Exhibit 99.1

For Presentation on November 5, 2025 Jackson Financial Inc. Third Quarter 2025 Financial Results

Forward - Looking Statements and Non - GAAP Measures The information in this document contains forward - looking statements about future events and circumstances and their effects upo n revenues, expenses and business opportunities. Generally speaking, any statement in this document not based upon historical fact is a forward - looking statement. Forward - lookin g statements can also be identified by the use of forward - looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “m ay,” “will,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “confident,” and “commit” or similar expressions. In particular, statements regarding plans, s tra tegies, prospects, targets and expectations regarding the business and industry are forward - looking statements. They reflect expectations, are not guarantees of performance and speak onl y as of the dates the statements are made. We caution investors that these forward - looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied. Factors that could cause actual results to differ materially from those in the forward - looking statements include those reflected in Part I, Item 1A, Risk Factors and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in the For m 1 0 - K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2025, and elsewhere in Jackson Financial Inc.’s fil ings filed with the SEC. Except as required by law, Jackson Financial Inc. does not undertake to update such forward - looking statements. You should not rely unduly on forward - looki ng statements. Certain financial data included in this document consists of non - GAAP (“Generally Accepted Accounting Principles”) financial mea sures. These non - GAAP financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other fin ancial measures determined in accordance with U.S. GAAP. Although the Company believes these non - GAAP financial measures provide useful information to investors in measuring the f inancial performance and condition of its business, investors are cautioned not to place undue reliance on any non - GAAP financial measures and ratios included in this document. A r econciliation of the non - GAAP financial measures to the most directly comparable U.S. GAAP financial measures can be found under “Non - GAAP Financial Measures” in the Appendix of th is document. Certain financial data included in this document consists of statutory accounting principles (“statutory”) financial measures , i ncluding “total adjusted capital.” These statutory financial measures are included in or derived from the Jackson National Life Insurance Company (“JNL”) annual and/or quarterly statemen ts filed with the Michigan Department of Insurance and Financial Services and available in the investor relations section of the Company’s website at investors.jackson.com/fina nci als/statutory - filings. We routinely use our investor relations website, at investors.jackson.com, as a primary channel for disclosing key informatio n t o our investors. We may use our website as a means of disclosing material, non - public information and for complying with our disclosure obligations. Accordingly, investors should mo nitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts, some of which may c ont ain material and previously non - public information. We and certain of our senior executives may also use social media channels to communicate with our investors and the public abou t o ur Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through , our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this document. 2

Third Quarter 2025 Financial Results Key Highlights $65M GAAP earnings $433M Non - GAAP earnings 1 $0.92 GAAP earnings per share $6.16 Non - GAAP earnings per share 1 $210M Capital return 579% Statutory capital position 22% Retail annuity sales 2 Net income attributable to Jackson Financial Inc. (JFI) common shareholders Net income per diluted common share Common share dividends and repurchases Jackson National Life Insurance Company (JNL) e stimated risk - based capital (RBC) ratio Adjusted Operating Earnings 1 Adjusted Operating Earnings per diluted common share 1 Retail annuity sales up over second quarter 2025 3 1) See the Appendix for the non - U.S. GAAP financial measures, definitions and reconciliations to most comparable U.S. GAAP measu res. 2) Excludes certain internal exchanges. $216M Free cash flow 1 Cash distributed to JFI, net of JFI expenses

425% Risk - Based Capital ratio minimum Approximately two years of holding company fixed expenses Estimated RBC ratio of 579% as of end of 3Q25, after reflecting $815 million of cumulative year to date distributions from JNL to JFI Holding company cash and highly liquid securities of more than $750 million as of end of 3Q25, which is above Jackson’s $250 million minimum liquidity buffer 1 $700 - $800 million capital return to common shareholders In the first nine months of 2025, returned $657 million of capital to common shareholders. Expect full year capital return to exceed top of the targeted range. Remain On Track to Deliver on 2025 Financial Targets 4 Capital Return Holdco Liquidity JNL RBC Ratio 2025 Progress 2025 Targets 1) We intend to maintain a minimum amount of cash and highly liquid securities at Jackson Financial Inc. adequate to fund two ye ars of holding company fixed net expenses, which is currently targeted at $250 million but may change over time as we refinance existing debt or make changes to our debt and capital structure.

350 350 433 3Q24 2Q25 3Q25 11.2 11.0 4Q24 3Q25 Consolidated Results Adjusted Operating Earnings 3Q25 vs. 3Q24 • 3Q25 benefited from higher spread income resulting from growth in average RILA and Institutional assets under management (AUM), lower operating expenses, partially offset by higher mortality in the closed block segment 3Q25 vs. 2Q25 • 3Q25 benefited from increased fee income resulting from higher average variable annuity AUM, higher spread income resulting from growth in average RILA and Institutional AUM, partially offset by higher market - related operating costs and expenses Total Common Shareholders’ Equity • Total Common Shareholders’ Equity reached $9.7 billion at the end of 3Q25, up from $9.2 billion at the end of 4Q24, reflecting Jackson’s ongoing commitment to shareholder value • Adjusted Book Value Attributable to Common Shareholders was $11.0 billion at the end of 3Q25, slightly lower than $11.2 billion at the end of 4Q24. During the first nine months of 2025, we returned $657 million of capital to common shareholders, which contributed to the slight decrease. Adjusted Operating Earnings 1 ($ millions) Adjusted Book Value Attributable to Common Shareholders 1 ($ billions) Key Takeaways 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP measures. 5 Third Quarter 2025

Notable Items Third Quarter 2025 3Q25 3Q24 EPS - Diluted After - tax 1,2 Pretax EPS - Diluted After - tax 1,2 Pretax ($ millions, except per share amounts) $6.16 433 505 $4.60 350 411 Adjusted Operating Earnings 3 Notable Items Included in Adjusted Operating Earnings (0.04) (3) (3) (0.28) (21) (24) Out performance/(Under performance) from Limited Partnership Income 4 508 435 Adjusted Pretax Operating Earnings, Excluding Notable Items 0.05 0.02 Impact from Effective Tax Rate versus a 15% Tax Rate Guidance $6.15 $4.86 Adjusted Earnings Per Share, Excluding Notables and Adjusted for Tax Impact 1) After - tax results for Notable Items were calculated using the corresponding quarter’s effective tax rate for adjusted operating earnings (3Q24 of 12.1%; 3Q25 of 12.1%). 2) Includes preferred stock dividends of $11m. 3) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP mea sure. 4) Limited Partnership (LP) income assumes an annualized 10% return and excludes income and assets attributable to non - controlling interests. Income from LPs is reported on a one - quarter lag. Operating LP return of 3% and 9% for 3Q24 and 3Q25, respectively. Total LP returns (including non - operating) of 5% and 14% for 3Q24 and 3Q25, respectively. 6

