Jackson Financial Inc. (NYSE:JXN) Q2 2023 Results Conference Call August 9, 2023 9:00 AM ET

Company Participants

Liz Werner - Head of Investor Relations

Laura Prieskorn - CEO

Marcia Wadsten - CFO

Steve Binioris - Head of Asset Liability Management and Chief Actuary

Scott Romine - President of Jackson National Life Distributors

Craig Smith - President and Chief Investment Officer of PPM

Conference Call Participants

Tom Gallagher - Evercore ISI

Ryan Krueger - Stifel

Suneet Kamath - Jefferies

Alex Scott - Goldman Sachs

Operator

Good morning, everyone. And welcome to today's conference call, title Jackson Financial, Inc. Q2 '23 Earnings Call. My name is Ellen and I will be coordinating the call for today. At the end of today's presentation, there will be an opportunity to ask a question [Operator Instructions].

I would now like to turn the call over to Liz Werner, Head of Investor Relations to begin. Liz, please go ahead whenever you are ready.

Liz Werner

Good morning, everyone. And welcome to Jackson's second quarter earnings call. Today's remarks may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations. Jackson's filings with the SEC provide details on important factors that may cause actual results or events to differ materially. Except as required by law, Jackson is under no obligation to update any forward-looking statements, if circumstances or management's estimates or opinions should change. Today's remarks also refer to certain non-GAAP financial measures. The reconciliation of those measures to the most comparable US GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on the Investor Relations Web site at investors.jackson.com. Joining us today are our CEO, Laura Prieskorn; our CFO, Marcia Wadsten; our Head of Asset Liability Management and Chief Actuary, Steve Binioris; our President of Jackson National Life Distributors, Scott Romine; and our President and Chief Investment Officer of PPM, Craig Smith.

At this time, I'll turn the call over to our CEO, Laura Prieskorn.

Laura Prieskorn

Thank you, Liz. Good morning, everyone. And welcome to our second quarter 2023 earnings call. During today's call, we will provide an update on our quarterly results and outlook on achieving our financial targets, including our capital return goals. September of this year will mark Jackson's second anniversary as an independent company. Over these last two years, we have consistently returned capital to shareholders every quarter. In the second quarter, we continued to build upon our proven track record by returning $100 million through dividends and share repurchases. In addition to our earnings release, we announced the Board approval for a third quarter common dividend of $0.62 per share. By the time we reach our upcoming anniversary in mid-September, we expect to exceed $1 billion in capital returned to shareholders representing nearly 40% of our initial market capitalization. Looking ahead, we remain committed to delivering on our 2023 capital return target of $450 million to $550 million as we continue to focus on capital generation and long term financial strength. Based on our progress through the first six months of the year, we are reiterating our 2023 key financial targets. We ended the second quarter with an RBC ratio up from the prior quarter and within our target range of 425% to 500%. We took actions during the quarter to optimize required capital at the operating company, selling certain limited partnership assets from Jackson National Life Insurance Company to Jackson Financial Inc., and Marcia will provide more detail on this transaction later in the call.