Jackson Financial Inc. (Form: 8-K, Received: 12/13/2021 06:54:44)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 11, 2021

Jackson Financial Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-40274

98-0486152

(State or other jurisdiction of

incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification
No.)

1 Corporate Way, Lansing, Michigan

48951

(Address of principal executive offices)

(Zip Code)

(517) 381-5500

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Class A Common Stock, Par Value $0.01 Per Share	JXN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01. Entry into a Material Definitive Agreement.

On December 11, 2021, Jackson Financial Inc. (the “Company”) entered into a Class A Common Stock Repurchase Agreement (the “Prudential Share Repurchase Agreement”) with Prudential plc (“Prudential”), pursuant to which the Company agreed to repurchase 2,242,516 shares of the Company’s Class A Common Stock, $0.01 par value.

In addition, on December 11, 2021, the Company entered into a Class A Common Stock Repurchase Agreement (the “Athene Share Repurchase Agreement” and, together with the Prudential Share Repurchase Agreement, the “Share Repurchase Agreements”) with Athene Co-Invest Reinsurance Affiliate 1A Ltd. (“Athene”), pursuant to which the Company agreed to repurchase 1,134,767 shares of the Company’s Class A Common Stock, $0.01 par value. The price per share to be paid by the Company under the Share Repurchase Agreements is $37.01.

The share repurchases described above were made pursuant to the Company’s existing share repurchase program and are expected to be completed on December 13, 2021. The aggregate price to be paid by the Company under the Share Repurchase Agreements is approximately $125 million, which is being funded with cash on hand.

The description of the Share Repurchase Agreements in this report is qualified in its entirety by reference to the full text of the Prudential Share Repurchase Agreement and the Athene Share Repurchase Agreement, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein.

Item 7.01.

Regulation FD Disclosure.

On December 13, 2021, the Company issued a press release announcing the execution of the Share Repurchase Agreements, a copy of which is furnished as Exhibit 99.1 hereto.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Class A Common Stock Repurchase Agreement, dated December 11, 2021 between Jackson Financial Inc. and Prudential plc
10.2		Class A Common Stock Repurchase Agreement, dated December 11, 2021 between Jackson Financial Inc. and Athene Co-Invest Reinsurance Affiliate 1A Ltd.
99.1		Press Release issued by Jackson Financial Inc. on December 13, 2021
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL Document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	JACKSON FINANCIAL INC.

	By:	/s/ Marcia Wadsten
		Marcia Wadsten
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date: December 13, 2021

Exhibit 10.1

CLASS A COMMON STOCK REPURCHASE AGREEMENT

THIS CLASS A COMMON STOCK REPURCHASE AGREEMENT (the “Agreement”) is entered into as of December 11, 2021 by and between Jackson Financial Inc., a Delaware corporation (the “Company”), and Prudential plc, a company incorporated and registered in England and Wales (the “Stockholder”).

RECITALS

WHEREAS, the Stockholder is the holder of shares of the Company’s Class A Common Stock, $0.01 par value (the “Common Stock”); and

WHEREAS, the Stockholder desires to sell, and the Company desires to repurchase, the Shares (as defined below) on the terms and subject to the conditions set forth in this Agreement (the “Repurchase”).

NOW, THEREFORE, in consideration of the promises, covenants and agreements herein contained, the parties agree as follows:

AGREEMENT

SECTION 1. REPURCHASE OF SHARES.

1.1 Repurchase. At the Closing (as defined below), the Company hereby agrees to repurchase from the Stockholder, and the Stockholder hereby agrees to sell, assign and transfer to the Company, all of the Stockholder’s right, title and interest in and to an aggregate of two million two hundred forty-two thousand five hundred sixteen (2,242,516) shares of Class A Common Stock (the “Shares”) at a price per Share of $37.01, which represents the closing share price on the New York Stock Exchange of the Class A Common Stock on December 10, 2021, discounted by 5%, for an aggregate repurchase price of $82,995,517.16 (the “Repurchase Amount”). Upon the execution of this Agreement, the Stockholder shall execute an Assignment Separate from Certificate, in the form attached hereto as Exhibit A (the “Stock Assignment”). At the Closing, (i) the Company shall pay the Repurchase Amount in US Dollars by wire transfer of immediately available funds to such account as the Stockholder shall have specified in writing, (ii) the Company and the Stockholder shall cause the Shares to be transferred to the Company’s account at the Company’s transfer agent and (iii) the Stockholder shall deliver the Stock Assignment to the Company.

