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Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 10:00 a.m. ET Chief Executive Officer - Laura Prieskorn Chief Financial Officer - Don Cummings President of PPM America - Chris Raub Senior Vice President of Planning and Asset Liability Management - Brian Walta Head of Distribution of Jackson National Life Distributors - Alison Reed Head of Investor Relations - Elizabeth Werner Operator: Good day, everyone. Welcome to the Jackson Financial Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Liz Werner, Head of Investor Relations. Please go ahead. Elizabeth Werner: Good morning, everyone, and welcome to Jackson's 2026 Second Quarter Earnings Call. Today's remarks may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events. Jackson's filings with the SEC provide details on important factors that may cause actual results or events to differ materially, except as required by law, Jackson is under no obligation to update any forward-looking statements. Today's remarks also refer to certain non-GAAP financial measures. The reconciliation of those measures to the most comparable U.S. GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on the Investor Relations page of our website at investors.jackson.com. Presenting on today's call are Jackson CEO, Laura Prieskorn; and CFO, Don Cummings; joining us in the room are our President of PPM America, our investment management subsidiary, Chris Raub; our Head of Planning and Asset Liability Management, Brian Walta; and our Head of Distribution of Jackson National Life Distributors, Alison Reed. At this time, I'll turn the call over to our CEO, Laura Prieskorn. Laura Prieskorn: Thank you, Liz. Good morning, everyone. I appreciate you joining us for Jackson Financial's Second Quarter 2026 Earnings Call. I'll start by highlighting the quarter's strong operating results, continued capital generation and a robust free cash flow. Following my remarks, Don Cummings, our CFO, will discuss our financial results in greater detail. Lastly, prior to Q&A, I'll share comments on our upcoming executive management transitions we've recently announced, and my confidence in the leadership guiding Jackson forward. Beginning at a high level, our performance in the first half of 2026 positions Jackson to achieve our financial targets for the year and sets a foundation for anticipated long-term profitability. Turning to the financial metrics on Slide 3. In the second quarter, operating earnings benefited from strong fee income and significant spread-based income growth. We reached a new quarterly record for adjusted operating earnings of $7.30 per diluted share. The combined total account value for retail annuities and institutional exceeded $295 billion, representing a 10% increase from the prior quarter and included a greater percentage of spread-based account growth. In addition, through the first half of the year, our adjusted operating earnings grew more than 20%. We expect our sizable healthy in-force business, our increasing diversification and our continued sales momentum to provide sustainable earnings and cash flows for the foreseeable future. Jackson's growth is supported by a strong capital position and continued capital generation. At the end of the quarter, total adjusted capital was $5.8 billion, up nearly 9% from the second quarter a year ago. Despite the strong growth in new business, our ability to generate free cash flow and return capital to shareholders has continued to improve. For the first half of 2026, free cash flow was $575 million, a 14% increase from last year. During the same time, we returned $547 million to shareholders in the form of common shareholder dividends and share repurchases. We remain focused on our balanced approach to capital management that has allowed us to maintain financial strength while supporting new business and capital return. Turning to retail annuity sales. We saw sales accelerate in the second quarter and approach $6 billion, a 34% increase from a year ago. Importantly, sales across all our products were up from the first quarter as well as from the second quarter a year ago. We remain an industry leader with more than $26 billion in RILA assets and $2.3 billion in second quarter RILA sales. This was a record sales quarter in the fourth consecutive quarter of more than $2 billion in RILA sales. We anticipate continued RILA sales growth resulting from our June launch of Market Link Pro 4 and Market Link Pro Advisory 4. This latest addition to our RILA product suite is the first in the industry to reflect the Dow Jones Industrial Average Index option. We believe these enhancements provide valued options for our advisers and their clients and add to RILA's attractive product features of growth potential with downside protection. Further adding to our spread-based business and diversification, our fixed and fixed indexed annuity products whose account values increased 28% to $6.3 billion in the first half of 2026. Our income-focused FIA product, Jackson Income Assurance, delivered another quarter of solid sales, bringing FIA sales for the first 6 months to $1.3 billion. Our FIA offers a highly valued income benefit that allows advisers to offer an income protection solution that their clients can depend upon. Looking forward, we expect the combination of our investment expertise at PPM and our TPG investment partnership will continue to support Jackson's ability to offer competitive spread-based products. Our partnership with TPG and the collaboration with PPM have already produced attractive new investment opportunities and enhanced investment yields. Importantly, we saw total retail annuity net outflows decline for the second quarter in a row and improved by 20% through the first half of the year compared to the prior year period. While the strong equity market drove variable annuity surrenders this quarter, increasing net inflows for RILA, fixed annuities and fixed index annuities all contributed to the quarter's improving net flow trend. We anticipate that policyholders with mature variable annuities continue to take advantage of the high growth in their funds and their valued benefits and believe the impact on total net flows should recede over time. Our broader range of annuity products continue to drive growth by expanding distribution and increasing the use of annuities in client portfolios. During the quarter, more advisers sold multiple products, helping build stronger distribution relationships. We also remain a leader in the advisory channel where RILA, FIA and Elite Access, our investment-only variable annuity, made up nearly 80% of first half advisory annuity sales. This reflects the strength of our product diversification strategy. In addition, our RILA offerings continue to expand our distribution network. Since 2025, we've added nearly 1,500 new advisers and reactivated 2,300 advisers who had not recently sold a Jackson product. Our recently launched FIA product is also helping grow our distribution footprint. Approximately 60% of the producers selling this product are either new or reactivated Jackson producers. In addition to our innovative annuity products, we offer advisers a solutions-based approach, supported by advanced digital capabilities and ongoing industry-leading service. Jackson was recently named Investment News 2026 Annuity Provider of the Year. This award illustrates strength of the organization, the trusted relationships we've built with our distribution partners and the dedication of our associates whose hard work helps drive meaningful outcomes for the customers we serve every day. Jackson has a long history of supporting our distribution partners and advisers as they help their clients reach their retirement goals. We are proud of this recognition and remain focused on our mission of helping Americans secure their financial future. Turning to Slide 4. The shift in our business mix and separation highlights the diversification benefit resulting from Jackson's broad product portfolio. We ended the quarter with nearly 40% of our in-force book comprised of spread-based and investment-only variable annuities, reflecting the growth across all our products this quarter. Jackson's focus remains clear, and we continue to drive growth through product innovation and an expanded distribution reach, which we believe leads to sales diversification and a more balanced in-force book of business. Turning to Slide 5 and looking ahead to the full year, as I said earlier, we are pleased with our first half accomplishments and the momentum we have built going into the second half of the year. We remain confident in our ability to achieve our free capital generation target of $1.2 billion and deliver on our capital return to common shareholders target of $900 million to $1.1 billion. In addition, our holding company liquidity is well above our minimum buffer, excluding the recent proceeds from our senior debt issuance. Importantly, we believe Jackson's market presence, operating strength and capital position provide the foundation for long-term value creation. At this time, I'll turn the call over to Don. Don Cummings: Thank you, Laura. Before turning to our quarterly results, I want to recognize Laura for her nearly 40 years of dedicated service to Jackson. Under her steadfast leadership, the company navigated a