Document


Consolidated Financials and Key Metrics
Forward-Looking Statements Disclosure			3
Overview			4
Key Metrics			5
Consolidated Income Statements			6
Consolidated Balance Sheets			7
Consolidated Capital Structure			8
Pretax Adjusted Operating Earnings			9

Earnings and Select Metrics from Business Segments and Corporate and Other
Retail Annuities
Statements of Pretax Adjusted Operating Earnings, Sales, and Key Metrics			10
Select Operating Metrics			11 - 15
Institutional Products
Statements of Pretax Adjusted Operating Earnings, Sales, and Key Metrics			16
Closed Life and Annuity Blocks
Statements of Pretax Adjusted Operating Earnings and Key Metrics			17
Corporate and Other
Statements of Pretax Adjusted Operating Earnings			18

Investments
Consolidated Composition of Invested Assets			19
Consolidated Composition of Debt Securities Excluding Funds Withheld Assets			20
Consolidated Net Investment Income			21

Other Information
Market Risk Benefits			22
Deferred Acquisition Costs			23
Key Statutory Metrics			24
Non-GAAP Financial Measures			25 - 26
Select U.S. GAAP to Non-GAAP Reconciliations			27 - 28
Glossary of Select Financial and Product Terms			29 - 30

The information in this document contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this document not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “remain,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only 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 the Company’s reports filed with the U.S. Securities and Exchange Commission. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.

Certain financial data included in this document consists of non-GAAP ("Generally Accepted Accounting Principles") financial measures. 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 financial 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 financial 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 reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure can be found in the “Non-GAAP Financial Measures” section of this document.

Certain financial data included in this document consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital” and “statutory admitted assets.” These statutory financial measures are included in or derived from the Jackson National Life Insurance Company annual and/or quarterly statements filed with the Michigan Department of Insurance and Financial Services and available in the investor relations section of the Company’s website at https://investors.jackson.com/financials/statutory-filings.

The financial data herein reflects, for all periods presented, the adoption of the accounting guidance of Targeted Improvements to the Accounting for Long Duration Contracts (ASU 2018-12) ("LDTI"). This includes changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The amended guidance results in significant changes related to (1) the discount rate that impacts our liability for future policy benefits, (2) market risk benefits, including the impact of non-performance adjustments, (3) deferred acquisition costs which are amortized on a constant-level basis, independent of profitability on the underlying business, and (4) the removal of balances recorded in accumulated other comprehensive income ("AOCI") related to changes in unrealized appreciation (depreciation) on investments. The Company adopted this guidance effective January 1, 2023, with a transition date of January 1, 2021, using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, and on a retrospective basis, in relation to market risk benefits ("MRBs").

All financial information in this document is based on the Company's implementation of LDTI and is currently unaudited. We expect to file recasted audited financial statements for the years ended December 31, 2022 and 2021, following the issuance of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. The information in this document is being provided on an unaudited basis to assist investors and others in evaluating the impact of LDTI on the Company's financial position and results of operations. It is possible that the final audited financial statements may differ, perhaps materially, from the information included in this document.


	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Net Income (Loss)	$	4,822		$	(1,022)		$	(56)		$	(65)		$	2,225		$	3,294		$	1,868		$	(1,158)		$	3,679		$	6,229
Net income (loss) attributable to noncontrolling interests	68			56			62			76			31			31			(11)			(8)			262			43
Net Income (Loss) Attributable to Jackson Financial Inc.	$	4,754		$	(1,078)		$	(118)		$	(141)		$	2,194		$	3,263		$	1,879		$	(1,150)		$	3,417		$	6,186



Total Shareholders' Equity	$	8,746		$	8,223		$	7,701		$	7,641		$	8,194		$	9,706		$	10,219		$	8,646		$	7,641		$	8,646
Average Shareholders' Equity	$	7,592		$	8,485		$	7,962		$	7,671		$	7,918		$	8,950		$	9,963		$	9,433		$	7,750		$	8,881

Total ROE	250.5		%	(50.8)		%	(5.9)		%	(7.4)		%	110.8		%	145.8		%	75.4		%	(48.8)		%	44.1		%	69.7		%

Adjusted Operating Earnings1	$	535		$	529		$	524		$	591		$	377		$	407		$	376		$	294		$	2,179		$	1,454
Effective tax rate on adjusted operating earnings1	9.9		%	15.4		%	14.8		%	11.3		%	15.3		%	12.3		%	9.2		%	8.1		%	12.9		%	11.5		%

Adjusted Book Value1	$	8,033		$	7,314		$	7,052		$	6,568		$	7,627		$	9,768		$	10,935		$	9,918		$	6,568		$	9,918
Average Adjusted Book Value1	$	6,125		$	7,674		$	7,183		$	6,810		$	7,098		$	8,698		$	10,352		$	10,427		$	6,637		$	8,963

Adjusted Operating ROE1	34.9		%	27.6		%	29.2		%	34.7		%	21.2		%	18.7		%	14.5		%	11.3		%	32.8		%	16.2		%

Per Share Data (Common Shareholders)2
Net income (loss) (basic)	$	50.33		$	(11.41)		$	(1.25)		$	(1.52)		$	25.41		$	37.96		$	22.08		$	(13.74)		$	36.35		$	72.34
Net income (loss) (diluted)3	$	50.33		$	(11.41)		$	(1.25)		$	(1.52)		$	24.39		$	36.59		$	21.38		$	(13.74)		$	36.17		$	69.75
Adjusted operating earnings per share (diluted)1	$	5.66		$	5.60		$	5.55		$	6.26		$	4.19		$	4.56		$	4.28		$	3.39		$	23.07		$	16.39

Book value per common share (diluted)	$	92.59		$	87.05		$	81.52		$	84.38		$	92.01		$	110.90		$	117.95		$	100.56		$	84.38		$	100.56
Adjusted book value per common share (diluted)1	$	85.04		$	77.43		$	74.65		$	72.53		$	85.64		$	111.61		$	126.21		$	115.36		$	72.53		$	115.36

Shares Outstanding2
Weighted average number of common shares (basic)	94,464,343			94,464,343			94,464,343			92,600,373			86,352,586			85,968,564			85,098,192			83,695,001			93,994,520			85,513,787
Weighted average number of common shares (diluted)3	94,464,343			94,464,343			94,464,343			92,600,373			89,959,862			89,168,775			87,895,919			83,695,001			94,465,511			88,690,700
End of period common shares (basic)	94,464,343			94,464,343			94,464,343			88,685,694			85,263,608			84,864,727			83,666,942			82,690,098			88,685,694			82,690,098
End of period common shares (diluted)	94,464,343			94,464,343			94,464,343			90,555,862			89,055,609			87,520,892			86,640,003			85,976,078			90,555,862			85,976,078

	Balances as of
Total Company AUM	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Jackson invested assets	$	46,194		$	44,330		$	47,401		$	47,224		$	44,959		$	46,267		$	45,349		$	44,486		$	47,224		$	44,486




Third party invested assets (including CLOs)4	40,738			32,670			31,715			31,980			30,639			26,751			24,719			26,993			31,980			26,993
Total PPM AUM	86,932			77,000			79,116			79,204			75,598			73,018			70,068			71,479			79,204			71,479
Total JNAM AUM	264,004			271,914			268,452			280,250			260,822			221,634			208,046			219,070			280,250			219,070
Total AUM	$	350,936		$	348,914		$	347,568		$	359,454		$	336,420		$	294,652		$	278,114		$	290,549		$	359,454		$	290,549

1 See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement.
2 The calculation of basic and diluted earnings per share ("EPS") and weighted average shares of common stock outstanding are based on 104,960.3836276-for-1 stock split effected on September 9, 2021. All share and earnings per share information presented herein have been retroactively adjusted to reflect the stock split.
3 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 3,112,052 shares and 1,868,605 shares for the three months ended December 31, 2022 and 2021, respectively. There were no dilutive shares for the three months ended September 30, 2021 and June 30, 2021.
4Assets under management include Prudential affiliates in Asia.


	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Revenues
Fee income	$	1,907	$	1,993	$	2,063	$	2,096	$	2,012	$	1,934	$	1,908	$	1,868	$	8,059	$	7,722
Premiums	40		38		37		33		37		32		36		27		148		132
Net investment income:
Net investment income excluding funds withheld assets	639		507		538		552		430		328		327		422		2,236		1,507
Net investment income on funds withheld assets	291		294		299		304		260		364		313		317		1,188		1,254
Total net investment income	930		801		837		856		690		692		640		739		3,424		2,761
Net gains (losses) on derivatives and investments:
Net gains (losses) on derivatives and investments	(2,840)		(388)		(420)		(1,696)		(1,566)		2,938		(196)		(4,199)		(5,344)		(3,023)
Net gains (losses) on funds withheld reinsurance treaties	898		(768)		(115)		(36)		1,028		1,077		555		(474)		(21)		2,186
Total net gains (losses) on derivatives and investments	(1,942)		(1,156)		(535)		(1,732)		(538)		4,015		359		(4,673)		(5,365)		(837)
Other income	23		30		17		24		20		21		19		25		94		85
Total revenues	958		1,706		2,419		1,277		2,221		6,694		2,962		(2,014)		6,360		9,863

Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	256		217		284		168		300		274		237		251		925		1,062
(Gain) loss from updating future policy benefits cash flow assumptions, net	48		6		(15)		2		15		14		(37)		(26)		41		(34)
Market risk benefits (gains) losses, net	(6,522)		1,512		1,066		(22)		(1,907)		1,184		(913)		(1,900)		(3,966)		(3,536)
Interest credited on other contract holder funds, net of deferrals	212		210		208		202		197		209		224		236		832		866
Interest expense	6		7		6		18		20		24		29		40		37		113
Operating costs and other expenses, net of deferrals	690		701		697		751		666		543		592		631		2,839		2,432

