Jackson Financial (JXN, Financial) just dropped its Q3 results, and the numbers paint a clear picture: they're doubling down on growth. Retail annuity sales rocketed 59% year-over-year, hitting $5.3 billion, with fixed and fixed-index annuity sales alone vaulting from a modest $76 million last year to a solid $1 billion. The real head-turner? Their registered index-linked annuity (RILA) sales clocked a record $1.6 billion—double last year's—thanks to a relentless focus on product innovation and distribution strength.
But, not all is rosy. Jackson reported a net loss of $480 million this quarter, primarily due to a hefty loss from reinsured business, a stark contrast to last year's $2.8 billion profit. On the upside, adjusted operating earnings didn't disappoint, climbing 11% to $350 million, fueled by higher variable annuity assets under management and improved spread income. This performance underscores Jackson's resilience in navigating market twists and fortifying its core business, despite temporary setbacks.
Investors initially reacted with enthusiasm, pushing shares up over 13%, but premarket trading has seen a 6% dip. The company's outlook remains strong, with nearly $650 million in liquidity at the holding level and a solid capital cushion that paves the way for continued shareholder returns and expansion into 2025. As CEO Laura Prieskorn put it, Jackson is laser-focused on sustaining momentum, capitalizing on high sales, and delivering long-term value for shareholders in a volatile market.
