Jackson Financial forms strategic partnership with TPG Inc.

Jackson Financial Inc. (NYSE: JXN) announced a strategic partnership with TPG Inc. (NASDAQ: TPG) that includes a $500 million equity investment and establishment of a new captive reinsurer.

Under the agreement, TPG will acquire approximately 6.5% of Jackson Financial through the purchase of 4,715,554 shares at $106.03 per share. Jackson will receive $150 million in TPG common stock, equating to 2,279,109 shares at $65.82 per share. Both prices were based on 30-day volume-weighted average prices as of January 4, 2026.

The companies entered a non-exclusive investment management arrangement with a 10-year initial term and automatic one-year renewals through year 15. TPG will provide Investment Grade Asset Based Finance and Direct Lending capabilities to complement Jackson subsidiary PPM America's existing asset management services.

Jackson established Hickory Brooke Reinsurance Company, a Michigan-based captive reinsurer, using TPG's $500 million investment and $150 million in excess cash from Jackson. The reinsurer will support growth of Jackson's fixed and fixed index annuity products.

"The complementary strengths of Jackson and TPG will enhance our competitiveness in the market," said Laura Prieskorn, Jackson's President and CEO.

Jon Winkelried, TPG's CEO, stated the partnership creates opportunities "to extend the duration of our capital, while scaling our product capabilities."

PPM America will continue managing the majority of Jackson's general account, with both Jackson and PPM retaining oversight of the investment portfolio. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2026.

Jackson plans to publish 2026 financial targets with its fourth quarter and full year 2025 earnings results in February 2026.

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