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Here are 1-2 brief analogies for Jackson Financial (JXN):

• Think of it like the retirement annuities business of a large insurer such as Prudential Financial (US) or MetLife.

• Essentially New York Life, but with a predominant focus and specialization in various types of retirement annuities.

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• Variable Annuities: Investment products offering tax-deferred growth and potential income streams during retirement, with investment choices in underlying sub-accounts.
• Fixed Index Annuities (FIAs): Annuities providing principal protection and growth potential linked to an external market index, without direct market participation.
• Registered Index-Linked Annuities (RILAs): Hybrid annuities offering market-linked growth potential with defined levels of protection against market downturns.

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Jackson Financial (symbol: JXN) sells its annuity and retirement products primarily to individual investors. While the company distributes its products through a diverse network of financial professionals, including independent broker-dealers, wirehouses, and banks, its 2022 10-K report states, "We do not have any single distributor that accounts for a material portion of our net annuity sales." Therefore, the company does not have specific named major customer companies. Its ultimate customers are individuals, which can be broadly categorized as:

1. Pre-retirees and Accumulators: Individuals who are in their working years and actively saving for retirement. They typically seek tax-deferred growth, potential for capital appreciation, and options for future income generation, often with some level of principal protection.
2. Retirees and Income Seekers: Individuals who are nearing or already in retirement. Their primary goal is to generate a reliable, guaranteed income stream to cover living expenses, often coupled with a desire to protect their accumulated principal from market volatility.
3. Individuals Seeking Capital Protection and Market Participation: Customers who prioritize protecting their principal from market downturns while still having the opportunity to participate in market growth. This segment often favors products like fixed indexed annuities, which offer market-linked growth potential with a degree of downside protection.

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• PIMCO (Pacific Investment Management Company LLC)
• BlackRock, Inc. (BLK)
• Franklin Resources, Inc. (BEN)
• Western Asset Management Company LLC
• Loomis, Sayles & Company, L.P.
• SS&C Technologies, Inc. (SSNC)

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Laura P. Prieskorn, President and Chief Executive Officer

Laura Prieskorn is the President and Chief Executive Officer of Jackson Financial Inc., appointed to her current role in February 2021. She also serves as a director on the company's Board of Directors. Ms. Prieskorn is a veteran of Jackson, having been with the company for over 30 years in various leadership roles, including Executive Vice President and Chief Operating Officer. As COO, she was responsible for developing Jackson's operating platform and leading its operations, technology, and information security initiatives. She also played a key role in the company's separation from Prudential plc and its subsequent public listing on the NYSE in September 2021.

Don W. Cummings, Executive Vice President and Chief Financial Officer

Don W. Cummings is the Executive Vice President and Chief Financial Officer of Jackson Financial Inc., a position he assumed on June 3, 2024. He has nearly 40 years of experience in the financial services industry. Before joining Jackson in December 2020, Mr. Cummings served as interim Chief Financial Officer at Fortitude Reinsurance Company Ltd. since 2019. He also held various finance roles at American International Group, Inc. (AIG), including Global Corporate Controller. Mr. Cummings is a Certified Public Accountant.

Chris Raub, President

Chris Raub is the President of Jackson National Life Insurance Company, a main subsidiary of Jackson Financial Inc., effective April 14, 2025. He is responsible for all go-to-market activities, driving sustainable growth, and overseeing Jackson's distribution, product development, operations, information technology, and sub-advisor/fund accounting functions. Mr. Raub has over 25 years of experience at Jackson, previously serving as Executive Vice President and Chief Risk Officer. He also held a senior managing director role at PPM America, Inc., a Jackson subsidiary.

Steve Binioris, Executive Vice President and Chief Risk Officer

Steve Binioris is the Executive Vice President and Chief Risk Officer of Jackson Financial Inc., a role he assumed effective April 14, 2025. He has nearly a quarter-century tenure at Jackson, previously serving as Senior Vice President and Chief Actuary. His background includes positions at Sun Life Financial and London Life. Mr. Binioris holds designations as a Fellow in the Society of Actuaries, a member of the American Academy of Actuaries, and a Chartered Financial Analyst.

Carrie Chelko, Executive Vice President, General Counsel, and Corporate Secretary

Carrie Chelko is an Executive Vice President at Jackson Financial Inc. She is responsible for providing strategic guidance to Jackson's executive leadership team on legal, compliance, governance, and policy matters. Ms. Chelko oversees Jackson's legal, compliance, government relations, corporate responsibility, and corporate communications teams, leveraging her extensive regulatory experience.

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The key risks to Jackson Financial (JXN) include its exposure to market volatility and interest rate fluctuations, economic downturns and financial market disruptions, and intense competition within the retirement solutions market.

