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Jackson
🇺🇸 NYSE:JXN
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•
Dec 31, 2023

Jackson Q4 2023 Earnings Report

Jackson's financial performance highlighted strong fundamentals with record RILA sales and proactive capital management.

Key Takeaways

Jackson Financial Inc. reported a net loss attributable to common shareholders of $(1.6) billion, or $(19.64) per diluted share, and adjusted operating earnings of $204 million, or $2.53 per diluted share. The company returned $117 million to common shareholders through share repurchases and dividends and saw an increase in RILA sales and total annuity account value.

Net loss attributable to Jackson Financial Inc. common shareholders was $(1.6) billion, or $(19.64) per diluted share.

Adjusted operating earnings were $204 million, or $2.53 per diluted share, impacted by actuarial assumptions and private equity returns.

Returned $117 million to common shareholders through share repurchases and dividends.

RILA sales increased to $1.0 billion, up from $560 million in the fourth quarter of 2022.

Total Revenue
$892M
Previous year: -$381M
-334.1%
EPS
$2.53
Previous year: $5.66
-55.3%
Gross Profit
$205M
Previous year: -$2.97B
-106.9%
Cash and Equivalents
$2.69B
Previous year: $4.3B
-37.5%
Total Assets
$305B
Previous year: $315B
-3.2%

Jackson

Jackson

Jackson Revenue by Segment

Forward Guidance

Jackson established Brooke Re and anticipates a capital return to common shareholders target of $550-650 million for 2024.

Positive Outlook

  • Establishment and funding of Brooke Life Reinsurance Company (Brooke Re).
  • Increased first quarter 2024 common dividend by nearly 13% to $0.70 per share.
  • Established a 2024 capital return to common shareholders target of $550-650 million.
  • Financial performance highlighting the strong fundamentals of the business.
  • Estimated RBC ratio well above the top end of our range, along with strong levels of excess cash at the holding company.

Challenges Ahead

  • The current quarter’s adjusted operating earnings per diluted share included the $(0.79) unfavorable impact of the annual actuarial assumptions update.
  • The current quarter’s adjusted operating earnings per diluted share included the $(0.37) from returns on private equity and other limited partnership assets below our 10% annualized return assumption.
  • Net outflows were $(452) million in the current quarter for Institutional Products.
  • Lower VA sales in the current quarter were more than offset by $1.0 billion in RILA product sales.
  • Full year 2023 annuity sales of $12.8 billion were down 18% from the full year 2022, reflecting lower sales of variable annuities, partially offset by higher sales of RILA, fixed and fixed indexed annuities.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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