Jackson Financial Inc. (JXN) financial statements: income statement, balance sheet and cash flow

Jackson Financial Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Jackson Financial Inc. reported revenue of $6.7B (+104.3% year on year) and net income of $72.0M (-92.6% year on year).

Income statement

Jackson Financial Inc. income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Fee income$8.0B$8.1B$7.7B—
Premiums$149.0M$146.0M$147.0M$132.0M
Net investment income excluding funds withheld assets$2.3B$1.8B$1.8B—
Net investment income on funds withheld assets$855.0M$1.0B$1.2B—
Total net investment income$3.2B$2.9B$2.9B$2.8B
Net gains (losses) on derivatives and investments($3.4B)($6.8B)($5.9B)$3.9B
Net gains (losses) on funds withheld reinsurance treaties($1.3B)($1.1B)($1.8B)—
Total net gains (losses) on derivatives and investments($4.7B)($7.9B)($7.7B)—
Other income$61.0M$44.0M$67.0M$85.0M
Total revenues$6.7B$3.3B$3.2B$14.6B
Death, other policy benefits and change in policy reserves, net of deferrals$927.0M$868.0M$965.0M$2.3B
(Gain) loss from updating future policy benefits cash flow assumptions, net$44.0M$46.0M$102.0M—
Market risk benefits (gains) losses, net$605.0M($3.8B)($3.9B)—
Interest credited on other contract holder funds, net of deferrals and amortization$1.2B$1.1B$1.1B$862.0M
Interest expense$100.0M$101.0M$185.0M$113.0M
Operating costs and other expenses, net of deferrals$2.8B$2.8B$2.5B$2.4B
Amortization of deferred acquisition costs$1.1B$1.1B$1.2B$1.7B
Total benefits and expenses$6.8B$2.2B$2.2B$7.4B
Pretax income (loss)($114.0M)$1.0B$958.0M$7.1B
Income tax expense (benefit)($186.0M)$46.0M$4.0M$1.4B
Net income (loss)$72.0M$976.0M$954.0M$5.7B
Less: Net income (loss) attributable to noncontrolling interests$45.0M$30.0M$20.0M$43.0M
Net income (loss) attributable to Jackson Financial Inc.$27.0M$946.0M$934.0M$5.7B
Less: Dividends on preferred stock$44.0M$44.0M$35.0M—
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Basic($17.0M)$902.0M$899.0M—
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Diluted($17.0M)$902.0M$899.0M—
Basic (in usd per share)-$0.24$11.86$10.99$66.62
Diluted (in usd per share)-$0.24$11.74$10.76$64.23
Jackson Financial Inc. income statement, quarters
Line itemJun 30, 2026 · Q2Mar 31, 2026 · Q1Sep 30, 2025 · Q3Jun 30, 2025 · Q2
Fee income$2.0B$2.0B$2.0B$1.9B
Premiums$38.0M$28.0M$31.0M$40.0M
Net investment income excluding funds withheld assets$727.0M$541.0M$653.0M$491.0M
Net investment income on funds withheld assets$201.0M$199.0M$203.0M$227.0M
Total net investment income$928.0M$740.0M$856.0M$718.0M
Net gains (losses) on derivatives and investments($2.5B)$283.0M($1.1B)($2.9B)
Net gains (losses) on funds withheld reinsurance treaties($297.0M)($159.0M)($379.0M)($327.0M)
Total net gains (losses) on derivatives and investments($2.8B)$124.0M($1.5B)($3.2B)
Other income$18.0M$12.0M$15.0M$16.0M
Total revenues$168.0M$2.9B$1.4B($471.0M)
Death, other policy benefits and change in policy reserves, net of deferrals$221.0M$258.0M$230.0M$256.0M
(Gain) loss from updating future policy benefits cash flow assumptions, net$20.0M$18.0M$13.0M$12.0M
Market risk benefits (gains) losses, net($2.1B)$1.7B($226.0M)($2.2B)
Interest credited on other contract holder funds, net of deferrals and amortization$320.0M$315.0M$313.0M$295.0M