Amortization of deferred acquisition costs	331		328		328		320		317		307		305		297		1,307		1,226
Total benefits and expenses	(4,979)		2,981		2,574		1,439		(392)		2,555		437		(471)		2,015		2,129
Pretax income (loss)	5,937		(1,275)		(155)		(162)		2,613		4,139		2,525		(1,543)		4,345		7,734
Income tax expense (benefit)	1,115		(253)		(99)		(97)		388		845		657		(385)		666		1,505
Net income (loss)	4,822		(1,022)		(56)		(65)		2,225		3,294		1,868		(1,158)		3,679		6,229
Less: net income (loss) attributable to noncontrolling interests	68		56		62		76		31		31		(11)		(8)		262		43
Net income (loss) attributable to Jackson Financial Inc.	$	4,754	$	(1,078)	$	(118)	$	(141)	$	2,194	$	3,263	$	1,879	$	(1,150)	$	3,417	$	6,186


	Balances as of
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22
Assets
Investments:
Debt securities, available-for-sale, net of allowance for credit losses	$	54,616	$	52,473	$	52,123	$	51,547	$	46,770	$	43,478	$	41,681	$	42,489
Debt securities, at fair value under fair value option	1,318		1,433		1,517		1,711		1,786		2,005		2,124		2,173
Debt securities, trading, at fair value	110		115		118		117		115		103		102		100
Equity securities, at fair value	238		239		290		279		261		260		234		393
Mortgage loans, net of allowance for credit losses	11,272		11,649		11,731		11,482		11,430		11,574		11,223		10,967
Mortgage loans, at fair value under fair value option	—		—		—		—		190		357		508		582
Policy loans	4,546		4,581		4,512		4,475		4,463		4,459		4,446		4,377
Freestanding derivative instruments	1,031		1,483		1,142		1,417		926		1,243		1,950		1,270
Other invested assets	2,750		2,763		2,770		3,199		3,404		3,648		3,622		3,595
Total investments	75,881		74,736		74,203		74,227		69,345		67,127		65,890		65,946
Cash and cash equivalents	1,573		1,536		2,482		2,623		2,674		5,258		5,331		4,298
Accrued investment income	527		519		511		503		484		504		509		514
Deferred acquisition costs	13,911		13,783		13,650		13,525		13,387		13,249		13,090		12,923
Reinsurance recoverable, net of allowance for credit losses	34,467		34,115		33,510		32,834		31,930		31,028		30,059		29,046
Reinsurance recoverable on market risk benefits, at fair value	359		381		393		383		326		306		261		221
Market risk benefit assets, at fair value	2,350		1,748		1,389		1,664		2,433		2,329		3,032		4,865
Deferred income taxes, net	1,389		1,492		1,712		1,716		1,711		900		386		320
Other assets	1,258		1,187		1,382		933		1,235		1,447		1,845		944
Separate account assets	226,882		239,806		237,096		248,949		231,198		196,184		185,042		195,906
Total assets	$	358,597	$	369,303	$	366,328	$	377,357	$	354,723	$	318,332	$	305,445	$	314,983

Liabilities and Equity
Liabilities
Reserves for future policy benefits and claims payable	$	15,802	$	15,864	$	15,500	$	15,190	$	14,095	$	13,064	$	12,227	$	12,318
Other contract holder funds	62,481		59,915		59,498		58,721		58,875		58,604		58,169		58,190
Market risk benefit liabilities, at fair value	6,292		7,512		8,393		8,033		5,902		5,945		5,138		5,662
Funds withheld payable under reinsurance treaties	30,254		30,322		29,771		29,007		27,199		25,506		23,900		22,957
Long-term debt	318		318		2,670		2,649		2,640		2,634		2,634		2,635
Repurchase agreements and securities lending payable	2,058		2,281		327		1,589		599		32		27		1,048
Collateral payable for derivative instruments	517		762		588		913		525		621		1,038		689
Freestanding derivative instruments	307		55		40		41		405		1,217		2,225		2,065
Notes issued by consolidated variable interest entities, at fair value under fair value option	995		1,014		1,006		1,404		1,401		1,757		1,745		1,732
Other liabilities	3,360		2,632		3,140		2,540		2,975		2,315		2,352		2,403
Separate account liabilities	226,882		239,806		237,096		248,949		231,198		196,184		185,042		195,906
Total liabilities	349,266		360,481		358,029		369,036		345,814		307,879		294,497		305,605

Equity
Common stock	1		1		1		1		1		1		1		1
Additional paid-in capital	5,927		5,927		5,928		6,051		6,081		6,020		6,036		6,063
Treasury stock, at cost	—		—		—		(211)		(351)		(371)		(410)		(443)
Shares held in trust	(4)		(4)		—		—		—		—		—		—
Equity compensation reserve	10		9		10		—		—		—		—		—
Accumulated other comprehensive income (loss), net of tax expense (benefit)	986		1,541		1,130		1,360		(119)		(1,739)		(3,032)		(3,378)
Retained earnings (deficit)	1,826		749		632		440		2,582		5,795		7,624		6,403
Total shareholders' equity	8,746		8,223		7,701		7,641		8,194		9,706		10,219		8,646
Noncontrolling interest	585		599		598		680		715		747		729		732
Total equity	9,331		8,822		8,299		8,321		8,909		10,453		10,948		9,378
Total liabilities and equity	$	358,597	$	369,303	$	366,328	$	377,357	$	354,723	$	318,332	$	305,445	$	314,983


	Balances as of																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Debt
Senior notes	$	—		$	—		$	—		$	1,581		$	1,577		$	2,321		$	2,322		$	2,323		$	1,581		$	2,323
Surplus notes	250			250			250			250			250			250			250			250			250			250
Term loans	—			—			2,352			751			750			—			—			—			751			—
FHLBI bank loans	68			68			68			67			63			63			62			62			67			62
Total debt [a]	$	318		$	318		$	2,670		$	2,649		$	2,640		$	2,634		$	2,634		$	2,635		$	2,649		$	2,635

Equity
Common stock	$	1		$	1		$	1		$	1		$	1		$	1		$	1		$	1		$	1		$	1
Additional paid-in capital	5,927			5,927			5,928			6,051			6,081			6,020			6,036			6,063			6,051			6,063
Treasury stock, at cost	—			—			—			(211)			(351)			(371)			(410)			(443)			(211)			(443)
Shares held in trust	(4)			(4)			—			—			—			—			—			—			—			—
Equity compensation reserve	10			9			10			—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net of tax expense (benefit)	986			1,541			1,130			1,360			(119)			(1,739)			(3,032)			(3,378)			1,360			(3,378)
Retained earnings	1,826			749			632			440			2,582			5,795			7,624			6,403			440			6,403
Total shareholders' equity	8,746			8,223			7,701			7,641			8,194			9,706			10,219			8,646			7,641			8,646
Total shareholders' equity, excl. AOCI	7,760			6,682			6,571			6,281			8,313			11,445			13,251			12,024			6,281			12,024
Non-controlling interest	585			599			598			680			715			747			729			732			680			732
Total equity	$	9,331		$	8,822		$	8,299		$	8,321		$	8,909		$	10,453		$	10,948		$	9,378		$	8,321		$	9,378

Adjusted Book Value1 [b]	$	8,033		$	7,314		$	7,052		$	6,568		$	7,627		$	9,768		$	10,935		$	9,918		$	6,568		$	9,918

Total Adjusted Capitalization1 ([a]+[b])	$	8,351		$	7,632		$	9,722		$	9,217		$	10,267		$	12,402		$	13,569		$	12,553		$	9,217		$	12,553

Total Financial Leverage Ratio1	3.8		%	4.2		%	27.5		%	28.7		%	25.7		%	21.2		%	19.4		%	21.0		%	28.7		%	21.0		%

Capital Returned to Common Stock Shareholders
Dividends per common share	$	—		$	—		$	—		$	0.50		$	0.55		$	0.55		$	0.55		$	0.55		$	0.50		$	2.20
Total dividends on common stock	$	—		$	—		$	—		$	50		$	52		$	50		$	49		$	48		$	50		$	199
Total amount of common shares repurchased	$	—		$	—		$	—		$	211		$	140		$	66		$	39		$	38		$	211		$	283
Number of common shares repurchased	—			—			—			5,778,649			3,433,610			1,870,854			1,200,000			1,142,105			5,778,649			7,646,569

1 See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement.


	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Operating Revenue
Fee income	$	1,232	$	1,289	$	1,332	$	1,340	$	1,245	$	1,167	$	1,133	$	1,089	$	5,193	$	4,634
Premiums	44		40		41		35		40		35		39		30		160		144
Net investment income	540		451		471		495		401		361		340		384		1,957		1,486
Income (loss) on operating derivatives	38		41		38		36		35		24		3		(22)		153		40
Other income	23		30		17		24		20		21		19		25		94		85
Total operating revenue	1,877		1,851		1,899		1,930		1,741		1,608		1,534		1,506		7,557		6,389

