Jackson Financial Inc Reports SecondQuarter 2024 Financial Results

Jackson Financial Inc. Reports Second-Quarter 2024 Financial Results

Jackson Financial Inc. (Jackson Financial) has announced its financial results for the quarter ended June 30, 2024.

Key Financial Metrics

Interpretation: The total revenue of Jackson Financial for Q2 2024 was $1.72 billion, marking a 23.7% year-over-year increase, surpassing the consensus estimate of $1.7 billion. However, the quarterly EPS was slightly below the consensus estimate ($4.33 vs. $4.36), also reflecting a 20.2% year-over-year decrease. This indicates robust revenue growth but challenges in maintaining profit margins.

Share Repurchase Program

Jackson Financial repurchased a total of 1,294,473 shares and 3,451,845 shares of common stock at an aggregate purchase price of $90 million and $206 million during Q2 2024 and H1 2024, respectively. On August 1, 2024, the Board authorized an additional $750 million for repurchasing outstanding common shares, increasing the total authorization to $806 million.

Stock Price Movement

Following the earnings release, Jackson Financial’s stock saw an increase of approximately 0.85%.

In conclusion, Jackson Financial's Q2 2024 results show impressive revenue growth and significant share repurchase activity, despite a slight shortfall in EPS compared to consensus estimates. The company's ability to continue this performance will be closely watched in the coming quarters, especially given the fluctuations in EPS.