Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Certain Information with Respect to Segments

Set forth in the tables below is certain information with respect to the Company’s segments (in millions):


Three Months Ended March 31, 2026	Retail Annuities		Institutional Products		Closed Life and Annuity Blocks		Corporate and Other		Total Consolidated
Operating Revenues
Fee income	$	1,111	$	—	$	103	$	11	$	1,225
Premiums	5		—		25		—		30
Net investment income	320		143		146		8		617

Other income (loss)	6		—		6		—		12
Total Operating Revenues	1,442		143		280		19		1,884

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	30		—		171		—		201
(Gain) loss from updating future policy benefits cash flow assumptions, net	(1)		—		16		—		15
Interest credited	118		114		86		—		318
Interest expense	6		—		—		19		25
Asset-based commission expenses	295		—		—		—		295
Other commission expenses	315		—		7		—		322
Sub-advisor expenses	76		—		—		(2)		74
General and administrative expenses	232		1		27		39		299
Deferral of acquisition costs	(255)		—		—		—		(255)
Amortization of deferred acquisition costs	158		—		2		—		160
Total Operating Benefits and Expenses	974		115		309		56		1,454

Pretax Adjusted Operating Earnings	$	468	$	28	$	(29)	$	(37)	$	430


Three Months Ended March 31, 2025	Retail Annuities		Institutional Products		Closed Life and Annuity Blocks		Corporate and Other		Total Consolidated
Operating Revenues
Fee income	$	1,095	$	—	$	108	$	12	$	1,215
Premiums	14		—		29		—		43
Net investment income	187		116		187		11		501

Other income	7		—		6		1		14
Total Operating Revenues	1,303		116		330		24		1,773

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	29		—		154		—		183
(Gain) loss from updating future policy benefits cash flow assumptions, net	(3)		—		14		—		11
Interest credited	94		97		97		—		288
Interest expense	6		—		—		19		25
Asset-based commission expenses	284		—		—		—		284
Other commission expenses	206		—		9		—		215
Sub-advisor expenses	80		—		—		(2)		78
General and administrative expenses	200		1		27		31		259
Deferral of acquisition costs	(158)		—		(1)		—		(159)
Amortization of deferred acquisition costs	145		—		2		—		147
Total Operating Benefits and Expenses	883		98		302		48		1,331

Pretax Adjusted Operating Earnings	$	420	$	18	$	28	$	(24)	$	442

The following table summarizes total assets by segment (in millions):


	March 31, 2026		December 31, 2025
Retail Annuities	$	295,091	$	307,225
Closed Life and Annuity Blocks	26,493		26,988
Institutional Products	12,605		12,869
Corporate and Other	5,348		5,504
Total Assets	$	339,537	$	352,586

Schedule of Reconciliation of Segment Operating Revenues to Total Revenues

The following table summarizes the reconciling items from the non-GAAP measure of total operating revenues to the U.S. GAAP measure of total revenues attributable to the Company (in millions):


	Three Months Ended March 31,
	2026		2025
Total operating revenues	$	1,884	$	1,773
Fees attributed to guarantee benefit reserves	771		768
Net gains (losses) on hedging instruments and investments	120		982
Investment income (loss) related to mark-to-market on TPG shares	(58)		—
Net investment income (loss) related to noncontrolling interests	4		6
Consolidated investments	(18)		(6)
Net investment income on funds withheld assets	199		227
Total revenues (1)	$	2,902	$	3,750

(1) Substantially all the Company's revenues originated in the U.S. There were no customers that, individually, generated revenues that exceeded 10% of total revenues attributable to the Company.

Schedule of Reconciliation of Segment Operating Benefits and Expenses to Total Benefits and Expenses

The following table summarizes the reconciling items from the non-GAAP measure of total operating benefits and expenses to the U.S. GAAP measure of total benefits and expenses attributable to the Company (in millions):


	Three Months Ended March 31,
	2026		2025
Total operating benefits and expenses	$	1,454	$	1,331
Net (gain) loss on market risk benefits	1,670		2,246

Benefits attributed to guaranteed benefit features	60		62
Amortization of DAC related to non-operating revenues and expenses	121		128
Cost of hedging	(3)		—
Total benefits and expenses	$	3,302	$	3,767

Schedule of Reconciliation of Segment Pretax Adjusted Operating Earnings to Net Income

The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S. GAAP measure of net income attributable to the Company (in millions):


	Three Months Ended March 31,
	2026		2025
Pretax adjusted operating earnings	$	430	$	442
Pre-tax reconciling items from adjusted operating income to net income (loss) attributable to Jackson Financial Inc.:
Fees attributable to guarantee benefit reserves	771		768
Net gains (losses) on hedging instruments	(460)		1,011
Market risk benefits gains (losses), net	(1,670)		(2,246)
Net reserve and embedded derivative movements	707		333
Total net hedging results	(652)		(134)
Amortization of DAC associated with non-operating items at date of transition to LDTI	(121)		(128)

Net realized investment gains (losses)	(42)		(66)
Net realized investment gains (losses) on funds withheld assets	(159)		(388)


Net investment income on funds withheld assets	199		227
Other items	(59)		24
Pretax income (loss) attributable to Jackson Financial Inc.	(404)		(23)
Income tax expense (benefit)	20		1
Net income (loss) attributable to Jackson Financial Inc.	(424)		(24)
Less: Dividends on preferred stock	11		11
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$	(435)	$	(35)