The following is a summary of the Jackson Financial Inc (JXN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Jackson Financial Inc reported a net income loss for Q3, but net income positive over the nine months.

• Adjusted operating earnings for Q3 increased compared to the same period last year, with a rise in fee income and investment spread income.

• Total retail annuity sales exceeded $5 billion, a significant increase from the previous year.

• Assets under management grew by 9% in the first 9 months to more than $250 billion.

• Holding company cash approached $650 million, with a substantial $300 million distribution from Jackson National Life.

Business Progress:

• Introduced new products such as the Principal Guard guaranteed minimum accumulation benefit and expanded the distribution network.

• Continued growth in the RILA product segment, including the launch of new offerings and expansion into new geographies.

• Achieved record sales in the RILA segment, contributing to a diversified and strong sales quarter.

• Leveraged broad retail annuity distribution platform to drive growth in fixed annuity sales, reaching $1 billion sales for the third quarter.

Opportunities:

• RILA products continue to be a growing segment, benefiting from recent launches and expanded distribution.

• New and innovative product offerings like Principal Guard have been introduced to meet diverse consumer needs.

• Enhanced distribution network through partnerships, allowing access to additional financial professionals and potentially increasing market share.

Risks:

• Nonoperating losses were reported, primarily due to losses on a legacy funds withheld reinsurance treaty.

• Hedge results showed a loss due to the impact of market conditions and the non-application of the volatility assumption.

• The surging retail annuities segment may face challenges if market conditions turn unfavorable, impacting the newly introduced products' acceptance.

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