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	210		186		226		136		257		210		170		158		758		795
Interest credited on other contract holder funds, net of deferrals and amortization	213		209		209		201		197		209		224		236		832		866
(Gain) loss from updating future policy benefits cash flow assumptions, net	48		7		14		3		15		15		(37)		(21)		72		(28)
Interest expense	6		7		6		18		20		24		29		40		37		113
Operating costs and other expenses, net of deferrals	665		674		685		763		665		542		592		633		2,787		2,432
Amortization of deferred acquisition costs	141		142		144		143		142		144		142		140		570		568
Total operating benefits and expenses	1,283		1,225		1,284		1,264		1,296		1,144		1,120		1,186		5,056		4,746
Pretax adjusted operating earnings1	$	594	$	626	$	615	$	666	$	445	$	464	$	414	$	320	$	2,501	$	1,643

	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Operating costs and other expenses
Asset-based commission expenses	$	267	$	281	$	286	$	292	$	275	$	250	$	242	$	243	$	1,126	$	1,010
Other commission expenses	266		264		263		249		240		229		195		182		1,042		846
Sub-advisor expenses	91		97		101		100		90		82		81		76		389		329
General and administrative expenses	241		235		227		323		240		152		220		263		1,026		875
Deferral of acquisition costs	(200)		(203)		(192)		(201)		(180)		(171)		(146)		(131)		(796)		(628)
Total operating costs and other expenses	$	665	$	674	$	685	$	763	$	665	$	542	$	592	$	633	$	2,787	$	2,432

	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Pretax Adjusted Operating Earnings by Segment1
Retail annuities	$	541	$	519	$	547	$	577	$	425	$	425	$	330	$	327	$	2,184	$	1,507
Institutional products	10		6		21		27		23		19		20		17		64		79
Closed life and annuity blocks	60		78		80		37		(9)		12		76		38		255		117
Corporate and other	(17)		23		(33)		25		6		8		(12)		(62)		(2)		(60)
Total pretax adjusted operating earnings	$	594	$	626	$	615	$	666	$	445	$	464	$	414	$	320	$	2,501	$	1,643

1See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement.


Pretax Adjusted Operating Earnings, Sales, and Key Metrics
	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Operating Revenue
Fee income	$	1,089		$	1,150		$	1,194		$	1,203		$	1,108		$	1,034		$	1,002		$	964		$	4,636		$	4,108
Premiums	6			7			2			—			3			—			3			4			15			10
Net investment income	211			150			180			151			114			113			72			104			692			403
Income (loss) on operating derivatives	14			15			13			10			11			7			2			(3)			52			17
Other income	12			11			12			12			11			11			11			9			47			42
Total operating revenue	1,332			1,333			1,401			1,376			1,247			1,165			1,090			1,078			5,442			4,580

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals1	22			26			38			(80)			32			16			2			11			6			61
Interest credited on other contract holder funds, net of deferrals	57			55			56			57			57			61			72			63			225			253
(Gain) loss from updating future policy benefits cash flow assumptions, net	(6)			(2)			(2)			2			(3)			1			(1)			(1)			(8)			(4)
Interest expense	5			6			6			5			5			6			8			13			22			32
Operating costs and other expenses, net of deferrals	575			590			615			676			592			515			540			527			2,456			2,174
Amortization of deferred acquisition costs	138			139			141			139			139			141			139			138			557			557
Total operating benefits and expenses	791			814			854			799			822			740			760			751			3,258			3,073
Pretax adjusted operating earnings2	$	541		$	519		$	547		$	577		$	425		$	425		$	330		$	327		$	2,184		$	1,507

Sales
By Product
VA with lifetime benefits guarantees	$	3,263		$	3,163		$	3,148		$	3,148		$	3,219		$	2,569		$	2,092		$	1,854		$	12,722		$	9,734
VA without lifetime benefits guarantees (incl. investment-only products)	1,412			1,658			1,590			1,691			1,356			1,064			794			690			6,351			3,904
Registered Index-Linked Annuities (RILA)	—			—			—			108			199			490			562			560			108			1,811
FA/FIA3	50			38			31			29			23			19			112			134			148			288
Total	$	4,724		$	4,859		$	4,769		$	4,976		$	4,797		$	4,142		$	3,560		$	3,238		$	19,329		$	15,737
Variable Annuity By Rider Type
None (investment-only)	$	614		$	723		$	683		$	723		$	603		$	465		$	343		$	331		$	2,743		$	1,742
GMDB only	717			857			829			882			667			533			397			303			3,285			1,900
GMWB - without lifetime benefits guarantees	81			78			78			86			86			66			54			56			323			262
GMWB - with lifetime benefits guarantees	3,263			3,163			3,148			3,148			3,219			2,569			2,092			1,854			12,722			9,734
Total	$	4,674		$	4,821		$	4,738		$	4,839		$	4,575		$	3,633		$	2,886		$	2,544		$	19,073		$	13,638
Total Sales % By Channel
Independent broker-dealers	71		%	69		%	69		%	69		%	63		%	68		%	68		%	68		%	70		%	67		%
Banks and other financial institutions	13		%	14		%	14		%	13		%	12		%	13		%	12		%	11		%	13		%	12		%
Wirehouses and regional broker-dealers	13		%	14		%	14		%	15		%	11		%	13		%	15		%	15		%	14		%	13		%
IPA channel4	3		%	3		%	3		%	3		%	14		%	6		%	5		%	6		%	3		%	8		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%

Key Metrics
Total variable annuity fee margin5	3.0		%	3.1		%	3.1		%	3.1		%	3.0		%	3.2		%	3.5		%	3.5		%	3.1		%	3.3		%
Variable annuity gross separate account return6	4.6		%	6.5		%	(0.2)		%	5.9		%	(6.2)		%	(14.0)		%	(4.5)		%	7.5		%	17.6		%	(17.3)		%
Operating income margin7	40.6		%	38.9		%	39.0		%	41.9		%	34.1		%	36.5		%	30.3		%	30.3		%	40.1		%	32.9		%


1Includes recovery of claims on previously reinsured policies for fixed annuities and fixed-indexed annuities of $80 million in the three months ended December 31, 2021.
2See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement.
3Net of premiums ceded to Athene.
4The IPA Channel includes the distribution of Jackson products through non-traditional distribution intermediaries such as Independent Registered Investment Advisors, Platforms (e.g. AllianceBernstein Lifetime Income Strategy/defined contribution plans), and insurance professionals and agents.
5Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value.
6Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees.
7Operating income as a percentage of operating revenue.


Select Operating Metrics - (1/4)
	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Account Value
Variable Annuity - General Account
Balance as of beginning of periods, net of reinsurance	$	10,094		$	10,104		$	9,615		$	9,776		$	9,456		$	9,793		$	10,469		$	10,434		$	10,094		$	9,456
Premiums and deposits	396			359			358			377			359			375			315			301			1,490			1,350
Surrenders, withdrawals and benefits	(533)			(472)			(414)			(397)			(369)			(380)			(362)			(381)			(1,816)			(1,492)
Net flows	(137)			(113)			(56)			(20)			(10)			(5)			(47)			(80)			(326)			(142)
Net transfer to variable funds	133			(393)			197			(321)			326			666			(8)			(114)			(384)			870
Interest credited	42			41			41			41			40			41			44			43			165			168
Policy charges and other	(28)			(24)			(21)			(20)			(19)			(26)			(24)			(24)			(93)			(93)
Balance as of end of periods, net of reinsurance	$	10,104		$	9,615		$	9,776		$	9,456		$	9,793		$	10,469		$	10,434		$	10,259		$	9,456		$	10,259

Variable Annuity - Separate Account
Balance as of beginning of periods, net of reinsurance	$	218,618		$	226,426		$	239,326		$	236,630		$	248,467		$	230,762		$	195,830		$	184,705		$	218,618		$	248,467
Premiums and deposits	4,279			4,463			4,381			4,464			4,216			3,258			2,571			2,243			17,587			12,288
Surrenders, withdrawals and benefits	(4,383)			(4,674)			(4,454)			(4,761)			(4,204)			(3,553)			(3,190)			(3,606)			(18,272)			(14,553)
Net flows	(104)			(211)			(73)			(297)			12			(295)			(619)			(1,363)			(685)			(2,265)
Net transfer to fixed option	(133)			393			(197)			321			(326)			(666)			8			114			384			(870)
Investment performance	8,626			13,334			(1,794)			12,455			(16,727)			(33,310)			(9,853)			12,741			32,621			(47,149)
Policy charges and other	(581)			(616)			(632)			(642)			(664)			(661)			(661)			(647)			(2,471)			(2,633)
Balance as of end of periods, net of reinsurance	$	226,426		$	239,326		$	236,630		$	248,467		$	230,762		$	195,830		$	184,705		$	195,550		$	248,467		$	195,550

Variable Annuity - Total
Balance as of beginning of periods, net of reinsurance	$	228,712		$	236,530		$	248,941		$	246,406		$	257,923		$	240,555		$	206,299		$	195,139		$	228,712		$	257,923
Premiums and deposits	4,675			4,823			4,738			4,841			4,575			3,633			2,886			2,544			19,077			13,638
Surrenders, withdrawals and benefits	(4,915)			(5,148)			(4,867)			(5,158)			(4,573)			(3,933)			(3,552)			(3,987)			(20,088)			(16,045)
Net flows	(240)			(325)			(129)			(317)			2			(300)			(666)			(1,443)			(1,011)			(2,407)
Investment performance	8,626			13,334			(1,794)			12,455			(16,727)			(33,310)			(9,853)			12,741			32,621			(47,149)
Interest credited	42			41			41			41			40			41			44			43			165			168
Policy charges and other	(610)			(639)			(653)			(662)			(683)			(687)			(685)			(671)			(2,564)			(2,726)
Balance as of end of periods, net of reinsurance	236,530			248,941			246,406			257,923			240,555			206,299			195,139			205,809			257,923			205,809
Reinsured account value - balance as of end of periods	—			—			—			—			—			—			—			—			—			—
Balance as of end of periods, gross of reinsurance	$	236,530		$	248,941		$	246,406		$	257,923		$	240,555		$	206,299		$	195,139		$	205,809		$	257,923		$	205,809