5.3 4.4 5.4 3Q24 2Q25 3Q25 2,539 1,734 2,339 3Q24 2Q25 3Q25 Continued Progress on Retail Sales Diversification • Jackson delivered strong retail annuity sales in 3Q25, rising 22% and 2% over 2Q25 and 3Q24, respectively, underscoring sustained demand across its comprehensive product suite • Record RILA sales of $2.1 billion in 3Q25, marking increases of 49% from 2Q25 and 28% from 3Q24, reflect Jackson’s leadership in offering innovative retirement solutions • Fixed and fixed index annuity sales of $444 million, with strong early momentum from our recently launched fixed index annuity in August 2025 • Robust sales across RILA, fixed annuities, and institutional products supported by enhanced asset sourcing capabilities at PPM America, contributing to a 18% increase in PPM AUM compared to 3Q24 • Jackson’s ongoing improvement in non - VA net flows highlights the company’s success in diversifying retail sales and strengthening its market position Retail Sales 1 ($ billions) Non - VA Net Flows 2 Highlights 1) Excludes the FA/FIA business ceded to Athene and certain internal exchanges. 2) Includes net flows related to FIA, FA, pay out annuities and RILA. Variable Annuities RILA FA / FIA 7 ($ millions) Third Quarter 2025

Strong Results in Retail and Institutional Business Segments Retail Institutional Closed Block • 3Q25 vs. 3Q24 : Up from 3Q24 reflecting higher spread income, partially offset by higher mortality • 3Q25 vs. 2Q25 : Decrease primarily due to higher mortality, partially offset by higher spread income • 3Q25 vs. 3Q24 : Current quarter benefited from higher spread income resulting from growth in average RILA assets under management (AUM) and higher fee income from growth in average variable annuity AUM • 3Q25 vs. 2Q25 : Current quarter benefited from higher fee income from growth in average variable annuity AUM, higher spread income resulting from growth in average RILA AUM, partially offset by market - related operating costs and other expenses ($ millions) 17 19 31 3Q24 2Q25 3Q25 ($ millions) ($ millions) ($ millions) Pre - tax adjusted operating earnings 1 Pre - tax adjusted operating earnings 1 Pre - tax adjusted operating earnings 1 • 3Q25 vs. 3Q24 : Current quarter increase driven by higher spread income reflecting significant growth in AUM • 3Q25 vs. 2Q25 : Current quarter increase driven by higher spread income 8 417 458 494 3Q24 2Q25 3Q25 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP measure. Third Quarter 2025 7 22 15 3Q24 2Q25 3Q25

Non - Operating Results More Stable Since Shift to Economic Hedging Pretax income attributable to Jackson Financial Inc. (U.S. GAAP) Pretax adjusted operating earnings (Non - GAAP) 1 Net loss on funds withheld 3 (125) 1) See the Appendix for the non - U.S. GAAP financial measures, definitions, and reconciliations to the most comparable U.S. GAAP measure. 2) Represents non - operating Total Guaranteed Benefits and Hedging Results. 3) Includes $379m net realized investment loss and $203m net investment income. 4) Net reserve and embedded derivative movements include s g uaranteed benefit claims. 36 505 (176) 9 57 Net hedge results 2 Net realized investment loss and other, net • Economic hedging better aligns with U.S. GAAP accounting following the establishment and funding of Brooke Re, leading to a better alignment between adjusted operating earnings and U.S. GAAP earnings • Changes in implied volatility impact our MRB measurements for U.S. GAAP without a corresponding hedge offset as we do not hedge changes in volatility. Changes in implied volatility do not impact our Brooke Re MRB measurement where the modified GAAP methodology uses a fixed volatility assumption (designed to promote balance sheet stability). • Reserve and embedded derivative movements mainly the result of higher equity markets and growing RILA AUM, which provides an equity hedging offset to VA guarantees • Income on funds withheld is offset by the change in accumulated other comprehensive income (AOCI) arising from investments in the funds withheld account related to a legacy reinsurance transaction, resulting in a minimal net impact on the adjusted book value of Jackson Financial Inc. Highlights YTD 2025 YTD 2024 3Q25 3Q24 $2,297 $2,347 $765 $779 Fees attributable to guarantee benefit reserves (843) (3,068) (14) 591 Net (losses) gains on hedging instruments 183 2,062 226 (1,172) Market risk benefits gains (losses), net (1,893) (1,135) (1,160) (493) Net reserve and embedded derivative movements 4 $(256) $206 $(183) $(295) Net Hedge Results (183) Amortization of DAC associated with non - operating items at date of transition to LDTI ($ millions) Third Quarter 2025 Jackson’s hedging program performed well in 3Q25, with net hedge results driven by modest losses on our variable annuity and RILA hedging programs

High Quality Variable Annuity Business A Differentiated Approach to Product Design No Optional Benefits 12% GMDB Only 13% Other 2 1% GMDB and GMWB for Life 71% GMDB and GMWB 3% • Scaled Variable Annuity Block Focused on Withdrawal Benefit Features x Limited exposure to challenging guarantees x Investment freedom is well managed through rigorous fund selection process x Strong underlying fund performance vs. peers x High correlation between separate account assets and benchmarks • Strong, Resilient Cash Flow Profile x Base contract fees provide asset management - like cash flow stream x Guarantee fees assessed on benefit base to better support hedging program • Prudent Pricing and Product Design Process x Withdrawal benefits designed to exhaust customer account value prior to Jackson being “on risk” x Net amount at risk is only 2% of total variable annuity account value x Flexible product design enables rapid new business launches and repricing actions • Policyholder Behavior Assumptions Supported by Deep and Multi - Faceted Dataset x Rigorous and continual process to monitor developing policyholder experience x Assumptions are formulated with a long - term focus on meeting policyholder obligations • Disciplined Risk Management Approach Focused on Economics x Establishment of Brooke Re 1 eliminated inefficient and non - economic hedging under prior framework x Hedging program is focused on protecting against economic impact of equity and interest rate shocks x Variable annuity guarantees and RILA product have offsetting equity risk , reducing external hedging needs • Proven Hedge Performance During Financial Stresses 1) Brooke Life Reinsurance Company is a Michigan - based captive reinsurance company. 2) Other is comprised of GMWB for Life Only , GMWB Only, GMIB and GMDB, GMAB and GMDB. Variable Annuity Account Value by Guarantee (3Q 2025) $245b 10

