Jackson Announces Excellent Fourth Quarter and Full Year 2025 Results

LANSING, Mich.--( BUSINESS WIRE)-- Jackson Financial Inc. (NYSE: JXN) (Jackson ®) today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Key Highlights

Full Year 2025 Key Highlights

2026 Announcements

Laura Prieskorn, President and Chief Executive Officer of Jackson, stated, “2025 was a monumental year for Jackson, with our results highlighting success and growth across our business. Our full-year retail annuity sales delivered double-digit growth and a more diversified product mix, highlighting our distribution strength and operational capabilities. We have exceeded our financial targets by returning $862 million to common shareholders in 2025, ending the year with an RBC ratio of 567%, and holding robust levels of excess cash at the holding company. Furthermore, our recently announced long-term strategic partnership with TPG, along with enhanced capabilities at PPM, position us well to continue to grow and diversify our in-force business in a highly profitable way. These results give us confidence in our $900 million to $1.1 billion capital return target for 2026, and we look forward to continuing to deliver on our commitment to helping Americans achieve financial security.”

Consolidated Fourth Quarter and Full Year 2025 Results

Fourth Quarter 2025

The Company reported net income (loss) attributable to Jackson Financial Inc. common shareholders of $(215) million, or $(3.13) per diluted share for the three months ended December 31, 2025, compared to $334 million, or $4.45 per diluted share for the three months ended December 31, 2024. The current quarter net income reflected a $12 million loss from business reinsured to third parties, while the prior year reported a gain of $347 million. The current year also included a less favorable net hedging result versus the prior year’s fourth quarter. The results of reinsured business can differ significantly from quarter to quarter; however, these results do not impact our statutory capital or free cash flow and have a minimal net impact on shareholders’ equity because of the offset from related changes in accumulated other comprehensive income (AOCI). We believe the non-GAAP measure of adjusted operating earnings better represents the underlying performance of our business as adjusted operating earnings exclude, among other things, changes in the fair value of derivative instruments and market risk benefits tied to market movements.

Adjusted operating earnings for the three months ended December 31, 2025, were $455 million, or $6.61 per diluted share, compared to $349 million or $4.65 per diluted share for the three months ended December 31, 2024. The current quarter per share amount benefited from higher spread income from growth in average RILA and Institutional AUM, a comparatively favorable impact from the annual actuarial assumptions update, and a reduced share count due to repurchases.

Full Year 2025

The Company reported net income (loss) attributable to Jackson Financial Inc. common shareholders of $(17) million, or $(0.24) per diluted share for the year ended December 31, 2025, compared to $902 million, or $11.74 per diluted share for the year ended December 31, 2024. The current year net income reflected a $449 million loss from business reinsured to third parties, while the prior year included a loss on that business of $28 million. The current year also included a less favorable net hedging result compared to the prior year.

Adjusted operating earnings for the year ended December 31, 2025, were $1.6 billion, or $22.67 per diluted share, compared to $1.4 billion or $18.79 per diluted share for the year ended December 31, 2024. The current year per share amount benefited from higher spread income from growth in average RILA and Institutional AUM, a comparatively favorable impact from the annual actuarial assumptions update, and a reduced share count due to repurchases.

Total common shareholders’ equity was $9.4 billion or $138.17 per diluted share as of December 31, 2025, compared to $9.2 billion or $124.21 per diluted share as of December 31, 2024. Adjusted book value attributed to common shareholders 4 was $10.6 billion or $155.78 per diluted share as of December 31, 2025, compared to $11.2 billion or $150.11 per diluted share as of December 31, 2024. The per share increase was driven primarily by a reduction in the diluted share count due to common share repurchases and year-to-date adjusted operating earnings of $1.6 billion. This was partially offset by capital return to shareholders during 2025. Return on equity attributable to common shareholders for the year ended December 31, 2025 was (0.2)%. Adjusted operating return on equity attributable to common shareholders 4 for the year ended December 31, 2025, was 14.7%, up from 12.9% in the prior year.

