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Jackson® Reports Record IFRS Net Income Of $683 Million In 2011

Stocks in this article: PUK

Jackson National Life Insurance Company ® (Jackson) achieved record IFRS 1 net income of $683 million during 2011, up 34 percent over 2010. Jackson has generated more than a half-billion dollars in IFRS net income in seven out of the past eight years.

Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential plc (NYSE: PUK), generated a record $22.9 billion in total sales and deposits 2, up 16 percent over 2010. Retail net flows also increased 11 percent over 2010 to a record $13.6 billion. The record sales and net flows were driven primarily by growth in variable annuity (VA) sales at Jackson and deposits at Jackson’s retail asset management subsidiary Curian Capital, ® LLC (Curian). VA sales rose 19 percent to $17.5 billion, while Curian deposits increased 28 percent to $2.7 billion.

“Our Long-Term Smart ® strategy of balancing sales opportunities with strict financial discipline enables Jackson to deliver sustainable, profitable growth,” said Mike Wells, Jackson’s president and chief executive officer. "By remaining disciplined, Jackson did not just withstand the headwinds of market volatility and low interest rates during 2011, but was able to generate the highest level of IFRS earnings in company history."

Jackson’s total IFRS assets increased to $120.2 billion at the end of 2011, up from $107.0 billion at the end of 2010. 3 At December 31, 2011, Jackson had $3.9 billion of regulatory adjusted capital, more than eight times the regulatory requirement 4, after remitting a dividend of $530 million to its parent company, Prudential plc.

"Jackson generated record earnings during 2011 due to a 34-percent increase in fee income and net realized gains on debt securities of $170 million, compared to $17 million in 2010," said Chad Myers, Jackson’s executive vice president and chief financial officer. "Additionally, Jackson increased its operational efficiency during 2011, reducing its statutory general expense-to-average asset ratio to 42 basis points, down from 44 basis points in 2010.”

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