Steve Binioris
About Steve Binioris
Executive Vice President and Chief Risk Officer (CRO) at Jackson Financial Inc. (effective April 14, 2025), with nearly 25 years at Jackson since joining in 2001. Previously served as Senior Vice President and Chief Actuary with oversight of Asset-Liability Management (ALM). Education and credentials: B.Math., University of Waterloo; Fellow of the Society of Actuaries (FSA); Member of the American Academy of Actuaries (MAAA); Chartered Financial Analyst (CFA) . Company performance context during the most recent year: 2024 total shareholder return ranked at the 94th percentile versus S&P Insurance Select Industry Index peers; net income to common of $902m; pretax adjusted operating earnings $1.678bn; Adjusted Operating ROE 12.9%; JNL RBC ratio 572%; capital return of $631m ($8.22/share) with dividend increase and buybacks .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jackson Financial Inc. | Executive Vice President & Chief Risk Officer | Apr 14, 2025–present | Oversees enterprise risk management, including financial and operational risks; reports to CEO . |
| Jackson National Life Insurance Company (JNL) | Senior Vice President & Chief Actuary; ALM oversight | 2001–Apr 13, 2025 | Led valuation, pricing and actuarial functions; oversaw ALM; succeeded by Lin Sun upon promotion to CRO . |
| Sun Life Financial | Actuarial roles (not specified) | Not disclosed | Pre-Jackson actuarial/insurance experience . |
| London Life | Actuarial roles (not specified) | Not disclosed | Pre-Jackson actuarial/insurance experience . |
Performance Compensation
JXN ties executive incentives to profitability, capital generation and strategic execution. While Steve’s specific targets are not disclosed, he participates in the company’s incentive architecture summarized below.
- Annual Incentive (2024 program design and results)
| Goal | Weight | Threshold | Target | Maximum | 2024 Outcome | Payout % | Weighted Payout |
|---|---|---|---|---|---|---|---|
| Pretax Adjusted Operating Earnings | 60% | $1,357m | $1,696m | $2,035m | $1,815m | 135.1% | 81.0% |
| Controllable Costs | 20% | $847m | $770m | $693m | $735m | 145.5% | 29.1% |
| Key Strategic Objectives | 20% | Qualitative | Qualitative | Qualitative | Target exceeded | 120.0% | 24.0% |
| Cumulative Payout | 134.1% |
- Long-Term Incentive (2024–2026 PSU framework; rTSR modifier retained)
| Performance Measure | Weight | Threshold (50% payout) | Target (100%) | Max (200%) |
|---|---|---|---|---|
| Net Cash Flow to JFI | 50% | $1,225m | $2,449m | $3,674m |
| Adjusted Operating ROE | 50% | 11.1% | 13.9% | 16.7% |
Relative TSR vs S&P Insurance Select Industry Index modifies final PSU payout: Top quartile 120%; 2nd/3rd quartiles 100%; Bottom quartile 80% (cap remains 200% of target) .
Governance controls on incentives: robust clawback (beyond SEC minimums), prohibition on option repricing without shareholder approval, no single-trigger CIC benefits, and no golden parachute excise tax gross-ups .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (initial statement) | 21,940.82 shares reported on Form 3 (reflects total of unvested RSUs plus accrued dividend equivalents granted on Mar 10, 2023; Mar 10, 2024; Mar 10, 2025) . |
| Ownership form | Direct (D) per Form 3 . |
| Vesting schedule (RSUs) | Each annual grant vests in three equal tranches beginning on the first anniversary of grant; RSUs settle in common stock upon vesting (per Form 3 explanation) . |
| Hedging/pledging | Company policy prohibits hedging or pledging by directors and executive officers . |
| Stock ownership guidelines (executives) | CEO 7x salary; Executive Committee members 4x; SVPs 1x; 5-year compliance window; unvested RSUs count; PSUs do not; noncompliance triggers mandatory bonus deferral into RSUs . |
Vesting schedule detail (as disclosed):
- RSU grant dates: March 10, 2023; March 10, 2024; March 10, 2025 — each vests 1/3 annually starting one year from grant date; aggregate unvested units (incl. dividend equivalents) reflected in Form 3 total above .
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Executive Vice President & Chief Risk Officer, effective April 14, 2025; reports to CEO . |
| Responsibilities | Enterprise risk management across financial and operational risks . |
| Clawback policy | Incentive recoupment policy exceeding SEC minimums (restatement, breach of law, conduct/misconduct) . |
| Hedging/pledging | Prohibited for directors and executive officers . |
| Ownership guidelines | Significant stock ownership requirements for senior executives; 5-year compliance period . |
| Say-on-Pay support (program credibility) | 98% approval for executive compensation at 2024 annual meeting . |
Note: Specific base salary, target bonus %, LTI target value, severance/CIC terms for the CRO were not disclosed in the cited filings; the company discloses such terms for certain NEOs and program-wide practices .
Investment Implications
- Alignment/retention: Meaningful unvested RSU exposure (three overlapping annual grants) and executive ownership guidelines create multi-year retention and strong shareholder alignment; hedging/pledging prohibitions reduce forced-selling and hedging-risk misalignment .
- Risk oversight continuity: Promotion from Chief Actuary/ALM oversight to CRO underscores strong internal succession and deep balance-sheet/risk expertise—a positive for safeguarding capital-return goals and navigating market/hedging volatility .
- Pay-for-performance architecture: Company-wide incentive design is tied to adjusted operating earnings, cost discipline, capital/cash flow and ROE, with rTSR as an external check—supportive for investors prioritizing capital efficiency and disciplined growth .
- Watch items: Individual CRO compensation terms (salary/bonus/CIC/severance) are not disclosed; monitor future proxy/8-Ks and Forms 4 for selling around vest dates to assess potential insider supply dynamics. Program-level guardrails (clawback; no single-trigger CIC; no excise tax gross-ups) mitigate governance risk .