Jackson Financial Q3 adjusted operating earnings rise

Overview

• Jackson Financial Q3 adjusted operating earnings rise to $433 mln, reflecting higher spread income

• Retail annuity sales grow 2% yr/yr, driven by strong demand for variable and RILA products

• In September, the company announces a $1 bln increase to share repurchase authorization, indicating financial confidence

Outlook

• Company did not provide specific guidance for future quarters in its press release

Result Drivers

• RETAIL ANNUITY SALES - Growth driven by strong demand for variable and RILA products

• INSTITUTIONAL SALES - Increased by 34% due to higher yielding asset sourcing at PPM America

• SPREAD INCOME - Higher spread income from growth in average RILA and Institutional AUM

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the multiline insurance & brokers peer group is "buy."

• Wall Street's median 12-month price target for Jackson Financial Inc is $110.00, about 9.4% above its November 3 closing price of $99.63

• The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 4 three months ago

Press Release: ID:nBw8Cz6qqa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)