Segment Results – Pretax Adjusted Operating Earnings 4

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Retail Annuities

$532

$513

$1,863

$1,855

Institutional Products

Closed Life and Annuity Blocks

(70)

(9)

Corporate and Other

(32)

(57)

(143)

(264)

Total 5

$529

$405

$1,882

$1,678

Retail Annuities

Retail Annuities reported pretax adjusted operating earnings of $532 million in the fourth quarter of 2025, compared to $513 million in the fourth quarter of 2024. The current quarter results primarily reflect higher spread income resulting from growth in average RILA AUM, partially offset by a less favorable impact from the annual actuarial assumptions update.

Full year 2025 pretax adjusted operating earnings were $1.9 billion, broadly unchanged from full year 2024. The current year results primarily reflect higher spread income resulting from growth in average RILA AUM, mostly offset by higher other policyholder benefits expense and a less favorable impact from the annual actuarial assumptions update.

Total retail annuity sales 6 of $5.9 billion in the fourth quarter of 2025 were up from $4.7 billion in the fourth quarter of 2024. Traditional variable annuity sales 6 of $2.8 billion in the current quarter were up slightly from the fourth quarter of 2024, reflecting higher sales of products without lifetime benefits. Record RILA sales of $2.3 billion in the current quarter were up from $1.5 billion in the fourth quarter of 2024. Fixed and fixed index annuity sales in the current quarter of $812 million were up from $397 million in the fourth quarter of 2024.

For the full year 2025, total retail annuity sales 6 of $19.7 billion were up from $17.8 billion in the full year 2024. Traditional variable annuity sales 6 of $10.9 billion in 2025 were up from $10.6 billion in 2024, reflecting higher sales of products without lifetime benefits. Record RILA sales of $6.9 billion in 2025 were up from $5.7 billion in 2024. Record fixed and fixed index annuity sales of $1.9 billion in 2025 were up from $1.6 billion in 2024.

Institutional Products

Institutional Products reported pretax adjusted operating earnings of $24 million in the fourth quarter of 2025, compared to $19 million in the fourth quarter of 2024, driven by higher spread income. Net flows were $(109) million at the end of the current quarter, and total account value of $11.0 billion at the end of 2025 was up from $8.4 billion at the end of 2024.

For the full year 2025, pretax adjusted operating earnings were $92 million, relatively flat compared to $96 million in the full year 2024. Net flows were $1.5 billion in the full year 2025. Sales results underscore our continued ability to capitalize on robust demand for spread lending, demonstrating the effectiveness of our opportunistic sales strategy and our strong market positioning.

Closed Life and Annuity Blocks

Closed Life and Annuity Blocks reported pretax adjusted operating income (loss) of $5 million in the fourth quarter of 2025, compared to $(70) million in the fourth quarter of 2024, reflecting a comparatively favorable impact from the annual actuarial assumptions update.

For the full year 2025, the segment reported pretax adjusted operating income (loss) of $70 million, compared to $(9) million in the full year of 2024, reflecting higher spread income and a comparatively favorable impact from the annual actuarial assumptions update. Net flows were $(69) million in the fourth quarter of 2025 and $(277) million in the full year 2025.

Corporate and Other

Corporate and Other reported a pretax adjusted operating (loss) of $(32) million in the fourth quarter of 2025, compared to $(57) million in the fourth quarter of 2024, primarily due to higher net investment income and lower general and administrative expense.

For the full year 2025, the pretax adjusted operating income (loss) was $(143) million, compared to $(264) million in full year 2024, primarily due to lower general and administrative expense, higher net investment income, and a one-time reinsurance related adjustment in 2024.

Corporate and Other also includes the results of PPM, which has experienced a 26% growth in AUM from the fourth quarter of 2024. AUM as of December 31, 2025 was $93.7 billion, up from $74.4 billion as of December 31, 2024, driven by growth in both Jackson’s general account and third-party AUM.

