U.S. life insurance application activity finished 2025 with record-breaking growth of 6.8% compared with 2024, representing the highest annual growth rate on record, the MIB Index reported.
The data represents a 6.7% increase over 2023 and 9.8% over 2022, while also achieving the highest total volume of annual application activity seen in the last 10 years. December also saw a record-breaking month, achieving the highest year-over-year [YOY] growth rate and highest total volume of activity for any December on record, and ending up 22.1% compared to December 2024.
The year began with fluctuating growth patterns, including flat activity in January, declines in February, growth in March and flat activity again in April, MIB reported. However, starting in May, the remainder of 2025 showed continuous YOY growth. October and September also posted double-digit growth, up 15.2% and 14% respectively, creating a strong finish to 2025.
All age bands saw growth in 2025, with growth rates increasing as age increases, and achieving double-digit growth for ages 61+. Activity for ages 0-30 was up 1.6%, ages 31-50 up 4.4%, ages 51-60 up 6.1%, ages 61-70 up 14.6%, and ages 71+ up 32.8%. When looking back at monthly YOY patterns by age band, ages 71+ led in growth for all 12 months, in the double digits for all months except February, MIB said.
Among the other age groups, the first half of 2025 saw fluctuating patterns. However, a trend emerged as of June that continued through the remainder of 2025, with YOY growth consistently increasing as age increased. Additionally, as of June, ages 31+ consistently showed growth, in the double digits for ages 61+, while growth for ages 0-30 continued to fluctuate.
Based on information where face amount was reported to MIB by our members, all face amounts saw growth in 2025, with double-digit growth for amounts over $250,000 up to and including $2.5 million and for amounts over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million.
When adding age bands to our analysis, ages 0-30 saw growth for all face amounts, in the double digits for amounts over $250,000 up to and including $2.5 million and over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million.
Ages 31-50 saw growth for amounts over $250,000, in the double digits for amounts over $500,000 up to and including $2.5 million and over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million, and flat activity for amounts up to and including $250,000.
Ages 51-60 saw growth for all face amounts, in the double digits for amounts over $250,000 up to and including $2.5 million and over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million. Ages 61-70 saw double-digit growth for all face amounts. Ages 71+ saw growth for all amounts, in the double digits for amounts up to and including $2.5 million and over $5 million.
Based on information where product type was reported to MIB by our members, all product types saw growth in 2025, with double-digit growth for term life and whole life. Term Life was up 17.5%, Whole life was up of 15.8%, and universal life was up 9.4%.
When breaking down activity by product type into age bands, Term life saw growth for all age bands, in the double digits for ages 31-70 and in the triple digits for ages 71+. Whole life saw growth for ages 31+, in the double digits for ages 61+, and flat activity for ages 0-30. Universal life saw growth for all age groups, in the double digit for ages 51+.
MEXICO CITY–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Mexico National Scale Rating of “aa+.MX” (Superior) of Insignia Life S.A. de C.V. (Insignia) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Insignia’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The stable outlooks reflect Insignia’s ability to return to positive bottom-line results and maintain a consistent performance that benefits from increased operational and financial flexibility by being a subsidiary of MAPFRE S.A. (MAPFRE).
The ratings also reflect MAPFRE’s commitment to support Insignia’s financial position in the form of capital contributions to help it withstand adverse situations and preserve its risk-adjusted capitalization at a level supportive of the current assessment.
Insignia was established in Mexico City in 2008, as a life insurance company that underwrites individual and group life through a commercial network of more than 3,000 agents and 10 offices distributed throughout Mexico. Insignia ranks within the top 25 companies within the life segment in the country, with a market share of less than 1% as of September 2025.
Insignia’s balance sheet strength assessment reflects the stabilization of its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), with underwriting and investments risks standing as the main components of required capital. A key factor going forward for AM Best’s assessment of Insignia’s balance sheet strength will be financial support from MAPFRE.
