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  • Jackson Announces First Quarter 2023 Results

    May 16, 2023 by Jackson Financial Inc.

    LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the first quarter ended March 31, 2023.

    Key Highlights

    • Net income (loss) attributable to Jackson Financial Inc. of $(1,497) million, or $(18.11) per diluted share, including the net impact of market risk benefits and hedging results
    • Adjusted operating earnings1 of $271 million, or $3.15 per diluted share, down 28% from the first quarter of 2022 reflecting the decline in annuity account values and higher interest crediting rates on variable annuity fixed rate options in the first quarter of 2023
    • Returned $124 million to common shareholders in the first quarter through $70 million of share repurchases and $54 million in dividends; on pace to achieve 2023 capital return target of $450-550 million
    • First quarter 2023 registered index-linked annuity (RILA) sales of $533 million, up from $199 million in the first quarter of 2022
    • Total annuity account value of $219 billion decreased 10% from the first quarter of 2022, driven largely by lower equity markets over the 12-month period. Compared to fourth quarter 2022, total annuity account value increased 4% due primarily to higher equity markets in the current quarter.
    • Estimated Risk Based Capital (RBC) ratio at Jackson National Life Insurance Company was within our target range of 425-500% as of the end of the first quarter of 2023, including the impact of first quarter distributions from Jackson National Life of $600 million
    • Successful issuance of preferred stock in the first quarter, raising $533 million of net proceeds
    • Cash and highly liquid securities at the holding company remained robust at more than $1.5 billion at the end of the first quarter, significantly above Jackson’s 2023 targeted minimum liquidity buffer of 2x annual holding company expenses

    Laura Prieskorn, President and Chief Executive Officer of Jackson, stated, “We are pleased with the performance of Jackson’s business throughout the first quarter of 2023, which keeps us on track with our strategic and operational goals amid ongoing market volatility. In line with our commitments, we returned $124 million to common shareholders through dividends and share buybacks over the first three months of the year, giving us a strong start toward our 2023 capital return target of $450-550 million. We also retained significant financial flexibility with an estimated operating company RBC ratio within our target range and over $1.5 billion of liquidity at the holding company. We continue to be confident in our ability to achieve our 2023 key financial targets and to create value for shareholders over the long-term.”

    Consolidated First Quarter 2023 Results

    The company reported net income (loss) attributable to Jackson Financial Inc. of $(1,497) million, or $(18.11) per diluted share for the three months ended March 31, 2023, compared to $2,194 million, or $24.39 per diluted share for the three months ended March 31, 2022. The current quarter net loss primarily reflects a larger net hedging loss compared to the prior year’s first quarter, driven by higher freestanding derivative losses resulting from comparatively stronger equity market returns in the current quarter, as well as smaller gains on market risk benefits resulting from comparatively unfavorable interest rate movements in the current quarter. The change in the reported fair value of derivatives is not expected to match the change in hedged liabilities on a U.S. GAAP basis period-to-period, which can result in net income volatility. We believe adjusted operating earnings better represent the underlying performance of our business as the figure excludes, among other things, changes in fair value of derivative instruments and market risk benefits tied to market volatility. Additionally, net income in the first quarter reflects a $366 million loss from business reinsured to third parties, while the prior year’s first quarter included a gain of $1,288 million. These figures include the gain/loss on a funds withheld reinsurance treaty and the related net investment income, which do not impact our statutory capital or free cash flow and can be volatile quarter to quarter.

    Adjusted operating earnings for the three months ended March 31, 2023 were $271 million, or $3.15 per diluted share, compared to $377 million or $4.19 per diluted share for the three months ended March 31, 2022. The decline in adjusted operating earnings was primarily the result of lower annuity account values driven by lower equity markets over the twelve month period, lower spread income from resetting interest crediting rates on variable annuity fixed rate options in the first quarter of 2023, and a loss on operating derivatives compared to a gain in the prior quarter due to higher short-term interest rates. These were partially offset by improved mortality in closed block life, lower asset based expenses, and higher net investment income.

