Jackson Financial (JXN) Q1 2026 earnings summary

Executive summary

• Reported a net loss attributable to common shareholders of $435 million, or $(6.24) per diluted share, mainly due to unfavorable derivatives, investments, and market volatility, while adjusted operating earnings were $361 million, or $5.15 per diluted share.

• Retail annuity sales grew 31% year-over-year, reaching $5.3 billion, driven by strong RILA and fixed annuity growth and diversification efforts.

• Returned $257 million to shareholders in Q1 2026 through dividends and share repurchases, up 11% year-over-year and representing 26% of the 2026 capital return target midpoint.

• Free cash flow increased to $288 million, up 35% year-over-year, reflecting higher distributions from the operating company.

• Completed a strategic partnership with TPG, including a $500 million equity investment and a $150 million stake in TPG shares, to enhance investment capabilities and support annuity product growth.

Financial highlights

• RILA sales surged 68% to $2.0 billion; fixed and fixed index annuity sales rose 335% to $756 million, while variable annuity sales declined 6% to $2.5 billion.

• Adjusted operating earnings per diluted share excluding notable items rose to $5.94 from $5.05 year-over-year.

• Adjusted operating ROE ranged from 13.2% to 14.8% for the period; statutory total adjusted capital at JNL was $5.5 billion with an estimated RBC ratio of 554%.

• Free capital generation reached $271 million in Q1, on track for the $1.2 billion+ annual target.

• Total assets were $339.5 billion at March 31, 2026, down from $352.6 billion at year-end 2025.

Outlook and guidance

• On track to achieve 2026 targets: $1.2 billion+ in free capital generation and $900 million–$1.1 billion in capital return to shareholders, with management expecting to build on current momentum.

• Expect continued strong demand for RILA and FIA products, with ongoing product innovation and distribution expansion.

• Holding company liquidity at nearly $650 million, well above the $250 million minimum buffer.