|[October 22, 2013]
Jackson® Approaches Upper Range for 2013 Variable Annuity Premium
LANSING, Mich. --(Business Wire)--
Jackson National Life Insurance Company® (Jackson) announced
today the company is approaching the upper range for calendar year 2013
for total premium from variable annuities (VAs) that offer optional
guaranteed benefits. Consistent with prior years, Jackson will manage
the volume of its VA business in line with the overall growth of its
"Jackson is experiencing another very successful year, once again
benefiting from a flight to quality in the variable annuity
marketplace," said Mike Wells, Jackson president and chief executive
officer. "Strong demand for our variable annuity products compelled
Jackson to manage new business volumes near the end of 2012, and the
same is true for 2013. As part of our active risk management program, we
seek to balance our guaranteed and non-guaranteed business to avoid a
concentration of exposure to any single product type in any one year.
Due to our disciplined approach to risk management, Jackson's financial
position remains strong. Our variable annuity products are priced to
provide value to the customer and cover the costs of hedging for the
current economic environment."
"The variable annuity market remains attractive for Jackson and we are
committed to writing new business within our overall appetite for risk,"
Wells continued. "Being consistent and disciplined in our risk
management practices enables us to maintain the confidence and trust of
all of our stakeholders."
To manage sales volumes, Jackson will no longer accept new 1035 exchange
business or qualified transfers of assets for VAs that offer optional
guaranteed benefits as of 4 p.m. Eastern Daylight Time on Friday,
October 25, 2013. As of Monday, December 16, 2013, Jackson plans to
resume accepting new 1035 exchange business and qualified transfers of
assets. No limitation will be placed on new 1035 exchange business or
qualified transfers of assets for Jackson's Elite Access®
product or for Jackson's fixed or fixed index annuity products.
"We are actively contacting our distribution partners to alert them that
Jackson is taking action to manage our sales volumes of VA products that
offer optional guaranteed benefits, as we did last year," said Clifford
Jack, executive vice president and head of retail for Jackson. "Our goal
is to manage production over the next few weeks with as little
disruption as possible to our partners and their clients. And, with no
limitation on sales of Elite Access, advisors and their clients will
still be able to choose a Jackson variable annuity investment platform
that offers a variety of traditional and alternative investment options."
During 2013, all four primary rating agencies - A.M. Best, Standard &
Poor's, Fitch Ratings and Moody's Investors Service, Inc. - affirmed
Jackson's financial strength ratings. Jackson has maintained the same
financial strength ratings for more than 10 years. As of October
21, 2013, Jackson had the following ratings:1
A+ (superior) - A.M. Best financial strength ratin, the
second-highest of 16 rating categories;
AA (very strong) - Standard & Poor's insurer financial strength
rating, the third-highest of 21 rating categories;
AA (very strong) - Fitch Ratings insurer financial strength rating,
the third-highest of 19 rating categories;
A1 (good) - Moody's Investors Service, Inc. insurance financial
strength rating, the fifth-highest of 21 rating categories.
1Financial strength ratings do not apply to the
principal amount or investment performance of the separate account or
underlying investments of variable products.
About Jackson National Life Insurance Company
Jackson is a leading provider of retirement solutions for industry
professionals and their clients. The company offers a diverse range of
products including variable, fixed and fixed index annuities designed
for tax-efficient accumulation and distribution of retirement income for
retail customers, and fixed income products for institutional investors.
Jackson subsidiaries and affiliates provide specialized asset management
and retail brokerage services. With $173.6 billion in assets*, Jackson
prides itself on product innovation, sound corporate risk management
practices and strategic technology initiatives. Focused on thought
leadership and education, the company develops proprietary research,
industry insights and financial representative training on retirement
planning and alternative investment strategies. Jackson is also
dedicated to corporate social responsibility and supports charities
focused on helping children and seniors in the communities where its
employees live and work. For more information, visit www.jackson.com.
Jackson is the marketing name for Jackson National Life Insurance
Company, Jackson National Life Insurance Company of New York®
and Jackson National Life Distributors LLC.
*Jackson has $173.6 billion in total IFRS assets and $161.2 billion
in IFRS policy liabilities primarily set aside to pay future policyowner
benefits as of June 30, 2013.
Before investing in variable products, investors should carefully
consider the investment objectives, risks, charges and expenses of the
variable product and its underlying investment options. The
current contract prospectus and underlying fund prospectuses, which are
contained in the same document, provide this and other important
information. Please contact your representative or the Company to
obtain the prospectuses. Please read the prospectuses carefully
before investing or sending money.
Elite Access Fixed and Variable Annuity (VA650, VA660) is issued by
Jackson National Life Insurance Company (Home Office: Lansing, Michigan)
and in New York (VA650NY, VA660NY) by Jackson National Life Insurance
Company of New York (Home Office: Purchase, New York). Variable
annuities are distributed by Jackson National Life Distributors LLC,
member FINRA, and may not be available in all states, and state
variations apply. This product has limitations and restrictions,
including withdrawal charges and excess interest adjustments (interest
rate adjustments in New York) where applicable.
Jackson issues other variable annuities with different features,
benefits, limitations and charges. Discuss Jackson's other variable
annuity options with your representative or contact Jackson for more
Annuities 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 annuities are
distributed by Jackson National Life Distributors LLC and 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.
Please remember that a Jackson annuity is intended to be a long-term,
tax-deferred vehicle for retirement. An annuity's earnings are taxable
as ordinary income when withdrawn and, if taken before age 59 1/2, may
be subject to a 10% additional tax. Variable annuities involve
investment risks and may lose value.
Jackson National Life Insurance Company is an indirect subsidiary of
Prudential plc, a company incorporated and with its principal place of
business in England. Prudential plc and its affiliated companies
constitute a large global financial services group. It has been in
existence for 165 years and has $648.2 billion in assets under
management as of June 30, 2013. 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, Jackson National Life Insurance 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.
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