PART I—FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Jackson Financial Inc. reported a net income of $4.99 billion for the six months ended June 30, 2022, driven by net gains on derivatives, with total assets decreasing [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $316.2 billion as of June 30, 2022, primarily due to reduced separate account assets, with total equity also slightly decreasing Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total investments** | $67,127 | $74,227 | | **Total assets** | $316,205 | $375,484 | | **Total liabilities** | $305,895 | $364,410 | | **Total equity** | $10,310 | $11,074 | [Condensed Consolidated Income Statements](index=7&type=section&id=Condensed%20Consolidated%20Income%20Statements) Net income significantly improved to $2.93 billion for Q2 2022 and $4.99 billion for the six months, primarily driven by net gains on derivatives and investments Key Income Statement Data (in millions, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $6,519 | $232 | $10,820 | $5,739 | | Net gains (losses) on derivatives and investments | $3,867 | $(2,521) | $5,472 | $185 | | Pretax income (loss) | $3,651 | $(538) | $6,037 | $3,047 | | Net income (loss) | $2,934 | $(484) | $4,990 | $2,516 | | Net income (loss) attributable to JFI | $2,903 | $(540) | $4,928 | $2,392 | | Diluted EPS | $32.56 | $(5.72) | $54.72 | $25.32 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $2.10 billion, while investing activities significantly increased cash, leading to an overall $2.64 billion increase in cash Summary of Cash Flows (in millions) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,096 | $2,148 | | Net cash provided by investing activities | $2,615 | $580 | | Net cash used in financing activities | $(2,076) | $(3,211) | | **Net increase (decrease) in cash** | **$2,635** | **$(483)** | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business operations, including the Prudential demerger and Athene reinsurance, and highlight the expected $2 billion to $4 billion equity decrease from ASU 2018-12 adoption - The company completed its demerger from Prudential plc on September 13, 2021, becoming an independent entity[33](index=33&type=chunk) - A significant funds withheld coinsurance agreement with Athene, effective June 1, 2020, reinsures a large block of in-force fixed and fixed-index annuity liabilities[38](index=38&type=chunk) - The upcoming adoption of ASU 2018-12 (LDTI) effective January 1, 2023, is expected to decrease total equity by **$2 billion to $4 billion** at the January 1, 2021 transition date[52](index=52&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=84&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant increase in Q2 2022 pretax income, driven by net gains on derivatives, despite a decrease in Adjusted Operating Earnings, while highlighting strong liquidity [Executive Summary](index=87&type=section&id=Executive%20Summary) The company, a market leader in retail annuities, highlights recent events like the Prudential demerger and Athene transactions, noting GAAP volatility and expected LDTI impact on equity - The company has been the **top-selling retail annuity company** in the U.S. for nine of the past ten years, according to LIMRA[272](index=272&type=chunk) - Significant recent corporate events include the demerger from Prudential, a major reinsurance transaction with Athene, elimination of Class B stock, and substantial common stock repurchases[276](index=276&type=chunk) - The company launched its RILA product suite in Q4 2021 and entered the Defined Contribution market[272](index=272&type=chunk) [Non-GAAP Financial Measures](index=89&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted Operating Earnings and Adjusted Book Value to clarify performance, with Q2 2022 Adjusted Operating Earnings at **$225 million** and Adjusted Operating ROE at **8.4%** Reconciliation of Net Income to Adjusted Operating Earnings (in millions) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net income (loss) attributable to JFI | $2,903 | $(540) | | Total non-operating adjustments (pretax) | $(3,377) | $1,355 | | Pretax Adjusted Operating Earnings | $243 | $761 | | Operating income taxes | $18 | $125 | | **Adjusted Operating Earnings** | **$225** | **$636** | Adjusted Book Value and ROE | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Total shareholders' equity | $9,563M | $10,391M | | **Adjusted Book Value** | **$11,608M** | **$8,633M** | | ROE | 121.4% | (21.2)% | | **Adjusted Operating ROE** | **8.4%** | **29.2%** | [Key Operating Measures](index=93&type=section&id=Key%20Operating%20Measures) Total sales for Q2 2022 decreased to **$4.3 billion**, with Retail Annuities account value and AUM also declining, though net flows improved due to lower outflows Sales by Product (in millions) | Product | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Variable annuities | $3,633 | $4,821 | | RILA | $490 | $0 | | Total Retail Annuity Sales | $4,142 | $4,859 | | Total Institutional Product Sales | $201 | $0 | | **Total Sales** | **$4,343** | **$4,859** | Account Value Highlights (in millions) | Category | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Total Variable Annuity Account Value | $206,299 | $257,923 | | Total Retail Annuities Account Value | $208,457 | $259,423 | | **Total AUM** | **$294,652** | **$359,454** | [Consolidated