Jackson Posts Record Third-Quarter Annuity Sales

The Tip Desk · November 3, 2026 · 3 min read

Retail annuity sales reached a record $6.5 billion, up 22% from a year earlier, as adjusted operating earnings rose to $7.55 a share.

Jackson Financial Inc. (JXN), the Lansing, Michigan-based annuity writer, posted record retail annuity sales of $6.5 billion in the third quarter ended September 30, 2026, up 22% from the third quarter of 2025.

The year-over-year pace slowed from the second quarter, when sales were $5.9 billion and up 34% from a year earlier, and from the first quarter, when they were $5.3 billion and up 31%.

Registered index-linked annuity sales set a record at $3.0 billion, up 44% from the third quarter of 2025. Variable annuity sales were $2.8 billion. Fixed and fixed index annuity sales were $796 million, up 79% from a year earlier, which the company said was driven by its Jackson Income Assurance Suite.

Net income attributable to common shareholders was $847 million, or $12.37 a diluted share, compared with $65 million, or $0.92 a share, a year earlier. The company said the quarter included a more favorable net hedging result and a $337 million gain from business reinsured to third parties, versus a $176 million loss in the year-ago quarter. It said those reinsurance results do not affect statutory capital or free cash flow and have a minimal net impact on shareholders’ equity because of related changes in accumulated other comprehensive income.

Adjusted operating earnings were $517 million, or $7.55 a diluted share, compared with $433 million, or $6.16 a share, a year earlier. The company said the per-share increase reflected higher spread income from growth in average spread block assets under management and a reduced share count from repurchases. Adjusted operating earnings per diluted share excluding notable items and taxes were $7.67, up from $5.98 a year earlier.

Retail Annuities reported pretax adjusted operating earnings of $638 million, compared with $494 million a year earlier, which the company said primarily reflected higher spread income from growth in average RILA and FIA assets under management. Institutional Products pretax adjusted operating earnings were $23 million, compared with $31 million a year earlier, reflecting lower spread income. Institutional sales were $755 million, with net flows of $648 million and total account value of $11.4 billion. Closed Life and Annuity Blocks posted a pretax adjusted operating loss of $3 million. Corporate and Other reported a pretax adjusted operating loss of $46 million, primarily reflecting higher interest expense.

PPM America, the asset-management subsidiary, had assets under management of $101.8 billion as of September 30, 2026, up 13% from $90.1 billion a year earlier. The company said the increase was driven by growth in Jackson’s general account from RILA, fixed, fixed index and institutional product sales, and growth in third-party AUM.

Free capital generation was $281 million in the third quarter after reflecting the increased capital requirement supporting new sales. Statutory total adjusted capital at Jackson National Life Insurance Company was $5.9 billion as of September 30, 2026. The estimated risk-based capital ratio at JNL was 524%, down from the second quarter, which the company attributed to higher required capital from new business.

Holding-company free cash flow was $275 million, reflecting a $325 million distribution from the operating company. Parent-company-only net cash provided by operating activities was $6 million. Cash and highly liquid securities at the holding company were nearly $1.4 billion as of September 30, 2026, above the company’s targeted $325 million minimum liquidity buffer.

Jackson returned $291 million to common shareholders in the third quarter, up 39% from the third quarter of 2025, through $230 million of share repurchases and $61 million of common dividends. The board approved a $1 billion increase to the existing common share repurchase authorization.

Chief Executive Officer Don Cummings said Jackson has been named the exclusive provider of annuities for AARP members through the AARP Annuity Program from Jackson, a distribution channel not present in the prior-quarter highlights.