Jackson Financial Inc. (NYSE: JXN-PA)

Jackson Financial Inc. is a financial services company that helps Americans secure their financial futures through a diverse suite of annuity products. The firm focuses on variable annuities, registered index linked annuities, fixed and fixed index annuities, and payout annuities for retail investors in the United States.

The company generates revenue primarily from fee income earned on managed assets, investment income from its general account, and insurance premiums collected from policyholders. Its product suite includes variable annuities with optional guaranteed benefits, registered index linked annuities offering market participation with downside protection, fixed annuities providing guaranteed rates, and institutional products that deliver spread based income to corporate and plan sponsors.

The company operates through the following segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks.

• Retail Annuities: This segment offers variable annuities with a broad range of investment options, registered index linked annuities that provide market index linked returns subject to caps and downside protection, fixed and fixed index annuities with guaranteed crediting rates, and payout annuities that convert assets into lifetime income streams, plus lifetime income solutions for defined contribution plans and investment management of separate account assets through its subsidiary JNAM.

• Institutional Products: This segment provides investment spread based products that guarantee principal and interest payments to institutional and corporate investors, with sales of $3.5 billion and an account value of $11.0 billion as of December 31 2025.

• Closed Life and Annuity Blocks: This segment consists of acquired blocks of life and annuity policies, including whole life, universal life, variable universal life, term life insurance, and fixed, fixed index, and payout annuities, with more than 1.3 million policies in force and $20.1 billion of total reserves as of December 31 2025.

Jackson Financial Inc. ranks among the top 10 annuity providers in the United States, having been the 7th largest retail annuity company by sales for the 9 months ended September 30 2025 and the 8th largest for the year ended December 31 2024 according to LIMRA. In the variable annuity market specifically, the company accounted for 13.6% of U. S. sales and ranked 2nd for the 9 months ended September 30 2025. Its competitive advantages include a differentiated product suite, a strong brand recognized by distributors and advisors reflected in a Net Promoter Score of +46 versus an industry average of +37, an efficient operating platform that administers about 82% of policies in house, and a low expense to asset ratio of 27 basis points at its principal insurance subsidiaries.

The company serves retail investors in the United States through independent broker dealers, wirehouses, regional broker dealers, banks, independent registered investment advisors, third party platforms, and insurance agents. For its institutional products, it sells to investment banks, corporate investors, plan sponsors, and other institutional clients. Additionally, the firm provides defined contribution solutions to plan participants through its retirement platform.