Jackson Q1 2023 Earnings Report
Key Takeaways
Jackson Financial Inc. reported a net loss of $1,497 million, primarily due to hedging losses. However, the company saw growth in RILA sales and returned $124 million to shareholders. They remain on track to achieve their 2023 capital return target.
Net loss attributable to Jackson Financial Inc. was $(1,497) million, or $(18.11) per diluted share.
Adjusted operating earnings were $271 million, or $3.15 per diluted share, a 28% decrease from Q1 2022.
Returned $124 million to common shareholders through share repurchases and dividends.
First quarter RILA sales increased to $533 million, up from $199 million in the first quarter of 2022.
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Jackson Revenue by Segment
Forward Guidance
Jackson is confident in its ability to achieve its 2023 key financial targets and create value for shareholders over the long-term, maintaining financial flexibility with a strong RBC ratio and holding company liquidity.
Positive Outlook
- On track with strategic and operational goals.
- Returned $124 million to common shareholders, a strong start toward the 2023 capital return target of $450-550 million.
- Significant financial flexibility with an estimated operating company RBC ratio within the target range.
- Over $1.5 billion of liquidity at the holding company.
- Successful issuance of preferred stock in the first quarter, raising $533 million of net proceeds.
Challenges Ahead
- Ongoing market volatility.
- Net income (loss) attributable to Jackson Financial Inc. of $(1,497) million.
- Adjusted operating earnings down 28% from the first quarter of 2022.
- Decline in annuity account values.
- Higher interest crediting rates on variable annuity fixed rate options.
Revenue & Expenses
Visualization of income flow from segment revenue to net income