Record Q2 profit lifts Jackson Financial (NYSE: JXN) annuity growth

Q: How did Jackson Financial (JXN) perform financially in Q2 2026?

Jackson Financial reported $644 million in net income attributable to common shareholders in Q2 2026, or $9.16 per diluted share. This compares with $168 million, or $2.34 per diluted share, in the second quarter of 2025, reflecting significantly higher profitability.

Q: What were Jackson Financial (JXN) retail annuity sales in Q2 2026?

Retail annuity sales were $5.9 billion in Q2 2026, up 34% from the second quarter of 2025. This included record registered index-linked annuity sales of $2.3 billion and fixed and fixed index annuity sales of $812 million .

Q: What were Jackson Financial (JXN) adjusted operating earnings and EPS for Q2 2026?

Adjusted operating earnings were $513 million , or a record $7.30 per diluted share, in Q2 2026. This compares with $350 million, or $4.87 per diluted share, in Q2 2025, reflecting higher spread and fee income and a reduced diluted share count.

Q: How much capital did Jackson Financial (JXN) return to shareholders in Q2 2026?

Jackson Financial returned $290 million to common shareholders in Q2 2026. This consisted of $227 million of common share repurchases and $63 million in common dividends during the quarter.

Q: What was Jackson Financial (JXN) free cash flow in Q2 2026?

Free cash flow was $287 million in Q2 2026, reflecting $325 million of distributions from the operating company, less preferred dividends and parent-level expenses. This free cash flow supports capital returns and other corporate initiatives.

Q: How did PPM America’s assets under management change for Jackson Financial (JXN)?

PPM America’s assets under management reached $101.1 billion as of June 30, 2026, a 21% increase from $83.5 billion a year earlier. Growth was driven by Jackson’s general account from RILA, fixed annuities, institutional products and expanding third-party mandates.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Jackson Financial Inc. reported record second-quarter 2026 results, with net income attributable to common shareholders of $644 million, or $9.16 per diluted share, compared with $168 million, or $2.34 per diluted share, in the prior-year quarter. Adjusted operating earnings were $513 million, or a record $7.30 per diluted share, driven by higher spread income from growth in RILA, FIA and institutional assets under management and higher fee income from variable annuities, along with a reduced diluted share count from repurchases.

Total retail annuity sales rose to $5.9 billion from $4.4 billion, including record registered index-linked annuity sales of $2.3 billion and fixed and fixed index annuity sales of $812 million. PPM America assets under management increased 21% year over year to $101.1 billion. Jackson National Life Insurance Company reported total adjusted capital of $5.8 billion and an estimated 538% RBC ratio. Free cash flow was $287 million, and the company returned $290 million to common shareholders through $227 million of buybacks and $63 million of dividends in the quarter.

Positive

Record profitability and EPS: Net income attributable to common shareholders reached $644 million ($9.16 diluted EPS) versus $168 million ($2.34) in Q2 2025, while adjusted operating earnings rose to $513 million and a record $7.30 per diluted share.
Broad-based annuity and asset growth: Retail annuity sales increased 34% to $5.9 billion, including record $2.3 billion RILA sales (up 69%), and PPM America assets under management grew 21% year over year to $101.1 billion.
Capital and shareholder returns: JNL statutory total adjusted capital was $5.8 billion with an estimated 538% RBC ratio, and Jackson returned $290 million to common shareholders in Q2 2026 via $227 million of repurchases and $63 million of dividends.

Negative

None.

Filing Explained

As of June 30, 2026, holding-company liquidity included proceeds from completed $750 million debt issuance available to retire specified 2027 notes.

This Form 8-K is a completed quarterly-results disclosure under Item 2.02; it also records a first-quarter common equity issuance and a second-quarter $750 million senior debt issuance, changing the capital structure through additional equity and debt.

The company attributes a higher diluted share count to the common equity issuance related to its strategic partnership with TPG. The filing also reports share repurchases, so it does not establish the net ownership change for existing holders.

Under the supplied definition, issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes. The filing does not quantify the equity issuance or any holder-specific ownership effect.