1.2 Closing. The closing of the Repurchase (the “Closing”) shall take place at the offices of the Company, 1 Corporate Way, Lansing, Michigan on December 13, 2021, or at such other time and place as the parties hereto shall mutually agree.

1.3 Termination of Rights to the Shares. Upon payment of the Repurchase Amount, the Shares shall cease to be outstanding for any and all purposes, and the Stockholder shall no longer have any rights with respect to the Shares.

1.4 Withholding Rights. The Company shall be entitled to deduct and withhold from the Repurchase Amount such amounts as it may be required to deduct and withhold with respect to the making of such payment under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law. To the extent that amounts are so withheld by the Company, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Stockholder.

SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER.

In connection with the transactions provided for hereby, the Stockholder represents and warrants to the Company as follows:

2.1 Existence and Authorization. The Stockholder is a company incorporated and registered in England and Wales, and has all necessary power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and all agreements, instruments and documents contemplated hereby and to sell and deliver the Shares being sold hereunder. This Agreement constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies.

2.2 Waiver and Consent. The Stockholder has delivered to Athene Co-Invest Reinsurance Affiliate 1A Ltd., a Bermuda Class C insurer under the Bermuda Insurance Act 1978 (“Athene”), a waiver and consent, dated December 10, 2021 (the “Waiver”), duly executed by the Stockholder, relating to the Repurchase. A copy of the fully executed Waiver has been delivered to the Company.

2.3 Ownership of Shares. The Stockholder has good and marketable right, title and interest (legal and beneficial) in and to all of the Shares, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind (“Encumbrances”). Upon paying for the Shares in accordance with this Agreement, the Company will acquire good and marketable title to the Shares, free and clear of all Encumbrances.

2.4 No Conflict; No Approval. The execution and delivery of this Agreement by the Stockholder and the consummation of the transactions contemplated hereby will not result in a breach by the Stockholder of, or constitute a default by the Stockholder under, any agreement, instrument, decree, judgment or order to which the Stockholder is a party or by which the Stockholder may be bound. No authorization, approval or consent, except such as have been obtained, is required in connection with the execution and delivery of this Agreement by the Stockholder and the consummation of the transactions contemplated hereby.

2.5 Experience and Evaluation. The Stockholder acknowledges and agrees that, except as set forth in this Agreement, the Company is not making any express or implied warranties in connection with the transactions contemplated hereby, and the Company hereby disclaims any other express or implied representations or warranties with respect to itself. The Stockholder acknowledges that by reason of the Stockholder’s business or financial experience or the business or financial experience of the Stockholder’s professional advisers who are unaffiliated with the Company and who are not compensated by the Company, the Stockholder has the capacity to protect the Stockholder’s own interests in connection with the sale of the Shares to the Company and to make an informed investment decision. The Stockholder is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares.

2.6 Access to Information. The Stockholder has received all of the information that the Stockholder considers necessary or appropriate for deciding whether to sell the Shares hereunder and perform the other transactions contemplated hereby. The Stockholder further represents that the Stockholder has had an opportunity to ask questions and receive answers from the Company regarding the business, properties, prospects and financial condition of the Company and to seek from the Company such additional information as the Stockholder has deemed necessary to verify the accuracy of any such information furnished or otherwise made available to the Stockholder by or on behalf of the Company.

2.7 No Future Participation. The Stockholder acknowledges that the Stockholder will have no future participation in any Company gains, losses, profits or distributions with respect to the Shares. If the Shares increase in value by any means, the Stockholder acknowledges that the Stockholder is voluntarily forfeiting any opportunity to share in any resulting increase in value from the Shares.

