Jackson Financial (JXN) Q4 2025 earnings summary

Executive summary

• Surpassed 2025 financial targets with record retail annuity sales of $19.7B, a 10% increase from 2024, and delivered over $1 billion in free capital generation for the second consecutive year.

• Achieved $1.6B in adjusted operating earnings for 2025, with adjusted EPS of $22.67, despite a GAAP net loss of $17M, mainly due to losses from reinsured business and less favorable hedging results.

• 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 to accelerate growth in spread-based business and enhance capital flexibility.

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

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 totaled nearly $1.4B for 2025, exceeding the $1 billion+ target, and free cash flow was $838M for the year.

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

• 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.

Outlook and guidance

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

• Board approved a 13% increase in quarterly dividend to $0.90 per share for Q1 2026.

• Management expressed confidence in continued growth and profitability, supported by new strategic partnership and enhanced asset management.

• Holding company fixed net expenses expected to remain at ~$250M.