Form 8-K - Current report
15 12월 2023 - 9:00PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): December 14, 2023
Jackson
Financial Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-40274 |
|
98-0486152 |
(State or other jurisdiction of incorporation or
organization) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer Identification No.) |
1 Corporate Way,
Lansing,
Michigan |
|
48951 |
(Address of principal executive
offices) |
|
(Zip Code) |
(517) 381-5500
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Exchange on Which Registered |
Common Stock, Par Value $0.01 Per Share |
|
JXN |
|
New
York Stock Exchange |
|
|
|
|
|
Depositary Shares, each representing a 1/1,000th Interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A
|
|
JXN PRA |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Jackson Financial Inc. (the “Company,” “we,”
or “our”) has actively pursued methods to moderate the impact of the cash surrender value floor on the statutory capital and
risk-based capital ratio of our primary life insurance subsidiary, Jackson National Life Insurance Company (“Jackson”). On
December 14, 2023, Jackson received initial approval from the Michigan Department of Insurance and Financial Services (“Michigan
DIFS”) to form an affiliated Michigan captive insurer, Brooke Life Reinsurance
Company (“Brooke Re”). Under Michigan DIFS guidelines, the initial approval permits funding of Brooke Re in January 2024 with
permanent approval that enables operations expected promptly after funding occurs.
Jackson
will then enter into a reinsurance transaction with Brooke Re, which is expected to close in the first quarter of 2024, and all
economics of the transaction will be effective as of January 1, 2024. The transaction will provide for the cession from Jackson to
Brooke Re of liabilities associated with certain guaranteed benefit riders under our variable annuity contracts and similar
products of Jackson (“market risk benefits”), both in-force on the effective date of the reinsurance agreement and
written in the future (i.e., on a “flow” basis). Brooke Re will utilize a modified GAAP approach primarily
related to market risk benefits, with the intent to increase alignment between assets and liabilities in response to changes
in economic factors. The transaction is anticipated to mitigate the impact of the cash surrender value floor on Jackson’s
total adjusted capital, statutory required capital, and risk-based capital ratio, as well as to allow for more efficient economic
hedging of the underlying risks of Jackson’s business. This outcome will serve the interests of policyholders by protecting
statutory capital through avoidance of non-economic hedging costs.
The transaction
will be structured as a 100% coinsurance with funds withheld cession, with Jackson ceding the guaranteed benefit liabilities and related
future fees, claims and other benefits, and maintenance expenses to Brooke Re in exchange for a ceding commission for the in-force business.
Jackson will retain the variable annuity base contract, which will continue to be subject to the cash surrender value minimum reserve,
and will accrue the related base contract cash flows, which should result in less volatile effects on capital requirements. Jackson will
retain responsibility for investment management of the assets in the funds withheld account supporting the ceded liabilities. Jackson
will also execute a hedging program on behalf of Brooke Re, which we expect will
involve higher levels of interest rate hedging, while Jackson continues to maintain its own hedging programs for its retained liabilities,
such as registered index-linked annuities. Jackson will retain the annuity contract administration of the ceded business.
Based upon current market conditions and estimates of funding, which
estimates will be updated as of the effective date of the transaction, Brooke Re is expected to be funded through a return of capital
distribution from Jackson to Brooke Life Insurance Company (“Brooke Life”). Brooke Life is Jackson’s direct parent and
will be the direct parent of Brooke Re. The return of capital distribution is subject to the approval of Michigan DIFS. Based on these
same conditions and estimates, no impact is expected on the Company’s holding company cash and highly liquid securities and Jackson’s
risk-based capital ratio is expected to be within or above our 425% to 500% targeted range. Additional details on Brooke Re, as well as
our 2024 financial targets, are expected to be provided in connection with the Company’s earnings announcement in late February
2024 for the quarter and year ending December 31, 2023.
SAFE HARBOR
The
information in this report contains forward-looking statements about future events and circumstances and their effects upon revenues,
expenses and business opportunities. Generally speaking, any statement not based upon historical fact is a forward-looking statement.
Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,”
“can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,”
“will,” “expect,” “believe,” “anticipate,” “plan,” “remain,” “confident”
and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations
regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak
only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown
risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Factors that could
cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item
1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual
Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, as Part II, Item 7 was recast to reflect
the adoption of the Long Duration Targeted Improvements accounting principle in our Current Report on Form 8-K filed May 10, 2023, and
elsewhere in the Company’s reports filed with the U.S. Securities and Exchange Commission. Except as required by law, Jackson Financial
Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
|
Description |
|
|
|
104 |
|
Cover Page Interactive Data File (the coverage page XBRL tags are embedded within the Inline XBRL Document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
JACKSON
FINANCIAL INC. |
|
|
|
By: |
/s/
Marcia Wadsten |
|
|
Marcia
Wadsten |
|
|
Executive Vice President and Chief Financial
Officer |
|
|
(Principal
Financial Officer) |
Date:
December 15, 2023 |
|
|
v3.23.3
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Dec. 14, 2023 |
Document Information [Line Items] |
|
Document Type |
8-K
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Amendment Flag |
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Document Period End Date |
Dec. 14, 2023
|
Entity File Number |
001-40274
|
Entity Registrant Name |
Jackson
Financial Inc.
|
Entity Central Index Key |
0001822993
|
Entity Tax Identification Number |
98-0486152
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
1 Corporate Way
|
Entity Address, City or Town |
Lansing
|
Entity Address, State or Province |
MI
|
Entity Address, Postal Zip Code |
48951
|
City Area Code |
517
|
Local Phone Number |
381-5500
|
Written Communications |
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Common Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Common Stock, Par Value $0.01 Per Share
|
Trading Symbol |
JXN
|
Security Exchange Name |
NYSE
|
Depositary Shares, each representing a 1/1,000th Interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
Depositary Shares, each representing a 1/1,000th Interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A
|
Trading Symbol |
JXN PRA
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Security Exchange Name |
NYSE
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Jackson Financial (NYSE:JXN)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Jackson Financial (NYSE:JXN)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024