v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
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 September 30, 2026Retail AnnuitiesInstitutional
Products		Closed Life
and Annuity
Blocks		Corporate and
 Other		Total
Consolidated
Operating Revenues
Fee income$1,158$—$100$11$1,269
Premiums17—18—35
Net investment income44514415115755
Other income (loss)6—6113
     Total Operating Revenues1,626144275272,072
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals		29—134—163
(Gain) loss from updating future policy benefits cash flow assumptions, net——22—22
Interest credited15312085—358
Interest expense6——3137
Asset-based commission expenses305———305
Other commission expenses386—8—394
Sub-advisor expenses75——(2)73
General and administrative expenses19812744270
Deferral of acquisition costs(330)———(330)
Amortization of deferred acquisition costs 166—2—168
Total Operating Benefits and Expenses988121278731,460
Pretax Adjusted Operating Earnings$638$23$(3)$(46)$612

Three Months Ended September 30, 2025Retail AnnuitiesInstitutional
Products		Closed Life
and Annuity
Blocks		Corporate and
 Other		Total
Consolidated
Operating Revenues
Fee income$1,144 $— $104 $11 $1,259 
Premiums14 — 19 — 33 
Net investment income246 148 189 9 592 
Other income7 — 6 2 15 
     Total Operating Revenues1,411 148 318 22 1,899 
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals		20 — 160 — 180 
(Gain) loss from updating future policy benefits cash flow assumptions, net(4)— 16 — 12 
Interest credited109 116 88 — 313 
Interest expense6 — — 19 25 
Asset-based commission expenses296 — — — 296 
Other commission expenses315 — 8 — 323 
Sub-advisor expenses80 — — (2)78 
General and administrative expenses195 1 28 40 264 
Deferral of acquisition costs(248)— 1 — (247)
Amortization of deferred acquisition costs148 — 2 — 150 
Total Operating Benefits and Expenses917 117 303 57 1,394 
Pretax Adjusted Operating Earnings$494 $31 $15 $(35)$505 
Nine Months Ended September 30, 2026Retail AnnuitiesInstitutional
Products		Closed Life
and Annuity
Blocks		Corporate and
 Other		Total
Consolidated
Operating Revenues
Fee income$3,409$—$305$32$3,746
Premiums40—65—105
Net investment income1,153427437502,067
Other income (loss) 19—17743
Total Operating Revenues4,621427824895,961
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals		89—440—529
(Gain) loss from updating future policy benefits cash flow assumptions, net(1)—58—57
Interest credited401343257—1,001
Interest expense17——7289
Asset-based commission expenses898———898
Other commission expenses1,046—23—1,069
Sub-advisor expenses225——(5)220
General and administrative expenses621482127834
Deferral of acquisition costs(887)———(887)
Amortization of deferred acquisition costs485—6—491
Total Operating Benefits and Expenses2,8943478661944,301
Pretax Adjusted Operating Earnings$1,727$80$(42)$(105)$1,660

Nine Months Ended September 30, 2025Retail AnnuitiesInstitutional
Products		Closed Life
and Annuity
Blocks		Corporate and
 Other		Total
Consolidated
Operating Revenues
Fee income$3,298 $— $319 $33 $3,650 
Premiums48 — 69 — 117 
Net investment income637 389 557 28 1,611 
Other income21 — 17 7 45 
Total Operating Revenues4,004 389 962 68 5,423 
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals		82 — 468 — 550 
(Gain) loss from updating future policy benefits cash flow assumptions, net(8)— 41 — 33 
Interest credited304 317 275 — 896 
Interest expense17 — — 58 75 
Asset-based commission expenses853 — — — 853 
Other commission expenses756 — 25 — 781 
Sub-advisor expenses238 — — (6)232 
General and administrative expenses584 4 82 127 797 
Deferral of acquisition costs(591)— — — (591)
Amortization of deferred acquisition costs438 — 6 — 444 
Total Operating Benefits and Expenses2,673 321 897 179 4,070 
Pretax Adjusted Operating Earnings$1,331 $68 $65 $(111)$1,353 
The following table summarizes total assets by segment (in millions):

September 30, 2026December 31, 2025
Retail Annuities$312,617 $307,225 
Closed Life and Annuity Blocks26,023 26,988 
Institutional Products13,535 12,869 
Corporate and Other6,184 5,504 
Total Assets$358,359 $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 September 30,Nine Months Ended September 30,
2026202520262025
Total operating revenues$2,072 $1,899 $5,961 $5,423 
Fees attributed to guarantee benefit reserves760 765 2,245 2,297 
Net gains (losses) on hedging instruments and investments(1,486)(1,487)(4,139)(3,713)
Investment income (loss) related to mark-to-market on TPG shares8 — (50)— 
Net investment income (loss) related to noncontrolling interests12 15 21 27 
Consolidated investments5 21 3 4 
Net investment income on funds withheld assets 171 203 571 657 
Total revenues (1)
$1,542 $1,416 $4,612 $4,695 
(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 September 30,Nine Months Ended September 30,
2026202520262025
Total operating benefits and expenses $1,460 $1,394 $4,301 $4,070 
Net (gain) loss on market risk benefits(1,071)(226)(1,454)(183)
Benefits attributed to guaranteed benefit features54 51 170 184 
Amortization of DAC related to non-operating revenues and expenses116 125 355 380 
Cost of hedging(17)— (25)— 
Total benefits and expenses $542 $1,344 $3,347 $4,451 
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 September 30,Nine Months Ended September 30,
2026202520262025
Pretax adjusted operating earnings$612 $505 $1,660 $1,353 
Pre-tax reconciling items from adjusted operating income to net income (loss) attributable to Jackson Financial Inc.:
Fees attributable to guarantee benefit reserves760 765 2,245 2,297 
Net gains (losses) on hedging instruments(1,682)(14)(1,966)(843)
Market risk benefits gains (losses), net1,071 226 1,454 183 
Net reserve and embedded derivative movements64 (1,160)(1,900)(1,893)
Total net hedging results213 (183)(167)(256)
Amortization of DAC associated with non-operating items at date of transition to LDTI(116)(125)(355)(380)
Net realized investment gains (losses)(60)(1)(129)(37)
Net realized investment gains (losses) on funds withheld assets166 (379)(290)(1,094)
Net investment income on funds withheld assets171 203 571 657 
Other items2 37 (46)(26)
Pretax income (loss) attributable to Jackson Financial Inc.988 57 1,244 217 
Income tax expense (benefit)130 (19)155 (14)
Net income (loss) attributable to Jackson Financial Inc.858 76 1,089 231 
Less: Dividends on preferred stock11 11 33 33 
Net income (loss) attributable to Jackson Financial Inc. common shareholders$847 $65 $1,056 $198