The $750 million debt issuance is completed, but the stated use—to retire $400 million of 2027 senior notes and $250 million of 2027 surplus notes—is described as available rather than completed. As of June 30, 2026, JNL total adjusted capital was $5.8 billion after a $325 million parent distribution that partially offset capital, while holding-company cash and highly liquid securities were nearly $1.4 billion, above the $325 million minimum liquidity buffer.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income attributable to common shareholders: $644 million Adjusted operating earnings: $513 million Adjusted operating EPS: $7.30 per diluted share +5 more

8 metrics

Net income attributable to common shareholders $644 million Three months ended June 30, 2026; compared to $168 million in Q2 2025

Adjusted operating earnings $513 million Three months ended June 30, 2026; compared to $350 million in Q2 2025

Adjusted operating EPS $7.30 per diluted share Q2 2026; record level vs $4.87 per diluted share in Q2 2025

Retail annuity sales $5.9 billion Second quarter 2026 retail annuity sales; 34% above the second quarter of 2025

RILA sales $2.3 billion Second quarter 2026 registered index-linked annuity sales; up 69% from Q2 2025

Statutory total adjusted capital $5.8 billion JNL total adjusted capital as of June 30, 2026

Risk-based capital ratio 538% Estimated JNL RBC ratio as of June 30, 2026

Capital returned to common shareholders $290 million Q2 2026 via $227 million of repurchases and $63 million of dividends

Key Terms

registered index-linked annuity (RILA), risk-based capital (RBC) ratio, total adjusted capital, market risk benefits, +2 more

6 terms

registered index-linked annuity (RILA) financial

"including record registered index-linked annuity (RILA) sales of $2.3 billion"

A registered index-linked annuity (RILA) is a retirement contract that pays a stream of income whose growth is tied to the performance of a market index but includes built-in features that limit losses or gains. Think of it like a savings plan that shares in some market upside while offering a floor, cap, or buffer against declines—useful for investors who want potential growth with more downside protection than owning stocks outright, but who must accept limits on returns, fees, and long-term commitments.

risk-based capital (RBC) ratio financial

"an estimated risk-based capital (RBC) ratio at Jackson National Life Insurance Company"

A risk-based capital (RBC) ratio measures an insurer’s available capital against the minimum capital regulators require after accounting for the types and amounts of risks the company faces; it is expressed as a percentage. Investors use it like a “safety cushion” gauge: a higher ratio means the company is better positioned to absorb unexpected losses and less likely to face regulatory restrictions, while a low ratio can signal heightened solvency risk and potential impact on returns.

total adjusted capital financial

"Robust capital position at the operating company, with total adjusted capital of $5.8 billion"

Total adjusted capital is a firm's available financial cushion after adding core capital and allowable instruments then subtracting items regulators treat as less reliable, such as certain reserves or intangible assets. Investors use it to judge how much loss a company — especially a bank or insurer — can absorb before solvency is threatened; think of it as the usable safety margin after taking off things that don’t count as solid savings.

market risk benefits financial

"Market risk benefits (gains) losses, net"

Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.

funds withheld reinsurance treaties financial

"Net gains (losses) on funds withheld reinsurance treaties"

free cash flow financial

"Free cash flow of $287 million in the second quarter of 2026"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Earnings Snapshot

Net income attributable to common shareholders: $644 million

Three months ended June 30, 2026

Net income attributable to common shareholders $644 million compared to $168 million in the three months ended June 30, 2025

Diluted EPS $9.16 compared to $2.34 in the three months ended June 30, 2025

Adjusted operating earnings $513 million compared to $350 million in the three months ended June 30, 2025

Adjusted operating EPS $7.30 per diluted share compared to $4.87 per diluted share in the three months ended June 30, 2025

Retail annuity sales $5.9 billion up 34% from the second quarter of 2025

RILA sales $2.3 billion up 69% from the second quarter of 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/03/2026 - 04:19 PM Accepted by SEC EDGAR 08/03/2026 - 04:19 PM

FAQ

How did Jackson Financial (JXN) perform financially in Q2 2026?

Jackson Financial reported $644 million in net income attributable to common shareholders in Q2 2026, or $9.16 per diluted share. This compares with $168 million, or $2.34 per diluted share, in the second quarter of 2025, reflecting significantly higher profitability.

