$JXN

Jackson Financial Inc.

CIK:0001822993|SEC Filings

Condensed Consolidated Income Statements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Fee income	$ 1,968	$ 1,942	$ 3,966	$ 3,928
Premiums	38	40	66	80
Net investment income:
Net investment income excluding funds withheld assets	727	491	1,268	1,019
Net investment income on funds withheld assets	201	227	400	454
Total net investment income	928	718	1,668	1,473
Net gains (losses) on derivatives and investments:
Net gains (losses) on derivatives and investments	(2,487)	(2,860)	(2,204)	(1,517)
Net gains (losses) on funds withheld reinsurance treaties	(297)	(327)	(456)	(715)
Total net gains (losses) on derivatives and investments	(2,784)	(3,187)	(2,660)	(2,232)
Other income	18	16	30	30
Total revenues	168	(471)	3,070	3,279
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	221	256	479	500
(Gain) loss from updating future policy benefits cash flow assumptions, net	20	12	38	24
Market risk benefits (gains) losses, net	(2,053)	(2,203)	(383)	43
Interest credited on other contract holder funds, net of deferrals and amortization	320	295	635	583
Interest expense	27	25	52	50
Operating costs and other expenses, net of deferrals	687	681	1,422	1,358
Amortization of deferred acquisition costs	281	274	562	549
Total benefits and expenses	(497)	(660)	2,805	3,107
Total benefits and expenses	665	189	265	172
Income tax expense	5	4	25	5
Net income (loss)	660	185	240	167
Less: Net income (loss) attributable to noncontrolling interests	5	6	9	12
Net income (loss) attributable to Jackson Financial Inc.	655	179	231	155
Less: Dividends on preferred stock	11	11	22	22
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Basic	644	168	209	133
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Diluted	$ 644	$ 168	$ 209	$ 133
Earnings per share
Basic (in usd per share)	$ 9.18	$ 2.34	$ 2.99	$ 1.83
Diluted (in usd per share)	$ 9.16	$ 2.34	$ 2.98	$ 1.83

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Sales, maturities and repayments of:
Debt securities	$ 4,931	$ 4,091
Equity securities	53	19
Mortgage loans	770	730
Purchases of:
Debt securities	(9,840)	(6,758)
Equity securities	(51)	0
Mortgage loans	(1,627)	(751)
Settlements related to derivatives and collateral on investments	483	(928)
Other investing activities	(166)	(121)
Net cash provided by (used in) investing activities	(5,447)	(3,718)
Cash flows from operating activities:
Net income (loss)	240	167
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses (gains) on investments	68	175
Net losses (gains) on derivatives	2,136	1,342
Net losses (gains) on funds withheld reinsurance treaties	456	715
Net (gain) loss on market risk benefits	(383)	43
(Gain) loss from updating future policy benefits cash flow assumptions, net	38	24
Interest credited on other contract holder funds, gross	635	583
Mortality, expense and surrender charges	(253)	(263)
Amortization of discount and premium on investments	(30)	(18)
Deferred income tax expense (benefit)	19	(7)
Share-based compensation	74	72
Change in:
Accrued investment income	(80)	(32)
Deferred acquisition costs	5	206
Funds withheld, net of reinsurance	224	168
Future policy benefits	(212)	(277)
Other assets and liabilities, net	(43)	(131)
Net cash provided by (used in) operating activities	2,894	2,767
Policyholders' account balances:
Deposits	15,799	12,126
Withdrawals	(23,404)	(19,353)
Net transfers from (to) separate accounts	10,815	9,465
Proceeds from (payments on) repurchase agreements and securities lending	(558)	(383)
Net proceeds from (payments on) Federal Home Loan Bank notes	0	(700)
Settlements related to deferred premium on derivatives	(335)	0
Proceeds from debt	750	0
Payments on debt	(4)	(4)
Pre-capitalized trust securities and debt issuance costs	(17)	0
Issuance of debt of consolidated investment entities	31	395
Repayments of debt of consolidated investment entities	(236)	(98)
Contributions from partners of consolidated investments	96	17
Dividends on common stock	(126)	(115)
Dividends on preferred stock	(22)	(22)
Purchase of treasury stock	(454)	(360)
Issuance of treasury stock	500	0
Net cash provided by (used in) financing activities	2,835	968
Net increase (decrease) in cash, cash equivalents, and restricted cash	282	17
Cash, cash equivalents, and restricted cash at beginning of period	5,704	3,767
Total cash, cash equivalents, and restricted cash at end of period	5,986	3,784
Supplemental cash flow information
Income taxes paid (received)	(46)	(11)
Interest paid	86	127
Non-cash investing activities
Debt securities acquired from exchanges, payments-in-kind, and similar transactions	66	178
TPG Inc. common stock acquired	150	0
Non-cash financing activities
Non-cash dividend equivalents on stock-based awards	(2)	(2)
Reconciliation to Condensed Consolidated Balance Sheets
Cash and cash equivalents	5,986	3,784
Restricted cash (included in Other assets)	0	0
Total cash, cash equivalents, and restricted cash	$ 5,986	$ 3,784

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
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
Liabilities
Reserves for future policy benefits and claims payable	10,634	10,896
Account values with crediting rates	73,285	67,663
Market risk benefit liabilities, at fair value	3,368	3,754
Funds withheld payable under reinsurance treaties (including $3,806 and $3,723 at fair value under the fair value option at June 30, 2026 and December 31, 2025, respectively)	14,090	14,960
Debt	2,769	2,030
Repurchase agreements and securities lending payable	477	1,036
Collateral payable for derivative instruments	14	58
Separate account liabilities	245,387	236,496
Total liabilities	356,591	342,244
Commitments, Contingencies, and Guarantees (see Note 16)
Equity
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at June 30, 2026 and December 31, 2025; liquidation preference $25,000 per share (see Note 19)	533	533
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 68,185,286 and 66,825,632 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively (see Note 19)	1	1
Additional paid-in capital	6,401	6,063
Treasury stock, at cost; 26,303,029 and 27,662,683 shares at June 30, 2026 and December 31, 2025, respectively	(1,897)	(1,645)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(286) and $(377) at June 30, 2026 and December 31, 2025, respectively	(2,625)	(2,470)
Retained earnings	7,549	7,471
Total shareholders' equity	9,962	9,953
Noncontrolling interests	512	389
Total equity	10,474	10,342
Total liabilities and equity	367,065	352,586
Freestanding derivatives
Liabilities
Freestanding derivative instruments	657	257
Related Party
Liabilities
Other Liabilities	2,474	2,578
Nonrelated Party
Liabilities
Other Liabilities	$ 3,436	$ 2,516