Shares of Jackson Financial Inc. (JXN) plummeted more than 5% on November 7, 2024, as the company's mixed third-quarter results failed to impress investors. While Jackson Financial reported robust retail annuity sales growth of 59% year-over-year, reaching a record $5.3 billion, the company also disclosed a substantial net loss of $480 million, or $6.37 per diluted share.

The significant net loss, primarily driven by a $515 million loss on reinsured business and unfavorable net hedging results, overshadowed the company's strong sales performance. The reported loss per diluted share was significantly higher than analyst expectations of $4.67 in adjusted operating earnings per share for the quarter.

Additionally, Jackson Financial's revenue for the third quarter came in at $2.12 billion, falling short of the expected $1.74 billion. Despite these setbacks, the company maintained its quarterly dividend of $0.70 per common share and reported a robust capital position, with a statutory risk-based capital ratio at its main operating subsidiary remaining strong at 550-570%.