Jackson Financial partners with TPG; $500M investment and $150M in TPG stock; captive reinsurer Hickory Re formed

Jackson Financial Inc.

TPG to invest $500M for 4,715,554 JXN shares (~6.5% stake) at $106.03/share (30-day VWAP).
Jackson receives $150M in TPG stock (2,279,109 shares at $65.82/share); JBLLC to hold TPG shares.
Proceeds plus $150M Jackson excess cash to capitalize new captive reinsurer Hickory Re to support fixed annuity growth.
TPG to manage up to $12B in general account assets over 5 years via non-exclusive arrangement; PPM to continue managing majority.
Transaction expected to close Q1 2026; subject to customary conditions; standstill and voting agreements in place.

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