Executive Summary: Investment Thesis Considerations for Jackson Financial Inc.

Jackson Financial Inc. (JXN) has emerged as a significant, independent force in the U.S. retirement solutions market following its demerger from Prudential plc in September 2021.¹ The company’s core business is centered on providing a range of annuity products designed to help Americans accumulate savings and generate income in retirement, with a stated mission to “clarify the complexity of retirement planning”.² Since becoming a standalone entity, JXN has pursued a clear and aggressive strategy focused on disciplined risk management, robust capital generation, and substantial returns to shareholders.

The primary investment merits for Jackson Financial are rooted in its formidable market position, particularly in the variable annuity (VA) sector, its proven capacity for generating significant and stable statutory capital, and one of the most aggressive capital return programs in the financial services industry. The company has demonstrated a strong commitment to its shareholders, having returned over $1.8 billion in capital through a combination of dividends and share repurchases since its public debut. This has resulted in the buyback of approximately 25% of its initial shares outstanding, a figure that underscores the scale of its capital return policy.⁵

Conversely, the principal investment concerns are inextricably linked to the company’s strengths. JXN’s substantial in-force block of legacy VA business, while highly profitable, creates significant exposure to the volatilities of equity markets and interest rates. This exposure manifests in highly erratic GAAP earnings, which are heavily influenced by the mark-to-market accounting of derivative hedges and often obscure the underlying operational performance of the business. Beyond this financial complexity, the company faces intense competition in the annuity market and must address long-term strategic questions regarding its ability to generate sustainable organic growth that can eventually replace the earnings from its runoff VA block.

This report will dissect the central dichotomy of Jackson Financial: the pronounced tension between its volatile, derivative-driven GAAP financial statements and the more stable, management-preferred metrics of Adjusted Operating Earnings and free cash flow. A critical focus of this analysis is the early 2024 establishment of Brooke Re, a captive reinsurance subsidiary. This strategic maneuver represents a fundamental pivot intended to de-risk the balance sheet, stabilize statutory capital generation, and significantly enhance the predictability and transparency of JXN’s financial results.²

The analysis begins by establishing Jackson’s business model and its competitive standing within the dynamic U.S. annuity market. It then conducts a deep dive into the company’s financial performance since the spinoff, with a particular emphasis on the strategic and financial implications of the Brooke Re formation. Subsequently, the report assesses JXN’s growth strategies, the sustainability of its capital return program, a comprehensive range of business and financial risks, and its valuation relative to key industry peers. The report culminates in a balanced summary of the critical factors and metrics that should be monitored for any investment consideration.

Company Overview & Business Model

Core Business and Mission

Jackson Financial Inc. is a U.S.-domiciled financial services holding company. Its principal operating subsidiary, Jackson National Life Insurance Company (JNLIC), is a leading provider of retirement products and services.² The company’s overarching mission is to assist Americans in growing and safeguarding their retirement savings, aiming to provide clarity and solutions in a complex financial landscape.⁴

Primary Revenue Streams

Jackson’s financial model is built upon three primary revenue sources, each with distinct drivers and sensitivities.²

• Fee Income: This is the largest and most significant revenue component, primarily derived from fees charged on the assets under management (AUM) within its substantial book of variable annuity contracts. These fees are typically calculated as a percentage of the contract’s account value. Consequently, this revenue stream is directly correlated with the performance of the equity and fixed-income markets, as market appreciation increases AUM and, therefore, fee income.
• Spread Income: This represents the net investment income the company earns on its general account assets, which back the liabilities of its fixed and fixed-index annuity products. It is the difference, or “spread,” between the yield earned on its investment portfolio (largely composed of bonds and commercial mortgages) and the interest rates credited to policyholders’ accounts. This stream of income is highly sensitive to the prevailing interest rate environment and the company’s ability to source and manage higher-yielding assets effectively.¹⁰
• Margins on Insurance Products: This category includes revenue and profits from other insurance-related activities and products, contributing to the overall financial performance.

Product Suite: A Diversified Annuity Portfolio

Jackson offers a comprehensive suite of annuity products tailored to meet various investor needs regarding risk tolerance, growth potential, and income generation in retirement.²

• Variable Annuities (VAs): Historically the cornerstone of Jackson’s business, VAs are long-term, tax-deferred investment products designed for retirement. They allow contract holders to invest in a range of underlying investment portfolios, known as sub-accounts, offering the potential for market-based growth. Many of JXN’s VA contracts also feature optional riders that provide guaranteed lifetime income benefits, a key selling point for retirement-focused investors.¹² This large, in-force block of VAs is the primary source of the company’s fee income but also the main driver of its market risk exposure and complex hedging requirements.
• Registered Index-Linked Annuities (RILAs): This product category represents a key strategic growth area for Jackson since its introduction in late 2021.⁷ RILAs are a hybrid product, offering returns linked to the performance of a specific market index, such as the S&P 500. They provide a degree of downside protection by either absorbing a certain amount of initial loss (a “buffer”) or limiting losses to a predefined percentage (a “floor”).¹² This structure appeals to investors who desire some equity market participation but are wary of full downside risk. JXN has seen rapid growth in this segment, with RILA sales increasing from $1.8 billion in 2022 to $2.9 billion in 2023.¹⁵
• Fixed and Fixed Index Annuities (FIAs): These products are designed for more conservative investors, offering principal protection. A traditional fixed annuity credits interest at a declared rate for a specified period. A fixed index annuity credits interest based on the performance of a market index, subject to limitations such as caps (a maximum potential return) or participation rates (a percentage of the index’s gain).¹²

Distribution Channels & Competitive Moats

Jackson’s primary competitive advantage lies not just in its products but in its extensive and deeply entrenched distribution capabilities.

• Broad Distribution Network: The company’s most significant moat is its vast distribution network, which includes approximately 500 broker-dealer partnerships and provides access to over 120,000 appointed financial advisors across the United States.¹⁵ This network encompasses all major channels, including independent broker-dealers, wirehouses, regional broker-dealers, and banks.
• Strategic Expansion into the RIA Channel: Recognizing the secular shift in the advisory landscape towards fee-based models, Jackson has made a concerted effort to expand its presence among Registered Investment Advisors (RIAs).¹⁸ By the end of 2022, the company had secured agreements with nearly 1,100 RIA firms, giving it access to more than 10,000 investment advisor representatives.¹⁵ This strategic push culminated in a significant milestone in 2024, when Jackson achieved $1 billion in advisory sales, validating its efforts in this growing channel.⁶
• Service and Brand Recognition: Jackson consistently emphasizes its award-winning customer service as a key differentiator, aiming to simplify the complexities of retirement products for both advisors and their clients.⁴ This focus on service helps build and maintain strong relationships within its distribution network.

