Jackson Financial (JXN) Q4 2025 earnings summary

Executive summary

• Achieved record retail annuity sales of $19.7B in 2025, up 10% from 2024, with Q4 sales of $5.9B, up 27% year-over-year; RILA sales set a record at $2.3B in Q4, up 53% year-over-year.

• Adjusted operating earnings reached $1.6B ($22.67/share) for 2025, up from $1.4B in 2024, despite a GAAP net loss of $17M, mainly due to reinsurance and hedging impacts.

• Returned $862M to shareholders in 2025 via $634M in share repurchases and $228M in dividends, exceeding capital return targets.

• Closed a strategic partnership with TPG and formed Hickory Re to enhance growth, capital flexibility, and diversification.

• Maintained robust capital and liquidity, with a 567% RBC ratio at JNL and holding company liquidity above $650M.

Financial highlights

• Adjusted operating earnings per share rose to $22.67 for 2025; Q4 adjusted operating EPS was $6.61, up 33% from Q4 2024.

• Free capital generation exceeded $1B for the second year, totaling nearly $1.4B for 2025; free cash flow was $838M for the year.

• Adjusted book value per share increased to $155.78 at year-end, up from $150.11.

• Adjusted operating ROE improved to 14.7% for 2025, up from 12.9% in 2024.

• Institutional sales hit $3.5B in 2025, up 77% year-over-year.

Outlook and guidance

• 2026 free capital generation expected to reach or exceed $1.2B, with capital return target set at $900M–$1.1B.

• Increased Q1 2026 dividend by 12.5% to $0.90/share.

• Management remains focused on balancing investment, maintaining financial strength, and returning capital to shareholders.