JXN · Jackson Financial Inc.

Jackson Financial Inc. released its Q1 2026 earnings presentation via Exhibit 99.1 ahead of the May 6, 2026, call, highlighting a stark contrast between GAAP net loss of $(435)M driven by non-operating hedging and investment losses, and strong non-GAAP adjusted operating earnings of $361M or $5.15 per share ($5.94 ex-notable items). Key drivers included profitable in-force book growth, with pre-tax adjusted operating earnings rising to $430M from $361M in 4Q25, supported by spread business expansion and diversification away from lifetime benefit VAs (now 30% of account value vs. 39% at 2021 year-end). Retail annuity sales accelerated 31% year-over-year to $5.3B, with 52% spread-based products like RILA, FA/FIA, reflecting top-3 market positions and enhanced asset sourcing. Non-VA advisory sales share jumped to 47% from 27% in Q1 2025, underscoring diversification success. Free capital generation of $271M and free cash flow of $288M (up 35% YoY) enabled $257M capital returns—26% of the $900M-$1.1B annual target—including a 12.5% higher $0.90/share dividend and 1.7M repurchases. Holdco liquidity of ~$650M exceeds the $250M buffer, providing flexibility. Trailing 12-month adjusted operating ROE improved to 38.7%, with management on track for ≥$1.2B full-year free capital generation assuming 5% equity returns and forward rates, emphasizing capital-efficient growth and long-term earnings stability.