Jackson Financial (JXN) Q2 2025 earnings summary

Executive summary

• Net income attributable to common shareholders was $168M ($2.34 per share) for Q2 2025, down from $264M in Q2 2024, with adjusted operating earnings of $350M ($4.87 per share), and retail annuity sales up 4% year-over-year to $4.4B, driven by RILA and fixed annuity growth.

• Free cash flow for Q2 2025 reached $290M, exceeding the prior year's $229M, and trailing twelve-month free cash flow surpassed $1B.

• $216M was returned to shareholders in Q2 2025 via dividends and repurchases; H1 2025 capital return totaled $447M, nearly 60% of the 2025 target.

• RILA now represents over 30% of sales, with new product launches and expanded distribution fueling momentum.

• Management expressed confidence in sustaining positive momentum through 2025, citing robust capital, liquidity, and product demand.

Financial highlights

• Adjusted operating earnings were $350M in Q2 2025, down from $410M in Q2 2024, mainly due to lower fee income and higher expenses.

• Adjusted operating EPS was $4.87, and book value per diluted share was $155.11 at June 30, 2025.

• Free cash flow for Q2 2025 was $290M; trailing twelve-month free cash flow yield was 16%.

• Statutory total adjusted capital at Jackson National Life Insurance Company was $5.3B as of June 30, 2025.

• Total common shareholders’ equity at Q2 2025 was $9.8B.

Outlook and guidance

• On track to deliver $700–$800M capital return to shareholders in 2025.

• Free capital generation for 2025 is expected to exceed $1B under normal market conditions.

• Holding company liquidity exceeded $700M, well above the $250M minimum buffer.