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At Jackson National Life Insurance Company® (Jackson®), our results speak for themselves. We challenge ourselves to bring innovative products to market and find new ways to support your financial future. Our experience and investment philosophy are key factors in helping you with your retirement dreams.
International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards for reporting financial information. IFRS is issued by the International Accounting Standards Board in an effort to increase global comparability of financial statements and results. IFRS is used by Jackson's parent to report the Group's financial results. Jackson's IFRS results are consolidated in its parent's IFRS financial statements, which are audited. Jackson does not produce standalone audited IFRS financial statements.
2 IFRS pretax operating income is based on longer-term investment returns. It excludes short-term fluctuations in investment returns, hedge results, and change in value of derivatives. A reconciliation to net income based on US generally accepted accounting principles (US GAAP) for 1H2014 is as follows (in millions):
3Jackson's net income was impacted by hedging losses incurred due to the strong equity market movements, which were not fully offset by the related release of accounting reserves. IFRS accounting for variable annuity liabilities is not necessarily consistent with the economic value of these liabilities. Jackson continues to manage its hedge program on an economic basis and is willing to accept the accounting volatility that results.
4 Includes separate account liabilities as well as $2.6 billion, $2.3 billion and $3.2 billion of trust instruments supported by funding agreements and Federal Home Loan Bank advances in FY2013, HY2013 and HY2014, respectively.
For more information on Jackson's financial performance, contact Jackson Corporate Communications.