Jackson Posts $7.55 Per Share in Third Quarter, Beating Analyst Estimates
Key Facts
Jackson Financial reported third-quarter results for the period ended September 30, 2026, on November 3, posting adjusted operating earnings of $517 million, or $7.55 per diluted share. Earnings per share beat analysts’ estimate of $7.23 by $0.32, according to data cited by Investing.com. Revenue, by contrast, was $2.03 billion, below the $2.06 billion estimate. The company said adjusted operating earnings rose from $433 million, or $6.16 per share, in the third quarter of 2025. It attributed the improvement mainly to higher spread income and a lower share count after repurchases.
The results showed a widening gap between operating earnings and net income. Net income attributable to common shareholders was $847 million, or $12.37 per diluted share, compared with $65 million and $0.92 per share a year earlier. Net income included a $337 million gain from a reinsured business. On an operating measure that excludes notable items and taxes, earnings were $7.67 per diluted share, compared with $5.98 in the same period of 2025. These figures show that the reinsurance gain contributed to higher net income, while operating earnings reflect business performance under the company’s adjusted measure.
Individual annuity sales hit a record $6.5 billion, up 22% year over year. They included record RILA product sales of $3 billion, up 44% from the third quarter of 2025. Variable annuity sales, by contrast, fell 3% to $2.8 billion. Sales of fixed and fixed-indexed annuities rose 79% to $796 million, driven by the Jackson Income Assurance suite. The differing sales trends across product categories show that overall growth was concentrated in individual products, with strong gains in RILA products and fixed and indexed annuities.
Chief Executive Don Cummings said the company “grew operating earnings per share while delivering record individual annuity sales, up 22% year over year.” The company also said its new program makes it the exclusive annuity provider to AARP members. At asset manager PPM America, assets under management rose to $101.8 billion on September 30, 2026, from $90.1 billion on the same date a year earlier. These figures add an indication of an expanding asset base alongside growth in individual annuity sales. The company’s disclosures focus on growth in adjusted earnings and sales, as well as differences among product lines.
On capital and liquidity, statutory total adjusted capital at Jackson National Life Insurance Co. was $5.9 billion on September 30, compared with $5.8 billion on June 30. The company estimated its risk-based capital ratio at 524% at the end of September. Cash and highly liquid securities at the holding company were about $1.4 billion on September 30, above the minimum targeted liquidity reserve of $325 million. The board approved a $1 billion increase in its share repurchase authorization on November 3. These disclosures connect the quarterly results with the company’s available capital indicators and its decision to expand the authorization for share repurchases.
Jackson is scheduled to hold a call to review third-quarter results on November 4, 2026, at 10 a.m. Eastern time. The call will be available via a public live webcast, with a replay available later. The call follows results that beat the earnings-per-share estimate while revenue came in below analysts’ expectations. The scheduled review will give management an opportunity to discuss results across annuity categories and the operating figures in the announcement. JXN shares closed at $137.64 in the November 2 session, before the results announcement.