The Lansing-based insurance and retirement services provider entered this expansion with approximately $353 million remaining on its previous buyback authorization as of September 30. With a market capitalization now standing at $9.32 billion, the firm manages a public float of 61.5 million shares out of 67.7 million total shares outstanding.

Financial results provided a clear catalyst for the board's decision. Jackson Financial posted third-quarter earnings of $12.37 per share, a massive climb from the 92 cents per share reported during the same period in the prior year.