Annualized surrenders and withdrawals as percentage of VA account value	8.5		%	8.5		%	7.9		%	8.2		%	7.3		%	7.0		%	7.1		%	8.0		%	8.2		%	7.3		%

Variable Annuity Allocation
By Fund Type
Equity	$	153,864		$	164,049		$	161,605		$	171,811		$	158,362		$	131,212		$	123,536		$	132,547		$	171,811		$	132,547
Bond	23,610			24,063			24,026			24,059			22,458			20,122			18,905			19,155			24,059			19,155
Balanced	46,633			48,940			48,671			50,534			47,484			41,498			39,075			40,797			50,534			40,797
Money market	2,319			2,274			2,328			2,063			2,458			2,998			3,189			3,051			2,063			3,051
Total separate account	226,426			239,326			236,630			248,467			230,762			195,830			184,705			195,550			248,467			195,550
Fixed (general account)	10,104			9,615			9,776			9,456			9,793			10,469			10,434			10,259			9,456			10,259
Total variable annuity account value	$	236,530		$	248,941		$	246,406		$	257,923		$	240,555		$	206,299		$	195,139		$	205,809		$	257,923		$	205,809


Select Operating Metrics - (2/4)
	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Account Value
Fixed and Fixed Index Annuity
Balance as of beginning of periods, net of reinsurance	$	1,253		$	1,284		$	1,324		$	1,364		$	1,390		$	1,407		$	1,423		$	1,527		$	1,253		$	1,390
Premiums and deposits	58			39			45			140			54			59			138			155			282			406
Surrenders, withdrawals and benefits	(33)			1			(8)			(123)			(44)			(49)			(42)			(57)			(163)			(192)
Net flows	25			40			37			17			10			10			96			98			119			214
Change in value of equity option	2			1			—			2			(1)			(4)			(1)			2			5			(4)
Interest credited	9			9			9			11			12			14			17			14			38			57
Policy charges and other	(5)			(10)			(6)			(4)			(4)			(4)			(8)			(7)			(25)			(23)
Balance as of end of periods, net of reinsurance	1,284			1,324			1,364			1,390			1,407			1,423			1,527			1,634			1,390			1,634
Reinsured account value - balance as of end of periods	26,297			25,920			25,439			24,956			24,380			23,762			22,909			21,849			24,956			21,849
Balance as of end of periods, gross of reinsurance	$	27,581		$	27,244		$	26,803		$	26,346		$	25,787		$	25,185		$	24,436		$	23,483		$	26,346		$	23,483

Annualized surrenders, withdrawals as % of FA and FIA account value1	10.4		%	(0.3)		%	2.4		%	35.7		%	12.6		%	13.9		%	11.4		%	14.4		%	12.3		%	13.0		%

RILA
Balance as of beginning of periods, net of reinsurance	$	—		$	—		$	—		$	—		$	110		$	305		$	735		$	1,235		$	—		$	110
Premiums and deposits	—			—			—			108			199			490			562			560			108			1,811
Surrenders, withdrawals and benefits	—			—			—			—			(1)			(1)			(1)			(5)			—			(8)
Net flows	—			—			—			108			198			489			561			555			108			1,803
Change in value of equity option	—			—			—			2			(3)			(59)			(59)			84			2			(37)
Interest credited	—			—			—			—			—			—			1			1			—			2
Policy charges and other	—			—			—			—			—			—			(3)			—			—			(3)
Balance as of end of periods, net of reinsurance	—			—			—			110			305			735			1,235			1,875			110			1,875
Reinsured account value - balance as of end of periods	—			—			—			—			—			—			—			—			—			—
Balance as of end of periods, gross of reinsurance	$	—		$	—		$	—		$	110		$	305		$	735		$	1,235		$	1,875		$	110		$	1,875

Annualized surrenders, withdrawals as % of RILA account value1	—		%	—		%	—		%	—		%	1.9		%	0.8		%	0.4		%	1.3		%	—		%	0.9		%

















1Represents net of reinsurance annualized surrender, withdrawals as % of net account value.


Select Operating Metrics - (2/4) (Continued)
	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Payout Annuity
Balance as of beginning of periods, net of reinsurance	$	776		$	747		$	738		$	726		$	712		$	684		$	674		$	655		$	776		$	712
Premiums and deposits	29			36			37			25			24			28			27			27			127			106
Surrenders, withdrawals and benefits	(60)			(50)			(54)			(44)			(53)			(43)			(49)			(40)			(208)			(185)
Net flows	(31)			(14)			(17)			(19)			(29)			(15)			(22)			(13)			(81)			(79)
Change in value of equity option	—			—			—			—			—			—			—			—			—			—
Interest credited	5			5			5			5			4			5			4			4			20			17
Policy charges and other	(3)			—			—			—			(3)			—			(1)			3			(3)			(1)
Balance as of end of periods, net of reinsurance	747			738			726			712			684			674			655			649			712			649
Reinsured account value - balance as of end of periods	75			87			109			119			139			159			172			188			119			188
Balance as of end of periods, gross of reinsurance	$	822		$	825		$	835		$	831		$	823		$	833		$	827		$	837		$	831		$	837

Annualized surrenders, withdrawals as % of payout annuity account value1	31.5		%	26.9		%	29.5		%	24.5		%	30.4		%	25.3		%	29.5		%	24.5		%	28.1		%	27.4		%


Total Retail Annuity2
Balance as of beginning of periods, net of reinsurance	$	230,741		$	238,561		$	251,003		$	248,496		$	260,135		$	242,951		$	209,131		$	198,556		$	230,741		$	260,135
Premiums and deposits	4,762			4,898			4,820			5,114			4,852			4,210			3,613			3,286			19,594			15,961
Surrenders, withdrawals and benefits	(5,008)			(5,197)			(4,929)			(5,325)			(4,671)			(4,026)			(3,644)			(4,089)			(20,459)			(16,430)
Net flows	(246)			(299)			(109)			(211)			181			184			(31)			(803)			(865)			(469)
Investment performance	8,626			13,334			(1,794)			12,455			(16,727)			(33,310)			(9,853)			12,741			32,621			(47,149)
Change in value of equity option	2			1			—			4			(4)			(63)			(60)			86			7			(41)
Interest credited	56			55			55			57			56			60			66			62			223			244
Policy charges and other	(618)			(649)			(659)			(666)			(690)			(691)			(697)			(675)			(2,592)			(2,753)
Balance as of end of periods, net of reinsurance	238,561			251,003			248,496			260,135			242,951			209,131			198,556			209,967			260,135			209,967
Reinsured account value - balance as of end of periods	26,372			26,007			25,548			25,075			24,519			23,921			23,081			22,037			25,075			22,037
Balance as of end of periods, gross of reinsurance	$	264,933		$	277,010		$	274,044		$	285,210		$	267,470		$	233,052		$	221,637		$	232,004		$	285,210		$	232,004

Annualized surrenders, withdrawals as % of account value1	8.5		%	8.5		%	7.9		%	8.4		%	7.4		%	7.1		%	7.2		%	8.0		%	8.3		%	7.3		%

1Represents net of reinsurance annualized surrender, withdrawals as % of net account value.
2Account value excludes reserves for future policy benefits.


Select Operating Metrics - (3/4)
	Balances as of
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22
U.S. GAAP Reserves1
By Financial Statement Line
Separate account liabilities	$	226,795	$	239,719	$	237,010	$	248,859	$	231,113	$	196,114	$	184,976	$	195,835
Reserves for future policy benefits	1,228		1,269		1,258		1,249		1,152		1,069		1,018		1,042
Other contract holder funds	38,507		37,684		37,414		36,743		36,708		37,222		36,932		36,454
Market risk benefits	3,935		5,757		6,997		6,363		3,462		3,609		2,099		789
Total	$	270,465	$	284,429	$	282,679	$	293,214	$	272,435	$	238,014	$	225,025	$	234,120

By Product
Variable annuities - separate account with lifetime benefits guarantees	$	168,178	$	177,712	$	175,429	$	184,031	$	170,698	$	144,576	$	136,338	$	144,629
Variable annuities - separate account w/o lifetime benefits guarantees (incl. investment-only products)	58,617		62,007		61,581		64,828		60,415		51,538		48,638		51,206
Variable annuities - general account	14,287		15,617		17,017		16,058		13,497		14,332		12,787		11,313
Total variable annuities	241,082		255,336		254,027		264,917		244,610		210,446		197,763		207,148
RILA	—		—		—		110		306		738		1,240		1,879
Fixed annuities	13,775		13,611		13,430		13,186		12,953		12,728		12,313		11,698
Fixed index annuities	13,857		13,704		13,448		13,241		12,890		12,487		12,137		11,804
Payout annuities	1,751		1,778		1,774		1,760		1,676		1,615		1,572		1,591

Total	$	270,465	$	284,429	$	282,679	$	293,214	$	272,435	$	238,014	$	225,025	$	234,120











