# EDGAR Filing Document

**Accession Number:** 0001822993
**File Stem:** 0001822993-23-000014
**Filing Date:** 2023-3
**Character Count:** 199146
**Document Hash:** 97658eaad18f14e282b2dd04f82d70e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001822993-23-000014.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001822993-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230322

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jackson Financial Inc.
- **CENTRAL INDEX KEY:** 0001822993
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 980486152
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40274
- **FILM NUMBER:** 23753095

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** 517-381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

?xml version="1.0" ? jxn-20230322

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 22, 2023

**Jackson Financial Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40274** | **98-0486152** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **1 Corporate Way, Lansing, Michigan** | | **48951** |
| (Address of principal executive offices) | | (Zip Code) |

---

**(517) 381-5500**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Exchange on Which Registered</u>** |
| Common Stock, Par Value $0.01 Per Share | JXN | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A | JXN PRA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.** 

Jackson Financial Inc. (the "Company," "we," "our," or "us") is furnishing, as Exhibit 99.1, a historical financial supplement for the quarters and years ended 2021 and 2022 that has been recast to reflect the adoption of U.S. GAAP Accounting Standards Update 2018-12 related to targeted improvements to the accounting for long-duration contracts ("LDTI").

The financial information in Exhibit 99.1 is based on our 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 filing with the Securities and Exchange Commission of our Form 10-Q for the quarter ended March 31, 2023. The information in Exhibit 99.1 is being provided prior to the availability of the audited financial statements to assist investors and other users of our financial statements in evaluating the impact of LDTI on the Company's financial position and results of operations. It is possible that the recasted audited financial statements may differ, perhaps materially, from the information included in Exhibit 99.1.

The information in this Item (including Exhibit 99.1) shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

See also Item 7.01 below for additional information.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

Effective January 1, 2023, we adopted the LDTI accounting guidance, which includes changes to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity, and applied the modified retrospective adoption method, except for market risk benefits for which we applied a full retrospective transition approach.

The LDTI accounting guidance contains four significant changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Market risk benefits:** market risk benefits, is a new term for certain contracts or features that provide for potential benefits in addition to the account balance which contracts or features expose us to other than nominal market risk (for example, certain guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), and are measured at fair value. Changes in fair value are recorded and presented separately within the income statement, with the exception of changes in fair value due to the Company's own credit (or non-performance) risk, which are recognized in other comprehensive income ("OCI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Deferred acquisition costs:** deferred acquisition costs ("DAC") are amortized on a constant-level basis, independent of profitability on the underlying business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Liability for future policy benefits:** annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts are required. These liabilities are discounted using an upper-medium grade fixed income instrument yield which is updated quarterly, with related changes in the liability recognized in OCI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Enhanced disclosures:** enhanced disclosures are required, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts.

Effective January 1, 2023, with a transition date of January 1, 2021, we have adopted LDTI. Under the modified retrospective approach, we are applying the new guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminating certain related amounts in accumulated other comprehensive income (loss) ("AOCI"). Under the full retrospective transition approach, we are applying the guidance at the transition date, using actual historical experience information as of contract inception, as if the accounting guidance had always been applied.

------

The adoption of LDTI has no impact on the Company's statutory capital or ability to return cash to shareholders. However, several of our key financial metrics are impacted by the adoption of LDTI, which are summarized in the table below:

---

| | |
|:---|:---|
| **Key Metric** | **Impact from LDTI Adoption** |
| **Total Shareholders' Equity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of the initial transition date of January 1, 2021, the adoption resulted in a decrease of $3.0 billion<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2022, the impact is an increase of $223 million largely due to the higher level of interest rates<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The December 31, 2022 equity increase is comprised of a reduction in retained earnings that was more than offset by an increase in AOCI, primarily reflecting the effect of the cumulative change in non-performance risk to AOCI |
| **Adjusted Book Value (ABV)**<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our adjusted book value definition excludes AOCI attributable to JFI<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reduction in retained earnings as of the December 31, 2022 results in a decrease to ABV of approximately $1.9 billion<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's leverage ratio increases to 21% after implementation at December 31, 2022. |
| **Net Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under LDTI, our net hedge results are expected to be less sensitive to equity market movements, but more sensitive to interest rate movements<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year net income for 2022 and 2021 increased by $489 million and $234 million, respectively<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No changes to our hedging strategy are expected as a result of the adoption of LDTI |
| **Adjusted Operating Earnings (AOE)**<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modest estimated increase to go forward DAC amortization<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No reduction in AOE from attributed fee treatment given our historical presentation of variable annuity guarantee fees<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceleration or deceleration of DAC amortization driven by equity market movements no longer applies going forward, which should make AOE less volatile – see historical comparison chart below<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portion of DAC amortization attributable to non-operating items prior to transition date will continue to be excluded from AOE |

---

<sup>1</sup> A Non-GAAP Financial Measure. See "Non-GAAP Financial Measures" and "Select U.S. GAAP to Non-GAAP Reconciliations" in Exhibit 99.1

------

![jxn-20230322_g1.jpg](jxn-20230322_g1.jpg)

The information in this Item (including Exhibit 99.1) shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

*Forward-Looking Statements*

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" in Exhibit 99.1 to this report.

------

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.** 

**(d) Exhibits.**

---

| | |
|:---|:---|
| *Exhibit No.* | *Description* |
| <u>[99.1](recastedfinancialsupplement.htm)</u> | <u>[Quarterly Financial Supplement Recast for Long-Duration Targeted Improvement Accounting Guidance for the quarters and years ended 2021 and 2022 (Unaudited).](recastedfinancialsupplement.htm)</u> |
| 104 | Cover Page Interactive Data File (the coverage page XBRL tags are embedded within the Inline XBRL Document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **JACKSON FINANCIAL INC.** | **JACKSON FINANCIAL INC.** |
|  | By: | *<u>/s/ Marcia Wadsten</u>* |
|  |  | Marcia Wadsten |
|  |  | Executive Vice President and <br>Chief Financial Officer |
|  |  | (Principal Financial Officer) |
| Date: March 22, 2023 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![image1a.jpg](image1a.jpg)

Quarterly Financial Supplement

Recast for Long-Duration Targeted Improvements ("LDTI") Accounting Guidance

1Q 2021 - 4Q 2022 (Unaudited)

This supplement recasts previously reported financial information for the accounting guidance of Targeted Improvements to the Accounting for Long Duration Contracts (ASU 2018-12) adopted as of January 1, 2023, with a transition date of January 1, 2021. This supplement should be read in conjunction with Jackson Financial Inc.'s Annual Reports on Form 10-K for the years ended December 31, 2021 and 2022, which have been filed with the U.S. Securities and Exchange Commission.

------

---

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

---

---

| | |
|:---|:---|
| **Consolidated Financials and Key Metrics** | **Consolidated Financials and Key Metrics** |
| &nbsp;&nbsp;Forward-Looking Statements Disclosure | <u>[3](#i8fd03b3d1ca74143952d6f9798be388a_7)</u> |
| &nbsp;&nbsp;Overview | <u>[4](#i8fd03b3d1ca74143952d6f9798be388a_549755814385)</u> |
| &nbsp;&nbsp;Key Metrics | <u>[5](#i8fd03b3d1ca74143952d6f9798be388a_10)</u> |
| &nbsp;&nbsp;Consolidated Income Statements | <u>[6](#i8fd03b3d1ca74143952d6f9798be388a_13)</u> |
| &nbsp;&nbsp;Consolidated Balance Sheets | <u>[7](#i8fd03b3d1ca74143952d6f9798be388a_16)</u> |
| &nbsp;&nbsp;Consolidated Capital Structure | <u>[8](#i8fd03b3d1ca74143952d6f9798be388a_19)</u> |
| &nbsp;&nbsp;Pretax Adjusted Operating Earnings | <u>[9](#i8fd03b3d1ca74143952d6f9798be388a_549755814484)</u> |
| **Earnings and Select Metrics from Business Segments and Corporate and Other** | **Earnings and Select Metrics from Business Segments and Corporate and Other** |
| **Retail Annuities** |  |
| &nbsp;&nbsp;Statements of Pretax Adjusted Operating Earnings, Sales, and Key Metrics | <u>[10](#i8fd03b3d1ca74143952d6f9798be388a_28)</u> |
| &nbsp;&nbsp;Select Operating Metrics | <u>[11](#i8fd03b3d1ca74143952d6f9798be388a_31)</u> - <u>[15](#i8fd03b3d1ca74143952d6f9798be388a_40)</u> |
| **Institutional Products** |  |
| &nbsp;&nbsp;Statements of Pretax Adjusted Operating Earnings, Sales, and Key Metrics | <u>[16](#i8fd03b3d1ca74143952d6f9798be388a_43)</u> |
| **Closed Life and Annuity Blocks** |  |
| &nbsp;&nbsp;Statements of Pretax Adjusted Operating Earnings and Key Metrics | <u>[17](#i8fd03b3d1ca74143952d6f9798be388a_46)</u> |
| **Corporate and Other** |  |
| &nbsp;&nbsp;Statements of Pretax Adjusted Operating Earnings | <u>[18](#i8fd03b3d1ca74143952d6f9798be388a_49)</u> |
| **Investments** | **Investments** |
| &nbsp;&nbsp;Consolidated Composition of Invested Assets | <u>[19](#i8fd03b3d1ca74143952d6f9798be388a_52)</u> |
| &nbsp;&nbsp;Consolidated Composition of Debt Securities Excluding Funds Withheld Assets | <u>[20](#i8fd03b3d1ca74143952d6f9798be388a_55)</u> |
| &nbsp;&nbsp;Consolidated Net Investment Income | <u>[21](#i8fd03b3d1ca74143952d6f9798be388a_58)</u> |
| **Other Information** | **Other Information** |
| &nbsp;&nbsp;Market Risk Benefits | <u>[22](#i8fd03b3d1ca74143952d6f9798be388a_549755814498)</u> |
| &nbsp;&nbsp;Deferred Acquisition Costs | <u>[23](#i8fd03b3d1ca74143952d6f9798be388a_61)</u> |
| &nbsp;&nbsp;Key Statutory Metrics | <u>[24](#i8fd03b3d1ca74143952d6f9798be388a_64)</u> |
| &nbsp;&nbsp;Non-GAAP Financial Measures | <u>[25](#i8fd03b3d1ca74143952d6f9798be388a_1649267442304)</u> - <u>[26](#i8fd03b3d1ca74143952d6f9798be388a_73)</u> |
| &nbsp;&nbsp;Select U.S. GAAP to Non-GAAP Reconciliations | <u>[27](#i8fd03b3d1ca74143952d6f9798be388a_76)</u> - <u>[28](#i8fd03b3d1ca74143952d6f9798be388a_79)</u> |
| &nbsp;&nbsp;Glossary of Select Financial and Product Terms | <u>[29](#i8fd03b3d1ca74143952d6f9798be388a_82)</u> - <u>[30](#i8fd03b3d1ca74143952d6f9798be388a_85)</u> |

---

Note: Unless noted, financial information is rounded to millions. As such, some financial information may not sum to totals.

