Jackson Financial Inc Reports SecondQuarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
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
| Metric | Q2 2024 | Q2 2023 | YoY % Change | Consensus Estimates Q2 2024 |
|---|---|---|---|---|
| Total Revenue | $1.72B | $1.39B | +23.7% | $1.7B |
| Earnings Per Share (EPS) | $4.33 | $5.43 | -20.2% | $4.36 |
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.