Jackson Financial (JXN) Partnership summary

Opening remarks and agenda

• The call opened with a welcome, outlining a Q&A session and announcing a long-term strategic partnership between two leading firms in retirement services and alternative asset management, emphasizing a shared commitment to client-centric, collaborative approaches and long-term value creation.

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

Objectives of the partnership

• The partnership aims to accelerate growth by leveraging retirement services, expanding spread-based product sales, and providing flexibility for innovative insurance solutions.

• The collaboration seeks to enhance product competitiveness, diversify earnings, promote capital stability, and meet strong consumer demand for value-oriented products.

Partner introductions and roles

• TPG, a global alternative asset manager with $286B AUM, will invest $500 million in JFI common shares and issue $150 million in TPG shares to Jackson, acquiring a 6.5% equity stake.

• PPM America and Jackson's senior leadership will oversee the partnership and integration, with PPM managing the majority of general account assets.

• Both partners retain oversight of the investment portfolio, with one contributing annuity expertise and distribution, and the other providing private credit and direct lending capabilities.