Capitalization and Liquidity

December 31, 2025

September 30, 2025

Statutory Total Adjusted Capital (TAC) Jackson National Life Insurance Company

$5.5

$5.6

Statutory TAC at JNL was $5.5 billion as of December 31, 2025, compared to $5.6 billion as of September 30, 2025. TAC was supported by strong earnings on in-force business, partially offset by a $300 million distribution to JNL’s parent during the fourth quarter of 2025 and the related reduction in deferred tax asset admissibility. JNL’s RBC ratio was 567% as of December 31, 2025, down from the third quarter of 2025 due to the reduction in TAC. Holding company free cash flow totaled $119 million in the fourth quarter of 2025 and $838 million for the 12 months ended December 31, 2025, reflecting more than $1.1 billion of distributions from the operating company.

Cash and highly liquid securities at the holding company totaled over $650 million as of December 31, 2025, which was above our targeted minimum liquidity buffer of $250 million.

Earnings Conference Call

Jackson will host a conference call on Thursday, February 19, 2026, at 10 a.m. ET to review the fourth quarter and full year 2025 results and discuss the company’s 2026 outlook. The live webcast is open to the public and can be accessed at https://investors.jackson.com. A replay will be available following the call.

To register for the webcast, click here.

FORWARD-LOOKING STATEMENTS

The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release 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,” “expect,” “believe,” “anticipate,” “plan,” “predict,” “remain,” “future,” “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. Other factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the SEC) on February 26, 2025, and elsewhere in the Company’s reports filed with the SEC. 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 release 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 release. 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” Appendix of this release.

Certain financial data included in this release consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital.” 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 investors.jackson.com/financials/statutory-filings.

ABOUT JACKSON

Jackson ® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.

*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for 3 consecutive months or more.)

Jackson ® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company ® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York ® (Home Office: Purchase, New York).

WEBSITE INFORMATION

Visit investors.jackson.com to view information regarding Jackson Financial Inc., including a supplement regarding the fourth quarter and full year 2025 results. We routinely use our investor relations website as a primary channel for disclosing key information to our investors. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and certain of our senior executives may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website, our social media channels, or our executives’ social media channels is not incorporated by reference into and is not part of this release.

APPENDIX

Non-GAAP Financial Measures

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 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.

Adjusted Operating Earnings

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.

Free Cash Flow

Free cash flow is Jackson Financial Inc. (Parent Company only) net cash provided by (used in) operating activities less preferred stock dividends and capital contributions to PPM or other subsidiaries, plus the return of capital from subsidiaries. Free cash flow should not be used as a substitute for JFI’s (Parent Company only) net cash provided by (used in) operating activities calculated in accordance with U.S. GAAP. However, we believe these adjustments are useful to gaining an understanding of our overall available cash flow at JFI for return of capital to common shareholders and other corporate initiatives.

For additional detail on the non-GAAP financial measures, please refer to the supplement regarding the fourth quarter ended December 31, 2025, posted on our website, https://investors.jackson.com.

The following is a reconciliation of Adjusted Operating Earnings to net income (loss) attributable to Jackson Financial Inc. common shareholders, the most comparable U.S. GAAP measure.

U.S. GAAP Net Income (Loss) to Adjusted Operating Earnings

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Net income (loss) attributable to Jackson Financial Inc. common shareholders

(215

)

334

(17

)

902

Add: dividends on preferred stock

Add: income tax expense (benefit)

(172

)

(186

)

Pretax income (loss) attributable to Jackson Financial Inc.

(376

)

367

(159

)

992

Non-operating adjustments – (income) loss:

Guaranteed benefits and hedging results:

Fees attributable to guarantee benefit reserves

(763

)

(775

)

(3,060

)

(3,122

)

Net (gains) losses on hedging instruments

370

2,788

1,213

5,856

Market risk benefits (gains) losses, net

405

(2,181

)

222

(4,243

)

Net reserve and embedded derivative movements

393

2,286

1,224

Total net hedging results

405

(79

)

661

(285

)

Amortization of DAC associated with non-operating items at date of transition to LDTI 1

123

131

503

541

Actuarial assumption updates and model enhancements

360

419

360

419

Net realized investment (gains) losses

(71

)

Net realized investment (gains) losses on funds withheld assets

210

(147

)

