Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007)	$ 47,321	$ 40,289
Debt Securities, at fair value under fair value option	3,470	3,046
Equity securities, at fair value	172	197
Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively	9,887	9,462
Mortgage loans, at fair value under fair value option	324	449
Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively)	4,426	4,403
Freestanding derivative instruments	448	297
Other invested assets	3,185	2,864
Total investments	69,233	61,007
Cash and cash equivalents	5,704	3,767
Accrued investment income	634	529
Deferred acquisition costs	11,660	11,887
Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively	19,518	21,830
Reinsurance recoverable on market risk benefits, at fair value	118	121
Market risk benefit assets, at fair value	7,867	8,899
Deferred income taxes, net	719	480
Other assets	637	787
Separate account assets	236,496	229,143
Total assets	352,586	338,450
Liabilities
Reserves for future policy benefits and claims payable	10,896	11,072
Other contract holder funds	67,663	58,312
Market risk benefit liabilities, at fair value	3,754	3,774
Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively)	14,960	16,742
Long-term debt	2,030	2,034
Repurchase agreements and securities lending payable	1,036	1,554
Collateral payable for derivative instruments	58	150
Freestanding derivative instruments		361
Separate account liabilities	236,496	229,143
Total liabilities	342,244	328,468
Commitments, Contingencies, and Guarantees (see Note 16)
Equity
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share (see Note 23)	533	533
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (see Note 23)	1	1
Additional paid-in capital	6,063	6,046
Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively	(1,645)	(1,007)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024	(2,470)	(3,522)
Retained earnings	7,471	7,713
Total shareholders' equity	9,953	9,764
Noncontrolling interests	389	218
Total equity	10,342	9,982
Total liabilities and equity	352,586	338,450
Freestanding derivatives
Liabilities
Freestanding derivative instruments	257	361
Related Party
Liabilities
Other liabilities	2,578	2,343
Nonrelated Party
Liabilities
Other liabilities	$ 2,516	$ 2,983

Jackson Financial Inc. 10-K