Slide 1: The Jackson Difference
The Jackson Difference Investor Presentation November 2025
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: Milestones and Evolution
Company Overview & History Milestones and Evolution 4 Disciplined growth has shaped today’s outcomes November 2024 Jackson enters distribution 2021 Demerger partnership with JPMorgan Chase 3Q 2025 RBC of >525% Est. RBC of 579% Leverage of 23.5% Total leverage of 18.8% September 2023 Holding company
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: Strategic Framework
Strategy & Vision Strategic Framework 6 A focused and disciplined strategy built on our strong values Our Vision Grow as a leading retirement solutions provider committed to helping Americans grow and protect their retirement savings and income to enable them to pursue financial freedom for life 1.
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 September YTD 2025 Financial Metrics Adj. Operating Earnings1 per Diluted Common Share $198M $2.75 $6.16 $5.10 $4.87 $4.60 $4.65 GAAP Earnings GAAP Earnings per Net income attributabl
Slide 11: Focused Sales Diversification
Sustainable Growth Focused Sales Diversification 11 Strategic product expansion has driven greater sales diversification Full-year 2021 Sales TTM1 3Q25 Sales FA / FIA GIC RILA Other than lifetime benefit VA 36% 70% GIC GIC VA VA(no (noLB) LB) VA (no LB) FA // FIA FA FIA VA (w/ VA (w/ LB) LB) VA (w/
Slide 12: RILA Gaining Momentum
Sustainable Growth RILA Gaining Momentum 12 Jackson gaining market share contributing to growing AUM RILA Industry Sales per LIMRA RILA Account Value (Quarter discrete) ($ billions) 2Q25 17.8 Top 5 Competitors 4Q21 61% 14.7 12.4 All Others 11.7 $10.3b $19.1b 10.3 8.3 6.6 5.2 JACKSON 7.2% 3.8 3.1 2.5
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 Public Fixed Income Private and Structured Credit Private Equity Collateralized Loan Obligations Commercial Real Estate Broad suite of strategies for Private placements, asset-backed Pr
Slide 16: U.S. GAAP – Investment Portfolio
PPMA & Investment Portfolio U.S. GAAP – Investment Portfolio 16 September 30, 2025 Investment Portfolio Classification1 Key Highlights • Market/book ratio of the fixed maturity portfolio is 0.96 • Exposure to below investment grade securities is 6%2 of the total investment portfolio, which is almost
Slide 17: Growing Capital Generation and Free Cash Flow
Balanced Capital Allocation Growing Capital Generation and Free Cash Flow 17 Capital Generation Provides Foundation for New Free Cash Flow3 at Holding Company Allows for Capital Return to Common Shareholders is Business Growth and Distributions to Holding Financial Flexibility and Long-Term Value Cr
Slide 18: Remain On Track to Deliver on 2025 Financial Targets
Balanced Capital Allocation Remain On Track to Deliver on 2025 Financial Targets 18 Targets Progress Capital Return $700-$800 million capital In the first nine months of 2025, returned $657 million of capital to return to common common shareholders. Expect full year capital return to exceed top of s
Slide 19: Consistent Capital Return to Shareholders
Balanced Capital Allocation Consistent Capital Return to Shareholders 19 Cumulative capital return to common shareholders Highlights $2.5B • Jackson Financial Inc. (JFI) has returned nearly $2.5 billion to common shareholders exceeding our initial market capitalization • JFI has repurchased 31.2 mil
Slide 20: Robust Holding Company Liquidity
Balanced Capital Allocation Robust Holding Company Liquidity 20 3Q25 Highlights • JNL generated $579 million of capital1 leading to free cash flow2 of $216 million • Brooke Re capital remains well above our internal risk management framework and regulatory requirements • Holding company cash and hig
Slide 21: Resilient Capitalization
Balanced Capital Allocation Resilient Capitalization 21 Capital and Cash Return History RBC Ratio1 History JNL Remittances2 • Jackson prioritizes balance sheet strength ($ millions) • Strong capital generation has allowed JNL to consistently pay remittances to its parent 624% since becoming a public
Slide 22: We Are Primed for Sustainable Growth
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 retirement income increases and an Award-winning customer service and scalable operating platform agi
Slide 23: Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures 23 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.
Slide 24: Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures 24 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 inclu
Slide 25: Adjusted Operating Earnings Reconciliation
Appendix Adjusted Operating Earnings Reconciliation 25 $ millions, except effective tax rate For the Three Months Ended For the Nine Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 9/30/24 9/30/25 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders (480) 334 (35) 168 6
Slide 26: Select U.S. GAAP to Non-GAAP Reconciliation
Appendix Select U.S. GAAP to Non-GAAP Reconciliation 26 $ millions, except per share and shares outstanding data For the Three Months Ended For the Nine Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 9/30/24 9/30/25 Net Income (Loss) (466) 358 (18) 185 91 618 258 Income attributable to non-co
Slide 27: Select U.S. GAAP to Non-GAAP Reconciliation
Appendix Select U.S. GAAP to Non-GAAP Reconciliation 27 $ millions For the Three Months Ended For the Nine Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 9/30/24 9/30/25 Jackson Financial Inc. Net Cash Provided by Operating Activities (Parent Company Only) (U.S. GAAP) 34 (4) 29 (24) 22 55 27