3 unchanged sentences
(in millions, except share data)
−Removed: June 30, December 31,
+Added: September 30, December 31,
Assets (Unaudited)
−Removed: Debt Securities, available-for-sale, net of allowance for credit losses of $ 12 and $ 39 at June 30, 2025 and December 31, 2024, respectively (amortized cost:
+Added: Debt Securities, available-for-sale, net of allowance for credit losses of $ 11 and $ 39 at September 30, 2025 and December 31, 2024, respectively (amortized cost:
2025 $ 49,228 ;
3 unchanged sentences
Equity securities, at fair value 180 197
−Removed: Mortgage loans, net of allowance for credit losses of $ 137 and $ 121 at June 30, 2025 and December 31, 2024, respectively
+Added: Mortgage loans, net of allowance for credit losses of $ 143 and $ 121 at September 30, 2025 and December 31, 2024, respectively
Mortgage loans, at fair value under fair value option 349 449
−Removed: Policy loans (including $ 3,540 and $ 3,489 at fair value under the fair value option at June 30, 2025 and December 31, 2024, respectively)
+Added: Policy loans (including $ 3,592 and $ 3,489 at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)
Freestanding derivative instruments 486 297
4 unchanged sentences
Deferred acquisition costs 11,654 11,887
−Removed: Reinsurance recoverable, net of allowance for credit losses of $ 26 and $ 27 at June 30, 2025 and December 31, 2024, respectively
+Added: Reinsurance recoverable, net of allowance for credit losses of $ 26 and $ 27 at September 30, 2025 and December 31, 2024, respectively
20,053 21,830
9 unchanged sentences
Market risk benefit liabilities, at fair value 3,733 3,774
−Removed: Funds withheld payable under reinsurance treaties (including $ 3,767 and $ 3,667 at fair value under the fair value option at June 30, 2025 and December 31, 2024, respectively)
+Added: Funds withheld payable under reinsurance treaties (including $ 3,775 and $ 3,667 at fair value under the fair value option at September 30, 2025 and December 31, 2024, respectively)
15,498 16,742
10 unchanged sentences
24,000 shares authorized;
−Removed: 22,000 shares issued and outstanding at June 30, 2025 and December 31, 2024;
+Added: 22,000 shares issued and outstanding at September 30, 2025 and December 31, 2024;
liquidation preference $ 25,000 per share (see Note 19)
Common stock;
−Removed: 1,000,000,000 shares authorized, $ 0.01 par value per share and 69,958,388 and 73,380,643 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively (see Note 19)
+Added: 1,000,000,000 shares authorized, $ 0.01 par value per share and 68,333,010 and 73,380,643 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively (see Note 19)
Additional paid-in capital 6,056 6,046
Treasury stock, at cost;
−Removed: 24,529,927 and 21,107,672 shares at June 30, 2025 and December 31, 2024, respectively
+Added: 26,155,305 and 21,107,672 shares at September 30, 2025 and December 31, 2024, respectively
( 1,493 ) ( 1,007 )
−Removed: Accumulated other comprehensive income (loss), net of tax expense (benefit) of $( 273 ) and $( 311 ) at June 30, 2025 and December 31, 2024, respectively
+Added: Accumulated other comprehensive income (loss), net of tax expense (benefit) of $( 401 ) and $( 311 ) at September 30, 2025 and December 31, 2024, respectively
( 2,609 ) ( 3,522 )
8 unchanged sentences
(Unaudited, in millions, except per share data)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
36 unchanged sentences
(Unaudited, in millions)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
2 unchanged sentences
Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) of:
−Removed: $ 9 and $( 11 ), for the three months ended June 30, 2025 and 2024, respectively, and $ 49 and $( 14 ), for the six months ended June 30, 2025 and 2024, respectively.
+Added: $ 19 and $ 68 , for the three months ended September 30, 2025 and 2024, respectively, and $ 68 and $ 54 , for the nine months ended September 30, 2025 and 2024, respectively.
551 1,679 1,512 1,170
Change in unrealized gains (losses) on securities with credit impairment, net of tax expense (benefit) of:
−Removed: $( 1 ) and $ 1 , for the three months ended June 30, 2025 and 2024, respectively, and $( 1 ) and $ 1 , for the six months ended June 30, 2025 and 2024, respectively
+Added: $( 1 ) and $( 2 ), for the three months ended September 30, 2025 and 2024, respectively, and $( 2 ) and $( 1 ), for the nine months ended September 30, 2025 and 2024, respectively
( 11 ) ( 33 ) ( 37 ) ( 28 )
−Removed: Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) of $( 7 ) and $ 14 , for the three months ended June 30, 2025 and 2024, respectively, and $( 23 ) and $ 32 , for the six months ended June 30, 2025 and 2024, respectively
+Added: Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) of $( 19 ) and $( 61 ), for the three months ended September 30, 2025 and 2024, respectively, and $( 42 ) and $( 29 ), for the nine months ended September 30, 2025 and 2024, respectively
( 68 ) ( 219 ) ( 151 ) ( 103 )
−Removed: Change in non-performance risk on market risk benefits, net of tax expense (benefit) of $( 58 ) and $( 7 ), for the three months ended June 30, 2025 and 2024, respectively, and $ 13 and $( 118 ), for the six months ended June 30, 2025 and 2024, respectively
+Added: Change in non-performance risk on market risk benefits, net of tax expense (benefit) of $( 127 ) and $( 51 ), for the three months ended September 30, 2025 and 2024, respectively, and $( 114 ) and $( 169 ), for the nine months ended September 30, 2025 and 2024, respectively
( 458 ) ( 184 ) ( 411 ) ( 614 )
11 unchanged sentences
Stock Stock Capital at Cost Income Earnings Equity Interests Equity
−Removed: Balances as of March 31, 2025 $ 533 $ 1 $ 6,042 $ ( 1,179 ) $ ( 2,719 ) $ 7,623 $ 10,301 $ 224 $ 10,525
+Added: Balances as of June 30, 2025 $ 533 $ 1 $ 6,047 $ ( 1,337 ) $ ( 2,623 ) $ 7,733 $ 10,354 $ 248 $ 10,602
Net income (loss) — — — — — 76 76 15 91
5 unchanged sentences
Share based compensation — — 9 1 — (1) 9 — 9
−Removed: Balances as of June 30, 2025 $ 533 $ 1 $ 6,047 $ ( 1,337 ) $ ( 2,623 ) $ 7,733 $ 10,354 $ 248 $ 10,602
+Added: Balances as of September 30, 2025 $ 533 $ 1 $ 6,056 $ ( 1,493 ) $ ( 2,609 ) $ 7,741 $ 10,229 $ 272 $ 10,501
Additional Treasury Other Total Non-
1 unchanged sentence
Stock Stock Capital at Cost Income Earnings Equity Interests Equity
−Removed: Balances as of March 31, 2024 $ 533 $ 1 $ 6,005 $ ( 713 ) $ ( 3,423 ) $ 7,766 $ 10,169 $ 187 $ 10,356
+Added: Balances as of June 30, 2024 $ 533 $ 1 $ 6,007 $ ( 796 ) $ ( 3,626 ) $ 7,965 $ 10,084 $ 200 $ 10,284
Net income (loss) — — — — — ( 469 ) ( 469 ) 3 ( 466 )
5 unchanged sentences
Share based compensation — — 18 — — — 18 — 18
−Removed: Balances as of June 30, 2024 $ 533 $ 1 $ 6,007 $ ( 796 ) $ ( 3,626 ) $ 7,965 $ 10,084 $ 200 $ 10,284
+Added: Balances as of September 30, 2024 $ 533 $ 1 $ 6,025 $ ( 909 ) $ ( 2,383 ) $ 7,431 $ 10,698 $ 209 $ 10,907
Additional Treasury Other Total Non-
9 unchanged sentences
Share based compensation — — 10 31 — 3 44 — 44
−Removed: Balances as of June 30, 2025 $ 533 $ 1 $ 6,047 $ ( 1,337 ) $ ( 2,623 ) $ 7,733 $ 10,354 $ 248 $ 10,602
+Added: Balances as of September 30, 2025 $ 533 $ 1 $ 6,056 $ ( 1,493 ) $ ( 2,609 ) $ 7,741 $ 10,229 $ 272 $ 10,501
Additional Treasury Other Total Non-
9 unchanged sentences
Share based compensation — — 20 33 — ( 11 ) 42 — 42
−Removed: Balances as of June 30, 2024 $ 533 $ 1 $ 6,007 $ ( 796 ) $ ( 3,626 ) $ 7,965 $ 10,084 $ 200 $ 10,284
+Added: Balances as of September 30, 2024 $ 533 $ 1 $ 6,025 $ ( 909 ) $ ( 2,383 ) $ 7,431 $ 10,698 $ 209 $ 10,907
See Notes to Condensed Consolidated Financial Statements.
2 unchanged sentences
(Unaudited, in millions)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Cash flows from operating activities:
33 unchanged sentences
(Unaudited, in millions)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Cash flows from financing activities:
5 unchanged sentences
Net proceeds from (payments on) Federal Home Loan Bank notes ( 700 ) ( 250 )
+Added: Settlements related to deferred premium on derivatives ( 7 ) —
Payments on debt ( 5 ) ( 5 )
2 unchanged sentences
Contributions from partners of consolidated investments 27 29
+Added: Distributions from partners of consolidated investments — —
Dividends on common stock ( 169 ) ( 160 )
10 unchanged sentences
Debt securities acquired from exchanges, payments-in-kind, and similar transactions $ 179 $ 37
+Added: Other invested assets acquired from stock splits and stock distributions $ — $ —
Non-cash financing activities
16 unchanged sentences
(“PPM”), a registered investment adviser, is the Company’s investment management operation that manages the life insurance companies’ general account investment funds.
−Removed: PPM also provides investment services to other former affiliated and unaffiliated institutional clients.
+Added: PPM also provides investment services to other institutional clients globally;
• Brooke Life Insurance Company (“Brooke Life”), the direct parent of Jackson, is a Michigan life insurance company licensed to sell life insurance and annuity products in the state of Michigan;
8 unchanged sentences
• Registered investment adviser:
−Removed: Jackson National Asset Management LLC (“JNAM”) manages the life insurance companies' separate account funds underlying our variable annuities products, which the majority of the funds are sub-advised.
+Added: Jackson National Asset Management LLC (“JNAM”) manages the life insurance companies' separate account funds underlying our variable annuities products, of which the majority of the funds are sub-advised.
JNAM manages and oversees those sub-advisers.
2 unchanged sentences
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S.
−Removed: GAAP for interim financial information.
+Added: generally accepted accounting principles ("GAAP") for interim financial information.
Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S.
2 unchanged sentences
The condensed consolidated financial information as of December 31, 2024, included herein, has been derived from the audited Consolidated Financial Statements in the 2024 Annual Report.
−Removed: Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the Company’s 2024 Annual Report.
+Added: Certain accounting policies, which significantly affect the determination of the Company's financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the 2024 Annual Report.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1.
1 unchanged sentence
In the opinion of management, these Condensed Consolidated Financial Statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results.
−Removed: Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.
+Added: Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.
All material intercompany accounts and transactions have been eliminated upon consolidation.
20 unchanged sentences
The Company will apply the amendments for the annual period ending December 31, 2025.
−Removed: The Company does not expect the adoption to have a material impact on the Company’s financial statements.
+Added: The Company does not expect the adoption to have a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of income statement expenses for public business entities.
5 unchanged sentences
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2.
−Removed: Segment Information
+Added: New Accounting Standards
+Added: In July 2025, the FASB issued ASU 2025-05, “Financial Instruments – Credit Losses (Topic 326):
+Added: Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under FASB’s Accounting Standards Codification Topic 606 – Revenue from Contracts with Customers.
+Added: The amendments in this ASU will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.
+Added: Early adoption is permitted.
+Added: The Company does not expect the adoption to have a material impact on the Company’s financial statements.
+Added: In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 350-40):
+Added: Targeted Improvements to the Accounting for Internal-use Software,” which requires that an entity capitalize software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).
+Added: The amendments in this ASU will be effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.
+Added: Early adoption is permitted as of the beginning of an annual reporting period.
+Added: The Company is in the process of evaluating the impact of the new guidance and determining the transition method and the timing of adoption.
Segment Information
2 unchanged sentences
The Company reports, in Corporate and Other, certain activities and items that are not included in these reportable segments, including the results of PPM Holdings, Inc., the holding company of PPM, which manages the majority of the Company’s general account investment portfolio.
−Removed: The reportable segments reflect how the Company’s chief operating decision maker views and manages the business.
