Prudential : Quarterly Statement of the Jackson National Life Insurance Company to the Insurance Department of The State of Michigan for the Quarter Ended March 31, 2021

QUARTERLY STATEMENT

OF THE

JACKSON NATIONAL LIFE INSURANCE COMPANY

TO THE

Insurance Department

OF THE

STATE OF

Michigan

FOR THE QUARTER ENDED

MARCH 31, 2021

[ X ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2021

STATEMENT AS OF MARCH 31, 2021 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

ASSETS

			Current Statement Date		4
		1	2		3	December 31
					Net Admitted Assets	Prior Year Net
		Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds	51,410,305,968	0		51,410,305,968	52,658,303,777
2.	Stocks:
	2.1 Preferred stocks	85,885,175	0		85,885,175	40,325,000
	2.2 Common stocks	893,913,857	5,786,631		888,127,226	864,508,335

3. Mortgage loans on real estate:

3.1	First liens	11,385,456,991	0	11,385,456,991	10,906,757,382
3.2	Other than first liens	0	0	0	0

4. Real estate:

	4.1 Properties occupied by the company (less $	0
	encumbrances)			240,174,220	0	240,174,220	242,109,683
	4.2 Properties held for the production of income (less
	$	0	encumbrances)		7,172,124	0	7,172,124	7,172,124
	4.3 Properties held for sale (less $	0
	encumbrances)			698,303	0	698,303	2,186,728
5.	Cash ($	181,794,867	), cash equivalents
	($	679,326,317 ) and short-term
	investments ($	0 )		861,121,184	0	861,121,184	1,244,646,085
6.	Contract loans (including $	0	premium notes)	4,366,780,000	1,810,451	4,364,969,549	4,397,119,190
7.	Derivatives				1,121,057,430	0	1,121,057,430	2,406,182,341
8.	Other invested assets			1,975,778,921	15,791,021	1,959,987,900	1,654,938,583
9.	Receivables for securities			111,406,800	0	111,406,800	149,020,017
10.	Securities lending reinvested collateral assets		14,746,753	0	14,746,753	12,304,884
11.	Aggregate write-ins for invested assets		0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)		72,474,497,726	23,388,103	72,451,109,623	74,585,574,129
13.	Title plants less $	0 charged off (for Title insurers
	only)				0	0	0	0
14.	Investment income due and accrued		697,612,725	0	697,612,725	667,384,859
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	310,685,009	0	310,685,009	332,544,497
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	0
	earned but unbilled premiums)		48,208,124	0	48,208,124	49,034,925
	15.3 Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	0	0	0	0

16. Reinsurance:

	16.1	Amounts recoverable from reinsurers	352,695,113	0	352,695,113	287,219,471
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	(119,089,839)	0	(119,089,839)	(26,143,724)
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	413,582,091	0	413,582,091	399,948,076
18.2	Net deferred tax asset	2,065,432,065	1,678,898,057	386,534,008	624,003,212
19.	Guaranty funds receivable or on deposit	1,804,921	0	1,804,921	1,950,128
20.	Electronic data processing equipment and software	2,137,956	0	2,137,956	2,870,520

21. Furniture and equipment, including health care delivery assets

	($	0 )	24,755,113	24,755,113	0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates	0	0	0	0
23.	Receivables from parent, subsidiaries and affiliates	50,867,953	0	50,867,953	39,734,408
24.	Health care ($	0 ) and other amounts receivable	0	0	0	0
25.	Aggregate write-ins for other than invested assets	96,787,940	27,190,005	69,597,935	81,879,924

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

76,419,976,897

1,754,231,278

74,665,745,619

77,046,000,425

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	210,865,604,400	0	210,865,604,400	203,756,361,329
28.	Total (Lines 26 and 27)	287,285,581,297	1,754,231,278	285,531,350,019	280,802,361,754
	DETAILS OF WRITE-INS
1101.
1102.
1103.
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	0	0	0	0
2501.	Agents' balances (net)	4,155,960	4,155,960	0	0
2502.	Capitalized software and associated costs	15,024,933	15,024,933	0	0
2503.	Goodwill and value of business acquired	69,597,935	0	69,597,935	81,879,924
2598.	Summary of remaining write-ins for Line 25 from overflow page	8,009,112	8,009,112	0	0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	96,787,940	27,190,005	69,597,935	81,879,924

