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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2026


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-40274

Jackson Financial Inc.

(Exact name of registrant as specified in its charter)


Delaware						98-0486152
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1 Corporate Way, Lansing, Michigan						48951
(Address of principal executive offices)						(Zip Code)

(517) 381-5500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, Par Value $0.01 Per Share	JXN	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A	JXN PR A	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of April 28, 2026, there were 69,743,104 shares of the registrant’s Common Stock, $0.01 par value, outstanding.

TABLE OF CONTENTS


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025			2
Condensed Consolidated Income Statements for the three months ended March 31, 2026 and 2025			3
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025			4
Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025			5
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025			6
Notes to Condensed Consolidated Financial Statements
Note 1. Business and Basis of Presentation			8
Note 2. New Accounting Standards			10
Note 3. Segment Information			10
Note 4. Investments			16
Note 5. Derivative Instruments			32
Note 6. Fair Value Measurements			37
Note 7. Deferred Acquisition Costs			53
Note 8. Reinsurance			54
Note 9. Reserves for Future Policy Benefits and Claims Payable			58
Note 10. Other Contract Holder Funds			64
Note 11. Separate Account Assets and Liabilities			69
Note 12. Market Risk Benefits			70
Note 13. Long-Term Debt			72
Note 14. Federal Home Loan Bank Advances			74
Note 15. Income Taxes			74
Note 16. Commitments and Contingencies			75
Note 17. Operating Costs and Other Expenses			76
Note 18. Accumulated Other Comprehensive Income (Loss)			76
Note 19. Equity			77
Note 20. Earnings Per Share			79
Note 21. Subsequent Events			80
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-looking Statements - Cautionary Language			81
Available Information			82
Principal Definitions, Abbreviations and Acronyms Used in the Text and Notes of this Report			82
Overview of Management's Discussion and Analysis of Financial Condition and Results of Operations			84
Executive Summary			84
Key Operating Measures			87
Macroeconomic, Industry, and Regulatory Trends			91
Non-GAAP Financial Measures			94
Consolidated Results of Operations			99
Segment Results of Operations			102
Investments			108
Policy and Contract Liabilities			114
Liquidity and Capital Resources			116
Impact of Recent Accounting Pronouncements			123
Summary of Critical Accounting Estimates			123
Item 3. Quantitative and Qualitative Disclosures About Market Risk			124
Item 4. Controls and Procedures			124

PART II—OTHER INFORMATION
Item 1. Legal Proceedings			125
Item 1A. Risk Factors			125
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			125
Item 5. Other Information			126
Item 6. Exhibits			126

SIGNATURES
Signatures			127

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Jackson Financial Inc.

Condensed Consolidated Balance Sheets

(in millions, except share data)


	March 31,		December 31,
	2026		2025
Assets	(Unaudited)
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $17 and $11 at March 31, 2026 and December 31, 2025, respectively (amortized cost: 2026 $52,356; 2025 $50,491)	$	48,597	$	47,321
Debt Securities, at fair value under fair value option	3,351		3,470

Equity securities, at fair value	243		172
Mortgage loans, net of allowance for credit losses of $159 and $133 at March 31, 2026 and December 31, 2025, respectively	10,248		9,887
Mortgage loans, at fair value under fair value option	196		324
Policy loans (including $3,556 and $3,537 at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)	4,431		4,426
Freestanding derivative instruments	701		448
Other invested assets	3,246		3,185
Total investments	71,013		69,233
Cash and cash equivalents	5,539		5,704
Accrued investment income	636		634
Deferred acquisition costs	11,634		11,660
Reinsurance recoverable, net of allowance for credit losses of $30 and $30 at March 31, 2026 and December 31, 2025, respectively	18,926		19,518
Reinsurance recoverable on market risk benefits, at fair value	121		118
Market risk benefit assets, at fair value	6,701		7,867
Deferred income taxes, net	610		719
Other assets	905		637
Separate account assets	223,452		236,496
Total assets	$	339,537	$	352,586

Liabilities and Equity
Liabilities
Reserves for future policy benefits and claims payable	$	10,706	$	10,896
Other contract holder funds	68,703		67,663
Market risk benefit liabilities, at fair value	3,971		3,754
Funds withheld payable under reinsurance treaties (including $3,744 and $3,723 at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)	14,511		14,960

Long-term debt	2,027		2,030
Repurchase agreements and securities lending payable	505		1,036
Collateral payable for derivative instruments	343		58
Freestanding derivative instruments	238		257
Notes issued by consolidated variable interest entities, at fair value under fair value option (see Note 4)	2,543		2,578
Other liabilities	2,638		2,516
Separate account liabilities	223,452		236,496
Total liabilities	329,637		342,244
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 March 31, 2026 and December 31, 2025; liquidation preference $25,000 per share (see Note 19)	533		533
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 70,270,752 and 66,825,632 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively (see Note 19)	1		1
Additional paid-in capital	6,393		6,063
Treasury stock, at cost; 24,217,563 and 27,662,683 shares at March 31, 2026 and December 31, 2025, respectively	(1,671)		(1,645)


Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(287) and $(377) at March 31, 2026 and December 31, 2025, respectively	(2,728)		(2,470)
Retained earnings	6,968		7,471
Total shareholders' equity	9,496		9,953
Noncontrolling interests	404		389
Total equity	9,900		10,342
Total liabilities and equity	$	339,537	$	352,586

See Notes to Condensed Consolidated Financial Statements.

Jackson Financial Inc.

Condensed Consolidated Income Statements

(Unaudited, in millions, except per share data)


	Three Months Ended March 31,
	2026		2025
Revenues
Fee income	$	1,998	$	1,986
Premiums	28		40
Net investment income:
Net investment income excluding funds withheld assets	541		528
Net investment income on funds withheld assets	199		227
Total net investment income	740		755
Net gains (losses) on derivatives and investments:
Net gains (losses) on derivatives and investments	283		1,343
Net gains (losses) on funds withheld reinsurance treaties	(159)		(388)
Total net gains (losses) on derivatives and investments	124		955
Other income	12		14
Total revenues	2,902		3,750

Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	258		244
(Gain) loss from updating future policy benefits cash flow assumptions, net	18		12
Market risk benefits (gains) losses, net	1,670		2,246
Interest credited on other contract holder funds, net of deferrals and amortization	315		288
Interest expense	25		25
Operating costs and other expenses, net of deferrals	735		677

Amortization of deferred acquisition costs	281		275
Total benefits and expenses	3,302		3,767
Pretax income (loss)	(400)		(17)
Income tax expense (benefit)	20		1
Net income (loss)	(420)		(18)
Less: Net income (loss) attributable to noncontrolling interests	4		6
Net income (loss) attributable to Jackson Financial Inc.	(424)		(24)
Less: Dividends on preferred stock	11		11
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$	(435)	$	(35)

Earnings per share

Basic	$	(6.24)	$	(0.48)
Diluted	$	(6.24)	$	(0.48)

See Notes to Condensed Consolidated Financial Statements.

Jackson Financial Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, in millions)


	Three Months Ended March 31,
	2026		2025

Net income (loss)	$	(420)	$	(18)

Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) of: $2 and $40, for the three months ended March 31, 2026 and 2025, respectively	(552)		607
Change in unrealized gains (losses) on securities with credit impairment, net of tax expense (benefit) of: nil and nil, for the three months ended March 31, 2026 and 2025, respectively	(24)		(1)
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) of $16 and $(16), for the three months ended March 31, 2026 and 2025, respectively	57		(59)
Change in non-performance risk on market risk benefits, net of tax expense (benefit) of $72 and $71, for the three months ended March 31, 2026 and 2025, respectively	261		256
Total other comprehensive income (loss)	(258)		803
Comprehensive income (loss)	(678)		785
Less: Comprehensive income (loss) attributable to noncontrolling interests	4		6
Comprehensive income (loss) attributable to Jackson Financial Inc.	$	(682)	$	779

See Notes to Condensed Consolidated Financial Statements.