    First quarter adjusted operating earnings included a negative impact of $20 million from underperformance of private equity and other limited partnership returns relative to a 10% annualized return assumption. This same item resulted in a benefit of $36 million in the first quarter of 2022.

    Total common shareholders’ equity was $8.1 billion or $95.70 per diluted share as of March 31, 2023, down from $8.6 billion or $100.56 per diluted share as of year-end 2022. Adjusted book value attributed to common shareholders2 was $8.6 billion or $101.32 per diluted share as of March 31, 2023, down from $9.9 billion or $115.36 per diluted share as of year-end 2022. The decrease was primarily the result of non-operating hedging losses partially offset by adjusted operating earnings of $271 million during the first quarter of 2023.

    Segment Results – Pretax Adjusted Operating Earnings2

     

    Three Months Ended

    (in millions)

    March 31, 2023

    March 31, 2022

    Retail Annuities

    $356

    $425

    Institutional Products

    9

    23

    Closed Life and Annuity Blocks

    (20)

    (9)

    Corporate and Other

    (43)

    6

    Total3

    $302

    $445

    Retail Annuities

    Retail Annuities reported pretax adjusted operating earnings of $356 million in the first quarter of 2023 compared to $425 million in the first quarter of 2022. The current quarter was impacted by lower annuity account values driven by lower equity markets over the twelve month period, lower spread income from resetting interest crediting rates on variable annuity fixed rate options in the first quarter of 2023, and a loss on operating derivatives compared to a gain in the prior quarter. These were partially offset by lower asset based expenses, lower policy benefits, and higher net investment income.

    Total annuity sales of $3.1 billion in the current quarter were down 35% from the first quarter of 2022. Variable annuity sales were down 46% compared to the first quarter of 2022, primarily due to the decline and volatility in equity markets and shifting consumer preferences in a higher interest rate environment. The current quarter also included $533 million of sales of RILA products, up from $199 million in the first quarter of 2022. Fixed and fixed indexed annuity sales in the current quarter totaled $133 million, up from $23 million in the first quarter of 2022. In total, annuity sales without lifetime benefit guarantees represented 43% of total annuity sales, up from 33% in the first quarter of 2022.

    Institutional Products

    Institutional Products reported pretax adjusted operating earnings of $9 million in the first quarter of 2023 compared to $23 million in the first quarter of 2022. The current quarter was down from the prior year quarter due to higher interest credited and a higher loss on operating derivatives, which were partially offset by higher net investment income. Total sales for the current quarter were $649 million. Net flows totaled $(391) million in the current quarter, and total account value of $8.7 billion was down from $9.2 billion in the first quarter of 2022.

    Closed Life and Annuity Blocks

    Closed Life and Annuity Blocks reported a pretax adjusted operating loss of $(20) million in the first quarter of 2023 compared to $(9) million in the first quarter of 2022. The current quarter was impacted by lower income on operating derivatives and lower net investment income, partially offset by improved mortality.

    Corporate and Other

    Corporate and Other reported a pretax adjusted operating loss of $(43) million in the first quarter of 2023 compared to income of $6 million in the first quarter of 2022. The change was due to higher interest and operating expenses, lower income on operating derivatives, and lower net investment income.

    Capitalization and Liquidity

    (Unaudited, in billions)

    March 31, 2023

    December 31, 2022

    Statutory Total Adjusted Capital (TAC) Jackson National Life Insurance Company

    $4.7

    $7.0

    Statutory TAC at Jackson National Life Insurance Company (JNLIC) was $4.7 billion as of the current quarter, down from $7.0 billion as of year-end 2022. TAC decreased primarily due to hedging losses as reserve releases were limited by the cash surrender value floor, the impact of the distribution from the operating company of $600 million, and additional tax impacts including DTA admissibility limits.

    The negative impact from the reduction in TAC was partially offset by a decline in company action level (CAL) required capital, due primarily to higher equity markets and the update to the mean reversion parameter effective in the first quarter of 2023. The estimated RBC ratio as of first quarter 2023 was within our 425-500% target range.

