Lansing, Michigan-based Jackson National Life Insurance will lay off 150 workers across its branches, it announced Monday.
The layoffs are due to “economic conditions and a decline in industry sales,” a company spokesperson said in a statement to WKRN in Franklin, Tennessee, home to one of 10 Jackson National branches.
They added that staffing changes are necessary for the company to “achieve the right scale and flexibility to meet market demands.”
Just three weeks ago, British insurer Prudential Plc. announced plans to spin off its American businesses, one of which is Jackson National. Prudential Plc. said the move will allow the conglomerate to focus on operations in Asia and Africa.