Fitch Ratings affirmed the Insurer Financial Strength (IFS) ratings of Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York at 'A' on September 25, 2024. The Issuer Default Rating (IDR) assigned to Jackson Financial, Inc. was also affirmed at 'BBB+', with a Stable Rating Outlook. This affirmation reflects the company's very strong financial performance and robust capital position.
Fitch highlighted Jackson's strong capitalization, noting a high NAIC RBC ratio of 624% at year-end 2023, with the estimated RBC ratio exceeding 500% for the last three years. Financial leverage improved, decreasing to approximately 15% at year-end 2023 from 21% at year-end 2022. These metrics indicate a solid financial base supporting the company's operations.
The rating agency also acknowledged the strategic importance of Brooke Life Reinsurance Co, established at the beginning of 2024. This captive reinsurer is expected to mitigate earnings volatility and better align Jackson's hedging practices with an economic basis, contributing to more predictable financial results and capital stability.
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