LANSING, Mich.--(BUSINESS WIRE)--November 03, 2026--
Jackson Financial Inc. (NYSE: JXN) (Jackson(R) ) today announced its financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Key Highlights
-- Record retail annuity sales1 of $6.5 billion, up 22% from the third
quarter of 2025, including record registered index-linked annuity $(RILA)$
sales of $3.0 billion, up 44% from the third quarter of 2025
-- Variable annuity (VA) sales1 of $2.8 billion were down 3% from
the third quarter of 2025
-- Fixed annuity (FA) and fixed index annuity (FIA) sales of $796
million, up 79% from the third quarter of 2025, driven by our
Jackson Income AssuranceSM Suite
-- Robust spread product sales are supported by capabilities added at PPM
America, Inc. (PPM), our asset management subsidiary, that broaden the
range of assets we can source, as well as our strategic partnership with
TPG Inc. (TPG). The growth in Jackson's general account, combined with a
focus on growing PPM's third-party business, contributed to a 13%
increase in PPM's assets under management (AUM) from the third quarter of
2025, to nearly $102 billion
-- Net income attributable to $Jackson Financial Inc(JXN-A)$. common shareholders
of $847 million, or $12.37 per diluted share in the third quarter of
2026, compared to $65 million, or $0.92 per diluted share in the third
quarter of 2025
-- Adjusted operating earnings2 of $517 million, or $7.55 per diluted
share in the third quarter of 2026, compared to $433 million, or $6.16
per diluted share in the third quarter of 2025, primarily reflecting
higher spread income from growth in average spread block AUM and a
reduced share count due to repurchases
-- Adjusted operating earnings per diluted share excluding notable items3
of $7.67 in the third quarter of 2026, up from $5.98 in the third quarter
of 2025
-- Robust capital position at the operating company, with total adjusted
capital of $5.9 billion as of September 30, 2026, and an estimated
risk-based capital (RBC) ratio at Jackson National Life Insurance Company
(JNL) of 524%
-- Free capital generation of $281 million in the third quarter of 2026,
after reflecting the increased capital requirement supporting strong new
sales growth
-- Jackson Financial Inc. (Parent Company only) net cash provided by (used
in) operating activities of $6 million in the third quarter of 2026,
compared to $22 million in the third quarter of 2025
-- Free cash flow2 of $275 million in the third quarter of 2026 reflecting
distributions from our operating company of $325 million
-- Returned $291 million to common shareholders in the third quarter of
2026, up 39% from the third quarter of 2025, with $230 million of common
share repurchases and $61 million in common dividends
-- Cash and highly liquid securities at the holding company of nearly $1.4
billion as of September 30, 2026, well above our targeted $325 million
minimum liquidity buffer
-- Received Board approval for a $1 billion increase to the existing
common share repurchase authorization
Don Cummings, Chief Executive Officer and President of Jackson, stated, "Our third quarter results reflect the strength of our business and consistent execution against our strategy. We grew adjusted operating earnings per share, while delivering record retail annuity sales, up 22% year over year. Our distribution reach will be further enhanced by our recent announcement that Jackson has been named the exclusive provider of annuities for AARP members through the AARP(R) Annuity Program from Jackson(R) . Through this program, a distinct set of Jackson annuities will be available directly to millions of AARP members, helping them pursue long-term financial stability. Our spread business continues to perform well, driven by our broad, flexible product lineup, the enhanced capabilities of PPM, and our growing partnership with TPG. Our robust in-force book of business delivered substantial progress toward our financial targets, with $281 million of free capital generation in the third quarter, $291 million of capital return to common shareholders, and healthy levels of excess cash at the holding company. We believe we are well positioned for the future and remain committed to helping Americans achieve financial freedom for life."
