v3.26.1
Segment Information (Tables)
6 Months Ended
Jun. 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 June 30, 2026Retail AnnuitiesInstitutional
Products
Closed Life
and Annuity
Blocks
Corporate and
 Other
Total
Consolidated
Operating Revenues
Fee income$1,140$—$102$10$1,252
Premiums18—22—40
Net investment income38814014027695
Other income (loss)7—5618
     Total Operating Revenues1,553140269432,005
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals
30—135—165
(Gain) loss from updating future policy benefits cash flow assumptions, net——20—20
Interest credited13010986—325
Interest expense5——2227
Asset-based commission expenses298———298
Other commission expenses345—8—353
Sub-advisor expenses74——(1)73
General and administrative expenses19122844265
Deferral of acquisition costs(302)———(302)
Amortization of deferred acquisition costs 161—2—163
Total Operating Benefits and Expenses932111279651,387
Pretax Adjusted Operating Earnings$621$29$(10)$(22)$618

Three Months Ended June 30, 2025Retail AnnuitiesInstitutional
Products
Closed Life
and Annuity
Blocks
Corporate and
 Other
Total
Consolidated
Operating Revenues
Fee income$1,059 $— $107 $10 $1,176 
Premiums20 — 21 — 41 
Net investment income204 125 181 8 518 
Other income7 — 5 4 16 
     Total Operating Revenues1,290 125 314 22 1,751 
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals
33 — 154 — 187 
(Gain) loss from updating future policy benefits cash flow assumptions, net(1)— 11 — 10 
Interest credited101 104 90 — 295 
Interest expense5 — — 20 25 
Asset-based commission expenses273 — — — 273 
Other commission expenses235 — 8 — 243 
Sub-advisor expenses78 — — (2)76 
General and administrative expenses189 2 27 56 274 
Deferral of acquisition costs(185)— — — (185)
Amortization of deferred acquisition costs145 — 2 — 147 
Total Operating Benefits and Expenses873 106 292 74 1,345 
Pretax Adjusted Operating Earnings$417 $19 $22 $(52)$406 
Six Months Ended June 30, 2026Retail AnnuitiesInstitutional
Products
Closed Life
and Annuity
Blocks
Corporate and
 Other
Total
Consolidated
Operating Revenues
Fee income$2,251$—$205$21$2,477
Premiums23—47—70
Net investment income708283286351,312
Other income (loss) 13—11630
Total Operating Revenues2,995283549623,889
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals
60—306—366
(Gain) loss from updating future policy benefits cash flow assumptions, net(1)—36—35
Interest credited248223172—643
Interest expense11——4152
Asset-based commission expenses593———593
Other commission expenses660—15—675
Sub-advisor expenses150——(3)147
General and administrative expenses42335583564
Deferral of acquisition costs(557)———(557)
Amortization of deferred acquisition costs319—4—323
Total Operating Benefits and Expenses1,9062265881212,841
Pretax Adjusted Operating Earnings$1,089$57$(39)$(59)$1,048

Six Months Ended June 30, 2025Retail AnnuitiesInstitutional
Products
Closed Life
and Annuity
Blocks
Corporate and
 Other
Total
Consolidated
Operating Revenues
Fee income$2,154 $— $215 $22 $2,391 
Premiums34 — 50 — 84 
Net investment income391 241 368 19 1,019 
Other income14 — 11 5 30 
Total Operating Revenues2,593 241 644 46 3,524 
Operating Benefits and Expenses
Death, other policy benefits and change in policy
    reserves, net of deferrals
62 — 308 — 370 
(Gain) loss from updating future policy benefits cash flow assumptions, net(4)— 25 — 21 
Interest credited195 201 187 — 583 
Interest expense11 — — 39 50 
Asset-based commission expenses557 — — — 557 
Other commission expenses441 — 17 — 458 
Sub-advisor expenses158 — — (4)154 
General and administrative expenses389 3 54 87 533 
Deferral of acquisition costs(343)— (1)— (344)
Amortization of deferred acquisition costs290 — 4 — 294 
Total Operating Benefits and Expenses1,756 204 594 122 2,676 
Pretax Adjusted Operating Earnings$837 $37 $50 $(76)$848 
The following table summarizes total assets by segment (in millions):

June 30, 2026December 31, 2025
Retail Annuities$320,443 $307,225 
Closed Life and Annuity Blocks26,857 26,988 
Institutional Products13,126 12,869 
Corporate and Other6,639 5,504 
Total Assets$367,065 $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 June 30,Six Months Ended June 30,
2026202520262025
Total operating revenues$2,005 $1,751 $3,889 $3,524 
Fees attributed to guarantee benefit reserves714 764 1,485 1,532 
Net gains (losses) on hedging instruments and investments(2,773)(3,208)(2,653)(2,226)
Investment income (loss) related to mark-to-market on TPG shares— — (58)— 
Net investment income (loss) related to noncontrolling interests5 6 9 12 
Consolidated investments16 (11)(2)(17)
Net investment income on funds withheld assets 201 227 400 454 
Total revenues (1)
$168 $(471)$3,070 $3,279 
(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 June 30,Six Months Ended June 30,
2026202520262025
Total operating benefits and expenses $1,387 $1,345 $2,841 $2,676 
Net (gain) loss on market risk benefits(2,053)(2,203)(383)43 
Benefits attributed to guaranteed benefit features56 71 116 133 
Amortization of DAC related to non-operating revenues and expenses118 127 239 255 
Cost of hedging(5)— (8)— 
Total benefits and expenses $(497)$(660)$2,805 $3,107 
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 June 30,Six Months Ended June 30,
2026202520262025
Pretax adjusted operating earnings$618 $406 $1,048 $848 
Pre-tax reconciling items from adjusted operating income to net income (loss) attributable to Jackson Financial Inc.:
Fees attributable to guarantee benefit reserves714 764 1,485 1,532 
Net gains (losses) on hedging instruments176 (1,840)(284)(829)
Market risk benefits gains (losses), net2,053 2,203 383 (43)
Net reserve and embedded derivative movements(2,671)(1,066)(1,964)(733)
Total net hedging results272 61 (380)(73)
Amortization of DAC associated with non-operating items at date of transition to LDTI(118)(127)(239)(255)
Net realized investment gains (losses)(27)30 (69)(36)
Net realized investment gains (losses) on funds withheld assets(297)(327)(456)(715)
Net investment income on funds withheld assets201 227 400 454 
Other items11 (87)(48)(63)
Pretax income (loss) attributable to Jackson Financial Inc.660 183 256 160 
Income tax expense (benefit)5 4 25 5 
Net income (loss) attributable to Jackson Financial Inc.655 179 231 155 
Less: Dividends on preferred stock11 11 22 22 
Net income (loss) attributable to Jackson Financial Inc. common shareholders$644 $168 $209 $133