Insignia has improved its performance since it recovered from COVID-19 losses, achieving stabilization of its loss and acquisition ratios in recent periods. Technical results are stabilizing and consistent over the years, being diminished by administrative expenses, which are expected to decrease given the new synergies obtained by being part of MAPFRE. Profitability has been backed by investment income, as Insignia’s investment strategy continues to be conservative and provides a steady flow of revenue to back its underwriting results.
Negative rating actions could take place if Insignia’s underwriting and bottom-line results deteriorate to a level not supportive of the adequate operating performance assessment. Positive rating actions may occur if there is additional demonstrated support from Mapfre Group.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
A Vermont judge sided with National Life companies in a lawsuit over an indexed universal life policy that returned 0%.
Chief District Judge Christina Reiss awarded summary judgment for National Life on breach of contract, deception, and racketeering claims made by Sanya Virani, of Indiana. However, the judge gave Virani 20 days from Monday to refile an amended complaint.
Virani claims the IUL relies on back-tested historical performance that does not match reality and is “a fraudulent sham.” She initially filed suit nearly a year ago in the U.S. District Court for the District of Vermont, where NLV Financial Corp. is headquartered.
Viriani resided in Massachusetts when she purchased an IUL policy on Sept. 8, 2023, the amended complaint said, with a face or base coverage amount of $2,767,336. The policy offered Virani interest crediting strategies, including “Fixed-Term Strategies” and “Indexed Strategies” – the returns from which are credited to the policy’s accumulated value.
The lawsuit describes the US Pacesetter No Cap Annual Point-to-Point Indexed Strategy.
Virani allocated 100% of the accumulated value under her policy to the US Pacesetter Index, the complaint states. According to her 2024 Annual Statement issued by National Life, 0% interest was credited to her account as a result of that allocation for the period September 22, 2023, to September 21, 2024.
Evidence lacking
Virano failed to state a valid claim that she was deceived during her life insurance purchase, Judge Reiss wrote.
“Plaintiff does not assert that the Illustration or Policy contained any steering language that induced her to obtain the Policy and deposit her Accumulated Value into one Index rather than another,” her ruling states. “She similarly does not claim that she was coerced into purchasing the Policy rather than obtaining different insurance from a different company.
“She also does not contend that Defendants benefitted more from her selection of the Pacesetter Index as opposed to other available Indices.”
Virani also alleged that National Life’s sales practices, through marketing organizations on down to its on-the-ground salespeople, violates the Racketeer Influenced and Corrupt Organizations Act [RICO]. Judge Reiss rejected that claim as well.
The complaint “does not identify a single communication between the alleged enterprise members, nor does it describe any specific actions in furtherance of the allegedly fraudulent scheme other than those attendant in the purchase and sale of insurance,” Reiss wrote. “An enterprise is not plausibly alleged in this manner.”
Although whole life and indexed universal life sit under the same permanent insurance umbrella, anyone who works in this space knows they work like two entirely different tools once they’re put into practice.
Louis Slagle
I’ve spent countless hours helping people weigh guarantees, flexibility, cash value potential and the role each product plays in long-term planning. The truth is simple: Neither product wins by default. The right fit depends on the client’s priorities and the future they want to build.
The momentum behind these decisions is growing, too. U.S. individual life insurance new premium reached $3.94 billion in the first quarter of 2025, and IUL grew 11% during that same period. Generation X and millennial consumers are driving a significant share of this activity, and LIMRA’s 2024 findings show that many of them continue to overestimate the cost of life insurance.
This gap between perception and reality shapes nearly every discussion I have about permanent coverage, because people think they’re “priced out” long before they’ve checked the numbers. Absolute clarity comes from looking at how each design supports the life someone wants to build. That’s where these two products begin to separate.
Starting point: Guarantees and what they provide
Whole life is built on certainty. Premiums remain level. Cash value grows at a guaranteed rate. The death benefit stays intact. For people who want long-term predictability and the comfort of knowing every piece of their policy is stable, this structure fits naturally.
