Jackson Financial Inc. (NYSE:JXN) Q3 2022 Earnings Conference Call November 10, 2022 10:00 AM ET
Company Participants
Liz Werner - Head, IR
Laura Prieskorn - CEO, President & Director
Marcia Wadsten - EVP & CFO
Steve Binioris - Head of ALM and Chief Actuary
Conference Call Participants
Suneet Kamath - Jefferies
Nigel Dally - Morgan Stanley
Tom Gallagher - Evercore ISI
Erik Bass - Autonomous
Alex Scott - Goldman Sachs
Ryan Krueger - Stifel
Operator
Hello, and welcome to the Jackson Financial, Inc. Third Quarter 2022 Earnings Call. My name is Alex, and I'll be coordinating the call today. [Operator Instructions]
I will now hand over to your host, Liz Werner, Head of Investor Relations. Liz, please go ahead.
Liz Werner
Good morning, everyone. Before we begin, we remind you that today's presentation may include forward-looking statements which are not guarantees of future performance or outcomes. A number of important factors, including risks, uncertainties and assumptions discussed in Risk Factors and Management's Discussion and Analysis of Financial Condition in the company's 2021 Form 10-K and 2022 second quarter 10-Q could cause actual results to differ materially from those reflected in the forward-looking statements.
In this presentation, management will refer to certain non-GAAP measures, which management believes provide useful information in measuring the financial performance of the business. A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is contained in the appendix presentation.
With us today are Jackson's CEO, Laura Prieskorn; our CFO, Marcia Wadsten; our Vice Chair, Chad Myers; the President of Jackson National Life Distributors, Scott Romine; our Head of ALM and Chief Actuary, Steve Binioris; and the President and CEO of PPM, Craig Smith.
At this time, I'll turn the call over to Laura.
Laura Prieskorn
Thank you, Liz. Good morning, and welcome to our third quarter earnings call.
Today, we will discuss our results, our continued capital return to shareholders and our recent sales and distribution initiatives. Overall, our third quarter results continue to demonstrate Jackson's resiliency through periods of market stress.
Through the first nine months of the year, we navigated ongoing volatility across markets and a decline in the broader equity markets of approximately 25%, building on our track record of effective risk management and operating profitability.
Looking toward the end of the year, we remain confident in delivering on our 2022 capital return targets and in the long-term profitability of the business. Net income for the third quarter of 2022 was $1.5 billion, driven largely by the positive impact of rising interest rates.