Jackson Financial Inc.

The following table sets forth, for the periods presented, certain data from our Condensed Consolidated Income Statements. The information contained in the table below should be read in conjunction with our Condensed Consolidated Financial Statements and the related notes elsewhere in this report:

Pretax Income (Loss)

Our pretax income (loss) increased by $651 million to $72 million for the three months ended September 30, 2025, from $(579) million for the three months ended September 30, 2024, primarily due to:

•$1,398 million favorable movements in market risk benefits (gains) losses, largely due to less unfavorable movements in interest rates during the three months ended September 30, 2025, compared to the prior year;

•$130 million increase in net investment income as a result of higher income on bonds and higher income on limited partnerships, which are recorded on a one quarter lag, partially offset by lower income on funds withheld assets during the three months ended September 30, 2025; and

•$28 million decrease in operating costs and other expenses, net of deferrals, primarily due to lower incentive and deferred compensation expenses during the three months ended September 30, 2025, partially offset by higher asset-based non-deferrable commissions, due to higher account values in the current quarter.

•$829 million unfavorable change in total net gains (losses) on derivatives and investments as discussed below:

◦Volumes of freestanding derivatives can vary significantly period over period and movements in those derivatives are subject to interest rate or market movements. The movements in interest rate hedges during the three months ended September 30, 2025 reflected relatively stable interest rates whereas the movements in interest rate hedges during the three months ended September 30, 2024 were primarily driven by a decrease in interest rates. The movements in equity hedges during the three months ended September 30, 2025 were primarily driven by larger increases in equity markets compared to smaller increases during the three months ended September 30, 2024; and

◦Embedded derivative movements were unfavorable largely due to equity market increase impacts on our growing RILA block during the three months ended September 30, 2025, compared to the prior year.

◦Lower losses recognized on funds withheld reinsurance were driven by the impact of relatively stable interest rates impacting the value of the embedded derivative during the three months ended September 30, 2025, compared to a decrease in interest rates during the three months ended September 30, 2024.

•$38 million increase in interest credited on other contract holder funds, net of deferrals and amortization, primarily due to higher average institutional account balances during the three months ended September 30, 2025, compared to the prior year; and

•$34 million increase in death, other policy benefits, and change in policy reserves, net of (gain) loss from updating future policy benefits cash flow assumptions, primarily due to changes in mortality and higher other policyholder benefits during the three months ended September 30, 2025, compared to the prior year.

Income Taxes

Income tax expense increased $94 million reflecting a reduction in benefit to $19 million for the three months ended September 30, 2025, from a benefit of $113 million for the three months ended September 30, 2024. The provision for income tax in the current period led to an effective income tax rate ("ETR") of (32)% for the three months ended September 30, 2025, compared to the ETR of 19% for the three months ended September 30, 2024. The change in the ETR during the three months ended September 30, 2025, compared to the three months ended September 30, 2024 was due to the relationship of the taxable income to the consolidated pre-tax income (loss), valuation allowance, the variance of the impact of tax adjustments related to prior year returns between those recorded in the current quarter compared to those recognized in the third quarter of 2024 and the benefit of IRS refund interest on carryback claims and amended returns. The ETR, excluding significant unusual or infrequently occurring items, differs from the statutory rate of 21% primarily due to the dividends received deduction, utilization of foreign tax credits and valuation allowance. See Note 15 - Income Taxes of the Notes to Consolidated Financial Statements in our 2024 Annual Report and Note 15 - Income Taxes of the Notes to Condensed Consolidated Financial Statements in this report for more information.

Pretax Income (Loss)

Our pretax income (loss) decreased by $398 million to $244 million for the nine months ended September 30, 2025, from $642 million for the nine months ended September 30, 2024, primarily due to:

•$1,879 million in unfavorable movements in market risk benefits (gains) losses, net, primarily due to less favorable movements in interest rates and fund performance as well as unfavorable equity volatility movements in 2025, compared to the prior year;

•$135 million increase in death, other policy benefits, and change in policy reserves, net of (gain) loss from updating future policy benefits cash flow assumptions, primarily due to changes in mortality and higher other policyholder benefits;

•$85 million decrease in fee income primarily due to decreases in benefit-based guarantee fee income during 2025, and decreases in variable fee income due to market volatility in the second quarter of 2025, which resulted in lower average separate account values during that quarter, compared to the prior year; and

•$75 million increase in interest credited on contract holder funds, net of deferrals and amortization, primarily due to higher average institutional account balances in 2025 and fixed annuity and RILA new business, compared to the prior year.

•$1,588 million improvement in total net gains (losses) on derivatives and investments as discussed below:

◦Volumes of freestanding derivatives can vary significantly period over period and movements in those derivatives are subject to interest rate or market movements. The movements in interest rate hedges during the nine months ended September 30, 2025 were primarily driven by a greater decrease in interest rates in the current year than during the prior year. The movements in equity hedges during the nine months ended September 30, 2025 were primarily driven by smaller increases in equity markets compared to larger increases in equity markets during the nine months ended September 30, 2024; and

◦Embedded derivative movements were unfavorable largely due to equity market increase impacts on our growing RILA block, compared to the prior year.

•$121 million increase in net investment income as a result of higher income on bonds, lower expenses, and higher income on limited partnerships, which are recorded on a one quarter lag, partially offset by lower income on funds withheld assets during the nine months ended September 30, 2025; and

•$33 million decrease in operating costs and other expenses, net of deferrals, primarily due to lower incentive and deferred compensation expenses during the nine months ended September 30, 2025, partially offset by higher other commissions expenses, net of deferrals, driven by higher retail sales, compared to prior year.

Income Taxes

Income tax expense decreased $38 million, as reflected in a benefit of $14 million for the nine months ended September 30, 2025, from an expense of $24 million for the nine months ended September 30, 2024. The provision for income tax in the current period led to an effective tax rate (“ETR”) of (6)% for the nine months ended September 30, 2025 compared to an ETR of 4% the nine months ended September 30, 2024. The change in the ETR during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was due to the relationship of the taxable income to the consolidated pre-tax income (loss), valuation allowance, the variance of the impact of tax adjustments related to prior year returns between those recorded in the current year compared to those recognized in 2024, and the benefit of IRS refund interest on carryback claims and amended returns. The ETR, excluding significant unusual or infrequently occurring items, differs from the statutory rate of 21% primarily due to the dividends received deduction, utilization of foreign tax credits and valuation allowance. See Note 15 - Income Taxes of the Notes to Consolidated Financial Statements in our 2024 Annual Report and Note 15 - Income Taxes of the Notes to Condensed Consolidated Financial Statements in this report for more information.