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olivLaw · US equity research

Jackson Financial Inc. JXN

Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)

137.35USD−2.35% · 1 dayClose 04 Nov 2026

Jackson Financial is a U.S. financial services company that sells mainly retirement annuities through large distribution networks. As the U.S. population ages and sales of RILA and fixed annuities grow, recent results show strong momentum, with retail sales of $5.9 billion in the second quarter of 2026. Assets under management reached $351.1 billion at the end of 2025.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Jackson Financial Inc. (JXN) stock was 137.35 USD (−2.35% on the day), with market capitalisation 9.1 bn USD, P/E 11.1 on diluted EPS of 12.33 USD over the last 12 months, dividend yield 2.55%, beta 1.33, 52-week range 90.62–140.65 USD. Latest reported quarter (Q3 2026): revenue of 1.5 bn USD (+8.9% YoY), net income of 858.0 m USD (+1,028.9% YoY), diluted EPS 12.37 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
9.1 bn USD
shares as of 23 Oct 2026
P/E (TTM)
11.1
Diluted EPS TTM 12.33 · TTM to 30 Sept 2026
E/P (TTM)
8.98%
TTM to 30 Sept 2026
Dividend yield
2.55%
DPS 12m 3.50
Beta (2y)
1.33
Volatility (1y) 32%
52-week range
90.62140.65

Price history

Loading chart…

Technical reading

RSI (14)
57.3
strong (55–70)
Bollinger (20, 2)
126.70 – 139.17
in the upper half of the band · %B 0.85 · band width 9.4%
SMA 50 / 200
133.51 / 118.46
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
1.56 / 0.73
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+2.6%−1.1%+3.7 pp—
3 months+2.1%−0.5%+2.5 pp—
6 months+19.5%+4.4%+15.1 pp—
Year to date+28.8%+12.3%+16.5 pp—
1 year+36.6%+13.5%+23.1 pp+1.1%
3 years+236.9%+76.4%+160.5 pp+41.1%
5 years+401.3%+63.7%+337.6 pp—
Max drawdown (1y)
−17.0%
02 Feb 2026 → 27 Mar 2026
Max drawdown (5y)
−49.1%
25 Mar 2022 → 14 Jul 2022
Compound annual growth (5y)
+38.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.5 bn USD
+8.9% YoY
Net income
858.0 m USD
+1,028.9% YoY
Diluted EPS
12.37
+1,244.6% YoY
net / operating
55.6% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue225.0 m3.8 bn-471.0 m1.4 bn2.0 bn2.9 bn168.0 m1.5 bn
Interest expense25.0 m25.0 m25.0 m25.0 m25.0 m25.0 m27.0 m37.0 m
Pre-tax income380.0 m-17.0 m189.0 m72.0 m-358.0 m-400.0 m665.0 m1.0 bn
Income tax22.0 m1.0 m4.0 m-19.0 m-172.0 m20.0 m5.0 m130.0 m
Net income345.0 m-24.0 m179.0 m76.0 m-204.0 m-424.0 m655.0 m858.0 m
Diluted EPS4.59 ≈-0.482.340.92-2.96 ≈-6.249.1612.37
Operating cash flow1.5 bn1.6 bn1.2 bn ≈1.4 bn ≈1.6 bn1.0 bn1.8 bn ≈1.4 bn ≈
Dividends paid51.0 m58.0 m57.0 m ≈54.0 m ≈54.0 m64.0 m62.0 m ≈59.0 m ≈
Share repurchases99.0 m202.0 m158.0 m ≈157.0 m ≈152.0 m227.0 m227.0 m ≈233.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 78 percentile of its own 18-quarter history (min 0.3, median 2.3, max 1,079.2; quarters with earnings only).