Interest expense$27.0M$25.0M$25.0M$25.0M
Operating costs and other expenses, net of deferrals$687.0M$735.0M$714.0M$681.0M
Amortization of deferred acquisition costs$281.0M$281.0M$275.0M$274.0M
Total benefits and expenses($497.0M)$3.3B$1.3B($660.0M)
Total benefits and expenses$665.0M($400.0M)$72.0M$189.0M
Income tax expense$5.0M$20.0M($19.0M)$4.0M
Net income (loss)$660.0M($420.0M)$91.0M$185.0M
Less: Net income (loss) attributable to noncontrolling interests$5.0M$4.0M$15.0M$6.0M
Net income (loss) attributable to Jackson Financial Inc.$655.0M($424.0M)$76.0M$179.0M
Less: Dividends on preferred stock$11.0M$11.0M$11.0M$11.0M
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Basic$644.0M($435.0M)$65.0M$168.0M
Net income (loss) attributable to Jackson Financial Inc. common shareholders, Diluted$644.0M($435.0M)$65.0M$168.0M
Basic (in usd per share)$9.18-$6.24$0.93$2.34
Diluted (in usd per share)$9.16-$6.24$0.92$2.34

Balance sheet

Jackson Financial Inc. balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007)$47.3B$40.3B$40.4B$42.5B
Debt Securities, at fair value under fair value option$3.5B$3.0B$2.2B$2.2B
Equity securities, at fair value$172.0M$197.0M$394.0M$393.0M
Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively$9.9B$9.5B——
Mortgage loans, at fair value under fair value option$324.0M$449.0M$481.0M$582.0M
Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively)$4.4B$4.4B$4.4B$4.4B
Freestanding derivative instruments$448.0M$297.0M$390.0M$1.3B
Other invested assets$3.2B$2.9B$2.5B$3.6B
Total investments$69.2B$61.0B$60.9B$65.9B
Cash and cash equivalents$5.7B$3.8B$2.7B$4.3B
Accrued investment income$634.0M$529.0M$512.0M$514.0M
Deferred acquisition costs$11.7B$11.9B$12.3B$13.4B
Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively$19.5B$21.8B$25.4B$29.6B
Reinsurance recoverable on market risk benefits, at fair value$118.0M$121.0M$149.0M—
Market risk benefit assets, at fair value$7.9B$8.9B$6.7B—
Deferred income taxes, net$719.0M$480.0M$640.0M$385.0M
Other assets$637.0M$787.0M$1.3B$946.0M
Separate account assets$236.5B$229.1B$219.7B$195.9B
Total assets$352.6B$338.4B$330.3B$311.1B
Reserves for future policy benefits and claims payable$10.9B$11.1B$11.9B$14.3B
Other contract holder funds$67.7B$58.3B$55.3B$58.2B
Market risk benefit liabilities, at fair value$3.8B$3.8B$4.8B—
Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively)$15.0B$16.7B$20.0B$23.0B
Long-term debt$2.0B$2.0B$2.0B$2.6B
Repurchase agreements and securities lending payable$1.0B$1.6B$19.0M$1.0B
Collateral payable for derivative instruments$58.0M$150.0M$780.0M$689.0M
Freestanding derivative instruments$14.3B$361.0M$1.2B$2.1B
Other liabilities$5.1B$5.3B$4.3B$2.4B
Separate account liabilities$236.5B$229.1B$219.7B$195.9B
Total liabilities$342.2B$328.5B$319.9B$301.9B
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share (see Note 23)$533000000.00$533000000.00$533000000.00—
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (see Note 23)$1000000.00$1000000.00$1000000.00$1000000.00
Additional paid-in capital$6.1B$6.0B$6.0B$6.1B
Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively-1.6B-1.0B-599.0M-443.0M
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024($2.5B)($3.5B)($2.8B)($5.5B)