Consolidated Third Quarter 2026 Results
The Company reported net income attributable to Jackson Financial Inc. common shareholders of $847 million, or $12.37 per diluted share for the three months ended September 30, 2026, compared to $65 million, or $0.92 per diluted share for the three months ended September 30, 2025. Third quarter net income included a more favorable net hedging result versus the prior year's third quarter. The third quarter of 2026 also included a $337 million gain from business reinsured to third parties, while the prior year's third quarter reported a loss of $176 million. The results of reinsured business can differ significantly from quarter to quarter; however, these results do not impact our statutory capital or free cash flow and have a minimal net impact on shareholders' equity because of the offset from related changes in accumulated other comprehensive income (AOCI). We believe the non-GAAP measure of adjusted operating earnings better represents the underlying performance of our business as adjusted operating earnings exclude, among other things, changes in the fair value of derivative instruments and market risk benefits tied to market movements.
Adjusted operating earnings for the three months ended September 30, 2026, were $517 million, or $7.55 per diluted share, compared to $433 million or $6.16 per diluted share for the three months ended September 30, 2025. The current quarter per share amount reflected higher spread income from growth in average spread block AUM and a reduced share count due to share repurchases.
Total common shareholders' equity was $7.9 billion or $117.72 per diluted share as of September 30, 2026, compared to $9.4 billion or $138.17 per diluted share as of December 31, 2025. Adjusted book value attributed to common shareholders(4) was $11.1 billion or $164.47 per diluted share as of September 30, 2026, compared to $10.6 billion or $155.78 per diluted share as of December 31, 2025. The per share increase was primarily driven by year-to-date adjusted operating earnings of $1.4 billion, partially offset by capital return during the first nine months of the year. Return on equity attributable to common shareholders for the nine months ended September 30, 2026 and 2025, was 15.7% and 2.7%, respectively. Adjusted operating return on equity attributable to common shareholders(4) for the nine months ended September 30, 2026, was 17.3%, up from 14.0% in the comparable period in the prior year.
Segment Results -- Pretax Adjusted Operating Earnings(5)
Three Months Ended
-------------------------------- --------------------------------------
(in millions) September 30, 2026 September 30, 2025
-------------------------------- ------------------ ------------------
Retail Annuities $638 $494
-------------------------------- ------------------ ------------------
Institutional Products 23 31
-------------------------------- ------------------ ------------------
Closed Life and Annuity Blocks (3) 15
-------------------------------- ------------------ ------------------
Corporate and Other (46) (35)
-------------------------------- ------------------ ------------------
Total(5) $612 $505
-------------------------------- ================== ==================
Retail Annuities
Retail Annuities reported pretax adjusted operating earnings of $638 million in the third quarter of 2026, compared to $494 million in the third quarter of 2025. The current quarter results primarily reflect higher spread income resulting from growth in average RILA and FIA AUM.
Total retail annuity sales(6) of $6.5 billion in the third quarter of 2026 were up from $5.4 billion in the third quarter of 2025. VA sales(6) of $2.8 billion in the third quarter were down slightly from $2.9 billion in the third quarter of 2025. Record RILA sales of $3.0 billion in the third quarter were up from $2.1 billion in the third quarter of 2025. FA and FIA sales in the third quarter of $796 million were up from $444 million in the third quarter of 2025.
Institutional Products
Institutional Products reported pretax adjusted operating earnings of $23 million in the third quarter of 2026, compared to $31 million in the third quarter of 2025, reflecting lower spread income. The segment reported sales of $755 million in the quarter, compared to $1.0 billion in the third quarter of 2025. This level of sales reflects continued demand for spread lending and our disciplined, opportunistic approach to the institutional market. Net flows were $648 million in the third quarter of 2026, and total account value of $11.4 billion was up from $10.9 billion in the third quarter of 2025.
Closed Life and Annuity Blocks
Closed Life and Annuity Blocks reported pretax adjusted operating income (loss) of $(3) million in the third quarter of 2026, compared to $15 million in the third quarter of 2025, primarily reflecting lower limited partnership income, partially offset by decreases in reserves from the runoff of in-force business.
