Jackson Financial (JXN) Q1 2025 earnings summary

Executive summary

• Adjusted operating earnings reached $376 million ($5.10 per share), up from $334 million ($4.23 per share) in Q1 2024, reflecting strong underlying performance and higher spread income.

• 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 and reinsurance impacts.

• Retail annuity sales grew 9% year-over-year to $4.0 billion, with variable annuity sales up 9% to $2.7 billion and RILA sales up 3% to $1.2 billion.

• $231 million was returned to shareholders in Q1 2025 through $172 million in share repurchases and $59 million in dividends.

• Free capital generation exceeded $400 million in Q1 2025, with management expecting to surpass $1 billion for the full year.

Financial highlights

• Adjusted operating earnings per share were $5.10; adjusted for notable items and tax, EPS was $5.20, up 25% year-over-year.

• Adjusted operating return on equity was 13.6% in Q1 2025, up from 12.0% in Q1 2024.

• Free cash flow at the holding company was $213 million in Q1 2025, with a trailing 12-month total of nearly $1 billion.

• Book value per diluted share increased to $152.84; adjusted book value attributable to common shareholders was $11.0 billion.

• Statutory total adjusted capital at JNLIC was $5.2 billion; RBC ratio stood at 585%, well above the 425% minimum.

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.

• 31% of the 2025 capital return target was achieved in Q1 2025.

• The Brooke Re reinsurance transaction is expected to moderate capital volatility and support more predictable results.

• Growth in RILA business expected from new product launches and expanded distribution.

• Management anticipates building on Q1 momentum throughout 2025, focusing on capital growth, robust free cash flow, and continued shareholder returns.