Jackson National reported record net income of $992.0 million for 2012, a 73 percent increase over last year that was driven primarily by higher fee income from variable annuities, the company reported.

Total assets for 2012 increased to $165.4 billion, up from $119.0 billion the previous year. Also, at the end of 2012 the company had $4.7 billion of regulatory adjusted capital, up from $3.9 billion in 2011 and more than eight times the minimum regulatory requirement.

Jackson also generated $25.5 billion in total sales and deposits during 2012, compared to $22.9 billion in 2011.

In September of last year, Jackson completed the acquisition of SRLC America Holding Corp. for $587.3 million. The acquisition helped diversify Jackson’s sources of earnings by increasing the amount of income generated from stable life insurance profits, according to the company.

In March 0f 2012, Jackson launched Elite Access, a variable annuity product that provides tax-efficient access to alternative investments. Elite Access contributed more than $1.3 billion to Jackson’s variable annuity sales total during 2012.

“There is good momentum within our businesses and we are well positioned as we move into 2013,” says Mike Wells, Jackson’s president and chief executive officer.