Jackson Financial Inc.

Condensed Consolidated Statements of Equity

(Unaudited, in millions)


									Accumulated
					Additional		Treasury		Other				Total		Non-
	Preferred		Common		Paid-In		Stock		Comprehensive		Retained		Shareholders'		Controlling		Total
	Stock		Stock		Capital		at Cost		Income		Earnings		Equity		Interests		Equity
Balances as of December 31, 2025	$	533	$	1	$	6,063	$	(1,645)	$	(2,470)	$	7,471	$	9,953	$	389	$	10,342

Net income (loss)	—		—		—		—		—		(424)		(424)		4		(420)
Other comprehensive income (loss)	—		—		—		—		(258)		—		(258)		—		(258)
Change in equity of noncontrolling interests	—		—		—		—		—		—		—		11		11
Dividends on preferred stock	—		—		—		—		—		(11)		(11)		—		(11)
Dividends on common stock	—		—		—		—		—		(65)		(65)		—		(65)
Purchase of treasury stock	—		—		—		(227)		—		—		(227)		—		(227)
Issuance of treasury stock	—		—		322		178		—		—		500		—		500

Share based compensation	—		—		8		23		—		(3)		28		—		28
Balances as of March 31, 2026	$	533	$	1	$	6,393	$	(1,671)	$	(2,728)	$	6,968	$	9,496	$	404	$	9,900

									Accumulated
					Additional		Treasury		Other				Total		Non-
	Preferred		Common		Paid-In		Stock		Comprehensive		Retained		Shareholders'		Controlling		Total
	Stock		Stock		Capital		at Cost		Income		Earnings		Equity		Interests		Equity
Balances as of December 31, 2024	$	533	$	1	$	6,046	$	(1,007)	$	(3,522)	$	7,713	$	9,764	$	218	$	9,982

Net income (loss)	—		—		—		—		—		(24)		(24)		6		(18)
Other comprehensive income (loss)	—		—		—		—		803		—		803		—		803
Change in equity of noncontrolling interests	—		—		—		—		—		—		—		—		—
Dividends on preferred stock	—		—		—		—		—		(11)		(11)		—		(11)
Dividends on common stock	—		—		—		—		—		(59)		(59)		—		(59)
Purchase of treasury stock	—		—		—		(202)		—		—		(202)		—		(202)

Share based compensation	—		—		(4)		30		—		4		30		—		30
Balances as of March 31, 2025	$	533	$	1	$	6,042	$	(1,179)	$	(2,719)	$	7,623	$	10,301	$	224	$	10,525

See Notes to Condensed Consolidated Financial Statements.

Jackson Financial Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in millions)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income (loss)	$	(420)	$	(18)

Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses (gains) on investments	47		66
Net losses (gains) on derivatives	(330)		(1,409)
Net losses (gains) on funds withheld reinsurance treaties	159		388
Net (gain) loss on market risk benefits	1,670		2,246
(Gain) loss from updating future policy benefits cash flow assumptions, net	18		12
Interest credited on other contract holder funds, gross	315		288
Mortality, expense and surrender charges	(127)		(133)
Amortization of discount and premium on investments	(14)		(8)
Deferred income tax expense (benefit)	19		2
Share-based compensation	60		54

Change in:
Accrued investment income	(2)		(6)
Deferred acquisition costs	26		117
Funds withheld, net of reinsurance	120		134
Future policy benefits	(129)		(137)
Other assets and liabilities, net	(367)		(2)
Net cash provided by (used in) operating activities	1,045		1,594

Cash flows from investing activities:
Sales, maturities and repayments of:
Debt securities	2,353		2,027
Equity securities	16		4
Mortgage loans	463		272
Purchases of:
Debt securities	(4,009)		(3,333)
Equity securities	—		—
Mortgage loans	(724)		(392)
Settlements related to derivatives and collateral on investments	(471)		742
Other investing activities	(58)		(273)
Net cash provided by (used in) investing activities	(2,430)		(953)

(continued)

See Notes to Condensed Consolidated Financial Statements.

Jackson Financial Inc.

Condensed Consolidated Statements of Cash Flows (continued)

(Unaudited, in millions)


	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Policyholders' account balances:
Deposits	$	7,334	$	5,804
Withdrawals	(11,187)		(10,226)
Net transfers from (to) separate accounts	5,402		5,205
Proceeds from (payments on) repurchase agreements and securities lending	(531)		(517)
Net proceeds from (payments on) Federal Home Loan Bank notes	—		(700)
Settlements related to deferred premium on derivatives	(154)		—

Payments on debt	(4)		(4)
Pre-capitalized trust securities issuance costs	(7)		—
Issuance of debt of consolidated investment entities	96		215
Repayments of debt of consolidated investment entities	(35)		(27)
Contributions from partners of consolidated investments	108		—


Dividends on common stock	(64)		(58)
Dividends on preferred stock	(11)		(11)
Purchase of treasury stock	(227)		(202)
Issuance of treasury stock	500		—

Net cash provided by (used in) financing activities	1,220		(521)

Net increase (decrease) in cash, cash equivalents, and restricted cash	(165)		120

Cash, cash equivalents, and restricted cash at beginning of period	5,704		3,767
Total cash, cash equivalents, and restricted cash at end of period	$	5,539	$	3,887

Supplemental cash flow information
Income taxes paid (received)	$	(48)	$	(20)
Interest paid	$	24	$	42

Non-cash investing activities
Debt securities acquired from exchanges, payments-in-kind, and similar transactions	$	37	$	53
TPG Inc common stock acquired	$	150	$	—

Non-cash financing activities
Non-cash dividend equivalents on stock-based awards	$	(1)	$	(1)


Reconciliation to Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	5,539	$	3,887
Restricted cash (included in Other assets)	—		—
Total cash, cash equivalents, and restricted cash	$	5,539	$	3,887

See Notes to Condensed Consolidated Financial Statements.

Jackson Financial Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Business and Basis of Presentation

Jackson Financial Inc. ("JFI" or “Jackson Financial”) together with its subsidiaries (the “Company,” which also may be referred to as “we,” “our” or “us”), is a financial services company focused on helping Americans secure their financial futures. Jackson Financial is domiciled in the state of Delaware in the United States (“U.S.”).

Jackson Financial’s primary life insurance subsidiary, Jackson National Life Insurance Company and its insurance subsidiaries (collectively, “Jackson”), is licensed to sell group and individual annuity products (including variable, registered index-linked, fixed index, fixed and payout annuities), and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts (“GICs”) and funding agreements. In addition to Jackson, Jackson Financial’s operating subsidiaries include:

•PPM America, Inc. (“PPM”), a registered investment adviser, is the Company’s investment management operation that manages the life insurance companies’ general account investment funds. PPM also provides investment services to other institutional clients globally;

•Brooke Life Insurance Company (“Brooke Life”), the direct parent of Jackson, is a Michigan life insurance company licensed to sell life insurance and annuity products in the state of Michigan;

•Brooke Life Reinsurance Company ("Brooke Re"), also a direct subsidiary of Brooke Life, was formed as a Michigan captive reinsurance company; and

•Hickory Brooke Reinsurance Company ("Hickory Re"), a direct subsidiary of Brooke Re, was formed as a Michigan captive reinsurance company.

