JXN on NYSE
Jackson Financial Inc.
American life insurance company based in Wilmington, incorporated in Delaware2
In its 2026 annual report the company says: “We offer a diverse suite of annuities to retail investors in the U.S. Our variable annuities have been among the best-selling products of their kind in the U.S. principally due to the differentiated features we offer as compared to our competitors and, in particular the wider range of investment options and greater freedom to invest across multiple investment options. We also offer registered index-linked, fixed index, fixed, and payout annuities.”6 Its shares trade on NYSE under the symbol JXN.2
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Last updated Oct 21, 2026.
Overview
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- TickerJXN on NYSE2
- IndustryLife Insurance2
- HeadquartersWilmington, United States2
- Incorporated inDE3
- Business address1 Corporate Way, Lansing, Mi 489513
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- LEI213800WXW2KG1N4CO3742
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 40985942
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We offer a diverse suite of annuities to retail investors in the U.S. Our variable annuities have been among the best-selling products of their kind in the U.S. principally due to the differentiated features we offer as compared to our competitors and, in particular the wider range of investment options and greater freedom to invest across multiple investment options. We also offer registered index-linked, fixed index, fixed, and payout annuities.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Retail Annuities brought in 75% of the revenue Jackson Financial Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Retail Annuities | $4.5B | $5.3B | $5.5B |
| Closed Life And Annuity Blocks | $1.3B | $1.2B | $1.3B |
| Institutional Products | $408.0M | $438.0M | $535.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs95¢$6.4B
- Interest1¢$100.0M
- Income tax3¢$186.0M
- Profit0¢$27.0M
Out of $6.7B in revenue.7
Where each dollar of operating cash went, fiscal 2025
- Dividends paid4¢$223.0M
- Share buybacks12¢$669.0M
- Kept or used elsewhere85¢$4.9B
Out of $5.8B of cash from operations.7
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Fee income | $8.0B | $8.1B | $7.7B |
| Premiums | $149.0M | $146.0M | $147.0M |
| Net investment income excluding funds withheld assets | $2.3B | $1.8B | $1.7B |
| Net investment income on funds withheld assets | $855.0M | $1.0B | $1.2B |
| Total net investment income | $3.2B | $2.9B | $2.9B |
| Net gains (losses) on derivatives and investments | -$3.4B | -$6.8B | -$5.9B |
| Net gains (losses) on funds withheld reinsurance treaties | -$1.3B | -$1.1B | -$1.8B |
| Total net gains (losses) on derivatives and investments | -$4.7B | -$7.9B | -$7.7B |
| Other income | $61.0M | $44.0M | $67.0M |
| Total revenues | $6.7B | $3.3B | $3.1B |
| Death, other policy benefits and change in policy reserves, net of deferrals | $927.0M | $868.0M | $965.0M |
| (Gain) loss from updating future policy benefits cash flow assumptions, net | $44.0M | $46.0M | $102.0M |
| Market risk benefits (gains) losses, net | $605.0M | -$3.8B | -$3.9B |
| Interest credited on other contract holder funds, net of deferrals and amortization | $1.2B | $1.1B | $1.1B |
| Interest expense | $100.0M | $101.0M | $109.0M |
| Operating costs and other expenses, net of deferrals | $2.8B | $2.8B | $2.5B |
| Amortization of deferred acquisition costs | $1.1B | $1.1B | $1.2B |
| Total benefits and expenses | $6.8B | $2.2B | $2.1B |
| Pretax income (loss) | -$114.0M | $1.0B | $958.0M |
| Income tax expense (benefit) | -$186.0M | $46.0M | $4.0M |
| Net income (loss) | $72.0M | $976.0M | $954.0M |
| Less: Net income (loss) attributable to noncontrolling interests | $45.0M | $30.0M | $20.0M |
| Net income (loss) attributable to Jackson Financial Inc. | $27.0M | $946.0M | $934.0M |
| Less: Dividends on preferred stock | $44.0M | $44.0M | $35.0M |
| Net income (loss) attributable to Jackson Financial Inc. common shareholders, Basic | -$17.0M | $902.0M | $899.0M |
| Net income (loss) attributable to Jackson Financial Inc. common shareholders, Diluted | -$17.0M | $902.0M | $899.0M |
| Basic (in usd per share) | -$0.24 | $11.86 | $10.99 |
| Diluted (in usd per share) | -$0.24 | $11.74 | $10.76 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007) | $47.3B | $40.3B | ||
| Debt Securities, at fair value under fair value option | $3.5B | $3.0B | ||
| Equity securities, at fair value | $172.0M | $197.0M | ||
| Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively | $9.9B | $9.5B | ||
| Mortgage loans, at fair value under fair value option | $324.0M | $449.0M | ||
| Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively) | $4.4B | $4.4B | ||
| Freestanding derivative instruments | $448.0M | $297.0M | ||
| Other invested assets | $3.2B | $2.9B | ||
| Total investments | $69.2B | $61.0B | ||
| Cash and cash equivalents | $5.7B | $3.8B | $2.7B | |
| Accrued investment income | $634.0M | $529.0M | ||
| Deferred acquisition costs | $11.7B | $11.9B | ||
| Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively | $19.5B | $21.8B | ||
| Reinsurance recoverable on market risk benefits, at fair value | $118.0M | $121.0M | ||
| Market risk benefit assets, at fair value | $7.9B | $8.9B | ||
| Deferred income taxes, net | $719.0M | $480.0M | ||
| Other assets | $637.0M | $787.0M | ||
| Separate account assets | $236.5B | $229.1B | ||
| Total assets | $352.6B | $338.4B | ||
| Reserves for future policy benefits and claims payable | $10.9B | $11.1B | ||
| Other contract holder funds | $67.7B | $58.3B | ||
| Market risk benefit liabilities, at fair value | $3.8B | $3.8B | ||
| Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively) | $15.0B | $16.7B | ||
| Long-term debt | $2.0B | $2.0B | ||
| Repurchase agreements and securities lending payable | $1.0B | $1.6B | ||
| Collateral payable for derivative instruments | $58.0M | $150.0M | ||
| Freestanding derivative instruments | $361.0M | |||
| Separate account liabilities | $236.5B | $229.1B | ||
| Total liabilities | $342.2B | $328.5B | ||
| Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share (see Note 23) | $533.0M | $533.0M | ||
| Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (see Note 23) | $1.0M | $1.0M | ||
| Additional paid-in capital | $6.1B | $6.0B | ||
| Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively | -$1.6B | -$1.0B | ||
| Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024 | -$2.5B | -$3.5B | ||
| Retained earnings | $7.5B | $7.7B | ||
| Total shareholders' equity | $10.0B | $9.8B | ||
| Noncontrolling interests | $389.0M | $218.0M | ||
| Total equity | $10.3B | $10.0B | $10.3B | $9.4B |
| Total liabilities and equity | $352.6B | $338.4B | ||
| Debt securities, available for sale, allowance for credit losses | $11.0M | $39.0M | $21.0M | |
| Debt securities, available for sale, amortized cost | $50.5B | $45.0B | ||
| Mortgage loans, allowance for credit loss | $133.0M | $121.0M | $165.0M | |
| Policy loans, fair value under fair value option | $3.5B | $3.5B | ||
| Reinsurance recoverable, allowance for credit losses | $30.0M | $27.0M | ||
| Funds withheld payable under reinsurance treaties, fair value under fair value option | $3.7B | $3.7B | ||
| Preferred stock, par value (in usd per share) | $1.00 | $1.00 | ||
| Preferred stock, shares authorized (in shares) | 24.0K shares | 24.0K shares | ||
| Preferred stock, shares issued (in shares) | 22.0K shares | 22.0K shares | ||
| Preferred stock, shares outstanding (in shares) | 22.0K shares | 22.0K shares | ||
| Liquidation preference per share (in usd per share) | $25.0K | $25.0K | ||
| Common stock, authorized (in shares) | 1.0B shares | 1.0B shares | ||
| Common stock, par value (in usd per share) | $0.01 | $0.01 | ||
| Common stock, issued (in shares) | 66.8M shares | 73.4M shares | ||
| Common stock, outstanding (in shares) | 66.8M shares | 73.4M shares | 78.7M shares | |
| Treasury stock, common (in shares) | 27.7M shares | 21.1M shares | ||
| Accumulated other comprehensive income, tax (benefit) | -$377.0M | -$311.0M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007) | $47.3B | $40.3B | ||
| Debt Securities, at fair value under fair value option | $3.5B | $3.0B | ||
| Equity securities, at fair value | $172.0M | $197.0M | ||
| Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively | $9.9B | $9.5B | ||
| Mortgage loans, at fair value under fair value option | $324.0M | $449.0M | ||
| Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively) | $4.4B | $4.4B | ||
| Freestanding derivative instruments | $448.0M | $297.0M | ||
| Other invested assets | $3.2B | $2.9B | ||
| Total investments | $69.2B | $61.0B | ||
| Cash and cash equivalents | $5.7B | $3.8B | $2.7B | |
| Accrued investment income | $634.0M | $529.0M | ||
| Deferred acquisition costs | $11.7B | $11.9B | ||
| Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively | $19.5B | $21.8B | ||
| Reinsurance recoverable on market risk benefits, at fair value | $118.0M | $121.0M | ||
| Market risk benefit assets, at fair value | $7.9B | $8.9B | ||
| Deferred income taxes, net | $719.0M | $480.0M | ||
| Other assets | $637.0M | $787.0M | ||
| Separate account assets | $236.5B | $229.1B | ||
| Total assets | $352.6B | $338.4B | ||
| Reserves for future policy benefits and claims payable | $10.9B | $11.1B | ||
| Other contract holder funds | $67.7B | $58.3B | ||
| Market risk benefit liabilities, at fair value | $3.8B | $3.8B | ||
| Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively) | $15.0B | $16.7B | ||
| Long-term debt | $2.0B | $2.0B | ||
| Repurchase agreements and securities lending payable | $1.0B | $1.6B | ||
| Collateral payable for derivative instruments | $58.0M | $150.0M | ||
| Freestanding derivative instruments | $361.0M | |||
| Separate account liabilities | $236.5B | $229.1B | ||
| Total liabilities | $342.2B | $328.5B | ||
| Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share (see Note 23) | $533.0M | $533.0M | ||
| Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (see Note 23) | $1.0M | $1.0M | ||
| Additional paid-in capital | $6.1B | $6.0B | ||
| Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively | -$1.6B | -$1.0B | ||
| Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024 | -$2.5B | -$3.5B | ||
| Retained earnings | $7.5B | $7.7B | ||
| Total shareholders' equity | $10.0B | $9.8B | ||
| Noncontrolling interests | $389.0M | $218.0M | ||
| Total equity | $10.3B | $10.0B | $10.3B | $9.4B |
| Total liabilities and equity | $352.6B | $338.4B | ||
| Debt securities, available for sale, allowance for credit losses | $11.0M | $39.0M | $21.0M | |
| Debt securities, available for sale, amortized cost | $50.5B | $45.0B | ||
| Mortgage loans, allowance for credit loss | $133.0M | $121.0M | $165.0M | |
| Policy loans, fair value under fair value option | $3.5B | $3.5B | ||
| Reinsurance recoverable, allowance for credit losses | $30.0M | $27.0M | ||
| Funds withheld payable under reinsurance treaties, fair value under fair value option | $3.7B | $3.7B | ||
| Preferred stock, par value (in usd per share) | $1.00 | $1.00 | ||
| Preferred stock, shares authorized (in shares) | 24.0K shares | 24.0K shares | ||
| Preferred stock, shares issued (in shares) | 22.0K shares | 22.0K shares | ||
| Preferred stock, shares outstanding (in shares) | 22.0K shares | 22.0K shares | ||
| Liquidation preference per share (in usd per share) | $25.0K | $25.0K | ||
| Common stock, authorized (in shares) | 1.0B shares | 1.0B shares | ||
| Common stock, par value (in usd per share) | $0.01 | $0.01 | ||
| Common stock, issued (in shares) | 66.8M shares | 73.4M shares | ||
| Common stock, outstanding (in shares) | 66.8M shares | 73.4M shares | 78.7M shares | |
| Treasury stock, common (in shares) | 27.7M shares | 21.1M shares | ||
| Accumulated other comprehensive income, tax (benefit) | -$377.0M | -$311.0M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $72.0M | $976.0M | $954.0M |
| Net realized losses (gains) on investments | $116.0M | $11.0M | $554.0M |
| Net losses (gains) on derivatives | $3.2B | $6.8B | $5.3B |
| Net losses (gains) on funds withheld reinsurance treaties | $1.3B | $1.1B | $1.8B |
| Net (gain) loss on market risk benefits | $605.0M | -$3.8B | -$3.9B |
| (Gain) loss from updating future policy benefits cash flow assumptions, net | $44.0M | $46.0M | $102.0M |
| Interest credited on other contract holder funds, gross | $1.2B | $1.1B | $1.1B |
| Mortality, expense and surrender charges | -$521.0M | -$545.0M | -$528.0M |
| Amortization of discount and premium on investments | -$39.0M | -$33.0M | -$27.0M |
| Deferred income tax expense (benefit) | -$173.0M | $294.0M | -$207.0M |
| Share-based compensation | $132.0M | $191.0M | $107.0M |
| Accrued investment income | -$105.0M | -$17.0M | $2.0M |
| Deferred acquisition costs | $227.0M | $415.0M | $622.0M |
| Funds withheld, net of reinsurance | $116.0M | $211.0M | -$20.0M |
| Future policy benefits | -$421.0M | -$777.0M | -$731.0M |
| Other assets and liabilities, net | -$61.0M | -$133.0M | $123.0M |
| Net cash provided by (used in) operating activities | $5.8B | $5.8B | $5.3B |
| Debt securities | $8.4B | $10.5B | $11.5B |
| Equity securities | $46.0M | $289.0M | $316.0M |
| Mortgage loans | $1.6B | $1.8B | $2.5B |
| Debt securities | -$14.5B | -$11.7B | -$8.2B |
| Equity securities | -$21.0M | -$16.0M | -$200.0M |
| Mortgage loans | -$1.9B | -$1.1B | -$1.6B |
| Settlements related to derivatives and collateral on investments | -$1.1B | -$6.5B | -$5.5B |
| Other investing activities | -$238.0M | -$339.0M | $623.0M |
| Net cash provided by (used in) investing activities | -$7.8B | -$7.1B | -$592.0M |
| Deposits | $27.4B | $20.1B | $14.2B |
| Withdrawals | -$42.2B | -$39.4B | -$29.1B |
| Net transfers from (to) separate accounts | $20.8B | $19.9B | $10.0B |
| Proceeds from (payments on) repurchase agreements and securities lending | -$516.0M | $1.5B | -$1.0B |
| Net proceeds from (payments on) Federal Home Loan Bank notes | -$700.0M | $450.0M | $250.0M |
| Settlements related to deferred premium on derivatives | -$114.0M | $0 | $0 |
| Payments on debt | -$5.0M | -$5.0M | -$603.0M |
| Issuance of debt of consolidated investment entities | $736.0M | $948.0M | $297.0M |
| Repayments of debt of consolidated investment entities | -$527.0M | -$526.0M | -$351.0M |
| Contributions from partners of consolidated investments | $126.0M | $29.0M | $111.0M |
| Distributions from partners of consolidated investments | $0 | $0 | -$92.0M |
| Dividends on common stock | -$223.0M | -$211.0M | -$201.0M |
| Dividends on preferred stock | -$44.0M | -$44.0M | -$35.0M |
| Purchase of treasury stock | -$669.0M | -$442.0M | -$306.0M |
| Issuance of preferred stock | $0 | $0 | $533.0M |
| Net cash provided by (used in) financing activities | $3.9B | $2.4B | -$6.3B |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $1.9B | $1.1B | -$1.6B |
| Income taxes paid (received) | -$97.0M | -$8.0M | -$21.0M |
| Interest paid | $233.0M | $263.0M | $183.0M |
| Debt securities acquired from exchanges, payments-in-kind, and similar transactions | $323.0M | $50.0M | $144.0M |
| Other invested assets acquired from stock splits and stock distributions | $0 | $0 | $317.0M |
No quarter-by-quarter statement was filed.
Corporate structure
Jackson Financial Inc. sits at the top of its group. 57 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Jackson Financial Inc.
