Magazine article American Banker

Jackson Life Up 34% on N.Y., L.A. Alliances

Magazine article American Banker

Jackson Life Up 34% on N.Y., L.A. Alliances

Article excerpt

An expansion into the New York branches of Washington Mutual, as well as a push into Union Bank of California in Los Angeles, helped Jackson National Life Insurance Co. to 34% growth in its fixed annuity business during the second quarter, compared with the first.

The Lansing, Mich., company had $437 million of fixed sales in the second quarter, said Bradley J. Powell, president of its institutional marketing group.

"We've expanded the relationship with Wamu by entering the former Dime branches in New York," Mr. Powell said. "That really kicked in in June and July. We've also expanded our business at Fleet, which is a big partner of ours."

"The Union Bank of California distribution agreement started in the first quarter, and we made some meaningful inroads in the second quarter with both fixed and variable annuities," Mr. Powell said.

Jackson National also had an 11% increase in sales of variable annuities, to $39 million, during the second quarter compared with the first.

"We're seeing some renewed interest in variable annuities from the reps because you have reps talking to their clients about diversification," Mr. Powell said. "So with diversification being discussed, variable annuities are a popular alternative."

Peter Patrino, the director of insurance ratings in the Chicago office of Fitch Inc. of New York, said variable annuity sales through banks would only gain momentum when more investors become comfortable with the equity markets.

"Diversification is beneficial to the individual investor's perspective, but you can only speculate on when investors will get back into the markets," Mr. …

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