The company’s business model is effectively a tale of two distinct books of business: a massive, mature, and highly profitable (but also highly risky) legacy VA block, and a smaller, but rapidly growing and strategically crucial, RILA and FIA business. The entirety of Jackson’s corporate strategy—from its sophisticated risk management and the creation of Brooke Re to its aggressive capital allocation policy—is engineered to manage the substantial risks emanating from the legacy block while simultaneously funding the growth of its newer product lines. The large VA AUM base generates substantial fee income but necessitates a complex and costly hedging program to manage the embedded guarantees, leading to the significant GAAP earnings volatility.⁵ In parallel, the company is aggressively expanding in the RILA market, the fastest-growing segment of the annuity industry.²³ The establishment of Brooke Re is a direct strategic response to isolate and manage the risks of the VA block, thereby stabilizing the capital position of the primary operating company, JNLIC.⁷ This stability enables JNLIC to upstream predictable dividends to the holding company, which in turn fuels the massive share buyback and dividend program.² The central operational challenge for Jackson is to successfully manage the runoff and risk of its old business to fund both the return of capital to shareholders and the necessary investment in its new, high-growth business lines. The long-term success of this intricate balancing act is the fundamental question for any investment thesis.

Annuity Industry Dynamics & Competitive Landscape

Current State of the Annuity Market

The U.S. annuity market is in a period of robust health and expansion, driven by a confluence of demographic, economic, and product innovation trends. The industry has posted record-breaking sales for three consecutive years (2022-2024), with total sales in that period surpassing $1.1 trillion.²³ This momentum continued into 2025, with first-quarter sales exceeding $105 billion, marking the sixth straight quarter in which sales have topped the $100 billion threshold.²³

Key Industry Growth Drivers

• Demographic Tailwinds: The most powerful and enduring driver for the annuity industry is the aging of the U.S. population. Through 2029, over 4 million Americans are projected to turn 65 each year.¹⁹ This “silver tsunami” represents a massive cohort of individuals transitioning from asset accumulation to decumulation. With the decline of traditional defined-benefit pension plans, there is a growing retirement savings gap and an acute need for financial products that can provide a guaranteed stream of lifetime income, a core feature of annuities.²⁶
• Market Environment: Recent market volatility and a higher interest rate environment have significantly increased consumer appetite for products that offer principal protection and predictable returns. This has been a major catalyst for sales of fixed-rate and fixed-indexed annuities.¹⁹ While interest rates are projected to potentially decline in 2025, the demand for protection-based solutions is expected to remain elevated.
• Product Innovation and Evolution: The industry has responded to investor needs with innovative product designs, most notably the Registered Index-Linked Annuity (RILA). RILA sales have exploded, growing from a niche product with $3.7 billion in sales in 2015 to a major market segment with $65.4 billion in sales in 2024.¹⁹ The number of carriers offering RILAs has expanded from just four to 21 over the same period, indicating widespread adoption.¹⁹ These products have successfully captured demand from investors seeking a middle ground between the full market risk of variable annuities and the limited upside of traditional fixed products.

Structural Challenges

• Interest Rate Sensitivity: The industry’s fortunes are closely tied to interest rates. While the “higher for longer” rate environment of 2023-2024 was a boon for fixed annuity sales, a projected decline in rates in 2025 is expected to temper demand for these products and may impact the profitability of spread-based businesses.²⁴
• Competition and Fee Compression: Annuity providers face persistent competition from lower-cost and simpler investment alternatives, such as exchange-traded funds (ETFs) and index funds.²⁷ This creates ongoing pressure on fees and necessitates clear communication to articulate the value proposition of annuities, such as tax deferral and lifetime income guarantees, which can be complex for consumers to understand.¹⁴
• Regulatory Environment: The annuity industry operates under a complex web of state and federal regulations. Evolving standards of conduct, such as rules requiring financial professionals to act in the consumer’s best interest, can influence product design, compensation structures, and sales practices, requiring continuous adaptation from carriers.²⁹

Competitive Position & Market Share

Jackson Financial is a formidable competitor in the U.S. annuity market, with a particularly strong legacy in the variable annuity space.

• Overall Market Standing: Based on 2024 year-end sales data from LIMRA, Jackson ranked as the 8th largest seller of individual annuities in the U.S., with total sales of $16.8 billion.³⁰
• Dominance in Variable Annuities: Jackson’s historical franchise and brand are built on its strength in variable annuities. In 2024, the company was the #2 seller of VAs in the industry, with $15.3 billion in sales, trailing only Equitable.²⁵ This highlights both the scale of its legacy business and its continued relevance in this large market segment.
• Key Competitors: Jackson competes directly with other large-scale, diversified life insurance and annuity providers. Its primary public competitors include Equitable Holdings (EQH), Brighthouse Financial (BHF), Lincoln National Corporation (LNC), and Prudential Financial (PRU), as well as major private or foreign-owned players like Allianz, Athene, and Corebridge Financial.³¹

To provide a clear context for Jackson’s financial standing, the following table compares key valuation and performance metrics against its closest publicly traded peers as of year-end 2024 and early 2025. This comparison is vital for understanding how the market values JXN relative to companies with similar business models and risk exposures. It highlights JXN’s distinct profile, characterized by a lower valuation on earnings and book value alongside a robust dividend yield.

Metric	JXN	EQH	BHF	LNC	PRU
Market Cap ($B)	6.81 31	15.99 31	2.48 31	7.98 31	37.21 31
P/Adj. Operating Earnings (FWD)	4.65x 34	8.97x 34	4.60x 35	5.50x 36	23.48x (GAAP) 31
Price / Book Value (YE 2024)	~0.65x	~1.00x	~0.40x	~0.80x	~1.00x
Adjusted Operating ROE (2024)	12.9% 2	~15-16%	~10-12%	~8-10%	~12-14%
Dividend Yield (FWD)	3.32% 34	2.05% 34	N/A 35	4.27% 36	5.00% 37
Note: Peer data for P/B and Adj. Op. ROE are estimates based on public filings and industry reports. BHF does not pay a common dividend. PRU P/E is GAAP-based and may not be comparable.

Financial Performance & Post-Spinoff Evolution (2022-2024)

Analyzing Jackson Financial’s performance since its 2021 spinoff requires a nuanced approach that distinguishes between the volatile nature of its GAAP accounting and the more stable underlying economics of its business. Management consistently guides investors to focus on non-GAAP metrics, which they believe better reflect the company’s operational health and capital-generating capacity.

The GAAP vs. Non-GAAP Dichotomy

• GAAP Net Income: Jackson’s reported net income under Generally Accepted Accounting Principles (GAAP) is subject to extreme volatility. This is not typically a reflection of poor operational performance but rather a consequence of accounting mismatches. For instance, JXN reported net income of $6.2 billion in 2022, followed by $899 million in 2023, and $902 million in 2024.² Quarter-to-quarter swings can be even more dramatic, such as the reported net loss of $(1.6) billion in Q4 2023 versus net income of $334 million in Q4 2024.²¹ This volatility is primarily driven by the mark-to-market changes in the fair value of the freestanding derivative instruments used in its hedging program. Under GAAP, these derivative gains and losses are recognized immediately, while the changes in the value of the insurance liabilities they are designed to hedge are not recognized in the same manner, creating a significant timing mismatch that distorts reported earnings.²²
• Adjusted Operating Earnings: To provide a clearer view of its core profitability, Jackson reports “Adjusted Operating Earnings,” a non-GAAP measure that excludes the impact of market-driven accounting volatility and other non-recurring items. This metric has shown a more stable and comprehensible trend. Adjusted Operating Earnings were $1.5 billion in 2022, $1.1 billion in 2023, and grew to $1.4 billion in 2024.² The year-over-year changes in this metric are more directly attributable to business drivers like AUM levels, investment spreads, and operating expenses, making it a more reliable indicator of the company’s underlying performance.

