Jackson Financial Incorporation (JXN) AI Stock Analysis

• Market Cap: $7.28B
• Dividend Yield: 2.98%
• Average Volume (3M): 652.31K
• Price to Earnings (P/E): 276.8
• Beta (1Y): 1.48
• Revenue Growth: 24.94%
• EPS Growth: N/A
• Country: US
• Employees: 3,060
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 6.61
• Shares Outstanding: 70,681,885
• 10 Day Avg. Volume: 692,477
• 30 Day Avg. Volume: 652,313
• PEG Ratio: -2.71
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 1.12
• P/FCF Ratio: 1.30
• Enterprise Value/Market Cap: 0.50
• Enterprise Value/Revenue: 0.54
• Enterprise Value/Gross Profit: 0.63
• Enterprise Value/Ebitda: -257.84
• 1Y Price Target: $118.67
• Price Target Upside: 15.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 24.58
• Revenue Forecast (FY): $7.72B

• Rating: 53 Neutral
• Price Target: $104.00 ▲(0.92% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

JXN’s score is weighed down primarily by deteriorating profitability and a sharp drop in reported operating/free cash flow, plus weak current price momentum. These are partially offset by solid balance-sheet leverage, constructive earnings-call guidance around higher 2026 free capital generation and shareholder returns, and a moderate dividend yield despite an extremely elevated P/E.

Positive Factors

Improved Balance Sheet Leverage

Lower leverage (debt/equity ~0.20) and a sizable equity base materially increase financial flexibility and regulatory resilience. This durable capital strength supports continued product growth, reinsurance/captive strategies, and steady capital returns without threatening solvency under moderate stress.

Strategic partnership with TPG

The multi-year TPG alliance provides permanent capital, explicit asset-management capacity and a pipeline for private credit/asset-based finance. Structurally this broadens Jackson's asset sourcing, supports spread-based product expansion, and diversifies fee and investment income over the medium term.

Record retail annuity sales and product momentum

Consistent, large retail annuity sales and new product adoption (RILA 3.0, FIA launches) show durable distribution traction and product-market fit. Sustained retail demand and broader product mix increase recurring fees and spread opportunities, underpinning more stable long-term revenue streams.

Negative Factors

Sharp cash flow deterioration

A collapse in reported operating and free cash flow undermines ongoing capital generation and raises execution risk. If the weakness persists, it can constrain reinvestment, capital returns, and increase reliance on contingent funding or equity issuance, weakening long-term financial predictability.

High hedge and MRB volatility on guarantees

Large hedging and MRB losses highlight structural sensitivity of guaranteed products to market volatility and hedging mismatches. Persistent hedging cost volatility can compress spread economics on guaranteed annuities and create earnings volatility that is hard to eliminate over the medium term.

Elevated variable annuity outflows and lapse pressure

Sustained VA outflows and higher surrenders erode fee-bearing account balances and shorten liability duration, reducing long-term fee revenue and net investment spread. This dynamic stresses hedging programs, increases reserve sensitivity, and can degrade capital generation over multiple quarters.

Jackson Financial Incorporation Business Overview & Revenue Model

Company Description

Jackson Financial Inc., through its subsidiaries, primarily provides a suite of annuities to retail investors in the United States. The company operates through three segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks. The Retail Annuities segment offers various retirement income and savings products, including variable, fixed index, fixed, and immediate payout annuities, as well as registered index-linked annuities and lifetime income solutions. The Institutional Products segment provides traditional guaranteed investment contracts; funding agreements comprising agreements issued in conjunction with its participation in the U.S. federal home loan bank program; and medium-term funding agreement-backed notes. The Closed Life and Annuity Blocks segment offers various protection products, such as whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. This segment also provides a block of group payout annuities. The company also offers investment management services. It sells its products through a distribution network that includes independent broker-dealers, banks and other financial institutions, wirehouses and regional broker-dealers, and independent registered investment advisors, third-party platforms, and insurance agents. Jackson Financial Inc. was formerly known as Brooke (Holdco1) Inc. and changed its name to Jackson Financial Inc. in July 2020. The company was incorporated in 2006 and is headquartered in Lansing, Michigan.

