In a possible sign of further improvement in the life insurance and annuity industry, Jackson National Life Insurance Co. announced it will establish a regional headquarter in Franklin, Tenn., a suburb of Nashville. It plans to hire 400 people to staff the campus.
Additionally, in Lansing, Mich., where Jackson is headquartered, the company plans to hire 50-100 people and expand its office capacity to accommodate a total of 2,100 employees.
“[Our] business model is founded upon efficiency and low expenses, so any decision we make to expand our workforce is never taken lightly,” said Clark Manning, Jackson’s president and chief executive, in a prepared statement. “Given Jackson’s rapid growth — which resulted in record total sales and deposits last year — and our expectations for future growth opportunities, we must proactively expand.”
Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential plc (NYSE: PUK), generated record total sales and deposits of $15.2 billion and record IFRS net income of $670 million during 2009.Total sales and deposits were 8% higher than 2008, primarily due to a 55% increase in variable annuity sales to $10 billion.
“The Nashville area has a large and well-educated workforce and is home to many institutions of higher learning,” Mike Wells, Jackson vice chairman and chief operating officer, said in a statement. “With several insurance and financial services companies located in and around Nashville, we expect to be able to quickly attract experienced, qualified job candidates.”