Jackson Financial is a U.S. annuity company focused on retail customers. Its core product is variable annuities (VAs), where customers invest in equity and fixed income funds on a tax-deferred basis with optional guaranteed minimum withdrawal benefits for life (GMWB for Life), regardless of market performance. About 72% of Jackson's VA account value carries a GMWB for Life rider. Jackson also sells Registered Index-Linked Annuities (RILAs), which let customers capture market index gains up to a cap while limiting downside exposure, and fixed and fixed index annuities (FIAs) that offer guaranteed or index-linked returns with principal protection. Jackson sells exclusively through roughly 500 broker-dealer partners and over 2,100 RIA firms, reaching more than 121,000 financial advisors. Jackson earns fee income on VA separate account assets, with guarantee fees assessed on a contractual benefit base rather than account value, providing stability during market downturns. Jackson also earns spread income on RILAs, fixed annuities, FIAs, and institutional products, managed by its internal asset manager, PPM America. Jackson runs a dynamic hedging program and uses a captive reinsurer, Brooke Re, to manage the long-duration guarantee liabilities embedded in its VA book. A newer captive, Hickory Re, supports its growing spread product business, capitalized through a partnership with TPG. Jackson also runs institutional products and a closed life and annuity run-off block.