Jackson® Announces Expansion
May 26, 2010 by N/A
Company to Add 500 Positions to Accommodate Rapid Growth
LANSING, Mich.–(BUSINESS WIRE)– Jackson National Life Insurance Company® (Jackson) announced today that it will establish a regional headquarters employing 400 people in Franklin, Tennessee, a suburb of Nashville. In Lansing, Michigan, where Jackson is headquartered, the company plans to hire an additional 50-100 people and expand its office capacity to accommodate a total of 2,100 employees.
“Jackson’s business model is founded upon efficiency and low expenses, so any decision we make to expand our workforce is never taken lightly,” said Clark Manning, Jackson’s president and chief executive officer. “Given Jackson’s rapid growth — which resulted in record total sales and deposits last year — and our expectations for future growth opportunities, we must proactively expand, so we will be able to continue to deliver the award-winning service that advisers and their clients have come to expect from Jackson.”
Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential plc (NYSE: PUK), generated record total sales and deposits of $15.2 billion1 and record IFRS net income of $670 million2 during 2009. Total sales and deposits were 8 percent higher than 2008, primarily due to a 55-percent increase in variable annuity sales to $10.0 billion.
In Tennessee, Jackson has entered into a long-term lease to occupy 150,000 square feet of office space — 90,000 square feet in January 2011, an additional 30,000 square feet in January 2012 and another 30,000 square feet in mid-2013 — providing capacity for a total of 750 employees. The Franklin location will house a variety of positions, such as operations, information technology, distribution, human resources, facilities and administration.
“The Nashville area has a large and well-educated workforce and is home to many institutions of higher learning,” said Jackson Vice Chairman and Chief Operating Officer Mike Wells. “With several insurance and financial services companies located in and around Nashville, we expect to be able to quickly attract experienced, qualified job candidates.”
Collectively, Jackson and its subsidiaries and affiliates currently employ nearly 3,700 people in 10 different locations across the United States, including Lansing, Mich.; Denver; Chicago; Santa Monica, Calif.; New York; Roseland, N.J.; Tampa, Fla.; Atlanta; Appleton, Wisc.; and Bismarck, N.D.
1Deposits from retail mutual funds and Jackson’s subsidiary Curian Capital have been included in Jackson’s total sales and deposits figures.
2International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards indicating how transactions and other events should be reported in financial statements. IFRS is issued by the International Accounting Standards Board in an effort to increase global comparability of financial statements and results. IFRS is used by Jackson’s parent, Prudential plc, to report the Group’s financial results.
About Jackson National Life Insurance Company
With nearly $88 billion in assets (IFRS)*, Jackson National Life Insurance Company (Jackson) is an industry leader in variable, fixed and fixed index annuities. The company also offers life insurance and institutional products. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. Jackson’s subsidiary, Jackson National Life Insurance Company of New York®, similarly markets products in the state of New York. Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. For more information, visit www.jackson.com.
*Jackson has nearly $88 billion in total IFRS assets and nearly $78 billion in IFRS policy liabilities set aside to pay primarily future policyowner benefits (as of 12/31/09).
Annuities and life insurance products are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York (Home Office: Purchase, New York). Variable products are distributed by Jackson National Life Distributors LLC. May not be available in all states and state variations may apply. These contracts have limitations and restrictions, including possible withdrawal charges, recapture charges and excess interest adjustments. Contact your representative or the Company for more information.
Jackson National Life Insurance Company is an indirect subsidiary of Prudential plc, a company incorporated and with its principal place of business in the United Kingdom. Prudential plc and its affiliated companies constitute one of the world’s leading financial service groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and had $468 billion in assets under management as of December 31, 2009 (£1 = $1.6149 as of 31 December 2009). Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
The following cautionary statement is included to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. However, as with any projection or forecast, forward-looking statements are inherently susceptible to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward-looking statements. There can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished.
Jackson National Life Insurance Company
Source: Jackson National Life Insurance Company