Jackson Financial Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
JXN$138.01+1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $954 | $6,229 | $3,679 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net realized losses (gains) on investments | 554 | 359 | (182) |
| Net losses (gains) on derivatives | 5,310 | 2,664 | 5,526 |
| Net losses (gains) on funds withheld reinsurance treaties | 1,801 | (2,186) | 21 |
| Net (gain) loss on market risk benefits | (3,897) | (3,536) | (3,966) |
| (Gain) loss from updating future policy benefits cash flow assumptions, net | 102 | (34) | 41 |
| Interest credited on other contract holder funds, gross | 1,145 | 866 | 832 |
| Mortality, expense and surrender charges | (528) | (530) | (553) |
| Amortization of discount and premium on investments | (27) | 11 | 49 |
| Deferred income tax expense (benefit) | (207) | 1,547 | 739 |
| Share-based compensation expense | 107 | 131 | 129 |
| Change in: | |||
| Accrued investment income | 2 | (11) | 55 |
| Deferred acquisition costs | 622 | 601 | 519 |
| Funds withheld, net of reinsurance | (20) | (73) | (626) |
| Future policy benefits | (731) | (1,137) | (1,102) |
| Other assets and liabilities, net | 123 | 305 | 521 |
| Net cash provided by (used in) operating activities | 5,310 | 5,206 | 5,682 |
| Cash flows from investing activities: | |||
| Sales, maturities and repayments of: | |||
| Debt securities | 11,488 | 11,535 | 19,568 |
| Equity securities | 316 | 84 | 50 |
| Mortgage loans | 2,492 | 1,695 | 1,747 |
| Purchases of: | |||
| Debt securities | (8,231) | (11,606) | (14,733) |
| Equity securities | (200) | (249) | (111) |
| Mortgage loans | (1,605) | (1,816) | (2,427) |
| Settlements related to derivatives and collateral on investments | (5,475) | (674) | (4,836) |
| Other investing activities | 623 | (343) | (554) |
| Net cash provided by (used in) investing activities | (592) | (1,374) | (1,296) |
Consolidated Statements of Cash Flows (continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Policyholders' account balances: | |||
| Deposits | 14,189 | 18,456 | 20,134 |
| Withdrawals | (29,112) | (25,173) | (28,712) |
| Net transfers to separate accounts | 10,017 | 5,685 | 2,664 |
| Proceeds from (payments on) repurchase agreements and securities lending | (1,025) | (541) | 476 |
| Net proceeds from (payments on) Federal Home Loan Bank notes | 250 | — | (380) |
| Proceeds from debt | — | 750 | 3,943 |
| Payments on debt | (603) | (825) | (1,615) |
| Debt issuance costs | — | (7) | (28) |
| Issuance of debt of consolidated investment entities | 297 | — | — |
| Repayments of debt of consolidated investment entities | (351) | — | — |
| Contributions from partners of consolidated investments | 111 | — | — |
| Distributions from partners of consolidated investments | (92) | — | — |
| Disposition of shares held in trust at cost, net | — | — | 5 |
| Dividends on common stock | (201) | (186) | (50) |
| Dividends on preferred stock | (35) | — | — |
| Purchase of treasury stock | (306) | (321) | (211) |
| Issuance of preferred stock | 533 | — | — |
| Net cash provided by (used in) financing activities | (6,328) | (2,162) | (3,774) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,610) | 1,670 | 612 |
| Cash, cash equivalents, and restricted cash at beginning of period | 4,301 | 2,631 | 2,019 |
| Total cash, cash equivalents, and restricted cash at end of period | $2,691 | $4,301 | $2,631 |
| Supplemental cash flow information | |||
| Income taxes paid (received) | $(21) | $(5) | $(403) |
| Interest paid | $183 | $107 | $30 |
| Non-cash investing activities | |||
| Debt securities acquired from exchanges, payments-in-kind, and similar transactions | $144 | $506 | $370 |
| Other invested assets acquired from stock splits and stock distributions | $317 | $112 | $99 |
| Non-cash financing activities | |||
| Non-cash dividend equivalents on stock based awards | $(8) | $(13) | $— |
| Reconciliation to Consolidated Balance Sheets | |||
| Cash and cash equivalents | $2,688 | $4,298 | $2,623 |
| Restricted cash (included in Other assets) | 3 | 3 | 8 |
| Total cash, cash equivalents, and restricted cash | $2,691 | $4,301 | $2,631 |
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