Jackson Financial Inc. reported $847 million in third-quarter net income for common shareholders, up from $65 million a year earlier, while adjusted earnings and annuity sales also advanced.
The company filed its results with the Securities and Exchange Commission on Nov. 3. The filing covers the quarter ended Sept. 30 and lists the disclosure under results of operations and financial condition. Net income included a $337 million gain from reinsured business; that business recorded a $176 million loss in the year-earlier quarter. Jackson also reported a more favorable net hedging result than a year ago.
Adjusted operating earnings, a non-GAAP measure, totaled $517 million, compared with $433 million a year earlier. Adjusted earnings per diluted share rose to $7.55 from $6.16. Jackson linked the increase to stronger income from its spread business and fewer shares outstanding after repurchases. Jackson’s adjusted measure excludes certain market-driven changes in derivative and market-risk-benefit values, among other items.
Jackson booked $6.5 billion in retail annuity sales, 22% above the year-earlier quarter. Registered index-linked annuity sales totaled $3 billion, a company record and 44% higher year over year. Buybacks and dividends returned $291 million to common shareholders. Its board approved a $1 billion increase to the existing common share repurchase authorization.
Jackson said quarterly results from reinsured business can swing, while statutory capital and free cash flow remain unaffected; offsetting changes in accumulated other comprehensive income limit the effect on shareholders’ equity.
Jackson said it would host a conference call Wednesday, Nov. 4, at 10 a.m. ET, with a live webcast open to the public.