Profitability and Returns

• Adjusted Operating Return on Equity (ROE): This is the company’s primary measure of profitability, linking its non-GAAP earnings to its capital base. JXN’s Adjusted Operating ROE demonstrated a strong improvement, increasing from 10.6% for the full year 2023 to 12.9% for the full year 2024.² This indicates that the underlying profitability of the business is strengthening, driven by higher fee and spread income as well as efficient capital management.
• Book Value Growth: The company has steadily grown its capital base. Adjusted Book Value per common share, which excludes certain non-operating items like accumulated other comprehensive income (AOCI), increased from $136.34 at year-end 2023 to $150.11 at year-end 2024.²¹ This growth was achieved despite returning significant capital to shareholders, highlighting the strong earnings power of the business.

Capital Strength and Liquidity

• Statutory Capital (Risk-Based Capital Ratio): For an insurance company, the statutory Risk-Based Capital (RBC) ratio is the most critical measure of financial health and its ability to meet policyholder obligations. JXN has consistently maintained a robust capital position, well in excess of regulatory requirements and its own internal targets. The RBC ratio for its primary operating company, JNLIC, ended 2022 at 544%, 2023 at 624%, and 2024 at 572%. All these levels are significantly above the company’s stated target minimum of 425%.² As of the second quarter of 2024, the RBC ratio remained strong in a range of 550-570%.⁵
• Holding Company Liquidity: Jackson maintains a strong liquidity position at the parent company level to service debt, pay dividends, and manage corporate expenses. As of Q2 2024, the holding company held over $500 million in cash and highly liquid securities, substantially above its minimum buffer of approximately $250 million, which is designed to cover two years of fixed expenses.⁵

Strategic Pivot: The Establishment of Brooke Re (2024)

A pivotal event in Jackson’s post-spinoff history was the establishment of Brooke Life Reinsurance Company (“Brooke Re”), a captive reinsurance subsidiary, in the first quarter of 2024.² This was a major strategic initiative designed to fundamentally alter the company’s risk profile. JXN moved the risk associated with its legacy VA guarantee benefits into this new entity. The primary objectives of this restructuring were to achieve more efficient risk management, create a more stable and predictable stream of statutory capital generation, reduce the volatility of the RBC ratio, and provide investors with greater transparency into the profitability of its core VA business.⁷ A key anticipated benefit is a better alignment between the economic results of its hedging program and GAAP accounting, which should lead to a reduction in the extreme net income volatility that has characterized its financial reports.²²

The following table provides a summary of Jackson’s key financial and operating metrics from 2022 through 2024. This data illustrates the company’s performance trajectory since becoming an independent entity, highlighting the growth in sales, the influence of market conditions on AUM, the crucial divergence between volatile GAAP income and more stable Adjusted Operating Earnings, and the consistent strength of its statutory capital position.

Metric ($ millions, except per share and %)	FY 2022	FY 2023	FY 2024
Total Retail Annuity Sales	15,700 15	12,800 7	17,800 21
Total AUM ($ billions)	290.5 15	315.8 2	324.7 2
GAAP Net Income Attributable to JXN	6,229 16	899 2	902 2
Adjusted Operating Earnings	1,454 16	1,073 2	1,443 2
Adjusted Operating ROE	11.3% (approx.)	10.6% 2	12.9% 2
JNLIC RBC Ratio (Year-End)	544% 15	624% 7	572% 2
Capital Returned to Shareholders	482 15	464 2	631 2

Growth Opportunities & Strategy

Jackson’s forward-looking strategy is focused on leveraging its core competencies to drive sustainable growth while maintaining its commitment to shareholder returns. This involves a multi-pronged approach centered on product diversification, distribution expansion, and disciplined capital management.

Organic Growth Levers

• Product Diversification as the Primary Engine: The main driver of organic growth is the strategic shift in sales mix away from a heavy reliance on traditional variable annuities. The company is aggressively promoting its RILA products, which have seen exceptional growth, with sales increasing 61% in 2023 and continuing with a 47% year-over-year rise in the fourth quarter of 2024.¹⁶ More recently, the company has also seen a significant uptick in sales of fixed and fixed-index annuities, supported by its asset manager’s ability to source higher-yielding assets to back these spread-based products.¹⁰ This diversification not only taps into the fastest-growing segments of the annuity market but also reduces the company’s overall risk profile.
• Distribution Channel Expansion: A cornerstone of Jackson’s strategy is the continued penetration of the rapidly growing RIA channel.¹⁵ The company is tailoring products specifically for this fee-based advisory market and has established partnerships with Outsourced Insurance Desks (OIDs) to facilitate access and streamline the sales process for RIAs who may not have deep in-house insurance expertise.¹⁵
• Continuous Product Innovation: Jackson maintains its competitive edge through ongoing product development. The company regularly launches new products and enhances existing ones to meet the evolving needs of advisors and their clients. Recent examples include the launch of a new fixed index annuity with a guaranteed minimum withdrawal benefit and the addition of new index options, such as the Nasdaq 100, to its RILA suite.²⁰

Digital Transformation Initiatives

While not as heavily publicized as its capital return program, Jackson is making investments in technology to enhance its primary competitive advantage: its distribution network. In July 2025, the company announced the launch of a new digital experience for financial professionals.²⁰ This initiative is aimed at improving the ease of doing business, providing better tools and resources for advisors, and ultimately strengthening the relationships that are critical to its sales success.