How the Company Makes Money

Jackson Financial primarily makes money by manufacturing and administering annuity products and earning spreads and fees associated with those contracts. (1) Net investment spread: Customer premiums are invested in a general account portfolio (e.g., fixed income and other invested assets), and the company seeks to earn more on those invested assets than it credits to policyholders (and after certain product costs), generating a spread-based profit. (2) Fee-based revenues on separate account products: For variable annuities and other products where assets are held in separate accounts, the company earns contract charges such as asset-based fees (e.g., mortality and expense risk charges and administrative fees) and may earn additional fees for optional living/withdrawal benefit riders. (3) Surrender charges and other policy charges: Many annuity contracts include surrender/withdrawal charges if policyholders take money out beyond free-withdrawal provisions during specified periods; these charges contribute to revenue, particularly when policy behavior leads to early withdrawals. (4) Underwriting/actuarial results on guarantees and benefits: The company prices and hedges embedded guarantees (e.g., certain living benefit features) and can generate profits or losses depending on market performance, hedging effectiveness, interest rates, and policyholder behavior. (5) Distribution and scale: Sales are generated largely through third-party distribution relationships (independent agents, broker-dealers and other intermediaries). Earnings are influenced by the company’s ability to maintain shelf space and relationships with these distributors, manage product competitiveness, control acquisition costs (commissions/marketing), and manage capital and liquidity within insurance regulatory requirements. Specific named partnerships, if any, are null.

Jackson Financial Incorporation Financial Statement Overview

Summary

Balance sheet strength is a clear positive (debt-to-equity improved to ~0.20 and equity remains sizable), but overall financial quality is held back by a sharp 2025 profitability step-down (EBIT/EBITDA slightly negative; net margin ~0.4% vs ~30% in 2024) and an abrupt deterioration in reported cash generation (operating cash flow/free cash flow reported at $0 vs ~$5.8B in 2024). Volatility across years reduces earnings visibility.

Income Statement

Revenue rebounded sharply in 2025 (annual revenue up ~41%), but profitability deteriorated materially: EBIT and EBITDA turned slightly negative and net margin fell to ~0.4% versus ~30% in 2024. Results have been volatile across the cycle (very strong 2021–2022, large loss in 2020), which reduces earnings quality and visibility despite strong gross profitability.

Balance Sheet

Leverage looks manageable with debt-to-equity improving to ~0.20 in 2025 (down from ~0.45 in 2024) and equity remaining sizable (~$10B). However, returns have compressed significantly (return on equity near 0.3% in 2025 vs ~9.7% in 2024), indicating weaker capital efficiency even as the capital base remains solid.

Cash Flow

Cash generation weakened sharply in 2025, with operating cash flow and free cash flow reported at $0 (down from ~$5.8B in 2024) and free cash flow growth at -100%. Prior years showed strong cash conversion (free cash flow matching net income in 2021–2024), but the 2025 drop introduces a significant sustainability and liquidity risk signal based on the provided data.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.68B	3.09B	3.17B	9.72B	5.50B
Gross Profit	5.71B	2.39B	2.47B	8.91B	4.99B
EBITDA	-14.00M	1.12B	1.07B	7.83B	4.39B
Net Income	27.00M	946.00M	934.00M	6.19B	3.42B
Balance Sheet
Total Assets	344.53B	338.45B	330.25B	314.98B	375.56B
Cash, Cash Equivalents and Short-Term Investments	53.02B	44.06B	43.11B	46.79B	54.17B
Total Debt	2.03B	4.38B	4.03B	4.37B	4.05B
Total Liabilities	334.19B	328.47B	319.92B	305.61B	364.49B
Stockholders Equity	9.95B	9.76B	10.17B	8.65B	10.39B
Cash Flow
Free Cash Flow	5.76B	5.79B	5.31B	5.21B	5.68B
Operating Cash Flow	5.76B	5.79B	5.31B	5.21B	5.68B
Investing Cash Flow	-7.76B	-7.09B	-592.00M	-1.37B	-1.30B
Financing Cash Flow	3.94B	2.37B	-6.33B	-2.16B	-3.77B

Jackson Financial Incorporation Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 103.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JXN, the sentiment is Negative. The current price of 103.05 is below the 20-day moving average (MA) of 107.70, below the 50-day MA of 111.98, and above the 200-day MA of 98.21, indicating a neutral trend. The MACD of -2.65 indicates Positive momentum. The RSI at 37.92 is Neutral, neither overbought nor oversold. The STOCH value of 11.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JXN.

Jackson Financial Incorporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRI	74 Outperform	$7.77B	10.48	32.29%	1.59%	5.63%	67.39%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FG	64 Neutral	$3.20B	15.25	5.75%	2.91%	-4.58%	―
LNC	63 Neutral	$6.43B	6.91	12.03%	3.93%	35.76%	636.97%
CNO	62 Neutral	$3.75B	11.12	8.60%	1.54%	-1.61%	15.79%
GNW	58 Neutral	$3.10B	16.56	2.54%	―	1.41%	150.35%
JXN	53 Neutral	$7.28B	276.83	0.26%	2.98%	24.94%	―

Jackson Financial Incorporation Corporate Events

Jackson Financial Establishes New On-Demand Capital and Liquidity

On March 19, 2026, Jackson Financial Inc. arranged $900 million of new on-demand capital and liquidity through private placements of pre-capitalized trust securities issued by two Delaware statutory trusts, Grand River Funding Trust I and II, to qualified institutional buyers. The trusts invested the proceeds in U.S. Treasury strips and entered facility agreements that give Jackson the right over 10 years and 30 years, respectively, to issue up to $500 million of 6.311% senior notes due 2036 and $400 million of 7.280% senior notes due 2056, with semi-annual facility fees on unused capacity and multiple triggers that can force or automatically exercise these issuance rights, strengthening Jackson’s contingent funding, balance-sheet flexibility, and regulatory capital management options.

The structure allows Jackson to convert the trusts’ eligible U.S. Treasury assets into senior notes when needed, or to repurchase notes later in exchange for equivalent assets, while also linking mandatory or automatic exercise of issuance rights to events such as net worth declines, potential investment company status issues, or payment defaults. The P-Caps are mandatorily redeemable in 2036 and 2056, or earlier upon redemption of the related senior notes, aligning investors’ exposure with Jackson’s long-term capital needs and providing a mechanism for early unwind if the company redeems or restructures its funding, which has implications for creditors, rating considerations, and institutional investors seeking structured exposure to Jackson’s credit profile.

The most recent analyst rating on (JXN) stock is a Hold with a $114.00 price target. To see the full list of analyst forecasts on Jackson Financial Incorporation stock, see the JXN Stock Forecast page.

Jackson Financial posts strong 2025 results, boosts capital returns

Jackson Financial Inc. reported its fourth-quarter and full-year 2025 results, highlighting non-GAAP earnings of $1.6 billion, non-GAAP earnings per share of $22.67 and free cash flow of $838 million, despite a GAAP net loss of $17 million, or $0.24 per share. For 2025, retail annuity sales rose 10% from 2024, the Jackson National Life Insurance Company risk-based capital ratio stood at 567%, holding company liquidity exceeded $650 million, and capital returned to shareholders reached $862 million through dividends and buybacks, while management pointed to a strategic shift toward non-variable annuity products, stronger capital generation and higher targeted capital returns in 2026 following its post-separation repositioning.

The most recent analyst rating on (JXN) stock is a Buy with a $129.00 price target. To see the full list of analyst forecasts on Jackson Financial Incorporation stock, see the JXN Stock Forecast page.

Jackson Financial and TPG Form Long-Term Strategic Partnership

On February 11, 2026, Jackson Financial Inc. closed a long-term strategic partnership with alternative asset manager TPG Inc., anchored by a $500 million common equity investment from TPG in exchange for 4,715,554 Jackson shares, or about 6.5% of the company. As part of the deal, a Jackson subsidiary received 2,279,109 TPG Class A shares, and the firms entered a 10-year, renewable investment management arrangement under which TPG will provide investment-grade asset-based finance and direct lending capabilities to complement PPM America, aiming to accelerate Jackson’s spread-based growth strategy, broaden product innovation and enhance long-term value for clients and shareholders.

Management from both companies framed the partnership as a culturally aligned collaboration that marries TPG’s credit and structuring expertise with Jackson’s position as a leading retirement services provider. For Jackson, the transaction is expected to bolster competitiveness in meeting demand for consumer value-oriented products and to provide capital and asset-management flexibility, while TPG gains expanded scale for its credit and insurance strategies and deeper access to insurance-related investment flows.

The most recent analyst rating on (JXN) stock is a Buy with a $129.00 price target. To see the full list of analyst forecasts on Jackson Financial Incorporation stock, see the JXN Stock Forecast page.

Jackson Financial Forms Strategic Partnership with TPG Inc.

On January 5, 2026, Jackson Financial Inc. entered into a long-term strategic partnership and investment agreement with global alternative asset manager TPG Inc., under which TPG will acquire approximately 6.5% of Jackson’s common equity for $500 million in cash, subject to a 9.9% ownership cap and multi-year holding and sale restrictions designed to stabilize the shareholder base and align interests. The proceeds, combined with $150 million of Jackson’s excess cash, will capitalize Hickory Brooke Reinsurance Company, a new Michigan-based captive reinsurer set up to support capital-efficient growth in Jackson’s fixed and fixed index annuity sales, while Jackson will also receive $150 million of TPG common stock and enter non-exclusive, 10-year-plus investment management arrangements that target $12 billion of general account assets under TPG’s management over five years, enhancing Jackson’s private credit and asset-based finance capabilities, diversifying earnings, and reinforcing its competitive position in U.S. retirement services; the transaction is expected to close in the first quarter of 2026, subject to customary conditions.

The most recent analyst rating on (JXN) stock is a Hold with a $118.00 price target. To see the full list of analyst forecasts on Jackson Financial Incorporation stock, see the JXN Stock Forecast page.