FALSE000182299300018229932024-08-072024-08-070001822993us-gaap:CommonStockMember2024-08-072024-08-070001822993jxn:DepositarySharesMember2024-08-072024-08-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2024

Jackson Financial Inc.
(Exact name of registrant as specified in its charter)

Delaware001-4027498-0486152
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
1 Corporate Way, Lansing, Michigan
48951
(Address of principal executive offices)(Zip Code)
(517) 381-5500
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
Common Stock, Par Value $0.01 Per Share
JXNNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series AJXN PRANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02    Results of Operations and Financial Condition.

On August 7, 2024, Jackson Financial Inc. (the “Company”) issued a press release announcing its financial results for its second quarter ended June 30, 2024. A copy is furnished as Exhibit 99.1 to this report.

The information in this Item (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.


SAFE HARBOR

The information in this report (including Exhibit 99.1) contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this report (including Exhibit 99.1) 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, 2023, as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2024, and elsewhere in the Company’s reports filed with the SEC. 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 report 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 report. 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 report.

Certain financial data included in this report 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.

We routinely use our investor relations website as a primary channel for disclosing key information to our investors, some of which may contain material and previously non-public information. We may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into and is not part of this document.

Item 9.01.        Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No.Description
104Cover Page Interactive Data File (the coverage page XBRL tags are embedded within the Inline XBRL Document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

JACKSON FINANCIAL INC.
By:/s/ Don W. Cummings
Don W. Cummings
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Date: August 7, 2024



Exhibit 99.1
jacksonlogo.jpg
FOR IMMEDIATE RELEASE

Jackson Announces Second Quarter 2024 Results

LANSING, Mich. — August 7, 2024 — Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced its financial results for the second quarter ended June 30, 2024.

Key Highlights

▪Strong earnings driven by a 9% increase in total annuity assets under management, from $227 billion as of June 30, 2023 to $247 billion as of June 30, 2024, largely due to higher equity markets over the past 12 month period
▪Record level of registered index-linked annuity (RILA) sales of $1.4 billion in the second quarter of 2024, up from $541 million in the second quarter of 2023, reflecting our continued retail annuity sales diversification efforts
▪Net income attributable to Jackson Financial Inc. common shareholders of $264 million, or $3.43 per diluted share in the second quarter of 2024, compared to $1.2 billion, or $14.21 per diluted share in the second quarter of 2023
▪Adjusted operating earnings1 of $410 million, or $5.32 per diluted share in the second quarter of 2024, compared to $283 million, or $3.34 per diluted share in the second quarter of 2023, driven largely by higher spread income and growth in variable annuity assets under management, as well as a reduction in the diluted share count due to common share repurchases
▪Robust capital position at the operating company, with total adjusted capital of $4.7 billion and an estimated risk-based capital (RBC) ratio at Jackson National Life Insurance Company (JNLIC) of 550-570% as of June 30, 2024, which also reflects the impact of a second quarter distribution from JNLIC of $250 million
▪Returned $144 million to common shareholders in the second quarter of 2024 through $90 million of common share repurchases and $54 million in common dividends
▪Cash and highly liquid securities at the holding company of over $500 million as of June 30, 2024, which was above Jackson’s targeted minimum liquidity buffer
▪Received Board approval for an increase of $750 million to the Company’s existing common share repurchase authorization

Laura Prieskorn, President and Chief Executive Officer of Jackson, stated, “Jackson’s second quarter results highlight our distribution strength and consistent capital generation. Our retail annuity sales were up 36% from the second quarter of 2023 driven by record RILA sales that further diversify our product mix. Consistent with our move to smaller, periodic operating company distributions, Jackson National Life distributed $250 million to its parent during the second quarter. We are well-positioned relative to our financial targets, as we maintained more than $1 billion in excess capital above our targeted minimum RBC ratio of 425%, returned $144 million to common shareholders during the second quarter, and increased our excess cash at the holding company. We anticipate building on this momentum through the remainder of 2024 and continuing to deliver on our mission of helping Americans achieve financial freedom for life.”



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


Consolidated Second Quarter 2024 Results

The Company reported net income attributable to Jackson Financial Inc. common shareholders of $264 million, or $3.43 per diluted share for the three months ended June 30, 2024, compared to $1.2 billion, or $14.21 per diluted share for the three months ended June 30, 2023. The lower current period net income was primarily due to an unfavorable net hedging result compared to the prior year’s second quarter. The prior year’s second quarter reflected a larger market risk benefits gain resulting from comparatively greater increases in interest rates and more favorable fund performance. The current quarter net income reflects a $71 million gain from business reinsured to third parties, while the prior year’s second quarter included a gain of $118 million. The results of reinsured business can differ significantly quarter to quarter; however, these results do not impact our statutory capital or free cash flow and have a minimal net impact on shareholders’ equity because of the offset from related changes in Accumulated Other Comprehensive Income (AOCI). We believe the non-GAAP measure of adjusted operating earnings better represents 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.

Adjusted operating earnings for the three months ended June 30, 2024, were $410 million, or $5.32 per diluted share, compared to $283 million or $3.34 per diluted share for the three months ended June 30, 2023. The current quarter adjusted operating earnings benefited from improved spread income, increased fee income resulting from higher average variable annuity assets under management (AUM), and reduced diluted share count due to common share repurchases. These were partially offset by higher market-related costs and other expenses.

Total common shareholders’ equity was $9.6 billion or $125.25 per diluted share as of June 30, 2024, compared to $9.6 billion or $121.29 per diluted share as of December 31, 2023. Adjusted book value attributed to common shareholders2 was $11.5 billion or $150.35 per diluted share as of June 30, 2024, compared to $10.8 billion or $136.34 per diluted share as of December 31, 2023. The increase was driven primarily by adjusted operating earnings of $744 million as well as non-operating, net hedging gains during the six months ended June 30, 2024.


Segment Results – Pretax Adjusted Operating Earnings2

Three Months Ended
(in millions)June 30, 2024June 30, 2023
Retail Annuities$465$328
Institutional Products2917
Closed Life and Annuity Blocks357
Corporate and Other(56)(47)
Total3$473$305

Retail Annuities

Retail Annuities reported pretax adjusted operating earnings of $465 million in the second quarter of 2024, compared to $328 million in the second quarter of 2023. The current quarter benefited from higher fee income resulting from higher average variable annuity AUM, and higher spread income. These items were partially offset by higher market-related costs and other expenses in the current quarter.

Total annuity sales of $4.2 billion in the second quarter of 2024 were up 36% from the second quarter of 2023, driven by record RILA sales of $1.4 billion, up 163% from the second quarter of 2023. Traditional variable annuity sales in the current quarter of $2.7 billion were up 11% from the second quarter of 2023. Fixed and fixed indexed
2 For the reconciliation of non-GAAP measures to the most comparable U.S. 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.


annuity sales in the current quarter totaled $85 million, compared to $115 million in the second quarter of 2023.

Institutional Products

Institutional Products reported pretax adjusted operating earnings of $29 million in the second quarter of 2024, compared to $17 million in the second quarter of 2023. The increase from the prior year’s second quarter was due to higher spread income. Net flows were $(619) million in the current quarter, and total account value of $7.3 billion was down from $8.9 billion in the second quarter of 2023.

Closed Life and Annuity Blocks

Closed Life and Annuity Blocks reported pretax adjusted operating income of $35 million in the second quarter of 2024 compared to $7 million in the second quarter of 2023. The increase from the prior year’s quarter was primarily due to improved mortality and lower other policyholder benefits expense.

Corporate and Other

Corporate and Other reported a pretax adjusted operating loss of $(56) million in the second quarter of 2024 compared to a loss of $(47) million in the second quarter of 2023. The decline was primarily due to lower other income and net investment income, partially offset by lower operating expenses.

Capitalization and Liquidity

(Unaudited, in billions)June 30, 2024March 31, 2024
Statutory Total Adjusted Capital (TAC) Jackson National Life Insurance Company$4.7$4.7
Statutory TAC at JNLIC was $4.7 billion as of June 30, 2024, in line with March 31, 2024. TAC was supported by strong base contract cash flows which generated substantial statutory capital during the quarter. This was broadly offset by a $250 million distribution to JFI during the second quarter and the related reduction in deferred tax asset admissibility. JNLIC’s estimated RBC ratio as of June 30, 2024 was 550-570%, down slightly from 555-575% as of March 31, 2024 due to a modest increase in estimated company action level (CAL) required capital.

Cash and highly liquid securities at the holding company totaled over $500 million as of June 30, 2024, which was above our targeted minimum liquidity buffer of 2x annual holding company expenses.

