Fitch Affirms 'AA' IFS for Jackson National Life & Subs After Life of Georgia Announcement.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed the 'AA' insurer financial strength ratings of Jackson National Life Jackson National Life Insurance is a U.S. life assurance company that is a subsidiary of the UK based insurer, Prudential Plc. Founded in 1961, Jackson is headquartered in Lansing, Michigan, and has over a thousand employees in the region. Insurance Company and its subsidiary, Jackson National Life Insurance Company of New York following the announcement of JNL's planned acquisition of the Life Insurance Company of Georgia (LOG) from ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. . Fitch also affirmed the 'AA' rating on Jackson National's medium-term note Medium-term note (MTN) A corporate debt instrument that is continuously offered to investors over a period of time by an agent of the issuer. Investors can select from maturity bands of: 9 months to 1 year, more than 1 year to 18 months, more than 18 months to 2 years, etc. programs and the 'A+' surplus note rating. A complete list of ratings follows at the end of this release. LOG, which had total admitted assets and capital and surplus of about $2 billion and $104 million respectively at Sept. 30, 2004, is primarily a home service company with about $1.5 billion in ordinary life reserves. The company also has some accident and health business on the books, but that is not part of the acquisition. Fitch views the transaction as somewhat positive for JNL JNL Journal JNL Jackson National Life (insurance company; Lansing, MI; also seen as JNLIC) JNL JTIDS (Joint Tactical Information Distribution Systems) Network Library in that it will help diversify earnings away from annuities and support the company's plan to grow its individual life segment on a self-funding basis. The acquisition, which will increase JNL's inforce ordinary life reserves and policies by about one-third, is expected to further strengthen the company's economies of scale and expense advantages. The acquisition is being funded from internal capital, which has grown significantly over the past year due to improved statutory earnings and the sale of JNL's bank, JNL Thrift Holdings, Inc., earlier in the year. The transaction is expected to close in the first quarter of 2005 pending regulatory approval. The ratings of Jackson National Life Insurance Co. (JNL), Lansing, Michigan “Lansing” redirects here. For other uses, see Lansing (disambiguation). Lansing is the capital city of the U.S. state of Michigan, and the state's sixth largest city. , are based on the company's continued strong position in its core retail annuity and institutional stable value markets, solid risk-based capital, and Fitch's view that Jackson National is a core operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of the company's U.K.-based parent, Prudential plc. The rating of JNL's subsidiary, Jackson National Life of New York (JNLNY), is based on explicit support from JNL and the company's strategic role selling JNL's products in the state of New York. Jackson National, based in Lansing, Michigan, ranks among the largest life insurance groups operating in the U.S., with total assets of approximately $51 billion and total adjusted capital of $3.4 billion as of September 30, 2004. Jackson National is ultimately owned by London-based Prudential plc, a major global financial services organization with over $300 billion in total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. .
Entity/Issue/Type Action Rating/Outlook
Jackson National Life Insurance Company
-- Insurer financial strength Affirm 'AA'/Stable
Jackson National Life Insurance Company
-- 8.15% surplus notes due March 15, 2027
Affirm 'A+'/Stable
Jackson National Life Insurance Company of New York
-- Insurer financial strength Affirm 'AA'/Stable
Jackson National Life Funding, LLC
(a)-- Medium-term notes Affirm 'AA'/Stable
Jackson National Life Global Funding
(a)-- Medium-term notes Affirm 'AA'/Stable
(a) includes all rated issues |
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