Slide 1: Second Quarter 2025 Financial Results
Jackson Financial Inc. Second Quarter 2025 Financial Results For Presentation on August 6, 2025
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 2025 Financial Results: Key Highlights
Second Quarter 2025 Financial Results Key Highlights $168M $2.34 $216M 566% GAAP earnings GAAP earnings per Capital return Statutory capital position Net income attributable to share Common share dividends Jackson National Life Jackson Financial Inc. (JFI) Net income per common and repurchases Insur
Slide 4: On Track to Deliver on 2025 Financial Targets
On Track to Deliver on 2025 Financial Targets 2025 Targets 2025 Progress Capital Return $700-$800 million capital In the first six months of 2025, returned $447 million of capital to return to common common shareholders shareholders Holdco Liquidity Holding company cash and highly liquid securities
Slide 5: Consolidated Results
Consolidated Results Second Quarter 2025 Adjusted Operating Earnings1 Key Takeaways ($ millions) Adjusted Operating Earnings 410 376 2Q25 vs. 2Q24 350 • 2Q25 benefited from higher spread income resulting from growth in average RILA assets under management (AUM). This growth was more than offset by l
Slide 6: Notable Items
Notable Items Second Quarter 2025 2Q24 2Q25 After- EPS- After- EPS- ($ millions, except per share amounts) Pretax Pretax tax1,2 Diluted tax1,2 Diluted Adjusted Operating Earnings3 473 410 $5.32 406 350 $4.87 Notable Items Included in Adjusted Operating Earnings Out performance/(Under performance) fr
Slide 7: Continued Progress on Retail Sales Diversification
Continued Progress on Retail Sales Diversification Second Quarter 2025 Retail Sales1 Highlights ($ billions) • 2Q25 retail annuity sales up 9% and 4% from 1Q25 and 4.2 4.0 4.4 2Q24 respectively, reflecting continued strong demand across our product suite • Jackson saw strong RILA sales momentum when
Slide 8: Segment Results
Segment Results Second Quarter 2025 ($ millions) Retail ($ millions) Institutional ($ millions) Closed Block Pre-tax adjusted operating earnings1 Pre-tax adjusted operating earnings1 ($ millions) Pre-tax adjusted operating earnings1 465 420 417 35 29 28 22 18 19 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 2Q24 1Q
Slide 9: Stable Non-Operating Results
Stable Non-Operating Results Second Quarter 2025 ($ millions) 61 Highlights 406 Overall, our hedging program performed well in 2Q25, despite higher levels of volatility early in the quarter. We ended 2Q25 with a net hedge gain as derivative losses driven by higher equity markets and higher long-term
Slide 10: High Quality Variable Annuity Business
High Quality Variable Annuity Business A Differentiated Approach to Product Design • Scaled Variable Annuity Block Focused on Withdrawal Benefit Features Variable Annuity Account Limited exposure to challenging guarantees Investment freedom is well managed through rigorous fund selection process
Slide 11: Improved Capital Generation and Free Cash Flow
Improved 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 fo
Slide 12: Strong Capital and Liquidity Position
Strong Capital and Liquidity Position Highlights Returned nearly $2.3 billion to • Jackson National Life Insurance Company (JNLIC) generated $443 million of statutory capital in 2Q251 common shareholders since • Free cash flow2 of $290 million during 2Q25 becoming an independent • JNLIC estimated RB
Slide 13: 2025 Capital Return Targets On Track While Maintaining a Strong Balance Sheet
2025 Capital Return Targets On Track While Maintaining a Strong Balance Sheet Demonstrated Maintained strong On track to deliver Well-positioned to distribution balance sheet and on 2025 key expect continued strength and robust levels of financial targets long-term value consistent capital liquidity
Slide 14: Investments
Investments @ JACKSON’
Slide 15: PPM America – Jackson's Asset Manager
PPM America – 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-investmen
Slide 16: High Quality, Diversified Investment Portfolio
High Quality, Diversified Investment Portfolio Strategic, conservative Highly rated and Corporate portfolio is underwriting across our diversified commercial concentrated in portfolio mortgage loan office investment-grade portfolio, which is less securities than 2% of the general account portfolio 1
