Jackson Announces Pricing of Depositary Shares Offering
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LANSING, Mich. ~ Jackson Financial Inc. (NYSE: JXN) (Jackson®) announced the pricing of a $550 million offering of 22,000,000 depositary shares, each representing a 1/1,000th interest in a share of its Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A. The underwriters have the option to purchase up to an additional 2,000,000 depositary shares to cover over-allotments, if any. Jackson intends to list the Depositary Shares on the NYSE under the symbol "JXN PR A" and the offering is expected to close March 13, 2023.

Jackson intends to use the net proceeds of the offering and cash on hand for the repayment of its senior notes maturing in November 2023. Wells Fargo Securities, BofA Securities, J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering.

Jackson Financial Inc., known as Jackson®, has announced that it will be pricing a $550 million offering of 22 million depositary shares representing a 1/1,000th interest in a share of its Fixed-Rate Reset Noncumulative Perpetual Preferred Stock Series A with a 5-year call/dividend rate reset period and noncumulative dividends with a liquidation preference per share of $25,000 (equivalent to $25 per depositary share). The underwriters have been given an option to purchase up to an additional 2 million depositary shares should there be any over-allotments.

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The company intends to list these Depositary Shares on the NYSE under the symbol "JXN PR A" and expects that this offering will close on March 13th 2023 subject to customary closing conditions. Jackson plans on using these funds along with cash on hand for repaying its senior notes maturing in November 2023 and may invest any remaining proceeds into short-term interest bearing securities pending their use.

Wells Fargo Securities LLC, BofA Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co LLC are acting as joint book-running managers for this offering and have filed an effective shelf registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC). Before investing in this offering investors should read through this prospectus supplement as well as other documents Jackson has filed with SEC for more complete information about Jackson and this offering of depositary shares which can be found by visiting EDGAR on SEC's website or by requesting them from one of these four book running managers toll free at +1 (800) 645-3751; +1 (800) 294-1322; +1 (212) 834-4533; or +1 (866) 718-1649 respectively.

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This press release does not constitute an offer to sell or solicitation of an offer to buy these depositary shares or any other security and shall not constitute an offer solicitation or sale in any state or jurisdiction in which such offer solicitation or sale would be unlawful.

Jackson® is committed to helping clarify retirement planning complexities for financial professionals and their clients alike through their range of annuity products combined with financial know how as well as award winning service* which strives towards reducing confusion that complicates retirement planning while taking a balanced long term approach towards responsibly serving all stakeholders including customers shareholders distribution partners employees regulators and community partners believing that by providing clarity today they can help drive better outcomes tomorrow .

*SQM (Service Quality Measurement Group) Contact Center Awards Program for 2004 and 2006 - 2022

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