Management’s Strategic Priorities

As articulated in its 2024 proxy statement and investor communications, management’s strategic framework is clear and disciplined.⁸

1. Sustainable Growth and Diversification: The primary goal is to capture both organic and inorganic opportunities that provide sustainable growth and diversify the company’s earnings streams away from the legacy VA block.
2. Disciplined Capital Deployment: A core tenet of the strategy is to deploy capital only to its “highest and best use.” This means investing in opportunities that are expected to generate returns exceeding the company’s cost of equity.
3. Returning Excess Capital: When high-return investment opportunities are not available, the explicit strategy is to return excess capital to shareholders through dividends and opportunistic share repurchases.⁸
4. Leveraging the Brooke Re Structure: A major priority moving forward is to leverage the newly established captive reinsurance structure to deliver more predictable financial performance and stable capital generation.⁷

The company’s strategy can be viewed as a “self-funding” model. It is designed to use the predictable and substantial cash flows generated by its de-risked legacy VA block to serve two primary purposes: to fuel one of the most aggressive capital return programs in the sector and to fund the necessary investments in its new, high-growth product lines (RILAs and FIAs). This represents an efficient capital strategy in the medium term. However, its long-term viability hinges on the new products achieving sufficient scale to replace the earnings of the VA block as it naturally runs off over time. This presents a significant execution challenge. The company generates over $1 billion in “Free Capital” annually, which is the cash generated by the in-force business after funding required capital.² A large portion of this, targeted at $700-$800 million for 2025, is earmarked for shareholder returns.⁵ The remainder must fund the growth of the new business lines where Jackson is gaining share but is not yet the dominant leader it is in VAs.⁵ This creates an implicit race against time: can the new RILA and FIA businesses grow their AUM and earnings fast enough to offset the inevitable decline of the shrinking VA block? If growth in these new products were to falter, JXN could transition into a pure “runoff” story, where its value would be primarily the discounted cash flow of its existing book. The aggressive capital return policy could be interpreted by skeptics as a signal of limited high-return internal growth opportunities. The ultimate long-term value of the company will depend on its ability to prove this skeptical view wrong by successfully executing its growth and diversification strategy.

Capital Allocation & Shareholder Returns

A central pillar of Jackson Financial’s investment thesis since its inception as a public company has been its clear, consistent, and aggressive approach to capital allocation, with a primary focus on returning capital to shareholders.

Aggressive and Consistent Capital Return Policy

• Cumulative Returns: Since the September 2021 spinoff, JXN has returned over $1.8 billion to its common shareholders, a testament to the cash-generative nature of its business.⁶
• Share Repurchases: The company has been particularly aggressive with its share buyback program. It has repurchased 23.4 million shares since the demerger, which represents nearly 25% of the total shares that were outstanding at the time of the separation.⁵ The scale of repurchases has been substantial and growing, with $255 million in buybacks in 2023 and a significant increase to $415 million in 2024.²
• Growing Dividends: Jackson has established a reliable track record of increasing its quarterly dividend. The dividend was increased by 13% to $0.62 per share in early 2023, followed by another 14% increase to $0.70 per share in early 2024, and was raised again to $0.80 per share for the first quarter of 2025.⁶ This demonstrates management’s confidence in the stability of future cash flows.

Clear and Increasing Capital Return Targets

Management has provided and consistently met or exceeded clear annual targets for capital return, enhancing predictability for investors.

• 2022: The target was $425-$525 million, and the company delivered $482 million.¹⁵
• 2023: The target was $450-$550 million, and the company returned $464 million.⁸
• 2024: The target was $550-$650 million, and the company achieved $631 million.²
• 2025: Reflecting increased confidence, the target for 2025 has been raised significantly to a range of $700-$800 million.²

Sustainability of Capital Returns

The ambitious capital return program is not funded by debt but is supported by the strong and predictable capital generation of the underlying insurance business.

• Free Capital Generation: At the operating company level, JXN defines “Free Capital Generation” as its statutory earnings adjusted for the capital required to support its business. The company generated over $1 billion of this free capital in 2024 and expects to exceed that figure again in 2025 under normal market conditions.² This is the source pool for all capital actions.
• Holding Company Free Cash Flow: A portion of the free capital generated by the operating subsidiaries is distributed as dividends up to the parent holding company. This “Free Cash Flow” at the holding company level directly funds shareholder returns and corporate expenses. In 2024, this free cash flow amounted to $767 million.²

Capital Structure and Debt Management

Jackson maintains a prudent capital structure to support its financial strength. At the end of 2022, the company reported a modest financial leverage ratio of 18.3%, indicating a conservative use of debt in its overall capitalization.¹⁵ This disciplined approach to leverage ensures that the capital return program is sustainable and not dependent on financial engineering.

Comprehensive Risk Assessment

An investment in Jackson Financial involves exposure to a range of risks inherent in the life insurance and annuity industry. These risks are dominated by the company’s sensitivity to financial markets, but also include credit, regulatory, and operational factors.

Market and Interest Rate Risk

This represents the most significant and complex risk category for Jackson.

• Equity Market Sensitivity: The company’s large block of variable annuities, which generates a substantial portion of its fee income, makes its revenues directly sensitive to the performance of equity markets. A market downturn would reduce AUM and fee income. More critically, a sharp market decline increases the net amount at risk on the guaranteed benefits offered on these VA contracts, potentially leading to significant hedging losses and straining statutory capital.
• Interest Rate Sensitivity: Changes in interest rates have a multifaceted impact on Jackson’s business. A decline in rates can increase the valuation of its long-duration liabilities, negatively impact the returns on its investment portfolio, and reduce demand for its spread-based fixed annuity products. Conversely, a rapid rise in rates can also create challenges. The strategic establishment of Brooke Re is explicitly designed to provide a more robust and efficient hedge against the combined impact of both equity and interest rate shocks.¹⁷

Credit and Counterparty Risk

• Investment Portfolio Risk: Jackson’s profitability is dependent on the performance of its large general account investment portfolio. This portfolio is exposed to credit risk, including the risk of default from its holdings of corporate bonds, commercial mortgage-backed securities (CMBS), and commercial mortgage loans. A significant credit event or a widespread economic downturn could lead to investment losses.
• Reinsurance Counterparty Risk: The company utilizes both third-party and captive reinsurance to manage its insurance risks. This practice introduces counterparty risk—the risk that a reinsurer will be unable to meet its financial obligations. This risk was realized in the second quarter of 2023, when Jackson recorded an allowance for credit losses related to a specific reinsurer that had been ordered into liquidation, demonstrating that this is a tangible risk factor.⁵

Regulatory and Compliance Risk

The life insurance and annuity industry is subject to comprehensive regulation, primarily at the state level, with some oversight from federal agencies like the SEC. Potential changes in regulations governing capital requirements (such as the RBC framework), product features, sales practices (e.g., best interest standards), and tax laws could have a material adverse effect on Jackson’s business operations, profitability, and capital requirements.

Operational and Business Risk

• Policyholder Behavior Assumptions: The pricing of and reserving for long-term annuity products rely heavily on complex actuarial assumptions about future policyholder behavior, including lapse rates, mortality, and the utilization of guaranteed benefit riders. If actual experience deviates unfavorably from these assumptions, it could lead to significant financial losses. The company conducts a robust annual review of these assumptions, which can result in adjustments to earnings.²
• Competitive Pressures: The annuity market is intensely competitive, with numerous large, well-capitalized firms vying for market share. This competition can lead to pressure on fees, commissions, and product features, potentially compressing margins.¹³
• Technology and Cybersecurity: Like all financial institutions, Jackson is reliant on complex technology and data systems for its operations. A significant systems failure or a successful cybersecurity attack could result in business disruption, financial loss, and severe reputational damage.

Valuation Analysis

Jackson Financial’s stock has consistently traded at valuation multiples that appear low on both an absolute basis and relative to many of its industry peers. This valuation discount is a central element of the investment debate surrounding the company.

