LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.¹ (“Jackson”) today announced that its Registration Statement on Form 10 has been declared effective by the Securities and Exchange Commission (SEC). The Registration Statement on SEC Form 10 includes information regarding the business in connection with Jackson’s previously announced separation from Prudential plc (Prudential; NYSE: PUK), which will be effected through a demerger. The separation is expected to be completed September 13, subject to Prudential shareholder approval.

“The effectiveness of the Form 10 is an important step as we make progress towards establishing Jackson as an independent, publicly listed company,” said Laura Prieskorn, Chief Executive Officer, Jackson Holdings LLC. “We expect the separation to further enhance our mission to help customers pursue financial freedom for life by providing differentiated products through our industry-leading distribution capabilities, efficient operating platform and disciplined risk management. Jackson is proud to have an incredible team of committed associates with a culture of ownership and accountability that will continue to serve us well as an independent, public company.”

Jackson also announced today the addition of Drew Lawton and Lily Fu Claffee as independent director nominees to its Board, whose appointments will become effective upon completion of the proposed demerger and bring the total number of directors to nine.

• Drew Lawton: Lawton brings significant investment and insurance company experience given his prior executive leadership positions at New York Life Insurance Company, including Senior Managing Director and CEO of New York Life Investment Management; Senior Managing Director, Retirement Solutions; and Senior Managing Director and CEO, Traditional Investments, and at Fidelity Investments, including President and CEO of Pyramis Global Advisors Trust Company and Fidelity Management Trust Company.
• Lily Fu Claffee: Claffee currently serves as Executive Vice President and Chief Legal Officer at OneMain Financial. She brings extensive public policy and regulatory expertise, having previously served as Senior Vice President, Chief Legal Officer and General Counsel of the U.S. Chamber of Commerce.

“Mr. Lawton and Ms. Claffee bring tremendous insurance, financial and regulatory experience, adding to the depth and diversity of expertise on the Board,” commented Steve Kandarian, non-executive chair of the Jackson Board. “These additions, coupled with the effectiveness of the Form 10, demonstrate clear momentum on Jackson’s path to becoming an independent public company.”

The effectiveness of the Form 10 is one of the final milestones in the separation process. The separation remains subject to certain customary closing conditions including receiving Prudential shareholder approval. It is expected that “when-issued” trading of the Jackson shares on the New York Stock Exchange under the ticker symbol JXN will commence on September 1, 2021, that the demerger will be completed on September 13, 2021, and that “regular way” trading of the Jackson shares on the New York Stock Exchange will commence on September 20, 2021.

The Form 10 provides important information on the business strategy, competitive strengths and historical financial data of Jackson, among other details for the company. For more information, the Form 10 can be viewed at http://www.sec.gov and the related information statement is available on Prudential’s website at https://www.prudentialplc.com.

About Jackson

Jackson® is committed to helping clarify the complexity of retirement planning—for you and your clients. Our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences strive to reduce the confusion that complicates your clients’ plans. 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 2006-2019. (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 an indirect subsidiary of Prudential plc, which provides life and health insurance and asset management, with a focus on Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 17 million life customers in Asia and Africa and is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

Forward-Looking Statements

All statements in this communication, other than those relating to historical facts, are “forward-looking statements.” Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “estimate,” “believe,” “expect,” “could,” “forecast,” “may,” “intend,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions. This press release contains certain forward-looking statements, which reflect management’s expectations regarding future events and operating performance and speak only as of the date of this press release. These forward-looking statements are not guarantees of future performance or events and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results and events to differ materially from such statements. Factors can be found in Jackson’s filings with the Securities and Exchange Commission, including the risk factors discussed in Exhibit 99.1 to the Jackson Form 10, amendment number 6, filed on August 5, 2021. There can be no assurance that management’s expectations, beliefs, events or projections will result or be achieved or accomplished. Jackson undertakes no obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as may otherwise be required by law.

This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in any jurisdiction nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor.

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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.