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Jackson Financial Inc., through its subsidiaries, provides suite of annuities to retail investors in the United States. It operates through three segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks. The Retail Annuities segment offers various retirement income and savings products, including variable, fixed index, fixed, and payout annuities, as well as registered index-linked annuities and lifetime income solutions. The Institutional Products segment provides traditional guaranteed investment contracts; funding agreements backed by commercial paper; funding agreements comprising agreements issued in conjunction with its participation in the U.S. federal home loan bank program; and medium-term funding agreement-backed notes. The Closed Life and Annuity Blocks segment offers various protection products, such as whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. The company also provides investment management services. It sells its products through a distribution network that includes independent broker-dealers, wirehouses, regional broker-dealers, banks, independent registered investment advisors, third-party platforms, and insurance agents. The company was formerly known as Brooke (Holdco1) Inc. and changed its name to Jackson Financial Inc. in July 2020. Jackson Financial Inc. was incorporated in 2006 and is headquartered in Lansing, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.5B | - | $27M | $5.8B | 0.3% | 110.6% | -97.1% |
| 2024 | $3.1B | - | $946M | $5.8B | 10.2% | -2.3% | 1.3% |
| 2023 | $3.2B | - | $934M | $5.3B | 9.7% | -67.4% | -84.9% |
| 2022 | $9.7B | - | $6.2B | $5.2B | 71.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 9,720 | 3,165 | 3,092 | 6,511 |
| Operating Revenue | - | 9,720 | 3,165 | 3,092 | 6,511 |
| Selling General And Administration | - | 875 | 1,007 | 1,120 | 1,067 |
| Total Expenses | - | 1,986 | 2,207 | 2,070 | 6,625 |
| EBIT | - | 7,832 | 1,067 | 1,123 | -14 |
| Interest Expense | - | 98 | 109 | 101 | 100 |
| Net Interest Income | - | -98 | -109 | -101 | -100 |
| Other Income Expense | - | 85 | 67 | 44 | 61 |
| Interest Expense Non Operating | - | 98 | 109 | 101 | 100 |
| Net Non Operating Interest Income Expense | - | -98 | -109 | -101 | -100 |
| Pretax Income | - | 7,734 | 958 | 1,022 | -114 |
| Tax Provision | - | 1,505 | 4 | 46 | -186 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 6,229 | 954 | 976 | 72 |
| Net Income From Continuing And Discontinued Operation | - | 6,186 | 934 | 946 | 27 |
| Net Income From Continuing Operation Net Minority Interest | - | 6,186 | 934 | 946 | 27 |
| Net Income | - | 6,186 | 934 | 946 | 27 |
| Net Income Common Stockholders | - | 6,186 | 899 | 902 | -17 |
| Net Income Including Noncontrolling Interests | - | 6,229 | 954 | 976 | 72 |
| Normalized Income | - | 6,186 | 934 | 946 | 27 |
| Diluted NI Availto Com Stockholders | - | 6,186 | 899 | 902 | -17 |
| Basic Average Shares | - | 85.51 | 81.80 | 76.05 | 70.83 |
| Diluted Average Shares | - | 88.69 | 83.58 | 76.81 | 71.19 |
| Reconciled Depreciation | 11 | - | - | - | - |
| Preferred Stock Dividends | - | - | 35 | 44 | 44 |
| Minority Interests | - | -43 | -20 | -30 | -45 |
| Depreciation And Amortization In Income Statement | 11 | - | - | - | - |
| General And Administrative Expense | - | 875 | 1,007 | 1,120 | 1,067 |
| Other Gand A | - | 875 | 1,007 | 1,120 | 1,067 |
| Other Operating Expenses | - | 345 | 415 | 310 | 330 |
| Depreciation Income Statement | 11 | - | - | - | - |
| Loss Adjustment Expense | - | -2,508 | -2,830 | -2,895 | 1,576 |
| Net Policyholder Benefits And Claims | - | -2,508 | -2,830 | -2,895 | 1,576 |
| Policyholder Benefits Gross | - | -1,587 | -1,999 | -2,124 | 2,264 |
| Policyholder Benefits Ceded | - | 921 | 831 | 771 | 688 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Jackson Financial Inc.this co. | JXN | $7.4B | 273.73↑ premium | 0.78 | 0.3% | - |
| FactSet Research Systems Inc. | FDS | $9.3B | 15.56 | 4.25 | 27.3% | 10.88 |
| StoneX Group Inc. | SNEX | $9.0B | 29.55 | 3.80 | 12.9% | 13.05 |
| PJT Partners Inc. | PJT | $6.5B | 36.27 | 21.19 | 58.4% | 16.26 |
| Lincoln National Corporation | LNC | $6.5B |
| - |
| - |
| - |
| - |
| - |
| 5.53 |
| 0.66 |
| 11.9% |
| - |
| StepStone Group Inc. | STEP | $5.8B | - | - | 129.6% | - |
| Ameris Bancorp | ABCB | $5.7B | 13.90 | 1.41 | 10.1% | - |
| Enact Holdings, Inc. | ACT | $5.7B | 8.48 | 1.07 | 12.6% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 | 2.29 | 13.6% | 11.02 |
| Peer Median | - | 15.56 | 2.29 | 13.2% | 12.04 | |