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 $928 million to $1,000 million for the three months ended September 30, 2026, from $72 million for the three months ended September 30, 2025, primarily due to:

•$845 million of favorable movements in market risk benefits (gains) losses, primarily due to more favorable movements in interest rates during the three months ended September 30, 2026, partially offset by unfavorable fund performance and volatility movements during the three months ended September 30, 2026, compared to the prior year; and

•$90 million favorable change in total net gains (losses) on derivatives and investments as discussed below:

◦Embedded derivative movements were favorable largely due to increasing interest rates impacting our growing RILA block during the three months ended September 30, 2026, compared to the prior year; and

◦Lower losses recognized on funds withheld reinsurance were driven by an increase in interest rates impacting the value of the embedded derivative during the three months ended September 30, 2026, compared to relatively stable interest rates during the three months ended September 30, 2025.

This was partially offset by:

◦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 were primarily driven by an increase in interest rates during the three months ended September 30, 2026 compared to relatively stable interest rates during the three months ended September 30, 2025. The movements in equity hedges were primarily driven by impacts from the growth of our RILA block during the three months ended September 30, 2026.

•$30 million increase in net investment income resulting from higher income on debt securities and mortgage loans, partially offset by lower income on limited partnerships, which are recorded on a one quarter lag, and funds withheld assets during the three months ended September 30, 2026.

•$28 million increase in interest credited on other contract holder funds, net of deferrals and amortization, primarily due to increased retail annuities new and in-force business during the three months ended September 30, 2026, compared to the prior year; and

•$12 million higher interest expense incurred in the current year due to the issuance of additional senior notes in the second quarter of 2026.

Income Taxes

Income tax expense increased $149 million reflecting an increase in expense to $130 million for the three months ended September 30, 2026, from a benefit of $19 million for the three months ended September 30, 2025. The provision for income tax in the current period led to an effective income tax rate ("ETR") of 13% for the three months ended September 30, 2026, compared to the ETR of (32)% for the three months ended September 30, 2025. The change in the ETR during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was due to the relationship of the taxable income to the consolidated pre-tax income (loss), valuation allowance, and the variance of the impact of tax adjustments related to prior year returns and the benefit of IRS refund interest on carryback claims and amended returns both recognized in 2025. The ETR, excluding significant, unusual or infrequently occurring items, differs from the statutory rate of 21% primarily due to the dividends received deduction, the utilization of foreign tax credits, and valuation allowance. See Note 15 - Income Taxes of the Notes to Consolidated Financial Statements in our 2025 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) increased by $1,021 million to $1,265 million for the nine months ended September 30, 2026, from $244 million for the nine months ended September 30, 2025, primarily due to:

•$1,271 million of favorable movements in market risk benefits (gains) losses, net, primarily due to more favorable movements in interest rates during the nine months ended September 30, 2026, compared to the prior year;

•$225 million increase in net investment income resulting from higher income on debt securities and mortgage loans as well as lower expenses, partially offset by lower income on equity securities, limited partnerships, which are recorded on a one quarter lag, and funds withheld assets during the nine months ended September 30, 2026;

•$44 million increase in fee income primarily due to higher variable fee income, due to higher average separate account values, partially offset by decreases in benefit-based guarantee fee income during nine months ended September 30, 2026, compared to the prior year; and

•$11 million decrease in death, other policy benefits, and change in policy reserves, net of (gain) loss from updating future policy benefits cash flow assumptions, driven by higher death claim benefits due to the implementation of enhanced processes and data sources for identifying deceased policyholders, offset by decreases in reserves mainly due to these higher claims during the nine months ended September 30, 2026, compared to prior year.

•$338 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 were primarily driven by an increase in interest rates during the nine months ended September 30, 2026 compared to a decrease in interest rates during the prior year. The movements in equity hedges were primarily driven by impacts from the growth of our RILA block during the nine months ended September 30, 2026.

This movement was partially offset by:

◦Lower losses recognized on funds withheld reinsurance were driven by an increase in interest rates impacting the value of the embedded derivative during the nine months ended September 30, 2026, compared to a decrease in interest rates during the prior year.

•$80 million increase in interest credited on contract holder funds, net of deferrals and amortization, primarily due to increased retail annuities new and in-force business during the nine months ended September 30, 2026 and higher average institutional account balances in 2026, compared to the prior year;

•$62 million increase in operating costs and other expenses, net of deferrals, primarily due to higher asset-based non-deferrable commissions, due to higher account values, and higher incentive compensation expenses during the nine months ended September 30, 2026, compared to prior year;

•$22 million increase in amortization of deferred acquisition costs primarily driven by growth of our RILA block; and

•$14 million higher interest expense incurred in the current year due to the issuance of additional senior notes in the second quarter of 2026.

Income Taxes

Income tax expense increased $169 million to an expense of $155 million for the nine months ended September 30, 2026, from a benefit of $14 million for the nine months ended September 30, 2025. The provision for income tax in the current period led to an effective tax rate ("ETR") of 13% for the nine months ended September 30, 2026 compared to an ETR of (6)% the nine months ended September 30, 2025. The change in the ETR during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was due to the relationship of the taxable income to the consolidated pre-tax income (loss), valuation allowance, and the variance of the impact of tax adjustments related to prior year returns and the benefit of IRS refund interest on carryback claims and amended returns both recognized in 2025. The ETR, excluding significant, unusual or infrequently occurring items, differs from the statutory rate of 21% primarily due to the dividends received deduction, the utilization of foreign tax credits, and valuation allowance. See Note 15 - Income Taxes of the Notes to Consolidated Financial Statements in our 2025 Annual Report and Note 15 - Income Taxes of the Notes to Condensed Consolidated Financial Statements in this report for more information.