Slide 17: U.S. GAAP – Investment Portfolio
U.S. GAAP – Investment Portfolio June 30, 2025 Investment Portfolio Classification1 Key Highlights Other invested assets <1% Limited partnerships 4% U.S government securities 6% • Market/book ratio of the fixed maturity portfolio is 0.95 Derivatives <1% Other government securities Policy loans 2% 1%
Slide 18: Statutory – Investment Portfolio
Statutory1 – Investment Portfolio June 30, 2025 Investment Portfolio Classification Key Highlights Other invested assets <1% • Market/book ratio of the fixed maturity portfolio is 0.95 Limited partnerships 3% U.S government securities 8% Derivatives <1% Policy loans 2% Other government securities 2%
Slide 19: Statutory – Fixed Maturity Rating Distribution
Statutory – Fixed Maturity Rating Distribution June 30, 2025 99% of portfolio is investment grade US Treasuries NAIC 1A-1D (AAA-AA-) 11% 15% NAIC 5/6 <0.1% NAIC 4A-4C (B) <1% NAIC 3A-3C (BB) 1% $38B NAIC 1E-1G (A) 34% NAIC 2A-2C (BBB) 39% Note: Percentages may not total 100 due to rounding. 19
Slide 20: Statutory – Corporate Portfolio
Statutory – Corporate Portfolio June 30, 2025 Corporate Portfolio Rating Distribution1 Key Highlights CCC and below: <0.1% • Market/book ratio of the corporate portfolio is 0.97 B: <1% AAA: <1% BB: 1% AA: 7% • High-yield corporates account for 1% of the total investment portfolio and 2% of total cor
Slide 21: Statutory – ABS Portfolio
Statutory – ABS Portfolio June 30, 2025 ABS Sector Distribution1 NAIC Rating Distribution Other 6% Whole Business Securitizations 1% Aircraft EETC 2% NAIC 1A-1D (AAA-AA-) 40% Aircraft 2% NAIC 4 GP Stakes 3% <0.1% PDP Wells 4% NAIC 3 (BB) 2% Consumer PACE 4% CLOs 39% NAIC 2 (BBB) Music Royalties 5% $
Slide 22: Statutory – Collateralized Loan Obligations (CLO) Debt
Statutory – Collateralized Loan Obligations (CLO) Debt June 30, 2025 CLO NAIC Distribution1 Key Highlights AAA • CLO exposure highly rated with 94% rated single A or 29% above B <1% • Exposure is diversified among 48 different managers and 88 CLOs BBB 5% • Each CLO is diversified, averaging 250 name
Slide 23: Statutory – Commercial Mortgage-Backed Securities (CMBS)
Statutory – Commercial Mortgage-Backed Securities (CMBS) June 30, 2025 CMBS Distribution CMBS Single Asset/Single Borrower Distribution Single Asset/Single Borrower Other, 3% 46% Multi-family, 4% Hotel, 7% $1.4B Retail, 7% Agency 3% Industrial, Conduit 10% 51% Key Highlights Office, 15% • 94% are ra
Slide 24: Statutory – Commercial Mortgage Loan Portfolio
Statutory – Commercial Mortgage Loan Portfolio1 June 30, 2025 CML NAIC Distribution CML Property Type Distribution Multi-Family CM 1 29% 64% Industrial CM 3/4 Other 27% 4% 3% $7.0B Office 9% $7.0B CM 2 Hotels 32% 11% Retail Loan-to-Value / Debt Service Coverage2 21% Debt Service Coverage Ratio • Hig
Slide 25: Statutory – Commercial Mortgage Loan Office Exposure
Statutory – Commercial Mortgage Loan Office Exposure1 June 30, 2025 NAIC Rating Distribution – Office Exposure Office Type – Office Exposure Geographic – Office Exposure CM 1 Suburban 83% 72% Medical Office Principal CM 3/4 <1% Geographic Location Balance % Office 14% Washington-Baltimore-Arlington
Slide 26: Appendix
Appendix @ JACKSON’
Slide 27: 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 28: 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 29: Adjusted Operating Earnings Reconciliation
Adjusted Operating Earnings Reconciliation For the Six $ millions, except effective tax rate For the Three Months Ended Months Ended 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 6/30/24 6/30/25 Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders 264 (480) 334 (35) 168 1,048 133
Slide 30: 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 Months Ended 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 6/30/24 6/30/25 Net Income (Loss) 282 (466) 358 (18) 185 1,084 167 Income attributable to
Slide 31: 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 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 6/30/24 6/30/25 Jackson Financial Inc. Net Cash Provided by Operating Activities (Parent Company Only) (U.S. GAAP) (10) 34 (4) 29 (24) 21 5 Adjustments
Slide 32: 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 $1
Slide 33: 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 registered