Jackson Financial (NYSE:JXN) Earnings Call Presentation

Strategic Partnership with TPG - TPG will acquire approximately 6.5% common equity stake in JFI at $106.03 per share, totaling $500 million at close[7] - Jackson will receive $150 million of TPG common equity at $65.82 per share[7] - TPG's AUM managed by TPG needs to reach $4 billion by the end of year 2 and $12 billion by the end of year 5[7] - TPG is a leading global alternative asset management firm with $286 billion of AUM[12] Formation of Hickory Re - Hickory Re is a Michigan-based captive reinsurer 100% owned by Brooke Re[18] - Hickory Re will reinsure new FA and FIA sales, initially reinsuring $1.2 billion inforce FA/FIA block[18] - Initial capitalization of Hickory Re is $650 million, including $150 million from JFI and $500 million from TPG investment in JFI common equity[10, 18] Financial Impact and Outlook - Expect capital capacity and efficiency to write $10-15 billion of cumulative FA and FIA sales over the medium-term[23] - Actuarial assumption review is expected to have an after-tax impact to Brooke Re equity of approximately $(350) million[26] - Brooke Re continues to be well capitalized relative to regulatory requirements[26]