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Jackson® Reports 2012 Record IFRS Net Income of $992.0 Million

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By Business Wirevia The Motley Fool

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Jackson ® Reports 2012 Record IFRS Net Income of $992.0 Million

  • Record 2012 IFRS1 net income of $992.0 million, up 73.0%
  • Record total sales and deposits2 of $25.5 billion, up 11.3%
  • Year-end 2012 IFRS assets total $165.4 billion, up from $119.0 billion at year-end 2011
  • Year-end 2012 regulatory adjusted capital of $4.7 billion, up from $3.9 billion at year-end 2011

LANSING, Mich.–(BUSINESS WIRE)– Jackson National Life Insurance Company® (Jackson) reported record IFRS net income of $992.0 million for full-year 2012, up from $572.8 million in full-year 2011, driven primarily by higher fee income from variable annuities.

Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential plc (NYS: PUK) , increased total IFRS assets to $165.4 billion3 at the end of 2012, up from $119.0 billion at the end of 2011. As of December 31, 2012, the company had $4.7 billion of regulatory adjusted capital, more than eight times the minimum regulatory requirement.4

On September 4, 2012, Jackson completed the acquisition of SRLC America Holding Corp. (SRLC) from Swiss Re Life Capital Ltd (Swiss Re) for an initial consideration of $587.3 million.5 SRLC was the U.S. holding company of Reassure America Life Insurance Company (REALIC), which was merged into Jackson on December 31, 2012. The acquisition helps diversify Jackson’s sources of earnings by increasing the amount of income generated from stable life insurance profits.

“In 2012, Jackson had a successful year and we are pleased with the progress that has been made on several fronts. During the year, we delivered record IFRS profits and record sales despite the challenges that the industry faces from the current low-interest rate environment. We completed the acquisition of SRLC which has broadened our policyholder base and enhanced the resilience of our earnings. We launched a new variable annuity product, Elite Access®, which provides tax-efficient access to alternative investments. And, most importantly, we maintained a strong capital position throughout the entire year. There is good momentum within our businesses and we are well positioned as we move into 2013,” said Mike Wells, Jackson’s president and chief executive officer.

Financial Strength

During 2012, all four primary rating agencies—A.M. Best, Standard & Poor’s, Fitch Ratings and Moody’s Investors Service, Inc.—affirmed …read more
Source: FULL ARTICLE at DailyFinance