Jackson Financial Inc. · NYSE:JXN
Jackson Financial — Q4 2025 Earnings Presentation
36 slides from Jackson Financial's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Jackson Financial Inc. Fourth Quarter and Full Year 2025 Financial Results For Presentation on February 19, 2026
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 upon revenues, expenses and business opportunities. Generally speaking, any statement in this document not based upon historic
Slide 3: Jackson's Strategy to Drive Step Change in Growth
Jackson’s Strategy to Drive Step Change in Growth 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 product expertise Sc
Slide 4: 2025 Full-Year Financial Results
2025 Full-Year Financial Results Key Highlights $(17)M $(0.24) $862M 567% GAAP earnings GAAP earnings per Capital return Statutory capital position Net loss attributable to share Common share dividends Jackson National Life Jackson Financial Inc. (JFI) Net loss per diluted and repurchases Insurance
Slide 5: Delivered on 2025 Financial Targets
Delivered on 2025 Financial Targets 2025 Targets Full-Year Results 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 Holdco Liquidity Ap
Slide 6: Progress Since Becoming an Independent Company
Progress Since Becoming an Independent Company Significant Capital Return Growth 2021 2025 Quarterly Dividend Per Common Share $0.50 $0.80 +60% 96% Total Capital Return $375M 1 $862M +130% Diluted Share Count 90.6M 64% 68.2M -25% 1 Represents midpoint of initial target range of $325-425 million. Act
Slide 7: Progress Since Becoming an Independent Company
Progress Since Becoming an Independent Company Successfully Repositioned New Business Mix 2021 2025 Total Sales $19.8B Total Sales $23.2B Spread-Based Business 4% VA Non-VA Sales By Product Spread-Based VA Business 53% 47% +49pts 96% VA FA/FIA RILA Institutional VA FA/FIA RILA Institutional 29% Non-
Slide 8: 2026 Financial Targets
2026 Financial Targets 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 - $1.1 billion capital 2026 Target
Slide 9: Consolidated Results
Consolidated Results Fourth Quarter 2025 Adjusted Operating Earnings1 Key Takeaways ($ millions) 455 Adjusted Operating Earnings 433 4Q25 vs. 4Q24 349 • 4Q25 benefited from higher spread income resulting from growth in average RILA and Institutional assets under management (AUM) and a comparatively
Slide 10: Notable Items
Notable Items Fourth Quarter 2025 4Q24 4Q25 After- EPS- After- EPS- ($ millions, except per share amounts) Pretax Pretax tax1,2 Diluted tax1,2 Diluted Adjusted Operating Earnings3 405 349 $4.65 529 455 $6.61 Notable Items Included in Adjusted Operating Earnings Out performance/(Under performance) fr
Slide 11: Notable Items
Notable Items Full Year 2025 FY24 FY25 After- EPS- After- EPS- ($ millions, except per share amounts) Pretax Pretax tax1,2 Diluted tax1,2 Diluted Adjusted Operating Earnings3 1,678 1,443 $18.79 1,882 1,614 $22.67 Notable Items Included in Adjusted Operating Earnings Out performance/(Under performanc
Slide 12: Continued Progress on Retail Sales Mix Shift
Continued Progress on Retail Sales Mix Shift Fourth Quarter 2025 Retail Sales1 Highlights ($ billions) 5.9 • Strong retail annuity sales in 4Q25 (+27% vs. 4Q24), underscoring 5.4 4.7 sustainable success across our comprehensive product suite • Record RILA sales of $2.3 billion in 4Q25 (+53% vs. 4Q24
Slide 13: Strong Results in Retail and Institutional Business Segments
Strong Results in Retail and Institutional Business Segments Fourth Quarter 2025 ($ millions) Retail ($ millions) Institutional ($ millions) Closed Block Pre-tax adjusted operating earnings1 Pre-tax adjusted operating earnings1 Pre-tax adjusted operating earnings1 Annual actuarial assumption impact
Slide 14: Hedging Protects Capital and Distributable Earnings
Hedging Protects Capital and Distributable Earnings 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 National Life Brooke Lif
Slide 15: Non-Operating Results More Stable Since Shift to Economic Hedging
Non-Operating Results More Stable Since Shift to Economic Hedging Fourth Quarter 2025 ($millions) 4Q25 529 (62) Pre-Tax Income (Loss) Variable RILA/FIA Annuities Total (343) Fees attributable to guarantee benefit reserves 753 10 763 Volatility Impact Net (losses) gains on hedging instruments (634) 2
Slide 16: Brooke Re Remains Well Capitalized
Brooke Re Remains Well Capitalized Strong Balance Sheet, Further Supported by Enhanced Diversification Resilient Capital Supported by Effective Risk Management & Hedging More Diversified, Complementary Liability Profile ($ millions) $1.2B inforce FA and FIA block reinsured from JNL 2,063 27 to Hic
Slide 17: Growing Capital Generation and Free Cash Flow
Growing Capital Generation and Free Cash Flow 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 and Long-Term Value Creation for
