Jackson® Completes Acquisition of SRLC America Holding Corp for $663 Million

LANSING, Mich.--()--Jackson National Life Insurance Company® (Jackson), an indirect, wholly-owned subsidiary of Prudential plc (Prudential), confirms it completed the purchase of SRLC America Holding Corp. (SRLC) from Swiss Re on September 4, 2012. The transaction, which was announced on May 31, 2012, has received all appropriate regulatory approvals.

Explanatory Note

In the initial announcement of this transaction on May 31, 2012, the consideration of $621 million was based on an estimated balance sheet for SRLC. The consideration of $663 million in today’s announcement is based on an updated estimate of the balance sheet. The final purchase price may be further adjusted to reflect the potential differences, if any, between the estimated balance sheet provided immediately prior to completion and the actual balance sheet at completion. These potential differences may include adjustments related to market value movements on capital and surplus, unwinding of expected future profits, finalization of the extraction of business that is not part of the acquisition and associated tax attributes.

About Jackson National Life Insurance Company

With $130 billion in assets (IFRS)*, Jackson National Life Insurance Company (Jackson) is a leading provider of retirement solutions. The company sells variable, fixed and fixed index annuities, and institutional products. Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, wirehouses, financial institutions and independent insurance agents. Jackson’s subsidiary, Jackson National Life Insurance Company of New York®, similarly markets products in the state of New York. For more information, visit www.jackson.com.

*Jackson has $130 billion in total IFRS assets and $119 billion in IFRS policy liabilities primarily set aside to pay future policyowner benefits (as of 6/30/12).

Annuities are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York (Home Office: Purchase, New York). Variable annuities are distributed by Jackson National Life Distributors LLC, and may not be available in all states and state variations may apply. These contracts have limitations and restrictions, including possible withdrawal charges, recapture charges and excess interest adjustments. Contact your representative or the Company for more information.

Please remember that a Jackson annuity is intended to be a long-term, tax-deferred vehicle for retirement. An annuity's earnings are taxable as ordinary income when withdrawn and, if taken before age 59 1/2, may be subject to a 10% additional tax. Variable annuities involve investment risks and may lose value.

Jackson National Life Insurance Company is an indirect subsidiary of Prudential plc, a company incorporated in England and Wales. Prudential plc and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and had $570 billion in assets under management as of June 30, 2012. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

The following cautionary statement is included to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. However, as with any projection or forecast, forward-looking statements are inherently susceptible to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward-looking statements. There can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished.

About SRLC

SRLC was incorporated on March 29, 2011 in order to effectuate the internal restructuring transactions of Swiss Re Ltd., the ultimate public company parent, into three distinct business units. SRLC was dormant until the reorganization of the U.S. Admin Re® business on July 1, 2011. Accordingly, the historical profit before tax and profit after tax information in respect of SRLC itself is not available.

About Swiss Re

Swiss Re is a leading wholesale provider of insurance, reinsurance and other insurance-based forms of risk transfer.

Contacts

Jackson National Life Insurance Company
Corporate Communications
Matt Gonring, 800-565-9044 x35521
matt.gonring@jackson.com

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Contacts

Jackson National Life Insurance Company
Corporate Communications
Matt Gonring, 800-565-9044 x35521
matt.gonring@jackson.com