Results of Operations](index=102&type=section&id=Consolidated%20Results%20of%20Operations) Pretax income for Q2 2022 significantly increased to $3.65 billion, primarily driven by a $6.4 billion positive variance in net gains on derivatives and investments - The increase in pretax income was primarily driven by a **$6.4 billion** positive swing in 'Net gains (losses) on derivatives and investments' compared to the prior-year quarter[318](index=318&type=chunk) - The gains on derivatives were driven by significant equity market decreases and interest rate increases in 2022, favorable for the company's hedge positions[319](index=319&type=chunk) - Partially offsetting the gains were higher amortization of deferred acquisition costs (**$1.46 billion** increase) and higher death/policy benefits (**$702 million** increase)[319](index=319&type=chunk) [Segment Results of Operations](index=106&type=section&id=Segment%20Results%20of%20Operations) Retail Annuities segment's pretax adjusted operating earnings decreased to $218 million in Q2 2022, while Institutional Products earnings increased and Closed Life and Annuity Blocks earnings decreased Pretax Adjusted Operating Earnings by Segment (in millions) | Segment | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Retail Annuities | $218 | $683 | | Institutional Products | $19 | $6 | | Closed Life and Annuity Blocks | $6 | $56 | | Corporate and Other | $0 | $16 | | **Total** | **$243** | **$761** | [Liquidity and Capital Resources](index=128&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with cash and equivalents increasing to $5.3 billion, having paid dividends and repurchased stock in Q2 2022 - The holding company, Jackson Financial Inc., derives its cash primarily from dividends from its insurance subsidiaries[395](index=395&type=chunk) - In Q2 2022, the company paid a cash dividend of **$0.55 per share**, totaling **$50 million**[417](index=417&type=chunk) - The company repurchased **1.87 million shares** for **$66 million** in Q2 2022 and **5.30 million shares** for **$206 million** in the first six months of 2022[418](index=418&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=136&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred in the quantitative and qualitative disclosures about market risk since the 2021 Annual Report on Form 10-K - There have been no material changes to the market risk disclosures from the 2021 Annual Report[429](index=429&type=chunk) [Controls and Procedures](index=136&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2022, due to a material weakness, with remediation expected by year-end 2022 - The CEO and CFO concluded that disclosure controls and procedures were not effective as of June 30, 2022[431](index=431&type=chunk) - The ineffectiveness is due to a previously identified material weakness related to accounting for complex transactions; remediation efforts are underway and expected to be completed by year-end 2022[432](index=432&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=137&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation, which management believes will not materially affect its financial condition - Management does not expect ongoing litigation to have a material adverse effect on the company's financial condition[244](index=244&type=chunk) [Risk Factors](index=137&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the company's risk factors since the 2021 Annual Report on Form 10-K - No material changes to risk factors have occurred since the 2021 Annual Report[435](index=435&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=137&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased 1,870,854 shares of Class A Common Stock, with $183 million remaining for future repurchases Share Repurchase Activity (Q2 2022) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2022 | 349,357 | $43.40 | | May 2022 | 1,046,497 | $35.29 | | June 2022 | 475,000 | $28.75 | | **Total Q2 2022** | **1,870,854** | **-** | - As of the end of June 2022, **$183 million** remained authorized for purchase under the share repurchase program[438](index=438&type=chunk)

Jackson Financial, Inc. (NYSE:JXN) Q2 2022 Earnings Conference Call August 10, 2022 10:00 AM ET Company Participants Liz Werner - Head, IR Laura Prieskorn - CEO, President & Director Marcia Wadsten - EVP & CFO Conference Call Participants Suneet Kamath - Jefferies Alexander Scott - Goldman Sachs Erik Bass - Autonomous Research Operator Good morning, and welcome to the Jackson Financial Inc. 2Q 2022 Earnings Call. My name is Lauren, and I’ll be coordinating your call today. [Operator Instructions]. I would n ...

Jackson Financial Inc. First Quarter 2022 Financial Results May 11, 2022 Forward-Looking Statements and Non-GAAP Measures This document may contain certain statements, other than those relating to historical facts, that constitute "forward-looking statements." Forward-looking statements can generally be identified by their use of terms such as "anticipate," "estimate," "believe," "expect," "could," "forecast," "may," "intend," "plan," "predict," "project", "will" or "would" and similar terms and phrases, in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-40274 Jackson Financial Inc. (Exact name of registrant as specified in its charter) Delaware 98-0486152 (State or other jurisd ...

