Jackson Financial receives Michigan regulator approval to form captive reinsurer Brooke Re

Jackson Financial Inc.

Michigan DIFS initial approval Dec 14, 2023; funding expected in January 2024 with permanent approval thereafter.
Reinsurance cession of variable annuity market risk benefits effective Jan 1, 2024, closing Q1 2024.
100% coinsurance with funds withheld; Jackson retains base contract, investment management, and hedging programs.
Transaction expected to mitigate cash surrender value floor impact on statutory capital and RBC ratio.
No impact on holding company cash; RBC ratio targeted 425-500%; details at Feb 2024 earnings call.

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