2.8 Tax Matters. The Stockholder has had an opportunity to review with the Stockholder’s tax advisers the federal, state, local and foreign tax consequences of the Repurchase and the transactions contemplated by this Agreement. The Stockholder is relying solely on such advisers and not on any statements or representations of the Company or any of its agents. The Stockholder understands that the Stockholder (and not the Company) shall be responsible for the Stockholder’s tax liability and any related interest and penalties that may arise as a result of the transactions contemplated by this Agreement.

SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

In connection with the transactions provided for hereby, the Company represents and warrants to the Stockholder as follows:

3.1 Existence and Authorization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all necessary power and authority to execute, deliver and perform the Company’s obligations under this Agreement and all agreements, instruments and documents contemplated hereby. This Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies.

3.2 No Conflict; No Approval. The execution and delivery of this Agreement by the Company and the consummation of the transactions contemplated hereby will not result in a breach by the Company of, or constitute a default by the Company under, any agreement, instrument, decree, judgment or order to which the Company is a party or by which the Company may be bound. No authorization, approval or consent, except such as have been obtained, is required in connection with the execution and delivery of this Agreement by the Company and the consummation of the transactions contemplated hereby.

SECTION 4. MISCELLANEOUS.

4.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

4.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, except the choice-of-law provisions thereof.

4.3 Entire Agreement. This Agreement contains the entire understanding of the parties, and there are no further or other agreements or understandings, written or oral, in effect between the parties relating to the subject matter hereof, except as expressly referred to herein.

4.4 Amendments and Waivers. Any term of this Agreement may be amended, and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Stockholder and the Company.

4.5 Further Action. Each party hereto agrees to execute any additional documents and to take any further action as may be necessary or desirable in order to implement the transactions contemplated by this Agreement.

4.6 Survival. The representations and warranties herein shall survive the Closing.

4.7 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

4.8 Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Company shall be delivered to 1 Corporate Way, Lansing, Michigan 48951, (telephone: (517) 381-5500); Attention: General Counsel. Notices to the Stockholder shall be delivered to 1 Angel Court, London EC2R 7AG, (telephone: 0044 (0)20 7220 7588); Attention: Director of Group Legal (Simon Ramage).

4.9 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties has executed this Class A Common Stock Repurchase Agreement as of the day and year first above written.

	COMPANY:

	Jackson Financial Inc.

	By:	/s/ Marcia Wadsten
	Name:	Marcia Wadsten
	Title:	Executive Vice President, Chief Financial Officer

	STOCKHOLDER:
	Prudential plc
	By:	/s/ Mark FitzPatrick
	Name:	Mark FitzPatrick
	Title:	Group CFO & COO

EXHIBIT A

ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE RECEIVED, the Stockholder hereby sells, assigns and transfers unto Jackson Financial Inc. (the “Company”) two million two hundred forty-two thousand five hundred sixteen (2,242,516) shares of the Company’s Class A Common Stock, $0.01 par value standing in the Stockholder’s name and does hereby irrevocably constitute and appoint the Company's secretary, Carrie Chelko, the Stockholder’s attorney-in-fact, to transfer such stock on the books of the Company with full power of substitution in the premises.

Dated:

(Signature page follows)

STOCKHOLDER

	By:
	Name:
	Title:

This Assignment Separate from Certificate was executed pursuant to the terms of that certain Class A Common Stock Repurchase Agreement by and between Jackson Financial Inc. and the Stockholder dated December 11, 2021.

Exhibit 10.2

CLASS A COMMON STOCK REPURCHASE AGREEMENT

THIS CLASS A COMMON STOCK REPURCHASE AGREEMENT (the “Agreement”) is entered into as of December 11, 2021 by and between Jackson Financial Inc., a Delaware corporation (the “Company”), and Athene Co-Invest Reinsurance Affiliate 1A Ltd., a Bermuda Class C insurer under the Bermuda Insurance Act 1978 (the “Stockholder”).