Fiscal years

Fiscal year2019202020212022202320242025
Revenue3.5 bn3.5 bn6.4 bn9.8 bn3.1 bn3.3 bn6.7 bn
Revenue YoYunavailable+2.0%+79.4%+54.8%−68.7%+6.1%+104.3%
Net income-497.0 m-1.6 bn3.4 bn6.2 bn934.0 m946.0 m27.0 m
Net income YoYunavailableunavailableunavailable+81.0%−84.9%+1.3%−97.1%
Diluted EPS-13.16-24.1436.1769.7510.7611.74-0.24
Diluted EPS YoYunavailableunavailableunavailable+92.8%−84.6%+9.1%−102.0%
net %-14.3%-46.1%53.7%62.8%30.3%28.9%0.4%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.7 bn USD
Financial debt
2.0 bn USD
Net debt
-3.7 bn USD
Equity
10.3 bn USD
Total assets
352.6 bn USD
Debt / equity
0.20x
Current ratio
unavailable
ROE
0.3%
ROA
0.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Pre-tax income
2023
958.0 m
2024
1.0 bn
2025
-114.0 m

SEC (XBRL)· 24 Feb 2026verified

Net income
2023
934.0 m
2024
946.0 m
2025
27.0 m

SEC (XBRL)· 24 Feb 2026verified

Diluted EPS
2023
10.76
2024
11.74
2025
-0.24

SEC (XBRL)· 24 Feb 2026verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 01 Mar 2023verified

Balance sheet · USD

Cash
2023
2.7 bn
2024
3.8 bn
2025
5.7 bn

SEC (XBRL)· 24 Feb 2026verified

Loans
2023
10.6 bn
2024
9.9 bn
2025
10.2 bn

SEC (XBRL)· 24 Feb 2026verified

Total assets
2023
330.3 bn
2024
338.5 bn
2025
352.6 bn

SEC (XBRL)· 24 Feb 2026verified

Short-term debt
2023
970.0 m
2024
—
2025
—

SEC (XBRL)· 28 Feb 2024verified

Long-term debt
2023
2.0 bn
2024
2.0 bn
2025
2.0 bn

SEC (XBRL)· 24 Feb 2026verified

Total liabilities
2023
319.9 bn
2024
328.5 bn
2025
342.2 bn

SEC (XBRL)· 24 Feb 2026verified

Equity
2023
10.3 bn
2024
10.0 bn
2025
10.3 bn

SEC (XBRL)· 24 Feb 2026verified

Cash flow · USD

Dividends paid
2023
201.0 m
2024
211.0 m
2025
223.0 m

SEC (XBRL)· 24 Feb 2026verified

Share repurchases
2023
306.0 m
2024
442.0 m
2025
669.0 m

SEC (XBRL)· 24 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
104.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-12.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.5%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-97.1%
computed by olivLawFY 2025
Net income CAGR 3Y
-83.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-102.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive

Profitability

Net margin
13.4%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
9.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
0.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
28.4%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
9.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
10.3x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
11.1x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
9.0%
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
1.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
2.5%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
11.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 39 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

137.35 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 9.1 bn USD

Key indicators

Market capitalisation
9.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
11.1x
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
9.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
13.4%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
104.3%
computed by olivLawFY 2025
Dividend yield
2.5%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

13/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 23 Oct 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 744derived 52

Score by group

  • Valuation44
  • Balance sheet0
  • Quality32
  • Growth0
  • Returns76

Estimated value range

Low
43.26
USD per share
Mid
112.41
USD per share
High
154.07
USD per share
Price: 137.35 USD
The price is within the range
Potential to the central value: -18.2% (value / price − 1)
Margin of safety: -22.2% (1 − price / value)
Agreement between methods: high · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.57 – 253.97 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income126.02 – 131.77 (Mid 128.84)
  • Justified P/B114.56 – 154.07 (Mid 131.41)
  • Dividend discount (DDM)6.57 – 8.84 (Mid 7.54)
  • Peers: P/E43.26 – 207.51 (Mid 112.41)
    16 companies used · median multiple 9.1x · quartiles 3.5x – 16.8x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, GNW, LNC, MET, PFH, PRI, PUK, RGA, VOYA
  • Peers: P/B42.34 – 253.97 (Mid 102.14)
    16 companies used · median multiple 0.8x · quartiles 0.3x – 2.0x
    AAME, ANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, GNW, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Multiple comparisons use the SIC vertical: Life Insurance (SIC 6311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 39/100