That stability requires a larger upfront commitment. Whole life premiums are often higher because the guarantees are built in from Day 1. Many people who gravitate toward whole life appreciate the contract’s steady nature and the reassurance of fixed values that do not change as markets shift.
Show how IUL creates opportunity
IUL policies work differently. Cash value growth is tied to an external index, with caps and floors that guide potential results. The upside can be meaningful during strong market years, while the floor protects against losses during downturns.
Whenever I walk through this structure with someone, the conversation often shifts toward flexibility. IUL offers control through funding choices, allocation options and the ability to adapt the policy as life changes. These features can be incredibly effective when the policy is funded and managed with intention. IUL’s features also require more engagement than whole life, which is why clarity during the planning process matters.
Talk openly about premiums and what flexibility really means
One of the most significant differences between these products is how the premiums work over time. Whole life premiums are fixed and predictable. There is comfort in that structure, especially for people who prefer stability.
IUL premiums are flexible. People can increase, reduce or take temporary breaks in contributions if the cash value can sustain the internal charges. Flexible does not mean optional, and I’ve seen policies perform best when people understand that consistent funding creates the strongest long-term outcomes.
Connect timing and risk to long-term value
Whole life rewards discipline. The cash value accumulates steadily, and the policy becomes most efficient when held for decades. People who value slow, steady progress often find whole life helps them stay aligned with their long-term plans.
IUL rewards attentiveness. Someone who enjoys monitoring decisions, adjusting allocations or exploring opportunities for greater accumulation often prefers the additional levers that IUL offers. That level of involvement appeals to people who like understanding how their money works and want to take an active role in shaping the policy’s long-term performance.
When properly funded, IUL can create significant long-term potential. The key is understanding that the design carries a range of outcomes, not a single path.
Use generational trends to strengthen the discussion
Younger Gen X adults and older Millennials continue to drive new life insurance applications.
Many of these individuals want flexibility and efficiency, and they’re navigating financial pressures that look different from previous generations. They also carry strong misconceptions about cost. Research shows that many young adults believe life insurance is far more expensive than it is, which delays their planning.
When people understand how whole life and IUL serve different goals, the decision becomes easier. They stop choosing based on budget fears and start choosing based on what supports their future.
Use real-world examples to illustrate the trade-offs
When I walk through examples like these, people start to see which structure feels more natural for them. These examples help people recognize where they fit:
Someone who prefers predictable premiums and guaranteed growth usually leans toward whole life. They want protection that behaves consistently over time.
Someone who wants flexibility, control and the opportunity for more substantial long-term accumulation often gravitates toward IUL. They’re comfortable balancing potential with structure.
Someone focused on creating income later in life may choose whole life for dependable cash value, or they may lean toward IUL if they want the possibility of higher accumulation. Both designs approach income planning from different angles.
Real-life scenarios keep the conversation grounded and make the decision feel practical instead of abstract.
Turn clarity into action
Life insurance works best when it supports the whole plan, not a single moment in time. When people look at whole life and IUL through the lens of their own goals, risk tolerance and time horizon, they begin to see what each product can help them accomplish.
Our role is to bring clarity to the decision so the person in front of us feels confident, not overwhelmed. We help them understand how each design supports stability, flexibility or long-term growth, and how those choices shape their financial future.
The most effective outcome is when someone walks away knowing they selected the option that aligns with the life they want to live, both now and decades from now.
Just before Christmas, I sent an important letter to President Trump, advising him not to pardon Greg Lindberg.
