Jackson® Announces Record Sales and Operating Income in 2010
IFRS pretax operating income increased 33 percent over 2009, due primarily to higher spread and fee income. Jackson’s 2010 IFRS net income of
“In 2010, Jackson extended its track record of generating sustainable, profitable growth,” said
Jackson, an indirect wholly owned subsidiary of the United Kingdom’s
As of
- A+ (superior) A.M. Best financial strength rating, the second-highest of 16 rating categories
- AA (very strong) Standard & Poor's insurer financial strength rating, the third-highest of 21 rating categories
- AA (very strong) Fitch Ratings insurer financial strength rating, the third-highest of 24 rating categories
- A1 (good)
Moody's Investors Service, Inc. insurance financial strength rating, the fifth-highest of 21 rating categories
Sales of fixed index annuities were nearly
"Jackson’s strong earnings performance was the result of higher spread income and higher separate account fee income, which increased due to substantial positive net flows and the improved equity markets," said
For the full year 2010, Jackson achieved top-three rankings in total annuity and variable annuity sales.7 During2010,Jackson ranked:
- Third in total annuity sales with a market share of 8.0 percent, up from fourth and a market share of 5.9 percent in 2009;8
- Third in new variable annuity sales with a market share of 10.7 percent, up from fourth and a market share of 8.1 percent in 2009;9
- Sixth in fixed index annuity sales with a market share of 5.1 percent, compared to fifth and a market share of 7.3 percent in 2009;8
- Eighth in traditional deferred fixed annuity sales with a market share of 3.5 percent, up from 13th and a market share of 2.2 percent in 2009.8
Jackson’s affiliate,
“Jackson continues to benefit from a flight to quality," Wells said. “Advisers consider Jackson to be a quality business partner and leader in the retirement services industry due to our value-added wholesaling support, strong risk management capabilities and stable financial performance.”
1Deposits from Jackson’s subsidiary
2International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards indicating how transactions and other events should be reported in financial statements. IFRS is issued by the
IFRS pretax operating income is based on longer-term investment returns. It excludes short-term fluctuations in investment returns, hedge results, and change in value of derivatives. A reconciliation to net income based on US generally accepted accounting principles (US GAAP) is as follows (amounts in millions):
$ | 1,291 | IFRS basis pretax income from operations | |||
(587 | ) | Net hedge results and change in value of derivatives, net of DAC amortization | |||
24 | Net realized investment gains, net of DAC amortization and non-controlling interest | ||||
(35 | ) | Normalization of longer-term investment returns, net of DAC amortization | |||
(184 | ) | Income tax expense | |||
509 | IFRS net income | ||||
(11 | ) | IFRS to US GAAP adjustments, net of tax | |||
$ | 498 | US GAAP basis net income |
3Jackson also has
4Source: SimFund VA Full-Year 2010 Net Flow Report. Jackson ranked number two out of 104 companies.
5Based on authorized control level capital requirements.
6Financial strength ratings do not apply to the principal amount or investment performance of the separate account or underlying investments of variable products.
7Sources:
8Source:
9Source:
Before investing in variable products, investors should carefully consider the investment objectives, risks, charges and expenses of the variable product and its underlying investment options.The current contract prospectus and underlying fund prospectuses, which are contained in the same document, provide this and other important information.Please contact your representative or the Company to obtain the prospectuses.Please read the prospectuses carefully before investing or sending money.
About
With
*Jackson has
Annuities and life insurance products are issued by
Please remember that a Jackson annuity is intended to be a long-term, tax-deferred vehicle for retirement. An annuity's earnings are taxable as ordinary income when withdrawn and, if taken before age 59 1/2, may be subject to a 10% federal tax penalty. Variable annuities involve investment risks and may lose value.
Jackson
The following cautionary statement is included to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. However, as with any projection or forecast, forward-looking statements are inherently susceptible to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward-looking statements. There can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished.
Jackson
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