New products and low interest rates shaped sales at Jackson National Life Insurance Company during the first quarter.
Jackson National’s parent, Prudential P.L.C., London, is reporting the equivalent of $20 billion in total new insurance and investment business for the first quarter, up 2.4% in dollar terms from the total for the first quarter of 2005.
The value of the dollar rose to ?1=$1.73948 March 31, up 7.4% from an exchange rate of ?1=$1.8787 a year earlier, according to OANDA Corp., New York.
In U.K. currency, Prudential is reporting about ?12 billion in new sales, up 11% from the first-quarter 2005 total.
At Jackson National, fixed annuity sales fell 16%, to $259 million, as a result of an interest rate environment that made bank certificates of deposit and other products seem more attractive than fixed annuities, according to Prudential.
But variable annuity sales climbed 51%, to $1.6 billion, in part as the result of the success of new Perspective Advisors II and Perspective L series products, Prudential says.
The British Prudential has no connection with Prudential Financial Inc., Newark, N.J.