Hedging Protects Capital and Distributable Earnings A Differentiated Approach to Hedging Economic Risks • VA and RILA are independently hedged and managed for both equity and interest rate risks on an economic basis • VA guarantees at Brooke Re and RILA business at JNL have offsetting economic equity risk but are independently valued from a reserve and capital perspective without consideration for a statutory diversification benefit • Brooke Re hedging program protects from the economic impact of both equity and interest rate shocks on VA guarantees • JNL hedging program protects from the economic impact of equity shocks with primary focus on RILA. Also protects against interest rate shocks for RILA policies whose interim values have interest rate sensitivity. • Offsetting economic equity risk managed first via fully settled internal trades with remaining net equity risk managed with external hedges. This captures natural efficiencies between the products while keeping both lines of business fully economically hedged. RILA and VA Managed in Separate Legal Entities While Capturing Offsetting Equity Risks Hedging Program Aligns Closely with the Economics of the Business 11 Brooke Life Reinsurance Company (Brooke Re) Jackson National Life Insurance Company (JNL) VA Base Contract and RILA Business RILA hedging designed to protect against higher equity markets VA Guaranteed Benefit Features and Payout Annuities VA hedging designed to protect against lower equity markets Upside Equity Risk Downside Equity Risk Internal Hedges For Offsetting Equity Market Risks External Hedges Used to Cover Remaining Net Equity Exposure

Free Cash Flow 3 at Holding Company Allows for Financial Flexibility and Long - Term Value Creation for Shareholders • Cash distributed to JFI was nearly 73% of Free Capital Generation in 2025 YTD • Free Cash Flow increased YTD based on strong operating company distributions • Free Cash Flow for the 12 months ended September 30, 2025, totaled nearly $1.0 billion • Based on Jackson’s end of 3Q25 market capitalization, we have produced a free cash flow yield of approximately 14% for the trailing 12 months 4 Capital Return to Common Shareholders is Balanced and Consistent Including Dividends and Share Repurchases • Returned almost 90% of the 2025 capital return target mid - point as of the end of 3Q25 (Target of $700 - $800 million) • Expect full year capital return to exceed top of targeted range • 2025 dividend up 14% over 2024 to $0.80 per common share • Capital Returned to Common Shareholders for the 12 months ended September 30, 2025, totaled $805 million Growing Capital Generation and Free Cash Flow Capital Generation Provides Foundation for New Business Growth and Distributions to Holding Company • After - Tax Statutory Capital Generation 1 provides foundation for new business growth while Free Capital Generation 2 supports distributions to holding company subject to regulatory considerations and desired RBC levels • Free Capital Generation for the 12 months ended September 30, 2025, totaled nearly $1.6 billion • Free Capital Generation through 3Q25 has now exceeded our full - year expectation of $1 billion 2025 YTD 3Q25 (in millions) $484 $154 Common Share Repurchases 173 56 Common Dividends $657 $210 Capital Return to Common Shareholders 2025 YTD 3Q25 (in millions) $815 $250 Cash Distributed to JFI (96) (34) JFI Expenses and Other, net $719 $216 Free Cash Flow 2025 YTD 3Q25 (in millions) $1,463 $579 After - Tax Stat. Capital Generation (339) (120) Estimated Change in CAL at 425% $1,124 $459 Free Capital Generation 1) Includes after - tax income from operations, realized gains/losses, unrealized gains/losses, and other surplus adjustments to p rovide a comprehensive view of the drivers of capital generation. I ncludes a benefit of $145 million and $7 million for the three months period ended December 31, 2024 and September 30, 2025, respectively, related to the Corporate Alternative Minimum Tax (CAMT). 2) Free capital generation represents Jackson National Life’s (JNL) statutory after - tax capital generation, adjusted for the change in estimated company action level required capital (CAL) for JNL calibrated to a 425% RBC ratio. 3 ) See Appendix for the non - U.S. GAAP financial measures, definitions and reconciliations to most comparable U.S. GAAP measure. 4 ) Free Cash Flow Yield (non - GAAP metric) is calculated by taking the trailing twelve months of Free Cash Flow and dividing by the market value of the outstanding common stock at 9/30/ 25 Free Capital Generation has Produced Strong Growth in Free Cash Flow and Capital Return to Common Shareholders 12

Strong Capital and Liquidity Position Highlights • Jackson National Life Insurance Company (JNL) generated $579 million of statutory capital in 3Q25 1 , reflecting strong earnings and disciplined capital management • Free cash flow 2 of $216 million during 3Q25 reflecting distributions from JNL of $250 million • JNL estimated RBC ratio of 579% as of end of 3Q25, underscoring a robust capital position well above regulatory minimums • Statutory Total Adjusted Capital (TAC) of over $5.6 billion at end of 3Q25 at JNL • Brooke Re hedging performed well in 3Q25. Capitalization at Brooke Re remains very strong and well above our internal risk m ana gement framework and regulatory requirements. • Holding company cash and highly liquid assets totaled more than $750 million as of end of 3Q25, maintaining liquidity well ab ove the targeted minimum • Returned $210 million to common shareholders in 3Q25 through $154 million of share repurchases and $56 million in dividends, dem onstrating continued commitment to shareholder value • In September 2025, announced an increase of $1 billion to the Company’s existing common share repurchase authorization, furth er enhancing capital return capacity 13 300 280 240 325 250 3Q24 4Q24 1Q25 2Q25 3Q25 462 591 441 443 579 3Q24 4Q24 1Q25 2Q25 3Q25 Dividends and Distributions to JFI ($ millions) Statutory Capital Generation 1 ($ millions) 1) Includes statutory after - tax income from operations, realized gains/losses, unrealized gain/losses, and other surplus adjustm ents to provide a comprehensive view of the drivers of capital generation. 2) See the Appendix for the non - U.S. GAAP financial measures, definitions and reconciliations to most comparable U.S. GAAP measure. 511 644 712 617 713 751 75 54 46 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Cash and Highly Liquid Other Investments 712 Holding Company Cash and Investments ($ millions) Jackson has returned nearly $2.5 billion to common shareholders exceeding our initial market capitalization 692 767 644 511 797

