Market and Investment Volatility Risk: Jackson's profitability is highly sensitive to fluctuations in equity markets and other investment performance, which can impact asset values, derivative valuations, and the profitability of its variable annuity products.

Interest Rate Fluctuation Risk: Prolonged low interest rates can reduce investment income, pressure product margins, and make it challenging to meet guaranteed returns on certain annuity products, while rapidly rising rates can also create valuation and capital management challenges.

Longevity and Actuarial Assumption Risk: If policyholders live longer than expected or if other actuarial assumptions (e.g., mortality, lapse rates, policyholder behavior) prove inaccurate, Jackson may need to increase reserves or incur higher benefit payouts, negatively impacting financial results.