third quarter 2026
Filed Nov 3, 2026Jackson Announces Outstanding Third Quarter 2026 Results
Record retail annuity sales, higher adjusted operating earnings, sharply higher GAAP net income, $281 million of free capital generation, and $291 million returned to common shareholders marked the quarter. Results also included a $337 million gain from business reinsured to third parties and more favorable net hedging results.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $1.54B | – | – |
| Fee income, three months ended September 30, 2026GAAP | $2.03B | – | – |
| Premiums, three months ended September 30, 2026GAAP | $33M | – | – |
| Net investment income, three months ended September 30, 2026GAAP | $886M | – | – |
| Net investment income excluding funds withheld assets, three months ended September 30, 2026GAAP | $715M | – | – |
| Net investment income on funds withheld assets, three months ended September 30, 2026GAAP | $171M | – | – |
| Total net gains (losses) on derivatives and investments, three months ended September 30, 2026GAAP | −$1.42B | – | – |
| Other income, three months ended September 30, 2026GAAP | $13M | – | – |
| Total benefits and expenses, three months ended September 30, 2026GAAP | $542M | – | – |
| Market risk benefits (gains) losses, net, three months ended September 30, 2026GAAP | −$1.07B | – | – |
| Interest expense, three months ended September 30, 2026GAAP | $37M | – | – |
| Operating costs and other expenses, net of deferrals, three months ended September 30, 2026GAAP | $712M | – | – |
| Pretax income (loss), three months ended September 30, 2026GAAP | $1B | – | – |
| Income tax expense (benefit), three months ended September 30, 2026GAAP | $130M | – | – |
| Net income (loss), three months ended September 30, 2026GAAP | $870M | – | – |
| Net income (loss) attributable to Jackson Financial Inc. common shareholders, three months ended September 30, 2026GAAP | $847M | – | – |
| Basic earnings per share, three months ended September 30, 2026GAAP | $12.40 | – | – |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $12.37 | – | – |
| Adjusted operating earnings, three months ended September 30, 2026non-GAAP | $517M | – | – |
| Adjusted operating earnings per diluted share, three months ended September 30, 2026non-GAAP | $7.55 | – | – |
| Adjusted operating earnings per common share (diluted), excluding notable items and taxes, three months ended September 30, 2026non-GAAP | $7.67 | – | up from $5.98 |
| Free cash flow, three months ended September 30, 2026non-GAAP | $275M | – | – |
| Jackson Financial Inc. (Parent Company Only) net cash provided by (used in) operating activities, three months ended September 30, 2026GAAP | $6M | – | – |
| Free capital generation, third quarter of 2026other | $281M | – | – |
| Total common shareholders’ equity, September 30, 2026GAAP | $7.9B | – | – |
| Total common shareholders’ equity per diluted share, September 30, 2026GAAP | $117.72 per diluted share | – | – |
| Adjusted book value attributed to common shareholders, September 30, 2026non-GAAP | $11.1B | – | – |
| Adjusted book value attributed to common shareholders per diluted share, September 30, 2026non-GAAP | $164.47 per diluted share | – | – |
| Return on equity attributable to common shareholders, nine months ended September 30, 2026GAAP | 15.7% | – | – |
| Adjusted operating return on equity attributable to common shareholders, nine months ended September 30, 2026non-GAAP | 17.3% | – | up from 14.0% |
| Total revenues, nine months ended September 30, 2026GAAP | $4.61B | – | – |
| Net income (loss) attributable to Jackson Financial Inc. common shareholders, nine months ended September 30, 2026GAAP | $1.06B | – | – |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $15.17 | – | – |
| Total assets, September 30, 2026GAAP | $358.4B | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $4.10B | – | – |
| Debt, September 30, 2026GAAP | $2.77B | – | – |
| Total shareholders’ equity, September 30, 2026GAAP | $8.48B | – | – |
| Statutory Total Adjusted Capital at Jackson National Life Insurance Company, September 30, 2026other | $5.9B | – | – |