14 2025 Capital Return Targets On Track While Maintaining a Strong Balance Sheet 14 On track to deliver on 2025 key financial targets Maintained strong balance sheet and robust levels of financial flexibility Demonstrated distribution strength and consistent capital generation Well - positioned to create long - term value for shareholders

Investments

Private Equity Primary investments, co - investments and continuation vehicles (secondaries) in select private equity opportunities Public Fixed Income Broad suite of strategies for institutional investors, including investment grade, high yield, bank loan, liability driven investing (LDI) and emerging market debt Private and Structured Credit Private placements, asset - backed finance (ABF), credit tenant lease and project finance/infrastructure, as well as ABS, CMBS and MBS Collateralized Loan Obligations (CLOs) Issuer of broadly syndicated loan CLOs with 8 active deals currently Commercial Real Estate Core and core plus lending across all major institutional property types, including industrial, multifamily and necessity - anchored retail PPM America – Jackson’s Asset Manager A Robust Platform for Institutional Investors Notes: All data as of September 30, 2025. PPM America, Inc. is an indirect, wholly - owned subsidiary of Jackson Financial Inc. 1) Asset class AUM may not sum to total AUM due to rounding. (2) AUM includes committed but unfunded capital for PPM’s privat e e quity and commercial real estate businesses. AUM includes both securities issued by PPM CLO vehicles held by PPM separately managed account clients and the underlying collateral assets of the CLO vehicles managed by PPM. AUM $63B AUM $10B AUM $6B AUM $3B AUM $7B 1 BY THE NUMBERS $ 90 B $ 55 B 1990 22 5 Year of founding Number of employees Total firm AUM 2 Assets managed on behalf of Jackson 16

17 High Quality, Diversified Investment Portfolio 17 Corporate portfolio is concentrated in investment - grade securities Highly rated and diversified commercial mortgage loan office portfolio, which is less than 2% of the general account portfolio Strategic, conservative underwriting across our portfolio

Corporate securities 60% Mortgage loans 14% Other asset - backed securities 8% U.S government securities 6% Limited partnerships 4% Commercial mortgage - backed 3% Policy loans 2% Other government securities 1% Derivatives <1% Other invested assets <1% Residential mortgage - backed <1% Equity securities <1% U.S. GAAP – Investment Portfolio September 30, 2025 • Market/book ratio of the fixed maturity portfolio is 0.96 • Exposure to below investment grade securities is 6% 2 of the total investment portfolio, which is almost entirely corporate bonds and loans • Highly liquid U.S. Treasuries represent 6% of total investment portfolio • 98% of securitized assets are investment grade • 99% of Commercial Mortgage Loans are first mortgage and 95% are CM1 or CM2 rated • Limited exposure to recent private credit bankruptcies (First Brands and Tricolor) and regional banks Investment Portfolio Classification 1 Key Highlights 1) Excludes Funds Withheld. 2) I ncludes investments in affiliate Collateralized Loan Obligations (CLO) which results in the entire CLO being consolidated for U. S. GAAP reporting purposes. While this results in all the underlying loans held by the CLO being included in our financial statements, our economic risk is solely limited to our direct investment in t he CLO. Excluding these consolidated items, our exposure to below investment grade securities was 1 % at September 30, 2025 . Percentages may not total 100 due to rounding. $52B 18

Corporate securities 57% Mortgage loans 15% Other asset - backed securities 8% U.S government securities 8% Limited partnerships 3% Commercial mortgage - backed 3% Policy loans 2% Other government securities 1% Other invested assets <1% Derivatives <1% Residential mortgage - backed <1% Equity securities <1% Statutory 1 – Investment Portfolio September 30, 2025 Investment Portfolio Classification Key Highlights • Market/book ratio of the fixed maturity portfolio is 0.97 • Exposure to below investment grade securities is only 1% which is almost entirely corporate bonds and loans • Highly liquid U.S. Treasuries represent 8% of total investment portfolio • 89% of securitized assets are rated NAIC 1 • 99% of Commercial Mortgage Loans are first mortgage and 95% are CM1 or CM2 rated • Limited exposure to recent private credit bankruptcies (First Brands and Tricolor) and regional banks 19 $51B 1) Statutory investments are generally carried at amortized cost (book value) and exclude certain variable interest entities tha t are consolidated for U.S. GAAP, assets held on balance sheet under funds withheld reinsurance agreements and immaterial non - insurance company investments. Includes Brooke, Squire II, Jackson, Jackson New York and Brooke R einsurance. Includes Jackson and Jackson New York RILA non - insulated separate accounts. Percentages may not total 100 due to rounding.

US Treasuries 10% NAIC 1A - 1D (AAA - AA - ) 15% NAIC 1E - 1G (A) 33% NAIC 2A - 2C (BBB) 40% NAIC 3A - 3C (BB) 1% NAIC 4A - 4C (B) <1% NAIC 5/6 <0.1% Statutory – Fixed Maturity Rating Distribution September 30, 2025 $40B 20 98% of portfolio is investment grade Note: Percentages may not total 100 due to rounding.

