Jackson Announces $125 Mln Share Buyback; Names Scott Romine President Of JNLD - Quick Facts

(RTTNews) - Jackson Financial Inc.1 (JXN), as part of its previously disclosed $300 million share repurchase program, Monday said it has signed agreements to repurchase Class A common stock from Prudential plc (PUK) and Athene Co-Invest Reinsurance Affiliate 1A Ltd. for a total purchase price of approximately $125 million.

The company is repurchasing a total of 2.24 million shares of its Class A common stock from Prudential, consistent with Prudential's previously disclosed intent to sell a portion of its ownership of Jackson shares. Jackson is also repurchasing a total of 1.13 million shares of its Class A common stock from Athene.

The transactions are being funded with cash on hand.

The company noted that the latest repurchases from Prudential and Athene bring its total share repurchases to around $185 million under the share repurchase program.

Separately, Jackson announced that Scott Romine has been appointed President of Jackson National Life Distributors LLC or JNLD, the marketing and distribution business of Jackson National Life Insurance Company.

Scott will also be a member of Jackson's Executive Committee, reporting to Chief Executive Officer, Laura Prieskorn.

A 24-year Jackson veteran, Romine most recently served as President of Advisory Solutions.

Jackson also announced Alison Reed's expanded role as the Chief Operating Officer of JNLD.