Jackson Financial Inc. · NYSE:JXN
Jackson Financial — Q2 2026 Earnings Presentation
24 slides from Jackson Financial's earnings presentation, Aug 4, 2026
Slide 1: Jackson Financial Inc. Second Quarter 2026 Financial Results
Jackson Financial Inc. Second Quarter 2026 Financial Results For Presentation on August 4, 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: Second Quarter 2026 Financial Results: Key Highlights
Second Quarter 2026 Financial Results Key Highlights $644M $9.16 $287M $290M GAAP earnings GAAP earnings per Free cash flow1 Capital return Net income attributable to share Cash distributed to JFI, net Common share dividends Jackson Financial Inc. (JFI) Net income per diluted of JFI expenses and rep
Slide 4: Accelerating Diversification of In-force Book
Accelerating Diversification of In-force Book Balanced Mix of Sales Resulting in a Diversified Balance Sheet and Earnings Stream Account Value by Product Year-end 2021 2Q26 Other than Lifetime Benefit VA 30% 39% 61% 70% VA (w/LB) VA (no LB) Institutional FA/FIA & Payout RILA 4
Slide 5: On Track to Deliver 2026 Financial Targets
On Track to Deliver 2026 Financial Targets Progress Through Second Quarter Free Capital Generation In the first six months of 2026, free capital generation of At or above $1.2 billion1 $575 million Capital Return In the first six months of 2026, returned $547 million of $900 million - $1.1 billion c
Slide 6: Profitable In-force Book with Growing Spread Business
Profitable In-force Book with Growing Spread Business Achieving Attractive Adjusted Operating ROE Strong Earnings Profile Growing Spread Block Enhancing Returns Pre-Tax Adjusted Operating Earnings1 Spread Account Value3, $ billions Trailing 12-month Adjusted Operating ROE1 $ millions 44.1 38.7 648 3
Slide 7: Second Quarter 2026 Notable Items
Second Quarter 2026 Notable Items Adjusted Operating Earnings Per Share, Excluding Notable Items and Taxes 2Q26 ($ millions, except per share amounts) Pretax After- tax1,2 EPS- Diluted $7.68 $0.38 Adjusted Operating Earnings3 618 513 $7.30 $5.94 $4.97 $0.79 $7.30 Notable Items Included in Adjusted O
Slide 8: Continued Progress on Retail Sales Mix Shift
Continued Progress on Retail Sales Mix Shift Top 3 Leadership in Total Annuity Retail Sales1 Retail Sales2 Non-VA Net Flows3 Leading Advisory Position $ billions $ billions Total Advisory Sales, $ millions 54% 65% Spread Growth vs 2Q25 74% Based Growth 5.9 vs 2Q25 5.3 2.9 4.4 2.5 1.7 485 503 289 2Q2
Slide 9: Stable Non-Operating Results Since Shift to Economic Hedging
Stable Non-Operating Results Since Shift to Economic Hedging Second Quarter 2026 ($millions) Adjusted Operating Earnings Walk Net Hedge Results by Product 272 2) Pre-tax Income (loss) Variable RILA & Annuities FIA Total 270 Volatility Fees attributable to guarantee benefit reserves 747 (33) 714 618
Slide 10: Consistent Capital Generation and Free Cash Flow
Consistent Capital Generation and Free Cash Flow Free Capital Generation Provides Foundation for New Free Cash Flow3 at Holding Company Provides Financial Capital Return to Common Shareholders is Balanced Business Growth and Distributions to Holding Company Flexibility and Long-Term Shareholder Valu
Slide 11: Robust Capital and Liquidity
Robust Capital and Liquidity Since becoming public, Jackson has returned nearly $3.3 billion to common shareholders - exceeding our initial market capitalization Statutory Capital Generation1 Dividends and Distributions to JFI Holding Company Cash & Investments $ millions $ millions $ millions 656 1
Slide 12: Significant Liquidity Across Jackson Entities
Significant Liquidity Across Jackson Entities Strategic liquidity management with ability to use JFI JFI Available Liquidity ($b)1 funds where needed across Jackson’s entities Cash & U.S. Government Securities 1.4 Revolving Credit Facility 1.3 Recently issued P-Caps provide greater flexibility for
Slide 13: PPM Reaches $100 Billion in AUM
PPM Reaches $100 Billion in AUM Benefitting from Jackson and Third-Party Growth BY THE NUMBERS $94BB $101 Total firm AUM2 Total firm AUM1 $58BB $64 Assets managed on behalf of 1990 1990 Year of founding Year founded 224 230 Number of employees Assets managed on behalf of Jackson Jackson Number of em
Slide 14: Diversified, High-Quality Investment Portfolio
Diversified, High-Quality Investment Portfolio June 30, 2026 (Excluding Funds Withheld) Total U.S. GAAP Investment Portfolio1,2 Residential mortgage-backed <1% Other invested assets <1% Derivatives <1% Equity securities <1% Other government securities 1% Policy loans 1% Commercial mortgage-backed 3%
Slide 15: Conservative Private Debt Security Portfolio
Conservative Private Debt Security Portfolio1,2 June 30, 2026 (Excluding Funds Withheld) Corporate- Credit Tenant Lease: 6% Private debt portfolio primarily composed of traditional private placements ABS: 15% Corporate- Targeted new private debt investments to include asset-backed Traditional Pl
Slide 16: 2026 Capital Return Targets on Track While Maintaining a Strong Balance Sheet
2026 Capital Return Targets on Track While Maintaining a Strong Balance Sheet Consistent capital Maintained strong On track to deliver Well-positioned to generation and balance sheet and on 2026 key create long-term distribution robust levels of financial targets value for strength financial flexibi
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 selected non-GAAP financial measures. Management believes that the use of these non-GAAP financial measures, together with relevant U.S. GAAP financ
Slide 19: 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 20: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Six $ millions, except effective tax rate For the Three Months Ended Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 6/30/26 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders 168 65 (215) (435) 644 133 209 Ad
Slide 21: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation For the Six $ millions, except percentages and per share and shares outstanding data For the Three Months Ended or As of Months Ended or As of 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 6/30/26 Net Income (Loss) 185 91 (186) (420) 660 167 240 Income
Slide 22: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non-GAAP Reconciliation For the Three For the Six $ millions Months Ended Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 6/30/26 Jackson Financial Inc. (Parent Company Only) Net Cash Provided by (used in) Operating Activities (24) 22 (15) 19 (27) 5 (8) Adjustments
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 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 24: 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