The filing shows stable core operating earnings and strong free cash flow, but the GAAP loss and elevated hedging volatility warrant caution. Monitor the May 6 conference call for clarity on hedging strategy and mortality trends in the closed block. The pending TPG partnership may add near-term uncertainty.
Price Chart
Executive Summary
Jackson Financial reported Q1 2026 GAAP net loss of $435M ($6.24/share) versus a loss of $35M a year ago, driven by unfavorable hedging results. However, adjusted operating earnings were $361M ($5.15/share), essentially flat YoY, while free cash flow rose 35% to $288M and retail annuity sales grew 31%. The core business remains stable with strong capital returns, but the GAAP loss and higher expenses temper the outlook.
Key Financial Metrics
Key Facts
- GAAP net loss of $435M ($6.24/diluted share) vs. loss of $35M ($0.48) in Q1 2025
- Adjusted operating earnings of $361M ($5.15/diluted share) vs. $376M ($5.10) in Q1 2025
- Total revenues of $2,902M vs $3,750M YoY, with total revenues including volatile derivative gains
- Free cash flow of $288M, up 35% from $213M
- Retail annuity sales up 31% YoY to $5.3B, driven by RILA (+68%) and FIA (+335%)
- Returned $257M to common shareholders via $192M buybacks and $65M dividends
- Closed Life and Annuity Blocks swung to a pretax adjusted operating loss of $29M vs income of $28M
Financial Impact
Adjusted operating earnings per share flat at ~$5.15; free cash flow improved 35% to $288M; GAAP net loss widened by ~$400M due to hedging volatility.
Risk Factors
- Higher hedging volatility could continue to distort GAAP earnings
- Closed Life and Annuity Blocks weakness may persist with higher mortality
- Rising G&A expenses (up 9% YoY) could pressure margins
- Common equity issuance to TPG may dilute existing shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001822993-26-000071 |
| Document: jxn-20260505.htm | 0001822993-26-000071 |
| Document: 0001822993-26-000071-index-headers.html | 0001822993-26-000071 |
| Document: 0001822993-26-000071-index.html | 0001822993-26-000071 |
| Document: 0001822993-26-000071.txt | 0001822993-26-000071 |
| 8-K Data (Synthetic) | 0001822993-26-000071 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $130.19 $132.64 | ▲ +1.88% | ▲ +1.17% | $135.06 (+3.74%) |
Oct 16, 2026 11d ago | 3 | $128.62 $130.44 | ▲ +1.42% | ▲ +1.08% | $135.06 (+5.01%) |
Oct 14, 2026 13d ago | 8-K | $131.56 $130.58 | ▼ −0.74% | ▲ +0.36% | $135.06 (+2.66%) |
Oct 8, 2026 19d ago | 3 | $133.06 $129.71 | ▼ −2.52% | ▼ −3.12% | $135.06 (+1.50%) |
Aug 13, 2026 10w ago | Insider Cluster | $135.32 $133.15 | ▼ −1.60% | ▼ −1.13% | $135.06 (−0.19%) |
Jul 4, 2026 16w ago | Institutional Cluster | $109.36 $109.28 | ▼ −0.07% | ▲ +0.40% | $135.06 (+23.50%) |
Jun 25, 2026 17w ago | 8-K | $106.74 $104.91 | ▼ −1.71% | ▼ −3.36% | $135.06 (+26.53%) |
May 5, 2026 25w ago | 8-K | $26.14 $26.11 | ▼ −0.11% | ▲ +0.22% | $135.06 (+416.68%) |
Apr 7, 2026 29w ago | DEFA14A | $25.47 $25.54 | ▲ +0.27% | ▼ −2.26% | $135.06 (+430.27%) |
US Market Status
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