Jackson Financial Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Amber stands here for a sound business with a misleading metric and an open question about the book. Arguing for the middle grade is documented substance: rank 2 in the U.S. variable annuity market, $7,983 million of fee income in 2025, adjusted operating earnings that rose from $1,073 million to $1,614 million in two years, a risk-based capital ratio of 567 percent and a dividend raised since the separation. Arguing against the green grade are equally documented findings: reported earnings were negative in 2025 and sharply negative in the first quarter of 2026 at minus $435 million; variable annuity account value fell in one quarter from $242,757 million to $229,558 million; withdrawals exceeded deposits by $14,890 million in 2025; the risk-based capital ratio has declined for a second year; and capital returned in 2025 exceeded what arrived at the top. There is no basis for the red grade — no going-concern qualification, no negative equity, no maturity squeeze; funding is secured for years by a $1.25 billion revolver through 2031 and notes due 2037. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Jackson Financial is a large, functioning annuity writer with a stable fee base of $7,983 million (2025), rising adjusted operating earnings of $1,614 million and a subsidiary capital ratio of 567 percent. The metric that lifts the stock to rank 26 of the price-to-free-cash-flow ranking, however, measures the wrong level: it divides market value by consolidated operating cash flow of $5,758 million, which consists largely of non-cash add-backs. At the holding company, the entity that pays the dividend and the buybacks, $838 million arrived in 2025 — $12 million of it from its own operations. On that figure the stock costs roughly ten times cash flow rather than one and a half, and it trades at a price-to-book ratio of about 0.93. The open question is whether new business replaces the run-off: variable annuity account value fell by $13.2 billion in a single quarter. Not investment advice.
Business model and market position
Rank 2 in U.S. variable annuities with a 13.6 percent market share (LIMRA, nine months to September 30, 2025) and $338.0 billion of assets under management (March 31, 2026). Fee income was $7,983 million in 2025 and barely moves. Sales rose to $23,211 million in 2025 from $19,849 million; in the first quarter of 2026 retail annuity sales climbed from $4,031 million to $5,279 million.
The hook and the metric
Rank 26 in our in-house price-to-free-cash-flow ranking (U.S. selection) at a ratio of 1.4, measured on July 27, 2026 (835 matches on the German list, 544 on the English list, 25 rows shown each). The arithmetic is right but the level is wrong: the underlying consolidated operating cash flow of $5,758 million (2025) is carried by non-cash add-backs, $3,241 million of derivative losses alone. Jackson Financial itself reports $838 million for the same year.
Earnings power, read adjusted
Adjusted operating earnings rose from $1,073 million (2023) to $1,443 million (2024) and $1,614 million (2025); the adjusted operating return on equity was 14.7 percent in 2025 and 13.8 percent in the first quarter of 2026. Reported earnings are unreadable by contrast: negative $17 million in 2025 and negative $435 million in the first quarter of 2026, because the accounting movement of the guarantee liabilities is deliberately left unhedged.
Book and outflows
Variable annuity account value fell from $242,757 million (December 31, 2025) to $229,558 million (March 31, 2026), and for the lifetime-withdrawal product from $174,293 million to $164,023 million. In 2025, $27,355 million of deposits met $42,245 million of withdrawals. Sales of institutional products collapsed in the first quarter of 2026 from $1,599 million to $110 million.
Capital, distributions and share count
The subsidiary's risk-based capital ratio fell from 624 percent (2023) to 572 percent (2024) and 567 percent (2025) — far above the action level, but with a clear direction. Capital returned in 2025, at $862 million, exceeded free cash flow of $838 million. Despite $192 million of buybacks, shares outstanding rose in the first quarter of 2026 from 66,825,632 to 70,270,752 because 4,715,554 shares were issued to TPG; by April 28, 2026 the count was 69,743,104.
Leadership and rebuild in progress
On July 16, 2026 the board approved a change at the top effective October 1, 2026: chief financial officer Don W. Cummings becomes chief executive, Brian M. Walta becomes chief financial officer, and Laura L. Prieskorn retires on September 30, 2026. Both successors come from inside the company. Running in parallel are the TPG partnership with its committed minimum fee, the build-out of reinsurance subsidiary Hickory Re and the fixed-annuity push; the audit committee chair also resigned on June 22, 2026.
Worth Noting
Hook and reference: rank 26 in our in-house price-to-free-cash-flow ranking (U.S. selection) at a ratio of 1.4, measured by us on the live scanner pages of both brands on July 27, 2026. The German list showed 835 matches that day, the English edition of the same screen 544; 25 rows are displayed in each case, and the last visible row also carried a ratio of 1.4 — Jackson Financial sits immediately behind it. The scanner lists are recomputed daily, last on July 26, 2026; the placement is a dated snapshot, not a permanent state.
Where the low ratio comes from — checked, not assumed: the ranking divides market value by free cash flow over the last four quarters, here consolidated operating cash flow ($5,758 million in 2025; the last four reported quarters sum to $5,209 million). Customer money is not included: the annual report explicitly treats deposits as policyholder deposits and excludes them from revenue; in the statement of cash flows they sit under financing activities (2025: $27,355 million of deposits against $42,245 million of withdrawals, plus $20,761 million transferred out of separate accounts). What carries the operating figure are non-cash add-backs: plus $3,241 million of derivative losses, plus $1,304 million from funds withheld reinsurance, plus $605 million from market risk benefits, plus $1,221 million of interest credited, minus $685 million of everything else — starting from net income of $72 million. The real payments on the hedging program sit in investing activities: negative $1,106 million (2025), negative $6,481 million (2024), negative $5,475 million (2023).
Market value cross-check: 69,743,104 shares per the cover page of the quarterly report (as of April 28, 2026) at the closing price of $119.28 on July 24, 2026 produce roughly $8.32 billion; fundamental data show $8.32 billion (as of July 26, 2026) — a deviation of less than one percent. From that follow the ratios cited in the text: about 1.6 against consolidated cash flow of the last four quarters and just under 10 against the company definition. The scanner list works from its own daily-updated market value and shows 1.4.
Metric selection for an annuity writer: sales, account value, net investment income, adjusted operating earnings and the statutory risk-based capital ratio are what matter. The Altman Z-score displayed by the scanner was designed for industrial companies and carries no information for an insurance balance sheet; it is not used as an argument here. A trailing price-to-earnings ratio does not exist because reported earnings over the last four quarters are negative.
Mandatory takeover check: none pending. There is no SC 13E-3, no DEFM14A, no Form 25 and no Form 15 in the filing history since the separation; the common stock and the preferred depositary shares trade on the NYSE as before. The only equity transaction is TPG Inc. acquiring roughly 6.5 percent for $500 million, announced January 6, 2026 and completed February 11, 2026 — a minority stake with investment management agreements including a committed minimum fee, not a takeover bid.
Recency gate: the most recent periodic report is the Form 10-Q for the quarter ended March 31, 2026 (filed May 5, 2026) and it has been fully reviewed. Every filing after that date was examined — Form 8-K of May 26, 2026 (annual meeting), June 15, 2026 ($750 million of 6.150 percent senior notes due 2037), June 25, 2026 (resignation of Gregory T. Durant), July 1, 2026 (new $1.25 billion revolver) and July 22, 2026 (leadership change effective October 1, 2026). The share count comes from the cover page of the quarterly report (as of April 28, 2026), not from the balance sheet date.
