7 unchanged sentences
Jackson Financial, a Delaware corporation, was previously a majority-owned subsidiary of Prudential plc (“Prudential”), London, England, and was the holding company for Prudential’s U.S.
−Removed: The Company's demerger from Prudential was completed on September 13, 2021 (the "Demerger").
+Added: The Company's demerger from Prudential was completed on September 13, 2021.
Financial Statements and Supplementary Data, Note 1.
−Removed: Business and Basis of Presentation for further discussion of the Demerger.
+Added: Business and Basis of Presentation for further discussion.
Our principal operating subsidiary, Jackson National Life Insurance Company ("Jackson National Life" or "Jackson"), was founded in Jackson, Michigan in 1961.
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Our variable annuities have been among the best-selling products of their kind in the U.S.
−Removed: primarily due to the differentiated features we offer as compared to our competitors, in particular the wider range of investment options and greater freedom to invest across multiple investment options.
−Removed: We also offer fixed index, fixed, and payout annuities.
−Removed: In 2021, we successfully launched Jackson Market Link Pro SM and Jackson Market Link Pro Advisory SM , our commission and advisory-based suite of registered index-linked annuities ("RILAs").
−Removed: In the second quarter of 2023, we enhanced our RILA suite of products with the launch of Jackson Market Link Pro SM II and Jackson Market Link Pro Advisory SM II.
−Removed: We sell our products through an industry-leading distribution network that includes independent broker-dealers, wirehouses, regional broker-dealers, banks, independent registered investment advisors, third-party platforms and insurance agents.
+Added: principally due to the differentiated features we offer as compared to our competitors, in particular the wider range of investment options and greater freedom to invest across multiple investment options.
+Added: We also offer registered index-linked annuity ("RILA"), fixed index, fixed, and payout annuities.
+Added: We sell our annuity products through an industry-leading distribution network that includes independent broker-dealers, wirehouses, regional broker-dealers, banks, independent registered investment advisors, third-party platforms and insurance agents.
We were the eighth largest retail annuity company in the U.S.
−Removed: for the nine months ended September 30, 2023, and the sixth largest for the year ended December 31, 2022, according to the latest available report from Life Insurance Marketing and Research Association ("LIMRA") , a worldwide insurance and related financial services trade association, as measured by sales.
+Added: for the nine months ended September 30, 2024, and the ninth largest for the year ended December 31, 2023, as measured by sales, according to the latest available report from Life Insurance Marketing and Research Association ("LIMRA") , a worldwide insurance and related financial services trade association.
Our total retail annuity sales for the years ended December 31, 2024 and 2023 were $17.8 billion and $12.8 billion, respectively.
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Business | Overview
−Removed: These core strengths enable us to produce an attractive financial profile, reflected by our track record of generating profitable growth and earning attractive returns.
−Removed: In addition, we have shown a commitment to long-term capital return to shareholders through our share repurchase plan and shareholder dividends.
+Added: These core strengths enable us to produce an attractive financial profile, reflected by our record of generating profitable growth and earning attractive returns.
+Added: In addition, we have shown a commitment to long-term capital return to common shareholders through our share repurchase program and common shareholder dividends.
The table below presents selected financial and operating measures:
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12.9 % 10.6 %
−Removed: Jackson statutory risk-based capital (2)
+Added: Jackson statutory risk-based capital ratio (2)
(1) Non-GAAP financial measure.
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Our Product Offerings by Segment
−Removed: We manage our business through three reporting segments:
+Added: We manage our business through three reportable segments:
Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks.
−Removed: We report certain activities and items that are not included in these reporting segments in Corporate and Other, including the results of our subsidiary, PPM Holdings, Inc.
+Added: We report certain activities and items that are not included in these reportable segments in Corporate and Other, including the results of our subsidiary, PPM Holdings, Inc.
("PPMH"), and its subsidiary PPM America Inc.
Retail Annuities
−Removed: We are one of the leading providers of annuities in the U.S.
+Added: We are one of the leading annuity providers in the U.S.
retirement market.
−Removed: Our Retail Annuities segment includes our variable, fixed index, fixed, and payout annuities as well as our Registered Index-Linked Annuities, or RILA, and our lifetime income solutions offering in the defined contribution market.
+Added: Our Retail Annuities segment includes our variable, registered index-linked, fixed index, fixed, and payout annuities as well as our lifetime income solutions offering in the defined contribution market.
Our annuities are designed to offer customers investment opportunities to:
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Variable annuities $ 10,561 $ 236,057 $ 9,540 $ 227,777
+Added: RILA 5,674 11,685 2,890 5,219
Fixed index annuities 181 816 (1)
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193 1,218 (1)
−Removed: RILA 2,890 5,219 1,811 1,875
(1) Net of reinsurance
Variable Annuities
−Removed: Our variable annuities offer our customers full participation in market returns through a broad selection of funds in a variety of investment styles, including equities and fixed income.
+Added: Our variable annuities offer our customers full participation in market returns through a broad selection of funds in a variety of investments, including equities and fixed income.
Optional benefits offer customers guaranteed minimum protection based on their eligible contributions, adjusted for withdrawals, and are designed to protect against market volatility and investment performance risk.
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Death benefits that guarantee the annuity beneficiary will receive the higher of the current account value or the benefit base, which can be increased through roll-up and step-up features Enhanced Guaranteed Minimum Death Benefits Enhanced GMDB
+Added: Guaranteed minimum account value after a set period of time.
+Added: Guaranteed Minimum Accumulation Benefits GMAB (1)
+Added: (1) At December 31, 2024, GMAB represented a de minimis portion of account value.
As of December 31, 2024 and 2023, the percentage of our total variable annuity account value represented by those optional guaranteed benefits was as follows:
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As a result, we have strong brand recognition with distributors and advisors, as demonstrated by the +42 Net Promoter Score (“NPS”) for our variable annuities, compared to an industry average NPS of +33, based on advisor surveys conducted by Market Metrics in 2024.
−Removed: In addition, Jackson National Asset Management LLC’s ("JNAM") results are included within our Retail Annuities segment.
+Added: In addition, the results of our subsidiary, Jackson National Asset Management LLC ("JNAM") are included within our Retail Annuities segment.
The separate account assets associated with our variable annuities are managed by JNAM, a wholly-owned registered investment advisor that provides investment advisory, fund accounting and administration services to the funds offered within our variable annuities.
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As of December 31, 2024, JNAM managed $250.3 billion of assets.
−Removed: In 2021, AllianceBernstein L.P.
−Removed: ("AllianceBernstein") added Jackson National Life to its platform of insurers that provide guaranteed income in its Lifetime Income Strategy retirement solution for defined contribution plans.
−Removed: Lifetime Income Strategy is offered to serve as a qualified default investment alternative.
−Removed: Similar to the GMWB options offered on our variable annuities, Lifetime Income Strategy is designed with a flexible guaranteed income option to offer plan participants
Part I | Item 1.
Business | Our Product Offerings by Segment
−Removed: control of their account, full access to their money and guaranteed income in retirement.
+Added: Jackson National Life is part of the AllianceBernstein L.P.
+Added: platform of insurers that provide guaranteed income in its Lifetime Income Strategy retirement solution for defined contribution plans.
+Added: Lifetime Income Strategy is offered to serve as a qualified default investment alternative.
+Added: Similar to the GMWB options offered on our variable annuities, Lifetime Income Strategy is designed with a flexible guaranteed income option to offer plan participants control of their account, full access to their money and guaranteed income in retirement.
For the years ended December 31, 2024 and 2023, we had defined contribution products sales of $189 million and $176 million through the platform, respectively.
−Removed: Fixed Index Annuities
−Removed: Our fixed index annuities offer a guaranteed minimum crediting rate that may be lower than a traditional fixed annuity and allow the customer discretion in the allocation of assets to either fixed accounts (which offer a fixed interest rate that is similar to our fixed annuities regardless of market performance) or to indexed funds with the potential for additional growth based on the performance of a reference market index (generally, the S&P 500 or MSCI Europe, Australasia, and Far East index), subject to a cap.
−Removed: Our fixed index annuities also offer an optional guaranteed minimum payments for life benefit.
−Removed: Fixed Annuities
−Removed: Our fixed annuities offer a guaranteed minimum crediting rate that is typically higher than the interest rates offered by bank savings accounts or money market funds.
−Removed: In addition to our traditional fixed annuities, we currently market multi-year guaranteed annuities with three different guaranteed crediting rate periods.
−Removed: Our fixed annuities do not offer guaranteed minimum payments for life benefits but can be annuitized or converted into a series of income payments that offers such benefits, such as payout annuities.
−Removed: The registered index-linked annuity market has been the fastest growing categories in the annuity market over the last five years, growing at a compound annual growth rate of 28% from 2019 through 2023.
+Added: The RILA market has been the fastest growing category in the annuity market over the last five years, growing at a compound annual growth rate of 30% from 2020 through 2024.
+Added: In 2021, we successfully launched Jackson Market Link Pro SM and Jackson Market Link Pro Advisory SM , our commission and advisory-based suite of RILAs.
+Added: In the second quarter of 2023, we enhanced our RILA suite of products with the launch of Jackson Market Link Pro SM II and Jackson Market Link Pro Advisory SM II.
Our RILA suite offers our customers access to market returns through market index-linked investment options, subject to a cap, and offers a variety of guarantees designed to modify or limit losses.
−Removed: Our RILA generally includes a guaranteed minimum payment to beneficiaries upon death.