−Removed: The Company’s chief operating decision maker function is performed jointly by the Chief Executive Officer and the Chief Financial Officer.
−Removed: For the Retail Annuities, Closed Life and Annuity Blocks, and Institutional Products segments, the chief operating decision maker uses segment pretax adjusted operating earnings to allocate resources for each segment, predominantly through the annual budget and forecasting process, and to assess the performance of each segment, predominantly by comparing the results of each segment with one another, with planned and forecasted results, and with comparative prior period results.
+Added: The reportable segments reflect how the Company’s chief operating decision maker (the "CODM") views and manages the business.
+Added: The Company’s CODM function is performed jointly by the Chief Executive Officer and the Chief Financial Officer.
+Added: For the Retail Annuities, Closed Life and Annuity Blocks, and Institutional Products segments, the CODM uses segment pretax adjusted operating earnings to allocate resources for each segment, predominantly through the annual budget and forecasting process, and to assess the performance of each segment, primarily by comparing the results of each segment with one another, with planned and forecasted results, and with comparative prior period results.
The following is a brief description of the Company’s reportable segments, plus its Corporate and Other segment.
5 unchanged sentences
A fixed index annuity is designed for investors who desire principal protection with the opportunity to participate in capped upside investment returns linked to a reference market index.
−Removed: The Company also provides access to guaranteed lifetime income as an add-on benefit.
A fixed annuity is a guaranteed product designed to build wealth without market exposure, through a crediting rate that is likely to be superior to interest rates offered by banks or money market funds.
The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on the performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder.
−Removed: The financial results of the Company’s fixed annuities, including the fixed option on variable annuities, RILA and fixed index annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders.
+Added: The financial results of the Company’s fixed annuities, fixed index annuities, RILA and the fixed option on variable annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
+Added: Segment Information
Institutional Products
5 unchanged sentences
The financial results of the Company’s institutional products business are primarily dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited on GICs and funding agreements.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
−Removed: Segment Information
Closed Life and Annuity Blocks
9 unchanged sentences
The Company uses the same accounting policies and procedures to measure segment pretax adjusted operating earnings as used in its reporting of consolidated net income.
−Removed: Its primary measure is pretax adjusted operating earnings, which is defined as net income recorded in accordance with U.S.
+Added: Its primary measure is pretax adjusted operating earnings, which is defined as net income reported in accordance with U.S.
GAAP, excluding certain items that may be highly variable from period to period due to accounting treatment under U.S.
−Removed: GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses that are not considered to drive underlying performance.
+Added: GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses that are not considered drivers of underlying performance.
Operating revenues and pretax adjusted operating earnings should not be used as a substitute for revenues and net income, respectively, as calculated in accordance with U.S.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
+Added: Segment Information
Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the items described in the following numbered paragraphs.
10 unchanged sentences
Amortization of DAC associated with non-operating items at date of transition to LDTI:
−Removed: Amortization of the balance of unamortized deferred acquisition costs, at January 1, 2021, the date of transition to current Long Duration Targeted Improvements ("LDTI") accounting guidance, associated with items excluded from pretax adjusted operating earnings prior to transition.
+Added: Amortization of the balance of unamortized deferred acquisition costs ("DAC"), at January 1, 2021, the date of transition to current Long Duration Targeted Improvements ("LDTI") accounting guidance, associated with items excluded from pretax adjusted operating earnings prior to transition.
Actuarial Assumption Updates and Model Enhancements:
The impact on the valuation of market risk benefits and embedded derivatives arising from our annual actuarial assumption updates and model enhancements review.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
−Removed: Segment Information
Net Realized Investment Gains and Losses:
5 unchanged sentences
Comprised of:
−Removed: (i) the change in fair value of funds withheld embedded derivatives;
−Removed: and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions.
+Added: (i) the change in fair value of funds withheld embedded derivatives, and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions.
Comprised of:
5 unchanged sentences
Income taxes.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
+Added: Segment Information
Set forth in the tables below is certain information with respect to the Company’s segments (in millions):
−Removed: Three Months Ended June 30, 2025 Retail Annuities Institutional
+Added: Three Months Ended September 30, 2025 Retail Annuities Institutional
Products Closed Life
22 unchanged sentences
Pretax Adjusted Operating Earnings $ 494 $ 31 $ 15 $ ( 35 ) $ 505
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
−Removed: Segment Information
−Removed: Three Months Ended June 30, 2024 Retail Annuities Institutional
+Added: Three Months Ended September 30, 2024 Retail Annuities Institutional
Products Closed Life
21 unchanged sentences
Pretax Adjusted Operating Earnings $ 458 $ 17 $ 7 $ ( 71 ) $ 411
−Removed: Six Months Ended June 30, 2025 Retail Annuities Institutional
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
+Added: Segment Information
+Added: Nine Months Ended September 30, 2025 Retail Annuities Institutional
Products Closed Life
21 unchanged sentences
Pretax Adjusted Operating Earnings $ 1,331 $ 68 $ 65 $ ( 111 ) $ 1,353
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
−Removed: Segment Information
−Removed: Six Months Ended June 30, 2024 Retail Annuities Institutional
+Added: Nine Months Ended September 30, 2024 Retail Annuities Institutional
Products Closed Life
21 unchanged sentences
Pretax Adjusted Operating Earnings $ 1,342 $ 77 $ 61 $ ( 207 ) $ 1,273
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
+Added: Segment Information
Intersegment eliminations in the above tables are included in the Corporate and Other segment.
−Removed: These include the elimination of investment income, between Retail Annuities and the Corporate and Other segments, as well as the elimination from fee income and investment income of investment fees paid by Jackson Financial and its subsidiaries to PPM, which were $ 23 million and $ 20 million for the three months ended June 30, 2025 and 2024, respectively, and $ 44 million and $ 39 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: These include the elimination of investment income between Retail Annuities and the Corporate and Other segments, as well as the elimination from fee income and investment income of investment fees paid by Jackson Financial and its subsidiaries to PPM, which were $ 28 million and $ 21 million for the three months ended September 30, 2025 and 2024, respectively, and $ 72 million and $ 60 million for the nine months ended September 30, 2025 and 2024, respectively.
The following table summarizes the reconciling items from the non-GAAP measure of total operating revenues to the U.S.
GAAP measure of total revenues attributable to the Company (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
9 unchanged sentences
There were no customers that, individually, generate revenues that exceeded 10% of total revenues attributable to the Company.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
−Removed: Segment Information
The following table summarizes the reconciling items from the non-GAAP measure of total operating benefits and expenses to the U.S.
GAAP measure of total benefits and expenses attributable to the Company (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
4 unchanged sentences
Total benefits and expenses $ 1,344 $ 2,700 $ 4,451 $ 2,404
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.
+Added: Segment Information
The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S.
GAAP measure of net income attributable to the Company (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
20 unchanged sentences
The following table summarizes total assets by segment (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Retail Annuities $ 308,085 $ 296,621
9 unchanged sentences
Debt Securities
−Removed: The following table sets forth the composition of the fair value of debt securities at June 30, 2025, and December 31, 2024, classified by rating categories as assigned by a nationally recognized statistical rating organization (a “rating agency”), the National Association of Insurance Commissioners (the “NAIC”) or, if not rated by such organizations, the Company’s investment advisors.
+Added: The following table sets forth the composition of the fair value of debt securities at September 30, 2025, and December 31, 2024, classified by rating categories as assigned by a nationally recognized statistical rating organization (a “rating agency”), the National Association of Insurance Commissioners (the “NAIC”) or, if not rated by such organizations, the Company’s investment advisors.
The Company uses the second lowest rating by a rating agency when rating agencies' ratings are not equivalent and, for purposes of the table, if not otherwise rated by a rating agency, the NAIC rating of a security is converted to an equivalent rating agency rating.
−Removed: At June 30, 2025 and December 31, 2024, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $ 668 million and $ 417 million, respectively.
+Added: At September 30, 2025 and December 31, 2024, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $ 752 million and $ 417 million, respectively.
Percent of Total Debt
Securities Carrying Value
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Investment Rating
7 unchanged sentences
100.0 % 100.0 %
−Removed: At June 30, 2025 and December 31, 2024, the total carrying value of debt securities in an unrealized loss position consisted of:
−Removed: June 30, 2025 December 31, 2024
+Added: At September 30, 2025 and December 31, 2024, the total carrying value of debt securities in an unrealized loss position consisted of:
+Added: September 30, 2025 December 31, 2024
Investment grade securities 78 % 79 %
1 unchanged sentence
Not rated securities 21 % 20 %
−Removed: Unrealized losses on debt securities that were below investment grade or not rated were approximately 19 % and 19 % of the aggregate gross unrealized losses on available-for-sale debt securities at June 30, 2025 and December 31, 2024, respectively.
+Added: Unrealized losses on debt securities that were below investment grade or not rated were approximately 19 % and 19 % of the aggregate gross unrealized losses on available-for-sale debt securities at September 30, 2025 and December 31, 2024, respectively.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
−Removed: Corporate securities in an unrealized loss position were diversified across industries as follows (in millions, except percentages):
−Removed: June 30, 2025 December 31, 2024
−Removed: Industries accounting for the largest percentage of corporate gross unrealized losses:
−Removed: Utility 19 % 18 %
−Removed: Financial Services 12 % 13 %
−Removed: Largest unrealized loss related to a single corporate obligor $ 59 $ 61
−Removed: At June 30, 2025 and December 31, 2024, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions):
+Added: Corporate securities in an unrealized loss position were diversified across industries.
+Added: As of September 30, 2025, the industries accounting for the largest percentage of unrealized losses included utility ( 18 % of corporate gross unrealized losses) and healthcare ( 13 %).
+Added: The largest unrealized loss related to a single corporate obligor was $ 55 million at September 30, 2025.
+Added: As of December 31, 2024, the industries accounting for the largest percentage of unrealized losses included utility ( 18 % of corporate gross unrealized losses) and financial services ( 13 %).
+Added: The largest unrealized loss related to a single corporate obligor was $ 61 million at December 31, 2024.
+Added: At September 30, 2025 and December 31, 2024, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions):
Allowance Gross Gross
Amortized for Unrealized Unrealized Fair
−Removed: June 30, 2025 Cost (1)
+Added: September 30, 2025 Cost (1)
Credit Loss Gains Losses Value
21 unchanged sentences
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
−Removed: The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at June 30, 2025, by contractual maturity, are shown below (in millions).
+Added: The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at September 30, 2025, by contractual maturity, are shown below (in millions).
Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.
12 unchanged sentences
(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.
−Removed: As required by law in various states in which business is conducted, securities with a carrying value of $ 86 million and $ 83 million at June 30, 2025 and December 31, 2024, respectively, were on deposit with regulatory authorities.
+Added: As required by law in various states in which business is conducted, securities with a carrying value of $ 62 million and $ 83 million at September 30, 2025 and December 31, 2024, respectively, were on deposit with regulatory authorities.
Residential mortgage-backed securities (“RMBS”) include certain RMBS that are collateralized by residential mortgage loans and are neither expressly nor implicitly guaranteed by U.S.
3 unchanged sentences
Amortized for Unrealized Unrealized Fair
−Removed: June 30, 2025 Cost (1)
+Added: September 30, 2025 Cost (1)
Credit Loss Gains Losses Value
14 unchanged sentences
The Company defines its exposure to non-agency RMBS as follows:
−Removed: • Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers.
−Removed: • Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates.
−Removed: • Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower.
+Added: • Prime loan-backed securities that are collateralized by mortgage loans made to the highest rated borrowers;
+Added: • Alt-A loan-backed securities that are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates;
+Added: • Subprime loan-backed securities that are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower.
Unrealized Losses on Debt Securities
12 unchanged sentences
Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income.
−Removed: Accrued interest written off was $ 1 million for the three and six months ended June 30, 2025 and nil for the three and six months ended June 30, 2024.
+Added: Accrued interest written off was $ 4 million and $ 5 million for the three and nine months ended September 30, 2025, and $ 1 million and $ 1 million for the three and nine months ended September 30, 2024.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Less than 12 months Less than 12 months
35 unchanged sentences
(1) Certain securities contain multiple lots and fit the criteria of both aging groups.
−Removed: Debt securities in an unrealized loss position as of June 30, 2025 did not require an impairment recognized in earnings as (i) the Company did not intend to sell these debt securities, (ii) it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss.
−Removed: Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of impaired securities.
+Added: Debt securities in an unrealized loss position as of September 30, 2025, did not require an impairment recognized in earnings as (i) the Company did not intend to sell these debt securities, (ii) it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss.
+Added: Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of these securities.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
−Removed: As of June 30, 2025, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase.
