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JACKSON FINANCIAL INC.

(JXN)
  Report
Delayed Nyse  -  04:00 2022-10-06 pm EDT
31.29 USD   +0.19%
04:07pJackson to Report Third Quarter 2022 Financial Results
BU
09/08Jefferies & Co. Adjusts Price Target on Jackson Financial to $40 From $38, Keeps Buy Rating
MT
08/17Morgan Stanley Raises Jackson Financial's Price Target to $35 From $31, Maintains Equalweight Rating
MT
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Jackson Financial : National Life Insurance Company 2Q 2022 statutory statement

08/11/2022 | 05:59pm EDT

QUARTERLY STATEMENT

OF THE

JACKSON NATIONAL LIFE INSURANCE COMPANY

TO THE

Insurance Department

OF THE

STATE OF

Michigan

FOR THE QUARTER ENDED

JUNE 30, 2022

[ X ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2022

.MI

STATEMENT AS OF JUNE 30, 2022 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

ASSETS

Current Statement Date

4

1

2

3

December 31

Net Admitted Assets

Prior Year Net

Assets

Nonadmitted Assets

(Cols. 1 - 2)

Admitted Assets

1.

Bonds

45,633,089,309

0

45,633,089,309

47,651,847,145

2.

Stocks:

2.1 Preferred stocks

90,337,600

0

90,337,600

112,747,200

2.2 Common stocks

949,662,727

5,527,019

944,135,708

927,356,552

3. Mortgage loans on real estate:

3.1

First liens

12,010,503,390

0

12,010,503,390

11,576,775,228

3.2

Other than first liens

0

0

0

0

4. Real estate:

4.1 Properties occupied by the company (less $

0

encumbrances)

232,257,188

0

232,257,188

235,456,749

4.2 Properties held for the production of income (less

$

0

encumbrances)

7,172,124

0

7,172,124

7,172,124

4.3 Properties held for sale (less $

0

encumbrances)

698,303

0

698,303

698,303

5.

Cash ($

307,950,604

), cash equivalents

($

3,445,625,627 ) and short-term

investments ($

0 )

3,753,576,231

0

3,753,576,231

1,051,513,712

6.

Contract loans (including $

0

premium notes)

4,201,295,954

1,912,783

4,199,383,171

4,350,337,295

7.

Derivatives

1,038,216,628

0

1,038,216,628

1,374,487,516

8.

Other invested assets

2,685,485,497

17,304,376

2,668,181,121

2,405,874,980

9.

Receivables for securities

314,150,470

0

314,150,470

98,027,047

10.

Securities lending reinvested collateral assets

23,216,880

0

23,216,880

12,752,650

11.

Aggregate write-ins for invested assets

0

0

0

0

12.

Subtotals, cash and invested assets (Lines 1 to 11)

70,939,662,301

24,744,178

70,914,918,123

69,805,046,501

13.

Title plants less $

0 charged off (for Title insurers

only)

0

0

0

0

14.

Investment income due and accrued

748,951,523

3,646,247

745,305,276

612,680,759

15.

Premiums and considerations:

15.1 Uncollected premiums and agents' balances in the course of collection

267,736,475

2,119,426

265,617,049

417,864,203

15.2 Deferred premiums, agents' balances and installments booked but

deferred and not yet due (including $

0

earned but unbilled premiums)

52,447,268

0

52,447,268

59,579,171

15.3 Accrued retrospective premiums ($

0 ) and

contracts subject to redetermination ($

0 )

0

0

0

0

16. Reinsurance:

16.1

Amounts recoverable from reinsurers

320,584,196

0

320,584,196

310,694,877

16.2

Funds held by or deposited with reinsured companies

0

0

0

0

16.3

Other amounts receivable under reinsurance contracts

(89,754,897)

0

(89,754,897)

(260,488,388)

17.

Amounts receivable relating to uninsured plans

0

0

0

0

18.1

Current federal and foreign income tax recoverable and interest thereon

121,997,785

0

121,997,785

95,704,453

18.2

Net deferred tax asset

1,442,898,182

435,650,889

1,007,247,293

795,683,132

19.