AAA: <1% AA: 6% A: 38% BBB: 53% BB: 2% B: <1% CCC and below: <0.1% Statutory – Corporate Securities September 30, 2025 Corporate Securities Rating Distribution 1 Key Highlights • Market/book ratio of the corporate securities is 0.98 • High - yield corporates account for 1% of the total investment portfolio and 2% of total corporate securities • Exposure to BBBs represents 30% of the total investment portfolio ‒ Highly diversified across nearly 600 issuers with an average position size of $26 million by statement value ‒ 80% of all BBBs are rated BBB or BBB+ ‒ 27% of BBBs are privates, which offer better covenant protection vs. publics $29B 21 1) Based on NAIC expanded ratings and statement value. Percentages may not total 100 due to rounding. 57% of Total investment portfolio

Multi - Family 30% Industrial 27% Retail 20% Hotels 11% Office 9% Other 3% CM 1 62% CM 2 34% CM 3/4 4% Statutory – Commercial Mortgage Loan Portfolio 1 September 30, 2025 CML NAIC Distribution CML Property Type Distribution $7.0B 22 Loan - to - Value / Debt Service Coverage 2 $7.0B Debt Service Coverage Ratio Total <1.00x 1.00x - 1.25x 1.25x - 1.50x >1.50x 52.6% 0.1% 1.6% 1.7% 49.2% <60% Loan - to - Value 24.6% 0.0% 3.6% 10.2% 10.8% 60 - 70% 16.1% 0.9% 1.2% 6.0% 8.0% 70 - 80% 6.6% 0.3% 1.6% 1.8% 2.9% >80% 100.0% 1.3% 8.0% 19.6% 71.0% Total 1) Based on NAIC expanded ratings and statement value. Percentages may not total 100 due to rounding. Majority balance of the Com mercial mortgage - backed category found on slide 19. 2) Loan - to - value is calculated using an internal value, based on an annual valuation process that uses the latest available propert y - level data combined with updated market vacancy, rental and capitalization rates. This valuation process is typically completed by the end of Q3. In addition, loans of elevated concern may be subject to either a broker opinion of value (BOV) or Mortgage Appraisal Institute (MAI) appraisal on an as - needed basis. Percentages may not sum, due to rounding. • Highly diversified with an average loan size of $20 million • 99% are senior/first mortgage loans • 96% of the portfolio has the highest ratings of CM1 - 2 • Weighted average loan - to - value based on 2025 internal valuation is 57.2% • Weighted average debt service coverage is 2.1x • Impairment of $3.6 million taken in the quarter • No delinquencies and no foreclosed/REO at quarter end 14% of total investment portfolio 14% of total investment portfolio

CM 1 82% CM 2 4% CM 3/4 14% Suburban 72% Urban 27% Medical Office <1% Statutory – Commercial Mortgage Loan Office Exposure 1 September 30, 2025 NAIC Rating Distribution – Office Exposure Key Highlights $0.6B 23 Loan - to - Value / Debt Service Coverage 2 1) Based on NAIC expanded ratings and statement value. Percentages may not total 100 due to rounding. Sub - section of the commercia l loan portfolio on slide 22. 2) Loan - to - value is calculated using an internal value based on an annual valuation process that uses the latest available property - level data combined with updated market vacancy, rental and capitalization rates. This valuation process is typically completed by the end of Q3. In addition, loans of elevated concern may be subject to either a broker opinion of va lue (BOV) or Mortgage Appraisal Institute (MAI) appraisal on an as - needed basis. Percentages may not sum, due to rounding. Debt Service Coverage Ratio Total <1.00x 1.00x - 1.25x 1.25x - 1.50x >1.50x 26.1% 1.5% 0.0% 0.0% 24.5% <60% Loan - to - Value 15.5% 0.0% 0.0% 0.0% 15.5% 60 - 70% 16.2% 0.0% 0.0% 0.0% 16.2% 70 - 80% 42.2% 0.3% 3.4% 12.4% 26.0% >80% 100.0% 1.9% 3.4% 12.4% 82.3% Total • Highly diversified with an average loan size of $14 million • 100% are senior/first mortgage loans • 86% of the portfolio has the highest ratings of CM1 - 2 • Weighted average loan - to - value based on 2025 internal valuation is 78.6% • Weighted average debt service coverage is 2.2x • 95% has a maturity date in 2027 or later Office Type – Office Exposure Geographic – Office Exposure $0.6B Principal Geographic Location Balance % Office Washington-Baltimore-Arlington (DC-MD-VA-WV-PA) 126.2 21% San Jose/San Francisco/Oakland (CA) 89.4 15% Los Angeles/Long Beach (CA) 81.9 13% Boston/Worcester/Providence 53.4 9% New York/Newark (NY-NJ-CT-PA) 48.6 8% Other 212.9 35% 612.3 1% of total investment portfolio 1% of total investment portfolio

NAIC 1A - 1D (AAA - AA - ) 38% NAIC 1E - 1G (A) 47% NAIC 2 (BBB) 12% NAIC 3 (BB) 2% NAIC 4 <0.1% NAIC 6 1% CLOs 39% Structured settlements 9% Fiber 7% Timeshare 6% Data Center 5% Music Royalties 5% Rooftop Solar 4% Whole Business Securitizations 4% Consumer PACE 4% PDP Wells 3% Aircraft 3% GP Stakes 3% Aircraft EETC 1% Other 7% Statutory – Other ABS Securities September 30, 2025 $4.3B Other ABS Securities Distribution 1 Other ABS Securities NAIC Rating Distribution $4.3B 24 1) Other ABS securities exposure excludes subprime, which is included with the RMBS exposure. Percentages may not total 100 d ue to rounding. 8% of total investment portfolio 8% of total investment portfolio See CLO detail on slide 25

AAA 28% AA 39% A 27% BBB 6% B <1% Statutory – Collateralized Loan Obligations (CLO) 1 September 30, 2025 CLO NAIC Distribution Key Highlights • CLO exposure highly rated with 94% rated single A or above • Exposure is diversified among 49 different managers and 100 CLOs • Each CLO is diversified, averaging 250 names • High - quality CLO tranches are well protected even in severe default cycles $1.7B 25 1) Based on NAIC expanded ratings and statement value. Percentages may not total 100 due to rounding. Excludes residual tran che s held on Schedule BA. 3% of total investment portfolio

Single Asset/Single Borrower 51% Agency 3% Conduit 46% Statutory – Commercial Mortgage - Backed Securities (CMBS) September 30, 2025 CMBS Distribution Key Highlights • 94% are rated AA - or higher • 46% of CMBS portfolio are diversified pools of commercial mortgages (“Conduit”) • 60% are senior AAA and guaranteed agency tranches • 33% average credit enhancement for the portfolio (excluding guaranteed agency bonds) • Single Asset/Single Borrower ($770 million) ‒ 35% average credit enhancement and 76% having the highest NAIC rating of 1A ‒ $298 million of office - related Single Asset/Single Borrower with 78% having the highest NAIC rating of 1A $1.5B 26 CMBS Single Asset/Single Borrower Distribution Note: Percentages may not total 100 due to rounding. 8% of total investment portfolio