Retained earnings$7.5B$7.7B$7.0B$8.3B
Total shareholders' equity$10.0B$9.8B$10.2B$8.4B
Noncontrolling interests$389.0M$218.0M$164.0M$732.0M
Total equity$10.3B$10.0B$10.3B$9.2B
Total liabilities and equity$352.6B$338.4B$330.3B$311.1B
Jackson Financial Inc. balance sheet, quarters
Line itemJun 30, 2026Mar 31, 2026Sep 30, 2025Jun 30, 2025
Debt Securities, available-for-sale, net of allowance for credit losses of $24 and $11 at June 30, 2026 and December 31, 2025, respectively (amortized cost: 2026 $55,815; 2025 $50,491)$52.2B$48.6B$46.1B$43.8B
Debt Securities, at fair value under fair value option$3.5B$3.4B$3.5B$3.3B
Equity securities, at fair value$262.0M$243.0M$180.0M$177.0M
Mortgage loans, net of allowance for credit losses of $176 and $133 at June 30, 2026 and December 31, 2025, respectively$10.4B$10.2B$9.6B$9.5B
Mortgage loans, at fair value under fair value option$595.0M$196.0M$349.0M$393.0M
Policy loans (including $3,617 and $3,537 at fair value under the fair value option at June 30, 2026 and December 31, 2025, respectively)$4.5B$4.4B$4.5B$4.5B
Freestanding derivative instruments$422.0M$701.0M$486.0M$384.0M
Other invested assets$3.4B$3.2B$3.0B$2.9B
Total investments$75.3B$71.0B$67.7B$65.0B
Cash and cash equivalents$6.0B$5.5B$4.6B$3.8B
Accrued investment income$714.0M$636.0M$585.0M$561.0M
Deferred acquisition costs$11.7B$11.6B$11.7B$11.7B
Reinsurance recoverable, net of allowance for credit losses of $31 and $30 at June 30, 2026 and December 31, 2025, respectively$18.3B$18.9B$20.1B$20.4B
Reinsurance recoverable on market risk benefits, at fair value$109.0M$121.0M$116.0M$111.0M
Market risk benefit assets, at fair value$8.0B$6.7B$8.5B$8.7B
Deferred income taxes, net$609.0M$610.0M$573.0M$449.0M
Other assets$917.0M$905.0M$757.0M$823.0M
Separate account assets$245.4B$223.5B$239.0B$232.2B
Total assets$367.1B$339.5B$353.6B$343.7B
Reserves for future policy benefits and claims payable$10.6B$10.7B$10.9B$10.9B
Account values with crediting rates$73.3B———
Market risk benefit liabilities, at fair value$3.4B$4.0B$3.7B$3.6B
Funds withheld payable under reinsurance treaties (including $3,806 and $3,723 at fair value under the fair value option at June 30, 2026 and December 31, 2025, respectively)$14.1B$14.5B$15.5B$15.7B
Debt$2.8B$2.0B$2.0B$2.0B
Repurchase agreements and securities lending payable$477.0M$505.0M$1.0B$1.2B
Collateral payable for derivative instruments$14.0M$343.0M$92.0M$125.0M
Freestanding derivative instruments$19.8B$13.1B$12.9B$348.0M
Other Liabilities$5.9B$5.2B$5.2B$5.0B
Separate account liabilities$245.4B$223.5B$239.0B$232.2B
Total liabilities$356.6B$329.6B$343.1B$333.1B
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at June 30, 2026 and December 31, 2025; liquidation preference $25,000 per share (see Note 19)$533000000.00$533000000.00$533000000.00$533000000.00
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 68,185,286 and 66,825,632 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively (see Note 19)$1000000.00$1000000.00$1000000.00$1000000.00
Additional paid-in capital$6.4B$6.4B$6.1B$6.0B
Treasury stock, at cost; 26,303,029 and 27,662,683 shares at June 30, 2026 and December 31, 2025, respectively-1.9B-1.7B-1.5B-1.3B