2

STATEMENT AS OF MARCH 31, 2021 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31
					Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	28,295,425,997 less $	0 included in Line 6.3
	(including $	0	Modco Reserve)		28,295,425,997	28,641,465,110
2.	Aggregate reserve for accident and health contracts (including $	0 Modco Reserve)	0	0
3.	Liability for deposit-type contracts (including $	0 Modco Reserve)	11,326,063,116	11,886,021,839

4. Contract claims:

4.1	Life		964,144,707	903,762,962
4.2	Accident and health		0	0
5. Policyholders' dividends/refunds to members $	159,868 and coupons $	0 due
and unpaid			159,868	204,888

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1	Policyholders' dividends and refunds to members apportioned for payment (including $	0
	Modco)			8,735,133	8,737,702
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0 Modco)	173,518	174,717
6.3	Coupons and similar benefits (including $	0 Modco)		43,036	43,167
7. Amount provisionally held for deferred dividend policies not included in Line 6		0	0

8. Premiums and annuity considerations for life and accident and health contracts received in advance less

$

0 discount; including $

0 accident and health premiums

2,851,862

2,567,301

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts				320,805	300,467
	9.2	Provision for experience rating refunds, including the liability of $	0 accident and health
		experience rating refunds of which $	0 is for medical loss ratio rebate per the Public Health
		Service Act					0	0
	9.3 Other amounts payable on reinsurance, including $	(75,151,115) assumed and $	13,514,485
		ceded					(61,636,630)	(24,919,942)
	9.4 Interest Maintenance Reserve				695,617,287	722,493,062
10.	Commissions to agents due or accrued-life and annuity contracts $	113,493,538 , accident and health
	$		0 and deposit-type contract funds $	0		113,493,538	122,307,852
11.	Commissions and expense allowances payable on reinsurance assumed			7,501,945	7,723,592
12.	General expenses due or accrued				190,832,819	252,144,900
13.	Transfers to Separate Accounts due or accrued (net) (including $	(5,306,283,429) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			(5,300,097,700)	(5,287,185,601)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes			(4,561,884)	(5,519,216)
15.1 Current federal and foreign income taxes, including $		0 on realized capital gains (losses)	0	0
15.2	Net deferred tax liability					0	0
16.	Unearned investment income				6,726,044	7,055,148
17.	Amounts withheld or retained by reporting entity as agent or trustee			3,756,589	7,678,578
18.	Amounts held for agents' account, including $	6,550,985 agents' credit balances		6,550,985	6,419,592
19.	Remittances and items not allocated				49,643,683	44,758,224
20.	Net adjustment in assets and liabilities due to foreign exchange rates			0	0
21.	Liability for benefits for employees and agents if not included above			0	0
22.	Borrowed money $	538,052,635 and interest thereon $	6,044		538,058,679	452,318,666
23.	Dividends to stockholders declared and unpaid				0	0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve				481,932,814	469,916,514
	24.02 Reinsurance in unauthorized and certified ($	0 ) companies		34,372,617	33,888,565
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	3,652,342,424	3,619,872,636
	24.04	Payable to parent, subsidiaries and affiliates			237,298,628	253,247,466
	24.05	Drafts outstanding				0	0
	24.06	Liability for amounts held under uninsured plans			0	0
	24.07	Funds held under coinsurance				26,417,323,893	26,993,894,636
	24.08	Derivatives				258,039,658	0
	24.09	Payable for securities				655,564,900	247,782,570
	24.10	Payable for securities lending				14,746,753	12,304,884
	24.11 Capital notes $	0 and interest thereon $	0		0	0
25.	Aggregate write-ins for liabilities				3,126,061,604	2,886,029,867
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			71,721,486,688	72,265,490,146
27.	From Separate Accounts Statement				210,865,604,400	203,756,361,329
28.	Total liabilities (Lines 26 and 27)				282,587,091,088	276,021,851,475
29.	Common capital stock				13,800,000	13,800,000
30.	Preferred capital stock				0	0
31.	Aggregate write-ins for other than special surplus funds			0	0
32.	Surplus notes				249,693,414	249,680,279
33.	Gross paid in and contributed surplus				4,006,054,966	4,006,054,966
34.	Aggregate write-ins for special surplus funds			0	0
35.	Unassigned funds (surplus)				(1,325,289,449)	510,975,034

