Variable annuities - Jackson National Life makes $177 million hedging gain

Jackson National Life, US subsidiary of UK insurance company Prudential, made a net gain of $177 million (£107 million) from its variable annuity (VA) hedging programme during 2008, despite the financial crisis that impeded the performance of its US peers.

Speaking on a conference call to discuss the firm's first-half 2009 results, Jackson's chief executive officer Clark Manning touted the company's success, and the comprehensive nature of its VA risk management approach. He said: "Our hedging p