Jackson Financial Partners with TPG for Strategic Growth in Insurance
Jackson Financial Inc., listed on the NYSE as JXN, has finalized a strategic partnership with TPG Inc., aligned with NASDAQ's TPG designation. This collaboration includes TPG's $500 million common equity investment aimed at bolstering Jackson’s growth in its spread-based offerings and ensuring flexibility for future insurance innovations. Under the terms, Jackson and TPG have crafted a non-exclusive investment management agreement spanning an initial ten-year period, which renews automatically each year through the 15th year. TPG will provide Investment Grade Asset-Based Finance and Direct Lending capabilities to complement PPM America, Inc., a Jackson subsidiary’s, asset management services.
In exchange for TPG's investment, Jackson has transferred 4,715,554 common shares to TPG, equating to around 6.5% of Jackson Financial Inc.'s common equity at issuance time. TPG reciprocated by issuing 2,279,109 shares of TPG Class A common stock to a fully-owned, indirect subsidiary of Jackson.
Leadership Insights on the Partnership
Laura Prieskorn, President and CEO of Jackson, remarked on the partnership's significance, highlighting its role in enhancing Jackson’s competitive standing and advancing its long-term growth objectives. "This collaboration reflects a strong cultural alignment and shared commitment to innovation, disciplined execution, and delivering meaningful value to our clients," she stated, indicating confidence in the partnership's potential to drive growth and increase shareholder value.
Jon Winkelried, CEO of TPG, commented on the strategic alliance, noting that it underscores TPG's unique credit capabilities and longstanding investment expertise. He emphasized the strong relationship developed with the Jackson team and expressed enthusiasm about the opportunities this partnership creates for advancing TPG’s credit and insurance strategies, positioning them as a premier choice for clients seeking tailored asset management solutions.