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Mar 31, 2023
Jackson Q1 2023 Earnings Report
Jackson Financial Inc. reported a net loss due to larger hedging losses, but demonstrated progress in strategic goals with increased RILA sales and shareholder returns.
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.
Jackson
Jackson
Jackson Revenue by Segment
Revenue by Segment
Retail Annuities Revenue
CapyFin.com 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.