The company maintains a highly leveraged capital structure with total liabilities of $318.9 billion against $9.5 billion in equity, leaving solvency buffers sensitive to equity market fluctuations.
| Total Assets | 328.83B | 352.59B | 338.45B | 330.25B | 314.98B | 375.56B | 353.46B | 297.06B | 259.33B |
| Asset Growth % | 8.72% | 4.18% | 2.48% | 4.85% | -16.13% | 6.25% | 18.99% | 14.55% | - |
| Total Investment Assets | 4M | 69.23B | 83.82B | 60.85B | 65.95B | 74.23B | 78.27B | 76.97B | 0 |
| Long-Term Investments | 357.82B | 21.46B | 43.53B | 43.04B | 45.16B | 53.65B | 19.19B | 58.81B | 0 |
| Short-Term Investments | 0 | 47.77B | 40.29B | 40.42B | 42.49B | 51.55B | 59.08B | 57.09B | 0 |
| Total Current Assets | 5.54B | 73.74B | 66.01B | 0 | 0 | 0 | 96.36B | 0 | 3.97B |
| Cash & Equivalents | 5.54B | 5.7B | 3.77B | 2.69B | 4.3B | 2.62B | 2.02B | 1.93B | 3.97B |
| Receivables | 62.1B | 20.27B | 21.95B | 25.57B | 29.06B | 33.13B | 35.27B | 8.37B | 0 |
| Other Current Assets | 0 | 0 | 0 | -68.68B | -75.85B | -87.3B | 0 | -67.4B | 0 |
| Goodwill & Intangibles | 34.99B | 11.66B | 11.89B | 0 | 0 | 0 | 13.9B | 0 | 10.66B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 11.66B | 11.89B | 0 | 0 | 0 | 13.9B | 0 | 10.66B |
| PP&E (Net) | 0 | 0 | 20M | 0 | 0 | 0 | 37M | 0 | 0 |
| Other Assets | 28.22B | 245B | 213.37B | -43.04B | -45.16B | -53.65B | 223.97B | -58.81B | 244.71B |
| Total Liabilities | 318.93B | 342.24B | 328.47B | 319.92B | 305.61B | 364.49B | 343.53B | 289.74B | 251.47B |
| Total Debt | 2.03B | 4.61B | 4.38B | 4.03B | 4.37B | 4.05B | 322M | 2.69B | 331.9M |
| Net Debt | -3.51B | -1.1B | 610M | 1.34B | 69M | 1.43B | -1.7B | 757.3M | -3.64B |
| Long-Term Debt | 2.03B | 4.61B | 4.38B | 4.03B | 4.37B | 4.05B | 322M | 2.69B | 331.9M |
| Short-Term Debt | 0 | 0 | 8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 16.31B | 16.74B | 0 | 0 | 0 | 53.47B | 0 | 121.1M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | -10.3M | 0 | 0 |
| Other Current Liabilities | 0 | 15.28B | 16.12B | 0 | -22.96B | -29.01B | 21.51B | -48.3M | -121.1M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 316.9B | 321.32B | 307.35B | -4.03B | -4.37B | -4.05B | 343.21B | -2.69B | 251.02B |
| Total Equity | 9.9B | 10.34B | 9.98B | 10.33B | 9.38B | 11.07B | 9.92B | 7.32B | 7.86B |
| Equity Growth % | -2.96% | 3.61% | -3.41% | 10.19% | -15.32% | 11.6% | 35.54% | -6.89% | - |
| Shareholders Equity | 9.5B | 9.95B | 9.76B | 10.17B | 8.65B | 10.39B | 9.43B | 6.84B | 7.47B |
| Minority Interest | 404M | 389M | 218M | 164M | 732M | 680M | 493.6M | 484.1M | 390.2M |
| Retained Earnings | 6.97B | 7.47B | 7.71B | 7.04B | 6.4B | 2.81B | -324M | 1.37B | 2.74B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 |
| Accumulated OCI | -2.73B | -2.47B | -3.52B | -2.81B | -3.38B | 1.74B | 3.83B | 2.4B | -343.3M |
| Return on Equity (ROE) | -3.61% | 0.27% | 9.31% | 9.48% | 60.49% | 32.55% | -18.95% | -6.55% | 25.25% |
| Return on Assets (ROA) | -0.11% | 0.01% | 0.28% | 0.29% | 1.79% | 0.94% | -0.5% | -0.18% | 0.77% |
| Equity / Assets | 3.01% | 2.93% | 2.95% | 3.13% | 2.98% | 2.95% | 2.81% | 2.46% | 3.03% |
| Debt / Equity | 0.20x | 0.45x | 0.44x | 0.39x | 0.47x | 0.37x | 0.03x | 0.37x | 0.04x |
| Book Value per Share | 142.01 | 147.16 | 134.13 | 123.65 | 105.74 | 124.87 | 105.04 | 77.50 | 83.23 |
| Tangible BV per Share | 142.01 | -18.75 | -25.60 | 123.65 | 105.74 | 124.87 | -42.07 | 77.50 | -29.58 |
Variable Annuity Hedging Volatility
As reported in recent financial statements, Jackson Financial's total equity has remained largely range-bound between $9.5 billion and $10.7 billion over the last ten quarters, suggesting that internal capital generation is being offset by shareholder distributions and the inherent volatility of the firm's variable annuity liabilities.
The lack of meaningful growth in the equity base indicates that the company is prioritizing capital return over balance sheet expansion. Investors should monitor whether this capital-light strategy remains sustainable if market volatility necessitates higher reserve requirements for the firm's legacy annuity blocks.
Based on the provided quarterly data, loss reserves have fluctuated significantly, ranging from a negative $2.4 billion in 2025Q4 to a positive $3.4 billion in 2025Q1, which reflects the complex accounting adjustments required to manage the firm's extensive portfolio of variable annuity living benefit guarantees.
These extreme swings in reserve levels appear to be driven more by mark-to-market derivative accounting than by actual changes in policyholder claims experience. This volatility makes it difficult to assess the true adequacy of reserves, warranting further investigation into the underlying actuarial assumptions used for long-tail liabilities.
According to historical balance sheet figures, total liabilities have consistently hovered near $330 billion, representing a high leverage ratio that leaves the company's statutory capital position sensitive to equity market downturns and the resulting impact on the valuation of its complex hedging instruments.
The high ratio of liabilities to equity suggests that the company operates with a thin margin for error regarding its solvency ratios. Any sustained decline in equity markets may force management to reconsider its aggressive buyback and dividend policy to preserve statutory capital adequacy.
As indicated by the divergence between GAAP net income and operating cash flow, the company's reliance on sophisticated derivative hedging programs creates significant accounting noise that may obscure the true economic risk profile of its variable annuity business, as noted in recent regulatory filings.
The primary risk appears to be the potential for hedging ineffectiveness during periods of extreme market stress, which could lead to a rapid erosion of statutory capital. Investors should remain cautious, as the firm's reliance on complex reinsurance and derivative structures may introduce counterparty risks that are not immediately apparent on the face of the balance sheet.
Quick answers to the most common questions about buying JXN stock.
As of 2025, Jackson Financial Inc. (JXN) had total assets of $352.59B including $73.74B in current assets.
Jackson Financial Inc. (JXN) carries total debt of $4.61B, offset by $53.47B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jackson Financial Inc. (JXN) has total shareholders' equity (book value) of $9.95B ($147.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jackson Financial Inc. (JXN) reported a current ratio of 4.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.