Jackson Financial Inc. (NYSE:JXN) Q2 2024 Results Conference Call August 8, 2024 10:00 AM ET
Company Participants
Liz Werner - Head of Investor Relations
Laura Prieskorn - CEO
Don Cummings - 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
Suneet Kamath - Jefferies
Tom Gallagher - Evercore ISI
Operator
Hello everyone, and welcome to the Jackson Financial Inc. 2Q ‘24 Earnings Call. My name is Charlie, and I'll be coordinating the call today. [Operator Instructions]
I'll now hand over to our host Liz Werner, Head of Investor Relations to begin. Liz, please go ahead.
Liz Werner
Good morning everyone, and welcome to Jackson's second quarter 2024 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, Don Cummings; the President of Jackson National Life Distributors, Scott Romine; our Head of Asset Liability Management and Chief Actuary, Steve Binioris; the 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
Good morning, everyone.
As we moved through the second quarter, our operating trends and strong capital levels supported positive financial results and sustainable capital return. Today, we look forward to discussing our second quarter results and progress through the first half of 2024.
Beginning on Slide 3, we achieved positive net income and solid operating earnings growth in the second quarter of 2024, driven by increased fee income from higher average annuity assets under management and higher net investment income. The benefits of a favorable equity market and strong annuity sales contributed to growth from the second quarter of 2023 and from the first quarter of this year. We continued to see successful retail annuity sales across all product lines demonstrating our continued focus on execution.