Current Valuation Metrics

• Price-to-Earnings (P/E) Ratio: The GAAP P/E ratio for JXN is often not a meaningful metric due to the extreme volatility of its reported net income, which can result in nonsensically high or negative ratios.³¹ A more relevant measure is the price-to-non-GAAP Adjusted Operating Earnings ratio. Based on analyst estimates for 2025, this forward P/E multiple is in the range of 4x to 5x, which is low compared to the broader market.³⁴
• Price-to-Book (P/B) Value: JXN consistently trades at a significant discount to its book value. At the end of 2023, its book value per share was $121.29, and its Adjusted Book Value per share (a non-GAAP measure excluding AOCI) was $136.34.¹⁶ At the end of 2024, Adjusted Book Value per share had grown to $150.11.²¹ The stock price has frequently traded at a fraction of these values, indicating a deep discount.

Historical Valuation Ranges

Since its spinoff in late 2021, Jackson’s stock has been volatile but has consistently traded within a low valuation band relative to its book value and operating earnings.⁴¹ This suggests that the market has persistently applied a discount to the company, likely due to the perceived risks and complexity of its business model.

Peer Valuation Benchmark

When compared to its primary peers, Jackson’s valuation discount becomes even more apparent. As shown in the peer comparison table in Section III, JXN typically trades at a lower P/B and P/Adjusted Operating Earnings multiple than companies like Equitable Holdings and Prudential Financial.³¹ This valuation gap may be attributable to Jackson’s higher concentration in the legacy VA business, the historical opacity of its financial statements, and its shorter track record as an independent public company.

Valuation Thesis Considerations

The core question for investors is whether the persistent valuation discount is justified or presents an opportunity.

• The Bearish Interpretation: Proponents of this view argue that the discount is appropriate. They would point to the inherent risks of the large, market-sensitive VA block, the complexity of the company’s hedging program and financial reporting, and the long-term uncertainty about whether new business growth can successfully offset the runoff of the legacy block.
• The Bullish Interpretation: This perspective contends that the discount is excessive and fails to adequately credit the company’s strengths. Bulls would highlight the strong, stable, and predictable statutory capital generation, the significant de-risking of the business model achieved through the creation of Brooke Re, the high and sustainable capital return program, and the tangible growth being achieved in the RILA and FIA businesses.

The following table illustrates the historical valuation of JXN since the end of 2022, providing context for its current valuation by tracking its stock price against its growing Adjusted Book Value and its trailing twelve-month Adjusted Operating Earnings per share.

Quarter End	Stock Price ($)	Adj. Book Value/Share ($)	Adj. Op. EPS (TTM) ($)	P / Adj. Book Value	P / Adj. Op. EPS (TTM)
Q4 2022	41.67	115.36 16	16.39 16	0.36x	2.54x
Q2 2023	31.99	115.63 39	13.68	0.28x	2.34x
Q4 2023	52.05	136.34 16	12.84 16	0.38x	4.05x
Q2 2024	82.23	155.11 10	18.18	0.53x	4.52x
Current (Q3 2024)	~97.00 43	155.11 (latest)	~19.00 (est.)	0.63x	5.11x

Management Quality & Corporate Governance

Management Team Experience and Track Record

Jackson’s senior leadership team is characterized by deep institutional knowledge and extensive experience within the company. The team is led by President and CEO Laura Prieskorn, who has been with Jackson for over 30 years in various senior roles, providing a wealth of direct business expertise.⁸ This trend of promoting from within was continued with the June 2024 appointment of Don Cummings as the new CFO; Mr. Cummings previously served as the company’s Controller and Chief Accounting Officer.⁴⁴ While this ensures continuity and deep understanding of the business, it could also be perceived as a potential lack of external perspectives at the highest levels.

Since the spinoff, this management team has demonstrated strong execution on its stated strategic priorities. They have successfully navigated volatile market conditions, consistently maintained a robust capital position, executed the complex formation of the Brooke Re captive reinsurer, and have met or exceeded their publicly stated capital return targets in every full year as an independent company.⁷

Corporate Governance Practices

Jackson’s corporate governance structure includes several key features designed to ensure board independence and shareholder alignment. The company has separated the roles of CEO and Chair of the Board, with Steven A. Kandarian serving as the Independent Chair. Mr. Kandarian brings nearly two decades of senior executive leadership experience from other major firms in the insurance and annuity industries, providing valuable external oversight.⁸ The board is also active in shareholder engagement, with the investor relations team having conducted over 40 meetings with shareholders representing approximately 30% of the company’s outstanding shares in 2023.⁸

Executive Compensation Structure

The executive compensation program at Jackson is heavily weighted towards at-risk, performance-based compensation, aligning management’s interests with those of shareholders. In 2023, 89% of the CEO’s target total compensation was “at-risk”.⁸

• Short-Term Incentives (Annual Bonus): The annual bonus program is tied to specific, pre-set financial and strategic goals. For 2023, these metrics were Pretax Adjusted Operating Earnings (60% weighting), Controllable Costs (20% weighting), and Key Strategic Objectives (20% weighting).⁸
• Long-Term Incentives (LTI): The LTI program is designed to reward long-term value creation. Awards are granted as a mix of Performance Share Units (PSUs) and Restricted Share Units (RSUs). The vesting of PSUs is contingent on achieving three-year performance targets for Generation of Net Cash Flow Available to JFI and Adjusted Operating ROE. In a move to further enhance shareholder alignment, the company added a relative Total Shareholder Return (rTSR) modifier to its PSU awards in 2023, which can increase or decrease the final payout based on JXN’s stock performance relative to its peers.⁸

Overall, the compensation structure appears well-aligned with creating shareholder value, as it incentivizes management to focus on the key non-GAAP financial metrics that drive the business’s economic performance and directly incorporates relative stock performance into long-term awards.

Conclusion Framework & Key Metrics for Monitoring

Fundamental Business Strength and Competitive Position

Jackson Financial’s fundamental strength is derived from its significant scale as a leading U.S. annuity provider, its powerful and deeply entrenched distribution network, and the substantial, predictable cash flow generated by its large in-force book of business. The company’s competitive position has been materially strengthened by the 2024 establishment of the Brooke Re captive reinsurer, a strategic move that has de-risked its balance sheet and improved the stability and predictability of its capital generation.

Key Investment Merits and Concerns

Merits:

1. Aggressive and Sustainable Capital Returns: Jackson has a clearly articulated and executed policy of returning a significant amount of capital to shareholders through a growing dividend and large-scale share repurchases. This program is credibly supported by strong and consistent free cash flow generation.
2. Significant Valuation Discount: The stock consistently trades at a low valuation multiple on both a price-to-book and a price-to-operating earnings basis, both in absolute terms and relative to its peers.
3. Improved Risk Profile: The new captive reinsurance structure has fundamentally reduced the company’s earnings volatility and stabilized its capital base, making the financial profile more resilient and transparent.

