Jackson Financial Inc 8-K, filed Apr 10, 2025
Jackson Financial Inc. (JXN)
About this 8-K
Jackson Financial Inc filed this 8-K on April 10, 2025, reporting on events of April 4, 2025.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
PRESIDENT, JACKSON NATIONAL LIFE INSURANCE COMPANY
On April 4, 2025, the Board of Directors of Jackson Financial Inc. (the “Company”) appointed Christopher A. Raub, age 54, as Executive Vice President, Jackson Financial Inc. and President, Jackson National Life Insurance Company, effective April 14, 2025. Jackson National Life Insurance Company (“Jackson”) is the Company’s main operating subsidiary. Mr. Raub has been with the Company for over 25 years, having served as the Company’s Executive Vice President and Chief Risk Officer since April 2023. Prior thereto, Mr. Raub served as senior managing director and head of insurance assets at PPM America, Inc. (“PPM”), a subsidiary entity of the Company. In that role, he was responsible for overseeing Jackson’s general account. Previously, Mr. Raub held numerous other roles within PPM and Jackson focused on strategy, investments and risk management.
In his new role, Mr. Raub will receive a compensation package including $600,000 base salary, a target bonus of 175% of base salary, and a target annual long-term equity incentive award of $2,000,000. Mr. Raub also will receive other compensation pursuant to certain plans provided by the Company, including health and welfare, retirement, and benefits typically available to our executives.
CHIEF RISK OFFICER
On April 4, 2025, the Board of Directors of the Company appointed Savvas (Steve) Panagiotis Binioris as the Company’s new Executive Vice President and Chief Risk Officer, effective April 14, 2025. Mr. Binioris will succeed Mr. Raub in the role.
Item 7.01. Regulation FD Disclosure.
On April 10, 2025, the Company issued a press release regarding the appointment of Mr. Raub as Executive Vice President, Jackson Financial Inc. and President, Jackson National Life Insurance Company; and the appointment of Mr. Binioris as Executive Vice President and Chief Risk Officer of Jackson Financial Inc. A copy of that press release is furnished as Exhibit 99.1.
SAFE HARBOR
The information in this report contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this report not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2025, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
WEBSITE INFORMATION
Visit investors.jackson.com to view information regarding Jackson Financial Inc. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release issued April 10, 2025, announcing executive officer changes at Jackson Financial Inc. | |
| 104 | Cover page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL Document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| JACKSON FINANCIAL INC. | ||
| By: | /s/ Carrie L. Chelko | |
| Carrie L. Chelko | ||
| Executive Vice President, General Counsel | ||
| Date: April 10, 2025 | ||
Exhibit 99.1
| FOR IMMEDIATE RELEASE |  |
Jackson Announces New President and Chief Risk Officer
LANSING, Mich. ― April 10, 2025 ¾ Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) announced today that Chris Raub has been appointed President of its main operating subsidiary, Jackson National Life Insurance Company®. In this new role, he has responsibility for all go-to-market activities, driving sustainable growth and ensuring Jackson remains at the forefront of industry advancements. Raub will have oversight of Jackson’s distribution, product development, operations, information technology and sub-advisor/fund accounting functions. Steve Binioris has been appointed to succeed Raub as Executive Vice President and Chief Risk Officer, overseeing all enterprise risk management, including financial and operational risks. Pam Bottles has been named interim Chief Actuary as the Company begins a search to fill Binioris’ prior role. Raub and Binioris will both report to Laura Prieskorn, Chief Executive Officer. These changes will be effective April 14, 2025.
“Chris’s experience, commitment to innovation and effective leadership skills will be invaluable in this role as we advance our strategic priorities,” stated Laura Prieskorn, President and Chief Executive Officer of Jackson Financial Inc. “I am proud our focus on succession planning has resulted in a smooth transition for Steve to take on his new role. I am confident in the leadership Chris and Steve will provide and look forward to continued collaboration as Jackson delivers value to all stakeholders, ultimately helping more Americans secure their financial futures.”
Raub has been with Jackson for more than 25 years, having most recently served as Executive Vice President and Chief Risk Officer. Previously, Raub held numerous other roles within the Company, including senior managing director and head of insurance assets at PPM America, Inc. (PPM), a subsidiary entity of Jackson. In that role, he was responsible for overseeing the life insurance company’s general account. Prior to joining the Company, Raub worked at GE Capital’s Merchant Banking group, Heller Financial’s Corporate Finance group and Arthur Andersen’s Specialty Consulting group. He earned a bachelor’s degree in accounting from Miami University (Ohio) and a master’s in business administration from Northwestern University.
“I am honored to take on the role of President, Jackson National Life Insurance Company, as we navigate through this next phase of growth,” commented Raub. “Throughout my career, Jackson has consistently evolved to meet the demands of the market with competitive products and unparalleled service, setting a standard within the annuity industry. I look forward to building on that legacy, working with our talented teams across the organization to not only meet the needs of our distribution partners and policyholders, but to exceed their expectations.”
1Jackson Financial Inc. is a U.S. holding company and the direct parent of Jackson Holdings LLC (JHLLC). The wholly-owned direct and indirect subsidiaries of JHLLC include Jackson National Life Insurance Company, Brooke Life Insurance Company, PPM America, Inc. and Jackson National Asset Management, LLC.
Binioris joined Jackson in 2001 and has held various roles within the Company, including most recently serving as Senior Vice President and Chief Actuary at Jackson National Life Insurance Company. During his tenure, he has held responsibility for oversight of the Company’s Asset Liability Management team. Prior to Jackson, he held positions with Sun Life Financial and London Life. Binioris earned a bachelor’s degree in mathematics from the University of Waterloo. He is a Fellow in the Society of Actuaries, a member of the American Academy of Actuaries and holds the Chartered Financial Analyst designation.
“I’m proud to serve in the role of Chief Risk Officer, building on a nearly 25-year career at Jackson,” commented Binioris. “Our customer-first mentality, strong team collaboration and disciplined approach to risk management will continue to serve us well as we safeguard the trust of our customers and maintain our position as an industry leader.”
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ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2024. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for 3 consecutive months or more.)
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
SAFE HARBOR STATEMENT
The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied. Factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2025, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
WEBSITE INFORMATION
Visit investors.jackson.com to view information regarding Jackson Financial Inc. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this release.
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Media Contact:
Patrick Rich
patrick.rich@jackson.com
Investor Relations Contact:
Andrew Campbell
andrew.campbell@jackson.com