Jackson Financial (JXN) Q3 2025 earnings summary

Executive summary

• Achieved strong sales growth in Q3 2025, with retail annuity sales exceeding $5.4 billion, record RILA sales of $2.1 billion, and robust institutional sales growth of 34% to $1 billion; net income rebounded to $65 million from a $480 million loss in Q3 2024.

• Adjusted operating earnings for Q3 2025 were $433 million, up from $350 million in Q3 2024, driven by higher spread and fee income, lower expenses, and share repurchases.

• Free capital generation exceeded $1 billion year-to-date, with $216 million in Q3; capital return to shareholders reached $805 million over the last 12 months, including a $1 billion increase to share repurchase authorization.

• RILA balances rose 74% year-over-year, with new advisor relationships and partnerships, such as with J.P. Morgan Chase, accelerating growth.

• Total assets grew to $353.6 billion as of September 30, 2025, with $325 billion AUM and $17.8 billion in annuity sales for 2024.

Financial highlights

• Adjusted operating EPS was $6.16 for Q3 2025, up from $4.60 in Q3 2024; adjusted book value per share was $158.44.

• Free cash flow was $719 million for the nine months ended September 30, 2025, and nearly $1 billion for the trailing 12 months.

• Net investment income increased to $856 million in Q3 2025, driven by higher bond and partnership income.

• Statutory total adjusted capital at JNL was $5.6 billion, with an estimated RBC ratio of 579%.

• Return on equity for the nine months ended September 30, 2025 was 2.7%; adjusted operating ROE was 15.7% for Q3 2025.

Outlook and guidance

• Management expects full-year 2025 capital return to exceed the $700–$800 million target, with momentum expected to continue into 2026.

• Board approved a $1 billion increase to share repurchase authorization and a Q4 dividend of $0.80 per share.

• Actuarial assumption review results and 2026 financial targets to be published with Q4 results.