Positioned to Win with Banks/Credit Unions and Regional Broker Dealers

Brad PowellPresident

Institutional Marketing Group

Bank Marketplace History(Bank Premium as a Percentage of Total Industry Premium)

12

14

16

18

20

22

24

1997 1998 1999 2000 2001 2002*Year

An

nu

ity P

rem

ium

(%

)

*Data through June 2002Source: Kehrer & Associates

Industry Wide Bank Annuity Premium

05

1015202530354045

1997 1998 1999 2000 2001 2002*

Fixed Annuities Variable Annuities*Data as of June 2002 Source: Kenneth Kehrer Associates

(In Billions)

Total Bank Annuity Industry Rankings - 2001

Fixed Annuities1. AIG/American General2. Aegon/Transamerica3. GE Companies4. Nationwide5. Allstate Life Group6. Jackson National Life7. Keyport8. John Hancock9. Lincoln National10. Western-Southern

Total Annuities1. AIG/SunAmerica2. Aegon/Transamerica3. Hartford4. Nationwide5. GE Companies 6. Allstate Life Group7. Keyport8. Jackson National 9. John Hancock10. Lincoln National

Source: Kenneth Kehrer Associates

Industry Rankings:Fixed & Total Annuities – Through Second Quarter 2002

Total Annuities1. AIG/SunAmerica

2. Aegon/Transamerica

3. Hartford

4. Nationwide

5. John Hancock

6. Allstate Financial

7. SunLife Financial/Keyport

8. GE Companies

9. Jackson National

10. Lincoln National

Fixed Annuities1. AIG/American General

2. Aegon/Transamerica

3. John Hancock

4. Nationwide

5. Allstate Financial

6. GE Companies

7. SunLife / Keyport

8. Jackson National Life

9. Lincoln National

10. HartfordSource: Kenneth Kehrer Associates

Proprietary vs. Private Label

Proprietary Annuity:▲ Bank manages the underlying assets

associated with the product sold– Fixed income for fixed annuities– Sub-account funds for variable annuities

Private Label Annuity:▲ Insurance company modifies or creates annuity

to fit particular needs of the bank, without bank management of assets

History Of IMG

0

200

400

600

800

1,000

1,200

1,400

1,600

1997 1998 1999 2000 2001 2002*

Premium ($000)

02,0004,0006,0008,00010,00012,00014,00016,00018,000

Number of Licensed Reps

Premium Rep Counts

*Sales through June 2002

Reasons For Success

▲ Commitment to a broad and competitive product line

▲ Flexible delivery style

▲ Service

Flexibility

▲ Dedicated advisors

▲ Platform representatives

▲ Hybrid sales force

Typical Success Story

Community First Bank▲ 6 week bank-wide JNL-sponsored

marketing campaign ▲ $28.4 million in fixed and variable

annuity sales▲ Previous annuity sales non-existent

Key Issues

▲ Consolidation/sales

▲ Proprietary products vs. private label

▲ Revenue sharing/margin pressure

▲ Shrinking universe

Future: Banks Are Where The Money Is ▲ Results from a recent survey concluded

more bank customers are seeking financial advice from banks

▲ Banks are uniquely positioned to service the largest U.S. affluent segment – The Mass Affluent:– 5 Million households – $3.7 Trillion in investable assets

Source: Cerulli and Associates