Jackson Financial Inc. (JXN) shares fell 5.04% in pre-market trading on Wednesday, following the release of the company's first-quarter financial results.

The company reported adjusted earnings per share of $5.15 for the quarter, missing the analyst consensus estimate of $5.96 by approximately 13.6%. Additionally, Jackson Financial posted a net loss attributable to common shareholders of $435 million, or $(6.24) per diluted share, which was significantly wider than the loss of $35 million reported a year earlier.

While the company noted quarterly sales that beat estimates and strong retail annuity sales growth, investors focused on the earnings shortfall and the substantial net loss, driving the sharp decline in the share price during the pre-market session.