    Cash and liquid assets at the holding company totaled over $1.5 billion as of March 31, 2023, which was above our targeted minimum liquidity buffer of 2x annual holding company expenses. The holding company liquidity includes proceeds from our preferred equity issuance in the first quarter of 2023, which helped to effectively prefund our $600 million senior debt maturity in November of 2023 that we expect to pay off at that time.

    Earnings Conference Call

    Jackson will host a conference call Wednesday, May 10, 2023, at 9 a.m. ET to review the first 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 webcast, click here.

    FORWARD-LOOKING STATEMENTS

    The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “remain,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, (the “2022 Annual Report”) and elsewhere in the Company’s reports filed with the U.S. Securities and Exchange Commission. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on 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 U.S. GAAP. Although the Company believes these non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors 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 U.S. GAAP financial measure can be found in the “Non-GAAP Financial Measures” Appendix of this release.

    Certain financial data included in this release consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital.” 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 in the investor relations section of the Company’s website at investors.jackson.com/financials/statutory-filings.

    ABOUT JACKSON

    Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all 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 First Quarter 2023 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 2006-2022, 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 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 that 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 first quarter ended March 31, 2023, 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. (Jackson), the most comparable GAAP measure.

    GAAP Net Income (Loss) to Adjusted Operating Earnings

     

    Three Months Ended

    (in millions)

    March 31, 2023

    March 31, 2022

    Net income (loss) attributable to Jackson Financial Inc.

    $

    (1,497

    )

    $

    2,194

     

    Income tax expense (benefit)

     

    (558

    )

     

    388

     

    Pretax income (loss) attributable to Jackson Financial Inc.

     

    (2,055

    )

     

    2,582

     

    Non-operating adjustments – (income) loss:

     

     

    Guaranteed benefits and hedging results:

     

     

    Fees attributed to guaranteed benefit reserves

     

    (780

    )

     

    (764

    )

    Net movement in freestanding derivatives

     

    2,512

     

     

    1,476

     

    Market risk benefits gains (losses), net

     

    (174

    )

     

    (1,907

    )

    Net reserve and embedded derivative movements

     

    189

     

     

    40

     

    Amortization of DAC associated with non-operating items at date of transition to LDTI

     

    153

     

     

    173

     

    Total guaranteed benefits and hedging results

     

    1,900

     

     

    (982

    )

    Net realized investment (gains) losses

     

    68

     

     

    130

     

    Net realized investment (gains) losses on funds withheld assets

     

    673

     

     

    (1,028

    )

    Net investment income on funds withheld assets

     

    (307

    )

     

    (260

    )

    Other items

     

    23

     

     

    3

     

    Total non-operating adjustments

     

    2,357

     

     

    (2,137

    )

    Pretax Adjusted Operating Earnings

     

    302

     

     

    445

     

    Operating income taxes

     

    31

     

     

    68

     

    Adjusted Operating Earnings

    $

    271

     

    $

    377

     

     

     

     

    Weighted Average diluted shares outstanding

     

    86,082,970

     

     

    89,959,862

     

    Net income (loss) per diluted share

    $

    (18.11

    )

    $

    24.39

     

    Adjusted Operating Earnings per diluted share

    $

    3.15

     

    $

    4.19

     

    Adjusted Book Value Attributable to Common Shareholders

    Adjusted Book Value Attributable to Common Shareholders excludes Preferred Stock and Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to Jackson Financial Inc (“JFI”). AOCI attributable to JFI excludes AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. We exclude AOCI attributable to JFI from Adjusted Book Value Attributable to Common Shareholders 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 JFI is more useful to investors in analyzing trends in our business.

    (in millions)

    March 31, 2023

    December 31, 2022

    Total shareholders’ equity

    $

    8,638

     

    $

    8,646

     

    Less: Preferred equity

     

    533

     

     

     

    Total common shareholders’ equity

     

    8,105

     

     

    8,646

     

    Adjustments to total common shareholders’ equity:

     

     

     

     

    Exclude Accumulated Other Comprehensive (Income) Loss attributable to Jackson Financial Inc.

     

    476

     

     

    1,272

     

    Adjusted Book Value Attributable to Common Shareholders

    $

    8,581

     

    $

    9,918

     

    Condensed Consolidated Balance Sheets

     

     

    March 31,

     

    December 31,

     

     

    2023

     

    2022

    (in millions, except per share data)

     

     

     

     

    Assets

     

     

     

     

    Investments:

     

     

     

     

     

    Debt Securities, available-for-sale, net of allowance for credit losses of $29 and $23 at March 31, 2023 and December 31, 2022, respectively (amortized cost: 2023 $49,026; 2022 $48,798)

     

    $

    43,774

     

    $

    42,489

     

    Debt Securities, at fair value under fair value option

     

     

    2,255

     

     

    2,173

     

    Debt Securities, trading, at fair value

     

     

    101

     

     

    100

     

    Equity securities, at fair value

     

     

    225

     

     

    393

     

    Mortgage loans, net of allowance for credit losses of $146 and $95 at March 31, 2023 and December 31, 2022, respectively

     

     

    10,911

     

     

    10,967

     

    Mortgage loans, at fair value under fair value option

     

     

    480

     

     

    582

     

    Policy loans (including $3,427 and $3,419 at fair value under the fair value option at March 31, 2023 and December 31, 2022, respectively)

     

     

    4,377

     

     

    4,377

     

    Freestanding derivative instruments

     

     

    1,051

     

     

    1,270

     

    Other invested assets

     

     

    3,711

     

     

    3,595

     

    Total investments

     

     

    66,885

     

     

    65,946

     

    Cash and cash equivalents

     

     

    1,779

     

     

    4,298

     

    Accrued investment income

     

     

    497

     

     

    514

     

    Deferred acquisition costs

     

     

    12,760

     

     

    12,923

     

    Reinsurance recoverable, net of allowance for credit losses of $15 and $15 at March 31, 2023 and December 31, 2022, respectively

     

     

    28,078

     

     

    29,046

     

    Reinsurance recoverable on market risk benefits, at fair value

     

     

    238

     

     

    221

     

    Market risk benefit assets, at fair value

     

     

    5,204

     

     

    4,865

     

    Deferred income taxes, net

     

     

    755

     

     

    320

     

    Other assets

     

     

    902

     

     

    944

     

    Separate account assets

     

     

    204,366

     

     

    195,906

     

    Total assets

     

    $

    321,464

     

    $

    314,983

     

    Condensed Consolidated Balance Sheets

     

     

    March 31,

     

    December 31,

     

     

     

    2023

     

    2022

     

    (in millions, except share and per share data)

     

     

     

     

     

    Liabilities and Equity

     

     

     

     

    Liabilities

     

     

     

     

     

    Reserves for future policy benefits and claims payable

     

    $

    12,369

     

     

    $

    12,318

     

     

    Other contract holder funds

     

     

    57,094

     

     

     

    58,190

     

     

    Market risk benefit liabilities, at fair value

     

     

    5,560

     

     

     

    5,662

     

     

    Funds withheld payable under reinsurance treaties (including $3,591 and $3,582 at fair value under the fair value option at March 31, 2023 and December 31, 2022, respectively)

     

     

    22,254

     

     

     

    22,957

     

     

    Long-term debt

     

     

    2,632

     

     

     

    2,635

     

     

    Repurchase agreements and securities lending payable

     

     

    1,124

     

     

     

    1,048

     

     

    Collateral payable for derivative instruments

     

     

    545

     

     

     

    689

     

     

    Freestanding derivative instruments

     

     

    1,510

     

     

     

    2,065

     

     

    Notes issued by consolidated variable interest entities, at fair value under fair value option

     

     

    2,016

     

     

     

    1,732

     

     

    Other liabilities

     

     

    2,527

     

     

     

    2,403

     

     

    Separate account liabilities

     

     

    204,366

     

     

     

    195,906

     

     

    Total liabilities

     

     

    311,997

     

     

     

    305,605

     

     

     

     

     

     

     

     

    Equity

     

     

     

     

     