−Removed: Our RILA offers a number of options for a customizable product, including several combinations of crediting strategies, index options, term lengths, and levels of downside protection in the form of "floors" or "buffers".
+Added: Specifically, our RILA offers a number of options for a customizable product, including several combinations of crediting strategies, index options, term lengths, and levels of downside protection in the form of "floors" or "buffers".
Downside protection beyond a specified percentage loss is provided through a “floor,” which establishes the maximum percentage loss in the selected market index-linked investment option that a customer will experience in a down market.
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Any loss that exceeds the buffer will result in a loss of account value and be experienced by the customer.
+Added: Our RILA generally includes a guaranteed minimum payment to beneficiaries upon death as well as an optional guaranteed minimum payments for life benefit.
We believe the RILA market presents us with a compelling growth opportunity in our traditional channels with the potential to earn attractive risk-adjusted returns.
+Added: Fixed Index Annuities
+Added: Our fixed index annuities offer a guaranteed minimum crediting rate that may be lower than a traditional fixed annuity and allow the customer discretion in the allocation of assets to either fixed accounts (which offer a fixed interest rate that is similar to our fixed annuities regardless of market performance) or to indexed funds with the potential for additional growth based on the performance of a reference market index (generally, the S&P 500 or MSCI Europe, Australasia, and Far East index), subject to a cap.
+Added: Our fixed index annuities also offer an optional guaranteed minimum payments for life benefit.
+Added: Fixed Annuities
+Added: Our fixed annuities offer a guaranteed minimum crediting rate that is typically higher than the interest rates offered by bank savings accounts or money market funds.
+Added: In addition to our traditional fixed annuities, we currently market multi-year guaranteed annuities with three different guaranteed crediting rate periods.
+Added: Our fixed annuities do not offer guaranteed minimum payments for life benefits but can be annuitized or converted into a series of income payments that offers such benefits, such as payout annuities.
Institutional Products
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As of December 31, 2024, we had institutional product account value of $8.4 billion.
+Added: Part I | Item 1.
+Added: Business | Our Product Offerings by Segment
Closed Life and Annuity Blocks
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The segment includes various protection products, primarily whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities.
−Removed: The segment also includes a block of group payout annuities that we assumed from John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York through reinsurance transactions in 2018 and 2019, respectively.
−Removed: Part I | Item 1.
−Removed: Business | Our Product Offerings by Segment
We historically offered traditional and interest-sensitive life insurance products but discontinued new sales of life insurance products in 2012, as we believe opportunistically acquiring mature blocks of life insurance policies is a more efficient means of diversifying our in-force business than selling new life insurance products.
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Our investment and asset allocation guidelines are designed to provide us with a competitive rate of return on invested assets, support the profitable growth of our business, and support our goal of maintaining appropriate capitalization from both a regulatory and ratings perspective.
−Removed: PPM also provides investment management services to Prudential affiliates in Asia, former affiliates in the United Kingdom and other third parties across markets, including public fixed income, private equity, private debt and commercial real estate.
+Added: PPM also provides investment management services to our former parent's affiliates in Asia, former affiliates in the United Kingdom and other third parties across markets, including public fixed income, private equity, private debt and commercial real estate.
As of December 31, 2024, PPM managed approximately $74.4 billion of assets.
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and wirehouses and regional broker-dealers;
−Removed: • more than 1,380 registered investment advisors ("RIAs") have a Jackson RIA agreement and can access Jackson advisory solutions through an outsourced insurance desk ("OID").
−Removed: Collectively these firms have more than 11,700 investment advisory representatives ("IARs") without a broker-dealer registration .
−Removed: In addition, Jackson National Life Distributors, LLC ("JNLD") is registered as a broker-dealer with the U.S.
−Removed: Securities and Exchange Commission ("SEC"), pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is registered as a broker-dealer in all applicable states.
+Added: • more than 1,700 registered investment advisors ("RIAs") who have a Jackson RIA agreement and are able to access Jackson advisory solutions through an outsourced insurance desk.
+Added: Collectively these firms have more than 22,000 investment advisory representatives without a broker-dealer registration .
+Added: In addition, Jackson National Life Distributors, LLC ("JNLD") is a registered broker-dealer with the U.S.
+Added: Securities and Exchange Commission (the "SEC"), pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is registered as a broker-dealer in all applicable states.
Our strong presence in multiple distribution channels helps position us as a leading provider of retirement savings and income solutions.
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variable annuity market and ranked #2 in variable annuity sales.
−Removed: The industry-leading size of our wholesaling force propels our sales in the traditional variable annuity market to be over triple that of our closest competitor per ISS Market Intelligence's YTD third quarter 2023 Competitor Sales, Staffing and Productivity Benchmarking report.
+Added: The industry-leading size of our wholesaling force propels our sales in the traditional variable annuity market to be more than double that of our closest competitor per ISS Market Intelligence's YTD third quarter 2024 Competitor Sales, Staffing and Productivity Benchmarking report.
We are increasingly focused on growing sales through our Independent RIAs, Platforms & Agents ("IPA") channel.
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We have more than 2.7 million life and annuity policies and currently administer approximately 79% of our in-force policies on our in-house platform, eliminating the burdens, costs and inefficiencies that would be involved in maintaining multiple legacy administration systems.
−Removed: We also have scalable third-party administration agreements.
+Added: We also have scalable third-party administration arrangements.
Our ability to utilize both in-house and third-party administrative platforms gives us flexibility to convert and administer acquired business efficiently.
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Our key underwriting and product design practices include:
−Removed: • In 2012, we developed and launched Elite Access, our investment-only variable annuity that does not include any guaranteed living benefits.
+Added: • In 2012, we developed and launched Elite Access, our investment-only variable annuity that does not include GMWB, GMWB for Life or Enhanced GMDB benefits.
Since that time, it has been the industry’s best-selling investment-only variable annuity.
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• For those products that include optional guaranteed benefits, we focus on living benefits that are easier to manage in terms of risk, such as GMWB and GMWB for Life.
−Removed: • We no longer offer guaranteed living benefits that we believe offer us a lower risk-adjusted return, such as Guaranteed Minimum Income Benefits, or GMIBs;
+Added: • We no longer offer guaranteed living benefits that we believe offer us a lower risk-adjusted return, such as Guaranteed Minimum Income Benefits ("GMIBs");
instead, we utilize third-party reinsurance to mitigate the risks that we face relating to those benefits.
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We monitor experience on a regular basis, and we incorporate new experience data and emerging trends to ensure our actuarial assumptions and models reflect the appropriate mix of all available information and expert judgment.
−Removed: Our core dynamic hedging program seeks to offset changes in economic liability associated with variable annuity guaranteed benefits due to market movements, while our macro hedging program seeks to protect statutory capital under a range of stress scenarios.
+Added: Our core dynamic hedging program seeks to offset changes in economic liability associated with variable annuity guaranteed benefits due to equity market and interest rate movements, while our macro hedging program seeks to provide additional liquidity and statutory capital protection as needed.
We also use third-party reinsurance to mitigate a portion of the risks we face, principally in certain of our in-force annuity and life insurance products with regard to longevity and mortality risks and with regard to the vast majority of our GMIB optional benefit features.
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Business | Competition
−Removed: The insurance industry is highly competitive, with several factors affecting our ability to compete effectively, including the range of products offered, product terms and features, financial strength and credit ratings, brand strength and name recognition, investment management performance and fund management trends, responsiveness to developing demographic trends, customer appetite for certain products and technological advances.
−Removed: Our competitors include major stock and mutual insurance companies, mutual fund organizations, banks, and other financial services companies.
−Removed: In recent years, there has been substantial consolidation and convergence among companies in the insurance and financial services industries resulting in increased competition from large, well-capitalized insurance and financial services firms that market products and services similar to ours.
+Added: The insurance industry is highly competitive, with several factors affecting our ability to compete effectively, including:
+Added: • the range of products offered,
+Added: • product terms and features,
+Added: • financial strength and credit ratings,
+Added: • brand strength and name recognition,
+Added: • investment management performance,
+Added: • fund management trends,
+Added: • responsiveness to developing demographic trends, and
+Added: • customer appetite for certain products and technological advances.
+Added: Our competitors include major stock and mutual insurance companies, private equity-backed insurance companies, mutual fund organizations, banks, and other financial services companies.
+Added: In recent years, increased private equity and venture capital investments as well as substantial consolidation and convergence among companies in the insurance and financial services industries has resulted in increased competition from large, well-capitalized insurance and financial services firms that market products and services similar to ours.
Increased consolidation among banks and other financial services companies could create firms with even stronger competitive positions, negatively impact the insurance industry’s sales, increase competition for access to distribution partners, increase distribution expenses, and impair the ability to market annuities to the current customer base or expand the customer base.
Despite the increasing competition, we believe that our competitive strengths position us well in the current competitive environment.
−Removed: Competitive activity could adversely affect our market share and financial results, which could cause a material adverse effect on our business, financial condition, results of operations and cash flows.
Risk Factors— “ Risks Related to the Distribution of Our Products ” .
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Enterprise Risk Management Framework
−Removed: The risk management framework (the “Framework”) defines our approach for identifying, assessing, managing, monitoring and reporting material risks to our business and is reviewed on an annual basis to ensure it meets stakeholders' expectations and remains in compliance with regulatory requirements.
+Added: Our risk management framework (the “Framework”) defines our approach for identifying, assessing, managing, monitoring and reporting material risks to our business and is reviewed by the Company’s management and Jackson Financial’s Board of Directors (the "Board of Directors" or the "Board") on an annual basis to ensure it meets stakeholders' expectations and remains in compliance with regulatory requirements.
