Q4 2025 Jackson Financial Inc Earnings Call Transcript
Key Points
- Jackson Financial Inc (JXN) surpassed its financial targets for 2025, achieving record sales and distribution.
- The company generated over $1 billion in free capital for the second consecutive year, supporting growth and capital return.
- A strategic partnership with TPG was closed, expected to accelerate growth in spread-based business and provide future flexibility.
- Retail annuity sales reached nearly $20 billion, the highest since 2019, with strong growth in RILA and fixed index annuities.
- Jackson Financial Inc (JXN) increased its quarterly dividend by nearly 13%, reflecting strong capital generation and shareholder returns.
- Net income was impacted by annual assumption reviews and net hedge results, leading to a GAAP pretax loss.
- Variable annuity net outflows remained elevated due to factors like an aging policyholder base and older sales vintages.
- Higher-than-expected surrenders and market volatility posed challenges to capital generation.
- The annual actuarial assumptions review resulted in a $360 million unfavorable impact due to updated policyholder behavior assumptions.
- Despite strong sales, the company anticipates it will take a couple of years to achieve flat net flows due to ongoing variable annuity outflows.
Hello, everyone, and welcome to the Jackson Financial Inc., 4Q '25 earnings call. My name is Charlie, and I'll be coordinating the call today. (Operator Instructions)
I'll now hand over to our host, Liz Werner, Head of Investor Relations, to begin. Liz, please go ahead.
Good morning, everyone, and welcome to Jackson's 2025 fourth-quarter and full-year 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 and are based upon management's current expectations.
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 if circumstances or management's estimates or opinions should change.
Today's remarks also refer to certain non-GAAP financial measures. The reconciliation of
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