Guaranty funds receivable or on deposit

1,271,414

0

1,271,414

1,485,165

20.

Electronic data processing equipment and software

211,519

0

211,519

558,541

21. Furniture and equipment, including health care delivery assets

($

0 )

16,704,384

16,704,384

0

0

22.

Net adjustment in assets and liabilities due to foreign exchange rates

0

0

0

0

23.

Receivables from parent, subsidiaries and affiliates

0

0

0

0

24.

Health care ($

0 ) and other amounts receivable

0

0

0

0

25.

Aggregate write-ins for other than invested assets

320,537,623

51,789,346

268,748,277

32,774,764

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

74,143,247,773

534,654,470

73,608,593,303

71,871,583,178

27. From Separate Accounts, Segregated Accounts and Protected Cell

Accounts

182,948,726,107

0

182,948,726,107

231,322,569,671

28.

Total (Lines 26 and 27)

257,091,973,880

534,654,470

256,557,319,410

303,194,152,849

DETAILS OF WRITE-INS

1101.

1102.

1103.

1198.

Summary of remaining write-ins for Line 11 from overflow page

0

0

0

0

1199.

Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)

0

0

0

0

2501.

Agents' balances (net)

7,566,474

7,566,474

0

0

2502.

Capitalized software and associated costs

12,371,244

12,371,244

0

0

2503.

Goodwill and value of business acquired

2,796,250

0

2,796,250

32,751,970

2598.

Summary of remaining write-ins for Line 25 from overflow page

297,803,655

31,851,628

265,952,027

22,794

2599.

Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)

320,537,623

51,789,346

268,748,277

32,774,764

2

STATEMENT AS OF JUNE 30, 2022 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

1

2

Current

December 31

Statement Date

Prior Year

1.

Aggregate reserve for life contracts $

28,943,782,559 less $

0 included in Line 6.3

(including $

0

Modco Reserve)

28,943,782,559

27,297,298,086

2.

Aggregate reserve for accident and health contracts (including $

0 Modco Reserve)

0

0

3.

Liability for deposit-type contracts (including $

0 Modco Reserve)

9,185,970,570

9,558,433,704

4. Contract claims:

4.1

Life

854,785,490

864,864,157

4.2

Accident and health

0

0

5. Policyholders' dividends/refunds to members $

189,998 and coupons $

0 due

and unpaid

189,998

195,532

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1

Policyholders' dividends and refunds to members apportioned for payment (including $

0

Modco)

8,648,503

8,668,635

6.2

Policyholders' dividends and refunds to members not yet apportioned (including $

0 Modco)

5,959

11,950

6.3

Coupons and similar benefits (including $

0 Modco)

40,376

44,334

7. Amount provisionally held for deferred dividend policies not included in Line 6

0

0

8. Premiums and annuity considerations for life and accident and health contracts received in advance less

$

0 discount; including $

0 accident and health premiums

2,753,864

2,661,551

9. Contract liabilities not included elsewhere:

9.1

Surrender values on canceled contracts

732,311

301,960

9.2

Provision for experience rating refunds, including the liability of $

0 accident and health

experience rating refunds of which $

0 is for medical loss ratio rebate per the Public Health

Service Act

0

0

9.3 Other amounts payable on reinsurance, including $

(69,005,815) assumed and $

25,253,055

ceded

(43,752,760)

(47,364,744)

9.4 Interest Maintenance Reserve

401,790,999

616,940,107

10.

Commissions to agents due or accrued-life and annuity contracts $

105,350,106 , accident and health

$

0 and deposit-type contract funds $

0

105,350,106

125,820,242

11.

Commissions and expense allowances payable on reinsurance assumed

7,336,813

7,500,845

12.

General expenses due or accrued

139,528,653

244,669,293

13.

Transfers to Separate Accounts due or accrued (net) (including $

(5,227,742,936) accrued for expense

allowances recognized in reserves, net of reinsured allowances)

(5,232,868,194)

(5,479,171,744)

14.