The Framework is designed to provide clear direction and embed risk management in day-to-day decision making and is organized around six core components, described below.
1 unchanged sentence
Risk Governance & Culture
−Removed: Jackson Financial's Board of Directors (the "Board of Directors" or the "Board") oversees and approves the Framework and delegates risk oversight responsibilities to Board committees.
+Added: The Board oversees and approves the Framework and delegates risk oversight responsibilities to Board committees.
We embed risk management in the business using a three lines model:
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• Risk Oversight and Challenge (second line):
−Removed: Our Risk team focuses on risk oversight and challenge, especially related to top business, financial and non-financial risks.
+Added: Our Risk team focuses on risk oversight and challenge, especially related to top financial, non-financial and business risks.
Our Compliance team oversees and ensures appropriate frameworks are in place to manage compliance and regulatory requirements.
1 unchanged sentence
Our Internal Audit team provides independent, objective, and risk-based assessment and reporting on the overall effectiveness of risk management, control, and governance processes across the organization.
−Removed: The internal audit team is directly overseen by the Jackson Financial Audit Committee and operates pursuant to a charter which is reviewed and approved annually by the Jackson Financial Audit Committee.
+Added: The Internal Audit team is directly overseen by the Board Audit Committee and operates pursuant to a charter that is reviewed and approved annually by that Committee.
Risk Appetite and Limits
−Removed: We manage our business under a Board-approved risk appetite that specifies the risk we are willing to accept in pursuit of our objectives.
−Removed: Our Board's Finance and Risk Committee approves and monitors a set of risk limits that support compliance with the Risk Appetite.
−Removed: Risk Identification, Assessment, Measurement and Management
−Removed: We operate an enterprise-wide risk identification and risk and control self-assessment ("RCSA") process to develop a holistic view of the material risks we face and our control environment.
−Removed: We consider financial, non-financial and strategic
+Added: We manage our business under a Board-approved risk appetite statement (the "Risk Appetite") that specifies the risk we are willing to accept in pursuit of our objectives.
+Added: Our Board's Finance and Risk Committee approves and monitors a set of risk limits ("Risk Limits") that support compliance with the Risk Appetite.
Part I | Item 1.
Business | Risk Management
+Added: Risk Identification, Assessment, Measurement and Management
+Added: We operate an enterprise-wide risk identification and risk and control self-assessment ("RCSA") process to develop a holistic view of the material financial, non-financial and business risks we face and our control environment.
We also monitor the external environment for emerging risks.
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Risk monitoring and reporting processes facilitate risk-based decision making by management, and risk management oversight by management and Board committees.
−Removed: Risk escalation processes exist to ensure Risk Appetite or Risk Limit breaches along with material non-financial risk events are escalated in a timely manner to executive management, management committees, and board committees.
+Added: Risk escalation processes exist to ensure Risk Appetite or Risk Limit breaches along with material non-financial risk events are escalated in a timely manner to executive management, management forums, boards, and board committees, as appropriate, in a timely manner.
Risk Response and Recovery Plans
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The inability of a banking, derivative or reinsurance counterparty to satisfy its obligations could expose us to material risk.
−Removed: Collateralization of the value of contracts we hold with a given counterparty serves as a key component of our counterparty risk management strategy.
+Added: A key component of our counterparty risk management strategy is collateralization of the value of contracts we hold with a given counterparty.
Collateral requirements are specified contractually.
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We use asset-liability duration and cash flow management techniques to ensure that obligations arising from our products will be met when they become due.
−Removed: Such techniques consider current and future investment returns, asset and liability durations, risk tolerance and cash flow requirements.
+Added: These techniques consider current and future investment returns, asset and liability durations, risk tolerance and cash flow requirements.
We closely monitor our investment portfolio to assess our asset-liability position and adjust the allocation of assets within the investment portfolio as necessary to reduce the risk of mismatched cash flows between our assets and obligations to our policyholders.
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Third-Party Reinsurance:
−Removed: We utilize third-party reinsurance to mitigate a portion of the risks that we face, principally in certain of our in-force annuity and life insurance products related to longevity and mortality risks and specific features of our variable annuities.
−Removed: We have entered into reinsurance contracts to manage the full spectrum of risk exposure on certain blocks of business.
−Removed: The majority of our in-force fixed annuity and fixed index annuity businesses, as well as the legacy block of Guaranteed Minimum Income Benefits ("GMIBs") on Variable Annuities ("VA"), has been ceded to highly-rated unaffiliated reinsurers.
+Added: We utilize third-party reinsurance to mitigate a portion of the risks that we face, principally in certain of our in-force annuity and life insurance products related to longevity and mortality risks and specific features of
Part I | Item 1.
Business | Risk Management
+Added: our variable annuities.
+Added: We have entered into reinsurance contracts to manage the full spectrum of risk exposure on certain blocks of business.
+Added: The majority of our in-force fixed annuity and fixed index annuity businesses, as well as the legacy block of GMIBs on variable annuities, has been ceded to highly-rated unaffiliated reinsurers.
Pricing and Reserving:
−Removed: We set what we believe are appropriate mortality and policyholder behavior assumptions as part of our pricing and reserving practices.
−Removed: Those assumptions are regularly updated and reflect the appropriate mix of available information and expert judgment.
Factors considered in product pricing primarily include expected investment returns, interest rates, market volatility, mortality, longevity, persistency, benefit utilization and operating expenses as well as other features of certain annuity products.
Our product pricing models also take into account capital requirements, risk profile, target returns and operating expenses.
+Added: We set what we believe are appropriate assumptions as part of our pricing and reserving practices.
+Added: Those assumptions are regularly updated and reflect a mix of available information and internal subject matter expert judgment.
Non-Financial Risk
1 unchanged sentence
Examples of key “non-financial” risks include cyberattacks and information security breaches, failure of third parties to provide contracted services, fraud, model risk and conflicts of interest.
−Removed: We regularly assess and report on our key risks to our Board's Finance and Risk Committee and have management committees and forums in place to manage and oversee our relevant non-financial risks.
+Added: We regularly assess and report on our key risks to the Board's Finance and Risk Committee and have management forums in place to manage and oversee our relevant non-financial risks.
Our policies, processes and controls (collectively, our internal control environment) are designed and implemented with a goal to minimize exposure to these risks and prevent material financial losses and operational events (direct or indirect) that adversely affect our ability to meet our commitments to customers.
6 unchanged sentences
• our use of derivatives, and
−Removed: • our advisory relationships with customers.
+Added: • our relationships with customers.
+Added: Part I | Item 1.
+Added: Business | Regulation
+Added: The following table sets forth the primary regulatory authority for each of our operating subsidiaries:
Operating Entity Primary Regulator
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states in which Jackson is authorized to transact business;
+Added: also, certain of the company’s separate accounts are registered pursuant to the Investment Company Act of 1940 and are subject to regulation and supervision by the SEC.
Jackson National Life Insurance Company of New York (domiciled in New York) Subject to regulation and supervision by the New York State Department of Financial Services ("NYSDFS");
+Added: and certain of the company’s separate accounts are registered pursuant to the Investment Company Act of 1940 and are subject to regulation and supervision by the SEC.
+Added: Brooke Life Insurance Company (domiciled in Michigan) Subject to regulation and supervision by DIFS
+Added: Brooke Life Reinsurance Company (domiciled in Michigan) Subject to regulation and supervision by DIFS
Jackson National Asset Management LLC SEC-registered investment adviser
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SEC-registered investment adviser
−Removed: Jackson National Life Distributors LLC SEC-registered broker-dealer and subject to regulation and supervision by the Financial Industry Regulatory Authority, Inc.
+Added: Jackson National Life Distributors LLC SEC-registered broker-dealer and subject to regulation and supervision by the Financial Industry Regulatory Authority ("FINRA") and state securities administrators.
These laws and regulations affect, among other things, how we conduct business, our permitted investments and financial condition, marketing and investment disclosures, cybersecurity and privacy requirements, and applicable accounting standards.
1 unchanged sentence
The authorities include state insurance regulators, state securities administrators, the SEC, FINRA, the U.S.
−Removed: Department of Labor (“DOL”), the U.S.
+Added: Department of Labor (the “DOL”), the U.S.
Department of Justice, and state attorneys general.
−Removed: Generally, these laws and
−Removed: Part I | Item 1.
−Removed: Business | Regulation
−Removed: regulations are designed to protect or benefit the interests of a specific constituency, such as, for example, state insurance laws and regulations that are generally intended to protect or benefit purchasers or users of insurance products.
+Added: Generally, these laws and regulations are designed to protect or benefit the interests of a specific constituency, such as, for example, state insurance laws and regulations that are generally intended to protect or benefit purchasers or users of insurance products.
State Insurance Regulation
2 unchanged sentences
Allegan Street, 7th Floor, Lansing, Michigan.
+Added: Part I | Item 1.
+Added: Business | Regulation
As part of their regulatory oversight process, state insurance departments conduct periodic examinations, generally once every three to five years, of the books, records, accounts and business practices of insurers domiciled in their states.
−Removed: Examinations are sometimes carried out in cooperation with other states' insurance regulators under guidelines promulgated by the National Association of Insurance Commissioners (the “NAIC").
+Added: Examinations are sometimes carried out in cooperation with other states' insurance regulators under guidelines promulgated by the NAIC.