------

---

| |
|:---|
| **Jackson Financial Inc.** |
| **Quarterly Financial Supplement - LDTI Recast** |

---

**Forward-Looking Statements**<br>

---

| |
|:---|
| 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. |

---

------

---

| |
|:---|
| **Jackson Financial Inc.** |
| **Quarterly Financial Supplement - LDTI Recast** |

---

**Overview**<br>

---

| |
|:---|
| 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. |

---

------

---

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

---

**Key Metrics**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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)** | $4822 | $(1022) | $(56) | $(65) | $2225 | $3294 | $1868 | $(1158) | $3679 | $6229 |
| &nbsp;&nbsp;&nbsp;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.** | $4754 | $(1078) | $(118) | $(141) | $2194 | $3263 | $1879 | $(1150) | $3417 | $6186 |
| **Total Shareholders' Equity** | $8746 | $8223 | $7701 | $7641 | $8194 | $9706 | $10219 | $8646 | $7641 | $8646 |
| **Average Shareholders' Equity** | $7592 | $8485 | $7962 | $7671 | $7918 | $8950 | $9963 | $9433 | $7750 | $8881 |
| **Total ROE** | 250.5% | (50.8)% | (5.9)% | (7.4)% | 110.8% | 145.8% | 75.4% | (48.8)% | 44.1% | 69.7% |
| **Adjusted Operating Earnings**<sup>1</sup> | $535 | $529 | $524 | $591 | $377 | $407 | $376 | $294 | $2179 | $1454 |
| Effective tax rate on adjusted operating earnings<sup>1</sup> | 9.9% | 15.4% | 14.8% | 11.3% | 15.3% | 12.3% | 9.2% | 8.1% | 12.9% | 11.5% |
| **Adjusted Book Value**<sup>1</sup> | $8033 | $7314 | $7052 | $6568 | $7627 | $9768 | $10935 | $9918 | $6568 | $9918 |
| **Average Adjusted Book Value**<sup>1</sup> | $6125 | $7674 | $7183 | $6810 | $7098 | $8698 | $10352 | $10427 | $6637 | $8963 |
| **Adjusted Operating ROE**<sup>1</sup> | 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)**<sup>2</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) (basic) | $50.33 | $(11.41) | $(1.25) | $(1.52) | $25.41 | $37.96 | $22.08 | $(13.74) | $36.35 | $72.34 |
| &nbsp;&nbsp;Net income (loss) (diluted)<sup>3</sup> | $50.33 | $(11.41) | $(1.25) | $(1.52) | $24.39 | $36.59 | $21.38 | $(13.74) | $36.17 | $69.75 |
| &nbsp;&nbsp;Adjusted operating earnings per share (diluted)<sup>1</sup> | $5.66 | $5.60 | $5.55 | $6.26 | $4.19 | $4.56 | $4.28 | $3.39 | $23.07 | $16.39 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;Adjusted book value per common share (diluted)<sup>1</sup> | $85.04 | $77.43 | $74.65 | $72.53 | $85.64 | $111.61 | $126.21 | $115.36 | $72.53 | $115.36 |
| **Shares Outstanding**<sup>2</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares (basic) | 94464343 | 94464343 | 94464343 | 92600373 | 86352586 | 85968564 | 85098192 | 83695001 | 93994520 | 85513787 |
| &nbsp;&nbsp;Weighted average number of common shares (diluted)<sup>3</sup> | 94464343 | 94464343 | 94464343 | 92600373 | 89959862 | 89168775 | 87895919 | 83695001 | 94465511 | 88690700 |
| &nbsp;&nbsp;&nbsp;End of period common shares (basic) | 94464343 | 94464343 | 94464343 | 88685694 | 85263608 | 84864727 | 83666942 | 82690098 | 88685694 | 82690098 |
| &nbsp;&nbsp;&nbsp;End of period common shares (diluted) | 94464343 | 94464343 | 94464343 | 90555862 | 89055609 | 87520892 | 86640003 | 85976078 | 90555862 | 85976078 |
|  | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** |
| &nbsp;&nbsp;&nbsp;Jackson invested assets | $46194 | $44330 | $47401 | $47224 | $44959 | $46267 | $45349 | $44486 | $47224 | $44486 |
| &nbsp;&nbsp;Third party invested assets (including CLOs)<sup>4</sup> | 40738 | 32670 | 31715 | 31980 | 30639 | 26751 | 24719 | 26993 | 31980 | 26993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PPM AUM | 86932 | 77000 | 79116 | 79204 | 75598 | 73018 | 70068 | 71479 | 79204 | 71479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total JNAM AUM | 264004 | 271914 | 268452 | 280250 | 260822 | 221634 | 208046 | 219070 | 280250 | 219070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AUM | $350936 | $348914 | $347568 | $359454 | $336420 | $294652 | $278114 | $290549 | $359454 | $290549 |
| <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |
| <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. |
| <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. | <sup>3</sup> 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. |
| <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. | <sup>4</sup>Assets under management include Prudential affiliates in Asia. |

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

---

**Consolidated Income Statements**<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Fee income | $1907 | $1993 | $2063 | $2096 | $2012 | $1934 | $1908 | $1868 | $8059 | $7722 |
| &nbsp;&nbsp;&nbsp;Premiums | 40 | 38 | 37 | 33 | 37 | 32 | 36 | 27 | 148 | 132 |
| &nbsp;&nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income excluding funds withheld assets | 639 | 507 | 538 | 552 | 430 | 328 | 327 | 422 | 2236 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income on funds withheld assets | 291 | 294 | 299 | 304 | 260 | 364 | 313 | 317 | 1188 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 930 | 801 | 837 | 856 | 690 | 692 | 640 | 739 | 3424 | 2761 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on derivatives and investments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on derivatives and investments | (2840) | (388) | (420) | (1696) | (1566) | 2938 | (196) | (4199) | (5344) | (3023) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on funds withheld reinsurance treaties | 898 | (768) | (115) | (36) | 1028 | 1077 | 555 | (474) | (21) | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net gains (losses) on derivatives and investments | (1942) | (1156) | (535) | (1732) | (538) | 4015 | 359 | (4673) | (5365) | (837) |
| &nbsp;&nbsp;&nbsp;Other income | 23 | 30 | 17 | 24 | 20 | 21 | 19 | 25 | 94 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 958 | 1706 | 2419 | 1277 | 2221 | 6694 | 2962 | (2014) | 6360 | 9863 |
| **Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Death, other policy benefits and change in policy reserves, net of deferrals | 256 | 217 | 284 | 168 | 300 | 274 | 237 | 251 | 925 | 1062 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from updating future policy benefits cash flow assumptions, net | 48 | 6 | (15) | 2 | 15 | 14 | (37) | (26) | 41 | (34) |
| &nbsp;&nbsp;&nbsp;Market risk benefits (gains) losses, net | (6522) | 1512 | 1066 | (22) | (1907) | 1184 | (913) | (1900) | (3966) | (3536) |
| &nbsp;&nbsp;&nbsp;Interest credited on other contract holder funds, net of deferrals | 212 | 210 | 208 | 202 | 197 | 209 | 224 | 236 | 832 | 866 |
| &nbsp;&nbsp;&nbsp;Interest expense | 6 | 7 | 6 | 18 | 20 | 24 | 29 | 40 | 37 | 113 |
| &nbsp;&nbsp;&nbsp;Operating costs and other expenses, net of deferrals | 690 | 701 | 697 | 751 | 666 | 543 | 592 | 631 | 2839 | 2432 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 331 | 328 | 328 | 320 | 317 | 307 | 305 | 297 | 1307 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and expenses** | (4979) | 2981 | 2574 | 1439 | (392) | 2555 | 437 | (471) | 2015 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pretax income (loss)** | 5937 | (1275) | (155) | (162) | 2613 | 4139 | 2525 | (1543) | 4345 | 7734 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 1115 | (253) | (99) | (97) | 388 | 845 | 657 | (385) | 666 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | 4822 | (1022) | (56) | (65) | 2225 | 3294 | 1868 | (1158) | 3679 | 6229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.** | $4754 | $(1078) | $(118) | $(141) | $2194 | $3263 | $1879 | $(1150) | $3417 | $6186 |

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

---

**Consolidated Balance Sheets**<br>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities, available-for-sale, net of allowance for credit losses | $54616 | $52473 | $52123 | $51547 | $46770 | $43478 | $41681 | $42489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities, at fair value under fair value option | 1318 | 1433 | 1517 | 1711 | 1786 | 2005 | 2124 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities, trading, at fair value | 110 | 115 | 118 | 117 | 115 | 103 | 102 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 238 | 239 | 290 | 279 | 261 | 260 | 234 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, net of allowance for credit losses | 11272 | 11649 | 11731 | 11482 | 11430 | 11574 | 11223 | 10967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, at fair value under fair value option |  |  |  |  | 190 | 357 | 508 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 4546 | 4581 | 4512 | 4475 | 4463 | 4459 | 4446 | 4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freestanding derivative instruments | 1031 | 1483 | 1142 | 1417 | 926 | 1243 | 1950 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 2750 | 2763 | 2770 | 3199 | 3404 | 3648 | 3622 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 75881 | 74736 | 74203 | 74227 | 69345 | 67127 | 65890 | 65946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1573 | 1536 | 2482 | 2623 | 2674 | 5258 | 5331 | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 527 | 519 | 511 | 503 | 484 | 504 | 509 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 13911 | 13783 | 13650 | 13525 | 13387 | 13249 | 13090 | 12923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable, net of allowance for credit losses | 34467 | 34115 | 33510 | 32834 | 31930 | 31028 | 30059 | 29046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable on market risk benefits, at fair value | 359 | 381 | 393 | 383 | 326 | 306 | 261 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit assets, at fair value | 2350 | 1748 | 1389 | 1664 | 2433 | 2329 | 3032 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 1389 | 1492 | 1712 | 1716 | 1711 | 900 | 386 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1258 | 1187 | 1382 | 933 | 1235 | 1447 | 1845 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 226882 | 239806 | 237096 | 248949 | 231198 | 196184 | 185042 | 195906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $358597 | $369303 | $366328 | $377357 | $354723 | $318332 | $305445 | $314983 |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for future policy benefits and claims payable | $15802 | $15864 | $15500 | $15190 | $14095 | $13064 | $12227 | $12318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other contract holder funds | 62481 | 59915 | 59498 | 58721 | 58875 | 58604 | 58169 | 58190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit liabilities, at fair value | 6292 | 7512 | 8393 | 8033 | 5902 | 5945 | 5138 | 5662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds withheld payable under reinsurance treaties | 30254 | 30322 | 29771 | 29007 | 27199 | 25506 | 23900 | 22957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 318 | 318 | 2670 | 2649 | 2640 | 2634 | 2634 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements and securities lending payable | 2058 | 2281 | 327 | 1589 | 599 | 32 | 27 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral payable for derivative instruments | 517 | 762 | 588 | 913 | 525 | 621 | 1038 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freestanding derivative instruments | 307 | 55 | 40 | 41 | 405 | 1217 | 2225 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes issued by consolidated variable interest entities, at fair value under fair value option | 995 | 1014 | 1006 | 1404 | 1401 | 1757 | 1745 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 3360 | 2632 | 3140 | 2540 | 2975 | 2315 | 2352 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 226882 | 239806 | 237096 | 248949 | 231198 | 196184 | 185042 | 195906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 349266 | 360481 | 358029 | 369036 | 345814 | 307879 | 294497 | 305605 |
| **Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 5927 | 5927 | 5928 | 6051 | 6081 | 6020 | 6036 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost |  |  |  | (211) | (351) | (371) | (410) | (443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares held in trust | (4) | (4) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity compensation reserve | 10 | 9 | 10 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss), net of tax expense (benefit) | 986 | 1541 | 1130 | 1360 | (119) | (1739) | (3032) | (3378) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | 1826 | 749 | 632 | 440 | 2582 | 5795 | 7624 | 6403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 8746 | 8223 | 7701 | 7641 | 8194 | 9706 | 10219 | 8646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 585 | 599 | 598 | 680 | 715 | 747 | 729 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 9331 | 8822 | 8299 | 8321 | 8909 | 10453 | 10948 | 9378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $358597 | $369303 | $366328 | $377357 | $354723 | $318332 | $305445 | $314983 |