Corporate and Other
Corporate and Other reported a pretax adjusted operating (loss) of $(46) million in the third quarter of 2026, compared to $(35) million in the third quarter of 2025, primarily reflecting higher interest expense.
Corporate and Other also includes the results of PPM, which has experienced 13% growth in AUM from the third quarter of 2025. AUM as of September 30, 2026 was $101.8 billion, up from $90.1 billion as of September 30, 2025, driven by growth in Jackson's general account due to RILA, FA, FIA and Institutional product sales, and growth in third-party AUM.
Capitalization and Liquidity
(Unaudited, in billions) September 30, 2026 June 30, 2026 ------------------------------------------- ------------------ ------------- Statutory Total Adjusted Capital $(TAC)$ Jackson National Life Insurance Company $5.9 $5.8 ------------------------------------------- ------------------ -------------
Statutory TAC at JNL was $5.9 billion as of September 30, 2026, up from $5.8 billion as of June 30, 2026. TAC was supported by strong earnings on in-force business, partially offset by a $325 million distribution to JNL's parent during the third quarter of 2026 and the related reduction in deferred tax asset admissibility. JNL's estimated RBC ratio was 524% as of September 30, 2026, down from the second quarter of 2026 due to an increase in estimated company action level required capital, primarily due to strong levels of new business. After reflecting the required capital required to support new business, free capital generation in the third quarter was $281 million. Holding company free cash flow totaled $275 million in the third quarter of 2026 reflecting the $325 million distribution from the operating company.
Cash and highly liquid securities at the holding company totaled nearly $1.4 billion as of September 30, 2026, well above our targeted minimum liquidity buffer of $325 million.
Earnings Conference Call
Jackson will host a conference call on Wednesday, November 4, 2026, at 10 a.m. ET to review the third quarter results. The live webcast is open to the public and can be accessed at https://investors.jackson.com. A replay will be available following the call.
To register for the webcast, click here.
FORWARD-LOOKING STATEMENTS
The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as "could," "should," "can," "continue," "estimate," "forecast," "intend," "look," "may," "expect," "believe," "anticipate," "plan," "predict," "remain," "future," "confident" and "commit" or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance, and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the SEC) on February 24, 2026, and elsewhere in the Company's reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
Certain financial data included in this release consists of non-GAAP (Generally Accepted Accounting Principles) financial measures. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with U.S. GAAP. Although the Company believes these non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this release. A reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure can be found in the "Non-GAAP Financial Measures" Appendix of this release.
Certain financial data included in this release consists of statutory accounting principles ("statutory") financial measures, including "total adjusted capital" and "statutory admitted assets." These statutory financial measures are included in or derived from the Jackson National Life Insurance Company annual and/or quarterly statements filed with the Michigan Department of Insurance and Financial Services and are available in the investor relations section of the Company's website at investors.jackson.com/financials/statutory-filings.
ABOUT JACKSON
Jackson(R) (NYSE: JXN) is committed to helping clarify the complexity of retirement planning--for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for three consecutive months or more.)
Jackson(R) is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company(R) (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York(R) (Home Office: Purchase, New York).
WEBSITE INFORMATION
Visit investors.jackson.com to view information regarding Jackson Financial Inc., including a supplement regarding the third quarter results. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives' social media channels is not incorporated by reference into and is not part of this release.
APPENDIX
Non-GAAP Financial Measures
In addition to presenting our results of operations and financial condition in accordance with U.S. GAAP, we use and report selected non-GAAP financial measures. Management believes the use of these non-GAAP financial measures, together with relevant U.S. GAAP financial measures, provides a better understanding of our results of operations, financial condition and the underlying performance drivers of our business. These non-GAAP financial measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
Adjusted Operating Earnings
Adjusted Operating Earnings is an after-tax, non-GAAP financial measure, which we believe should be used to evaluate our financial performance on a consolidated basis by excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP or that are non-recurring in nature, as well as certain other revenues and expenses that we do not view as driving our underlying performance. Adjusted Operating Earnings should not be used as a substitute for net income as calculated in accordance with U.S. GAAP. However, we believe the adjustments to net income are useful for gaining an understanding of our overall results of operations.
