Jackson reports Q2’24 performance
Jackson , headquartered in Lansing, Michigan, reported second-quarter 2024 financial results, sharing a 9% increase in total annuity assets under management, which reached $247 billion as of June 30, 2024. This growth was largely due to favorable equity markets over the past year. The company also achieved record sales of registered index-linked annuities (RILA), totaling $1.4 billion in the quarter, a significant increase from $541 million in the same quarter of 2023.
Adjusted operating earnings for the second quarter were $410 million, or $5.32 per diluted share, up from $283 million, or $3.34 per diluted share, in the previous year. The increase was attributed to higher spread income and growth in variable annuity assets under management, alongside a reduction in diluted share count due to share repurchases.
Despite these gains, Jackson’s net income attributable to common shareholders decreased to $264 million, or $3.43 per diluted share, from $1.2 billion, or $14.21 per diluted share, in the second quarter of 2023. This decline was primarily due to less favorable hedging results compared to the previous year.
Jackson remains well-capitalized, with a total adjusted capital of $4.7 billion and a robust risk-based capital ratio of 550-570%. The company also returned $144 million to shareholders through share repurchases and dividends during the quarter.
