Jackson National Life Insurance Co., an indirect wholly owned subsidiary of London's Prudential PLC, said its sales for the first nine months of this year increased 20% from the same period last year, to $9.9 billion.
Retail sales of core life insurance and annuity products increased 21%, to $8.3 billion, driven by a 33% increase in variable annuity sales, to $6.8 billion, the Lansing, Mich., unit said Tuesday.
Jackson ranked 11th in variable annuity sales in the first half, versus 12th in the first half of last year, according to the Variable Annuity Research and Data Service. The unit's share of the variable annuity market rose 80 basis points, to 5.1%.
During the first nine months of this year, Jackson launched a fixed index annuity, a universal life product and a variable annuity. Through a subsidiary, it also started a line of retail mutual funds.
In addition, Jackson added three guaranteed minimum withdrawal benefits, a guaranteed minimum accumulation benefit, and several investment options to its line of variable annuities.
Its fixed annuity sales in the first nine months of this year declined 10.9%, to $838 million, but life insurance sales increased 10%, to $37 million. Sales of institutional products increased 13%, to $1.6 billion.
Deposits collected by Jackson's Curian Capital, a registered investment adviser that provides fee-based separately managed accounts, rose 56%, to a record $963 million. Curian's deposits exceeded $100 million in seven of the last eight months, and by Sept. 30, Curian had accumulated $3.3 billion of assets under management.
