Jackson Financial (JXN) Partnership summary

Opening remarks and agenda

• The call opened with introductions and an overview of the agenda, focusing on strategic developments and a Q&A session at the end.

• Announced a long-term strategic partnership between two leading firms in retirement services and alternative asset management, marking a significant milestone for future growth and stakeholder value.

• Management highlighted that forward-looking statements would be discussed, subject to risks and uncertainties.

• Leadership from both organizations emphasized a shared commitment to client-centric, collaborative approaches and long-term value creation.

Objectives of the partnership

• The partnership aims to accelerate growth by enhancing asset management capabilities, expanding spread-based product sales, and offering more competitive products.

• The collaboration is expected to diversify sales mix and earnings, promote capital stability and generation, and support profitable growth.

• Seeks to meet strong consumer demand for value-oriented products and drive long-term stakeholder value.

Partner introductions and roles

• TPG, a global alternative asset manager with $286B AUM, will partner with Jackson, complementing PPM's investment management.

• TPG will invest $500 million in JFI common shares and issue $150 million in TPG shares to Jackson, aligning interests.

• Jackson and PPM retain oversight of the full investment portfolio, with PPM managing the majority of general account assets.

• One partner brings annuity product expertise and a broad distribution network; the other contributes a scaled private credit platform and investment grade asset-based finance and direct lending capabilities.