Slide 1: Second Quarter 2026 Financial Results
For Presentation on August 4, 2026 Jackson Financial Inc. Second 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: Second Quarter 2026 Financial Results Key Highlights
Se cond Quarter 202 6 Financial Results Key Highlights $644M GAAP earnings $513M Non - GAAP earnings 1 $9.16 GAAP earnings per share $7.30 Record Non - GAAP earnings per share 1 $287M Free cash flow 1 $290M Capital return 34% Retail annuity sales 3 Net income attributable to Jackson Financial Inc. (
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 4 2Q26 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 $1.4 billion at the end of 2Q26, which is above Jackson’s updated $325 million minim
Slide 6: Profitable In-force Book with Growing Spread Business
12.7% 14.8% 16.3% 2Q25 1Q26 2Q26 406 430 618 27 73 30 2Q25 1Q26 2Q26 433 648 Profitable In - force Book with Growing Spread Business 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP measures. 2) See slide 7 for a descri
Slide 7: Second Quarter 2026 Notable Items
Second Quarter 2026 Notable Items 2Q26 EPS - Diluted After - tax 1,2 Pretax ($ millions, except per share amounts) $7.30 513 618 Adjusted Operating Earnings 3 Notable Items Included in Adjusted Operating Earnings 0.36 26 30 (Out performance)/Under performance from LP Income 4 0.02 1 Impact from Effe
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 4.4 5.3 5.9 2Q25 1Q26 2Q26 Continued Progress on Retail Sales Mix Shift Top 3 Leadership in Total Annuity Retail Sales 1 1) 1Q26 LIMRA US Individual Annuity Industry Sales Report. 2
Slide 9: Stable Non-Operating Results Since Shift to Economic Hedging
Stable Non - Operating Results Since Shift to Economic Hedging Second Quarter 2026 ($millions) Pretax income attributable to JFI (U.S. GAAP) Pretax adjusted operating earnings (Non - GAAP) 1 Net loss on funds withheld 3 (16) 1) See the Appendix for the non - U.S. GAAP financial measures, definitions
Slide 10: 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 55% of the 2026 Capital Return target mid - point as of end of 2Q26 x 2026 quarterly dividend up 12.5% over 2025 to $0.90 per common share x Capital Return target of $900 m
Slide 11: Robust Capital and Liquidity
Robust Capital and Liquidity 11 325 325 325 2Q25 1Q26 2Q26 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 gener
Slide 12: 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 13: PPM Reaches $100 Billion in AUM
47 64 32 37 4Q21 2Q26 Jackson Managed Assets 3rd Party Managed Assets $101B PPM Reaches $100 Billion in AUM Benefitting from Jackson and Third - Party Growth Notes: All data as of June 30, 2026. PPM America, Inc. is an indirect, wholly - owned subsidiary of Jackson Financial Inc. 1) AUM includes com
Slide 14: Diversified, High-Quality Investment Portfolio
Corporate securities 58% Mortgage loans 14% Other asset - backed securities 11% U.S government securities 6% Limited partnerships 3% Commercial mortgage - backed 3% Policy loans 1% Other government securities 1% Derivatives <1% Other invested assets <1% Residential mortgage - backed <1% Equity secur
Slide 15: Conservative Private Debt Security Portfolio
Corporate - Traditional Placement: 62% Infrastructure: 16% ABS: 15% Corporate - Credit Tenant Lease: 6% AAA: <1% AA: 9% A : 37% BBB: 53% BB & below: <1% $10.9B Conservative Private Debt Security Portfolio 1,2 June 30, 2026 (Excluding Funds Withheld) 15 $10.9B By Type of Security By Rating 19% of tot
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 Consistent capital generation and distribution strength Well - positioned to create long -
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
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 Six Months Ended For the Three Months Ended $ millions, except effective tax rate 6/30/26 6/30/25 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 209 133 644 (435) (215) 65 168 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders 22
Slide 21: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Six Months Ended or As of For the Three Months Ended or As of $ millions, except percentages and per share and shares outstanding data 6/30/26 6/30/25 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 240 167 660 (420) (186) 91 185 Net Income (Loss) 9 12
Slide 22: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Three Months Ended $ millions 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 (27) 19 (15) 22 (24) Jackson Financial Inc. (Parent Company Only) Net Cash Provided by (used in) Operating Activities Adjustments from Net Cash Provided by Operating Activitie
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