Appendix

Non - GAAP Financial Measures In addition to presenting our results of operations and financial condition in accordance with U.S. GAAP, we use and report s ele cted non - GAAP financial measures. Management believes that the use of these non - GAAP financial measures, together with relevant U.S. GAAP financial measures, provides a better understanding of our results of op era tions, financial condition and the underlying performance drivers of our business. These non - GAAP financial measures should be considered supplementary to our results of operations and financial condition that are pres ent ed in accordance with U.S. GAAP. Other companies may use similarly titled non - GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non - GAAP financial measures may not be comparable to similar measures used by other companies. These non - GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated i n accordance with U.S. GAAP. Adjusted Operating Earnings Adjusted Operating Earnings is an after - tax non - GAAP financial measure, which we believe should be used to evaluate our financia l performance on a consolidated basis by excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP or that are non - recurring in nature, as well as certa in other revenues and expenses that we do not view as driving our underlying performance. Adjusted Operating Earnings should not be used as a substitute for net income as calculated in accordance with U .S. GAAP. However, we believe the adjustments to net income are useful for gaining an understanding of our overall results of operations. Adjusted Operating Earnings equals our Net income (loss) attributable to Jackson Financial Inc. common shareholders (which ex clu des income attributable to non - controlling interest and dividends on preferred stock) adjusted to eliminate the impact of the items described in the following numbered paragraphs. These items are excluded as th ey may vary significantly from period to period due to near - term market conditions or are otherwise not directly comparable or reflective of the underlying performance of our business. We believe these exclusions p rov ide investors a better picture of the drivers of our underlying performance. 1) Net Hedging Results: Comprised of: ( i ) fees attributed to guaranteed benefits; (ii) net gains (losses) on hedging instruments which includes: (a) changes in the f air value of freestanding derivatives, and related commissions and expenses, used to manage the risk associated with market risk benefits and other guaranteed benefit features, ex cluding 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 ma nage 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 de riv ative instruments, 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 re lated expenses associated with Net Hedging Results. 2) Amortization of DAC Associated with Non - Operating Items at Date of Transition to LDTI: Amortization of the balance of unamortized deferred acquisition costs, at January 1, 2021, the date of transition to current Long Duration Targeted Improvements (LDTI) accounting guidance, associated with items excluded from pretax adjusted operating ea rnings prior to transition. 3) Actuarial Assumption Updates and Model Enhancements: The impact on the valuation of MRBs and embedded derivatives arising from our annual actuarial assumption updates and model e nha ncements review. 4) Net Realized Investment Gains and Losses: Comprised of: ( i ) realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held wi thi n our trading portfolio; (ii) impairments of securities, after adjustment for the non - credit component of the impairment charges; and (iii) foreign currency g ain or loss on foreign denominated funding agreements and associated cross - currency swaps. 5) Change in Value of Funds Withheld Embedded Derivative and Net Investment Income on Funds Withheld Assets: Composed of (i) the change in fair value of funds withheld embedded derivatives; and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions. 6) Other Items: Comprised of: (i) the impact of investments that are consolidated in our financial statements due to U.S. GAAP accounting req uir ements, such as our investments in collateralized loan obligations (CLOs), but for which the consolidation effects are not consistent with our economic interest or exposure to those entities; (ii ) impacts from derivatives not included in Net Hedging Results or Net Realized Investment Gains or Losses (see 1. and 4. above), excluding earned income from periodic settlements and changes in settlement ac cruals on cross - currency swaps; and (iii) one - time or other non - recurring items. Operating Income Taxes are calculated using the prevailing corporate federal income tax rate of 21% while taking into account any items recognized d iff erently in our financial statements and federal income tax returns, including the dividends received deduction and other tax credits. For interim reporting periods, the Company uses an es timated annual effective tax rate ("ETR") in computing its tax provision including consideration of discrete items. 28

Non - GAAP Financial Measures Adjusted Book Value Attributable to Common Shareholders Adjusted Book Value Attributable to Common Shareholders excludes Preferred Stock and Accumulated Other Comprehensive Income ( Los s) (AOCI) attributable to Jackson Financial Inc. (JFI), which does not include AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. We exclude AOC I a ttributable to JFI from Adjusted Book Value Attributable to Common Shareholders because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duratio n i n nature, and therefore we believe period - to - period fair market value fluctuations in AOCI to be inconsistent with this objective. We believe excluding AOCI attributable to JFI is more useful to investors in analyzing t ren ds in our business. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non - operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on Adjusted Book Value of Jackson Financial Inc. Adjusted Operating Return on Equity Attributable to Common Shareholders We use Adjusted Operating Return on Equity (ROE) Attributable to Common Shareholders to manage our business and evaluate our fin ancial performance which: (i) excludes items that vary from period - to - period due to accounting treatment under U.S. GAAP or that are non - recurring in nature, as such items may distort the underlying performanc e of our business; and (ii) is calculated by dividing our Adjusted Operating Earnings by average Adjusted Book Value Attributable to Common Shareholders. Adjusted Book Value Attributable to Common Shareholders and Adjusted Operating ROE Attributable to Common Shareholders should no t be used as substitutes for total shareholders’ equity and ROE as calculated using annualized net income and average equity in accordance with U.S. GAAP. However, we believe the adjustments to equity an d e arnings are useful to gaining an understanding of our overall results of operations. Free Cash Flow Free cash flow is Jackson Financial Inc. (Parent Company only) (JFI) net cash provided by (used in) operating activities less pr eferred stock dividends and capital contributions to PPM, plus the return of capital from subsidiaries. Free cash flow should not be used as a substitute for JFI’s net cash provided by (used in) operating activitie s i n accordance with U.S. GAAP. However, we believe these adjustments are useful to gaining an understanding of our overall available cash flow at JFI for return of capital to common shareholders or other corporate initi ati ves. Notable Items Notable items reflect the impact on our results of certain items or events that may or may not have been anticipated and resu lte d in volatility in the Company's earnings expectations. The presentation of notable items is intended to help investors better understand our results for the period and to evaluate and forecast those results. 29

