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  • Jackson Announces Second Quarter 2022 Results

    August 16, 2022 by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the three months ended June 30, 2022.

    Key Highlights

    • Net income of $2,903 million, or $32.56 per diluted share, including the impact of non-economic hedging results under GAAP accounting
    • Adjusted operating earnings1 of $225 million, or $2.52 per diluted share
    • Total annuity account value of $208 billion decreased 17% from the second quarter of 2021 primarily due to lower equity markets
    • Continued progress in the registered index-linked annuity (RILA) business, with second quarter sales of $490 million, up from $199 million in the first quarter of 2022
    • Returned $116 million to shareholders during the quarter through $66 million of share repurchases and $50 million in dividends, in-line with full-year capital return target of $425-$525 million
    • Increased capital position at the operating company level, with an estimated Risk-Based Capital (RBC) ratio at Jackson National Life Insurance Company (JNLIC) up from the first quarter of 2022 and above 450%
    • Cash and highly liquid securities at the holding company of over $800 million at the end of the quarter. This is above Jackson’s minimum liquidity buffer of $250 million.
    • Successful completion of $750 million senior debt issuance and retirement of the last remaining interim financing facility

    Laura Prieskorn, President and Chief Executive Officer of Jackson, stated, “Jackson’s second quarter results reflect the continued resiliency of our business amid volatile financial market conditions. We made strong progress improving the health of our balance sheet during the quarter, including raising our operating company RBC ratio, retiring the last of the term loans through our senior debt issuance, and maintaining strong levels of excess liquidity at the holding company. Our healthy balance sheet position enabled us to return $116 million to shareholders during the quarter and supports our continued commitment to returning capital to shareholders through dividends and opportunistic share buybacks consistent with our targeted $425-$525 million capital return range for 2022.”

    Consolidated Second Quarter 2022 Results

    Jackson reported net income of $2,903 million, or $32.56 per diluted share for the three months ended June 30, 2022, compared to a net loss of $(540) million, or $(5.72) per diluted share for the three months ended June 30, 2021. The stronger current quarter net income primarily reflects improved freestanding derivative results on equity hedges as market returns were weaker compared to the prior year period. The current quarter results also reflect reduced losses on embedded derivatives as these reserves benefited from rising interest rates in the current quarter versus lower rates in the prior year period. The change in the reported fair value of derivatives is not expected to match the change in hedged liabilities on a GAAP basis period-to-period, which can result in net income volatility. We believe adjusted operating earnings better represents the underlying performance of our business as the figure excludes, among other things, changes in fair value of freestanding and embedded derivative instruments tied to market volatility.

    _____________________________

    1

     

    For the reconciliation of non-GAAP measures to the most comparable GAAP measure, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

    Adjusted operating earnings for the three months ended June 30, 2022 were $225 million, or $2.52 per diluted share, compared to $636 million or $6.74 per diluted share for the three months ended June 30, 2021. The decrease in adjusted operating earnings was primarily due to higher levels of deferred acquisition costs (DAC) amortization resulting from weaker separate account returns in the current quarter relative to the prior year period, reduced fee income from lower AUM, and lower limited partnership income in the current quarter compared to the prior year period. The decline was partially offset by lower operating expenses in the current quarter.

    Adjusted operating earnings included the impact of two notable items, which negatively impacted pretax earnings by $238 million in the second quarter of 2022, compared to a pretax benefit of $133 million in the second quarter of 2021. Current period notable pretax items are summarized below.

    • Acceleration of DAC amortization due in part to a -14.0% separate account return for the current quarter, which resulted in a negative impact of $227 million. This same item resulted in a benefit of $72 million in the second quarter of 2021, when the separate account return was 6.5%.
    • A negative impact of $11 million from underperformance of private equity and other limited partnership returns relative to a 10% annualized return assumption. Overperformance of these investments relative to the annual return assumption resulted in a benefit of $61 million in the second quarter of 2021.