Significant wholly-owned subsidiaries of Jackson are as follows:

•Life insurers: Jackson National Life Insurance Company of New York; Squire Reassurance Company II, Inc.; and VFL International Life Company SPC, LTD;

•Registered broker-dealer: Jackson National Life Distributors LLC; and

•Registered investment adviser: Jackson National Asset Management LLC (“JNAM”) manages the life insurance companies' separate account funds underlying our variable annuities products, of which the majority of the funds are sub-advised. JNAM manages and oversees those sub-advisers.

The Company's Condensed Consolidated Financial Statements also include other insignificant partnerships, limited liability companies (“LLCs”), and other variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary.

Brooke Life Reinsurance Company

During the first quarter of 2024, Jackson entered into a reinsurance transaction with Brooke Re and all economics of the transaction were effective as of January 1, 2024. The reinsurance transaction primarily provides for the cession from Jackson to Brooke Re of liabilities associated with certain guaranteed benefit riders under variable annuity contracts and similar products of Jackson (constituting “market risk benefits”), both in-force on the effective date of the reinsurance agreement and written in the future (i.e., on a “flow” basis). Since Jackson and Brooke Re are subsidiaries of JFI, the reinsurance transaction eliminates upon consolidation at JFI. For regulatory reporting purposes, Brooke Re utilizes a modified U.S. generally accepted accounting principles ("U.S. GAAP") approach, primarily related to market risk benefits, with the intent to increase alignment between assets and liabilities in response to changes in economic factors. The reinsurance transaction and related modified U.S. GAAP approach allows us to mitigate the impact of the cash surrender value floor on Jackson’s total adjusted capital, statutory required capital, and risk-based capital ratio, as well as allows for more efficient economic hedging of the underlying risks of Jackson’s business.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1. Business and Basis of Presentation

Hickory Brooke Reinsurance Company

During the fourth quarter of 2025, Jackson entered into a reinsurance agreement with Hickory Re, on a quota-share coinsurance basis on certain fixed annuities and fixed index annuities issued by Jackson, including the annuitization of these contracts, with all economics of the transaction effective as of December 1, 2025. Additionally, under the agreement Hickory Re will reinsure the new sales of fixed annuities and fixed index annuities of Jackson. Since Jackson and Hickory Re are subsidiaries of JFI, the reinsurance transaction eliminates upon consolidation at JFI. For regulatory reporting purposes, Hickory Re measures the liabilities for assumed contracts using a modified U.S. GAAP methodology which is intended to increase alignment between assets and liabilities in response to changes in economic factors.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026 (the "2025 Annual Report"). The condensed consolidated financial information as of December 31, 2025, included herein, has been derived from the audited Consolidated Financial Statements in the 2025 Annual Report.

Certain accounting policies, which significantly affect the determination of the Company's financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the 2025 Annual Report.

In the opinion of management, these Condensed Consolidated Financial Statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026. All material intercompany accounts and transactions have been eliminated upon consolidation. All prior period amounts have been conformed to the current period presentation.

Use of Estimates

The preparation of these Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in these notes, include:

•Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary;

•Assumptions used in calculating policy reserves and liabilities, including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates;

•Estimates related to expectations of credit losses on certain financial assets and off-balance sheet exposures;

•Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company, and assumptions as to future earnings levels being sufficient to realize deferred tax benefits;

•Assumptions used in calculating market risk benefits, including policyholder behavior, mortality rates, and capital market assumptions; and

•Assumptions impacting the expected term used in amortizing deferred acquisition costs, including policyholder behavior and mortality rates.

These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other appropriate factors. As facts and circumstances evolve, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. The effects of changes in estimates and assumptions, including those resulting from changing expectations with respect to the economic environment, will be reflected in the consolidated financial statements covering the periods in which the estimates are changed.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. New Accounting Standards

2. New Accounting Standards

Accounting Pronouncements – Issued but Not Yet Adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, “Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of income statement expenses for public business entities. The ASU requires footnote disclosure about specific types of expenses included in certain expense captions presented on the face of the income statement and the total amount of selling expenses on an annual and interim basis. The entity is also required to disclose its definition of selling expenses in annual reporting periods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of the new guidance and determining the transition method and the timing of adoption.

In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-use Software.” Under the new standard, an entity will start capitalizing eligible software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The amendments in this ASU will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments can be applied on a fully prospective basis, a modified basis for in-process projects, or a fully retrospective basis. The Company is in the process of evaluating the impact of the new guidance and determining the transition method and the timing of adoption.

In December 2025, the FASB issued ASU 2025-08, “Financial Instruments – Credit Losses (Topic 326): Purchased Loans,” which requires certain purchased seasoned loans acquired without credit deterioration be accounted for using the gross-up approach in Topic 326 that is currently applied to purchased with credit deterioration (“PCD”) financial assets. Under the gross-up approach, the initial allowance for credit losses is established by increasing the amortized cost basis of the loan rather than recognizing a charge to credit loss expense. The amendments in this ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The amendments are to be applied prospectively. The Company is in the process of evaluating the impact of the new guidance and the timing of adoption.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”, which provides additional guidance on what disclosures should be provided in interim reporting periods including disclosure of events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of the new guidance and determining the transition method and the timing of adoption.

3. Segment Information

The Company has three reportable segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks. The Company reports, in Corporate and Other, certain activities and items that are not included in these reportable segments, including the results of PPM Holdings, Inc., the holding company of PPM, which manages the majority of the Company’s general account investment portfolio. The reportable segments reflect how the Company’s chief operating decision maker (the "CODM") views and manages the business. The Company’s CODM function is performed jointly by our Chief Executive Officer and our Chief Financial Officer. For our three reportable segments, the CODM uses segment pretax adjusted operating earnings to allocate resources for each segment (predominantly through our annual budget and forecasting process) and to assess the performance of each segment (primarily by comparing the results of each segment with one another) with planned and forecasted results, and compared to prior period results. The following is a brief description of each of the Company’s reportable segments, plus its Corporate and Other segment.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

Retail Annuities

The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, registered index-linked annuities ("RILA"), fixed annuities, fixed index annuities, and payout annuities. These products are distributed through various wirehouses, insurance brokers and independent broker-dealers, as well as through banks and financial institutions.

The Company’s variable annuities represent an attractive option for retirees and soon-to-be retirees, providing access to equity market appreciation and add-on benefits, including guaranteed lifetime income. A RILA offers customers access to market returns through market index-linked investment options, subject to a cap, and offers a variety of features designed to modify or limit losses. A fixed index annuity is designed for investors who desire principal protection with the opportunity to participate in capped upside investment returns linked to a reference market index. A fixed annuity is a guaranteed product designed to build wealth without market exposure, through a crediting rate that is likely to be superior to interest rates offered by banks or money market funds.

The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on the performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder. The financial results of the Company’s fixed annuities, fixed index annuities, RILA and the fixed option on variable annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders.

Institutional Products

The Company’s Institutional Products segment consists of traditional guaranteed investment contracts ("GICs") and funding agreements. The Company’s GIC products are marketed to defined contribution pension and profit-sharing retirement plans. Funding agreements are marketed to institutional investors, including corporate cash accounts and securities lending funds, as well as money market funds. Funding agreements are also issued in conjunction with the Company's participation in the U.S. Federal Home Loan Bank ("FHLB") program.

