Judgment: BUY Jackson screens attractive on valuation (P/B ~0.65, P/E ~11.5) against a backdrop of strong statutory capital (RBC ~572% at YE24; ~579% est. Q3’25), healthy leverage/coverage (Net debt/EBITDA 0.60x; interest coverage 28.6x), and consistent capital returns ($631m in 2024; targeting $700–$800m in 2025 with $1.1bn buyback authorization remaining). Industry tailwinds (record annuity sales, strong RILA growth) and scale-driven cost efficiency (29 bps expense-to-asset ratio; 79% in-house admin) underpin earnings power, while robust risk management aims to cushion market volatility. Key risks are GAAP volatility from hedging marks and regulatory overhang from DOL litigation, but the balance of fundamentals and capital return supports a constructive stance. WATCH ITEMS: • Statutory capital and liquidity: Track RBC ratio and holdco liquidity against stated guardrails. Sustained strength supports continued BUY; a material decline or tighter dividend capacity that crimps buybacks/dividends would move stance to HOLD/SELL. • Capital return execution: Monitor progress versus the 2025 $700–$800m target and ongoing free capital generation (> $1bn under normal markets). Exceeding targets and maintaining authorization cadence reinforces BUY; slowing pace or regulatory constraints on subsidiary dividends would weaken the thesis. • Sales/flows and product mix: Watch retail annuity net flows, RILA growth, surrender behavior, and fee/spread economics. Continued record sales and stable mix support BUY; a slowdown in RILA/VA momentum or adverse spreads would shift to NEUTRAL/HOLD.