    Total shareholders’ equity was $9.6 billion or $109.27 per diluted share as of June 30, 2022, down from $10.4 billion or $114.78 per diluted share as of year-end 2021. The decline was primarily due to increased unrealized investment losses, partially offset by positive net income. Adjusted book value2 was $11.6 billion or $132.63 per diluted share as of June 30, 2022, up from $8.9 billion or $98.69 per diluted share as of year-end 2021. The increase was primarily the result of non-operating net hedging gains during the first half of 2022, as well as adjusted operating earnings of $579 million. Jackson’s financial leverage ratio3 of 18.5% as of June 30, 2022 was down from 22.9% as of year-end 2021 and below our 20-25% target range.

    Segment Results – Pretax Adjusted Operating Earnings2

     

    Three Months Ended

    (in millions)

    June 30, 2022

    June 30, 2021

    Retail Annuities

    $218

    $683

    Institutional Products

    19

    6

    Closed Life and Annuity Blocks

    6

    56

    Corporate and Other

    16

    Total4

    $243

    $761

    __________________________

    2

     

    For the reconciliation of non-GAAP measures to the most comparable GAAP measure, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release.

    3

     

    For the discussion and reconciliation of the financial leverage ratio, please see the reconciliation in the Appendix to this release.

    4

     

    See reconciliation of Net Income to Total pretax adjusted operating earnings in the Appendix to this release.

    Retail Annuities

    Retail Annuities reported pretax adjusted operating earnings of $218 million in the second quarter of 2022 compared to $683 million in the second quarter of 2021. The current quarter was negatively impacted by lower fee income due to reduced AUM, lower limited partnership income relative to the prior year period, as well as higher (accelerated) DAC amortization expense resulting from a -14.0% separate account return in the current quarter, compared to a benefit from lower DAC amortization expense that was realized in the second quarter of 2021, when the separate account return was approximately 6.5%. In periods where separate account returns are lower than our long-term assumption, amortization is shifted from future years driving acceleration of DAC amortization in the current period. These items were partially offset by lower operating expenses in the current quarter.

    Total annuity sales of $4.1 billion were down 15% from the second quarter of 2021. Variable annuity sales were down 25% compared to the second quarter of 2021, but this was partially offset by $490 million of sales of RILA products in the quarter, which were launched in the fourth quarter of 2021. In total, annuity sales without lifetime benefit guarantees represented 38% of total annuity sales, up from 35% in the second quarter of 2021. We continue to generate fee-based sales, with current quarter advisory annuity sales of $220 million, compared to $307 million in the second quarter of 2021.

    Institutional Products

    Institutional Products reported pretax adjusted operating earnings of $19 million in the second quarter of 2022 compared to $6 million in the second quarter of 2021. The current quarter earnings were up from the prior year period due to increased net investment income. Total sales for the quarter were $201 million. Net flows totaled $(667) million in the quarter, and total account value of $8.5 billion was down from $8.9 billion in the second quarter of 2021.

    Closed Life and Annuity Blocks

    Closed Life and Annuity Blocks reported pretax adjusted operating earnings of $6 million in the second quarter of 2022 compared to earnings of $56 million in the second quarter of 2021. The current quarter decline was primarily due to lower levels of limited partnership income compared to the prior year period, as well as higher death and other policy benefits.

    Corporate and Other

    Corporate and Other reported pretax adjusted operating earnings of $0 million in the second quarter of 2022 compared to $16 million in the second quarter of 2021. The decline reflects higher interest expense in the current quarter due to the issuance of senior notes, partially offset by lower operating expenses.

    Capitalization and Liquidity

    (Unaudited, in billions)

    June 30, 2022

    March 31, 2022

    December 31, 2021

    Statutory Total Adjusted Capital (TAC)

    Jackson National Life Insurance Company

    $8.7

    $5.4

    $6.6

    Statutory TAC at JNLIC was $8.7 billion as of the current quarter, up from $5.4 billion as of the first quarter of 2022. This was the result of derivative gains as our hedging program protected our business during a period of equity market declines while our floored out reserve position entering the second quarter limited the impact of corresponding reserve increases. The increase in capital had an additional benefit from the greater admissibility of deferred tax assets (DTA).

