Jackson Financial Inc.

Listed Company

JXNCIK 0001822993NYSELarge AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.68B

Net Income

$27.00M

Total Assets

$352.59B

Equity

$9.95B

Shares Out

70.68M

Op. Cash Flow

$5.76B

Business

Jackson Financial Inc. is a financial services company that helps Americans grow and protect retirement savings and income through insurance and investment solutions. It offers a diverse suite of annuities, including variable annuities with optional guaranteed benefits, registered index‑linked annuities (RILAs), fixed index annuities, fixed annuities, payout annuities and lifetime income solutions, alongside institutional funding agreements and acquired life and annuity blocks. The company reports results through three segments: Retail Annuities, Institutional Products and Closed Life and Annuity Blocks, with Corporate and Other for supporting activities. Its products are sold in the U.S. through independent broker‑dealers, wirehouses, regional broker‑dealers, banks, RIAs, third‑party platforms, insurance agents and institutional intermediaries.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fee income	7,983	8,083	7,680	7,722	8,059
Premiums	149	146	147	132	148
Net investment income excluding funds withheld assets	2,296	1,838	1,680	1,492	2,236
Net investment income on funds withheld assets	855	1,024	1,174	1,254	1,188
Total net investment income	3,151	2,862	2,854	2,746	3,424
Net gains (losses) on derivatives and investments	−3,357	−6,812	−5,864	−3,023	−5,344
Net gains (losses) on funds withheld reinsurance treaties	−1,304	−1,052	−1,801	2,186	−21
Total net gains (losses) on derivatives and investments	−4,661	−7,864	−7,665	−837	−5,365
Other income	61	44	67	85	94
Total revenues	6,683	3,271	3,083	9,848	6,360
Death, other policy benefits and change in policy reserves, net of deferrals	927	868	965	1,062	925
(Gain) loss from updating future policy benefits cash flow assumptions, net	44	46	102	−34	41
Market risk benefits (gains) losses, net	605	−3,809	−3,897	−3,536	−3,966
Interest credited on other contract holder funds, net of deferrals and amortization	1,221	1,110	1,145	866	832
Interest expense	100	101	109	98	37
Operating costs and other expenses, net of deferrals	2,797	2,825	2,549	2,432	2,839
Amortization of deferred acquisition costs	1,103	1,108	1,152	1,226	1,307
Total benefits and expenses	6,797	2,249	2,125	2,114	2,015
Pretax income (loss)	−114	1,022	958	7,734	4,047
Income tax expense (benefit)	−186	46	4	1,505	666
Net income (loss)	72	976	954	6,229	3,679
Less: Net income (loss) attributable to noncontrolling interests	45	30	20	43	262
Net income (loss) attributable to Jackson Financial Inc.	27	946	934	6,186	3,417
Less: Dividends on preferred stock	44	44	35	0	0
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Basic	−17	902	899	6,186	3,417
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Diluted	−17	902	899	6,186	3,417
Basic (in usd per share)	−0.24	11.86	10.99	72.34	36.35
Diluted (in usd per share)	−0.24	11.74	10.76	69.75	36.17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007)	47,321	40,289	40,422	42,489	51,547
Debt Securities, at fair value under fair value option	3,470	3,046	2,153	2,173	1,711
Equity securities, at fair value	172	197	394	393	279
Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively	9,887	9,462	10,082	—	—
Mortgage loans, at fair value under fair value option	324	449	481	582	0
Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively)	4,426	4,403	4,399	4,377	4,475
Freestanding derivative instruments	448	297	390	1,270	1,417
Other invested assets	3,185	2,864	2,466	3,595	3,199
Total investments	69,233	61,007	60,855	65,946	74,227
Cash and cash equivalents	5,704	3,767	2,688	4,298	2,623
Accrued investment income	634	529	512	514	503
Deferred acquisition costs	11,660	11,887	12,302	12,923	14,249
Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively	19,518	21,830	25,422	29,046	33,126
Reinsurance recoverable on market risk benefits, at fair value	118	121	149	221	—
Market risk benefit assets, at fair value	7,867	8,899	6,737	4,865	—
Deferred income taxes, net	719	480	640	320	954
Other assets	637	787	1,294	944	928
Separate account assets	236,000	229,000	220,000	196,000	249,000
Total assets	352,586	338,450	330,255	314,983	375,559
Reserves for future policy benefits and claims payable	10,896	11,072	11,898	12,318	18,667
Other contract holder funds	67,663	58,312	55,319	58,190	58,726
Market risk benefit liabilities, at fair value	3,754	3,774	4,785	5,662	—
Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively)	14,960	16,742	19,952	22,957	29,007
Long-term debt	2,030	2,034	2,037	2,635	2,649
Repurchase agreements and securities lending payable	1,036	1,554	19	1,048	1,589
Collateral payable for derivative instruments	58	150	780	689	913
Freestanding derivative instruments	—	361	1,210	2,065	41
Separate account liabilities	236,496	229,143	219,656	195,906	249,000
Total liabilities	342,244	328,468	319,921	305,605	364,485
Commitments, Contingencies, and Guarantees (see Note 16)	—	—	—	—	—
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 December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share (see Note 23)	533	533	533	0	—
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (see Note 23)	1	1	1	1	1
Additional paid-in capital	6,063	6,046	6,005	6,063	6,051
Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively	−1,645	−1,007	−599	−443	−211
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024	−2,470	−3,522	−2,808	−3,378	1,744
Retained earnings	7,471	7,713	7,038	6,403	2,809
Total shareholders' equity	9,953	9,764	10,170	8,646	10,394
Noncontrolling interests	389	218	164	732	680
Total equity	10,342	9,982	10,334	9,378	8,321
Total liabilities and equity	352,586	338,450	330,255	314,983	375,559