FactorValueScoreWeight used
ROE · Quality9.5%32 (vs peers)23%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Revenue CAGR 3Y · Growth-12.1%0 (on a fixed band)10%
ROA · Balance sheet0.2%0 (on a fixed band)10%
P/B · Valuation1.1x44 (vs peers)18%
P/E (TTM) · Valuation11.1x44 (vs peers)18%
Dividend yield · Returns2.5%62 (vs peers)13%
Payout ratio (EPS) · Returns28.4%100 (on a fixed band)8%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 1/1 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial32/100 · 1/2 factors with a value
  • Returns76/100 · 2/2 factors with a value
  • Valuation44/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Jackson Financial Inc. (JXN). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: YoY growth 104.3%; net margin 13.4%; ROE 9.5%.

The estimated value range is 43.26–154.07 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 112.41 USD, the price of 137.35 USD leaves a potential of -18.2% (value / price − 1) and a margin of safety of -22.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Payout ratio (EPS): 28.4%

What contradicts it

  • Revenue CAGR 3Y: -12.1%
  • ROA: 0.2%

Not assessed (insufficient data or a ratio without meaning): Loss ratio, EPS CAGR 3Y.

Versus the vertical median

Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies

Multiples and returns vs the median

P/E
11.1x
vertical median 9.1x
above median (+22.2%)
EV/EBITDA
—
vertical median —
P/S
1.4x
vertical median 0.5x
above median (+190.5%)
P/B
1.1x
vertical median 0.8x
above median (+34.5%)
ROE
9.5%
vertical median 12.6%
below median (−24.8%)
Net margin
13.4%
vertical median 8.1%
above median (+65.3%)
EBIT margin
—
vertical median —
Revenue YoY
104.3%
vertical median 4.3%
above median (+2,307.6%)
Net debt/EBITDA
—
vertical median —
Dividend yield
2.5%
vertical median 1.8%
above median (+41.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PUKPrudential PLC67.2 bn17.221.2%34.6%+7.0%−10% / +20%
METMetLife, Inc.65.4 bn19.513.2%4.6%+8.6%+34% / +62%
RGAReinsurance Group Of America, Incorporated17.4 bn11.711.7%5.8%+7.2%+40% / +64%
GLGlobe Life Inc.12.2 bn10.819.3%18.9%+3.7%+20% / +31%
VOYAVoya Financial, Inc.9.3 bn16.714.3%7.8%+1.7%+49% / +46%
CRBDCorebridge Financial, Inc.9.3 bn4.621.7%10.6%−1.2%−11% / unavailable
JXNJackson Financial Inc.9.1 bn11.19.5%13.4%+104.3%+37% / +237%
PRIPrimerica, Inc.8.8 bn11.433.0%23.2%+6.6%+11% / +36%
LNCLincoln National Corp8.0 bn3.622.6%12.2%−1.2%+1% / +75%
PFHPrudential Financial, Inc.5.3 bn1.412.6%6.3%−13.7%−11% / −20%
GNWGenworth Financial, Inc.3.5 bn17.52.4%2.9%+0.1%+6% / +56%
FGF&G Annuities & Life, Inc.2.9 bn7.49.2%6.9%−0.2%−32% / −46%
BHFBrighthouse Financial, Inc.2.4 bn3.313.6%12.5%+43.2%−35% / −18%
CIACitizens, Inc.209.2 m18.05.0%4.5%+4.3%−31% / +25%
AAMEAtlantic American Corporation24.3 m4.35.2%2.9%+11.9%−51% / −39%
ATHSAthene Holding Ltd4.7 m0.04.5%2.9%+24.1%−8% / unavailable
ANG-PDAmerican National Group Inc.215.5 k0.08.4%12.6%−0.4%−15% / unavailable
AEGAegon Ltd.——10.5%—+1.1%+7% / +56%
SLFSun Life Financial Inc——14.2%8.5%+8.0%+39% / +62%
MFCManulife Financial Corporation——11.0%68.5%+7.1%+31% / +135%

