Q3 2024 Jackson Financial Inc Earnings Call Transcript
Key Points
- Jackson Financial Inc (JXN) reported a 59% increase in total retail annuity sales for the third quarter, marking the highest and most diversified quarter of sales since becoming an independent company.
- The company achieved a 9% growth in assets under management, reaching over $250 billion, driven by favorable equity markets and increasing sales.
- Adjusted operating earnings increased by 11% over the third quarter of last year, supported by higher fee income and greater investment spread income.
- Jackson Financial Inc (JXN) successfully launched new products, including the Principal Guard guaranteed minimum accumulation benefit, enhancing their product offerings.
- The company returned $167 million to shareholders in the third quarter and is on track to meet the upper half of its $550 million to $650 million capital return target for the year.
- Jackson Financial Inc (JXN) reported a net income loss for the third quarter, despite positive results over the full nine months.
- The company experienced a $295 million loss in its hedging program during the third quarter, primarily due to losses on equity hedges.
- There was a $514 million negative impact from actual policyholder behavior versus expectations, driven by higher-than-expected lapse rates.
- The institutional segment saw a decline in pretax adjusted operating earnings due to reductions in average assets under management.
- The company anticipates lower near-term volumes in fixed annuity sales compared to the strong third quarter levels.
Hello, and welcome to the Jackson Financial Inc. three Q '24 Earnings Call. My name is Harry, and I'll be your operator today. (Operator Instructions)
I would now like to hand the conference over to Liz Werner, Jackson Head of Investor Relations. Thank you. Please go ahead.
Good morning, everyone, and welcome to Jackson's Third Quarter 2024 Earnings Call. Today's remarks may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations. Jackson's filings with the SEC provide details on important factors that may cause actual results or events to differ materially.
Except as required by law, Jackson is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change.
Today's remarks also refer to certain non-GAAP financial measures. The reconciliation of those
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