Jackson Financial Inc. JXN
Jackson Financial Inc. ("Jackson Financial" or "JFI") is a financial services company focused on helping Americans in the United States ("U.S.") secure their financial futures. We believe we are well-positioned in our markets because of our differentiated products and our well-known brand among distributors and advisors. Our market position is supported by our efficient and scalable operating platform and industry-leading distribution network. We are confident these core strengths will enable us to grow as an aging U.S. population transitions into retirement. We refer to Jackson Financial and its subsidiaries and affiliates collectively, as the "Company," "we," "our," or "us."
We offer a diverse suite of annuities to retail investors in the U.S. Our variable annuities have been among the best-selling products of their kind in the U.S. principally due to the differentiated features we offer as compared to our competitors and, in particular the wider range of investment options and greater freedom to invest across multiple investment options. We also offer registered index-linked, fixed index, fixed, and payout annuities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.68B | $3.27B | $3.08B | $9.85B | $6.36B | $3.55B | $3.48B | — |
| SG&A | $1.07B | $1.12B | $1.01B | $875.0M | $1.08B | $985.0M | $994.0M | — |
| Total operating expenses | $2.80B | $2.83B | $2.55B | $2.43B | $2.84B | $1.30B | $2.07B | — |
| Interest expense | $100.0M | $101.0M | $109.0M | $98.0M | $37.0M | $88.0M | $99.0M | — |
| Pre-tax income | -$114.0M | $1.02B | $958.0M | $7.73B | $4.34B | -$2.49B | -$811.0M | — |
| Income tax | $186.0M | $46.0M | $4.0M | $1.50B | $666.0M | $854.0M | $369.0M | — |
| Net income | -$17.0M | $902.0M | $899.0M | $6.19B | $3.42B | -$1.63B | -$497.0M | — |
| EPS, basic | -0.24 | 11.86 | 10.99 | 72.34 | 36.35 | -24.14 | -13.16 | — |
| EPS, diluted | -0.24 | 11.74 | 10.76 | 69.75 | 36.17 | -24.14 | -13.16 | — |
| Shares, diluted (wtd. avg.) | $71.2M | $76.8M | $83.6M | $88.7M | $94.5M | $67.7M | $37.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.70B | $3.77B | $2.69B | $4.30B | $2.63B | $2.02B | $1.94B | $3.97B |
| Total assets | $352.59B | $338.45B | $330.25B | $314.98B | $375.56B | $355.51B | — | — |
| Short-term debt | — | — | $970.0M | $311.0M | — | — | — | — |
| Long-term debt | $2.03B | $2.03B | $2.04B | $2.63B | $2.65B | $322.0M | — | — |
| Total liabilities | $342.24B | $328.47B | $319.92B | $305.61B | $364.49B | $348.58B | — | — |
| Retained earnings | $7.47B | $7.71B | $7.04B | $6.40B | $2.81B | -$2.93B | — | — |
| Total equity | $9.95B | $9.76B | $10.33B | $9.38B | $8.32B | $9.92B | $7.32B | $7.97B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.76B | $5.79B | $5.31B | $5.21B | $5.68B | $3.71B | $4.37B | — |
| Depreciation and amortisation | — | — | — | — | $11.0M | $11.0M | $11.0M | — |
| Stock-based compensation | $132.0M | $191.0M | $107.0M | $131.0M | $129.0M | $56.0M | $79.0M | — |
| Investing cash flow | -$7.76B | -$7.09B | -$592.0M | -$1.37B | -$1.30B | -$4.33B | -$8.33B | — |
| Financing cash flow | $3.94B | $2.37B | -$6.33B | -$2.16B | -$3.77B | $705.0M | $1.93B | — |
| Dividends paid | $223.0M | $211.0M | $201.0M | $186.0M | $50.0M | $0 | $0 | — |
| Buybacks | $669.0M | $442.0M | $306.0M | $321.0M | $211.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040158.
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| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |
| LNC | LINCOLN NATIONAL CORP | $8.71B | 7.8x | -1.2% |