Slide 1: Second Quarter 2025 Financial Results
For Presentation on August 6, 2025 Jackson Financial Inc. Second Quarter 2025 Financial Results
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward - Looking Statements and Non - GAAP Measures The information in this document contains forward - looking statements about future events and circumstances and their effects upo n revenues, expenses and business opportunities. Generally speaking, any statement in this document not based upon h
Slide 3: Second Quarter 2025 Financial Results Key Highlights
Second Quarter 2025 Financial Results Key Highlights $168M GAAP earnings $350M Non - GAAP earnings 1 $2.34 GAAP earnings per share $4.87 Non - GAAP earnings per share 1 $216M Capital return 566% Statutory capital position 9% Retail annuity sales 2 Net income attributable to Jackson Financial Inc. (J
Slide 4: On Track to Deliver on 2025 Financial Targets
425% Risk - Based Capital ratio minimum Approximately two years of holding company fixed expenses Estimated RBC ratio of 566% as of end of 2Q25, after reflecting $565 million of cumulative year to date distributions from JNLIC to JFI Holding company cash and highly liquid securities of more than $70
Slide 5: Consolidated Results
376 410 350 2Q24 1Q25 2Q25 11.2 11.1 4Q24 2Q25 Consolidated Results Adjusted Operating Earnings 2Q25 vs. 2Q24 • 2Q25 benefited from higher spread income resulting from growth in average RILA assets under management (AUM). This growth was more than offset by lower fee income resulting from reduced av
Slide 6: Notable Items Second Quarter 2025
Notable Items Second Quarter 2025 2Q25 2Q24 EPS - Diluted After - tax 1,2 Pretax EPS - Diluted After - tax 1,2 Pretax ($ millions, except per share amounts) $4.87 350 406 $5.32 410 473 Adjusted Operating Earnings 3 Notable Items Included in Adjusted Operating Earnings (0.33) (24) (27) 0.06 4 5 Out p
Slide 7: Continued Progress on Retail Sales Diversification
4.2 4.0 4.4 2Q24 1Q25 2Q25 1,413 1,258 1,734 2Q24 1Q25 2Q25 Continued Progress on Retail Sales Diversification • 2Q25 retail annuity sales up 9% and 4% from 1Q25 and 2Q24 respectively, reflecting continued strong demand across our product suite • Jackson saw strong RILA sales momentum when compared
Slide 8: Segment Results
Segment Results Retail Institutional Closed Block • 2Q25 vs. 2Q24 : Down from 2Q24 reflecting lower premium income, higher death, and other policyholder benefits and change in policy reserves, and a comparatively unfavorable impact from updating future policy benefits cash flow assumptions, partiall
Slide 9: Stable Non-Operating Results
Stable Non - Operating Results Pretax income attributable to Jackson Financial Inc. (U.S. GAAP) Pretax adjusted operating earnings (Non - GAAP) 1 Net loss on funds withheld 3 (127) 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable
Slide 10: High Quality Variable Annuity Business
High Quality Variable Annuity Business A Differentiated Approach to Product Design No Optional Benefits 12% GMDB Only 13% Other 2 1% GMDB and GMWB for Life 71% GMDB and GMWB 3% • Scaled Variable Annuity Block Focused on Withdrawal Benefit Features x Limited exposure to challenging guarantees x Inves
Slide 11: Free Cash Flow at Holding Company Allows for Financial Flexibility
Free Cash Flow 3 at Holding Company Allows for Financial Flexibility and Long - Term Value Creation for Shareholders • Cash distributed to JFI was nearly 85% of Free Capital Generation in 2025 YTD • Free Cash Flow increased YTD based on strong operating company distributions • Free Cash Flow for the
Slide 12: Strong Capital and Liquidity Position
Strong Capital and Liquidity Position Highlights • Jackson National Life Insurance Company (JNLIC) generated $443 million of statutory capital in 2Q25 1 • Free cash flow 2 of $290 million during 2Q25 • JNLIC estimated RBC ratio of 566% as of end of 2Q25 • Statutory Total Adjusted Capital (TAC) at JN
Slide 13: 2025 Capital Return Targets On Track
13 2025 Capital Return Targets On Track While Maintaining a Strong Balance Sheet 13 On track to deliver on 2025 key financial targets Maintained strong balance sheet and robust levels of liquidity Demonstrated distribution strength and consistent capital generation Well - positioned to expect contin
Slide 14: Investments
Investments @ JACKSON’
Slide 15: PPM America – Jackson's Asset Manager
Private Equity Primary investments, co - investments and continuation vehicles (secondaries) in select private equity opportunities Public Fixed Income Broad suite of strategies for institutional investors, including investment grade, high yield, bank loan, liability driven investing (LDI) and emerg
Slide 16: High Quality, Diversified Investment Portfolio
16 High Quality, Diversified Investment Portfolio 16 Corporate portfolio is concentrated in investment - grade securities Highly rated and diversified commercial mortgage loan office portfolio, which is less than 2% of the general account portfolio Strategic, conservative underwriting across our por
Slide 17: U.S. GAAP – Investment Portfolio
