Jackson National Life Insurance Company® (Jackson®) and State Farm® today announced a new marketing alliance between the two firms. Beginning in the second half of 2019, authorized State Farm agents will begin offering a select group of Jackson’s variable annuity and fixed index annuity products. While Jackson currently maintains one of the largest sales teams in the industry, this alliance will add significant distribution access through its growing network of qualified producers.
“We could not be more thrilled about the relationship we are building with State Farm and their dedicated agents,” said Barry Stowe, chief executive officer of Jackson Holdings LLC. “Jackson and State Farm are both committed to helping consumers prepare for the risks they may face in life, and that includes increasing their readiness for life after work. We have been serving customers for more than 150 years combined. We look forward to working together to provide quality products to consumers who want and need to protect their financial futures.”
Although State Farm has traditionally offered fixed annuity products, the addition of a select group of Jackson’s industry-leading variable and fixed index annuities will allow authorized State Farm agents to introduce a more robust suite of annuity products to consumers.
“Our goal is to help people live life confidently, and an important component of that is helping people grow their savings, then position those savings to last a lifetime,” said Joe Monk, senior vice president, Financial Services for State Farm “As a top provider of annuities in the country, Jackson brings a proven track record of strong product offerings, solid risk management, consistent financial strength and award-winning service. The addition of these annuity products positions State Farm agents to help customers in more ways.”
Jackson and State Farm are both members of the Alliance for Lifetime Income, a nonprofit 501(c)(6) organization formed and supported by 24 of the nation’s leading financial services organizations to create awareness and educate consumers and financial professionals about the importance of protected lifetime income.
“As a founding member and current co-chair of the Alliance, we believe it is critically important for our industry to work together to solve a significantly pressing social issue — millions of Americans are retiring every year without adequate financial security, and they are genuinely concerned about outliving their savings,” Stowe said. “This new relationship with State Farm is a prime example of how collaborating with others in our space, particularly those who share the same vision to alleviate our country’s retirement crisis, can increase Americans’ access to critical products that can help protect their income for as long as they live.”
Jackson is a leading provider of retirement products for industry professionals and their clients. The company and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Jackson is a proud founding member and co-chair of the Alliance for Lifetime Income, a nonprofit 501(c)(6) organization formed and supported by 24 of the nation’s financial services organizations to create awareness and educate Americans about the importance of protected lifetime income. With $264.9 billion in IFRS assets*, the company prides itself on product innovation, sound corporate risk management practices and strategic technology initiatives. Focused on thought leadership and education, Jackson develops proprietary research, industry insights and financial representative training on retirement planning and alternative investment strategies. The company is also dedicated to corporate philanthropy and supports nonprofits focused on strengthening families and creating economic opportunities in the communities where its employees live and work. For more information, visit www.jackson.com.
*Jackson has $264.9 billion in total IFRS assets and $251.6 billion in IFRS policy liabilities set aside to pay primarily future policyowner benefits (as of June 30, 2018). International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards for reporting financial information. IFRS is issued by the International Accounting Standards Board in an effort to increase global comparability of financial statements and results. IFRS is used by Jackson's parent company.
Jackson is an indirect subsidiary of Prudential plc, a company incorporated in England and Wales. Prudential plc and its affiliated companies constitute one of the world's leading financial services groups, serving over 26 million insurance customers with $877.2 billion in assets under management (as of June 30, 2018). 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.
This press release may contain certain statements that constitute “forward-looking statements.” 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. Any forward-looking statements reflect Jackson’s views and assumptions as of the date of this press release and Jackson disclaims any obligation to update forward-looking information.
Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of the variable annuity 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.
Variable annuities are long-term, tax-deferred investments designed for retirement, involve investment risks and may lose value. Earnings are taxable as ordinary income when distributed and may be subject to a 10% additional tax if withdrawn before age 59½.
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 products are distributed by Jackson National Life Distributors LLC. 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 (interest rate adjustments in New York). Contact your representative or the Company for more information.
About State Farm®
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its nearly 19,000 agents and approximately 65,000 employees serve approximately 83 million policies and accounts — approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2018 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
State Farm Bank®, Bloomington, Illinois, is a Member FDIC and an Equal Housing Lender. Insurance, annuities and securities products offered by affiliate companies of State Farm Bank are not FDIC insured, are not guaranteed by State Farm Bank, and are subject to investment risk, including possible loss of principal.
State Farm VP Management Corp. distributes variable annuities. State Farm VP Management Corp. is a separate entity from those State Farm entities which provide banking and insurance products. Neither State Farm nor its agents provide tax or legal advice. AP2018/09/1131
Patrick Rich, Director, External Communications