Risk Sleuth
JXN · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Jackson Financial

22 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Customers

Prudential plc

earns from · $29.8 billion or 32% of PPM’s total assets under managementnamed as a risk
Our former parent, Prudential plc, and its affiliates are significant clients of PPM, representing $29.8 billion or 32% of PPM’s total assets under management.Risk factors (Item 1A)

Partners and platforms

Third-party broker-dealer distribution partners

earns from · approximately 500 broker-dealer distribution partnersnamed as a risk
We could experience difficulties in distributing our products through third-party distribution partners, which are a primary source of our sales.Risk factors (Item 1A)

AllianceBernstein L.P.

earns from · $212 million
For the years ended December 31, 2025 and 2024, we had defined contribution products sales of $212 million and $189 million through the platform, respectively.Business (Item 1)

Athene

depends onnamed as a risk
Our reinsurance agreement with Athene involves the majority of our in force fixed annuities and fixed index annuities, thereby exposing us to a large concentration of credit risk with respect to a single counterparty.Risk factors (Item 1A)

Also named by APO

Federal Home Loan Bank of Indianapolis (FHLBI)

depends onnamed as a risk
We are subject to liquidity risks associated with sourcing a large concentration of our funding from the Federal Home Loan Bank of Indianapolis (“FHLBI”).Risk factors (Item 1A)

Other companies

S&P 500

exposed to its pricenamed as a risk
Our fixed index annuities offer a guaranteed minimum crediting rate that may be lower than a traditional fixed annuity and allow the customer discretion in the allocation of assets to either fixed accounts (which offer a fixed interest rate that is similar to our fixed annuities regardless of market performance) or to indexed funds with the potential for additional growth based on the performance of a reference market index (generally, the S&P 500 or MSCI Europe, Australasia, and Far East index), subject to a cap.Business (Item 1)

Also named by CB, CNA, ORI, PRU

Places

Michigan

operates in
We are headquartered in Lansing, Michigan and also maintain offices in Franklin, Tennessee and Chicago, Illinois.Business (Item 1)

Also named by BRO, DTE, DTM

Commodities and inputs

Equity markets

exposed to its price · 74% of total variable annuity account value included either a GMWB for Life or GMWB selectionnamed as a risk
As of December 31, 2025, 74% of total variable annuity account value included either a GMWB for Life or GMWB selection.Market risk (Item 7A)

Also named by AMP, PFG

Regulators

Commodity Futures Trading Commission (CFTC)

subject tonamed as a risk
JNAM and the mutual funds have incurred additional regulatory compliance and reporting expenses as a result, which could reduce investment returns or harm the mutual fund’s ability to implement its investment strategy.Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Financial Stability Oversight Council (FSOC)

subject tonamed as a risk
The impact of this change could increase the chance that the Company becomes subject to additional regulatory measures.Business (Item 1)

Also named by AIG, BX, GPN, ICE, KKR, MET, OWL

FINRA

subject to
In recent years, both the SEC and FINRA have intensified their scrutiny of sales practices relating to variable annuities and variable life insurance.Business (Item 1)

Also named by AJG, ARES, BGC, CBOE, CG, GLXY, KKR, LNC and 7 more

New York Department of Financial Services (NYS-DFS)

subject to
The most recent completed DIFS and NYS-DFS examinations of Jackson and Jackson National Life Insurance Company of New York ("Jackson NY"), respectively, concluded in 2023 with no material findings.Business (Item 1)

Also named by ALLY, FIS, LNC, ORI

Michigan Department of Insurance and Financial Services (DIFS)

subject to
For example, under the Michigan Insurance Code of 1956, as amended, DIFS must approve insurance companies' requests to pay a dividend or distribution out of earned surplus.Business (Item 1)

Laws and programs

Inflation Reduction Act corporate alternative minimum tax (CAMT)

subject to · 15 percentnamed as a risk
The Company is a large applicable corporation and has been subject to the CAMT since 2023.Risk factors (Item 1A)

Also named by EXE, HESM, KLAC, NRG, Q, RRC, SO, TRGP and 2 more

National Association of Insurance Commissioners (NAIC) risk-based capital standards

subject to · 567%named as a risk
NAIC model regulations provide minimum capitalization requirements for insurance companies based on RBC formulas.Risk factors (Item 1A)

California Consumer Privacy Act (CCPA)

subject tonamed as a risk
Failure to comply with the CCPA could result in regulatory fines, and the law grants a private right of action for any unauthorized disclosure of personal information as a result of failure to maintain reasonable security procedures.Business (Item 1)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more

Investment Company Act of 1940

subject tonamed as a risk
Also, as required by the Investment Company Act of 1940, as amended (the “IC Act”), each investment advisory agreement with a RIC automatically terminates upon its assignment, although new investment advisory agreements may be approved by the RIC’s Board of Trustees and shareholders.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Dodd-Frank Act Title VII

subject tonamed as a risk
As a result of these regulations, we expect costs to continue to rise, which could adversely impact our ability to implement our desired hedging strategies.Business (Item 1)

Also named by TW

NAIC statutory economic scenario generator

subject tonamed as a risk
Those revisions took effect on January 1, 2026, and could result in a material impact on the level and volatility of our statutory surplus and required statutory capital.Risk factors (Item 1A)

U.S. Department of Labor 2024 Fiduciary Advice Rule

subject tonamed as a risk
The rule changes the applicability of PTE 84-24 specific to insurance commissions for annuity recommendations by narrowing it to independent insurance agents recommending non-securities products.Business (Item 1)

Internal Revenue Code annuity tax deferral

subject tonamed as a risk
If legislation were enacted to reduce or eliminate the tax deferral for annuities, such a change would have an adverse effect on our ability to sell our annuities.Risk factors (Item 1A)

SEC Regulation Best Interest

subject to
The reforms increase the regulatory burden on broker-dealers selling our products, but also provide a more consistent regulatory standard that could provide benefits to the overall insurance and investment market.Business (Item 1)

Also named by AMP, BX, LNC, PRU, SF