Concerns:

1. High Sensitivity to Market Volatility: Despite sophisticated hedging, the business remains fundamentally exposed to severe equity market downturns and sharp movements in interest rates, which could impact AUM, fee income, and hedging costs.
2. Long-Term Organic Growth Uncertainty: The long-term investment thesis hinges on the company’s ability to successfully grow its new business lines (primarily RILAs and FIAs) at a rate sufficient to replace the earnings from its large but shrinking legacy VA block.
3. Business Model Complexity: The inherent complexity of the annuity business, combined with a sophisticated hedging program and a reliance on non-GAAP financial metrics, can make the company difficult for many investors to analyze, potentially contributing to its persistent valuation discount.

Critical Factors and Catalysts to Monitor

The future performance of Jackson Financial will likely be driven by several critical factors:

• Potential Drivers of Outperformance: Continued flawless execution of its capital return program, tangible market share gains in the RILA and FIA product segments, and a stable-to-rising equity market environment that supports AUM growth.
• Potential Drivers of Underperformance: A significant and prolonged equity market correction, a sharp and unexpected decline in interest rates that compresses investment spreads, or a failure to demonstrate meaningful growth in new business lines to offset the natural runoff of the VA block.

Key Metrics for Ongoing Monitoring

To evaluate Jackson’s ongoing performance and the viability of its strategy, investors should closely monitor the following key performance indicators (KPIs):

• Sales Mix and Growth: The quarterly growth rate of RILA and FIA sales, and their contribution as a percentage of total retail annuity sales.
• Net Asset Flows: The net flow data for the VA block (which is expected to remain negative) versus the net flows for the non-VA product lines (which should be positive and growing).
• Statutory Capital Position: The JNLIC Risk-Based Capital (RBC) ratio, reported quarterly, is the single most important indicator of the insurance subsidiary’s financial health and its capacity to pay dividends to the parent company.
• Capital Return Execution: Progress against the stated annual capital return target (currently $700-$800 million for 2025).
• Underlying Profitability: The trend in Adjusted Operating Earnings and Adjusted Operating ROE on a quarterly and annual basis.
• Holding Company Liquidity: The level of cash and highly liquid securities at the parent company, ensuring it remains comfortably above the stated minimum buffer.

Frequently Asked Questions

Earnings and Business Drivers

• Are earnings at a cyclical high or cyclical low? Adjusted Operating Earnings, the company’s preferred metric, were $1.4 billion in 2024. This represents a significant recovery from $1.1 billion in 2023 and is comparable to the $1.5 billion earned in 2022. This suggests earnings are recovering from a recent cyclical low rather than being at a definitive peak.  
• Are earnings driven primarily by the external environment or internal company actions? Earnings are heavily influenced by the external environment. Key drivers include fee income, which rises and falls with assets under management (AUM) tied to equity market performance, and spread income, which is sensitive to interest rates. However, internal actions, such as an aggressive share repurchase program, have also been a significant driver of earnings per share growth.  
• Can this business be easily understood? The business has a high degree of complexity. Its financial results are characterized by a significant divergence between volatile GAAP (Generally Accepted Accounting Principles) net income and the more stable Adjusted Operating Earnings that management emphasizes. This volatility stems from the accounting treatment of the complex derivative hedges used to manage risk, which historically did not align with the accounting for the insurance liabilities they protect. The recent creation of the Brooke Re subsidiary is a strategic move intended to reduce this volatility and make financial results more predictable.  
• Can this company be undermined by foreign, low-cost labor? This is not a primary risk for Jackson. As a U.S.-based financial services company operating in the highly regulated insurance and annuity sector, its business is not dependent on manufacturing or labor that can be easily outsourced to lower-cost regions.  
• Do brands matter in the business? Or is this a commodity producer? Brand reputation is a significant factor. Jackson emphasizes its “well-known brand” and “strong Brand-name recognition” as key strengths that support its industry-leading distribution network. A strong brand and a history of award-winning service help build trust with the financial advisors who distribute its products.  

Assets, Shares, and Accounting

• Does the company have assets that are not fully recognized in the balance sheet? Like many companies, Jackson’s most valuable assets that are not reflected on its balance sheet are intangible, such as its well-known brand, its award-winning service reputation, and its extensive, industry-leading distribution network. While these are critical to its business success, accounting principles do not allow for their value to be formally recorded on the balance sheet.  
• Does the company issue large amounts of new shares to insiders? No, the company is aggressively reducing its share count. While it does issue shares as part of its standard share-based compensation for employees, this is more than offset by a large share repurchase program. In 2024, share repurchases, net of any issuances, reduced the number of outstanding common shares from 78.7 million to 73.4 million.  
• Has the business environment changed recently? Yes, the environment is dynamic. The annuity market has seen three consecutive years of record sales, driven by higher interest rates and strong equity markets. However, interest rates are projected to decline in 2025, which is expected to temper demand for certain fixed annuity products while potentially increasing the appeal of equity-linked products like RILAs and traditional variable annuities.  
• Has the company made any significant acquisitions recently? The company has not made any significant corporate acquisitions recently. Its primary strategic focus has been on organic growth, product development, and expanding distribution partnerships, such as a recent agreement with J.P. Morgan Wealth Management. The most significant recent structural change was the internal formation of Brooke Re, a captive reinsurance subsidiary.  
• Has the company recently changed accounting policies? In November 2023, the company adopted a new accounting standard update (ASU 2023-07) from the Financial Accounting Standards Board (FASB), which enhances disclosures for reportable segments. This is a standard update applicable to all public entities.  
• How CapEx hungry is this business? As a financial services company, Jackson is not capital expenditure (CapEx) intensive in the traditional sense of a manufacturing or industrial firm. Its primary use of capital is to back its insurance liabilities and support new business growth, rather than spending on physical plant and equipment. The business is a strong generator of capital; its “Free Capital Generation” exceeded $1 billion in 2024 and is expected to do so again in 2025.  
• How conservative is the company’s accounting? The company’s use of non-GAAP measures like “Adjusted Operating Earnings” is an attempt to provide a clearer picture of underlying performance, arguing that standard GAAP accounting produces excessive volatility and does not reflect the true economics of the business. The company also conducts a robust annual review of its long-term actuarial assumptions, which can lead to significant one-time adjustments to earnings, a practice that could be viewed as a conservative approach to maintaining reserve adequacy.  
• How many options/shares is management issuing to insiders? Is it more than 10% of net income? The total grant date fair value of stock and performance-based awards for the top five named executive officers in 2023 was approximately $13.6 million. This represents about 1.5% of the company’s 2023 net income of $899 million, which is substantially below 10%.  

