Jackson Financial (JXN) Q1 2025 earnings summary

Executive summary

• Adjusted operating earnings reached $376 million ($5.10 per share), up from $334 million ($4.23 per share) in Q1 2024, driven by higher spread income and reduced share count.

• Net loss attributable to common shareholders was $(35) million ($(0.48) per share), compared to $784 million ($9.94 per share) in Q1 2024, primarily due to unfavorable market risk benefit movements and reinsurance/hedging impacts.

• Retail annuity sales grew 9% year-over-year to $4.0 billion, with variable annuity sales up 9% to $2.7 billion and RILA sales up 3% to $1.2 billion.

• Returned $231 million to shareholders in Q1 2025 via $172 million in share repurchases and $59 million in dividends, representing 31% of the 2025 capital return target midpoint.

• Maintained robust capital and liquidity, with holding company cash and liquid assets exceeding $600 million and an estimated RBC ratio of 585%.

Financial highlights

• Adjusted operating earnings per share were $5.10; adjusted for notable items and tax, EPS was $5.20, up 25% from $4.16 last year.

• Free cash flow for the quarter was $213 million, with nearly $1.1 billion distributed to the holding company over the last 12 months.

• Net investment income rose to $755 million from $734 million year-over-year.

• Statutory total adjusted capital was $5.2 billion at March 31, 2025.

• Book value per diluted share rose to $152.84; total common shareholders' equity was $11.0 billion.

Outlook and guidance

• Free capital generation is expected to exceed $1 billion for full year 2025 under normal market conditions.

• On track to deliver $700–$800 million capital return to shareholders in 2025, with 31% of the target already achieved in Q1.

• Expect continued growth in RILA and fixed annuity business, supported by new product launches and expanded distribution.

• Maintaining a minimum holding company liquidity buffer of $250 million, with current liquidity well above this threshold.