    JNLIC’s estimated RBC ratio was up from the first quarter of 2022, and above 450% as of the end of the second quarter of 2022. Required capital (CAL) increased due to the decline in equity markets, partially offsetting the benefit of higher TAC.

    Cash and highly liquid securities at the holding company totaled over $800 million at the end of the quarter. This was above our minimum liquidity buffer of $250 million. The adjusted RBC ratio5, which includes the excess liquidity, was slightly below our target range for normal market conditions. This was down from the first quarter despite the improved operating company RBC ratio due to the $116 million of capital returned to shareholders during the quarter as well as a reduced RBC ratio benefit from the excess holding company cash due to the higher CAL.

    Earnings Conference Call

    Jackson will host a conference call Wednesday, August 10, 2022, at 10 a.m. ET to review the second quarter results. The live webcast is open to the public and can be accessed at https://investors.jackson.com. A replay will be available following the call.

    To register for the conference call, click here.

    FORWARD-LOOKING STATEMENT

    This press release may contain certain statements that constitute “forward-looking statements.” Forward-looking statements generally may be identified by their use of terms including “anticipate,” “estimate,” “believe,” “expect,” “could,” “forecast,” “may,” “intend,” “plan,” “predict,” “project,” “will,” or “would,” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance, are subject to assumptions, and are inherently susceptible to risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, plans, objectives, goals, targets, strategies, future events or performance, and underlying assumptions concerning, among other things, our expectations with respect to distributing capital to our shareholders; financial position; results of operations; cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; and the impact of prevailing capital markets and economic conditions. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes of our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this release. A number of important factors, including the risks, uncertainties and assumptions discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is on file with the U.S. Securities and Exchange Commission (the SEC) and is also available in the investor relations section of the Company’s website at investors.jackson.com under the heading “SEC Filings,” could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements.

    Certain financial data included in this release consists of non-GAAP (Generally Accepted Accounting Principles) financial measures. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with GAAP. Although the Company believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this release. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found in the “Non-GAAP Measures” appendix of this release.

    ______________________________

    5

     

    The Adjusted RBC ratio reflects the capital and capital requirements of Jackson National Life Insurance Company and its subsidiaries, adjusted to include cash and highly liquid securities at Jackson Financial Inc. in excess of our target minimum.

    Certain financial data included in this release consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital” and “non-admitted deferred tax assets.” These statutory financial measures are included in or derived from the Jackson National Life Insurance Company annual and/or quarterly statements filed with the Michigan Department of Insurance and Financial Services and available on the Company’s website at investors.jackson.com/financials/statutory-filings.

    There can be no assurance that management’s expectations, beliefs, projections or targets will result or be achieved or accomplished. Any forward-looking statements reflect Jackson’s views and assumptions as of the date of this release and Jackson disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

    ABOUT JACKSON

    Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all of our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.

    Visit investors.jackson.com to view information regarding Jackson Financial Inc., including a supplement regarding the second quarter 2022 results. We use this website as a primary channel for disclosing key information to our investors, some of which may contain material and previously non-public information.

    *SQM (Service Quality Measurement Group) Contact Center Awards Program for 2004 and 2006-2021, for the financial services industry. (To achieve world-class certification, 80% or more of call-center customers surveyed must have rated their experience as very satisfied, the highest rating possible).

    Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).

    APPENDIX

    Non-GAAP Financial Measures

    In addition to presenting our results of operations and financial condition in accordance with GAAP, we use and report selected non-GAAP financial measures. Management believes that the use of these non-GAAP financial measures, together with relevant GAAP financial measures, provides a better understanding of our results of operations, financial condition and the underlying performance drivers of our business. These non-GAAP financial measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for the GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.

