LANSING, Mich.--(BUSINESS WIRE)--Prudential plc, the London-based parent company of Jackson National Life Insurance Company® (Jackson), has appointed Jackson Vice Chairman and Chief Operating Officer Mike Wells to the position of President and Chief Executive Officer of Jackson and as an Executive Director of the Prudential plc Board of Directors. Wells will succeed Clark Manning, who will step down as CEO at the end of 2010. Manning will serve as Chairman of Prudential plc’s US operations until April 30, 2011, at which time he will enter into an advisory role that will continue until the end of 2011. Wells will join the Prudential Board of Directors in January 2011.
“I look forward to assuming the leadership of this great organization and continuing the strong legacy that Clark has established at Jackson,” said Wells. “Clark has admirably led Jackson to its current strong position in the market and I am excited to build upon that success. I view my appointment as an endorsement of the entire Jackson senior management team and the profitable growth we have been able to achieve together.”
Prudential plc Group Chief Executive Tidjane Thiam said Wells has a long and proven career at Jackson across all of the company’s US operations, and was identified as the appropriate successor to Manning some time ago.
“I am sorry to see Clark step down, but respect his decision and want to thank him for his outstanding contribution to the Group,” said Thiam. “He ensured a proven successor was in place to lead the organization to the next level and I am very pleased that we will be able to benefit from Clark’s experience and knowledge through his advisory role.”
During his 15 years with the company, Manning served as Jackson's chief actuary and chief operating officer, and was the head of Prudential plc’s US business for the past nine years. Having assumed the CEO role in 2001 during a significant downturn in the market, Manning positioned Jackson well during the market recovery that followed, as well as throughout the most recent financial crisis.
“Choosing a time to step down is never easy,” Manning said. “Having navigated the company successfully through the past two years of financial upheaval in the markets and delivering exceptionally strong results, I feel that I have achieved what I wanted to do and now is the right time to pass over the reins to Mike.”
Wells joined Jackson in 1995 as President of Jackson National Life Distributors LLC, the marketing and distribution arm of Jackson. He played an integral role in the development of Jackson’s first variable annuity and fixed index annuity products. When promoted to Vice Chairman and Chief Operating Officer nine years ago, in addition to Jackson’s wholesale and retail distribution, Wells assumed executive leadership of the company’s IT and operations functions. Under his leadership, Jackson realized exponential operational efficiencies, during a period of record-setting sales and profitability, and established an administrative reputation that garnered the company numerous World Class Service1 awards, including the top spot in the financial services sector. Wells’ experience proved instrumental when the firm created National Planning Holdings®, a network of four independent broker-dealers, in 1998 and Curian Capital® LLC, a separately managed accounts provider, in 2003 to complement its growing insurance business.
Jackson recorded $2.3 billion in total sales when Wells joined the firm in 1995, compared to total sales and deposits of $15.2 billion in 2009. As of the end of 2009, 87 percent of the company’s US employees fell within Wells’ reporting structure.
“Jackson’s extremely talented senior management team has worked in tandem for more than a decade to achieve ever-increasing levels of success during that time,” said Wells. “I believe this appointment serves as a testament to the bench strength within Jackson’s senior management and as reassurance that our fundamental business model is sound and our company is in a prime position to take advantage of emerging opportunities in the retirement services market.”
Wells has served on the Boards of Directors for Brooke Holdings LLC, Brooke Life Insurance Company, Jackson National Life Insurance Company, Curian Capital LLC, Jackson National Life Distributors and National Planning Corporation®. He has also served as an appointed member of several of Prudential’s North American Board Committees, including the North American Audit and Risk Management Committee and Jackson Executive Committee, as well as a member of Jackson’s Operations, Product and IT Steering management committees.
1 Service Quality Measurement Group, Inc. (SQM) 2004, 2006, 2007, 2008 and 2009
About Jackson National Life Insurance Company
With $94 billion in assets (IFRS unaudited)*, Jackson National Life Insurance Company is an industry leader in variable, fixed and fixed index annuities. The company also offers life insurance and institutional products. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. Jackson’s subsidiary, Jackson National Life Insurance Company of New York®, similarly markets products in the state of New York. Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. For more information, visit www.jackson.com.
*Jackson has $94 billion in total IFRS assets and $84 billion in IFRS policy liabilities set aside to pay primarily future policyowner benefits (as of 6/30/10). International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards indicating how transactions and other events should be reported in financial statements. IFRS are 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, Prudential plc, to report the Group's financial results.
Annuities and life insurance products 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. Contact your representative or the Company for more information.
Jackson National Life Insurance Company is an indirect subsidiary of Prudential plc, a company incorporated and with its principal place of business in the United Kingdom. Prudential plc and its affiliated companies constitute one of the world's leading financial service groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and had $463 billion in assets under management as of June 30, 2010. 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.
The following cautionary statement is included to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. 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.
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