The second quarter for Jackson National Life Insurance Co. produced the highest retail sales in the its history, the company said.

The company generated retail sales and deposits of $3.4 billion during the second quarter of this year. Its first half retail sales and deposits of $6.1 billion showed a 3% increase over the same period in 2008. Michigan-based Jackson reported first half IFRS unaudited net income of $279 million, more than double the $106 million it reported in the first half of last year.

The increase in net income is being attributed to the positive impact of movements in non-operating derivative holdings.

Clark Manning

Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential, sold $3.8 billion in variable annuities during the first six months of 2009, compared to $3.5 billion during the same period in the prior year. First half sales of fixed-rate annuities totaled $1.9 billion, up from $1.6 billion during the first half of 2008, and were comprised of $1 billion in traditional deferred fixed annuity sales and nearly $900 million in fixed index annuity sales.

“Jackson’s long-standing tradition of maintaining financial discipline has resulted in relatively few changes to the company’s product set or business model,” said Clark Manning, Jackson’s president and chief executive officer, in a statement.

He said the company’s “consistency throughout the economic downturn has been perceived as a strength” by agents and clients, and it has been driving increased sales and new business opportunities.

First half 2009 annuity net flows (total premium minus surrenders, exchanges and annuitizations) of $2.7 billion were 23% higher than the same period in the prior year.