You might also like
Jackson Financial Inc. (JXN) is a leading provider of retirement income and savings products in the United States. The company specializes in offering annuities and other financial solutions designed to help individuals achieve financial security during retirement. JXN operates through multiple business segments, catering to both retail and institutional clients, while also managing legacy insurance and annuity products.
-
Retail Annuities - Offers a variety of retirement income and savings products, including variable annuities, fixed index annuities, fixed annuities, payout annuities, and registered index-linked annuities (RILA). These products are distributed through financial institutions, brokers, and banks.
- Variable Annuities - Provide equity market exposure with optional guaranteed lifetime income benefits.
- Fixed Index Annuities - Offer principal protection with capped returns linked to market indices.
- Fixed Annuities - Provide guaranteed returns without market exposure.
- Registered Index-Linked Annuities (RILA) - Combine market-linked returns with downside protection.
- Payout Annuities - Deliver guaranteed income for a specified period or for life.
-
Closed Life and Annuity Blocks - Manages legacy blocks of life insurance and annuity products that are no longer actively marketed.
-
Institutional Products - Includes guaranteed investment contracts (GICs), funding agreements, and medium-term note funding agreements, marketed to institutional investors and retirement plans.
-
Corporate and Other - Encompasses activities not directly related to the main segments, including the management of the company’s general account investment portfolio through PPM Holdings, Inc..
| Revenue by Segment - in Millions of USD | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Retail Annuities | 1,164 | 4,590 | 1,253 | 1,289 | 1,344 | -2,031 | 5,269 | 1,303 | ||||||||||||
| - Fee Income | 15 | 52 | 12 | 12 | 12 | 8,047 | 4,460 | 12 | ||||||||||||
| - Premiums | - | - | - | - | - | - | 52 | 29 | ||||||||||||
| - Net Investment Income | 22 | 71 | 4 | (1) | - | - | 725 | 11 | ||||||||||||
| - Other Income | -1 | 5 | (14) | (6) | (1) | 65 | 32 | 1 | ||||||||||||
| Institutional Products | -88 | 474 | 113 | 118 | 101 | -236 | 438 | 116 | ||||||||||||
| Closed Life and Annuity Blocks | 308 | 1,262 | 312 | 315 | 295 | -931 | 1,236 | 330 | ||||||||||||
| Corporate and Other | 33 | 115 | 2 | 5 | 11 | -282 | 28 | 24 | ||||||||||||
| Intersegment Eliminations | - | - | - | - | - | - | - | - | ||||||||||||
| Total Revenue | 1,616 | 6,391 | 1,680 | 1,727 | 1,751 | -1,887 | 6,971 | 3,750 | ||||||||||||
| KPIs - Metric (Unit, Scale) | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Net Flows for Variable Annuities (USD millions) | - | -9,277 | -3,939 | -4,376 | -5,012 | - | - | - | ||||||||||||
| Net Flows for RILA (USD millions) | - | 2,820 | 1,119 | 1,388 | 1,550 | - | - | - | ||||||||||||
| Net Flows for Fixed Index Annuities (USD millions) | - | 199 | 31 | 28 | 44 | - | - | - | ||||||||||||
| Net Flows for Fixed Annuities (USD millions) | - | (11) | 9 | 6 | 953 | - | - | - | ||||||||||||
| Net Flows for Payout Annuities (USD millions) | - | -69 | -19 | -9 | -8 | - | - | - | ||||||||||||
| Total Retail Annuities Net Flows (USD millions) | - | -6,338 | -2,799 | -2,963 | -2,473 | - | - | - | ||||||||||||
| Net Flows for Institutional Products (USD millions) | - | (985) | (596) | (619) | 499 | - | - | - | ||||||||||||
| Net Flows for Closed Life and Annuity Blocks (USD millions) | - | -273 | -90 | -89 | -74 | - | - | - | ||||||||||||
| Retail Annuities Account Value (net of reinsurance) (USD millions) | - | 235,465 | 247,611 | 247,213 | 256,028 | - | - | - | ||||||||||||
| Retail Annuities Account Value (gross of reinsurance) (USD millions) | - | 253,835 | 265,238 | 264,016 | 271,930 | - | - | - | ||||||||||||
| Institutional Products Account Value (USD millions) | - | 8,406 | 7,825 | 7,299 | 7,929 | - | - | - | ||||||||||||
| Closed Life and Annuity Blocks Account Value (USD millions) | - | 8,032 | 7,935 | 7,836 | 7,754 | - | - | - | ||||||||||||