transformational period advancing many important strategic initiatives that have strengthened our foundation and positioned Jackson well for continued growth. On behalf of the organization, I want to thank Laura for her leadership and lasting contributions. I'm honored by the Board's confidence in appointing me as Jackson's next President and CEO, and I look forward to leading Jackson through its next phase of growth. My career began in retirement services and joining Jackson in 2020 was a return to an industry I know well. At that time, the company was preparing for registering with the SEC and its listing on the New York Stock Exchange and entering into an important new chapter. Five years later, I'm privileged to succeed Laura and guide Jackson as we continue to execute on our long-term strategy and capitalize on the opportunities ahead. I also want to highlight Brian Walta's appointment as Chief Financial Officer. Brian is a highly respected leader with deep financial and actuarial expertise and I'm confident he will carry forward Jackson's strong tradition of disciplined financial management while supporting our strategic priorities and delivering value for shareholders. Jackson's reputation has been built on financial strength, disciplined execution and long-standing partnerships. Our commitment to serving financial professionals and policyholders while maintaining leadership within the retirement services industry remains unchanged. We believe the company is well positioned for the future, supported by a strong balance sheet, differentiated capabilities and an experienced management team focused on delivering sustainable value for our stakeholders. With that, let's turn to Slide 6 and review our second quarter financial results. We reported pretax adjusted operating earnings of $618 million for the quarter or $648 million, excluding notable items. On an ex notables basis, earnings increased 50% year-over-year driven by continued momentum across our spread-based business and healthy growth of our in-force fee-based AUM. Sequentially, ex notables earnings were also meaningfully higher than the first quarter of 2026, reflecting continued growth in both fee and spread-based AUM. Sequential net investment income benefited from more than $3 billion of higher average invested assets, modest improvement in total portfolio yield as new money was invested at rates above the existing yield and more favorable marks in the second quarter. The quarter also benefited from normal seasonality with pretax operating expenses, including compensation, about $48 million lower than in the first quarter. Our spread-based earnings continued to demonstrate strong growth supported by a competitive product spectrum and a high-quality, conservatively managed investment portfolio. Diversification and disciplined credit management remains central to our investment approach and continue to support consistent performance. Sales of our spread-based products also reflect the enhanced asset sourcing capabilities at PPM which have enabled greater allocation and new money and to select higher-yielding asset classes. This measured shift in new money deployment, combined with a compelling product lineup, has helped Jackson maintain a stable and competitive position in the spread product market. We are also beginning to see increasing contributions from our strategic partnership with TPG alongside the continued benefits of our capital-efficient strategy. Capital deployment through the partnership continued to build momentum during the quarter and remains aligned with the AUM targets we outlined earlier this year. The partnership is clearly broadening investment opportunities and helping drive higher new money yields. Before turning to notable items, I want to highlight the continued strength and profitability of our in-force business. Adjusted operating return on equity for the trailing 12 months ended June 2026 was 16.3%, up from 12.7% for the comparable period ending June 2025. This improvement reflects the resilience and earnings power of the business as we continue to diversify our sales mix and balance sheet in a disciplined and value-accretive way. Turning to Slide 7. I'll walk through the notable items that impacted adjusted operating earnings this quarter. Free capital generation, which I'll discuss later, was also affected by these items. We reported adjusted operating earnings per diluted common share of $7.30. Excluding $0.36 of notable items and normalizing for the difference between our actual tax rate and our 15% tax guidance, adjusted operating EPS was $7.68. That represents a 55% increase versus the second quarter of last year driven by strong spread income growth discussed earlier, along with the benefit of a lower diluted share count from our ongoing share repurchase program. During the quarter, limited partnership results were below our long-term 10% return assumption, resulting in an unfavorable impact of $0.36 per share. As expected, valuations within the limited partnership portfolio can vary quarter-to-quarter, but we remain confident in the underlying quality and long-term performance of these investments. Our effective tax rate for the quarter was 15.2%, consistent with our guidance. Turning to Slide 8. We'll take a closer look at the continued diversification and growth within our retail annuity segment, where we maintained the #1 position in traditional variable annuities and a top 4 position in RILA. The segment delivered 34% year-over-year sales growth in the second quarter, reflecting strong execution across our broad product portfolio, Continued expansion of wholesaler territories is driving deeper engagement across existing distribution relationships and supporting sustained sales momentum. As Laura noted earlier, Jackson was recognized by Investment News as Annuity Provider of the Year, which we believe reflects the strength of both our product platform and distribution capabilities. Importantly, spread-based products represented 54% of total sales in the quarter, highlighting the continued evolution and diversification of our business mix. Sequentially, total retail sales increased 12% from the first quarter. Our RILA product suite continues to perform exceptionally well. Second quarter RILA sales exceeded $2.3 billion, up 69% from the prior year quarter and represents a new quarterly record. Since launching the product in 2021, RILA AUM has grown steadily to more than $26 billion at quarter end. We also continue to see strong momentum in other spread-based products. Our recently launched Jackson Income Assurance product contributed to $812 million of total fixed and fixed index annuity sales during the quarter, up 73% year-over-year. We believe the continued scaling of our strategic partnership with TPG positions us well to support further growth and enhance the long-term earnings potential of our spread-based business. Turning to net flows. Strong RILA and other spread product sales drove $2.9 billion of nonvariable annuity net inflows in the quarter, up 65% from the prior year period and 16% sequentially. Within variable annuities, the all-in surrender rate was essentially flat sequentially and modestly higher than the prior year quarter. As expected, surrender activity within the in-force block continues to be influenced by equity market performance. During the second quarter, separate account returns were 12.9% which contributed to more than $27 billion of investment gains in variable annuity AUM during the quarter, exceeding variable annuity net outflows by more than $22 billion. The overall growth in account values continues to support strong fee income generation. We've included advisory sales trends to further illustrate the breadth and diversification of our distribution capabilities. Jackson continues to hold a leading position in the advisory annuity market ranking #2 supported by a comprehensive suite of product offerings. Notably, nearly 50% of advisory sales in the second quarter of 2026 came from products other than variable annuities, reflecting the continued success of our growth and diversification strategy. Lastly, institutional product sales were $1.4 billion in the second quarter, increasing both year-over-year and sequentially. These results highlight our continued ability to capitalize on strong demand for spread lending products and reflect the effectiveness of our opportunistic sales strategy supported by our strong market position. Turning to Slide 9. We highlight second quarter net hedge results by product, along with a waterfall comparison of pretax adjusted operating earnings to the GAAP pretax income attributable to Jackson Financial. Since transitioning to a more economic hedging approach, we have seen a meaningful improvement in the consistency of our hedging program outcomes, supporting stronger and more predictable capital generation. As a reminder, we recently enhanced our disclosure of net hedge results to separately present outcomes for our variable annuity and RILA businesses. This added transparency provides a clearer view of the offsetting equity exposures across these product lines and excluding the impact of implied volatility on market risk benefits offers insight into the change in equity at Brooke Re. After isolating the volatility-related impacts, our overall net hedge result for the quarter was a modest $2 million