Q2 2026 Jackson Financial Inc Earnings Call Transcript
Key Points
- Record adjusted operating earnings of $7.30 per diluted share in Q2 2026, with a 50% year-over-year increase in ex-notables earnings.
- Strong sales momentum with retail annuity sales up 34% year-over-year, including record RILA sales of $2.3 billion.
- Continued diversification with spread-based products now representing 54% of total sales, reducing reliance on variable annuities.
- Robust capital generation and shareholder returns, with $575 million in free cash flow and $547 million returned to shareholders in H1 2026.
- Improved hedging effectiveness and capital stability, with RBC ratio at 538% and total adjusted capital up 9% year-over-year.
- Limited partnership results were below the long-term 10% return assumption, causing an unfavorable impact of $0.36 per share in Q2.
- Variable annuity net outflows persist, driven by high surrenders as policyholders take advantage of strong equity market gains.
- Required capital growth in Q2 was elevated due to equity market impacts and sales patterns, creating a headwind to free capital generation.
- The company faces potential future headwinds from equity market declines, which could negatively impact earnings and capital generation.
- Management transition with CEO and CFO changes may introduce uncertainty, though the company emphasizes continuity and stability.
Good day, everyone. Welcome to the Jackson Financial second quarter 2026 earnings conference call. (Operator Instructions) This call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Liz Werner, Head of Investor Relations. Please go ahead.
Good morning, everyone, and welcome to Jackson's 2026 second quarter earnings call. Today's remarks may contain forward-looking statements which are subject to risks and uncertainties. These statements are not guarantees of future performance or events. Jackson's filings with the SEC provide details on important factors that may cause actual results or events to differ materially. Except as required by law, Jackson is under no obligation to update any forward-looking statements.
Today's remarks also refer to certain non-GAAP financial measures. The reconciliation of those measures to the most comparable US GAAP figures is included in our earnings release, financial supplement and
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