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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 within 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 2014 is as follows:
3Jackson's net income was impacted by the increase in accounting reserves primarily related to movements in interest rates which were not fully offset by hedging gains. IFRS accounting for variable annuity liabilities is not necessarily consistent with the expected future cash flows 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 $3.1 billion, $2.6 billion and $3.2 billion of trust instruments supported by funding agreements and Federal Home Loan Bank advances in 2012, 2013 and 2014, respectively.
5 Sales of medium-term notes, funding agreements and guaranteed investment contracts to investment banks, institutional investors and pension plan providers.
6 Net of deferred policy acquisition costs.
For more information on Jackson's financial performance, contact Jackson Corporate Communications.