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Jackson Financial Announces Second Quarter 2021 Results JACKSON LANSING , Mich . , September 17 , 2021 — Jackson Financial Inc. ( NYSE : JXN ) today announced financial results for the three months ended June 30 , 2021. Jackson separated from Prudential plc on September 13 , 2021 , and the second quarter results mark the company's first quarterly earnings report as an independent public company . Key Highlights Net loss of $ 540 million , or ( $ 5.72 ) per diluted share , reflecting primarily non - economic fair value changes under GAAP accounting Adjusted operating earnings ( non - GAAP ) ¹ of $ 636 million or $ 6.74 per diluted share , up from the second quarter of 2020 due largely to strong private equity investment returns and separate account growth ➤ Total annuity account value of $ 250 billion increased 29 % from the second quarter of 2020 , primarily as a result of positive separate account performance ➤ Pro forma² estimated Risk Based Capital ( RBC ) ratio at Jackson National Life Insurance Company within our target range of 500 % -525 % as of the second quarter of 2021 Laura Prieskorn , CEO of Jackson , stated , " With a healthy balance sheet , continued robust annuity sales , and favorable investment returns , our second quarter results position Jackson well for success as an independent , public company . We intend to build on this momentum , pursue profitable growth and deliver on our financial target of $ 325 - $ 425 million in capital return to shareholders in our first year as a public company . " Consolidated Second Quarter Results The Company reported a net loss of $ 540 million , or ( $ 5.72 ) per diluted share for the three months ended June 30 , 2021 , compared to a net loss of $ 3,109 million , or ( $ 69.98 ) per diluted share for the three months ended June 30 , 2020. The current quarter net loss was most impacted by non - economic fair value changes related to our variable annuity product guarantees as our hedging program is not primarily focused on changes in GAAP liabilities . Additionally , the current quarter net loss included the change in fair value of assets supporting the Athene reinsurance transaction . This change in fair value is equally offset by gains on these assets included in accumulated other comprehensive income . Adjusted operating earnings for the three months ended June 30 , 2021 were $ 636 million , or $ 6.74 per diluted share , compared to $ 375 million or $ 8.44 per diluted share for the three months ended June 30 , 2020. The increase in adjusted operating earnings was primarily the result of increased fee income as a result of higher average separate account balances , improved spread income from stronger private equity investment returns , partially offset by higher operating deferred acquisition costs ( " DAC " ) amortization in the current quarter due to comparatively stronger separate account returns in the second quarter of 2020 . Adjusted book value ( non - GAAP ) ¹ was $ 8.6 billion or $ 91.38 per common share as of June 30 , 2021 , up from $ 6.8 billion or $ 72.21 per common share as of year - end 2020. The increase was the result of adjusted operating earnings during the first six months of 2021 as well as the positive impact of higher interest rates on variable ¹For the reconciliation of non - GAAP measures to the most comparable GAAP measure , please see the explanation of Non- GAAP Financial Measures in the Appendix to this release . 2The Pro Forma RBC ratio reflects expected RBC ratio giving pro forma effect to the “ Recapitalization ” as described in the Company's Registration Statement on Form 10 ( " Form 10 " ) on page 98 . 1