Taxes, licenses and fees due or accrued, excluding federal income taxes

(3,368,272)

(2,544,252)

15.1 Current federal and foreign income taxes, including $

0 on realized capital gains (losses)

0

0

15.2

Net deferred tax liability

0

0

16.

Unearned investment income

6,243,750

6,487,120

17.

Amounts withheld or retained by reporting entity as agent or trustee

7,193,392

8,125,211

18.

Amounts held for agents' account, including $

7,387,993 agents' credit balances

7,387,993

7,074,675

19.

Remittances and items not allocated

65,186,995

14,339,175

20.

Net adjustment in assets and liabilities due to foreign exchange rates

0

0

21.

Liability for benefits for employees and agents if not included above

0

0

22.

Borrowed money $

63,013,162 and interest thereon $

27,619

63,040,781

67,266,744

23.

Dividends to stockholders declared and unpaid

0

0

24. Miscellaneous liabilities:

24.01

Asset valuation reserve

993,422,267

514,413,769

24.02 Reinsurance in unauthorized and certified ($

0 ) companies

30,376,611

37,080,347

24.03 Funds held under reinsurance treaties with unauthorized and certified ($

0 ) reinsurers

3,652,052,387

3,633,815,456

24.04

Payable to parent, subsidiaries and affiliates

176,185,613

201,591,665

24.05

Drafts outstanding

0

0

24.06

Liability for amounts held under uninsured plans

0

0

24.07

Funds held under coinsurance

24,338,009,911

25,136,578,056

24.08

Derivatives

1,029,193,822

(132,986,709)

24.09

Payable for securities

120,612,795

52,014,257

24.10

Payable for securities lending

23,216,880

12,752,650

24.11 Capital notes $

0 and interest thereon $

0

0

0

25.

Aggregate write-ins for liabilities

1,008,535,021

3,016,515,659

26.

Total liabilities excluding Separate Accounts business (Lines 1 to 25)

65,891,585,193

65,773,397,730

27.

From Separate Accounts Statement

182,948,726,107

231,322,569,671

28.

Total liabilities (Lines 26 and 27)

248,840,311,300

297,095,967,401

29.

Common capital stock

13,800,000

13,800,000

30.

Preferred capital stock

0

0

31.

Aggregate write-ins for other than special surplus funds

0

0

32.

Surplus notes

249,746,241

249,724,499

33.

Gross paid in and contributed surplus

4,781,054,966

5,381,054,966

34.

Aggregate write-ins for special surplus funds

0

0

35.

Unassigned funds (surplus)

2,672,406,903

453,605,983

36. Less treasury stock, at cost:

36.1

0

shares common (value included in Line 29

$

0

)

0

0

36.2

0

shares preferred (value included in Line 30

$

0

)

0

0

37.

Surplus (Total Lines 31+32+33+34+35-36) (including $

0 in Separate Accounts Statement)

7,703,208,110

6,084,385,448

38.

Totals of Lines 29, 30 and 37

7,717,008,110

6,098,185,448

39.

Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)

256,557,319,410

303,194,152,849

DETAILS OF WRITE-INS

2501.

Deferred compensation

302,157,292

352,537,755

2502.

Deferred rent

8,570,006

8,700,554

2503.

Founders Plan liability

41,087

83,650

2598.

Summary of remaining write-ins for Line 25 from overflow page

697,766,636

2,655,193,700

2599.

Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)

1,008,535,021

3,016,515,659

3101.

3102.

3103.

3198.

Summary of remaining write-ins for Line 31 from overflow page

0

0

3199.

Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)

0

0

3401.

3402.

3403.

3498.

Summary of remaining write-ins for Line 34 from overflow page

0

0

3499.

Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)

0

0

3

STATEMENT AS OF JUNE 30, 2022 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

1

2

3

Current Year

Prior Year

Prior Year Ended

To Date

To Date

December 31

1.

Premiums and annuity considerations for life and accident and health contracts

9,191,137,693

9,809,965,546

19,845,300,537

2.

Considerations for supplementary contracts with life contingencies

2,338,117

3,272,306

7,009,766

3.

Net investment income

1,693,401,748

1,709,832,492

3,491,801,163

4.

