The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Suneet Kamath - Jefferies - Analyst
: Thanks. Good morning. So, we've all seen these media reports that have indicated your interest in potentially acquiring in the annuity business.
I'm not asking you to comment on that. Of course, you can if you want to. But just more broadly, I was just curious if you could kind of give us your
philosophy as it relates to inorganic growth or M&A? Thanks.
Question: Suneet Kamath - Jefferies - Analyst
: Okay. And then I guess a separate question. You talked about growing the spread-based products, and as we think about the landscape, it seems
like most of the companies that are pursuing a similar strategy have an alternative asset management partner in some way, shape, or form.
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MAY 08, 2025 / 1:00PM, JXN.N - Q1 2025 Jackson Financial Inc Earnings Call
I think you stand out as an exception there. So, just wondering if you could provide some thoughts on how you think about that strategy. And do
you think it puts you at a competitive disadvantage relative to some of those peers that have already kind of moved in that direction? Thanks.
Question: Suneet Kamath - Jefferies - Analyst
: Sure, go ahead.
Question: Suneet Kamath - Jefferies - Analyst
: Got it. If I could just sneak one more in. You made an interesting comment in your prepared remarks about fee-based advisors selling more annuities.
Just wondering kind of if you can unpack that a little bit, what's driving it? And how do you structure a product for that type of advisor? Thanks.
Question: Suneet Kamath - Jefferies - Analyst
: Okay, thanks for the answers.
Question: Thomas Gallagher - Evercore ISI - Analyst
: Good morning. Question -- first question for Don. When you mentioned, I guess, there was some impact on capital in April in Brooke Re, but it
didn't require a capital contribution. I guess we don't know what your target capital level is compared to the $2.1 billion of capital that's there. So,
I'm not sure if there's a big buffer. But maybe can you just dimension how big of an impact was the capital -- the impact of capital that you saw
from April experience? Was it large, modest, somewhere in between? And I don't know if you're able to provide any sort of sensitivity relative to
the $2.1 billion, is there a good buffer there to think about? Thanks.
Question: Thomas Gallagher - Evercore ISI - Analyst
: That is helpful, Don. Appreciate it. The -- my follow-up is just on the -- I think, it was mentioned statutory capital generation and statutory earnings
benefited, there was a tax benefit in the current quarter, something about the DTA. How big of an impact was that on capital generation in the
quarter?
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MAY 08, 2025 / 1:00PM, JXN.N - Q1 2025 Jackson Financial Inc Earnings Call
Question: Ryan Krueger - Keefe, Bruyette & Woods. - Analyst
: Hey, thanks. Good morning. Could you remind us (technical difficulty).
Question: Ryan Krueger - Keefe, Bruyette & Woods. - Analyst
: (technical difficulty) require you to contribute capital to the degree in the past and I think they're related to market rates and volatility and I was
just seeing if you could give us an updated view of that.
Question: Ryan Krueger - Keefe, Bruyette & Woods. - Analyst
: I guess, just as a quick follow-up to that, like, how important is the duration of the elevated volatility? So, obviously, we have -- April was probably
a month on a standalone basis that was similar to these stress scenarios, but it was also only one month. Is it -- would it require a scenario where
volatility was particularly elevated for a pretty extended period of time, like a year?
Question: Ryan Krueger - Keefe, Bruyette & Woods. - Analyst
: Thank you.
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