Nov 10, 2021 / 03:00PM GMT
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and at our Analyst Day presentation. We continue to balance financial strength, leverage, profitable growth and capital return to shareholders for the long-term success of the company.
Now let's look at the financial and operating highlights for the quarter on Slide 5. For the third quarter, adjusted operating earnings of $5.16 per share reflects the strong fee income from our growing variable annuity account balances. Retail Annuity fee income increased 24% compared to last year's third quarter. With over $240 billion in annuity assets, we benefit from a level of profitability and scale that supports our business growth plans and capital return targets.
Third quarter adjusted operating earnings reflected the natural market sensitivity and deferred acquisition costs, or DAC, amortization. As a reminder, market-related DAC volatility is expected to change with the adoption of the new GAAP accounting standard referred to as LDTI, which will be effective in the first quarter of 2023.
At that time, DAC will no longer be expensed as a percentage of
Q3 2021 Jackson Financial Inc Earnings Call Transcript
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