Jackson Financial (JXN) opening sales of 1000 May $45 puts for $3.20 on 4/25 ahead of 5-10 earnings, name holding up well in a broader weekly bull flag under $47/$48. Shares have room on a breakout to run to $56-$57, more than 25% upside. JXN is a $3.96B financial that primarily provides a suite of annuities as retirement savings and income solutions to retail investors. They offer variable, fixed index, and fixed annuities and a market-leader with $19B in sales through 580 distributors. The company expects in 2022 to continue to benefit from growth in fee income, Retail products, and an expanded network. JXN sees annuities gaining more popularity in 2022 with advisors who are looking for balancing protection and growth amidst rising inflation and proactive tax planning. Shares trade 2X earnings, 0.45X sales, and 1.5X cash with a big 5% yield. Jefferies started coverage at Buy in January as Jackson’s lifetime cash flows from its variable Annity business suggests meaningful upside. MSCO has a $37 PT and Outperform rating as the clear leader in variable annuities in terms of sales, scale and efficiency. Prudential maintains a large equity stake in the company. Sessa Capital also has a new 4.75M share stake.