| Estimated risk-based capital ratio at Jackson National Life Insurance Company, September 30, 2026other | 524% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Retail AnnuitiesPretax adjusted operating earnings of $638 million compared to $494 million, primarily reflecting higher spread income resulting from growth in average RILA and FIA AUM. | Total retail annuity sales of $6.5 billion | – | up from $5.4 billion |
| Institutional ProductsPretax adjusted operating earnings of $23 million compared to $31 million, reflecting lower spread income. The release cited continued demand for spread lending and a disciplined, opportunistic approach to the institutional market. | Sales of $755 million | – | compared to $1.0 billion |
| Closed Life and Annuity BlocksPretax adjusted operating income (loss) of $(3) million compared to $15 million, primarily reflecting lower limited partnership income, partially offset by decreases in reserves from runoff of in-force business. | Not reported | – | – |
| Corporate and OtherPretax adjusted operating (loss) of $(46) million compared to $(35) million, primarily reflecting higher interest expense. The segment includes PPM. | Not reported | – | – |
Not specified outlook
- Tax rate15% tax rate guidance
Capital returns
- Returned $291 million to common shareholders in the third quarter of 2026, with $230 million of common share repurchases and $61 million in common dividends.
- Returned $291 million to common shareholders was up 39% from the third quarter of 2025.
- Received Board approval for a $1 billion increase to the existing common share repurchase authorization.
- A $325 million distribution was made to JNL’s parent during the third quarter of 2026.
What drove it
- Record retail annuity sales of $6.5 billion were up 22% from the third quarter of 2025.
- Record RILA sales of $3.0 billion were up 44% from the third quarter of 2025.
- FA and FIA sales of $796 million were up 79% from the third quarter of 2025, driven by the Jackson Income Assurance Suite.
- Adjusted operating earnings reflected higher spread income from growth in average spread block AUM and a reduced share count due to repurchases.
- PPM AUM was $101.8 billion as of September 30, 2026, compared with $90.1 billion as of September 30, 2025, driven by growth in Jackson’s general account and third-party AUM.
- Third-quarter net income included a more favorable net hedging result and a $337 million gain from business reinsured to third parties.
Concerns
- VA sales of $2.8 billion were down slightly from $2.9 billion in the third quarter of 2025.
- Institutional Products pretax adjusted operating earnings fell to $23 million from $31 million, reflecting lower spread income.
- Closed Life and Annuity Blocks reported a pretax adjusted operating loss of $(3) million, compared with income of $15 million.
- Corporate and Other pretax adjusted operating loss widened to $(46) million from $(35) million, primarily reflecting higher interest expense.
- The estimated RBC ratio was down from the second quarter of 2026 due to an increase in estimated company action level required capital, primarily due to strong levels of new business.
- The release states that reinsured-business results can differ significantly from quarter to quarter. Total common shareholders’ equity was $7.9 billion as of September 30, 2026, compared with $9.4 billion as of December 31, 2025.
What to watch
- Retail annuity sales mix, including RILA sales of $3.0 billion, VA sales of $2.8 billion, and FA and FIA sales of $796 million.
- Spread income in Retail Annuities and Institutional Products.
- The estimated RBC ratio at JNL and capital required to support new business.
- PPM AUM growth and growth in third-party AUM.
- The contribution of gains or losses from business reinsured to third parties and net hedging results.
- Execution of the $1 billion increase to the existing common share repurchase authorization.
Balance sheet and cash flow
- Cash and highly liquid securities at the holding company totaled nearly $1.4 billion as of September 30, 2026.
- Targeted minimum liquidity buffer was $325 million.
- Holding company free cash flow totaled $275 million in the third quarter of 2026, reflecting the $325 million distribution from the operating company.
- Total assets were $358,359 million as of September 30, 2026, compared to $352,586 million as of December 31, 2025.
