NU Online News Service, Oct. 22, 2003, 4:27 p.m. EDT – Jackson National Life Insurance Company, Lansing, Mich., is reporting the equivalent of $5.3 billion in sales for the first three quarters, down from $6.6 billion for the first three quarters of 2002.
Prudential P.L.C., London, the parent company of Jackson National, reports its results in British pounds. The conversions here use an exchange rate of ?1=$1.611 for the 2003 results, and an exchange rate of ?1=$1.4798 for the 2002 results. The exchange rates come from figures provided by Prudential.
Low interest rates cut Jackson National’s sales of fixed annuities to $1.9 billion, from $2.9 billion, but the recovery of the stock market helped the company increase sales of variable annuities to $2.4 billion, from $1.3 billion.
Life insurance sales held steady at $4.5 billion.
Prudential as a whole is reporting $38 billion in sales for the first three quarters, up from $33 billion in sales for the comparable period in 2002.