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

---

**Consolidated Capital Structure**<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **For the Twelve 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** |
| **Debt** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Senior notes | $— | $— | $— | $1581 | $1577 | $2321 | $2322 | $2323 | $1581 | $2323 |
| &nbsp;&nbsp;&nbsp;Surplus notes | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;Term loans |  |  | 2352 | 751 | 750 |  |  |  | 751 |  |
| &nbsp;&nbsp;&nbsp;FHLBI bank loans | 68 | 68 | 68 | 67 | 63 | 63 | 62 | 62 | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total debt [a]** | $318 | $318 | $2670 | $2649 | $2640 | $2634 | $2634 | $2635 | $2649 | $2635 |
| **Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 5927 | 5927 | 5928 | 6051 | 6081 | 6020 | 6036 | 6063 | 6051 | 6063 |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost |  |  |  | (211) | (351) | (371) | (410) | (443) | (211) | (443) |
| &nbsp;&nbsp;&nbsp;Shares held in trust | (4) | (4) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity compensation reserve | 10 | 9 | 10 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss), net of tax expense (benefit) | 986 | 1541 | 1130 | 1360 | (119) | (1739) | (3032) | (3378) | 1360 | (3378) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1826 | 749 | 632 | 440 | 2582 | 5795 | 7624 | 6403 | 440 | 6403 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 8746 | 8223 | 7701 | 7641 | 8194 | 9706 | 10219 | 8646 | 7641 | 8646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity, excl. AOCI** | 7760 | 6682 | 6571 | 6281 | 8313 | 11445 | 13251 | 12024 | 6281 | 12024 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 585 | 599 | 598 | 680 | 715 | 747 | 729 | 732 | 680 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | $9331 | $8822 | $8299 | $8321 | $8909 | $10453 | $10948 | $9378 | $8321 | $9378 |
| **Adjusted Book Value**<sup>1</sup> **[b]** | $8033 | $7314 | $7052 | $6568 | $7627 | $9768 | $10935 | $9918 | $6568 | $9918 |
| **Total Adjusted Capitalization**<sup>1</sup> **([a]+[b])** | $8351 | $7632 | $9722 | $9217 | $10267 | $12402 | $13569 | $12553 | $9217 | $12553 |
| **Total Financial Leverage Ratio**<sup>1</sup> | 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends per common share | $— | $— | $— | $0.50 | $0.55 | $0.55 | $0.55 | $0.55 | $0.50 | $2.20 |
| &nbsp;&nbsp;&nbsp;Total dividends on common stock | $— | $— | $— | $50 | $52 | $50 | $49 | $48 | $50 | $199 |
| &nbsp;&nbsp;&nbsp;Total amount of common shares repurchased | $— | $— | $— | $211 | $140 | $66 | $39 | $38 | $211 | $283 |
| &nbsp;&nbsp;&nbsp;Number of common shares repurchased |  |  |  | 5778649 | 3433610 | 1870854 | 1200000 | 1142105 | 5778649 | 7646569 |
| <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup> See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |

---

------

---

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

---

**Pretax Adjusted Operating Earnings**<sup>1</sup><br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Fee income | $1232 | $1289 | $1332 | $1340 | $1245 | $1167 | $1133 | $1089 | $5193 | $4634 |
| &nbsp;&nbsp;&nbsp;Premiums | 44 | 40 | 41 | 35 | 40 | 35 | 39 | 30 | 160 | 144 |
| &nbsp;&nbsp;&nbsp;Net investment income | 540 | 451 | 471 | 495 | 401 | 361 | 340 | 384 | 1957 | 1486 |
| &nbsp;&nbsp;&nbsp;Income (loss) on operating derivatives | 38 | 41 | 38 | 36 | 35 | 24 | 3 | (22) | 153 | 40 |
| &nbsp;&nbsp;&nbsp;Other income | 23 | 30 | 17 | 24 | 20 | 21 | 19 | 25 | 94 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenue** | 1877 | 1851 | 1899 | 1930 | 1741 | 1608 | 1534 | 1506 | 7557 | 6389 |
| **Operating Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Death, other policy benefits and change in policy reserves, net of deferrals | 210 | 186 | 226 | 136 | 257 | 210 | 170 | 158 | 758 | 795 |
| &nbsp;&nbsp;&nbsp;Interest credited on other contract holder funds, net of deferrals and amortization | 213 | 209 | 209 | 201 | 197 | 209 | 224 | 236 | 832 | 866 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from updating future policy benefits cash flow assumptions, net | 48 | 7 | 14 | 3 | 15 | 15 | (37) | (21) | 72 | (28) |
| &nbsp;&nbsp;&nbsp;Interest expense | 6 | 7 | 6 | 18 | 20 | 24 | 29 | 40 | 37 | 113 |
| &nbsp;&nbsp;&nbsp;Operating costs and other expenses, net of deferrals | 665 | 674 | 685 | 763 | 665 | 542 | 592 | 633 | 2787 | 2432 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 141 | 142 | 144 | 143 | 142 | 144 | 142 | 140 | 570 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating benefits and expenses** | 1283 | 1225 | 1284 | 1264 | 1296 | 1144 | 1120 | 1186 | 5056 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pretax adjusted operating earnings**<sup>1</sup> | $594 | $626 | $615 | $666 | $445 | $464 | $414 | $320 | $2501 | $1643 |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based commission expenses | $267 | $281 | $286 | $292 | $275 | $250 | $242 | $243 | $1126 | $1010 |
| &nbsp;&nbsp;&nbsp;Other commission expenses | 266 | 264 | 263 | 249 | 240 | 229 | 195 | 182 | 1042 | 846 |
| &nbsp;&nbsp;&nbsp;Sub-advisor expenses | 91 | 97 | 101 | 100 | 90 | 82 | 81 | 76 | 389 | 329 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 241 | 235 | 227 | 323 | 240 | 152 | 220 | 263 | 1026 | 875 |
| &nbsp;&nbsp;&nbsp;Deferral of acquisition costs | (200) | (203) | (192) | (201) | (180) | (171) | (146) | (131) | (796) | (628) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs and other expenses** | $665 | $674 | $685 | $763 | $665 | $542 | $592 | $633 | $2787 | $2432 |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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 Segment**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail annuities | $541 | $519 | $547 | $577 | $425 | $425 | $330 | $327 | $2184 | $1507 |
| &nbsp;&nbsp;&nbsp;Institutional products | 10 | 6 | 21 | 27 | 23 | 19 | 20 | 17 | 64 | 79 |
| &nbsp;&nbsp;&nbsp;Closed life and annuity blocks | 60 | 78 | 80 | 37 | (9) | 12 | 76 | 38 | 255 | 117 |
| &nbsp;&nbsp;&nbsp;Corporate and other | (17) | 23 | (33) | 25 | 6 | 8 | (12) | (62) | (2) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total pretax adjusted operating earnings** | $594 | $626 | $615 | $666 | $445 | $464 | $414 | $320 | $2501 | $1643 |
| <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |

---

------

---

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

---

**Retail Annuities**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Fee income | $1089 | $1150 | $1194 | $1203 | $1108 | $1034 | $1002 | $964 | $4636 | $4108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 6 | 7 | 2 |  | 3 |  | 3 | 4 | 15 | 10 |
| &nbsp;&nbsp;&nbsp;Net investment income | 211 | 150 | 180 | 151 | 114 | 113 | 72 | 104 | 692 | 403 |
| &nbsp;&nbsp;&nbsp;Income (loss) on operating derivatives | 14 | 15 | 13 | 10 | 11 | 7 | 2 | (3) | 52 | 17 |
| &nbsp;&nbsp;&nbsp;Other income | 12 | 11 | 12 | 12 | 11 | 11 | 11 | 9 | 47 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenue** | 1332 | 1333 | 1401 | 1376 | 1247 | 1165 | 1090 | 1078 | 5442 | 4580 |
| **Operating Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Death, other policy benefits and change in policy reserves, net of deferrals<sup>1</sup> | 22 | 26 | 38 | (80) | 32 | 16 | 2 | 11 | 6 | 61 |
| &nbsp;&nbsp;&nbsp;Interest credited on other contract holder funds, net of deferrals | 57 | 55 | 56 | 57 | 57 | 61 | 72 | 63 | 225 | 253 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from updating future policy benefits cash flow assumptions, net | (6) | (2) | (2) | 2 | (3) | 1 | (1) | (1) | (8) | (4) |
| &nbsp;&nbsp;&nbsp;Interest expense | 5 | 6 | 6 | 5 | 5 | 6 | 8 | 13 | 22 | 32 |
| &nbsp;&nbsp;&nbsp;Operating costs and other expenses, net of deferrals | 575 | 590 | 615 | 676 | 592 | 515 | 540 | 527 | 2456 | 2174 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 138 | 139 | 141 | 139 | 139 | 141 | 139 | 138 | 557 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating benefits and expenses** | 791 | 814 | 854 | 799 | 822 | 740 | 760 | 751 | 3258 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pretax adjusted operating earnings**<sup>2</sup> | $541 | $519 | $547 | $577 | $425 | $425 | $330 | $327 | $2184 | $1507 |
| **Sales** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**By Product** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VA with lifetime benefits guarantees | $3263 | $3163 | $3148 | $3148 | $3219 | $2569 | $2092 | $1854 | $12722 | $9734 |
| &nbsp;&nbsp;&nbsp;&nbsp;VA without lifetime benefits guarantees (incl. investment-only products) | 1412 | 1658 | 1590 | 1691 | 1356 | 1064 | 794 | 690 | 6351 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered Index-Linked Annuities (RILA) |  |  |  | 108 | 199 | 490 | 562 | 560 | 108 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;FA/FIA<sup>3</sup> | 50 | 38 | 31 | 29 | 23 | 19 | 112 | 134 | 148 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $4724 | $4859 | $4769 | $4976 | $4797 | $4142 | $3560 | $3238 | $19329 | $15737 |
| &nbsp;&nbsp;**Variable Annuity By Rider Type** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;None (investment-only) | $614 | $723 | $683 | $723 | $603 | $465 | $343 | $331 | $2743 | $1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMDB only | 717 | 857 | 829 | 882 | 667 | 533 | 397 | 303 | 3285 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMWB - without lifetime benefits guarantees | 81 | 78 | 78 | 86 | 86 | 66 | 54 | 56 | 323 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMWB - with lifetime benefits guarantees | 3263 | 3163 | 3148 | 3148 | 3219 | 2569 | 2092 | 1854 | 12722 | 9734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $4674 | $4821 | $4738 | $4839 | $4575 | $3633 | $2886 | $2544 | $19073 | $13638 |
| &nbsp;&nbsp;**Total Sales % By Channel** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent broker-dealers | 71% | 69% | 69% | 69% | 63% | 68% | 68% | 68% | 70% | 67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks and other financial institutions | 13% | 14% | 14% | 13% | 12% | 13% | 12% | 11% | 13% | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wirehouses and regional broker-dealers | 13% | 14% | 14% | 15% | 11% | 13% | 15% | 15% | 14% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;IPA channel<sup>4</sup> | 3% | 3% | 3% | 3% | 14% | 6% | 5% | 6% | 3% | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| **Key Metrics** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total variable annuity fee margin<sup>5</sup> | 3.0% | 3.1% | 3.1% | 3.1% | 3.0% | 3.2% | 3.5% | 3.5% | 3.1% | 3.3% |
| &nbsp;&nbsp;Variable annuity gross separate account return<sup>6</sup> | 4.6% | 6.5% | (0.2)% | 5.9% | (6.2)% | (14.0)% | (4.5)% | 7.5% | 17.6% | (17.3)% |
| &nbsp;&nbsp;Operating income margin<sup>7</sup> | 40.6% | 38.9% | 39.0% | 41.9% | 34.1% | 36.5% | 30.3% | 30.3% | 40.1% | 32.9% |
| <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. | <sup>1</sup>Includes 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. |
| <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |
| <sup>3</sup>Net of premiums ceded to Athene. |  |  |  |  |  |  |  |  |  |  |
| <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. | <sup>4</sup>The 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. |
| <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. | <sup>5</sup>Total annualized VA fee income (including guarantee fees) as a percentage of average VA account value. |
| <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. | <sup>6</sup>Separate account returns are calculated from the change in net asset value (NAVs) and are gross of all fees. |
| <sup>7</sup>Operating income as a percentage of operating revenue. |  |  |  |  |  |  |  |  |  |  |

---

------

---

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

---

**Retail Annuities**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Operating Metrics - (1/4)** | | | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;**Variable Annuity - General Account** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $10094 | $10104 | $9615 | $9776 | $9456 | $9793 | $10469 | $10434 | $10094 | $9456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 396 | 359 | 358 | 377 | 359 | 375 | 315 | 301 | 1490 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (533) | (472) | (414) | (397) | (369) | (380) | (362) | (381) | (1816) | (1492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (137) | (113) | (56) | (20) | (10) | (5) | (47) | (80) | (326) | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfer to variable funds | 133 | (393) | 197 | (321) | 326 | 666 | (8) | (114) | (384) | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 42 | 41 | 41 | 41 | 40 | 41 | 44 | 43 | 165 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (28) | (24) | (21) | (20) | (19) | (26) | (24) | (24) | (93) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | $10104 | $9615 | $9776 | $9456 | $9793 | $10469 | $10434 | $10259 | $9456 | $10259 |
| &nbsp;&nbsp;**Variable Annuity - Separate Account** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $218618 | $226426 | $239326 | $236630 | $248467 | $230762 | $195830 | $184705 | $218618 | $248467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 4279 | 4463 | 4381 | 4464 | 4216 | 3258 | 2571 | 2243 | 17587 | 12288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (4383) | (4674) | (4454) | (4761) | (4204) | (3553) | (3190) | (3606) | (18272) | (14553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (104) | (211) | (73) | (297) | 12 | (295) | (619) | (1363) | (685) | (2265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfer to fixed option | (133) | 393 | (197) | 321 | (326) | (666) | 8 | 114 | 384 | (870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 8626 | 13334 | (1794) | 12455 | (16727) | (33310) | (9853) | 12741 | 32621 | (47149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (581) | (616) | (632) | (642) | (664) | (661) | (661) | (647) | (2471) | (2633) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | $226426 | $239326 | $236630 | $248467 | $230762 | $195830 | $184705 | $195550 | $248467 | $195550 |
| &nbsp;&nbsp;**Variable Annuity - Total** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $228712 | $236530 | $248941 | $246406 | $257923 | $240555 | $206299 | $195139 | $228712 | $257923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 4675 | 4823 | 4738 | 4841 | 4575 | 3633 | 2886 | 2544 | 19077 | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (4915) | (5148) | (4867) | (5158) | (4573) | (3933) | (3552) | (3987) | (20088) | (16045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (240) | (325) | (129) | (317) | 2 | (300) | (666) | (1443) | (1011) | (2407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 8626 | 13334 | (1794) | 12455 | (16727) | (33310) | (9853) | 12741 | 32621 | (47149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 42 | 41 | 41 | 41 | 40 | 41 | 44 | 43 | 165 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (610) | (639) | (653) | (662) | (683) | (687) | (685) | (671) | (2564) | (2726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | 236530 | 248941 | 246406 | 257923 | 240555 | 206299 | 195139 | 205809 | 257923 | 205809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsured account value - balance as of end of periods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, gross of reinsurance | $236530 | $248941 | $246406 | $257923 | $240555 | $206299 | $195139 | $205809 | $257923 | $205809 |
| &nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;**Variable Annuity Allocation** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**By Fund Type** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $153864 | $164049 | $161605 | $171811 | $158362 | $131212 | $123536 | $132547 | $171811 | $132547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond | 23610 | 24063 | 24026 | 24059 | 22458 | 20122 | 18905 | 19155 | 24059 | 19155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced | 46633 | 48940 | 48671 | 50534 | 47484 | 41498 | 39075 | 40797 | 50534 | 40797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market | 2319 | 2274 | 2328 | 2063 | 2458 | 2998 | 3189 | 3051 | 2063 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total separate account** | 226426 | 239326 | 236630 | 248467 | 230762 | 195830 | 184705 | 195550 | 248467 | 195550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed (general account) | 10104 | 9615 | 9776 | 9456 | 9793 | 10469 | 10434 | 10259 | 9456 | 10259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total variable annuity account value** | $236530 | $248941 | $246406 | $257923 | $240555 | $206299 | $195139 | $205809 | $257923 | $205809 |

---

------

---

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

---

**Retail Annuities**<br>

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Operating Metrics - (2/4)** | | | | | | | | | | | | | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
| | **3/31/21** | **3/31/21** | **6/30/21** | **6/30/21** | **9/30/21** | **9/30/21** | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **12/31/21** | **12/31/21** | **12/31/22** | **12/31/22** |
| **Account Value** | | | | | | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;**Fixed and Fixed Index Annuity** | | | | | | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $| 1253 | $| 1284 | $| 1324 | $| 1364 | $| 1390 | $| 1407 | $| 1423 | $| 1527 | $| 1253 | $| 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 58 | 58 | 39 | 39 | 45 | 45 | 140 | 140 | 54 | 54 | 59 | 59 | 138 | 138 | 155 | 155 | 282 | 282 | 406 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (33) | (33) | 1 | 1 | (8) | (8) | (123) | (123) | (44) | (44) | (49) | (49) | (42) | (42) | (57) | (57) | (163) | (163) | (192) | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 25 | 25 | 40 | 40 | 37 | 37 | 17 | 17 | 10 | 10 | 10 | 10 | 96 | 96 | 98 | 98 | 119 | 119 | 214 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of equity option | 2 | 2 | 1 | 1 |  |  | 2 | 2 | (1) | (1) | (4) | (4) | (1) | (1) | 2 | 2 | 5 | 5 | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 9 | 9 | 9 | 9 | 9 | 9 | 11 | 11 | 12 | 12 | 14 | 14 | 17 | 17 | 14 | 14 | 38 | 38 | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (5) | (5) | (10) | (10) | (6) | (6) | (4) | (4) | (4) | (4) | (4) | (4) | (8) | (8) | (7) | (7) | (25) | (25) | (23) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | 1284 | 1284 | 1324 | 1324 | 1364 | 1364 | 1390 | 1390 | 1407 | 1407 | 1423 | 1423 | 1527 | 1527 | 1634 | 1634 | 1390 | 1390 | 1634 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsured account value - balance as of end of periods | 26297 | 26297 | 25920 | 25920 | 25439 | 25439 | 24956 | 24956 | 24380 | 24380 | 23762 | 23762 | 22909 | 22909 | 21849 | 21849 | 24956 | 24956 | 21849 | 21849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, gross of reinsurance | $| 27581 | $| 27244 | $| 26803 | $| 26346 | $| 25787 | $| 25185 | $| 24436 | $| 23483 | $| 26346 | $| 23483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized surrenders, withdrawals as % of FA and FIA account value<sup>1</sup> | 10.4 | 10.4% | (0.3) | (0.3)% | 2.4 | 2.4% | 35.7 | 35.7% | 12.6 | 12.6% | 13.9 | 13.9% | 11.4 | 11.4% | 14.4 | 14.4% | 12.3 | 12.3% | 13.0 | 13.0% |
| &nbsp;&nbsp;**RILA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $|  | $|  | $|  | $|  | $| 110 | $| 305 | $| 735 | $| 1235 | $|  | $| 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits |  |  |  |  |  |  | 108 | 108 | 199 | 199 | 490 | 490 | 562 | 562 | 560 | 560 | 108 | 108 | 1811 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits |  |  |  |  |  |  |  |  | (1) | (1) | (1) | (1) | (1) | (1) | (5) | (5) |  |  | (8) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows |  |  |  |  |  |  | 108 | 108 | 198 | 198 | 489 | 489 | 561 | 561 | 555 | 555 | 108 | 108 | 1803 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of equity option |  |  |  |  |  |  | 2 | 2 | (3) | (3) | (59) | (59) | (59) | (59) | 84 | 84 | 2 | 2 | (37) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited |  |  |  |  |  |  |  |  |  |  |  |  | 1 | 1 | 1 | 1 |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other |  |  |  |  |  |  |  |  |  |  |  |  | (3) | (3) |  |  |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance |  |  |  |  |  |  | 110 | 110 | 305 | 305 | 735 | 735 | 1235 | 1235 | 1875 | 1875 | 110 | 110 | 1875 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsured account value - balance as of end of periods |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, gross of reinsurance | $|  | $|  | $|  | $| 110 | $| 305 | $| 735 | $| 1235 | $| 1875 | $| 110 | $| 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized surrenders, withdrawals as % of RILA account value<sup>1</sup> |  | —% |  | —% |  | —% |  | —% | 1.9 | 1.9% | 0.8 | 0.8% | 0.4 | 0.4% | 1.3 | 1.3% |  | —% | 0.9 | 0.9% |
| <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. |