gain. Given the size and complexity of the liability profile, we view this as a favorable outcome. As shown on the slide, gains from the RILA and FIA businesses were largely offset by losses in the VA business. As a reminder, for RILA and FIA products, our hedging strategy is designed to prioritize economic outcomes rather than the JFI GAAP results. And there can be meaningful differences between these two perspectives. As a result, quarterly gains or losses on a JFI GAAP basis may or may not align with the underlying economics and should not be viewed as the sole indication of hedging effectiveness. That dynamic was evident in the second quarter as strong equity market performance, combined with modestly higher interest rates resulted in a gain of about $200 million for RILA and FIA, driven by hedge gains that more than offset reserve movements. On an economic basis, net hedging results for these products were much closer to neutral. This outcome continues to demonstrate our ability to protect the in-force business from market impacts, while generating healthy operating income. With variable annuities, net hedging results reflected the same market conditions with hedge losses exceeding market risk benefit gains. Excluding the approximately $270 million benefit from implied volatility during the quarter, VA reported a loss of roughly $200 million, broadly offsetting gains generated from the RILA and FIA businesses. As a reminder, there are also scope and accounting modification differences between JF VA results and Brooke Re results beyond the implied volatility impact. On a Brooke Re basis, net hedge results were essentially flat for the quarter. Brooke Re's capitalization remains well above both our internal risk management target and our regulatory minimum operating capital level. Furthermore, during the quarter, there were no capital contributions to or distributions of capital from Brooke Re. Looking ahead, we will continue to manage Brooke Re on a self-sustaining basis, consistent with the long-term nature of its liabilities and our disciplined approach to capital management. Overall, these results underscore the effectiveness of our hedging program in maintaining capital stability, proactively managing economic risk and preserving the durability and resilience of our business model. Turning to Slide 10. We highlight the consistency of our capital generation, free cash flow and shareholder returns. In the second quarter, after-tax statutory capital generation was $656 million, benefiting from the strong equity market performance and continued growth in our spread-based businesses. We continue to view statutory capital generation as one of the clearest indicators of the underlying earnings power of the business and an important guidepost in balancing investment for future growth with capital return to shareholders. Free capital generation was $304 million in the quarter, reflecting the estimated change in required capital associated with strong and diversified new business production. Required capital growth in the quarter also included impacts related to equity markets and sales patterns that are inherent in the RBC framework, and as a result, we would not expect the same level of headwind in future quarters if sales remain at current levels. Based on results through the first half of 2026, we remain confident in achieving at least $1.2 billion in free capital generation for the full year. While our RBC risk appetite remains at 425%, the stability in RBC levels over the past 2 years continues to support our focus on sustained free capital generation consistent with our earn it, then pay it philosophy. Holding company free cash flow remained strong and consistent at $287 million in the quarter, broadly in line with both the prior year period in the first quarter of 2026 after funding expenses and other cash flow items. The strength of our free capital generation and free cash flow supported $290 million of capital return to common shareholders during the quarter, representing a 38% increase on a per diluted share basis compared to the prior year quarter. Since becoming an independent public company, Jackson has returned nearly $3.3 billion to common shareholders, exceeding our initial market capitalization at our IPO. Overall, these results continue to reinforce the strength and consistency of Jackson's capital generation profile, the durability of our cash flows and our commitment to delivering long-term shareholder value. Turning to Slide 11. This slide highlights Jackson's strong capital and liquidity position. Our in-force business continues to be a significant driver of profitability. Fee income from our variable annuity based contracts, together with growth in spread-based earnings supported solid capital generation during the quarter. At Jackson National Life, our capital position and RBC ratio have become less sensitive to equity market movements, reflecting the benefits of the Brooke Re structure. Today, changes in the equity markets primarily impact assets under management and future capital generation rather than near-term capital levels. As a result, our earnings profile has become increasingly steady, diversified and capital-efficient similar to an asset management business. Consistent with our disciplined capital management approach, we distributed $325 million to the holding company during the second quarter. After reflecting the impact of that distribution on deferred tax assets, total adjusted capital ended the quarter at $5.8 billion, with an estimated RBC ratio of 538%, comfortably above our minimum target. These results continue to demonstrate the strength and resilience of our balance sheet as we move through 2026. At the holding company, we ended the quarter with nearly $1.4 billion in cash and investments, well above our updated minimum liquidity buffer and providing substantial financial flexibility. The increase from the first quarter primarily reflects proceeds from our recent senior debt issuance. Overall, second quarter results reflect strong momentum across the business supported by a healthy balance sheet, robust capital and liquidity levels and a business model well positioned to support continued growth and shareholder value creation. Slide 12 highlights the substantial liquidity resources we maintain across our legal entities, which continues to support our strong capital position. These resources now also include our recently issued P-Caps, newly expanded revolving credit facility and proceeds from the senior debt issuance completed during the quarter. During the second quarter, we issued $750 million of senior debt, effectively prefunding $650 million of debt maturities due in 2027 while also adding $100 million of incremental holding company liquidity. We also expanded our revolving credit facility from $1 billion to $1.25 billion and extended the maturity from 2028 to 2031. Including holding company cash, highly liquid securities and the undrawn revolving credit facility, total available liquidity at Jackson Financial, Inc. was approximately $4 billion at quarter end. At the operating company level, Jackson National Life maintained more than $32 billion of available liquidity, including $6 billion in cash and U.S. treasury securities and an additional $23 billion in other highly liquid marketable securities. Jackson National Life also benefits from its long-standing relationship with the Federal Home Loan Bank, which provides $2.6 billion of additional borrowing capacity through its collateralized loan advance program. Finally, Jackson's leverage profile remains among the strongest in its peer group with a total leverage ratio of approximately 23.4%, excluding AOCI. Adjusting for the planned retirement of our 2027 maturities, leverage would be approximately 19.7%. Overall, our combination of strong capitalization, substantial liquidity and modest leverage continues to provide significant financial flexibility and supports a balance sheet designed to perform across a range of market environments. Turning to Slide 13. This slide highlights PPM America, our wholly owned asset management subsidiary. This quarter, PPM's AUM exceeded $100 billion, benefiting from growth in Jackson's spread-based businesses and growth in third-party AUM. PPM, together with our strategic relationship with TPG enhances Jackson's ability to source attractive yields and maintain product competitiveness across both our retail and institutional spread businesses. We remain highly optimistic about PPM's growth trajectory and the opportunities to further expand its capabilities, reinforcing its role as a strategic differentiator and a key contributor to Jackson's long-term success. Moving to Slide 14. We highlight the quality, diversification and conservative positioning of our investment portfolio as of the second quarter. Jackson takes a disciplined approach to managing our assets and liabilities, which guides how we make strategic decisions about asset allocation. Our fixed maturity portfolio remains high quality and defensively positioned with a meaningful allocation to highly liquid U.S. treasuries, which represent approximately 6% of the portfolio. The market to book ratio of 96% reflects our disciplined approach to asset selection and prudent portfolio management. Exposure to below investment-grade securities remains very limited at just 1% of the