Jackson Financial adopts LDTI accounting; recasts 2021-2022 financials with equity impacts

Jackson Financial Inc.

Equity decreased $3.0B at Jan 1, 2021 transition; increased $223M at Dec 31, 2022 due to higher rates.
Adjusted book value fell ~$1.9B at Dec 31, 2022; leverage ratio rises to 21%.
Net income increased $489M for 2022 and $234M for 2021 under LDTI; no change to hedging strategy.
No impact on statutory capital or shareholder returns; go-forward DAC amortization modestly higher.
Enhanced disclosures now include disaggregated rollforwards and updates to liability assumptions.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Jackson Financial Inc. reported preliminary financial results for the quarters and years ended 2021 and 2022.

Period: the quarters and years ended 2021 and 2022
Result: preliminary results

Exact text from the filing

Jackson Financial Inc. (the “Company,” “we,” “our,” or “us”) is furnishing, as Exhibit 99.1, a historical financial supplement for the quarters and years ended 2021 and 2022 that has been recast to reflect the adoption of U.S. GAAP Accounting Standards Update 2018-12 related to targeted improvements to the accounting for long-duration contracts (“LDTI”).

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Jackson Financial Inc. filing history →

Source: SEC EDGAR

accession 0001822993-23-000014

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