−Removed: As described below, the Company performed analyses of the financial performance of the underlying issues in an unrealized loss position and believes that recovery of the entire amortized cost of each impaired security is expected.
+Added: As of September 30, 2025, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase.
+Added: As described below, the Company performed analyses of the financial performance of the underlying issues in an unrealized loss position and believes that recovery of the entire amortized cost of each such security is expected.
Evaluation of Available-for-Sale Debt Securities for Credit Loss
22 unchanged sentences
The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions):
−Removed: Three Months Ended June 30, 2025 US
+Added: Three Months Ended September 30, 2025 US
securities Other government securities Public
1 unchanged sentence
asset-backed securities Total
−Removed: Balance at April 1, 2025 $ — $ — $ — $ 8 $ 6 $ — $ 26 $ 40
+Added: Balance at July 1, 2025 $ — $ — $ — $ 8 $ 4 $ — $ — $ 12
Additions for which credit loss was not previously recorded — — — — — — — —
5 unchanged sentences
Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — —
−Removed: Balance at June 30, 2025 (2)
+Added: Balance at September 30, 2025 (2)
$ — $ — $ — $ 8 $ 3 $ — $ — $ 11
−Removed: Three Months Ended June 30, 2024 US
+Added: Three Months Ended September 30, 2024 US
securities Other government securities Public
1 unchanged sentence
asset-backed securities Total
−Removed: Balance at April 1, 2024 $ — $ — $ — $ 13 $ 6 $ — $ 1 $ 20
+Added: Balance at July 1, 2024 $ — $ — $ — $ 13 $ 6 $ — $ 8 $ 27
Additions for which credit loss was not previously recorded — — 16 — — — — 16
5 unchanged sentences
Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — —
−Removed: Balance at June 30, 2024 (2)
+Added: Balance at September 30, 2024 (2)
$ — $ — $ 16 $ 9 $ 4 $ — $ 15 $ 44
−Removed: Six Months Ended June 30, 2025 US
+Added: Nine Months Ended September 30, 2025 US
securities Other government securities Public
9 unchanged sentences
Securities intended/required to be sold before recovery of amortized cost basis — — — — — ( 1 ) — ( 1 )
−Removed: Balance at June 30, 2025 (2)
+Added: Balance at September 30, 2025 (2)
$ — $ — $ — $ 8 $ 3 $ — $ — $ 11
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
−Removed: Six Months Ended June 30, 2024 US
+Added: Nine Months Ended September 30, 2024 US
securities Other government securities Public
9 unchanged sentences
Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — —
−Removed: Balance at June 30, 2024 (2)
+Added: Balance at September 30, 2024 (2)
$ — $ — $ 16 $ 9 $ 4 $ — $ 15 $ 44
(1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities.
−Removed: (2) Accrued interest receivable on debt securities totaled $ 469 million and $ 425 million as of June 30, 2025 and 2024, respectively, and was excluded from the determination of credit losses for the three and six months ended June 30, 2025 and 2024.
+Added: (2) Accrued interest receivable on debt securities totaled $ 493 million and $ 446 million as of September 30, 2025 and 2024, respectively, and was excluded from the determination of credit losses for the three and nine months ended September 30, 2025 and 2024.
Net Investment Income
The sources of net investment income were as follows (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
12 unchanged sentences
Net investment income $ 856 $ 726 $ 2,329 $ 2,208
−Removed: (1) Includes changes in fair value gains (losses) on trading securities and includes $( 64 ) million and $( 74 ) million for the three and six months ended June 30, 2025, respectively, and $( 3 ) million and $ 22 million for the three and six months ended June 30, 2024, respectively, related to the change in fair value for securities carried under the fair value option.
−Removed: (2) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $( 42 ) million and $( 74 ) million for the three and six months ended June 30, 2025, respectively, and $( 48 ) million and $( 106 ) million for the three and six months ended June 30, 2024, respectively.
−Removed: Unrealized gains (losses) included in investment income that were recognized on equity securities held were $ 4 million and $( 1 ) million for the three months ended June 30, 2025 and 2024, respectively, and $ 2 million and $ 6 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: (1) Includes changes in fair value gains (losses) on trading securities and includes $ 14 million and $( 60 ) million for the three and nine months ended September 30, 2025, respectively, and $( 23 ) million and $( 1 ) million for the three and nine months ended September 30, 2024, respectively, related to the change in fair value for securities carried under the fair value option.
+Added: (2) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $( 46 ) million and $( 120 ) million for the three and nine months ended September 30, 2025, respectively, and $( 44 ) million and $( 150 ) million for the three and nine months ended September 30, 2024, respectively.
+Added: Unrealized gains (losses) included in investment income that were recognized on equity securities held were $ 6 million and $ 10 million for the three months ended September 30, 2025 and 2024, respectively, and $ 8 million and $ 16 million for the nine months ended September 30, 2025 and 2024, respectively.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
1 unchanged sentence
The following table summarizes net gains (losses) on derivatives and investments (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
2 unchanged sentences
Realized losses on sale ( 8 ) ( 2 ) ( 31 ) ( 114 )
+Added: Credit loss income (expense) — ( 11 ) — ( 11 )
Credit loss income (expense) on mortgage loans ( 2 ) 8 ( 23 ) 6
12 unchanged sentences
• amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements.
−Removed: The aggregate fair value of securities sold at a loss for the three and six months ended June 30, 2025 was $ 589 million and $ 1.3 billion, which was approximately 95 % and 95 % of book value, respectively.
−Removed: The aggregate fair value of securities sold at a loss for the three and six months ended June 30, 2024 was $ 625 million and $ 1.9 billion, which was approximately 95 % and 93 % of book value, respectively.
−Removed: Proceeds from sales of available-for-sale debt securities were $ 849 million and $ 1.8 billion during the three and six months ended June 30, 2025, respectively, and $ 1.2 billion and $ 2.9 billion during the three and six months ended June 30, 2024, respectively.
+Added: The aggregate fair value of securities sold at a loss for the three and nine months ended September 30, 2025 was $ 283 million and $ 1.5 billion, which was approximately 95 % and 95 % of book value, respectively.
+Added: The aggregate fair value of securities sold at a loss for the three and nine months ended September 30, 2024 was $ 419 million and $ 2.3 billion, which was approximately 97 % and 94 % of book value, respectively.
+Added: Proceeds from sales of available-for-sale debt securities were $ 0.9 billion and $ 2.7 billion during the three and nine months ended September 30, 2025, respectively, and $ 0.6 billion and $ 3.5 billion during the three and nine months ended September 30, 2024, respectively.
Consolidated Variable Interest Entities ("VIEs")
5 unchanged sentences
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
−Removed: • Private Equity Funds III – VIII and Strategic Opportunity Fund I are limited partnership structures that invest the ownership capital in portfolios of various other limited partnership structures.
−Removed: Private Equity Fund IX was created in the third quarter of 2024, but is not expected to be funded by the Company until the second half of 2025.
−Removed: Strategic Opportunity Fund I was funded in June 2025.
−Removed: • PPM has created and managed institutional share class mutual funds, where Jackson seeds new funds, or new share classes within a fund, when deemed necessary to develop the requisite track record prior to allowing investment by external parties.
+Added: • Private Equity Funds VII – IX and Strategic Opportunity Fund I are limited partnership structures that invest the ownership capital in portfolios of various other limited partnership structures.
+Added: Private Equity Fund IX was funded in August 2025 and Strategic Opportunity Fund I was funded in June 2025.
+Added: • PPM created and managed institutional share class mutual funds, where Jackson seeded new funds, or new share classes within a fund, when deemed necessary to develop the requisite track record prior to allowing investment by external parties.
These mutual funds ceased operations during the year ended December 31, 2024.
Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Debt securities, at fair value under fair value option $ 2,649 $ 2,429
14 unchanged sentences
Unfunded capital commitments for these investments are detailed in Note 16 of these Notes to Condensed Consolidated Financial Statements.
−Removed: The Company’s exposure to loss was limited to $ 2,567 million and $ 2,637 million as of June 30, 2025 and December 31, 2024, respectively, representing the aggregate capital invested and unfunded capital commitments related to the LPs and LLCs at those dates.
+Added: The Company’s exposure to loss was limited to $ 2,644 million and $ 2,637 million as of September 30, 2025 and December 31, 2024, respectively, representing the aggregate capital invested and unfunded capital commitments related to the LPs and LLCs at those dates.
The capital invested in an LP or LLC equals the original capital contributed, increased for additional capital contributed after the initial investment, and reduced for any returns of capital from the LP or LLC.
LPs and LLCs are carried at fair value.
−Removed: • The Company's investments in certain mutual funds are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $ 20 million and $ 19 million as of June 30, 2025 and December 31, 2024, respectively.
+Added: • The Company's investments in certain mutual funds are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $ 21 million and $ 19 million as of September 30, 2025 and December 31, 2024, respectively.
The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments.
9 unchanged sentences
The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Commercial mortgage loans (1)
5 unchanged sentences
(2) Net of an allowance for credit losses of $ 22 million and $ 5 million at each date, respectively.
−Removed: At June 30, 2025, commercial mortgage loans were collateralized by properties located in 34 states, the District of Columbia, and Europe, while residential mortgage loans were collateralized by properties located in 49 states, the District of Columbia, Mexico, and Europe.
+Added: At September 30, 2025, commercial mortgage loans were collateralized by properties located in 34 states, the District of Columbia, and Europe, while residential mortgage loans were collateralized by properties located in 49 states, the District of Columbia, Mexico, and Europe.
Evaluation for Credit Losses on Mortgage Loans
15 unchanged sentences
The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions):
−Removed: Three Months Ended June 30, 2025 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
−Removed: Balance at April 1, 2025 $ 28 $ 7 $ 40 $ 19 $ 20 $ 2 $ 14 $ 130
+Added: Three Months Ended September 30, 2025 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
+Added: Balance at July 1, 2025 $ 18 $ 10 $ 42 $ 24 $ 26 $ 2 $ 15 $ 137
Charge offs, net of recoveries — ( 4 ) ( 3 ) — — — — ( 7 )
2 unchanged sentences
Provision (release) 17 10 ( 15 ) ( 13 ) 6 1 7 13
−Removed: Balance at June 30, 2025 (1) (2)
+Added: Balance at September 30, 2025 (1) (2)
$ 35 $ 16 $ 24 $ 11 $ 32 $ 3 $ 22 $ 143
−Removed: Three Months Ended June 30, 2024 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
−Removed: Balance at April 1, 2024 $ 30 $ 6 $ 73 $ 27 $ 17 $ 5 $ 4 $ 162
+Added: Three Months Ended September 30, 2024 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
+Added: Balance at July 1, 2024 $ 27 $ 5 $ 70 $ 27 $ 19 $ 7 $ 5 $ 160
Charge offs, net of recoveries ( 3 ) — — — — — — ( 3 )
2 unchanged sentences
Provision (release) ( 4 ) — ( 4 ) 5 ( 1 ) ( 5 ) — ( 9 )
−Removed: Balance at June 30, 2024 (1) (2)
+Added: Balance at September 30, 2024 (1) (2)
$ 20 $ 5 $ 66 $ 32 $ 18 $ 2 $ 5 $ 148
−Removed: Six Months Ended June 30, 2025 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
+Added: Nine Months Ended September 30, 2025 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
Balance at January 1, 2025 $ 23 $ 7 $ 44 $ 19 $ 20 $ 3 $ 5 $ 121
3 unchanged sentences
Provision (release) 13 13 ( 11 ) ( 7 ) 12 — 17 37
−Removed: Balance at June 30, 2025 (1) (2)
+Added: Balance at September 30, 2025 (1) (2)
$ 35 $ 16 $ 24 $ 11 $ 32 $ 3 $ 22 $ 143
−Removed: Six Months Ended June 30, 2024 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
+Added: Nine Months Ended September 30, 2024 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total
Balance at January 1, 2024 $ 28 $ 4 $ 78 $ 27 $ 17 $ 6 $ 5 $ 165
3 unchanged sentences
Provision (release) ( 5 ) 1 ( 12 ) 5 1 ( 4 ) — ( 14 )
−Removed: Balance at June 30, 2024 (1) (2)
+Added: Balance at September 30, 2024 (1) (2)
$ 20 $ 5 $ 66 $ 32 $ 18 $ 2 $ 5 $ 148
−Removed: (1) Accrued interest receivable totaled $ 43 million and $ 44 million as of June 30, 2025 and 2024, respectively, and was excluded from the determination of credit losses.
−Removed: (2) Accrued interest amounting to $ 1 million and $ 1 million was written off as of June 30, 2025 and 2024, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.
