Jackson Financial Inc-A 2025年度报告

2025 About Jackson Jackson®(NYSE: JXN) is committed to helping clarifythe complexity of retirement planning—for financialprofessionals and their clients. Through our rangeof annuity products, financial know-how, history ofaward-winning service* and streamlined experiences,we strive to reduce the confusion that complicatesretirement planning. We take a balanced, long-termapproach to responsibly serving all our stakeholders,including customers, shareholders, distribution partners,employees, regulators and community partners. We believe by providing clarity for all today, we canhelp drive better outcomes for tomorrow. For moreinformation, visit www.jackson.com. *SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025.(Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting theircontact resolved on the first call to the call center (FCR) for three consecutive months or more.) Laura PrieskornPresident and Chief Executive OfficerJackson Financial Inc. Dear Shareholders, Jackson had an exceptional year in 2025, marked by continued momentum,milestones and progress on our strategic priorities. Our diverse product suite,leading distribution network, award-winning customer support, asset managementexpertise and disciplined approach to risk management provided the foundationfor our success. As we look ahead, we remain focused on innovating andenhancing our annuity products and retirement planning tools to meet the needsof Americans seeking financial security. This focus positions Jackson well forcontinued growth and long-term value creation for all our stakeholders. $1.6BNon-GAAP adjustedoperating earnings(1) A year of momentum and milestones Jackson delivered its strongest and most diversifiedsales year since becoming a public company,reflecting sustained demand across our robustproduct offerings. Retail annuity sales reached $19.7billion for 2025, a 10% increase over the prior year.Variable annuity sales for 2025 totaled $10.9 billion,up 3% from 2024, driven by higher sales of productswithout lifetime benefits. We set a new record inregistered index-linked annuity (RILA) sales reaching$6.9 billion in sales in 2025, up 22% over the prioryear. Fixed and fixed index annuity sales grew to $1.9billion in 2025, representing an 18% increase, whileinstitutional sales also reached a record of $3.5billion, up 77% compared to the previous year. $862MCapital return to commonshareholders $19.7B Total retail annuity sales Progress since becoming an independent company $1.1B+Annual distributions toholding company For the full year 2025, free capital generation totalednearly $1.4 billion, well above our $1 billion plusexpectation. Free cash flow(1)reached $838 million,reflecting distributions from our principal operatingcompany of over $1.1 billion. This strong performanceenabled us to exceed all our 2025 financial targets,underscoring the effectiveness of our strategy andexecution. $351BTotal assets undermanagement At the holding company level, we ended 2025 withmore than $650 million in cash and highly liquidassets, well above our $250 million minimum bufferand providing us with strong financial flexibility. Wealso closed the year with total adjusted capital of over$5.5 billion and a risk-based capital ratio of 567% atJackson National Life Insurance Company. $5.5B+Total adjusted capital We exceeded our capital return target, returning$862 million to common shareholders in 2025through $634 million of share repurchasesand $228 million in dividends. Since becomingpublic, we have returned $2.7 billion to commonshareholders — an amount that exceeds ourinitial market capitalization in September 2021. Accelerating our growth We are taking meaningful steps to furtheraccelerate our pace of growth while maintainingdisciplined risk management. PPM America,which celebrated its 35th anniversary in 2025,explored and strategically sourced a broaderspectrum of higher-yielding assets that havesupported robust sales of RILA, fixed and fixedindex annuities and institutional products. Thishas contributed to a 26% increase in PPM’sassets under management from year-end 2024to year-end 2025. Expanding our product offerings Meeting evolving consumer needs remainscentral to our strategy and we routinely evaluateour offerings to ensure we remain competitivein the market. In 2025, we continued to enhanceour leading suite of variable annuity productsand also launched Jackson Market Link Pro®III and Jackson Market Link Pro® Advisory III,expanding our RILA suite by adding both theNASDAQ 100 to our index options and a new100% buffer for full principal protection. Weintroduced Jackson Income AssuranceSMandJackson Income AssuranceSMAdvisory, our newfixed index annuity with embedded guaranteedminimum withdrawal benefits, providing investorswith additional choices to meet their retirementneeds. In early 2026, we announced and closed astrategic partnership agreement