Fundamentals snapshot
JXN · NYQ · Financial Services · Insurance - Life
Current price
$129.38
52-week range
$89.67 - $140.90
Market cap
$8.76B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $266.00M. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Jackson Financial is an insurance company focused on selling annuities (contracts that provide a steady income stream, typically for retirement) to individual investors in the U.S. The company earns money by taking the payments from customers and investing that large pool of cash, aiming to make a profit from the investment returns. This means Jackson's financial health is closely linked to the performance of the stock market and interest rates, which can impact both its investment income and customer demand for its products.
Founded in 1961 in Jackson, Michigan, the company initially focused on life insurance. A major turning point came in 1986 when it was acquired by the British insurer Prudential plc (a separate company from the U.S. Prudential). Under Prudential's ownership, Jackson expanded significantly, launching its first annuity products in the 1990s. In 2021, Prudential spun off Jackson, making it an independent, publicly traded company on the New York Stock Exchange under the ticker JXN.
Jackson Financial primarily sells annuities, which are contracts between a person and an insurance company designed to provide a steady income, often during retirement. Think of it like creating your own personal pension; you give the company a sum of money, and in return, they promise to make regular payments back to you over a set period or for the rest of your life. These products are sold to individuals through a wide network of financial professionals, including independent brokers, regional dealers, and banks. The company makes money from fees on these contracts and by investing the money customers pay in.
This is Jackson's largest and main business, generating the majority of its revenue. It offers a range of annuity products to everyday individual investors saving for retirement. These include variable annuities (where payments can change based on the performance of underlying investments), fixed annuities (which pay a guaranteed, predictable rate), and registered index-linked annuities (which offer returns tied to a market index with some protection from losses). Customers pay for these products to secure a future income stream and for the various guarantees and features they offer.
This segment caters to other large financial institutions, not individual investors. It sells products like guaranteed investment contracts (GICs) and funding agreements. Essentially, other institutions give Jackson large sums of money, and Jackson agrees to pay it back with a specified amount of interest. This part of the business provides Jackson with a stable source of funds that it can then invest to earn a profit.
This division manages older insurance and annuity policies that the company no longer actively sells. This includes various types of life insurance policies (like whole life and term life) and older annuity contracts. While Jackson isn't issuing new policies from this segment, it continues to service the existing ones and collect any associated fees or premiums. This is a smaller part of the business that is gradually shrinking as policies mature or pay out.
Management is focused on diversifying its product mix beyond its traditional variable annuities, which have historically been its main product. The company is heavily promoting newer products like registered index-linked annuities (RILAs) and fixed-index annuities to meet growing customer demand for products that offer both growth potential and some protection from market downturns. A key part of this strategy involves a partnership with TPG, an asset management firm, to enhance its investment capabilities and support the growth of these newer annuity products. The company is also committed to returning a significant amount of capital to shareholders through dividends (a portion of profits paid out to stockholders) and share buybacks (when a company buys its own stock to reduce the number of shares outstanding).
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $266.0M - more cash than debt. Interest coverage -0.1x.
Jackson Financial Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Total debt $5.72B Interest coverage -0.14x This is the baseline the peer rows are being compared against.
Total debt $7.24B Interest coverage 6.89x This peer still has a real interest-payment cushion, while JXN does not.
Total debt $11.80B Interest coverage 4.12x This peer still has a real interest-payment cushion, while JXN does not.
Total debt $7.17B Interest coverage -4.33x Neither company has much profit cushion over interest right now.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know