State and federal insurance and securities regulatory authorities and other state law enforcement agencies and attorneys general also, from time to time, make inquiries and conduct examinations or investigations regarding our compliance with among other things, insurance laws and securities laws.
The most recent DIFS and NYSDFS examinations of Jackson and Jackson National Life Insurance Company of New York ("Jackson NY"), respectively, concluded in 2023 with no material findings.
−Removed: Insurance companies have been under increased scrutiny by various state regulators, the federal government and the NAIC.
+Added: Insurance companies are subject to continued scrutiny by various state regulators, the federal government and the NAIC.
Various states have considered or enacted legislation that in many cases increases states’ authority to regulate insurance companies.
1 unchanged sentence
Legislation has been introduced from time to time in the U.S.
−Removed: Congress that could result in a more expansive role of regulation of insurance companies.
+Added: Congress that could result in a more expansive federal role in the regulation of insurance companies.
The NAIC has approved and recommended several regulatory initiatives designed to reduce the risk of insurance company insolvencies.
1 unchanged sentence
State insurance laws and regulations also include provisions governing marketplace activity of life and annuity insurers, including provisions governing the form and content of disclosure to consumers, such as illustrations, advertising, sales practices and complaint handling.
−Removed: State regulatory authorities generally enforce these provisions through periodic market conduct examinations, with emphasis in recent years on improper life insurance pricing and sales practices, race-based underwriting or sales practices, and misleading sales presentations, targeting the elderly, and product suitability for potential customers.
−Removed: In December 2022, Michigan enacted an amendment to the holding company provision within its Insurance Code, which adopts a Group Capital Calculation ("GCC") for use in DIFS’ monitoring of insurance holding companies’ solvency.
−Removed: While the GCC is not a capital requirement, the calculation is intended to provide additional analytical information for use in assessing group risks and capital adequacy, complementing DIFS’ current holding company analysis.
−Removed: The changes were required to ensure Michigan remained in compliance with accreditation standards set by the NAIC, which allows for inter-state cooperation and reduces regulatory redundancies.
−Removed: Part I | Item 1.
−Removed: Business | Regulation
+Added: State regulatory authorities generally enforce these provisions through periodic market conduct examinations, with emphasis in recent years on improper life insurance pricing and sales practices, misleading sales presentations targeting the elderly, and product suitability for potential customers.
Annuity Suitability Regulation
2 unchanged sentences
Under the safe harbor, as it applies to the “care” elements of the Annuity Suitability Model Regulation, investment advisors offering annuities need only comply with the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”).
−Removed: Each state chooses whether to implement the Annuity Suitability Model Regulation.
−Removed: If they so choose, they will either amend their current suitability regulations or adopt the new model.
+Added: As of January 1, 2025, forty-eight states, including Michigan, have adopted the model law or substantially similar requirements.
NYSDFS' amended insurance regulation (Regulation 187, "Suitability and Best Interest in Life Insurance and Annuity Transactions") incorporates the “best interest” standard for the sale of annuities and expands the application of this standard beyond annuity transactions to include sales of life insurance policies to consumers.
9 unchanged sentences
We believe that our investments complied with these requirements at December 31, 2024.
+Added: Part I | Item 1.
+Added: Business | Regulation
Surplus and Capital;
1 unchanged sentence
The NAIC has developed RBC standards for life insurance companies as well as a model act for state legislatures to enact.
−Removed: The model act requires that life insurance companies report on a RBC formula standard calculated by applying factors to various asset, premium and reserve items and separate model-based calculations of risk associated primarily with interest rate and market risks.
+Added: The standards require that life insurance companies report on an RBC formula standard calculated by applying factors to various asset, premium and reserve items and separate model-based calculations of risk associated primarily with interest rate and market risks.
The RBC formula takes into account the risk characteristics of a company, including asset risk, insurance risk, interest rate risk, market risk and business risk.
−Removed: The NAIC designed the formula as an early warning tool to identify potentially inadequately capitalized companies for purposes of initiating regulatory action.
−Removed: Under RBC requirements, regulatory compliance is determined by an NAIC defined ratio (known as the RBC ratio) of a company’s total adjusted capital, to its company action level of RBC, also as defined by the NAIC.
−Removed: Four levels of regulatory attention may be triggered if the RBC ratio is insufficient:
−Removed: Part I | Item 1.
−Removed: Business | Regulation
−Removed: RBC Ratio Regulatory Attention
+Added: The NAIC designed the formula as an early warning tool to identify potential inadequately capitalized companies and to possibly initiate regulatory action.
+Added: The Company reports its RBC ratio based on total adjusted capital, to its company action level amount.
+Added: Using a company action level basis of reporting RBC, four levels of regulatory attention may be triggered if the RBC ratio is insufficient:
+Added: RBC Level RBC Ratio Regulatory Attention
Company action level Between 75% to 100% Insurer must submit a plan to the regulator detailing corrective action it proposes to undertake
2 unchanged sentences
Mandatory control level Less than 35% Regulator must rehabilitate or liquidate the insurer
−Removed: As of December 31, 2023, Jackson's and Jackson NY’s total adjusted capital and RBC minimum required levels under the NAIC’s definition substantially exceeded the standards of their respective states of domicile and the NAIC.
+Added: As of December 31, 2024, Jackson's and Jackson NY’s total adjusted capital and RBC minimum required levels substantially exceeded the standards of their respective states of domicile and the NAIC.
We believe that we will be able to maintain our RBC ratios in excess of “company action level” through appropriate risk management, investing and capital management, and claims handling.
1 unchanged sentence
Risk Factors—“Risks Related to Legal, Tax and Regulatory Matters—A decrease in the risk-based capital ("RBC") ratio (as a result of a reduction in statutory capital and surplus or increase in RBC requirements) of our insurance subsidiaries could result in increased scrutiny by insurance regulators and rating agencies, which could lead to corrective measures and ratings downgrades that could adversely affect our business, financial condition, results of operations and cash flows.
−Removed: The NAIC updated the risk-based capital framework to reflect more current modeling of asset risk and insurance risk, with changes effective at year-end 2021 and 2022.
−Removed: The changes had minimal impact on our life insurance subsidiaries.
Federal Initiatives Impacting Insurance Companies
5 unchanged sentences
The CFTC has primary jurisdiction over swaps, which constitute the vast majority of the market, and the SEC has primary jurisdiction over security-based swaps.
+Added: Part I | Item 1.
+Added: Business | Regulation
Dodd-Frank Act requirements and similar non-U.S.
1 unchanged sentence
These regulations may impede our ability to utilize derivatives.
−Removed: Another factor that has driven up the cost of trading in both over-the-counter and exchange traded derivatives is the increased capital charges imposed on financial intermediaries, such as futures commission merchants and banks.
+Added: Another factor increasing trading costs in both over-the-counter and exchange traded derivatives is the increased capital charges imposed on financial intermediaries, such as futures commission merchants and banks.
As a result of these regulations, we expect costs to continue to rise, which could adversely impact our ability to implement our desired hedging strategies.
3 unchanged sentences
• imposing new requirements on swap transactions, including trade reporting and recordkeeping, know-your-customer and other sales practices, and documentation for swap transactions entered into with swap dealers and major swap participants.
−Removed: Part I | Item 1.
−Removed: Business | Regulation
Regulators around the world, including U.S.
1 unchanged sentence
The variation margin requirements require us to exchange variation margin (comprised of specified liquid instruments and subject to required haircuts) when entering into uncleared swaps and security-based swaps with regulated entities.
−Removed: The initial margin requirements are being phased-in and may also ultimately require us to post initial margin when entering into such derivatives.
We completed the required legal documentation and changes to our operational processes in 2021 to accommodate the exchange of initial margin with U.S.
3 unchanged sentences
The Dodd-Frank Act created the Financial Stability Oversight Council (the “FSOC”).
−Removed: The FSOC has the ability to designate certain insurance companies and insurance holding companies that pose a systemic risk to the financial stability of the U.S., in which case such companies would become subject to heightened prudential regulation by the Board of Governors of the U.S.
+Added: The FSOC has the ability to designate certain insurance companies and insurance holding companies posing a systemic risk to the financial stability of the U.S., in which case those designated companies would become subject to heightened regulation by the Board of Governors of the U.S.
Federal Reserve (the “Federal Reserve Board”).
−Removed: The Federal Reserve Board may limit such company’s ability to enter into merger transactions, restrict its ability to offer financial products, require it to terminate one or more activities, or impose conditions on how it conducts activities.
−Removed: On December 4, 2019, the FSOC issued final guidance regarding the designation of non-bank financial companies as systemically important.
−Removed: The guidance provided that the FSOC will move from an “entity-based” designation approach towards an “activities-based” approach.
−Removed: This approach eliminated the prior quantitative thresholds for designation as a systemically important entity.
−Removed: However, in November 2023, the FSOC adopted a new analytic framework for financial stability risks and updated guidance on its nonbank financial company determinations process, overruling the 2019 guidance.
−Removed: While the impact of this change is not completely clear at this time, it could increase the chance that the Company is subject to additional regulatory measures.
+Added: The Federal Reserve Board may limit those designated companies’ ability to enter into merger transactions, or to offer financial products, and may require them to terminate one or more activities, or impose conditions on how the designated companies conduct such activities.
+Added: In November 2023, the FSOC adopted a new analytic framework for financial stability risks and updated guidance on its nonbank financial company determinations process, replacing prior "activities-based" guidance.
+Added: The impact of this change could increase the chance that the Company becomes subject to additional regulatory measures.