Billionaire Lindberg owned a number of North Carolina-based insurance companies, including Colorado Bankers Life Insurance Co., Bankers Life Insurance Co., Southland National Insurance Corp. and Southland National Reinsurance Corp. Lindberg harmed policyholders by diverting money from his insurance companies to other companies he owned and used much of that money to finance his lavish lifestyle, purchasing jets, yachts and mansions. When my expert staff at the Department of Insurance raised concerns about the financial stability of his insurance companies and tried to take corrective action, Lindberg tried to get me to fire the experts trying to keep his insurance companies solvent. He tried to bribe me in order to get a senior official removed. I worked with the FBI and was wearing a wire when he made the offer.
As I said in my letter to the president, Lindberg’s criminal conduct was not incidental, technical or victimless. It was deliberate, sustained and directly aimed at corrupting a state regulatory system charged with protecting the public so he could enrich himself.
These are not victimless crimes. The diversion of moneys from Lindberg’s insurance companies to his affiliate companies and ultimately to his own pockets irreparably harmed the insurance companies to the point where the companies had to be liquidated. Fortunately for policyholders, state guaranty associations exist to help policyholders get up to $300,000 of the money due to them when insurance companies go belly up.
Unfortunately for the policyholders, Lindberg fought liquidation in the courts and his appeals to higher courts resulted in delayed benefits for the policyholders. Many of these policyholders had invested in Lindberg’s insurance companies as a means of providing annuities and other benefits so that they could retire comfortably.
These illegal activities put the victims’ financial security at risk and they continue to suffer repercussions today. These harms are real, ongo- ing and irreparable.
Lindberg has a well-financed and aggressive public relations campaign as he seeks a pardon from Trump. Media reports say he’s hired well-placed lobbyists with ties to the president in an attempt to obtain a pardon.
Sworn testimony, recorded evidence, the findings of a federal jury and Lindberg’s own admission of guilt make it clear that he received due process and every legal protection afforded under our Constitution. Clemency is most compelling when it corrects a miscarriage of justice or shows mercy where the law has operated too harshly. Neither condition applies here.
North Carolina’s two U.S. Senators, Thom Tillis and Tedd Budd, have weighed in against a pardon. I thank them for their thoughtful response.
My hope is that Trump will deny any request for a pardon or commutation of sentence for Lindberg. To do otherwise would undermine public confidence in the rule of law and send a troubling message to those entrusted with regulatory authority and to those tempted to corrupt it.
N.C. Department of Insurance Commissioner Mike Causey.
SAUSALITO, Calif.–(BUSINESS WIRE)–
Inclined today announced the launch of its new mobile app, giving whole life insurance policyowners real-time, on-demand access to the cash value inside their policies. Available on iOS, the Inclined mobile app allows approved policyowners to manage their Inclined Line of Credit (iLOC) directly from their phone, bringing speed, transparency, and control to a financial asset that has traditionally been slow and manual to access.
Available on iOS, the Inclined mobile app allows approved policyowners to manage their Inclined Line of Credit (iLOC) directly from their phone, bringing speed, transparency, and control to a financial asset that has traditionally been slow and manual to access.
Borrowing against whole life insurance has long been a strategy used by financially savvy individuals, but the process has often involved paperwork, long processing times, and limited visibility. Inclined’s mobile app modernizes that experience by putting real-time account information and self-serve functionality into a simple, mobile-first experience.
“Managing your money today has become a mobile-first experience, and accessing your insurance-backed line of credit shouldn’t be any different,” said Josh Wyss, CEO, Inclined. “With the Inclined app, policyowners can see and manage their available cash in the same way they manage the rest of their finances.”
The Inclined mobile app is designed to give policyowners greater visibility and control over a financial asset they already own. By removing friction from the process, the app allows users to incorporate insurance-backed liquidity more easily into their overall financial planning.
With the Inclined Mobile App, iLOC clients can:
View account balances and available credit instantly
Draw funds on demand to arrive the next business day in most cases
Make payments at any time
Manage linked bank accounts
Access policy and account documents securely
With the app, policyowners can see exactly how much credit they have available and take action without delays or intermediaries. Whether funding an investment, covering a business expense, or addressing an unexpected need, liquidity becomes easier to access when it’s needed most.