Adjusted Operating Earnings Reconciliation For the Nine Months Ended For the Three Months Ended $ millions, except effective tax rate 9/30/25 9/30/24 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 198 568 65 168 (35) 334 (480) Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders 33 33 11 11 11 11 11 Add: dividends on preferred stock (14) 24 (19) 4 1 22 (113) Add: income tax expense (benefit) 217 625 57 183 (23) 367 (582) Pretax Income (loss) Attributable to Jackson Financial Inc. Non - Operating Adjustments (Income) Loss: Guaranteed benefits and hedging results: (2,297) (2,347) (765) (764) (768) (775) (779) Fees attributable to guarantee benefit reserves 843 3,068 14 1,840 (1,011) 2,788 (591) Net (gains) losses on hedging instruments (183) (2,062) (226) (2,203) 2,246 (2,181) 1,172 Market risk benefits (gains) losses, net 1,893 1,135 1,160 1,066 (333) 89 493 Net reserve and embedded derivative movements 256 (206) 183 (61) 134 (79) 295 Total net hedging results 380 410 125 127 128 131 135 Amortization of DAC associated with non - operating items at date of transition to LDTI - - - - - 419 - Actuarial assumption updates and model enhancements 37 82 1 (30) 66 (71) 45 Net realized investment (gains) losses 1,094 1,199 379 327 388 (147) 784 Net realized investment (gains) losses on funds withheld assets (657) (824) (203) (227) (227) (200) (269) Net investment income on funds withheld assets 26 (13) (37) 87 (24) (15) 3 Other items 1,136 648 448 223 465 38 993 Total Non - Operating Adjustments 1,353 1,273 505 406 442 405 411 Pre - Tax Adjusted Operating Earnings 161 146 61 45 55 45 50 Less: operating income tax expense (benefit) 1,192 1,127 444 361 387 360 361 Adjusted operating earnings before dividends on preferred stock 33 33 11 11 11 11 11 Less: dividends on preferred stock 1,159 1,094 433 350 376 349 350 Adjusted Operating Earnings 11.9% 11.5% 12.1% 11.1% 12.4% 11.1% 12.1% Effective Tax Rates on Adjusted Operating Earnings 30

Select U.S. GAAP to Non - GAAP Reconciliation For the Nine Months Ended For the Three Months Ended $ millions, except percentages and per share and shares outstanding data 9/30/25 9/30/24 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 258 618 91 185 (18) 358 (466) Net Income (Loss) 27 17 15 6 6 13 3 Income attributable to non - controlling interest 231 601 76 179 (24) 345 (469) Net Income (Loss) Attributable to Jackson Financial Inc. 33 33 11 11 11 11 11 Less: Dividends on preferred stock 198 568 65 168 (35) 334 (480) Net Income (Loss) Attributable to Jackson Financial Inc. Common Shareholders [a] 10,229 10,698 10,229 10,354 10,301 9,764 10,698 Total Shareholders' Equity 533 533 533 533 533 533 533 Less: Preferred equity 9,696 10,165 9,696 9,821 9,768 9,231 10,165 Total Common Shareholders’ Equity 9,629 9,747 9,759 9,795 9,500 9,698 9,858 Average Common Shareholders' Equity [b] 2.7% 7.8% 2.7% 6.9% - 1.5% 13.8% - 19.5% Total ROE Attributable to Common Shareholders [a]/[b]; Annualized 1,159 1,094 433 350 376 349 350 Adjusted Operating Earnings [c] Adjusted Book Value Attributable to Common Shareholders: 9,696 10,165 9,696 9,821 9,768 9,231 10,165 Total common shareholders' equity 1,341 1,047 1,341 1,233 1,256 1,925 1,047 Exclude AOCI attributable to Jackson Financial Inc. 11,037 11,212 11,037 11,054 11,024 11,156 11,212 Adjusted Book Value Attributable to Common Shareholders 11,068 11,227 11,046 11,039 11,090 11,184 11,339 Average Adjusted Book Value Attributable to Common Shareholders[d] 14.0% 13.0% 15.7% 12.7% 13.6% 12.5% 12.3% Adjusted Operating ROE Attributable to Common Shareholders [c]/[d]; Annualized Per Share Data (Common Shareholders) 2.76 7.41 0.93 2.34 (0.48) 4.50 (6.37) Net income (loss) (basic) 2.75 7.34 0.92 2.34 (0.48) 4.45 (6.37) Net income (loss) (diluted) 1 16.10 14.14 6.16 4.87 5.10 4.65 4.60 Adjusted operating earnings per common share (diluted) 139.19 135.35 139.19 137.81 135.43 124.21 135.35 Book value per common share (diluted) 158.44 149.29 158.44 155.11 152.84 150.11 149.29 Adjusted book value per common share (diluted) Shares Outstanding 71,780,958 76,673,053 70,084,349 71,825,321 73,469,317 74,193,054 75,374,073 Weighted average number of common shares (basic) 71,966,229 77,374,548 70,279,275 71,938,152 73,717,082 75,128,975 76,125,719 Weighted average number of common shares (diluted) 68,333,010 74,351,061 68,333,010 69,958,388 71,878,542 73,380,643 74,351,061 End of period common shares (basic) 69,658,285 75,102,707 69,658,285 71,267,051 72,126,307 74,316,564 75,102,707 End of period common shares (diluted) 31 1) In a quarter in which we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti - di lutive 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 and 247,765 for the three months ended September 3 0, 2024, and March 31, 2025, respectively.

Select U.S. GAAP to Non - GAAP Reconciliation For the Three Months Ended $ millions 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 22 (24) 29 (4) 34 Jackson Financial Inc. Net Cash Provided by Operating Activities (Parent Company Only) (U.S. GAAP) Adjustments from Net Cash Provided by Operating Activities to Free Cash Flow: 205 325 195 280 255 Capital distribution from subsidiaries - - - (25) - Capital contributed to PPM (11) (11) (11) (11) (11) Dividends on preferred stock 194 314 184 244 244 Total Adjustments 216 290 213 240 278 Free Cash Flow (Non - GAAP) 205 325 195 280 255 Capital distributions from subsidiaries 45 - 45 - 45 Interest on surplus note from subsidiary 250 325 240 280 300 Cash Distributed to JFI (33) (29) (28) (44) (25) Parent company expenses 8 6 8 8 6 Net investment income and other income (9) (12) (7) (4) (3) Other, net (34) (35) (27) (40) (22) JFI Expenses and Other, net 216 290 213 240 278 Free Cash Flow 32 For the Nine Months Ended 9/30/25 9/30/24 27 55 725 505 - - (33) (33) 692 472 719 527 725 505 90 90 815 595 (90) (80) 22 16 (28) (4) (96) (68) 719 527