portfolio, consisting almost entirely of corporate bonds and loans. The portfolio is well diversified by asset type. Corporate securities account for roughly 58% of invested assets, complemented by mortgage loans, asset-backed securities and a modest allocation to private equity through our limited partnership investments. Our commercial mortgage portfolio is conservatively underwritten, supported by strong loan-to-value and debt service coverage ratios ensuring resilience across market cycles. Overall, our investment portfolio reflects a conservative credit philosophy centered on quality, diversification and liquidity which continues to support the stability of our capital position and the durability of our earnings profile. Slide 15 enhances disclosures on our private investment exposure. As noted last quarter, Jackson remains underway in direct lending relative to peers. We view the current market dislocation as an opportunity to invest selectively at more attractive valuations than those seen in recent vintages. In addition, our strategic partnership provides access to deep expertise in direct lending, particularly in the lower middle market segment where TPG emphasizes strong covenants and rigorous credit underwriting. This positions us well as we gradually and prudently build exposure in the space. As of the second quarter, our private debt portfolio consisted of 62% traditional private placements, with the remainder allocated to infrastructure, asset-backed securities and credit tenant leases. Overall, our private investment portfolio is conservatively positioned and supported by robust credit oversight. We maintain substantial capacity to deploy capital on attractive terms, reinforcing our growth and diversification strategy while preserving the strength and stability of the balance sheet. I'll now turn the call back to Laura. Laura Prieskorn: Thank you, Don. Turning to Slide 16. We maintain a positive outlook for the future as we continue to build upon our strong business and financial flexibility. Since separation, we've successfully navigated volatile market conditions and have opportunistically pursued profitable growth. As always, I'm grateful for the dedication of our associates whose contributions each quarter remain our greatest strength. As we announced on July 22, after nearly 40 years with Jackson, I've decided to retire at the end of the year. I'm also pleased that Don Cummings, our CFO, will succeed me as Jackson's next President and CEO; and Brian Walta, Senior Vice President of Planning and Asset Liability Management will succeed Don as our next CFO both effective on October 1. This transition reflects the strength of Jackson's organization and the thoughtful succession planning process in place to ensure continuity, stability and long-term success. We are fortunate to have a deep and experienced leadership team, strong talent across the organization and a clear strategic vision for the future. I'm excited for Don and Brian and I'm confident in their leadership. I'm incredibly proud of the people I've worked with and all that we've accomplished together. It's been a privilege to serve and be a part of an organization that meets an essential need for Americans and their financial futures. At this time, I'll turn the call over to the operator for questions. Operator: Our first question comes from Suneet Kamath with Jefferies. Suneet Kamath: Just on the quarter's normalized earnings of $540 million, that's something like a 30% sequential increase, and I know markets were positive in the quarter, but that increase was much more than what we expected. Is the current level of earnings sustainable? And maybe talk about the drivers of the sequential increase. Don Cummings: Suneet, it's Don. I'll take that question. So yes, it was a very strong quarter for earnings results, and I'll kind of cover it between our fee-based results and also spread earnings. And as you mentioned, it was a very strong equity market in the quarter, which was a tailwind for our results. S&P 500 was up about 15%. Our separate account return in the quarter was up 13%, so obviously, that contributed to our fee-based earnings results. But we did see significant contribution from our spread business. And you can just look at our AUM progression over the last several quarters there to get a sense of the kind of growth that we're seeing. AUM was up about 14% sequentially and almost 50% year-over-year, and so that certainly contributed to our spread-based earnings. I did mention in prepared remarks, our NII saw a fairly sizable increase primarily due to having higher average AUM. We also saw an increase in our overall total portfolio yield as we invested new money and cash flows coming off the portfolio at higher rates, that contributed. And then finally, just some more favorable marks from our LP investments. So overall, very strong result on earnings. What I would say, just looking forward, I think was part of your question there. Higher equities, higher interest rates are good for our businesses. And while we're not providing full year financial guidance, there are a couple of indicators that I think bode well for us having strong results going forward. The equity markets, assuming that they kind of trade within a range around where they are today, that should continue to be a tailwind for us. Now if there's a significant equity market decline, we'll see, that will turn into a headwind. And then on the spread-based earnings, our strategy to shift our business mix to be more weighted towards spread products is working, and we expect to continue to see growth in spread assets. And so the interest rate environment, as I mentioned, and putting new money to work will continue to be a benefit there. And just finally, we do see a little bit of seasonality in expenses as we get towards the end of the year. But all in, I think we would expect to continue to see strong earnings results, as I mentioned. Suneet Kamath: So it doesn't sound like there was anything unusual in the quarter. Then my second question just relates to the assumption review. And I know you don't want to front run your analysis, but if we think about the past couple of years, I think there have been some charges related to policyholder behavior. So as you think back over the past few quarters since 3Q, has there been anything that you've seen that's different relative to what your updated assumptions were? Don Cummings: Yes. Thanks for that question. So you're right. We don't want to get ahead of our process. We do make our decisions around assumption updates in the fourth quarter and we'll be working through that in the latter half of the year here. But just in terms of policyholder behavior, I think if you look at our financial supplement, you can see that, that's been a bit more modest than it had been over the course of the last year in terms of actual versus expected. But obviously, that can be influenced by equity markets, but I think the trends that we've seen recently are encouraging. Operator: Our next question comes from Alex Scott with Barclays. Taylor Scott: First one I had a sort of a follow-up on just the impact of higher equity markets and wanted to see if you could talk about how it will affect your statutory capital generation and ultimately free cash flow and flexibility at the holding company. I mean does that flow through in a pretty similar way to kind of the beta on earnings? Or are there some nuances that we should think about? I'm just trying to consider what's happened through the first half of the year and whether there's upside to what you guided to at the beginning of the year based on markets. Don Cummings: Alex, thanks for that question. So in terms of the drivers that I kind of went through earlier for earnings, those will generally speaking, carry over to our capital generation. There are some kind of nuances in the statutory required capital framework that do sort of offset that a bit. But in terms of our just after-tax statutory capital generation, we would expect the benefits that we see from higher equity markets and continuing to grow our spread business would be beneficial to our capital generation. Taylor Scott: Got it. Okay. That's helpful. And then maybe next, you could talk about the partnership with TPG, the progress you're making on that, how much would you expect that to continue fueling the growth you're getting in RILA. Are you -- maybe you could also talk about how you're staying disciplined in I think is still a pretty competitive market for private credit and structured assets in particular. Don Cummings: Yes. In terms of market competitiveness, we are staying disciplined. We have seen with our spread products, obviously, you can see our RILA sales and FIA have been strong. MYGA, on the other hand, we've chosen to kind of maintain our return discipline there and sales are a little bit lighter. In terms of the TPG partnership, maybe I'll just pass it over to Chris Raub to say a few comments about how that's continuing to develop. Christopher Raub: Yes. Thanks, Don. Yes, Alex, we're really happy with both the deal flow, which is progressing as expected. The types of deals and quality of deals we're seeing from TPG as well as the level of collaboration and connectivity between our firms. We've got lots of productive discussions occurring on a regular basis across our platforms beyond just direct lending and ABF. So, so far, so good with TPG. Don Cummings: Yes. And as we laid out in our announcement on the TPG partnership, we do expect that our deployment of capital under the arrangement will play out over time and we're comfortable with the targets that we've laid out. Operator: Our next question comes from Tom Gallagher with Evercore ISI. Thomas Gallagher: So by the way, Laura best of luck to you. The first question I wanted to ask was just on hedging. Don, if I followed you correctly, you were mentioning economically, it looked like there was a $200 million gain for RILA and FIA, but you said economically, it was about breakeven. And then VA looks like it had a $200 million loss ex [ VA LB ]. Can you just sort of unpack what happened on -- to your hedging results in the quarter? And is there a natural hedge between those different businesses as you think about them? Or is that more randomness in terms of one was negative, one was positive in terms of RILA, FIA versus VA. Don Cummings: Tom, thanks for those questions. I'm going to ask Brian to kind of chime in on the dynamic that we saw in the quarter between the VA business and the RILA, FIA but I would just say, overall, we believe the overall hedging results since our shift to a more economic framework has been very beneficial and showing some stability in our nonoperating results as well as our capital position. But with that, Brian, do you want to provide some color on the hedging for the quarter? Brian Walta: Yes, absolutely. I'll start with RILA first. You mentioned that it was a big positive, plus $200 million. I would want to emphasize that we definitely do not hedge to the GAAP accounting framework. We're hedging to the economic framework, which is actually quite similar to stat. Really, we're well aligned to hedging the movement in the account value. So what Don was referencing earlier is that from an economic standpoint, we had really matched that quite well, and that really does flow through our stack capital generation. So we should expect to see some level of noise in this line, the RILA and FIA. This was larger than typical because it's probably a very outsized equity movement for the quarter. We typically are going to outperform a little bit in up markets on RILA and FIA on this basis on GAAP. But once again, we expect to be relatively neutral, well managed to the economic/statutory framework. Regarding VA, there -- as we talked about, we're hedging to brokery and we had more of a neutral net hedge result there, they are relatively well aligned JFI GAAP versus Brooke Re, but we always call out the MRP volatility impact. That's one difference. So we had a little bit larger delta here than normal. But once again, that's driven by the very large outsized equity movements plus 15%, while it's generally well aligned, there's going to be some noise items that come through with that type of move. I would say that the overall net impact of them offsetting is somewhat coincidental. I think there may be a little bit of reason why they should offset, but not necessarily to that degree, and I would just stress again that we manage each of them independently. We manage strictly to the RILA liability and then to the VA liability and then we strike our hedges accordingly. We will net them for external hedging, but we don't take any diversification benefit when it comes to managing each of those liabilities. Don Cummings: One thing I would just add on the VA loss that you see there, Tom, is what we messaged on prior calls that the GAAP results are kind of an indicator of what's going on in Brooke Re, there are scope differences, for example, our New York business is not seeded to Brooke Re, so that's an example of one scope difference. And then in addition to having the fixed volatility assumption, there are a couple of other modifications. And so as Brian highlighted, although we have a GAAP reported loss for VA, it was really pretty much flat if you look at just the Brooke Re results. Brian Walta: Yes, I would emphasize that at Brooke Re, we felt like it was very well managed, and we were happy with how the quarter played out. Thomas Gallagher: Got you. That's helpful. And then my follow-up is just on where you see things going on investment spreads. It looks like you had both good general account growth, but also wider investment spreads if I just look at NII versus cost of crediting. Would you expect there to continue to be a tailwind, meaning good general account growth and continued further widening of investment spreads, or would you expect more stability with investment spreads? And maybe a little bit about what's driving that? Is there -- are there certain asset classes that are driving that? . Don Cummings: Yes. So I would say you're on the right track there. Certainly, as we grow spread-based AUM we're going to see that come through in our earnings results, as I kind of mentioned in response to an earlier question. And in terms of NII and how that impacts our spreads, we have seen positive results there as generally when we're putting new money to work, that's at a rate above our overall portfolio rate, so that's going to be helpful to our overall results. If you look at just the quarter, and not sure that you could use this for all periods going forward, but just for the quarter of the money that we put to work, the new money yield was roughly about 100 basis points ahead of our overall portfolio yield, so we would see that helping as we move forward. Operator: Our last question will come from Ryan Krueger with KBW. Ryan Krueger: First question is just on required capital growth. I know it was outsized in the quarter and it was impacted by the equity market. Can you give us any sense of what you would expect the growth in required capital to be in a more typical quarter or year if we were to kind of assume more normal equity market growth? . Don Cummings: Sure. So I think you could probably -- if you look back over our results over the last 1.5 years outside of this quarter, I think you probably could see a little more consistent trend there. We did call out the couple of things, equity markets being one, and then there's also kind of a little bit of a seasonality factor in the required capital for spread-based products, so that's kind of for J&L, it's primarily writing RILA. We do seed the FIA business over to Hickory Re. But under the RBC formula, we still have to put up kind of the business risk component of required capital, so that does have a little bit of a impact and it's based on a kind of a trailing 12-month premium volume, so we would expect that to moderate some before the end of the year. Ryan Krueger: And then can you provide any updated thoughts on potentially inorganic growth? I think whether it be block transactions or more strategic M&A, what types of things you may be interested in over time, if there's opportunities. Don Cummings: Sure. So as we've mentioned on prior calls, anything that we would look at from an inorganic perspective, we would weigh relative to returning capital to shareholders. But we also believe that we would like to continue our strategy of diversifying our business, so to the extent that we see opportunities that would be a good fit from that perspective. We would certainly want to pursue them. Jackson has its roots in the life insurance business, and we don't currently originate new life insurance liabilities, but if there were an opportunity to do that through an inorganic opportunity, we would certainly look very strongly at that. Ryan Krueger: Congrats, everyone, on the management transition. Operator: This concludes the Q&A session. I will now turn the call back to Laura Prieskorn for closing remarks. Laura Prieskorn: Thank you. As we've discussed this morning, Jackson's record second quarter performance highlights the ongoing strength and increased diversification of our business. As this is my last earnings call as CEO, I want to express my gratitude to our investors and analysts for your continuing support and interest in Jackson. We look forward to sharing our progress toward our 2026 targets after the next quarter. Thank you, and take care. Before you buy stock in Jackson Financial, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Jackson Financial wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* Now, it’s worth noting Stock Advisor’s total average return is 968% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Jackson Financial (JXN) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Jackson Financial (JXN) has drawn fresh attention after its 2Q 2026 earnings release, which showed revenue of US$168 million, net income of US$655 million and higher earnings per share from continuing operations versus a year earlier. See our latest analysis for Jackson Financial. Jackson Financial’s share price has risen over the year, with a year to date share price return of 20.94% and a 3 year total shareholder return of about 3x, suggesting momentum has been building around its earnings, dividends and buybacks. If the recent move in Jackson Financial has you thinking about where else capital is flowing, it could be a good time to scan 20 top founder-led companies After that jump in Jackson Financial’s earnings and buyback activity, the stock now sits only a little below analyst targets while screening as slightly above some intrinsic estimates. Where does fair value really sit in that spread? With Jackson Financial closing at $129.96 against a narrative fair value of $118, the current price sits above what this framework suggests is reasonable, which puts more focus on the earnings, growth and buyback assumptions sitting underneath that gap. Read the complete narrative. Want to see what justifies that lower fair value for Jackson Financial even as earnings are expected to climb fast? The narrative leans on a specific revenue glide path, a step change in margins and a tighter valuation multiple that all have to line up. Curious how those ingredients combine into one discounted cash flow style view using an 8.29% hurdle rate and a future earnings target that may surprise you. Result: Fair Value of $118 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Jackson Financial could still surprise this narrative if retail annuity sales stay strong or if buybacks continue to reduce the share count meaningfully. Find out about the key risks to this Jackson Financial narrative. The mix of optimism and caution around Jackson Financial is clear, so now is a good time to review the details yourself and test the assumptions that matter most to you. If you want a balanced snapshot of what could go right and what might go wrong, start with these 2 key rewards and 2 important warning signs. If Jackson Financial has sharpened your focus on where your next opportunity might come from, do not stop here. The right screener can quickly surface stocks that fit what you care about most. Target resilience by reviewing companies in the 79 resilient stocks with low risk scores that may hold up better when conditions shift. Spot potential bargains early by scanning the screener containing 19 high quality undiscovered gems before other investors start paying attention. Strengthen your core holdings by filtering for robust balance sheets using the solid balance sheet and fundamentals stocks screener (49 results) so you are not caught off guard later. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include JXN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Jackson Financial stock has produced very strong gains over the last three years, yet the current valuation checks suggest the shares are priced at a premium rather than standing out as a bargain. After such a run, investors are weighing those past returns against a set of valuation signals that lean expensive. Over the last three years, Jackson Financial has delivered a total return of about 312.5%, which puts extra focus on whether the current share price already reflects much of the good news. Expectations for Jackson Financial's future cash generation can support the current price. However, any disappointment in earnings quality or capital requirements may put pressure on how much investors are willing to pay for the stock. Jackson Financial passes 0 of 6 broad valuation checks. This points to a stock that currently screens as expensive rather than clearly undervalued on Simply Wall St's wider measures at 0 of 6 valuation checks. The issue now is whether Jackson Financial's current share price leaves enough room for long term returns that justify the premium signaled by these valuation checks. Jackson Financial delivered 48.4% returns over the last year. See how this stacks up to the rest of the Diversified Financial industry. The P/E ratio is a key lens for Jackson Financial because earnings are a primary driver of how investors value financial companies. On this measure, the stock currently trades on a P/E of about 149.2x, which is far above the diversified financial industry average of roughly 16.9x and the peer group average of about 25.5x. The tailored fair P/E multiple for Jackson Financial is estimated at around 26.0x. That figure is already informed by factors such as the company’s profitability profile, risk and sector, yet it still sits a long way below where the shares trade today. The gap is very wide, so the fair ratio is better viewed as a warning signal that the model heavily penalises Jackson Financial on this framework rather than as a precise target price. On the P/E multiple alone, Jackson Financial stock currently screens as overvalued relative to both its fair ratio and sector benchmarks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where this valuation puzzle for Jackson Financial leaves off. They spell out which assumptions on growth, margins and earnings would need to hold for the stock to be worth meaningfully more or less than today’s price, and they sit on Simply Wall St’s Community page. Each one turns fair value into a thesis about Jackson Financial's business that you can track over time instead of a single static number. Community views on Jackson Financial sit far apart, with one side focused on long term annuity demand and the other fixated on cash flow and reserve risks. Bull case: roughly fairly valued Read the full Bull Case to see why Jackson Financial could be undervalued Bear case: 10% overvalued Read the full Bear Case to see why Jackson Financial could be overvalued Do you think there's more to the story for Jackson Financial? Head over to our Community to see what others are saying! Jackson Financial now screens as overvalued on the market multiples used here, with an extreme gap between its current P/E and the tailored fair ratio. That gap reflects how much optimism is currently embedded in the share price rather than a clear margin of safety. For you as an investor, the key question is whether Jackson Financial can sustain the earnings quality and capital profile that bullish holders are assuming. The crux of the debate is whether annuity demand and cash generation stay strong enough to support today’s premium, without leaving you reliant on the market keeping such a rich multiple in place. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include JXN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Jackson Financial Inc.? Here are five stocks we like better. Record earnings: Jackson Financial reported second-quarter adjusted operating earnings of $7.30 per diluted share, with normalized earnings up 55% year over year, driven by higher fee income, spread-based assets and net investment income. Strong annuity growth: Retail annuity sales rose 34% to nearly $6 billion, led by record RILA sales exceeding $2.3 billion and a 73% increase in fixed and fixed-index annuity sales. Non-variable annuity net inflows also climbed 65% year over year. Capital and leadership plans remain on track: Jackson generated $575 million in free cash flow in the first half and reaffirmed its full-year targets for at least $1.2 billion in free capital generation and $900 million-$1.1 billion in shareholder returns. CEO Laura Prieskorn will retire at year-end, with CFO Don Cummings set to become CEO on Oct. 1. Jackson Financial (NYSE:JXN) reported record adjusted operating earnings in the second quarter of 2026, supported by higher fee income, growth in spread-based products and strong equity-market performance. The company also said it remains on track to meet its full-year free capital generation and shareholder-return targets. Adjusted operating earnings were $7.30 per diluted share for the quarter, a company record. Pre-tax adjusted operating earnings totaled $618 million, or $648 million excluding notable items. On that basis, earnings increased 50% from a year earlier, Chief Financial Officer Don Cummings said, citing expanding spread-based assets, growth in fee-based assets under management and higher net investment income. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Excluding $0.36 per share in notable items and normalizing for the difference between the company’s actual tax rate and its 15% tax guidance, adjusted operating earnings were $7.68 per diluted share, up 55% year over year. The notable item reflected limited partnership results that fell below Jackson’s long-term 10% return assumption. Retail annuity sales approached $6 billion in the second quarter, up 34% from a year earlier and higher than the first quarter. President and CEO Laura Prieskorn said sales increased across all product categories. → 3 Drone Stocks That Should Soar After the Summer Slump Registered index-linked annuity, or RILA, sales exceeded $2.3 billion, rising 69% from the prior-year period and marking a quarterly record. RILA assets under management surpassed $26 billion. Jackson launched Market Link Pro 4 and Market Link Pro Advisory 4 in June, products that include an index option linked to the Dow Jones Industrial Average. Spread-based products represented 54% of total sales during the quarter, Cummings said. Fixed and fixed-index annuity sales totaled $812 million, up 73% from a year earlier, aided by the company’s Jackson Income Assurance product. For the first half, fixed-index annuity sales reached $1.3 billion. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Non-variable annuity net inflows were $2.9 billion, an increase of 65% from the prior-year quarter and 16% sequentially. Total retail annuity net outflows declined for a second consecutive quarter and improved 20% in the first half compared with the same period in 2025, Prieskorn said. Variable annuity surrenders were influenced by equity-market gains, with separate-account returns of 12.9% during the quarter contributing more than $27 billion of investment gains in variable annuity assets under management. Those gains exceeded variable annuity net outflows by more than $22 billion, according to Cummings. Combined retail annuity and institutional account value exceeded $295 billion at quarter end, up 10% sequentially. Nearly 40% of Jackson’s in-force book consisted of spread-based and investment-only variable annuity products, reflecting the company’s diversification efforts. Jackson generated $575 million in free cash flow during the first half, up 14% from a year earlier, and returned $547 million to common shareholders through dividends and share repurchases. Second-quarter capital returns totaled $290 million. After-tax statutory capital generation was $656 million in the second quarter, while free capital generation was $304 million. Cummings said free capital generation reflected higher required capital associated with new business production, equity-market effects and sales patterns under the risk-based capital framework. The company maintained its full-year targets of at least $1.2 billion in free capital generation and $900 million to $1.1 billion in capital returns to common shareholders. Total adjusted capital ended the quarter at $5.8 billion, with an estimated risk-based capital ratio of 538%, above the company’s 425% risk-appetite level. Holding-company cash and investments totaled nearly $1.4 billion at quarter end. Jackson issued $750 million of senior debt during the quarter, pre-funding $650 million of debt maturities due in 2027 and adding $100 million of holding-company liquidity. The company expanded its revolving credit facility to $1.25 billion from $1 billion and extended its maturity to 2031 from 2028. Total available liquidity at Jackson Financial Inc. was about $4 billion, including cash, highly liquid securities and the undrawn credit facility. Cummings said new money was invested at rates above the existing portfolio yield, with new-money yield about 100 basis points above the overall portfolio yield during the quarter. PPM America, Jackson’s investment management subsidiary, surpassed $100 billion in assets under management. The company said its partnership with TPG is expanding investment sourcing capabilities, including in direct lending and asset-backed finance. Jackson reported an overall net hedge gain of $2 million after isolating implied-volatility effects on market risk benefits. Gains in RILA and fixed-index annuity businesses were largely offset by losses in variable annuities. Brian Walta, head of planning and asset liability management, said the company manages the RILA and variable annuity liabilities independently and seeks economic and statutory outcomes rather than GAAP accounting results alone. Prieskorn also confirmed that she will retire at the end of 2026 after nearly 40 years with Jackson. Cummings will become president and CEO on Oct. 1, while Walta will succeed him as chief financial officer. “This transition reflects the strength of Jackson’s organization and the thoughtful succession planning process in place to ensure continuity, stability, and long-term success,” Prieskorn said. Jackson Financial Inc is a U.S.-based financial services holding company headquartered in Lansing, Michigan. The company operates primarily through its principal subsidiary, Jackson National Life Insurance Company, and specializes in designing and distributing retirement products. Jackson Financial has been publicly traded on the New York Stock Exchange under the ticker JXN since its initial public offering in May 2022. The company's core offerings include a broad range of fixed, variable and indexed annuity products aimed at helping individuals preserve and grow retirement assets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Jackson Financial Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Adjusted Operating Earnings per Diluted Share: Record $7.30 in Q2 2026; $7.68 excluding notable items and normalizing for tax rate. Pretax Adjusted Operating Earnings: $618 million for Q2 2026; $648 million excluding notable items, up 50% year-over-year. Total Account Value: Exceeded $295 billion for retail annuities and institutional, a 10% increase from the prior quarter. Retail Annuity Sales: Approached $6 billion in Q2 2026, a 34% increase year-over-year. RILA Sales: Record $2.3 billion in Q2 2026, up 69% year-over-year; RILA assets exceeded $26 billion. Fixed and Fixed Index Annuity Sales: $812 million in Q2 2026, up 73% year-over-year; account values increased 28% to $6.3 billion in the first half of 2026. Institutional Product Sales: $1.4 billion in Q2 2026, increasing both year-over-year and sequentially. Nonvariable Annuity Net Inflows: $2.9 billion in Q2 2026, up 65% from the prior year period. Free Cash Flow: $575 million for the first half of 2026, a 14% increase from last year. Free Capital Generation: $304 million in Q2 2026; after-tax statutory capital generation was $656 million. Capital Returned to Shareholders: $547 million in the first half of 2026; $290 million in Q2 2026, a 38% increase on a per diluted share basis year-over-year. Total Adjusted Capital: $5.8 billion at quarter end, up nearly 9% from Q2 2025; estimated RBC ratio of 538%. Adjusted Operating Return on Equity: 16.3% for the trailing 12 months ended June 2026, up from 12.7% for the comparable period ending June 2025. Holding Company Cash Flow: $287 million in Q2 2026, broadly in line with prior year and Q1 2026. PPM AUM: Exceeded $100 billion in Q2 2026. Warning! GuruFocus has detected 8 Warning Signs with JXN. Is JXN fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record adjusted operating earnings of $7.30 per diluted share in Q2 2026, with a 50% year-over-year increase in ex-notables earnings. Strong sales momentum with retail annuity sales up 34% year-over-year, including record RILA sales of $2.3 billion. Continued diversification with spread-based products now representing 54% of total sales, reducing reliance on variable annuities. Robust capital generation and shareholder returns, with $575 million in free cash flow and $547 million returned to shareholders in H1 2026. Improved hedging effectiveness and capital stability, with RBC ratio at 538% and total adjusted capital up 9% year-over-year. Limited partnership results were below the long-term 10% return assumption, causing an unfavorable impact of $0.36 per share in Q2. Variable annuity net outflows persist, driven by high surrenders as policyholders take advantage of strong equity market gains. Required capital growth in Q2 was elevated due to equity market impacts and sales patterns, creating a headwind to free capital generation. The company faces potential future headwinds from equity market declines, which could negatively impact earnings and capital generation. Management transition with CEO and CFO changes may introduce uncertainty, though the company emphasizes continuity and stability. Q: Can you discuss the sustainability of the quarter's strong normalized earnings of $540 million, which increased roughly 30% sequentially, and the key drivers behind this increase?A: Don Cummings, CFO, stated that the strong results were driven by both fee-based and spread-based earnings. The robust equity market (S&P 500 up ~15%) was a tailwind for fee income, while significant growth in spread-based AUM (up 14% sequentially and almost 50% year-over-year) contributed to higher net investment income. This was further supported by new money being invested at yields roughly 100 basis points above the existing portfolio yield and more favorable marks on limited partnership investments. Looking forward, assuming equity markets remain stable and the strategy to shift the business mix towards spread products continues, the company expects to see continued strong earnings results, though there is some seasonality in expenses towards the end of the year. Q: How will the higher equity market environment affect statutory capital generation and free cash flow, and is there potential upside to the full-year guidance?A: Don Cummings, CFO, explained that the drivers benefiting earnings, such as higher equity markets and growth in the spread business, generally carry over to capital generation. While there are nuances in the statutory required capital framework that can offset some of the benefits, the company expects the positive market conditions to be beneficial to its after-tax statutory capital generation and free cash flow. Q: Can you unpack the hedging results for the quarter, specifically the offsetting gains and losses between the RILA/FIA and VA businesses, and whether this represents a natural hedge?A: Brian Walta, Head of Planning and ALM, clarified that the company hedges to an economic framework, not GAAP. The $200 million GAAP gain for RILA/FIA was driven by outsized equity market movements and is not indicative of hedging effectiveness, as the economic result was closer to neutral. For the VA business, the reported loss was largely offset by a $270 million benefit from implied volatility, and on a Brooke Re basis, net hedge results were essentially flat. The offsetting nature of the results is somewhat coincidental, as each liability is managed independently without taking diversification benefits. Q: What is the expected growth in required capital in a more typical quarter, given the outsized impact from equity markets and sales patterns in Q2?A: Don Cummings, CFO, noted that the Q2 required capital growth was elevated due to strong equity market performance and seasonality factors related to spread-based product sales, particularly RILA. He indicated that looking at the trend over the last 1.5 years, excluding this quarter, provides a more consistent picture. The company expects the headwind from required capital growth to moderate in future quarters if sales remain at current levels. Q: Can you provide an update on the progress of the TPG partnership and how it is contributing to growth, while maintaining discipline in a competitive market?A: Christopher Raub, President and CEO of PPM, stated that the partnership is progressing as expected, with strong deal flow and quality, and productive collaboration across platforms beyond just direct lending and ABS. Don Cummings, CFO, added that the company is staying disciplined, as evidenced by lighter MYGA sales where return discipline is maintained, and remains comfortable with the AUM targets outlined for the partnership. Q: What are the expectations for investment spreads, and will the growth in the general account continue to provide a tailwind?A: Don Cummings, CFO, confirmed that as the company grows its spread-based AUM, it will continue to see positive results in earnings. The new money yield in the quarter was roughly 100 basis points ahead of the overall portfolio yield, which will be helpful to overall results as new investments are made. This dynamic is expected to continue supporting wider investment spreads. Q: Has there been anything different in policyholder behavior relative to updated assumptions since the last review, and what is the outlook for the upcoming assumption review?A: Don Cummings, CFO, stated that the company does not want to get ahead of its process, as assumption updates are decided in the fourth quarter. However, he noted that policyholder behavior has been more modest than in the past year, with actual versus expected trends being encouraging, though this can be influenced by equity markets. Q: What are the company's thoughts on potential inorganic growth opportunities, such as block transactions or strategic M&A?A: Don Cummings, CFO, reiterated that any inorganic opportunity would be weighed against returning capital to shareholders. The company is interested in opportunities that fit its strategy of diversifying the business. Specifically, Jackson has roots in the life insurance business and would look very strongly at an inorganic opportunity to originate new life insurance liabilities, as it does not currently do so. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly adjusted operating earnings of $7.30 per share, primarily driven by strong fee income and significant growth in spread-based income. Total account value reached $295 billion, a 10% sequential increase, reflecting a deliberate strategic pivot toward a more balanced mix of spread-based and investment-only products. Retail annuity sales accelerated to nearly $6 billion, up 34% year-over-year, supported by record RILA sales and the successful launch of new fixed indexed annuity products. Net outflows in retail annuities improved by 20% through the first half of the year as strong inflows from RILA and FIA products began to offset equity-driven variable annuity surrenders. Strategic partnerships with TPG and the internal capabilities of PPM America enhanced investment yields, with new money invested at rates approximately 100 basis points above the existing portfolio yield. Distribution reach expanded significantly, adding nearly 1,500 new advisers since 2025, with 60% of new FIA producers being either new or reactivated Jackson partners. Operating return on equity improved to 16.3% from 12.7% year-over-year, demonstrating the increased earnings power and resilience of the diversified in-force book. Reiterated full-year 2026 targets of $1.2 billion in free capital generation and $900 million to $1.1 billion in common shareholder capital returns. Management anticipates that the impact of mature variable annuity surrenders on total net flows will recede over time as the business mix continues to shift. Expects continued RILA sales momentum following the June launch of Market Link Pro 4, the industry's first RILA to offer a Dow Jones Industrial Average index option. Guidance assumes equity markets remain within current ranges; however, management noted that significant market declines would transition current tailwinds into headwinds. Planned executive transitions effective October 1, 2026, are designed to ensure continuity of the current disciplined financial management and growth strategy. Limited partnership results fell below the long-term 10% return assumption, creating a $0.36 per share unfavorable impact on quarterly earnings. Pretax operating expenses were $48 million lower than the first quarter due to normal compensation seasonality, though management expects these to rise toward year-end. Issued $750 million in senior debt to prefund $650 million of 2027 maturities, effectively reducing pro-forma leverage to 19.7% excluding AOCI. Required capital growth was outsized this quarter due to equity market impacts and RBC framework mechanics related to high new business production volumes. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management attributed the surge to a 13% separate account return from strong equity markets and a 14% sequential increase in spread-based AUM. While not providing formal guidance, they indicated that current equity levels and the shift toward higher-yielding spread products provide a sustainable tailwind. Management noted that recent policyholder behavior has been more modest than in the prior year relative to expectations. Confirmed the formal assumption review will occur in the fourth quarter, but current trends in actual versus expected behavior are viewed as encouraging. Clarified that hedging is managed to economic and statutory frameworks rather than GAAP, which can cause accounting noise during outsized market moves. Reported that Brooke Re results were essentially flat, confirming the hedging program successfully protected capital despite GAAP-reported losses in the VA segment. Management remains open to block transactions or strategic M&A that would diversify the business, specifically mentioning interest in life insurance liabilities. Emphasized that any inorganic opportunity must be weighed against the high bar of returning capital to shareholders.

LANSING, Mich., August 03, 2026--(BUSINESS WIRE)--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 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 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 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 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 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. 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 Adjusted Earnings Per Share, Excluding Notables and Taxes 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: 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. Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets Condensed Consolidated Income Statements View source version on businesswire.com: https://www.businesswire.com/news/home/20260803467533/en/ Contacts Investor Relations Contacts: Liz [email protected] Andrew [email protected] Media Contact: Amanda [email protected]

LANSING, Mich., August 03, 2026--(BUSINESS WIRE)--Jackson Financial Inc.1 (Jackson®) announced its Board of Directors has declared a cash dividend of $0.90 per share of common stock (NYSE: JXN) for the third quarter of 2026. The dividend on the common stock will be payable on September 24, 2026, to shareholders of record at the close of business on September 15, 2026. The Company also announced the declaration of a cash dividend of $0.50 per depositary share (NYSE: JXN PR A), each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A. The dividend will be payable on September 30, 2026, to shareholders of record at the close of business on September 15, 2026. 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. 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 press release. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260803489111/en/ Contacts Media Contact: Amanda [email protected] Investor Relations Contact: Andrew [email protected]

LANSING, Mich., July 17, 2026--(BUSINESS WIRE)--Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) today announced that it will release second quarter 2026 financial results after market close on Monday, August 3, 2026. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast to discuss the results at 10 a.m. ET on Tuesday, August 4, 2026. The live webcast is open to the public and can be accessed at investors.jackson.com. A replay will be available following the call. To register for the webcast, please click here. ABOUT JACKSONJackson® (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 INFORMATIONVisit investors.jackson.com to view information regarding Jackson Financial Inc. 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, or our executives' social media channels, is not incorporated by reference into and is not part of this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260717918992/en/ Contacts Media Contact: Chad [email protected] Investor Relations Contact: Andrew [email protected]