Jackson Financial, Inc. (NYSE:JXN) Q1 2022 Earnings Conference Call May 11, 2022 10:00 AM ET Company Participants Liz Werner - Head, Investor Relations Laura Prieskorn - CEO, President & Director Marcia Wadsten - EVP & CFO Paul Myers - Vice Chairman Conference Call Participants Thomas Gallagher - Evercore ISI Suneet Kamath - Jefferies Alexander Scott - Goldman Sachs Group Erik Bass - Autonomous Research Ryan Krueger - KBW Operator Good morning, and thank you for attending today's Jackson Financial First Qua ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission File Number: 001-40274 Jackson Financial Inc. (Exact name of registrant as specified in its charter) Delaware 98-0486152 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...

Financial Data and Key Metrics Changes - In 2021, adjusted operating earnings reached $2.4 billion, exceeding the prior year by over $500 million, with a 22% increase in pretax adjusted operating earnings from the previous year [13][18] - The company ended the year with total adjusted capital of $6.6 billion and an RBC ratio of 580% at Jackson National Life Insurance [15][71] - Fourth quarter adjusted operating earnings were $7.48 per share, reflecting a 30% increase in adjusted pretax operating earnings compared to the previous year's quarter [22][48] Business Line Data and Key Metrics Changes - The retail annuity segment accounted for nearly two-thirds of total growth in pretax adjusted operating earnings, with retail annuity account values reaching $259 billion, up nearly 13% from the prior year [14][25] - Fourth quarter annuity sales were at their highest level for the year at $5 billion, up modestly from the prior year's quarter [26] - Fee-based advisory sales reached a record level of $1.3 billion, up from $1 billion last year, indicating strong growth in this segment [27] Market Data and Key Metrics Changes - The overall annuity sales for the industry in 2021 were at their highest level since 2008, with a 27% increase in traditional variable annuity and RILA sales combined, totaling $125 billion [28][29] - The company entered the defined contribution market with a partnership with AllianceBernstein, indicating potential growth opportunities in this area [30] Company Strategy and Development Direction - The company aims to maintain a balanced approach to capital management while investing in growth and delivering targeted capital returns to shareholders [77] - Jackson Financial is focused on expanding and diversifying its product offerings and distribution channels, maintaining its position as a leader in the retirement income and savings solutions market [76][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate various market conditions, emphasizing the stability of their fee income stream that supports hedging budgets [86] - The company anticipates continued sales momentum in 2022, supported by a diverse set of products and an expanding distribution network [27][30] Other Important Information - The company announced an increase in shareholder dividends and share repurchase authorization, targeting a capital return of $425 million to $525 million for the calendar year 2022 [10][18] - The company completed $211 million in share repurchases and paid $50 million in dividends by the end of 2021, maintaining cash and liquidity of over $600 million at the holding company [68][69] Q&A Session Summary Question: Is the $600 million dividend typical going forward? - Management indicated that the $600 million dividend reflects a strong year for the business and may be slightly elevated compared to historical averages [80] Question: What about the remaining $90 million from the dividend? - The remaining $90 million will eventually make its way to the holding company through financing arrangements [82] Question: How does the current macro environment affect RBC calculations? - Management noted that market downturns could lead to increased reserves or capital requirements, but they are well-prepared for such fluctuations [84][85] Question: What is the expected capital return target for 2022? - The capital return target of $425 million to $525 million is based on the business's performance and is viewed as sustainable [88][89] Question: What are the annual hedging costs? - The company collects approximately $2.5 billion in guarantee fees annually, with hedging costs expected to increase in a volatile market environment [92][93] Question: Will the company generate positive RBC capital in a market correction? - Management indicated that they would need to close the books to determine the impact on RBC, but they have a good buffer to absorb market downturns [100][104] Question: What are the qualitative impacts of LDTI? - Management expects an increase in reserves due to the shift to fair value accounting under LDTI, with potential changes in GAAP earnings volatility [108][109]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Jackson Financial Inc. For the quarterly period ended September 30, 2021 (Exact name of registrant as specified in its charter) or (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1 Corporate Way, L ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40274 Jackson Financial Inc. (Exact name of registrant as specified in its charter) Delaware 98-0486152 (State or other j ...