| Cover | 12 Months Ended |
| Dec. 31, 2023 | |
| Document Information [Line Items] | |
| Document Type | PRE 14A |
| Amendment Flag | false |
| Entity Information [Line Items] | |
| Entity Registrant Name | Jackson Financial Inc. |
| Entity Central Index Key | 0001822993 |
| Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
| Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
| Pay vs Performance Disclosure | |||
| Pay vs Performance Disclosure, Table | Pay vs. Performance Provided below is the Company’s “pay versus performance” disclosure as required by Item 402(v) of Regulation S-K for the years ending December 31, 2023, 2022 and 2021. The SEC-defined “Compensation Actually Paid” (“CAP”) data set forth in the table below, like total compensation disclosed in the Summary Compensation Table, does not reflect value actually realized by our executives or how our Compensation Committee evaluates compensation decisions in light of Company or individual performance. In particular, our Compensation Committee has not used CAP as a basis for making compensation decisions, nor did it use net income or the total shareholder return of a peer group for purposes of determining incentive compensation for 2021 or 2022. In addition, a significant portion of the CAP amounts shown relate to changes in values of unvested awards over the course of the reporting years. These unvested awards remain subject to significant risk from forfeiture conditions and possible future declines in value based on changes in our stock price. As described in detail in the Long-Term Incentive Awards Granted in 2023 section of our CD&A, our performance equity awards are subject to multi-year performance conditions tied to performance metrics and all of our equity awards are subject to time vesting conditions. The ultimate values actually realized by our NEOs from unvested equity awards, if any, will not be determined until the awards fully vest. Please refer to the CD&A for a discussion of our executive compensation program objectives and the ways in which we align executive compensation with performance. Value of Initial Fixed $100 YEAR SUMMARY (1)(2) SUMMARY (1)(2) COMPENSATION (3)(4) COMPENSATION (3) AVERAGE AVERAGE TOTAL (5) PEER GROUP (5) NET (6) GENERATION (7) 2023 10,975,322 N/A 17,295,316 N/A 4,310,911 6,304,782 226.00 127.55 899 582 2022 9,094,713 N/A 5,599,466 N/A 4,999,825 3,069,991 143.75 113.34 6,186 622 2021 14,454,175 23,748,559 20,073,657 16,838,202 6,816,506 7,994,202 162.50 109.16 3,417 155 (1) For each year shown, our CEO was Laura L. Prieskorn. In 2021, prior to our demerger from Prudential, Michael I. Falcon served as CEO until his separation on February 10, 2021, and Mr. Falcon is therefore included in the table as a former principal executive officer pursuant to SEC rules. In 2023, the additional NEOs were Marcia L. Wadsten, Craig D. Smith, Scott E. Romine and Carrie L. Chelko. In 2022, the additional NEOs were Marcia L. Wadsten, P. Chadwick Myers, Craig D. Smith and Scott E. Romine. In 2021, the additional NEOs were Marcia L. Wadsten, P. Chadwick Myers, Craig D. Smith, Scott E. Romine, Mark B. Mandich, Andrew J. Bowden, and Axel P. André. Mr. Bowden and Mr. André ceased employment with the Company on February 10, 2021, and Mr. Mandich ceased employment with the Company on May 1, 2021. Compensation and severance amounts in 2021 for Mr. Falcon, Mr. André, Mr. Bowden and Mr. Mandich were approved by the compensation committees of Prudential prior to the demerger. (2) The values reflected in this column reflect the “Total” compensation set forth in the Summary Compensation Table. See the footnotes to the Summary Compensation Table for further detail regarding the amounts in this column. (3) This column is provided in accordance with Item 402(v) of Regulation S-K. CAP for our CEO, our former CEO and Average CAP for our other NEOs, including former NEOs. CAP is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Share Awards” column of the Summary Compensation Table for each year from the “Total” column of the Summary Compensation Table and then: (i) adding the fair value as of the end of the reported year of all awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding the amount equal to the change as of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year; and (v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior year. The following tables reflect the adjustments made to Summary Compensation Table total compensation to compute CAP: 2023 CEO Average SUMMARY COMPENSATION TABLE TOTAL COMPENSATION (A)(B) 10,975,322 4,310,911 Minus Summary Compensation Table Stock Awards Value 6,332,212 1,829,001 Plus Value of Unvested Equity Awards Granted in Applicable Year 8,687,377 2,514,216 Plus Change in Value from Prior Year of Unvested Equity Awards 3,358,600 1,084,556 Plus Value of Equity Awards Granted and Vested in Applicable Year 92,825 22,322 Plus Change in Value from Prior Year of Equity Awards Vested in Current Year 513,405 201,778 Minus Value of Equity Awards that were Forfeited in Applicable Year — — Compensation Actually Paid 17,295,316 6,304,782 (A) Jackson does not maintain an associate pension program and therefore does not include a line for pension adjustments in the reconciliation. (B) The fair value of unvested time-based share awards, as well as the fair value of all share-based awards upon vesting, is based upon the closing sales price for a share of JFI common stock on the NYSE for the applicable date of measurement. The fair value of unvested performance share awards is based upon the probable outcome of the applicable performance conditions at the time of measurement. (4) The amounts in these columns for 2022 have been revised from what was reported in our 2023 proxy statement to correct an inadvertent understatement in the values calculated for the “Change in Value from Prior Year of Equity Awards Vested in Current Year” for the 2019 Converted PLTIPS that vested in 2022. These amounts were understated by $197,731 for the CEO and $320,538 for the other NEOs. (5) Reflects the cumulative total shareholder return of the Company and the S&P Insurance Select Industry Index, which is an industry peer group reported in the performance graph included in the Company’s 2023 Annual Report on Form 10-K, for the periods ending on December 31, 2021, December 31, 2022 and December 31, 2023, assuming a $100 investment at the closing price on September 20, 2021 (the date that our Class A common stock commenced regular way trading on the NYSE), and the reinvestment of all dividends, where applicable. (6) We adopted Accounting Standards Update (“ASU”) 2018-12, “Targeted Improvements to the Accounting for Long- Duration Contracts” (“LDTI”), for our fiscal year beginning January 1, 2023, with a transition date of January 1, 2021. The adoption of the standard resulted in increases in net income attributable to Jackson Financial Inc. of $489 million and $234 million for the years ended December 31, 2022 and 2021, respectively, from the amounts reported prior to the adoption of LDTI. (7) See Appendix A to this Proxy Statement for a reconciliation of Generation of Net Cash Flow Available to JFI to the most directly comparable financial measure or measures calculated and presented in accordance with U.S. GAAP. This financial performance measure may not be the most important financial measure each year and we may determine a different financial measure for future years. | ||
| Company Selected Measure Name | GENERATION OFNET CASH FLOWAVAILABLE TO JFI | ||
| Named Executive Officers, Footnote | (1) For each year shown, our CEO was Laura L. Prieskorn. In 2021, prior to our demerger from Prudential, Michael I. Falcon served as CEO until his separation on February 10, 2021, and Mr. Falcon is therefore included in the table as a former principal executive officer pursuant to SEC rules. In 2023, the additional NEOs were Marcia L. Wadsten, Craig D. Smith, Scott E. Romine and Carrie L. Chelko. In 2022, the additional NEOs were Marcia L. Wadsten, P. Chadwick Myers, Craig D. Smith and Scott E. Romine. In 2021, the additional NEOs were Marcia L. Wadsten, P. Chadwick Myers, Craig D. Smith, Scott E. Romine, Mark B. Mandich, Andrew J. Bowden, and Axel P. André. Mr. Bowden and Mr. André ceased employment with the Company on February 10, 2021, and Mr. Mandich ceased employment with the Company on May 1, 2021. Compensation and severance amounts in 2021 for Mr. Falcon, Mr. André, Mr. Bowden and Mr. Mandich were approved by the compensation committees of Prudential prior to the demerger. | ||
