485BPOS 1 four85bfocus.htm four85bfocus.htm
 
Due to size constraints, this filing is being made in 2 related submissions. This submission is the second of the 2 related submissions. The accession number of the previous related submission is as follows:

0000927730-14-000153
 
Accumulation Unit Values
                    
Contract with Endorsements - 2.80%
                    
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL Disciplined Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Disciplined Moderate Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Disciplined Moderate Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 20 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 35 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL Institutional Alt 50 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 65 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Balanced Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Blue Chip Income and Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Global Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Global Small Capitalization Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/American Funds Growth Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Growth-Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds International Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds New World Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/BlackRock Commodity Securities Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/BlackRock Global Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/BlackRock Large Cap Select Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Brookfield Global Infrastructure Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Capital Guardian Global Balanced Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.36
$9.43
$10.18
$9.60
$8.06
$11.56
$11.01
$10.22
$9.55
$8.98
  End of period
$11.64
$10.36
$9.43
$10.18
$9.60
$8.06
$11.56
$11.01
$10.22
$9.55
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,990
3,816
4,422
                     
JNL/Capital Guardian Global Diversified Research Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/DFA U.S. Core Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.69
$13.30
$13.79
$12.68
$9.74
$16.44
$16.81
$15.38
$15.30
$14.80
  End of period
$19.30
$14.69
$13.30
$13.79
$12.68
$9.74
$16.44
$16.81
$15.38
$15.30
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
2,484
3,065
3,338
                     
JNL/Eagle SmallCap Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$24.25
$21.91
$23.06
$17.48
$13.27
$22.11
$20.29
$17.37
$17.43
$15.09
  End of period
$30.76
$24.25
$21.91
$23.06
$17.48
$13.27
$22.11
$20.29
$17.37
$17.43
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
361
377
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Eastspring Investments Asia ex-Japan Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Eastspring Investments China-India Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Founding Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Global Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Global Multisector Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Franklin Templeton International Small Cap Growth Division
                  
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Mutual Shares Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Small Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.75
$11.15
$11.78
$9.55
$7.35
$11.31
$12.39
$10.83
N/A
N/A
  End of period
$16.66
$12.75
$11.15
$11.78
$9.55
$7.35
$11.31
$12.39
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Goldman Sachs Core Plus Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$19.95
$19.04
$18.42
$17.61
$15.86
$17.20
$16.54
$16.24
$16.28
$15.66
  End of period
$19.19
$19.95
$19.04
$18.42
$17.61
$15.86
$17.20
$16.54
$16.24
$16.28
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,709
13,034
14,372
                     
JNL/Goldman Sachs Emerging Markets Debt Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Goldman Sachs Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.72
$11.08
$12.19
$10.08
$7.81
$12.58
$12.58
$11.18
N/A
N/A
  End of period
$16.41
$12.72
$11.08
$12.19
$10.08
$7.81
$12.58
$12.58
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Goldman Sachs U.S. Equity Flex Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Invesco Global Real Estate Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.13
$10.53
$11.55
$10.14
$7.87
$12.59
$15.23
$11.48
N/A
N/A
  End of period
$13.12
$13.13
$10.53
$11.55
$10.14
$7.87
$12.59
$15.23
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Invesco International Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.74
$12.21
$13.48
$12.34
$9.27
$16.13
$15.12
$12.68
$11.78
$10.41
  End of period
$15.88
$13.74
$12.21
$13.48
$12.34
$9.27
$16.13
$15.12
$12.68
$11.78
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
897
900
                     
JNL/Invesco Large Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.94
$10.00
$11.02
$9.65
$7.98
$13.17
$11.70
$11.16
$10.70
$10.00
  End of period
$14.84
$10.94
$10.00
$11.02
$9.65
$7.98
$13.17
$11.70
$11.16
$10.70
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
867
1,613
2,417
                     
JNL/Invesco Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.21
$15.48
$16.87
$14.10
$10.38
$17.49
$18.47
$16.58
$15.67
$12.92
  End of period
$20.64
$16.21
$15.48
$16.87
$14.10
$10.38
$17.49
$18.47
$16.58
$15.67
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
361
1,528
2,498
                     
JNL/Invesco Small Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$15.01
$13.12
$13.67
$11.14
$8.50
$14.50
$13.39
$12.03
$11.41
$10.98
  End of period
$20.38
$15.01
$13.12
$13.67
$11.14
$8.50
$14.50
$13.39
$12.03
$11.41
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
234
1,792
1,813
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Ivy Asset Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/JPMorgan International Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.56
$9.27
$10.95
$10.47
$8.27
$15.32
$14.07
$10.97
$9.51
$7.98
  End of period
$12.47
$10.56
$9.27
$10.95
$10.47
$8.27
$15.32
$14.07
$10.97
$9.51
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,220
1,278
                     
JNL/JPMorgan MidCap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$20.56
$18.19
$19.88
$16.28
$11.71
$21.68
$20.65
$18.95
$18.36
$16.00
  End of period
$28.40
$20.56
$18.19
$19.88
$16.28
$11.71
$21.68
$20.65
$18.95
$18.36
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
343
358
                     
JNL/JPMorgan U.S. Government & Quality Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.52
$16.39
$15.35
$14.70
$14.58
$14.08
$13.61
$13.55
$13.62
$13.48
  End of period
$15.50
$16.52
$16.39
$15.35
$14.70
$14.58
$14.08
$13.61
$13.55
$13.62
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
3,181
7,073
7,409
                     
JNL/Lazard Emerging Markets Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/M&G Global Basics Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Mellon Capital (MC) 10 x 10 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.68
$12.82
$12.11
$10.14
$6.82
$10.83
$11.46
$10.50
$11.12
$9.38
  End of period
$19.53
$14.68
$12.82
$12.11
$10.14
$6.82
$10.83
$11.46
$10.50
$11.12
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,716
1,894
                     
JNL/MC Bond Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.34
$12.25
$11.76
$11.42
$11.11
$11.01
$10.64
$10.56
$10.66
$10.58
  End of period
$11.67
$12.34
$12.25
$11.76
$11.42
$11.11
$11.01
$10.64
$10.56
$10.66
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
4,460
6,199
7,821
                     
JNL/MC Communications Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$5.24
$4.48
$4.76
$3.99
$3.27
$5.57
$5.49
N/A
N/A
N/A
  End of period
$6.17
$5.24
$4.48
$4.76
$3.99
$3.27
$5.57
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
N/A
N/A
N/A
                     
JNL/MC Consumer Brands Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Dow 10 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.01
$8.33
$7.26
$5.99
$5.31
$10.12
$10.31
$8.18
$8.92
$8.92
  End of period
$11.43
$9.01
$8.33
$7.26
$5.99
$5.31
$10.12
$10.31
$8.18
$8.92
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
4,194
2,306
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Division
                  
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Emerging Markets Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC European 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Financial Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$6.83
$5.57
$6.58
$5.96
$5.17
$10.77
$13.41
$11.62
$11.26
N/A
  End of period
$8.85
$6.83
$5.57
$6.58
$5.96
$5.17
$10.77
$13.41
$11.62
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,480
N/A
                     
JNL/MC Global 15 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.09
$10.95
$12.28
$11.01
$8.64
$17.26
$15.98
$11.72
$10.94
$8.78
  End of period
$14.42
$13.09
$10.95
$12.28
$11.01
$8.64
$17.26
$15.98
$11.72
$10.94
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,616
1,914
                     
JNL/MC Global Alpha Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC Healthcare Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.48
$10.83
$10.04
$9.94
$8.45
$11.32
$10.82
$10.47
N/A
N/A
  End of period
$17.10
$12.48
$10.83
$10.04
$9.94
$8.45
$11.32
$10.82
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC Index 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC International Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.37
$11.65
$13.66
$13.15
$10.46
$18.84
$17.56
$14.38
$13.05
$11.23
  End of period
$15.79
$13.37
$11.65
$13.66
$13.15
$10.46
$18.84
$17.56
$14.38
$13.05
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
2,976
7,158
9,322
                     
JNL/MC JNL 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.19
$9.75
$10.24
$8.99
$7.45
$13.33
$13.52
$11.70
N/A
N/A
  End of period
$14.33
$11.19
$9.75
$10.24
$8.99
$7.45
$13.33
$13.52
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,961
N/A
N/A
                     
JNL/MC JNL Optimized 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Nasdaq 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.95
$10.27
$10.36
$9.09
$6.97
$12.26
$10.59
$10.39
N/A
N/A
  End of period
$16.40
$11.95
$10.27
$10.36
$9.09
$6.97
$12.26
$10.59
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC NYSE International 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Oil & Gas Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$27.64
$27.24
$27.13
$23.42
$20.06
$33.20
$25.24
$21.49
$16.15
N/A
  End of period
$33.69
$27.64
$27.24
$27.13
$23.42
$20.06
$33.20
$25.24
$21.49
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,319
N/A
                     
JNL/MC Pacific Rim 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC S&P 24 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC S&P 400 MidCap Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.19
$14.21
$14.93
$12.20
$9.09
$14.98
$14.34
$13.44
$12.34
$10.96
  End of period
$20.94
$16.19
$14.21
$14.93
$12.20
$9.09
$14.98
$14.34
$13.44
$12.34
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
2,993
4,310
6,174
                     
JNL/MC S&P 500 Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.69
$9.53
$9.66
$8.68
$7.08
$11.68
$11.46
$10.24
$10.09
$9.42
  End of period
$13.68
$10.69
$9.53
$9.66
$8.68
$7.08
$11.68
$11.46
$10.24
$10.09
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
4,093
25,881
27,315
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC S&P SMid 60 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Small Cap Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.07
$12.48
$13.42
$10.92
$8.82
$13.94
$14.65
$12.82
$12.65
$11.08
  End of period
$18.94
$14.07
$12.48
$13.42
$10.92
$8.82
$13.94
$14.65
$12.82
$12.65
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
2,953
4,365
5,728
                     
JNL/MC Technology Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$6.28
$5.81
$5.99
$5.50
$3.45
$6.27
$5.63
$5.29
N/A
N/A
  End of period
$7.71
$6.28
$5.81
$5.99
$5.50
$3.45
$6.27
$5.63
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC Value Line 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.24
$8.71
$11.63
$9.76
$8.76
$17.13
$14.75
$15.38
$11.39
N/A
  End of period
$12.12
$9.24
$8.71
$11.63
$9.76
$8.76
$17.13
$14.75
$15.38
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
2,251
N/A
                     
JNL/Morgan Stanley Mid Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Neuberger Berman Strategic Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Oppenheimer Global Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.82
$10.94
$12.26
$10.92
$8.05
$14.01
$13.55
$11.91
$10.77
$9.39
  End of period
$15.74
$12.82
$10.94
$12.26
$10.92
$8.05
$14.01
$13.55
$11.91
$10.77
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
14,592
14,027
                     
JNL/PIMCO Real Return Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PIMCO Total Return Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.43
$15.63
$15.33
$14.66
$13.06
$13.37
$12.71
$12.63
$12.69
$12.50
  End of period
$15.64
$16.43
$15.63
$15.33
$14.66
$13.06
$13.37
$12.71
$12.63
$12.69
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
5,504
23,728
25,650
                     
JNL/PPM America Floating Rate Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PPM America High Yield Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$15.12
$13.32
$13.09
$11.64
$8.18
$12.15
$12.63
$11.76
$11.89
N/A
  End of period
$15.91
$15.12
$13.32
$13.09
$11.64
$8.18
$12.15
$12.63
$11.76
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
3,210
21,135
N/A
                     
JNL/PPM America Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/PPM America Small Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PPM America Value Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$15.22
$13.54
$14.69
$12.86
$9.15
$17.82
$19.43
$17.67
$17.32
$16.23
  End of period
$20.76
$15.22
$13.54
$14.69
$12.86
$9.15
$17.82
$19.43
$17.67
$17.32
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
519
1,474
1,501
                     