| Variable Annuity Account Value (USD millions) | - | 227,777 | 238,470 | 236,424 | 242,245 | - | - | - | ||||||||||||
| Registered Index-Linked Annuities Account Value (USD millions) | - | 5,219 | 6,644 | 8,253 | 10,250 | - | - | - | ||||||||||||
| Fixed and Fixed Index Annuity Account Value (USD millions) | - | 1,840 | 1,885 | 1,926 | 2,926 | - | - | - | ||||||||||||
| Payout Annuity Account Value (USD millions) | - | 629 | 612 | 610 | 607 | - | - | - | ||||||||||||
| Variable Annuity Benefit Base for GMWB for Life (USD millions) | - | 188,722 | 186,813 | 185,171 | 183,279 | - | - | - | ||||||||||||
| Variable Annuity Benefit Base for GMWB (USD millions) | - | 5,348 | 5,266 | 5,195 | 5,140 | - | - | - | ||||||||||||
| Variable Annuity Benefit Base for GMIB (USD millions) | - | 1,799 | 1,678 | 1,628 | 1,595 | - | - | - | ||||||||||||
| Total Variable Annuity Benefit Base (USD millions) | - | 195,869 | 193,757 | 191,994 | 190,014 | - | - | - | ||||||||||||
| Jackson Invested Assets Under Management (USD millions) | - | 44,068 | 42,606 | 42,245 | 48,099 | - | - | - | ||||||||||||
| Third Party Invested Assets Under Management (USD millions) | - | 29,043 | 29,168 | 27,624 | 28,564 | - | - | - | ||||||||||||
| Total PPM Assets Under Management (USD millions) | - | 73,111 | 71,774 | 69,869 | 76,663 | - | - | - | ||||||||||||
| Total JNAM Assets Under Management (USD millions) | - | 242,727 | 253,555 | 251,193 | 257,876 | - | - | - | ||||||||||||
| Total Assets Under Management (USD millions) | - | 315,838 | 325,329 | 321,062 | 334,539 | - | - | - |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Laura L. Prieskorn ExecutiveBoard | Chief Executive Officer and President | Board Member, American Council of Life Insurers | CEO of JXN since 2021, with over 30 years at the company. Previously COO and SVP. Led JXN to exceed financial targets, including a 624% RBC ratio in 2023. Holds a B.B.A. from Central Michigan University. | View Report → |
Craig Anderson Executive | Senior Vice President and Controller | None | SVP and Controller since June 3, 2024. Joined JXN in 2021 as VP and Controller. Previously held roles at AIG, Global Atlantic Financial Group, and Ernst & Young. CPA with over 30 years of experience. | |
Don W. Cummings Executive | Executive Vice President and Chief Financial Officer | None | CFO since June 3, 2024. Previously SVP, Chief Accounting Officer, and Controller at JXN. Former interim CFO at Fortitude Re and Global Corporate Controller at AIG. CPA with a B.B.A. from Morehead State University. | |
Drew E. Lawton Board | Independent Director | Board Member, BlackRock iShares Trust; Adjunct Professor, University of North Texas | Director since 2021. Former CEO of New York Life Investment Management. Expertise in annuities and investment management. Holds an M.B.A. from the University of North Texas and B.A. from Yale University. | |
Esta E. Stecher Board | Independent Director | Chair, Goldman Sachs Philanthropy Fund; Chair, Ayco Charitable Foundation; Director, Lincoln Center for the Performing Arts; Trustee, Dana Farber Cancer Institute | Director since 2021. Former CEO of Goldman Sachs Bank USA. Legal and governance expert. Holds a J.D. from Columbia University and B.A. from the University of Minnesota. | |
Gregory T. Durant Board | Independent Director | Trustee, Carnegie Hall Board of Trustees | Director since 2021. Former Vice Chairman and Deputy CEO at Deloitte LLP. CPA with expertise in finance, accounting, and governance. Holds an M.B.A. from the University of Chicago and B.B.A. from Western Michigan. | |
Lily Fu Claffee Board | Independent Director | EVP and Chief Legal Officer, OneMain Financial | Director since 2021. Legal and compliance expert with leadership roles at Fox Corporation, U.S. Chamber of Commerce, and U.S. Departments of Commerce and Treasury. Holds a J.D. from the University of Minnesota. | |
Martin J. Lippert Board | Independent Director | Advisory Board Member, University of Pittsburgh; Director, New Leaders | Director since 2021. Former EVP of Global Technology and Operations at MetLife. Recognized for innovation in banking and technology. Holds a B.A. from the University of Pittsburgh. | |
