Jackson Financial Inc. announced its third quarter 2024 financial results on November 6, 2024, reporting adjusted operating earnings of $350 million, or $4.60 per diluted share. This represents an increase from $315 million, or $3.80 per diluted share, in the third quarter of 2023. The growth was driven by higher fee income from increased average variable annuity AUM and improved spread income.
The company achieved robust sales momentum, with total annuity sales reaching $5.3 billion in the third quarter of 2024, a 59% increase from $3.3 billion in the prior year period. This growth was broad-based, with traditional variable annuity sales up to $2.6 billion, RILA sales setting a new record at $1.6 billion, and fixed annuity sales surging to $1 billion.
Retail Annuities pretax adjusted operating earnings rose to $458 million from $354 million year-over-year. Jackson National Life Insurance Company's statutory total adjusted capital (TAC) increased to $4.8 billion, and its estimated RBC ratio remained strong at 550-570% as of September 30, 2024. The company returned $167 million to common shareholders during the quarter, contributing to a year-to-date total of $483 million towards its 2024 target of $550-650 million.
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