Free Cash Flow
Free cash flow is Jackson Financial Inc. (Parent Company only) net cash provided by (used in) operating activities less preferred stock dividends and capital contributions to PPM or other subsidiaries, plus the return of capital from our subsidiaries. Equity issuances used to fund subsidiaries are included in free cash flows, resulting in a net zero impact through the offsetting capital contribution to subsidiaries. Free cash flow should not be used as a substitute for JFI's (Parent Company only) net cash provided by (used in) operating activities calculated in accordance with U.S. GAAP. However, we believe these adjustments are useful to gaining an understanding of our overall available cash flow at JFI for return of capital to common shareholders and other corporate initiatives.
For additional detail on the non-GAAP financial measures, please refer to the supplement relating to the third quarter ended September 30, 2026, posted on our website, https://investors.jackson.com.
The following is a reconciliation of Adjusted Operating Earnings to Net Income (loss) attributable to Jackson Financial Inc. common shareholders, the most comparable U.S. GAAP measure.
U.S. GAAP Net Income (Loss) to Adjusted Operating Earnings
Three Months Ended
------------------------------ --------------------------------------------
(in millions, except share
and per share data) September 30, 2026 September 30, 2025
------------------------------ -------------------- ----------------------
Net income (loss)
attributable to Jackson
Financial Inc. common
shareholders $ 847 $ 65
------------------------------ --------------- ---------------
Add: dividends on
preferred stock 11 11
------------------------------ --------------- ---------------
Add: income tax expense
(benefit) 130 (19)
------------------------------ --------------- ---------------
Pretax income (loss)
attributable to Jackson
Financial Inc. 988 57
------------------------------ --------------- ---------------
Non-operating adjustments --
(income) loss:
------------------------------ -------------------- ----------------------
Guaranteed benefits and
hedging results:
------------------------------ -------------------- ----------------------
Fees attributable to
guarantee benefit
reserves (760) (765)
------------------------------ --------------- ---------------
Net (gains) losses on
hedging instruments 1,682 14
------------------------------ --------------- ---------------
Market risk benefits
(gains) losses, net (1,071) (226)
------------------------------ --------------- ---------------
Net reserve and
embedded derivative
movements (64) 1,160
------------------------------ --------------- ---------------
Total net hedging
results (213) 183
--------------- ---------------
Amortization of DAC
associated with
non-operating items at
date of transition to
LDTI(1) 116 125
------------------------------ --------------- ---------------
Actuarial assumption
updates and model
enhancements -- --
------------------------------ --------------- ---------------
Net realized investment
(gains) losses 60 1
------------------------------ --------------- ---------------
Net realized investment
(gains) losses on funds
withheld assets (166) 379
------------------------------ --------------- ---------------
Net investment income on
funds withheld assets (171) (203)
------------------------------ --------------- ---------------
Other items (2) (37)
------------------------------ --------------- ---------------
Total non-operating
adjustments (376) 448
------------------------------ --------------- ---------------
Pretax adjusted operating
earnings 612 505
------------------------------ --------------- ---------------
Less: operating income
tax expense (benefit) 84 61
------------------------------ --------------- ---------------
Adjusted operating
earnings before
dividends on
preferred stock 528 444
------------------------------ --------------- ---------------
Less: dividends on
preferred stock 11 11
------------------------------ --------------- ---------------
Adjusted operating
earnings $ 517 $ 433
------------------------------ =============== ===============
Weighted Average diluted
shares outstanding 68,464,827 70,279,275
------------------------------ --------------- ---------------
Net income (loss) per diluted
share $ 12.37 $ 0.92
------------------------------ --------------- ---------------
Adjusted Operating Earnings
per diluted share $ 7.55 $ 6.16
(1) LDTI - Adoption of FASB issued ASU 2018-12 "Targeted Improvements to the
Accounting for Long Duration Contracts".
