Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Jackson National Lays Off 150 Workers

By Emily Holbrook

X
Your article was successfully shared with the contacts you provided.

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:

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.