JXN · Jackson Financial Inc.

Jackson Financial Inc. reported a mixed first quarter 2026, with strong operational performance overshadowed by a GAAP net loss driven by market volatility. Retail annuity sales surged 31% year-over-year to $5.3 billion, led by a 68% jump in RILA sales and a 335% increase in fixed and fixed index annuity sales, reflecting successful product diversification and the new partnership with TPG. Adjusted operating earnings of $361 million ($5.15 per share) were relatively flat compared to $376 million ($5.10 per share) in the prior year, as higher spread income from growth in average RILA, FIA, and Institutional AUM and a reduced share count were offset by higher G&A expenses. Excluding notable items, adjusted operating earnings per share rose to $5.94 from $5.05. The GAAP net loss of $435 million ($6.24 per share) versus a loss of $35 million in the prior year was primarily due to less favorable net hedging results amid higher volatility, partially offset by a $40 million gain from business reinsured to third parties. Management highlighted the strength of the in-force book, which generated $288 million in free cash flow, and a robust capital position with JNL's estimated RBC ratio at 554% and holding company liquidity of nearly $650 million, well above the $250 million minimum. The company returned $257 million to shareholders through buybacks and dividends. CEO Laura Prieskorn noted the progress toward strategic objectives and expected momentum to continue through 2026. No forward guidance was provided in the filing.