Adjusted Earnings Per Share, Excluding Notables and Taxes
Three Months Ended
------------------------------ ----------------------------------------------
(in millions, except per
share amounts) September 30, 2026 September 30, 2025
------------------------------ ---------------------- ----------------------
Adjusted operating earnings $ 517 $ 433
------------------------------ --- ------------ --- --- ------------ ---
Add: (Out
performance)/under
performance from limited
partnership income 16 3
------------------------------ --- ------------ --- --- ------------ ---
Add: Impact from effective
tax rate versus a 15% tax
rate guidance (8) (16)
------------------------------ --- ------------ --- ------------
Adjusted Operating Earnings
exclude notable items and
taxes $ 525 $ 420
------------------------------ === ============ === === ============ ===
Adjusted Operating Earnings
per common share (diluted),
excluding notable items and
taxes $ 7.67 $ 5.98
------------------------------ --- ------------ --- --- ------------ ---
The following is a reconciliation of Jackson Financial (Parent Company only) net cash provided by (used in) operating activities, the most comparable U.S. GAAP measure, to Free Cash Flow:
Three Months Ended
------------------------------ ----------------------------------------------
(in millions) September 30, 2026 September 30, 2025
------------------------------ ---------------------- ----------------------
Jackson Financial Inc.
(Parent Company Only) Net
cash provided by (used in)
operating activities $ 6 $ 22
------------------------------ ---- ----------- --- ---- ----------- ---
Adjustments from net cash
provided by operating
activities to free cash
flow:
------------------------------ ---------------------- ----------------------
Capital distributions
from subsidiaries 280 205
------------------------------ ---- ----------- --- ---- ----------- ---
Dividends on preferred
stock (11) (11)
------------------------------ ---- ----------- ---- -----------
Total adjustments 269 194
------------------------------ ---- ----------- --- ---- ----------- ---
Free cash flow $ 275 $ 216
------------------------------ ==== =========== === ==== =========== ===
Free Cash Flow Comprised of:
---------------------- ----------------------
Capital distributions from
subsidiaries 280 205
------------------------------ ---- ----------- --- ---- ----------- ---
Interest on surplus notes
from subsidiary 45 45
------------------------------ ---- ----------- --- ---- ----------- ---
Cash distributed to JFI 325 250
------------------------------ ---- ----------- --- ---- ----------- ---
Parent company expenses (45) (33)
------------------------------ ---- ----------- ---- -----------
Net investment income and
other income 14 8
------------------------------ ---- ----------- --- ---- ----------- ---
Other, net (19) (9)
------------------------------ ---- ----------- ---- -----------
JFI expenses and other, net (50) (34)
------------------------------ ---- ----------- ---- -----------
Free cash flow $ 275 $ 216
------------------------------ ==== =========== === ==== =========== ===
Adjusted Book Value Attributable to Common Shareholders
Adjusted Book Value Attributable to Common Shareholders excludes Preferred Stock and Accumulated Other Comprehensive Income (Loss) (AOCI) attributable to Jackson Financial Inc. (JFI), which does not include AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non-operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on the Adjusted Book Value of JFI. We exclude AOCI attributable to JFI from Adjusted Book Value Attributable to Common Shareholders because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duration in nature, and therefore we believe period-to-period fair market value fluctuations in AOCI to be inconsistent with this objective. We believe excluding AOCI attributable to JFI is more useful to investors in analyzing trends in our business because it removes those short-term fluctuations.