Rather than leaving cash value underutilized, the Inclined mobile app helps policyowners put their capital to work while maintaining the long-term protection and benefits of their whole life policies. The app is designed to be simple and intuitive, reflecting how people manage money today and reducing complexity at critical moments.
The launch of the mobile app marks another step in Inclined’s broader effort to modernize the experience of using whole life insurance. By combining technology with a traditionally static financial product, Inclined is helping policyowners unlock the living benefits of their policies throughout their lifetime.
The Inclined mobile app is now available on the Apple App Store. The app is available to policyowners with an approved Inclined Line of Credit. Learn more at https://www.inclined.com/app.
About Inclined:
Inclined is a software company focused on driving better long-term outcomes for whole life insurance policyowners. The company’s technology platform connects policyowners with financial institutions in a unique marketplace that lowers barriers to access, improves customer experience, and fosters competitive rates. Inclined’s singular mission is to help people get more value out of their whole life investment by working with the largest whole life insurance carriers. Inclined is headquartered in Sausalito, CA. For more information visit www.inclined.com or watch our explainer video. Follow us on LinkedIn.
RENO, Nev.–(BUSINESS WIRE)–
U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., North America’s largest “do-it-yourself” moving and self-storage company will participate in the KeyBanc Capital Markets Self-Storage Investor Forum on Thursday, January 8, 2026 in New York City.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers’ patronage has enabled the U-Haul fleet to grow to approximately 203,000 trucks, 137,400 trailers and 41,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,111,000 rentable storage units and 96.5 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading “Best for Vets” employer and was recently named one of the 15 Healthiest Workplaces in America.
DENVER – January 6, 2026 – Vertafore today released a new industry report about how the expectations of end-insureds are evolving and how independent agents can use technology to strengthen client relationships.
The report, Policyholder Expectations for Independent Agents, is based on responses from more than 600 U.S. insurance clients. Findings show that clients value guidance from a trusted agent but also want the speed and convenience of modern digital tools.
“This new data shows that clients genuinely value the personal connection and expertise of their independent agents. At the same time, clients want faster communication and digital access to their insurance information,” said James Thom, chief product officer at Vertafore. “By combining the right tools with their knowledge, agents can deliver the experience clients want, strengthen their relationships and stand out from the competition.”
Key takeaways to stand out with clients in 2026
Deliver personalized guidance supported by digital tools. Nearly 90% of policyholders want agent involvement when managing their policies, but more than half also want online or mobile access to account details. Agents can meet those expectations by combining personal service with digital self-service options.
Build trust with regular communication. Only 21% of policyholders say they receive proactive outreach from their agent and many want more touches beyond renewals and transactions. AI-enabled tools give agencies the ability to scale timely, high-value communications without increasing their workload.
Strengthen agency visibility where clients are looking. Referrals are the top source of new agency business, but a notable portion of younger policyholders found their agent online or through social media. That creates urgency for agencies to maintain a strong, accurate digital presence to attract new clients.
Respond quickly and make interactions effortless. An overwhelming majority of policyholders expect agents to respond to inquiries within one business day, and 35% expect an answer in an hour or less. To meet that expectation, agencies need systems that provide a 360-degree client view, streamline workflows and tasks, and integrate with vetted communications tools.
Lead with transparency around AI. AI is opening new opportunities for agents to deliver faster, more personalized service. Policyholders are largely open to agents using AI tools to save them time or money, but 85% say it’s important to know when their agent uses AI and most want human expertise to stay at the center of their service.
Ultimately, the report shows that policyholders want the confidence of working with a knowledgeable advisor and the efficiency that comes from digital tools. Independent agents who pair their expertise with the right technology will be best positioned to win with clients in 2026.
TPG and Jackson Financial Inc. to establish long-term, strategic investment management partnership, with a minimum commitment of $12 billion of AUM and strong economic incentives aligned to a long-term target of $20 billion
Partnership expected to commence with an allocation to TPG Credit, initially focused on Investment Grade Asset Based Finance and Direct Lending, with opportunities to expand into other strategies over time
TPG to make $500 million minority investment in Jackson, representing an approximate 6.5% pro forma ownership stake in the Company; Jackson to receive $150 million in TPG shares, priced at market, further aligning long-term partnership and incentives
SAN FRANCISCO & FORT WORTH, Texas & LANSING, Mich.–(BUSINESS WIRE)–
TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm and Jackson Financial Inc. (NYSE: JXN) (Jackson®), a leading U.S. retirement services firm, today announced that they have established a long-term, strategic investment management partnership. Under the agreement, TPG will manage a minimum commitment of $12 billion of AUM for Jackson, with economic incentives aligned to a long-term target of $20 billion. The strategic investment management partnership will initially focus on Investment Grade Asset Based Finance (ABF) and Direct Lending, further accelerating TPG’s credit origination momentum.
As part of the transaction, TPG will make a $500 million minority investment in Jackson, representing an approximate 6.5% pro forma ownership stake. Jackson will receive $150 million of TPG stock, priced at market, with the potential to receive additional shares if the investment management partnership grows to $20 billion. This structure creates significant alignment among the firms and long-term value creation opportunities. The investment from TPG will further enhance Jackson’s growth plans and broader strategic initiatives.
“Over the past several years, TPG has achieved meaningful growth in insurance capital across our platform, driven by our ability to create differentiated access points and cross-platform strategies that meet the evolving needs of our insurance partners,” said Jon Winkelried, Chief Executive Officer of TPG. “As the insurance landscape continues to evolve, we see tremendous opportunity to deepen relationships and drive long-term value for policyholders and shareholders through thoughtful, relationship-driven approaches that leverage the full breadth of TPG’s capabilities. Jackson brings an impressive track record as a leading provider of retirement income solutions, and as we’ve developed a strong relationship with their team, it’s clear that our goals are closely aligned. This strategic partnership is an important step in the evolution of our franchise and insurance practice, creating opportunities for us to extend the duration of our capital, while scaling our product capabilities.”
“Today marks a significant milestone for Jackson’s next phase of growth and our commitment to provide long-term value for all stakeholders,” commented Laura Prieskorn, President and Chief Executive Officer of Jackson. “I am proud to form this strategic partnership with an organization that shares our commitment to delivering world-class performance through a collaborative and client-centric approach. The complementary strengths of Jackson and TPG will enhance our competitiveness in the market, supporting our efforts to bring more value to consumers to meet the growing needs of Americans seeking financial security in retirement.”
This long-term strategic partnership leverages TPG’s established underwriting process, investment expertise, and origination capabilities, and reinforces the continued strength of the TPG Credit franchise. It also provides Jackson with access to differentiated investment opportunities, enhanced sourcing, and execution certainty. Consistent with TPG’s asset-light model and multi-partner approach, this transaction reflects TPG’s strategy of providing flexible, customized solutions to a broad base of insurance clients.
Approvals and Closing
The transaction is subject to customary closing conditions and is anticipated to close in the first quarter of 2026.
Advisors
Debevoise & Plimpton LLP served as TPG’s legal counsel and Oliver Wyman served as TPG’s actuarial advisor. Weil, Gotshal & Manges LLP advised TPG with respect to certain corporate and regulatory matters. Skadden, Arps, Slate, Meagher & Flom LLP served as a legal advisor to Jackson.
Investor Presentation
A supplemental investor presentation on the transaction is available on the Investor Relations section of TPG’s website at shareholders.TPG.com.
Conference Call Information
TPG will host a conference call and live webcast today at 8:00 a.m. ET. It may be accessed by dialing 800-245-3047 (US toll-free) or 203-518-9765 (international), using the conference ID TPG0106. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of TPG’s website at shareholders.tpg.com. A webcast replay will be made available on the Events page in the Investor Relations section of TPG’s website.
Forward-Looking Statements
This announcement may contain forward-looking statements based on our beliefs and assumptions and on information currently available to us. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our and/or Jackson’s future business and financial performance, estimated operational metrics, business strategy, and plans and objectives of management for future operations, including, among other things, statements regarding the expected closing of the transaction and terms of the investment agreement.
Forward-looking statements are based on our current expectations and assumptions regarding our and/or Jackson’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As a result, actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to complete and recognize the anticipated benefits of the transaction on the anticipated timeline or at all; our ability to manage growth and execute our business plan; and regional, national, or global political, economic, business, competitive, market, and regulatory conditions and uncertainties, among various other risks. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors discussed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on February 18, 2025 and subsequent filings with the SEC, which can be found at the SEC’s website at http://www.sec.gov.
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this announcement and related public filings. Any forward-looking statement made by us in this announcement speaks only as of the date on which we make it. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law. No recipient should, therefore, rely on these forward-looking statements as representing the views of the Company or its management as of any date subsequent to the date of the document.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities or an offer of any TPG fund.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $286 billioni of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.
About Jackson
Jackson® is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2024. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for 3 consecutive months or more.)
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
NEW YORK–(BUSINESS WIRE)–
New York Life, America’s largest mutual life insurer,1 today announced that the company once again enters the new year with the highest possible financial strength ratings currently awarded to any U.S. life insurer by all four major ratings agencies. During each rating agency’s most recent review cycle, Standard & Poor’s, Fitch Ratings, A.M. Best, and Moody’s Investors Service all affirmed New York Life’s industry-leading ratings.
In November 2025, New York Life announced that the company will pay an estimated $2.78 billion in dividends to eligible participating policy owners in 2026 — the largest dividend payout in New York Life’s 180-year history and its 172nd consecutiveannual dividend. Dividends are a tangible expression of New York Life’s mutuality. The company remains committed to making long-term decisions that support continued strength and deliver enduring value to the millions of individuals, families, and businesses who place their trust in New York Life.
Highlights from the ratings agencies include:
Standard & Poor’s – Rating of AA+ (Highest for a U.S. life insurer), as of Oct. 28, 2025
Excellent business and financial risk positions
Top market positions in the U.S. individual life insurance industry, propelled by a successful, controlled distribution model
Consistent strategic focus on whole life policyholders
Fitch Ratings – Rating of AAA (Highest), as of Sept. 16, 2025
Leading market position in U.S. individual life insurance market
Exceptionally strong capital
Diversified liability profile and earnings mix
Loyal and productive career agency distribution channel
Leading producer of participating whole life insurance and guaranteed income annuities as well as group life and disability insurance
A.M. Best – Rating of A++ (Highest), as of Aug. 1, 2025
Very strong operating performance and very favorable business profile
Very strong risk-adjusted capital
Very strong and established industry-leading managerial career agency distribution channel
Strong brand recognition and leading market position in retail life insurance, guaranteed income and fixed deferred annuities — with a continued top-ranked position in overall U.S. individual annuity sales and lead position in U.S. retail life sales as of year-end 2024
A well-diversified investment portfolio with a consistent approach toward credit risk and cash
Moody’s Investors Service – Rating of Aa1 (Highest for U.S. life insurer), as of June 12, 2025
Top-tier position in the domestic individual life insurance business
Leading position in group life and disability insurance
Large block of individual life insurance containing significant embedded profits
Productive and well-established career agency distribution network
Well-diversified investment portfolio, strong liquidity, and strong capitalization
The agencies’ complete and current public commentaries on New York Life are available here.
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance and other solutions. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2025. For methodology, please see https://fortune.com/company/new-york-life-insurance/.
2Individual independent rating agency commentary as of 10/28/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+).
