AM Best Affirms Credit Ratings of Jackson National Life Insurance Company and Its Affiliates

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company. These companies together are referred to as Jackson National Group (JNG). The outlook of the FSR is stable, while the outlook of the Long-Term ICRs is positive. Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the notes issued under JNL’s funding agreement-backed securities program, and the Long-Term IR of “bbb+” (Good) of JNL’s surplus notes.

In addition, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Jackson Financial Inc. (Delaware). The outlook of these Credit Ratings (ratings) is positive. All companies are domiciled in Lansing, MI, unless otherwise specified. (Please see below for a detailed listing of the Long-Term IRs.)

The ratings reflect JNG’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The rating affirmations reflect the continued progress in the execution of the group’s strategic plan. The balance sheet strength assessment factors in a strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), along with continued upstreaming of dividends to the parent, appropriate asset liability management, a targeted long-term regulatory capital position above 425% and financial flexibility at the holding company level. Premium growth continues to be led by the group’s registered indexed-linked annuity business segment, driving overall sales diversification. GAAP earnings have been favorable; however, statutory earnings for 2023 were unfavorable and have showed some volatility during 2024. Results are expected to continue to support the group’s growth. An expectation of future statutory capital growth through positive organic earnings is factored into JNG’s positive Long-Term ICR outlooks.

The ratings also consider the group’s business profile with strong market share and distribution capabilities as a leader in the annuity and retirement space along with recently being among the leaders in their newer registered index-linked annuity products. Lastly, the ratings are supported by an ERM framework that is commensurate with the group’s risk profile.

The following Long-Term IRs have been affirmed, with positive outlooks:

Jackson National Life Insurance Company—
-- “bbb+” (Good) on USD 250 million, 8.15% surplus notes, due 2027

Jackson National Life Global Funding – “a” (Excellent) program rating
-- “a” (Excellent) on all outstanding notes issued under the program

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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