Earnings Conference Call

Jackson will host a conference call Thursday, August 8, 2024, 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 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, 2023, as filed with the U.S. Securities and Exchange Commission (the SEC) on February 28, 2024, and elsewhere in the Company’s reports filed with the SEC. 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.

 *SQM (Service Quality Measurement Group) Contact Center Awards Program for 2004 and 2006-2023, 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).

WEBSITE INFORMATION
Visit investors.jackson.com to view information regarding Jackson Financial Inc., including a supplement regarding the Second Quarter 2024 results. We routinely use our investor relations website as a primary channel for disclosing key information to our investors, some of which may contain material and previously non-public information. We may also use social media channels to communicate with our investors and the public about our Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into and is not part of this document.

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

Andrew Campbell
andrew.campbell@jackson.com

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



APPENDIX

Non-GAAP Financial Measures

In addition to presenting our results of operations and financial condition in accordance with U.S. GAAP, we use and report selected non-GAAP financial measures. Management believes the use of these non-GAAP financial measures, together with relevant U.S. 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 U.S. GAAP and should not be viewed as a substitute for the U.S. 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 U.S. 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 U.S. 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, 2024, 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. common shareholders, the most comparable U.S. GAAP measure.

U.S. GAAP Net Income (Loss) to Adjusted Operating Earnings

Three Months Ended
(in millions, except share and per share data)June 30, 2024June 30, 2023
Net income (loss) attributable to Jackson Financial Inc. common shareholders$264 $1,204 
Add: dividends on preferred stock11 13 
Add: income tax expense (benefit)36 245 
Pretax income (loss) attributable to Jackson Financial Inc.311 1,462 
Non-operating adjustments – (income) loss:
     Guaranteed benefits and hedging results:
        Fees attributed to guaranteed benefit reserves
(780)(781)
        Net movement in freestanding derivatives1
1,083 1,911 
        Market risk benefits (gains) losses, net
(516)(2,570)
        Net reserve and embedded derivative movements
278 194 
        Amortization of DAC associated with non-operating items at date of transition to LDTI2
136 149 
      Total guaranteed benefits and hedging results201 (1,097)
      Net realized investment (gains) losses
30 40 
Net realized investment (gains) losses on funds withheld assets
214 134 
Net investment income on funds withheld assets
(285)(252)
      Other items
2 18 
         Total non-operating adjustments
162 (1,157)
Pretax adjusted operating earnings473 305 
Less: operating income tax expense (benefit)52 9 
Adjusted operating earnings before dividends on preferred stock421 296 
Less: dividends on preferred stock11 13 
Adjusted operating earnings$410 $283 
Weighted Average diluted shares outstanding77,078,930 84,754,611 
Net income (loss) per diluted share$3.43 $14.21 
Adjusted Operating Earnings per diluted share$5.32 $3.34 
1Includes $16 million loss related to interest rate swaps in 2Q24.
2LDTI - Adoption of FASB issued ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts”.




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"), which does not include 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. 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 JFI.


(in millions)June 30, 2024December 31, 2023
Total shareholders’ equity$10,084 $10,170 
Less: Preferred equity533 533 
Total common shareholders’ equity9,551 9,637 
Adjustments to total common shareholders’ equity:
Exclude Accumulated Other Comprehensive (Income) Loss attributable to Jackson Financial Inc.1,914 1,196 
Adjusted Book Value Attributable to Common Shareholders$11,465 $10,833 




Condensed Consolidated Balance Sheets
June 30,December 31,
20242023
(in millions, except share and per share data)
Assets
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $27 and $21 at June 30, 2024 and December 31, 2023, respectively (amortized cost: 2024 $45,300; 2023 $44,844)$40,352 $40,422 
Debt Securities, at fair value under fair value option2,567 2,153 
Debt Securities, trading, at fair value 72 68 
Equity securities, at fair value212 394 
Mortgage loans, net of allowance for credit losses of $160 and $165 at June 30, 2024 and December 31, 2023, respectively9,699 10,082 
Mortgage loans, at fair value under fair value option430 481 
Policy loans (including $3,511 and $3,457 at fair value under the fair value option at June 30, 2024 and December 31, 2023, respectively)4,439 4,399 
Freestanding derivative instruments226 390 
Other invested assets2,673 2,466 
Total investments60,670 60,855 
Cash and cash equivalents1,736 2,688 
Accrued investment income518 512 
Deferred acquisition costs12,066 12,302 
Reinsurance recoverable, net of allowance for credit losses of $27 and $29 at June 30, 2024 and December 31, 2023, respectively23,699 25,422 
Reinsurance recoverable on market risk benefits, at fair value121 149 
Market risk benefit assets, at fair value8,556 6,737 
Deferred income taxes, net768 640 
Other assets554 1,294 
Separate account assets229,088 219,656 
Total assets$337,776 $330,255 



Condensed Consolidated Balance Sheets
June 30,December 31,
20242023
(in millions, except share and per share data)
Liabilities and Equity
Liabilities
Reserves for future policy benefits and claims payable$11,370 $11,898 
Other contract holder funds54,723 55,319 
Market risk benefit liabilities, at fair value3,890 4,785 
Funds withheld payable under reinsurance treaties (including $3,683 and $3,626 at fair value under the fair value option at June 30, 2024 and December 31, 2023, respectively) 18,465 19,952 
Long-term debt2,034 2,037 
Repurchase agreements and securities lending payable1,797 19 
Collateral payable for derivative instruments116 780 
Freestanding derivative instruments900 1,210 
Notes issued by consolidated variable interest entities, at fair value under fair value option2,041 1,988 
Other liabilities3,068 2,277 
Separate account liabilities229,088 219,656 
Total liabilities327,492 319,921 
Equity
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at June 30, 2024 and December 31, 2023; liquidation preference $25,000 per share
533 533 
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 75,700,457 and 78,660,221 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
1 1 
Additional paid-in capital6,007 6,005 
Treasury stock, at cost; 18,780,549 and 15,820,785 shares at June 30, 2024 and December 31, 2023, respectively(796)(599)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(277) and $(178) at June 30, 2024 and December 31, 2023, respectively(3,626)(2,808)
Retained earnings7,965 7,038 
Total shareholders' equity10,084 10,170 
Noncontrolling interests200 164 
Total equity10,284 10,334 
Total liabilities and equity337,776 330,255 



Condensed Consolidated Income Statements
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share data)2024202320242023
Revenues
Fee income$2,008 $1,913 $4,006 $3,801 
Premiums37 52 75 77 
Net investment income:
Net investment income excluding funds withheld assets463 390 927 790 
Net investment income on funds withheld assets285 252 555 559 
Total net investment income748 642 1,482 1,349 
Net gains (losses) on derivatives and investments:
Net gains (losses) on derivatives and investments(1,342)(2,112)(4,234)(4,838)
Net gains (losses) on funds withheld reinsurance treaties(214)(134)(415)(807)
Total net gains (losses) on derivatives and investments(1,556)(2,246)(4,649)(5,645)
Other income10 19 11 34 
Total revenues1,247 380 925 (384)
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals209 241 430 469 
(Gain) loss from updating future policy benefits cash flow assumptions, net(18)10 (7)24 
Market risk benefits (gains) losses, net(516)(2,570)(3,234)(2,744)
Interest credited on other contract holder funds, net of deferrals and amortization273 295 546 580 
Interest expense26 28 51 56 
Operating costs and other expenses, net of deferrals678 620 1,363 1,236 
Amortization of deferred acquisition costs277 291 555 584 
Total benefits and expenses929 (1,085)(296)205 
Pretax income (loss)318 1,465 1,221 (589)
Income tax expense (benefit) 36 245 137 (313)
Net income (loss)282 1,220 1,084 (276)
Less: Net income (loss) attributable to noncontrolling interests7 3 14 4 
Net income (loss) attributable to Jackson Financial Inc.275 1,217 1,070 (280)
Less: Dividends on preferred stock11 13 22 13 
Net income (loss) attributable to Jackson Financial Inc. common shareholders$264 $1,204 $1,048 $(293)
Earnings per share
Basic$3.45 $14.58 $13.55 $(3.55)
Diluted1
$3.43 $14.21 $13.44 $(3.55)
(1) If we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The shares excluded from the diluted EPS calculation were 2,794,562 shares for the six months ended June 30, 2023.


v3.24.2.u1
Cover
Aug. 07, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 07, 2024
Entity Registrant Name Jackson Financial Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40274
Entity Tax Identification Number 98-0486152
Entity Address, Address Line One 1 Corporate Way
Entity Address, City or Town Lansing
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48951
City Area Code 517
Local Phone Number 381-5500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001822993
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, Par Value $0.01 Per Share
Trading Symbol JXN
Security Exchange Name NYSE
Depositary Shares  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol JXN PRA
Security Exchange Name NYSE
Jackson Financial (NYSE:JXN-A)
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