., unit of Prudential PLC in London. "People will look at their product menus and produce new business plans this year. There is just not going to be a huge demand for investment and insurance products in 2009. Consumers want to figure out what their risk appetite is again. But honestly, no one can accept a 1% return on a CD indefinitely."