1 Gross of reinsurance


Select Operating Metrics - (4/4)
	Balances as of
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22
Variable Annuity Account Value (before reinsurance)
No Living Benefits
w/ No GMDB (return of AV)	$	26,375	$	27,771	$	27,715	$	29,089	$	27,376	$	23,680	$	22,399	$	23,507
w/ ROP GMDB	15,674		16,697		16,782		17,855		16,823		14,650		13,939		14,580
w/ Enhanced GMDB	12,763		13,390		13,235		13,775		12,830		11,060		10,481		10,986
GMWB
w/ No GMDB (return of AV)	41		46		47		51		49		42		41		47
w/ ROP GMDB	5,699		5,935		5,811		6,014		5,563		4,753		4,469		4,674
w/ Enhanced GMDB	1,228		1,270		1,221		1,253		1,156		983		919		953
GMWB for Life
w/ No GMDB (return of AV)	913		1,025		1,059		1,198		1,561		1,393		1,363		1,496
w/ ROP GMDB	158,114		166,550		164,723		172,375		160,218		137,083		129,657		137,113
w/ Enhanced GMDB	13,841		14,392		14,024		14,505		13,323		11,254		10,568		11,097
GMIB
w/ ROP GMDB	1,323		1,347		1,293		1,299		1,190		1,006		934		972
w/ Enhanced GMDB	512		518		496		509		466		395		369		384
GMAB
w/ ROP GMDB	40		—		—		—		—		—		—		—
w/ Enhanced GMDB	7		—		—		—		—		—		—		—
Total	$	236,530	$	248,941	$	246,406	$	257,923	$	240,555	$	206,299	$	195,139	$	205,809

Net Amount at Risk (before reinsurance)1	$	3,637	$	3,277	$	3,971	$	3,404	$	5,831	$	14,815	$	19,900	$	15,592






1 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 the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.


Pretax Adjusted Operating Earnings, Sales, and Key Metrics
	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Operating Revenue
Net investment income	$	64	$	56	$	69	$	71	$	64	$	72	$	80	$	96	$	260	$	312
Income (loss) on operating derivatives	—		—		(1)		(2)		(1)		(4)		(8)		(9)		(3)		(22)

Total operating revenue	64		56		68		69		63		68		72		87		257		290

Operating Benefits and Expenses
Interest credited on other contract holder funds, net of deferrals	52		48		47		41		39		47		51		64		188		201
Interest expense1	1		1		(2)		—		—		—		—		5		—		5
Operating costs and other expenses, net of deferrals	1		1		2		1		1		2		1		1		5		5
Total operating benefits and expenses	54		50		47		42		40		49		52		70		193		211
Pretax adjusted operating earnings2	$	10	$	6	$	21	$	27	$	23	$	19	$	20	$	17	$	64	$	79

Sales
By Product
Traditional guaranteed investment contracts (GICs)	$	—	$	—	$	—	$	3	$	175	$	201	$	64	$	58	$	3	$	498
FHLBI funding agreements	—		—		43		429		50		—		250		—		472		300
Medium-Term Note funding agreements	—		—		—		—		750		—		—		850		—		1,600
Total	$	—	$	—	$	43	$	432	$	975	$	201	$	314	$	908	$	475	$	2,398

	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Account Value
General Account
Balance as of beginning of periods	$	11,138	$	10,579	$	8,910	$	8,839	$	8,830	$	9,173	$	8,483	$	8,358	$	11,138	$	8,830
Premiums and deposits	—		—		43		432		975		201		314		908		475		2,398
Surrenders, withdrawals and benefits	(545)		(1,735)		(147)		(488)		(659)		(868)		(428)		(403)		(2,915)		(2,358)
Net flows	(545)		(1,735)		(104)		(56)		316		(667)		(114)		505		(2,440)		40
Interest credited	53		49		45		41		39		47		51		64		188		201
Policy charges and other	(67)		17		(12)		6		(12)		(70)		(62)		92		(56)		(52)
Balance as of end of periods	$	10,579	$	8,910	$	8,839	$	8,830	$	9,173	$	8,483	$	8,358	$	9,019	$	8,830	$	9,019

GAAP Reserves	Balance as of
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
By Product
Traditional guaranteed investment contracts (GICs)	$	1,175	$	1,100	$	994	$	894	$	1,052	$	1,181	$	1,162	$	1,128	$	894	$	1,128
FHLBI funding agreements	1,478		1,478		1,522		1,950		2,000		2,001		2,252		2,004		1,950		2,004
Medium-Term Note funding agreements	7,925		6,332		6,322		5,986		6,121		5,301		4,944		5,887		5,986		5,887
Total	$	10,579	$	8,910	$	8,839	$	8,830	$	9,173	$	8,483	$	8,358	$	9,019	$	8,830	$	9,019


1At September 30, 2021, interest expense recorded for certain funding agreements has been reclassified to interest credited on other contract holder funds, prospectively. In 4Q 2022, this represented the interest expense for the repurchase agreement on guaranteed investment contracts.
2See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement.


Pretax Adjusted Operating Earnings and Key Metrics
	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Operating Revenue
Fee income	$	125	$	123	$	123	$	121	$	121	$	119	$	118	$	116	$	492	$	474
Premiums	38		33		39		35		37		35		36		26		145		134
Net investment income	265		213		245		227		189		167		166		184		950		706
Income (loss) on operating derivatives	20		18		18		16		15		13		7		(4)		72		31
Other income	9		13		7		10		8		9		8		10		39		35
Total operating revenue	457		400		432		409		370		343		335		332		1,698		1,380

Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	188		160		188		216		225		194		168		147		752		734
Interest credited on other contract holder funds, net of deferrals	104		106		106		103		101		101		101		109		419		412
(Gain) loss from updating future policy benefits cash flow assumptions, net	54		9		16		1		18		14		(36)		(20)		80		(24)
Operating costs and other expenses, net of deferrals	48		44		39		48		32		19		23		56		179		130
Amortization of deferred acquisition costs	3		3		3		4		3		3		3		2		13		11
Total operating benefits and expenses	397		322		352		372		379		331		259		294		1,443		1,263
Pretax adjusted operating earnings1	$	60	$	78	$	80	$	37	$	(9)	$	12	$	76	$	38	$	255	$	117

	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Account Value2
General Account
Balance as of beginning of periods, net of reinsurance	$	8,964	$	8,865	$	8,789	$	8,709	$	8,637	$	8,532	$	8,449	$	8,372	$	8,964	$	8,637
Premiums and deposits	85		80		82		80		82		76		76		75		327		309
Surrenders, withdrawals and benefits	(161)		(138)		(142)		(136)		(162)		(135)		(132)		(150)		(577)		(579)
Net flows	(76)		(58)		(60)		(56)		(80)		(59)		(56)		(75)		(250)		(270)
Interest credited	104		103		103		103		99		99		99		107		413		404
Policy charges and other	(127)		(121)		(123)		(119)		(124)		(123)		(120)		(116)		(490)		(483)
Balance as of end of periods, net of reinsurance	8,865		8,789		8,709		8,637		8,532		8,449		8,372		8,288		8,637		8,288
Reinsured account value - balance as of end of periods	4,337		4,359		4,353		4,327		4,280		4,269		4,320		4,246		4,327		4,246
Balance as of end of periods, gross of reinsurance	13,202		13,148		13,062		12,964		12,812		12,718		12,692		12,534		12,964		12,534

	Balance as of
GAAP Reserves	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
By Financial Statement Line
Separate account liabilities	$	87	$	87	$	86	$	90	$	85	$	70	$	66	$	71	$	90	$	71
Reserves for future policy benefits	12,930		13,070		12,771		12,509		11,416		10,565		9,849		9,866		12,509		9,866
Other contract holder funds	13,202		13,148		13,062		12,964		12,812		12,718		12,692		12,534		12,964		12,534
Market risk benefits	7		7		7		6		7		7		7		8		6		8
Total	$	26,226	$	26,312	$	25,926	$	25,569	$	24,320	$	23,360	$	22,614	$	22,479	$	25,569	$	22,479


1See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement.
2Account value excludes reserve for future policy benefits.


	Balances as of
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22
Invested Asset Reconciliation
Total investments	$	75,881		$	74,736		$	74,203		$	74,227		$	69,345		$	67,127		$	65,890		$	65,946
Cash and cash equivalents	1,573			1,536			2,482			2,623			2,674			5,258			5,331			4,298
Total investments and cash and cash equivalents	$	77,453		$	76,272		$	76,685		$	76,850		$	72,019		$	72,385		$	71,221		$	70,244

Breakdown of Invested Assets
By Asset Class Excluding Funds Withheld Assets
Debt securities
U.S. government securities	$	4,318		$	4,312		$	4,306		$	4,166		$	3,121		$	2,839		$	3,906		$	5,034
Other government securities	1,088			1,114			1,086			1,067			1,024			914			855			850
Corporate securities	25,178			24,791			25,045			25,940			24,252			23,181			21,930			21,837
Residential mortgage-backed	236			233			231			217			221			223			228			250
Commercial mortgage-backed	1,516			1,205			1,191			1,199			1,175			1,165			1,211			1,220
Other asset-backed securities	1,371			1,195			1,293			1,528			1,592			1,656			1,700			1,790
Total debt securities	33,707			32,850			33,152			34,117			31,385			29,978			29,830			30,981
Equity securities	151			155			162			163			162			172			150			316
Mortgage loans	7,479			7,260			7,018			6,743			6,764			6,935			6,877			6,840
Policy loans	1,044			1,027			1,008			992			973			959			946			942
Freestanding derivative instruments	1,014			1,466			1,103			1,374			868			1,133			1,767			1,173
Other invested assets	2,483			2,340			2,233			2,484			2,611			2,759			2,753			2,802
Subtotal	45,878			45,098			44,676			45,873			42,763			41,936			42,323			43,054
Funds withheld assets	30,003			29,638			29,527			28,354			26,582			25,191			23,567			22,892
Total investments	$	75,881		$	74,736		$	74,203		$	74,227		$	69,345		$	67,127		$	65,890		$	65,946