| Peer Group Issuers, Footnote | (5) Reflects the cumulative total shareholder return of the Company and the S&P Insurance Select Industry Index, which is an industry peer group reported in the performance graph included in the Company’s 2023 Annual Report on Form 10-K, for the periods ending on December 31, 2021, December 31, 2022 and December 31, 2023, assuming a $100 investment at the closing price on September 20, 2021 (the date that our Class A common stock commenced regular way trading on the NYSE), and the reinvestment of all dividends, where applicable. | ||
| Adjustment To PEO Compensation, Footnote | (3) This column is provided in accordance with Item 402(v) of Regulation S-K. CAP for our CEO, our former CEO and Average CAP for our other NEOs, including former NEOs. CAP is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Share Awards” column of the Summary Compensation Table for each year from the “Total” column of the Summary Compensation Table and then: (i) adding the fair value as of the end of the reported year of all awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding the amount equal to the change as of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year; and (v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior year. The following tables reflect the adjustments made to Summary Compensation Table total compensation to compute CAP: 2023 CEO Average SUMMARY COMPENSATION TABLE TOTAL COMPENSATION (A)(B) 10,975,322 4,310,911 Minus Summary Compensation Table Stock Awards Value 6,332,212 1,829,001 Plus Value of Unvested Equity Awards Granted in Applicable Year 8,687,377 2,514,216 Plus Change in Value from Prior Year of Unvested Equity Awards 3,358,600 1,084,556 Plus Value of Equity Awards Granted and Vested in Applicable Year 92,825 22,322 Plus Change in Value from Prior Year of Equity Awards Vested in Current Year 513,405 201,778 Minus Value of Equity Awards that were Forfeited in Applicable Year — — Compensation Actually Paid 17,295,316 6,304,782 (A) Jackson does not maintain an associate pension program and therefore does not include a line for pension adjustments in the reconciliation. (B) The fair value of unvested time-based share awards, as well as the fair value of all share-based awards upon vesting, is based upon the closing sales price for a share of JFI common stock on the NYSE for the applicable date of measurement. The fair value of unvested performance share awards is based upon the probable outcome of the applicable performance conditions at the time of measurement. | ||
| Non-PEO NEO Average Total Compensation Amount | $ 4,310,911 | $ 4,999,825 | $ 6,816,506 |
| Non-PEO NEO Average Compensation Actually Paid Amount | $ 6,304,782 | 3,069,991 | 7,994,202 |
| Adjustment to Non-PEO NEO Compensation Footnote | (3) This column is provided in accordance with Item 402(v) of Regulation S-K. CAP for our CEO, our former CEO and Average CAP for our other NEOs, including former NEOs. CAP is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Share Awards” column of the Summary Compensation Table for each year from the “Total” column of the Summary Compensation Table and then: (i) adding the fair value as of the end of the reported year of all awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding the amount equal to the change as of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year; and (v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior year. The following tables reflect the adjustments made to Summary Compensation Table total compensation to compute CAP: 2023 CEO Average SUMMARY COMPENSATION TABLE TOTAL COMPENSATION (A)(B) 10,975,322 4,310,911 Minus Summary Compensation Table Stock Awards Value 6,332,212 1,829,001 Plus Value of Unvested Equity Awards Granted in Applicable Year 8,687,377 2,514,216 Plus Change in Value from Prior Year of Unvested Equity Awards 3,358,600 1,084,556 Plus Value of Equity Awards Granted and Vested in Applicable Year 92,825 22,322 Plus Change in Value from Prior Year of Equity Awards Vested in Current Year 513,405 201,778 Minus Value of Equity Awards that were Forfeited in Applicable Year — — Compensation Actually Paid 17,295,316 6,304,782 (A) Jackson does not maintain an associate pension program and therefore does not include a line for pension adjustments in the reconciliation. (B) The fair value of unvested time-based share awards, as well as the fair value of all share-based awards upon vesting, is based upon the closing sales price for a share of JFI common stock on the NYSE for the applicable date of measurement. The fair value of unvested performance share awards is based upon the probable outcome of the applicable performance conditions at the time of measurement. | ||
