Jackson Financial Inc. · NYSE:JXN
Jackson Financial — Q3 2026 Earnings Presentation
28 slides from Jackson Financial's earnings presentation, Nov 3, 2026
Slide 1: Jackson Financial Inc. Third Quarter 2026 Financial Results
For Presentation on November 4, 2026 Jackson Financial Inc. Third 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: JFI Celebrates 5 Years
Since Jackson became an independent public company x More than $88 billion in total retail annuity sales 1 o Diversification of annuity sales, with RILA launch and refreshed FIA products x Nearly $8 billion in cumulative adjusted operating earnings 2 x Free Capital Generation of nearly $5 billion 3
Slide 4: Third Quarter Financial Results Key Highlights
Third Quarter 202 6 Financial Results Key Highlights $847M GAAP earnings $517M Non - GAAP earnings 2 $12.37 GAAP earnings per share $7.55 Non - GAAP earnings per diluted share 2 $281M Free capital generation 1 $275M Free cash flow 2 22% Record Retail annuity sales 4 Net income attributable to Jackso
Slide 5: Growing Product Offering Provides Broad Product Spectrum
Traditional VA RILA FIA Fixed Focus on actively managing living benefits through rate sheet adjustments Launch of 4 th generation RILA with crediting enhancements, new index option, guaranteed caps and flexible premium Launch of dedicated income and accumulation FIA Refreshed SPIA 1 product with enh
Slide 6: AARP Annuity Program from Jackson
AARP ® Annuity Program from Jackson ® Member Benefits and Phased Rollout Strategic Fit and Distribution Initial products: Interest Advantage (MYGA – Multi - Year Guaranteed Annuity ), Growth Advantage (FIA – Fixed Index Annuity ), Income Advantage (FIA + income), Lifetime Advantage (SPIA – Single Pr
Slide 7: Accelerating Diversification of In-force Book
Accelerating Diversification of In - force Book Balanced Mix of Sales, Diversifying Balance Sheet and Earnings Stream 3Q26 Year - end 2021 Other than Lifetime Benefit VA 30% 41% VA (w/LB) VA (no LB) Institutional FA/FIA & Payout RILA 70% 59% Account Value by Product 7
Slide 8: 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 $1.4 billion at the end of 3Q26, which is above Jackson’s $325 million minimum liqui
Slide 9: Strong Fee-Earnings Franchise Complemented by a Growing Spread Business
13.6% 16.3% 17.1% 3Q25 2Q26 3Q26 505 618 612 3 30 19 3Q25 2Q26 3Q26 508 631 Strong Fee - Earnings Franchise Complemented by a Growing Spread Business 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP measures. 2) See sli
Slide 10: Third Quarter 2026 Notable Items
Third Quarter 2026 Notable Items 3Q26 EPS - Diluted After - tax 1,2 Pretax ($ millions, except per share amounts) $7.55 517 612 Adjusted Operating Earnings 3 Notable Items Included in Adjusted Operating Earnings 0.24 16 19 (Out performance)/Under performance from LP Income 4 (0.12) (8) Impact from E
Slide 11: Continued Progress on Retail Sales Mix Shift
Retail Sales 2 $ billions Leading Advisory Position Total Advisory Sales, $ millions Non - VA Net Flows 3 $ billions 5.4 5.9 6.5 3Q25 2Q26 3Q26 Continued Progress on Retail Sales Mix Shift Top 3 Leadership in Total Annuity Retail Sales 1 1) 2Q26 LIMRA US Individual Annuity Industry Sales Report (YTD
Slide 12: Brooke Re: Aligning Risk Management with VA Economics
Supports more predictable capital generation at Jackson National Life by separating guarantee risk from base contract fees Protects policyholders over the long term through prudent reserving, hedging and capital framework Removes cash surrender value floor - driven capital volatility by aligning res
Slide 13: Economic Hedging Focused on Long-Term Risk Management
Third Quarter 2026 ($millions) Economic Hedging Focused on Long - Term Risk Management Pretax income attributable to JFI (U.S. GAAP) Pretax adjusted operating earnings (Non - GAAP) 1 Net gain on funds withheld 3 (58) 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and re
Slide 14: Free Cash Flow at Holding Company Provides Financial Flexibility
Free Cash Flow 3 at Holding Company Provides Financial Flexibility and Long - Term Shareholder Value Creation x Returned nearly 84% of the 2026 Capital Return target mid - point as of end of 3Q26 x 2026 quarterly dividend up 12.5% over 2025 to $0.90 per common share x Capital Return target of $900 m
Slide 15: Robust Capital and Liquidity
Robust Capital and Liquidity 250 325 325 3Q25 2Q26 3Q26 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 drivers of capital generati
Slide 16: Significant Liquidity Across Jackson Entities
Significant Liquidity 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 $4.0 billion provide significant support for contingent capital needs x JNL av
Slide 17: PPM America – Jackson's Asset Manager
41 61 38 41 4Q21 3Q26 Jackson Managed Assets 3rd Party Managed Assets $102B PPM America – Jackson’s Asset Manager Benefitting from Jackson and Third - Party Growth Notes: All data as of September 30, 2026. PPM America, Inc. is an indirect, wholly - owned subsidiary of Jackson Financial Inc. 1) AUM i
Slide 18: Diversified, High-Quality Investment Portfolio
Corporate securities 56% Mortgage loans 15% ABS 13% U.S government securities 7% Limited partnerships 3% CMBS 3% Other invested assets 4% Diversified, High - Quality Investment Portfolio September 30, 2026 (Excluding Funds Withheld) Total U.S. GAAP Investment Portfolio 1,2 $ 61B 1)Includes Jackson,
Slide 19: Diversified Private Debt Portfolio Anchored in Traditional Private Placements
AAA: 1% AA: 8% A : 37% BBB: 53% BB & below: <1% Corporate - Traditional Placement: 60% ABS: 16% Infrastructure: 16% Corporate - Credit Tenant Lease: 6% Direct Lending: 2% Diversified Private Debt Portfolio Anchored in Traditional Private Placements 1 September 30, 2026 (Excluding Funds Withheld) By
Slide 20: 2026 Capital Return Targets on Track While Maintaining a Strong Balance Sheet
20 2026 Capital Return Targets on Track While Maintaining a Strong Balance Sheet On track to deliver on 2026 key financial targets Maintained strong balance sheet and robust levels of financial flexibility Consistent capital generation and distribution strength Well - positioned to create long - ter
Slide 21: Appendix
Appendix @ JACKSON’
Slide 22: 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 23: 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 24: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Nine Months Ended For the Three Months Ended $ millions, except effective tax rate 9/30/26 9/30/25 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 1,056 198 847 644 (435) (215) 65 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders
Slide 25: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Nine Months Ended or As of For the Three Months Ended or As of $ millions, except percentages and per share and shares outstanding data 9/30/26 9/30/25 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 1,110 258 870 660 (420) (186) 91 Net Income (Loss) 21
Slide 26: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Three Months Ended $ millions 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6 (27) 19 (15) 22 Jackson Financial Inc. (Parent Company Only) Net Cash Provided by (used in) Operating Activities Adjustments from Net Cash Provided by Operating Activities t
Slide 27: 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 28: 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