---

------

---

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

---

**Retail Annuities**<br>

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Operating Metrics - (2/4) (Continued)** | | | | | | | | | | | | | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
| | **3/31/21** | **3/31/21** | **6/30/21** | **6/30/21** | **9/30/21** | **9/30/21** | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **12/31/21** | **12/31/21** | **12/31/22** | **12/31/22** |
| &nbsp;&nbsp;**Payout Annuity** | | | | | | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $| 776 | $| 747 | $| 738 | $| 726 | $| 712 | $| 684 | $| 674 | $| 655 | $| 776 | $| 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 29 | 29 | 36 | 36 | 37 | 37 | 25 | 25 | 24 | 24 | 28 | 28 | 27 | 27 | 27 | 27 | 127 | 127 | 106 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (60) | (60) | (50) | (50) | (54) | (54) | (44) | (44) | (53) | (53) | (43) | (43) | (49) | (49) | (40) | (40) | (208) | (208) | (185) | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (31) | (31) | (14) | (14) | (17) | (17) | (19) | (19) | (29) | (29) | (15) | (15) | (22) | (22) | (13) | (13) | (81) | (81) | (79) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of equity option |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 4 | 4 | 5 | 5 | 4 | 4 | 4 | 4 | 20 | 20 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (3) | (3) |  |  |  |  |  |  | (3) | (3) |  |  | (1) | (1) | 3 | 3 | (3) | (3) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | 747 | 747 | 738 | 738 | 726 | 726 | 712 | 712 | 684 | 684 | 674 | 674 | 655 | 655 | 649 | 649 | 712 | 712 | 649 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsured account value - balance as of end of periods | 75 | 75 | 87 | 87 | 109 | 109 | 119 | 119 | 139 | 139 | 159 | 159 | 172 | 172 | 188 | 188 | 119 | 119 | 188 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, gross of reinsurance | $| 822 | $| 825 | $| 835 | $| 831 | $| 823 | $| 833 | $| 827 | $| 837 | $| 831 | $| 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized surrenders, withdrawals as % of payout annuity account value<sup>1</sup> | 31.5 | 31.5% | 26.9 | 26.9% | 29.5 | 29.5% | 24.5 | 24.5% | 30.4 | 30.4% | 25.3 | 25.3% | 29.5 | 29.5% | 24.5 | 24.5% | 28.1 | 28.1% | 27.4 | 27.4% |
| &nbsp;&nbsp;**Total Retail Annuity**<sup>2</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $| 230741 | $| 238561 | $| 251003 | $| 248496 | $| 260135 | $| 242951 | $| 209131 | $| 198556 | $| 230741 | $| 260135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 4762 | 4762 | 4898 | 4898 | 4820 | 4820 | 5114 | 5114 | 4852 | 4852 | 4210 | 4210 | 3613 | 3613 | 3286 | 3286 | 19594 | 19594 | 15961 | 15961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (5008) | (5008) | (5197) | (5197) | (4929) | (4929) | (5325) | (5325) | (4671) | (4671) | (4026) | (4026) | (3644) | (3644) | (4089) | (4089) | (20459) | (20459) | (16430) | (16430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (246) | (246) | (299) | (299) | (109) | (109) | (211) | (211) | 181 | 181 | 184 | 184 | (31) | (31) | (803) | (803) | (865) | (865) | (469) | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 8626 | 8626 | 13334 | 13334 | (1794) | (1794) | 12455 | 12455 | (16727) | (16727) | (33310) | (33310) | (9853) | (9853) | 12741 | 12741 | 32621 | 32621 | (47149) | (47149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of equity option | 2 | 2 | 1 | 1 |  |  | 4 | 4 | (4) | (4) | (63) | (63) | (60) | (60) | 86 | 86 | 7 | 7 | (41) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 56 | 56 | 55 | 55 | 55 | 55 | 57 | 57 | 56 | 56 | 60 | 60 | 66 | 66 | 62 | 62 | 223 | 223 | 244 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (618) | (618) | (649) | (649) | (659) | (659) | (666) | (666) | (690) | (690) | (691) | (691) | (697) | (697) | (675) | (675) | (2592) | (2592) | (2753) | (2753) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | 238561 | 238561 | 251003 | 251003 | 248496 | 248496 | 260135 | 260135 | 242951 | 242951 | 209131 | 209131 | 198556 | 198556 | 209967 | 209967 | 260135 | 260135 | 209967 | 209967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsured account value - balance as of end of periods | 26372 | 26372 | 26007 | 26007 | 25548 | 25548 | 25075 | 25075 | 24519 | 24519 | 23921 | 23921 | 23081 | 23081 | 22037 | 22037 | 25075 | 25075 | 22037 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, gross of reinsurance | $| 264933 | $| 277010 | $| 274044 | $| 285210 | $| 267470 | $| 233052 | $| 221637 | $| 232004 | $| 285210 | $| 232004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized surrenders, withdrawals as % of account value<sup>1</sup> | 8.5 | 8.5% | 8.5 | 8.5% | 7.9 | 7.9% | 8.4 | 8.4% | 7.4 | 7.4% | 7.1 | 7.1% | 7.2 | 7.2% | 8.0 | 8.0% | 8.3 | 8.3% | 7.3 | 7.3% |
| <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. | <sup>1</sup>Represents net of reinsurance annualized surrender, withdrawals as % of net account value. |
| <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. | <sup>2</sup>Account value excludes reserves for future policy benefits. |

---

------

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

---

**Retail Annuities**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Operating Metrics - (3/4)** | | | | | | | | |
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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 Reserves**<sup>1</sup> | | | | | | | | |
| &nbsp;&nbsp;**By Financial Statement Line** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | $226795 | $239719 | $237010 | $248859 | $231113 | $196114 | $184976 | $195835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for future policy benefits | 1228 | 1269 | 1258 | 1249 | 1152 | 1069 | 1018 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other contract holder funds | 38507 | 37684 | 37414 | 36743 | 36708 | 37222 | 36932 | 36454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits | 3935 | 5757 | 6997 | 6363 | 3462 | 3609 | 2099 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $270465 | $284429 | $282679 | $293214 | $272435 | $238014 | $225025 | $234120 |
| &nbsp;&nbsp;**By Product** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuities - separate account with lifetime benefits guarantees | $168178 | $177712 | $175429 | $184031 | $170698 | $144576 | $136338 | $144629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuities - separate account w/o lifetime benefits guarantees (incl. investment-only products) | 58617 | 62007 | 61581 | 64828 | 60415 | 51538 | 48638 | 51206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuities - general account | 14287 | 15617 | 17017 | 16058 | 13497 | 14332 | 12787 | 11313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total variable annuities | 241082 | 255336 | 254027 | 264917 | 244610 | 210446 | 197763 | 207148 |
| &nbsp;&nbsp;&nbsp;&nbsp;RILA |  |  |  | 110 | 306 | 738 | 1240 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed annuities | 13775 | 13611 | 13430 | 13186 | 12953 | 12728 | 12313 | 11698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed index annuities | 13857 | 13704 | 13448 | 13241 | 12890 | 12487 | 12137 | 11804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payout annuities | 1751 | 1778 | 1774 | 1760 | 1676 | 1615 | 1572 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $270465 | $284429 | $282679 | $293214 | $272435 | $238014 | $225025 | $234120 |
| <sup>1</sup> Gross of reinsurance |  |  |  |  |  |  |  |  |

---

------

---

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

---

**Retail Annuities**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Operating Metrics - (4/4)** | | | | | | | | |
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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)** | | | | | | | | |
| &nbsp;&nbsp;**No Living Benefits** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ No GMDB (return of AV) | $26375 | $27771 | $27715 | $29089 | $27376 | $23680 | $22399 | $23507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ ROP GMDB | 15674 | 16697 | 16782 | 17855 | 16823 | 14650 | 13939 | 14580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ Enhanced GMDB | 12763 | 13390 | 13235 | 13775 | 12830 | 11060 | 10481 | 10986 |
| &nbsp;&nbsp;**GMWB** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ No GMDB (return of AV) | 41 | 46 | 47 | 51 | 49 | 42 | 41 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ ROP GMDB | 5699 | 5935 | 5811 | 6014 | 5563 | 4753 | 4469 | 4674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ Enhanced GMDB | 1228 | 1270 | 1221 | 1253 | 1156 | 983 | 919 | 953 |
| &nbsp;&nbsp;**GMWB for Life** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ No GMDB (return of AV) | 913 | 1025 | 1059 | 1198 | 1561 | 1393 | 1363 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ ROP GMDB | 158114 | 166550 | 164723 | 172375 | 160218 | 137083 | 129657 | 137113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ Enhanced GMDB | 13841 | 14392 | 14024 | 14505 | 13323 | 11254 | 10568 | 11097 |
| &nbsp;&nbsp;**GMIB** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ ROP GMDB | 1323 | 1347 | 1293 | 1299 | 1190 | 1006 | 934 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ Enhanced GMDB | 512 | 518 | 496 | 509 | 466 | 395 | 369 | 384 |
| &nbsp;&nbsp;**GMAB** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ ROP GMDB | 40 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w/ Enhanced GMDB | 7 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** | $236530 | $248941 | $246406 | $257923 | $240555 | $206299 | $195139 | $205809 |
| **Net Amount at Risk (before reinsurance)**<sup>1</sup> | $3637 | $3277 | $3971 | $3404 | $5831 | $14815 | $19900 | $15592 |
| <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. |

