Jackson National Completes Separation From Prudential plc

By Staff Reports

Jackson Financial has completed its previously announced separation from Prudential plc through a demerger.

Jackson is now an independent company, and its Class A common stock is expected to commence “regular way” trading under the ticker symbol “JXN” on the New York Stock Exchange on Sept. 20, the company said in a press statement.

Jackson is a leading U.S. retirement services provider with market leadership supported by its diverse portfolio of differentiated products, efficient and scalable operating platform and industry-leading distribution network.

On June 18, 2020, Jackson entered into an agreement with Athene Holding to fully reinsure $27.6 billion of the company’s in-force book of fixed and fixed index annuity liabilities in exchange for $1.2 billion in ceding commission from Athene.

Jackson is focused on maintaining a strong financial profile while delivering consistent profitable growth, enabling strategic reinvestment in the business and returning capital to shareholders, the company said in its release.

“Today marks a key milestone for Jackson, which wouldn’t have been possible without our associates’ unrelenting dedication to our mission of helping people achieve financial freedom for life,” said Laura Prieskorn, chief executive officer, Jackson. “As a leader in the U.S. retail annuity market, we are entering this new chapter on solid financial footing, with a focused strategy to drive growth and create value for our customers, associates and shareholders as a public company.”

Prudential shareholders voted to approve the demerger on Aug. 27, 2021, and Jackson’s Class A
common stock began “when-issued” trading on the New York Stock Exchange on Sept. 1, 2021.

Prudential shareholders of record as of the close of business on September 2, 2021 received a distribution of one share of Jackson’s Class A common stock for every 40 shares of Prudential ordinary stock held on the record date.

Concurrently with the completion of the demerger, the previously announced appointments to Jackson’s Board of Directors became effective.