    Series A non-cumulative preferred stock and additional paid in capital, $1 par value per share: 24,000 shares authorized; shares issued: 2023 – 22,000; liquidation preference $25,000 per share

     

     

    533

     

     

     

     

     

    Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 81,044,318 and 82,690,098 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively

     

     

    1

     

     

     

    1

     

     

    Additional paid-in capital

     

     

    6,070

     

     

     

    6,063

     

     

    Treasury stock, at cost; 13,431,514 and 11,784,813 shares at March 31, 2023 and December 31, 2022, respectively

     

     

    (510

    )

     

     

    (443

    )

     

    Accumulated other comprehensive income (loss), net of tax expense (benefit) of $52 and $(66) at March 31, 2023 and December 31, 2022, respectively

     

     

    (2,308

    )

     

     

    (3,378

    )

     

    Retained earnings

     

     

    4,852

     

     

     

    6,403

     

     

    Total shareholders’ equity

     

     

    8,638

     

     

     

    8,646

     

     

    Noncontrolling interests

     

     

    829

     

     

     

    732

     

     

    Total equity

     

     

    9,467

     

     

     

    9,378

     

     

    Total liabilities and equity

     

     

    321,464

     

     

     

    314,983

     

     

    Condensed Consolidated Income Statements

     

     

    Three Months Ended March 31,

     

    (in millions, except per share data)

     

    2023

     

    2022

     

    Revenues

     

     

     

     

    Fee income

     

    $

    1,888

     

     

    $

    2,012

     

     

    Premiums

     

     

    25

     

     

     

    37

     

     

    Net investment income:

     

     

     

     

     

    Net investment income excluding funds withheld assets

     

     

    415

     

     

     

    430

     

     

    Net investment income on funds withheld assets

     

     

    307

     

     

     

    260

     

     

    Total net investment income

     

     

    722

     

     

     

    690

     

     

    Net gains (losses) on derivatives and investments:

     

     

     

     

     

    Net gains (losses) on derivatives and investments

     

     

    (2,726

    )

     

     

    (1,566

    )

     

    Net gains (losses) on funds withheld reinsurance treaties

     

     

    (673

    )

     

     

    1,028

     

     

    Total net gains (losses) on derivatives and investments

     

     

    (3,399

    )

     

     

    (538

    )

     

    Other income

     

     

    15

     

     

     

    20

     

     

    Total revenues

     

     

    (749

    )

     

     

    2,221

     

     

     

     

     

     

     

    Benefits and Expenses

     

     

     

     

     

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

     

     

    228

     

     

     

    300

     

     

    (Gain) loss from updating future policy benefits cash flow assumptions, net

     

     

    14

     

     

     

    15

     

     

    Market risk benefits (gains) losses, net

     

     

    (174

    )

     

     

    (1,907

    )

     

    Interest credited on other contract holder funds, net of deferrals and amortization

     

     

    285

     

     

     

    197

     

     

    Interest expense

     

     

    43

     

     

     

    20

     

     

    Operating costs and other expenses, net of deferrals

     

     

    616

     

     

     

    666

     

     

    Amortization of deferred acquisition costs

     

     

    293

     

     

     

    317

     

     

    Total benefits and expenses

     

     

    1,305

     

     

     

    (392

    )

     

    Pretax income (loss)

     

     

    (2,054

    )

     

     

    2,613

     

     

    Income tax expense (benefit)

     

     

    (558

    )

     

     

    388

     

     

    Net income (loss)

     

     

    (1,496

    )

     

     

    2,225

     

     

    Less: Net income (loss) attributable to noncontrolling interests

     

     

    1

     

     

     

    31

     

     

    Net income (loss) attributable to Jackson Financial Inc.

     

    $

    (1,497

    )

     

    $

    2,194

     

     

     

     

     

     

     

    Earnings per share

     

     

     

     

     

    Basic

     

    $

    (18.11

    )

     

    $

    25.41

     

     

    Diluted

     

    $

    (18.11

    )

     

    $

    24.39

     

     

    ____________________________

    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.

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

     

    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 Business Wire on May 9, 2023 by Jackson Financial Inc..

    Categories: Industry Articles
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