36. Less treasury stock, at cost:

	36.1	0	shares common (value included in Line 29	$	0	)	0	0
	36.2	0	shares preferred (value included in Line 30	$	0	)	0	0
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $		0 in Separate Accounts Statement)	2,930,458,931	4,766,710,279
38.	Totals of Lines 29, 30 and 37					2,944,258,931	4,780,510,279
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				285,531,350,019	280,802,361,754
	DETAILS OF WRITE-INS
2501.	Deferred compensation						345,636,506	359,569,468
2502.	Deferred rent						9,195,451	9,621,253
2503.	Founders Plan liability						22,884	90,351
2598.	Summary of remaining write-ins for Line 25 from overflow page				2,771,206,763	2,516,748,795
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)				3,126,061,604	2,886,029,867
3101.
3102.
3103.
3198.	Summary of remaining write-ins for Line 31 from overflow page				0	0
3199.	Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)
			0	0
3401.
3402.
3403.
3498.	Summary of remaining write-ins for Line 34 from overflow page				0	0
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)				0	0

3

STATEMENT AS OF MARCH 31, 2021 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	4,839,710,046	5,177,926,171	(8,369,874,070)
2.	Considerations for supplementary contracts with life contingencies	1,168,247	2,361,763	7,441,318
3.	Net investment income	837,308,842	973,903,809	3,550,551,701
4.	Amortization of Interest Maintenance Reserve (IMR)	33,159,338	17,698,907	208,971,544
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	0	0	0
6.	Commissions and expense allowances on reinsurance ceded	16,020,677	(12,726,115)	1,236,332,511
7.	Reserve adjustments on reinsurance ceded	0	0	0

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	1,286,533,083	1,056,492,129	4,638,415,231
	8.2 Charges and fees for deposit-type contracts	0	0	0
	8.3 Aggregate write-ins for miscellaneous income	186,085,763	226,077,914	641,554,797
9.	Totals (Lines 1 to 8.3)	7,199,985,996	7,441,734,578	1,913,393,032
10.	Death benefits	313,388,063	262,151,118	1,079,022,004
11.	Matured endowments (excluding guaranteed annual pure endowments)	2,246,677	754,347	6,058,163
12.	Annuity benefits	877,517,374	907,045,511	3,281,538,269
13.	Disability benefits and benefits under accident and health contracts	3,002,829	2,824,263	12,153,033
14.	Coupons, guaranteed annual pure endowments and similar benefits	17,072	19,825	75,126
15.	Surrender benefits and withdrawals for life contracts	4,945,741,718	4,888,263,373	16,120,092,073
16.	Group conversions	0	0	0
17.	Interest and adjustments on contract or deposit-type contract funds	51,804,288	89,151,240	268,726,483
18.	Payments on supplementary contracts with life contingencies	2,066,663	2,231,397	8,610,126
19.	Increase in aggregate reserves for life and accident and health contracts	(346,039,113)	11,945,207,517	(24,140,388,373)
20.	Totals (Lines 10 to 19)	5,849,745,571	18,097,648,591	(3,364,113,096)

21. Commissions on premiums, annuity considerations, and deposit-type contract funds (direct

	business only)	488,035,579	448,313,426	1,763,715,876
22.	Commissions and expense allowances on reinsurance assumed	40,575,449	50,231,560	185,145,601
23.	General insurance expenses and fraternal expenses	143,276,455	161,708,771	688,276,009
24.	Insurance taxes, licenses and fees, excluding federal income taxes	16,048,681	17,512,174	45,623,235
25.	Increase in loading on deferred and uncollected premiums	346,868	(922,910)	(2,498,839)
26.	Net transfers to or (from) Separate Accounts net of reinsurance	(872,149,605)	(1,814,099,235)	(2,600,259,511)
27.	Aggregate write-ins for deductions	271,250,356	93,950,538	1,716,830,717
28.	Totals (Lines 20 to 27)	5,937,129,354	17,054,342,915	(1,567,280,008)

29. Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus

Line 28)	1,262,856,642	(9,612,608,337)	3,480,673,040
30. Dividends to policyholders and refunds to members	2,406,823	2,473,683	11,984,812

31. Net gain from operations after dividends to policyholders, refunds to members and before federal

income taxes (Line 29 minus Line 30)	1,260,449,819	(9,615,082,020)	3,468,688,228
32. Federal and foreign income taxes incurred (excluding tax on capital gains)	481,182,965	(3,058,388,537)	949,924,814

33. Net gain from operations after dividends to policyholders, refunds to members and federal income

	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)		779,266,854	(6,556,693,483)	2,518,763,414
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	(502,237,344) (excluding taxes of $	42,398,348
	transferred to the IMR)			(1,927,710,788)	6,188,163,766	(4,452,236,387)
35.	Net income (Line 33 plus Line 34)		(1,148,443,934)	(368,529,717)	(1,933,472,973)
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year		4,780,510,279	4,759,577,738	4,759,577,738
37.	Net income (Line 35)			(1,148,443,934)	(368,529,717)	(1,933,472,973)
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	(92,643,542)	(299,772,034)	3,239,890,973	453,210,266
39.	Change in net unrealized foreign exchange capital gain (loss)		(18,405,886)	0	5,393,835
40.	Change in net deferred income tax		271,960,482	(581,693,879)	317,135,572
41.	Change in nonadmitted assets		(597,048,356)	852,366,634	(152,807,988)
42.	Change in liability for reinsurance in unauthorized and certified companies		(484,053)	33,060,546	31,060,411
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	0	0	0
44.	Change in asset valuation reserve		(12,016,301)	(306,543,836)	(21,474,836)
45.	Change in treasury stock			0	0	0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period		0	0	0
47.	Other changes in surplus in Separate Accounts Statement		0	0	0
48.	Change in surplus notes			13,135	44,489	68,809
49.	Cumulative effect of changes in accounting principles		0	0	0

50. Capital changes:

	50.1	Paid in	0	0	0
	50.2	Transferred from surplus (Stock Dividend)	0	0	0
	50.3	Transferred to surplus	0	0	0
51.	Surplus adjustment:
	51.1	Paid in	0	0	500,000,000
	51.2	Transferred to capital (Stock Dividend)	0	0	0
	51.3	Transferred from capital	0	0	0
	51.4	Change in surplus as a result of reinsurance	(32,054,401)	(3,861,087)	905,073,982
52.	Dividends to stockholders	0	0	0
53.	Aggregate write-ins for gains and losses in surplus	0	0	(83,254,537)
54.	Net change in capital and surplus for the year (Lines 37 through 53)	(1,836,251,348)	2,864,734,123	20,932,540
55.	Capital and surplus, as of statement date (Lines 36 + 54)	2,944,258,931	7,624,311,861	4,780,510,279
	DETAILS OF WRITE-INS
08.301. General account policy fees	22,241,856	86,697,052	75,259,135
08.302. Marketing fees	162,559,046	136,790,123	562,455,640
08.303. Miscellaneous income	275,529	63,547	1,575,867
08.398. Summary of remaining write-ins for Line 8.3 from overflow page	1,009,332	2,527,192	2,264,155
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)	186,085,763	226,077,914	641,554,797
2701.	Additional contract benefits to Founders Plan policyholders	20,157	24,124	88,573
2702.	Amortization of goodwill and value of business acquired	12,281,989	12,281,989	49,127,954
2703.	Interest on funds withheld treaties	291,002,611	85,505,512	822,170,459
2798.	Summary of remaining write-ins for Line 27 from overflow page	(32,054,401)	(3,861,087)	845,443,731
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	271,250,356	93,950,538	1,716,830,717
5301.	VM-21 impact due to CDHS model change	0	0	(83,254,537)
5302.
5303.
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	0	0
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	0	0	(83,254,537)

4