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(286) and $(377) at June 30, 2026 and December 31, 2025, respectively($2.6B)($2.7B)($2.6B)($2.6B)
Retained earnings$7.5B$7.0B$7.7B$7.7B
Total shareholders' equity$10.0B$9.5B$10.2B$10.4B
Noncontrolling interests$512.0M$404.0M$272.0M$248.0M
Total equity$10.5B$9.9B$10.5B$10.6B
Total liabilities and equity$367.1B$339.5B$353.6B$343.7B

Cash flow statement

Jackson Financial Inc. cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Net income (loss)$72.0M$976.0M$954.0M$5.7B
Net realized losses (gains) on investments$116.0M$11.0M$554.0M$359.0M
Net losses (gains) on derivatives$3.2B$6.8B$5.3B($2.0B)
Net losses (gains) on funds withheld reinsurance treaties$1.3B$1.1B$1.8B($2.2B)
Net (gain) loss on market risk benefits$605.0M($3.8B)($3.9B)—
(Gain) loss from updating future policy benefits cash flow assumptions, net$44.0M$46.0M$102.0M—
Interest credited on other contract holder funds, gross$1.2B$1.1B$1.1B$862.0M
Mortality, expense and surrender charges($521.0M)($545.0M)($528.0M)($530.0M)
Amortization of discount and premium on investments($39.0M)($33.0M)($27.0M)$11.0M
Deferred income tax expense (benefit)($173.0M)$294.0M($207.0M)$1.4B
Share-based compensation$132.0M$191.0M$107.0M$131.0M
Accrued investment income($105.0M)($17.0M)$2.0M($11.0M)
Deferred acquisition costs$227.0M$415.0M$622.0M$1.1B
Funds withheld, net of reinsurance$116.0M$211.0M($20.0M)($402.0M)
Future policy benefits($421.0M)($777.0M)($731.0M)—
Other assets and liabilities, net($61.0M)($133.0M)$123.0M$724.0M
Net cash provided by (used in) operating activities$5.8B$5.8B$5.3B$5.2B
Debt securities$8.4B$10.5B$11.5B$11.5B
Equity securities$46.0M$289.0M$316.0M$84.0M
Mortgage loans$1.6B$1.8B$2.5B$1.7B
Debt securities($14.5B)($11.7B)($8.2B)($11.6B)
Equity securities($21.0M)($16.0M)($200.0M)($249.0M)
Mortgage loans($1.9B)($1.1B)($1.6B)($1.8B)
Settlements related to derivatives and collateral on investments($1.1B)($6.5B)($5.5B)($674.0M)
Other investing activities($238.0M)($339.0M)$623.0M($343.0M)
Net cash provided by (used in) investing activities($7.8B)($7.1B)($592.0M)($1.4B)
Deposits$27.4B$20.1B$14.2B$18.5B
Withdrawals($42.2B)($39.4B)($29.1B)($25.2B)
Net transfers from (to) separate accounts$20.8B———
Proceeds from (payments on) repurchase agreements and securities lending($516.0M)$1.5B($1.0B)($541.0M)
Net proceeds from (payments on) Federal Home Loan Bank notes($700.0M)$450.0M$250.0M$0
Settlements related to deferred premium on derivatives($114.0M)———
Payments on debt($5.0M)($5.0M)($603.0M)—
Issuance of debt of consolidated investment entities$736.0M$948.0M$297.0M—
Repayments of debt of consolidated investment entities($527.0M)($526.0M)($351.0M)—
Contributions from partners of consolidated investments$126.0M$29.0M$111.0M—
Distributions from partners of consolidated investments$0$0($92.0M)—
Dividends on common stock($223.0M)($211.0M)($201.0M)($186.0M)
Dividends on preferred stock($44.0M)($44.0M)($35.0M)—
Purchase of treasury stock($669.0M)($442.0M)($306.0M)($321.0M)
Issuance of preferred stock$0$0$533.0M—
Net cash provided by (used in) financing activities$3.9B$2.4B($6.3B)($2.2B)
Net increase (decrease) in cash, cash equivalents, and restricted cash$1.9B$1.1B($1.6B)$1.7B
Cash, cash equivalents, and restricted cash at beginning of period$3.8B$2.7B$4.3B$2.6B
