A.M. Best Affirms Rating of Jackson National Life and Affiliates.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Oct. 6, 2003 A.M. Best Co. has affirmed the group financial strength rating of A+ (Superior) of Jackson National Life Jackson National Life Insurance is a U.S. life assurance company that is a subsidiary of the UK based insurer, Prudential Plc. Founded in 1961, Jackson is headquartered in Lansing, Michigan, and has over a thousand employees in the region. Insurance Company (JNL JNL Journal JNL Jackson National Life (insurance company; Lansing, MI; also seen as JNLIC) JNL JTIDS (Joint Tactical Information Distribution Systems) Network Library ), Brooke Life insurance Company (both located in Lansing, MI) and Jackson National Life Insurance Co. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (New York). The rating outlook has been changed to stable from negative. The rating action of JNL reflects its strategic importance to its ultimate parent, Prudential plc This article is about the British company. For the American company, see Prudential Financial. For places named after the company, see Prudential. Prudential plc (LSE: PRU, NYSE: PUK) is a United Kingdom-based financial services company. (London), the largest life assurance company in the United Kingdom and one of the leading retail financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organizations in the world. Furthermore, the rating affirmation is based on the continued capital support and financial strength of Prudential plc. While JNL is the group's most significant business outside of the United Kingdom, A.M. Best believes JNL will continue to be challenged in its primary fixed individual annuity business resulting from the low interest rate environment. JNL's rating also considers its strong national presence in the individual annuity arena. Over the last several years, JNL's market positions have been complemented by diversified distribution sources and excellent service capabilities, which have enabled the company to enjoy strong growth in individual annuities. As one of the nation's largest writers of fixed individual annuities, JNL enjoys the competitive advantage of meaningful economies of scale, which has contributed significantly to its historically favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. financial performance. In recent years, JNL's capital position--weakened by significant credit losses--has been bolstered by capital infusions Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. from Prudential plc. A.M. Best believes Prudential plc remains committed to the U.S. market and will support JNL should the need arise. However, through the second quarter of 2003 to date results show, JNL's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. is running well ahead of the prior year's run rate and investment losses are significantly improved. Although JNL operates in the highly competitive retirement and savings arena, A.M. Best believes the company's initiatives to expand its product portfolio as well as broadening its alternative distribution system, positions JNL well to achieve sales growth and improve its long-term earnings capacity. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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