Risk of confusion: Jackson Financial Inc. (JXN) is the listed holding company; Jackson National Life Insurance Company is the operating insurance subsidiary and has no listing of its own. Brooke Life Reinsurance Company and Hickory Brooke Reinsurance Company are two separate captive reinsurers in Michigan with different purposes. TPG Inc. holds a minority stake but is an independent filer with its own SEC reports.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at JXN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 90.60 $ to 140.60 $ · Last price: 129.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Insurance - Life
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Jackson Financial Inc JXN | 9.0 | – | -5.7 | 48.8 | 44.6 | 116.1 | 38.0 |
| MetLife Inc MET | 62.3 | 19.2 | 0.0 | 24.0 | 9.9 | 8.6 | 27.0 |
| Aflac Incorporated AFL | 59.3 | 13.6 | 0.0 | 50.9 | 29.6 | -8.8 | 10.8 |
| Prudential Financial, Inc. PRU | 41.0 | 12.3 | 0.0 | 29.0 | 4.7 | -14.0 | 20.7 |
| Unum Group UNM | 15.4 | 20.6 | 0.0 | 29.3 | 10.6 | 2.1 | 30.4 |
| Globe Life Inc GL | 13.4 | 12.1 | 0.0 | 33.9 | 23.8 | 3.8 | 21.6 |
| Primerica Inc PRI | 8.9 | 12.7 | 0.0 | 72.1 | 30.3 | 4.4 | 9.0 |
| Lincoln National Corporation LNC | 8.2 | 4.7 | 0.0 | 27.1 | -4.1 | 1.2 | 12.5 |
| CNO Financial Group Inc CNO | 5.2 | 22.2 | 0.0 | 38.7 | 9.7 | 0.9 | 44.6 |
| Median of companies shown | 13.4 | 13.2 | 0.0 | 33.9 | 10.6 | 2.1 | 21.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4,939 | 769 | 798 | 8.45 | – | 6,967 | 237,876 |
| 2017 | 6,196 | 3,397 | 495 | 5.24 | 5,311 | 7,308 | 265,997 |
| 2018 | 13,688 | 2,393 | 1,986 | 21.02 | 5,822 | 7,472 | 259,334 |
| 2019 | 3,489 | -811 | -497 | -5.26 | 4,368 | 6,837 | 297,057 |
| 2020 | 4,643 | -2,491 | -1,634 | -17.30 | 3,712 | 9,922 | 353,456 |
| 2021 | 5,503 | 4,345 | 3,417 | 38.53 | 5,743 | 372,835 | 375,484 |
| 2022 | 9,720 | 7,734 | 6,186 | 69.75 | 5,206 | 9,155 | 311,058 |
| 2023 | 3,165 | 958 | 934 | 11.18 | 5,310 | 10,170 | 330,255 |
| 2024 | 3,092 | 1,022 | 946 | 12.71 | 5,793 | 9,764 | 338,470 |
| 2025 | 6,683 | -114 | 27 | 0.38 | 5,758 | 9,953 | 352,586 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 4.64 | – | 225 | -74.50 | 218.40 | 1,525 | 1,525 |
| 2025: Q1 | -0.48 | -104.80 | 3,723 | – | -0.60 | 1,594 | 1,594 |
| 2025: Q2 | 2.34 | -31.80 | -483 | -140.20 | – | 1,173 | 1,173 |
| 2025: Q3 | 0.92 | – | 1,416 | -33.20 | 5.40 | 1,370 | 1,370 |
| 2025: Q4 | -2.90 | -162.60 | 1,988 | 783.60 | -9.70 | 1,621 | 1,621 |
| 2026: Q1 | -6.08 | – | 2,902 | -22.10 | -14.60 | 1,045 | 1,045 |
| 2026: Q2 | 9.16 | 291.50 | 168 | 134.80 | 389.90 | 1,849 | 1,849 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 26.87 | 26.02 – 27.50 | 8,026 | 18.5% | 3 |
| 12/31/2027 | 30.81 | 27.48 – 33.05 | 8,683 | 14.6% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $5.89B |
|---|---|
| Market cap | $9.01B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 9.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Jackson Financial nennt in den Geschäftsberichten 2024 und 2025 einen eigenen, ausdrücklich selektiven KI-Einsatz samt eingerichteter Prüfprozesse für neu hinzukommende KI-Funktionen; KI ist keine Umsatzquelle und die Risikohinweise bleiben allgemein (Fehler, Verzerrung, KI-verstärkte Cyberangriffe), ohne konkrete Bedrohung des Rentenversicherungs-Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„We are selectively exploring the use of AI where it can provide meaningful benefit to our business and have established processes to review and help detect AI newly introduced in existing technology platforms and services; however, the risk remains that there could be embedded AI features that remain undisclosed or undetected."
Wir prüfen den Einsatz von KI selektiv dort, wo er unserem Geschäft einen spürbaren Nutzen bringen kann, und haben Verfahren eingerichtet, um neu in bestehende Technologieplattformen und Dienste eingeführte KI zu überprüfen und zu erkennen; es bleibt jedoch das Risiko, dass eingebettete KI-Funktionen unerkannt oder nicht offengelegt bleiben.