What were Jackson Financial (JXN) retail annuity sales in Q2 2026?

Retail annuity sales were $5.9 billion in Q2 2026, up 34% from the second quarter of 2025. This included record registered index-linked annuity sales of $2.3 billion and fixed and fixed index annuity sales of $812 million.

What were Jackson Financial (JXN) adjusted operating earnings and EPS for Q2 2026?

Adjusted operating earnings were $513 million, or a record $7.30 per diluted share, in Q2 2026. This compares with $350 million, or $4.87 per diluted share, in Q2 2025, reflecting higher spread and fee income and a reduced diluted share count.

How much capital did Jackson Financial (JXN) return to shareholders in Q2 2026?

Jackson Financial returned $290 million to common shareholders in Q2 2026. This consisted of $227 million of common share repurchases and $63 million in common dividends during the quarter.

What is Jackson Financial (JXN) capital position and RBC ratio as of June 30, 2026?

Jackson National Life Insurance Company reported total adjusted capital of $5.8 billion as of June 30, 2026, with an estimated 538% risk-based capital (RBC) ratio, indicating a substantial capital buffer at the operating company level.

What was Jackson Financial (JXN) free cash flow in Q2 2026?

Free cash flow was $287 million in Q2 2026, reflecting $325 million of distributions from the operating company, less preferred dividends and parent-level expenses. This free cash flow supports capital returns and other corporate initiatives.

How did PPM America’s assets under management change for Jackson Financial (JXN)?

PPM America’s assets under management reached $101.1 billion as of June 30, 2026, a 21% increase from $83.5 billion a year earlier. Growth was driven by Jackson’s general account from RILA, fixed annuities, institutional products and expanding third-party mandates.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2026

Jackson Financial Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-40274	98-0486152
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

1 Corporate Way, Lansing, Michigan		48951
(Address of principal executive offices)		(Zip Code)

(517) 381-5500

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Common Stock, Par Value $0.01 Per Share	JXN	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A	JXN PRA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 3, 2026, Jackson Financial Inc. (the “Company”) issued a press release announcing its financial results for its second quarter ended June 30, 2026. A copy is furnished as Exhibit 99.1 to this report.

The information in this Item (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

SAFE HARBOR

The information in this report (including Exhibit 99.1) contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this report (including Exhibit 99.1) not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident,” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 24, 2026, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.

Certain financial data included in this report (including Exhibit 99.1) consists of non-GAAP (Generally Accepted Accounting Principles) financial measures. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with U.S. GAAP. Although the Company believes these non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this report (including Exhibit 99.1). A reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure can be found in the “Non-GAAP Financial Measures” Appendix of Exhibit 99.1.

Certain financial data included in this report consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital.” These statutory financial measures are included in or derived from the Jackson National Life Insurance Company annual and/or quarterly statements filed with the Michigan Department of Insurance and Financial Services and available in the investor relations section of the Company’s website at investors.jackson.com/financials/statutory-filings.

We routinely use our investor relations website, at investors.jackson.com, as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels, is not incorporated by reference into and is not part of this report (including Exhibit 99.1).

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
99.1						Press Release announcing financial results for the second quarter 2026


104						Cover Page Interactive Data File (the coverage page XBRL tags are embedded within the Inline XBRL Document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	JACKSON FINANCIAL INC.


	By:	/s/ Don W. Cummings
		Don W. Cummings
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)
Date: August 3, 2026

Exhibit 99.1

FOR IMMEDIATE RELEASE

Jackson Announces Record Second Quarter 2026 Results

LANSING, Mich. — August 3, 2026 — Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced its financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Key Highlights

▪Retail annuity sales1 of $5.9 billion, up 34% from the second quarter of 2025, including record registered index-linked annuity (RILA) sales of $2.3 billion, which were up 69% from the second quarter of 2025

–Variable annuity (VA) sales1 of $2.7 billion were up 8% from the second quarter of 2025, primarily reflecting higher sales of products without lifetime benefits

–Fixed and fixed index annuity (FIA) sales of $812 million were up 73% from the second quarter of 2025, driven by our Jackson Income Assurance℠ FIA

▪Robust sales for spread products are supported by capabilities added at PPM America, Inc. (PPM), our asset management subsidiary, to source higher yielding assets, as well as our strategic partnership with TPG Inc. (TPG). These sales, combined with a focus on growing PPM’s third-party business, contributed to a 21% increase in PPM’s assets under management (AUM) from the second quarter of 2025, to more than $100 billion.

