LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance CompanyÂ® today announced that Chief Executive Officer Barry Stowe will be retiring as of Dec. 31, 2018. Michael Falcon, who has been serving as chief executive officer of Asia Pacific for J.P. Morgan Asset Management since 2015, has been named his successor, subject to regulatory approval. Falcon will assume his new role effective Jan. 7, 2019.
Stowe has headed the North American Business Unit of Prudential plc, which includes Jackson and its affiliates, since 2015. He joined Prudential in 2006 as chief executive of Prudential Corporation Asia and has been a member of the Prudential plcâ€™s Board of Directors and Group Executive Committee for 12 years.
â€śI am pleased to be handing the reins to Michael,â€ť Stowe said. â€śI have loved my experience at Prudential in Asia and in the United States, but after a career spanning nearly 40 years I feel strongly that itâ€™s time for a change. I would like to thank all my colleagues for their support and hard work over so many years. I have no doubt whatsoever that Prudentialâ€™s US businesses will flourish under Michaelâ€™s leadership and I wish him and the team every possible success.â€ť
Mike Wells, group chief executive of Prudential plc, said â€śI would like to thank Barry for his exceptional contribution to Prudential over the last 12 years. Under his leadership our Asian business grew to become the market-leading operation it is today, and more recently he has positioned our US businesses for continued success in serving the needs of American retirees. I wish him all the very best for the future.â€ť
â€śI am delighted that Michael is joining Prudential,â€ť Wells continued. â€śThe demand among Americans for a secure income in retirement is a huge social need and an attractive long-term business opportunity for the Group. Michaelâ€™s deep expertise and impressive track record in this dynamic industry mean that he is well placed to lead the next phase of our development in North America.â€ť
â€śI am delighted to be joining the Jackson team, which has consistently delivered positive results for consumers and shareholders,â€ť Falcon added. â€śI look forward to building on this success to further meet the growing retirement needs of American families.â€ť
Falcon has more than two decades of senior experience in the savings and retirement industry. He joined J.P. Morgan Asset Management in New York as head of retirement in 2010, responsible for investment management and plan services businesses in the defined contribution, individual retirement and taxable savings market. From 2000 to 2008, he worked at Merrill Lynch, serving as head of the Retirement Group and other roles, including head of Strategy and Finance for the US Private Client business. He later served as a consultant and strategic advisor to companies in the retirement, equity awards, wealth management and asset management industries until joining J.P. Morgan Asset Management in 2010. Falcon has served as a trustee and executive committee member of the Employee Benefit Research Institute (EBRI) and was founding chairman of the Advisory Board of EBRIâ€™s Center for Retirement Income Research. Falcon will divide his time between Nashville, Tennessee and Lansing, Michigan.
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 nationâ€™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 sound corporate risk management practices and strategic technology initiatives. Focused on thought leadership and education, Jackson develops industry insights and financial representative training on retirement planning and alternative investment strategies. The company is also dedicated to corporate social responsibility 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 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 â€śforward-looking statements.â€ť 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 managementâ€™s expectations, beliefs or projections will result or be achieved or accomplished. Any forward-looking statements reflect Jacksonâ€™s views and assumptions as of the date of this press release and Jackson disclaims any obligation to update forward-looking information.