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

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

The rating upgrade to the Long-Term ICR of JNG reflects the continued progress in the execution of the group’s strategic plan. The balance sheet strength assessment factors in a very 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 has continued with strong sales in the group’s flagship variable annuity products, but sales have also improved in its fixed and fixed indexed annuity products along with its registered indexed-linked annuities in which the company has quickly gained market share. GAAP earnings have remained favorable, while statutory earnings returned to positive levels in 2024, and remained favorable into 2025, following weaker results in the prior year. Operating results are expected to continue to support the group’s growth, alongside anticipated statutory capital expansion through positive organic earnings. The following Long-Term IRs have been upgraded with revised outlooks to stable from positive.

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

Jackson National Life Global Funding – to “a+” (Excellent) from “a” (Excellent) program rating
— to “a+” (Excellent) from “a” (Excellent) on all outstanding notes issued under program

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