Total cash, cash equivalents, and restricted cash at end of period$5.7B$3.8B$2.7B$4.3B
Jackson Financial Inc. cash flow statement, quarters
Line itemJun 30, 2026 · YTDMar 31, 2026 · Q1Sep 30, 2025 · YTDJun 30, 2025 · YTD
Debt securities$4.9B$2.4B$6.3B$4.1B
Equity securities$53.0M$16.0M$46.0M$19.0M
Mortgage loans$770.0M$463.0M$1.1B$730.0M
Debt securities($9.8B)($4.0B)($11.0B)($6.8B)
Equity securities($51.0M)$0($21.0M)$0
Mortgage loans($1.6B)($724.0M)($1.2B)($751.0M)
Settlements related to derivatives and collateral on investments$483.0M($471.0M)($977.0M)($928.0M)
Other investing activities($166.0M)($58.0M)($152.0M)($121.0M)
Net cash provided by (used in) investing activities($5.4B)($2.4B)($5.8B)($3.7B)
Net income (loss)$240.0M($420.0M)$258.0M$167.0M
Net realized losses (gains) on investments$68.0M$47.0M$111.0M$175.0M
Net losses (gains) on derivatives$2.1B($330.0M)$2.5B$1.3B
Net losses (gains) on funds withheld reinsurance treaties$456.0M$159.0M$1.1B$715.0M
Net (gain) loss on market risk benefits($383.0M)$1.7B($183.0M)$43.0M
(Gain) loss from updating future policy benefits cash flow assumptions, net$38.0M$18.0M$37.0M$24.0M
Interest credited on other contract holder funds, gross$635.0M$315.0M$896.0M$583.0M
Mortality, expense and surrender charges($253.0M)($127.0M)($393.0M)($263.0M)
Amortization of discount and premium on investments($30.0M)($14.0M)($32.0M)($18.0M)
Deferred income tax expense (benefit)$19.0M$19.0M($4.0M)($7.0M)
Share-based compensation$74.0M$60.0M$106.0M$72.0M
Accrued investment income($80.0M)($2.0M)($56.0M)($32.0M)
Deferred acquisition costs$5.0M$26.0M$233.0M$206.0M
Funds withheld, net of reinsurance$224.0M$120.0M$108.0M$168.0M
Future policy benefits($212.0M)($129.0M)($396.0M)($277.0M)
Other assets and liabilities, net($43.0M)($367.0M)($180.0M)($131.0M)
Net cash provided by (used in) operating activities$2.9B$1.0B$4.1B$2.8B
Deposits$15.8B$7.3B$19.8B$12.1B
Withdrawals($23.4B)($11.2B)($30.4B)($19.4B)
Net transfers from (to) separate accounts$10.8B$5.4B$14.7B$9.5B
Proceeds from (payments on) repurchase agreements and securities lending($558.0M)($531.0M)($520.0M)($383.0M)
Net proceeds from (payments on) Federal Home Loan Bank notes$0$0($700.0M)($700.0M)
Settlements related to deferred premium on derivatives($335.0M)($154.0M)($7.0M)—
Proceeds from debt$750.0M———
Payments on debt($4.0M)($4.0M)($5.0M)($4.0M)
Pre-capitalized trust securities and debt issuance costs($17.0M)———
Issuance of debt of consolidated investment entities$31.0M$96.0M$494.0M$395.0M
Repayments of debt of consolidated investment entities($236.0M)($35.0M)($152.0M)($98.0M)
Contributions from partners of consolidated investments$96.0M$108.0M$27.0M$17.0M
Dividends on common stock($126.0M)($64.0M)($169.0M)($115.0M)
Dividends on preferred stock($22.0M)($11.0M)($33.0M)($22.0M)
Purchase of treasury stock($454.0M)($227.0M)($517.0M)($360.0M)
Issuance of treasury stock$500.0M$500.0M——
Net cash provided by (used in) financing activities$2.8B$1.2B$2.5B$968.0M
Net increase (decrease) in cash, cash equivalents, and restricted cash$282.0M($165.0M)$795.0M$17.0M
Cash, cash equivalents, and restricted cash at beginning of period$5.7B$5.7B$3.8B$3.8B

Jackson Financial Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.