Jackson Financial Inc

The insurance industry is highly competitive, with several factors affecting our ability to compete effectively, including:

•the range of products offered,

•product terms and features,

•financial strength and credit ratings,

•brand strength and name recognition,

•investment management performance,

•fund management trends,

•responsiveness to developing demographic trends, and

•customer appetite for certain products and technological advances.

Our competitors include major stock and mutual insurance companies, private equity-backed insurance companies, mutual fund organizations, banks, and other financial services companies. In recent years, increased private equity and venture capital investments as well as substantial consolidation and convergence among companies in the insurance and financial services industries has resulted in increased competition from large, well-capitalized insurance and financial services firms that market products and services similar to ours. Increased consolidation among banks and other financial services companies could create firms with even stronger competitive positions, negatively impact the insurance industry’s sales, increase competition for access to distribution partners, increase distribution expenses, and impair the ability to market annuities to the current customer base or expand the customer base.

Despite the increasing competition, we believe that our competitive strengths position us well in the current competitive environment. See Item 1A. Risk Factors—“Risks Related to the Distribution of Our Products”.