Amortization of Interest Maintenance Reserve (IMR)

62,254,763

69,319,281

182,272,815

5.

Separate Accounts net gain from operations excluding unrealized gains or losses

85,001,854

0

6,292,937

6.

Commissions and expense allowances on reinsurance ceded

26,551,754

34,144,251

67,992,664

7.

Reserve adjustments on reinsurance ceded

0

0

0

8. Miscellaneous Income:

8.1 Income from fees associated with investment management, administration and contract

guarantees from Separate Accounts

2,728,603,842

2,636,098,335

5,472,640,792

8.2 Charges and fees for deposit-type contracts

0

0

0

8.3 Aggregate write-ins for miscellaneous income

368,253,192

380,396,210

781,910,675

9.

Totals (Lines 1 to 8.3)

14,157,542,963

14,643,028,421

29,855,221,349

10.

Death benefits

538,042,715

544,863,571

1,069,891,387

11.

Matured endowments (excluding guaranteed annual pure endowments)

3,821,438

3,157,699

5,138,631

12.

Annuity benefits

1,830,772,234

1,747,133,552

3,490,409,388

13.

Disability benefits and benefits under accident and health contracts

6,257,341

6,274,364

12,306,610

14.

Coupons, guaranteed annual pure endowments and similar benefits

27,119

32,051

71,868

15.

Surrender benefits and withdrawals for life contracts

8,654,003,251

10,134,391,881

20,238,649,566

16.

Group conversions

0

0

0

17.

Interest and adjustments on contract or deposit-type contract funds

84,131,754

102,529,320

186,986,143

18.

Payments on supplementary contracts with life contingencies

4,261,365

4,072,480

8,308,989

19.

Increase in aggregate reserves for life and accident and health contracts

1,646,484,473

(928,514,481)

(1,344,167,023)

20.

Totals (Lines 10 to 19)

12,767,801,690

11,613,940,437

23,667,595,559

21. Commissions on premiums, annuity considerations, and deposit-type contract funds (direct

business only)

910,685,983

987,978,864

1,991,155,354

22.

Commissions and expense allowances on reinsurance assumed

87,146,902

87,774,301

177,605,847

23.

General insurance expenses and fraternal expenses

335,500,456

302,425,043

722,125,122

24.

Insurance taxes, licenses and fees, excluding federal income taxes

27,113,064

30,396,616

44,784,135

25.

Increase in loading on deferred and uncollected premiums

(868,450)

1,241,488

208,047

26.

Net transfers to or (from) Separate Accounts net of reinsurance

(1,673,901,942)

(1,392,045,152)

(2,926,855,571)

27.

Aggregate write-ins for deductions

515,821,885

543,422,268

1,073,325,495

28.

Totals (Lines 20 to 27)

12,969,299,588

12,175,133,865

24,749,943,988

29. Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus

Line 28)

1,188,243,375

2,467,894,556

5,105,277,361

30. Dividends to policyholders and refunds to members

4,257,194

4,561,038

8,835,613

31. Net gain from operations after dividends to policyholders, refunds to members and before federal

income taxes (Line 29 minus Line 30)

1,183,986,181

2,463,333,518

5,096,441,748

32. Federal and foreign income taxes incurred (excluding tax on capital gains)

(489,984,226)

648,745,358

883,789,896

33. Net gain from operations after dividends to policyholders, refunds to members and federal income

taxes and before realized capital gains or (losses) (Line 31 minus Line 32)

1,673,970,407

1,814,588,160

4,212,651,852

34.

Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital

gains tax of $

501,837,837 (excluding taxes of $

(32,495,160)

transferred to the IMR)

1,798,512,885

(2,765,426,247)

(4,076,745,388)

35.

Net income (Line 33 plus Line 34)

3,472,483,292

(950,838,087)

135,906,464

CAPITAL AND SURPLUS ACCOUNT

36.

Capital and surplus, December 31, prior year

6,098,185,448

4,780,510,279

4,780,510,279

37.

Net income (Line 35)

3,472,483,292

(950,838,087)

135,906,464

38.