1- and 3-year price returns: for JXN from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
79.80
Total return -40% · Per year -40%
141.80
Total return 6% · Per year 6%
214.56
Total return 59% · Per year 59%
3 years
63.37
Total return -49% · Per year -20%
127.97
Total return 1% · Per year 0%
214.56
Total return 66% · Per year 18%
5 years
50.32
Total return -55% · Per year -15%
115.50
Total return -4% · Per year -1%
214.56
Total return 72% · Per year 11%
What moves the 3-year price the most
  • Exit P/E± 31.99
  • Net margin± 22.40
  • Annual revenue growth± 20.22
  • Annual dilution± 1.88

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).

In brief

Jackson Financial is a U.S. financial services company that sells mainly retirement annuities through large distribution networks. As the U.S. population ages and sales of RILA and fixed annuities grow, recent results show strong momentum, with retail sales of $5.9 billion in the second quarter of 2026 3. Assets under management reached $351.1 billion at the end of 2025 1.

SWOT

Strengths

  • The company has a broad distribution network, a large sales force and a recognised position among advisors, along with a high level of regulatory capital 13.
  • Its in-house operating platform administers most of its policies, which helps control costs and supports customer service 1.
  • The ability to return capital to shareholders through dividends and buybacks shows solid free cash generation at the parent level 13.

Weaknesses

  • Net results are volatile because the company does not directly offset movements in guarantee liabilities, and the net result for 2025 was negative 1.
  • Exposure to capital markets and interest rates creates sensitivity to level changes, and hedges can become less effective in volatile periods 1.
  • A significant share of PPM's assets under management comes from one large client, which could cause difficulties if that client reduced its mandates 1.

Opportunities

  • Growth in RILA and FIA sales, supported by PPM capabilities and the TPG partnership, could expand the spread-based business 13.
  • Developing asset management for third-party clients could diversify revenue sources beyond annuities 3.
  • Registered investment advisors represent a channel with substantial growth potential, which the company is pursuing 1.

Threats

  • A fall in capital markets could reduce fee income and raise payouts on guarantees promised to customers 1.
  • A downgrade of financial strength ratings could reduce sales, limit access to reinsurance and raise the cost of capital 1.
  • Intense competition in the annuity market and regulatory changes could pressure margins and slow growth 1.

Risks

  • Dependence on one large PPM clientmedium

    Prudential and its affiliates represent a significant share of PPM's assets under management, and the agreements can be terminated at any time, which could disrupt operations 1.

  • Financial strength ratingsmedium

    A ratings downgrade could lead to lost business, larger surrenders, and difficulty maintaining derivative contracts 1.

  • Liquidity for hedgingmedium

    The hedging programme requires considerable liquidity, and in volatile markets margin requirements can rise, which could force the company to limit operations 1.

  • Credit and investment risklow

    Wider credit spreads, downgrades or impairments of assets can reduce regulatory capital and investment income 1.

Investment thesis

What would need to be true (bull case)

  • If RILA and FIA sales keep growing, spread income could rise and support adjusted earnings per share 3.
  • Growth in PPM's assets under management, including third-party clients, could diversify revenue and strengthen competitive position 13.
  • Solid capital and free cash flow could allow continued capital return to shareholders, subject to regulatory conditions 13.

What would break the thesis

  • Net results may remain volatile, and one favourable quarter does not guarantee similar results in later periods 1.
  • Dependence on capital markets and interest rates could reduce results if hedges become more costly or less effective 1.
  • Concentration of PPM mandates in one large client could create pressure if that client chose to reduce its activity 1.

