Jackson Financial Inc (NYSE:JXN) Q3 2024 Results Conference Call November 7, 2024 9:00 AM ET
Company Participants
Elizabeth Werner - Head of Investor Relations
Laura Prieskorn - CEO
Don Cummings - Executive VP, CFO, Controller & Chief Accounting Officer
Scott Romine - President & CEO of Jackson National Life Distributors LLC
Conference Call Participants
Alex Scott - Barclays
Suneet Kamath - Jefferies
Ryan Krueger - Keefe, Bruyette, & Woods
Tom Gallagher - Evercore ISI
Operator
Hello, and welcome to the Jackson Financial Inc. 3Q '24 Earnings Call. My name is Harry, and I'll be your operator today. [Operator Instructions].
I would now like to hand the conference over to Liz Werner, Jackson Head of Investor Relations. Thank you. Please go ahead.
Elizabeth Werner
Good morning, everyone, and welcome to Jackson's Third 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; and our Chief Actuary, Steve Binioris, and 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. Today, we will discuss Jackson's third quarter results and progress through the first 9 months of the year. Our results reflect diversified and growing annuity sales, recent product and distribution initiatives and sustainable capital generation with 3 operating quarters completed with our captive Brook Re, we're realizing the benefits of greater capital stability, which are evident in our third quarter results.
Beginning with Slide 3, net income was a loss for the third quarter and positive over the full 9 months. Importantly, we've experienced less volatility than prior periods with the formation of Brooke Re and achieved greater alignment between adjusted operating earnings, GAAP net income and statutory capital generation. Adjusted operating earnings were up in the third quarter compared to the same period last year and are also up comparatively on a year-to-date basis. Increased fee income, combined with greater investment spread income, once again supported strong earnings growth in our retail annuity segment. Favorable equity markets and increasing sales resulted in a 9% growth in assets under management through the first 9 months to more than $250 billion. The combination of product innovation, risk management, best-in-class service, scale and strong distribution partnerships continue to provide a solid foundation for sustainable growth.