    Adjusted Operating Earnings

    Adjusted Operating Earnings is an after-tax non-GAAP financial measure, which we believe should be used to evaluate our financial performance on a consolidated basis by excluding certain items that may be highly variable from period to period due to accounting treatment under GAAP or that are non-recurring in nature, as well as certain other revenues and expenses which we do not view as driving our underlying performance. Adjusted Operating Earnings should not be used as a substitute for net income as calculated in accordance with GAAP. However, we believe the adjustments to net income are useful for gaining an understanding of our overall results of operations.

    For additional detail on the excluded items, please refer to the supplement regarding the second quarter ended June 30, 2022, posted on our website, https://investors.jackson.com.

    The following is a reconciliation of Adjusted Operating Earnings to net income (loss) attributable to Jackson Financial Inc., the most comparable GAAP measure.

    GAAP Net Income (Loss) to Adjusted Operating Earnings

     

    Three Months Ended

    (in millions)

    June 30, 2022

    June 30, 2021

    Net income (loss) attributable to Jackson Financial Inc.

    $2,903

    $(540)

    Income tax expense (benefit)

    717

    (54)

    Pretax income (loss) attributable to Jackson Financial Inc.

    3,620

    (594)

    Non-operating adjustments – (income) loss:

     

     

    Fees attributed to guaranteed benefit reserves

    (765)

    (701)

    Net movement in freestanding derivatives

    (2,847)

    442

    Net reserve and embedded derivative movements

    772

    1,374

    DAC and DSI impact

    845

    (243)

    Assumption changes

    Total guaranteed benefits and hedging results

    (1,995)

    872

    Net realized investments (gains) losses including change in fair value of funds withheld

    embedded derivative

    (1,082)

    752

    Net investment income on funds withheld assets

    (364)

    (294)

    Other items

    64

    25

    Total non-operating adjustments

    (3,377)

    1,355

    Pretax Adjusted Operating Earnings

    243

    761

    Operating income taxes

    18

    125

    Adjusted Operating Earnings

    $225

    $636

     

     

     

    Weighted Average diluted shares outstanding6

    89,168,775

    94,464,343

    Net income (loss) per diluted share

    $32.56

    $(5.72)

    Adjusted Operating Earnings per diluted share

    $2.52

    $6.74

    Adjusted Book Value

    Adjusted Book Value excludes accumulated other comprehensive income (AOCI) attributable to Jackson Financial Inc. AOCI attributable to Jackson Financial Inc. does not include AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. We exclude AOCI attributable to Jackson Financial Inc. from Adjusted Book Value because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duration in nature, and therefore we believe period-to-period fair market value fluctuations in AOCI to be inconsistent with this objective. We believe excluding AOCI attributable to Jackson Financial Inc. is more useful to investors in analyzing trends in our business. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non-operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on Adjusted Book Value of Jackson Financial Inc.

    ____________________________

    6

     

    The calculation of basic and diluted earnings per share and weighted average shares of common stock outstanding reflects a 104,960.3836276-for-1 stock split effected on September 9, 2021. All share and earnings per share information presented herein have been retroactively adjusted to reflect the stock split.

       

    Financial Leverage Ratio

    We use Financial Leverage Ratio to manage our financial flexibility and ensure we maintain our financial strength ratings. Total financial leverage is the ratio of total debt to Total Adjusted Capitalization (combined total debt and Adjusted Book Value).

    Adjusted Book Value & Debt Financial Leverage Ratio

    (in millions)

    June 30, 2022

    December 31, 2021

    Total shareholders’ equity

    9,563

    $10,394

    Adjustments to total shareholders’ equity:

     

     

    Exclude Accumulated Other Comprehensive Income

    attributable to Jackson Financial Inc.