Glossary Athene Reinsurance Transaction - The funds withheld coinsurance agreement with Athene Life Re Ltd., entered into on June 18, 2020, and effective June 1, 2020, to reinsure a 100% quota share of a block of our in - force fixed and fixed index annuity liabilities in exchange for approximately $1.2 billion in ceding commissions. Deferred Acquisition Cost (DAC) - Represent the incremental costs related directly to the successful acquisition of new, and certain renewal, insurance policie s and annuity contracts. The recognition of these costs has been deferred, and the deferred amounts are shown on the balance sheet as an asset, which is subject to amortization over the estimated lives of th ose policies and contracts. Derivative Instruments - Jackson Financial Inc.'s (JFI) business model includes the acceptance, monitoring and mitigation of risk. Specifically, JFI c onsiders, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. JFI uses derivative instruments to mitigate or reduce these risk s i n accordance with established policies and goals. JFI's derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, freestanding de rivatives are carried at fair value with changes each period recorded in net gains or losses on derivatives and investments. Earnings per Share (EPS) - Basic earnings per share is calculated by dividing net income (loss) attributable to JFI common shareholders by the weighted - a verage number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income (loss) attributable to JFI common shareholders, by the weighted - average numbe r of shares of common stock outstanding for the period, plus shares representing the dilutive effect of share - based awards. Fixed Annuity (FA) - An annuity that guarantees a set annual rate of return with interest at rates we determine, subject to specified minimums. C r edited interest rates are guaranteed not to change for certain limited periods of time, after which rates may reset. Fixed Index Annuity (FIA) - An annuity with an ability to share in the upside from certain financial markets such as equity indices and provides downside protection. Guaranteed Minimum Accumulation Benefit (GMAB) - An add - on benefit (enhanced benefits available for an additional cost) that entitles an owner to a minimum payment, typically in lump - sum, after a set period of time, referred to as the accumulation period. The minimum payment is based on the benefit base, which could be greater than the underlying accoun t v alue. Guaranteed Minimum Death Benefit (GMDB) - An add - on benefit (enhanced benefits available for an additional cost) that guarantees an owner's beneficiaries are entitled t o a minimum payment based on the benefit base, which could be greater than the underlying account value, upon the death of the owner. Guaranteed Minimum Income Benefit (GMIB) - An add - on benefit (available for an additional cost) where an owner is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the payment stream resulting from current annuitization of the underlying account value. Guaranteed Minimum Withdrawal Benefit (GMWB) - An add - on benefit (available for an additional cost) where an owner is entitled to withdraw a maximum amount of their benefit base each year, for which cumulative payments to the owner could be greater than the underlying account value. Guaranteed Minimum Withdrawal Benefit for Life (GMWB for Life) - An add - on benefit (available for an additional cost) where an owner is entitled to withdraw the guaranteed annual withdrawal a mount each year for the duration of the policyholder's life, regardless of account performance. LDTI - Accounting Standards Update 2018 - 12, “Targeted Improvements to the Accounting for Long - Duration Contracts”, effective January 1, 2023, with a transition date of January 1, 2021. Net Amount at Risk (NAR) - The greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base i n excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value. 33

Glossary Net Flows - The net change in customer account balances during a period, including gross premiums, surrenders, withdrawals and benefits. Net flows exclude investment performance, interest credited to customer accounts and policy charges. Registered Index - Linked Annuity (RILA) - A registered index - linked annuity, which offers market index - linked investment options, subject to a cap, and offers a variety of guarantees designed to modify or limit losses. Return of Premium (ROP) Death Benefit - This death benefit pays the greater of the account value at the time of a claim following the owner's death or the total cont r ibutions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the Mortality and Expense fee that is deducted daily from the net assets in ea ch variable investment option. We also refer to this death benefit as the Return of Principal death benefit. Risk Based Capital (RBC) - Statutory minimum level of capital that is required by regulators for an insurer to support its operations. Segment - Retail Annuities JFI's Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of produc ts, consisting primarily of variable annuities, fixed index annuities, fixed annuities, payout annuities, and registered index - linked annuities (RILA). These products are distributed through various wirehouses, insurance brokers and inde pendent broker - dealers, as well as through banks and financial institutions, primarily to high - net - worth investors and the mass and affluent markets. The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on th e performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder. The financial results of the Company’s fixed annuities, including the fixed option on var iable annuities, RILA and fixed index annuities, are largely dependent on the Company's ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders. Segment - Institutional Products JFI's Institutional Products consist of traditional guaranteed investment contracts (GICs), and funding agreements. JFI's GI C p roducts are marketed to defined contribution pension and profit - sharing retirement plans. Funding agreements are marketed to institutional investors, including corporate cash accounts and securities lending funds, as well a s m oney market funds. Funding agreements are also issued in conjunction with JFI’s participation in the U.S. Federal Home Loan Bank (FHLB) program. The financial results of JFI's Institutional Products business are primarily dependent on the Company’s ability to earn a spr ead between earned investment rates on general account assets and the interest credited on GICs and funding agreements. Segment - Closed Life and Annuity Blocks JFI’s Closed Life and Annuity Blocks segment is primarily composed of blocks of business that have been acquired since 2004. Th e segment includes various protection products, primarily whole life, universal life, variable universal life, and term life insurance products as well as fixed, fixed index, and payout annuities. The Closed Life and Annuity Blocks seg men t also includes a block of group payout annuities that we assumed from John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York through reinsurance transactions in 2018 and 2019, respecti vel y. The Company historically offered traditional and interest - sensitive life insurance products but discontinued new sales of life insurance products in 2012, as we believe opportunistically acquiring mature blocks of life in sur ance policies is a more efficient means of diversifying our in - force business than selling new life insurance products. The profitability of JFI's Closed Life and Annuity Blocks segment is largely driven by its historical ability to appropriatel y p rice its products and purchase appropriately priced blocks of business, as realized through underwriting, expense and net gains (losses) on derivatives and investments, and the ability to earn an assumed rate of return on the assets suppor tin g that business. Variable Annuity (VA) - An annuity that offers tax - deferred investment into a range of asset classes and a variable return, which offers insurance fea tures related to potential future income payments. 34