JNL/Red Rocks Listed Private Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P 4 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Competitive Advantage Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Dividend Income & Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/S&P Intrinsic Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Aggressive Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Conservative Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.66
$11.03
$11.00
$10.41
$9.43
$11.24
$10.88
$10.37
N/A
N/A
  End of period
$11.86
$11.66
$11.03
$11.00
$10.41
$9.43
$11.24
$10.88
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/S&P Managed Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.44
$11.99
$12.73
$11.27
$9.05
$14.40
$13.63
$12.28
$11.75
$10.85
  End of period
$16.03
$13.44
$11.99
$12.73
$11.27
$9.05
$14.40
$13.63
$12.28
$11.75
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
57,052
61,597
                     
JNL/S&P Managed Moderate Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Moderate Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.53
$12.23
$12.74
$11.58
$9.64
$13.68
$12.95
$11.87
$11.47
$10.77
  End of period
$15.24
$13.53
$12.23
$12.74
$11.58
$9.64
$13.68
$12.95
$11.87
$11.47
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
41,870
49,410
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/S&P Total Yield Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/T. Rowe Price Established Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$26.90
$23.28
$24.23
$21.34
$15.29
$27.52
$25.70
$23.25
$22.53
$21.09
  End of period
$36.28
$26.90
$23.28
$24.23
$21.34
$15.29
$27.52
$25.70
$23.25
$22.53
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,249
1,303
1,504
                     
JNL/T. Rowe Price Mid-Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$41.66
$37.73
$39.38
$31.66
$22.17
$38.41
$33.71
$32.46
$29.25
$25.49
  End of period
$55.31
$41.66
$37.73
$39.38
$31.66
$22.17
$38.41
$33.71
$32.46
$29.25
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,154
1,771
                     
JNL/T. Rowe Price Short-Term Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/T. Rowe Price Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.06
$12.11
$12.72
$11.29
$8.47
$14.63
$14.92
$12.78
$12.38
$11.05
  End of period
$18.74
$14.06
$12.11
$12.72
$11.29
$8.47
$14.63
$14.92
$12.78
$12.38
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
2,446
3,756
4,629
                     
JNL/WMC Balanced Division
                    
 Accumulation unit value:
                    
  Beginning of period
$24.74
$23.11
$23.01
$21.35
$18.35
$23.80
$22.77
$20.60
$20.12
$18.66
  End of period
$28.70
$24.74
$23.11
$23.01
$21.35
$18.35
$23.80
$22.77
$20.60
$20.12
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
3,717
6,385
6,809
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/WMC Money Market Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.83
$10.11
$10.40
$10.70
$10.98
$11.05
$10.85
$10.68
$10.69
$10.91
  End of period
$9.56
$9.83
$10.11
$10.40
$10.70
$10.98
$11.05
$10.85
$10.68
$10.69
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
3,060
6,741
7,187
                     
JNL/WMC Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$19.23
$17.00
$17.85
$16.15
$13.39
$20.66
$19.71
$16.76
$15.93
$14.28
  End of period
$24.51
$19.23
$17.00
$17.85
$16.15
$13.39
$20.66
$19.71
$16.76
$15.93
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
2,848
3,290



Accumulation Unit Values
                    
Contract with Endorsements - 2.85%
                    
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL Disciplined Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Disciplined Moderate Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Disciplined Moderate Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 20 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 35 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL Institutional Alt 50 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 65 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Balanced Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Blue Chip Income and Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Global Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Global Small Capitalization Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/American Funds Growth Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Growth-Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds International Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds New World Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/BlackRock Commodity Securities Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/BlackRock Global Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/BlackRock Large Cap Select Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$21.74
$20.22
$20.65
$18.86
$14.39
$25.05
$23.49
$23.10
N/A
N/A
  End of period
$29.37
$21.74
$20.22
$20.65
$18.86
$14.39
$25.05
$23.49
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Brookfield Global Infrastructure Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Capital Guardian Global Balanced Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.30
$9.37
$10.12
$9.56
$8.03
$11.52
$10.98
$10.19
$9.53
$8.96
  End of period
$11.56
$10.30
$9.37
$10.12
$9.56
$8.03
$11.52
$10.98
$10.19
$9.53
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
146
147
                     
JNL/Capital Guardian Global Diversified Research Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/DFA U.S. Core Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.58
$13.20
$13.69
$12.60
$9.68
$16.34
$16.72
$15.31
$15.24
N/A
  End of period
$19.16
$14.58
$13.20
$13.69
$12.60
$9.68
$16.34
$16.72
$15.31
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
JNL/Eagle SmallCap Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$24.05
$21.74
$22.89
$17.37
$13.19
$21.99
$20.18
$17.29
$17.35
N/A
  End of period
$30.49
$24.05
$21.74
$22.89
$17.37
$13.19
$21.99
$20.18
$17.29
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Eastspring Investments Asia ex-Japan Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Eastspring Investments China-India Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Founding Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Global Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Global Multisector Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Franklin Templeton International Small Cap Growth Division
                  
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Mutual Shares Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Small Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.77
$11.17
$11.82
$9.59
$7.38
$11.35
$12.42
$10.83
N/A
N/A
  End of period
$16.68
$12.77
$11.17
$11.82
$9.59
$7.38
$11.35
$12.42
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Goldman Sachs Core Plus Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$19.77
$18.87
$18.28
$17.47
$15.75
$17.08
$16.44
$16.16
$16.20
$15.59
  End of period
$19.01
$19.77
$18.87
$18.28
$17.47
$15.75
$17.08
$16.44
$16.16
$16.20
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
342
342
                     
JNL/Goldman Sachs Emerging Markets Debt Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Goldman Sachs Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.66
$11.05
$12.16
$10.06
$7.80
$12.56
$12.57
$11.18
N/A
N/A
  End of period
$16.33
$12.66
$11.05
$12.16
$10.06
$7.80
$12.56
$12.57
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Goldman Sachs U.S. Equity Flex Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Invesco Global Real Estate Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.09
$10.50
$11.52
$10.12
$7.85
$12.57
$15.22
$11.48
N/A
N/A
  End of period
$13.07
$13.09
$10.50
$11.52
$10.12
$7.85
$12.57
$15.22
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Invesco International Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.62
$12.10
$13.37
$12.25
$9.20
$16.03
$15.03
$12.61
N/A
N/A
  End of period
$15.74
$13.62
$12.10
$13.37
$12.25
$9.20
$16.03
$15.03
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Invesco Large Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.87
$9.94
$10.96
$9.61
$7.95
$13.13
$11.67
$11.13
$10.68
$9.99
  End of period
$14.74
$10.87
$9.94
$10.96
$9.61
$7.95
$13.13
$11.67
$11.13
$10.68
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,080
1,080
                     
JNL/Invesco Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.09
$15.37
$16.76
$14.01
$10.33
$17.41
$18.39
$16.52
$15.62
$12.88
  End of period
$20.47
$16.09
$15.37
$16.76
$14.01
$10.33
$17.41
$18.39
$16.52
$15.62
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
456
472
                     
JNL/Invesco Small Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.93
$13.05
$13.61
$11.10
$8.47
$14.46
$13.36
$12.01
$11.39
$10.97
  End of period
$20.26
$14.93
$13.05
$13.61
$11.10
$8.47
$14.46
$13.36
$12.01
$11.39
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
503
503
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Ivy Asset Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/JPMorgan International Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.49
$9.21
$10.88
$10.41
$8.22
$15.25
$14.01
$10.92
$9.48
$7.96
  End of period
$12.38
$10.49
$9.21
$10.88
$10.41
$8.22
$15.25
$14.01
$10.92
$9.48
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
756
756
                     
JNL/JPMorgan MidCap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$20.48
$18.12
$19.82
$16.23
$11.68
$21.62
$20.58
$18.85
N/A
N/A
  End of period
$28.27
$20.48
$18.12
$19.82
$16.23
$11.68
$21.62
$20.58
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/JPMorgan U.S. Government & Quality Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.37
$16.26
$15.23
$14.60
$14.48
$13.99
$13.53
$13.48
$13.55
$13.43
  End of period
$15.35
$16.37
$16.26
$15.23
$14.60
$14.48
$13.99
$13.53
$13.48
$13.55
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,099
1,099
                     
JNL/Lazard Emerging Markets Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/M&G Global Basics Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Mellon Capital (MC) 10 x 10 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.58
$12.74
$12.04
$10.09
$6.79
$10.78
$11.42
$10.46
$11.09
$9.36
  End of period
$19.39
$14.58
$12.74
$12.04
$10.09
$6.79
$10.78
$11.42
$10.46
$11.09
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
8,949
                     
JNL/MC Bond Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.27
$12.19
$11.70
$11.37
$11.07
$10.98
$10.62
$10.54
$10.64
$10.57
  End of period
$11.60
$12.27
$12.19
$11.70
$11.37
$11.07
$10.98
$10.62
$10.54
$10.64
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
163
155
                     
JNL/MC Communications Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$5.20
$4.45
$4.73
$3.97
$3.25
$5.55
$5.47
N/A
N/A
N/A
  End of period
$6.12
$5.20
$4.45
$4.73
$3.97
$3.25
$5.55
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
N/A
N/A
N/A
                     
JNL/MC Consumer Brands Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Dow 10 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$8.95
$8.27
$7.21
$5.95
$5.29
$10.08
$10.27
$8.15
$8.89
N/A
  End of period
$11.35
$8.95
$8.27
$7.21
$5.95
$5.29
$10.08
$10.27
$8.15
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Division
                  
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Emerging Markets Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC European 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Financial Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Global 15 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.01
$10.89
$12.21
$10.95
$8.60
$17.19
$15.92
$11.69
$10.91
$8.76
  End of period
$14.32
$13.01
$10.89
$12.21
$10.95
$8.60
$17.19
$15.92
$11.69
$10.91
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
642
2,059
                     
JNL/MC Global Alpha Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC Healthcare Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.40
$10.76
$9.99
$9.89
$8.41
$11.27
$10.78
$10.44
$9.98
N/A
  End of period
$16.99
$12.40
$10.76
$9.99
$9.89
$8.41
$11.27
$10.78
$10.44
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
JNL/MC Index 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC International Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.30
$11.60
$13.60
$13.10
$10.43
$18.79
$17.52
$14.35
$13.03
$11.22
  End of period
$15.70
$13.30
$11.60
$13.60
$13.10
$10.43
$18.79
$17.52
$14.35
$13.03
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
116
122
                     
JNL/MC JNL 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.15
$9.72
$10.21
$8.97
$7.43
$13.31
$13.50
$11.69
N/A
N/A
  End of period
$14.27
$11.15
$9.72
$10.21
$8.97
$7.43
$13.31
$13.50
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC JNL Optimized 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Nasdaq 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.90
$10.24
$10.33
$9.07
$6.96
$12.24
$10.57
$10.39
N/A
N/A
  End of period
$16.32
$11.90
$10.24
$10.33
$9.07
$6.96
$12.24
$10.57
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC NYSE International 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Oil & Gas Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$27.45
$27.07
$26.97
$23.30
$19.96
$33.05
$25.14
$21.42
$16.11
N/A
  End of period
$33.44
$27.45
$27.07
$26.97
$23.30
$19.96
$33.05
$25.14
$21.42
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
JNL/MC Pacific Rim 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC S&P 24 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC S&P 400 MidCap Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.10
$14.13
$14.86
$12.15
$9.06
$14.93
$14.30
$13.41
$12.32
$10.95
  End of period
$20.81
$16.10
$14.13
$14.86
$12.15
$9.06
$14.93
$14.30
$13.41
$12.32
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
79
103
                     