---

------

---

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

---

**Institutional Products**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | **Pretax Adjusted Operating Earnings, Sales, and Key Metrics** | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $64 | $56 | $69 | $71 | $64 | $72 | $80 | $96 | $260 | $312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) on operating derivatives |  |  | (1) | (2) | (1) | (4) | (8) | (9) | (3) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenue** | 64 | 56 | 68 | 69 | 63 | 68 | 72 | 87 | 257 | 290 |
| **Operating Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited on other contract holder funds, net of deferrals | 52 | 48 | 47 | 41 | 39 | 47 | 51 | 64 | 188 | 201 |
| &nbsp;&nbsp;Interest expense<sup>1</sup> | 1 | 1 | (2) |  |  |  |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Operating costs and other expenses, net of deferrals | 1 | 1 | 2 | 1 | 1 | 2 | 1 | 1 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating benefits and expenses** | 54 | 50 | 47 | 42 | 40 | 49 | 52 | 70 | 193 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pretax adjusted operating earnings**<sup>2</sup> | $10 | $6 | $21 | $27 | $23 | $19 | $20 | $17 | $64 | $79 |
| **Sales** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**By Product** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional guaranteed investment contracts (GICs) | $— | $— | $— | $3 | $175 | $201 | $64 | $58 | $3 | $498 |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLBI funding agreements |  |  | 43 | 429 | 50 |  | 250 |  | 472 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medium-Term Note funding agreements |  |  |  |  | 750 |  |  | 850 |  | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $— | $— | $43 | $432 | $975 | $201 | $314 | $908 | $475 | $2398 |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**General Account** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods | $11138 | $10579 | $8910 | $8839 | $8830 | $9173 | $8483 | $8358 | $11138 | $8830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits |  |  | 43 | 432 | 975 | 201 | 314 | 908 | 475 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (545) | (1735) | (147) | (488) | (659) | (868) | (428) | (403) | (2915) | (2358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (545) | (1735) | (104) | (56) | 316 | (667) | (114) | 505 | (2440) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 53 | 49 | 45 | 41 | 39 | 47 | 51 | 64 | 188 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (67) | 17 | (12) | 6 | (12) | (70) | (62) | 92 | (56) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods | $10579 | $8910 | $8839 | $8830 | $9173 | $8483 | $8358 | $9019 | $8830 | $9019 |
| **GAAP Reserves** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **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** |
| &nbsp;&nbsp;**By Product** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional guaranteed investment contracts (GICs) | $1175 | $1100 | $994 | $894 | $1052 | $1181 | $1162 | $1128 | $894 | $1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLBI funding agreements | 1478 | 1478 | 1522 | 1950 | 2000 | 2001 | 2252 | 2004 | 1950 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medium-Term Note funding agreements | 7925 | 6332 | 6322 | 5986 | 6121 | 5301 | 4944 | 5887 | 5986 | 5887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $10579 | $8910 | $8839 | $8830 | $9173 | $8483 | $8358 | $9019 | $8830 | $9019 |
| <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. | <sup>1</sup>At 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. |
| <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |

---

------

---

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

---

**Closed Life and Annuity Blocks**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pretax Adjusted Operating Earnings and Key Metrics** | | | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Fee income | $125 | $123 | $123 | $121 | $121 | $119 | $118 | $116 | $492 | $474 |
| &nbsp;&nbsp;&nbsp;Premiums | 38 | 33 | 39 | 35 | 37 | 35 | 36 | 26 | 145 | 134 |
| &nbsp;&nbsp;&nbsp;Net investment income | 265 | 213 | 245 | 227 | 189 | 167 | 166 | 184 | 950 | 706 |
| &nbsp;&nbsp;&nbsp;Income (loss) on operating derivatives | 20 | 18 | 18 | 16 | 15 | 13 | 7 | (4) | 72 | 31 |
| &nbsp;&nbsp;&nbsp;Other income | 9 | 13 | 7 | 10 | 8 | 9 | 8 | 10 | 39 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenue** | 457 | 400 | 432 | 409 | 370 | 343 | 335 | 332 | 1698 | 1380 |
| **Operating Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Death, other policy benefits and change in policy reserves, net of deferrals | 188 | 160 | 188 | 216 | 225 | 194 | 168 | 147 | 752 | 734 |
| &nbsp;&nbsp;&nbsp;Interest credited on other contract holder funds, net of deferrals | 104 | 106 | 106 | 103 | 101 | 101 | 101 | 109 | 419 | 412 |
| &nbsp;&nbsp;&nbsp;(Gain) loss from updating future policy benefits cash flow assumptions, net | 54 | 9 | 16 | 1 | 18 | 14 | (36) | (20) | 80 | (24) |
| &nbsp;&nbsp;&nbsp;Operating costs and other expenses, net of deferrals | 48 | 44 | 39 | 48 | 32 | 19 | 23 | 56 | 179 | 130 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 2 | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating benefits and expenses** | 397 | 322 | 352 | 372 | 379 | 331 | 259 | 294 | 1443 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pretax adjusted operating earnings**<sup>1</sup> | $60 | $78 | $80 | $37 | $(9) | $12 | $76 | $38 | $255 | $117 |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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**<sup>2</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**General Account** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of periods, net of reinsurance | $8964 | $8865 | $8789 | $8709 | $8637 | $8532 | $8449 | $8372 | $8964 | $8637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 85 | 80 | 82 | 80 | 82 | 76 | 76 | 75 | 327 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (161) | (138) | (142) | (136) | (162) | (135) | (132) | (150) | (577) | (579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (76) | (58) | (60) | (56) | (80) | (59) | (56) | (75) | (250) | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 104 | 103 | 103 | 103 | 99 | 99 | 99 | 107 | 413 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and other | (127) | (121) | (123) | (119) | (124) | (123) | (120) | (116) | (490) | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, net of reinsurance | 8865 | 8789 | 8709 | 8637 | 8532 | 8449 | 8372 | 8288 | 8637 | 8288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsured account value - balance as of end of periods | 4337 | 4359 | 4353 | 4327 | 4280 | 4269 | 4320 | 4246 | 4327 | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end of periods, gross of reinsurance | 13202 | 13148 | 13062 | 12964 | 12812 | 12718 | 12692 | 12534 | 12964 | 12534 |
|  | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **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** |
| &nbsp;&nbsp;**By Financial Statement Line** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | $87 | $87 | $86 | $90 | $85 | $70 | $66 | $71 | $90 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for future policy benefits | 12930 | 13070 | 12771 | 12509 | 11416 | 10565 | 9849 | 9866 | 12509 | 9866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other contract holder funds | 13202 | 13148 | 13062 | 12964 | 12812 | 12718 | 12692 | 12534 | 12964 | 12534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits | 7 | 7 | 7 | 6 | 7 | 7 | 7 | 8 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $26226 | $26312 | $25926 | $25569 | $24320 | $23360 | $22614 | $22479 | $25569 | $22479 |
| <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>1</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |
| <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. | <sup>2</sup>Account value excludes reserve for future policy benefits. |

---

------

---

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

---

**Corporate and Other**<sup>1</sup><br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pretax Adjusted Operating Earnings** | | | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Fee income | $18 | $16 | $15 | $16 | $16 | $14 | $13 | $9 | $65 | $52 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 32 | (23) | 46 | 34 | 9 | 22 |  | 55 | 65 |
| &nbsp;&nbsp;&nbsp;Income (loss) on operating derivatives | 4 | 8 | 8 | 12 | 10 | 8 | 2 | (6) | 32 | 14 |
| &nbsp;&nbsp;&nbsp;Other income (expense) | 2 | 6 | (2) | 2 | 1 | 1 |  | 6 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenue** | 24 | 62 | (2) | 76 | 61 | 32 | 37 | 9 | 160 | 139 |
| **Operating Benefits and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 2 | 13 | 15 | 18 | 21 | 22 | 15 | 76 |
| &nbsp;&nbsp;&nbsp;Operating costs and other expenses, net of deferrals | 41 | 39 | 29 | 38 | 40 | 6 | 28 | 49 | 147 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating benefits and expenses** | 41 | 39 | 31 | 51 | 55 | 24 | 49 | 71 | 162 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pretax adjusted operating earnings**<sup>2</sup> | $(17) | $23 | $(33) | $25 | $6 | $8 | $(12) | $(62) | $(2) | $(60) |
| <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. | <sup>1</sup>Corporate and Other includes the intersegment eliminations. |
| <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. | <sup>2</sup>See explanation of Non-GAAP Financial Measures at the end of this Financial Supplement. |

---

------

---

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

---

**Consolidated Composition of Invested Assets**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Total investments | $75881 | $74736 | $74203 | $74227 | $69345 | $67127 | $65890 | $65946 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1573 | 1536 | 2482 | 2623 | 2674 | 5258 | 5331 | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments and cash and cash equivalents** | $77453 | $76272 | $76685 | $76850 | $72019 | $72385 | $71221 | $70244 |
| **Breakdown of Invested Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**By Asset Class Excluding Funds Withheld Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government securities | $4318 | $4312 | $4306 | $4166 | $3121 | $2839 | $3906 | $5034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other government securities | 1088 | 1114 | 1086 | 1067 | 1024 | 914 | 855 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 25178 | 24791 | 25045 | 25940 | 24252 | 23181 | 21930 | 21837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | 236 | 233 | 231 | 217 | 221 | 223 | 228 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 1516 | 1205 | 1191 | 1199 | 1175 | 1165 | 1211 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities | 1371 | 1195 | 1293 | 1528 | 1592 | 1656 | 1700 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities | 33707 | 32850 | 33152 | 34117 | 31385 | 29978 | 29830 | 30981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 151 | 155 | 162 | 163 | 162 | 172 | 150 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 7479 | 7260 | 7018 | 6743 | 6764 | 6935 | 6877 | 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 1044 | 1027 | 1008 | 992 | 973 | 959 | 946 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freestanding derivative instruments | 1014 | 1466 | 1103 | 1374 | 868 | 1133 | 1767 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 2483 | 2340 | 2233 | 2484 | 2611 | 2759 | 2753 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 45878 | 45098 | 44676 | 45873 | 42763 | 41936 | 42323 | 43054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds withheld assets | 30003 | 29638 | 29527 | 28354 | 26582 | 25191 | 23567 | 22892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | $75881 | $74736 | $74203 | $74227 | $69345 | $67127 | $65890 | $65946 |
| **Fixed Income Assets by Rating Excluding Funds Withheld Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AAA | 21.6% | 20.7% | 20.3% | 19.5% | 17.1% | 17.0% | 20.8% | 23.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AA | 7.3% | 7.9% | 7.5% | 7.6% | 8.4% | 8.0% | 8.0% | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;A | 30.2% | 29.6% | 30.3% | 29.6% | 29.7% | 30.3% | 29.5% | 29.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BBB | 35.3% | 35.6% | 35.5% | 36.5% | 37.4% | 36.1% | 33.3% | 30.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment grade | 94.4% | 93.8% | 93.6% | 93.2% | 92.6% | 91.4% | 91.6% | 91.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BB | 2.8% | 2.8% | 3.0% | 3.1% | 3.3% | 3.6% | 3.4% | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;B and below | 2.8% | 3.4% | 3.4% | 3.7% | 4.1% | 5.0% | 5.0% | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below investment grade | 5.6% | 6.2% | 6.4% | 6.8% | 7.4% | 8.6% | 8.4% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

