Jackson Financial Completes Separation From Prudential

Rhea-AI Summary

Jackson Financial Inc. has successfully completed its separation from Prudential plc (NYSE: PUK) via a demerger, now operating as an independent company. Its Class A common stock is set to start trading on the New York Stock Exchange under the symbol 'JXN' on September 20, 2021. Jackson, a leader in U.S. retirement services, aims for sustainable growth and value creation for shareholders. The demerger was approved by Prudential shareholders on August 27, 2021, with existing Prudential investors receiving shares of Jackson stock.

Positive

• Completion of separation from Prudential plc enhances independence and operational focus.
• Jackson's Class A common stock to begin trading under ticker 'JXN', indicating a new chapter for the company.
• Strong financial profile supports sustainable growth and reinvestment strategies.

Negative

• None.

“Regular Way” Trading on NYSE Expected to Commence on September 20, 2021

LANSING, Mich.--(BUSINESS WIRE)-- Jackson Financial Inc.¹ (Jackson®) today announced that it has completed its previously announced separation from Prudential plc (Prudential; NYSE: PUK) 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 September 20, 2021.

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. 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.

“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 August 27, 2021, and Jackson’s Class A common stock began “when-issued” trading on the New York Stock Exchange on September 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. For more information about Jackson, please visit https://investors.jackson.com/home.

About Jackson

Jackson® is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all of our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.

*SQM (Service Quality Measurement Group) Contact Center Awards Program for 2004 and 2006-2020. (To achieve world-class certification, 80% or more of call-center customers surveyed must have rated their experience as very satisfied, the highest rating possible.)

Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company®, and Jackson National Life Insurance Company of New York®.

This press release may contain certain statements that constitute “forward-looking statements.” Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. However, as with any projection or forecast, forward-looking statements are inherently susceptible to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward-looking statements. There can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished. Any forward-looking statements reflect Jackson’s views and assumptions as of the date of this press release and Jackson disclaims any obligation to update forward-looking information.

¹ Jackson Financial Inc. (“JFI”) is a U.S. holding company and the direct parent of Jackson Holdings LLC (“JHLLC”). The indirect, wholly-owned subsidiaries of JHLLC include Jackson National Life Insurance Company and PPM America, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210913005232/en/

Patrick Rich, Jackson

Phone: 615-861-5432

Email: patrick.rich@jackson.com

Source: Jackson Financial Inc.

FAQ

When did Jackson complete its separation from Prudential plc?

Jackson completed its separation from Prudential plc on September 20, 2021.

Under what ticker symbol will Jackson's stock trade?

Jackson's stock will trade under the ticker symbol 'JXN' on the New York Stock Exchange.

What is the significance of the demerger for Prudential shareholders?

Prudential shareholders received one share of Jackson's Class A common stock for every 40 shares of Prudential ordinary stock held on the record date of September 2, 2021.

What market does Jackson operate in?

Jackson operates in the U.S. retirement services market, focusing on retail annuities.

What date did Jackson's stock begin 'when-issued' trading?

Jackson's stock began 'when-issued' trading on September 1, 2021.