News Column

Prudential's Jackson Increases US Variable Annuity Share

August 19, 2014

Samuel Agini



LONDON (Alliance News) - Prudential PLC has consolidated its top ranking position for US variable individual annuity sales in the first six months of the year, according to a league table published by LIMRA Secure Retirement Institute.


Prudential's Jackson National Life Insurance Company made USD12.74 billion of US variable individual annuity sales in the first-half of 2014, compared with USD10.28 billion in the corresponding period last year, according to the data published Monday. Its nearest challenger, Lincoln Financial Group, which remained in second place, made USD6.42 billion of US variable individual annuity sales, a drop on last year's USD7.22 billion.


Through Jackson, Prudential sells retirement products aimed at the 'baby boomer' generation in the US. According to Prudential's first-half results published earlier this month, Jackson made a GBP686.0 million life IFRS operating profit in the six months ended June 30, an increase of 18% on the corresponding period last year.


Jackson's share of first-half US variable individual annuity sales across the industry as a whole increased to 18% from 14% in the corresponding period last year. Its share as a percentage of the top 20 industry players increased to 19% from 15%. The top twenty players' share increased by 1% to 94%.


Overall, industry-wide sales of US variable individual annuity sales fell to USD70.40 billion from USD73.70 billion.


Jackson's US fixed individual annuity sales fell to USD724.6 million from USD1.40 billion, while industry-wide fixed sales increased to USD49.12 billion from USD34.50 billion.


Prudential shares were Tuesday quoted up 1.3% at 1,433.94 pence.








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Source: Alliance News


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