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.