Slide 1: Third Quarter 2025 Financial Results
For Presentation on November 5, 2025 Jackson Financial Inc. Third Quarter 2025 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: Third Quarter 2025 Financial Results Key Highlights
Third Quarter 2025 Financial Results Key Highlights $65M GAAP earnings $433M Non - GAAP earnings 1 $0.92 GAAP earnings per share $6.16 Non - GAAP earnings per share 1 $210M Capital return 579% Statutory capital position 22% Retail annuity sales 2 Net income attributable to Jackson Financial Inc. (JF
Slide 4: Remain On Track to Deliver on 2025 Financial Targets
425% Risk - Based Capital ratio minimum Approximately two years of holding company fixed expenses Estimated RBC ratio of 579% as of end of 3Q25, after reflecting $815 million of cumulative year to date distributions from JNL to JFI Holding company cash and highly liquid securities of more than $750
Slide 5: Consolidated Results
350 350 433 3Q24 2Q25 3Q25 11.2 11.0 4Q24 3Q25 Consolidated Results Adjusted Operating Earnings 3Q25 vs. 3Q24 • 3Q25 benefited from higher spread income resulting from growth in average RILA and Institutional assets under management (AUM), lower operating expenses, partially offset by higher mortali
Slide 6: Notable Items Third Quarter 2025
Notable Items Third Quarter 2025 3Q25 3Q24 EPS - Diluted After - tax 1,2 Pretax EPS - Diluted After - tax 1,2 Pretax ($ millions, except per share amounts) $6.16 433 505 $4.60 350 411 Adjusted Operating Earnings 3 Notable Items Included in Adjusted Operating Earnings (0.04) (3) (3) (0.28) (21) (24)
Slide 7: Continued Progress on Retail Sales Diversification
5.3 4.4 5.4 3Q24 2Q25 3Q25 2,539 1,734 2,339 3Q24 2Q25 3Q25 Continued Progress on Retail Sales Diversification • Jackson delivered strong retail annuity sales in 3Q25, rising 22% and 2% over 2Q25 and 3Q24, respectively, underscoring sustained demand across its comprehensive product suite • Record RI
Slide 8: Strong Results in Retail and Institutional Business Segments
Strong Results in Retail and Institutional Business Segments Retail Institutional Closed Block • 3Q25 vs. 3Q24 : Up from 3Q24 reflecting higher spread income, partially offset by higher mortality • 3Q25 vs. 2Q25 : Decrease primarily due to higher mortality, partially offset by higher spread income •
Slide 9: Non-Operating Results More Stable Since Shift to Economic Hedging
Non - Operating Results More Stable Since Shift to Economic Hedging Pretax income attributable to Jackson Financial Inc. (U.S. GAAP) Pretax adjusted operating earnings (Non - GAAP) 1 Net loss on funds withheld 3 (125) 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and r
Slide 10: High Quality Variable Annuity Business
High Quality Variable Annuity Business A Differentiated Approach to Product Design No Optional Benefits 12% GMDB Only 13% Other 2 1% GMDB and GMWB for Life 71% GMDB and GMWB 3% • Scaled Variable Annuity Block Focused on Withdrawal Benefit Features x Limited exposure to challenging guarantees x Inves
Slide 11: Hedging Protects Capital and Distributable Earnings
Hedging Protects Capital and Distributable Earnings A Differentiated Approach to Hedging Economic Risks • VA and RILA are independently hedged and managed for both equity and interest rate risks on an economic basis • VA guarantees at Brooke Re and RILA business at JNL have offsetting economic equit
Slide 12: Free Cash Flow at Holding Company Allows for Financial Flexibility
Free Cash Flow 3 at Holding Company Allows for Financial Flexibility and Long - Term Value Creation for Shareholders • Cash distributed to JFI was nearly 73% of Free Capital Generation in 2025 YTD • Free Cash Flow increased YTD based on strong operating company distributions • Free Cash Flow for the
Slide 13: Strong Capital and Liquidity Position
Strong Capital and Liquidity Position Highlights • Jackson National Life Insurance Company (JNL) generated $579 million of statutory capital in 3Q25 1 , reflecting strong earnings and disciplined capital management • Free cash flow 2 of $216 million during 3Q25 reflecting distributions from JNL of $
Slide 14: 2025 Capital Return Targets On Track While Maintaining a Strong Balance Sheet
14 2025 Capital Return Targets On Track While Maintaining a Strong Balance Sheet 14 On track to deliver on 2025 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 15: Investments
Investments @ JACKSON’
Slide 16: PPM America – Jackson's Asset Manager
Private Equity Primary investments, co - investments and continuation vehicles (secondaries) in select private equity opportunities Public Fixed Income Broad suite of strategies for institutional investors, including investment grade, high yield, bank loan, liability driven investing (LDI) and emerg
Slide 17: High Quality, Diversified Investment Portfolio
17 High Quality, Diversified Investment Portfolio 17 Corporate portfolio is concentrated in investment - grade securities Highly rated and diversified commercial mortgage loan office portfolio, which is less than 2% of the general account portfolio Strategic, conservative underwriting across our por