Fixed Income Assets by Rating Excluding Funds Withheld Assets
AAA	21.6		%	20.7		%	20.3		%	19.5		%	17.1		%	17.0		%	20.8		%	23.9		%
AA	7.3		%	7.9		%	7.5		%	7.6		%	8.4		%	8.0		%	8.0		%	7.7		%
A	30.2		%	29.6		%	30.3		%	29.6		%	29.7		%	30.3		%	29.5		%	29.3		%
BBB	35.3		%	35.6		%	35.5		%	36.5		%	37.4		%	36.1		%	33.3		%	30.9		%
Investment grade	94.4		%	93.8		%	93.6		%	93.2		%	92.6		%	91.4		%	91.6		%	91.8		%
BB	2.8		%	2.8		%	3.0		%	3.1		%	3.3		%	3.6		%	3.4		%	3.5		%
B and below	2.8		%	3.4		%	3.4		%	3.7		%	4.1		%	5.0		%	5.0		%	4.7		%
Below investment grade	5.6		%	6.2		%	6.4		%	6.8		%	7.4		%	8.6		%	8.4		%	8.2		%
Total debt securities	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%


	Balances as of
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22
Debt Securities Excluding Funds Withheld Assets
U.S. government securities	$	4,318	$	4,312	$	4,306	$	4,166	$	3,121	$	2,839	$	3,906	$	5,034
Other government securities	1,088		1,114		1,086		1,067		1,024		914		855		850
Corporate securities:
Utilities	4,859		4,870		4,814		4,883		4,461		4,155		3,847		3,958
Energy	2,097		2,118		2,111		2,190		1,989		1,858		1,748		1,735
Banking	1,215		1,231		1,192		1,307		1,137		1,232		1,267		1,235
Healthcare	2,323		2,248		2,327		2,369		2,209		2,061		1,939		1,864
Finance/insurance	2,426		2,716		2,801		3,074		3,098		2,915		2,834		2,811
Technology/telecom	1,955		1,735		1,763		1,831		1,672		1,691		1,565		1,545
Consumer goods	1,769		1,707		1,731		1,814		1,765		1,569		1,498		1,557
Industrial	1,290		1,228		1,252		1,291		1,244		1,127		991		955
Capital goods	1,675		1,603		1,614		1,597		1,420		1,446		1,337		1,293
Real estate	1,234		1,088		1,102		1,150		1,065		1,039		949		985
Media	750		874		733		740		765		750		737		706
Transportation	871		741		851		924		831		783		798		797
Retail	954		909		906		937		889		866		825		806
Other	1,760		1,723		1,848		1,833		1,707		1,689		1,595		1,590
Total corporate securities	25,178		24,791		25,045		25,940		24,252		23,181		21,930		21,837
Residential mortgage-backed	236		233		231		217		221		223		228		250
Commercial mortgage-backed	1,516		1,205		1,191		1,199		1,175		1,165		1,211		1,220
Other asset-backed securities	1,371		1,195		1,293		1,528		1,592		1,656		1,700		1,790
Total debt securities excluding funds withheld assets	$	33,707	$	32,850	$	33,152	$	34,117	$	31,385	$	29,978	$	29,830	$	30,981


	For the Three Months Ended																															For the Twelve Months Ended or As of
	3/31/21				6/30/21				9/30/21				12/31/21				3/31/22				6/30/22				9/30/22				12/31/22				12/31/21				12/31/22
	Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount		Income Pct.		Amount
Debt Securities
Income (loss)	4.0	%	$	323	3.5	%	$	277	3.5	%	$	272	3.6	%	$	282	3.4	%	$	273	2.6	%	$	213	3.7	%	$	306	3.3	%	$	284	3.6	%	$	1,154	3.2	%	$	1,076
Ending assets - income pct. value2			32,305				30,631				31,189				32,317				32,851				32,650				34,117				34,416				32,317				34,416
Ending assets - carrying value			33,706				32,851				33,140				34,117				31,385				29,978				29,830				30,981				34,117				30,981

Equity Securities
Income (loss)	(0.8)	%	—		18.1	%	7		(0.5)	%	—		2.5	%	1		2.5	%	1		14.4	%	6		(62.1)	%	(25)		3.4	%	2		5.1	%	8		(8.3)	%	(16)
Ending assets - carrying value			151				155				162				163				162				172				150				316				163				316

Mortgage Loans
Income (loss)	4.2	%	82		4.3	%	80		4.4	%	79		4.5	%	78		4.3	%	73		3.9	%	68		4.0	%	70		4.3	%	74		4.3	%	319		4.1	%	285
Ending assets - income pct. value2			7,552				7,343				7,088				6,813				6,821				7,002				6,947				6,925				6,813				6,925
Ending assets - carrying value			7,479				7,260				7,018				6,743				6,764				6,935				6,877				6,840				6,743				6,840

Policy Loans
Income (loss)	7.1	%	19		6.6	%	17		7.9	%	20		6.8	%	17		6.9	%	17		7.0	%	17		7.6	%	18		7.2	%	17		7.1	%	73		7.2	%	69
Ending assets - carrying value			1,043				1,027				1,008				992				973				959				946				942				992				942

Limited Partnerships
Income (loss)	48.9	%	243		29.4	%	150		40.3	%	193		42.0	%	209		19.9	%	108		8.7	%	50		(1.2)	%	(7)		(1.2)	%	(7)		40.1	%	795		6.3	%	144
Ending assets - carrying value			2,110				1,968				1,863				2,116				2,223				2,372				2,369				2,419				2,116				2,419

Other Invested Assets (ex. Limited Partnerships)
Income (loss)	4.3	%	4		5.4	%	5		2.2	%	2		4.3	%	4		1.1	%	1		1.0	%	1		2.1	%	2		4.2	%	4		4.0	%	15		2.1	%	8
Ending assets - carrying value			374				372				370				368				388				387				384				383				368				383

Total Invested Assets (ex. Derivative3)
Income (loss)	6.1	%	$	671	5.0	%	$	536	5.4	%	$	566	5.6	%	$	591	4.4	%	$	473	3.3	%	$	355	3.3	%	$	364	3.3	%	$	374	5.5	%	$	2,364	3.6	%	$	1,566
Ending assets - income pct. value2			43,535				41,496				41,680				42,769				43,418				43,542				44,913				45,401				42,769				45,401
Ending assets - carrying value			44,863				43,632				43,561				44,499				41,895				40,803				40,556				41,881				44,499				41,881

Cash and Short-Term Investments
Income (loss)	0.0	%	—		0.1	%	—		0.0	%	—		0.0	%	—		0.0	%	—		1.0	%	9		1.0	%	12		1.8	%	20		0.0	%	—		1.1	%	41
Ending assets - carrying value			1,189				1,189				2,099				2,185				2,224				4,934				4,822				4,038				2,185				4,038

Funds Withheld Assets
Income (loss)	3.9	%	291		4.0	%	294		4.1	%	300		4.2	%	303		3.7	%	260		5.3	%	364		4.6	%	313		4.8	%	317		4.0	%	1,188		4.6	%	1,254
Ending assets - income pct. value2, 4			30,050				29,211				29,298				28,410				27,744				27,608				26,908				25,792				28,410				25,792
Ending assets - carrying value4			30,371				29,967				29,884				28,749				26,974				25,405				23,893				23,055				28,749				23,055

Total Net Investment Income
Investment income			$	962			$	830			$	866			$	894			$	733			$	728			$	689			$	711			$	3,552			$	2,861
Less: investment fees			(32)				(29)				(29)				(38)				(43)				(36)				(49)				28				(128)				(100)
Investment income, net			$	930			$	801			$	837			$	856			$	690			$	692			$	640			$	739			$	3,424			$	2,761

Total Operating Net Investment Income
Investment income, net			$	930			$	801			$	837			$	856			$	690			$	692			$	640			$	739			$	3,424			$	2,761
Less: investment income on funds withheld assets			(291)				(294)				(300)				(303)				(260)				(364)				(313)				(317)				(1,188)				(1,254)
Less: investment income related to noncontrolling interests			(68)				(56)				(62)				(76)				(31)				(31)				11				9				(262)				(42)
Less: investment income due to consolidation			(31)				—				(4)				18				2				64				2				(47)				(17)				21
Operating investment income, net			$	540			$	451			$	471			$	495			$	401			$	361			$	340			$	384			$	1,957			$	1,486


1Income percentages are annualized.
2Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans.
3Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets.
4Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows:
													Income Pct. Value				Carrying Value
Debt Securities															$	16,501			$	13,781
Equity Securities															77				77
Mortgage Loans															4,726				4,709
Policy Loans															3,435				3,435
Limited Partnerships															793				793
Cash and Short-Term Investments															260				260
Total															$	25,792			$	23,055