JNL/MC S&P 500 Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.63
$9.48
$9.61
$8.64
$7.06
$11.65
$11.43
$10.22
$10.07
$9.41
  End of period
$13.60
$10.63
$9.48
$9.61
$8.64
$7.06
$11.65
$11.43
$10.22
$10.07
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
101
98
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC S&P SMid 60 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Small Cap Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.99
$12.42
$13.36
$10.88
$8.79
$13.90
$14.61
$12.79
$12.63
$11.07
  End of period
$18.82
$13.99
$12.42
$13.36
$10.88
$8.79
$13.90
$14.61
$12.79
$12.63
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
82
121
                     
JNL/MC Technology Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$6.24
$5.77
$5.96
$5.47
$3.43
$6.24
$5.61
$5.28
N/A
N/A
  End of period
$7.65
$6.24
$5.77
$5.96
$5.47
$3.43
$6.24
$5.61
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC Value Line 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.20
$8.68
$11.59
$9.74
$8.74
$17.11
$14.73
$15.37
N/A
N/A
  End of period
$12.06
$9.20
$8.68
$11.59
$9.74
$8.74
$17.11
$14.73
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Morgan Stanley Mid Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Neuberger Berman Strategic Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Oppenheimer Global Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.73
$10.87
$12.18
$10.86
$8.02
$13.95
$13.50
$11.89
$10.75
$9.38
  End of period
$15.62
$12.73
$10.87
$12.18
$10.86
$8.02
$13.95
$13.50
$11.89
$10.75
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
821
877
                     
JNL/PIMCO Real Return Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PIMCO Total Return Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.30
$15.52
$15.23
$14.57
$12.99
$13.31
$12.65
$12.58
$12.65
$12.46
  End of period
$15.52
$16.30
$15.52
$15.23
$14.57
$12.99
$13.31
$12.65
$12.58
$12.65
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
914
1,315
                     
JNL/PPM America Floating Rate Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PPM America High Yield Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$15.07
$13.29
$13.06
$11.62
$8.17
$12.13
$12.59
$11.71
$11.85
N/A
  End of period
$15.85
$15.07
$13.29
$13.06
$11.62
$8.17
$12.13
$12.59
$11.71
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
85
N/A
                     
JNL/PPM America Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/PPM America Small Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PPM America Value Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$15.09
$13.42
$14.58
$12.77
$9.09
$17.71
$19.31
$17.58
$17.24
$16.16
  End of period
$20.56
$15.09
$13.42
$14.58
$12.77
$9.09
$17.71
$19.31
$17.58
$17.24
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
331
331
                     
JNL/Red Rocks Listed Private Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P 4 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Competitive Advantage Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Dividend Income & Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/S&P Intrinsic Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Aggressive Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.90
$11.46
$12.38
$10.88
$8.54
$14.45
$13.62
$12.12
$11.50
$10.51
  End of period
$15.77
$12.90
$11.46
$12.38
$10.88
$8.54
$14.45
$13.62
$12.12
$11.50
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
33,795
                     
JNL/S&P Managed Conservative Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.62
$10.99
$10.96
$10.38
$9.41
$11.22
$10.86
$10.36
N/A
N/A
  End of period
$11.80
$11.62
$10.99
$10.96
$10.38
$9.41
$11.22
$10.86
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/S&P Managed Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.37
$11.91
$12.65
$11.21
$9.00
$14.33
$13.57
$12.23
$11.71
N/A
  End of period
$15.96
$13.37
$11.91
$12.65
$11.21
$9.00
$14.33
$13.57
$12.23
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
JNL/S&P Managed Moderate Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.10
$11.23
$11.46
$10.59
$9.18
$12.00
$11.46
$10.68
N/A
N/A
  End of period
$12.99
$12.10
$11.23
$11.46
$10.59
$9.18
$12.00
$11.46
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/S&P Managed Moderate Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.43
$12.15
$12.66
$11.51
$9.59
$13.61
$12.89
$11.83
$11.43
$10.74
  End of period
$15.12
$13.43
$12.15
$12.66
$11.51
$9.59
$13.61
$12.89
$11.83
$11.43
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
8,752
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/S&P Total Yield Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/T. Rowe Price Established Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$26.67
$23.10
$24.05
$21.19
$15.19
$27.35
$25.56
$23.13
$22.43
$21.00
  End of period
$35.95
$26.67
$23.10
$24.05
$21.19
$15.19
$27.35
$25.56
$23.13
$22.43
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
87
87
                     
JNL/T. Rowe Price Mid-Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$41.29
$37.40
$39.05
$31.43
$22.02
$38.17
$33.51
$32.29
$29.11
$25.38
  End of period
$54.77
$41.29
$37.40
$39.05
$31.43
$22.02
$38.17
$33.51
$32.29
$29.11
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
484
486
                     
JNL/T. Rowe Price Short-Term Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/T. Rowe Price Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.97
$12.05
$12.66
$11.24
$8.43
$14.58
$14.87
$12.75
$12.36
$11.03
  End of period
$18.62
$13.97
$12.05
$12.66
$11.24
$8.43
$14.58
$14.87
$12.75
$12.36
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
123
161
                     
JNL/WMC Balanced Division
                    
 Accumulation unit value:
                    
  Beginning of period
$24.52
$22.92
$22.83
$21.20
$18.22
$23.65
$22.64
$20.50
$20.03
$18.58
  End of period
$28.44
$24.52
$22.92
$22.83
$21.20
$18.22
$23.65
$22.64
$20.50
$20.03
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
95
93
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/WMC Money Market Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.81
$10.02
$10.31
$10.61
$10.90
$10.97
$10.78
$10.61
N/A
N/A
  End of period
$9.54
$9.81
$10.02
$10.31
$10.61
$10.90
$10.97
$10.78
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/WMC Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$19.14
$16.93
$17.78
$16.09
$13.35
$20.61
$19.67
$16.73
$15.92
$14.27
  End of period
$24.38
$19.14
$16.93
$17.78
$16.09
$13.35
$20.61
$19.67
$16.73
$15.92
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,212
1,212



Accumulation Unit Values
                    
Contract with Endorsements - 2.90%
                    
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL Disciplined Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Disciplined Moderate Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Disciplined Moderate Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 20 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 35 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL Institutional Alt 50 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL Institutional Alt 65 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Balanced Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Blue Chip Income and Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Global Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Global Small Capitalization Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/American Funds Growth Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds Growth-Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds International Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/American Funds New World Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/BlackRock Commodity Securities Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/BlackRock Global Allocation Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/BlackRock Large Cap Select Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Brookfield Global Infrastructure Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Capital Guardian Global Balanced Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.23
$9.32
$10.07
$9.51
$7.99
$11.47
$10.94
$10.16
$9.50
$8.94
  End of period
$11.48
$10.23
$9.32
$10.07
$9.51
$7.99
$11.47
$10.94
$10.16
$9.50
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
247
265
                     
JNL/Capital Guardian Global Diversified Research Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/DFA U.S. Core Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.46
$13.10
$13.60
$12.51
$9.63
$16.25
$16.64
$15.24
$15.18
N/A
  End of period
$18.99
$14.46
$13.10
$13.60
$12.51
$9.63
$16.25
$16.64
$15.24
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
N/A
                     
JNL/Eagle SmallCap Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
$23.85
$21.57
$22.73
$17.25
$13.11
$21.86
$20.08
$17.21
$17.28
$14.98
  End of period
$30.23
$23.85
$21.57
$22.73
$17.25
$13.11
$21.86
$20.08
$17.21
$17.28
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
3,702
4,126
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Eastspring Investments Asia ex-Japan Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Eastspring Investments China-India Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Founding Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Global Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Global Multisector Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Franklin Templeton International Small Cap Growth Division
                  
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Mutual Shares Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Franklin Templeton Small Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.65
$11.07
$11.72
$9.51
$7.33
$11.28
$12.37
$10.82
N/A
N/A
  End of period
$16.51
$12.65
$11.07
$11.72
$9.51
$7.33
$11.28
$12.37
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Goldman Sachs Core Plus Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$19.60
$18.72
$18.14
$17.35
$15.64
$16.98
$16.34
$16.07
$16.12
$15.52
  End of period
$18.84
$19.60
$18.72
$18.14
$17.35
$15.64
$16.98
$16.34
$16.07
$16.12
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
99
99
                     
JNL/Goldman Sachs Emerging Markets Debt Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Goldman Sachs Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Goldman Sachs U.S. Equity Flex Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Invesco Global Real Estate Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.04
$10.46
$11.49
$10.09
$7.84
$12.55
$15.21
$11.48
N/A
N/A
  End of period
$13.01
$13.04
$10.46
$11.49
$10.09
$7.84
$12.55
$15.21
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Invesco International Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.50
$12.01
$13.27
$12.16
$9.14
$15.93
$14.94
$12.55
$11.67
$10.32
  End of period
$15.60
$13.50
$12.01
$13.27
$12.16
$9.14
$15.93
$14.94
$12.55
$11.67
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,132
1,200
                     
JNL/Invesco Large Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.83
$9.91
$10.93
$9.59
$7.94
$13.12
$11.67
$11.12
N/A
N/A
  End of period
$14.69
$10.83
$9.91
$10.93
$9.59
$7.94
$13.12
$11.67
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Invesco Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$15.97
$15.26
$16.66
$13.93
$10.27
$17.32
$18.31
$16.45
$15.56
$12.85
  End of period
$20.32
$15.97
$15.26
$16.66
$13.93
$10.27
$17.32
$18.31
$16.45
$15.56
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
4,237
4,724
                     
JNL/Invesco Small Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.84
$12.99
$13.55
$11.05
$8.44
$14.41
$13.32
$11.98
N/A
N/A
  End of period
$20.14
$14.84
$12.99
$13.55
$11.05
$8.44
$14.41
$13.32
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Ivy Asset Strategy Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/JPMorgan International Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.41
$9.15
$10.81
$10.34
$8.18
$15.17
$13.95
$10.88
N/A
N/A
  End of period
$12.29
$10.41
$9.15
$10.81
$10.34
$8.18
$15.17
$13.95
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/JPMorgan MidCap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$20.20
$17.89
$19.57
$16.04
$11.55
$21.41
$20.41
$18.75
$18.18
$15.86
  End of period
$27.88
$20.20
$17.89
$19.57
$16.04
$11.55
$21.41
$20.41
$18.75
$18.18
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
135
149
                     
JNL/JPMorgan U.S. Government & Quality Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.23
$16.12
$15.11
$14.49
$14.38
$13.90
$13.45
$13.41
$13.49
$13.37
  End of period
$15.21
$16.23
$16.12
$15.11
$14.49
$14.38
$13.90
$13.45
$13.41
$13.49
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
176
174
                     
JNL/Lazard Emerging Markets Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/M&G Global Basics Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Mellon Capital (MC) 10 x 10 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.48
$12.67
$11.98
$10.03
$6.75
$10.73
$11.37
$10.43
$11.06
$9.34
  End of period
$19.25
$14.48
$12.67
$11.98
$10.03
$6.75
$10.73
$11.37
$10.43
$11.06
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
9,990
10,112
                     
JNL/MC Bond Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.21
$12.13
$11.65
$11.33
$11.03
$10.95
$10.59
$10.52
$10.63
$10.56
  End of period
$11.54
$12.21
$12.13
$11.65
$11.33
$11.03
$10.95
$10.59
$10.52
$10.63
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,820
16,545
24,036
                     
JNL/MC Communications Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$5.17
$4.42
$4.70
$3.95
$3.24
$5.52
$5.45
N/A
N/A
N/A
  End of period
$6.08
$5.17
$4.42
$4.70
$3.95
$3.24
$5.52
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
N/A
N/A
N/A
                     
JNL/MC Consumer Brands Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Dow 10 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$8.88
$8.22
$7.17
$5.92
$5.26
$10.04
$10.23
$8.13
$8.87
$8.87
  End of period
$11.26
$8.88
$8.22
$7.17
$5.92
$5.26
$10.04
$10.23
$8.13
$8.87
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
13,045
12,338
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Division
                  