▪Net income attributable to Jackson Financial Inc. common shareholders of $644 million, or $9.16 per diluted share in the second quarter of 2026, compared to $168 million, or $2.34 per diluted share in the second quarter of 2025

▪Adjusted operating earnings2 of $513 million, or a record $7.30 per diluted share in the second quarter of 2026, compared to $350 million, or $4.87 per diluted share in the second quarter of 2025, primarily reflecting higher spread income from growth in average RILA, FIA, and Institutional AUM, higher fee income from growth in average VA AUM, and a reduced share count due to repurchases

▪Adjusted operating earnings per diluted share excluding notable items3 of $7.68 in the second quarter of 2026, up from $4.97 in the second quarter of 2025

▪Robust capital position at the operating company, with total adjusted capital of $5.8 billion as of June 30, 2026, and an estimated risk-based capital (RBC) ratio at Jackson National Life Insurance Company (JNL) of 538%

▪Jackson (Parent Company only) net cash provided by (used in) operating activities of $(27) million in the second quarter of 2026, compared to $(24) million in the second quarter of 2025

▪Free cash flow2 of $287 million in the second quarter of 2026 reflecting distributions from our operating company of $325 million

▪Returned $290 million to common shareholders in the second quarter of 2026, up 34% from the second quarter of 2025, through $227 million of common share repurchases and $63 million in common dividends

▪Cash and highly liquid securities at the holding company of nearly $1.4 billion as of June 30, 2026, which was above our updated targeted $325 million minimum liquidity buffer

1 Excludes certain internal exchanges

2 For the reconciliation of non-GAAP measures to the most comparable U.S. GAAP measures, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

3 See the appendix for a reconciliation related to notable items

Laura Prieskorn, President and Chief Executive Officer of Jackson, stated, “Our second quarter results reflect

the growing strength and diversification of our business. We delivered record earnings per share and 34% growth in retail annuity sales compared to the same period last year. This demonstrates our distribution reach and the momentum in our spread business, supported by the enhanced capabilities of PPM and the growth of our partnership with TPG. Our robust in-force book of business drove strong progress toward our financial targets, with more than $300 million of free capital generation in the second quarter, $290 million of capital return to common shareholders, and healthy levels of excess cash at the holding company. We believe we are well positioned for the second half of 2026 and remain committed to helping Americans achieve financial freedom for life.”

Consolidated Second Quarter 2026 Results

The Company reported net income attributable to Jackson Financial Inc. common shareholders of $644 million, or $9.16 per diluted share for the three months ended June 30, 2026, compared to $168 million, or $2.34 per diluted share for the three months ended June 30, 2025. Second quarter net income included a more favorable net hedging result versus the prior year’s second quarter, driven in part by lower volatility in the current quarter. We believe the non-GAAP measure of adjusted operating earnings better represents the underlying performance of our business as adjusted operating earnings exclude, among other things, changes in the fair value of derivative instruments and market risk benefits tied to market movements.

Adjusted operating earnings for the three months ended June 30, 2026, were $513 million, or a record $7.30 per diluted share, compared to $350 million or $4.87 per diluted share for the three months ended June 30, 2025. The current quarter per share amount reflected higher spread income from growth in average RILA, FIA, and Institutional AUM, higher fee income from growth in average VA AUM, and a reduced share count due to share repurchases.

Total common shareholders’ equity was $9.4 billion or $136.10 per diluted share as of June 30, 2026, compared to $9.4 billion or $138.17 per diluted share as of December 31, 2025. Adjusted book value attributed to common shareholders4 was $10.8 billion or $156.12 per diluted share as of June 30, 2026, compared to $10.6 billion or $155.78 per diluted share as of December 31, 2025. The per share increase was primarily driven by year-to-date adjusted operating earnings of $0.9 billion, partially offset by capital return during the first half of the year and a higher diluted share count resulting from the common equity issuance during the first quarter related to the initiation of the strategic partnership with TPG. Return on equity attributable to common shareholders for the six months ended June 30, 2026 and 2025 was 4.5% and 2.8%, respectively. Adjusted operating return on equity attributable to common shareholders4 for the six months ended June 30, 2026, was 16.5%, up from 13.1% in the first half of 2025.

