Jackson Financial Inc

Jackson Financial Inc. (preferred series JXN-PA) is a major annuity provider whose subsidiary Jackson National Life Insurance Company has a documented pattern of predatory practices targeting elderly consumers. In a California class action, Jackson National agreed to pay up to $25 million to settle claims that it targeted customers aged 60 and older with fixed deferred annuities containing substantial undisclosed commissions, excessive surrender charges, and long surrender periods not properly disclosed under California law. The class covered over 44,000 consumers who purchased annuities between 2002 and 2012. In a separate settlement, Jackson National paid $8.75 million to resolve claims of incorrectly calculated withdrawal and recapture charges on Perspective Series, Elite Series, and Retirement Latitude variable annuities sold between 2009 and 2021. The core allegations — hidden fees, excessive surrender charges targeting seniors, and undisclosed commissions that adversely affect annuity values — are textbook predatory financial product design. Jackson reported $23.2 billion in total annuity sales for 2025.