Jackson Financial Inc. · NYSE:JXN
Jackson Financial — Investor Presentation (February 2026)
36 slides from Jackson Financial's investor presentation, February 2026
Slide 1: The Jackson Difference
The Jackson Difference Investor Presentation February 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 Long-term strategic partnership with TPG Demerger Sep. 2023 as a significant Jackson shareholder RBC: >525% Cumulative $1B capital and formation of Hickory Re Leverage: 23.5%1 returned to shareholders3 Nov.
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 2025 Full-Year Financial Metrics Adj. Operating Earnings1 per Diluted Common Share $(17)M $(0.24) 6.16 6.61 4.65 5.10 4.87 GAAP Earnings GAAP Earnings per Net loss attributable to Sha
Slide 11: Focused Sales Diversification
Sustainable Growth Focused Sales Diversification 11 Strategic product expansion has driven greater sales diversification Full-Year 2021 Sales Full-Year 2025 Sales RILA FA / FIA Spread Sales 4% 53% FA / FIA GIC GIC VA (w/ LB) VA (no LB) Other than RILA VA (no LB) lifetime benefit VA 36% 71% VA (w/ LB
Slide 12: RILA Gaining Momentum
Sustainable Growth RILA Gaining Momentum 12 Jackson gaining market share contributing to growing AUM RILA Industry Sales per LIMRA RILA Account Value (Quarter discrete) ($ billions) 3Q25 20.3 Top 5 Competitors 17.8 4Q21 61% 14.7 All Others 12.4 11.7 $10.3b $20.7b 10.3 8.3 6.6 5.2 JACKSON 3.8 10.0% 2
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: Statutory – Investment Portfolio
PPMA & Investment Portfolio Statutory1 – Investment Portfolio 16 December 31, 2025 Investment Portfolio Classification1 Key Highlights Equity securities <1% Derivatives <1% Other invested assets <1% • Market/book ratio of the fixed maturity portfolio is 0.97 Residential mortgage-backed <1% Other gov
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 Business Free Cash Flow3 at Holding Company Allows for Financial Capital Return to Common Shareholders is Balanced and Growth and Distributions to Holding Company Flexibility a
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 $2.7B • Jackson Financial Inc. (JFI) has returned over $2.7 billion to common shareholders exceeding our initial market capitalization • JFI has repurchased 32.7 milli
Slide 20: Robust Holding Company Liquidity
Balanced Capital Allocation Robust Holding Company Liquidity 20 Highlights • JNL RBC ratio of 567% as of end of 4Q25, underscoring a robust capital position • Statutory Total Adjusted Capital (TAC) of over $5.5 billion at end of 4Q25 at JNL • Brooke Re capital remains well above our internal risk ma
Slide 21: Resilient Capitalization
Balanced Capital Allocation Resilient Capitalization 21 Capital and Cash Return History RBC Ratio1 History JNL Remittances2 • Jackson prioritizes balance sheet strength ($ millions) • Strong capital generation has allowed JNL to consistently pay remittances to its parent 624% 1,115 since becoming a
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 Award-winning customer service and scalable operating platform retirement income increases and an agi
Slide 23: 2026 Financial Targets
2026 Financial Targets 23 Stronger, More Stable Capital Generation Supported by TPG Strategic Partnership Free Capital Generation Assuming 5% equity market total return and interest rates At or above $1.2 billion following the forward curve Capital Return $900 million - $1.1 billion capital 2026 Tar
Slide 24: Additional Statutory Investment Information
24 Additional Statutory Investment Information
Slide 25: Statutory – Fixed Maturity Rating Distribution
Statutory – Fixed Maturity Rating Distribution 25 December 31, 2025 99% of portfolio is investment grade US Treasuries NAIC 1A-1D (AAA-AA-) 9% 15% NAIC 5/6 <0.1% NAIC 4A-4C (B) <1% NAIC 3A-3C (BB) <1% NAIC 1E-1G (A) $37B 34% NAIC 2A-2C (BBB) 41% Note: Statutory statement value based on NAIC ratings.
Slide 26: Statutory – Corporate Securities
Statutory – Corporate Securities 26 December 31, 2025 Corporate Securities Rating Distribution1 Key Highlights CCC and below: <0.1% • Market/book ratio of the corporate securities is 98% B: <1% AAA: <1% BB: 1% AA: 7% • High-yield corporates account for 1% of the total investment portfolio and 1% of
Slide 27: Statutory – Commercial Mortgage Loan Portfolio
Statutory – Commercial Mortgage Loan Portfolio1 27 December 31, 2025 CML NAIC Distribution CML Property Type Distribution Multi-Family CM 1 30% 60% CM 3/4 Other Industrial 4% 3% 29% $7.3B Hotels $7.3B 15% of total 15% of total investment 8% investment portfolio portfolio Office CM 2 10% 36% Retail L
Slide 28: Statutory – Other ABS Securities
Statutory – Other ABS Securities 28 December 31, 2025 Other ABS Securities Distribution1 Other ABS Securities NAIC Rating Distribution Commercial PACE 1% Other 5% Small Business Loans 1% NAIC 1A-1D (AAA-AA-) Aircraft EETC 1% 34% Credit Cards 1% NAIC 6 GP Stakes 2% <1% Consumer PACE 3% NAIC 5 PDP Wel
Slide 29: Statutory – Collateralized Loan Obligations (CLO)
Statutory – Collateralized Loan Obligations (CLO)1 29 December 31, 2025 CLO NAIC Distribution Key Highlights AAA 22% • CLO exposure highly rated with 93% rated single A or above CCC B <1% • Exposure is diversified among 53 different managers and <1% 105 CLOs BBB 6% • Each CLO is diversified, averagi
Slide 30: Statutory – Commercial Mortgage-Backed Securities (CMBS)
Statutory – Commercial Mortgage-Backed Securities (CMBS) 30 December 31, 2025 CMBS Distribution CMBS Single Asset/Single Borrower Distribution Single Asset/Single Other, 2% Borrower Mixed Use, 2% 56% Multi-Family, 5% Retail, 6% $1.4B Industrial, 9% 3% of total investment portfolio Conduit Hotel, 11%
Slide 31: Appendix
31 Appendix @ JACKSON’
Slide 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures 32 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 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures 33 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 34: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation 34 $ millions, except effective tax rate For the Three Months Ended For the Twelve Months Ended 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/24 12/31/25 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders 334 (35) 168 65 (215) 90
Slide 35: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation 35 $ millions, except per share and shares outstanding data For the Three Months Ended For the Twelve Months Ended 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/24 12/31/25 Net Income (Loss) 358 (18) 185 91 (186) 976 72 Income attributable to non-control
Slide 36: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation 36 $ millions For the Three Months Ended For the Twelve Months Ended 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/24 12/31/25 Jackson Financial Inc. Net Cash Provided by Operating Activities (Parent Company Only) (U.S. GAAP) (4) 29 (24) 22 (15) 51 12 Ad
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