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Jackson Financial Understated Prior Period Revenue by $88 Million, Or 5.9%
Financial firm corrects multiple accounting errors but says they’re not material.
November 11, 2022
Jackson Financial (JXN), which sells annuities to retail investors, has corrected multiple prior period accounting errors on its balance sheet and income statement. The corrections impacted the three and nine months ended September 30, 2021 and include:
“These errors resulted in the revision of balances and amounts related to deferred sales inducement assets, liabilities for certain life-contingent annuities, sub-advisor fee expenses, and other operating expense items…”
The errors resulted in Jackson understating sales by $88 million, or 5.9% in the affected quarter and $296 million, or 4.1% in the nine months affected.
Jackson determined the errors weren’t material.
Previously, the company also restated its financials for the year ended December 31, 2020, resulting in Jackson’s management concluding its internal controls over financial reporting were not effective.
Two years later, Jackson’s control deficiencies have still not been remedied.
Related: AEL, GNW, BHF, NWLI, PRI, LNC, VOYA, RGA
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