The financial results of the Company’s institutional products business are primarily dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited on GICs and funding agreements.

Closed Life and Annuity Blocks

The Company's Closed Life and Annuity Blocks segment is primarily composed of blocks of business that have been acquired since 2004. This segment includes various protection products, primarily whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. The Company historically offered traditional and interest-sensitive life insurance products but discontinued new sales of life insurance products in 2012, as we believe opportunistically acquiring mature blocks of life insurance policies is a more efficient means of diversifying our in-force business than selling new life insurance products.

The profitability of the Company’s Closed Life and Annuity Blocks segment is largely driven by its historical ability to appropriately price its products and purchase appropriately priced blocks of business, as realized through underwriting, expense and net gains (losses) on derivatives and investments, and the ability to earn an assumed rate of return on the assets supporting that business.

Corporate and Other

The Company’s Corporate and Other segment primarily consists of the operations of its investment management subsidiary, PPM, VIEs, and unallocated corporate income and expenses. The Corporate and Other segment also includes intersegment eliminations and consolidation adjustments.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

Segment Performance Measurement

Segment operating revenues and pretax adjusted operating earnings are non-GAAP financial measures that management believes are critical to the evaluation of the financial performance of the Company’s segments. The Company uses the same accounting policies and procedures to measure segment pretax adjusted operating earnings as used in its reporting of consolidated net income. Its primary measure is pretax adjusted operating earnings, which is defined as net income reported in accordance with U.S. GAAP, excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses that are not considered drivers of underlying performance. Operating revenues and pretax adjusted operating earnings should not be used as a substitute for revenues and net income, respectively, as calculated in accordance with U.S. GAAP.

Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the items described in the following numbered paragraphs. These items are excluded from pretax adjusted operating earnings as they may vary significantly from period to period due to near-term market conditions and, therefore, are not directly comparable or reflective of the underlying performance of our business. We believe these exclusions provide investors a better picture of the drivers of our underlying performance.

1. Net Hedging Results: Comprised of: (i) fees attributed to guaranteed benefits; (ii) net gains (losses) on hedging instruments that includes: (a) changes in the fair value of freestanding derivatives, and related commissions and expenses, used to manage the risk associated with market risk benefits and other benefit features, excluding earned income from periodic settlements and changes in settlement accruals on cross-currency swaps; and (b) investment income and change in fair value of certain non-derivative assets used to manage the risk associated with market risk benefits and other benefit features; and (iii) the movements in reserves, market risk benefits, benefit features accounted for as embedded derivative instruments adjusted to exclude the cost of hedging for certain indexed annuity products, and related claims and benefit payments (excluding impacts of actuarial assumption updates and model enhancements). We believe excluding these items removes the impact to both revenue and related expenses associated with Net Hedging Results.

2. Amortization of DAC Associated with Non-operating Items at Date of Transition to LDTI: Amortization of the balance of unamortized deferred acquisition costs ("DAC"), at January 1, 2021, the date of transition to current Long Duration Targeted Improvements ("LDTI") accounting guidance, associated with items excluded from pretax adjusted operating earnings prior to transition.

3. Actuarial Assumption Updates and Model Enhancements: The impact on the valuation of market risk benefits and embedded derivatives arising from our annual actuarial assumption updates and model enhancements review.

4. Net Realized Investment Gains and Losses: Comprised of: (i) realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held within our trading portfolio; (ii) impairments of securities, after adjustment for the non-credit component of the impairment charges; and (iii) foreign currency gain or loss on foreign denominated funding agreements and associated cross-currency swaps.

5. Change in Value of Funds Withheld Embedded Derivative and Net Investment Income on Funds Withheld Assets: Comprised of: (i) the change in fair value of funds withheld embedded derivatives, and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions.

6. Other Items: Comprised of: (i) the impact of investments that are consolidated in our financial statements due to U.S. GAAP accounting requirements, such as our investments in collateralized loan obligations ("CLOs"), but for which the consolidation effects are not consistent with our economic interest or exposure to those entities; (ii) impacts from derivatives not included in Net Hedging Results or Net Realized Investment Gains or Losses (see 1. and 4. above), excluding earned income from periodic settlements and changes in settlement accruals on cross-currency swaps; (iii) investment income (loss) related to mark-to-market on TPG shares, which are subject to certain sales restrictions; and (iv) one-time or other non-recurring items.

7. Income Taxes.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

Set forth in the tables below is certain information with respect to the Company’s segments (in millions):


Three Months Ended March 31, 2026	Retail Annuities		Institutional Products		Closed Life and Annuity Blocks		Corporate and Other		Total Consolidated
Operating Revenues
Fee income	$	1,111	$	—	$	103	$	11	$	1,225
Premiums	5		—		25		—		30
Net investment income	320		143		146		8		617

Other income (loss)	6		—		6		—		12
Total Operating Revenues	1,442		143		280		19		1,884

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	30		—		171		—		201
(Gain) loss from updating future policy benefits cash flow assumptions, net	(1)		—		16		—		15
Interest credited	118		114		86		—		318
Interest expense	6		—		—		19		25
Asset-based commission expenses	295		—		—		—		295
Other commission expenses	315		—		7		—		322
Sub-advisor expenses	76		—		—		(2)		74
General and administrative expenses	232		1		27		39		299
Deferral of acquisition costs	(255)		—		—		—		(255)
Amortization of deferred acquisition costs	158		—		2		—		160
Total Operating Benefits and Expenses	974		115		309		56		1,454

Pretax Adjusted Operating Earnings	$	468	$	28	$	(29)	$	(37)	$	430


Three Months Ended March 31, 2025	Retail Annuities		Institutional Products		Closed Life and Annuity Blocks		Corporate and Other		Total Consolidated
Operating Revenues
Fee income	$	1,095	$	—	$	108	$	12	$	1,215
Premiums	14		—		29		—		43
Net investment income	187		116		187		11		501

Other income	7		—		6		1		14
Total Operating Revenues	1,303		116		330		24		1,773

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	29		—		154		—		183
(Gain) loss from updating future policy benefits cash flow assumptions, net	(3)		—		14		—		11
Interest credited	94		97		97		—		288
Interest expense	6		—		—		19		25
Asset-based commission expenses	284		—		—		—		284
Other commission expenses	206		—		9		—		215
Sub-advisor expenses	80		—		—		(2)		78
General and administrative expenses	200		1		27		31		259
Deferral of acquisition costs	(158)		—		(1)		—		(159)
Amortization of deferred acquisition costs	145		—		2		—		147
Total Operating Benefits and Expenses	883		98		302		48		1,331

Pretax Adjusted Operating Earnings	$	420	$	18	$	28	$	(24)	$	442

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

Intersegment eliminations in the above tables are included in the Corporate and Other segment. These include the elimination of investment income between Retail Annuities and the Corporate and Other segments, as well as the elimination from fee income and investment income of investment fees paid by Jackson Financial and its subsidiaries to PPM, which were $27 million and $21 million for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the reconciling items from the non-GAAP measure of total operating revenues to the U.S. GAAP measure of total revenues attributable to the Company (in millions):


	Three Months Ended March 31,
	2026		2025
Total operating revenues	$	1,884	$	1,773
Fees attributed to guarantee benefit reserves	771		768
Net gains (losses) on hedging instruments and investments	120		982
Investment income (loss) related to mark-to-market on TPG shares	(58)		—
Net investment income (loss) related to noncontrolling interests	4		6
Consolidated investments	(18)		(6)
Net investment income on funds withheld assets	199		227
Total revenues (1)	$	2,902	$	3,750

(1) Substantially all the Company's revenues originated in the U.S. There were no customers that, individually, generated revenues that exceeded 10% of total revenues attributable to the Company.