Slide 18: Strong Capital and Liquidity Position
Strong Capital and Liquidity Position Jackson has returned $2.7 billion to common Highlights shareholders exceeding our • JNL RBC ratio of 567% as of end of 4Q25, underscoring a robust capital position initial market capitalization • Statutory Total Adjusted Capital (TAC) of over $5.5 billion at end
Slide 19: Continuing to Create Long-Term Stakeholder Value
Continuing to Create Long-Term Stakeholder Value 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. 2024 Aug. 2025 HoldCo liquid
Slide 20: Investments
Investments @ JACKSON’
Slide 21: PPM America, Inc. – Jackson's Asset Manager
PPM America, Inc. – Jackson’s Asset Manager 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 Primary investments, co-inv
Slide 22: High Quality, Diversified Investment Portfolio
High Quality, Diversified Investment Portfolio Strategic, conservative Highly rated diversified Corporate portfolio is underwriting across our commercial mortgage concentrated in portfolio loan office portfolio, less investment-grade than 2% of the general securities account portfolio 22 22
Slide 23: Investment Portfolio
Investment Portfolio1 December 31, 2025 Investment Portfolio Classification Key Highlights Residential mortgage-backed <1% Other invested assets <1% • Fixed maturity portfolio is trading at 97% of book value, Derivatives <1% Other government securities 1% Equity securities <1% highlighting its stron
Slide 24: Corporate Securities
Corporate Securities December 31, 2025 Corporate Securities Rating Distribution1,2 Key Highlights • Market/book ratio of the corporate securities is 98% CCC and below: <0.1% B: 6% AAA: <1% AA: 7% • High-yield corporates account for 6% of the total BB: 3% investment portfolio and 9% of total corporat
Slide 25: Commercial Mortgage Loans
Commercial Mortgage Loans1 December 31, 2025 CML NAIC Distribution CML Property Type Distribution Multi-Family CM 1 30% 60% CM 3/4 Other Industrial 4% 3% 29% $7.2B Office $7.2B 13% of total 13% of total 8% investment investment portfolio portfolio Hotels CM 2 10% 36% Retail Loan-to-Value / Debt Serv
Slide 26: Other Asset Backed Securities
Other Asset Backed Securities December 31, 2025 Other Asset Backed Securities Distribution1 Other Asset Backed Securities Rating Distribution Commercial PACE 1% Aircraft EETC 1% Small Business Loans 2 1% Other 5% AAA Credit Cards 1% 16% AA 19% GP Stakes 3% CCC and below PDP Wells 3% <1% B Consumer P
Slide 27: Collateralized Loan Obligations (CLO)
Collateralized Loan Obligations (CLO)1 December 31, 2025 CLO Distribution Key Highlights AAA AA+ • CLO exposure highly rated with 94% rated single A or 23% 3% above BBB- • Exposure is diversified among 52 different managers and 4% 97 CLOs BBB 1% BBB+ <1% • Each CLO is diversified, averaging 250 name
Slide 28: Commercial Mortgage-Backed Securities (CMBS)
Commercial Mortgage-Backed Securities (CMBS) December 31, 2025 CMBS Distribution CMBS Single Asset/Single Borrower Distribution Single Asset/Single Other, 1% Borrower Mixed Use, 3% 55% Multi-Family, 5% Retail, 6% $1.6B Industrial, 9% 3% of total investment portfolio Hotel, 11% Conduit 45% Agency <1%
Slide 29: Appendix
Appendix @ JACKSON’
Slide 30: 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 selected non-GAAP financial measures. Management believes that the use of these non-GAAP financial measures, together with relevant U.S. GAAP financ
Slide 31: Non-GAAP Financial Measures
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 (Loss) (AOCI) attributable to Jackson Financial Inc. (JFI), which does not include AOCI aris
Slide 32: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Twelve $ millions, except effective tax rate For the Three Months Ended 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) 902 (
Slide 33: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation For the Twelve $ millions, except percentages and per share and shares outstanding data For the Three Months Ended 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 t
Slide 34: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation For the Three For the Twelve $ millions Months Ended 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 (used in) Operating Activities (Parent Company Only) (U.S. GAAP) (4) 29 (24) 22 (15) 5
Slide 35: 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 reinsure a 100% quota share of a block of our in-force fixed and fixed index annuity liabilities in exchange for approximately $1.2 bi
Slide 36: Glossary
Glossary Net Flows - The net change in customer account balances during a period, after reflecting gross premiums inflows and surrender, withdrawal and benefit payment outflows. Net flows do not include investment performance, interest credited to customer accounts, and policy charges. Registered In