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Jackson Financial Inc., latest Apr 30, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Jackson Financial Inc., latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Jackson Financial Inc., latest Mar 27, 2026 (5 filings since Feb 10, 2022)
- TPG GP A, LLC Filed SCHEDULE 13G on Jackson Financial Inc., latest Feb 13, 2026
- FIRST TRUST PORTFOLIOS LP Filed SCHEDULE 13G/A on Jackson Financial Inc., latest Apr 28, 2025 (2 filings since Jul 25, 2024)
- BlackRock Filed SC 13G/A on Jackson Financial Inc., latest Mar 7, 2024 (4 filings since Feb 24, 2023)
- DIMENSIONAL FUND ADVISORS LP Filed SC 13G on Jackson Financial Inc., latest Feb 9, 2024
- FMR LLC Filed SC 13G/A on Jackson Financial Inc., latest Feb 9, 2024 (3 filings since Feb 9, 2022)
- Prudential plc Filed SC 13G/A on Jackson Financial Inc., latest Jan 30, 2024 (3 filings since Feb 11, 2022)
- Apollo Management Holdings GP, LLC Filed SC 13G/A on Jackson Financial Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
- Sessa Capital (Master), L.P. Filed SC 13G/A on Jackson Financial Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
- Dan Hagan Filed SC 13G/A on Jackson Financial Inc., latest Jan 11, 2023 (3 filings since Dec 22, 2021)
- Jackson Financial Inc. Wilmington, Delaware, United States
- PPM America, Inc. Chicago, Illinois, United States
- PPM AMERICA PRIVATE EQUITY FUND VII LP Fund · Chicago, Illinois, United States
- PPM CORE FIXED INCOME FUND Fund · Chicago, Illinois, United States
- PPM Investment Funds LLC Fund · Chicago, Illinois, United States
- PPM Investment Grade Private Credit Fund Fund · Chicago, Illinois, United States
- Allied Life Brokerage Agency, Inc. Subsidiary · Iowa, United States
- B2B Solutions, LLC Subsidiary · Delaware, United States
- Brier Capital LLC Subsidiary · Michigan, United States
- Brooke Life Insurance Company Subsidiary · Michigan, United States
- Brooke Life Reinsurance Company Subsidiary · Michigan, United States
- Hermitage Management, LLC Subsidiary · Michigan, United States
- Hickory Brooke Reinsurance Company Subsidiary · Michigan, United States
- Jackson Brooke LLC Subsidiary · Delaware, United States
- Jackson Finance LLC Subsidiary · Michigan, United States
- JACKSON HOLDINGS LLC Subsidiary · Lansing, Michigan, United States
- BROOKE LIFE INSURANCE COMPANY Subsidiary · Lansing, Michigan, United States
- Hickory Brooke Reinsurance Company Subsidiary · Lansing, Michigan, United States
- JACKSON NATIONAL LIFE INSURANCE COMPANY Subsidiary · Lansing, Michigan, United States
- 5 more
- PPM HOLDINGS, INC. Subsidiary · Dover, Delaware, United States
- BROOKE LIFE INSURANCE COMPANY Subsidiary · Lansing, Michigan, United States
- Jackson National Asset Management LLC Subsidiary · Michigan, United States
- Jackson National Life Distributors LLC Subsidiary · Delaware, United States
- Jackson National Life Insurance Agency, LLC Subsidiary · Illinois, United States
- Jackson National Life Insurance Company Subsidiary · Michigan, United States
- Jackson National Life Insurance Company of New York Subsidiary · New York, United States
- Mission Plans of America, Inc. Subsidiary · Texas, United States
- National Planning Holdings LLC Subsidiary · Delaware, United States
- Old Hickory Fund I, LLC Subsidiary · Delaware, United States
- PGDS (US ONE) LLC Subsidiary · Delaware, United States
- PPM America Capital Partners III, LLC Subsidiary · Delaware, United States
- PPM America Capital Partners IX, LLC Subsidiary · Delaware, United States
- PPM America Capital Partners VIII, LLC Subsidiary · Delaware, United States
- PPM America Private Equity Fund VIII-A LP Subsidiary · Delaware, United States
- PPM CLO 2 Ltd. Subsidiary · Cayman Islands
- and 18 more
- PPM America, Inc. Chicago, Illinois, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Jackson Financial Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $54.0M7 Dec 31, 2025 | $20.0M7 Dec 31, 2024 | +170.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $5.7B7 Dec 31, 2025 | $3.8B7 Dec 31, 2024 | +51.4% |
| Loans, net of allowance | $10.2B7 Dec 31, 2025 | $9.9B7 Dec 31, 2024 | +3.0% |
Properties, in its own words
We currently own and occupy the buildings comprising our corporate headquarters campus and related properties in Lansing, Michigan as well as our regional headquarters in Franklin, Tennessee. We also have leases for the following offices:
•District of Columbia under a lease that expires in 2029;
The rest of Item 2
•Chicago, Illinois under a lease that expires in 2038;
•East Lansing, Michigan under a lease that expires in 2029; and
•Lansing, Michigan under a lease that expires in 2028.
We believe our properties are adequate and suitable for our business as currently conducted and are adequately maintained. All of our offices include operations across all of our reportable segments.
Item 2 of the 10-K filed Feb 24, 2026.6
Leadership
Who has led Jackson Financial Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerChristopher Raub May 12, 2026 to now14
- Chief executive officerCraig Donald Smith Aug 6, 2021 to Dec 22, 202115
- Chief executive officerLaura Louene Prieskorn Aug 6, 2021 to Dec 22, 202116
- Chief executive officerMark D. Nerud Aug 6, 2021 to Mar 28, 202317
- Chief executive officerScott Romine Dec 22, 2021 to May 12, 202618
- PresidentCraig Donald Smith Mar 12, 2025 to now19