The following table summarizes the reconciling items from the non-GAAP measure of total operating benefits and expenses to the U.S. GAAP measure of total benefits and expenses attributable to the Company (in millions):


	Three Months Ended March 31,
	2026		2025
Total operating benefits and expenses	$	1,454	$	1,331
Net (gain) loss on market risk benefits	1,670		2,246

Benefits attributed to guaranteed benefit features	60		62
Amortization of DAC related to non-operating revenues and expenses	121		128
Cost of hedging	(3)		—
Total benefits and expenses	$	3,302	$	3,767

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S. GAAP measure of net income attributable to the Company (in millions):


	Three Months Ended March 31,
	2026		2025
Pretax adjusted operating earnings	$	430	$	442
Pre-tax reconciling items from adjusted operating income to net income (loss) attributable to Jackson Financial Inc.:
Fees attributable to guarantee benefit reserves	771		768
Net gains (losses) on hedging instruments	(460)		1,011
Market risk benefits gains (losses), net	(1,670)		(2,246)
Net reserve and embedded derivative movements	707		333
Total net hedging results	(652)		(134)
Amortization of DAC associated with non-operating items at date of transition to LDTI	(121)		(128)

Net realized investment gains (losses)	(42)		(66)
Net realized investment gains (losses) on funds withheld assets	(159)		(388)


Net investment income on funds withheld assets	199		227
Other items	(59)		24
Pretax income (loss) attributable to Jackson Financial Inc.	(404)		(23)
Income tax expense (benefit)	20		1
Net income (loss) attributable to Jackson Financial Inc.	(424)		(24)
Less: Dividends on preferred stock	11		11
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$	(435)	$	(35)

The following table summarizes total assets by segment (in millions):


	March 31, 2026		December 31, 2025
Retail Annuities	$	295,091	$	307,225
Closed Life and Annuity Blocks	26,493		26,988
Institutional Products	12,605		12,869
Corporate and Other	5,348		5,504
Total Assets	$	339,537	$	352,586

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

4. Investments

Investments consist primarily of fixed-income securities and loans, principally publicly-traded corporate and government bonds, asset-backed securities and mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and institutional products on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans seeks to match the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Long-term Strategic Partnership with TPG

During the first quarter of 2026, Jackson entered a long-term strategic partnership with TPG, combining Jackson’s annuity product expertise and broad distribution network with TPG’s private credit platform. The partnership aims to expand Jackson’s spread-based product sales.

The transaction closed on February 11, 2026. At the closing, subsidiaries and affiliates of Jackson Financial and TPG entered into non-exclusive investment management arrangements with a 10-year initial term with automatic 1-year renewals through year 15 (subject to various termination rights), with TPG providing Investment Grade Asset Based Finance and Direct Lending investment capabilities to complement the asset management capabilities of PPM America, Inc. ("PPM"), a Jackson Financial subsidiary. The arrangement contemplates certain target AUM levels over time and related investment management fees (including a baseline minimum fee payment), subject to exceptions, that the Company is committed to pay during the term of the agreements and any applicable wind-down period. PPM will continue to manage the majority of Jackson’s general account and both Jackson and PPM will retain oversight of Jackson’s investment portfolio.

TPG acquired a $500 million equity stake in Jackson Financial. See Note 19 - Equity of these Notes to Condensed Consolidated Financial Statements for more information regarding the shares issued to TPG. Additionally, TPG issued to a wholly owned, indirect subsidiary of Jackson $150 million in TPG common shares, which was reported in equity securities, at fair value on the Condensed Consolidated Balance Sheets. Under the terms of the transaction, TPG and Jackson have agreed to certain limitations on their ability to divest their respective ownership stakes over time.

Debt Securities

The following table sets forth the composition of the fair value of debt securities at March 31, 2026, and December 31, 2025, classified by rating categories as assigned by a nationally recognized statistical rating organization (a “rating agency”), National Association of Insurance Commissioners (the “NAIC”) or, if not rated by such organizations, the Company’s investment advisors. The Company uses the second lowest rating by a rating agency when rating agencies' ratings are not equivalent and, for purposes of the table, if not otherwise rated by a rating agency, the NAIC rating of a security is converted to an equivalent rating agency rating. At March 31, 2026 and December 31, 2025, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $839 million and $606 million, respectively.


	Percent of Total Debt Securities Carrying Value
	March 31, 2026	December 31, 2025
Investment Rating
U.S. government securities	6.0%	5.9%
AAA	4.8%	5.0%
AA	9.4%	9.5%
A	32.5%	32.2%
BBB	41.2%	40.9%
Investment grade	93.9%	93.5%
BB	2.3%	2.5%
B and below	3.8%	4.0%
Below investment grade	6.1%	6.5%
Total debt securities	100.0%	100.0%

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

At March 31, 2026 and December 31, 2025, the total carrying value of debt securities in an unrealized loss position consisted of:


	March 31, 2026	December 31, 2025
Investment grade securities	79%	78%
Below investment grade securities	1%	1%
Not rated securities	20%	21%

Unrealized losses on debt securities that were below investment grade or not rated were approximately 18% and 19% of the aggregate gross unrealized losses on available-for-sale debt securities at March 31, 2026 and December 31, 2025, respectively.

Corporate securities in an unrealized loss position were diversified across industries. As of March 31, 2026, the industries accounting for the largest percentage of unrealized losses included utility (19% of corporate gross unrealized losses) and healthcare (12%). The largest unrealized loss related to a single corporate obligor was $58 million at March 31, 2026. As of December 31, 2025, the industries accounting for the largest percentage of unrealized losses included utility (18% of corporate gross unrealized losses) and financial services (13%). The largest unrealized loss related to a single corporate obligor was $55 million at December 31, 2025.

At March 31, 2026 and December 31, 2025, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions):


				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
March 31, 2026		Cost (1)		Credit Loss		Gains		Losses		Value
	U.S. government securities	$	3,989	$	—	$	1	$	865	$	3,125
	Other government securities	1,255		—		2		202		1,055
	Public utilities	6,696		—		46		530		6,212
	Corporate securities	35,124		6		245		2,255		33,108
	Residential mortgage-backed	473		1		21		26		467
	Commercial mortgage-backed	2,010		—		5		61		1,954
	Other asset-backed securities	6,160		10		17		140		6,027
	Total debt securities	$	55,707	$	17	$	337	$	4,079	$	51,948

				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
December 31, 2025		Cost (1)		Credit Loss		Gains		Losses		Value
	U.S. government securities	$	3,854	$	—	$	2	$	851	$	3,005
	Other government securities	1,254		—		4		193		1,065
	Public utilities	6,529		—		75		458		6,146
	Corporate securities	34,515		—		443		2,042		32,916
	Residential mortgage-backed	445		4		24		23		442
	Commercial mortgage-backed	1,873		—		10		54		1,829
	Other asset-backed securities	5,491		7		34		130		5,388
	Total debt securities	$	53,961	$	11	$	592	$	3,751	$	50,791

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at March 31, 2026, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.