Russell G. Noles Board | Independent Director | Chair of the Board of Trustees, Metropolitan State University of Denver; Director, Consumer Reports | Director since 2021. Former COO at Nuveen and Chief Strategy Officer at TIAA. CPA with expertise in finance, audit, and risk management. Holds an M.B.A. from the University of Denver. | |
Steven A. Kandarian Board | Independent Chair of the Board | Director, ExxonMobil Corporation; Director, Neuberger Berman; Director, Damon Runyon Cancer Research Foundation; Member, The Business Council | Chair of JXN's Board since 2021. Former CEO of MetLife. Expertise in insurance and investment management. Holds an M.B.A. from Harvard, J.D. from Georgetown, and B.A. from Clark University. |
-
Your third quarter showed a significant increase in fixed annuity and fixed indexed annuity sales, which traditionally have lower returns compared to variable annuities; how does this surge impact your overall profitability, and what strategies are in place to ensure these sales do not dilute your return on equity?
-
Given the higher-than-expected lapse rates driven by strong equity markets, how are you adjusting your lapse rate assumptions, and what impact do you anticipate this will have on your future earnings and capital requirements?
-
Despite establishing Brook Re to reduce earnings volatility, you reported a $515 million loss related to a legacy reinsurance treaty this quarter; how confident are you in Brook Re's ability to stabilize your GAAP results, and what measures are you taking to address these continued non-operating losses?
-
The hedging losses excluding equity volatility amounted to approximately $130 million this quarter; can you provide more details on the factors contributing to these losses, and what steps are you taking to mitigate hedging inefficiencies moving forward?
-
With a $514 million year-to-date negative impact on market risk benefits due to actual policyholder behavior deviating from your assumptions, particularly higher lapse rates, how do you plan to adjust your actuarial assumptions, and what are the potential implications for your hedging strategies and capital positions?
Recent press releases and 8-K filings for JXN.
- Jackson Financial Inc delivered adjusted operating earnings of $376M in Q1 2025, up 13% year-over-year, supported by $213M in free cash flow and an estimated RBC ratio of 585%.
- The firm demonstrated robust capital discipline with $441M in statutory capital generation, a $231M net capital return, and ended the quarter with $5.2B in adjusted capital plus over $600M in liquid assets.
- Capital return efforts were reinforced by a 14% dividend increase to $0.80 and share repurchases totaling $172M.
- Operational highlights included retail annuity sales surpassing $4B (up >9% year-over-year) and significant growth in RILA and advisory segments.
- The company remains on track to meet its 2025 capital return target of $700–$800M.
- Strong Q1 performance: Reported GAAP earnings of $376M () and earnings per share of $5.10, alongside adjusted operating earnings of $376M despite a net loss of $(35)M ( ).
- Retail annuity sales: Achieved $4.0 billion in Q1 2025, including variable annuities at $2.7 billion ().
- Capital strength and liquidity: Maintained total adjusted capital over $5.2 billion and cash & highly liquid assets exceeding $600M ( ).
- Shareholder returns: Returned $231 million to common shareholders through repurchases and dividends ( ).
- Christopher A. Raub has been appointed President of Jackson National Life Insurance Company, effective April 14, 2025, bringing over 25 years of experience with the company.
- Steve Binioris has been named as the new Executive Vice President and Chief Risk Officer, succeeding Mr. Raub with effect from April 14, 2025.
- The appointment of Mr. Raub includes a compensation package with a $600,000 base salary, a target bonus of 175% of his base salary, and a target annual long-term equity incentive award of $2,000,000.