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Emerging Markets Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC European 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Financial Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Global 15 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.92
$10.82
$12.14
$10.90
$8.56
$17.11
$15.86
$11.65
$10.88
$8.74
  End of period
$14.22
$12.92
$10.82
$12.14
$10.90
$8.56
$17.11
$15.86
$11.65
$10.88
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
9,834
11,194
                     
JNL/MC Global Alpha Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC Healthcare Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.33
$10.71
$9.94
$9.85
$8.38
$11.23
$10.76
$10.40
N/A
N/A
  End of period
$16.87
$12.33
$10.71
$9.94
$9.85
$8.38
$11.23
$10.76
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC Index 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC International Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.22
$11.53
$13.53
$13.04
$10.39
$18.73
$17.47
$14.32
$13.01
$11.21
  End of period
$15.60
$13.22
$11.53
$13.53
$13.04
$10.39
$18.73
$17.47
$14.32
$13.01
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,648
22,924
27,894
                     
JNL/MC JNL 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.10
$9.68
$10.18
$8.95
$7.42
$13.29
$13.49
$11.69
N/A
N/A
  End of period
$14.20
$11.10
$9.68
$10.18
$8.95
$7.42
$13.29
$13.49
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC JNL Optimized 5 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$8.82
$7.95
$9.07
$8.22
$6.14
$11.72
$10.63
N/A
N/A
N/A
  End of period
$11.34
$8.82
$7.95
$9.07
$8.22
$6.14
$11.72
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
N/A
N/A
N/A
                     
JNL/MC Nasdaq 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC NYSE International 25 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Oil & Gas Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$27.27
$26.91
$26.82
$23.18
$19.87
$32.92
$25.05
$21.35
$16.07
N/A
  End of period
$33.21
$27.27
$26.91
$26.82
$23.18
$19.87
$32.92
$25.05
$21.35
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
3,800
N/A
                     
JNL/MC Pacific Rim 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC S&P 24 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC S&P 400 MidCap Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.02
$14.07
$14.79
$12.10
$9.03
$14.89
$14.27
$13.39
$12.31
$10.94
  End of period
$20.69
$16.02
$14.07
$14.79
$12.10
$9.03
$14.89
$14.27
$13.39
$12.31
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,684
22,807
27,991
                     
JNL/MC S&P 500 Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$10.57
$9.43
$9.57
$8.61
$7.04
$11.61
$11.40
$10.20
$10.06
$9.41
  End of period
$13.52
$10.57
$9.43
$9.57
$8.61
$7.04
$11.61
$11.40
$10.20
$10.06
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
2,006
25,607
31,768
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/MC S&P SMid 60 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/MC Small Cap Index Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.91
$12.36
$13.30
$10.84
$8.76
$13.86
$14.57
$12.77
$12.61
$11.06
  End of period
$18.71
$13.91
$12.36
$13.30
$10.84
$8.76
$13.86
$14.57
$12.77
$12.61
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
1,663
23,516
28,579
                     
JNL/MC Technology Sector Division
                    
 Accumulation unit value:
                    
  Beginning of period
$6.20
$5.73
$5.92
$5.44
$3.42
$6.22
$5.59
$5.26
N/A
N/A
  End of period
$7.59
$6.20
$5.73
$5.92
$5.44
$3.42
$6.22
$5.59
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/MC Value Line 30 Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.17
$8.64
$11.55
$9.71
$8.72
$17.08
$14.71
$15.36
N/A
N/A
  End of period
$12.01
$9.17
$8.64
$11.55
$9.71
$8.72
$17.08
$14.71
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/Morgan Stanley Mid Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Neuberger Berman Strategic Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/Oppenheimer Global Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$12.67
$10.82
$12.13
$10.83
$7.99
$13.91
$13.47
$11.86
$10.73
$9.37
  End of period
$15.53
$12.67
$10.82
$12.13
$10.83
$7.99
$13.91
$13.47
$11.86
$10.73
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
218
248
                     
JNL/PIMCO Real Return Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PIMCO Total Return Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$16.18
$15.41
$15.14
$14.48
$12.91
$13.24
$12.60
$12.53
$12.61
$12.42
  End of period
$15.39
$16.18
$15.41
$15.14
$14.48
$12.91
$13.24
$12.60
$12.53
$12.61
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
668
688
                     
JNL/PPM America Floating Rate Income Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PPM America High Yield Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
$14.90
$13.14
$12.92
$11.50
$8.09
$12.03
$12.52
$11.66
$11.81
N/A
  End of period
$15.65
$14.90
$13.14
$12.92
$11.50
$8.09
$12.03
$12.52
$11.66
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,277
N/A
                     
JNL/PPM America Mid Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/PPM America Small Cap Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/PPM America Value Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/Red Rocks Listed Private Equity Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P 4 Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Competitive Advantage Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Dividend Income & Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/S&P Intrinsic Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Aggressive Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Conservative Division
                    
 Accumulation unit value:
                    
  Beginning of period
$11.57
$10.95
$10.93
$10.35
$9.39
$11.20
$10.85
$10.36
N/A
N/A
  End of period
$11.75
$11.57
$10.95
$10.93
$10.35
$9.39
$11.20
$10.85
N/A
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
N/A
N/A
                     
JNL/S&P Managed Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Moderate Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/S&P Managed Moderate Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.33
$12.07
$12.58
$11.44
$9.54
$13.55
$12.84
$11.78
$11.39
$10.71
  End of period
$15.01
$13.33
$12.07
$12.58
$11.44
$9.54
$13.55
$12.84
$11.78
$11.39
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
753
8,121
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/S&P Total Yield Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/T. Rowe Price Established Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$26.43
$22.90
$23.85
$21.03
$15.09
$27.17
$25.41
$23.00
$22.32
$20.91
  End of period
$35.61
$26.43
$22.90
$23.85
$21.03
$15.09
$27.17
$25.41
$23.00
$22.32
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
459
487
                     
JNL/T. Rowe Price Mid-Cap Growth Division
                    
 Accumulation unit value:
                    
  Beginning of period
$40.92
$37.09
$38.75
$31.19
$21.87
$37.93
$33.32
$32.11
$28.97
$25.27
  End of period
$54.27
$40.92
$37.09
$38.75
$31.19
$21.87
$37.93
$33.32
$32.11
$28.97
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
-
-
                     
JNL/T. Rowe Price Short-Term Bond Division
                    
 Accumulation unit value:
                    
  Beginning of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
  End of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
 Accumulation units outstanding at the end of period
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
                     
JNL/T. Rowe Price Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$13.88
$11.97
$12.59
$11.18
$8.39
$14.52
$14.82
$12.71
$12.33
$11.01
  End of period
$18.49
$13.88
$11.97
$12.59
$11.18
$8.39
$14.52
$14.82
$12.71
$12.33
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
1,061
1,125
                     
JNL/WMC Balanced Division
                    
 Accumulation unit value:
                    
  Beginning of period
$24.31
$22.73
$22.65
$21.04
$18.10
$23.50
$22.51
$20.39
$19.93
$18.50
  End of period
$28.18
$24.31
$22.73
$22.65
$21.04
$18.10
$23.50
$22.51
$20.39
$19.93
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
279
295
                     
Investment Divisions
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
December 31,
 
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
JNL/WMC Money Market Division
                    
 Accumulation unit value:
                    
  Beginning of period
$9.66
$9.95
$10.24
$10.54
$10.83
$10.91
$10.73
$10.56
$10.59
N/A
  End of period
$9.39
$9.66
$9.95
$10.24
$10.54
$10.83
$10.91
$10.73
$10.56
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
43,426
N/A
                     
JNL/WMC Value Division
                    
 Accumulation unit value:
                    
  Beginning of period
$19.04
$16.84
$17.70
$16.03
$13.31
$20.55
$19.62
$16.70
$15.90
N/A
  End of period
$24.23
$19.04
$16.84
$17.70
$16.03
$13.31
$20.55
$19.62
$16.70
N/A
 Accumulation units outstanding at the end of period
-
-
-
-
-
-
-
-
3,897
N/A





APPENDIX A


 
Jackson National Separate Account I
 
 
 
 
 
(LOGO)
 
 
 
 
 
 
Financial Statements
 
December 31, 2013
 
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
CG - Conservative Fund
    
CG - Equity 100 Fund
    
CG - Equity Income Fund
    
CG - Fixed Income 100 Fund
    
CG - Growth Fund
    
CG - Institutional Alt 100 Conservative Fund
    
CG - Institutional Alt 100 Growth Fund
    
CG - Institutional Alt 100 Moderate Fund
    
CG - Institutional Alt 65 Fund
    
CG - Interest Rate Opportunities Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 55,255,419     $ 49,262,282     $ 43,192,367     $ 22,059,048     $ 43,815,918     $ 17,738,505     $ 37,070,387     $ 275,259,838     $ 107,396,269     $ 28,938,249  
Receivables:
                                                                                
Investments in Fund shares sold
     4,370       5,320       1,677       4,592       1,870       644       2,539       43,184       4,021       5,976  
Investment Division units sold
     13,258       365,108       83,933       20,918       408,022       15,434       246,242       182,532       100,794       127,080  
Total assets
     55,273,047       49,632,710       43,277,977       22,084,558       44,225,810       17,754,583       37,319,168       275,485,554       107,501,084       29,071,305  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     13,258       365,108       83,933       20,918       408,022       15,434       246,242       182,532       100,794       127,080  
Investment Division units redeemed
     2,712       3,917       397       3,931       654       120       1,483       35,253       920       5,123  
Insurance fees due to Jackson
     1,658       1,403       1,280       661       1,216       524       1,056       7,931       3,101       853  
Total liabilities
     17,628       370,428       85,610       25,510       409,892       16,078       248,781       225,716       104,815       133,056  
Net assets (Note 7)
   $ 55,255,419     $ 49,262,282     $ 43,192,367     $ 22,059,048     $ 43,815,918     $ 17,738,505     $ 37,070,387     $ 275,259,838     $ 107,396,269     $ 28,938,249  
                                                                                 
(a)  Investments in Funds, shares outstanding
     5,193,179       3,757,611       3,540,358       2,253,223       4,005,111       1,773,850       3,641,492       25,967,909       9,504,095       2,940,879  
      Investments in Funds, at cost
   $ 54,986,556     $ 43,617,363     $ 38,969,052     $ 22,504,781     $ 41,546,580     $ 17,531,859     $ 36,157,705     $ 266,673,393     $ 100,573,864     $ 28,575,128  
 
See notes to the financial statements.
 
Page 1
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
CG - International Opportunities Conservative Fund
    
CG - International Opportunities Growth Fund
    
CG - International Opportunities Moderate Fund
    
CG - Maximum Growth Fund
    
CG - Moderate Fund
    
CG - Moderate Growth Fund
    
CG - Multi-Strategy Income Fund
    
CG - Real Assets Fund
    
CG - Tactical Maximum Growth Fund
    
CG - Tactical Moderate Growth Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 1,844,020     $ 4,523,603     $ 4,824,711     $ 65,550,919     $ 172,058,654     $ 252,988,721     $ 20,207,299     $ 4,998,604     $ 66,139,049     $ 228,187,759  
Receivables:
                                                                                
Investments in Fund shares sold
     56       133       139       28,619       63,689       11,984       7,538       629       134,290       92,949  
Investment Division units sold
     4,000       -       9,277       91,743       294,138       522,624       81,152       22,285       136,274       370,157  
Total assets
     1,848,076       4,523,736       4,834,127       65,671,281       172,416,481       253,523,329       20,295,989       5,021,518       66,409,613       228,650,865  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     4,000       -       9,277       91,743       294,138       522,624       81,152       22,285       136,274       370,157  
Investment Division units redeemed
     -       3       -       26,763       58,634       4,702       6,946       484       132,431       86,423  
Insurance fees due to Jackson
     56       130       139       1,856       5,055       7,282       592       145       1,859       6,526  
Total liabilities
     4,056       133       9,416       120,362       357,827       534,608       88,690       22,914       270,564       463,106  
Net assets (Note 7)
   $ 1,844,020     $ 4,523,603     $ 4,824,711     $ 65,550,919     $ 172,058,654     $ 252,988,721     $ 20,207,299     $ 4,998,604     $ 66,139,049     $ 228,187,759  
                                                                                 
(a)  Investments in Funds, shares outstanding
     187,974       443,926       481,989       5,329,343       14,618,407       21,549,295       2,076,804       504,909       5,590,790       19,705,333  
      Investments in Funds, at cost
   $ 1,814,880     $ 4,337,143     $ 4,717,402     $ 57,917,118     $ 161,396,254     $ 235,054,005     $ 19,997,526     $ 4,936,401     $ 59,154,633     $ 211,595,967  
 
See notes to the financial statements.
 
