Jackson Financial Inc. · NYSE:JXN
Jackson Financial — Q1 2026 Earnings Presentation
29 slides from Jackson Financial's earnings presentation, May 6, 2026
Slide 1: The Jackson Difference
The Jackson Difference Investor Presentation May 2026
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures 2 The information in this document contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this document not based upon histor
Slide 3: Company Overview & History
Company Overview & History Jackson Financial 3 Creating solutions for a more secure retirement Jackson is an established leading U.S. annuity writer. Our differentiated products, established brand, strong distribution partnerships, and efficient and scalable operating platform position the company f
Slide 4: Continuing to Create Long-Term Stakeholder Value
Company Overview & History Continuing to Create Long-Term Stakeholder Value 4 Today Sep. 2021 Estimated RBC: 554% Demerger Sep. 2023 Leverage: 19.8%1 RBC: >525% Cumulative $1B capital HoldCo liquidity: ~$650M Leverage: 23.5%1 returned to shareholders3 Nov. 2024 Aug. 2025 12-month capital return Hold
Slide 5: A Targeted Business Strategy
Company Overview & History A Targeted Business Strategy 5 Unique and broad annuity offerings with select complementary businesses Retail Annuities Institutional Closed Block Includes guaranteed Primarily composed of Registered Index- Fixed & Fixed Index investment contracts blocks of insurance produ
Slide 6: Jackson's Strategy to Drive Step Change in Growth
Strategy & Vision Jackson’s Strategy to Drive Step Change in Growth 6 Focused and disciplined strategy built on history of executing against core capabilities Our Strategy Leverage capabilities across organic and inorganic opportunities to drive meaningful value creation for all stakeholders Deep pr
Slide 7: The American Retirement Market
Strategy & Vision The American Retirement Market 7 U.S. retirees need secure, flexible retirement products U.S. Retirement Assets1 $1.1 Trillion LIMRA Forecast 2025-2027 Total Annuity Sales2 $22.8T Public Facts & Stats Plans $9.5T IRA $13.6T 8.7% Independent RIA advisor count 289,417 Financial Advis
Slide 8: Proven Execution and Profitability
Strategy & Vision Proven Execution and Profitability 8 A differentiated business model Competitive Core Competencies Track Record of Operating Success Innovative product design Market leader in the annuity space ✓ Top 5 annuity writer for 12 of the last 15 years5 Broad distribution network1 ✓ Approx
Slide 9: Disciplined Growth, Durable Returns
Strategy & Vision Disciplined Growth, Durable Returns 9 A compelling future capital return story Consistent capital generation Growing free cash flow1 Increased dividend per common share each year since becoming a public company Share buyback2 activity that spans market environments Consistently del
Slide 10: Financial Results
Sustainable Growth Financial Results 10 Strong results driven by profitable in-force and diligent capital deployment March YTD 2026 Financial Metrics Adj. Operating Earnings1 per Diluted Common Share $(435)M $(6.24) 6.16 6.61 5.10 4.87 5.15 GAAP Earnings GAAP Earnings per Net loss attributable to Sh
Slide 11: Focused Sales Diversification
Sustainable Growth Focused Sales Diversification 11 Strategic product expansion has driven greater sales diversification Full-Year 2021 Sales TTM1 1Q26 Sales RILA FA / FIA Spread Sales 4% 53% FA FA / FIA / FIA GIC GIC GIC VA (w/ LB) VA VA(no (noLB) LB) Other than RILA VA (no LB) lifetime benefit VA
Slide 12: RILA Gaining Momentum
Sustainable Growth RILA Gaining Momentum 12 Jackson gaining market share contributing to growing AUM RILA Industry Sales per LIMRA RILA Account Value (Quarter discrete) ($ billions) 4Q25 Top 5 Competitors 21.4 20.3 4Q21 60% 17.8 All Others 14.7 $10.3b $22.1b 12.4 11.7 10.3 8.3 6.6 JACKSON 5.2 10.3%
Slide 13: High Quality Variable Annuity Business
Sustainable Growth High Quality Variable Annuity Business 13 A differentiated approach to product design • Scaled Variable Annuity Block Focused on Withdrawal Benefit Features Variable Annuity Account ✓ Limited exposure to challenging guarantees ✓ Investment freedom is well managed through rigorous
Slide 14: Hedging Protects Capital and Distributable Earnings
Sustainable Growth Hedging Protects Capital and Distributable Earnings 14 A differentiated approach to hedging economic risks RILA and VA Guarantees Managed in Separate Legal Entities Hedging Program Aligns Closely with While Capturing Offsetting Equity Risks the Economics of the Business Jackson Na