Change in net unrealized capital gains (losses) less capital gains tax of $

(173,780,622)

(692,201,186)

263,003,470

(95,219,882)

39.

Change in net unrealized foreign exchange capital gain (loss)

(37,567,216)

(13,965,079)

4,127,437

40.

Change in net deferred income tax

(616,070,706)

259,678,934

148,050,639

41.

Change in nonadmitted assets

650,861,009

(334,923,191)

(28,332,557)

42.

Change in liability for reinsurance in unauthorized and certified companies

6,703,737

(1,205,285)

(3,191,783)

43.

Change in reserve on account of change in valuation basis, (increase) or decrease

0

0

0

44.

Change in asset valuation reserve

(479,008,501)

(27,613,815)

(44,497,255)

45.

Change in treasury stock

0

0

0

46.

Surplus (contributed to) withdrawn from Separate Accounts during period

85,001,854

0

6,292,937

47.

Other changes in surplus in Separate Accounts Statement

(85,001,854)

0

(6,292,937)

48.

Change in surplus notes

21,741

23,333

44,221

49.

Cumulative effect of changes in accounting principles

0

0

0

50. Capital changes:

50.1

Paid in

0

0

0

50.2

Transferred from surplus (Stock Dividend)

0

0

0

50.3

Transferred to surplus

0

0

0

51.

Surplus adjustment:

51.1

Paid in

(600,000,000)

0

1,375,000,000

51.2

Transferred to capital (Stock Dividend)

0

0

0

51.3

Transferred from capital

0

0

0

51.4

Change in surplus as a result of reinsurance

(86,399,508)

(76,286,128)

(174,212,115)

52.

Dividends to stockholders

0

0

0

53.

Aggregate write-ins for gains and losses in surplus

0

0

0

54.

Net change in capital and surplus for the year (Lines 37 through 53)

1,618,822,662

(882,125,848)

1,317,675,169

55.

Capital and surplus, as of statement date (Lines 36 + 54)

7,717,008,110

3,898,384,431

6,098,185,448

DETAILS OF WRITE-INS

08.301. General account policy fees

41,546,305

42,904,667

82,890,232

08.302. Marketing fees

323,489,323

334,787,833

696,187,398

08.303. Miscellaneous income

1,012,775

681,460

2,302,668

08.398. Summary of remaining write-ins for Line 8.3 from overflow page

2,204,789

2,022,250

530,377

08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)

368,253,192

380,396,210

781,910,675

2701.

Additional contract benefits to Founders Plan policyholders

40,943

63,651

81,095

2702.

Amortization of goodwill and value of business acquired

29,955,720

24,563,977

49,127,954

2703.

Interest on funds withheld treaties

572,224,730

595,080,768

1,198,328,570

2798.

Summary of remaining write-ins for Line 27 from overflow page

(86,399,508)

(76,286,128)

(174,212,124)

2799.

Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)

515,821,885

543,422,268

1,073,325,495

5301.

5302.

5303.

5398.

Summary of remaining write-ins for Line 53 from overflow page

0

0

0

5399.

Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)

0

0

0

4

Disclaimer

Jackson Financial Inc. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 21:58:07 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 6 206 M - -
Net income 2022 5 435 M - -
Net Debt 2022 4 234 M - -
P/E ratio 2022 0,54x
Yield 2022 7,18%
Capitalization 2 650 M 2 650 M -
EV / Sales 2022 1,11x
EV / Sales 2023 1,23x
Nbr of Employees 3 150
Free-Float 79,2%
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Technical analysis trends JACKSON FINANCIAL INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 31,23 $
Average target price 36,20 $
Spread / Average Target 15,9%
EPS Revisions
Managers and Directors
Laura L. Prieskorn President, Chief Executive Officer & Director
Marcia Wadsten Chief Financial Officer & Executive Vice President
Steven Albert Kandarian Non-Executive Chairman
Devkumar Ganguly Chief Operating Officer & Executive Vice President
Lily Fu Claffee Independent Director
Sector and Competitors
1st jan.Capi. (M$)
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AMERIPRISE FINANCIAL, INC.-8.41%29 884