Jackson Financial (JXN) Q1 2025 earnings summary

Executive summary

• Adjusted operating earnings rose to $376 million ($5.10 per share), up from $334 million ($4.23 per share) in Q1 2024, driven by higher investment and spread income, improved expense discipline, and share repurchases.

• Net loss attributable to common shareholders was $(35) million ($(0.48) per share), compared to $784 million ($9.94 per share) in Q1 2024, primarily due to unfavorable market risk benefit movements, reinsurance, and hedging impacts.

• Retail annuity sales grew 9% year-over-year to $4.0 billion, with increases across all product lines and especially strong gains in fixed and fixed index annuities.

• $231 million was returned to shareholders in Q1 2025 through $172 million in share repurchases and $59 million in dividends, representing 31% of the 2025 capital return target midpoint.

• Completed a significant internal reinsurance transaction with Brooke Re to optimize hedging, stabilize capital, and reduce volatility.

Financial highlights

• Adjusted operating earnings per share were $5.10, up from $4.23 a year ago; adjusted operating ROE was 13.6% for Q1 2025.

• Retail annuity sales reached $4.0 billion (+9% YoY); variable annuity sales were $2.7 billion (+9% YoY); RILA sales were $1.2 billion (+3% YoY); fixed/fixed index annuity sales were $174 million (+74% YoY).

• Free cash flow at the holding company was $213 million in Q1 2025, with nearly $1 billion generated over the last 12 months.

• Statutory total adjusted capital was $5.2 billion as of March 31, 2025; JNLIC RBC ratio was 585%.

• Adjusted book value attributable to common shareholders was $11.0 billion ($152.84/share) as of March 31, 2025.

Outlook and guidance

• Management expects free capital generation for 2025 to exceed $1 billion, with a capital return target to shareholders of $700–$800 million.

• Confident in meeting 2025 financial and capital return targets, supported by strong capital generation and liquidity.

• Maintaining a minimum holding company liquidity buffer of $250 million, with current liquidity well above this threshold.