Jackson Financial (JXN) Q4 2024 earnings summary

Executive summary

• Achieved record net income of $902 million and adjusted operating earnings of $1.4 billion for 2024, driven by 39% growth in retail annuity sales and diversified product mix.

• Returned $631 million to shareholders, a 36% increase, and set a 2025 capital return target of $700–$800 million.

• Retail annuity sales reached $18 billion, with RILA products now over 30% of total sales and variable annuity sales up 11%.

• Ended 2024 with a robust capital position, including an RBC ratio of 572% and over $700 million in holding company liquidity.

• Announced a 14% dividend increase and continued strong free cash flow supporting financial flexibility.

Financial highlights

• Adjusted operating earnings for Q4 2024 were $349 million, up 71% year-over-year, with EPS of $4.65 ($4.84 adjusted), and full-year adjusted operating earnings of $1.4 billion ($18.79 per share).

• Adjusted book value per share rose to $150.11; adjusted operating ROE increased to 12.9% from 10.6%.

• Free cash flow grew to $767 million in 2024, with $875 million distributed to the holding company.

• Total annuity AUM increased 7% year-over-year to $252 billion as of December 31, 2024.

• Net hedge gains were $285 million for the year, supporting capital stability.

Outlook and guidance

• 2025 capital return target increased to $700–$800 million, up from $631 million in 2024.

• Free capital generation expected to exceed $1 billion in 2025 under normal market conditions.

• Commitment to maintaining an RBC ratio above 425% and a $250 million liquidity buffer at the holding company.

• Increased Q1 2025 common dividend by 14% to $0.80 per share.

• Management expressed confidence in continued strong capital generation and profitable growth.