Jackson Financial Inc. (NYSE:JXN) Q4 2023 Earnings Conference Call February 22, 2024 10:00 AM ET

Company Participants

Liz Werner - Head, Investor Relations

Laura Prieskorn - Chief Executive Officer

Marcia Wadsten - Chief Financial Officer

Steve Binioris - Head, Asset Liability Management and Chief Actuary

Craig Smith - President and Chief Investment Officer, PPM

Conference Call Participants

Ryan Krueger - KBW

Suneet Kamath - Jefferies

Tom Gallagher - Evercore ISI

Operator

Good morning and I would like to welcome you all to the Jackson Financial Inc. Fourth Quarter 2023 Earnings Call. My name is Brika and I will be the moderator for today’s conference. [Operator Instructions] I would now like to pass the conference over to your host, Liz Werner, Head of Investor Relations from Jackson Financial to begin. So Liz, please go ahead.

Liz Werner

Good morning, everyone and welcome to Jackson’s fourth quarter and full year 2023 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 U.S. GAAP figures is included in our earnings release, financial supplement and earnings presentation. All of which are available on the Investor Relations page of our website 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; 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 fourth quarter and full year 2023 earnings call. We have quite a bit to cover today, so will allow extra time to provide updates and answer your questions. We will start with a review of our strong track record of capital return and success in delivering on our financial targets, followed by an overview of our fourth quarter and full year 2023 results.

We will also provide insights into the structure and strategic benefits of Brook Life Reinsurance Company, or Brook Re, our recently formed captive reinsurer. In prior quarters, we discussed our focus on finding a durable solution to the statutory impact of the cash surrender value floor with the goal of better aligning our reserve liability with the economics of our business. By addressing the statutory requirements associated with the cash surrender value floor, Brook Re provides the ability for more stable capital generation and reduced RBC volatility. It also allows the profitability of our healthy variable annuity book to be more transparent and intuitive in our results. Finally, we will conclude today’s remarks with our 2024 outlook and financial targets, along with our expectations for sustainable capital return to shareholders.