Page 2
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
Curian Dynamic Risk Advantage - Diversified Fund
    
Curian Dynamic Risk Advantage - Growth Fund
    
Curian Dynamic Risk Advantage - Income Fund
    
Curian Focused International Equity Fund
    
Curian Focused U.S. Equity Fund
    
Curian Long Short Credit Fund
    
Curian Tactical Advantage 35 Fund
    
Curian Tactical Advantage 60 Fund
    
Curian Tactical Advantage 75 Fund
    
Curian/Aberdeen Latin America Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 238,699,935     $ 55,489,483     $ 149,063,666     $ 424,533     $ 537,789     $ 5,576,247     $ 32,732,046     $ 80,234,581     $ 70,581,418     $ 1,215,921  
Receivables:
                                                                                
Investments in Fund shares sold
     196,136       19,445       72,467       12       16       15,668       1,028       3,851       57,349       2,588  
Investment Division units sold
     153,137       21,349       188,729       12,550       -       6,619       53,146       174,991       92,089       1,100  
Total assets
     239,049,208       55,530,277       149,324,862       437,095       537,805       5,598,534       32,786,220       80,413,423       70,730,856       1,219,609  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     153,137       21,349       188,729       12,550       -       6,619       53,146       174,991       92,089       1,100  
Investment Division units redeemed
     189,141       17,849       68,055       -       -       15,496       67       1,515       55,322       2,554  
Insurance fees due to Jackson
     6,995       1,596       4,412       12       16       172       961       2,336       2,027       34  
Total liabilities
     349,273       40,794       261,196       12,562       16       22,287       54,174       178,842       149,438       3,688  
Net assets (Note 7)
   $ 238,699,935     $ 55,489,483     $ 149,063,666     $ 424,533     $ 537,789     $ 5,576,247     $ 32,732,046     $ 80,234,581     $ 70,581,418     $ 1,215,921  
                                                                                 
(a)  Investments in Funds, shares outstanding
     23,401,954       5,915,723       14,374,510       40,355       49,024       548,304       2,972,938       6,776,569       5,687,463       146,850  
      Investments in Funds, at cost
   $ 238,315,609     $ 56,608,615     $ 148,358,313     $ 415,410     $ 514,195     $ 5,410,518     $ 31,189,887     $ 73,724,110     $ 63,284,027     $ 1,291,370  
 
See notes to the financial statements.
 
Page 3
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
Curian/American Funds Global Growth Fund
    
Curian/American Funds Growth Fund
    
Curian/AQR Risk Parity Fund
    
Curian/Ashmore Emerging Market Small Cap Equity Fund
    
Curian/Baring International Fixed Income Fund
    
Curian/BlackRock Global Long Short Credit Fund
    
Curian/DFA U.S. Micro Cap Fund
    
Curian/DoubleLine Total Return Fund
    
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
    
Curian/Epoch Global Shareholder Yield Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 5,062,821     $ 45,213,753     $ 1,348,020     $ 1,527,108     $ 1,210,323     $ 22,308,296     $ 16,188,484     $ 5,167,164     $ 7,451,445     $ 15,590,221  
Receivables:
                                                                                
Investments in Fund shares sold
     142       1,501       41       44       36       90,604       31,055       150       37,424       2,839  
Investment Division units sold
     35,690       67,185       6,792       883       -       113,244       43,524       78,146       11,455       13,827  
Total assets
     5,098,653       45,282,439       1,354,853       1,528,035       1,210,359       22,512,144       16,263,063       5,245,460       7,500,324       15,606,887  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     35,690       67,185       6,792       883       -       113,244       43,524       78,146       11,455       13,827  
Investment Division units redeemed
     -       220       2       -       -       89,944       30,586       -       37,197       2,389  
Insurance fees due to Jackson
     142       1,281       39       44       36       660       469       150       227       450  
Total liabilities
     35,832       68,686       6,833       927       36       203,848       74,579       78,296       48,879       16,666  
Net assets (Note 7)
   $ 5,062,821     $ 45,213,753     $ 1,348,020     $ 1,527,108     $ 1,210,323     $ 22,308,296     $ 16,188,484     $ 5,167,164     $ 7,451,445     $ 15,590,221  
                                                                                 
(a)  Investments in Funds, shares outstanding
     460,256       3,273,986       133,998       146,837       126,471       2,208,742       1,124,982       516,716       782,715       1,372,379  
      Investments in Funds, at cost
   $ 4,842,263     $ 39,104,358     $ 1,359,434     $ 1,452,666     $ 1,226,864     $ 21,994,034     $ 14,355,576     $ 5,200,595     $ 7,470,582     $ 16,132,653  
 
See notes to the financial statements.
 
Page 4
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
Curian/FAMCO Flex Core Covered Call Fund
    
Curian/Franklin Templeton Frontier Markets Fund
    
Curian/Franklin Templeton Natural Resources Fund
    
Curian/Lazard International Strategic Equity Fund
    
Curian/Neuberger Berman Currency Fund
    
Curian/Nicholas Convertible Arbitrage Fund
    
Curian/PIMCO Credit Income Fund
    
Curian/PineBridge Merger Arbitrage Fund
    
Curian/Schroder Emerging Europe Fund
    
Curian/T. Rowe Price Capital Appreciation Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 59,229,238     $ 10,523,693     $ 19,294,478     $ 3,438,085     $ 10,983,665     $ 40,484,175     $ 19,395,476     $ 63,826,261     $ 1,538,985     $ 9,228,428  
Receivables:
                                                                                
Investments in Fund shares sold
     6,065       353       600       98       334       17,630       10,513       23,919       43       1,601  
Investment Division units sold
     228,860       22,909       10,600       19,134       5,207       116,047       23,333       47,487       55,710       92,766  
Total assets
     59,464,163       10,546,955       19,305,678       3,457,317       10,989,206       40,617,852       19,429,322       63,897,667       1,594,738       9,322,795  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     228,860       22,909       10,600       19,134       5,207       116,047       23,333       47,487       55,710       92,766  
Investment Division units redeemed
     4,331       54       44       -       14       16,444       9,953       22,049       -       1,330  
Insurance fees due to Jackson
     1,734       299       556       98       320       1,186       560       1,870       43       271  
Total liabilities
     234,925       23,262       11,200       19,232       5,541       133,677       33,846       71,406       55,753       94,367  
Net assets (Note 7)
   $ 59,229,238     $ 10,523,693     $ 19,294,478     $ 3,438,085     $ 10,983,665     $ 40,484,175     $ 19,395,476     $ 63,826,261     $ 1,538,985     $ 9,228,428  
                                                                                 
(a)  Investments in Funds, shares outstanding
     5,218,435       851,431       2,024,604       296,387       1,120,782       3,837,363       1,907,126       6,338,258       149,416       878,062  
      Investments in Funds, at cost
   $ 56,170,471     $ 9,692,466     $ 18,206,301     $ 3,203,902     $ 11,200,221     $ 40,166,822     $ 19,960,316     $ 63,936,289     $ 1,541,742     $ 9,066,485  
 
See notes to the financial statements.
 
Page 5
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
Curian/The Boston Company Equity Income Fund
    
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund
    
Curian/UBS Global Long Short Fixed Income Opportunities Fund
    
Curian/Urdang International REIT Fund
    
Curian/Van Eck International Gold Fund
    
JNL Disciplined Growth Fund
    
JNL Disciplined Moderate Fund
    
JNL Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund
    
JNL Institutional Alt 35 Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 28,342,432     $ 18,424,316     $ 7,719,540     $ 3,063,702     $ 11,291,223     $ 521,713,292     $ 1,026,832,403     $ 1,216,735,393     $ 1,697,532,924     $ 2,315,266,549  
Receivables:
                                                                                
Investments in Fund shares sold
     3,771       4,999       14,295       578       369       112,092       249,402       186,103       874,382       1,272,012  
Investment Division units sold
     97,009       8,905       9,879       6,360       39,103       621,218       528,741       602,743       266,158       550,595  
Total assets
     28,443,212       18,438,220       7,743,714       3,070,640       11,330,695       522,446,602       1,027,610,546       1,217,524,239       1,698,673,464       2,317,089,156  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     97,009       8,905       9,879       6,360       39,103       621,218       528,741       602,743       266,158       550,595  
Investment Division units redeemed
     2,946       4,463       14,065       489       46       91,103       208,185       137,721       807,776       1,179,572  
Insurance fees due to Jackson
     825       536       230       89       323       20,989       41,217       48,382       66,606       92,440  
Total liabilities
     100,780       13,904       24,174       6,938       39,472       733,310       778,143       788,846       1,140,540       1,822,607  
Net assets (Note 7)
   $ 28,342,432     $ 18,424,316     $ 7,719,540     $ 3,063,702     $ 11,291,223     $ 521,713,292     $ 1,026,832,403     $ 1,216,735,393     $ 1,697,532,924     $ 2,315,266,549  
                                                                                 
(a)  Investments in Funds, shares outstanding
     2,118,268       1,827,809       775,054       333,737       2,407,510       47,951,589       85,002,682       104,620,412       104,207,055       139,389,919  
      Investments in Funds, at cost
   $ 27,085,151     $ 18,390,974     $ 7,740,536     $ 3,055,557     $ 15,636,785     $ 441,493,433     $ 888,934,111     $ 1,014,413,677     $ 1,496,366,226     $ 2,072,466,006  
 
See notes to the financial statements.
 
Page 6
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL Institutional Alt 50 Fund
    
JNL Institutional Alt 65 Fund
    
JNL/American Funds Balanced Allocation Fund
    
JNL/American Funds Blue Chip Income and Growth Fund
    
JNL/American Funds Global Bond Fund
    
JNL/American Funds Global Small Capitalization Fund
    
JNL/American Funds Growth Allocation Fund
    
JNL/American Funds Growth-Income Fund
    
JNL/American Funds International Fund
    
JNL/American Funds New World Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 3,197,208,283     $ 746,748,398     $ 439,310,178     $ 1,145,062,654     $ 433,086,282     $ 316,078,255     $ 357,689,205     $ 1,561,325,247     $ 531,620,516     $ 617,703,585  
Receivables:
                                                                                
Investments in Fund shares sold
     1,633,513       567,808       120,450       283,638       134,614       284,963       107,043       301,788       110,836       161,698  
Investment Division units sold
     2,025,041       79,591       1,042,919       663,282       556,633       250,673       1,552,768       2,285,284       668,020       594,188  
Total assets
     3,200,866,837       747,395,797       440,473,547       1,146,009,574       433,777,529       316,613,891       359,349,016       1,563,912,319       532,399,372       618,459,471  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     2,025,041       79,591       1,042,919       663,282       556,633       250,673       1,552,768       2,285,284       668,020       594,188  
Investment Division units redeemed
     1,503,750       537,275       102,808       237,800       116,837       272,342       92,781       240,331       89,971       136,841  
Insurance fees due to Jackson
     129,763       30,533       17,642       45,838       17,777       12,621       14,262       61,457       20,865       24,857  
Total liabilities
     3,658,554       647,399       1,163,369       946,920       691,247       535,636       1,659,811       2,587,072       778,856       755,886  
Net assets (Note 7)
   $ 3,197,208,283     $ 746,748,398     $ 439,310,178     $ 1,145,062,654     $ 433,086,282     $ 316,078,255     $ 357,689,205     $ 1,561,325,247     $ 531,620,516     $ 617,703,585  
                                                                                 
(a)  Investments in Funds, shares outstanding
     190,423,364       46,067,144       36,793,147       76,439,429       41,089,780       23,945,322       28,478,440       100,277,794       41,339,076       49,935,617  
      Investments in Funds, at cost
   $ 2,917,827,131     $ 703,632,541     $ 397,951,043     $ 890,654,901     $ 449,007,213     $ 260,324,205     $ 317,478,778     $ 1,203,437,965     $ 444,196,212     $ 547,065,112  
 
See notes to the financial statements.
 
