Jackson Financial (JXN) Q4 2025 earnings summary

Executive summary

• Achieved record retail annuity sales of $19.7B for 2025, up 10% year-over-year, and record quarterly sales in Q4; 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, with Q4 adjusted operating EPS of $6.61, both up from 2024.

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

• Ended 2025 with robust capital and liquidity, including a 567% RBC ratio at JNL and holding company liquidity above $650M.

• Surpassed 2025 financial targets and raised 2026 capital return targets to $900M–$1.1B, with a 12.5% dividend increase to $0.90/share.

Financial highlights

• Adjusted operating earnings rose to $1.6B for FY25, up from $1.4B in FY24; adjusted EPS increased to $22.67 from $18.79.

• Free capital generation reached nearly $1.4B for the year, exceeding the $1B+ target; free cash flow was $838M, with a 12% yield.

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

• Returned $862M to shareholders in 2025, above the top end of the disclosed range.

• Total common shareholders’ equity at year-end was $9.4B.

Outlook and guidance

• 2026 free capital generation target set at or above $1.2B, with capital return target of $900M–$1.1B.

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

• Expect continued growth in RILA and fixed index annuity sales, leveraging new partnerships and product launches.