Jackson Financial (fka Jackson National Life)

active

Insurance — Prudential plc (spinoff) / Apollo (strategic investor)

Deal Terms

Entry Year2021

Entry EV$3B

Entry Multiple5x

Leverage3x

Debt Amount$0.9B

Risk Metrics

LTV (est.)30%

Debt / EV0.30x

Notes

Prudential plc demerged Jackson (Sept 2021). Apollo/Athene took $500M strategic stake, reinsuring annuity block. Variable annuity exposure creates massive hedging costs. Market cap ~$7B. PE involvement through Apollo reinsurance deal — Athene absorbs annuity risk while Apollo manages assets. Insurance spinoffs increasingly land in PE orbit.

Sponsor

Apollo Global Management$938B AUM