+Added: (1) Accrued interest receivable totaled $ 43 million and $ 42 million as of September 30, 2025 and 2024, respectively, and was excluded from the determination of credit losses.
+Added: (2) Accrued interest amounting to $ 2 million and $ 1 million was written off as of September 30, 2025 and 2024, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.
The Company’s mortgage loans that are current and in good standing are accruing interest.
3 unchanged sentences
The following table provides information about our residential mortgage loans in process of foreclosure (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Recorded investment (1)
3 unchanged sentences
Investment income recognized — 1
−Removed: (1) At June 30, 2025 and December 31, 2024, includes $ 3 million and $ 2 million, respectively, of loans in process of foreclosure, all of which are loans supported with insurance or other guarantees provided by various governmental programs.
+Added: (1) At September 30, 2025 and December 31, 2024, includes $ 4 million and $ 2 million, respectively, of loans in process of foreclosure, all of which are loans supported with insurance or other guarantees provided by various governmental programs.
The following tables provide information about the credit quality with vintage year and category of mortgage loans (dollars in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
2025 2024 2023 2022 2021 Prior Revolving
45 unchanged sentences
Accruing Loans (1)
−Removed: June 30, 2025 Current 30-89 Days Past Due (2)
+Added: September 30, 2025 Current 30-89 Days Past Due (2)
90 Days or Greater Past Due (2)
34 unchanged sentences
(1) Amortized cost or fair value for loans carried at fair value under the fair value option.
−Removed: (2) At June 30, 2025 and December 31, 2024, includes $ 20 million and $ 24 million, respectively, of loans 30-89 days past due and $ 16 million and $ 24 million, respectively, of loans 90 days or greater past due and supported with insurance or other guarantees provided by various governmental programs.
+Added: (2) At September 30, 2025 and December 31, 2024, includes $ 22 million and $ 24 million, respectively, of loans 30-89 days past due and $ 16 million and $ 24 million, respectively, of loans 90 days or greater past due and supported with insurance or other guarantees provided by various governmental programs.
The following table provides information about the mortgage loans modified during the periods indicated to borrowers experiencing financial difficulty (dollars in millions):
1 unchanged sentence
Cost Basis Percent of
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Commercial mortgage loans $ — — %
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Commercial mortgage loans $ — — %
1 unchanged sentence
Cost Basis Percent of
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Commercial mortgage loans $ — — %
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Commercial mortgage loans $ 24 0.26 %
−Removed: As of June 30, 2025, the above modified loans had no unfunded commitment.
+Added: As of September 30, 2025, the above modified loans had no unfunded commitments.
The following table describes the financial effect of the modifications made to the loans noted above:
1 unchanged sentence
Financial Effect
−Removed: Six Months Ended June 30, 2024
−Removed: Commercial mortgage loans Granted extension of term for three -years and rate converted from variable to 4 % fixed.
+Added: Nine Months Ended September 30, 2024
+Added: Commercial mortgage loans Granted extension of term for three -years and required partial principal repayment at extension of the loan.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.
3 unchanged sentences
Current 30-89 Days Past Due 90+ Days Past Due
−Removed: June 30, 2025
+Added: September 30, 2025
Commercial mortgage loans $ — $ — $ —
−Removed: June 30, 2024
+Added: September 30, 2024
Commercial mortgage loans $ 40 $ — $ —
−Removed: As of June 30, 2025 and 2024, stressed mortgage loans for which the Company is dependent, or expects to be dependent, on the underlying property to satisfy repayment were $ 32 million and $ 31 million, respectively.
+Added: As of September 30, 2025 and 2024, stressed mortgage loans for which the Company is dependent, or expects to be dependent, on the underlying property to satisfy repayment were $ 5 million and $ 29 million, respectively.
Policy loans are loans the Company issues to contract holders that use the cash surrender value of their life insurance policy or annuity contract as collateral.
−Removed: At June 30, 2025 and December 31, 2024, $ 3.5 billion and $ 3.5 billion of these loans were carried at fair value, which the Company believes is equal to unpaid principal balances, plus accrued investment income.
−Removed: At June 30, 2025 and December 31, 2024, the Company had $ 0.9 billion and $ 0.9 billion, respectively, of policy loans not held as collateral for reinsurance, which were carried at the unpaid principal balances.
+Added: At September 30, 2025 and December 31, 2024, $ 3.6 billion and $ 3.5 billion of these loans were carried at fair value, which the Company believes is equal to unpaid principal balances, plus accrued investment income.
+Added: At September 30, 2025 and December 31, 2024, the Company had $ 0.9 billion and $ 0.9 billion, respectively, of policy loans not held as collateral for reinsurance, which were carried at the unpaid principal balances.
Other Invested Assets
1 unchanged sentence
• Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock, which is carried at cost and adjusted for any impairment.
−Removed: At June 30, 2025 and December 31, 2024, FHLB capital stock had a carrying value of $ 119 million and $ 127 million, respectively;
+Added: At September 30, 2025 and December 31, 2024, FHLB capital stock had a carrying value of $ 119 million and $ 127 million, respectively;
• limited partnerships (“LPs”), which are carried at values determined by using the proportion of the Company’s investment in each fund (Net Asset Value (“NAV”) equivalent) as a practical expedient for fair value, and generally are recorded on a three-month lag, with changes in value included in net investment income.
−Removed: At June 30, 2025 and December 31, 2024, investments in LPs had carrying values of $ 2.5 billion and $ 2.5 billion, respectively;
+Added: At September 30, 2025 and December 31, 2024, investments in LPs had carrying values of $ 2.7 billion and $ 2.5 billion, respectively;
• real estate, which is carried at the lower of depreciated cost or fair value and real estate occupied by the Company is carried at depreciated cost.
−Removed: At June 30, 2025 and December 31, 2024, real estate totaling $ 231 million and $ 232 million, respectively, included foreclosed properties with a book value of $ 16 million and $ 14 million at June 30, 2025 and December 31, 2024, respectively.
+Added: At September 30, 2025 and December 31, 2024, real estate totaling $ 226 million and $ 232 million, respectively, included foreclosed properties with a book value of $ 13 million and $ 14 million at September 30, 2025 and December 31, 2024, respectively.
Securities Lending
The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms.
−Removed: As of June 30, 2025 and December 31, 2024, the estimated fair value of loaned securities was $ 38 million and $ 13 million, respectively.
+Added: As of September 30, 2025 and December 31, 2024, the estimated fair value of loaned securities was $ 28 million and $ 13 million, respectively.
The agreements require a minimum of 102 % of the fair value of the loaned securities to be held as collateral, calculated daily.
To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis.
−Removed: At June 30, 2025 and December 31, 2024, cash collateral received in the amount of $ 40 million and $ 14 million, respectively, was invested by the agent banks and included in cash and cash equivalents of the Company.
+Added: At September 30, 2025 and December 31, 2024, cash collateral received in the amount of $ 29 million and $ 14 million, respectively, was invested by the agent banks and included in cash and cash equivalents of the Company.
A securities lending payable for the overnight and continuous loans is included in liabilities in the amount of cash collateral received.
5 unchanged sentences
These agreements are accounted for as financing transactions, with the assets and associated liabilities included in the Condensed Consolidated Balance Sheets.
−Removed: At June 30, 2025 and December 31, 2024, the outstanding repurchase agreement balance was $ 1.1 billion and $ 1.5 billion, respectively, having maturities within 30 days, and was included within repurchase agreements and securities lending payable in the Condensed Consolidated Balance Sheets.
+Added: At September 30, 2025 and December 31, 2024, the outstanding repurchase agreement balance was $ 1.0 billion and $ 1.5 billion, respectively, having maturities within 30 days, and was included within repurchase agreements and securities lending payable in the Condensed Consolidated Balance Sheets.
These repurchase agreements were collateralized with U.S.
−Removed: Treasury securities and corporate securities of $ 1.1 billion and $ 1.5 billion, respectively, at June 30, 2025 and December 31, 2024.
+Added: Treasury securities and corporate securities of $ 1.0 billion and $ 1.5 billion, respectively, at September 30, 2025 and December 31, 2024.
In the event of a decline in the fair value of the pledged collateral under these agreements, the Company may be required to transfer cash or additional securities as pledged collateral.
−Removed: Interest expense totaled $ 16 million and $ 28 million for the three and six months ended June 30, 2025, respectively, and $ 22 million and $ 41 million for the three and six months ended June 30, 2024, respectively, and is included within net investment income.
+Added: Interest expense totaled $ 14 million and $ 42 million for the three and nine months ended September 30, 2025, respectively, and $ 13 million and $ 54 million for the three and nine months ended September 30, 2024, respectively, and is included within net investment income.
Collateral Upgrade Transactions
6 unchanged sentences
The paired transactions are reported net within the Condensed Consolidated Balance Sheets.
−Removed: These transactions are evergreened and require at least 150 -days' notice prior to termination.
−Removed: At June 30, 2025 and December 31, 2024, the fair value of the U.S.
+Added: These transactions are evergreen and require at least 150 -days' notice prior to termination.
+Added: At September 30, 2025 and December 31, 2024, the fair value of the U.S.
treasuries received was $ 1.5 billion and $ 1.5 billion, respectively, collateralized with corporate securities with a fair value of $ 1.6 billion and $ 1.6 billion, respectively.
2 unchanged sentences
In the event of a decline in the fair value of the pledged collateral under these agreements, the Company may be required to transfer cash or additional securities as pledged collateral.
−Removed: Gross interest income of $ 17 million and $ 21 million and gross interest expense of $ 19 million and $ 23 million for the three months ended June 30, 2025 and 2024, respectively, and gross interest income of $ 33 million and $ 33 million and gross interest expense of $ 38 million and $ 36 million for the six months ended June 30, 2025 and 2024, respectively, are included within net investment income.
+Added: Gross interest income of $ 17 million and $ 32 million and gross interest expense of $ 19 million and $ 36 million for the three months ended September 30, 2025 and 2024, respectively, and gross interest income of $ 50 million and $ 53 million and gross interest expense of $ 57 million and $ 59 million for the nine months ended September 30, 2025 and 2024, respectively, are included within net investment income.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5.
2 unchanged sentences
The Company’s business model includes the acceptance, monitoring and mitigation of risk.
−Removed: Specifically, the Company considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices.
+Added: Specifically, the Company considers, among other factors, exposures to equity market and interest rate movements, foreign exchange rates and other asset or liability prices.
The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals.
1 unchanged sentence
As a result, freestanding derivatives are carried at fair value with changes recorded in net gains (losses) on derivatives and investments.
+Added: During the third quarter of 2025, the Company began utilizing derivative instruments to economically hedge the equity market exposure related to the Company’s non-qualified voluntary deferred compensation plans.
+Added: These derivative instruments are not designated as accounting hedges and are carried at fair value with gains or losses reported as a component of operating costs and other expenses, net of deferrals in the Condensed Consolidated Income Statement.
+Added: Financial Statements and Supplementary Data - Note 21 - Benefit Plans of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details on our non-qualified deferred compensation plans.
A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
Contractual/ Assets Liabilities Net
5 unchanged sentences
Equity index put options 15,500 105 — 105
−Removed: Interest rate swaps 4,978 3 84 ( 81 )
+Added: Interest rate swaps - cleared (2)
Interest rate futures (2)
58 unchanged sentences
The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Derivatives excluding funds withheld under reinsurance treaties
+Added: Derivatives excluding funds withheld under reinsurance treaties and non-qualified voluntary deferred compensation plan
Cross-currency swaps $ ( 52 ) $ 14 $ 33 $ ( 28 )
+Added: Equity index call options — 29 — 29
Equity index futures 1 ( 514 ) ( 465 ) ( 1,677 )
14 unchanged sentences
Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ ( 1,378 ) $ ( 413 ) $ ( 3,117 ) $ ( 4,537 )
+Added: Derivatives related to non-qualified voluntary deferred compensation plan
+Added: Equity index futures $ 13 $ — $ 13 $ —
+Added: Total return swaps 4 — 4 —
+Added: Total operating costs and other expenses related to non-qualified voluntary deferred compensation plan $ 17 $ — $ 17 $ —
All the Company’s trade agreements for freestanding, over-the-counter derivatives contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit.
−Removed: At June 30, 2025 and December 31, 2024, the fair value of the Company’s net non-cleared, over-the-counter derivative assets by counterparty were $ 230 million and $ 203 million, respectively, and held collateral was $ 149 million and $ 252 million, respectively, related to these agreements.
−Removed: At June 30, 2025 and December 31, 2024, the fair value of the Company’s net non-cleared, over-the-counter derivative liabilities by counterparty were $ 194 million and $ 267 million, respectively, and provided collateral was $ 329 million and $ 302 million, respectively, related to these agreements.
−Removed: If all the downgrade provisions had been triggered at June 30, 2025 and December 31, 2024, in aggregate, the Company would have had to disburse nil and $ 49 million, respectively, and would have been allowed to claim $ 216 million and $ 35 million, respectively.
−Removed: The Company pledged collateral of $ 1,447 million and $ 1,780 million as of June 30, 2025 and December 31, 2024, respectively, for initial margin related to uncleared margin for over-the-counter derivatives and exchange-traded futures.
−Removed: Variation margin on exchange traded futures is settled through the netting of cash paid/received for variation margin against the fair value of the trades.
−Removed: During the second quarter of 2025, the Company purchased equity options for which option premium payments totaling $ 52 million were deferred until contract termination.
+Added: At September 30, 2025 and December 31, 2024, the fair value of the Company’s net non-cleared, over-the-counter derivative assets, inclusive of deferred premium payable, by counterparty were $ 238 million and $ 203 million, respectively, and held collateral was $ 222 million and $ 252 million, respectively, related to these agreements.
+Added: At September 30, 2025 and December 31, 2024, the fair value of the Company’s net non-cleared, over-the-counter derivative liabilities, inclusive of deferred premium payable, by counterparty were $ 175 million and $ 267 million, respectively, and provided collateral was $ 193 million and $ 302 million, respectively, related to these agreements.
+Added: If all the downgrade provisions had been triggered at September 30, 2025 and December 31, 2024, in aggregate, the Company would have had to disburse nil and $ 49 million, respectively, and would have been allowed to claim $ 34 million and $ 35 million, respectively.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5.
Derivative Instruments
+Added: The Company pledged collateral of $ 1,403 million and $ 1,780 million as of September 30, 2025 and December 31, 2024, respectively, for initial margin related to uncleared margin for over-the-counter derivatives and exchange-traded futures.
+Added: Variation margin on exchange traded futures is settled through the netting of cash paid/received for variation margin against the fair value of the trades.
+Added: During 2025, the Company purchased equity options for which option premium payments totaling $ 229 million were deferred until contract termination.
Offsetting Assets and Liabilities
3 unchanged sentences
The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
Recognized Gross
12 unchanged sentences
Freestanding derivative liabilities $ 199 $ — $ 199 $ 24 $ 12 $ 158 $ 5
+Added: Derivative deferred premium payable 224 — 224 224 — — —
Securities lending 29 — 29 — 29 — —
4 unchanged sentences
(2) Excludes initial margin amounts for exchange-traded derivatives.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5.
+Added: Derivative Instruments
December 31, 2024
20 unchanged sentences
(2) Excludes initial margin amounts for exchange-traded derivatives.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5.
−Removed: Derivative Instruments
In the above tables, the amounts of assets or liabilities presented in the Company’s Condensed Consolidated Balance Sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral.
The actual amount of collateral may be greater than amounts presented in the tables.
−Removed: The above tables exclude net embedded derivative liabilities of $ 4,857 million and $ 3,942 million as of June 30, 2025 and December 31, 2024, respectively, as these derivatives are not subject to master netting arrangements.
−Removed: The above tables also exclude the funds withheld embedded derivative asset (liability) of $ 1,983 million and $ 2,314 million at June 30, 2025 and December 31, 2024, respectively.
+Added: The above tables exclude:
+Added: • net embedded derivative liabilities of $ 6,275 million and $ 3,942 million as of September 30, 2025 and December 31, 2024, respectively, as these derivatives are not subject to master netting arrangements;
+Added: • the funds withheld embedded derivative asset (liability) of $ 1,788 million and $ 2,314 million at September 30, 2025 and December 31, 2024, respectively.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
Fair Value Measurements
+Added: Fair Value Measurements
The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Value Carrying
33 unchanged sentences
(5) Included as a component of other liabilities on the Condensed Consolidated Balance Sheets.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
−Removed: Fair Value Measurements
The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on a recurring basis reported in the following tables.
4 unchanged sentences
Typical inputs used by these three pricing methods include reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
+Added: Fair Value Measurements
• Independent pricing services:
12 unchanged sentences
These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs.
−Removed: For those securities that were internally valued at June 30, 2025 and December 31, 2024, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security.
+Added: For those securities that were internally valued at September 30, 2025 and December 31, 2024, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security.
Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate.
5 unchanged sentences
As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
−Removed: Fair Value Measurements
Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities.
3 unchanged sentences
Fair values for limited partnership interests, which are included in other invested assets, are generally determined using the proportion of the Company’s investment in the value of the net assets of each fund (“NAV equivalent”) as a practical expedient for fair value, and generally are recorded on a three-month lag.
−Removed: No adjustments to these amounts were deemed necessary at June 30, 2025 and December 31, 2024.
−Removed: As a result of using the net asset value per share practical expedient, limited partnership interests are not classified in the fair value hierarchy.
+Added: No adjustments to these amounts were deemed necessary at September 30, 2025 and December 31, 2024.
+Added: As a result of using that practical expedient, limited partnership interests are not classified in the fair value hierarchy.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
+Added: Fair Value Measurements
The Company’s limited partnership interests are not redeemable, and distributions received are generally the result of liquidation of the underlying assets of the partnerships.
4 unchanged sentences
These investments are classified as Level 3 in the fair value hierarchy.
−Removed: Policy loans are funds provided to policyholders in return for a claim on the policies' values.
+Added: Policy loans are funds provided to policyholders in return for a claim on their policies' values.
They are repaid upon repayment, death or surrender, and there is only one market price at which the loans can be settled – the then current carrying value.
14 unchanged sentences
• Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
−Removed: Fair Value Measurements
Cash and Cash Equivalents
2 unchanged sentences
Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
+Added: Fair Value Measurements
Funds Withheld Payable Under Reinsurance Treaties
21 unchanged sentences
In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
−Removed: Fair Value Measurements
The Company has ceded the guaranteed minimum income benefit (“GMIB”) features elected on certain annuity contracts to an unrelated party.
4 unchanged sentences
Fair values for MRBs related to variable annuities, including the contract reinsuring GMIB features, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
+Added: Fair Value Measurements
The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts.
21 unchanged sentences
See Note 12 - Market Risk Benefits of these Notes to Condensed Consolidated Financial Statements for more information regarding MRBs.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
−Removed: Fair Value Measurements
Indexed-Linked Crediting Derivative Feature in Fixed Index Annuities and RILA
2 unchanged sentences
Additionally, although not a significant input, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
+Added: Fair Value Measurements
Notes Issued by Consolidated VIEs
5 unchanged sentences
• Debt securities reflected on the Company’s Condensed Consolidated Balance Sheets as debt securities related to:
−Removed: ◦ certain consolidated investments totaling $ 2,754 million and $ 2,429 million at June 30, 2025 and December 31, 2024, respectively.
+Added: ◦ certain consolidated investments totaling $ 2,649 million and $ 2,429 million at September 30, 2025 and December 31, 2024, respectively.
◦ certain debt securities the Company began purchasing during the third quarter of 2024, for purposes of mitigating components of exposure to changes in the value of certain market risk benefits.
The Company elected the fair value option on these debt securities, with changes in fair value reflected in net income, to align with the corresponding changes in the value of the market risk benefits recognized through net income.
−Removed: These debt securities totaling $ 500 million and $ 501 million at June 30, 2025 and December 31, 2024, respectively.
−Removed: • Certain funds withheld assets, which are held as collateral for reinsurance, totaling $ 3,993 million and $ 4,054 million at June 30, 2025 and December 31, 2024, respectively, as discussed above, and include mortgage loans as discussed below.
+Added: These debt securities totaling $ 782 million and $ 501 million at September 30, 2025 and December 31, 2024, respectively.
+Added: • Certain funds withheld assets, which are held as collateral for reinsurance, totaling $ 3,992 million and $ 4,054 million at September 30, 2025 and December 31, 2024, respectively, as discussed above, and include mortgage loans as discussed below.
• Certain mortgage loans held under the funds withheld reinsurance agreement with Athene.
2 unchanged sentences
The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions):
−Removed: June 30, December 31,
+Added: September 30, 2025 December 31, 2024
Fair value $ 349 $ 449
Aggregate contractual principal 358 464
−Removed: As of June 30, 2025, no loans in good standing for which the fair value option was elected were in non-accrual status, and no loans were more than 90 days past due and still accruing interest.
+Added: As of September 30, 2025, no loans in good standing for which the fair value option was elected were in non-accrual status, and no loans were more than 90 days past due and still accruing interest.
+Added: • Notes issued by consolidated VIEs totaling $ 2,618 million and $ 2,343 million at September 30, 2025 and December 31, 2024, respectively.
+Added: Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s Condensed Consolidated Financial Statements.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
Fair Value Measurements
−Removed: • Notes issued by consolidated VIEs totaling $ 2,639 million and $ 2,343 million at June 30, 2025 and December 31, 2024, respectively.
−Removed: Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s Condensed Consolidated Financial Statements.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
Total Level 1 Level 2 Level 3
25 unchanged sentences
$ 14,812 $ — $ 9,092 $ 5,720
−Removed: (1) Excludes $ 2,341 million of limited partnership investments measured at NAV.
+Added: (1) Excludes $ 2,420 million of limited partnership investments measured at NAV equivalent.
(2) Includes the embedded derivative liabilities of $ 5,439 million related to RILA and $ 836 million liability of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets.
30 unchanged sentences
$ 11,773 $ — $ 6,646 $ 5,127
−Removed: (1) Excludes $ 2,310 million of limited partnership investments measured at NAV.
+Added: (1) Excludes $ 2,310 million of limited partnership investments measured at NAV equivalent.
(2) Includes the embedded derivative liabilities of $ 3,065 million related to RILA and $ 877 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets.
5 unchanged sentences
The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
Assets Total Internal External
36 unchanged sentences
The table below presents quantitative information on internally-priced Level 3 assets and liabilities that use significant unobservable inputs (dollar amounts in millions):
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
Value Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value
95 unchanged sentences
• Securities:
−Removed: At June 30, 2025 and December 31, 2024, securities of $ 80 million and $ 121 million, respectively, of debt securities, equity securities, and limited partnerships are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy.
+Added: At September 30, 2025 and December 31, 2024, $ 81 million and $ 121 million, respectively, of debt securities, equity securities, and limited partnerships are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy.
For these assets, their unobservable inputs and ranges of possible inputs do not materially affect their fair valuations and have been excluded from the quantitative information in the tables above.
5 unchanged sentences
◦ Under the Reassure America Life Insurance Company reinsurance treaties, fair value is determined based upon the fair value of the funds withheld investments held by the Company and is excluded from the tables above.
−Removed: ◦ Under the Athene reinsurance treaty, the calculation includes the Athene embedded derivative which is measured at fair value.
+Added: ◦ Under the Athene reinsurance treaty, the calculation includes the Athene embedded derivative that is measured at fair value.
The valuation of the embedded derivative utilizes a total return swap technique that incorporates the fair value of the invested assets supporting the reinsurance agreement as a component of the valuation and is excluded from the table above.
9 unchanged sentences
Best estimate assumptions plus risk margins are used as applicable.
−Removed: The tables below provide roll-forwards for the three and six months ended June 30, 2025 and 2024 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement.
+Added: The tables below provide roll-forwards for the three and nine months ended September 30, 2025 and 2024 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement.
Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors.
7 unchanged sentences
as of Net Other Issuances in and/or as of
−Removed: April 1, Income Comprehensive and (out of) June 30,
−Removed: Three Months Ended June 30, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025
+Added: July 1, Income Comprehensive and (out of) September 30,
+Added: Three Months Ended September 30, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025
Debt securities
12 unchanged sentences
as of Net Other Issuances in and/or as of
−Removed: April 1, Income Comprehensive and (out of) June 30,
−Removed: Three Months Ended June 30, 2024 2024 (Loss) Income (Loss) Settlements Level 3 2024
+Added: July 1, Income Comprehensive and (out of) September 30,
+Added: Three Months Ended September 30, 2024 2024 (Loss) Income (Loss) Settlements Level 3 2024
Debt securities
16 unchanged sentences
as of Net Other Issuances in and/or as of
−Removed: January 1, Income Comprehensive and (out of) June 30,
−Removed: Six Months Ended June 30, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025
+Added: January 1, Income Comprehensive and (out of) September 30,
+Added: Nine Months Ended September 30, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025
Debt securities
13 unchanged sentences
as of Net Other Issuances in and/or as of
−Removed: January 1, Income Comprehensive and (out of) June 30,
−Removed: Six Months Ended June 30, 2024 2024 (Loss) Income (Loss) Settlements Level 3 2024
+Added: January 1, Income Comprehensive and (out of) September 30,
+Added: Nine Months Ended September 30, 2024 2024 (Loss) Income (Loss) Settlements Level 3 2024
Debt securities
13 unchanged sentences
Fair Value Measurements
−Removed: The components of the amounts included in purchases, sales, issuances and settlements for the three and six months ended June 30, 2025 and 2024 shown above are as follows (in millions):
−Removed: Three Months Ended June 30, 2025 Purchases Sales Issuances Settlements Total
+Added: The components of the amounts included in purchases, sales, issuances and settlements for the three and nine months ended September 30, 2025 and 2024 shown above are as follows (in millions):
+Added: Three Months Ended September 30, 2025 Purchases Sales Issuances Settlements Total
Debt securities
Corporate securities $ 80 $ ( 81 ) $ — $ — $ ( 1 )
+Added: Residential mortgage-backed 4 ( 4 ) — — —
Other asset-backed securities 75 ( 109 ) — — ( 34 )
Mortgage loans 13 ( 55 ) — — ( 42 )
+Added: Limited partnerships 74 ( 1 ) — — 73
Policy loans — — 7 ( 28 ) ( 21 )
1 unchanged sentence
Funds withheld payable under reinsurance treaties $ — $ — $ ( 374 ) $ 440 $ 66
−Removed: Three Months Ended June 30, 2024 Purchases Sales Issuances Settlements Total
+Added: Three Months Ended September 30, 2024 Purchases Sales Issuances Settlements Total
Debt securities
8 unchanged sentences
Fair Value Measurements
−Removed: Six Months Ended June 30, 2025 Purchases Sales Issuances Settlements Total
+Added: Nine Months Ended September 30, 2025 Purchases Sales Issuances Settlements Total
Debt securities
1 unchanged sentence
Corporate securities 185 ( 89 ) — — 96
+Added: Residential mortgage-backed 4 ( 4 ) — — —
Other asset-backed securities 445 ( 334 ) — — 111
4 unchanged sentences
Funds withheld payable under reinsurance treaties $ — $ — $ ( 752 ) $ 791 $ 39
−Removed: Six Months Ended June 30, 2024 Purchases Sales Issuances Settlements Total
+Added: Nine Months Ended September 30, 2024 Purchases Sales Issuances Settlements Total
Debt securities
7 unchanged sentences
Funds withheld payable under reinsurance treaties $ — $ — $ ( 357 ) $ 453 $ 96
−Removed: For the three and six months ended June 30, 2025, transfers from Level 3 to Level 2 of the fair value hierarchy were $ 46 million and $ 104 million, transfers from Level 2 to Level 3 were $( 9 ) million and $ 165 million, and transfers from Level 3 to NAV were nil and nil .
−Removed: For the three and six months ended June 30, 2024, transfers from Level 3 to Level 2 of the fair value hierarchy were $ 7 million and $ 16 million, transfers from Level 2 to Level 3 were $( 11 ) million and $ 4 million, and transfers from Level 3 to NAV were nil and nil .
+Added: For the three and nine months ended September 30, 2025, transfers from Level 3 to Level 2 of the fair value hierarchy were $ 341 million and $ 283 million, transfers from Level 2 to Level 3 were $ 29 million and $ 31 million, and transfers from Level 3 to NAV equivalent were nil and nil .
+Added: For the three and nine months ended September 30, 2024, transfers from Level 3 to Level 2 of the fair value hierarchy were $ 18 million and $ 34 million, transfers from Level 2 to Level 3 were $ 63 million and $ 67 million, and transfers from Level 3 to NAV equivalent were nil and nil .
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.
1 unchanged sentence
The portion of gains (losses) included in net income (loss) or OCI attributable to the change in unrealized gains and losses on Level 3 financial instruments still held was as follows (in millions):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
Net Income Included in OCI Included in
12 unchanged sentences
Market risk benefit liabilities 421 ( 585 ) ( 260 ) ( 234 )
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Net Income Included in OCI Included in
16 unchanged sentences
The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
Value Total Level 1 Level 2 Level 3
9 unchanged sentences
Securities lending payable (3)
−Removed: FHLB advances (4)
Repurchase agreements (3)
82 unchanged sentences
The amortization pattern is revised on a prospective basis at the beginning of the period based on the period’s actual experience.
−Removed: Six Months Ended June 30, Year Ended December 31,
+Added: Nine Months Ended September 30, Year Ended December 31,
Variable Annuities
18 unchanged sentences
The profit and loss with respect to obligations ceded to Athene are included in periodic net settlements pursuant to the coinsurance agreement.
−Removed: To further support its obligations under the coinsurance agreement, Athene procured $ 1.1 billion in letters of credit for Jackson’s benefit and established a trust account for Jackson’s benefit, which had a book value of approximately $ 63 million at June 30, 2025.
+Added: To further support its obligations under the coinsurance agreement, Athene procured $ 1.1 billion in letters of credit for Jackson’s benefit and established a trust account for Jackson’s benefit, which had a book value of approximately $ 73 million at September 30, 2025.
Swiss Re Reinsurance
15 unchanged sentences
The Company regularly monitors the financial strength ratings of its reinsurers.
−Removed: At June 30, 2025 and December 31, 2024, the Company had an allowance for credit losses (“ACL”) of $ 26 million and $ 27 million, respectively, on its reinsurance recoverables, which are reported net of ACL on the Condensed Consolidated Balance Sheets.
+Added: At September 30, 2025 and December 31, 2024, the Company had an allowance for credit losses (“ACL”) of $ 26 million and $ 27 million, respectively, on its reinsurance recoverables, which are reported net of ACL on the Condensed Consolidated Balance Sheets.
The ACL considers the credit quality of the reinsurer and is generally determined based on probability of default and loss given default assumptions, after considering any applicable collateral arrangements.
12 unchanged sentences
Components of the Company’s reinsurance recoverable excluding MRBs were as follows (in millions):
−Removed: June 30, December 31,
+Added: September 30, December 31,
Life $ 5,272 $ 5,205
6 unchanged sentences
Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions):
−Removed: June 30, December 31,
+Added: September 30, December 31,
Variable annuity $ 41 $ 62
19 unchanged sentences
The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions):
−Removed: June 30, December 31,
+Added: September 30, December 31,
Debt securities, available-for-sale $ 8,262 $ 9,058
14 unchanged sentences
Total liabilities $ 15,498 $ 16,742
−Removed: (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.
−Removed: (2) Includes funds withheld embedded derivative asset (liability) of $ 1,983 million and $ 2,314 million at June 30, 2025 and December 31, 2024, respectively.
+Added: (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability.
+Added: (2) Includes funds withheld embedded derivative asset (liability) of $ 1,788 million and $ 2,314 million at September 30, 2025 and December 31, 2024, respectively.
The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
3 unchanged sentences
Mortgage loans (2)
+Added: 30 47 114 141
Policy loans 84 82 250 246
5 unchanged sentences
Total net investment income on funds withheld reinsurance treaties $ 203 $ 269 $ 657 $ 824
−Removed: (1) Includes nil and $ 1 million for the three and six months ended June 30, 2025, respectively, and nil and $ 1 million for the three and six months ended June 30, 2024, respectively, related to the change in fair value for securities carried under the fair value option.
−Removed: (2) Includes $ 3 million and $ 7 million for the three and six months ended June 30, 2025, respectively, and $ 1 million and $( 3 ) million for the three and six months ended June 30, 2024, respectively, related to the change in fair value for mortgage loans carried under the fair value option.
+Added: (1) Includes nil and $ 1 million for the three and nine months ended September 30, 2025, respectively, and $ 1 million and $ 2 million for the three and nine months ended September 30, 2024, respectively, related to the change in fair value for securities carried under the fair value option.
+Added: (2) Includes $( 1 ) million and $ 6 million for the three and nine months ended September 30, 2025, respectively, and $ 4 million and $ 1 million for the three and nine months ended September 30, 2024, respectively, related to the change in fair value for mortgage loans carried under the fair value option.
(3) Includes management fees.
The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
3 unchanged sentences
Credit loss expense ( 11 ) ( 12 ) ( 38 ) ( 18 )
−Removed: Gross impairments — — — —
Credit loss expense on mortgage loans ( 9 ) 1 ( 12 ) 8
5 unchanged sentences
Total net gains (losses) on derivatives and investments $ ( 379 ) $ ( 784 ) $ ( 1,094 ) $ ( 1,199 )
−Removed: (1) Includes the Athene embedded derivative gain (loss) of $( 130 ) million and $( 331 ) million for the three and six months ended June 30, 2025, respectively, and $ 25 million and $ 54 million for the three and six months ended June 30, 2024, respectively.
+Added: (1) Includes the Athene embedded derivative gain (loss) of $( 195 ) million and $( 526 ) million for the three and nine months ended September 30, 2025, respectively, and $( 530 ) million and $( 476 ) million for the three and nine months ended September 30, 2024, respectively.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.
43 unchanged sentences
The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions):
−Removed: June 30, December 31,
+Added: September 30, December 31,
Reserves for future policy benefits
11 unchanged sentences
Present Value of Expected Net Premiums
−Removed: Six Months Ended June 30, Year Ended December 31,
+Added: Nine Months Ended September 30, Year Ended December 31,
Payout Closed Block Closed Block Payout Closed Block Closed Block
12 unchanged sentences
Balance, end of period $ — $ 793 $ — $ — $ 847 $ —
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.
−Removed: Reserves for Future Policy Benefits and Claims Payable
Present Value of Expected Future Policy Benefits
−Removed: Six Months Ended June 30, Year Ended December 31,
+Added: Nine Months Ended September 30, Year Ended December 31,
Payout Closed Block Closed Block Payout Closed Block Closed Block
2 unchanged sentences
Beginning of period cumulative effect of changes in discount rate assumptions 100 806 255 99 767 185
−Removed: Beginning balance at original discount rate (including DPL of $ 91 , nil and $ 588 in June 30, 2025, and $ 42 , nil and $ 626 in December 31, 2024 for payout annuities, closed block life and closed block annuity, respectively)
+Added: Beginning balance at original discount rate (including DPL of $ 91 , nil and $ 588 in September 30, 2025, and $ 42 , nil and $ 626 in December 31, 2024 for payout annuities, closed block life and closed block annuity, respectively)
1,195 5,231 4,092 1,189 5,901 4,400
5 unchanged sentences
Benefits payments ( 113 ) ( 398 ) ( 341 ) ( 137 ) ( 592 ) ( 481 )
−Removed: Ending balance of original discount rate (including DPL of $ 92 , nil and $ 564 in June 30, 2025, and $ 91 , nil and $ 588 in December 31, 2024 for payout annuities, closed block life and closed block annuity, respectively)
+Added: Ending balance of original discount rate (including DPL of $ 90 , nil and $ 551 in September 30, 2025, and $ 91 , nil and $ 588 in December 31, 2024 for payout annuities, closed block life and closed block annuity, respectively)
1,237 4,946 3,882 1,195 5,231 4,092
4 unchanged sentences
Reserves for future policy benefits, after reinsurance recoverable $ 1,047 $ 1,570 $ 3,721 $ 986 $ 1,600 $ 3,833
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.
+Added: Reserves for Future Policy Benefits and Claims Payable
The following table presents the weighted average duration of the reserves for future policy benefits.
2 unchanged sentences
Annuities Life Annuity
−Removed: June 30, 2025
+Added: September 30, 2025
Weighted average duration (years) 6.5 6.7 6.6
5 unchanged sentences
Refer to the roll-forward above for further details.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.
−Removed: Reserves for Future Policy Benefits and Claims Payable
The following table presents the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for future policy benefits for non-participating traditional and limited-payment insurance contracts (in millions).
The discounted premiums are calculated using the current discount rate, while the undiscounted cash flows represent the gross cash flows before any discounting is applied:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Undiscounted Discounted Undiscounted Discounted
10 unchanged sentences
Gross Premiums Interest Expense
−Removed: Six Months Ended June 30, 2025 Year Ended December 31, 2024 Six Months Ended June 30, 2025 Year Ended December 31, 2024
+Added: Nine Months Ended September 30, 2025 Year Ended December 31, 2024 Nine Months Ended September 30, 2025 Year Ended December 31, 2024
Payout Annuities $ 48 $ 53 $ 35 $ 45
2 unchanged sentences
Total $ 267 $ 367 $ 248 $ 351
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.
+Added: Reserves for Future Policy Benefits and Claims Payable
The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Payout Annuities
7 unchanged sentences
Current discount rate 5.12 % 5.54 %
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.
−Removed: Reserves for Future Policy Benefits and Claims Payable
The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions):
−Removed: Six Months Ended June 30, 2025 Year Ended December 31, 2024
+Added: Nine Months Ended September 30, 2025 Year Ended December 31, 2024
Balance, beginning of period $ 1,184 $ 1,153
10 unchanged sentences
The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Weighted average duration (years) 9.0 9.1
1 unchanged sentence
Assessments Interest Expense
−Removed: Six Months Ended June 30, 2025 Year Ended December 31, 2024 Six Months Ended June 30, 2025 Year Ended December 31, 2024
+Added: Nine Months Ended September 30, 2025 Year Ended December 31, 2024 Nine Months Ended September 30, 2025 Year Ended December 31, 2024
Additional liability for annuitization, death and other insurance benefits $ ( 79 ) $ ( 128 ) $ 43 $ 57
The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Weighted average current discount rate 5.00 % 4.99 %
2 unchanged sentences
Other Contract Holder Funds
−Removed: Other contract holder funds represent the policyholder account balance on our universal life-type products, investment contracts, and the fair value of the embedded derivatives associated with the indexed crediting features on our fixed index annuities and registered index-linked annuities.
+Added: Other contract holder funds represent the policyholder account balance on our universal life-type products, investment contracts, and the fair value of the embedded derivatives associated with the indexed crediting features on our fixed index annuities and RILA.
+Added: • Universal life-type products :
Universal life-type contracts have, as a principal component, an account balance in which interest is credited to policyholders and assessments are deducted for mortality risk and contract administration.
3 unchanged sentences
See Note 9 - Reserves for Future Policy Benefits and Claims Payable of these Notes to the Condensed Consolidated Financial Statements for more information regarding these additional liabilities.
+Added: • Investment contracts :
Certain contracts without significant mortality or morbidity risk and certain annuities that lack insurance risk are treated as investment contracts.
3 unchanged sentences
For the variable annuity products, only the allocations to fixed fund options are reported in other contract holder funds.
−Removed: For our fixed index annuities and registered index linked annuities, the index-linked crediting derivative feature issued by the Company is accounted for as an embedded derivative measured at fair value and reported as a component of other contract holder funds on the Condensed Consolidated Balance Sheets with changes in fair value recorded in net income within net gains (losses) on derivatives and investments.
+Added: • Embedded derivatives associated with indexed crediting features :
+Added: For our fixed index annuities and RILA, the index-linked crediting derivative feature issued by the Company is accounted for as an embedded derivative measured at fair value and reported as a component of other contract holder funds on the Condensed Consolidated Balance Sheets with changes in fair value recorded in net income within net gains (losses) on derivatives and investments.
The fair value is determined using an option-budget method with capital market inputs of market index returns and discount rates as well as actuarial assumptions including lapse, mortality and withdrawal rates.
6 unchanged sentences
See Note 12 - Market Risk Benefits of these Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10.
+Added: Other Contract Holder Funds
The Company’s institutional products business is comprised of the guaranteed investment contracts, funding agreements backed by medium-term notes ("FABN funding agreements"), funding agreements backed by commercial paper ("FABCP funding agreements"), and funding agreements issued in conjunction with the Company's participation in the U.S.
1 unchanged sentence
• FABN funding agreements:
−Removed: Jackson has established a $ 32 billion aggregate funding agreement-backed note (“FABN”) program, pursuant to which a special purpose statutory business trust may issue medium-term notes and deposit the proceeds with Jackson pursuant to a FABN funding agreement issued by Jackson to the special purpose statutory trust.
−Removed: The carrying values at June 30, 2025 and December 31, 2024 totaled $ 7.3 billion and $ 5.9 billion, respectively.
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10.
−Removed: Other Contract Holder Funds
−Removed: Liabilities for foreign currency denominated FABN funding agreements that are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date.
+Added: Jackson has established a funding agreement-backed note (“FABN”) program, pursuant to which a special purpose statutory business trust may issue up to $ 32 billion aggregate principal amount of medium-term notes and deposit the proceeds with Jackson pursuant to a FABN funding agreement issued by Jackson to the special purpose statutory trust.
+Added: The carrying values of the FABN funding agreements at September 30, 2025 and December 31, 2024 totaled $ 8.0 billion and $ 5.9 billion, respectively.
+Added: Liabilities for foreign currency denominated FABN funding agreements are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date.
Foreign currency translation gains and losses are included in net gains (losses) on derivatives and investments.
3 unchanged sentences
The current maximum aggregate principal amount permitted to be outstanding at any one time under the program is $ 3.0 billion.
−Removed: As of June 30, 2025, the Company had $ 459 million outstanding under the program.
+Added: As of September 30, 2025, the Company had $ 487 million outstanding under the program.
• FHLB funding agreements:
1 unchanged sentence
Advances are in the form of funding agreements issued to, and short-term and long-term borrowings from, FHLBI.
−Removed: At June 30, 2025 and December 31, 2024, the Company held $ 119 million and $ 127 million of FHLBI capital stock, respectively, supporting $ 2.0 billion and $ 2.7 billion in FHLB funding agreements and short-term and long-term borrowings at June 30, 2025 and December 31, 2024, respectively.
−Removed: At June 30, 2025 and December 31, 2024, the FHLB funding agreements and short-term and long-term borrowings were collateralized by mortgage-related securities and commercial mortgage loans with a carrying value of $ 3.0 billion and $ 4.2 billion, respectively.
+Added: At September 30, 2025 and December 31, 2024, the Company held $ 119 million and $ 127 million of FHLBI capital stock, respectively, supporting $ 1.9 billion and $ 2.7 billion in FHLB funding agreements and short-term and long-term borrowings at September 30, 2025 and December 31, 2024, respectively.
+Added: At September 30, 2025 and December 31, 2024, the FHLB funding agreements and short-term and long-term borrowings were collateralized by mortgage-related securities and commercial mortgage loans with a carrying value of $ 2.8 billion and $ 4.2 billion, respectively.
The following table presents the liabilities for other contract holder funds (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Variable Annuity $ 6,540 $ 7,206
8 unchanged sentences
Total other contract holder funds $ 65,289 $ 58,312
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10.
+Added: Other Contract Holder Funds
The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions):
9 unchanged sentences
Policy charges and other ( 46 ) ( 1 ) ( 16 ) ( 123 ) — ( 379 ) — ( 565 )
−Removed: Balance as of June 30, 2025 $ 6,779 $ 14,746 $ 7,809 $ 9,551 $ 853 $ 10,602 $ 1,097 $ 51,437
−Removed: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10.
−Removed: Other Contract Holder Funds
+Added: Balance as of September 30, 2025 $ 6,540 $ 17,834 $ 7,617 $ 9,651 $ 865 $ 10,657 $ 1,081 $ 54,245
Fixed Closed Closed
13 unchanged sentences
Annuity RILA Annuities Annuity Annuity Life Annuity
−Removed: June 30, 2025
+Added: September 30, 2025
Weighted-average crediting rate (1)
15 unchanged sentences
(3) Cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less the applicable surrender charges.
−Removed: At June 30, 2025 and December 31, 2024, excluding reinsurance business, approximately 93 % and 94 % of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively.
−Removed: At June 30, 2025 and December 31, 2024, excluding reinsurance business, approximately 82 % and 82 % of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10.
Other Contract Holder Funds
+Added: At September 30, 2025 and December 31, 2024, excluding reinsurance business, approximately 93 % and 94 % of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively.
+Added: At September 30, 2025 and December 31, 2024, excluding reinsurance business, approximately 82 % and 82 % of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively.
The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions):
−Removed: June 30, 2025
+Added: September 30, 2025
At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150
92 unchanged sentences
The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (traditional variable annuities).
−Removed: The Company also issues variable contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) either a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary.
+Added: The Company also issues variable contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) the following:
+Added: a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary.
These guarantees include benefits that are payable in the event of death (guaranteed minimum death benefits, or "GMDB"), at annuitization (guaranteed minimum income benefits, or "GMIB"), upon the depletion of funds (guaranteed minimum withdrawal benefits, or "GMWB") or at the end of a specified period (guaranteed minimum accumulation benefits, or "GMAB").
2 unchanged sentences
The separate account assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities.
−Removed: At June 30, 2025 and December 31, 2024, the assets and liabilities associated with variable life and annuity contracts were $ 232 billion and $ 229 billion, respectively.
+Added: At September 30, 2025 and December 31, 2024, the assets and liabilities associated with variable life and annuity contracts were $ 239 billion and $ 229 billion, respectively.
Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company.
2 unchanged sentences
Included in the separate account assets and liabilities described above is a Jackson issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan.
−Removed: These deposits are allocated to the Jackson National Separate Account - II, which had balances of $ 203 million and $ 208 million at June 30, 2025 and December 31, 2024, respectively.
+Added: These deposits are allocated to the Jackson National Separate Account - II, which had balances of $ 201 million and $ 208 million at September 30, 2025 and December 31, 2024, respectively.
The Company receives administrative fees for managing the funds.
1 unchanged sentence
The following table presents the roll-forward of the separate account balance for variable annuities (in millions):
−Removed: Six Months Ended June 30, 2025 Year Ended December 31, 2024
+Added: Nine Months Ended September 30, 2025 Year Ended December 31, 2024
Balance as of beginning of period $ 228,851 $ 219,381
12 unchanged sentences
The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Variable Annuities $ 238,754 $ 228,851
2 unchanged sentences
The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Variable Annuities By Fund Type
21 unchanged sentences
• Time — effect of passage of time including reduction to separate account balances from fees, the change in proximity of future cash flows, and impacts to policy features such as bonus credits
−Removed: • Change in assumptions — changes in assumptions resulting from our periodic review
+Added: • Change in assumptions — effect of actuarial assumption updates and model enhancements
• Change in non-performance risk — changes in Jackson’s non-performance risk
24 unchanged sentences
The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions):
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Variable Other Variable Other
6 unchanged sentences
The following table presents the roll-forward of the net MRB (assets) liabilities for variable annuities (dollars in millions):
−Removed: Six Months Ended June 30, 2025 Year Ended December 31, 2024
+Added: Nine Months Ended September 30, 2025 Year Ended December 31, 2024
Net MRB balance, beginning of period $ ( 5,176 ) $ ( 2,000 )
19 unchanged sentences
At each reporting date, the Company regularly evaluates the inputs and assumptions to be used to measure the fair value of the MRB assets and MRB liabilities.
−Removed: In prior periods, the non-performance risk adjustment was determined based on credit spreads indicated by a blend of yields on similarly rated peer debt and yields on Company debt.
Starting June 30, 2023, non-performance risk is incorporated into the calculation through the adjustment of the risk-free rate curve based only on credit spreads for debt and debt-like instruments issued by the Company or its insurance operating subsidiaries, adjusted, as necessary, to reflect the financial strength ratings of the issuing insurance subsidiaries.
+Added: Prior thereto, the non-performance risk adjustment was determined based on credit spreads indicated by a blend of yields on similarly rated peer debt and yields on Company debt.
The change was made as a result of management’s determination that the reliability of credit spreads on debt and debt-like instruments issued by the Company as a measure of company-specific credit risk has increased due to sustained levels of market trading volume of these instruments.
6 unchanged sentences
The aggregate carrying value of long-term debt was as follows (in millions):
−Removed: June 30, December 31,
+Added: September 30, December 31,
Long-Term Debt
6 unchanged sentences
Total long-term debt $ 2,030 $ 2,034
−Removed: The following table presents the contractual maturities of the Company's long-term debt as of June 30, 2025 (in millions):
+Added: The following table presents the contractual maturities of the Company's long-term debt as of September 30, 2025 (in millions):
Calendar Year
17 unchanged sentences
The Company, through its subsidiary, Jackson, entered into an advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates.
−Removed: Advances of nil and $ 700 million were outstanding at June 30, 2025 and December 31, 2024, respectively, and were recorded in other liabilities.
−Removed: Interest expense on such advances was $ 1 million and $ 3 million for the three months ended June 30, 2025 and 2024, respectively, and $ 6 million and $ 3 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: Advances of nil and $ 700 million were outstanding at September 30, 2025 and December 31, 2024, respectively, and were recorded in other liabilities.
+Added: Interest expense on such advances was nil and $ 1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 6 million and $ 4 million for the nine months ended September 30, 2025 and 2024, respectively.
See Note 10 - Other Contract Holder Funds of these Notes to Condensed Consolidated Financial Statements for the carrying value securities pledged as collateral for our FHLB obligations .
+Added: The One Big Beautiful Bill Act ("OBBBA"), enacted on July 4, 2025, includes a broad range of tax reform provisions that impact corporations and are effective starting with the 2025 tax year.
+Added: As of September 30, 2025, the corporate income tax provision effective for the 2025 tax year did not impact the Company's current income tax liability.
+Added: As of September 30, 2025, the Company recorded a $ 2 million valuation allowance expense related to the provision in the law that impacted the Company's ability to utilize the deferred tax asset for the charitable contributions carryover.
The Company uses the estimated annual effective tax rate (“ETR”) method in computing the interim tax provision.
3 unchanged sentences
The estimated annual ETR is revised, as necessary, at the end of successive interim reporting periods.
−Removed: The Company’s effective income tax rate was 1.8 % and 2.9 % for the three and six months ended June 30, 2025, compared with 11.4 % and 11.3 % for the same period in 2024, respectively.
−Removed: The ETR differs from the statutory rate of 21% primarily due to the dividends received deduction, utilization of foreign tax credits, and valuation allowance.
−Removed: The change in the ETR for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was due to the relationship of taxable income to consolidated pre-tax income (loss) and the valuation allowance.
−Removed: The ETR differs for the six months ended June 30, 2025 from the full year-ended December 31, 2024 ETR of 4.6 % due to the relationship of taxable income to consolidated pre-tax income (loss) and the valuation allowance.
−Removed: For the six months ended June 30, 2025 and 2024, the Company recorded an estimate of $ 13 million and $ 165 million, respectively, for the provision of the corporate alternative minimum tax ("CAMT") with an offsetting increase to the deferred tax asset for the credit carryover resulting in no impact to total tax expense.
−Removed: The determination of the estimated 2025 CAMT liability considered carryover impacts from prior tax years and consideration of the applicability of the proposed regulations.
−Removed: Treasury Department is expected to issue final guidance in 2025 or later that may materially change the estimated provision of the CAMT.
+Added: The Company's effective income tax rate was ( 32.4 )% and ( 6.4 )% for the three and nine months ended September 30, 2025 compared with 19.3 % and 3.9 % for the same period in 2024, respectively.
+Added: 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.
+Added: The change in the ETR for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was due to the relationship of taxable income to 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.
+Added: The ETR differs for the nine months ended September 30, 2025 from the full year-ended December 31, 2024 ETR of 4.6 % due to the relationship of taxable income to 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.
+Added: For the nine months ended September 30, 2025 and 2024, the Company recorded an immaterial amount for the provision of the corporate alternative minimum tax ("CAMT") with an offsetting increase to the deferred tax asset for the credit carryover resulting in no impact to total tax expense.
+Added: The determination of the estimated 2025 CAMT liability considered carryover impacts from prior tax years and consideration of the applicability of the proposed regulations and additional guidance issued by the Internal Revenue Service.
+Added: Treasury Department is expected to issue additional guidance in 2025 or later that may materially change the estimated provision of the CAMT.
The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable.
7 unchanged sentences
The Company has adopted an accounting policy to analyze the ability to recover the CAMT credit carryover deferred tax asset separately from the deferred tax assets generated under the regular tax system.
−Removed: For the six months ended June 30, 2025, changes in market conditions and interest rates impacted the unrealized tax gains and losses in the available-for-sale securities portfolio resulting in deferred tax assets related to net unrealized tax capital losses for the life insurance group.
−Removed: The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery, our capital loss carryback capacity, along with reversing capital deferred tax liabilities.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15.
−Removed: As of June 30, 2025, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized losses that are not more likely than not to be realized.
−Removed: For the three and six months ended June 30, 2025, the Company recorded a decrease of $ 65 million and a decrease of $ 163 million, respectively, to the valuation allowance associated with the unrealized tax losses in the Company's available-for-sale securities portfolio.
−Removed: The $ 65 million decrease for the three months ended June 30, 2025, to the valuation allowance consists of $ 66 million tax benefit recorded to other comprehensive income and $ 1 million tax expense recorded in the income tax expense.
−Removed: The $ 163 million decrease for the six months ended June 30, 2025, to the valuation allowance consists of $ 165 million tax benefit recorded to other comprehensive income and $ 2 million tax expense recorded in the income tax expense.
−Removed: At June 30, 2025 and December 31, 2024, the Company has recorded a total valuation allowance for $ 571 million and $ 734 million, respectively, associated with the unrealized tax losses in the Life Companies' available-for-sale securities portfolio where it is not more likely than not that the full tax benefit of the losses will be realized.
−Removed: The One Big Beautiful Bill Act ("OBBBA"), enacted on July 4, 2025, includes a broad range of tax reform provisions that impact corporations.
−Removed: The estimated tax impact of the OBBBA that will be recognized in the third quarter is not expected to be material.
+Added: For the nine months ended September 30, 2025, changes in market conditions and interest rates impacted the unrealized tax gains and losses in the available-for-sale securities portfolio resulting in deferred tax assets related to net unrealized tax capital losses for the life insurance group.
+Added: The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery, our capital loss carryback capacity, along with reversing capital deferred tax liabilities.
+Added: As of September 30, 2025, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized losses and the charitable contributions carryover, which was impacted by the OBBBA, that are not more likely than not to be realized.
+Added: For the three and nine months ended September 30, 2025, the Company recorded a decrease of $ 103 million and a decrease of $ 266 million, respectively, to the valuation allowance associated with the unrealized tax losses in the Company’s available-for-sale securities portfolio and recorded an increase of $ 2 million and $ 2 million respectively, for the charitable contributions carryover.
+Added: The $ 101 million decrease for the three months ended September 30, 2025 to the valuation allowance consists of $ 103 million tax benefit recorded to other comprehensive income and $ 2 million recorded in the income tax expense.
+Added: The $ 264 million decrease for the nine months ended September 30, 2025 to the valuation allowance consists of $ 267 million tax benefit recorded to other comprehensive income and $ 3 million tax expense recorded in the income tax expense.
+Added: At September 30, 2025 and December 31, 2024, the Company has recorded a total valuation allowance for $ 470 million and $ 734 million, respectively, associated with the unrealized tax losses in the Life Companies' available-for-sale securities portfolio and the charitable contributions carryover where it is not more likely than not that the full tax benefit of the losses will be realized.
Commitments and Contingencies
3 unchanged sentences
The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable.
−Removed: At June 30, 2025, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $ 902 million.
−Removed: At June 30, 2025, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $ 944 million.
+Added: At September 30, 2025, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $ 781 million.
+Added: At September 30, 2025, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $ 971 million.
Operating Costs and Other Expenses
The following table is a summary of the Company’s operating costs and other expenses (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
3 unchanged sentences
General and administrative expenses (1)
+Added: 264 310 797 839
Deferral of acquisition costs ( 247 ) ( 196 ) ( 591 ) ( 512 )
Total operating costs and other expenses $ 714 $ 742 $ 2,072 $ 2,105
+Added: (1) Includes gains (losses) on derivative instruments economically hedging liabilities related to the non-qualified voluntary deferred compensation plan beginning in the third quarter 2025.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18.
2 unchanged sentences
The following table represents changes in the balance of accumulated other comprehensive income ("AOCI"), net of income tax, related to unrealized investment gains (losses) (in millions):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
12 unchanged sentences
$ ( 2,609 ) $ ( 2,383 ) $ ( 2,609 ) $ ( 2,383 )
−Removed: (1) Includes $( 1,390 ) million and $( 1,597 ) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of June 30, 2025 and December 31, 2024, respectively.
+Added: (1) Includes $( 1,268 ) million and $( 1,597 ) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of September 30, 2025 and December 31, 2024, respectively.
(2) Represents the impact of changes in the discount rate used in the remeasurement of our direct reserves for future policy benefits and claims payable, net of the remeasurement of ceded reserves for future policy benefits and claims payable.
3 unchanged sentences
Consolidated Income Statements
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
Net unrealized investment gain (loss):
7 unchanged sentences
Consolidated Income Statements
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Net unrealized investment gain (loss):
25 unchanged sentences
06/30/2025 May 2, 2025 June 12, 2025 June 30, 2025 $ 500 $ 0.50
+Added: 09/30/2025 August 1, 2025 September 15, 2025 September 30, 2025 $ 500 $ 0.50
Quarter Ended
1 unchanged sentence
06/30/2024 May 2, 2024 June 6, 2024 July 1, 2024 $ 500 $ 0.50
−Removed: At June 30, 2025 and December 31, 2024, the Company was authorized to issue up to 1 billion shares of common stock with a par value of $ 0.01 per share.
+Added: 09/30/2024 August 1, 2024 September 5, 2024 September 30, 2024 $ 500 $ 0.50
+Added: At September 30, 2025 and December 31, 2024, the Company was authorized to issue up to 1 billion shares of common stock with a par value of $ 0.01 per share.
Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19.
Share Repurchase Program
−Removed: On February 27, 2023 and August 1, 2024, our Board of Directors authorized increases of $ 450 million and $ 750 million, respectively, in our existing authorization to repurchase shares of our outstanding common stock as part of the Company's share repurchase program.
−Removed: As of July 25, 2025, the Company had remaining authorization to purchase $ 279 million of its common shares.
+Added: On September 18, 2025, our Board of Directors authorized an increase of $ 1 billion in our existing authorization to repurchase shares of our outstanding common stock as part of the Company's share repurchase program.
+Added: As of October 24, 2025, the Company had remaining authorization to purchase $ 1.1 billion of its common shares.
The Company expects to repurchase common shares from time to time in the open market or in privately negotiated transactions.
3 unchanged sentences
There can be no assurance that we will continue share repurchases or approve any further increase to our current, or approve any new, stock repurchase program, or any assurance to the amount of any repurchases that may be made pursuant to such programs.
−Removed: Through June 30, 2025, we have incurred $ 7 million of excise tax in connection with share repurchases that exceeded stock issuances.
+Added: Through September 30, 2025, we have incurred $ 9 million of excise tax in connection with share repurchases that exceeded stock issuances.
The excise tax incurred was recognized as part of the cost basis of the treasury stock acquired and not reported as income tax expense.
9 unchanged sentences
2025 (April 1- June 30) 1,920,154 158 82.06
−Removed: 2025 (July 1- July 25) 306,931 27 87.98
+Added: 2025 (July 1- September 30) 1,636,094 154 94.32
+Added: 2025 (October 1- October 24) 363,148 36 99.15
Total 2025 5,886,305 $ 520 $ 88.40
4 unchanged sentences
Shares repurchased under repurchase program — ( 5,523,157 ) ( 5,523,157 )
−Removed: Shares at June 30, 2025 94,488,315 ( 24,529,927 ) 69,958,388
+Added: Shares at September 30, 2025 94,488,315 ( 26,155,305 ) 68,333,010
(1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs.
8 unchanged sentences
06/30/2025 May 2, 2025 June 12, 2025 June 26, 2025 $ 0.80
+Added: 09/30/2025 August 1, 2025 September 15, 2025 September 25, 2025 $ 0.80
Quarter Ended
1 unchanged sentence
06/30/2024 May 2, 2024 June 6, 2024 June 20, 2024 $ 0.70
+Added: 09/30/2024 August 1, 2024 September 5, 2024 September 19, 2024 $ 0.70
Earnings Per Share
4 unchanged sentences
The following table sets forth the calculation of earnings per common share:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
8 unchanged sentences
Weighted average shares of common stock outstanding - diluted (1)
+Added: 70,279,275 75,374,073 71,966,229 77,374,548
Earnings per share—common stock
1 unchanged sentence
Diluted $ 0.92 $ ( 6.37 ) $ 2.75 $ 7.34
+Added: (1) If we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts.
+Added: The shares excluded from the diluted EPS calculation were 751,646 shares for the three months ended September 30, 2024.
+Added: Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 21.
Subsequent Events
+Added: Subsequent Events
The Company has evaluated subsequent events through the date these Condensed Consolidated Financial Statements were issued.
Dividends Declared to Shareholders
−Removed: On August 1, 2025, our Board of Directors approved a cash dividend on JFI's common stock of $ 0.80 per share for the third quarter 2025, payable on September 25, 2025, to common shareholders of record on September 15, 2025.
+Added: On October 30, 2025, our Board of Directors approved a cash dividend on JFI's common stock of $ 0.80 per share for the fourth quarter 2025, payable on December 18, 2025, to common shareholders of record on December 4, 2025.
The Company also announced the declaration of a cash dividend of $ 0.50 per depositary share, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A.
−Removed: The dividend will be payable on September 30, 2025, to depositary shareholders of record at the close of business on September 15, 2025.
+Added: The dividend will be payable on December 30, 2025, to depositary shareholders of record at the close of business on December 4, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.