Financial Health and Strategy

• How much free cash flow does the business generate? How does management use this free cash flow? What is their philosophy? The business is a strong generator of cash. At the holding company level, it generated $767 million in free cash flow in 2024 and $1.0 billion for the twelve months ending June 30, 2025. Management’s stated philosophy is to deploy capital to its “highest and best use.” If investment opportunities are not expected to exceed the company’s cost of equity, the policy is to return that excess capital to shareholders. This free cash flow is primarily used to fund a large and growing capital return program of dividends and share repurchases, with a target of $700-$800 million for 2025.  
• How profitable is this business? What is the return on capital invested? Return on equity? The company’s primary profitability metric is Adjusted Operating Return on Equity (ROE), which was 12.9% for the full year 2024, an increase from 10.6% in 2023. The GAAP ROE was 9.4% in 2024.  
• How profitable is this industry? Are there a lot of competitors? What are the barriers to entry? The annuity industry is profitable but highly competitive, with numerous large, well-capitalized firms like Equitable, Brighthouse, and Lincoln National vying for market share. Significant barriers to entry include the immense capital required to meet regulatory standards, the complexity of product design and risk management, and the need to build a vast, trusted distribution network of financial advisors.  
• How stable are revenues? How much do they fluctuate with the economy? Revenues are not stable and fluctuate significantly with the economy and financial markets. A large portion of revenue is derived from fees based on assets under management, which are directly impacted by equity market performance. GAAP-reported revenues are subject to extreme volatility due to the mark-to-market accounting of derivative instruments.  
• Is net income diverging from cash from operations? Yes, there is a significant divergence. In 2024, the company reported GAAP net income of $902 million, while cash flow from operations was substantially higher at $5.8 billion. This is typical for insurance companies due to large non-cash accounting items like changes in reserves and the accounting for derivatives.  
• Is the company buying back shares? Paying dividends? Yes, the company has a very active capital return program. In 2024, it returned $631 million to shareholders, consisting of $415 million in share buybacks and $216 million in dividends. The company has also consistently increased its dividend, raising it by another 14% for 2025.  
• Is the stock an ADR? What are the ADR fees? The stock is not an American Depositary Receipt (ADR). Jackson Financial is a U.S.-domiciled company, and its common stock is listed directly on the New York Stock Exchange (NYSE) under the ticker symbol JXN.  

Outlook and Risk

• Outlook for the company’s products and services? How big will this market be? Is it growing? Domestic or international? The outlook is strong for the U.S. domestic annuity market. The market is large, with total sales exceeding $430 billion in 2024 after three consecutive years of record growth. Growth is driven by powerful demographic tailwinds, as more than 4 million Americans are expected to turn 65 each year through 2029, increasing the demand for retirement income solutions. While sales may moderate slightly in 2025 due to changing interest rates, they are expected to remain well above pre-pandemic levels.  
• Recent changes in the business, new markets, new production facilities, what’s changed recently? New management? The most significant recent change was the establishment of the Brooke Re captive reinsurance subsidiary in early 2024 to de-risk the balance sheet and stabilize capital generation. In June 2024, Don Cummings was appointed as the new Chief Financial Officer. The company has also been active in product innovation, launching a new fixed index annuity and adding new features to its RILA products in 2025.  
• What are the motivations of management? Do they own a lot of stock and options? Management’s motivation is strongly aligned with shareholder interests through a “pay-for-performance” compensation structure where 89% of the CEO’s target pay is “at-risk”. Bonuses and long-term incentives are tied to key performance metrics such as Adjusted Operating Earnings, cash flow generation, and relative total shareholder return. Executives are also required to hold a significant amount of company stock, with the CEO’s requirement at seven times their base salary.  
• What is the recent news on the company? Recent news has been positive, highlighted by strong second-quarter 2025 earnings that surpassed analyst estimates. Other recent announcements include the launch of new annuity products and features, an expanded distribution partnership with JPMorganChase, and several analyst rating updates following the earnings release.  
• What factors would cause the stock to decline? Are these factors controlled by the company or the external environment? The primary factors that could cause the stock to decline are external and largely outside of the company’s direct control. These include a severe and prolonged downturn in the equity markets or a sharp, unfavorable shift in interest rates. Such events would negatively impact the company’s AUM, fee income, investment spreads, and hedging results.
• What is the nature of competition? Do brand names matter? What are the customers switching costs? Competition in the annuity industry is intense, with Jackson competing against other large, well-capitalized financial services firms. Brand names and reputation for service are crucial for gaining and maintaining access to the independent financial advisors who sell the products. For end customers who have purchased an annuity, switching costs are typically very high due to surrender charges for early withdrawal, making the in-force book of business very sticky.  
• What is the risk of a catastrophic loss on this investment? What is the chance of a total loss? As a highly regulated insurance company, Jackson is subject to stringent capital requirements designed to ensure it can meet its obligations even in stressed market conditions. Its Risk-Based Capital (RBC) ratio is a key measure of this resilience and remains well above its regulatory minimum target. A catastrophic loss would likely require a systemic financial crisis significantly worse than those seen in modern history, coupled with a failure of the state-level insurance guarantee funds. While not impossible, the probability of a total loss is low.  
• What off B/S liabilities does the company have? The company’s public filings do not indicate any significant off-balance sheet liabilities. The primary liabilities of an insurance company are the reserves for future policy benefits, which are carried on the balance sheet.
• What is the compensation policy of directors and management? The compensation policy is heavily weighted towards performance. It consists of a base salary, an annual cash bonus tied to specific financial and strategic goals, and long-term incentives in the form of stock awards (RSUs and PSUs). The vesting of these long-term awards is dependent on achieving multi-year targets for metrics like cash flow, return on equity, and relative total shareholder return against peers.  