+Added: Part I | Item 1.
+Added: Business | Regulation
The Dodd-Frank Act also authorizes the Federal Insurance Office ("FIO") to assist the Secretary of the Treasury Department in negotiating covered agreements.
7 unchanged sentences
and the United Kingdom on Prudential Measures Regarding Insurance and Reinsurance in anticipation of the United Kingdom’s potential exit from the European Union (the “UK Covered Agreement” and, together with the EU Covered Agreement, the “Covered Agreements”).
−Removed: state regulators had five years from the dates the Covered Agreements were signed to adopt reinsurance reforms removing reinsurance collateral requirements for EU and UK reinsurers that meet the prescribed minimum conditions set forth in the applicable Covered Agreement or else state laws imposing such reinsurance collateral requirements may be subject to federal preemption.
On June 25, 2019, the NAIC adopted amendments to the Credit for Reinsurance Model Law and Model Regulation to conform to the requirements of the Covered Agreements.
5 unchanged sentences
The most significant element of the package is a rule (known as “Regulation Best Interest”) establishing a best interest standard of conduct for broker-dealers and their representatives when they make recommendations to retail investors.
−Removed: Regulation Best Interest, which became effective on June 30, 2020, enhances the
−Removed: Part I | Item 1.
−Removed: Business | Regulation
−Removed: duties and disclosure requirements that apply to our broker-dealer and investment adviser subsidiaries when they provide recommendations and investment advice to retail investors, as well as our representatives that provide such services.
+Added: Regulation Best Interest, which became effective on June 30, 2020, enhances the duties and disclosure requirements that apply to our broker-dealer and investment adviser subsidiaries when they provide recommendations and investment advice to retail investors, as well as our representatives that provide such services.
The reforms increase the regulatory burden on broker-dealers selling our products, but also provide a more consistent regulatory standard that could provide benefits to the overall insurance and investment market.
1 unchanged sentence
Department of Labor’s Fiduciary Advice Rule
−Removed: The Department of Labor (the “DOL”) issued a regulatory action, effective February 16, 2021, that reinstated the text of the DOL’s 1975 investment advice regulation defining what constitutes fiduciary “investment advice” to Employee Retirement Income Security Act ("ERISA") plans and individual retirement accounts ("IRAs").
+Added: The DOL issued a regulatory action, effective February 16, 2021, that reinstated the text of the DOL’s 1975 investment advice regulation defining what constitutes fiduciary “investment advice” to Employee Retirement Income Security Act ("ERISA") plans and individual retirement accounts ("IRAs").
The related guidance provided by the DOL broadened the circumstances under which financial institutions, including insurance companies, could be considered fiduciaries under ERISA or the Federal income tax code.
1 unchanged sentence
District Court decision that vacated the roll over portion of the guidance, ruling that the DOL exceeded its authority in this area.
−Removed: On October 31, 2023, the DOL proposed revisions to the definition of fiduciary and related Prohibited Transaction Exemptions (PTE) (the “2023 Fiduciary Advice Rule”), redefining what constitutes fiduciary “investment advice” to ERISA plans and IRAs.
−Removed: The proposal again extends fiduciary status to one-time rollover recommendations and broadens the circumstances under which financial institutions, including insurance companies, could be considered fiduciaries under ERISA or the Federal income tax code, despite the recent U.S.
+Added: On April 25, 2024, the DOL revised the definition of “fiduciary” and related Prohibited Transaction Exemptions ("PTE") (the “2024 Fiduciary Advice Rule”), redefining what constitutes fiduciary “investment advice” to ERISA plans and IRAs.
+Added: The rule again extends fiduciary status to one-time rollover recommendations and broadens the circumstances under which financial institutions and financial professionals, including insurance companies, could be considered fiduciaries under ERISA or the Federal income tax code, despite the recent U.S.
District Court decision.
−Removed: The proposal also narrows the applicability of PTE 84-24 specific to insurance commissions for annuity recommendations to independent insurance agents recommending non-securities products.
−Removed: The proposed changes to PTE 84-24 also impose certain supervisory obligations on insurance carriers that are similar to obligations already covered under the National Association of Insurance Commissioner’s (NAIC) Suitability in Annuity Transactions Model Regulation.
−Removed: As currently drafted, the above-reference revisions would be effective 60 days after the rule is finalized and published in the Federal Register.
−Removed: We continue to analyze the impact of the 2023 Fiduciary Advice Rule, if adopted, and, while we cannot predict the rule’s impact, it could have an adverse effect on sales of annuities through our distribution partners.
−Removed: We may need to take certain additional actions to comply with, or assist our distributors in their compliance with, the 2023 Fiduciary Advice Rule.
+Added: The rule changes the applicability of PTE 84-24 specific to insurance commissions for annuity recommendations by narrowing it to independent insurance agents recommending non-securities products.
+Added: The proposed changes to PTE 84-24 also impose certain supervisory obligations on insurance carriers that are similar to obligations already covered under the NAIC Suitability in Annuity Transactions Model Regulation.
+Added: The 2024 Fiduciary Advice Rule is currently being challenged in two separate litigation matters and the DOL has been stayed from enforcing the rule.
+Added: Part I | Item 1.
+Added: Business | Regulation
+Added: Depending on the outcome of the litigation, we may need to take certain additional actions to comply with, or assist our distributors in their compliance with, the 2024 Fiduciary Advice Rule.
The 2024 Fiduciary Advice Rule may also lead to changes to our compensation practices and product offerings and increase litigation risk, which could adversely affect our results of operations and financial condition.
5 unchanged sentences
As a result, we are required to maintain certain internal compliance practices, procedures and controls.
+Added: Artificial Intelligence Regulations
+Added: Artificial Intelligence (“AI”) has recently been a focus area for state and federal regulators.
+Added: In December of 2023, the NAIC adopted the Model Bulletin:
+Added: Use of Artificial Intelligence Systems by Insurers (“Model AI Bulletin”).
+Added: The Model AI Bulletin provides guidance to state regulators and calls on insurers to implement specific controls, emphasizing responsible AI use and adherence to certain laws on unfair discrimination and trade practices, along with governance and claims practices.
+Added: As of January 1, 2025, twenty states have adopted the Model AI Bulletin.
+Added: Additionally, Colorado has enacted laws and regulations for insurers related to unfair discrimination, bias testing, and governance practices related to AI.
+Added: New York has also published guidance for insurers on these topics as well.
+Added: Equal Employment Opportunity Commission (EEOC) has issued several guidance documents, including joint guidance with the Department of Justice, in an effort to ensure that existing and developing AI technologies are used fairly and consistently with federal equal employment opportunity laws.
+Added: They have cautioned that while AI and other technology may offer benefits, the use of such technologies in making employment decisions can potentially result in inadvertent violations of anti-discrimination laws.
+Added: The EEOC’s guidance follows its agency-wide initiative, launched in 2021, to ensure that the use of software, including AI, machine learning, and other emerging technologies used in hiring and other employment decisions comply with the federal civil rights laws that the EEOC enforces.
Cybersecurity Regulations
2 unchanged sentences
The NYSDFS has pursued enforcement actions and penalties for violations demonstrating the significant risk of noncompliance.
−Removed: On November 1, 2023, the NYSDFS adopted a second amendment to the NYSDFS Cybersecurity Regulation, which includes requirements relating to risk assessments,
−Removed: Part I | Item 1.
−Removed: Business | Regulation
−Removed: cybersecurity policies, penetration testing, monitoring, and certain audit requirements.
−Removed: The regulation will take effect in phases during 2024.
−Removed: The NAIC has adopted the Insurance Data Security Model Law, which established the standards for data security, investigation, and notification of a breach of data security for insurance companies.
−Removed: As of January 2024, twenty-three states (including Michigan, effective January 1, 2021) had adopted the model law.
+Added: On November 1, 2023, the NYSDFS further amended the NYSDFS Cybersecurity Regulation to include requirements relating to risk assessments, cybersecurity policies, penetration testing, monitoring, and certain audit requirements.
+Added: The effective dates of the regulation were rolled out in phases beginning in December of 2023 and continuing into 2025.
+Added: The NAIC has adopted the Insurance Data Security Model Law establishing standards for data security, investigation, and notification of a breach of data security for insurance companies.
+Added: As of January 2025, twenty-six states (including Michigan, effective January 1, 2021) had adopted the model law.
Importantly, the drafters of the Data Security Model Law intend that a licensee’s compliance with the NYSDFS Cybersecurity Regulation will constitute compliance with the Data Security Model Law.
We have taken the necessary steps to comply with this regulation.
+Added: Part I | Item 1.
+Added: Business | Regulation
The California Consumer Privacy Act of 2018 (the “CCPA”) grants all California residents the right to know what information a business has collected from them and the sourcing and sharing of that information, as well as a right to have a business delete their personal information (with some exceptions).
1 unchanged sentence
Failure to comply with the CCPA could result in regulatory fines, and the law grants a private right of action for any unauthorized disclosure of personal information as a result of failure to maintain reasonable security procedures.
−Removed: Additionally, on November 3, 2020, California voters passed a ballot initiative, the California Privacy Rights Act (the “CPRA”), that adjusts and, in some respects, expands consumer rights and business obligations created by the CCPA.
−Removed: The CPRA, effective January 1, 2023, imposes additional obligations on companies that collect California residents’ personal information, including providing a right to correct personal information, additional protections for certain uses of sensitive personal information, and certain limitations on data use and data sharing that does not involve a sale.
