Jackson Financial Inc. current report, 10 May 2023

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Jackson Financial Inc. Form 8-K Summary

Business Context and Reporting Period

Jackson Financial Inc. filed the Form 8-K on May 10, 2023, under Item 8.01, Other Events. The filing updates the company’s Annual Report on Form 10-K for the fiscal years ended December 31, 2022 and 2021.

Financial Reporting Update

The company recast applicable financial statements and related disclosures to reflect adoption of U.S. GAAP Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).

  • LDTI was adopted using a modified retrospective transition approach.
  • Market risk benefits were transitioned using a full retrospective approach.
  • The revised sections are Part II, Item 7, Management’s Discussion and Analysis, and Part II, Item 8, Financial Statements and Supplementary Data.
  • The filing text does not provide clear revenue, earnings, cash flow, margin, debt, liquidity, or other financial metric values.

Changes Versus the Prior Filing

The recast 2022 Form 10-K updates the previously filed 2022 and 2021 financial statements and disclosures for LDTI adoption. Unaffected portions of the original Form 10-K were not repeated and were not amended, except as necessary to reflect the accounting adoption or related financial statement disclosures.

Guidance, Risks, and Other Matters

  • Exhibit 99.1 does not generally reflect events occurring after the March 1, 2023 Form 10-K filing date, except where noted.
  • The company directs investors to its subsequent SEC filings, including the Form 10-Q for the quarter ended March 31, 2023, for more current information.
  • The filing contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from expectations.
  • Non-GAAP measures may be included in Exhibit 99.1; the company cautions that these measures may not be comparable with those of other companies and should not be viewed as substitutes for U.S. GAAP measures.
  • The filing includes KPMG LLP’s consent and Exhibit 99.1 containing the updated Form 10-K sections.

Key Facts for Investors to Verify

  1. Review Exhibit 99.1 for the quantitative impact of LDTI adoption on 2022 and 2021 results, equity, reserves, and other reported balances.
  2. Confirm that the recast disclosures are read together with the March 1, 2023 Form 10-K and subsequent filings, including the March 31, 2023 Form 10-Q.
  3. Evaluate the transition methods used for long-duration contracts and market risk benefits and their effect on comparability with prior periods.
  4. Check the reconciliations and definitions for any non-GAAP measures presented in the recast materials.