			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
	Cost (1)		Credit Loss		Gains		Losses		Value
Due in 1 year or less	$	1,794	$	—	$	2	$	6	$	1,790
Due after 1 year through 5 years	14,271		—		92		394		13,969
Due after 5 years through 10 years	13,927		—		144		384		13,687
Due after 10 years through 20 years	9,633		6		48		1,430		8,245
Due after 20 years	7,439		—		8		1,638		5,809
Residential mortgage-backed	473		1		21		26		467
Commercial mortgage-backed	2,010		—		5		61		1,954
Other asset-backed securities	6,160		10		17		140		6,027
Total	$	55,707	$	17	$	337	$	4,079	$	51,948

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.

As required by law in various states in which business is conducted, securities with a carrying value of $56 million and $57 million at March 31, 2026 and December 31, 2025, respectively, were on deposit with regulatory authorities.

Residential mortgage-backed securities (“RMBS”) include certain RMBS that are collateralized by residential mortgage loans and are neither expressly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”). The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions):


			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
March 31, 2026	Cost (1)		Credit Loss		Gains		Losses		Value
Prime	$	310	$	1	$	2	$	14	$	297
Alt-A	21		—		14		3		32
Subprime	7		—		4		—		11
Total non-agency RMBS	$	338	$	1	$	20	$	17	$	340

			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
December 31, 2025	Cost (1)		Credit Loss		Gains		Losses		Value
Prime	$	280	$	2	$	3	$	13	$	268
Alt-A	23		2		16		2		35
Subprime	7		—		4		—		11
Total non-agency RMBS	$	310	$	4	$	23	$	15	$	314


(1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

The Company defines its exposure to non-agency RMBS as follows:

•Prime loan-backed securities that are collateralized by mortgage loans made to the highest rated borrowers;

•Alt-A loan-backed securities that are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates; and

•Subprime loan-backed securities that are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower.

Unrealized Losses on Debt Securities

For debt securities in an unrealized loss position, management first assesses whether the Company has the intent to sell, or whether it is more likely than not it will be required to sell, the security before the amortized cost basis is fully recovered. If either criterion is met, the amortized cost is written down to fair value through net gains (losses) on derivatives and investments as an impairment. If neither criterion is met, the securities are further evaluated to determine if the cause of the decline in fair value resulted from credit losses or other factors, such as estimates about issuer operations and future earnings potential.

There are inherent uncertainties in assessing the fair values assigned to the Company’s investments. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the Condensed Consolidated Financial Statements, unrealized losses currently reported in accumulated other comprehensive income (loss) may be recognized in the consolidated income statements in future periods.

The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss.

When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses.

Accrued interest receivables are presented separate from the amortized cost basis of debt securities. Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income. Accrued interest written off was $1 million and nil for the three months ended March 31, 2026 and 2025, respectively.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

The following table summarizes the gross unrealized losses of debt securities, fair value, and number of securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):


	March 31, 2026					December 31, 2025
	Less than 12 months					Less than 12 months
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	2	$	335	23	$	2	$	68	16
Other government securities	3		116		26	1		48		7
Public utilities	22		1,083		137	7		419		44
Corporate securities	160		8,160		906	44		2,300		240
Residential mortgage-backed	5		162		63	2		43		21
Commercial mortgage-backed	5		632		85	2		163		30
Other asset-backed securities	34		2,747		240	16		673		69
Total temporarily impaired securities	$	231	$	13,235	1,480	$	74	$	3,714	427

	12 months or longer					12 months or longer
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	863	$	2,238	20	$	849	$	2,263	20
Other government securities	199		856		100	192		887		107
Public utilities	508		3,293		402	451		3,383		415
Corporate securities	2,095		11,164		1,431	1,998		12,130		1,502
Residential mortgage-backed	21		144		161	21		172		166
Commercial mortgage-backed	56		778		116	52		801		117
Other asset-backed securities	106		1,131		137	114		1,249		147
Total temporarily impaired securities	$	3,848	$	19,604	2,367	$	3,677	$	20,885	2,474

	Total					Total
	Gross					Gross
	Unrealized		Fair		# of	Unrealized		Fair		# of
	Losses		Value		securities (1)	Losses		Value		securities (1)
U.S. government securities	$	865	$	2,573	38	$	851	$	2,331	31
Other government securities	202		972		124	193		935		113
Public utilities	530		4,376		522	458		3,802		454
Corporate securities	2,255		19,324		2,224	2,042		14,430		1,706
Residential mortgage-backed	26		306		223	23		215		187
Commercial mortgage-backed	61		1,410		194	54		964		146
Other asset-backed securities	140		3,878		370	130		1,922		211
Total temporarily impaired securities	$	4,079	$	32,839	3,695	$	3,751	$	24,599	2,848

(1) Certain securities contain multiple lots and fit the criteria of both aging groups.

Debt securities in an unrealized loss position as of March 31, 2026, did not require an impairment recognized in earnings as (i) the Company did not intend to sell these debt securities, (ii) it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of these securities.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

As of March 31, 2026, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase. As described below, the Company performed analyses of the financial performance of the underlying issues in an unrealized loss position and believes that recovery of the entire amortized cost of each such security is expected.

Evaluation of Available-for-Sale Debt Securities for Credit Loss

The credit loss evaluation for a debt security may consider one or more of the following:

•the extent to which the fair value is below amortized cost;

•changes in ratings;

•whether a significant covenant has been breached;

•assessments of the issuer’s ability to make scheduled debt payments based upon judgments related to its current and projected financial position, including whether it has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled debt service payment, or has experienced a specific material adverse change that may impair its creditworthiness;

•the existence of, and realizable value of, any collateral backing the obligations;

•the macro-economic and micro-economic outlooks for the issuer and its industry;

•for asset-backed securities: includes an assessment of future estimated cash flows under expected and stress case scenarios to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets, such as current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics; and

•for mortgage-backed securities, credit losses are assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities based on the transaction structure and any existing subordination and credit enhancements. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment timing, default rates and loss severity. Specifically, for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans.

These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. When a credit loss is determined to exist and the present value of cash flows expected to be collected is less than the amortized cost of the security, an allowance for credit loss is recorded along with a charge to net gains (losses) on derivatives and investments, limited by the amount that the fair value is less than amortized cost. Any remaining unrealized loss after recording the allowance for credit loss is the non-credit amount and is recorded to other comprehensive income.

The allowance for credit loss for specific debt securities may be increased or reversed in subsequent periods due to changes in the assessment of the present value of cash flows that are expected to be collected. Any changes to the allowance for credit loss are recorded as a provision for (or reversal of) credit loss expense in net gains (losses) on derivatives and investments.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions):


Three Months Ended March 31, 2026	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at January 1, 2026	$	—	$	—	$	—	$	—	$	4	$	—	$	7	$	11
Additions for which credit loss was not previously recorded	—		—		—		6		—		—		—		6
Changes for securities with previously recorded credit loss	—		—		—		—		(1)		—		28		27
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		(18)		(18)
Reductions for securities disposed	—		—		—		—		(2)		—		(7)		(9)
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance at March 31, 2026 (2)	$	—	$	—	$	—	$	6	$	1	$	—	$	10	$	17


Three Months Ended March 31, 2025	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance at January 1, 2025	$	—	$	—	$	—	$	8	$	6	$	—	$	25	$	39
Additions for which credit loss was not previously recorded	—		—		—		—		—		1		—		1
Changes for securities with previously recorded credit loss	—		—		—		—		—		—		1		1
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions from charge-offs	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		—		—		—		—		—
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		(1)		—		(1)
Balance at March 31, 2025 (2)	$	—	$	—	$	—	$	8	$	6	$	—	$	26	$	40


(1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities.
(2) Accrued interest receivable on debt securities totaled $519 million and $448 million as of March 31, 2026 and 2025, respectively, and was excluded from the determination of credit losses for the three months ended March 31, 2026 and 2025.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

Net Investment Income

The sources of net investment income were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Debt securities (1)	$	472	$	431
Equity securities (2)	(59)		1
Mortgage loans	99		83
Policy loans	16		17
Limited partnerships	19		38
Other investment income	57		52
Total investment income excluding funds withheld assets	604		622
Investment expenses (3)	(63)		(94)
Net investment income excluding funds withheld assets	541		528
Net investment income on funds withheld assets (see Note 8)	199		227
Net investment income	$	740	$	755

(1) Includes changes in fair value gains (losses) on trading securities and includes $(72) million and $(10) million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes changes in fair value of TPG common stock. See discussion above on our Long-term Strategic Partnership with TPG.