- PresidentLaura Louene Prieskorn Aug 6, 2021 to Dec 22, 202116
- PresidentMark D. Nerud Aug 6, 2021 to Mar 28, 202317
- PresidentScott Romine Dec 22, 2021 to Mar 12, 202518
- Chief financial officerDon W. Cummings Jun 7, 2024 to now20
- Chief financial officerMarcia Lynn Wadsten Aug 6, 2021 to Apr 8, 202421
- Chief operating officerDevkumar Dilip Ganguly Aug 6, 2021 to Feb 4, 202522
Board members and other officers (25)
- EVP and Chief Risk OfficerSavvas Steve Panagiotis Binioris Apr 24, 2025 to now23
- SVP and ControllerCraig A. Anderson Jun 10, 2024 to now24
- EVP and Chief Risk OfficerChristopher Raub May 30, 2023 to now25
- EVP & Chief Commercial OfficerAimee Rochelle Decamillo Aug 6, 2021 to Dec 13, 202126
- EVP and Chief Risk OfficerBradley Olan Harris Aug 6, 2021 to Apr 11, 202327
- SVP, Controller and CAODon W. Cummings Aug 6, 2021 to Apr 8, 202428
- EVP, GC and SecretaryJulia Anne Goatley Aug 6, 2021 to Oct 6, 202129
- Vice chairPaul Chadwick Myers Aug 6, 2021 to Mar 28, 202330
- EVP, GC and SecretaryCarrie Chelko Sep 23, 2021 to Jun 17, 202231
- Board memberAdrian Roger Parkes Aug 6, 2021 to Aug 6, 202132
- Board memberAimee Rochelle Decamillo Aug 6, 2021 to Aug 6, 202126
- Board memberBradley Olan Harris Aug 6, 2021 to Aug 6, 202127
- Board memberLaura Louene Prieskorn Aug 6, 2021 to now16
- Board memberMarcia Lynn Wadsten Aug 6, 2021 to Aug 6, 202121
- Board memberMark Thomas Fitzpatrick Aug 6, 2021 to Aug 6, 202133
- Board memberSteven A. Kandarian Aug 6, 2021 to now34
- Board memberStuart James Turner Aug 6, 2021 to Aug 6, 202135
- Board memberDerek G. Kirkland Sep 21, 2021 to now36
- Board memberDrew Lawton Sep 21, 2021 to now37
- Board memberEsta E. Stecher Sep 21, 2021 to now38
- Board memberGregory T. Durant Sep 21, 2021 to now39
- Board memberLily Fu Claffee Sep 21, 2021 to now40
- Board memberMartin J. Lippert Sep 21, 2021 to now41
- Board memberRussell G. Noles Sep 21, 2021 to now42
- General counselCarrie Chelko Sep 19, 2022 to now43
Subsidiaries and ownership
Also consolidated
Subsidiaries (Exhibit 21)
- Allied Life Brokerage Agency, Inc. Iowa4
- B2B Solutions, LLC Delaware4
- Brier Capital LLC Michigan4
- Brooke Life Insurance Company Michigan4
- Brooke Life Reinsurance Company Michigan4
- Hermitage Management, LLC Michigan4
- Hickory Brooke Reinsurance Company Michigan4
- Jackson Brooke LLC Delaware4
- Jackson Finance LLC Michigan4
- Jackson Holdings LLC Delaware4
- Jackson National Asset Management LLC Michigan4
- Jackson National Life Distributors LLC Delaware4
- Jackson National Life Insurance Agency, LLC Illinois4
- Jackson National Life Insurance Company Michigan4
- Jackson National Life Insurance Company of New York New York4
- Mission Plans of America, Inc. Texas4
- National Planning Holdings LLC Delaware4
- Old Hickory Fund I, LLC Delaware4
- PGDS (US ONE) LLC Delaware4
- PPM America Capital Partners III, LLC Delaware4
- PPM America Capital Partners IX, LLC Delaware4
- PPM America Capital Partners VIII, LLC Delaware4
- PPM America Private Equity Fund VIII-A LP Delaware4
- PPM America, Inc. Delaware4
All 50 listed subsidiaries
- PPM CLO 2 Ltd. Cayman Islands4
- PPM CLO 2, LLC Delaware4
- PPM CLO 2018-1 Ltd. Cayman Islands4
- PPM CLO 2018-1, LLC Delaware4
- PPM CLO 3 Ltd. Cayman Islands4
- PPM CLO 3, LLC Delaware4
- PPM CLO 4 Ltd. Cayman Islands4
- PPM CLO 4, LLC Delaware4
- PPM CLO 5 Ltd. Cayman Islands4
- PPM CLO 5, LLC Delaware4
- PPM CLO 6, LLC Delaware4
- PPM CLO 6-R Ltd. Jersey4
- PPM CLO 7 Ltd. Jersey4
- PPM CLO 7, LLC Delaware4
- PPM CLO 8 Ltd. Cayman Islands4
- PPM CLO 8, LLC Delaware4
- PPM Holdings, Inc Delaware4
- PPM Loan Management Company 2, LLC Delaware4
- PPM Pomona Capital Partners, LLC Delaware4
- PPM Strategic Opportunities Aggregator Fund I LP Delaware4
- PPM Strategic Opportunities Capital Partners I, LLC Delaware4
- PPM Strategic Opportunities Fund I LP Delaware4
- REALIC of Jacksonville Plans, Inc. Texas4
- ROP, Inc. Delaware4
- Squire Reassurance Company II, Inc. Michigan4
- VFL International Life Company SPC, Ltd. Cayman Islands4
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 14, 20268-K Executive or director change; Regulation FD disclosure44
- Aug 3, 20268-K Results of operations45
- Aug 3, 20268-K Regulation FD disclosure46
- Jul 22, 20268-K Executive or director change; Regulation FD disclosure47
- Jul 1, 20268-K Entered a material agreement; New debt or obligation48
- Jun 25, 20268-K Executive or director change49
- Jun 15, 20268-K New debt or obligation50
- May 26, 20268-K Shareholder vote51
- May 12, 2026New chief executive Christopher Raub becomes CEO14
- May 5, 20268-K Results of operations52
- May 5, 20268-K Regulation FD disclosure53
- Apr 9, 20268-K Executive or director change; Regulation FD disclosure54
- Mar 27, 20268-K Other events55
- Dec 22, 2021New chief executive Scott Romine becomes CEO18
- Aug 6, 2021New chief executive Mark D. Nerud becomes CEO17
- Aug 6, 2021New chief executive Laura Louene Prieskorn becomes CEO16
- Aug 6, 2021New chief executive Craig Donald Smith becomes CEO15
- Mar 3, 2006Founded Jackson Financial Inc. is founded2
Calendar
Coming up
- Nov 3, 2026 · After the closeReports results for the quarter ending Sep/202656
When it reported results
- Aug 3, 2026Reported quarterly or annual results45
- May 5, 2026Reported quarterly or annual results52
- Feb 18, 2026Reported quarterly or annual results57