RECITALS

WHEREAS, Prudential plc, a company incorporated and registered in England and Wales (“Prudential”), and the Company have entered into a Class A Common Stock Repurchase Agreement dated as of the date hereof, whereby the Company will repurchase two million two hundred forty-two thousand five hundred sixteen (2,242,516) shares of the Company’s Class A Common Stock, $0.01 par value (“Class A Common Stock”) from Prudential (the “Prudential Repurchase”), at the same price per share of Class A Common Stock as the price per Share (as defined below) set forth in Section 1.1;

WHEREAS, the Stockholder is the holder of shares of the Company’s Class A Common Stock and shares of Company’s Class B Common Stock, $0.01 par value (“Class B Common Stock”); and

WHEREAS, concurrently with the Prudential Repurchase, the Stockholder desires to sell, and the Company desires to repurchase, the Shares (as defined below) on the terms and subject to the conditions set forth in this Agreement (the “Repurchase”).

NOW, THEREFORE, in consideration of the promises, covenants and agreements herein contained, the parties agree as follows:

AGREEMENT

SECTION 1. REPURCHASE OF SHARES.

1.1 Repurchase. At the Closing (as defined below), the Company hereby agrees to repurchase from the Stockholder, and the Stockholder hereby agrees to sell, assign and transfer to the Company, all of the Stockholder’s right, title and interest in and to an aggregate of one million one hundred thirty-four thousand seven hundred sixty-seven (1,134,767) shares of Class A Common Stock (the “Shares”) at a price per Share of $37.01, which represents the closing share price on the New York Stock Exchange of the Class A Common Stock on December 10, 2021, discounted by 5%, for an aggregate repurchase price of $41,997,726.67 (the “Repurchase Amount”). Upon the execution of this Agreement, the Stockholder shall execute an Assignment Separate from Certificate, in the form attached hereto as Exhibit A (the “Stock Assignment”). At the Closing, (i) the Company shall pay the Repurchase Amount in US Dollars by wire transfer of immediately available funds to such account as the Stockholder shall have specified in writing, (ii) the Company and the Stockholder shall cause the Shares to be transferred to the Company’s account at the Company’s transfer agent and (iii) the Stockholder shall deliver the Stock Assignment to the Company.

1.4 Conversion. After the Closing, the Company and the Stockholder acknowledge and agree to cooperate reasonably with each other in connection with any steps required to be taken to cause any required conversion of Class B Common Stock into Class A Common Stock pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation.

1.5 No Withholding. The Company acknowledges and agrees that no amount is required to be withheld from the Repurchase Amount under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law, and that no such withholding shall be made.

SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER.

In connection with the transactions provided for hereby, the Stockholder represents and warrants to the Company as follows:

2.1 Existence and Authorization. The Stockholder is a company incorporated and registered in Bermuda, and has all necessary power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and all agreements, instruments and documents contemplated hereby and to sell and deliver the Shares being sold hereunder. This Agreement constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies.

2.2 Waiver and Consent. The Stockholder has delivered a waiver and consent to Prudential, dated December 10, 2021 (the “Waiver”), duly executed by the Stockholder, relating to the Repurchase and the Prudential Repurchase. A copy of the fully executed Waiver has been delivered to the Company.

2.8 Tax Matters. The Stockholder has had an opportunity to review with the Stockholder’s tax advisers the federal, state, local and foreign tax consequences of the Repurchase and the transactions contemplated by this Agreement. The Stockholder is relying solely on such advisers and, other than as set forth in Section 1.5, not on any statements or representations of the Company or any of its agents. Subject to, and without limiting, Section 1.5, the Stockholder understands that the Stockholder (and not the Company) shall be responsible for the Stockholder’s tax liability and any related interest and penalties that may arise as a result of the transactions contemplated by this Agreement.

SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

In connection with the transactions provided for hereby, the Company represents and warrants to the Stockholder as follows:

SECTION 4. MISCELLANEOUS.

4.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, except the choice-of-law provisions thereof.

4.6 Survival. The representations and warranties herein shall survive the Closing.

4.8 Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Company shall be delivered to 1 Corporate Way, Lansing, Michigan 48951, (telephone: (517) 381-5500); Attention: General Counsel. Notices to the Stockholder shall be delivered to Washington House, Second Floor, 16 Church Street, Hamilton HM 11, Bermuda, (telephone: (441) 279-8400); Attention: Legal.

4.9 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties has executed this Class A Common Stock Repurchase Agreement as of the day and year first above written.