- Cash and cash equivalents were $4,101 million as of September 30, 2026, compared to $5,704 million as of December 31, 2025.
- Debt was $2,769 million as of September 30, 2026, compared to $2,030 million as of December 31, 2025.
- Statutory TAC at JNL was $5.9 billion as of September 30, 2026, compared to $5.8 billion as of June 30, 2026.
Analysis
Jackson reported a strong third quarter, led by record retail annuity sales of $6.5 billion, up 22% from the third quarter of 2025. RILA sales were $3.0 billion, up 44%, and FA and FIA sales were $796 million, up 79%. VA sales were $2.8 billion, down slightly from $2.9 billion. Retail Annuities pretax adjusted operating earnings increased to $638 million from $494 million, with the company citing higher spread income from growth in average RILA and FIA AUM.
GAAP net income attributable to common shareholders was $847 million, or $12.37 per diluted share, versus $65 million, or $0.92 per diluted share. The release attributed the difference in part to a more favorable net hedging result and a $337 million gain from business reinsured to third parties, compared with a $176 million loss in the prior-year quarter. Adjusted operating earnings were $517 million, or $7.55 per diluted share, versus $433 million, or $6.16 per diluted share. The company said the per-share result reflected higher spread income and a reduced share count due to repurchases.
Segment trends were uneven outside Retail Annuities. Institutional Products pretax adjusted operating earnings declined to $23 million from $31 million as lower spread income more than offset continued demand for spread lending. Its sales were $755 million compared with $1.0 billion. Closed Life and Annuity Blocks moved to a pretax adjusted operating loss of $(3) million from income of $15 million, while Corporate and Other loss widened to $(46) million from $(35) million, primarily due to higher interest expense. PPM AUM reached $101.8 billion, compared with $90.1 billion a year earlier.
Capital generation and shareholder distributions remained prominent. Free capital generation was $281 million after the capital requirement for strong new sales growth. Holding company free cash flow was $275 million, reflecting a $325 million operating-company distribution. Jackson returned $291 million to common shareholders through $230 million of repurchases and $61 million of dividends, and the Board approved a $1 billion increase to the existing repurchase authorization. Holding-company cash and highly liquid securities totaled nearly $1.4 billion, above the targeted $325 million minimum liquidity buffer.
JNL statutory TAC was $5.9 billion, up from $5.8 billion at June 30, 2026, while the estimated RBC ratio was 524% and was down from the second quarter because of increased company action level required capital tied primarily to strong new business. Total common shareholders’ equity was $7.9 billion as of September 30, 2026, compared with $9.4 billion at December 31, 2025, whereas adjusted book value attributable to common shareholders was $11.1 billion compared with $10.6 billion. The release did not provide a forward revenue, expense, margin, or capital-generation outlook; it referenced 15% tax rate guidance only in the reconciliation of adjusted earnings excluding notable items and taxes.
Management, verbatim
Our third quarter results reflect the strength of our business and consistent execution against our strategy.
Don Cummings, Chief Executive Officer and President of Jackson
We grew adjusted operating earnings per share, while delivering record retail annuity sales, up 22% year over year.
Don Cummings, Chief Executive Officer and President of Jackson
Our spread business continues to perform well, driven by our broad, flexible product lineup, the enhanced capabilities of PPM, and our growing partnership with TPG.
Don Cummings, Chief Executive Officer and President of Jackson
Not in the filing
stated, not guessed- Forward revenue guidance was not provided.
- Forward gross margin guidance was not provided.
- Forward operating expense guidance was not provided.
- A guidance period for the referenced 15% tax rate guidance was not provided.
- Gross profit and gross margin were not reported.
- A prior-year figure for free capital generation was not reported.
- A prior-quarter figure for the estimated RBC ratio was not reported.
- Revenue by operating segment was not reported for Retail Annuities, Institutional Products, Closed Life and Annuity Blocks, or Corporate and Other.
- Prior-year and prior-quarter figures for holding-company cash and highly liquid securities were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.