What to watch

  • Trend in RILA sales and spread marginQ3 2026
  • JNL RBC ratio and total adjusted capital2026
  • Pace of PPM assets under management growth and third-party resultsnext 10-K
  • Capital return target for common shareholders in 20262026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).

The business

Jackson Financial Inc. (JXN) is a financial services company headquartered in Lansing, Michigan, whose main operating subsidiary is Jackson National Life Insurance Company, founded in 1961 1. The company aims to help Americans secure their financial futures through annuities, especially variable ones with lifetime income guarantees 1. Total sales reached $23.2 billion in 2025, compared with $19.8 billion in 2024, and adjusted operating earnings were $1.6 billion 1. The year ended with a net loss attributable to common shareholders, while adjusted operating earnings rose 1. The company separated from Prudential plc in 2021 and operates in all 50 U.S. states and the District of Columbia 1.

Segments

Retail Annuities

This segment sells variable, RILA, fixed and fixed index annuities, and payout annuities through broker-dealers, banks, independent advisors and third-party platforms 1. In the second quarter of 2026 the segment recorded record RILA sales of $2.3 billion, and pretax adjusted operating earnings of $621 million 3.

Closed Life and Annuity Blocks

This segment manages closed blocks of acquired life and annuity policies, with no new life insurance sales since 2012 1. Pretax adjusted operating result in the second quarter of 2026 was a loss of $10 million, reflecting lower limited partnership income 3.

Market context

The U.S. annuity market is growing as the population ages and moves into retirement, and RILA has been the fastest growing category over the last five years 1. Jackson ranked seventh among U.S. retail annuity sellers for the first nine months of 2025, according to LIMRA 1. Registered investment advisors managed about $9.9 trillion in investor assets at the end of 2024, a distribution base the company is increasingly targeting 1.

Trends

  • Rising demand for RILAtailwind

    RILA annuity sales have grown quickly, and Jackson reported record levels in the second quarter of 2026, suggesting solid demand for products with partial downside protection 3. If this demand persists, it could support higher spread income.

  • Volatility in financial marketsheadwind

    Market volatility and high interest rates can reduce the effectiveness of hedging and raise the cost of guarantees, which could increase the company's hedging costs 1. Net results can fluctuate significantly from quarter to quarter.

  • TPG partnership and PPM growthmixed

    The TPG partnership and the growth of PPM's assets under management could strengthen general account returns and diversify revenue, but depend on investment execution and retention of third-party clients 13.

Competitive position

In the U.S. retail annuity market Jackson competes with other large providers, and in variable annuities it ranks second by market share 1. The company cites its distribution network and sales force size, which it says more than double those of its closest competitor in traditional variable annuity sales 1. Competition in RILA and FIA is intense, and margin pressure could increase.

  • Prudential FinancialPRU

    Former parent and major client of PPM, with which the company has an asset management relationship; it also competes in the annuity market, and its role as a significant PPM client is noted in the filing 1.

  • Athene

    Insurer that took a block of Jackson's fixed and fixed index annuities through reinsurance, and so is part of the company's business structure 1.

  • AllianceBernstein

    Platform with which Jackson works on the Lifetime Income Strategy for defined contribution plans, making it a partner in the same retirement space 1.

  • TPG

    Strategic partner that took an equity stake in the company and brought private credit capabilities, also acting as an investment-side competitor 13.

News & filings

In the press

SEC filings

  • Quarterly report03 Nov 2026
  • Current report03 Nov 2026
    Results of operations
  • Current report03 Nov 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report14 Oct 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report03 Aug 2026
  • Current report03 Aug 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report03 Aug 2026
    Results of operations
  • Current report22 Jul 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report01 Jul 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report25 Jun 2026
    Departure or appointment of officers · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Jackson Financial Inc. · 24 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Jackson Financial Inc. · 03 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Jackson Financial Inc. · 03 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.