(in millions) September 30, 2026 December 31, 2025
------------------------------- -------------------- ---------------------
Total shareholders' equity $ 8,481 $ 9,953
------------------------------- --- --------------- --- --------------
Less: Preferred equity 533 533
------------------------------- --- --------------- --- --------------
Total common shareholders'
equity 7,948 9,420
------------------------------- --- --------------- --- --------------
Adjustments to total common
shareholders' equity:
------------------------------- -------------------- ---------------------
Exclude Accumulated Other
Comprehensive (Income)
Loss attributable to
Jackson Financial Inc. 3,157 1,201
------------------------------- --- --------------- --- --------------
Adjusted Book Value
Attributable to Common
Shareholders $ 11,105 $ 10,621
------------------------------- --- --------------- --- --------------
Condensed Consolidated Balance Sheets
September 30, December 31,
2026 2025
-------------------------------------- --------------- ----------------
(in millions, except share and per
share data)
-------------------------------------- --------------- ----------------
Assets
Investments:
Debt Securities,
available-for-sale, net of
allowance for credit losses of
$4 and $11 at September 30,
2026 and December 31, 2025,
respectively (amortized cost:
2026 $60,186; 2025 $50,491) $ 54,407 $ 47,321
Debt Securities, at fair value
under fair value option 3,203 3,470
Equity securities, at fair value 257 172
Mortgage loans, net of allowance
for credit losses of $191 and
$133 at September 30, 2026 and
December 31, 2025,
respectively 10,711 9,887
Mortgage loans, at fair value
under fair value option 557 324
Policy loans (including $3,535
and $3,537 at fair value under
the fair value option at
September 30, 2026 and December
31, 2025, respectively) 4,398 4,426
Freestanding derivative
instruments 229 448
Other invested assets 3,508 3,185
----------- ----------
Total investments 77,270 69,233
Cash and cash equivalents 4,101 5,704
Accrued investment income 771 634
Deferred acquisition costs 11,700 11,660
Reinsurance recoverable, net of
allowance for credit losses of $32
and $30 at September 30, 2026 and
December 31, 2025, respectively 17,514 19,518
Reinsurance recoverable on market
risk benefits, at fair value 87 118
Market risk benefit assets, at fair
value 8,489 7,867
Deferred income taxes, net 532 719
Other assets 576 637
Separate account assets 237,319 236,496
----------- ----------
Total assets $ 358,359 $ 352,586
--------------------------------------- =========== ==========
Condensed Consolidated Balance Sheets
September 30, December 31,
2026 2025
---------------------------------- ---------- ---------
(in millions, except share and
per share data)
---------------------------------- --------------- --------------
Liabilities and Equity
Liabilities
Reserves for future policy
benefits and claims
payable $ 10,119 $ 10,896
Other contract holder funds 76,249 67,663
Market risk benefit
liabilities, at fair value 2,920 3,754
Funds withheld payable under
reinsurance treaties
(including $3,724 and
$3,723 at fair value under
the fair value option at
September 30, 2026 and
December 31, 2025,
respectively) 13,066 14,960
Debt 2,769 2,030
Repurchase agreements and
securities lending payable 529 1,036
Collateral payable for
derivative instruments -- 58
Freestanding derivative
instruments 1,231 257
Notes issued by consolidated
variable interest entities,
at fair value under fair
value option 2,466 2,578
Other liabilities 2,687 2,516
Separate account liabilities 237,319 236,496
---------- ---------
Total liabilities 349,355 342,244
---------- ---------
Equity
Series A non-cumulative
preferred stock and additional
paid in capital, $1.00 par
value per share: 24,000 shares
authorized; 22,000 shares
issued and outstanding at
September 30, 2026 and
December 31, 2025; liquidation