Page 7
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL/AQR Managed Futures Strategy Fund
    
JNL/BlackRock Commodity Securities Strategy Fund
    
JNL/BlackRock Global Allocation Fund
    
JNL/BlackRock Large Cap Select Growth Fund
    
JNL/Brookfield Global Infrastructure Fund
    
JNL/Capital Guardian Global Balanced Fund
    
JNL/Capital Guardian Global Diversified Research Fund
    
JNL/DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap Equity Fund
    
JNL/Eastspring Investments Asia ex-Japan Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 75,698,680     $ 959,276,176     $ 2,635,570,638     $ 596,970,897     $ 395,362,294     $ 460,256,914     $ 402,702,145     $ 370,944,184     $ 1,131,303,126     $ 123,980,626  
Receivables:
                                                                                
Investments in Fund shares sold
     63,993       359,270       533,809       242,676       113,529       172,403       149,984       128,005       635,865       81,413  
Investment Division units sold
     425,210       433,422       2,895,539       440,224       879,926       108,995       113,543       505,926       690,807       175,552  
Total assets
     76,187,883       960,068,868       2,638,999,986       597,653,797       396,355,749       460,538,312       402,965,672       371,578,115       1,132,629,798       124,237,591  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     425,210       433,422       2,895,539       440,224       879,926       108,995       113,543       505,926       690,807       175,552  
Investment Division units redeemed
     61,789       320,070       429,930       218,727       98,474       153,457       133,414       113,358       589,381       76,269  
Insurance fees due to Jackson
     2,204       39,200       103,879       23,949       15,055       18,946       16,570       14,647       46,484       5,144  
Total liabilities
     489,203       792,692       3,429,348       682,900       993,455       281,398       263,527       633,931       1,326,672       256,965  
Net assets (Note 7)
   $ 75,698,680     $ 959,276,176     $ 2,635,570,638     $ 596,970,897     $ 395,362,294     $ 460,256,914     $ 402,702,145     $ 370,944,184     $ 1,131,303,126     $ 123,980,626  
                                                                                 
(a)  Investments in Funds, shares outstanding
     7,349,386       85,956,647       213,406,529       21,535,747       26,731,730       40,730,700       13,011,378       35,193,945       38,889,760       16,399,554  
      Investments in Funds, at cost
   $ 74,051,230     $ 881,243,105     $ 2,327,339,124     $ 462,655,912     $ 353,838,315     $ 391,358,816     $ 299,939,580     $ 306,796,153     $ 895,755,259     $ 131,175,380  
 
See notes to the financial statements.
 
Page 8
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL/Eastspring Investments China-India Fund
    
JNL/Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton International Small Cap Growth Fund
    
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman Sachs Emerging Markets Debt Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 329,053,904     $ 1,467,587,680     $ 439,451,016     $ 600,386,079     $ 1,556,741,477     $ 419,450,632     $ 559,364,629     $ 563,849,197     $ 605,070,038     $ 238,604,858  
Receivables:
                                                                                
Investments in Fund shares sold
     170,739       1,250,635       146,660       518,218       1,056,978       1,048,234       285,785       421,938       247,924       77,870  
Investment Division units sold
     217,568       1,463,455       563,701       659,988       1,535,169       619,207       355,387       968,553       237,056       111,948  
Total assets
     329,442,211       1,470,301,770       440,161,377       601,564,285       1,559,333,624       421,118,073       560,005,801       565,239,688       605,555,018       238,794,676  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     217,568       1,463,455       563,701       659,988       1,535,169       619,207       355,387       968,553       237,056       111,948  
Investment Division units redeemed
     157,169       1,189,412       128,666       493,796       993,243       1,031,247       262,903       398,914       223,187       68,376  
Insurance fees due to Jackson
     13,570       61,223       17,994       24,422       63,735       16,987       22,882       23,024       24,737       9,494  
Total liabilities
     388,307       2,714,090       710,361       1,178,206       2,592,147       1,667,441       641,172       1,390,491       484,980       189,818  
Net assets (Note 7)
   $ 329,053,904     $ 1,467,587,680     $ 439,451,016     $ 600,386,079     $ 1,556,741,477     $ 419,450,632     $ 559,364,629     $ 563,849,197     $ 605,070,038     $ 238,604,858  
                                                                                 
(a)  Investments in Funds, shares outstanding
     46,085,981       123,847,062       37,656,471       50,073,901       132,714,533       37,517,946       47,727,357       33,946,369       52,890,738       20,820,668  
      Investments in Funds, at cost
   $ 335,257,032     $ 1,146,683,448     $ 352,104,741     $ 587,981,504     $ 1,404,965,449     $ 329,811,044     $ 425,555,114     $ 424,124,094     $ 652,192,219     $ 271,463,254  
 
See notes to the financial statements.
 
Page 9
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Mid Cap Value Fund
    
JNL/Invesco Small Cap Growth Fund
    
JNL/Ivy Asset Strategy Fund
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 553,902,704     $ 186,128,194     $ 925,174,677     $ 528,458,158     $ 511,566,374     $ 259,709,168     $ 475,735,679     $ 2,907,754,831     $ 439,949,941     $ 519,827,016  
Receivables:
                                                                                
Investments in Fund shares sold
     253,750       106,103       387,862       393,749       337,050       258,600       289,626       1,528,185       666,693       220,643  
Investment Division units sold
     505,790       93,809       928,031       398,059       257,823       129,452       1,866,182       2,494,636       425,868       1,189,801  
Total assets
     554,662,244       186,328,106       926,490,570       529,249,966       512,161,247       260,097,220       477,891,487       2,911,777,652       441,042,502       521,237,460  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
   Investments in Fund shares purchased
     505,790       93,809       928,031       398,059       257,823       129,452       1,866,182       2,494,636       425,868       1,189,801  
Investment Division units redeemed
     230,956       98,317       350,369       372,717       316,014       247,942       270,283       1,410,910       648,365       199,764  
Insurance fees due to Jackson
     22,794       7,786       37,493       21,032       21,036       10,658       19,343       117,275       18,328       20,879  
Total liabilities
     759,540       199,912       1,315,893       791,808       594,873       388,052       2,155,808       4,022,821       1,092,561       1,410,444  
Net assets (Note 7)
   $ 553,902,704     $ 186,128,194     $ 925,174,677     $ 528,458,158     $ 511,566,374     $ 259,709,168     $ 475,735,679     $ 2,907,754,831     $ 439,949,941     $ 519,827,016  
                                                                                 
(a)  Investments in Funds, shares outstanding
     45,967,029       16,213,257       94,117,465       41,189,256       30,651,071       17,030,109       24,284,619       192,439,102       52,625,591       16,736,221  
      Investments in Funds, at cost
   $ 516,329,889     $ 140,360,673     $ 875,989,942     $ 442,314,267     $ 412,561,425     $ 201,202,052     $ 377,536,312     $ 2,297,291,301     $ 400,497,429     $ 388,424,664  
 
See notes to the financial statements.
 
Page 10
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL/JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard Emerging Markets Fund
    
JNL/M&G Global Basics Fund
    
JNL/M&G Global Leaders Fund
    
JNL/MC 10 x 10 Fund
    
JNL/MC 25 Fund
    
JNL/MC Bond Index Fund
    
JNL/MC Communications Sector Fund
    
JNL/MC Consumer Brands Sector Fund
    
JNL/MC Dow 10 Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 544,462,648     $ 592,311,175     $ 62,755,661     $ -     $ 352,150,730     $ 943,196,265     $ 526,102,665     $ 127,353,880     $ 494,514,423     $ 584,281,808  
Receivables:
                                                                                
Investments in Fund shares sold
     783,167       353,230       48,360       -       964,256       742,235       283,797       590,757       437,290       759,431  
Investment Division units sold
     200,737       392,384       141,261       -       197,633       752,120       452,034       53,302       538,578       182,549  
Total assets
     545,446,552       593,056,789       62,945,282       -       353,312,619       944,690,620       526,838,496       127,997,939       495,490,291       585,223,788  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     200,737       392,384       141,261       -       197,633       752,120       452,034       53,302       538,578       182,549  
Investment Division units redeemed
     760,738       329,475       45,705       -       950,030       703,069       262,170       585,386       416,809       734,964  
Insurance fees due to Jackson
     22,429       23,755       2,655       -       14,226       39,166       21,627       5,371       20,481       24,467  
Total liabilities
     983,904       745,614       189,621       -       1,161,889       1,494,355       735,831       644,059       975,868       941,980  
Net assets (Note 7)
   $ 544,462,648     $ 592,311,175     $ 62,755,661     $ -     $ 352,150,730     $ 943,196,265     $ 526,102,665     $ 127,353,880     $ 494,514,423     $ 584,281,808  
                                                                                 
(a)  Investments in Funds, shares outstanding
     41,530,332       53,993,726       4,641,691       -       31,811,267       48,122,258       45,275,617       27,989,864       28,667,503       34,068,910  
      Investments in Funds, at cost
   $ 574,121,651     $ 576,562,264     $ 64,395,106     $ -     $ 264,594,942     $ 710,957,051     $ 541,120,106     $ 111,469,942     $ 400,529,228     $ 416,081,240  
 
See notes to the financial statements.
 
Page 11
 

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL/MC Dow Dividend Fund
    
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund
    
JNL/MC Emerging Markets Index Fund
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
    
JNL/MC Global Alpha Fund
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ -     $ 61,671,970     $ 384,617,165     $ 133,956,863     $ 438,276,905     $ 412,419,672     $ 45,948,819     $ 985,261,740     $ 648,974,887     $ 730,995,366  
Receivables:
                                                                                
Investments in Fund shares sold
     -       213,864       505,105       41,690       195,276       345,642       13,163       1,113,796       392,368       553,991  
Investment Division units sold
     -       163,630       757,785       860,328       546,716       381,507       20,811       929,114       171,315       608,520  
Total assets
     -       62,049,464       385,880,055       134,858,881       439,018,897       413,146,821       45,982,793       987,304,650       649,538,570       732,157,877  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     -       163,630       757,785       860,328       546,716       381,507       20,811       929,114       171,315       608,520  
Investment Division units redeemed
     -       211,249       489,306       36,220       176,858       328,368       11,446       1,073,098       366,155       524,158  
Insurance fees due to Jackson
     -       2,615       15,799       5,470       18,418       17,274       1,717       40,698       26,213       29,833  
Total liabilities
     -       377,494       1,262,890       902,018       741,992       727,149       33,974       2,042,910       563,683       1,162,511  
Net assets (Note 7)
   $ -     $ 61,671,970     $ 384,617,165     $ 133,956,863     $ 438,276,905     $ 412,419,672     $ 45,948,819     $ 985,261,740     $ 648,974,887     $ 730,995,366  
                                                                                 
(a)  Investments in Funds, shares outstanding
     -       4,355,365       37,856,020       10,179,093       42,884,237       19,058,210       4,567,477       48,487,290       53,194,663       50,378,730  
 Investments in Funds, at cost
   $ -     $ 54,915,656     $ 383,726,966     $ 121,210,908     $ 355,113,775     $ 321,849,862     $ 47,266,336     $ 778,315,995     $ 515,502,854     $ 633,834,379  
 
See notes to the financial statements.
 