Slide 18: U.S. GAAP – Investment Portfolio
Corporate securities 60% Mortgage loans 14% Other asset - backed securities 8% U.S government securities 6% Limited partnerships 4% Commercial mortgage - backed 3% Policy loans 2% Other government securities 1% Derivatives <1% Other invested assets <1% Residential mortgage - backed <1% Equity securi
Slide 19: Statutory – Investment Portfolio
Corporate securities 57% Mortgage loans 15% Other asset - backed securities 8% U.S government securities 8% Limited partnerships 3% Commercial mortgage - backed 3% Policy loans 2% Other government securities 1% Other invested assets <1% Derivatives <1% Residential mortgage - backed <1% Equity securi
Slide 20: Statutory – Fixed Maturity Rating Distribution
US Treasuries 10% NAIC 1A - 1D (AAA - AA - ) 15% NAIC 1E - 1G (A) 33% NAIC 2A - 2C (BBB) 40% NAIC 3A - 3C (BB) 1% NAIC 4A - 4C (B) <1% NAIC 5/6 <0.1% Statutory – Fixed Maturity Rating Distribution September 30, 2025 $40B 20 98% of portfolio is investment grade Note: Percentages may not total 100 due
Slide 21: Statutory – Corporate Securities
AAA: <1% AA: 6% A: 38% BBB: 53% BB: 2% B: <1% CCC and below: <0.1% Statutory – Corporate Securities September 30, 2025 Corporate Securities Rating Distribution 1 Key Highlights • Market/book ratio of the corporate securities is 0.98 • High - yield corporates account for 1% of the total investment po
Slide 22: Statutory – Commercial Mortgage Loan Portfolio
Multi - Family 30% Industrial 27% Retail 20% Hotels 11% Office 9% Other 3% CM 1 62% CM 2 34% CM 3/4 4% Statutory – Commercial Mortgage Loan Portfolio 1 September 30, 2025 CML NAIC Distribution CML Property Type Distribution $7.0B 22 Loan - to - Value / Debt Service Coverage 2 $7.0B Debt Service Cove
Slide 23: Statutory – Commercial Mortgage Loan Office Exposure
CM 1 82% CM 2 4% CM 3/4 14% Suburban 72% Urban 27% Medical Office <1% Statutory – Commercial Mortgage Loan Office Exposure 1 September 30, 2025 NAIC Rating Distribution – Office Exposure Key Highlights $0.6B 23 Loan - to - Value / Debt Service Coverage 2 1) Based on NAIC expanded ratings and stateme
Slide 24: Statutory – Other ABS Securities
NAIC 1A - 1D (AAA - AA - ) 38% NAIC 1E - 1G (A) 47% NAIC 2 (BBB) 12% NAIC 3 (BB) 2% NAIC 4 <0.1% NAIC 6 1% CLOs 39% Structured settlements 9% Fiber 7% Timeshare 6% Data Center 5% Music Royalties 5% Rooftop Solar 4% Whole Business Securitizations 4% Consumer PACE 4% PDP Wells 3% Aircraft 3% GP Stakes
Slide 25: Statutory – Collateralized Loan Obligations (CLO)
AAA 28% AA 39% A 27% BBB 6% B <1% Statutory – Collateralized Loan Obligations (CLO) 1 September 30, 2025 CLO NAIC Distribution Key Highlights • CLO exposure highly rated with 94% rated single A or above • Exposure is diversified among 49 different managers and 100 CLOs • Each CLO is diversified, ave
Slide 26: Statutory – Commercial Mortgage-Backed Securities (CMBS)
Single Asset/Single Borrower 51% Agency 3% Conduit 46% Statutory – Commercial Mortgage - Backed Securities (CMBS) September 30, 2025 CMBS Distribution Key Highlights • 94% are rated AA - or higher • 46% of CMBS portfolio are diversified pools of commercial mortgages (“Conduit”) • 60% are senior AAA
Slide 27: Appendix
Appendix @ JACKSON’
Slide 28: 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 29: 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 30: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Nine Months Ended For the Three Months Ended $ millions, except effective tax rate 9/30/25 9/30/24 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 198 568 65 168 (35) 334 (480) Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders 33
Slide 31: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Nine Months Ended For the Three Months Ended $ millions, except percentages and per share and shares outstanding data 9/30/25 9/30/24 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 258 618 91 185 (18) 358 (466) Net Income (Loss) 27 17 15 6 6 13 3 Incom
Slide 32: Select U.S. GAAP to Non-GAAP Reconciliation
Select U.S. GAAP to Non - GAAP Reconciliation For the Three Months Ended $ millions 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 22 (24) 29 (4) 34 Jackson Financial Inc. Net Cash Provided by Operating Activities (Parent Company Only) (U.S. GAAP) Adjustments from Net Cash Provided by Operating Activities
Slide 33: Glossary
Glossary Athene Reinsurance Transaction - The funds withheld coinsurance agreement with Athene Life Re Ltd., entered into 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
Slide 34: Glossary
Glossary Net Flows - The net change in customer account balances during a period, including gross premiums, surrenders, withdrawals and benefits. Net flows exclude investment performance, interest credited to customer accounts and policy charges. Registered Index - Linked Annuity (RILA) - A register