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.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Jackson Financial Inc. issued 4,715,554 shares of common stock to TPG Operating Group II, L.P., a Delaware limited partnership and affiliate of TPG for $500 million.

Security: common stock
Shares: 4,715,554 shares
Purchaser: TPG Operating Group II, L.P., a Delaware limited partnership and affiliate of TPG
Consideration: $500 million

Exact text from the filing

On January 5, 2026, Jackson Financial Inc. (the “Company”) and Jackson Brooke LLC, a Delaware limited liability company (“JBLLC”), entered into an investment agreement (the “Investment Agreement”) with TPG Inc., a Delaware corporation (“TPG”), and TPG Operating Group II, L.P., a Delaware limited partnership and affiliate of TPG (“Buyer”), pursuant to which the Company will sell 4,715,554 shares (the “Shares”) of common stock of the Company (“Common Stock”), representing approximately 6.5% of the outstanding Common Stock on a post-issuance basis, to the Buyer for an aggregate cash consideration of $500 million

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Jackson Financial Inc. filing history →

Source: SEC EDGAR

accession 0001104659-26-000968

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