+Added: The California Privacy Rights Act (the “CPRA”), effective January 1, 2023, imposes additional obligations on companies that collect California residents’ personal information, including providing a right to correct personal information, additional protections for certain uses of sensitive personal information, and certain limitations on data use and data sharing that does not involve a sale.
The CPRA also creates a new California Privacy Protection Agency, which will be charged with enforcing both the CCPA and the CPRA.
1 unchanged sentence
Federal and state laws also regulate disclosures of customer information.
−Removed: In March 2022, Congress enacted a 72-hour cyber reporting provision within a larger legislative package.
−Removed: In addition to this provision, Congress and state legislatures are expected to consider additional regulation relating to privacy and other aspects of customer information.
−Removed: On October 21, 2019, the NAIC formed a Privacy Protections (H) Working Group to review state insurance privacy protections regarding the collection, use and disclosure of information gathered in connection with insurance transactions.
−Removed: In early 2023, the NAIC proposed a consumer privacy protection model law designed to replace the Insurance Information and Privacy Protection Model Act and the Privacy of Consumer Financial Health and Information Regulation.
−Removed: The NAIC is continuing to consider comments received on the proposed model law.
+Added: On July 26, 2023, the SEC adopted amendments to its public company disclosure rules to enhance and standardize disclosures related to cybersecurity.
+Added: The amendments significantly expand registrants’ public company annual disclosures, providing investors and other stakeholders with more standardized information about a public company’s cybersecurity risk management, strategy, and governance.
+Added: On October 21, 2019, the NAIC formed a Privacy Protections (H) Working Group (“PPWG”) to review state insurance privacy protections regarding the collection, use and disclosure of information gathered in connection with insurance transactions.
+Added: On August 5, 2024, the PPWG Chairman released draft amendments to NAIC Model Law #672 (Privacy of Consumer Financial and Health Information Regulation).
+Added: Over the past several months, the PPWG has opened the draft exposures to public comment and will continue to consider comments received on the amendments to the model law.
Privacy protection is also gaining attention in state legislatures nationwide.
−Removed: There are now five states with laws generally applicable to data privacy (California, Colorado, Connecticut, Utah, and Virginia).
+Added: There are now nineteen states with comprehensive privacy laws.
With the exception of California, these laws do not apply to Jackson National Life and other financial institutions subject to the Gramm-Leach-Bliley Act.
1 unchanged sentence
While the final direction of these proposed statutes and regulations is not clear, they could result in additional requirements for Jackson Financial or its subsidiaries.
−Removed: Cybersecurity - Cybersecurity Risk Management and Strategy.
+Added: Cybersecurity - Cybersecurity Risk Management and Strategy in this Form 10-K.
Holding Company Regulation
4 unchanged sentences
Under the laws of each domiciliary state of our insurance subsidiaries, any person acquiring, directly or indirectly, 10% or more of the voting securities of an insurance company is presumed to have acquired “control” of the company.
−Removed: This statutory presumption of control may be rebutted by
−Removed: Part I | Item 1.
−Removed: Business | Regulation
−Removed: a showing that control does not, in fact, exist.
+Added: This statutory presumption of control may be rebutted by a showing that control does not, in fact, exist.
The state insurance regulators, however, may find that “control” exists in circumstances in which a person owns or controls less than 10% of voting securities.
These laws and regulations may discourage potential acquisition proposals and may delay, deter or prevent a change of control involving us, including through unsolicited transactions that some of our shareholders might consider desirable.
+Added: Part I | Item 1.
+Added: Business | Regulation
Restrictions on Paying Dividends
14 unchanged sentences
Broker-Dealer Regulation
−Removed: JNLD is registered as a broker-dealer with the SEC, pursuant to the Securities Exchange Act of 1934, as amended, and is registered as a broker-dealer in all applicable states.
+Added: JNLD is registered as a broker-dealer with the SEC and is registered as a broker-dealer in all applicable states.
JNLD is also a member of, and subject to regulation by, FINRA, a self-regulatory organization subject to SEC oversight.
3 unchanged sentences
Investment Adviser Regulation
−Removed: Jackson National Asset Management LLC ("JNAM") is registered with the SEC as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act").
−Removed: The investment companies (mutual funds) for which JNAM serves as an investment adviser are subject to SEC registration and regulation pursuant to the Securities Act, and the Investment Company Act of 1940, as amended (the “Investment Company Act”).
+Added: Jackson National Asset Management LLC ("JNAM") is registered with the SEC as an investment adviser pursuant to the Investment Advisers Act.
+Added: The investment companies (mutual funds) for which JNAM serves as an investment adviser are subject to SEC registration and regulation pursuant to the Securities Act, and the Investment Company Act of 1940.
The mutual funds advised by JNAM comprise the investment options within the variable products offered by Jackson National Life.
3 unchanged sentences
PPM serves as the investment adviser to Jackson National Life and as the primary U.S.
−Removed: institutional investment adviser for certain other affiliated insurance company accounts.
+Added: institutional investment adviser for certain other affiliated insurance company accounts as well as Jackson Financial.
PPM also acts as a sub-adviser to certain U.S.
2 unchanged sentences
focused portfolios.
−Removed: PPM has established a
−Removed: Part I | Item 1.
−Removed: Business | Regulation
−Removed: distribution function to further extend its investment advisory capabilities to the institutional marketplace with separate account and institutional product offerings.
+Added: PPM has established a distribution function to further extend its investment advisory capabilities to the institutional marketplace with separate account and institutional product offerings.
mutual funds for which PPM serves as adviser and sub-adviser are subject to U.S.
1 unchanged sentence
are also subject to regulation under applicable local law.
+Added: Part I | Item 1.
+Added: Business | Regulation
The business of our investment adviser subsidiaries will be impacted by SEC regulatory initiatives with respect to the investment management business.
10 unchanged sentences
These increased regulatory and compliance burdens could be costly and may impede the growth of our investment adviser subsidiaries.
−Removed: The SEC, beginning in late 2020, instituted a comprehensive regulatory agenda focusing on Environmental, Social, and Governance ("ESG") issues.
−Removed: As part of this agenda, in March 2022, the SEC proposed a series of regulations requiring additional disclosures concerning climate change for public companies.
−Removed: The regulations include extensive disclosures concerning the estimated impact of climate change on businesses and how companies manage and govern climate change risk.
−Removed: In addition, the SEC announced a number of actions, including forming an enforcement task force designed to harmonize the efforts of the SEC’s divisions and offices, consider potential comprehensive changes to ESG disclosure guidance, announce ESG as an examination priority, address shareholder rights, create accountability in statements and conduct, and solicit comments to potential changes to the “names rule” under the Investment Company Act to reflect the effect of ESG factors on a fund’s investment objectives and performance.
−Removed: The SEC's Division of Examinations subsequently issued a risk alert highlighting ESG deficiencies, internal control weaknesses and effective practices identified during recent examinations of investment advisers, registered investment companies and private funds.
−Removed: The SEC's regulatory asset management agenda, including items that have been implemented in 2022 and those that are under consideration, may impact the growth of our investment advisory business due to the increased regulatory and compliance burdens.
+Added: The SEC, beginning in late 2020, instituted a comprehensive regulatory agenda focusing on environmental, social, and governance issues.
+Added: In March 2022, the SEC proposed regulations requiring disclosures concerning the estimated impact of climate change on businesses and how companies manage and govern climate change risk.
+Added: In addition, among other actions, the SEC solicited comments to potential changes to the “names rule” under the Investment Company Act to reflect the effect of environmental, social and governance factors on a fund’s investment objectives and performance.
+Added: The Company engages in activities that promote the sustainability of Jackson's business, including positive governance practices.
+Added: See “Corporate Responsibility below in this Form 10-K.
Commodities Regulation
4 unchanged sentences
Corporate Responsibility
−Removed: Jackson takes a balanced, long-term approach to serving all its stakeholders, including shareholders, business partners, regulators, customers, associates and communities.
−Removed: Our commitments are described below and with more detail in our annual Corporate Responsibility Report.
+Added: Jackson takes a balanced, long-term approach to serving its stakeholders, including shareholders, business partners, regulators, customers, associates and communities.
+Added: Our commitments are described below and in more detail in our annual Corporate Responsibility Report.
The Company’s annual Corporate Responsibility Report is not incorporated by reference in, and does not form a part of, this Form 10-K or any other of our SEC filings.
−Removed: Part I | Item 1.
−Removed: Business | Corporate Responsibility
−Removed: Protecting our Environment
−Removed: We are committed to reducing our climate impact and doing our part to help create a more environmentally sustainable future for us all.
−Removed: To that end, we are taking thoughtful steps to reduce our carbon footprint, consume energy more efficiently, and use natural resources in innovative and impactful ways that result in reduced greenhouse gas ("GHG") emissions.
−Removed: In its second year, the on-site solar farm at our home office in Lansing, Michigan, is generating renewable energy and reducing our need for traditional power generation.
+Added: Sustainability
+Added: We are committed to doing our part to help create a more sustainable future for us all.
+Added: To that end, we take thoughtful steps to consume energy more efficiently.
+Added: In its third year, the on-site solar farm at our home office in Lansing, MI continues to generate renewable energy, thereby reducing our need for external power generation.
Valuing our Communities
−Removed: We demonstrate our commitment to corporate social responsibility with charitable donations that (i) generate impact in the communities we serve, (ii) engage associates in a culture of philanthropy, and (iii) grow awareness for our commitment to being a good corporate neighbor.
