moderate - Annuity demand is counter-cyclical as retirees seek guaranteed income during uncertainty, but sales correlate with equity market wealth effects. Economic downturns reduce alternative investment returns and increase credit losses on corporate bonds and commercial mortgages. Consumer confidence affects retirement planning activity and advisor engagement. GDP growth has indirect effects through employment and retirement savings accumulation.

Rising rates are highly positive for Jackson. Higher 10-year Treasury yields expand investment spreads as new money rates on fixed income increase 100-150bps while crediting rates lag by 6-12 months. Rate increases also reduce the present value of variable annuity guarantee liabilities, lowering required reserves and freeing statutory capital. Steeper yield curves improve profitability on new annuity issuance. However, rapid rate increases can temporarily reduce annuity sales as consumers delay purchases expecting better crediting rates.

value - Stock trades at 0.8x book value despite mid-teens ROE potential and 70%+ FCF yield, attracting deep value investors focused on capital return. Also appeals to rate-sensitive investors given positive convexity to rising yields. Recent 26% three-month return suggests momentum investors entering on improving rate environment. Dividend yield around 3-4% with aggressive buybacks provides income component.