Variable Annuities, Net
	For the Three Months Ended																For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Net liability balance, beginning of periods	$	9,908	$	3,883	$	5,685	$	6,922	$	6,281	$	3,405	$	3,576	$	2,081	$	9,908	$	6,281
Net liability beginning of periods cumulative effect of changes in non-performance risk1	743		173		(113)		(273)		326		1,254		2,262		2,809		743		326
Net liability balance, beginning of periods, before effect of changes in non-performance risk	10,651		4,056		5,572		6,649		6,607		4,659		5,838		4,890		10,651		6,607
Effect of changes in interest rates	(6,293)		2,490		(261)		871		(4,520)		(4,866)		(4,071)		(680)		(3,193)		(14,137)
Effect of fund performance	(702)		(986)		169		(869)		1,638		5,112		1,954		(2,272)		(2,388)		6,432
Effect of changes in equity index volatility	(101)		(401)		933		(476)		486		618		707		(235)		(45)		1,576
Effect of expected policyholder behavior	(1)		140		39		234		77		224		222		9		412		532
Effect of actual policyholder behavior different from expected	(120)		(248)		(179)		(200)		(17)		(242)		(84)		113		(747)		(230)
Effect of time	622		521		376		382		388		333		324		662		1,901		1,707
Effect of changes in assumptions	—		—		—		16		—		—		—		465		16		465
Net liability balance, end of periods, before effect of changes in non-performance risk	4,056		5,572		6,649		6,607		4,659		5,838		4,890		2,952		6,607		2,952
Net liability end of periods cumulative effect of changes in non-performance risk1	(173)		113		273		(326)		(1,254)		(2,262)		(2,809)		(2,185)		(326)		(2,185)
Net liability balance, end of periods, gross	3,883		5,685		6,922		6,281		3,405		3,576		2,081		767		6,281		767

Reinsurance recoverable on market risk benefits at fair value, end of periods	(290)		(291)		(301)		(284)		(255)		(257)		(228)		(183)		(284)		(183)
Net liability balance, end of periods, net of reinsurance	$	3,593	$	5,394	$	6,621	$	5,997	$	3,150	$	3,319	$	1,853	$	584	$	5,997	$	584

1 Changes in non-performance risk are reported in AOCI, rather than the Income Statements.






Reconciliation of Market Risk Benefits
	Balance as of
Variable Annuities	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Market risk benefit - (assets)	$	(2,342)	$	(1,742)	$	(1,383)	$	(1,658)	$	(2,427)	$	(2,320)	$	(3,021)	$	(4,856)	$	(1,658)	$	(4,856)
Market risk benefit - liabilities	6,225		7,427		8,305		7,939		5,832		5,896		5,102		5,623		7,939		5,623
Market risk benefit - net liabilities	$	3,883	$	5,685	$	6,922	$	6,281	$	3,405	$	3,576	$	2,081	$	767	$	6,281	$	767

Other Products
Market risk benefit - (assets)	$	(8)	$	(6)	$	(6)	$	(6)	$	(6)	$	(9)	$	(11)	$	(9)	$	(6)	$	(9)
Market risk benefit - liabilities	67		85		88		94		70		49		36		39		94		39
Market risk benefit - net liabilities	$	59	$	79	$	82	$	88	$	64	$	40	$	25	$	30	$	88	$	30

Total Balance Sheet Position
Market risk benefit - (assets)	$	(2,350)	$	(1,748)	$	(1,389)	$	(1,664)	$	(2,433)	$	(2,329)	$	(3,032)	$	(4,865)	$	(1,664)	$	(4,865)
Market risk benefit - liabilities	6,292		7,512		8,393		8,033		5,902		5,945		5,138		5,662		8,033		5,662
Market risk benefit - net liabilities	$	3,942	$	5,764	$	7,004	$	6,369	$	3,469	$	3,616	$	2,106	$	797	$	6,369	$	797


	For the Three Months Ended																		For the Twelve Months Ended
	3/31/21		6/30/21		9/30/21		12/31/21			3/31/22		6/30/22		9/30/22		12/31/22			12/31/21			12/31/22
Statutory Operating Income (Loss)	$	1,260	$	1,203	$	1,150	$	1,483		$	1,000	$	184	$	1,036	$	1,899		$	5,096		$	4,119

Statutory Net Income (Loss)	$	(1,148)	$	198	$	600	$	486		$	1,699	$	1,773	$	(1,312)	$	1,528		$	136		$	3,688

Dividends paid to parent	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—		$	—		$	—
Capital contribution received from / (return of capital paid to) parent	—		—		1,375		—			(600)		—		—		—			1,375			(600)
Dividends Net of Paid-in Capital	$	—	$	—	$	1,375	$	—		$	(600)	$	—	$	—	$	—		$	1,375		$	(600)

	Balances as of
	3/31/21		6/30/21		9/30/21		12/31/21			3/31/22		6/30/22		9/30/22		12/31/22			12/31/21			12/31/22
Capitalization
Total adjusted capital (TAC)	$	3,440	$	4,410	$	6,825	$	6,627		$	5,366	$	8,725	$	9,496	$	6,989		$	6,627		$	6,989
RBC - company action level	n/a		n/a		n/a		$	1,143		n/a		n/a		n/a		$	1,286		$	1,143		$	1,286
RBC ratio - company action level	n/a		n/a		n/a		580		%	n/a		n/a		n/a		544		%	580		%	544		%

Statutory Admitted Assets	$	285,531	$	294,958	$	292,652	$	303,194		$	285,168	$	256,557	$	247,516	$	254,629		$	303,194		$	254,629

Statutory Liabilities	$	282,587	$	291,059	$	286,345	$	297,096		$	280,301	$	248,840	$	239,015	$	248,642		$	297,096		$	248,642

NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company.

In addition to presenting our results of operations and financial condition in accordance with U.S. GAAP, we use and report, selected 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 operations, 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 presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP financial measures. 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 in 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 financial 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 certain 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 adjusted to eliminate the impact of the following items:

1) Net Hedging Results: Comprised of: (i) fees attributed to guaranteed benefits; (ii) changes in the fair value of freestanding derivatives used to manage the risk associated with market risk benefits and other guaranteed benefit features; (iii) the movements in reserves, market risk benefits, guaranteed benefit features accounted for as embedded derivative instruments, and related claims and benefit payments; (iv) amortization of the balance of unamortized deferred acquisition costs at the date of transition to current accounting guidance on January 1, 2021 associated with items excluded from adjusted operating earnings prior to transition to LDTI; and (v) the impact on the valuation of Net Hedging Results arising from changes in underlying actuarial assumptions. These items are excluded from adjusted operating earnings as they may vary significantly from period to period due to near-term market conditions and therefore are not directly comparable or reflective of the underlying performance of our business. We believe this approach appropriately removes the impact to both revenue and related expenses associated with Net Hedging Results and provides investors a better picture of the drivers of our underlying performance.

2) 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 within our trading portfolio; and (ii) impairments of securities, after adjustment for the non-credit component of the impairment charges. These items are excluded from pretax adjusted operating earnings as they may vary significantly from period to period due to near-term market conditions and therefore are not directly comparable or reflective of the underlying performance of our business. We believe this approach provides investors a better picture of the drivers of our underlying performance.

3) Change in Value of Funds Withheld Embedded Derivative and Net investment income on funds withheld assets: Comprised 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. These items are excluded from pretax adjusted operating earnings as they are not reflective of the underlying performance of our business. We believe this approach provides investors a better picture of the drivers of our underlying performance.

4) Other items: Comprised of: (i) the impact of investments that are consolidated in our financial statements due to U.S. GAAP accounting requirements, 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, and (ii) one-time or other non-recurring items, such as costs relating to our separation from Prudential. These items are excluded from adjusted operating earnings as they are not reflective of the underlying performance of our business. We believe this approach provides investors a better picture of the drivers of our underlying performance.

Operating income taxes are calculated using the prevailing corporate federal income tax rate of 21% while taking into account any items recognized differently 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 estimated annual effective tax rate ("ETR") in computing its tax provision including consideration of discrete items.

Adjusted Book Value

Adjusted Book Value excludes Accumulated Other Comprehensive Income (Loss) ("AOCI") attributable to Jackson Financial Inc ("JFI"). AOCI attributable to JFI excludes AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. We exclude AOCI attributable to JFI from Adjusted Book Value because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duration in 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 trends in our business.

Adjusted Return on Equity

We use Adjusted Operating ROE to manage our business and evaluate our financial performance. Adjusted Operating ROE 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 performance of our business. We calculate Adjusted Operating ROE by dividing our Adjusted Operating Earnings by average Adjusted Book Value.

Adjusted Book Value and Adjusted Operating ROE should not 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 and earnings are useful to gaining an understanding of our overall results of operations.

Financial Leverage Ratio

We use the Financial Leverage Ratio to manage our financial flexibility and ensure that we maintain our financial strength ratings. Total financial leverage is the ratio of total debt to the Total Adjusted Capitalization (combined total debt and Adjusted Book Value).


