Prudential PLC has picked Michael Falcon to succeed Barry Stowe as the chief executive officer of its Jackson National Life Insurance Company unit.
Stowe plans to retire Dec. 31, and Falcon is on track to become CEO Jan. 7, Prudential announced today.
Stowe succeeded Mike Wells as Jackson National’s CEO in 2015. Wells left the Jackson National CEO post to become Prudential’s global CEO.
Falcon has been the CEO of the Asia Pacific operations at J.P. Morgan Asset Management.
What is Jackson National?
Prudential is an international, London-based life insurer that has no connection with the Newark, New Jersey-based Prudential Financial Inc.
Jackson National is a Lansing, Michigan-based Prudential subsidiary.
Jackson National ranked ninth in the United States in 2017 in terms of market share for total life insurance premiums, annuity considerations, and other forms of life and health revenue, according to the National Association of Insurance Commissioners (NAIC). The company had about $22 billion in 2017 premiums and other considerations.
Jackson National ranked first in terms of annuity considerations, with $19 billion in direct premiums and a 7.6% market share, according to the NAIC.
Who is Michael Falcon?
Michael Falcon is an alumnus of Indiana University in Bloomington.
He started out working for the Chase Manhattan Bank and Sara Lee Corp.
From 2009 through 2010, he was the head of a media, market and communication firm founded by Jean Chatzky, a journalist and book author who covers personal finance.
Falcon joined J.P. Morgan Chase Asset Management, as head of retirement. He became head of the Asia Pacific Funds operations in 2014, and CEO of Global Investment Management Asia Pacific in 2015.
Falcon has been visible in financial services organizations. In 2012, for example, he joined the board of the Insured Retirement Institute. He also has served as a trustee of the Employee Benefit Research Institute.
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