How a Variable Annuity Became No. 1 for Sales, and Stayed There
December 14, 2021 by Cyril Tuohy
How Jackson has been able to keep its best-selling product fresh and popular over the years is a story anchored partly in rider features and wholesale distribution, said Peter Lamond, variable annuities product director for Wink.
One thing that helped is that Jackson emerged better from the financial carnage of the post-2008 era, he said. Many life insurers at the time cut back on living benefits they were offering that were too generous, and others exited the market altogether.
Jackson, though, had been more conservative with its benefit riders, which gave the company some wiggle room. As competitors retrenched, they plowed forward with offerings that looked attractive by comparison.
“It was a period that they sold so much rider business that they stopped selling for a few months,” said Lamond. “They certainly did an excellent job of getting out, wholesaling and increasing distribution to pick up market share.”