	COMPANY:

	Jackson Financial Inc.

	By:	/s/ Marcia Wadsten
	Name:	Marcia Wadsten
	Title:	Executive Vice President, Chief Financial Officer

	STOCKHOLDER:

	Athene Co-Invest Reinsurance Affiliate 1A Ltd.
	By:	Apollo Insurance Solutions Group LP, its investment advisor
	By:	AISG GP Ltd., its General Partner

	By:	/s/ James R. Belardi
	Name:	James R. Belardi
	Title:	Chief Executive Officer

EXHIBIT A

ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE RECEIVED, the Stockholder hereby sells, assigns and transfers unto Jackson Financial Inc. (the “Company”) one million one hundred thirty-four thousand seven hundred sixty-seven (1,134,767) shares of the Company’s Class A Common Stock, $0.01 par value standing in the Stockholder’s name and does hereby irrevocably constitute and appoint the Company's secretary, Carrie Chelko, the Stockholder’s attorney-in-fact, to transfer such stock on the books of the Company with full power of substitution in the premises.

Dated:

(Signature page follows)

	STOCKHOLDER

	By:
	Name:
	Title:

Exhibit 99.1

Jackson Announces $125 Million Share Repurchase

LANSING, Mich. ¾ December 13, 2021 ¾Jackson Financial Inc.¹ (NYSE: JXN) (Jackson^®), as part of its previously disclosed $300 million share repurchase program, has signed agreements to repurchase Class A common stock from Prudential plc (Prudential; NYSE: PUK) and Athene Co-Invest Reinsurance Affiliate 1A Ltd. (Athene) for a total purchase price of approximately US $125 million.

Jackson is repurchasing a total of 2,242,516 shares of its Class A common stock from Prudential, consistent with Prudential’s previously disclosed intent to sell a portion of its ownership of Jackson shares. Jackson is also repurchasing a total of 1,134,767 shares of its Class A common stock from Athene. The transactions are being funded with cash on hand.

Today’s repurchases from Prudential and Athene bring Jackson’s total share repurchases to approximately US $185 million under the share repurchase program. Additional repurchases under the program may be made through open market purchases, unsolicited or solicited privately negotiated transactions, or in such other manner and at such times as management determines in compliance with applicable legal requirements. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. Management reserves its right to amend or terminate the program at any time in its discretion.

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ABOUT JACKSON

Jackson^®(NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all of our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.

Visit https://investors.jackson.com to view information regarding Jackson Financial Inc. We use this website as a primary channel for disclosing key information to our investors, some of which may contain material and previously non-public information.

*SQM (Service Quality Measurement Group) Contact Center Awards Program for 2004 and 2006-2020. (To achieve world-class certification, 80% or more of call-center customers surveyed must have rated their experience as very satisfied, the highest rating possible).

Jackson National Life Insurance Company is a wholly owned subsidiary of Jackson Financial Inc. Jackson Financial Inc. is a publicly traded company. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson Financial Inc. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial, Inc.

¹ Jackson Financial Inc. is a U.S. holding company and the direct parent of Jackson Holdings LLC (JHLLC). The wholly-owned subsidiaries of JHLLC include Jackson National Life Insurance Company, Brooke Life Insurance Company, PPM America, Inc. and Jackson National Asset Management, LLC.

Jackson^® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company^® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York^® (Home Office: Purchase, New York).

SAFE HARBOR STATEMENT

This press release may contain certain statements, other than those relating to historical facts, that constitute “forward-looking statements.” Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “estimate,” “believe,” “expect,” “could,” “forecast,” “may,” “intend,” “plan,” “predict,” “project” “will” or “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance, are subject to a number of assumptions, and are inherently susceptible to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. Reference is made to our Form 10 registration statement and reports filed with the U.S. Securities and Exchange Commission for a discussion of risks and uncertainties that we face and could affect our forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions. There can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished. Any forward-looking statements reflect Jackson’s views and assumptions as of the date of this press release and Jackson disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Media Contact:

Patrick Rich

patrick.rich@jackson.com

Investor Relations Contact:

Andrew Campbell

andrew.campbell@jackson.com