- Nov 4, 2025Reported quarterly or annual results58
- Aug 5, 2025Reported quarterly or annual results59
- May 7, 2025Reported quarterly or annual results60
- Feb 19, 2025Reported quarterly or annual results61
- Nov 6, 2024Reported quarterly or annual results62
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
778 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 74 major events, 595 insider forms, 28 large holders, 61 other. The latest 20:
- Oct 14, 20268-K EDGAR
- Oct 8, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 14, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 14, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Sep 14, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 27, 2026N-PX EDGAR
- Aug 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
The 778 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
52 open-market trades by officers, directors and large owners since October 2021: 17 buys and 35 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Raub ChristopherEVP JFI; CEO PPM America | Sale | 5,000 | $130.69 | $653.5K | Form 4 |
| Aug 5, 2026 | Chelko CarrieEVP and General Counsel | Sale | 7,500 | $134.24 | $1.0M | Form 4 |
| Mar 11, 2026 | Kirkland Derek GDirector | Sale | 10,000 | $108.32 | $1.1M | Form 4 |
| Aug 13, 2025 | Chelko CarrieEVP and General Counsel | Sale | 3,000 | $95.40 | $286.2K | Form 4 |
| Aug 11, 2025 | Smith Craig DonaldPresident and CEO PPM America | Sale | 2,500 | $91.67 | $229.2K | Form 4 |
| Aug 8, 2025 | Smith Craig DonaldPresident and CEO PPM America | Sale | 3,500 | $89.96 | $314.9K | Form 4 |
| Aug 7, 2025 | Smith Craig DonaldPresident and CEO PPM America | Sale | 1,500 | $88.44 | $132.7K | Form 4 |
| Apr 7, 2025 | Smith Craig DonaldPresident and CEO PPM America | Sale | 20,607 | $69.52 | $1.4M | Form 4 |
| Mar 11, 2025 | Smith Craig DonaldPresident and CEO PPM America | Sale | 7,974 | $80.75 | $643.9K | Form 4 |
| Mar 10, 2025 | Raub ChristopherEVP JFI; CEO PPM America | Sale | 2,000 | $81.66 | $163.3K | Form 4 |
| Mar 7, 2025 | Romine ScottPresident and CEO, JNLD | Sale | 7,000 | $84.43 | $591.0K | Form 4 |
| Feb 24, 2025 | Smith Craig DonaldPresident and CEO PPM America | Sale | 3,573 | $82.89 | $296.2K | Form 4 |
| Dec 11, 2024 | Durant Gregory TDirector | Buy | 1,500 | $90.28 | $135.4K | Form 4 |
| Nov 12, 2024 | Ganguly Devkumar DilipEVP & Chief Operating Officer | Sale | 10,000 | $111.06 | $1.1M | Form 4 |
| Sep 19, 2024 | Chelko CarrieEVP and General Counsel | Sale | 5,500 | $91.31 | $502.2K | Form 4 |
| Aug 13, 2024 | Romine ScottPresident and CEO, JNLD | Sale | 10,000 | $82.52 | $825.2K | Form 4 |
| Aug 13, 2024 | Noles Russell GDirector | Buy | 700 | $84.28 | $59.0K | Form 4 |
| Jun 18, 2024 | Romine ScottPresident and CEO, JNLD | Sale | 12,000 | $71.21 | $854.5K | Form 4 |
| Jun 6, 2024 | Cummings Don WEVP and CFO | Buy | 1,381 | $72.49 | $100.1K | Form 4 |
| Jun 5, 2024 | Cummings Don WEVP and CFO | Buy | 1,445 | $72.70 | $105.1K | Form 4 |
All 52 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202663
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202664
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Feb 10, 2022 to Mar 27, 202665
- TPG GP A, LLCSCHEDULE 13G, 1 filing Feb 13, 202666
- FIRST TRUST PORTFOLIOS LPSCHEDULE 13G/A, 2 filings Jul 25, 2024 to Apr 28, 202567
- BlackRockSC 13G/A, 4 filings Feb 24, 2023 to Mar 7, 202468
- DIMENSIONAL FUND ADVISORS LPSC 13G, 1 filing Feb 9, 202469
- FMR LLCSC 13G/A, 3 filings Feb 9, 2022 to Feb 9, 202470
- Prudential plcSC 13G/A, 3 filings Feb 11, 2022 to Jan 30, 202471
- Apollo Management Holdings GP, LLCSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202372
- Sessa Capital (Master), L.P.SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202373
- Dan HaganSC 13G/A, 3 filings Dec 22, 2021 to Jan 11, 202374
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Laura L. PrieskornChief Executive Officer, President and Director | $1.1M | $11.5M75 | |
| 2025 | Craig D. SmithPresident and CEO, PPM America, Inc. | $573.8K | $5.7M75 | |
| 2025 | Scott E. RomineFormer President and CEO, Jackson National Life Distributors LLC | $436.6K | $5.5M75 | |
| 2025 | Don W. CummingsExecutive Vice President and Chief Financial Officer | $648.5K | $4.3M75 | |
| 2025 | Chris A. RaubExecutive Vice President, JFI and President, Jackson National Life Insurance Company | $572.1K | $4.0M75 | |
| 2025 | Carrie L. ChelkoExecutive Vice President and General Counsel | $586.9K | $3.3M75 | |
| 2024 | Laura L. PrieskornChief Executive Officer, President and Director | $1.1M | $12.2M75 | |
| 2024 | Craig D. SmithPresident and CEO, PPM America, Inc. | $540.0K | $6.0M75 | |
| 2024 | Don W. CummingsExecutive Vice President and Chief Financial Officer | $538.5K | $4.3M75 | |
| 2024 | Scott E. RomineFormer President and CEO, Jackson National Life Distributors LLC | $650.0K | $4.0M75 | |
| 2024 | Carrie L. ChelkoExecutive Vice President and General Counsel | $560.8K | $3.3M75 | |
| 2023 | Laura L. PrieskornChief Executive Officer, President and Director | $1.0M | $11.0M75 | |
| 2023 | Craig D. SmithPresident and CEO, PPM America, Inc. | $537.7K | $5.3M75 | |
| 2023 | Scott E. RomineFormer President and CEO, Jackson National Life Distributors LLC | $650.0K | $3.7M75 | |
| 2023 | Carrie L. ChelkoExecutive Vice President and General Counsel | $500.8K | $2.8M75 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 6,800,653 | $696.3M | 0.0% | −100,075 |