+Added: We demonstrate our commitment to corporate responsibility with charitable donations that (i) generate impact in the communities we serve, (ii) engage associates in a culture of philanthropy, and (iii) grow awareness for our commitment to being a good corporate neighbor.
We believe our community partnerships create shared value for Jackson, our associates and the communities in which we operate.
1 unchanged sentence
Jackson encourages community engagement by providing associates with paid time off for volunteering, nonprofit board training and placement, and matching gifts programs for associate charitable contributions and volunteer hours.
−Removed: We remain committed to empowering people and communities and continue to invest in building relationships that serve the greater good.
Jackson’s philanthropic strategy aligns with its business purpose to build the foundation for financial freedom for all.
+Added: Part I | Item 1.
+Added: Business | Corporate Responsibility
Strong Governance and Business Practices
−Removed: We are committed to governance policies and practices that serve the interest of the Company and its stakeholders, starting with independent membership on all Committees of the Company Board of Directors.
−Removed: Our Board seeks directors with a broad range of professional experience, skills, and perspectives who support our commitment to diversity of thought, experience, and background.
−Removed: It also seeks those who contribute to its gender and racial or ethnic diversity.
−Removed: Our Board currently has a 33% gender diversity, and 22% racial and ethnic diversity composition.
+Added: We are committed to governance policies and practices that serve the interest of the Company and its stakeholders, starting with only independent directors on all Board committees.
+Added: JFI's Board seeks directors with a broad range of professional experience, skills, and perspectives who support our commitment to broad range of thought and experience.
+Added: Jackson also has a risk management framework embedded across the Company, supporting the effectiveness of risk management and the control environment including independent Board oversight of corporate responsibility risks.
Our Company has an ownership culture that focuses on providing exceptional value to advisors, policyholders, and shareholders.
−Removed: Jackson also has a risk management framework embedded across the Company, supporting the effectiveness of risk management and the control environment including oversight of ESG risks.
−Removed: We believe our long-term focus produces sustainable, competitive returns for our shareholders.
−Removed: In furtherance of our commitment to investing responsibly, our internal portfolio management team at PPM considers the environmental, social and governance factors of the underlying enterprises in which they invest for the general account.
−Removed: Also, PPM has been a signatory to the United Nations–supported Principles for Responsible Investment since 2018.
−Removed: Our internal asset management team at JNAM oversees external managers on our variable annuity platform, performing a robust due diligence process that includes analysis of ESG philosophy and processes.
+Added: While our primary focus is to achieve sustainable, competitive returns for our shareholders, our internal portfolio management team at PPM considers the broader impact of its investment decisions to strong governance and business practices.
+Added: Our internal asset management team at JNAM oversees external managers on our variable annuity platform and performs a robust due diligence process that includes consideration of the impact of a broad array of governance factors.
Human Capital Resources
Our strength lies in the people we employ and values-based culture we foster.
−Removed: We offer significant career opportunities, competitive merit-based compensation, inclusive practices, world-class facilities, and the ability to work for a purpose-driven organization.
+Added: We offer significant career opportunities, competitive merit-based compensation, world-class facilities, and the ability to work for a purpose-driven organization.
Our Company's four corporate values — Empower, Respect, Execute and Create — guide our associate practices and decisions.
−Removed: We had approximately 3,840 associates as of December 31, 2023, comprised of approximately 3,015 full-time associates and approximately 825 part-time associates, inclusive of our Strategic Support Program associates (a flexible, cost-efficient, part-time workforce that provides just-in-time scale).
+Added: We had approximately 3,970 associates as of December 31, 2024, comprised of approximately 3,060 full-time associates and approximately 910 part-time associates, including our Strategic Support Program associates (a flexible, cost-efficient, part-time workforce that provides just-in-time scale).
Each of our associates play an important role in delivering on our brand promise of clarity for a more confident future.
1 unchanged sentence
We believe our collaborative culture is one of our greatest strengths and is a significant factor in our ability to continue to be an industry leader.
−Removed: Part I | Item 1.
−Removed: Business | Human Capital Resources
−Removed: Talent Development, Diversity and Inclusion
+Added: Talent Development
We have an established history of developing talent from within.
Our senior management team has an average tenure of over 20 years with the Company.
−Removed: We also recruit talent from outside the organization, as we seek to cultivate an inclusive workplace where different ideas and opinions are heard and respected and where people of different backgrounds can come together to accomplish great things as a team.
−Removed: Through learning and development programs, succession and talent management processes, and competitive rewards and recognition, our diverse and high-performing associates are empowered to innovate and challenge one another to be their best selves.
−Removed: In 2023, over 95% of our associates have completed diversity and inclusion training.
−Removed: In 2023, Jackson continued its mentoring program to support the long-term career growth of associates, with particular focus on development opportunities for diverse associates and emerging leaders.
−Removed: The program began in 2021 and in its third year is still seeing strong participation including:
−Removed: • More than 210 mentor pairings;
+Added: We also recruit talent from outside the organization, bringing different ideas, experience and opinions to the Company.
+Added: Our collaborative culture of respect fosters an environment where people can come together to accomplish great things as a team.
+Added: Through learning and development programs, succession and talent management processes, and competitive rewards and recognition, our high-performing associates are empowered to innovate and challenge one another to be their best selves.
+Added: In 2024, Jackson expanded its mentoring program to support the long-term career growth of associates, adding a group mentoring option to reach even more associates.
+Added: The mentoring program began in 2021 and in its fourth year is still seeing strong participation including:
+Added: • Participation from approximately 80 mentors and over 230 mentees;
• More than 1,500 hours of mentoring reported by participants;
• 4.8 out of 5 rating in overall program and relationship satisfaction.
−Removed: Our strategic approach to Diversity and Inclusion focuses on ways to attract and retain highly talented people and cultivates an environment where our associates are encouraged to bring our best selves to work every day.
−Removed: Our Diversity and Inclusion Advisory Council (the "Advisory Council") was established in 2018 to identify opportunities for advancing our diverse and inclusive work environment.
−Removed: The Advisory Council developed a framework and strategy, which includes ensuring an inclusive workplace, developing a diverse talent pool, leveraging diversity and inclusion in the marketplace and reporting our progress.
−Removed: We recognize the diversity of our associates’ backgrounds and cultures through our voluntary, associate-led Business Resource Associate Groups (“BRAGs”).
−Removed: Supported by executive leadership and aligned with our mission and core values, our nine BRAGs provide opportunities to empower all associates to share their unique and diverse talents with each other.
+Added: Our strategic approach to workforce enablement focuses on ways to attract and retain highly talented people and cultivates an environment where our associates are encouraged to bring our best selves to work every day.
+Added: We recognize our associates’ backgrounds and unique experiences through our voluntary, associate-led Business Resource Associate Groups (“BRAGs”).
+Added: Supported by executive leadership and aligned with our mission and core values, our BRAGs provide opportunities to empower all associates to share their unique experiences with each other.
+Added: We have acted in several ways to improve our recruiting process, including how we approach job postings, develop position requirements, conduct interviews, and evaluate candidates.
+Added: We also work with partners who help us strengthen our talent pool and recruit high quality candidates.
+Added: Through these efforts, we are developing stronger leaders who support a culture of innovative thought and fair and equal consideration.
Part I | Item 1.
Business | Human Capital Resources
−Removed: We have acted in several ways to improve inclusion in our recruiting process, including how we approach job postings, develop position requirements, conduct interviews, and evaluate candidates.
−Removed: We also value our strong partnerships with the many organizations that help us diversify and strengthen our talent pool.
−Removed: Through these partnerships, we are building our recruiting pipeline and are developing stronger leaders who support innovative thought and promote an inclusive and an equitable culture.
−Removed: These organizations include:
−Removed: • The Association for Wholesaling Diversity and International Association of Black Actuaries :
−Removed: creating opportunities to build, attract and recruit Black talent to Jackson
−Removed: • The Coalition for Equity in Wholesaling:
−Removed: to increase hiring, retention, and career advancement of a wholesaler workforce that better reflects America by sharing knowledge and building relationships
−Removed: • Disability:IN :
−Removed: assessments and education that help us better understand the needs of individual with disabilities within our workforce
−Removed: • Michigan State University Athletics :
−Removed: to foster leadership, cultivate relationships, and explore career pathways with MSU athletes beyond sports
−Removed: a platform to recruit and communicate more effectively with diverse candidates, including sourcing and events to engage with a broader candidate pool
−Removed: As of December 31, 2023, within Jackson’s workforce, approximately 46% of our associates were women and approximately 19% of our associates were racially and ethnically diverse.
−Removed: Additionally, four of the eight-member executive committee team are women, including our CEO and CFO.
Benefits and Rewards
3 unchanged sentences
This performance-driven structure aligns performance incentives with our business productivity strategy, serving to both encourage our associates and satisfy our other key stakeholders.
−Removed: To ensure fair pay, we work actively with a third-party consultant to conduct pay equity studies related to race, ethnicity, and gender.
−Removed: We also have rigorous governance processes in place to ensure that we promote equitable pay practices, reinforce strong risk management, and maintain independent oversight of our executive compensation.
+Added: To ensure fair pay, we work actively with a third-party consultant to conduct pay studies related to similar positions in competitive markets.
+Added: We also have rigorous governance processes in place to ensure that we promote fair pay practices, reinforce strong risk management, and maintain independent oversight of our executive compensation.
Associate Health and Well-Being
We believe it is important to support our associates and are committed to providing a safe and healthy workplace.