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net realized losses (gains) on investments	116	11	554	359	−182
Net losses (gains) on derivatives	3,241	6,801	5,310	2,664	5,526
Net losses (gains) on funds withheld reinsurance treaties	1,304	1,052	1,801	−2,186	21
Interest credited on other contract holder funds, gross	1,221	1,110	1,145	866	832
Mortality, expense and surrender charges	−521	−545	−528	−530	−553
Amortization of discount and premium on investments	−39	−33	−27	11	49
Deferred income tax expense (benefit)	−173	294	−207	1,547	739
Share-based compensation	132	191	107	131	129
Accrued investment income	−105	−17	2	−11	55
Deferred acquisition costs	227	415	622	601	519
Funds withheld, net of reinsurance	116	211	−20	−73	−626
Future policy benefits	−421	−777	−731	−1,137	−1,102
Other assets and liabilities, net	−61	−133	123	305	521
Net cash provided by (used in) operating activities	5,758	5,793	5,310	5,206	5,682
Debt securities	8,413	10,524	11,488	11,535	19,568
Equity securities	46	289	316	84	50
Mortgage loans	1,641	1,783	2,492	1,695	1,747
Debt securities	−14,541	−11,718	−8,231	−11,606	−14,733
Equity securities	−21	−16	−200	−249	−111
Mortgage loans	−1,950	−1,132	−1,605	−1,816	−2,427
Settlements related to derivatives and collateral on investments	−1,106	−6,481	−5,475	−674	−4,836
Other investing activities	−238	−339	623	−343	−554
Net cash provided by (used in) investing activities	−7,756	−7,090	−592	−1,374	−1,296
Deposits	27,355	20,122	14,189	18,456	20,134
Withdrawals	−42,245	−39,372	−29,112	−25,173	−28,712
Net transfers from (to) separate accounts	20,761	19,892	10,017	—	—
Proceeds from (payments on) repurchase agreements and securities lending	−516	1,532	−1,025	−541	476
Net proceeds from (payments on) Federal Home Loan Bank notes	−700	450	250	0	−380
Settlements related to deferred premium on derivatives	−114	0	0	—	—
Payments on debt	−5	−5	−603	−825	−1,615
Issuance of debt of consolidated investment entities	736	948	297	0	0
Repayments of debt of consolidated investment entities	−527	−526	−351	0	0
Contributions from partners of consolidated investments	126	29	111	0	0
Distributions from partners of consolidated investments	0	0	−92	0	0
Dividends on common stock	−223	−211	−201	−186	−50
Dividends on preferred stock	−44	−44	−35	0	0
Purchase of treasury stock	−669	−442	−306	−321	−211
Issuance of preferred stock	0	0	533	0	0
Net cash provided by (used in) financing activities	3,935	2,373	−6,328	−2,162	−3,774
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,937	1,076	−1,610	1,670	612
Income taxes paid (received)	−97	−8	−21	−5	−403
Interest paid	233	263	183	107	30
Debt securities acquired from exchanges, payments-in-kind, and similar transactions	323	50	144	506	370
Other invested assets acquired from stock splits and stock distributions	0	0	317	112	99

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