10-K · 2026-02-24 · View SEC filing
„Artificial intelligence (“AI”) developments and availability have increased the scale, sophistication, and unpredictability of those attempts, and the nature and costs of efforts to thwart them."
Entwicklungen und Verfügbarkeit künstlicher Intelligenz („KI“) haben Ausmaß, Raffinesse und Unvorhersehbarkeit dieser Angriffsversuche erhöht — ebenso Art und Kosten der Abwehr.
10-K · 2026-02-24 · View SEC filing
„Artificial intelligence (“AI”) is an evolving technology that potentially offers opportunities for businesses to gain efficiencies, pursue growth, or improve customer, employee or other stakeholder experiences."
Künstliche Intelligenz („KI“) ist eine sich entwickelnde Technologie, die Unternehmen möglicherweise Gelegenheiten bietet, effizienter zu werden, Wachstum zu verfolgen oder die Erfahrung von Kunden, Mitarbeitern und anderen Beteiligten zu verbessern.
10-K · 2025-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-02-24 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-Q 2025-05-07 · 10-K 2025-02-26
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -11.7%
- More than 10% revenue growth is expected for the coming year 3.5%
- Share count grows by less than 3% a year -7.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 202.3%
- Gross margin at 40% or higher and without meaningful erosion 85.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 48,865 m net cash
- Operating cash flow covers the profits of the last three years 14,954 m
- Return on capital at 15% or higher, or up versus two years ago 0.0%
- Insiders hold at least 10% or are net buyers 1.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.4%
- Exp. sales growth 3Y > 5% 14.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 795.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 0.0%
- Expected return > 10% 1,367.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Raub Christopher | EVP JFI; CEO PPM America | Other | 294 | 0.00 | – |
| Sep 10, 2026 | Raub Christopher | EVP JFI; CEO PPM America | Other | 4,154 | 138.36 | 574,747 |
| Sep 10, 2026 | Raub Christopher | EVP JFI; CEO PPM America | Other | 724 | 138.36 | 100,173 |
| Sep 10, 2026 | Cummings Don W | EVP and CFO | Other | 736 | 138.36 | 101,833 |
| Sep 10, 2026 | Anderson Craig A. | SVP and Controller | Other | 218 | 138.36 | 30,162 |
| Aug 12, 2026 | Raub Christopher | EVP JFI; CEO PPM America | Sell | 5,000 | 130.69 | 653,450 |
| Aug 5, 2026 | Chelko Carrie | EVP and General Counsel | Sell | 7,500 | 134.24 | 1,006,800 |
The company
About the Company
Jackson Financial Inc. bietet über seine Tochtergesellschaften ein Spektrum von Rentenversicherungen für Privatanleger in den USA.
- Employees
- 3,090
- Headquarters
- Lansing, MI
- Address
- 1 Corporate Way, 48951 Lansing, United States
- Phone
- 517 381 5500
- Website
- jackson.com
- IPO Date
- 09/01/2021
- ISIN
- US46817M1071
Management
| Name | Title | Birth Year |
|---|---|---|
| Laura Louene Prieskorn | CEO, President & Director | 1968 |
| Don Wayne Cummings | Executive VP & CFO | 1964 |
| Carrie Lynn Chelko | Executive VP & General Counsel | 1974 |
| Christopher Allen Raub | EVP & President of Jackson National Life Insurance Company | 1971 |
| Craig Donald Smith | President & CEO of PPM America, Inc. | 1968 |
| Devkumar Dilip Ganguly | Executive VP, Chief Innovation & Technology Officer | 1976 |
| Michael Ray Hicks | Senior VP & Chief Information Officer | – |
| Elizabeth Ann Werner | Head of Investor Relations | – |
| Dana Scamarcia Rapier | Senior VP & Chief Human Resources Officer of Jackson | – |
| Lin Ling Sun | SVP & Chief Actuary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/03/2026 Jackson Financial Inc. (JXN): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/03/2026 Jackson Financial Inc. (JXN): Results of Operations and Financial Condition SEC ↗
- 07/22/2026 Jackson Financial Inc. (JXN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.