Page 12
 
Jackson National Separate Account I
Statements of Assets and Liabilities
                    
December 31, 2013
                  
 
   
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil & Gas Sector Fund
    
JNL/MC Pacific Rim 30 Fund
    
JNL/MC S&P 10 Fund
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 3,120,294,271     $ 397,388,251     $ 385,253,200     $ 74,064,689     $ 1,103,184,553     $ 91,438,626     $ -     $ 391,819,757     $ 1,090,083,547     $ 2,360,164,741  
Receivables:
                                                                                
Investments in Fund shares sold
     3,946,088       558,233       618,173       38,295       809,756       47,113       -       366,652       847,996       1,861,828  
Investment Division units sold
     415,150       69,490       987,196       48,585       406,185       541,340       -       167,066       1,115,241       2,441,239  
Total assets
     3,124,655,509       398,015,974       386,858,569       74,151,569       1,104,400,494       92,027,079       -       392,353,475       1,092,046,784       2,364,467,808  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     415,150       69,490       987,196       48,585       406,185       541,340       -       167,066       1,115,241       2,441,239  
Investment Division units redeemed
     3,814,735       541,397       602,083       35,200       763,727       43,438       -       350,152       803,016       1,765,739  
Insurance fees due to Jackson
     131,353       16,836       16,090       3,095       46,029       3,675       -       16,500       44,980       96,089  
Total liabilities
     4,361,238       627,723       1,605,369       86,880       1,215,941       588,453       -       533,718       1,963,237       4,303,067  
Net assets (Note 7)
   $ 3,120,294,271     $ 397,388,251     $ 385,253,200     $ 74,064,689     $ 1,103,184,553     $ 91,438,626     $ -     $ 391,819,757     $ 1,090,083,547     $ 2,360,164,741  
                                                                                 
(a)  Investments in Funds, shares outstanding
     257,662,615       35,417,848       20,276,484       10,641,478       31,948,582       6,578,318       -       26,420,752       58,732,950       154,057,751  
 Investments in Funds, at cost
   $ 2,599,974,347     $ 323,552,285     $ 295,249,392     $ 70,371,871     $ 920,132,065     $ 88,598,618     $ -     $ 336,798,878     $ 887,541,241     $ 1,885,043,129  
 
See notes to the financial statements.
 
Page 13
 
Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2013
                                                             
   
JNL/MC S&P SMid 60 Fund
    
JNL/MC Select Small-Cap Fund
    
JNL/MC Small Cap Index Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Utilities Sector Fund
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund
    
JNL/Morgan Stanley Mid Cap Growth Fund
    
JNL/Neuberger Berman Strategic Income Fund
    
JNL/Oppenheimer Global Growth Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 327,592,642     $ -     $ 1,167,461,898     $ 561,854,485     $ 2,976,315     $ 408,286,614     $ -     $ 59,316,396     $ 133,549,066     $ 601,435,331  
Receivables:
                                                                                
Investments in Fund shares sold
     444,290       -       990,102       854,189       2,596       607,098       -       27,655       306,165       708,670  
Investment Division units sold
     788,644       -       746,680       449,266       7,033       108,741       -       74,603       194,660       476,576  
Total assets
     328,825,576       -       1,169,198,680       563,157,940       2,985,944       409,002,453       -       59,418,654       134,049,891       602,620,577  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     788,644       -       746,680       449,266       7,033       108,741       -       74,603       194,660       476,576  
Investment Division units redeemed
     430,811       -       941,564       830,804       2,508       589,717       -       25,176       300,637       683,810  
Insurance fees due to Jackson
     13,479       -       48,538       23,385       88       17,381       -       2,479       5,528       24,860  
Total liabilities
     1,232,934       -       1,736,782       1,303,455       9,629       715,839       -       102,258       500,825       1,185,246  
Net assets (Note 7)
   $ 327,592,642     $ -     $ 1,167,461,898     $ 561,854,485     $ 2,976,315     $ 408,286,614     $ -     $ 59,316,396     $ 133,549,066     $ 601,435,331  
                                                                                 
(a)  Investments in Funds, shares outstanding
     23,567,816       -       69,285,573       61,606,851       316,966       27,945,696       -       4,517,623       12,718,959       42,176,391  
Investments in Funds, at cost
   $ 269,353,528     $ -     $ 974,565,133     $ 474,027,081     $ 3,012,183     $ 357,176,125     $ -     $ 50,946,118     $ 132,945,555     $ 474,882,477  
 
See notes to the financial statements.
 
Page 14
 
Jackson National Separate Account I
  
Statements of Assets and Liabilities
  
December 31, 2013
  
                                                             
   
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
    
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 1,358,821,812     $ 3,417,014,121     $ 1,077,933,247     $ 1,571,549,095     $ 255,732,742     $ 189,982,144     $ 170,361,803     $ 494,897,249     $ 2,922,385,500     $ 616,475,903  
Receivables:
                                                                                
Investments in Fund shares sold
     1,932,387       2,788,782       1,519,912       978,484       265,839       146,551       413,911       463,862       2,683,365       367,219  
Investment Division units sold
     659,476       1,712,044       2,498,921       1,405,864       457,621       66,891       94,426       389,773       6,150,744       530,159  
Total assets
     1,361,413,675       3,421,514,947       1,081,952,080       1,573,933,443       256,456,202       190,195,586       170,870,140       495,750,884       2,931,219,609       617,373,281  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     659,476       1,712,044       2,498,921       1,405,864       457,621       66,891       94,426       389,773       6,150,744       530,159  
Investment Division units redeemed
     1,876,382       2,648,250       1,475,903       913,274       255,342       138,434       406,825       444,876       2,564,653       341,234  
Insurance fees due to Jackson
     56,005       140,532       44,009       65,210       10,497       8,117       7,086       18,986       118,712       25,985  
Total liabilities
     2,591,863       4,500,826       4,018,833       2,384,348       723,460       213,442       508,337       853,635       8,834,109       897,378  
Net assets (Note 7)
   $ 1,358,821,812     $ 3,417,014,121     $ 1,077,933,247     $ 1,571,549,095     $ 255,732,742     $ 189,982,144     $ 170,361,803     $ 494,897,249     $ 2,922,385,500     $ 616,475,903  
                                                                                 
(a)  Investments in Funds, shares outstanding
     133,217,825       270,976,536       98,892,958       218,878,704       17,128,784       15,186,422       9,480,345       40,665,345       174,366,677       36,651,362  
Investments in Funds, at cost
   $ 1,656,881,991     $ 3,483,792,336     $ 1,066,872,418     $ 1,572,856,489     $ 205,284,783     $ 166,729,262     $ 129,490,781     $ 396,034,219     $ 2,290,558,437     $ 506,543,019  
 
See notes to the financial statements.
 
Page 15
 
Jackson National Separate Account I
  
Statements of Assets and Liabilities
  
December 31, 2013
  
                                                             
   
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
    
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
  
Assets
                                                            
Investments, at fair value (a)
   $ 1,781,587,960     $ 605,776,611     $ 1,425,615,525     $ 1,567,877,861     $ 4,178,451,198     $ 3,071,065,221     $ 5,616,026,222     $ 362,318,320     $ 2,019,756,972     $ 2,161,052,341  
Receivables:
                                                                                
Investments in Fund shares sold
     904,763       487,112       994,827       1,870,737       2,034,787       1,381,655       2,301,754       237,634       1,285,210       1,145,085  
Investment Division units sold
     645,291       686,178       1,004,859       178,375       2,265,911       841,638       2,261,285       517,721       1,543,892       1,153,529  
Total assets
     1,783,138,014       606,949,901       1,427,615,211       1,569,926,973       4,182,751,896       3,073,288,514       5,620,589,261       363,073,675       2,022,586,074       2,163,350,955  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investments in Fund shares purchased
     645,291       686,178       1,004,859       178,375       2,265,911       841,638       2,261,285       517,721       1,543,892       1,153,529  
Investment Division units redeemed
     830,560       461,599       937,346       1,804,815       1,865,667       1,255,822       2,073,309       222,199       1,203,754       1,057,241  
Insurance fees due to Jackson
     74,203       25,513       57,481       65,922       169,120       125,833       228,445       15,435       81,456       87,844  
Total liabilities
     1,550,054       1,173,290       1,999,686       2,049,112       4,300,698       2,223,293       4,563,039       755,355       2,829,102       2,298,614  
Net assets (Note 7)
   $ 1,781,587,960     $ 605,776,611     $ 1,425,615,525     $ 1,567,877,861     $ 4,178,451,198     $ 3,071,065,221     $ 5,616,026,222     $ 362,318,320     $ 2,019,756,972     $ 2,161,052,341  
                                                                                 
(a)  Investments in Funds, shares outstanding
     125,111,514       38,856,742       86,505,796       131,203,168       291,587,662       236,417,646       399,148,985       24,186,804       60,598,769       57,674,202  
Investments in Funds, at cost
   $ 1,542,182,383     $ 507,673,602     $ 1,103,257,695     $ 1,485,458,184     $ 3,365,322,113     $ 2,736,814,330     $ 4,763,617,999     $ 308,464,861     $ 1,463,856,843     $ 1,739,064,922  
 
See notes to the financial statements.
 
Page 16
 
Jackson National Separate Account I
  
Statements of Assets and Liabilities
  
December 31, 2013
  
 
    
JNL/T. Rowe Price
Short-Term Bond
Fund
    
JNL/T. Rowe Price
Value Fund
    
JNL/WMC Balanced
Fund
    
JNL/WMC Money
Market Fund
    
JNL/WMC Value
Fund
  
Assets
                              
Investments, at fair value (a)
   $ 697,296,336     $ 969,476,516     $ 3,194,549,403     $ 1,268,082,975     $ 638,676,161  
Receivables:
                                        
Investments in Fund shares sold
     997,585       413,193       1,812,949       3,384,147       481,992  
Investment Division units sold
     681,859       619,039       1,975,576       2,601,053       464,515  
Total assets
     698,975,780       970,508,748       3,198,337,928       1,274,068,175       639,622,668  
                                         
Liabilities
                                        
Payables:
                                        
Investments in Fund shares purchased
     681,859       619,039       1,975,576       2,601,053       464,515  
Investment Division units redeemed
     968,724       374,182       1,686,778       3,331,608       455,905  
Insurance fees due to Jackson
     28,861       39,011       126,171       52,539       26,087  
Total liabilities
     1,679,444       1,032,232       3,788,525       5,985,200       946,507  
Net assets (Note 7)
   $ 697,296,336     $ 969,476,516     $ 3,194,549,403     $ 1,268,082,975     $ 638,676,161  
                                         
(a)  Investments in Funds, shares outstanding
     70,150,537       60,103,938       151,616,013       1,268,082,975       27,756,461  
  Investments in Funds, at cost
   $ 703,363,062     $ 769,602,339     $ 2,658,985,968     $ 1,268,082,975     $ 521,407,631  
 
See notes to the financial statements.
 
