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Financials

At Jackson National Life Insurance Company® (Jackson®), our results1 speak for themselves. We challenge ourselves to bring competitive products to market and find new ways to support your financial future.

Highlights

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.

FY 2014 FY 2015 FY 2016
Total Sales and Deposits $25.6 billion $26.4 billion $21.1 billion
IFRS Pretax Operating Income2 $2.4 billion $2.6 billion $2.8 billion
IFRS Total Assets $212.0 billion $219.8 billion $236.9 billion
IFRS Policy Reserves3 $198.7 billion $207.1 billion $223.1 billion
IFRS Stockholder's Equity $6.6 billion $6.4 billion $6.6 billion

Jackson Sales and Deposits by Product Line

Jackson Sales and Deposits By Product chart

1 Financial results from Jackson National Life Insurance Company and its subsidiaries have been included in Jackson's financial results. Jackson results exclude its separately managed account business as new deposits have been discontinued effective July 31, 2015. Fixed index annuities and institutional products are not sold in New York.

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 both IFRS net income as well as net income based on US generally accepted accounting principles (US GAAP) is as follows (amounts in millions):

Reconciliation of IFRS pretax operating income to US GAAP net income
(in millions)
FY 2014 FY 2015 FY 2016
IFRS basis pretax income from operations $2,359.9 $2,585.0 $2,778.8
Net hedge results and change in value of derivatives5 (1,949.4) (725.8) (2,321.5)
Net realized investment gains, net of non-controlling interest5 103.4 60.7 332.5
Normalization of longer-term investment returns5 (101.9) (101.5) (87.9)
Income tax (expense)/benefit (3.2) (346.9) 103.2
IFRS net income 408.8 1,471.5 805.1
IFRS to US GAAP adjustments, net of tax (58.0) (70.6) (32.7)
US GAAP basis net income attributable to Jackson $350.8 $1,400.9 $772.4

Jackson's FY 2016 net income was impacted by hedging losses incurred due to the equity market, which were not fully offset by the 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.

3 Includes separate account liabilities as well as $3.2 billion, $4.4 billion and $5.6 billion of trust instruments supported by funding agreements and Federal Home Loan Bank advances in FY 2014, FY 2015 and FY 2016, respectively.

4 Sales of medium-term notes, funding agreements and guaranteed investment contracts to investment banks, institutional investors, pension plan providers and the Federal Home Loan Bank.

5 Net of deferred policy acquisition costs amortization.

For more information on our financial performance, contact Jackson Corporate Communications at corporate.communications@jackson.com.

Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of the variable insurance product, including its underlying investment options. The current prospectus (or for the variable insurance products the contract prospectus and underlying fund prospectuses, which are contained in the same document) provides this and other important information. Please contact your representative or the Company to obtain the prospectus(es). Please read the prospectus(es) carefully before investing or sending money.

Annuities are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and in New York, annuities are issued by Jackson National Life Insurance Company of New York (Home Office: Purchase, New York). Variable products are distributed by Jackson National Life Distributors LLC. May not be available in all states and state variations may apply. These products have limitations and restrictions. Contact the Company for more information. Jackson is the marketing name for Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York.

Guarantees are backed by the claims-paying ability of Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York.

• Not FDIC/NCUA insured • Not bank/CU guaranteed • May lose value •
• Not a deposit • Not insured by any federal agency •

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WPR837 03/17

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Jackson National Life Insurance Company
1 Corporate Way
Lansing, MI 48951