	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22
Adjusted Operating Earnings
Net income (loss) attributable to Jackson Financial Inc.	$	4,754		$	(1,078)		$	(118)		$	(141)		$	2,194		$	3,263		$	1,879		$	(1,150)		$	3,417		$	6,186
Income tax expense (benefit)	1,115			(253)			(99)			(97)			388			845			657			(385)			666			1,505
Pretax income (loss) attributable to Jackson Financial Inc.	5,869			(1,331)			(217)			(238)			2,582			4,108			2,536			(1,535)			4,083			7,691
Non-Operating Adjustments (Income) Loss
Guaranteed benefits and hedging results:
Fees attributable to guarantee benefit reserves	(672)			(701)			(728)			(754)			(764)			(765)			(771)			(777)			(2,855)			(3,077)
Net movement in freestanding derivatives	3,031			442			493			1,708			1,476			(2,847)			253			3,862			5,674			2,744
Market risk benefits, net	(6,522)			1,512			1,066			(22)			(1,907)			1,184			(913)			(1,900)			(3,966)			(3,536)
Net reserve and embedded derivative movements	46			33			29			33			40			—			7			175			141			222
Amortization of DAC associated with non-operating items at date of transition to LDTI	190			186			184			177			173			166			162			157			737			658

Total guaranteed benefits and hedging results	(3,927)			1,472			1,044			1,142			(982)			(2,262)			(1,262)			1,517			(269)			(2,989)
Net realized investment (gains) losses	(152)			(16)			(36)			22			130			(5)			6			228			(182)			359
Net realized investment (gains) losses on funds withheld assets	(898)			768			115			36			(1,028)			(1,077)			(555)			474			21			(2,186)

Net investment income on funds withheld assets	(291)			(294)			(300)			(303)			(260)			(364)			(313)			(317)			(1,188)			(1,254)
Other items	(7)			27			9			7			3			64			2			(47)			36			22
Total non-operating adjustments	(5,275)			1,957			832			904			(2,137)			(3,644)			(2,122)			1,855			(1,582)			(6,048)
Pretax adjusted operating earnings	594			626			615			666			445			464			414			320			2,501			1,643
Operating income tax expense (benefit)	59			97			91			75			68			57			38			26			322			189
Adjusted operating earnings	$	535		$	529		$	524		$	591		$	377		$	407		$	376		$	294		$	2,179		$	1,454
Effective tax rates on adjusted operating earnings	9.9		%	15.4		%	14.8		%	11.3		%	15.3		%	12.3		%	9.2		%	8.1		%	12.9		%	11.5		%


	For the Three Months Ended																								For the Twelve Months Ended
	3/31/21			6/30/21			9/30/21			12/31/21			3/31/22			6/30/22			9/30/22			12/31/22			12/31/21			12/31/22

Net Income (Loss)	$	4,822		$	(1,022)		$	(56)		$	(65)		$	2,225		$	3,294		$	1,868		$	(1,158)		$	3,679		$	6,229
Income attributable to non-controlling interest	68			56			62			76			31			31			(11)			(8)			262			43
Net Income (Loss) Attributable to Jackson Financial Inc. [a]	$	4,754		$	(1,078)		$	(118)		$	(141)		$	2,194		$	3,263		$	1,879		$	(1,150)		$	3,417		$	6,186

Total Shareholders' Equity	$	8,746		$	8,223		$	7,701		$	7,641		$	8,194		$	9,706		$	10,219		$	8,646		$	7,641		$	8,646
Average Shareholders' Equity [b]	$	7,592		$	8,485		$	7,962		$	7,671		$	7,918		$	8,950		$	9,963		$	9,433		$	7,750		$	8,881

Total ROE [a]/[b]; Annualized	250.5		%	(50.8)		%	(5.9)		%	(7.4)		%	110.8		%	145.8		%	75.4		%	(48.8)		%	44.1		%	69.7		%

Adjusted Operating Earnings [c]	$	535		$	529		$	524		$	591		$	377		$	407		$	376		$	294		$	2,179		$	1,454

Adjusted Book Value:
Total shareholders' equity	$	8,746		$	8,223		$	7,701		$	7,641		$	8,194		$	9,706		$	10,219		$	8,646		$	7,641		$	8,646
Exclude AOCI attributable to Jackson Financial Inc.	(713)			(909)			(649)			(1,073)			(567)			62			716			1,272			(1,073)			1,272
Adjusted Book Value	$	8,033		$	7,314		$	7,052		$	6,568		$	7,627		$	9,768		$	10,935		$	9,918		$	6,568		$	9,918

Average Adjusted Book Value [d]	$	6,125		$	7,674		$	7,183		$	6,810		$	7,098		$	8,698		$	10,352		$	10,427		$	6,637		$	8,963

Adjusted Operating ROE [c]/[d]; Annualized	34.9		%	27.6		%	29.2		%	34.7		%	21.2		%	18.7		%	14.5		%	11.3		%	32.8		%	16.2		%

Per Share Data (Common Shareholders)
Net income (loss) (basic)	$	50.33		$	(11.41)		$	(1.25)		$	(1.52)		$	25.41		$	37.96		$	22.08		$	(13.74)		$	36.35		$	72.34
Net income (loss) (diluted)1	$	50.33		$	(11.41)		$	(1.25)		$	(1.52)		$	24.39		$	36.59		$	21.38		$	(13.74)		$	36.17		$	69.75
Adjusted operating earnings per share (diluted)	$	5.66		$	5.60		$	5.55		$	6.26		$	4.19		$	4.56		$	4.28		$	3.39		$	23.07		$	16.39

Book value per common share (diluted)	$	92.59		$	87.05		$	81.52		$	84.38		$	92.01		$	110.90		$	117.95		$	100.56		$	84.38		$	100.56
Adjusted book value per common share (diluted)	$	85.04		$	77.43		$	74.65		$	72.53		$	85.64		$	111.61		$	126.21		$	115.36		$	72.53		$	115.36

Shares Outstanding
Weighted average number of common shares (basic)	94,464,343			94,464,343			94,464,343			92,600,373			86,352,586			85,968,564			85,098,192			83,695,001			93,994,520			85,513,787
Weighted average number of common shares (diluted)1	94,464,343			94,464,343			94,464,343			92,600,373			89,959,862			89,168,775			87,895,919			83,695,001			94,465,511			88,690,700
End of period common shares (basic)	94,464,343			94,464,343			94,464,343			88,685,694			85,263,608			84,864,727			83,666,942			82,690,098			88,685,694			82,690,098
End of period common shares (diluted)	94,464,343			94,464,343			94,464,343			90,555,862			89,055,609			87,520,892			86,640,003			85,976,078			90,555,862			85,976,078

1If 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 3,112,052 shares and 1,868,605 shares for the three months ended December 31, 2022 and 2021, respectively. There were no dilutive shares for the three months ended September 30, 2021 and June 30, 2021.

Assets Under Management (AUM) - Investment assets that are managed by one of our subsidiaries and includes: (i) the assets in our investment portfolio managed by PPM America, Inc. ("PPM"), which excludes assets held in funds withheld accounts for reinsurance transactions, (ii) third-party assets managed by PPM, including those for Prudential and its affiliates or third parties, and (iii) the separate account assets of our Retail Annuities segment that Jackson National Asset Management LLC ("JNAM") manages and administers.

Athene Reinsurance Transaction - The funds withheld coinsurance agreement with Athene on June 18, 2020, 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 policies and annuity contracts, which are deferred on the balance sheet as an asset.

Derivative Instruments - Jackson Financial Inc.'s (JFI) business model includes the acceptance, monitoring and mitigation of risk. Specifically, JFI considers, 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 risks in 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 derivatives are carried at fair value with changes 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 shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income (loss) attributable to JFI 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.

Fixed Annuity (FA) - An annuity that guarantees a set annual rate of return with interest at rates we determine, subject to specified minimums. Credited interest rates are guaranteed not to change for certain limited periods of time.

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) which entitles an owner to a minimum payment, typically in lump-sum, after a set period of time, typically referred to as the accumulation period. The minimum payment is based on the benefit base, which could be greater than the underlying account value.

Guaranteed Minimum Death Benefit (GMDB) - An add-on benefit (enhanced benefits available for an additional cost) that guarantees an owner’s beneficiaries are entitled to 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 amount each year, for the duration of the policyholder's life, regardless of account performance.

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 in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.

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 contributions 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 each 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 products, 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 independent 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 the 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 variable annuities, RILA and fixed index annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders.

Segment - Institutional Products

JFI's Institutional Products consist of traditional guaranteed investment contracts ("GICs"), funding agreements (including agreements issued in conjunction with JFI's participation in the U.S. Federal Home Loan Bank ("FHLB") program) and Medium-Term Note funding agreements. JFI's GIC products 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 as money market funds, and are issued to the FHLB in connection with its program.

The financial results of JFI's Institutional Products business are primarily dependent on the Company's ability to earn a spread between earned investment rates on general account assets and the interest credited on GICs and funding agreements.

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. The 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 segment 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, respectively. 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 insurance 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 appropriately price 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 supporting 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 features related to potential future income payments.


Jackson Financial Inc.
Table of Contents
Quarterly Financial Supplement - LDTI Recast


Jackson Financial Inc.
Quarterly Financial Supplement - LDTI Recast
(unaudited, in millions, except per share and shares outstanding data)


Jackson Financial Inc.
Quarterly Financial Supplement - LDTI Recast
(unaudited, in millions)


	For the Three Months Ended or As of																For the Twelve Months Ended or As of
	3/31/21		6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		12/31/21		12/31/22
Consolidated
Balance as of beginning of period	$	14,043	$	13,911	$	13,783	$	13,650	$	13,525	$	13,387	$	13,249	$	13,090	$	14,043	$	13,525
Deferrals	199		200		195		195		179		169		146		130		789		624
Amortization related to:
Operating amortization	(141)		(142)		(144)		(143)		(142)		(144)		(142)		(140)		(570)		(568)
Non-operating amortization1	(190)		(186)		(184)		(177)		(175)		(163)		(163)		(157)		(737)		(658)

Total amortization (expense) benefit	(331)		(328)		(328)		(320)		(317)		(307)		(305)		(297)		(1,307)		(1,226)

Balance as of end of period, gross	$	13,911	$	13,783	$	13,650	$	13,525	$	13,387	$	13,249	$	13,090	$	12,923	$	13,525	$	12,923

1 Amortization of the balance of unamortized deferred acquisition costs at the date of transition to LDTI on January 1, 2021 associated with items excluded from adjusted operating earnings prior to transition.


Jackson Financial Inc.
Quarterly Financial Supplement - LDTI Recast
(unaudited, in millions, except percentages)