1,304

1,052

Net investment income on funds withheld assets

(198

)

(200

)

(855

)

(1,024

)

Other items

)

(15

)

(28

)

Total non-operating adjustments

905

2,041

686

Pretax adjusted operating earnings

529

405

1,882

1,678

Less: operating income tax expense (benefit)

224

191

Adjusted operating earnings before dividends on preferred stock

466

360

1,658

1,487

Less: dividends on preferred stock

Adjusted operating earnings

455

349

1,614

1,443

Weighted Average diluted shares outstanding

68,874,062

75,128,975

71,186,069

76,809,387

Net income (loss) per diluted share

(3.13

)

4.45

(0.24

)

11.74

Adjusted Operating Earnings per diluted share

6.61

4.65

22.67

18.79

1LDTI - Adoption of FASB issued ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts”.

The following is a reconciliation of Jackson Financial net cash provided by (used in) operating activities (Parent Company only), the most comparable U.S. GAAP measure, to Free Cash Flow:

Three Months Ended

Twelve Months Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Jackson Financial, Inc. Net cash provided by (used in) operating activities (Parent Company Only)

(15

)

Adjustments from net cash provided by operating activities to free cash flow:

Capital distributions from subsidiaries

300

280

1,025

785

Capital contributed to subsidiaries

(155

)

(25

)

(155

)

(25

)

Dividends on preferred stock

(11

)

(11

)

(44

)

(44

)

Total adjustments

134

244

826

716

Free cash flow

119

240

838

767

Free Cash Flow Comprised of:

Capital distributions from subsidiaries

300

280

1,025

785

Interest on surplus note from subsidiary

—

Cash distributed to JFI

300

280

1,115

875

Capital contributed to Hickory Re

(150

)

—

(150

)

—

Parent company expenses

(29

)

(44

)

(119

)

(124

)

Net investment income and other income

Other, net

)

(36

)

JFI expenses and other, net

(31

)

(40

)

(127

)

(108

)

Free cash flow

119

240

838

767

Adjusted Book Value Attributable to Common Shareholders

Adjusted Book Value Attributable to Common Shareholders excludes Preferred Stock and Accumulated Other Comprehensive Income (Loss) (AOCI) attributable to Jackson Financial Inc (JFI), which does not include 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 Attributable to Common Shareholders 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 because it removes those short-term fluctuations. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non-operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on the Adjusted Book Value of JFI.

December 31, 2025

December 31, 2024

Total shareholders’ equity

9,953

9,764

Less: Preferred equity

533

Total common shareholders’ equity

9,420

9,231

Adjustments to total common shareholders’ equity:

Exclude Accumulated Other Comprehensive (Income) Loss attributable to Jackson Financial Inc.

1,201

1,925

Adjusted Book Value Attributable to Common Shareholders

10,621

11,156

Consolidated Balance Sheets

December 31,

2025

2024

Assets

Investments:

Debt Securities, available-for-sale, net of allowance for credit losses of $11 and $39 at December 31, 2025 and 2024, respectively (amortized cost: 2025 $50,491; 2024 $45,007)

47,321

40,289

Debt Securities, at fair value under fair value option

3,470

3,046

Equity securities, at fair value

172

197

Mortgage loans, net of allowance for credit losses of $133 and $121 at December 31, 2025 and 2024, respectively

9,887

9,462

Mortgage loans, at fair value under fair value option

324

449

Policy loans (including $3,537 and $3,489 at fair value under the fair value option at December 31, 2025 and 2024, respectively)

4,426

4,403

Freestanding derivative instruments

448

297

Other invested assets

3,185

2,864

Total investments

69,233

61,007

Cash and cash equivalents

5,704

3,767

Accrued investment income

634

529

Deferred acquisition costs

11,660

11,887

Reinsurance recoverable, net of allowance for credit losses of $30 and $27 at December 31, 2025 and 2024, respectively

