On this page of StockholderLetter.com we present the latest annual shareholder letter from Jackson Financial Inc. — ticker symbol JXN. Reading current and past JXN letters to shareholders can bring important insights into the investment thesis.
Annual report to shareholders 2025
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. Jackson Financial Inc. is a U.S. holding company and the direct parent of Jackson Holdings LLC (JHLLC). The wholly-owned direct and indirect subsidiaries of JHLLC include Jackson National Life Insurance Company, Brooke Life Insurance Company, PPM America, Inc. and Jackson National Asset Management LLC. 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). *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.)
2025 ANNUAL REPORT | 1 Laura Prieskorn President and Chief Executive Officer Jackson Financial Inc. Dear Shareholders, Jackson had an exceptional year in 2025, marked by continued momentum, milestones and progress on our strategic priorities. Our diverse product suite, leading distribution network, award-winning customer support, asset management expertise and disciplined approach to risk management provided the foundation for our success. As we look ahead, we remain focused on innovating and enhancing our annuity products and retirement planning tools to meet the needs of Americans seeking financial security. This focus positions Jackson well for continued growth and long-term value creation for all our stakeholders.
2 | 2025 ANNUAL REPORT $1 .6 B A year of momentum and milestones Jackson delivered its strongest and most diversified sales year since becoming a public company, reflecting sustained demand across our robust product offerings. Retail annuity sales reached $19.7 billion for 2025, a 10% increase over the prior year. Variable annuity sales for 2025 totaled $10.9 billion, up 3% from 2024, driven by higher sales of products without lifetime benefits. We set a new record in registered index-linked annuity (RILA) sales reaching $6.9 billion in sales in 2025, up 22% over the prior year. Fixed and fixed index annuity sales grew to $1.9 billion in 2025, representing an 18% increase, while institutional sales also reached a record of $3.5 billion, up 77% compared to the previous year. Non-GAAP adjusted operating earnings(1) $862M Capital return to common shareholders $19.7B Total retail annuity sales (1) See Non-GAAP Financial Measures in Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations in the Annual Report on Form 10-K for the year ended December 31, 2025, for more information and a reconciliation of adjusted operating earnings to Net income, and free cash flow to Net cash provided by operating activities (Parent Company Only), the most comparable U.S. GAAP measures. Progress since becoming an independent company QUARTERLY DIVIDEND PER COMMON SHARE TOTAL CAPITAL RETURN DILUTED COMMON SHARE COUNT 2021 2025 $0.50 $0.80 $375M (2) $862M Midpoint of initial target range of $325-$425 million Exceeded top of target range of $700-$800 million 90.6M 68.2M ^--60% ^--130% --^25% Returned $2.7 billion to common shareholders since becoming public, exceeding our initial market capitalization (2) Announced capital return to shareholders target range of $325-$425 million within first year following September 2021 separation. Actual capital return was $261 million from date of separation to year-end 2021.
2025 ANNUAL REPORT | 3 $1.1B+ For the full year 2025, free capital generation totaled nearly $1.4 billion, well above our $1 billion plus expectation. Free cash flow(1) reached $838 million, reflecting distributions from our principal operating company of over $1.1 billion. This strong performance enabled us to exceed all our 2025 financial targets, underscoring the effectiveness of our strategy and execution. Annual distributions to holding company $351B At the holding company level, we ended 2025 with more than $650 million in cash and highly liquid assets, well above our $250 million minimum buffer and providing us with strong financial flexibility. We also closed the year with total adjusted capital of over $5.5 billion and a risk-based capital ratio of 567% at Jackson National Life Insurance Company. Total assets under management $5.5B+ Total adjusted capital 2021 2025 Total Sales $19.8B Total Sales $23.2B Spread-Based Business 4% SALES BY PRODUCT Spread-Based Business 53% VA 96% VA FA/FIA Non-VA ^--49pts VA 47% RILA Institutional VA FA/FIA RILA Institutional Non-LB ^--35pts 29% BENEFIT MIX 64% VA With Lifetime Benefits All Other Sales VA With Lifetime Benefits Successfully repositioned new business mix All Other Sales
 • shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/4/2023 JXN Stockholder Letter
 • stockholder letter icon 4/9/2024 JXN Stockholder Letter
 • stockholder letter icon 4/8/2025 JXN Stockholder Letter
 • stockholder letter icon More "Life & Health Insurance" Category Stockholder Letters
 • Benford's Law Stocks icon JXN Benford's Law Stock Score = 97


JXN Shareholder/Stockholder Letter Transcript:

Annual report
to shareholders
2025

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.
Jackson Financial Inc. is a U.S. holding company and the direct parent of Jackson Holdings LLC (JHLLC). The
wholly-owned direct and indirect subsidiaries of JHLLC include Jackson National Life Insurance Company,
Brooke Life Insurance Company, PPM America, Inc. and Jackson National Asset Management LLC.
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).
*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.)

