Jackson® Announces $100-Million Lansing Expansion
Jackson ® Announces $100-Million Lansing Expansion
Michigan Governor Rick Snyder, Lansing Mayor Virg Bernero welcome economic boost to mid-Michigan including new jobs, community investment
LANSING, Mich.--(BUSINESS WIRE)-- Jackson National Life Insurance Company® (Jackson®) today announced a more than $100-million expansion of its Lansing, Mich., campus. This expansion is expected to provide capacity for more than 1,000 jobs. Michael Wells, president and chief executive officer of Jackson, discussed the project this morning at a news conference for local and state government officials, including Michigan Governor Rick Snyder and Lansing Mayor Virg Bernero, as well as several of the company's charitable and community partners. This project is contingent on state and local regulatory approvals.
The company hopes to break ground on the expansion later this year. Initial plans propose a 260,000-square-foot addition adjacent to the existing facility at 1 Corporate Way that will include a conference center. Additionally, Jackson will build an 80,000-square-foot Data Imaging Center on the property. The company plans to work closely with local and state partners to preserve the natural environment surrounding its Lansing campus.
"Jackson has called mid-Michigan home for the past 52 years and we owe much of our success to the support of the surrounding community and the people who have made Jackson what it is today," Wells said. "This expansion allows us to continue to invest in Lansing and Michigan, as well as in our dedicated, talented associates. Our associate base has doubled in size since we opened this building in 2000 and I am confident this project will enable us to continue to expand our footprint in the financial services industry nationally. Through this growth, Jackson and its employees will have the opportunity to make an even larger impact on local charitable organizations with corporate giving and volunteer time. ''
Jackson is a leading provider of retirement products and solutions as well as educational resources for industry professionals and clients. In his remarks, Wells attributed the company's growth largely to its focus on innovation, education and technology advancements that provide Jackson the opportunity to offer a diverse range of retirement solutions. Jackson, the largest seller of annuities in the U.S.1, has consistently delivered significant, profitable growth. The company achieved its strongest year ever in 2012 with record sales of more than $25 billion and record profitability — nearly $1 billion of IFRS net income2, a 73-percent increase over 2011. Jackson's 175-acre Lansing campus currently includes a 323,000-square-foot building, an accredited child development center and data center where the company does "on-shore" processing for countries outside the U.S. Jackson also has a 150,000-square-foot secondary office in south Lansing that houses Jackson employees and some external tenants.
Michigan Governor Rick Snyder said Jackson's decision to continue to invest in Lansing is a testament to the company's commitment to Michigan and its citizens.
"Jackson continues to provide quality employment opportunities, is strongly committed to our communities and has proved to be a key partner for our state,'' Snyder said. "I am pleased that the company is helping to drive Michigan's comeback and I look forward to working with it on more projects in the future.''
The Lansing campus was chosen for expansion in part because of its proximity to several top-tier universities and nearby large metropolitan areas for staff recruitment. Jackson currently employs 2,100 people in Lansing and more than 4,300 nationwide. The company also has major regional offices in Franklin, Tenn., Chicago, Ill., and Denver, Colo. In 2012, Jackson expanded its workforce by nearly 350 jobs nationwide, with more than 150 jobs added to the Lansing team.
Lansing Mayor Virg Bernero said Jackson's decision to stay and grow in Lansing is exactly the type of commitment the community needs from large companies.
"When successful companies like Jackson continue to show support to Lansing by making a sizable investment like this, the impact is much greater than the monetary amount,'' Bernero said. "Jackson plays a key role in mid-Michigan by providing thousands of jobs while also giving so much time and support to charitable efforts across our community.''
Robert L. Trezise, Jr., president and CEO of the Lansing Economic Area Partnership (LEAP), called the Jackson expansion an extraordinary example of regional cooperation. In 2008, he said, Bernero and Steve Lott, Alaiedon Township supervisor, signed a 425 revenue sharing agreement that led the way to this project.
"This agreement made way for a personal property tax exemption to make today's proposed expansion possible,'' Trezise said. "In addition to that effort, it is LEAP's privilege to conclude the incentive package necessary to grow Jackson here rather than out of our region and state. Jackson is an economic giant in our region, impacting thousands and thousands of families on a daily basis. We are proud that Jackson continues to call Lansing home."
1 Source: LIMRA U.S. Individual Annuities Sales Survey, Fourth Quarter 2012 YTD. Jackson ranked first in total annuity sales out of 58 participating companies that reported sales during the period.
2 International Financial Reporting Standards (IFRS) are 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. Jackson's parent, Prudential plc, uses IFRS to report the Group's financial results.
Please remember that a Jackson annuity is intended to be a long-term, tax-deferred vehicle for retirement. An annuity's earnings are taxable as ordinary income when withdrawn and, if taken before age 59 1/2, may be subject to a 10% additional tax. Variable annuities involve investment risks and may lose value.
Before investing in variable products, investors should carefully consider the investment objectives, risks, charges and expenses of the variable product 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.
About Jackson National Life Insurance Company
Jackson is a leading provider of retirement solutions for industry professionals and their clients. The company offers a diverse range of products including variable, fixed and fixed index annuities designed for tax-efficient accumulation and distribution of retirement income for retail customers, and fixed income products for institutional investors. Jackson subsidiaries and affiliates provide specialized asset management and retail brokerage services. With $165.4 billion in assets*, Jackson prides itself on product innovation, sound corporate risk management practices and strategic technology initiatives. Focused on thought leadership and education, the company develops proprietary research, industry insights and financial representative training on retirement planning and alternative investment strategies. Jackson is also dedicated to corporate social responsibility and supports charities focused on helping children and seniors in the communities where its employees live and work. For more information, visit www.jackson.com .
Jackson is the marketing name for Jackson National Life Insurance Company, Jackson National Life Insurance Company of New York ® and Jackson National Life Distributors LLC.
*Jackson had $165.4 billion in total IFRS assets and $150.9 billion in IFRS policy liabilities primarily set aside to pay future policyowner benefits as of December 31, 2012. 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 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.
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). Contact your representative or the Company for more information.
Jackson National Life Insurance Company 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. It has been in existence for 165 years and has $658.3 billion in assets under management (as of December 31, 2012). 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, Jackson National Life Insurance 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.
Jackson National Life Insurance Company
Katie Rexrode, (517) 819.3913
KEYWORDS: United States North America Michigan
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