| Vanguard Portfolio Management LLC | 5,446,195 | $557.6M | 0.0% | −17,549 |
| Tpg Gp A, LLC | 4,715,554 | $482.8M | 9.7% | No change |
| Dimensional Fund Advisors LP | 4,117,157 | $421.6M | 0.1% | +56,807 |
| Vanguard Capital Management LLC | 3,136,509 | $321.1M | 0.0% | −17,704 |
| State Street Corp | 2,972,127 | $304.3M | 0.0% | +40,766 |
| Geode Capital Management, LLC | 2,297,678 | $246.2M | 0.0% | +116,110 |
| Donald Smith & Co., Inc. | 1,789,104 | $183.2M | 3.2% | −103,293 |
| Hsbc Holdings PLC | 1,749,644 | $182.2M | 0.1% | +263,838 |
| Goldman Sachs Group Inc | 1,519,396 | $155.6M | 0.0% | −105,514 |
| American Century Companies Inc | 1,457,597 | $149.2M | 0.1% | −69,111 |
| Charles Schwab Investment Management Inc | 1,018,101 | $104.2M | 0.0% | −47,100 |
| Morgan Stanley | 1,018,067 | $104.2M | 0.0% | +318 |
| Federated Hermes, Inc. | 1,004,572 | $102.9M | 0.1% | −81,345 |
| Norges Bank | 998,581 | $102.2M | 0.0% | New |
| Northern Trust Corp | 898,102 | $92.0M | 0.0% | +32,794 |
| Arrowstreet Capital, Limited Partnership | 831,745 | $85.2M | 0.0% | +11,897 |
| Victory Capital Management Inc | 668,999 | $68.5M | 0.0% | +2,457 |
| Bank of New York Mellon Corp | 650,839 | $66.6M | 0.0% | −260,014 |
| Qube Research & Technologies Ltd | 550,901 | $56.4M | 0.1% | +171,870 |
| Balyasny Asset Management L.P. | 509,715 | $52.2M | 0.1% | +356,955 |
| Jacobs Levy Equity Management, Inc | 465,318 | $47.6M | 0.2% | −6,687 |
| Vanguard Fiduciary Trust Co | 460,439 | $47.1M | 0.0% | +3,957 |
| Nuveen, LLC | 454,641 | $46.6M | 0.0% | +22,343 |
| Algert Global LLC | 366,243 | $37.5M | 0.4% | +163,006 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Jackson Financial Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARJackson Financial Inc.1
- CIK0001822993
- Employer ID (EIN)98-04861526
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 311
- Industry code (SIC)6311 Life Insurance1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address1 Corporate Way, Lansing, MI 489511
- Phone517-381-55001
- Shares outstanding67,728,744 as of Jul 27, 202613
- Public float$4.7B as of Jun 30, 20256
- AuditorKPMG LLP, Minneapolis, Minnesota PCAOB ID 185; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceSep 25, 20201
- Filings833 in all: 4 (589), 8-K (80), 3 (31), 13F-NT (20), 10-Q (16), SC 13G/A (14), SC 13G (9), 10-12B/A (6)1
All 35 form types
CORRESP (6), 10-K (5), DEF 14A (5), DEFA14A (5), UPLOAD (5), ARS (4), 424B3 (3), 424B5 (3), FWP (3), N-PX (3), SCHEDULE 13G (3), 144 (2), 424B2 (2), CERT (2), DRS (2), PRE 14A (2), S-3ASR (2), SCHEDULE 13G/A (2), 10-12B (1), 3/A (1), 4/A (1), 8-A12B (1), DRS/A (1), EFFECT (1), S-4 (1), S-8 (1), SEC STAFF ACTION (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Aug 3, 2026
Proxy statement (DEF 14A) Apr 7, 2026
Latest 8-K (8-K) Oct 14, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, Par Value $0.01 Per Share | JXN | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A | JXN PR A | New York Stock Exchange |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Jackson Financial Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 41 risks under these headings, as written.6
- This Form 10-K also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described in this Part 1A. See, also, “Forward-Looking Statements – Cautionary Language” in Part I. Business.
- Risks Related to Conditions in Global Financial Markets and the Economy
- General conditions in the global financial markets and the economy could have a material adverse effect on our business.
- Equity market movements could lead to financial loss related to: (i) when the market declines, higher payments on guaranteed benefits offered in our products, lower fee-based income, and losses from equity-related investments; (ii) when the market increases, higher costs on equity-linked interest credits offered in our products; and (iii) when the market is volatile, our hedging being less effective than we expect.
- Interest rate movements could lead to financial loss related to: (i) in the case of prolonged declines, guaranteed benefits offered in our products, as well as lower investment income; (ii) in the case of prolonged increases, our interest-crediting products; and (iii) in the case of elevated volatility, our hedging being less effective than we expect.
- Our investment management business’ revenues and results of operations depend on the market value and the composition of our assets under management, which could fluctuate significantly based on various factors, including many factors outside of our control.
- Disruptions or volatility in financial market conditions could limit our ability to buy or sell investments and derivative instruments or negatively impact our liquidity.
- Volatility in credit spreads, or ratings downgrades, defaults, or impairments in our general or separate account assets, could negatively impact earnings and statutory capital.
- Credit spread volatility
- Asset ratings downgrades, defaults, or impairments
- Difficulties faced by other financial institutions could adversely affect us.
- Risks Related to Ratings, Liquidity and Capital Management
The other 32 risks
- An actual or potential downgrade in our financial strength or issuer credit ratings could result in a loss of business and cause a material adverse effect on our business.