Works cited

1. Jackson Financial Inc. – SEC.gov, accessed September 14, 2025, https://www.sec.gov/Archives/edgar/data/1822993/000119312521118058/d43291dex991.htm
2. Annual Report for Fiscal Year Ending December 31, 2024 (Form 10-K) – Public now, accessed September 14, 2025, https://www.publicnow.com/view/375D2533925593024A062A9478527BAE73AA7CE8?1740610008
3. Investor Relations | Jackson, accessed September 14, 2025, https://investors.jackson.com/home/default.aspx
4. Jackson Financial Inc. – AnnualReports.com, accessed September 14, 2025, https://www.annualreports.com/Company/jackson-financial-inc
5. Jackson Financial Inc., accessed September 14, 2025, https://s202.q4cdn.com/231638402/files/doc_presentations/2024/Aug/08/2Q24-Earnings-Presentation-FINAL.pdf
6. Jackson Financial Inc. (JXN) Q4 2024 Earnings Call Transcript | Seeking Alpha, accessed September 14, 2025, https://seekingalpha.com/article/4760141-jackson-financial-inc-jxn-q4-2024-earnings-call-transcript
7. Annual report to shareholders, accessed September 14, 2025, https://www.annualreports.com/HostedData/AnnualReportArchive/j/NYSE_JXN_2023.pdf
8. Proxy statement and notice of annual meeting of shareholders, accessed September 14, 2025, https://s202.q4cdn.com/231638402/files/doc_events/2024/May/2024-proxy-statement.pdf
9. Jackson to Report First Quarter 2024 Financial Results – Investor Relations, accessed September 14, 2025, https://jackson2023cr.q4web.com/news/news-details/2024/Jackson-to-Report-First-Quarter-2024-Financial-Results/default.aspx
10. Jackson Announces Second Quarter 2025 Results – Investor Relations, accessed September 14, 2025, https://investors.jackson.com/news/news-details/2025/Jackson-Announces-Second-Quarter-2025-Results/default.aspx
11. Jackson Financial Inc., accessed September 14, 2025, https://s202.q4cdn.com/231638402/files/doc_financials/2025/q2/2Q25-Earnings-Presentation.pdf
12. Jackson Retirement Investment Annuity performance center, accessed September 14, 2025, https://jackson-prod.adobecqms.net/annuities/variable-annuities/jackson-retirement-investment-annuity-performance-center.html?isJNY=true
13. Jackson Financial Inc. – SEC.gov, accessed September 14, 2025, https://www.sec.gov/Archives/edgar/data/1822993/000110465923029632/tm237869d3_424b5.htm
14. Interest in Annuities Is Soaring: Understanding the 2025 Trend – Investopedia, accessed September 14, 2025, https://www.investopedia.com/why-annuities-are-popular-11748169
15. Annual Report to Shareholders – Annual Reports, accessed September 14, 2025, https://www.annualreports.com/HostedData/AnnualReportArchive/j/NYSE_JXN_2022.pdf
16. Jackson Announces Fourth Quarter and Full Year 2023 Results – Investor Relations, accessed September 14, 2025, https://investors.jackson.com/news/news-details/2024/Jackson-Announces-Fourth-Quarter-and-Full-Year-2023-Results/default.aspx
17. Jackson PowerPoint template, accessed September 14, 2025, https://s202.q4cdn.com/231638402/files/doc_presentation/2025/JXN-Investor-Presentation-1Q25-FINAL-v2.pdf
18. Goldman Sachs Asset Management Insurance Industry Survey, accessed September 14, 2025, https://am.gs.com/en-us/advisors/news/press-release/2025/annuity-industry-survey-press-release
19. U.S. Annuity Market Offers New Opportunities Amid Uncertainty, accessed September 14, 2025, https://rethinking65.com/u-s-annuity-market-offers-new-opportunities-amid-economic-uncertainty/
20. News – Jackson National, accessed September 14, 2025, https://investors.jackson.com/news/default.aspx
21. Document – SEC.gov, accessed September 14, 2025, https://www.sec.gov/Archives/edgar/data/1822993/000182299325000005/exhibit991-4q24.htm
22. Jackson Financial Inc., accessed September 14, 2025, https://s202.q4cdn.com/231638402/files/doc_financials/2023/q4/4Q23-Earnings-Presentation-Final.pdf
23. U.S. Annuity Market: New Opportunities Amid Economic Uncertainty – LIMRA, accessed September 14, 2025, https://www.limra.com/en/newsroom/industry-trends/2025/u.s.-annuity-market-new-opportunities-amid-economic-uncertainty/
24. A Mixed Bag Likely for the U.S. Retail Annuity Market in 2025 – LIMRA, accessed September 14, 2025, https://www.limra.com/en/newsroom/industry-trends/2025/a-mixed-bag-likely-for-the-u.s.-retail-annuity-market-in-2025/
25. Annuity Sales: Strategic Insights and Future Market Trends – LIMRA, accessed September 14, 2025, https://www.limra.com/en/research/research-abstracts-public/2025/annuity-sales-strategic-insights-and-future-market-trends/
26. Coping with the Demographic Challenge: Fewer Children and Living Longer – SSA, accessed September 14, 2025, https://www.ssa.gov/policy/docs/ssb/v66n4/v66n4p37.html
27. Redefining the future of life insurance and annuities distribution – McKinsey, accessed September 14, 2025, https://www.mckinsey.com/industries/financial-services/our-insights/redefining-the-future-of-life-insurance-and-annuities-distribution
28. 5 Mega Trends Influencing the Future of Annuities – J.D. Power, accessed September 14, 2025, https://blog.jdpa.com/globalbusinessinsights/5-mega-trends-influencing-the-future-of-annuities
29. Annuity Insurance Market Size, Share, Trends & Growth 2032, accessed September 14, 2025, https://www.alliedmarketresearch.com/annuity-insurance-market-A323697
30. Updated 2024 Top 20 Annuity Sales Rankings – LIMRA, accessed September 14, 2025, https://www.limra.com/siteassets/newsroom/fact-tank/sales-data/2024/4q/updated-2024-top-20-annuity-sales-rankings.pdf
31. Jackson Financial (JXN) Competitors and Alternatives 2025 – MarketBeat, accessed September 14, 2025, https://www.marketbeat.com/stocks/NYSE/JXN/competitors-and-alternatives/
32. Jackson National Life Insurance Co Peers & Key Competitors – GlobalData, accessed September 14, 2025, https://www.globaldata.com/company-profile/jackson-national-life-insurance-co/competitors/
33. JACKSON NATIONAL LIFE INSURANCE COMPANY Competitors | Comparably, accessed September 14, 2025, https://www.comparably.com/companies/jackson-national-life-insurance-company/competitors
34. JXN Jackson Financial Inc. Peers & Competitors – Seeking Alpha, accessed September 14, 2025, https://seekingalpha.com/symbol/JXN/peers/comparison
35. Which Is a Better Investment, Brighthouse Financial Inc or Jackson Financial Inc Stock?, accessed September 14, 2025, https://www.aaii.com/investingideas/article/89565-which-is-a-better-investment-brighthouse-financial-inc-or-jackson-financial-inc-stock
36. Lincoln National Corporation (LNC) Stock Price, Quote, News & Analysis | Seeking Alpha, accessed September 14, 2025, https://seekingalpha.com/symbol/LNC
37. Stock Info – Dividend History – Investor Relations | Prudential Financial, accessed September 14, 2025, https://investor.prudential.com/stock-info/dividend-history/default.aspx
38. Document – SEC.gov, accessed September 14, 2025, https://www.sec.gov/Archives/edgar/data/1822993/000182299322000022/exhibit991-2q22.htm
39. Financial Supplement 4Q23, accessed September 14, 2025, https://s202.q4cdn.com/231638402/files/doc_financials/2023/q4/4Q23-Financial-Supplement-Final.pdf
40. Jackson Financial Inc. (JXN) Stock Price, Quote, News & Analysis | Seeking Alpha, accessed September 14, 2025, https://seekingalpha.com/symbol/JXN
41. Jackson Financial – 4 Year Stock Price History | JXN – Macrotrends, accessed September 14, 2025, https://www.macrotrends.net/stocks/charts/JXN/jackson-financial/stock-price-history
42. Jackson Financial Stock Price History – Investing.com, accessed September 14, 2025, https://www.investing.com/equities/jackson-financial-historical-data
43. Stock Information – Jackson National, accessed September 14, 2025, https://investors.jackson.com/stock-info/
44. Jackson Financial Inc. – SEC.gov, accessed September 14, 2025, https://www.sec.gov/Archives/edgar/data/1822993/000110465924065903/tm2415621d1_8k.htm