Jackson Financial Partners with TPG to Boost Annuity Growth
Jackson Financial Inc. has joined forces with TPG Inc. to enhance investment capabilities and drive growth in the annuity market, as confirmed in a press release dated January 6, 2026. As a leading U.S. retirement services provider, Jackson aims to capitalize on TPG's expertise in private credit investments, complementing the asset management strengths of its subsidiary, PPM America, Inc. This collaboration is set to boost Jackson’s fixed and fixed index annuity sales by increasing capital efficiency.
In this strategic alliance, TPG will undertake a significant investment in Jackson, committing to a $500 million equity acquisition and receiving $150 million in TPG common stock. This capital injection is anticipated to support Jackson's spread-based business expansion. Moreover, Jackson has launched Hickory Re, a Michigan-based captive reinsurer, to facilitate further sales growth.
Laura Prieskorn, CEO of Jackson, highlighted the partnership's potential to enhance market competitiveness and retirement security offerings, while Jon Winkelried, CEO of TPG, remarked on the deal's alignment with TPG's strategic goals within the evolving insurance industry. An initial 10-year investment management arrangement will blend TPG’s asset finance and direct lending capabilities with PPM's existing strengths, aiming to diversify investments, boost profitability, and solidify market standing.
As part of the mutual investment strategy, TPG will secure a 6.5% equity stake in Jackson, with Jackson acquiring shares in TPG, aligning both companies economically. The transaction, subject to regulatory compliance requirements and closing conditions, is expected to conclude in Q1 2026. Legal advisors include Skadden, Arps, Slate, Meagher & Flom LLP for Jackson and Debevoise & Plimpton LLP for TPG.
Jackson plans to reveal its 2026 financial targets during its February 2026 earnings announcement. This partnership is anticipated to strengthen Jackson’s profitability, facilitating robust capital generation and delivering enhanced shareholder returns.