Jackson Financial (JXN) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with net income of $644 million, adjusted operating earnings of $513 million, and adjusted operating EPS of $7.30 per diluted share, driven by strong fee and spread-based income growth and 34% retail annuity sales growth.

• Returned $547 million to shareholders in the first half of 2026, including $419 million in share repurchases and $128 million in dividends.

• Free cash flow for the first half reached $575 million, a 14% increase year-over-year.

• Announced executive transitions: CEO Laura Prieskorn to retire, CFO Don Cummings to become CEO, and Brian Walta to become CFO.

• Major strategic events included a $500 million equity investment from TPG and the formation of Hickory Brooke Reinsurance Company to support annuity growth.

Financial highlights

• Net income attributable to common shareholders was $644 million ($9.16 per diluted share) for Q2 2026, with adjusted operating earnings of $513 million ($7.30 per diluted share), and adjusted operating EPS excluding notable items of $7.68.

• Pre-tax adjusted operating earnings were $618 million, or $648 million excluding notable items, up 50% year-over-year on an ex-notables basis.

• Total adjusted capital at quarter-end was $5.8 billion, up nearly 9% year-over-year.

• Free cash flow for the quarter was $287 million, with $290 million distributed to the holding company.

• Holding company liquidity ended at $1.4 billion, with total available liquidity of $4 billion.

Outlook and guidance

• Confident in achieving full-year free capital generation target of $1.2 billion and capital return to shareholders of $900 million to $1.1 billion.

• Expect continued growth in spread-based assets and strong earnings if equity markets remain stable.

• The TPG partnership and Hickory Re are expected to drive future profitability, asset growth, and capital generation.