EarningsQ2 2026 Earnings Report
MX:JXN Q2 2026 EPS Results
Actual EPS$134.42
Consensus EPS$105.31
Beat/MissBeat by +$29.11
One Year Ago EPS$89.68
MX:JXN Q2 2026 Revenue Results
Actual Revenue$3.09B
Expected Revenue$35.15B
Beat/MissMissed by -$32.05B
YoY Revenue Growth+135.67%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:JXN Upcoming Earnings
Jackson Financial Incorporation's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:JXN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum and financial results — record adjusted operating earnings and EPS growth, accelerating annuity and spread-based sales (especially RILA), robust capital and liquidity metrics, and growing free cash flow and shareholder returns. Key challenges were manageable and primarily related to short-term valuation volatility in limited partnerships, VA hedging accounting noise driven by implied volatility, elevated required capital growth in the quarter, and variable annuity surrender sensitivity to equity markets. On balance, positives materially outweighed the negatives, with management expressing confidence in targets for full-year free capital generation and continued diversification.Company Guidance
Record Adjusted Operating Earnings and EPS Growth
Adjusted operating earnings reached a new quarterly record with adjusted operating EPS of $7.30; excluding notables and normalizing for tax, adjusted operating EPS was $7.68, a ~55% increase versus the second quarter a year ago. Pretax adjusted operating earnings were $618 million for the quarter ($648 million excluding notable items) and ex-notables earnings increased ~50% year-over-year.
Strong Account Value Growth
Combined total account value for retail annuities and institutional exceeded $295 billion, representing a 10% increase from the prior quarter and included a larger percentage of spread-based account growth.
Robust Capital and Liquidity Position
Total adjusted capital ended the quarter at $5.8 billion, up nearly 9% from Q2 a year ago; estimated RBC ratio ~538% (comfortably above target). Holding company cash and investments ~ $1.4 billion; total available liquidity at Jackson Financial, Inc. approximately $4 billion; operating company liquidity > $32 billion including ~$6 billion in cash and U.S. Treasuries.
Free Cash Flow and Capital Return Momentum
First half free cash flow was $575 million, a 14% increase year-over-year. Free capital generation for the quarter was $304 million, after-tax statutory capital generation $656 million. Returned $547 million to shareholders in H1 (dividends + repurchases) and $290 million in capital return during the quarter, a 38% increase on a per-diluted-share basis versus the prior year quarter.
Retail Annuity and RILA Sales Acceleration
Retail annuity sales approached $6 billion in Q2, up 34% year-over-year. RILA sales set a new quarterly record at $2.3 billion (up 69% YoY) and RILA AUM exceeded $26 billion. This was the fourth consecutive quarter with >$2 billion in RILA sales.
Growth in Spread-Based Business and Diversification
Spread-based products represented 54% of total sales in the quarter. Non-variable annuity net inflows were $2.9 billion, up 65% YoY and 16% sequentially. Fixed and fixed indexed annuity account values increased 28% to $6.3 billion in the first half; FIA sales for first 6 months were $1.3 billion and Jackson Income Assurance contributed $812 million in fixed/FIA sales during the quarter (up 73% YoY).
Investment Performance and Portfolio Positioning
Separate account returns were 12.9% for the quarter, contributing to more than $27 billion of investment gains in variable annuity AUM and offsetting >$22 billion of VA net outflows. New money yield in the quarter was roughly 100bps ahead of the overall portfolio yield, supporting NII growth.
PPM AUM and Strategic Partnership Progress
PPM America's AUM exceeded $100 billion, supported by growth in Jackson spread-based businesses and third-party AUM. The strategic partnership with TPG is ramping, broadening investment opportunities and contributing to higher new-money yields and asset sourcing.
Conservative Investment and Risk Management
Fixed maturity portfolio market-to-book ratio ~96%; below-investment-grade exposure limited to ~1% of the portfolio. Portfolio includes ~6% U.S. Treasuries and is diversified across corporates (~58%), mortgage loans and ABS; commercial mortgage portfolio conservatively underwritten.
Balance Sheet Actions and Funding
Issued $750 million of senior debt (prefunding $650 million of 2027 maturities), expanded revolving credit facility from $1.0B to $1.25B and extended maturity to 2031. Total leverage ~23.4% excluding AOCI (adjusted ~19.7% after planned retirements).
Industry Recognition and Distribution Gains
Named Investment News 2026 Annuity Provider of the Year. Added nearly 1,500 new advisers and reactivated 2,300 advisers since 2025; ~60% of producers selling the new FIA were new or reactivated, and nearly 80% of first half advisory annuity sales came from RILA, FIA and Elite Access, demonstrating distribution strength and product diversification.
Leadership Transition with Planned Succession
Planned executive transition announced: CEO retiring end of year; CFO Don Cummings to become President & CEO and Brian Walta named CFO effective October 1 — positioned as a well-planned succession to ensure continuity.
MX:JXN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed