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) released a comprehensive study revealing significant gaps in retirement healthcare planning. The research, conducted with the Center for Retirement Research at Boston College, shows that nearly two-thirds of pre-retired investors underestimate their future healthcare expenses, expecting costs at least $1,220 below the $8,600 annual estimate.
Key findings highlight that only 27% of investors believe they will need long-term care, despite statistics showing 70% of individuals turning 65 will require such care. The study also revealed that medical care costs have increased by over 120% since 2000. More than 60% of investors are considering spending down assets to qualify for Medicaid as a long-term care funding solution.
The research, conducted between July-August 2024, surveyed 400+ financial professionals and 500 investors with minimum assets of $100,000, aged 48-78 years. The study is part of Jackson's Security in Retirement Series, following previous research on longevity and inflation risks.
Jackson Financial (NYSE: JXN) has scheduled its fourth quarter and full-year 2024 financial results announcement for Wednesday, February 19, 2025, after market close. The company will also provide its 2025 outlook during a conference call and webcast on Thursday, February 20, 2025, at 9 a.m. ET.
The earnings release and supplemental financial materials will be available on the company's investor relations website. The live webcast will be accessible to the public, with a replay available after the call.
PPM America has announced the hiring of a seasoned emerging market (EM) debt team from Western Asset Management. The team includes Mark Hughes and Kevin Ritter as senior managing directors and co-heads of EM debt, along with Matthew Graves as managing director and portfolio manager/analyst, and Kevin Zhang as vice president and analyst.
The team brings an average of 22 years of investment experience and has worked together for nearly a decade. They will be joined by Marty Boulanger, PPM's current managing director and credit analyst, who has 14 years of experience in sovereign debt. The team will report to Ogechi Nwachukwu, Deputy Chief Investment Officer, and will primarily operate from Los Angeles.
This strategic talent acquisition aligns with Jackson Financial Inc.'s commitment to expanding PPM's investment capabilities and assets under management.
Jackson Financial (NYSE: JXN) has awarded over $750,000 in grants to nonprofits in Lansing, Chicago, and Nashville, surpassing $1.5 million in total grants for 2024. The funds support various initiatives including homelessness assistance, affordable housing, and employment opportunities.
Key recipients include City Rescue Mission in Lansing, which serves 365 meals daily and houses 244 people nightly; Hard Bargain Association in Nashville, focusing on affordable housing development; and Cara Collective in Chicago, working on employment pathways and economic inclusion.
The company's biannual grant program is part of its broader philanthropic efforts, which have contributed over $85 million to nonprofits since 2007. In 2023, Jackson associates contributed nearly 21,000 volunteer hours nationwide.
PPM America has been named one of the 'Best Places to Work in Money Management' by Pensions & Investments for the third consecutive time and fifth time overall. The company was selected among 45 companies in the 100-499 employee category and was one of 113 companies recognized industry-wide for 2024.
The recognition is based on employee surveys measuring workplace experience and an evaluation of company policies, practices, and demographics. PPM's President, CEO, and CIO Craig Smith highlighted the firm's commitment to fostering a collaborative, client-centric work environment and community involvement through local non-profit activities.
The company offers comprehensive benefits including health insurance, retirement contribution matching, and tuition reimbursement programs. The award, established in 2012, results from a two-part survey process conducted by Pensions & Investments in partnership with Workforce Research Group.
Mike Hicks, Senior Vice President and Chief Information Officer of Jackson National Life Insurance (NYSE: JXN), has won the 2024 Michigan ORBIE® CIO of the Year Award in the Large Enterprise category. Hicks, who joined Jackson in April 2023, was recognized for his excellence in technology leadership and improving digital experiences for financial professionals and consumers.
As CIO, Hicks oversees the company's information technology strategy, including innovative systems development, data strategy, enterprise architecture, and digital transformation. The award acknowledges his contributions to enhancing Jackson's position as an industry leader in retirement planning services. The recognition was presented at an awards event in Dearborn, MI on November 15.
Jackson Financial (NYSE: JXN) reported strong growth in Q3 2024, with retail annuity sales reaching $5.3 billion, up 59% year-over-year. The company achieved record registered index-linked annuity sales of $1.6 billion, a 99% increase from Q3 2023. Total annuity assets under management grew 18% to $256 billion. Despite posting a net loss of $(480) million, adjusted operating earnings increased to $350 million ($4.60 per share) from $315 million ($3.80 per share) in Q3 2023. The company maintained a robust capital position with total adjusted capital of $4.8 billion and returned $167 million to shareholders through repurchases and dividends.
Jackson Financial (NYSE: JXN) has announced its Board of Directors' declaration of dividends for Q4 2024. The company will pay a $0.70 per share cash dividend on common stock, payable December 19, 2024, to shareholders of record as of December 5, 2024. Additionally, a $0.50 per depositary share dividend was declared for its Series A Preferred Stock, payable December 30, 2024, to shareholders of record as of December 5, 2024.
Jackson Financial (NYSE: JXN) has announced a strategic partnership with JPMorganChase to distribute its registered index-linked annuity (RILA) product, Jackson Market Link Pro II. The partnership will make the RILA product available to approximately 5,000 financial professionals at J.P. Morgan Wealth Management. This expansion aims to provide more clients with protection opportunities while potentially growing their assets through buffered annuities. The product can be explored through Jackson's RILA Digital Ecosystem, which offers a comprehensive view of how RILAs can fit into clients' financial plans.
Jackson National Life Insurance Company, a subsidiary of Jackson Financial Inc. (NYSE: JXN), has introduced Principal Guard, a new guaranteed minimum accumulation benefit (GMAB) for its Elite Access® Suite of variable annuities. This add-on feature allows clients to invest with no downside risk over a selected term, offering protection while pursuing growth potential.
Principal Guard provides two guarantee term options: a 7-year option ensuring 100% of the original investment, and a 10-year option guaranteeing 110% of the initial investment at the end of the term. The Elite Access Suite also offers Investment Freedom®, allowing customers to invest in various well-known investments and work with investment managers to meet their goals.
This new offering aims to meet the growing market demand for protection-oriented products while providing benefits such as tax deferral, guaranteed accumulation, and legacy planning options. Jackson has also enhanced its digital capabilities to educate consumers on the product's features and benefits.