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.
Jackson National joins Allstate, Transamerica and Pacific Life in recent layoff announcements. Allstate announced Sept. 30 it will lay off 3,800 employees, or 8% of its workforce. On Oct. 22, California-based Pacific Life said it will lay off close to 300, or about 7% of the company’s workforce.
Even amid layoff news, research is saying that publicly traded life and annuity companies are staying strong financially.
According to news released by Morgan Stanley earlier this month, some are even doing well enough to buy back their own stock by the end of this year. That said, Morgan Stanley analysts said they expect some of the life insurers they follow to report weak third-quarter results.
— Related on ThinkAdvisor: