Products & Liabilities
As of December 31, 2024 (FY2024 10-K, filed February 26, 2025)· Source: curated SEC 10-K filing analysis· 10 of 35 tables shown
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| # | Product | Liability Type | Balance Sheet ($M) | Sep Acct? | Risk to JXN | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 1 | Variable Annuities (VA) — with GLBs | Sep Acct + PAB (fixed acct) + MRB | SA: $228,851 [H]; PAB: $7,206 [H]; MRB net asset: $(5,176) [H] | Yes | Market (policyholder) + VA guarantees (GMWB/GMDB/GMAB to JXN) | Broker-dealer, wirehouses, banks, independent agents | Actively sold | Brooke Re (MRBs — in-force + flow); GMIB reinsurer (undisclosed, discontinued 2009) |
| 2 | Registered Index-Linked Annuities (RILA) | PAB + Embedded Derivative | PAB: $11,685 [H]; Embedded deriv: $(3,065) [H] | No (GA) | Index-linked crediting + buffer/floor guarantee | Broker-dealer, wirehouses, banks | Actively sold — fastest growing product ($5.7B deposits in 2024) | None disclosed |
| 3 | Fixed Index Annuities (FIA) | PAB + Embedded Derivative | PAB: $8,515 [H]; Embedded deriv: $(877) [H] | No (GA) | Index-linked crediting + floor guarantee | Independent agents, IMOs, banks | Actively sold | Athene Life Re (100% QS of in-force block, eff. June 2020); Athene also reinsures FIA lifetime income MRBs |
| 4 | Fixed Deferred Annuities | PAB | PAB: $9,615 [H] | No (GA) | Investment + crediting rate spread | Independent agents, banks, broker-dealers | Actively sold ($1.4B deposits in 2024) | Athene Life Re (100% QS of in-force block, eff. June 2020) |
| 5 | Payout Annuities (Retail) | FPB + PAB | FPB: $1,095 [H]; PAB: $844 [H] | No (GA) | Longevity + investment | Agent, direct conversion from deferred products | Actively sold ($214M deposits + $173M issuances in 2024) | None disclosed |
| # | Product | Liability Type | Balance Sheet ($M) | Sep Acct? | Risk to JXN | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 6 | Funding Agreements / Medium-Term Notes (MTN) | PAB (Institutional) | ~$5,900 [H] (within $8,384 institutional PAB) | No (GA) | Investment + crediting | Global MTN program ($27B authorized); institutional investors | Actively issued | None disclosed |
| 7 | GICs / Guaranteed Investment Contracts | PAB (Institutional) | Within $8,384 [M] | No (GA) | Investment + crediting | Direct to institutional plan sponsors | Actively sold | None disclosed |
| 8 | FHLBI Funding Agreements | PAB (Institutional) | ~$2,700 [H] (within $8,384 institutional PAB) | No (GA) | Investment + crediting; FHLBI collateral pledged ($4.2B) | FHLBI of Indianapolis | Actively issued | None disclosed |
| # | Product | Liability Type | Balance Sheet ($M) | Sep Acct? | Risk to JXN | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 9 | Closed Block Life — Universal Life / Variable UL | PAB + FPB (Additional Liabilities) | PAB: $10,750 [H]; Additional Liab: $1,184 [H] | Mixed (some SA) | Mortality + crediting + lapse | N/A — closed to new sales | Run-off — acquired blocks since 2004 | Swiss Re (SRZ) — 100% retrocession of certain acquired life blocks |
| 10 | Closed Block Life — Traditional Life | FPB | FPB: $3,578 [H] (within Closed Block Life) | No (GA) | Mortality | N/A — closed to new sales | Run-off — acquired blocks | Swiss Re (SRZ) — 100% retrocession |
| 11 | Closed Block Annuity — Deferred | FPB + PAB | FPB: $3,837 [H]; PAB: $1,149 [H] | No (GA) | Investment + crediting + longevity | N/A — closed to new sales | Run-off — acquired blocks | Swiss Re (SRZ) — 100% retrocession of certain institutional annuities |
| 12 | Closed Block — Accident & Health | FPB | Within $1,378 "Other FPB" [M] | No (GA) | Morbidity | N/A — closed to new sales | Run-off — acquired blocks | Swiss Re (SRZ) — 100% retrocession |
| 13 | Other Product Lines (Legacy) | Sep Acct + PAB + MRB | SA: $292 [H]; PAB: $164 [H]; MRB net liability: $51 [H] | Yes (small) | Mixed legacy risks | N/A | Run-off | None disclosed |
| # | Product | Liability Type | Balance Sheet ($M) | Sep Acct? | Risk to JXN | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|
| 14 | VA / RILA / FIA / Fixed (NY-issued) | Same as JNLIC equivalents | Included in consolidated figures above [M] | Yes/No | Same as JNLIC equivalents | NY-licensed agents, broker-dealers | Actively sold (NY market only) | Same as parent entity treaties |
| Entity | Role | Relationship |
|---|---|---|
| Brooke Life Insurance Company | Intermediate holding company | Direct subsidiary of JFI; parent of Jackson and Brooke Re |
| Brooke Life Reinsurance Company ("Brooke Re") | Michigan captive reinsurer | Reinsures VA MRBs from Jackson (in-force + flow); $1.9B initial capitalization; eliminates on consolidation |
| Squire Reassurance Company II | Life insurer subsidiary | Tax group member; specific purpose not disclosed |
| VFL International Life Company SPC, LTD | Offshore subsidiary | Listed as significant wholly-owned life insurer subsidiary |
| PPM America Inc. ("PPM") | Investment manager | Manages majority of general account portfolio (ex-Athene FW account) |
| Product | WA Crediting Rate (2024) | WA Crediting Rate (2023) | Change (bps) |
|---|---|---|---|
| Variable Annuity (fixed account) | 3.12% | 3.25% | (13) |
| RILA | 0.32% | 0.27% | +5 |
| Fixed Index Annuities | 2.06% | 2.05% | +1 |
| Fixed Annuity | 3.32% | 3.51% | (19) |
| Payout Annuity | 3.32% | 2.91% | +41 |
| Closed Block Life | 5.70% | 6.61% | (91) |
| Closed Block Annuity | 3.92% | 3.51% | +41 |
| Product | At Minimum ($M) | 1-50bp Above ($M) | 51-150bp Above ($M) | >150bp Above ($M) | Total Disclosed ($M) | % at Minimum |
|---|---|---|---|---|---|---|
| Variable Annuity | 7,196 | 10 | -- | -- | 7,206 | 99.9% |
| RILA (fixed acct only) | 95 | 10 | 3 | 4 | 112 | 84.8% |
| Fixed Index Annuities | 20 | 8 | 96 | 66 | 190 | 10.5% |
| Fixed Annuity | 2,133 | 86 | 30 | 266 | 2,515 | 84.8% |
| Closed Block Life | 5,462 | 414 | 746 | 5 | 6,627 | 82.4% |
| Closed Block Annuity | 950 | 19 | 26 | 11 | 1,006 | 94.4% |
| Total | 15,856 | 547 | 901 | 346 | 17,656 | 89.8% |
| Product | 0.00%-1.50% ($M) | 1.51%-2.50% ($M) | >2.50% ($M) | Total ($M) |
|---|---|---|---|---|
| Variable Annuity | 10 | 153 | 7,043 | 7,206 |
| RILA (fixed acct) | 13 | -- | 99 | 112 |
| Fixed Index Annuities | 51 | -- | 139 | 190 |
| Fixed Annuity | 107 | 26 | 2,382 | 2,515 |
| Closed Block Life | -- | 12 | 6,615 | 6,627 |
| Closed Block Annuity | -- | 12 | 994 | 1,006 |
| Total | 181 | 203 | 17,272 | 17,656 |
| Product | Account Value ($M) | Cash Surrender Value ($M) | Surrender Cushion ($M) | Cushion % |
|---|---|---|---|---|
| Variable Annuity (fixed acct) | 7,206 | 7,153 | 53 | 0.7% |
| RILA | 11,685 | 11,285 | 400 | 3.4% |
| Fixed Index Annuities | 8,515 | 8,256 | 259 | 3.0% |
| Fixed Annuity | 9,615 | 9,446 | 169 | 1.8% |
| Closed Block Life | 10,750 | 10,694 | 56 | 0.5% |
| Closed Block Annuity | 1,149 | 1,148 | 1 | 0.1% |
| Total | 48,920 | 48,282 | 938 | 1.9% |
| Component | Amount ($M) | % of SA |
|---|---|---|
| VA Separate Account by Fund Type: | ||
| Equity funds | 163,904 | 71.6% |
| Bond funds | 19,486 | 8.5% |
| Balanced funds | 42,909 | 18.8% |
| Money market funds | 2,552 | 1.1% |
| Total VA Separate Account | 228,851 | 100.0% |
| Other Product Lines (legacy) | 292 | — |
| Total Separate Accounts | 229,143 | — |