Slide 15: PPM America – Jackson's Asset Manager
PPMA & Investment Portfolio PPM America – Jackson’s Asset Manager 15 A robust platform for institutional investors BY THE NUMBERS $94BB $95 Total firm AUM2 Total firm AUM1 $58BB $59 Assets managed on behalf of 1990 1990 Year of founding Year founded 224 226 Number of employees Assets managed on beha
Slide 16: U.S. GAAP – Investment Portfolio
PPMA & Investment Portfolio U.S. GAAP1 – Investment Portfolio 16 March 31, 2026 Investment Portfolio Classification1 Key Highlights Residential mortgage-backed <1% Other invested assets <1% • Market/book ratio of the fixed maturity portfolio is 0.95 Equity securities <1% Derivatives 1% Other governm
Slide 17: Consistent Capital Generation and Free Cash Flow
Balanced Capital Allocation Consistent Capital Generation and Free Cash Flow 17 Free Capital Generation Provides Foundation for New Free Cash Flow3 at Holding Company Provides Financial Capital Return to Common Shareholders is Balanced Business Growth and Distributions to Holding Company Flexibility
Slide 18: Delivered on 2025 Financial Targets
Balanced Capital Allocation Delivered on 2025 Financial Targets 18 Targets Progress Capital Return $700-$800 million capital Returned $862 million of capital to common shareholders in 2025, return to common consisting of $228 million in dividends and $634 million in share shareholders repurchases Ho
Slide 19: Consistent Capital Return to Shareholders
Balanced Capital Allocation Consistent Capital Return to Shareholders 19 Cumulative capital return to common shareholders Highlights $3.0B • Jackson Financial Inc. (JFI) has returned nearly $3.0 billion to common shareholders exceeding our initial market capitalization • JFI has repurchased 34.5 mil
Slide 20: Robust Capital and Liquidity
Balanced Capital Allocation Robust Capital and Liquidity 20 Highlights • JNL estimated RBC ratio of 554% as of end of 1Q26, underscoring a robust capital position • Statutory Total Adjusted Capital (TAC) of nearly $5.5 billion at end of 1Q26 at JNL • Brooke Re capital remains well above our internal
Slide 21: Resilient Capitalization
Balanced Capital Allocation Resilient Capitalization 21 Capital and Cash Return History RBC Ratio1 History JNL Remittances2 • Jackson prioritizes balance sheet strength ($ millions) • Strong capital generation has allowed JNL to consistently pay remittances to its parent 1,115 since becoming a publi
Slide 22: Differentiated products and well-known brand among advisors
Long Term Value 22 Differentiated products and well-known brand among advisors We Are Primed for Sustainable Growth Industry-leading and proven distribution capabilities As demand for new sources of Award-winning customer service and scalable operating platform retirement income increases and an agi
Slide 23: On Track to Deliver 2026 Financial Targets
On Track to Deliver 2026 Financial Targets 23 Stronger, More Stable Capital Generation Supported by TPG Strategic Partnership Free Capital Generation At or above $1.2 billion1 First quarter free capital generation of $271 million Capital Return $900 million - $1.1 billion capital In the first quarte
Slide 24: Appendix
24 Appendix @ JACKSON’
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures 25 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 that the use of these non-GAAP financial measures, together with relevant U.S. GAAP fin
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures 26 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 a
Slide 27: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation 27 $ millions, except effective tax rate For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders (35) 168 65 (215) (435) Add: dividends on preferred stock 11 11 11 11 1
Slide 28: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation 28 $ millions, except percentages and per share and shares outstanding data For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net Income (Loss) (18) 185 91 (186) (420) Income attributable to non-controlling interest 6 6 15 18 4 Net Income
Slide 29: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation 29 For the Three $ millions Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Jackson Financial Inc. Net Cash Provided by (used in) Operating Activities (Parent Company Only) (U.S. GAAP) 29 (24) 22 (15) 19 Adjustments from Net Cash Provided by Operatin