| Compensation Actually Paid vs. Total Shareholder Return | |||
| Compensation Actually Paid vs. Net Income | |||
| Compensation Actually Paid vs. Company Selected Measure | |||
| Total Shareholder Return Vs Peer Group | |||
| Tabular List, Table | In the Company’s assessment, the following represents the five most important financial performance measures used by the Company to link compensation actually paid to the Company’s named executive officers, for the most recently completed fiscal year, to Company performance. The measures are not ranked: • Generation of Net Cash Flow Available to JFI* • Pre-Tax Adjusted Operating Earnings* • Controllable Costs* • Adjusted Operating ROE* • Relative Total Shareholder Return *Please see Appendix A for an explanation, or non-GAAP reconciliation, of this financial measure and adjustments thereto. The manner in which these financial performance measures, together with certain non-financial performance measures, determine the amounts of incentive compensation paid to our NEOs is described above in the “Compensation Discussion and Analysis” section. | ||
| Total Shareholder Return Amount | $ 226 | 143.75 | 162.5 |
| Peer Group Total Shareholder Return Amount | 127.55 | 113.34 | 109.16 |
| Net Income (Loss) | $ 899,000,000 | $ 6,186,000,000 | $ 3,417,000,000 |
| Company Selected Measure Amount | 582,000,000 | 622,000,000 | 155,000,000 |
| PEO Name | Laura L. Prieskorn | ||
| Increase in Net Income (Loss), due to Adoption of Accounting Standard Update (ASU) | $ 489,000,000 | $ 234,000,000 | |
| Measure:: 1 | |||
| Pay vs Performance Disclosure | |||
| Name | Generation of Net Cash Flow Available to JFI | ||
| Non-GAAP Measure Description | (7) See Appendix A to this Proxy Statement for a reconciliation of Generation of Net Cash Flow Available to JFI to the most directly comparable financial measure or measures calculated and presented in accordance with U.S. GAAP. This financial performance measure may not be the most important financial measure each year and we may determine a different financial measure for future years. | ||
| Measure:: 2 | |||
| Pay vs Performance Disclosure | |||
| Name | Pre-Tax Adjusted Operating Earnings | ||
| Measure:: 3 | |||
| Pay vs Performance Disclosure | |||
| Name | Controllable Costs | ||
| Measure:: 4 | |||
| Pay vs Performance Disclosure | |||
| Name | Adjusted Operating ROE | ||
| Measure:: 5 | |||
| Pay vs Performance Disclosure | |||
| Name | Relative Total Shareholder Return | ||
| Laura L. Prieskorn [Member] | |||
| Pay vs Performance Disclosure | |||
| PEO Total Compensation Amount | $ 10,975,322 | 9,094,713 | 14,454,175 |
| PEO Actually Paid Compensation Amount | 17,295,316 | 5,599,466 | 20,073,657 |
| Falcon [Member] | |||
| Pay vs Performance Disclosure | |||
| PEO Total Compensation Amount | 23,748,559 | ||
| PEO Actually Paid Compensation Amount | $ 16,838,202 | ||
| PEO [Member] | Laura L. Prieskorn [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | (6,332,212) | ||
| PEO [Member] | Laura L. Prieskorn [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 8,687,377 | ||
| PEO [Member] | Laura L. Prieskorn [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 3,358,600 | ||
| PEO [Member] | Laura L. Prieskorn [Member] | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 92,825 | ||
| PEO [Member] | Laura L. Prieskorn [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 513,405 | ||
| Adjustment to Compensation Understated Amount | 197,731 | ||
| PEO [Member] | Laura L. Prieskorn [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | |||
| Non-PEO NEO [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | (1,829,001) | ||
| Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 2,514,216 | ||
| Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 1,084,556 | ||
| Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 22,322 | ||
| Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | 201,778 | ||
| Adjustment to Compensation Understated Amount | $ 320,538 | ||
| Non-PEO NEO [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | |||