------

---

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

---

**Consolidated Composition of Debt Securities Excluding Funds Withheld Assets**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;U.S. government securities | $4318 | $4312 | $4306 | $4166 | $3121 | $2839 | $3906 | $5034 |
| &nbsp;&nbsp;&nbsp;Other government securities | 1088 | 1114 | 1086 | 1067 | 1024 | 914 | 855 | 850 |
| &nbsp;&nbsp;&nbsp;Corporate securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4859 | 4870 | 4814 | 4883 | 4461 | 4155 | 3847 | 3958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 2097 | 2118 | 2111 | 2190 | 1989 | 1858 | 1748 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking | 1215 | 1231 | 1192 | 1307 | 1137 | 1232 | 1267 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 2323 | 2248 | 2327 | 2369 | 2209 | 2061 | 1939 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance/insurance | 2426 | 2716 | 2801 | 3074 | 3098 | 2915 | 2834 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology/telecom | 1955 | 1735 | 1763 | 1831 | 1672 | 1691 | 1565 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer goods | 1769 | 1707 | 1731 | 1814 | 1765 | 1569 | 1498 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 1290 | 1228 | 1252 | 1291 | 1244 | 1127 | 991 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital goods | 1675 | 1603 | 1614 | 1597 | 1420 | 1446 | 1337 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 1234 | 1088 | 1102 | 1150 | 1065 | 1039 | 949 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 750 | 874 | 733 | 740 | 765 | 750 | 737 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 871 | 741 | 851 | 924 | 831 | 783 | 798 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 954 | 909 | 906 | 937 | 889 | 866 | 825 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1760 | 1723 | 1848 | 1833 | 1707 | 1689 | 1595 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total corporate securities** | 25178 | 24791 | 25045 | 25940 | 24252 | 23181 | 21930 | 21837 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed | 236 | 233 | 231 | 217 | 221 | 223 | 228 | 250 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 1516 | 1205 | 1191 | 1199 | 1175 | 1165 | 1211 | 1220 |
| &nbsp;&nbsp;&nbsp;Other asset-backed securities | 1371 | 1195 | 1293 | 1528 | 1592 | 1656 | 1700 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt securities excluding funds withheld assets** | $33707 | $32850 | $33152 | $34117 | $31385 | $29978 | $29830 | $30981 |

---

------

---

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

---

**Consolidated Net Investment Income**<sup>1</sup><br>

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended or As of** | **For the Twelve Months Ended or As of** | **For the Twelve Months Ended or As of** | **For the Twelve Months Ended or As of** |
| | **3/31/21** | **3/31/21** | **6/30/21** | **6/30/21** | **9/30/21** | **9/30/21** | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **12/31/21** | **12/31/21** | **12/31/22** | **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** | | | | | | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;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% | $1154 | 3.2% | $1076 |
| &nbsp;&nbsp;&nbsp;Ending assets - income pct. value<sup>2</sup> |  | 32305 |  | 30631 |  | 31189 |  | 32317 |  | 32851 |  | 32650 |  | 34117 |  | 34416 |  | 32317 |  | 34416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 33706 |  | 32851 |  | 33140 |  | 34117 |  | 31385 |  | 29978 |  | 29830 |  | 30981 |  | 34117 |  | 30981 |
| **Equity Securities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 151 |  | 155 |  | 162 |  | 163 |  | 162 |  | 172 |  | 150 |  | 316 |  | 163 |  | 316 |
| **Mortgage Loans** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;Ending assets - income pct. value<sup>2</sup> |  | 7552 |  | 7343 |  | 7088 |  | 6813 |  | 6821 |  | 7002 |  | 6947 |  | 6925 |  | 6813 |  | 6925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 7479 |  | 7260 |  | 7018 |  | 6743 |  | 6764 |  | 6935 |  | 6877 |  | 6840 |  | 6743 |  | 6840 |
| **Policy Loans** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 1043 |  | 1027 |  | 1008 |  | 992 |  | 973 |  | 959 |  | 946 |  | 942 |  | 992 |  | 942 |
| **Limited Partnerships** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 2110 |  | 1968 |  | 1863 |  | 2116 |  | 2223 |  | 2372 |  | 2369 |  | 2419 |  | 2116 |  | 2419 |
| **Other Invested Assets (ex. Limited Partnerships)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 374 |  | 372 |  | 370 |  | 368 |  | 388 |  | 387 |  | 384 |  | 383 |  | 368 |  | 383 |
| **Total Invested Assets (ex. Derivative**<sup>3</sup>**)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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% | $2364 | 3.6% | $1566 |
| &nbsp;&nbsp;&nbsp;Ending assets - income pct. value<sup>2</sup> |  | 43535 |  | 41496 |  | 41680 |  | 42769 |  | 43418 |  | 43542 |  | 44913 |  | 45401 |  | 42769 |  | 45401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 44863 |  | 43632 |  | 43561 |  | 44499 |  | 41895 |  | 40803 |  | 40556 |  | 41881 |  | 44499 |  | 41881 |
| **Cash and Short-Term Investments** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets - carrying value |  | 1189 |  | 1189 |  | 2099 |  | 2185 |  | 2224 |  | 4934 |  | 4822 |  | 4038 |  | 2185 |  | 4038 |
| **Funds Withheld Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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% | 1188 | 4.6% | 1254 |
| &nbsp;&nbsp;&nbsp;Ending assets - income pct. value<sup>2, 4</sup> |  | 30050 |  | 29211 |  | 29298 |  | 28410 |  | 27744 |  | 27608 |  | 26908 |  | 25792 |  | 28410 |  | 25792 |
| &nbsp;&nbsp;&nbsp;Ending assets - carrying value<sup>4</sup> |  | 30371 |  | 29967 |  | 29884 |  | 28749 |  | 26974 |  | 25405 |  | 23893 |  | 23055 |  | 28749 |  | 23055 |
| **Total Net Investment Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income |  | $962 |  | $830 |  | $866 |  | $894 |  | $733 |  | $728 |  | $689 |  | $711 |  | $3552 |  | $2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment fees |  | (32) |  | (29) |  | (29) |  | (38) |  | (43) |  | (36) |  | (49) |  | 28 |  | (128) |  | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net |  | $930 |  | $801 |  | $837 |  | $856 |  | $690 |  | $692 |  | $640 |  | $739 |  | $3424 |  | $2761 |
| **Total Operating Net Investment Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net |  | $930 |  | $801 |  | $837 |  | $856 |  | $690 |  | $692 |  | $640 |  | $739 |  | $3424 |  | $2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment income on funds withheld assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment income on funds withheld assets | (291) |  | (294) |  | (300) |  | (303) |  | (260) |  | (364) |  | (313) |  | (317) |  | (1188) |  | (1254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment income related to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment income related to noncontrolling interests | (68) |  | (56) |  | (62) |  | (76) |  | (31) |  | (31) |  | 11 |  | 9 |  | (262) |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment income due to consolidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment income due to consolidation | (31) |  |  |  | (4) |  | 18 |  | 2 |  | 64 |  | 2 |  | (47) |  | (17) |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating investment income, net |  | $540 |  | $451 |  | $471 |  | $495 |  | $401 |  | $361 |  | $340 |  | $384 |  | $1957 |  | $1486 |
| <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. | <sup>1</sup>Income percentages are annualized. |
| <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. | <sup>2</sup>Ending assets - Income Pct. Value is amortized cost for debt securities and amortized cost excluding loss allowance for mortgage loans. |  |  |  |  |  |
| <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. | <sup>3</sup>Results of derivatives are not included in Net Investment Income and the asset value has been excluded from Ending Assets. |  |  |  |  |  |
| <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: | <sup>4</sup>Details of the Income Pct. Value and Carrying Value for the Funds Withheld Assets as of the current period (12/31/22) are as follows: |  |  |  |  |  |
|  |  |  |  |  |  |  | <u>Income Pct. Value</u> | <u>Income Pct. Value</u> | <u>Carrying Value</u> | <u>Carrying Value</u> |  |  |  |  |  |  |  |  |  |  |
| Debt Securities |  |  |  |  |  |  |  | $16501 |  | $13781 |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  |  |  |  |  |  |  | 77 |  | 77 |  |  |  |  |  |  |  |  |  |  |
| Mortgage Loans |  |  |  |  |  |  |  | 4726 |  | 4709 |  |  |  |  |  |  |  |  |  |  |
| Policy Loans |  |  |  |  |  |  |  | 3435 |  | 3435 |  |  |  |  |  |  |  |  |  |  |
| Limited Partnerships |  |  |  |  |  |  |  | 793 |  | 793 |  |  |  |  |  |  |  |  |  |  |
| Cash and Short-Term Investments |  |  |  |  |  |  |  | 260 |  | 260 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total |  |  |  |  |  |  |  | $25792 |  | $23055 |  |  |  |  |  |  |  |  |  |  |

---

------

---

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

---

**Market Risk Benefits**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable Annuities, Net** | | | | | | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | $9908 | $3883 | $5685 | $6922 | $6281 | $3405 | $3576 | $2081 | $9908 | $6281 |
| &nbsp;&nbsp;Net liability beginning of periods cumulative effect of changes in non-performance risk<sup>1</sup> | 743 | 173 | (113) | (273) | 326 | 1254 | 2262 | 2809 | 743 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net liability balance, beginning of periods, before effect of changes in non-performance risk** | 10651 | 4056 | 5572 | 6649 | 6607 | 4659 | 5838 | 4890 | 10651 | 6607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in interest rates | (6293) | 2490 | (261) | 871 | (4520) | (4866) | (4071) | (680) | (3193) | (14137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of fund performance | (702) | (986) | 169 | (869) | 1638 | 5112 | 1954 | (2272) | (2388) | 6432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in equity index volatility | (101) | (401) | 933 | (476) | 486 | 618 | 707 | (235) | (45) | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of expected policyholder behavior | (1) | 140 | 39 | 234 | 77 | 224 | 222 | 9 | 412 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of actual policyholder behavior different from expected | (120) | (248) | (179) | (200) | (17) | (242) | (84) | 113 | (747) | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of time | 622 | 521 | 376 | 382 | 388 | 333 | 324 | 662 | 1901 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in assumptions |  |  |  | 16 |  |  |  | 465 | 16 | 465 |
| &nbsp;&nbsp;**Net liability balance, end of periods, before effect of changes in non-performance risk** | 4056 | 5572 | 6649 | 6607 | 4659 | 5838 | 4890 | 2952 | 6607 | 2952 |
| &nbsp;&nbsp;Net liability end of periods cumulative effect of changes in non-performance risk<sup>1</sup> | (173) | 113 | 273 | (326) | (1254) | (2262) | (2809) | (2185) | (326) | (2185) |
| **Net liability balance, end of periods, gross** | 3883 | 5685 | 6922 | 6281 | 3405 | 3576 | 2081 | 767 | 6281 | 767 |
| &nbsp;&nbsp;&nbsp;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** | $3593 | $5394 | $6621 | $5997 | $3150 | $3319 | $1853 | $584 | $5997 | $584 |
| <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. | <sup>1</sup> Changes in non-performance risk are reported in AOCI, rather than the Income Statements. |
| **Reconciliation of Market Risk Benefits** |  |  |  |  |  |  |  |  |  |  |
|  | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **Balance as of** | **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) | $(2342) | $(1742) | $(1383) | $(1658) | $(2427) | $(2320) | $(3021) | $(4856) | $(1658) | $(4856) |
| Market risk benefit - liabilities | 6225 | 7427 | 8305 | 7939 | 5832 | 5896 | 5102 | 5623 | 7939 | 5623 |
| Market risk benefit - net liabilities | $3883 | $5685 | $6922 | $6281 | $3405 | $3576 | $2081 | $767 | $6281 | $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) | $(2350) | $(1748) | $(1389) | $(1664) | $(2433) | $(2329) | $(3032) | $(4865) | $(1664) | $(4865) |
| Market risk benefit - liabilities | 6292 | 7512 | 8393 | 8033 | 5902 | 5945 | 5138 | 5662 | 8033 | 5662 |
| Market risk benefit - net liabilities | $3942 | $5764 | $7004 | $6369 | $3469 | $3616 | $2106 | $797 | $6369 | $797 |

