This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Jackson Increases IFRS Pretax Operating Income 26.7% To $701.0 Million

Jackson National Life Insurance Company ® (Jackson ®) generated record IFRS pretax operating income 1 of $701.0 million during the first half of 2012, an increase of 26.7 percent over the first half of 2011, due primarily to the success of its variable annuity product line and the resulting higher fee income. The company’s total first-half sales and deposits 2 were $12.6 billion, up 3.8 percent over the same period of the prior year.

“Jackson’s results in the first half clearly reflect our disciplined approach to the market and focus on value over volume,” said Mike Wells, Jackson’s president and chief executive officer. "Jackson remains committed to following its Long-Term Smart ® strategy to achieve sustainable and profitable growth."

Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential plc (NYSE: PUK), recorded IFRS net income of $378.5 million during the first half of 2012, compared to a six-month record of $392.2 million 3 during the first half of 2011. The decrease was due primarily to less favorable net hedge results during the period due to the rapid rise in equity markets, combined with accounting that does not fully reflect economic movements, as well as lower net realized gains, as compared to the first half of 2011.

As of June 30, 2012, Jackson had $4.1 billion of regulatory adjusted capital, more than eight times the regulatory requirements 4, after remitting a dividend of $400.0 million to its parent company. Jackson finished the first half of 2012 with $129.9 billion in total IFRS assets, 5 up from $118.8 billion 3 at December 31, 2011.

“Jackson’s pretax operating income benefited from fee income that was 19.6 percent higher than the first half of 2011 resulting in a new high water mark for a first half,” said Chad Myers, Jackson’s executive vice president and chief financial officer. “These operating results combined with strong capital formation show that Jackson’s approach to the VA market is sound and continues to lay the foundation for long-term success.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,039.07 -164.30 -0.90%
S&P 500 2,089.62 -18.16 -0.86%
NASDAQ 4,942.7670 -37.1340 -0.75%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs