What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-11-04 · 464 added, 626 removed, 2213 unchanged (33% of the section changed)

3 unchanged sentences

(in millions, except share data)

September 30, December 31,

March 31, December 31,

Assets (Unaudited)

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:

Debt Securities, available-for-sale, net of allowance for credit losses of $ 17 and $ 11 at March 31, 2026 and December 31, 2025, respectively (amortized cost:

2026 $ 52,356 ;

3 unchanged sentences

Equity securities, at fair value 243 172

Mortgage loans, net of allowance for credit losses of $ 143 and $ 121 at September 30, 2025 and December 31, 2024, respectively

Mortgage loans, net of allowance for credit losses of $ 159 and $ 133 at March 31, 2026 and December 31, 2025, respectively

Mortgage loans, at fair value under fair value option 196 324

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)

Policy loans (including $ 3,556 and $ 3,537 at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)

Freestanding derivative instruments 701 448

4 unchanged sentences

Deferred acquisition costs 11,634 11,660

Reinsurance recoverable, net of allowance for credit losses of $ 26 and $ 27 at September 30, 2025 and December 31, 2024, respectively

Reinsurance recoverable, net of allowance for credit losses of $ 30 and $ 30 at March 31, 2026 and December 31, 2025, respectively

18,926 19,518

9 unchanged sentences

Market risk benefit liabilities, at fair value 3,971 3,754

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)

Funds withheld payable under reinsurance treaties (including $ 3,744 and $ 3,723 at fair value under the fair value option at March 31, 2026 and December 31, 2025, respectively)

14,511 14,960

10 unchanged sentences

24,000 shares authorized;

22,000 shares issued and outstanding at September 30, 2025 and December 31, 2024;

22,000 shares issued and outstanding at March 31, 2026 and December 31, 2025;

liquidation preference $ 25,000 per share (see Note 19)

Common stock;

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)

1,000,000,000 shares authorized, $ 0.01 par value per share and 70,270,752 and 66,825,632 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively (see Note 19)

Additional paid-in capital 6,393 6,063

Treasury stock, at cost;

26,155,305 and 21,107,672 shares at September 30, 2025 and December 31, 2024, respectively

24,217,563 and 27,662,683 shares at March 31, 2026 and December 31, 2025, respectively

( 1,671 ) ( 1,645 )

Accumulated other comprehensive income (loss), net of tax expense (benefit) of $( 401 ) and $( 311 ) at September 30, 2025 and December 31, 2024, respectively

Accumulated other comprehensive income (loss), net of tax expense (benefit) of $( 287 ) and $( 377 ) at March 31, 2026 and December 31, 2025, respectively

( 2,728 ) ( 2,470 )

8 unchanged sentences

(Unaudited, in millions, except per share data)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Fee income $ 1,998 $ 1,986

35 unchanged sentences

(Unaudited, in millions)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income (loss) $ ( 420 ) $ ( 18 )

1 unchanged sentence

Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) of:

$ 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

$ 2 and $ 40 , for the three months ended March 31, 2026 and 2025, respectively

Change in unrealized gains (losses) on securities with credit impairment, net of tax expense (benefit) of:

$( 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 )

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 )

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 )

nil and nil , for the three months ended March 31, 2026 and 2025, respectively

Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) of $ 16 and $( 16 ), for the three months ended March 31, 2026 and 2025, respectively

Change in non-performance risk on market risk benefits, net of tax expense (benefit) of $ 72 and $ 71 , for the three months ended March 31, 2026 and 2025, respectively

Total other comprehensive income (loss) ( 258 ) 803

10 unchanged sentences

Stock Stock Capital at Cost Income Earnings Equity Interests Equity

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

Other comprehensive income (loss) — — — — 14 — 14 — 14

Change in equity of noncontrolling interests — — — — — — — 9 9

Dividends on preferred stock — — — — — ( 11 ) ( 11 ) — ( 11 )

Dividends on common stock — — — — — ( 56 ) ( 56 ) — ( 56 )

Purchase of treasury stock — — — ( 157 ) — — ( 157 ) — ( 157 )

Share based compensation — — 9 1 — (1) 9 — 9

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-

Preferred Common Paid-In Stock Comprehensive Retained Shareholders' Controlling Total

Stock Stock Capital at Cost Income Earnings Equity Interests Equity

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 )

Other comprehensive income (loss) — — — — 1,243 — 1,243 — 1,243

Change in equity of noncontrolling interests — — — — .

Dividends on preferred stock — — — — — ( 11 ) ( 11 ) — ( 11 )

Dividends on common stock — — — — — ( 54 ) ( 54 ) — ( 54 )

Purchase of treasury stock — — — ( 113 ) — — ( 113 ) — ( 113 )

Share based compensation — — 18 — — — 18 — 18

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-

Preferred Common Paid-In Stock Comprehensive Retained Shareholders' Controlling Total

Stock Stock Capital at Cost Income Earnings Equity Interests Equity

Balances as of December 31, 2025 $ 533 $ 1 $ 6,063 $ ( 1,645 ) $ ( 2,470 ) $ 7,471 $ 9,953 $ 389 $ 10,342

5 unchanged sentences

Purchase of treasury stock — — — ( 227 ) — — ( 227 ) — ( 227 )

Issuance of treasury stock — — 322 178 — — 500 — 500

Share based compensation — — 8 23 — ( 3 ) 28 — 28

Balances as of September 30, 2025 $ 533 $ 1 $ 6,056 $ ( 1,493 ) $ ( 2,609 ) $ 7,741 $ 10,229 $ 272 $ 10,501

Balances as of March 31, 2026 $ 533 $ 1 $ 6,393 $ ( 1,671 ) $ ( 2,728 ) $ 6,968 $ 9,496 $ 404 $ 9,900

Additional Treasury Other Total Non-

9 unchanged sentences

Share based compensation — — ( 4 ) 30 — 4 30 — 30

Balances as of September 30, 2024 $ 533 $ 1 $ 6,025 $ ( 909 ) $ ( 2,383 ) $ 7,431 $ 10,698 $ 209 $ 10,907

Balances as of March 31, 2025 $ 533 $ 1 $ 6,042 $ ( 1,179 ) $ ( 2,719 ) $ 7,623 $ 10,301 $ 224 $ 10,525

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Unaudited, in millions)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

33 unchanged sentences

(Unaudited, in millions)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from financing activities:

7 unchanged sentences

Payments on debt ( 4 ) ( 4 )

Pre-capitalized trust securities issuance costs ( 7 ) —

Issuance of debt of consolidated investment entities 96 215

1 unchanged sentence

Contributions from partners of consolidated investments 108 —

Distributions from partners of consolidated investments — —

Dividends on common stock ( 64 ) ( 58 )

1 unchanged sentence

Purchase of treasury stock ( 227 ) ( 202 )

Issuance of treasury stock 500 —

Net cash provided by (used in) financing activities 1,220 ( 521 )

7 unchanged sentences

Debt securities acquired from exchanges, payments-in-kind, and similar transactions $ 37 $ 53

Other invested assets acquired from stock splits and stock distributions $ — $ —

TPG Inc common stock acquired $ 150 $ —

Non-cash financing activities

18 unchanged sentences

• 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;

• Brooke Life Reinsurance Company ("Brooke Re"), also a direct subsidiary of Brooke Life, was formed January 1, 2024, as a Michigan captive reinsurance company.

Other significant wholly-owned subsidiaries of Jackson are as follows:

• Brooke Life Reinsurance Company ("Brooke Re"), also a direct subsidiary of Brooke Life, was formed as a Michigan captive reinsurance company;

• Hickory Brooke Reinsurance Company ("Hickory Re"), a direct subsidiary of Brooke Re, was formed as a Michigan captive reinsurance company.

Significant wholly-owned subsidiaries of Jackson are as follows:

• Life insurers:

8 unchanged sentences

The Company's Condensed Consolidated Financial Statements also include other insignificant partnerships, limited liability companies (“LLCs”), and other variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary.

Brooke Life Reinsurance Company

During the first quarter of 2024, Jackson entered into a reinsurance transaction with Brooke Re and all economics of the transaction were effective as of January 1, 2024.

The reinsurance transaction primarily provides for the cession from Jackson to Brooke Re of liabilities associated with certain guaranteed benefit riders under variable annuity contracts and similar products of Jackson (constituting “market risk benefits”), both in-force on the effective date of the reinsurance agreement and written in the future ( i.e.

, on a “flow” basis).

Since Jackson and Brooke Re are subsidiaries of JFI, the reinsurance transaction eliminates upon consolidation at JFI.

For regulatory reporting purposes, Brooke Re utilizes a modified U.S.

generally accepted accounting principles ("U.S.

GAAP") approach, primarily related to market risk benefits, with the intent to increase alignment between assets and liabilities in response to changes in economic factors.

The reinsurance transaction and related modified U.S.

GAAP approach allows us to mitigate the impact of the cash surrender value floor on Jackson’s total adjusted capital, statutory required capital, and risk-based capital ratio, as well as allows for more efficient economic hedging of the underlying risks of Jackson’s business.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1.

Business and Basis of Presentation

Hickory Brooke Reinsurance Company

During the fourth quarter of 2025, Jackson entered into a reinsurance agreement with Hickory Re, on a quota-share coinsurance basis on certain fixed annuities and fixed index annuities issued by Jackson, including the annuitization of these contracts, with all economics of the transaction effective as of December 1, 2025.

Additionally, under the agreement Hickory Re will reinsure the new sales of fixed annuities and fixed index annuities of Jackson.

Since Jackson and Hickory Re are subsidiaries of JFI, the reinsurance transaction eliminates upon consolidation at JFI.

For regulatory reporting purposes, Hickory Re measures the liabilities for assumed contracts using a modified U.S.

GAAP methodology which is intended to increase alignment between assets and liabilities in response to changes in economic factors.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S.

generally accepted accounting principles ("GAAP") for interim financial information.

GAAP for interim financial information.

Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S.

3 unchanged sentences

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 2025 Annual Report.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1.

Business and Basis of Presentation

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.

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.

Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.

All material intercompany accounts and transactions have been eliminated upon consolidation.

12 unchanged sentences

Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other appropriate factors.

As facts and circumstances dictate, these estimates and assumptions may be adjusted.

As facts and circumstances evolve, these estimates and assumptions may be adjusted.

Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

The effects of changes in estimates, including those resulting from changing expectations with respect to the economic environment, will be reflected in the consolidated financial statements covering the periods in which the estimates are changed.

The effects of changes in estimates and assumptions, including those resulting from changing expectations with respect to the economic environment, will be reflected in the consolidated financial statements covering the periods in which the estimates are changed.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2.

New Accounting Standards

Accounting Pronouncements – Issued but Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Improvements to Income Tax Disclosures”, which enhances annual income tax disclosures by requiring disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.

The new requirements in this ASU will be effective for the Company for annual periods beginning after December 15, 2024, with early adoption permitted, and are to be applied on a prospective basis with the option to apply retrospectively.

The Company will apply the amendments for the annual period ending December 31, 2025.

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.

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, “Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of income statement expenses for public business entities.

The ASU requires footnote disclosure about specific types of expenses included in certain expense captions presented on the face of the income statement and the total amount of selling expenses on an annual and interim basis.

3 unchanged sentences

The Company is in the process of evaluating the impact of the new guidance and determining the transition method and the timing of adoption.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2.

New Accounting Standards

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments – Credit Losses (Topic 326):

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.

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.

Early adoption is permitted.

The Company does not expect the adoption to have a material impact on the Company’s financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 350-40):

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”).

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.

Targeted Improvements to the Accounting for Internal-use Software.” Under the new standard, an entity will start capitalizing eligible 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”).

The amendments in this ASU will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

Early adoption is permitted as of the beginning of an annual reporting period.

The amendments can be applied on a fully prospective basis, a modified basis for in-process projects, or a fully retrospective basis.

The Company is in the process of evaluating the impact of the new guidance and determining the transition method and the timing of adoption.

In December 2025, the FASB issued ASU 2025-08, “Financial Instruments – Credit Losses (Topic 326):

Purchased Loans,” which requires certain purchased seasoned loans acquired without credit deterioration be accounted for using the gross-up approach in Topic 326 that is currently applied to purchased with credit deterioration (“PCD”) financial assets.

Under the gross-up approach, the initial allowance for credit losses is established by increasing the amortized cost basis of the loan rather than recognizing a charge to credit loss expense.

The amendments in this ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance.

The amendments are to be applied prospectively.

The Company is in the process of evaluating the impact of the new guidance and the timing of adoption.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270):

Narrow Scope Improvements”, which provides additional guidance on what disclosures should be provided in interim reporting periods including disclosure of events since the end of the last annual reporting period that have a material impact on the entity.

The amendments in this ASU will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The amendments in this ASU can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.

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

3 unchanged sentences

The reportable segments reflect how the Company’s chief operating decision maker (the "CODM") views and manages the business.

The Company’s CODM function is performed jointly by the Chief Executive Officer and the Chief Financial Officer.

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.

The Company’s CODM function is performed jointly by our Chief Executive Officer and our Chief Financial Officer.

For our three reportable segments, the CODM uses segment pretax adjusted operating earnings to allocate resources for each segment (predominantly through our 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 compared to prior period results.

The following is a brief description of each of the Company’s reportable segments, plus its Corporate and Other segment.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.

Segment Information

Retail Annuities

The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, registered index-linked annuities ("RILA"), fixed index annuities, fixed annuities and payout annuities.

The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, registered index-linked annuities ("RILA"), fixed annuities, fixed index annuities, and payout annuities.

These products are distributed through various wirehouses, insurance brokers and independent broker-dealers, as well as through banks and financial institutions.

5 unchanged sentences

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.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.

Segment Information

Institutional Products

13 unchanged sentences

The Corporate and Other segment also includes intersegment eliminations and consolidation adjustments.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.

Segment Information

Segment Performance Measurement

5 unchanged sentences

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.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.

Segment Information

Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the items described in the following numbered paragraphs.

5 unchanged sentences

(ii) net gains (losses) on hedging instruments that includes:

(a) changes in the fair value of freestanding derivatives, and related commissions and expenses, used to manage the risk associated with market risk benefits and other guaranteed benefit features, excluding earned income from periodic settlements and changes in settlement accruals on cross-currency swaps;

and (b) investment income and change in fair value of certain non-derivative assets used to manage the risk associated with market risk benefits and other guaranteed benefit features;

and (iii) the movements in reserves, market risk benefits, guaranteed benefit features accounted for as embedded derivative instruments, and related claims and benefit payments (excluding impacts of actuarial assumption updates and model enhancements).

(a) changes in the fair value of freestanding derivatives, and related commissions and expenses, used to manage the risk associated with market risk benefits and other benefit features, excluding earned income from periodic settlements and changes in settlement accruals on cross-currency swaps;

and (b) investment income and change in fair value of certain non-derivative assets used to manage the risk associated with market risk benefits and other benefit features;

and (iii) the movements in reserves, market risk benefits, benefit features accounted for as embedded derivative instruments adjusted to exclude the cost of hedging for certain indexed annuity products, and related claims and benefit payments (excluding impacts of actuarial assumption updates and model enhancements).

We believe excluding these items removes the impact to both revenue and related expenses associated with Net Hedging Results.

16 unchanged sentences

above), excluding earned income from periodic settlements and changes in settlement accruals on cross-currency swaps;

and (iii) one-time or other non-recurring items.

(iii) investment income (loss) related to mark-to-market on TPG shares, which are subject to certain sales restrictions;

and (iv) one-time or other non-recurring items.

Income Taxes.

2 unchanged sentences

Set forth in the tables below is certain information with respect to the Company’s segments (in millions):

Three Months Ended September 30, 2025 Retail Annuities Institutional

Products Closed Life

Blocks Corporate and

Operating Revenues

Fee income $ 1,144 $ — $ 104 $ 11 $ 1,259

Premiums 14 — 19 — 33

Net investment income 246 148 189 9 592

Other income (loss) 7 — 6 2 15

Total Operating Revenues 1,411 148 318 22 1,899

Operating Benefits and Expenses

Death, other policy benefits and change in policy

reserves, net of deferrals 20 — 160 — 180

(Gain) loss from updating future policy benefits cash flow assumptions, net ( 4 ) — 16 — 12

Interest credited on other contract holder funds, net

of deferrals and amortization

109 116 88 — 313

Interest expense 6 — — 19 25

Asset-based commission expenses 296 — — — 296

Other commission expenses 315 — 8 — 323

Sub-advisor expenses 80 — — ( 2 ) 78

General and administrative expenses 195 1 28 40 264

Deferral of acquisition costs ( 248 ) — 1 — ( 247 )

Amortization of deferred acquisition costs 148 — 2 — 150

Total Operating Benefits and Expenses 917 117 303 57 1,394

Pretax Adjusted Operating Earnings $ 494 $ 31 $ 15 $ ( 35 ) $ 505

Three Months Ended September 30, 2024 Retail Annuities Institutional

Products Closed Life

Blocks Corporate and

Operating Revenues

Fee income $ 1,128 $ — $ 111 $ 12 $ 1,251

Premiums 12 — 22 — 34

Net investment income 196 101 155 — 452

Other income 8 — 7 ( 1 ) 14

Total Operating Revenues 1,344 101 295 11 1,751

Operating Benefits and Expenses

Death, other policy benefits and change in policy

reserves, net of deferrals 26 — 131 — 157

(Gain) loss from updating future policy benefits cash flow assumptions, net ( 12 ) — 11 — ( 1 )

Interest credited on other contract holder funds, net

of deferrals and amortization 88 83 104 — 275

Interest expense 6 — — 19 25

Asset-based commission expenses 285 — — — 285

Other commission expenses 252 — 9 — 261

Sub-advisor expenses 84 — — ( 2 ) 82

General and administrative expenses 214 1 30 65 310

Deferral of acquisition costs ( 197 ) — 1 — ( 196 )

Amortization of deferred acquisition costs 140 — 2 — 142

Total Operating Benefits and Expenses 886 84 288 82 1,340

Pretax Adjusted Operating Earnings $ 458 $ 17 $ 7 $ ( 71 ) $ 411

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3.

Segment Information

Nine Months Ended September 30, 2025 Retail Annuities Institutional

Three Months Ended March 31, 2026 Retail Annuities Institutional

Products Closed Life

10 unchanged sentences

(Gain) loss from updating future policy benefits cash flow assumptions, net ( 1 ) — 16 — 15

Interest credited on other contract holder funds, net

of deferrals and amortization 304 317 275 — 896

Interest credited 118 114 86 — 318

Interest expense 6 — — 19 25

7 unchanged sentences

Pretax Adjusted Operating Earnings $ 468 $ 28 $ ( 29 ) $ ( 37 ) $ 430

Nine Months Ended September 30, 2024 Retail Annuities Institutional

Three Months Ended March 31, 2025 Retail Annuities Institutional

Products Closed Life

10 unchanged sentences

(Gain) loss from updating future policy benefits cash flow assumptions, net ( 3 ) — 14 — 11

Interest credited on other contract holder funds, net

of deferrals and amortization 260 252 309 — 821

Interest credited 94 97 97 — 288

Interest expense 6 — — 19 25

10 unchanged sentences

Intersegment eliminations in the above tables are included in the Corporate and Other segment.

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.

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 $ 27 million and $ 21 million for the three months ended March 31, 2026 and 2025, 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):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Total operating revenues $ 1,884 $ 1,773

1 unchanged sentence

Net gains (losses) on hedging instruments and investments 120 982

Investment income (loss) related to mark-to-market on TPG shares ( 58 ) —

Net investment income (loss) related to noncontrolling interests 4 6

4 unchanged sentences

(1) Substantially all the Company's revenues originated in the U.S.

There were no customers that, individually, generate revenues that exceeded 10% of total revenues attributable to the Company.

There were no customers that, individually, generated revenues that exceeded 10% of total revenues attributable to the Company.

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):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Total operating benefits and expenses $ 1,454 $ 1,331

2 unchanged sentences

Amortization of DAC related to non-operating revenues and expenses 121 128

Cost of hedging ( 3 ) —

Total benefits and expenses $ 3,302 $ 3,767

3 unchanged sentences

GAAP measure of net income attributable to the Company (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Pretax adjusted operating earnings $ 430 $ 442

19 unchanged sentences

The following table summarizes total assets by segment (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Retail Annuities $ 295,091 $ 307,225

7 unchanged sentences

The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and institutional products on which it has committed to pay a declared rate of interest.

The Company's strategy of investing in fixed-income securities and loans seeks the matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

The Company's strategy of investing in fixed-income securities and loans seeks to match the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Long-term Strategic Partnership with TPG

During the first quarter of 2026, Jackson entered a long-term strategic partnership with TPG, combining Jackson’s annuity product expertise and broad distribution network with TPG’s private credit platform.

The partnership aims to expand Jackson’s spread-based product sales.

The transaction closed on February 11, 2026.

At the closing, subsidiaries and affiliates of Jackson Financial and TPG entered into non-exclusive investment management arrangements with a 10 -year initial term with automatic 1 -year renewals through year 15 (subject to various termination rights), with TPG providing Investment Grade Asset Based Finance and Direct Lending investment capabilities to complement the asset management capabilities of PPM America, Inc.

("PPM"), a Jackson Financial subsidiary.

The arrangement contemplates certain target AUM levels over time and related investment management fees (including a baseline minimum fee payment), subject to exceptions, that the Company is committed to pay during the term of the agreements and any applicable wind-down period.

PPM will continue to manage the majority of Jackson’s general account and both Jackson and PPM will retain oversight of Jackson’s investment portfolio.

TPG acquired a $ 500 million equity stake in Jackson Financial.

See Note 19 - Equity of these Notes to Condensed Consolidated Financial Statements for more information regarding the shares issued to TPG.

Additionally, TPG issued to a wholly owned, indirect subsidiary of Jackson $ 150 million in TPG common shares, which was reported in equity securities, at fair value on the Condensed Consolidated Balance Sheets.

Under the terms of the transaction, TPG and Jackson have agreed to certain limitations on their ability to divest their respective ownership stakes over time.

Debt Securities

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 following table sets forth the composition of the fair value of debt securities at March 31, 2026, and December 31, 2025, classified by rating categories as assigned by a nationally recognized statistical rating organization (a “rating agency”), 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.

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.

At March 31, 2026 and December 31, 2025, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $ 839 million and $ 606 million, respectively.

Percent of Total Debt

Securities Carrying Value

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Investment Rating

7 unchanged sentences

100.0 % 100.0 %

At September 30, 2025 and December 31, 2024, the total carrying value of debt securities in an unrealized loss position consisted of:

September 30, 2025 December 31, 2024

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

At March 31, 2026 and December 31, 2025, the total carrying value of debt securities in an unrealized loss position consisted of:

March 31, 2026 December 31, 2025

Investment grade securities 79 % 78 %

1 unchanged sentence

Not rated securities 20 % 21 %

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.

Unrealized losses on debt securities that were below investment grade or not rated were approximately 18 % and 19 % of the aggregate gross unrealized losses on available-for-sale debt securities at March 31, 2026 and December 31, 2025, respectively.

Corporate securities in an unrealized loss position were diversified across industries.

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 %).

The largest unrealized loss related to a single corporate obligor was $ 55 million at September 30, 2025.

As of March 31, 2026, the industries accounting for the largest percentage of unrealized losses included utility ( 19 % of corporate gross unrealized losses) and healthcare ( 12 %).

The largest unrealized loss related to a single corporate obligor was $ 58 million at March 31, 2026.

As of December 31, 2025, the industries accounting for the largest percentage of unrealized losses included utility ( 18 % of corporate gross unrealized losses) and financial services ( 13 %).

The largest unrealized loss related to a single corporate obligor was $ 55 million at December 31, 2025.

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):

At March 31, 2026 and December 31, 2025, 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

September 30, 2025 Cost (1)

March 31, 2026 Cost (1)

Credit Loss Gains Losses Value

21 unchanged sentences

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

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).

The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at March 31, 2026, 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.

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.

As required by law in various states in which business is conducted, securities with a carrying value of $ 56 million and $ 57 million at March 31, 2026 and December 31, 2025, 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

September 30, 2025 Cost (1)

March 31, 2026 Cost (1)

Credit Loss Gains Losses Value

24 unchanged sentences

These assessments are based on the best available information at the time.

Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility.

Factors such as market liquidity, the widening of bid/ask spreads and a change in cash flow assumptions can contribute to future price volatility.

If actual experience differs negatively from the assumptions and other considerations used in the Condensed Consolidated Financial Statements, unrealized losses currently reported in accumulated other comprehensive income (loss) may be recognized in the consolidated income statements in future periods.

4 unchanged sentences

Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income.

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.

Accrued interest written off was $ 1 million and nil for the three months ended March 31, 2026 and 2025, respectively.

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):

September 30, 2025 December 31, 2024

The following table summarizes the gross unrealized losses of debt securities, fair value, and number of securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):

March 31, 2026 December 31, 2025

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.

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.

Debt securities in an unrealized loss position as of March 31, 2026, 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.

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.

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.

As of March 31, 2026, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase.

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.

23 unchanged sentences

The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions):

Three Months Ended September 30, 2025 US

securities Other government securities Public

utilities Corporate securities Residential mortgage-backed Commercial mortgage-backed Other

asset-backed securities Total

Balance at July 1, 2025 $ — $ — $ — $ 8 $ 4 $ — $ — $ 12

Additions for which credit loss was not previously recorded — — — — — — — —

Changes for securities with previously recorded credit loss — — — — — — 12 12

Additions for purchases of PCD debt securities (1)

— — — — — — — —

Reductions from charge-offs — — — — — — ( 12 ) ( 12 )

Reductions for securities disposed — — — — ( 1 ) — — ( 1 )

Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — —

Balance at September 30, 2025 (2)

$ — $ — $ — $ 8 $ 3 $ — $ — $ 11

Three Months Ended September 30, 2024 US

securities Other government securities Public

utilities Corporate securities Residential mortgage-backed Commercial mortgage-backed Other

asset-backed securities Total

Balance at July 1, 2024 $ — $ — $ — $ 13 $ 6 $ — $ 8 $ 27

Additions for which credit loss was not previously recorded — — 16 — — — — 16

Changes for securities with previously recorded credit loss — — — 2 — — 7 9

Additions for purchases of PCD debt securities (1)

— — — — — — — —

Reductions from charge-offs — — — ( 6 ) — — — ( 6 )

Reductions for securities disposed — — — — ( 2 ) — — ( 2 )

Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — —

Balance at September 30, 2024 (2)

$ — $ — $ 16 $ 9 $ 4 $ — $ 15 $ 44

Nine Months Ended September 30, 2025 US

Three Months Ended March 31, 2026 US

securities Other government securities Public

9 unchanged sentences

Securities intended/required to be sold before recovery of amortized cost basis — — — — — — — —

Balance at September 30, 2025 (2)

Balance at March 31, 2026 (2)

$ — $ — $ — $ 6 $ 1 $ — $ 10 $ 17

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

Nine Months Ended September 30, 2024 US

Three Months Ended March 31, 2025 US

securities Other government securities Public

9 unchanged sentences

Securities intended/required to be sold before recovery of amortized cost basis — — — — — ( 1 ) — ( 1 )

Balance at September 30, 2024 (2)

Balance at March 31, 2025 (2)

$ — $ — $ — $ 8 $ 6 $ — $ 26 $ 40

(1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities.

(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.

(2) Accrued interest receivable on debt securities totaled $ 519 million and $ 448 million as of March 31, 2026 and 2025, respectively, and was excluded from the determination of credit losses for the three months ended March 31, 2026 and 2025.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

Net Investment Income

The sources of net investment income were as follows (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Debt securities (1)

$ 520 $ 393 $ 1,366 $ 1,191

Equity securities (2)

9 unchanged sentences

Net investment income $ 740 $ 755

(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.

(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.

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) Includes changes in fair value gains (losses) on trading securities and includes $( 72 ) million and $( 10 ) million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes changes in fair value of TPG common stock.

See discussion above on our Long-term Strategic Partnership with TPG.

(3) Includes expenses from consolidated variable interest entities, which includes changes in fair value of notes issued by those entities, of $( 16 ) million and $( 32 ) million for the three months ended March 31, 2026 and 2025, respectively.

Unrealized gains (losses) included in investment income that were recognized on equity securities held were $( 64 ) million and $( 2 ) million for the three months ended March 31, 2026 and 2025, respectively.

Net Gains (Losses) on Derivatives and Investments

The following table summarizes net gains (losses) on derivatives and investments (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Available-for-sale securities

9 unchanged sentences

Total net gains (losses) on derivatives and investments $ 124 $ 955

(1) Includes the foreign currency gain or loss related to foreign denominated funding agreements.

(1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.

Net gains (losses) on funds withheld reinsurance treaties represents income (loss) from the sale of investments held in segregated funds withheld accounts in support of reinsurance agreements for which Jackson retains legal ownership of the underlying investments.

2 unchanged sentences

("Athene") funds withheld coinsurance agreement (the “Athene Reinsurance Transaction”),

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

• changes in the related funds withheld payable, as all economic performance of the investments held in the segregated accounts inure to the benefit of the reinsurers under the respective reinsurance agreements, and

• amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements.

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.

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.

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.

The aggregate fair value of securities sold at a loss for the three months ended March 31, 2026 and 2025 was $ 288 million and $ 669 million, which was approximately 94 % and 95 % of book value, respectively.

Proceeds from sales of available-for-sale debt securities were $ 636 million and $ 934 million during the three months ended March 31, 2026 and 2025, respectively.

Consolidated Variable Interest Entities ("VIEs")

4 unchanged sentences

The Company's policy is to record the consolidation of VIEs on a one-month lag due to the timing of when information is available from the VIE.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

• 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.

Private Equity Fund IX was funded in August 2025 and Strategic Opportunity Fund I was funded in June 2025.

• 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.

• PPM Investment Grade Private Credit Fund is a private fund organized as a series of a Delaware LLC that invests primarily in fixed rate, privately issued, investment grade instruments.

The series was funded in January 2026.

Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Debt securities, at fair value under fair value option $ 2,650 $ 2,698

9 unchanged sentences

Noncontrolling interests $ 404 $ 389

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

Unconsolidated VIEs

3 unchanged sentences

Unfunded capital commitments for these investments are detailed in Note 16 of these Notes to Condensed Consolidated Financial Statements.

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 Company’s exposure to loss was limited to $ 2,784 million and $ 2,709 million as of March 31, 2026 and December 31, 2025, 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.

• 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 investments in certain mutual funds are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $ 18 million and $ 21 million as of March 31, 2026 and December 31, 2025, respectively.

The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

The Company makes investments in structured debt securities issued by VIEs for which it is not the manager.

7 unchanged sentences

The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Commercial mortgage loans (1)

5 unchanged sentences

(2) Net of an allowance for credit losses of $ 22 million and $ 16 million at each date, respectively.

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.

At March 31, 2026, commercial mortgage loans were collateralized by properties located in 36 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.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

Evaluation for Credit Losses on Mortgage Loans

13 unchanged sentences

Mortgage loans on real estate are presented net of the ACL on the Condensed Consolidated Balance Sheets.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions):

Three Months Ended September 30, 2025 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total

Balance at July 1, 2025 $ 18 $ 10 $ 42 $ 24 $ 26 $ 2 $ 15 $ 137

Charge offs, net of recoveries — ( 4 ) ( 3 ) — — — — ( 7 )

Reductions for mortgages disposed — — — — — — — —

Additions from purchase of PCD mortgage loans — — — — — — — —

Provision (release) 17 10 ( 15 ) ( 13 ) 6 1 7 13

Balance at September 30, 2025 (1) (2)

$ 35 $ 16 $ 24 $ 11 $ 32 $ 3 $ 22 $ 143

Three Months Ended September 30, 2024 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total

Balance at July 1, 2024 $ 27 $ 5 $ 70 $ 27 $ 19 $ 7 $ 5 $ 160

Charge offs, net of recoveries ( 3 ) — — — — — — ( 3 )

Reductions for mortgages disposed — — — — — — — —

Additions from purchase of PCD mortgage loans — — — — — — — —

Provision (release) ( 4 ) — ( 4 ) 5 ( 1 ) ( 5 ) — ( 9 )

Balance at September 30, 2024 (1) (2)

$ 20 $ 5 $ 66 $ 32 $ 18 $ 2 $ 5 $ 148

Nine Months Ended September 30, 2025 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total

Three Months Ended March 31, 2026 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total

Balance at January 1, 2026 $ 32 $ 11 $ 28 $ 17 $ 27 $ 2 $ 16 $ 133

3 unchanged sentences

Provision (release) ( 8 ) ( 7 ) 32 13 ( 4 ) ( 1 ) 6 31

Balance at September 30, 2025 (1) (2)

Balance at March 31, 2026 (1) (2)

$ 23 $ 4 $ 56 $ 30 $ 23 $ 1 $ 22 $ 159

Nine Months Ended September 30, 2024 Apartment Hotel Office Retail Warehouse Other Residential Mortgage Total

Three Months Ended March 31, 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) 5 — 2 — — ( 1 ) 9 15

Balance at September 30, 2024 (1) (2)

Balance at March 31, 2025 (1) (2)

$ 28 $ 7 $ 40 $ 19 $ 20 $ 2 $ 14 $ 130

(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.

(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.

(1) Accrued interest receivable totaled $ 48 million and $ 42 million as of March 31, 2026 and 2025, respectively, and was excluded from the determination of credit losses.

(2) Accrued interest amounting to nil and nil was written off as of March 31, 2026 and 2025, respectively, relating to loans that were greater than 90 days delinquent or in the process of foreclosure.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

The Company’s mortgage loans that are current and in good standing are accruing interest.

1 unchanged sentence

Delinquency status is determined from the date of the first missed contractual payment.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

The following table provides information about our residential mortgage loans in process of foreclosure (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Recorded investment (1)

3 unchanged sentences

Investment income recognized — 1

(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.

(1) At March 31, 2026 and December 31, 2025, includes $ 4 million and $ 4 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):

September 30, 2025

March 31, 2026

2026 2025 2024 2023 2022 Prior Revolving

11 unchanged sentences

Less than 1.00x — — — — 51 144 — 195 2 %

Non-income producing properties 1 50 4 8 9 1 — 73 1 %

Total commercial mortgage loans 476 1,413 640 542 701 5,365 — 9,137 100 %

32 unchanged sentences

Accruing Loans (1)

September 30, 2025 Current 30-89 Days Past Due (2)

March 31, 2026 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.

(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.

(2) At March 31, 2026 and December 31, 2025, includes $ 15 million and $ 19 million, respectively, of loans 30-89 days past due and $ 21 million and $ 16 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

Three Months Ended September 30, 2025

Commercial mortgage loans $ — — %

Three Months Ended September 30, 2024

Commercial mortgage loans $ — — %

Term Extension

Cost Basis Percent of

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Commercial mortgage loans $ 10 0.11 %

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Commercial mortgage loans $ — — %

As of September 30, 2025, the above modified loans had no unfunded commitments.

As of March 31, 2026, the above modified loans had $ 8 million unfunded commitments.

The following table describes the financial effect of the modifications made to the loans noted above:

1 unchanged sentence

Financial Effect

Nine Months Ended September 30, 2024

Commercial mortgage loans Granted extension of term for three -years and required partial principal repayment at extension of the loan.

Three Months Ended March 31, 2026

Commercial mortgage loans Granted extension of term for 42 months and rate converted from variable to fixed.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4.

3 unchanged sentences

Current 30-89 Days Past Due 90+ Days Past Due

September 30, 2025

March 31, 2026

Commercial mortgage loans $ — $ 10 $ —

September 30, 2024

March 31, 2025

Commercial mortgage loans $ — $ — $ —

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.

As of March 31, 2026 and 2025, stressed mortgage loans for which the Company is dependent, or expects to be dependent, on the underlying property to satisfy repayment were $ 24 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.

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.

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.

At March 31, 2026 and December 31, 2025, $ 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.

At both March 31, 2026 and December 31, 2025, the Company had $ 0.9 billion 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.

At September 30, 2025 and December 31, 2024, FHLB capital stock had a carrying value of $ 119 million and $ 127 million, respectively;

At both March 31, 2026 and December 31, 2025, FHLBI capital stock had a carrying value of $ 119 million;

• 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.

At September 30, 2025 and December 31, 2024, investments in LPs had carrying values of $ 2.7 billion and $ 2.5 billion, respectively;

At March 31, 2026 and December 31, 2025, investments in LPs had carrying values of $ 2.9 billion and $ 2.8 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.

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.

At March 31, 2026 and December 31, 2025, real estate totaling $ 231 million and $ 230 million, respectively, included foreclosed properties with a book value of $ 22 million and $ 20 million at March 31, 2026 and December 31, 2025, 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.

As of September 30, 2025 and December 31, 2024, the estimated fair value of loaned securities was $ 28 million and $ 13 million, respectively.

As of March 31, 2026 and December 31, 2025, the estimated fair value of loaned securities was $ 52 million and $ 34 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.

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.

At March 31, 2026 and December 31, 2025, cash collateral received in the amount of $ 54 million and $ 35 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.

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.

At March 31, 2026 and December 31, 2025, the outstanding repurchase agreement balance was $ 0.5 billion and $ 1.0 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.

Treasury securities and corporate securities of $ 1.0 billion and $ 1.5 billion, respectively, at September 30, 2025 and December 31, 2024.

Treasury securities and corporate securities of $ 0.5 billion and $ 1.0 billion, respectively, at March 31, 2026 and December 31, 2025.

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.

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.

Interest expense totaled $ 2 million and $ 12 million for the three months ended March 31, 2026 and 2025, respectively, and is included within net investment income.

Collateral Upgrade Transactions

7 unchanged sentences

These transactions are evergreen and require at least 150 -days' notice prior to termination.

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.

At both March 31, 2026 and December 31, 2025, the fair value of the U.S.

treasuries received was $ 1.5 billion, collateralized with corporate securities with a fair value of $ 1.6 billion.

Subsequently, the Company provided these U.S.

1 unchanged sentence

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.

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.

Gross interest income of $ 14 million and $ 16 million and gross interest expense of $ 16 million and $ 19 million for the three months ended March 31, 2026 and 2025, respectively, are included within net investment income.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5.

8 unchanged sentences

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.

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.

Financial Statements and Supplementary Data - Note 20 - Benefit Plans of the Notes to Consolidated Financial Statements included in our 2025 Annual Report 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):

September 30, 2025

March 31, 2026

Contractual/ Assets Liabilities Net

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(1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments.

The contractual amount for futures, forwards, and options represents the market exposure of open positions.

The contractual amount for futures and options represents the market exposure of open positions.

(2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades.

12 unchanged sentences

Equity index put options 16,500 114 — 114

Interest rate swaps 5,978 3 177 ( 174 )

Interest rate swaps - cleared (2)

Interest rate futures (2)

24 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):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Derivatives excluding funds withheld under reinsurance treaties and non-qualified voluntary deferred compensation plan

Cross-currency swaps $ 18 $ 27

Equity index call options — 29 — 29

Equity index futures ( 433 ) 147

1 unchanged sentence

Interest rate swaps 24 28

Put-swaptions — 173 — ( 460 )

Interest rate futures ( 106 ) 476

15 unchanged sentences

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.

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.

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.

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.

At March 31, 2026 and December 31, 2025, the fair value of the Company’s net non-cleared, over-the-counter derivative assets by counterparty were $ 209 million and $ 151 million, respectively, and held collateral was $ 487 million and $ 130 million, respectively, related to these agreements.

At March 31, 2026 and December 31, 2025, the fair value of the Company’s net non-cleared, over-the-counter derivative liabilities by counterparty were $ 92 million and $ 237 million, respectively, and provided collateral was $ 119 million and $ 295 million, respectively, related to these agreements.

If all of the downgrade provisions had been triggered at March 31, 2026 and December 31, 2025, in aggregate, the Company would have had to disburse $ 278 million and nil , respectively, and would have been allowed to claim $ 27 million and $ 79 million, respectively.

The Company pledged collateral of $ 1,625 million and $ 1,403 million as of March 31, 2026 and December 31, 2025, respectively, for initial margin related to uncleared margin for over-the-counter derivatives and exchange-traded futures.

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.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5.

Derivative Instruments

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.

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.

During 2025, the Company purchased equity options for which option premium payments totaling $ 229 million were deferred until contract termination.

The Company purchases equity options for which option premium payments are deferred (deferred premium options).

The deferred premiums, along with interest incurred thereon, are payable at contract termination.

During three months ended March 31, 2026 and 2025, the Company deferred option premiums totaling $ 223 million and nil , respectively.

The purchase of these options is a non-cash transaction.

Upon maturity, payment of the deferred premium is reported as a cash flow from financing activities.

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):

September 30, 2025

March 31, 2026

Recognized Gross

37 unchanged sentences

Freestanding derivative liabilities $ 257 $ — $ 257 $ 20 $ 12 $ 221 $ 4

Derivative deferred premium payable 277 — 277 277 — — —

Securities lending 35 — 35 — 35 — —

7 unchanged sentences

The above tables exclude:

• 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;

• the funds withheld embedded derivative asset (liability) of $ 1,788 million and $ 2,314 million at September 30, 2025 and December 31, 2024, respectively.

• net embedded derivative liabilities of $ 6,317 million and $ 6,906 million as of March 31, 2026 and December 31, 2025, respectively, as these derivatives are not subject to master netting arrangements;

• the funds withheld embedded derivative asset (liability) of $ 1,765 million and $ 1,752 million at March 31, 2026 and December 31, 2025, respectively.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

2 unchanged sentences

The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Value Carrying

28 unchanged sentences

Separate account liabilities 223,452 223,452 236,496 236,496

(1) Includes items carried at fair value under the fair value option included as a component of debt securities.

(1) Includes items carried at fair value under the fair value option and trading securities included as a component of debt securities.

(2) Annuity reserves exclude contracts classified as insurance contracts.

24 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.

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.

For those securities that were internally valued at March 31, 2026 and December 31, 2025, 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.

8 unchanged sentences

Actual prepayment experience may vary from these estimates.

Certain of the Company’s equity securities are subject to sale restrictions.

Where these restrictions are not a characteristic of the asset, they are not considered when determining the fair value of the securities.

Limited Partnerships

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.

No adjustments to these amounts were deemed necessary at September 30, 2025 and December 31, 2024.

No adjustments to these amounts were deemed necessary at March 31, 2026 and December 31, 2025.

As a result of using that practical expedient, limited partnership interests are not classified in the fair value hierarchy.

75 unchanged sentences

However, the ultimate settlement amount of the asset or liability, which is currently unknown, could likely be significantly different than this fair value.

Fixed Index Annuities

The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value.

Similar to the variable annuity guaranteed benefit features, these contracts have explicit fees and are measured using the attributed fee method.

The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract.

If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception.

RILA guaranteed benefit features are classified as MRBs and measured at fair value.

The fair value measurement represents the present value of future claims payable by the MRB feature.

At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss.

Fixed Index Annuities and RILA

Our FIA and RILA contracts may be issued with features that guarantee benefits that are payable upon death (GMDB) or upon depletion of funds (GMWB).

These features are classified as MRBs and measured at fair value.

Where the guaranteed benefit features have explicit fees, the fair value of the MRB is measured as the difference between the present value of projected future guaranteed benefits and the present value of projected attributed fees (the attributed fee method).

At inception of the contract, the Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future guaranteed benefits over the lifetime of the contract.

Where the projected attributed fees are sufficient to offset the projected guaranteed benefits at issue, the MRB has an initial fair value of zero resulting in no gain or loss on issuance of the contract.

If the projected attributed fees are insufficient to offset the projected guaranteed benefits at issue, an MRB liability is recognized and the value of the MRB is deducted from the host contract liability resulting in no gain or loss on issuance of the contract.

If the guaranteed benefits do not have explicit fees, the fair value of the MRB is measured as the present value of projected future guaranteed benefits.

At inception, the initial value of the MRB is deducted from the host contract liability resulting in no gain or loss on issuance of the contract.

See Note 12 - Market Risk Benefits of these Notes to Condensed Consolidated Financial Statements for more information regarding MRBs.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

Indexed-Linked Crediting Derivative Feature in Fixed Index Annuities and RILA

The fair value of the index-linked crediting derivative feature embedded in fixed index annuities and RILA, included in Annuity Reserves in the above tables, is calculated using the closed form Black-Scholes Option Pricing model or Monte Carlo simulations, as appropriate for the type of option, In the case of RILA, it is calculated using the closed form Black-Scholes Option Pricing model.

The calculation incorporates such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires.

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.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

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:

◦ 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.

◦ certain consolidated investments totaling $ 2,650 million and $ 2,698 million at March 31, 2026 and December 31, 2025, respectively.

◦ certain debt securities the Company purchased 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.

These debt securities totaling $ 782 million and $ 501 million at September 30, 2025 and December 31, 2024, respectively.

• 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.

These debt securities totaled $ 695 million and $ 766 million at March 31, 2026 and December 31, 2025, respectively.

• Certain funds withheld assets, which are held as collateral for reinsurance, totaling $ 3,758 million and $ 3,867 million at March 31, 2026 and December 31, 2025, 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):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Fair value $ 196 $ 324

Aggregate contractual principal 212 330

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.

• Notes issued by consolidated VIEs totaling $ 2,618 million and $ 2,343 million at September 30, 2025 and December 31, 2024, respectively.

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.

As of March 31, 2026, 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.

• Notes issued by consolidated VIEs totaling $ 2,543 million and $ 2,578 million at March 31, 2026 and December 31, 2025, respectively.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

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):

September 30, 2025

March 31, 2026

Total Level 1 Level 2 Level 3

66 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):

September 30, 2025

March 31, 2026

Assets Total Internal External

17 unchanged sentences

Debt securities:

Public utilities $ 44 $ 44 $ —

$ 346 $ 31 $ 315

Other asset-backed securities

16 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):

As of September 30, 2025

As of March 31, 2026

Value Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value

10 unchanged sentences

Long-term Equity Volatility (6)

17.50 % - 23.50 %

Market risk benefit assets $ 6,701 Discounted cash flow Mortality (1)

8 unchanged sentences

Long-term Equity Volatility (6)

17.50 % - 23.50 %

Market risk benefit liabilities $ 3,971 Discounted cash flow Mortality (1)

8 unchanged sentences

Long-term Equity Volatility (6)

(1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration.

17.50 % - 23.50 %

(1) Mortality rates vary by attained age, guaranteed benefit election, and duration.

The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age.

1 unchanged sentence

(2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and guaranteed benefits election.

Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money.

Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse rates applying when benefits are more in-the-money.

Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized.

2 unchanged sentences

(4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable.

Free partial withdrawal rates vary based on the product type and duration.

Free partial withdrawal rates vary based on the product type, duration, and GMAB election.

Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions.

15 unchanged sentences

Long-term Equity Volatility (6)

17.50 % 23.50 %

Market risk benefit assets $ 7,867 Discounted cash flow Mortality (1)

8 unchanged sentences

Long-term Equity Volatility (6)

17.50 % 23.50 %

Market risk benefit liabilities $ 3,754 Discounted cash flow Mortality (1)

8 unchanged sentences

Long-term Equity Volatility (6)

(1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration.

17.50 % 23.50 %

(1) Mortality rates vary by attained age, guaranteed benefit election, and duration.

The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age.

1 unchanged sentence

(2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and guaranteed benefits election.

Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money.

Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse rates applying when benefits are more in-the-money.

Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized.

2 unchanged sentences

Free partial withdrawal rates vary based on the product type and duration.

Free partial withdrawal rates vary based on the product type, duration, and GMAB election.

Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions.

5 unchanged sentences

The following is a general description of sensitivities of significant unobservable inputs and their impact on the fair value measurement for the assets and liabilities reflected in the tables above.

• Securities:

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.

• Investments:

At March 31, 2026 and December 31, 2025, $ 114 million and $ 117 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.

6 unchanged sentences

◦ 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.

As a result, these valuations require certain significant inputs that are generally not observable and, accordingly, the valuation is considered Level 3 in the fair value hierarchy.

8 unchanged sentences

Best estimate assumptions plus risk margins are used as applicable.

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.

The tables below provide roll-forwards for the three months ended March 31, 2026 and 2025 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

July 1, Income Comprehensive and (out of) September 30,

Three Months Ended September 30, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025

Debt securities

Corporate securities $ 374 $ ( 1 ) $ 2 $ ( 1 ) $ 23 $ 397

Other asset-backed securities 852 ( 12 ) 5 ( 34 ) ( 335 ) 476

Equity securities 7 — — — — 7

Mortgage loans 393 ( 2 ) — ( 42 ) — 349

Limited partnerships 205 6 — 73 — 284

Policy loans 3,540 73 — ( 21 ) — 3,592

Reinsurance recoverable on market risk benefits 111 5 — — — 116

Market risk benefit assets 8,721 ( 200 ) — — — 8,521

Funds withheld payable under reinsurance treaties ( 1,784 ) ( 269 ) — 66 — ( 1,987 )

Market risk benefit liabilities ( 3,569 ) 421 ( 585 ) — — ( 3,733 )

Total Realized/Unrealized Gains (Losses) Included in

Fair Value Sales, Transfers Fair Value

as of Net Other Issuances in and/or as of

July 1, Income Comprehensive and (out of) September 30,

Three Months Ended September 30, 2024 2024 (Loss) Income (Loss) Settlements Level 3 2024

Debt securities

Other government securities $ 151 $ — $ 5 $ — $ — $ 156

Public utilities 44 — ( 12 ) — 55 87

Corporate securities 73 3 2 21 11 110

Other asset-backed securities 919 ( 1 ) 15 ( 11 ) ( 21 ) 901

Equity securities 7 — — — — 7

Mortgage loans 430 4 — ( 2 ) — 432

Limited partnerships 152 12 — 8 — 172

Policy loans 3,511 68 — ( 44 ) — 3,535

Reinsurance recoverable on market risk benefits 121 28 — — — 149

Market risk benefit assets 8,556 ( 941 ) — — — 7,615

Funds withheld payable under reinsurance treaties ( 1,161 ) ( 601 ) — 43 — ( 1,719 )

Market risk benefit liabilities ( 3,890 ) ( 260 ) ( 234 ) — — ( 4,384 )

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

Total Realized/Unrealized Gains (Losses) Included in

Fair Value Sales, Transfers Fair Value

as of Net Other Issuances in and/or as of

January 1, Income Comprehensive and (out of) September 30,

Nine Months Ended September 30, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025

January 1, Income Comprehensive and (out of) March 31,

Three Months Ended March 31, 2026 2026 (Loss) Income (Loss) Settlements Level 3 2026

Debt securities

Public utilities $ 44 $ — $ — $ ( 44 ) $ — $ —

Corporate securities $ 346 $ 2 $ 2 $ ( 190 ) $ ( 15 ) $ 145

11 unchanged sentences

as of Net Other Issuances in and/or as of

January 1, Income Comprehensive and (out of) September 30,

Nine Months Ended September 30, 2024 2024 (Loss) Income (Loss) Settlements Level 3 2024

January 1, Income Comprehensive and (out of) March 31,

Three Months Ended March 31, 2025 2025 (Loss) Income (Loss) Settlements Level 3 2025

Debt securities

Other government securities $ 150 $ — $ 6 $ — $ — $ 156

Public utilities $ 44 $ — $ — $ ( 44 ) $ — $ —

11 unchanged sentences

Fair Value Measurements

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):

Three Months Ended September 30, 2025 Purchases Sales Issuances Settlements Total

Debt securities

Corporate securities $ 80 $ ( 81 ) $ — $ — $ ( 1 )

Residential mortgage-backed 4 ( 4 ) — — —

Other asset-backed securities 75 ( 109 ) — — ( 34 )

Mortgage loans 13 ( 55 ) — — ( 42 )

Limited partnerships 74 ( 1 ) — — 73

Policy loans — — 7 ( 28 ) ( 21 )

Total $ 246 $ ( 250 ) $ 7 $ ( 28 ) $ ( 25 )

Funds withheld payable under reinsurance treaties $ — $ — $ ( 374 ) $ 440 $ 66

Three Months Ended September 30, 2024 Purchases Sales Issuances Settlements Total

The components of the amounts included in purchases, sales, issuances and settlements for the three months ended March 31, 2026 and 2025 shown above are as follows (in millions):

Three Months Ended March 31, 2026 Purchases Sales Issuances Settlements Total

Debt securities

6 unchanged sentences

Funds withheld payable under reinsurance treaties $ — $ — $ ( 184 ) $ 152 $ ( 32 )

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

Nine Months Ended September 30, 2025 Purchases Sales Issuances Settlements Total

Debt securities

Public utilities $ — $ ( 44 ) $ — $ — $ ( 44 )

Corporate securities 185 ( 89 ) — — 96

Residential mortgage-backed 4 ( 4 ) — — —

Other asset-backed securities 445 ( 334 ) — — 111

Mortgage loans 112 ( 217 ) — — ( 105 )

Limited partnerships 75 ( 1 ) — — 74

Policy loans — — 79 ( 120 ) ( 41 )

Market risk benefit liabilities — — ( 43 ) — ( 43 )

Total $ — $ — $ ( 227 ) $ 152 $ ( 75 )

Funds withheld payable under reinsurance treaties $ — $ — $ ( 752 ) $ 791 $ 39

Nine Months Ended September 30, 2024 Purchases Sales Issuances Settlements Total

Three Months Ended March 31, 2025 Purchases Sales Issuances Settlements Total

Debt securities

7 unchanged sentences

Funds withheld payable under reinsurance treaties $ — $ — $ ( 116 ) $ 102 $ ( 14 )

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 .

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 .

For the three months ended March 31, 2026, transfers from Level 3 to Level 2 of the fair value hierarchy were $ 91 million, transfers from Level 2 to Level 3 were $ 17 million, and transfers from Level 3 to NAV equivalent were nil .

For the three months ended March 31, 2025, transfers from Level 3 to Level 2 of the fair value hierarchy were $ 58 million, transfers from Level 2 to Level 3 were $ 174 million, and transfers from Level 3 to NAV equivalent were 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):

Three Months Ended September 30,

Net Income Included in OCI Included in

Net Income Included in OCI

Debt securities

Other government securities $ — $ — $ — $ 5

Public utilities — — — ( 12 )

Corporate securities — 1 1 2

Other asset-backed securities ( 13 ) 5 1 9

Mortgage loans ( 2 ) — 4 —

Limited partnerships 6 — 18 —

Policy loans 73 — 68 —

Reinsurance recoverable on market risk benefits 5 — 28 —

Market risk benefit assets ( 200 ) — ( 941 ) —

Funds withheld payable under reinsurance treaties ( 269 ) — ( 601 ) —

Market risk benefit liabilities 421 ( 585 ) ( 260 ) ( 234 )

Nine Months Ended September 30,

Three Months Ended March 31,

Net Income Included in OCI Included in

1 unchanged sentence

Debt securities

Other government securities $ — $ — $ — $ 6

Public utilities — — ( 1 ) ( 11 )

Corporate securities $ 2 $ ( 4 ) $ — $ 4

Other asset-backed securities ( 20 ) ( 1 ) — ( 3 )

Equity securities 2 — — —

Mortgage loans 2 — 4 —

5 unchanged sentences

Market risk benefit liabilities ( 507 ) 333 ( 678 ) 327

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

Fair Value of Financial Instruments Carried at Other Than Fair Value

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):

September 30, 2025

March 31, 2026

Value Total Level 1 Level 2 Level 3

13 unchanged sentences

223,452 223,452 — 223,452 —

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

December 31, 2025

12 unchanged sentences

1,001 1,001 — 1,001 —

FHLB advances (4)

700 700 — 700 —

Separate account liabilities (5)

236,496 236,496 — 236,496 —

(1) Annuity reserves exclude contracts classified as insurance contracts.

(1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments.

(2) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets.

2 unchanged sentences

(5) The values of separate account liabilities are set equal to the values of separate account assets.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

The following is a discussion of the methodologies used to determine fair values of the financial instruments that are not reported at fair value reported in the table above:

The following is a discussion of the methodologies used to determine fair values of the financial instruments that are not reported at fair value as shown in the table above:

• Mortgage Loans:

16 unchanged sentences

Fair values for guaranteed investment contracts and funding agreements are based on the present value of future cash flows discounted at current market interest rates.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6.

Fair Value Measurements

• Funds Withheld Payable Under Reinsurance Treaties:

13 unchanged sentences

The values of separate account liabilities are set equal to the values of separate account assets, which are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available and are categorized as Level 2.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7.

Deferred Acquisition Costs

Certain costs that are directly related to the successful acquisition of new or renewal insurance business are capitalized as deferred acquisition costs ("DAC") in the period in which they are incurred.

13 unchanged sentences

Substantially unchanged contracts are treated as a continuation of the replaced contract, with no change to the unamortized DAC at the time of the replacement.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7.

Deferred Acquisition Costs

The following table presents the roll-forward of the DAC (in millions).

1 unchanged sentence

The amortization pattern is revised on a prospective basis at the beginning of the period based on the period’s actual experience.

Nine Months Ended September 30, Year Ended December 31,

Three Months Ended March 31, Year Ended December 31,

Variable Annuities

3 unchanged sentences

Variable Annuities balance, end of period $ 10,696 $ 10,810

Balance, beginning of period $ 637 $ 399

Deferrals of acquisition costs 82 294

Amortization ( 20 ) ( 56 )

RILA balance, end of period $ 699 $ 637

Reconciliation of total DAC

Variable Annuities balance, end of period $ 10,696 $ 10,810

RILA balance, end of period 699 637

Other product lines, end of period 239 213

Total balance, end of period $ 11,634 $ 11,660

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

The Company, through its subsidiary insurance companies, assumes and cedes reinsurance from and to other insurance companies as a means of managing capital and risk exposures.

8 unchanged sentences

The profit and loss with respect to obligations ceded to Athene are included in periodic net settlements pursuant to the coinsurance agreement.

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

2 unchanged sentences

As a result of the reinsurance agreements with SRZ, Jackson withholds certain assets, primarily in the form of policy loans and debt securities, as collateral for the reinsurance recoverable.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

The Company has also acquired certain blocks of business that are closed to new business and wholly ceded to non-affiliates.

9 unchanged sentences

Reinsurance contracts may be executed subsequent to the direct contract issue dates, and market interest rates may have changed between the date that the underlying insurance contracts were issued and the date the reinsurance contract is recognized in the financial statements, resulting in the underlying discount rate differing between the direct and reinsured business.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

The Company regularly monitors the financial strength ratings of its reinsurers.

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.

At both March 31, 2026 and December 31, 2025, the Company had an allowance for credit losses (“ACL”) of $ 30 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.

11 unchanged sentences

The attributed fee is locked-in at inception of the contract.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

Components of the Company’s reinsurance recoverable excluding MRBs were as follows (in millions):

September 30, December 31,

March 31, December 31,

Life $ 5,107 $ 5,164

6 unchanged sentences

Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions):

September 30, December 31,

March 31, December 31,

Variable annuity $ 43 $ 41

1 unchanged sentence

Total $ 121 $ 118

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

Reinsurance and Funds Withheld Payable Under Reinsurance Treaties

5 unchanged sentences

Funds withheld under reinsurance agreement with Athene

The Company recognizes a liability for the embedded derivative related to the funds withheld under the reinsurance agreement with Athene within funds withheld payable under reinsurance treaties in the Condensed Consolidated Balance Sheets.

The Company recognizes a liability for the embedded derivative related to the funds withheld under the Athene reinsurance agreement within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets.

The embedded derivative is measured at fair value with changes in fair value reported in net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements.

6 unchanged sentences

The fair value of the funds withheld payable is equal to the fair value of the assets held as collateral.

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):

September 30, December 31,

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

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 on the Condensed Consolidated Balance Sheets (in millions):

March 31, December 31,

Debt securities, available-for-sale $ 7,476 $ 7,947

14 unchanged sentences

Total liabilities $ 14,511 $ 14,960

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

(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.

(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.

(2) Includes funds withheld embedded derivative asset (liability) of $ 1,765 million and $ 1,752 million at March 31, 2026 and December 31, 2025, 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):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Debt securities (1)

$ 92 $ 133 $ 286 $ 415

Equity securities ( 1 ) —

Mortgage loans (2)

30 47 114 141

Policy loans 87 83

5 unchanged sentences

Total net investment income on funds withheld reinsurance treaties $ 199 $ 227

(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.

(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.

(1) Includes nil and $ 1 million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for securities carried under the fair value option.

(2) Includes $ 2 million and $ 4 million for the three months ended March 31, 2026 and 2025, respectively, related to the change in fair value for mortgage loans carried under the fair value option.

(3) Includes management fees.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8.

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):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Available-for-sale securities

3 unchanged sentences

Credit loss expense on mortgage loans ( 5 ) ( 4 )

Other ( 9 ) 16 13 6

Net gains (losses) on non-derivative investments ( 23 ) ( 43 )

3 unchanged sentences

Total net gains (losses) on derivatives and investments $ ( 159 ) $ ( 388 )

(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.

Reserves for Future Policy Benefits and Claims Payable

(1) Includes the Athene embedded derivative gain (loss) of $ 14 million and $( 201 ) million for the three months ended March 31, 2026 and 2025, respectively.

Reserves for Future Policy Benefits and Claims Payable

6 unchanged sentences

Expense assumptions are updated based on estimates of expected non-level costs, such as termination or settlement costs, and costs after the premium-paying period and exclude acquisition costs or any costs that are required to be charged to expenses as incurred.

Updates to assumptions are applied on a retrospective basis, and the change in the reserve for future policy benefits resulting from updates to assumptions is reported separately on the Condensed Consolidated Income Statements within the (gain) loss from updating future policy benefits cash flow assumptions, net.

Updates to assumptions are applied on a retrospective basis, and the change in the reserve for future policy benefits resulting from updates to assumptions is reported separately in the Condensed Consolidated Income Statements within the (gain) loss from updating future policy benefits cash flow assumptions, net.

Each reporting period the reserve for future policy benefits is updated to reflect actual experience to date.

The Company establishes cohorts, which are groupings used to measure reserves for future policy benefits.

In determining cohorts, the Company considered both qualitative and quantitative factors, including the issue year, type of product, product features, and legal entity.

In determining cohorts, the Company considers both qualitative and quantitative factors, including the issue year, type of product, product features, and legal entity.

The discount rate used to estimate reserves for future policy benefits is consistent with an upper-medium grade (low-credit risk) fixed-income corporate instrument yield, which has been interpreted to represent a single-A corporate instrument yield.

1 unchanged sentence

The discount rate used to recognize interest accretion on the reserves for future policy benefits is locked at the initial measurement of the cohort.

Each reporting period, the reserve for future policy benefits is remeasured using the current discount rate.

Each reporting period thereafter, the reserve for future policy benefits is remeasured using the current discount rate.

The difference between the reserve calculated using the current discount rate and the reserve calculated using the locked-in discount rate is recorded in OCI.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

Reserves for Future Policy Benefits and Claims Payable

For limited-payment insurance contracts, premiums are paid over a period shorter than the period over which benefits are provided.

4 unchanged sentences

These assumptions are similarly subject to the annual review process discussed above.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

Reserves for Future Policy Benefits and Claims Payable

Additional Liabilities – Universal Life-type

For universal life-type insurance contracts, a liability is recognized for the policyholder’s account value as discussed further in Note 10 of these Notes to Condensed Consolidated Financial Statements.

For universal life-type insurance contracts, a liability is recognized for the policyholder’s account value as discussed further in Note 10 - Other Contract Holder Funds of these Notes to Condensed Consolidated Financial Statements .

Where these contracts provide additional benefits beyond the account balance or base insurance coverage that are not market risk benefits or embedded derivatives, liabilities in addition to the policyholder’s account value are recognized.

8 unchanged sentences

Other Future Policy Benefits and Claims Payable

In conjunction with a prior acquisition, the Company recorded a fair value adjustment at acquisition related to certain annuity and interest-sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate at acquisition.

In conjunction with a prior acquisition, the Company recorded a fair value adjustment at acquisition related to certain annuity and interest-sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference between the guaranteed interest rate and at purchase assumed new money guaranteed interest rate.

This adjustment is included in other future policy benefits and claims payable as disclosed in the table below.

3 unchanged sentences

The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions):

September 30, December 31,

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

Reserves for Future Policy Benefits and Claims Payable

March 31, December 31,

Reserves for future policy benefits

7 unchanged sentences

Reserves for future policy benefits and claims payable $ 10,706 $ 10,896

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

Reserves for Future Policy Benefits and Claims Payable

The following tables present the roll-forward of components of reserves for future policy benefits (in millions):

Present Value of Expected Net Premiums

Nine Months Ended September 30, Year Ended December 31,

Three Months Ended March 31, Year Ended December 31,

Payout Closed Block Closed Block Payout Closed Block Closed Block

12 unchanged sentences

Balance, end of period $ — $ 958 $ — $ — $ 998 $ —

For the year ended December 31, 2025, the effect of actual variances from expected experience of $ 33 million was mainly attributed to slightly lower actual premiums versus expected premiums related to our closed block products, which are mostly reinsured, resulting in an immaterial net impact to the reserve balance.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

Reserves for Future Policy Benefits and Claims Payable

Present Value of Expected Future Policy Benefits

Nine Months Ended September 30, Year Ended December 31,

Three Months Ended March 31, 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 58 671 157 100 806 255

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)

Beginning balance at original discount rate (including DPL of $ 110 , nil and $ 546 in March 31, 2026, and $ 91 , nil and $ 588 in December 31, 2025 for payout annuities, closed block life and closed block annuity, respectively)

1,227 5,249 3,804 1,195 5,231 4,092

5 unchanged sentences

Benefits payments ( 43 ) ( 154 ) ( 111 ) ( 150 ) ( 524 ) ( 455 )

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)

Ending balance of original discount rate (including DPL of $ 106 , nil and $ 534 in March 31, 2026, and $ 110 , nil and $ 546 in December 31, 2025 for payout annuities, closed block life and closed block annuity, respectively)

1,227 5,143 3,735 1,227 5,249 3,804

4 unchanged sentences

Reserves for future policy benefits, after reinsurance recoverable $ 1,027 $ 1,512 $ 3,529 $ 1,041 $ 1,568 $ 3,643

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

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

September 30, 2025

March 31, 2026

Weighted average duration (years) 6.2 6.7 6.4

2 unchanged sentences

The discount rate assumption related to the single-A corporate instrument yield was updated based on current market data.

Discount rates decreased in 2025 compared to 2024, based on the duration of the liability.

This resulted in an increase in the liability.

Discount rates increased in 2026 compared to 2025, based on the duration of the liability.

This resulted in a decrease in the liability.

Refer to the roll-forward above for further details.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Undiscounted Discounted Undiscounted Discounted

10 unchanged sentences

Gross Premiums Interest Expense

Nine Months Ended September 30, 2025 Year Ended December 31, 2024 Nine Months Ended September 30, 2025 Year Ended December 31, 2024

Three Months Ended March 31, 2026 Year Ended December 31, 2025 Three Months Ended March 31, 2026 Year Ended December 31, 2025

Payout Annuities $ 6 $ 67 $ 12 $ 47

2 unchanged sentences

Total $ 74 $ 360 $ 81 $ 331

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

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:

September 30, 2025 December 31, 2024

The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount:

March 31, 2026 December 31, 2025

Payout Annuities

7 unchanged sentences

Current discount rate 5.41 % 5.16 %

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9.

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):

Nine Months Ended September 30, 2025 Year Ended December 31, 2024

Three Months Ended March 31, 2026 Year Ended December 31, 2025

Balance, beginning of period $ 1,195 $ 1,184

10 unchanged sentences

The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Weighted average duration (years) 8.7 8.7

1 unchanged sentence

Assessments Interest Expense

Nine Months Ended September 30, 2025 Year Ended December 31, 2024 Nine Months Ended September 30, 2025 Year Ended December 31, 2024

Three Months Ended March 31, 2026 Year Ended December 31, 2025 Three Months Ended March 31, 2026 Year Ended December 31, 2025

Additional liability for annuitization, death and other insurance benefits $ ( 32 ) $ ( 94 ) $ 14 $ 58

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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Weighted average current discount rate 5.00 % 5.00 %

4 unchanged sentences

• 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.

Universal life-type contracts have, as a principal component, an account balance on which interest is credited to policyholders and assessments are deducted for mortality risk and contract administration.

The account balance is recognized as a liability within other contract holder funds, and the liability is updated each period for fee and assessment deductions and increased for interest or returns credited to the account balance.

5 unchanged sentences

For investment contracts, payments received are reported as liabilities and accounted for in a manner consistent with the accounting for interest-bearing or other financial instruments, within other contract holder funds.

The Company issues a variety of annuity products including variable annuities, registered index linked annuities, fixed index annuities, fixed annuities and payout annuities.

The Company issues a variety of annuity products including variable annuities, registered index linked annuities, fixed annuities, fixed index annuities, and payout annuities.

For annuity contracts that are classified as investment contracts, the liability is the account balance as of the reporting date, reported within the other contract holder funds.

For the variable annuity products, only the allocations to fixed fund options are reported in other contract holder funds.

• Embedded derivatives associated with indexed crediting features :

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.

Favorable equity market movements cause increases in future contract holder benefits, resulting in an increase in the fair value of the embedded derivative liability (and vice versa).

The Company also establishes a host contract reserve to support the underlying guaranteed account value growth.

This host contract liability is included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets.

Interest is accreted to the host contract liability using an effective yield method.

• Embedded derivatives - product liabilities :

For our RILA and fixed index annuities, the equity-linked option issued by the Company is accounted for at fair value as an embedded derivative on the Company's Condensed Consolidated Balance Sheets as a component of other contract holder funds, with changes in fair value recorded in net income.

The fair value of the embedded derivative for the FIA and RILA products 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.

We typically update our actuarial assumptions annually, unless a material change is observed in an interim period that we feel is indicative of a long-term trend.

Our annuity products may contain certain features or guarantees that are classified as MRBs.

These market risk benefits are a component of the market risk benefits line items in the Condensed Consolidated Balance Sheet.

These market risk benefits are a component of the market risk benefits line items in the Condensed Consolidated Balance Sheets.

See Note 12 - Market Risk Benefits of these Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits.

4 unchanged sentences

• FABN funding agreements:

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.

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.

Jackson has established a 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 funding agreement issued by Jackson to the trust.

As of March 31, 2026, there was remaining authority to issue up to $ 4.1 billion of medium-term notes under the program.

The carrying values of the FABN funding agreements at March 31, 2026 and December 31, 2025 totaled $ 7.5 billion and $ 8.0 billion, respectively.

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.

2 unchanged sentences

• FABCP funding agreements:

In the second quarter of 2025, Jackson established a FABCP funding agreement program, pursuant to which a special purpose limited liability company may issue commercial paper and deposit the proceeds with Jackson under FABCP funding agreements issued by Jackson to the special purpose limited liability company.

In the second quarter of 2025, Jackson established an FABCP funding agreement program, pursuant to which a special purpose limited liability company may issue commercial paper and deposit the proceeds with Jackson under funding agreements issued by Jackson to the limited liability company.

The current maximum aggregate principal amount permitted to be outstanding at any one time under the program is $ 3.0 billion.

As of September 30, 2025, the Company had $ 487 million outstanding under the program.

As of March 31, 2026, the Company had $ 1.3 billion 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.

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.

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.

At both March 31, 2026 and December 31, 2025, the Company held $ 119 million of FHLBI capital stock, respectively, supporting $ 1.9 billion in FHLB funding agreements and short-term and long-term borrowings at both March 31, 2026 and December 31, 2025.

At both March 31, 2026 and December 31, 2025, 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.

The following table presents the liabilities for other contract holder funds (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Variable Annuity $ 6,193 $ 6,351

RILA 21,394 20,282

Fixed Index Annuities 7,617 8,515

Fixed Annuity 9,300 9,494

Fixed Index Annuities 8,255 7,946

Payout Annuity 840 854

8 unchanged sentences

Fixed Closed Closed

Variable Indexed Fixed Payout Block Block

Annuity RILA Annuities Annuity Annuity Life Annuity Total

Variable Fixed Index Payout Block Block

Annuity RILA Annuity Annuities Annuity Life Annuity Total

Balance as of January 1, 2026 $ 6,351 $ 20,282 $ 9,494 $ 7,946 $ 854 $ 10,494 $ 1,057 $ 56,478

5 unchanged sentences

Policy charges and other ( 11 ) 1 ( 29 ) ( 50 ) — ( 128 ) — ( 217 )

Balance as of September 30, 2025 $ 6,540 $ 17,834 $ 7,617 $ 9,651 $ 865 $ 10,657 $ 1,081 $ 54,245

Balance as of March 31, 2026 $ 6,193 $ 21,394 $ 9,300 $ 8,255 $ 840 $ 10,381 $ 1,035 $ 57,398

Fixed Closed Closed

Variable Indexed Fixed Payout Block Block

Annuity RILA Annuities Annuity Annuity Life Annuity Total

Variable Fixed Index Payout Block Block

Annuity RILA Annuity Annuities Annuity Life Annuity Total

Balance as of January 1, 2025 $ 7,206 $ 11,685 $ 9,615 $ 8,515 $ 844 $ 10,750 $ 1,149 $ 49,764

8 unchanged sentences

Fixed Closed Closed

Variable Indexed Fixed Payout Block Block

Annuity RILA Annuities Annuity Annuity Life Annuity

September 30, 2025

Variable Fixed Index Payout Block Block

Annuity RILA Annuity Annuities Annuity Life Annuity

March 31, 2026

Weighted-average crediting rate (1)

17 unchanged sentences

Other Contract Holder Funds

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.

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.

At March 31, 2026 and December 31, 2025, excluding reinsurance business, approximately 92 % and 93 %, respectively, of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates.

At March 31, 2026 and December 31, 2025, excluding reinsurance business, approximately 82 % and 82 %, respectively, of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates.

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):

September 30, 2025

At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150

March 31, 2026

At Guaranteed 1 Basis Point- 50

51 Basis Points- 150

Greater Than 150

Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total

13 unchanged sentences

Total $ 118 $ 109 $ 27 $ 3 $ 257

Fixed Indexed Annuities

Fixed Annuities

0.00 %- 1.50 %

4 unchanged sentences

Total $ 3,071 $ 64 $ 52 $ 282 $ 3,469

Fixed Annuities

Fixed Index Annuities

0.00 %- 1.50 %

21 unchanged sentences

December 31, 2025

At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150

At Guaranteed 1 Basis Point- 50

51 Basis Points- 150

Greater Than 150

Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total

11 unchanged sentences

Greater than 2.50 %

136 93 — — 229

Total $ 141 $ 93 $ 3 $ 3 $ 240

Fixed Index Annuities

Fixed Annuities

0.00 %- 1.50 %

4 unchanged sentences

Total $ 3,042 $ 71 $ 13 $ 306 $ 3,432

Fixed Annuities

Fixed Index Annuities

0.00 %- 1.50 %

28 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.

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.

At March 31, 2026 and December 31, 2025, the assets and liabilities associated with variable life and annuity contracts were $ 223 billion and $ 236 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.

1 unchanged sentence

Amounts assessed against the contract holders for mortality, variable annuity benefit guarantees, administrative, and other services are reported in revenue as fee income.

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.

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.

These fees are recorded as earned and included in fee income in the Condensed Consolidated Income Statements.

The following table presents the roll-forward of the separate account balance for variable annuities (in millions):

Nine Months Ended September 30, 2025 Year Ended December 31, 2024

Three Months Ended March 31, 2026 Year Ended December 31, 2025

Balance as of beginning of period $ 236,406 $ 228,851

9 unchanged sentences

(2) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11.

Separate Account Assets and Liabilities

The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Variable Annuities $ 223,365 $ 236,406

1 unchanged sentence

Total $ 223,452 $ 236,496

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11.

Separate Account Assets and Liabilities

Included in the separate account balance of Other Product Lines above are separate account assets related to a Jackson-issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan ("the Plan").

During 2025, the Plan withdrew all assets held under this variable annuity contract and transferred them to other investment options under the Plan.

At both March 31, 2026 and December 31, 2025, separate account assets and separate account liabilities related to this variable annuity contract are nil .

The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Variable Annuities By Fund Type

12 unchanged sentences

Market risk benefit assets and Market risk benefit liabilities are reported separately on the Condensed Consolidated Balance Sheets.

Changes in fair value are reported in Net (gains) losses on market risk benefits on the Condensed Consolidated Income Statements.

Changes in fair value are reported in Net (gains) losses on market risk benefits in the Condensed Consolidated Income Statements.

However, the change in fair value related to our own non-performance risk is reported as a component of other comprehensive income in Change in non-performance risk on market risk benefits on the Condensed Consolidated Statements of Comprehensive Income (Loss).

9 unchanged sentences

See Note 6 - Fair Value Measurements of these Notes to Condensed Consolidated Financial Statements for more information regarding fair value measurements.

Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits), the balance related to the MRB is derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) is used in the calculation of the liability for future policy benefits for the resulting payout annuity.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 12.

Market Risk Benefits

Variable Annuities

10 unchanged sentences

In subsequent valuations, the present value of both future projected liabilities and projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions.

Fixed Index Annuities

The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value.

Similar to the variable annuity guaranteed benefits features, these contracts have explicit fees and are measured using the attributed fee method.

The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract.

If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception.

RILA guaranteed benefit features are classified as MRBs and measured at fair value.

The fair value measurement represents the present value of future claims payable by the MRB feature.

At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss.

Fixed Index Annuities and RILA

Our FIA and RILA contracts may be issued with features that guarantee benefits that are payable upon death (GMDB) or upon depletion of funds (GMWB).

These features are classified as MRBs and measured at fair value.

If the projected attributed fees are insufficient to offset the projected guaranteed benefits at issue, an MRB liability is recognized at issuance and the value of the MRB is deducted from the host contract liability resulting in no gain or loss on issuance of the contract.

If the guaranteed benefits do not have explicit fees, the fair value of the MRB is measured as the present value of projected future guaranteed benefits.

At inception, the initial value of the MRB is deducted from the host contract liability resulting in no gain or loss on issuance of the contract.

The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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):

Nine Months Ended September 30, 2025 Year Ended December 31, 2024

Three Months Ended March 31, 2026 Year Ended December 31, 2025

Net MRB balance, beginning of period $ ( 4,265 ) $ ( 5,176 )

18 unchanged sentences

(2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.

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.

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.

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.

The Company regularly evaluates the inputs and assumptions to be used to measure the fair value of the MRB assets and MRB liabilities.

Non-performance risk is incorporated into the calculation through the adjustment of the risk-free rate curve based 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.

The significant assumptions used in the MRB fair value calculations are discussed in Note 6 - Fair Value Measurements of these Notes to Condensed Consolidated Financial Statements.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13.

Long-Term Debt

Liabilities for the Company’s debt are primarily carried at an amount equal to the principal balance net of any unamortized original issuance discount or premium.

1 unchanged sentence

The aggregate carrying value of long-term debt was as follows (in millions):

September 30, December 31,

March 31, December 31,

Long-Term Debt

6 unchanged sentences

Total long-term debt $ 2,027 $ 2,030

The following table presents the contractual maturities of the Company's long-term debt as of September 30, 2025 (in millions):

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13.

Long-Term Debt

The following table presents the contractual maturities of the Company's long-term debt as of March 31, 2026 (in millions):

Calendar Year

1 unchanged sentence

Long-term debt $ 649 $ — $ — $ — $ 1,378 $ 2,027

Facility Agreement for Senior Notes Issuance

In March 2026, the Company entered into:

• a 10-year facility agreement with a Delaware trust in connection with that trust’s sale of $ 500 million of pre-capitalized trust securities;

• a 30-year facility agreement with a separate Delaware trust in connection with that trust’s sale of $ 400 million of pre-capitalized trust securities.

The pre-capitalized trust securities were issued and sold in a private placement pursuant to Rule 144A under the Securities Act.

Each trust invested the proceeds from the sale of its trust securities in a portfolio of principal and/or interest strips of U.S.

Treasury securities.

Each facility agreement provides the Company with the right to issue and sell to the applicable trust from time to time the Company’s unsecured senior notes, consisting of up to $ 500 million of 6.311 % senior notes due February 15, 2036 (the "2036 Senior Notes"), in case of the 10-year facility agreement, and up to $ 400 million of 7.280 % senior notes due February 15, 2056 (the "2056 Senior Notes"), in case of the 30-year facility agreement, in exchange for a corresponding amount of the U.S.

Treasury securities held by the applicable trust.

Treasury securities held by a trust are pledged to the Company as collateral securing that trust’s performance under its facility agreement.

The Company may direct a trust to grant the right to exercise the issuance right with respect to all or a designated amount of the applicable senior notes to one or more assignees (who are our consolidated subsidiaries or persons to whom we have an obligation).

The issuance right under a facility agreement will be exercised automatically in full upon the Company’s failure to make certain payments to the applicable trust or upon certain bankruptcy events involving the Company.

The Company is also required to exercise this issuance right if its consolidated stockholders’ equity, calculated in accordance with U.S.

GAAP but excluding accumulated other comprehensive income and equity of non-controlling interests, falls below $ 2.8 billion, subject to adjustment from time to time in certain cases, and upon certain other events described in the applicable facility agreement.

Prior to any involuntary exercise of the issuance right under a facility agreement, the Company has the right to repurchase any or all of the senior notes then held by the applicable trust in exchange for U.S.

Treasury securities.

The Company may redeem any outstanding senior notes issued to a trust, in whole or in part, prior to their maturity at a redemption price equal to the greater of par or a make-whole redemption price.

On or after their maturities, the senior notes may be redeemed at par.

The Company is required to purchase from a trust any U.S.

Treasury securities that are due and unpaid at an amount equal to their face amount.

The Company pays a semi-annual facility fee under the 10-year facility agreement and the 30-year facility agreement to the applicable trust at a rate of 2.066 % and 2.430 % per annum, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to that trust, and reimburses each trust for its expenses under separate expense agreements.

The facility fees and expense reimbursements are recorded in operating costs and other expenses.

At March 31, 2026, the Company had not issued any senior notes under either facility agreement.

The Company incurred $ 7 million of origination costs, which were capitalized and reported in other assets and will be amortized over the terms of the respective facility agreements.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13.

Long-Term Debt

Revolving Credit Facility

On February 24, 2023, the Company replaced its prior revolving credit facility that was scheduled to expire in February 2024, with a new revolving credit facility (the "2023 Revolving Credit Facility") with a syndicate of banks and Bank of America, N.A., as Administrative Agent.

The Company has a revolving credit facility (the "Revolving Credit Facility") with a syndicate of banks and Bank of America, N.A., as Administrative Agent.

The Revolving Credit Facility provides for borrowings for working capital and other general corporate purposes under aggregate commitments of $ 1.0 billion, with a sub-limit of $ 500 million available for letters of credit.

The Revolving Credit Facility further provides for the ability to request, subject to customary terms and conditions, an increase in commitments thereunder by up to an additional $ 500 million.

The credit agreement for the 2023 Revolving Credit Facility contains financial maintenance covenants, including a minimum adjusted consolidated net worth test of no less than 70 % of our adjusted consolidated net worth as of September 30, 2022 (plus (to the extent positive) or minus (to the extent negative) 70 % of the impact on such adjusted consolidated net worth resulting from the application of a one-time transition adjustment for the LDTI accounting change for insurance contracts, and plus 50 % of the aggregate amount of any increase in adjusted consolidated net worth resulting from equity issuances by the Company and its consolidated subsidiaries after September 30, 2022), and a maximum consolidated indebtedness to total capitalization ratio test not to exceed 35 %.

The credit agreement for the Revolving Credit Facility contains financial maintenance covenants, including a minimum adjusted consolidated net worth test of no less than 70 % of our adjusted consolidated net worth as of September 30, 2022 (plus (to the extent positive) or minus (to the extent negative) 70 % of the impact on such adjusted consolidated net worth resulting from the application of the one-time transition adjustment for the LDTI accounting change for insurance contracts, and plus 50 % of the aggregate amount of any increase in adjusted consolidated net worth resulting from equity issuances by the Company and its consolidated subsidiaries after September 30, 2022), and a maximum consolidated indebtedness to total capitalization ratio test not to exceed 35 %.

Commitments under the Revolving Credit Facility terminate on February 24, 2028.

Line of Credit Agreement

Jackson is a party to an Uncommitted Money Market Line Credit Agreement dated April 6, 2023, among Jackson, Jackson Financial, and Société Générale.

Jackson is a party to an Uncommitted Money Market Line Credit Agreement, among Jackson, Jackson Financial, and Société Générale.

This agreement is an uncommitted short-term cash advance facility that provides an additional form of liquidity to Jackson and to Jackson Financial.

2 unchanged sentences

Jackson and Jackson Financial are jointly and severally liable to repay any advance under the agreement, which must be repaid prior to the last day of the quarter in which the advance was drawn.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14.

Federal Home Loan Bank Advances

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.

Advances of nil and $ 700 million were outstanding at September 30, 2025 and December 31, 2024, respectively, and were recorded in other liabilities.

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 .

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.

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.

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.

No advances were outstanding at March 31, 2026 and December 31, 2025.

Interest expense on such advances was nil and $ 4 million for the three months ended March 31, 2026 and 2025, respectively.

See Note 10 - Other Contract Holder Funds of these Notes to Condensed Consolidated Financial Statements for the carrying value of securities pledged as collateral for our FHLB obligations .

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.

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.

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.

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.

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.

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.

The Company's effective income tax rate was ( 4.9 )% for the three months ended March 31, 2026 compared with ( 5.9 )% for the same period in 2025, respectively.

The ETR, excluding significant unusual or infrequently occurring items, differs from the statutory rate of 21% primarily due to the dividends received deduction and utilization of foreign tax credits.

The ETR differs for the three months ended March 31, 2026 from the full year-ended December 31, 2025 ETR of 117.0 % 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 and the benefit of IRS refund interest on carryback claims and amended returns both recognized in 2025.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15.

For the three months ended March 31, 2026 and 2025, the Company recorded nil 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.

The determination of the estimated 2026 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.

9 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.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15.

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.

For the three months ended March 31, 2026, 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.

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.

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.

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.

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.

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.

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.

As of March 31, 2026, 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 that are not more likely than not to be realized.

For the three months ended March 31, 2026, the Company recorded a increase of $ 125 million to the valuation allowance associated with the unrealized tax losses in the Company’s available-for-sale securities portfolio, and recorded an increase of $ 1 million for the charitable contributions carryover.

The $ 126 million increase for the three months ended March 31, 2026 to the valuation allowance consists of $ 126 million tax expense recorded to other comprehensive income.

At March 31, 2026 and December 31, 2025, the Company has recorded a total valuation allowance for $ 612 million and $ 486 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

1 unchanged sentence

It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse effect on the Company's financial condition.

Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including allegations of misconduct in the sale of insurance products.

The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable.

At September 30, 2025, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $ 781 million.

At September 30, 2025, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $ 971 million.

At March 31, 2026, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $ 676 million.

At March 31, 2026, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $ 794 million.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 17.

Operating Costs and Other Expenses

The following table is a summary of the Company’s operating costs and other expenses (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Operating Costs and Other Expenses

The following table summarizes the Company’s operating costs and other expenses (in millions):

Three Months Ended March 31,

Asset-based commission expenses $ 295 $ 284

2 unchanged sentences

General and administrative expenses (1)

264 310 797 839

Deferral of acquisition costs ( 255 ) ( 159 )

1 unchanged sentence

(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.

Accumulated Other Comprehensive Income (Loss)

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):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Balance, beginning of period (1)

2 unchanged sentences

Change in current discount rate - reserve for future policy benefits (2)

( 87 ) ( 280 ) ( 193 ) ( 132 )

Change in non-performance risk on market risk benefits 333 327

6 unchanged sentences

$ ( 2,728 ) $ ( 2,719 )

(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.

(1) Includes $( 1,319 ) million and $( 1,269 ) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of March 31, 2026 and December 31, 2025, 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

Three Months Ended September 30,

Three Months Ended March 31,

Net unrealized investment gain (loss):

4 unchanged sentences

Reclassifications, net of income taxes $ ( 6 ) $ 7

AOCI Components Amounts

Reclassified from AOCI Affected Line Item in the Condensed

Consolidated Income Statements

Nine Months Ended September 30,

Net unrealized investment gain (loss):

Net realized gain (loss) on investments $ 53 $ 96 Net gains (losses) on derivatives and investments

Other impaired securities ( 61 ) ( 33 ) Net gains (losses) on derivatives and investments

Net unrealized gain (loss), before income taxes ( 8 ) 63

Income tax expense (benefit) — 3

Reclassifications, net of income taxes $ ( 8 ) $ 60

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19.

18 unchanged sentences

03/31/2026 February 16, 2026 March 16, 2026 March 30, 2026 $ 500 $ 0.50

06/30/2025 May 2, 2025 June 12, 2025 June 30, 2025 $ 500 $ 0.50

09/30/2025 August 1, 2025 September 15, 2025 September 30, 2025 $ 500 $ 0.50

Quarter Ended

03/31/2024 February 20, 2024 March 12, 2024 April 1, 2024 $ 500 $ 0.50

06/30/2024 May 2, 2024 June 6, 2024 July 1, 2024 $ 500 $ 0.50

09/30/2024 August 1, 2024 September 5, 2024 September 30, 2024 $ 500 $ 0.50

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.

03/31/2025 February 17, 2025 March 11, 2025 March 31, 2025 $ 500 $ 0.50

At March 31, 2026 and December 31, 2025, 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.

Shares Issued to TPG

On February 11, 2026, Jackson Financial and TPG Inc.

("TPG") completed the transaction announced on January 6, 2026, resulting in TPG acquiring 4,715,554 shares of Jackson Financial common stock for $ 500 million.

As a result, Jackson Financial re-issued treasury shares having an aggregate cost of $ 178 million and recognized a corresponding gain on re-issuance of treasury shares of $ 322 million, which was recorded to additional paid-in capital.

The cost of re-issued shares is determined on a first-in, first-out basis.

See Note 25 - Subsequent Events of the Notes to Consolidated Financial Statements in the Company’s 2025 Annual Report for further discussion on this transaction.

Share Repurchase Program

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.

As of October 24, 2025, the Company had remaining authorization to purchase $ 1.1 billion of its common shares.

As of April 28, 2026, the Company had remaining authorization to apply up to $ 753 million to the purchase 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.

Through September 30, 2025, we have incurred $ 9 million of excise tax in connection with share repurchases that exceeded stock issuances.

Through March 31, 2026, we have incurred $ 10 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.

8 unchanged sentences

2026 (January 1- March 31) 1,714,620 192 111.87

2025 (April 1- June 30) 1,920,154 158 82.06

2025 (July 1- September 30) 1,636,094 154 94.32

2025 (October 1- October 24) 363,148 36 99.15

2026 (April 1- April 28) 527,648 57 108.04

Total 2026 2,242,268 $ 249 $ 110.97

4 unchanged sentences

Shares repurchased under repurchase program — ( 1,714,620 ) ( 1,714,620 )

Shares at September 30, 2025 94,488,315 ( 26,155,305 ) 68,333,010

Common stock issued to TPG — 4,715,554 4,715,554

Shares at March 31, 2026 94,488,315 ( 24,217,563 ) 70,270,752

(1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19.

Dividends to Shareholders

1 unchanged sentence

Therefore, there can be no assurance that we will pay any cash dividends to holders of our stock or as to the amount of any such cash dividend.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19.

The following table presents declaration date, record date, payment date and dividends paid per share of JFI’s common stock:

2 unchanged sentences

03/31/2026 February 16, 2026 March 16, 2026 March 26, 2026 $ 0.90

06/30/2025 May 2, 2025 June 12, 2025 June 26, 2025 $ 0.80

09/30/2025 August 1, 2025 September 15, 2025 September 25, 2025 $ 0.80

Quarter Ended

03/31/2025 February 17, 2025 March 11, 2025 March 20, 2025 $ 0.80

06/30/2024 May 2, 2024 June 6, 2024 June 20, 2024 $ 0.70

09/30/2024 August 1, 2024 September 5, 2024 September 19, 2024 $ 0.70

Earnings Per Share

1 unchanged sentence

Diluted earnings per share is calculated by dividing the net income (loss) attributable to Jackson Financial common shareholders, by the weighted-average number of shares of common stock outstanding for the period, plus shares representing the dilutive effect of share-based awards.

The Company grants share-based awards subject to vesting provisions of the 2021 Omnibus Incentive Plan, which can have a dilutive effect.

The Company grants share-based awards subject to vesting provisions of its 2021 Omnibus Incentive Plan, which can have a dilutive effect.

See Note 18 - Share-Based Compensation of the Notes to Consolidated Financial Statements in the Company’s 2025 Annual Report for further description of our share-based awards.

The following table sets forth the calculation of earnings per common share:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(in millions, except share and per share data)

12 unchanged sentences

(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.

The shares excluded from the diluted EPS calculation were 751,646 shares for the three months ended September 30, 2024.

The shares excluded from the diluted EPS calculation were 317,447 and 247,765 shares for the three months ended March 31, 2026 and 2025.

Item 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 21.

3 unchanged sentences

Dividends Declared to Shareholders

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.

On May 1, 2026, our Board of Directors approved a cash dividend on JFI's common stock of $ 0.90 per share for the second quarter 2026, payable on June 25, 2026, to common shareholders of record on June 11, 2026.

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.

The dividend will be payable on December 30, 2025, to depositary shareholders of record at the close of business on December 4, 2025.

The dividend will be payable on June 30, 2026, to depositary shareholders of record at the close of business on June 11, 2026.

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.

What changed 10-Q

Item 1. Financial Statements