    2,045

    (1,457)

    Adjusted Book Value (a)

    11,608

    8,937

     

     

     

    Debt (b)

    2,634

    $2,649

     

     

     

    Financial Leverage Ratio (b/[a+b])

    18.5%

    22.9%

    Condensed Consolidated Balance Sheets

     

     

    June 30,

     

    December 31,

     

     

    2022

     

    2021

    (in millions, except per share data)

     

     

     

     

    Assets

     

     

     

     

    Investments:

     

     

     

     

     

     

    Debt Securities, available-for-sale, net of allowance for credit losses of

    $43 and $9 at June 30, 2022 and December 31, 2021, respectively

    (amortized cost: 2022 $48,223; 2021 $49,378)

     

    $

    43,478

     

     

    $

    51,547

     

    Debt Securities, at fair value under fair value option

     

     

    2,005

     

     

     

    1,711

     

    Debt Securities, trading, at fair value

     

     

    103

     

     

     

    117

     

    Equity securities, at fair value

     

     

    260

     

     

     

    279

     

    Mortgage loans, net of allowance for credit losses of $80 and $94 at

    June 30, 2022 and December 31, 2021, respectively

     

     

    11,574

     

     

     

    11,482

     

    Mortgage loans, at fair value under fair value option

     

     

    357

     

     

     

     

    Policy loans (including $3,485 and $3,467 at fair value under the fair

    value option at June 30, 2022 and December 31, 2021, respectively)

     

     

    4,459

     

     

     

    4,475

     

    Freestanding derivative instruments

     

     

    1,243

     

     

     

    1,417

     

    Other invested assets

     

     

    3,648

     

     

     

    3,199

     

    Total investments

     

     

    67,127

     

     

     

    74,227

     

    Cash and cash equivalents

     

     

    5,258

     

     

     

    2,623

     

    Accrued investment income

     

     

    504

     

     

     

    503

     

    Deferred acquisition costs

     

     

    13,115

     

     

     

    14,249

     

    Reinsurance recoverable, net of allowance for credit losses of $11 and

    $12 at June 30, 2022 and December 31, 2021, respectively

     

     

    31,667

     

     

     

    33,126

     

    Deferred income taxes, net

     

     

    981

     

     

     

    954

     

    Other assets

     

     

    1,369

     

     

     

    853

     

    Separate account assets

     

     

    196,184

     

     

     

    248,949

     

    Total assets

     

    $

    316,205

     

     

    $

    375,484

     

    Condensed Consolidated Balance Sheets

     

     

    June 30,

     

    December 31,

     

     

     

     

    2022

     

     

     

    2021

     

     

    (in millions, except per share data)

     

     

     

     

     

    Liabilities and Equity

     

     

     

     

    Liabilities

     

     

     

     

     

    Reserves for future policy benefits and claims payable

     

    $

    16,053

     

     

    $

    17,629

     

     

    Other contract holder funds

     

     

    59,576

     

     

     

    59,689

     

     

    Funds withheld payable under reinsurance treaties (including $3,649 and

    $3,639 at fair value under the fair value option at June 30, 2022 and

    December 31, 2021, respectively)

     

     

    25,506

     

     

     

    29,007

     

     

    Long-term debt

     

     

    2,634

     

     

     

    2,649

     

     

    Repurchase agreements and securities lending payable

     

     

    32

     

     

     

    1,589

     

     

    Collateral payable for derivative instruments

     

     

    621

     

     

     

    913

     

     

    Freestanding derivative instruments

     

     

    1,217

     

     

     

    41

     

     

    Other liabilities

     

     

    4,072

     

     

     

    3,944

     

     

    Separate account liabilities

     

     

    196,184

     

     

     

    248,949

     

     

    Total liabilities

     

     

    305,895

     

     

     

    364,410

     

     

     

     

     

     

     

     

    Equity

     

     

     

     

     

    Common stock, (i) Class A Common Stock 900,000,000 shares authorized,

    $0.01 par value per share and 84,864,727 and 88,046,833 shares issued

    and outstanding at June 30, 2022 and December 31, 2021, respectively

    and (ii) No authorized Class B Common Stock at June 30, 2022 and

    100,000,000 shares authorized, $0.01 par value per share and 638,861

    shares issued and outstanding at December 31, 2021

     

     

    1

     

     

     

    1

     

     

    Additional paid-in capital

     

     

    6,020

     

     

     

    6,051

     

     

