Financial advisers are stuck on Jackson National Life Insurance Co.'s variable annuities.
The life insurer displaced Prudential Financial Inc. as the VA brand to which advisers are most loyal, according to a survey by Cogent Research LLC. Last year, the roles were reversed, with Prudential Financial in first place and Jackson National Life Insurance second.
The poll — of 1,643 advisers across all major distribution channels — asked participants about the proportion of their books of business that are allocated to variable annuities. Surveyed advisers also measured their satisfaction over a range of VA criteria, including the range of product features, and internal and external wholesaler support.
Internal wholesaler support drove Jackson National Life Insurance to the top spot, scoring high marks in that category, according to John Meunier, principal at Cogent and co-author of the report.
“Jackson ranks higher than any other firm on that particular metric,” he said. “When advisers are satisfied, it differentiates the brand.”
Despite coming in second in this roundup, Prudential Financial beat its opponents for its range of VA product features.
PRU GUARANTEES POPULAR
Although Jackson National Life Insurance features about 100 subaccount choices, advisers in the poll were looking at Prudential Financial's guarantees, including its Highest Daily feature, Mr. Meunier said.
“They're thinking of how innovative the guarantee is and what are some of the living and death benefits associated with the product,” he said.
Jackson National Life Insurance, MetLife Inc. and Prudential Financial all scored high on financial stability.
Over the last year, Lincoln National Life Insurance Co. maintained its third-place position, due to the popularity of its ChoicePlus variable annuity, as did fourth-place Ameriprise Financial Inc. and sixth-place MetLife. However, over the course of the year, there was some turnover: Nationwide Life Insurance Co. switched places with Ohio National Financial Services Inc., placing the former in fifth and the latter in seventh this year.
Sun Life Financial Inc. and Allianz Life Insurance Co. of North America leapt into the top 10 at eighth and ninth, respectively. Last year, Sun Life was in 11th place, and Allianz was in 14th.
Increased presence heightened the insurers' visibility, especially with Canadian carrier Sun Life, which kicked off a U.S. advertising campaign in 2009, Mr. Meunier said.
Transamerica Life Insurance Co. filled out the top 10.
Email Darla Mercado at [email protected]