Segment Results – Pretax Adjusted Operating Earnings5


	Three Months Ended
(in millions)	June 30, 2026	June 30, 2025
Retail Annuities	$621	$417
Institutional Products	29	19
Closed Life and Annuity Blocks	(10)	22
Corporate and Other	(22)	(52)
Total5	$618	$406

4 For the reconciliation of non-GAAP measures to the most comparable U.S. GAAP measures, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

5 See reconciliation of Total Pretax Adjusted Operating Earnings, a non-GAAP financial measure, to net income in the Appendix to this release.

Retail Annuities

Retail Annuities reported pretax adjusted operating earnings of $621 million in the second quarter of 2026, compared to $417 million in the second quarter of 2025. The current quarter results primarily reflect higher spread income resulting from growth in average RILA and FIA AUM and higher fee income from growth in average VA AUM, partially offset by higher market related expenses.

Total retail annuity sales6 of $5.9 billion in the second quarter of 2026 were up from $4.4 billion in the second quarter of 2025. Variable annuity sales6 of $2.7 billion in the second quarter were up from $2.5 billion in the second quarter of 2025, reflecting higher sales of products without lifetime benefits. Record RILA sales of $2.3 billion in the second quarter were up from $1.4 billion in the second quarter of 2025. Fixed and fixed index annuity sales in the second quarter of $812 million were up from $470 million in the second quarter of 2025.

Institutional Products

Institutional Products reported pretax adjusted operating earnings of $29 million in the second quarter of 2026, compared to $19 million in the second quarter of 2025, driven by higher spread income resulting from higher AUM. The segment reported sales of $1.4 billion in the quarter, up significantly from $930 million in the second quarter of 2025. This healthy growth underscores our continued ability to capitalize on robust demand for spread lending, demonstrating the effectiveness of our opportunistic sales strategy and our strong market positioning.

Net flows were $(13) million in the second quarter, and total account value of $11 billion was up from $10.4 billion in the second quarter of 2025.

Closed Life and Annuity Blocks

Closed Life and Annuity Blocks reported pretax adjusted operating income (loss) of $(10) million in the second quarter of 2026, compared to $22 million in the second quarter of 2025, primarily reflecting lower limited partnership income, partially offset by decreases in reserves from the runoff of in-force business.

Corporate and Other

Corporate and Other reported a pretax adjusted operating (loss) of $(22) million in the second quarter of 2026, compared to $(52) million in the second quarter of 2025, primarily reflecting higher net investment income and lower G&A expenses.

Corporate and Other also includes the results of PPM, which has experienced 21% growth in AUM from the second quarter of 2025. AUM as of June 30, 2026 was $101.1 billion, up from $83.5 billion as of June 30, 2025, driven by growth in Jackson’s general account due to sales of RILA, fixed annuities, FIA and Institutional products, and growth in third-party AUM.

Capitalization and Liquidity

(Unaudited, in billions)

June 30, 2026

March 31, 2026

Statutory Total Adjusted Capital (TAC) Jackson National Life Insurance Company

$5.8

$5.5

Statutory TAC at JNL was $5.8 billion as of June 30, 2026, up from $5.5 billion as of March 31, 2026. TAC was supported by strong earnings on in-force business, partially offset by a $325 million distribution to JNL’s parent during the second quarter of 2026 and the related reduction in deferred tax asset admissibility. JNL’s estimated

6 Excludes certain internal exchanges

RBC ratio was 538% as of June 30, 2026, down from the first quarter of 2026 due to an increase in estimated company action level required capital. Holding company free cash flow totaled $287 million in the second quarter of 2026 reflecting the $325 million distribution from the operating company.

Cash and highly liquid securities at the holding company totaled nearly $1.4 billion as of June 30, 2026, which was above our updated targeted minimum liquidity buffer of $325 million. The holding company liquidity includes proceeds from our $750 million senior debt issuance in the second quarter of 2026, which can be used to retire, at or prior to maturity, our $400 million senior notes due 2027 and JNL’s $250 million surplus notes due 2027.