2025 ANNUAL REPORT | 1
Laura Prieskorn
President and Chief Executive Officer
Jackson Financial Inc.
Dear Shareholders,
Jackson had an exceptional year in 2025, marked by continued momentum,
milestones and progress on our strategic priorities. Our diverse product suite,
leading distribution network, award-winning customer support, asset management
expertise and disciplined approach to risk management provided the foundation
for our success. As we look ahead, we remain focused on innovating and
enhancing our annuity products and retirement planning tools to meet the needs
of Americans seeking financial security. This focus positions Jackson well for
continued growth and long-term value creation for all our stakeholders.

2 | 2025 ANNUAL REPORT
$1 .6 B
A year of momentum and milestones
Jackson delivered its strongest and most diversified
sales year since becoming a public company,
reflecting sustained demand across our robust
product offerings. Retail annuity sales reached $19.7
billion for 2025, a 10% increase over the prior year.
Variable annuity sales for 2025 totaled $10.9 billion,
up 3% from 2024, driven by higher sales of products
without lifetime benefits. We set a new record in
registered index-linked annuity (RILA) sales reaching
$6.9 billion in sales in 2025, up 22% over the prior
year. Fixed and fixed index annuity sales grew to $1.9
billion in 2025, representing an 18% increase, while
institutional sales also reached a record of $3.5
billion, up 77% compared to the previous year.
Non-GAAP adjusted
operating earnings(1)
$862M
Capital return to common
shareholders
$19.7B
Total retail annuity sales
(1) See    Non-GAAP Financial Measures    in Item 7. Management   s Discussion and Analysis of Financial Condition and Results of Operations in the
Annual Report on Form 10-K for the year ended December 31, 2025, for more information and a reconciliation of adjusted operating earnings to Net
income, and free cash flow to Net cash provided by operating activities (Parent Company Only), the most comparable U.S. GAAP measures.
Progress since becoming an independent company
QUARTERLY DIVIDEND
PER COMMON SHARE
TOTAL CAPITAL RETURN
DILUTED COMMON
SHARE COUNT
2021
2025
$0.50
$0.80
$375M
(2)
$862M
Midpoint of initial target
range of $325-$425 million
Exceeded top of target
range of $700-$800 million
90.6M
68.2M
^--60%
^--130%
--^25%
Returned $2.7 billion to common shareholders since
becoming public, exceeding our initial market capitalization
(2) Announced capital return to shareholders target range of $325-$425 million within first year following September 2021 separation. Actual capital
return was $261 million from date of separation to year-end 2021.

2025 ANNUAL REPORT | 3
$1.1B+
For the full year 2025, free capital generation totaled
nearly $1.4 billion, well above our $1 billion plus
expectation. Free cash flow(1) reached $838 million,
reflecting distributions from our principal operating
company of over $1.1 billion. This strong performance
enabled us to exceed all our 2025 financial targets,
underscoring the effectiveness of our strategy and
execution.
Annual distributions to
holding company
$351B
At the holding company level, we ended 2025 with
more than $650 million in cash and highly liquid
assets, well above our $250 million minimum buffer
and providing us with strong financial flexibility. We
also closed the year with total adjusted capital of over
$5.5 billion and a risk-based capital ratio of 567% at
Jackson National Life Insurance Company.
Total assets under
management
$5.5B+
Total adjusted capital
2021
2025
Total Sales $19.8B
Total Sales $23.2B
Spread-Based
Business
4%
SALES BY PRODUCT
Spread-Based
Business
53%
VA
96%
VA
FA/FIA
Non-VA
^--49pts
VA
47%
RILA
Institutional
VA
FA/FIA
RILA
Institutional
Non-LB
^--35pts
29%
BENEFIT MIX
64%
VA With Lifetime Benefits
All Other Sales
VA With Lifetime Benefits
Successfully repositioned new business mix
All Other Sales


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