Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

AM Best Affirms Credit Ratings of Jackson National Life Insurance Co. and Its Affiliates; Assigns ICR to Jackson Financial Inc.

Document Cited in Related
Vincent

ENPNewswire-October 7, 2021--AM Best Affirms Credit Ratings of Jackson National Life Insurance Co. and Its Affiliates; Assigns ICR to Jackson Financial Inc

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 06102021 - AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'a' (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brook Life Insurance Company.

These companies together are referred to as Jackson National Group (JNG). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of 'a' (Excellent) on the notes issued under JNL's funding agreement-backed securities program and affirmed the Long-Term IR of 'bbb+' (Good) of JNL's surplus notes. AM Best also has affirmed the Long-Term ICR of 'a' (Excellent) of Jackson National Life Global Funding. The outlook of these (Credit Ratings) ratings is stable. In addition, AM Best has assigned a Long-Term ICR of 'bbb' (Good) to Jackson Financial Inc. (Delaware). The outlook assigned to this rating is stable. All companies are domiciled in Lansing, MI, unless otherwise specified. (Please see below for a detailed listing of the Long-Term IRs)

The ratings reflect JNG's balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings also reflect the completed de-merger from Prudential plc and the company's newly rated parent, Jackson Financial Inc. JNL's balance sheet will be supported by the new parent through direct capital injections from its recent issuance of debt before the end of 2021. The company expects to target a long-term adjusted RBC ratio of 500-525% during normal market conditions. AM Best expects earnings for the lead rating unit and parent company to remain profitable, with dividends not expected to be paid to its shareholders during 2021 - during the time at which the company continues to execute the recapitalization process.

The ratings considered...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT