JXN on NYSE
Jackson Financial Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Retail Annuities brought in 75% of the revenue Jackson Financial Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Retail Annuities | $4.5B | $5.3B | $5.5B |
| Closed Life And Annuity Blocks | $1.3B | $1.2B | $1.3B |
| Institutional Products | $408.0M | $438.0M | $535.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs95¢$6.4B
- Interest1¢$100.0M
- Income tax3¢$186.0M
- Profit0¢$27.0M
Out of $6.7B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Dividends paid4¢$223.0M
- Share buybacks12¢$669.0M
- Kept or used elsewhere85¢$4.9B
Out of $5.8B of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Fee income | $8.0B | $8.1B | $7.7B |
| Premiums | $149.0M | $146.0M | $147.0M |
| Net investment income excluding funds withheld assets | $2.3B | $1.8B | $1.7B |
| Net investment income on funds withheld assets | $855.0M | $1.0B | $1.2B |
| Total net investment income | $3.2B | $2.9B | $2.9B |
| Net gains (losses) on derivatives and investments | -$3.4B | -$6.8B | -$5.9B |
| Net gains (losses) on funds withheld reinsurance treaties | -$1.3B | -$1.1B | -$1.8B |
| Total net gains (losses) on derivatives and investments | -$4.7B | -$7.9B | -$7.7B |
| Other income | $61.0M | $44.0M | $67.0M |
| Total revenues | $6.7B | $3.3B | $3.1B |
| Death, other policy benefits and change in policy reserves, net of deferrals | $927.0M | $868.0M | $965.0M |
| (Gain) loss from updating future policy benefits cash flow assumptions, net | $44.0M | $46.0M | $102.0M |
| Market risk benefits (gains) losses, net | $605.0M | -$3.8B | -$3.9B |
| Interest credited on other contract holder funds, net of deferrals and amortization | $1.2B | $1.1B | $1.1B |
| Interest expense | $100.0M | $101.0M | $109.0M |
| Operating costs and other expenses, net of deferrals | $2.8B | $2.8B | $2.5B |
| Amortization of deferred acquisition costs | $1.1B | $1.1B | $1.2B |
| Total benefits and expenses | $6.8B | $2.2B | $2.1B |
| Pretax income (loss) | -$114.0M | $1.0B | $958.0M |
| Income tax expense (benefit) | -$186.0M | $46.0M | $4.0M |
| Net income (loss) | $72.0M | $976.0M | $954.0M |
| Less: Net income (loss) attributable to noncontrolling interests | $45.0M | $30.0M | $20.0M |
| Net income (loss) attributable to Jackson Financial Inc. | $27.0M | $946.0M | $934.0M |
| Less: Dividends on preferred stock | $44.0M | $44.0M | $35.0M |
| Net income (loss) attributable to Jackson Financial Inc. common shareholders, Basic | -$17.0M | $902.0M | $899.0M |
| Net income (loss) attributable to Jackson Financial Inc. common shareholders, Diluted | -$17.0M | $902.0M | $899.0M |
| Basic (in usd per share) | -$0.24 | $11.86 | $10.99 |
| Diluted (in usd per share) | -$0.24 | $11.74 | $10.76 |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007) | $47.3B | $40.3B | |
| Debt Securities, at fair value under fair value option | $3.5B | $3.0B | |
| Equity securities, at fair value | $172.0M | $197.0M | |
| Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively | $9.9B | $9.5B | |
| Mortgage loans, at fair value under fair value option | $324.0M | $449.0M | |
| Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively) | $4.4B | $4.4B | |
| Freestanding derivative instruments | $448.0M | $297.0M | |
| Other invested assets | $3.2B | $2.9B | |
| Total investments | $69.2B | $61.0B | |
| Cash and cash equivalents | $5.7B | $3.8B | $2.7B |
| Accrued investment income | $634.0M | $529.0M | |
| Deferred acquisition costs | $11.7B | $11.9B | |
| Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively | $19.5B | $21.8B | |
| Reinsurance recoverable on market risk benefits, at fair value | $118.0M | $121.0M | |
| Market risk benefit assets, at fair value | $7.9B | $8.9B | |
| Deferred income taxes, net | $719.0M | $480.0M | |
| Other assets | $637.0M | $787.0M | |
| Separate account assets | $236.5B | $229.1B | |
| Total assets | $352.6B | $338.4B | |
| Reserves for future policy benefits and claims payable | $10.9B | $11.1B | |
| Other contract holder funds | $67.7B | $58.3B | |
| Market risk benefit liabilities, at fair value | $3.8B | $3.8B | |
| Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively) | $15.0B | $16.7B | |
| Long-term debt | $2.0B | $2.0B | |
| Repurchase agreements and securities lending payable | $1.0B | $1.6B | |
| Collateral payable for derivative instruments | $58.0M | $150.0M | |
| Freestanding derivative instruments | $361.0M | ||
| Separate account liabilities | $236.5B | $229.1B | |
| Total liabilities | $342.2B | $328.5B | |
| Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share (see Note 23) | $533.0M | $533.0M | |
| Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (see Note 23) | $1.0M | $1.0M | |
| Additional paid-in capital | $6.1B | $6.0B | |
| Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively | -$1.6B | -$1.0B | |
| Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024 | -$2.5B | -$3.5B | |
| Retained earnings | $7.5B | $7.7B | |
| Total shareholders' equity | $10.0B | $9.8B | |
| Noncontrolling interests | $389.0M | $218.0M | |
| Total equity | $10.3B | $10.0B | $10.3B |
| Total liabilities and equity | $352.6B | $338.4B | |
| Debt securities, available for sale, allowance for credit losses | $11.0M | $39.0M | $21.0M |
| Debt securities, available for sale, amortized cost | $50.5B | $45.0B | |
| Mortgage loans, allowance for credit loss | $133.0M | $121.0M | $165.0M |
| Policy loans, fair value under fair value option | $3.5B | $3.5B | |
| Reinsurance recoverable, allowance for credit losses | $30.0M | $27.0M | |
| Funds withheld payable under reinsurance treaties, fair value under fair value option | $3.7B | $3.7B | |
| Preferred stock, par value (in usd per share) | $1.00 | $1.00 | |
| Preferred stock, shares authorized (in shares) | 24.0K shares | 24.0K shares | |
| Preferred stock, shares issued (in shares) | 22.0K shares | 22.0K shares | |
| Preferred stock, shares outstanding (in shares) | 22.0K shares | 22.0K shares | |
| Liquidation preference per share (in usd per share) | $25.0K | $25.0K | |
| Common stock, authorized (in shares) | 1.0B shares | 1.0B shares | |
| Common stock, par value (in usd per share) | $0.01 | $0.01 | |
| Common stock, issued (in shares) | 66.8M shares | 73.4M shares | |
| Common stock, outstanding (in shares) | 66.8M shares | 73.4M shares | 78.7M shares |
| Treasury stock, common (in shares) | 27.7M shares | 21.1M shares | |
| Accumulated other comprehensive income, tax (benefit) | -$377.0M | -$311.0M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $72.0M | $976.0M | $954.0M |
| Net realized losses (gains) on investments | $116.0M | $11.0M | $554.0M |
| Net losses (gains) on derivatives | $3.2B | $6.8B | $5.3B |
| Net losses (gains) on funds withheld reinsurance treaties | $1.3B | $1.1B | $1.8B |
| Net (gain) loss on market risk benefits | $605.0M | -$3.8B | -$3.9B |
| (Gain) loss from updating future policy benefits cash flow assumptions, net | $44.0M | $46.0M | $102.0M |
| Interest credited on other contract holder funds, gross | $1.2B | $1.1B | $1.1B |
| Mortality, expense and surrender charges | -$521.0M | -$545.0M | -$528.0M |
| Amortization of discount and premium on investments | -$39.0M | -$33.0M | -$27.0M |
| Deferred income tax expense (benefit) | -$173.0M | $294.0M | -$207.0M |
| Share-based compensation | $132.0M | $191.0M | $107.0M |
| Accrued investment income | -$105.0M | -$17.0M | $2.0M |
| Deferred acquisition costs | $227.0M | $415.0M | $622.0M |
| Funds withheld, net of reinsurance | $116.0M | $211.0M | -$20.0M |
| Future policy benefits | -$421.0M | -$777.0M | -$731.0M |
| Other assets and liabilities, net | -$61.0M | -$133.0M | $123.0M |
| Net cash provided by (used in) operating activities | $5.8B | $5.8B | $5.3B |
| Debt securities | $8.4B | $10.5B | $11.5B |
| Equity securities | $46.0M | $289.0M | $316.0M |
| Mortgage loans | $1.6B | $1.8B | $2.5B |
| Debt securities | -$14.5B | -$11.7B | -$8.2B |
| Equity securities | -$21.0M | -$16.0M | -$200.0M |
| Mortgage loans | -$1.9B | -$1.1B | -$1.6B |
| Settlements related to derivatives and collateral on investments | -$1.1B | -$6.5B | -$5.5B |
| Other investing activities | -$238.0M | -$339.0M | $623.0M |
| Net cash provided by (used in) investing activities | -$7.8B | -$7.1B | -$592.0M |
| Deposits | $27.4B | $20.1B | $14.2B |
| Withdrawals | -$42.2B | -$39.4B | -$29.1B |
| Net transfers from (to) separate accounts | $20.8B | $19.9B | $10.0B |
| Proceeds from (payments on) repurchase agreements and securities lending | -$516.0M | $1.5B | -$1.0B |
| Net proceeds from (payments on) Federal Home Loan Bank notes | -$700.0M | $450.0M | $250.0M |
| Settlements related to deferred premium on derivatives | -$114.0M | $0 | $0 |
| Payments on debt | -$5.0M | -$5.0M | -$603.0M |
| Issuance of debt of consolidated investment entities | $736.0M | $948.0M | $297.0M |
| Repayments of debt of consolidated investment entities | -$527.0M | -$526.0M | -$351.0M |
| Contributions from partners of consolidated investments | $126.0M | $29.0M | $111.0M |
| Distributions from partners of consolidated investments | $0 | $0 | -$92.0M |
| Dividends on common stock | -$223.0M | -$211.0M | -$201.0M |
| Dividends on preferred stock | -$44.0M | -$44.0M | -$35.0M |
| Purchase of treasury stock | -$669.0M | -$442.0M | -$306.0M |
| Issuance of preferred stock | $0 | $0 | $533.0M |
| Net cash provided by (used in) financing activities | $3.9B | $2.4B | -$6.3B |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $1.9B | $1.1B | -$1.6B |
| Income taxes paid (received) | -$97.0M | -$8.0M | -$21.0M |
| Interest paid | $233.0M | $263.0M | $183.0M |
| Debt securities acquired from exchanges, payments-in-kind, and similar transactions | $323.0M | $50.0M | $144.0M |
| Other invested assets acquired from stock splits and stock distributions | $0 | $0 | $317.0M |
Recent filings
- Oct 14, 20268-K
- Oct 8, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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