---

------

---

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

---

**Deferred Acquisition Costs**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Balance as of beginning of period | $14043 | $13911 | $13783 | $13650 | $13525 | $13387 | $13249 | $13090 | $14043 | $13525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferrals | 199 | 200 | 195 | 195 | 179 | 169 | 146 | 130 | 789 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization related to: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating amortization | (141) | (142) | (144) | (143) | (142) | (144) | (142) | (140) | (570) | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating amortization<sup>1</sup>  | (190) | (186) | (184) | (177) | (175) | (163) | (163) | (157) | (737) | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total amortization (expense) benefit | (331) | (328) | (328) | (320) | (317) | (307) | (305) | (297) | (1307) | (1226) |
| &nbsp;&nbsp;&nbsp;Balance as of end of period, gross | $13911 | $13783 | $13650 | $13525 | $13387 | $13249 | $13090 | $12923 | $13525 | $12923 |
| <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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)** |

---

**Key Statutory Metrics**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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)** | $1260 | $1203 | $1150 | $1483 | $1000 | $184 | $1036 | $1899 | $5096 | $4119 |
| **Statutory Net Income (Loss)** | $(1148) | $198 | $600 | $486 | $1699 | $1773 | $(1312) | $1528 | $136 | $3688 |
| &nbsp;&nbsp;&nbsp;Dividends paid to parent | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Capital contribution received from / (return of capital paid to) parent |  |  | 1375 |  | (600) |  |  |  | 1375 | (600) |
| **Dividends Net of Paid-in Capital** | $— | $— | $1375 | $— | $(600) | $— | $— | $— | $1375 | $(600) |
|  | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total adjusted capital (TAC) | $3440 | $4410 | $6825 | $6627 | $5366 | $8725 | $9496 | $6989 | $6627 | $6989 |
| &nbsp;&nbsp;&nbsp;RBC - company action level | n/a | n/a | n/a | $1143 | n/a | n/a | n/a | $1286 | $1143 | $1286 |
| &nbsp;&nbsp;&nbsp;RBC ratio - company action level | n/a | n/a | n/a | 580% | n/a | n/a | n/a | 544% | 580% | 544% |
| **Statutory Admitted Assets** | $285531 | $294958 | $292652 | $303194 | $285168 | $256557 | $247516 | $254629 | $303194 | $254629 |
| **Statutory Liabilities** | $282587 | $291059 | $286345 | $297096 | $280301 | $248840 | $239015 | $248642 | $297096 | $248642 |
| NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. | NOTE: Statutory metrics reflect values for Jackson National Life Insurance Company. |

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|:---|
| **Jackson Financial Inc.** |
| **Quarterly Financial Supplement - LDTI Recast** |

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**Non-GAAP Financial Measures**<br>

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|:---|
| &nbsp;&nbsp;&nbsp;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** |
| &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;Adjusted Operating Earnings equals our net income adjusted to eliminate the impact of the following items: |
| &nbsp;&nbsp;&nbsp;&nbsp;***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. |
| &nbsp;&nbsp;&nbsp;&nbsp;***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. |
| &nbsp;&nbsp;&nbsp;&nbsp;***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. |
| &nbsp;&nbsp;&nbsp;&nbsp;***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. |
| &nbsp;&nbsp;***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. |

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|:---|
| **Jackson Financial Inc.** |
| **Quarterly Financial Supplement - LDTI Recast** |

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**Non-GAAP Financial Measures**<br>

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|:---|
| **Adjusted Book Value** |
| &nbsp;&nbsp;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** |
| &nbsp;&nbsp;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.  |
| &nbsp;&nbsp;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** |
| &nbsp;&nbsp;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). |

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

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**Adjusted Operating Earnings Reconciliation**<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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** | | | | | | | | | | |
| &nbsp;&nbsp;**Net income (loss) attributable to Jackson Financial Inc.** | $4754 | $(1078) | $(118) | $(141) | $2194 | $3263 | $1879 | $(1150) | $3417 | $6186 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 1115 | (253) | (99) | (97) | 388 | 845 | 657 | (385) | 666 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pretax income (loss) attributable to Jackson Financial Inc. | 5869 | (1331) | (217) | (238) | 2582 | 4108 | 2536 | (1535) | 4083 | 7691 |
| **Non-Operating Adjustments (Income) Loss** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guaranteed benefits and hedging results: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees attributable to guarantee benefit reserves | (672) | (701) | (728) | (754) | (764) | (765) | (771) | (777) | (2855) | (3077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net movement in freestanding derivatives | 3031 | 442 | 493 | 1708 | 1476 | (2847) | 253 | 3862 | 5674 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefits, net | (6522) | 1512 | 1066 | (22) | (1907) | 1184 | (913) | (1900) | (3966) | (3536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net reserve and embedded derivative movements | 46 | 33 | 29 | 33 | 40 |  | 7 | 175 | 141 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC associated with non-operating items at date of transition to LDTI | 190 | 186 | 184 | 177 | 173 | 166 | 162 | 157 | 737 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total guaranteed benefits and hedging results | (3927) | 1472 | 1044 | 1142 | (982) | (2262) | (1262) | 1517 | (269) | (2989) |
| &nbsp;&nbsp;&nbsp;Net realized investment (gains) losses | (152) | (16) | (36) | 22 | 130 | (5) | 6 | 228 | (182) | 359 |
| &nbsp;&nbsp;&nbsp;Net realized investment (gains) losses on funds withheld assets | (898) | 768 | 115 | 36 | (1028) | (1077) | (555) | 474 | 21 | (2186) |
| &nbsp;&nbsp;&nbsp;Net investment income on funds withheld assets | (291) | (294) | (300) | (303) | (260) | (364) | (313) | (317) | (1188) | (1254) |
| &nbsp;&nbsp;&nbsp;Other items | (7) | 27 | 9 | 7 | 3 | 64 | 2 | (47) | 36 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-operating adjustments** | (5275) | 1957 | 832 | 904 | (2137) | (3644) | (2122) | 1855 | (1582) | (6048) |
| **Pretax adjusted operating earnings** | 594 | 626 | 615 | 666 | 445 | 464 | 414 | 320 | 2501 | 1643 |
| &nbsp;&nbsp;&nbsp;Operating income tax expense (benefit) | 59 | 97 | 91 | 75 | 68 | 57 | 38 | 26 | 322 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted operating earnings** | $535 | $529 | $524 | $591 | $377 | $407 | $376 | $294 | $2179 | $1454 |
| **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% |

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

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**Select GAAP to Non-GAAP Reconciliations**<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve 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)** | $4822 | $(1022) | $(56) | $(65) | $2225 | $3294 | $1868 | $(1158) | $3679 | $6229 |
| &nbsp;&nbsp;&nbsp;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]** | $4754 | $(1078) | $(118) | $(141) | $2194 | $3263 | $1879 | $(1150) | $3417 | $6186 |
| **Total Shareholders' Equity** | $8746 | $8223 | $7701 | $7641 | $8194 | $9706 | $10219 | $8646 | $7641 | $8646 |
| **Average Shareholders' Equity [b]** | $7592 | $8485 | $7962 | $7671 | $7918 | $8950 | $9963 | $9433 | $7750 | $8881 |
| **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 | $2179 | $1454 |
| **Adjusted Book Value:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | $8746 | $8223 | $7701 | $7641 | $8194 | $9706 | $10219 | $8646 | $7641 | $8646 |
| &nbsp;&nbsp;&nbsp;Exclude AOCI attributable to Jackson Financial Inc. | (713) | (909) | (649) | (1073) | (567) | 62 | 716 | 1272 | (1073) | 1272 |
| **Adjusted Book Value** | $8033 | $7314 | $7052 | $6568 | $7627 | $9768 | $10935 | $9918 | $6568 | $9918 |
| **Average Adjusted Book Value [d]** | $6125 | $7674 | $7183 | $6810 | $7098 | $8698 | $10352 | $10427 | $6637 | $8963 |
| **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)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) (basic) | $50.33 | $(11.41) | $(1.25) | $(1.52) | $25.41 | $37.96 | $22.08 | $(13.74) | $36.35 | $72.34 |
| &nbsp;&nbsp;Net income (loss) (diluted)<sup>1</sup> | $50.33 | $(11.41) | $(1.25) | $(1.52) | $24.39 | $36.59 | $21.38 | $(13.74) | $36.17 | $69.75 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares (basic) | 94464343 | 94464343 | 94464343 | 92600373 | 86352586 | 85968564 | 85098192 | 83695001 | 93994520 | 85513787 |
| &nbsp;&nbsp;Weighted average number of common shares (diluted)<sup>1</sup> | 94464343 | 94464343 | 94464343 | 92600373 | 89959862 | 89168775 | 87895919 | 83695001 | 94465511 | 88690700 |
| &nbsp;&nbsp;&nbsp;End of period common shares (basic) | 94464343 | 94464343 | 94464343 | 88685694 | 85263608 | 84864727 | 83666942 | 82690098 | 88685694 | 82690098 |
| &nbsp;&nbsp;&nbsp;End of period common shares (diluted) | 94464343 | 94464343 | 94464343 | 90555862 | 89055609 | 87520892 | 86640003 | 85976078 | 90555862 | 85976078 |
| <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. | <sup>1</sup>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. |

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| **Jackson Financial Inc.** |
| **Quarterly Financial Supplement - LDTI Recast** |

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**Glossary of Select Financial and Product Terms**<br>

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| **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. |

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|:---|
| **Jackson Financial Inc.** |
| **Quarterly Financial Supplement - LDTI Recast** |

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**Glossary of Select Financial and Product Terms**<br>

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|:---|
| **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** |
| &nbsp;&nbsp;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.  |
| &nbsp;&nbsp;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** |
| &nbsp;&nbsp;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. |
| &nbsp;&nbsp;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** |
| &nbsp;&nbsp;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.  |
| &nbsp;&nbsp;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. |

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