The Lansing, Michigan-based insurer produced £497 million or $647 million, in sales for the quarter, up from £362 million in the first quarter of 2016.
Higher interest rates help increase yields on a life insurer’s investment portfolio, and Jackson National says interest rates were in higher in the first quarter than they were a year earlier.
The average government bond yield for the U.S. variable annuity operations increased to 2.4%, from 1.8%. The average discount rate for the company’s variable annuity obligations increased to 6.8%, from 6.3%.
Prudential, which is based in London and has no connection with Prudential Financial Inc., released Jackson National performance numbers along with its own first-quarter earnings.