Earnings Conference Call

Jackson will host a conference call on Tuesday, August 4, 2026, at 10 a.m. ET to review the second quarter results. The live webcast is open to the public and can be accessed at https://investors.jackson.com. A replay will be available following the call.

To register for the webcast, click here.

FORWARD-LOOKING STATEMENTS

The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance, and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the SEC) on February 24, 2026, and elsewhere in the Company’s reports filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.

Certain financial data included in this release consists of non-GAAP (Generally Accepted Accounting Principles) financial measures. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with U.S. GAAP. Although the Company believes these non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this release. A reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure can be found in the “Non-GAAP Financial Measures” Appendix of this release.

Certain financial data included in this release consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital.” These statutory financial measures are included in or derived from the Jackson National Life Insurance Company annual and/or quarterly statements filed with the Michigan Department of Insurance and Financial Services and are available in the investor relations section of the Company’s website at investors.jackson.com/financials/statutory-filings.

ABOUT JACKSON

Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for

tomorrow. For more information, visit www.jackson.com.

*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for three consecutive months or more.)

Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).

WEBSITE INFORMATION

Visit investors.jackson.com to view information regarding Jackson Financial Inc., including a supplement regarding the second quarter results. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this release.

Investor Relations Contacts:

Liz Werner

elizabeth.werner@jackson.com

Andrew Campbell

andrew.campbell@jackson.com

Media Contact:

Amanda Chaney

mediarelations@jackson.com

APPENDIX

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 the use of these non-GAAP financial measures, together with relevant U.S. GAAP financial measures, provides a better understanding of our results of operations, financial condition and the underlying performance drivers of our business. These non-GAAP financial measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.

Adjusted Operating Earnings

Adjusted Operating Earnings is an after-tax, non-GAAP financial measure, which we believe should be used to evaluate our financial performance on a consolidated basis by excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP or that are non-recurring in nature, as well as certain other revenues and expenses that we do not view as driving our underlying performance. Adjusted Operating Earnings should not be used as a substitute for net income as calculated in accordance with U.S. GAAP. However, we believe the adjustments to net income are useful for gaining an understanding of our overall results

of operations.

Free Cash Flow

Free cash flow is Jackson Financial Inc. (Parent Company only) net cash provided by (used in) operating activities less preferred stock dividends and capital contributions to PPM or other subsidiaries, plus the return of capital from our subsidiaries. Free cash flow should not be used as a substitute for JFI’s (Parent Company only) net cash provided by (used in) operating activities calculated in accordance with U.S. GAAP. However, we believe these adjustments are useful to gaining an understanding of our overall available cash flow at JFI for return of capital to common shareholders and other corporate initiatives.

For additional detail on the non-GAAP financial measures, please refer to the supplement relating to the second quarter ended June 30, 2026, posted on our website, https://investors.jackson.com.

The following is a reconciliation of Adjusted Operating Earnings to Net Income (loss) attributable to Jackson Financial Inc. common shareholders, the most comparable U.S. GAAP measure.

U.S. GAAP Net Income (Loss) to Adjusted Operating Earnings


	Three Months Ended
(in millions, except share and per share data)	June 30, 2026		June 30, 2025
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$	644	$	168
Add: dividends on preferred stock	11		11
Add: income tax expense (benefit)	5		4
Pretax income (loss) attributable to Jackson Financial Inc.	660		183
Non-operating adjustments – (income) loss:
Guaranteed benefits and hedging results:
Fees attributable to guarantee benefit reserves	(714)		(764)
Net (gains) losses on hedging instruments	(176)		1,840
Market risk benefits (gains) losses, net	(2,053)		(2,203)
Net reserve and embedded derivative movements	2,671		1,066
Total net hedging results	(272)		(61)
Amortization of DAC associated with non-operating items at date of transition to LDTI1	118		127
Actuarial assumption updates and model enhancements	—		—
Net realized investment (gains) losses	27		(30)
Net realized investment (gains) losses on funds withheld assets	297		327

Net investment income on funds withheld assets	(201)		(227)
Other items	(11)		87
Total non-operating adjustments	(42)		223
Pretax adjusted operating earnings	618		406
Less: operating income tax expense (benefit)	94		45
Adjusted operating earnings before dividends on preferred stock	524		361
Less: dividends on preferred stock	11		11
Adjusted operating earnings	$	513	$	350

Weighted Average diluted shares outstanding	70,292,020		71,938,152
Net income (loss) per diluted share	$	9.16	$	2.34
Adjusted Operating Earnings per diluted share	$	7.30	$	4.87

1LDTI - Adoption of FASB issued ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts”.

