Jackson Financial Inc. (JXN) announced a long‑term partnership with global alternative‑asset manager TPG Inc. that includes a $500 million common‑equity investment and a $150 million TPG‑stock transaction, giving TPG a 6.5% stake in Jackson.
The deal also establishes Hickory Re, a Michigan‑based captive reinsurer, to support Jackson’s fixed and fixed‑index annuity sales. The $500 million equity injection and $150 million in excess cash from Jackson will initially fund Hickory Re, improving capital efficiency and expanding the company’s spread‑based product pipeline.
TPG will manage a minimum commitment of $12 billion of assets under management for Jackson, with incentives to scale the commitment to $20 billion. The partnership will focus on investment‑grade asset‑based finance and direct lending, complementing Jackson’s existing institutional products and retail annuity businesses.
Management highlighted the strategic fit: President and CEO Laura Prieskorn said the partnership “marks a significant milestone for Jackson’s next phase of growth and our commitment to provide long‑term value for all stakeholders.” TPG CEO Jon Winkelried described the alliance as an “important step in the evolution of our franchise and insurance practice, creating opportunities to extend the duration of our capital while scaling our product capabilities.”
The transaction is structured with Jackson issuing 4,715,554 shares of its common stock to TPG at $106.03 per share, and TPG issuing 2,279,109 shares of its common stock to Jackson at $65.82 per share, both based on the 30‑day unaffected volume‑weighted average price as of January 4, 2026. The deal is expected to close in the first quarter of 2026 and is subject to customary closing conditions.
The partnership is expected to accelerate Jackson’s growth in its retail annuity and institutional product segments, particularly in fixed and fixed‑index annuity sales, which have gained traction amid market volatility. By creating a captive reinsurer, Jackson can reduce reinsurance costs and improve capital ratios, positioning the company to capture additional market share in a shifting annuity landscape where variable annuity sales face headwinds and fixed products are in higher demand.
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