Basic earnings per share is calculated by dividing net income (loss) attributable to Jackson Financial common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income (loss) attributable to Jackson Financial common shareholders, by the weighted-average number of shares of common stock outstanding for the period, plus shares representing the dilutive effect of share-based awards. The Company grants share-based awards subject to vesting provisions of its 2021 Omnibus Incentive Plan, which can have a dilutive effect. See Note 18 - Share-Based Compensation of the Notes to Consolidated Financial Statements in the Company’s 2025 Annual Report for further description of our share-based awards.


	Three Months Ended March 31,
	2026		2025
	(in millions, except share and per share data)

Net income (loss) attributable to Jackson Financial Inc.	$	(424)	$	(24)
Less: Preferred stock dividends	11		11
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$	(435)	$	(35)

Weighted average shares of common stock outstanding - basic	69,743,841		73,469,317
Dilutive common shares	—		—
Weighted average shares of common stock outstanding - diluted (1)	69,743,841		73,469,317

Earnings per share—common stock
Basic	$	(6.24)	$	(0.48)
Diluted	$	(6.24)	$	(0.48)

(1) If we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The shares excluded from the diluted EPS calculation were 317,447 and 247,765 shares for the three months ended March 31, 2026 and 2025.