+Added: These efforts cultivate a supportive and well-balanced corporate culture and help define the future of our success.
Our "Living Life Well" program helps ensure that Jackson associates are provided supportive health, safety and financial wellness resources both at work and at home.
3 unchanged sentences
At the office, associates also have access to a complete training system and highly qualified team of experts to help associates achieve their personal fitness, nutritional and lifestyle goals.
−Removed: We currently operate 21 Occupational, Safety and Health Administration ("OSHA") related programs, in addition to our standard air and water quality programs, in a comprehensive corporate health and safety effort to meet OSHA and American National Standards Institute ("ANSI") Z10-02019 standards.
+Added: We currently operate 24 Occupational, Safety and Health Administration ("OSHA") related programs, including our standard air and water quality programs, in a comprehensive corporate health and safety effort to meet OSHA and American National Standards Institute ("ANSI") Z10-02019 standards.
We offer programs that support the mental health of associates, including confidential support for more serious issues involving emotional stress and well-being.
−Removed: Our Employee Assistance Program, "Life Balance," offers online tools, as well as master's-level professionals available for confidential support around the clock.
−Removed: The financial health of our associates is an equally important part of their well-being.
−Removed: We offer programs and educational tools to support their long-term financial wellness.
+Added: Our Employee Assistance Program offers online tools, as well as master's-level professionals available for confidential support around the clock.
+Added: Additionally, we offer programs and educational tools to support associates’ financial well-being.
These efforts help our associates build a more confident future for themselves, as well as for the long-term success of our Company and for our shareholders.
8 unchanged sentences
We make available free of charge, through our website, investors.jackson.com, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our proxy and information statements, and any amendments to those reports or statements as soon as reasonably practicable after these materials are electronically filed with, or furnished to, the U.S.
−Removed: Securities and Exchange Commission ("SEC").
−Removed: We use the investor relations page of our website, investors.jackson.com, as a routine channel for dissemination of important information, including news releases, analyst presentations, financial information, insider beneficial owner reports, and corporate governance information.
−Removed: The content of Jackson’s website, jackson.com, is not incorporated by reference into this Report or in any other report or document filed with the SEC, and any references to Jackson’s website are intended to be inactive textual references only.
+Added: Securities and Exchange Commission (the "SEC").
The SEC’s website, www.sec.gov, contains financial reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
+Added: We use the investor relations page of our website, investors.jackson.com, as a primary channel for dissemination of important information, including news releases, analyst presentations, financial information, insider beneficial owner reports, and corporate governance information.
+Added: We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations.
+Added: Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts.
+Added: We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information.
+Added: Neither the content of Jackson’s website, jackson.com, nor the content of our executives’ social media channels is incorporated by reference into this Report or in any other report or document filed with the SEC, and any references to Jackson’s website are intended to be inactive textual references only.
Part I | Item 1.
2 unchanged sentences
Below are the executive officers of Jackson Financial Inc.
−Removed: as of December 31, 2023 1 .
−Removed: The executive officers serve until the next annual appointment of executive officers, or until earlier resignation or removal.
−Removed: Positions and Offices Held and Principal Occupation
−Removed: 50 Executive Vice President, General Counsel of Jackson Financial Inc., a position held since September 2021.
+Added: as of February 26, 2025 1 .
+Added: Each executive officer serves until his or her successor has been elected or appointed and qualified, or until his or her earlier death, resignation or removal.
+Added: Name Age Positions and Offices Held and Principal Occupation
+Added: Anderson 58 Senior Vice President and Controller of Jackson Financial Inc., a position held since June 3, 2024.
+Added: As Senior Vice President and Controller, Mr.
+Added: Anderson oversees Financial Operations, Financial Reporting, and Investment Accounting.
+Added: From September 2021 until June 2, 2024, Mr.
+Added: Anderson served as the Vice President, Controller of Jackson National Life Insurance Company, a wholly-owned indirect subsidiary of Jackson Financial Inc.
+Added: Prior to joining Jackson, from February 2017 through September 2021, Mr.
+Added: Anderson served as Senior Vice President, Life Controller, Life & Retirement Controller at American International Group Inc.'s (AIG) Life and Retirement business (now Corebridge Financial).
+Added: Anderson is a Certified Public Accountant.
+Added: Chelko 51 Executive Vice President and General Counsel of Jackson Financial Inc., a position held since September 2021.
As Executive Vice President and General Counsel, Ms.
−Removed: Chelko oversees Legal, Compliance, Corporate Communications and Responsibility, and Shared Services & Operations (Legal), and beginning January 2024, one new group, Government Relations.
+Added: Chelko oversees Legal, Compliance, Corporate Communications and Responsibility, Shared Services & Operations (Legal), and Government Relations.
From September 13, 2021 until August 2022, Ms.
6 unchanged sentences
Chelko served as the Senior Vice President and Chief Counsel at Lincoln Financial Group.
−Removed: 60 Senior Vice President, Chief Accounting Officer and Controller of Jackson Financial Inc., a position assumed in December 2020.
+Added: Cummings 61 Executive Vice President and Chief Financial Officer of Jackson Financial Inc., a position assumed on June 3, 2024.
+Added: Previously Mr.
+Added: Cummings served as the Company’s Senior Vice President, Controller and Chief Accounting Officer beginning December 2020.
Prior to coming to Jackson, Mr.
1 unchanged sentence
since 2019, and previously held various finance roles at American International Group, Inc., including Global Corporate Controller.
−Removed: Cummings is a Certified Public Accountant.
−Removed: 48 Executive Vice President, Chief Operating Officer of Jackson Financial Inc., a position assumed in February 2021.
−Removed: Ganguly has served in various leadership roles with Jackson National Life Insurance Company including Senior Vice President and Chief Information Officer from July 2018 to February 2021.
−Removed: Prior to becoming Chief Information Officer, Mr.
−Removed: Ganguly was a Vice President at Jackson from October 2013 to July 2018.
−Removed: 56 Chief Executive Officer and President of Jackson Financial Inc., a position assumed in February 2021.
−Removed: Prieskorn is also a member of Jackson Financial Inc.'s Board of Directors.
+Added: Prieskorn 57 Chief Executive Officer and President of Jackson Financial Inc., a position assumed in February 2021.
+Added: Since February 2021, Ms.
+Added: Prieskorn also is a member of Jackson Financial's Board of Directors.
Prieskorn has been with Jackson National Life Insurance Company for more than 30 years, serving in roles of increasing responsibilities.
−Removed: Prieskorn's prior management positions include Chief Operating Officer from April 2019 through February 2021, and Senior Vice President, Chief Administration Officer from December 2009 through April 2019.
+Added: Prieskorn's prior management positions include Chief Operating Officer from April 2019 through February 2021.
Christopher A.
−Removed: 53 Executive Vice President, Chief Risk Officer of Jackson Financial Inc., a position assumed in April 2023.
−Removed: Prior to his appointment as the Chief Risk Officer of Jackson Financial Inc., Mr.
+Added: Raub 54 Executive Vice President and Chief Risk Officer of Jackson Financial Inc., a position assumed in April 2023.
+Added: Prior to his appointment as the Chief Risk Officer of Jackson Financial, Mr.
Raub served as Senior Managing Director of Insurance, PPM America, Inc., a subsidiary of JFI (“PPM”), since April 2019.
−Removed: From January 2017 to April 2019, Mr.
−Removed: Raub served as PPM’s Senior Managing Director of Portfolio Strategy.
Part I | Item 1.
Business | Information about our Executive Officers
−Removed: 58 Executive Vice President of Jackson National Life Insurance Company, a position assumed in September 2022.
+Added: Romine 59 Executive Vice President of Jackson National Life Insurance Company, a position assumed in September 2022.
Romine continues to serve as President and Chief Executive Officer of Jackson National Life Distributors LLC, a role assumed in December 2021.
1 unchanged sentence
Romine served as the President of Advisory Solutions for JNLD from February 2018 to December 2021.
−Removed: 56 Executive Vice President of Jackson National Life Insurance Company, a position assumed in September 2022.
+Added: Smith 57 Executive Vice President of Jackson National Life Insurance Company, a position assumed in September 2022.
Smith continues to serve as President, Chief Executive Officer and Chief Investment Officer of PPM America, Inc., a role assumed in January 2021.
2 unchanged sentences
Smith is a designated Charter Financial Analyst.
−Removed: Marcia Wadsten
−Removed: 57 Executive Vice President and Chief Financial Officer of Jackson Financial Inc., a position assumed in February 2021.
−Removed: Wadsten has been with Jackson National Life Insurance Company for more than 30 years.
−Removed: Prior to her appointment as Chief Financial Officer, Ms.
−Removed: Wadsten served as Senior Vice President, Chief Actuary from June 2016 through February 2021.
−Removed: Chad Myers, age 57, ceased to be an executive officer as of December 31, 2022, and transitioned to employment as a Senior Advisor for Jackson National Life Insurance Company on January 1, 2023.
−Removed: Previously, Mr.
−Removed: Myers served as Vice Chair, Jackson Holdings LLC, a position assumed in February 2020.
−Removed: Myers holds a Chartered Financial Analyst designation.
+Added: 1 Marcia Wadsten, age 58, ceased to be an executive officer as of June 2, 2024, and transitioned to employment as a Senior Advisor for Jackson National Life Insurance Company on June 3, 2024.
+Added: Previously, Ms.
+Added: Wadsten served as Executive Vice President and Chief Financial Officer, a position assumed in February 2021.
Part I | Item 1A.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.