AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" 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 (collectively referred to as the Jackson National Group [JNG]) remain unchanged following the recently announced plan for JNG to be separated from its Prudential plc (Prudential) parent via a second-quarter 2021 demerger. All companies are headquartered in Lansing, MI.
On Jan. 28, 2021, Prudential announced that it would pursue the separation of Jackson Financial, Inc. (Jackson), JNG's U.S. holding company, from the group in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders. The demerger, which is subject to shareholder and regulatory approval, would lead to a significantly earlier separation of Jackson than would have been possible through a minority IPO and future sell-downs.
AM Best notes that targeted capitalization, financial leverage and other financial metrics for Jackson as a stand-alone company are largely in line with previous guidance, albeit somewhat accelerated relative to the previously envisioned minority IPO path. AM Best will continue to monitor the execution of the announced separation and related transactions in order to determine their longer-term impact on JNG's ratings.
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