Jackson Financial Inc. reports developments in its retirement-services and annuity business, including financial results, retail annuity sales, product mix, capital generation, holding-company cash and common and preferred stock dividends. Its product suite includes variable annuities, registered index-linked annuities, fixed index annuities, fixed annuities and payout annuities, with business reported across Retail Annuities, Institutional Products, and closed life and annuity blocks.
Recurring company updates also cover Jackson National Life Insurance Company, the PPM America asset management subsidiary, investment-management capabilities, the completed TPG strategic partnership, and retirement research on policy, longevity, inflation, healthcare and market risks.
Jackson Financial Inc. (NYSE: JXN) has appointed Michael Hicks as the new Chief Information Officer (CIO) starting April 17, 2023. Hicks will be based in Lansing, Michigan, leading Jackson's information technology strategy and focusing on operational efficiencies and enhanced client experiences. Hicks brings over 25 years of experience in integrating technology and financial planning, including his role at AF Group as Chief Digital Officer. He is recognized for his innovative contributions to the industry, notably developing real-time integrations for retirement solutions. This strategic move aims to accelerate Jackson’s digital transformation and strengthen its market position.
Jackson Financial Inc. (NYSE: JXN) is set to release its financial results for the first quarter ending March 31, 2023, on May 9, 2023, after market hours. The company will also host a conference call and webcast on May 10, 2023, at 9 a.m. ET to discuss these results. Investors can access the press release and additional financial documents on Jackson's investor relations website. Jackson is focused on simplifying retirement planning through its annuity products and aims to deliver clarity for all stakeholders involved. The company has a commitment to long-term growth and responsible engagement with its customers, shareholders, and partners.
Jackson National Life Insurance Company (Jackson), a subsidiary of Jackson Financial Inc. (NYSE: JXN), announced that Rhonda Wolverton received the Insured Retirement Institute’s (IRI) 2023 Leadership Award for her contributions in Operations and Technology. The award was presented during the IRI Annual Conference in Miami. Wolverton's leadership has advanced innovation in the insured retirement industry, promoting consumer-friendly processes and regulatory updates. Wayne Chopus, CEO of IRI, commended her exceptional dedication. Jackson focuses on simplifying retirement planning to enhance customer and financial professional experiences.
Jackson National Life Insurance Company (NYSE: JXN) has received four awards from Service Quality Measurement Group, Inc. (SQM) for excellence in contact center service in 2022. Notable recognitions include the Highest Customer Service — Financial Industry award and a finalist position for Call Center of the Year. The company achieved the highest first-call resolution score in the market and garnered the Call Center World Class First Call Resolution Certification for solving 80% of customer issues on the first call. Additionally, Jackson received its ninth World Class Employee Experience award, underscoring high employee satisfaction.
Jackson Financial Inc. (NYSE: JXN) announced a $550 million offering of 22 million depositary shares, each representing a $25 interest in its Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A. The offering, expected to close on March 13, 2023, includes an underwriter option for 2 million additional shares. Proceeds will be used to repay $600 million in senior notes due November 2023. The shares will be listed on the NYSE under “JXN PR A.” Joint book managers are Wells Fargo, BofA Securities, J.P. Morgan, and Morgan Stanley.
Jackson Financial Inc. (NYSE: JXN) reported a net loss of $(710) million for Q4 2022, translating to $(8.48) per diluted share, significantly down from a profit of $585 million in Q4 2021. Adjusted operating earnings were $491 million, down 31% year-over-year. RILA sales increased to $560 million compared to $108 million the previous year. For the full year, net income was $5,697 million, or $64.23 per diluted share, driven by improved net hedging results. The company returned $86 million to shareholders in Q4 and increased its Q1 2023 dividend by nearly 13%. The RBC ratio stood at 544% at year-end 2022, showcasing strong capital.
Jackson Financial Inc. (NYSE: JXN) announced a cash dividend of $0.62 per share for Q1 2023, reflecting a nearly 13% increase from the previous year. The dividend will be payable on March 23, 2023, to shareholders of record by March 14, 2023.
Additionally, the company has authorized a $450 million increase in its share repurchase program, bringing total repurchase authority to approximately $540 million. The repurchases will be conducted under various methods, depending on market conditions and legal compliance.
Jackson National Life Insurance Company, a subsidiary of Jackson Financial Inc. (NYSE: JXN), announced the addition of its annuity solutions to iCapital's SIMON platform. This partnership aims to enhance access for wealth management firms to Jackson's retirement products, including the registered index-linked annuities (RILA) like Jackson Market Link Pro and Jackson Market Link Pro Advisory, now available on the platform. By enabling financial professionals to utilize advanced resources for their clients' portfolios, Jackson aims to simplify retirement planning and cater to evolving investment needs.
Jackson Financial Inc. (NYSE: JXN) will announce its fourth quarter and full year financial results for 2022 after market close on February 28, 2023. A conference call and webcast will take place on March 1, 2023, at 10 a.m. ET to discuss these results and provide the company's outlook for 2023. Financial materials will be available on their investor relations website. Jackson aims to simplify retirement planning through its annuity products and has a commitment to delivering clarity for customers and stakeholders.
Jackson Financial Inc. (NYSE: JXN) will report its financial results for Q4 and the full year ended December 31, 2022, after market close on February 22, 2023. The company will host a conference call on February 23, 2023, at 10 a.m. ET to discuss the results. Investors can access the press release and supplemental materials on their investor relations website. Jackson focuses on simplifying retirement planning through its annuity products, focused service, and commitment to stakeholders.