Jackson Financial Inc. · NYSE:JXN
Jackson Financial — Q1 2026 Earnings Presentation
24 slides from Jackson Financial's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Financial Results
For Presentation on May 6, 2026 Jackson Financial Inc. First Quarter 2026 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: First Quarter 2026 Financial Results Key Highlights
First Quarter 202 6 Financial Results Key Highlights $(435)M GAAP earnings $361M Non - GAAP earnings 1 $(6.24) GAAP earnings per share $5.15 Non - GAAP earnings per share 1 $288M Free cash flow 1 $257M Capital return 31% Retail annuity sales 3 Net loss attributable to Jackson Financial Inc. (JFI) co
Slide 4: Accelerating Diversification of Inforce Book
Accelerating Diversification of Inforce Book Balanced Mix of Sales Resulting in a Diversified Balance Sheet and Earnings Stream 4 1Q26 Year - end 2021 Other than lifetime benefit VA 30% 39% VA (w/LB) VA (no LB) Institutional FA/FIA & Payout RILA 70% 61% Account Value by Product
Slide 5: On Track to Deliver 2026 Financial Targets
Holdco Liquidity Approximately two years of holding company fixed expenses Capital Return $900 million - $1.1 billion capital return to common shareholders Holding company cash and highly liquid securities of nearly $650 million at the end of 1Q26, which is above Jackson’s $250 million minimum liqui
Slide 6: Profitable In-force Book with Growing Spread Business
13.2% 14.7% 14.8% 1Q25 4Q25 1Q26 442 529 430 9 (8) 73 1Q25 4Q25 1Q26 451 503 Profitable In - force Book with Growing Spread Business 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP measures. 2) See slide 7 for a descri
Slide 7: First Quarter 2026 Notable Items
First Quarter 2026 Notable Items 1Q26 EPS - Diluted After - tax 1,2 Pretax ($ millions, except per share amounts) $5.15 361 430 Adjusted Operating Earnings 3 Notable Items Included in Adjusted Operating Earnings 0.48 34 39 (Out performance)/Under performance from LP Income 4 0.42 29 34 Enhanced proc
Slide 8: Continued Progress on Retail Sales Mix Shift
8 Retail Sales 2 $ billions Leading Advisory Position Total Advisory Sales, $ millions Non - VA Net Flows 3 $ billions 4.0 5.9 5.3 1Q25 4Q25 1Q26 Continued Progress on Retail Sales Mix Shift Top 3 Leadership in Traditional VA and RILA 1 1) 4Q25 LIMRA US Individual Annuity Industry Sales Report. 2) E
Slide 9: Stable Non-Operating Results Since Shift to Economic Hedging
Stable Non - Operating Results Since Shift to Economic Hedging First Quarter 2026 ($millions) Pretax loss attributable to JFI (U.S. GAAP) Pretax adjusted operating earnings (Non - GAAP) 1 Net gain on funds withheld 3 (101) 1) See the Appendix for the non - U.S. GAAP financial measures, definitions,
Slide 10: Consistent Capital Generation and Free Cash Flow
Consistent Capital Generation and Free Cash Flow 1) Includes after - tax income from operations, realized gains/losses, unrealized gains/losses, and other surplus adjustments to p rovide a comprehensive view of the drivers of capital generation. 4Q25 capital generation was reduced by a one - time re
Slide 11: Robust Capital and Liquidity
Robust Capital and Liquidity 11 240 325 250 300 325 1Q25 2Q25 3Q25 4Q25 1Q26 Statutory Capital Generation 1 $ millions 1) Includes statutory after - tax income from operations, realized gains/losses, unrealized gain/losses, and other surplus adjustm ents to provide a comprehensive view of the driver
Slide 12: Liquidity Sources Across Jackson Entities
Liquidity Sources Across Jackson Entities x Recently issued P - Caps provide greater flexibility for opportunistic deployment and additional buffer for severe market stress x Total holding company liquidity sources of $3.0 billion provide significant support for contingent capital needs x JNL availa
Slide 13: PPM America, Inc. – Jackson's Asset Manager
47 59 32 36 4Q21 1Q26 Jackson Managed Assets 3rd Party Managed Assets $95B PPM America, Inc. – Jackson’s Asset Manager A Robust Platform for Institutional Investors Notes: All data as of March 31, 2026. PPM America, Inc. is an indirect, wholly - owned subsidiary of Jackson Financial Inc. 1) AUM incl
Slide 14: Diversified, High-Quality Investment Portfolio
Public Debt Securities: 39% Private Debt Securities: 18% Mortgage Loans: 15% 144A - Corporates: 11% 144A - ABS: 6% 144A - CLOs: 4% LPs: 3% Other: 4% Diversified, High - Quality Investment Portfolio March 31, 2026 (Excluding Funds Withheld) Total U.S. GAAP Investment Portfolio 1,2 14 $ 54B 1)Includes
Slide 15: Conservative Private Debt Security Portfolio
Corporate - Traditional Placement: 63% Infrastructure: 17% ABS: 13% Corporate - Credit Tenant Lease: 7% $9.7B Conservative Private Debt Security Portfolio 1,2 March 31, 2026 (Excluding Funds Withheld) 15 $9.7B By Type of Security By Rating 18% of total investment portfolio 18% of total investment po
Slide 16: 2026 Capital Return Targets on Track While Maintaining a Strong Balance Sheet
16 2026 Capital Return Targets on Track While Maintaining a Strong Balance Sheet 16 On track to deliver on 2026 key financial targets Maintained strong balance sheet and robust levels of financial flexibility Demonstrated distribution strength and consistent capital generation Well - positioned to c
Slide 17: Appendix
Appendix @ JACKSON’
Slide 18: 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 19: Non-GAAP Financial Measures: Adjusted Book Value Attributable to Common Shareholders
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 20: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Twelve Months Ended For the Three Months Ended $ millions, except effective tax rate 12/31/25 12/31/24 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 (17) 902 (435) (215) 65 168 (35) Net Income (Loss) Attributable to Jackson Financial Inc. Common Sharehol
Slide 21: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Twelve Months Ended For the Three Months Ended $ millions, except percentages and per share and shares outstanding data 12/31/25 12/31/24 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 72 976 (420) (186) 91 185 (18) Net Income (Loss) 45 30 4 18 15 6 6
Slide 22: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Three Months Ended $ millions 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 19 (15) 22 (24) 29 Jackson Financial Inc. (Parent Company Only) Net Cash Provided by (used in) Operating Activities Adjustments from Net Cash Provided by Operating Activities
Slide 23: Glossary
Glossary Athene Reinsurance Transaction - The funds withheld coinsurance agreement with Athene Life Re Ltd., entered on June 18, 2020, and effective June 1, 2020, to r e insure a 100% quota share of a block of our in - force fixed and fixed index annuity liabilities in exchange for approximately $1.
Slide 24: Glossary
Glossary Net Flows - The net change in customer account balances during a period, after reflecting gross premiums inflows and surrender, withdrawa l and benefit payment outflows. Net flows do not include investment performance, interest credited to customer accounts, and policy charges. Registered I