- As a holding company, Jackson Financial depends on the ability of its subsidiaries to pay dividends and make other distributions to meet its obligations and liquidity needs.
- Failing to deliver on Jackson’s cash obligations, such as policyholder benefits and derivative margin requirements, could have a significant negative impact on its ability to continue to sell products and access derivative markets.
- We are subject to liquidity risks associated with sourcing a large concentration of our funding from the Federal Home Loan Bank of Indianapolis (“FHLBI”).
- Some of our investments are relatively illiquid and could be difficult to sell, or to sell in significant amounts at acceptable prices, to generate cash to meet our needs.
- Our use of financial derivative transactions to hedge risks associated with our operations exposes us to counterparty credit risk that could lead to a financial loss.
- Our use of reinsurance to mitigate a portion of the risks that we face exposes us to counterparty credit risk that could cause a material adverse impact on our business.
- Jackson may make inefficient decisions regarding the use of capital to meet business objectives, fund strategic initiatives and return capital to shareholders.
- Risks Related to Product Design, Assumptions, and Models
- The design and pricing of our products can impact our competitiveness in the marketplace, negatively affect our earnings and capitalization, and increase the volatility of our financial results.
- We could face unanticipated losses if there are significant deviations from our assumptions regarding the persistency, mortality rates, and benefit utilization related to our annuity contracts.
- We rely on complex models to predict behavior, identify potential risks and estimate financial performance, and these models may be ineffective due to incomplete or inaccurate assumptions or errors in data collection, analysis or interpretation that could result in materially inaccurate model output.
- The subjective determination of the amount of allowances and impairments taken on our investments could cause a material adverse effect on our business.
- Risks Related to the Distribution of Our Products
- Our failure to describe accurately the features and options of our annuities, failure to administer those features and options consistent with their descriptions or mishandling of customer complaints could adversely impact our business.
- If we do not design our products in accordance with applicable law, those products may not achieve the intended objectives and could adversely impact our business.
- We could experience difficulties in distributing our products through third-party distribution partners, which are a primary source of our sales.
- Competition could adversely affect our market share and financial results.
- Risks Related to Legal, Tax and Regulatory Matters
- Our businesses are heavily regulated and changes in regulation could reduce our profitability and limit our growth.
- A decrease in the risk-based capital ("RBC") ratio (as a result of a reduction in statutory capital and surplus or increase in RBC requirements) of our insurance subsidiaries could result in increased scrutiny by insurance regulators and rating agencies, which could lead to corrective measures and ratings downgrades that would adversely affect our business.
- Changes in U.S. federal income or other tax laws or the interpretation of tax laws could affect sales of our products, cash flows, and profitability.
- Our investment advisory agreements with clients are subject to termination or non-renewal on short notice.
- Changes to comply with new and potential laws or regulations that impose fiduciary or best interest standards in connection with the sale of our products could materially increase our costs, decrease our sales and result in a material adverse impact on our business.
- Changes in accounting standards could cause a material adverse effect on our business, financial condition, results of operations and cash flows.
- Legal and regulatory investigations and actions are increasingly common in our industry and could result in a material adverse effect on our business.
- Risks Related to Information Technology, Security, Artificial Intelligence, and Data
- Our information technology systems could fail, which could cause a material adverse effect on our business.
- Our information technology systems, and those of our third-party vendors and service providers, are vulnerable to physical or electronic intrusions, computer viruses, ransomware or other attacks potentially exposing confidential customer or associate data or proprietary business information.
- Jackson is exposed to the risk of incomplete, inaccurate, or misinterpreted data being utilized for reporting or decision-making purposes.
- The use of artificial intelligence may result in errors in analysis and decision-making that could cause adverse effects on our business.
- General Risk Factors
- We could face direct or indirect effects of, or responses to, climate change.
- We face risks arising from acquisitions or other complex strategic transactions.
- Applicable insurance laws could make it difficult to effect a change of control of our Company.
- Anti-takeover provisions in our certificate of incorporation and by-laws could discourage, delay, or prevent a change of control of our Company and could affect the trading price of our common stock.
- Our certificate of incorporation designates the Court of Chancery of the State of Delaware or the federal courts, as applicable, as the sole and exclusive forum for certain litigation that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or shareholders.
Legal proceedings
For a discussion of legal proceedings, see Note 16 - Commitments and Contingencies of the Notes to Consolidated Financial Statements included under Item 8. Financial Statements and Supplementary Data of this Form 10-K, which is incorporated herein by reference.
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 6
- 7
- 8
- 9
- 10
- 11
- 12
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- 18
- 19SEC EDGARCraig Donald Smith, President
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30SEC EDGARPaul Chadwick Myers, Vice chair
- 31SEC EDGARCarrie Chelko, EVP, GC and Secretary
- 32SEC EDGARAdrian Roger Parkes, Board member
- 33
- 34SEC EDGARSteven A. Kandarian, Board member
- 35SEC EDGARStuart James Turner, Board member
- 36SEC EDGARDerek G. Kirkland, Board member
- 37SEC EDGARDrew Lawton, Board member
- 38SEC EDGAREsta E. Stecher, Board member
- 39SEC EDGARGregory T. Durant, Board member
- 40SEC EDGARLily Fu Claffee, Board member
- 41SEC EDGARMartin J. Lippert, Board member
- 42SEC EDGARRussell G. Noles, Board member
- 43SEC EDGARCarrie Chelko, General counsel
- 44
- 45SEC EDGARResults of operations
- 46SEC EDGARRegulation FD disclosure
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- 49SEC EDGARExecutive or director change
- 50SEC EDGARNew debt or obligation
- 51SEC EDGARShareholder vote
- 52SEC EDGARResults of operations
- 53SEC EDGARRegulation FD disclosure
- 54
- 55SEC EDGAROther events
- 56NasdaqNasdaq calendar
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