19,518

21,830

Reinsurance recoverable on market risk benefits, at fair value

118

121

Market risk benefit assets, at fair value

7,867

8,899

Deferred income taxes, net

719

480

Other assets

637

787

Separate account assets

236,496

229,143

Total assets

352,586

338,450

Consolidated Balance Sheets

December 31,

2025

2024

Liabilities and Equity

Liabilities

Reserves for future policy benefits and claims payable

10,896

11,072

Other contract holder funds

67,663

58,312

Market risk benefit liabilities, at fair value

3,754

3,774

Funds withheld payable under reinsurance treaties (including $3,723 and $3,667 at fair value under the fair value option at December 31, 2025 and 2024, respectively)

14,960

16,742

Long-term debt

2,030

2,034

Repurchase agreements and securities lending payable

1,036

1,554

Collateral payable for derivative instruments

150

Freestanding derivative instruments

257

361

Notes issued by consolidated variable interest entities, at fair value under fair value option

2,578

2,343

Other liabilities

2,516

2,983

Separate account liabilities

236,496

229,143

Total liabilities

342,244

328,468

Equity

Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at December 31, 2025 and December 31, 2024; liquidation preference $25,000 per share

533

Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 66,825,632 and 73,380,643 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

Additional paid-in capital

6,063

6,046

Treasury stock, at cost; 27,662,683 and 21,107,672 shares at December 31, 2025 and 2024, respectively

(1,645

)

(1,007

)

Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(377) in 2025 and $(311) in 2024

(2,470

)

(3,522

)

Retained earnings

7,471

7,713

Total shareholders' equity

9,953

9,764

Noncontrolling interests

389

218

Total equity

10,342

9,982

Total liabilities and equity

352,586

338,450

Consolidated Income Statements

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Revenues

Fee income

2,030

2,045

7,983

8,083

Premiums

149

146

Net investment income:

Net investment income excluding funds withheld assets

624

454

2,296

1,838

Net investment income on funds withheld assets

198

200

855

1,024

Total net investment income

822

654

3,151

2,862

Net gains (losses) on derivatives and investments:

Net gains (losses) on derivatives and investments

(708

)

(2,680

)

(3,357

)

(6,812

)

Net gains (losses) on funds withheld reinsurance treaties

(210

)

147

(1,304

)

(1,052

)

Total net gains (losses) on derivatives and investments

(918

)

(2,533

)

(4,661

)

(7,864

)

Other income

Total revenues

1,988

225

6,683

3,271

Benefits and Expenses

Death, other policy benefits and change in policy reserves, net of deferrals

197

229

927

868

(Gain) loss from updating future policy benefits cash flow assumptions, net

Market risk benefits (gains) losses, net

788

(1,747

)

605

(3,809

)

Interest credited on other contract holder funds, net of deferrals and amortization

325

289

1,221

1,110

Interest expense

100

101

Operating costs and other expenses, net of deferrals

725

720

2,797

2,825

Amortization of deferred acquisition costs

279

276

1,103

1,108

Total benefits and expenses

2,346

(155

)

6,797

2,249

Pretax income (loss)

(358

)

380

(114

)

1,022

Income tax expense (benefit)

(172

)

(186

)

Net income (loss)

(186

)

358

976

Less: Net income (loss) attributable to noncontrolling interests

Net income (loss) attributable to Jackson Financial Inc.

(204

)

345

946

Less: Dividends on preferred stock

Net income (loss) attributable to Jackson Financial Inc. common shareholders

(215

)

334

(17

)

902

Earnings per share

Basic

(3.13

)

4.50

(0.24

)

11.86

Diluted 1

(3.13

)

4.45

(0.24

)

11.74

(1) 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 273,162 shares for the three months ended December 31, 2025.

1 Excludes certain internal exchanges

2 For the reconciliation of non-GAAP measures to the most comparable U.S. GAAP measures, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

3 For the reconciliation of non-GAAP measures to the most comparable U.S. GAAP measures, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

4 For the reconciliation of non-GAAP measures to the most comparable U.S. GAAP measures, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

5 See reconciliation of Total Pretax Adjusted Operating Earnings, a non-GAAP financial measure, to net income in the Appendix to this release.

6 Excludes certain internal exchanges