preference $25,000 per share 533 533
Common stock; 1,000,000,000
shares authorized, $0.01 par
value per share and 66,448,342
and 66,825,632 shares issued
and outstanding at September
30, 2026 and December 31,
2025, respectively 1 1
Additional paid-in capital 6,404 6,063
Treasury stock, at cost;
28,039,973 and 27,662,683
shares at September 30, 2026
and December 31, 2025,
respectively (2,128) (1,645)
Accumulated other comprehensive
income (loss), net of tax
expense (benefit) of $(340)
and $(377) at September 30,
2026 and December 31, 2025,
respectively (4,664) (2,470)
Retained earnings 8,335 7,471
---------- ---------
Total shareholders' equity 8,481 9,953
Noncontrolling interests 523 389
---------- ---------
Total equity 9,004 10,342
---------- ---------
Total liabilities and
equity 358,359 352,586
----------------------------------- ========== =========
Condensed Consolidated Income Statements
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- --------------------- --------------------
(in millions, except per
share data) 2026 2025 2026 2025
------------------------- ------ ------ ------ ------
Revenues
Fee income $ 2,031 $ 2,025 $ 5,997 $ 5,953
Premiums 33 31 99 111
Net investment
income:
Net investment
income excluding
funds withheld
assets 715 653 1,983 1,672
Net investment
income on funds
withheld assets 171 203 571 657
------ ------ ------ ------
Total net
investment
income 886 856 2,554 2,329
Net gains (losses) on
derivatives and
investments:
Net gains (losses)
on derivatives and
investments (1,587) (1,132) (3,791) (2,649)
Net gains (losses)
on funds withheld
reinsurance
treaties 166 (379) (290) (1,094)
------ ------ ------ ------
Total net gains
(losses) on
derivatives and
investments (1,421) (1,511) (4,081) (3,743)
Other income 13 15 43 45
------ ------ ------ ------
Total revenues 1,542 1,416 4,612 4,695
------ ------ ------ ------
Benefits and Expenses
Death, other policy
benefits and change
in policy reserves,
net of deferrals 216 230 695 730
(Gain) loss from
updating future
policy benefits cash
flow assumptions,
net 23 13 61 37
Market risk benefits
(gains) losses, net (1,071) (226) (1,454) (183)
Interest credited on
other contract holder
funds, net of
deferrals and
amortization 341 313 976 896
Interest expense 37 25 89 75
Operating costs and
other expenses, net
of deferrals 712 714 2,134 2,072
Amortization of
deferred acquisition
costs 284 275 846 824
------ ------ ------ ------
Total benefits and
expenses 542 1,344 3,347 4,451
------ ------ ------ ------
Pretax income
(loss) 1,000 72 1,265 244
Income tax expense
(benefit) 130 (19) 155 (14)
------ ------ ------ ------
Net income (loss) 870 91 1,110 258
Less: Net income
(loss)
attributable to
noncontrolling
interests 12 15 21 27
------ ------ ------ ------
Net income (loss)
attributable to
Jackson Financial
Inc. 858 76 1,089 231
Less: Dividends
on preferred
stock 11 11 33 33
------ ------ ------ ------
Net income (loss)
attributable to
Jackson Financial
Inc. common
shareholders $ 847 $ 65 $ 1,056 $ 198
====== ====== ====== ======
Earnings per share
Basic $ 12.40 $ 0.93 $ 15.22 $ 2.76
Diluted $ 12.37 $ 0.92 $ 15.17 $ 2.75
-------------------------- ------ ------ ------ ------
______________________________
(1) Excludes certain internal exchanges
(2) For the reconciliation of non-GAAP measures to the most comparable U.S.
GAAP measures, please see the explanation of Non-GAAP Financial Measures in
the Appendix to this release
(3) See the Appendix for a reconciliation related to notable items
(4) For the reconciliation of non-GAAP measures to the most comparable U.S.
GAAP measures, please see the explanation of Non-GAAP Financial Measures in
the Appendix to this release
(5) See reconciliation of Total Pretax Adjusted Operating Earnings, a non-GAAP
financial measure, to Net Income in the Appendix to this release
(6) Excludes certain internal exchanges
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