(3) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $(16) million and $(32) million for the three months ended March 31, 2026 and 2025, respectively.

Unrealized gains (losses) included in investment income that were recognized on equity securities held were $(64) million and $(2) million for the three months ended March 31, 2026 and 2025, respectively.

Net Gains (Losses) on Derivatives and Investments

The following table summarizes net gains (losses) on derivatives and investments (in millions):


	Three Months Ended March 31,
	2026		2025
Available-for-sale securities
Realized gains on sale	$	7	$	3
Realized losses on sale	(9)		(12)
Credit loss income (expense)	(8)		—
Credit loss income (expense) on mortgage loans	(26)		(11)
Other (1)	(11)		(46)
Net gains (losses) excluding derivatives and funds withheld assets	(47)		(66)
Net gains (losses) on derivative instruments (see Note 5)	330		1,409
Net gains (losses) on derivatives and investments	283		1,343

Net gains (losses) on funds withheld reinsurance treaties (see Note 8)	(159)		(388)
Total net gains (losses) on derivatives and investments	$	124	$	955

(1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.

Net gains (losses) on funds withheld reinsurance treaties represents income (loss) from the sale of investments held in segregated funds withheld accounts in support of reinsurance agreements for which Jackson retains legal ownership of the underlying investments. These gains (losses) are increased or decreased by:

•changes in the embedded derivative liability related to the Athene Life Re Ltd. ("Athene") funds withheld coinsurance agreement (the “Athene Reinsurance Transaction”),

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

•changes in the related funds withheld payable, as all economic performance of the investments held in the segregated accounts inure to the benefit of the reinsurers under the respective reinsurance agreements, and

•amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements.

The aggregate fair value of securities sold at a loss for the three months ended March 31, 2026 and 2025 was $288 million and $669 million, which was approximately 94% and 95% of book value, respectively.

Proceeds from sales of available-for-sale debt securities were $636 million and $934 million during the three months ended March 31, 2026 and 2025, respectively.

Consolidated Variable Interest Entities ("VIEs")

The Company concluded that the following entities are VIEs and that the Company is the primary beneficiary as it has both the power to direct the most significant activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In each case, the Company’s exposure to loss is limited to the capital invested plus, in the cases of the limited liability companies ("LLCs") and the Private Equity Funds, unfunded capital commitments. Creditors of the consolidated VIEs do not have recourse to the general credit of the Company:

•The Company funds affiliated LLCs to facilitate the issuance of collateralized loan obligations ("CLOs"). The Company's policy is to record the consolidation of VIEs on a one-month lag due to the timing of when information is available from the VIE.

•Private Equity Funds VII – IX and Strategic Opportunity Fund I are limited partnership structures that invest the ownership capital in portfolios of various other limited partnership structures. Private Equity Fund IX was funded in August 2025 and Strategic Opportunity Fund I was funded in June 2025.

•PPM Investment Grade Private Credit Fund is a private fund organized as a series of a Delaware LLC that invests primarily in fixed rate, privately issued, investment grade instruments. The series was funded in January 2026.

Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions):


	March 31, 2026		December 31, 2025
Assets
Debt securities, at fair value under fair value option	$	2,650	$	2,698

Equity securities	8		6
Other invested assets	1,083		979
Cash and cash equivalents	176		154
Other assets	71		51
Total assets	$	3,988	$	3,888

Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	$	2,543	$	2,578
Other liabilities	323		258
Total other liabilities	2,866		2,836

Total liabilities	$	2,866	$	2,836

Equity
Noncontrolling interests	$	404	$	389

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

Unconsolidated VIEs

The Company has concluded the following entities are VIEs but does not consolidate them. Based on analysis of the limited partnerships ("LPs"), LLCs and the mutual funds, the Company is not the primary beneficiary of the VIE because the Company lacks the power to direct the activities of the VIE that most significantly impact the VIE's performance or lacks the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities, or lacks both.

•The carrying amounts of the Company’s investments in certain LPs and LLCs are recognized in other invested assets on the Condensed Consolidated Balance Sheets. Unfunded capital commitments for these investments are detailed in Note 16 of these Notes to Condensed Consolidated Financial Statements. The Company’s exposure to loss was limited to $2,784 million and $2,709 million as of March 31, 2026 and December 31, 2025, respectively, representing the aggregate capital invested and unfunded capital commitments related to the LPs and LLCs at those dates. The capital invested in an LP or LLC equals the original capital contributed, increased for additional capital contributed after the initial investment, and reduced for any returns of capital from the LP or LLC. LPs and LLCs are carried at fair value.

•The Company's investments in certain mutual funds are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $18 million and $21 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments.

The Company makes investments in structured debt securities issued by VIEs for which it is not the manager. These structured debt securities include RMBS, Commercial Mortgage-Backed Securities ("CMBS"), and Asset-Backed Securities ("ABS"). The Company does not consolidate the securitization trusts utilized in these transactions because it does not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. The Company does not consider its continuing involvement with these VIEs to be significant because it either invests in securities issued by the VIE and was not involved in the design of the VIE or no transfers have occurred between the Company and the VIE. The Company’s maximum exposure to loss on these structured debt securities is limited to the amortized cost of these investments. The Company does not have any further contractual obligations to the VIE. The Company recognizes the variable interest in these VIEs at fair value on the Condensed Consolidated Balance Sheets.

Commercial and Residential Mortgage Loans

The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon (in millions):


	March 31, 2026		December 31, 2025
Commercial mortgage loans (1)	$	9,137	$	8,957
Accrued interest receivable on commercial mortgage loans	35		34
Residential mortgage loans (2)	1,307		1,254
Accrued interest receivable on residential mortgage loans	13		13

(1) Net of an allowance for credit losses of $137 million and $117 million at each date, respectively.

(2) Net of an allowance for credit losses of $22 million and $16 million at each date, respectively.

At March 31, 2026, commercial mortgage loans were collateralized by properties located in 36 states, the District of Columbia, and Europe, while residential mortgage loans were collateralized by properties located in 49 states, the District of Columbia, Mexico, and Europe.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

Evaluation for Credit Losses on Mortgage Loans

The Company reviews mortgage loans that are not carried at fair value under the fair value option on a quarterly basis to estimate the ACL with changes in the ACL recorded in net gains (losses) on derivatives and investments. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level for mortgage loans. The model forecasts net operating income and property values for the economic scenario selected. The debt service coverage ratios (“DSCR”) and loan to values (“LTV”) are calculated over the forecastable period by comparing the projected net operating income and property valuations to the loan payment and principal amounts of each loan. The model utilizes historical mortgage loan performance based on DSCRs and LTV to derive probability of default and expected losses based on the economic scenario that is similar to the Company’s expectations of economic factors such as unemployment, gross domestic product growth, and interest rates. The Company determined the forecastable period to be reasonable and supportable for a period of two years beyond the end of the reporting period. Over the following one-year period, the model reverts to the historical performance of the portfolio for the remainder of the contractual term of the loans. In cases where the Company does not have an appropriate length of historical performance, the relevant historical rate from an index or the lifetime expected credit loss calculated from the model may be used.