U.S government securities 6% Other government securities 1% Corporate securities 60% Residential mortgage - backed <1% Commercial mortgage - backed 3% Other asset - backed securities 7% Equity securities <1% Mortgage loans 14% Policy loans 2% Derivatives <1% Limited partnerships 4% Other invested as
Slide 18: Statutory – Investment Portfolio
Statutory 1 – Investment Portfolio June 30, 2025 Investment Portfolio Classification Key Highlights • Market/book ratio of the fixed maturity portfolio is 0.95 • Exposure to below investment grade securities is only 1% which is almost entirely corporate bonds and loans • Highly liquid U.S. Treasurie
Slide 19: Statutory – Fixed Maturity Rating Distribution
Statutory – Fixed Maturity Rating Distribution June 30, 2025 $38B 19 99% of portfolio is investment grade Note: Percentages may not total 100 due to rounding. US Treasuries 11% NAIC 1A - 1D (AAA - AA - ) 15% NAIC 1E - 1G (A) 34% NAIC 2A - 2C (BBB) 39% NAIC 3A - 3C (BB) 1% NAIC 4A - 4C (B) <1% NAIC 5
Slide 20: Statutory – Corporate Portfolio
AAA: <1% AA: 7% A: 40% BBB: 51% BB: 1% B: <1% CCC and below: <0.1% Statutory – Corporate Portfolio June 30, 2025 Corporate Portfolio Rating Distribution 1 Key Highlights • Market/book ratio of the corporate portfolio is 0.97 • High - yield corporates account for 1% of the total investment portfolio
Slide 21: Statutory – ABS Portfolio
NAIC 1A - 1D (AAA - AA - ) 40% NAIC 1E - 1G (A) 49% NAIC 2 (BBB) 10% NAIC 3 (BB) 2% NAIC 4 <0.1% CLOs 39% Structured settlements 11% Fiber 7% Rooftop Solar 6% Data Center 5% Timeshare 5% Music Royalties 5% Consumer PACE 4% PDP Wells 4% GP Stakes 3% Aircraft 2% Aircraft EETC 2% Whole Business Securit
Slide 22: Statutory – Collateralized Loan Obligations (CLO) Debt
AAA 29% AA 38% A 27% BBB 5% B <1% Statutory – Collateralized Loan Obligations (CLO) Debt June 30, 2025 CLO NAIC Distribution 1 Key Highlights • CLO exposure highly rated with 94% rated single A or above • Exposure is diversified among 48 different managers and 88 CLOs • Each CLO is diversified, aver
Slide 23: Statutory – Commercial Mortgage-Backed Securities (CMBS)
Office , 15% Industrial , 10% Retail , 7% Hotel , 7% Multi - family , 4% Other , 3% Statutory – Commercial Mortgage - Backed Securities (CMBS) June 30, 2025 CMBS Distribution Key Highlights • 94% are rated AA - or higher • 51% of CMBS portfolio are diversified pools of commercial mortgages (“Conduit
Slide 24: Statutory – Commercial Mortgage Loan Portfolio
Statutory – Commercial Mortgage Loan Portfolio 1 June 30, 2025 CML NAIC Distribution CML Property Type Distribution • Highly diversified with an average loan size of $20 million • 99% are senior/first mortgage loans • 96% of the portfolio has the highest ratings of CM1 - 2 • Weighted average loan -
Slide 25: Statutory – Commercial Mortgage Loan Office Exposure
Statutory – Commercial Mortgage Loan Office Exposure 1 June 30, 2025 NAIC Rating Distribution – Office Exposure Key Highlights $0.6B 25 Loan - to - Value / Debt Service Coverage 2 1) Based on NAIC expanded ratings and statement value. Percentages may not total 100 due to rounding. 2) Loan - to - val
Slide 26: Appendix
Appendix @ JACKSON’
Slide 27: Non-GAAP Financial Measures
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 s ele cted non - GAAP financial measures. Management believes that the use of these non - GAAP financial measures, together with relevant U.S. GAA
Slide 28: Non-GAAP Financial Measures: Adjusted Book Value
Non - GAAP Financial Measures Adjusted Book Value Attributable to Common Shareholders Adjusted Book Value Attributable to Common Shareholders excludes Preferred Stock and Accumulated Other Comprehensive Income ( Los s) (AOCI) attributable to Jackson Financial Inc. (JFI), which does not include AOCI
Slide 29: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Six Months Ended For the Three Months Ended $ millions, except effective tax rate 6/30/25 6/30/24 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 133 1,048 168 (35) 334 (480) 264 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders
Slide 30: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Six Months Ended For the Three Months Ended $ millions, except percentages and per share and shares outstanding data 6/30/25 6/30/24 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 167 1,084 185 (18) 358 (466) 282 Net Income (Loss) 12 14 6 6 13 3 7 Inco
Slide 31: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Three Months Ended $ millions 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 (24) 29 (4) 34 (10) Jackson Financial Inc. Net Cash Provided by Operating Activities (Parent Company Only) (U.S. GAAP) Adjustments from Net Cash Provided by Operating Activiti
Slide 32: Glossary
Glossary Athene Reinsurance Transaction - The funds withheld coinsurance agreement with Athene Life Re Ltd., entered into on June 18, 2020, and effective June 1, 2020, to reinsure a 100% quota share of a block of our in - force fixed and fixed index annuity liabilities in exchange for approximately
Slide 33: Glossary
Glossary Net Flows - The net change in customer account balances during a period, including gross premiums, surrenders, withdrawals and benefits. Net flows exclude investment performance, interest credited to customer accounts and policy charges. Registered Index - Linked Annuity (RILA) - A register