    Treasury stock, at cost; 9,608,399 and 5,778,649 shares at June 30, 2022

    and December 31, 2021, respectively

     

     

    (371

    )

     

     

    (211

    )

     

    Accumulated other comprehensive income (loss), net of tax expense

    (benefit) of $(907) and $194 at June 30, 2022 and December 31, 2021,

    respectively

     

     

    (3,722

    )

     

     

    1,744

     

     

    Retained earnings

     

     

    7,635

     

     

     

    2,809

     

     

    Total shareholders’ equity

     

     

    9,563

     

     

     

    10,394

     

     

    Noncontrolling interests

     

     

    747

     

     

     

    680

     

     

    Total equity

     

     

    10,310

     

     

     

    11,074

     

     

    Total liabilities and equity

     

    $

    316,205

     

     

    $

    375,484

     

     

    Condensed Consolidated Income Statements

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

    (in millions, except per share data)

     

     

    2022

     

     

    2021

     

     

     

    2022

     

     

    2021

     

    Revenues

     

     

     

     

     

     

     

     

     

    Fee income

     

    $

    1,852

     

    $

    1,896

     

     

    $

    3,774

     

    $

    3,712

     

    Premiums

     

     

    32

     

     

    31

     

     

     

    66

     

     

    65

     

    Net investment income

     

     

    747

     

     

    796

     

     

     

    1,467

     

     

    1,724

     

    Net gains (losses) on derivatives and investments

     

     

    3,867

     

     

    (2,521

    )

     

     

    5,472

     

     

    185

     

    Other income

     

     

    21

     

     

    30

     

     

     

    41

     

     

    53

     

    Total revenues

     

     

    6,519

     

     

    232

     

     

     

    10,820

     

     

    5,739

     

     

     

     

     

     

     

     

    Benefits and Expenses

     

     

     

     

     

     

     

     

     

    Death, other policy benefits and change in policy reserves, net of deferrals

     

     

    912

     

     

    210

     

     

     

    1,479

     

     

    493

     

    Interest credited on other contract holder funds, net of deferrals

     

     

    217

     

     

    217

     

     

     

    423

     

     

    440

     

    Interest expense

     

     

    24

     

     

    7

     

     

     

    44

     

     

    13

     

    Operating costs and other expenses, net of deferrals

     

     

    517

     

     

    600

     

     

     

    1,124

     

     

    1,198

     

    Amortization of deferred acquisition and sales inducement costs

     

     

    1,198

     

     

    (264

    )

     

     

    1,713

     

     

    548

     

    Total benefits and expenses

     

     

    2,868

     

     

    770

     

     

     

    4,783

     

     

    2,692

     

    Pretax income (loss)

     

     

    3,651

     

     

    (538

    )

     

     

    6,037

     

     

    3,047

     

    Income tax expense (benefit)

     

     

    717

     

     

    (54

    )

     

     

    1,047

     

     

    531

     

    Net income (loss)

     

     

    2,934

     

     

    (484

    )

     

     

    4,990

     

     

    2,516

     

    Less: Net income (loss) attributable to noncontrolling interests

     

     

    31

     

     

    56

     

     

     

    62

     

     

    124

     

    Net income (loss) attributable to Jackson Financial Inc.

     

    $

    2,903

     

    $

    (540

    )

     

    $

    4,928

     

    $

    2,392

     

     

     

     

     

     

     

     

    Earnings per share

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    33.77

     

    $

    (5.72

    )

     

    $

    56.87

     

    $

    25.32

     

    Diluted

     

    $

    32.56

     

    $

    (5.72

    )

     

    $

    54.72

     

    $

    25.32

     

     

    Contacts

    Investor Relations Contacts:
    Liz Werner
    elizabeth.werner@jackson.com

    Andrew Campbell
    andrew.campbell@jackson.com

    Media Contact:
    Patrick Rich
    patrick.rich@jackson.com

    Originally Posted at BusinessWire on August 9, 2022 by Jackson National Life Insurance Company.

    Categories: Industry Articles
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