Adjusted Earnings Per Share, Excluding Notables and Taxes


	Three Months Ended
(in millions, except per share amounts)	June 30, 2026		June 30, 2025
Adjusted operating earnings	$	513	$	350
Add: (Out performance)/under performance from limited partnership income	26		24

Add: Impact from effective tax rate versus a 15% tax rate guidance	1		(17)
Adjusted Operating Earnings exclude notable items and taxes	$	540	$	357

Adjusted Operating Earnings per common share (diluted), excluding notable items and taxes	$	7.68	$	4.97

The following is a reconciliation of Jackson Financial (Parent Company only) net cash provided by (used in) operating activities, the most comparable U.S. GAAP measure, to Free Cash Flow:


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Jackson Financial, Inc. (Parent Company Only) Net cash provided by (used in) operating activities	$	(27)	$	(24)

Adjustments from net cash provided by operating activities to free cash flow:

Capital distributions from subsidiaries	325		325

Dividends on preferred stock	(11)		(11)
Total adjustments	314		314

Free cash flow	$	287	$	290

Free Cash Flow Comprised of:

Capital distributions from subsidiaries	325		325


Cash distributed to JFI	325		325







Parent company expenses	(37)		(29)
Net investment income and other income	8		6
Other, net	(9)		(12)
JFI expenses and other, net	(38)		(35)

Free cash flow	$	287	$	290

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 arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. We exclude AOCI attributable to JFI from Adjusted Book Value Attributable to Common Shareholders because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duration in nature, and therefore we believe period-to-period fair market value fluctuations in AOCI to be inconsistent with this objective. We believe excluding AOCI attributable to JFI is more useful to investors in analyzing trends in our business because it removes those short-term fluctuations. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non-operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on the Adjusted Book Value of JFI.


(in millions)	June 30, 2026		December 31, 2025
Total shareholders’ equity	$	9,962	$	9,953
Less: Preferred equity	533		533
Total common shareholders’ equity	9,429		9,420
Adjustments to total common shareholders’ equity:
Exclude Accumulated Other Comprehensive (Income) Loss attributable to Jackson Financial Inc.	1,387		1,201
Adjusted Book Value Attributable to Common Shareholders	$	10,816	$	10,621

Condensed Consolidated Balance Sheets


	June 30,		December 31,
	2026		2025
(in millions, except share and per share data)
Assets
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $24 and $11 at June 30, 2026 and December 31, 2025, respectively (amortized cost: 2026 $55,815; 2025 $50,491)	$	52,208	$	47,321
Debt Securities, at fair value under fair value option	3,534		3,470

Equity securities, at fair value	262		172
Mortgage loans, net of allowance for credit losses of $176 and $133 at June 30, 2026 and December 31, 2025, respectively	10,414		9,887
Mortgage loans, at fair value under fair value option	595		324
Policy loans (including $3,617 and $3,537 at fair value under the fair value option at June 30, 2026 and December 31, 2025, respectively)	4,484		4,426
Freestanding derivative instruments	422		448
Other invested assets	3,392		3,185
Total investments	75,311		69,233
Cash and cash equivalents	5,986		5,704
Accrued investment income	714		634
Deferred acquisition costs	11,655		11,660
Reinsurance recoverable, net of allowance for credit losses of $31 and $30 at June 30, 2026 and December 31, 2025, respectively	18,331		19,518
Reinsurance recoverable on market risk benefits, at fair value	109		118
Market risk benefit assets, at fair value	8,046		7,867
Deferred income taxes, net	609		719
Other assets	917		637
Separate account assets	245,387		236,496
Total assets	$	367,065	$	352,586