Unfunded commitments are included in the model and an ACL is determined accordingly. Credit loss estimates are pooled by property type and the Company does not include accrued interest in the determination of ACL.

For individual loans or for types of loans for which the third-party model is deemed not suitable, the Company utilizes relevant current market data, industry data, and publicly available historical loss rates to calculate an estimate of the lifetime expected credit loss.

Mortgage loans on real estate deemed uncollectible are charged against the ACL, and subsequent recoveries, if any, are credited to the ACL, limited to the aggregate of amounts previously charged-off and expected to be charged-off. Mortgage loans on real estate are presented net of the ACL on the Condensed Consolidated Balance Sheets.

The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions):


Three Months Ended March 31, 2026	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at January 1, 2026	$	32	$	11	$	28	$	17	$	27	$	2	$	16	$	133
Charge offs, net of recoveries	(1)		—		(4)		—		—		—		—		(5)
Reductions for mortgages disposed	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	(8)		(7)		32		13		(4)		(1)		6		31
Balance at March 31, 2026 (1) (2)	$	23	$	4	$	56	$	30	$	23	$	1	$	22	$	159


Three Months Ended March 31, 2025	Apartment		Hotel		Office		Retail		Warehouse		Other		Residential Mortgage		Total
Balance at January 1, 2025	$	23	$	7	$	44	$	19	$	20	$	3	$	5	$	121
Charge offs, net of recoveries	—		—		(6)		—		—		—		—		(6)
Reductions for mortgages disposed	—		—		—		—		—		—		—		—
Additions from purchase of PCD mortgage loans	—		—		—		—		—		—		—		—
Provision (release)	5		—		2		—		—		(1)		9		15
Balance at March 31, 2025 (1) (2)	$	28	$	7	$	40	$	19	$	20	$	2	$	14	$	130

(1) Accrued interest receivable totaled $48 million and $42 million as of March 31, 2026 and 2025, respectively, and was excluded from the determination of credit losses.

(2) Accrued interest amounting to nil and nil was written off as of March 31, 2026 and 2025, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments

The Company’s mortgage loans that are current and in good standing are accruing interest. Interest is not accrued on loans greater than 90 days delinquent and in process of foreclosure, when deemed uncollectible. Delinquency status is determined from the date of the first missed contractual payment.

The following table provides information about our residential mortgage loans in process of foreclosure (in millions):


	March 31, 2026		December 31, 2025
Recorded investment (1)	$	27	$	38
Unpaid principal balance	30		45
Related loan allowance	—		1
Average recorded investment	27		29
Investment income recognized	—		1

(1) At March 31, 2026 and December 31, 2025, includes $4 million and $4 million, respectively, of loans in process of foreclosure, all of which are loans supported with insurance or other guarantees provided by various governmental programs.

The following tables provide information about the credit quality with vintage year and category of mortgage loans (dollars in millions):


	March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total		% of Total
Commercial mortgage loans
Loan to value ratios (1):
Less than 70%	$	476	$	1,126	$	507	$	473	$	420	$	4,448	$	—	$	7,450	81	%
70% - 80%	—		247		130		44		180		700		—		1,301		14	%
80% - 100%	—		40		1		25		46		132		—		244		3	%
Greater than 100%	—		—		2		—		55		85		—		142		2	%
Total commercial mortgage loans	476		1,413		640		542		701		5,365		—		9,137		100	%

Debt service coverage ratios (2):
Greater than 1.20x	475		1,320		612		486		586		4,841		—		8,320		91	%
1.00x - 1.20x	—		43		24		48		55		379		—		549		6	%
Less than 1.00x	—		—		—		—		51		144		—		195		2	%
Non-income producing properties	1		50		4		8		9		1		—		73		1	%
Total commercial mortgage loans	476		1,413		640		542		701		5,365		—		9,137		100	%

Residential mortgage loans
Performing	27		589		202		10		13		414		—		1,255		96	%
Nonperforming	—		2		4		9		8		29		—		52		4	%
Total residential mortgage loans	27		591		206		19		21		443		—		1,307		100	%

Total mortgage loans	$	503	$	2,004	$	846	$	561	$	722	$	5,808	$	—	$	10,444	100	%

(1) The loan to value ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2) The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total		% of Total
Commercial mortgage loans
Loan to value ratios (1):
Less than 70%	$	1,140	$	508	$	521	$	466	$	345	$	4,296	$	—	$	7,276	81	%
70% - 80%	206		129		62		221		353		316		—		1,287		14	%
80% - 100%	—		—		25		46		24		151		—		246		3	%
Greater than 100%	—		2		—		56		—		90		—		148		2	%
Total commercial mortgage loans	1,346		639		608		789		722		4,853		—		8,957		100	%

Debt service coverage ratios (2):
Greater than 1.20x	1,313		615		538		594		434		4,591		—		8,085		90	%
1.00x - 1.20x	33		24		70		145		174		231		—		677		8	%
Less than 1.00x	—		—		—		50		114		31		—		195		2	%
Total commercial mortgage loans	1,346		639		608		789		722		4,853		—		8,957		100	%

Residential mortgage loans
Performing	487		223		17		17		71		375		—		1,190		95	%
Nonperforming	—		4		16		20		3		21		—		64		5	%
Total residential mortgage loans	487		227		33		37		74		396		—		1,254		100	%

Total mortgage loans	$	1,833	$	866	$	641	$	826	$	796	$	5,249	$	—	$	10,211	100	%

(2) The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.


	Accruing Loans (1)
March 31, 2026	Current		30-89 Days Past Due (2)		90 Days or Greater Past Due (2)		Non-accrual Loans (1)		Total Loans (1)		Non-accrual Loans with No Allowance (1)		Interest Income on Non-accrual Loans
Apartment	$	3,189	$	6	$	—	$	16	$	3,211	$	—	$	—
Hotel	762		—		—		—		762		—		—
Office	1,056		10		—		83		1,149		—		—
Retail	1,652		—		—		—		1,652		—		—
Warehouse	2,136		—		—		—		2,136		—		—
Other	364		—		—		—		364		—		—
Total commercial	9,159		16		—		99		9,274		—		—
Residential (2)	1,222		51		21		35		1,329		—		—
Total	$	10,381	$	67	$	21	$	134	10,603		$	—	$	—
ACL									(159)
Total with ACL									$	10,444

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Investments


	Accruing Loans (1)
December 31, 2025	Current		30-89 Days Past Due (2)		90 Days or Greater Past Due (2)		Non-accrual Loans (1)		Total Loans (1)		Non-accrual Loans with No Allowance (1)		Interest Income on Non-accrual Loans
Apartment	$	2,866	$	—	$	—	$	—	$	2,866	$	—	$	—
Hotel	789		—		—		—		789		—		—
Office	1,062		—		—		109		1,171		—		—
Retail	1,664		—		—		—		1,664		—		—
Warehouse	2,217		—		—		—		2,217		—		—
Other	367		—		—		—		367		—		—
Total commercial	8,965		—		—		109		9,074

Jackson Financial Inc. 10-Q