NU Online News Service, July 27, 2004, 5:38 p.m. EDT
Strong sales of variable annuities and institutional products helped improve first-half profits at Jackson National Life Insurance Company, Lansing, Mich.[@@]
The insurer is reporting $339 million net income for the first half on $1.8 billion in revenue, up from $29 million in net income on $1.3 billion in revenue for the first half of 2003.
Although fixed annuity sales fell 32%, to $1 billion, sales of variable annuities rose 25%, to $1.8 billion, and sales of equity-indexed annuities rose 59%, to $287 million. Strong sales of guaranted investment contracts, medium-term notes and other products increased institutional sales 46%, to $1.1 billion.
Jackson National is a unit of Prudential P.L.C., London, which is not affiliated with Prudential Financial Inc., Newark, N.J.