Jackson National overall annuity sales rose, driven by fixed products

First-quarter overall annuity sales rose 8% to $2.6 billion at Jackson National Life Insurance Co. year over year, propelled by large gains in traditional fixed-annuity sales. Annuity net flows, which encompass total premium minus surrenders, exchanges and annuitizations, totaled $1 billion, up 21% from a year earlier. Traditional fixed annuities raked in $693 million in sales, up from $382 million a year earlier. Fixed index annuities, meanwhile, rose 83% year over year, reaching $354 million. But sales of variable annuities slipped to $1.5 billion, from $1.8 billion a year earlier. Sales of life products fell slightly to $12 million, from $14 million a year earlier. Lansing, Mich.-based Jackson didn’t sell any institutional products in the first quarter, concentrating its capital on annuity sales. Curian Capital LLC, Jackson’s separately managed accounts subsidiary in Denver, brought in less cash in deposits, accumulating $140 million, down from $310 million a year earlier. As of the end of March, Curian’s assets under management were $2.3 billion, down from $2.6 billion at the end of 2008.