AM Best Upgrades Jackson National Group Ratings to 'a+'

AM Best has enhanced the Long-Term Issuer Credit Ratings (Long-Term ICR) for Jackson National Group (JNG), elevating them to "a+" from the previous "a", while affirming the Financial Strength Rating at A (Excellent). The entities within JNG, such as Jackson National Life Insurance Company, its subsidiary Jackson National Life Insurance Company of New York, and its direct parent Brooke Life Insurance Company, have experienced these rating changes. Additionally, AM Best increased the Long-Term Issue Credit Rating (Long-Term IR) for the notes under the funding agreement-backed securities program to “a+” and the surplus notes to “a-” from “bbb+”. Furthermore, the Long-Term ICR for Jackson Financial Inc. was upgraded to “bbb+” from “bbb”.

The revised outlooks for these ratings are stable, influenced by JNG’s robust balance sheet and solid operational performance. The advantageous business profile, coupled with effective enterprise risk management, bolsters JNG's strategic plans. This advancement has led to a more robust risk-adjusted capitalization, as demonstrated by Best's Capital Adequacy Ratio (BCAR). JNG's capital strategy benefits from targeted upstream dividends, efficient asset liability management, and a regulatory capital target surpassing 425%. These factors, along with strong sales growth in their variable annuity lines and increased sales of fixed, fixed indexed, and registered indexed-linked annuities, have allowed JNG to capture greater market share.

Financial Performance and Growth Prospects

The group’s financial performance has been favorable, with both GAAP and statutory earnings showing positive trends, contributing to continued growth prospects. The anticipated statutory capital augmentation from organic earnings further reinforces this upward momentum. The revised stable outlook reflects a solid foundation for sustainable growth.

For more details on these credit ratings and related disclosures, visit AM Best’s Recent Rating Activity page. It is crucial for industry professionals to utilize AM Best’s ratings in accordance with their guidelines, accessible on their website.

Global Reach and Contact Information

AM Best, a leading global credit rating agency specializing in the insurance domain, offers its services across more than 100 countries from its headquarters in the United States and regional offices worldwide.

For further inquiries, industry professionals can contact Omar Mostafa, Senior Financial Analyst, or the associate directors of AM Best. Their contact details are provided above.