Jackson Reports Strong Third Quarter 2025 Financial Performance, Driven by Continued Sales Momentum and Strength in Core Business Lines
Jackson Financial Inc. (NYSE: JXN), a leading provider of retirement income and annuity solutions in the United States, announced its financial results for the quarter ended September 30, 2025. The company’s third quarter performance demonstrated steady growth across key product categories, significant progress in generating free cash flow, and continued strategic execution focused on long-term shareholder value creation.
Sales Performance Driven by Strength in Variable and RILA Products
Retail annuity sales remained a core contributor to Jackson’s growth in the third quarter. Total retail annuity sales reached $5.4 billion, representing a 2% increase compared to the same period in 2024. This performance was underpinned by strong demand for Jackson’s broad suite of annuity products, including both traditional offerings and newer solutions designed to support flexible retirement planning.
Within the retail annuity segment, variable annuity sales totaled $2.9 billion, up 8% from the third quarter of the prior year. This increase was primarily attributed to higher sales of variable annuity products that do not carry lifetime benefit guarantees, reflecting strong advisor and consumer appetite for market-linked features that offer growth potential with lower structural costs.
Jackson also recorded record sales of registered index-linked annuities (RILAs), which reached $2.1 billion, marking a 28% increase from the same quarter in 2024. The continued demand for RILAs demonstrates investors’ desire for products that offer exposure to equity market performance while helping manage downside risk — a balance that remains especially important in periods of interest rate fluctuation and shifting market sentiment.
In contrast, fixed and fixed index annuity sales were $444 million, down 57% compared to the third quarter of 2024. The prior-year period saw exceptionally high fixed annuity sales due to market conditions favoring guaranteed yield products. While sales moderated from those elevated levels, fixed annuities remain an important part of Jackson’s comprehensive product lineup.
Institutional Segment Momentum Continues
Institutional sales were another area of notable strength. For the third quarter, institutional product sales increased 34% year-over-year to $1 billion, while sales for the first nine months of 2025 reached $3.5 billion, representing a 142% increase over the same period in 2024. Growth in the institutional segment reflects robust demand for spread-based solutions, as well as Jackson’s enhanced sourcing capabilities through its asset management subsidiary, PPM America, Inc. (PPM).
PPM continued to expand both internally managed and third-party assets, contributing to an 18% increase in assets under management relative to the third quarter of 2024. Strength in asset sourcing and management performance reinforced Jackson’s efforts to optimize revenue generation while supporting customer and investor objectives.
Strong Earnings Growth and Return to Profitability
For the third quarter of 2025, Jackson reported net income attributable to common shareholders of $65 million, or $0.92 per diluted share. This reflects a significant improvement compared to the net loss of $(480) million, or $(6.37) per diluted share, reported in the third quarter of 2024. The increase in net income was driven in part by more favorable performance in business reinsured to third parties and improved net hedging results relative to the prior-year quarter.
However, due to the effect of market-driven fluctuations on hedging and reinsurance outcomes, Jackson emphasizes adjusted operating earnings as a more consistent measure of underlying performance. Adjusted operating earnings for the quarter were $433 million, or $6.16 per diluted share, up from $350 million, or $4.60 per diluted share, in the same period of 2024. Growth was supported by higher spread income, expansion in average RILA and Institutional assets under management, disciplined cost control efforts, and a reduction in share count resulting from ongoing repurchase programs.
Capital Strength and Cash Generation Support Shareholder Value
Jackson maintained a robust capital position through the third quarter of 2025. As of September 30, total adjusted capital at Jackson National Life Insurance Company stood at over $5.6 billion, while the estimated risk-based capital (RBC) ratio at JNL reached 579%, demonstrating a strong financial foundation to support policyholder commitments and business growth.
The business continued to generate substantial free cash flow, totaling $216 million in the third quarter, and $719 million over the first nine months of 2025. Over the trailing 12-month period, free cash flow reached nearly $1 billion, supported primarily by distributions of approximately $1.1 billion from the operating company.
Jackson also continued to return significant capital to shareholders. During the third quarter alone, the company returned $210 million, including $154 million in share repurchases and $56 million in common dividends. For the first nine months of 2025, total shareholder distributions reached $657 million, and nearly $805 million over the trailing year. Additionally, in September 2025, Jackson announced a $1 billion increase to its existing share repurchase authorization, further demonstrating its commitment to shareholder return.
As of September 30, 2025, the holding company held over $750 million in cash and highly liquid securities — significantly above its targeted minimum liquidity buffer of $250 million.
Management Commentary: Focus on Long-Term Momentum
Laura Prieskorn, President and Chief Executive Officer of Jackson, highlighted the continued progress and strategic focus of the organization. She stated:
Our third quarter performance highlights the ongoing strength and momentum of our business as we advance toward our strategic goals. Retail annuity sales grew year over year, driven by our broad and innovative product portfolio, including record RILA sales and the successful launch of our Jackson Income Assurance offerings. Our robust in-force block continues to generate powerful free cash flow, enabling us to reinvest in growth while returning capital to our shareholders.
Prieskorn emphasized confidence in the company’s positioning heading into the remainder of 2025 and into 2026, particularly in its role supporting financial security for Americans preparing for retirement.
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