1. Market Volatility and Interest Rate Fluctuations: Jackson Financial is significantly exposed to equity market risk, primarily through its variable annuity products. Declining markets can lead to increased claims payable to variable annuity policyholders. Conversely, rising markets can increase the amount of interest credited to fixed index and registered index-linked annuity policyholders, which can also impact profitability. Furthermore, changes in interest rates pose a substantial threat; falling interest rates can erode yields despite boosting asset values, while extreme and rapid increases in interest rates can negatively affect the attractiveness and sales of certain annuity products, potentially leading to a loss of market share and higher interest crediting rates on variable annuity fixed rate options.
2. Economic Downturns and Financial Market Disruptions: Broader economic downturns, influenced by factors such as high interest rates, supply chain issues, and geopolitical conflicts, can create economic uncertainty. This uncertainty can adversely affect JXN's sales, profitability, and its ability to meet policyholder obligations. The company's reliance on the liquidity of financial markets for trading investments and derivatives means that disruptions in these markets could limit its ability to execute transactions, thereby impacting investment returns and hedging effectiveness. Volatility in credit spreads and credit ratings downgrades also present a significant threat to JXN's financial health by potentially impacting earnings and statutory capital.
3. Intense Competition: Jackson Financial operates in a highly competitive landscape within the retirement solutions market. This intense competition can pressure JXN's profitability and market share. To maintain its position, the company must continuously innovate and adapt to compete effectively against well-capitalized rivals offering similar products and services.

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The proposed expansion of the Department of Labor's (DOL) fiduciary rule represents a clear emerging threat. This rule, if finalized in its current form, would significantly broaden the definition of who constitutes a fiduciary when providing investment advice concerning retirement accounts. For Jackson Financial, which relies heavily on independent financial professionals distributing its annuity products, this could lead to increased compliance burdens, potential shifts in product preference towards fee-based offerings over commission-based ones, and a possible contraction in the market for certain annuity sales as advisors adapt to stricter fiduciary standards. This regulatory change could alter distribution channels and impact sales volumes and profitability across the annuity industry.

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• The total U.S. annuity market sales are projected to exceed $520 billion in 2025. Other projections suggest total U.S. annuity sales in 2025 to range between $364 billion and $410 billion, with the market value expected to reach approximately $388.42 billion by 2029.
• **Variable Annuities (VA)**: Sales for variable annuities are projected to reach $65 billion in the U.S. in 2025.
• **Registered Index-Linked Annuities (RILA)**: Sales for Registered Index-Linked Annuities are anticipated to be between $62 billion and $66 billion in the U.S. in 2025.
• **Fixed Index Annuities (FIA)**: Fixed-Indexed Annuities are expected to surpass $120 billion in sales in the U.S. in 2025.
• **Fixed Annuities (including Fixed-Rate Deferred Annuities)**: Fixed-income annuities dominated the market in 2024 with $248 billion in sales. Fixed-rate deferred annuity sales are projected to be between $122 billion and $147 billion in the U.S. in 2025. Fixed annuities generally hold the maximum share in the U.S. annuity market.

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Jackson Financial (JXN) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Continued Growth in Registered Index-Linked Annuities (RILAs): Jackson Financial has seen significant momentum in its RILA products. Record RILA sales contributed substantially to revenue growth in Q3 2025, with a 28% increase compared to Q3 2024, reaching $2.1 billion. The company recently launched "RILA 3.0," which has been positively received and is expected to remain a valuable source of growth, providing sustainable investment spread income and earnings diversification.
2. Expansion of Institutional Products and Spread-Based Offerings: The institutional segment has shown strong growth, with sales up 34% to $1 billion in Q3 2025 year-over-year, and a remarkable 142% increase for the first nine months of 2025 compared to the same period in 2024. This growth is attributed to robust demand for spread lending and enhanced capabilities at PPM America, Inc., Jackson's asset management subsidiary, to source higher-yielding assets. Higher spread income from the growing institutional assets under management (AUM) is a key driver for adjusted operating earnings.
3. Diversification and Overall Strength in Retail Annuity Sales: Beyond RILAs, Jackson Financial is focusing on a diversified retail annuity portfolio. Total retail annuity sales were $5.4 billion in Q3 2025, up 2% from the prior year, reflecting continued strong demand across its product suite. This includes an 8% increase in variable annuity sales in Q3 2025, particularly those without lifetime benefits, along with an expansion into fixed annuities.
4. Growth in Assets Under Management (AUM) and Favorable Market Performance: Revenue generation is significantly influenced by the level of assets under management. Jackson has experienced an increase in its average retail annuity AUM to $263 billion, up from year-end 2024. Growth in average RILA AUM and variable annuity AUM leads to higher fee income and spread income. Furthermore, strong investment performance, exceeding net flows by over $7 billion in Q3 2025, contributed to increased AUM. Jackson's asset management subsidiary, PPM America, also saw its AUM increase by 18% from Q3 2024.
5. Strategic Capital Management and Share Repurchases: While not a direct revenue driver, Jackson's aggressive capital management strategy, including significant share repurchases, can indirectly support future revenue growth by enhancing shareholder value and financial flexibility. The company has been actively repurchasing stock and authorized a new $1 billion buyback program in September 2025, with expectations to exceed its 2025 capital return target. This strong capital position and commitment to shareholder returns can foster investor confidence, potentially lowering the cost of capital and enabling future investments that directly contribute to revenue expansion.

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