Page 17
 
Jackson National Separate Account I
Statements of Operations
        
For the Year Ended December 31, 2013
        
                                                             
   
CG - Conservative Fund
    
CG - Equity 100 Fund
    
CG - Equity Income Fund
    
CG - Fixed Income 100 Fund
    
CG - Growth Fund(a)
    
CG - Institutional Alt 100 Conservative Fund(a)
    
CG - Institutional Alt 100 Growth Fund(a)
    
CG - Institutional Alt 100 Moderate Fund
    
CG - Institutional Alt 65 Fund
    
CG - Interest Rate Opportunities Fund(a)
  
Investment income
                                                            
Dividends
   $ 318,533     $ 27,757     $ 151,669     $ 97,231     $ -     $ -     $ -     $ 60,235     $ 145,713     $ -  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     472,581       261,452       334,333       191,473       134,407       70,482       132,444       2,411,778       887,018       110,120  
Total expenses
     472,581       261,452       334,333       191,473       134,407       70,482       132,444       2,411,778       887,018       110,120  
Net investment income (loss)
     (154,048 )     (233,695 )     (182,664 )     (94,242 )     (134,407 )     (70,482 )     (132,444 )     (2,351,543 )     (741,305 )     (110,120 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     30,415       12,383       21,176       5,134       -       -       -       617,242       223,627       -  
Investments
     123,678       416,739       487,007       (176,559 )     192,557       (2,645 )     3,784       1,001,161       836,246       7,306  
Net change in unrealized appreciation (depreciation) on investments
     (337,638 )     5,575,477       3,855,403       (450,394 )     2,269,338       206,646       912,682       5,808,303       5,424,661       363,121  
Net realized and unrealized gain (loss)
     (183,545 )     6,004,599       4,363,586       (621,819 )     2,461,895       204,001       916,466       7,426,706       6,484,534       370,427  
                                                                                 
Net increase (decrease) in net assets from operations
   $ (337,593 )   $ 5,770,904     $ 4,180,922     $ (716,061 )   $ 2,327,488     $ 133,519     $ 784,022     $ 5,075,163     $ 5,743,229     $ 260,307  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                  
 
See notes to the financial statements.
 
Page 18
 
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2013
                                                             
   
CG - International Opportunities Conservative Fund(a)
    
CG - International Opportunities Growth Fund(a)
    
CG - International Opportunities Moderate Fund(a)
    
CG - Maximum Growth Fund
    
CG - Moderate Fund
    
CG - Moderate Growth Fund
    
CG - Multi-Strategy Income Fund(a)
    
CG - Real Assets Fund(a)
    
CG - Tactical Maximum Growth Fund
    
CG - Tactical Moderate Growth Fund
  
Investment income
                                                            
Dividends
   $ -     $ -     $ -     $ 75,181     $ 493,160     $ 304,805     $ -     $ -     $ -     $ 605,174  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     7,669       17,141       15,873       445,570       1,135,716       1,656,369       85,725       16,809       447,792       1,678,017  
Total expenses
     7,669       17,141       15,873       445,570       1,135,716       1,656,369       85,725       16,809       447,792       1,678,017  
Net investment income (loss)
     (7,669 )     (17,141 )     (15,873 )     (370,389 )     (642,556 )     (1,351,564 )     (85,725 )     (16,809 )     (447,792 )     (1,072,843 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       71,648       31,239       264,148       -       -       28,238       577,966  
Investments
     8,367       8,991       8,435       585,737       1,006,699       1,272,734       (5,188 )     5,962       516,665       1,596,859  
Net change in unrealized appreciation (depreciation) on investments
     29,140       186,460       107,309       7,062,882       9,620,061       15,927,960       209,773       62,203       6,340,643       14,794,611  
Net realized and unrealized gain (loss)
     37,507       195,451       115,744       7,720,267       10,657,999       17,464,842       204,585       68,165       6,885,546       16,969,436  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 29,838     $ 178,310     $ 99,871     $ 7,349,878     $ 10,015,443     $ 16,113,278     $ 118,860     $ 51,356     $ 6,437,754     $ 15,896,593  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                  
 
See notes to the financial statements.
 
Page 19
 
Jackson National Separate Account I
                          
Statements of Operations
                                      
For the Year Ended December 31, 2013
                          
                                                             
   
Curian Dynamic Risk Advantage - Diversified Fund
    
Curian Dynamic Risk Advantage - Growth Fund
    
Curian Dynamic Risk Advantage - Income Fund
    
Curian Focused International Equity Fund(b)
    
Curian Focused U.S. Equity Fund(b)
    
Curian Long Short Credit Fund(a)
    
Curian Tactical Advantage 35 Fund
    
Curian Tactical Advantage 60 Fund
    
Curian Tactical Advantage 75 Fund
    
Curian/Aberdeen Latin America Fund(a)
  
Investment income
                                                            
Dividends
   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ 7,176  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     2,027,111       394,806       1,393,805       899       708       20,550       286,476       546,648       464,546       4,720  
Total expenses
     2,027,111       394,806       1,393,805       899       708       20,550       286,476       546,648       464,546       4,720  
Net investment income (loss)
     (2,027,111 )     (394,806 )     (1,393,805 )     (899 )     (708 )     (20,550 )     (286,476 )     (546,648 )     (464,546 )     2,456  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     234,381       1,880,140       88,429       -       -       -       35,486       51,365       93,429       -  
Investments
     245,086       (56,233 )     132,500       2,747       211       12,239       237,635       507,009       584,725       (4,029 )
Net change in unrealized appreciation (depreciation) on investments
     795,902       (831,335 )     67,581       9,123       23,594       165,729       1,299,437       5,979,314       6,764,844       (75,449 )
Net realized and unrealized gain (loss)
     1,275,369       992,572       288,510       11,870       23,805       177,968       1,572,558       6,537,688       7,442,998       (79,478 )
                                                                                 
Net increase (decrease) in net assets from operations
   $ (751,742 )   $ 597,766     $ (1,105,295 )   $ 10,971     $ 23,097     $ 157,418     $ 1,286,082     $ 5,991,040     $ 6,978,452     $ (77,022 )
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                          
(b) Commencement of operations September 16, 2013.
                                                  
 
See notes to the financial statements.
 
Page 20
 
Jackson National Separate Account I
                      
Statements of Operations
                                  
For the Year Ended December 31, 2013
                                            
                                                             
   
Curian/American Funds Global Growth Fund(b)
    
Curian/American Funds Growth Fund
    
Curian/AQR Risk Parity Fund(b)
    
Curian/Ashmore Emerging Market Small Cap Equity Fund(a)
    
Curian/Baring International Fixed Income Fund(a)
    
Curian/BlackRock Global Long Short Credit Fund(a)
    
Curian/DFA U.S. Micro Cap Fund
    
Curian/DoubleLine Total Return Fund(b)
    
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund(a)
    
Curian/Epoch Global Shareholder Yield Fund
  
Investment income
                                                            
Dividends
   $ -     $ 45,438     $ -     $ 266     $ 6,833     $ -     $ 64,745     $ -     $ -     $ 440,938  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     5,912       250,106       1,931       4,841       3,785       78,829       59,570       6,569       29,571       81,686  
Total expenses
     5,912       250,106       1,931       4,841       3,785       78,829       59,570       6,569       29,571       81,686  
Net investment income (loss)
     (5,912 )     (204,668 )     (1,931 )     (4,575 )     3,048       (78,829 )     5,175       (6,569 )     (29,571 )     359,252  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       122       -       -       -       -       60,077       -       -       1,538,703  
Investments
     2,163       532,913       1,664       4,149       209       19,538       145,159       757       (22,527 )     97,732  
Net change in unrealized appreciation (depreciation) on investments
     220,558       5,809,551       (11,414 )     74,442       (16,541 )     314,262       1,817,320       (33,431 )     (19,137 )     (570,604 )
Net realized and unrealized gain (loss)
     222,721       6,342,586       (9,750 )     78,591       (16,332 )     333,800       2,022,556       (32,674 )     (41,664 )     1,065,831  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 216,809     $ 6,137,918     $ (11,681 )   $ 74,016     $ (13,284 )   $ 254,971     $ 2,027,731     $ (39,243 )   $ (71,235 )   $ 1,425,083  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                    
(b) Commencement of operations September 16, 2013.
                                                  
 
See notes to the financial statements.
 
Page 21
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
Curian/FAMCO Flex Core Covered Call Fund
    
Curian/Franklin Templeton Frontier Markets Fund
    
Curian/Franklin Templeton Natural Resources Fund
    
Curian/Lazard International Strategic Equity Fund(a)
    
Curian/Neuberger Berman Currency Fund
    
Curian/Nicholas Convertible Arbitrage Fund
    
Curian/PIMCO Credit Income Fund
    
Curian/PineBridge Merger Arbitrage Fund
    
Curian/Schroder Emerging Europe Fund(a)
    
Curian/T. Rowe Price Capital Appreciation Fund(b)
  
Investment income
                                                            
Dividends
   $ 710,972     $ -     $ -     $ -     $ 116,363     $ 2,268     $ 350,984     $ -     $ 18,030     $ 20,626  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     381,824       54,007       137,945       8,455       88,566       285,176       199,841       547,902       4,587       9,451  
Total expenses
     381,824       54,007       137,945       8,455       88,566       285,176       199,841       547,902       4,587       9,451  
Net investment income (loss)
     329,148       (54,007 )     (137,945 )     (8,455 )     27,797       (282,908 )     151,143       (547,902 )     13,443       11,175  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     29,681       -       58,606       -       14       192,947       6,085       194,551       -       2,942  
Investments
     229,887       19,471       69,269       6,196       (12,258 )     123,614       (204,323 )     21,255       (7,640 )     8,295  
Net change in unrealized appreciation (depreciation) on investments
     3,134,363       816,156       1,014,774       234,183       (206,868 )     188,953       (672,683 )     (222,773 )     (2,757 )     161,943  
Net realized and unrealized gain (loss)
     3,393,931       835,627       1,142,649       240,379       (219,112 )     505,514       (870,921 )     (6,967 )     (10,397 )     173,180  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 3,723,079     $ 781,620     $ 1,004,704     $ 231,924     $ (191,315 )   $ 222,606     $ (719,778 )   $ (554,869 )   $ 3,046     $ 184,355  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                            
(b) Commencement of operations September 16, 2013.
                                    
 
See notes to the financial statements.
 
Page 22
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
Curian/The Boston Company Equity Income Fund
    
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund
    
Curian/UBS Global Long Short Fixed Income Opportunities Fund(a)
    
Curian/Urdang International REIT Fund(a)
    
Curian/Van Eck International Gold Fund
    
JNL Disciplined Growth Fund
    
JNL Disciplined Moderate Fund
    
JNL Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund
    
JNL Institutional Alt 35 Fund
  
Investment income
                                                            
Dividends
   $ 262,895     $ -     $ -     $ 49,269     $ 20,840     $ 3,920,240     $ 12,142,671     $ 11,595,946     $ 31,223,849     $ 36,016,179  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     138,076       162,375       28,875       11,675       91,351       5,918,648       12,958,891       14,272,981       22,091,126       31,629,564  
Total expenses
     138,076       162,375       28,875       11,675       91,351       5,918,648       12,958,891       14,272,981       22,091,126       31,629,564  
Net investment income (loss)
     124,819       (162,375 )     (28,875 )     37,594       (70,511 )     (1,998,408 )     (816,220 )     (2,677,035 )     9,132,723       4,386,615  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     2,140,554       -       -       -       -       9,345,748       16,530,813       22,116,793       26,251,209       40,971,502  
Investments
     273,113       (112,466 )     (12,144 )     5,083       (1,480,620 )     10,762,609       18,040,125       22,833,591       21,395,242       32,963,160  
Net change in unrealized appreciation (depreciation) on investments
     1,114,881       111,222       (20,996 )     8,145       (3,976,675 )     61,216,577       89,361,587       141,529,615       120,726,003       143,005,705  
Net realized and unrealized gain (loss)
     3,528,548       (1,244 )     (33,140 )     13,228       (5,457,295 )     81,324,934       123,932,525       186,479,999       168,372,454       216,940,367  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 3,653,367     $ (163,619 )   $ (62,015 )   $ 50,822     $ (5,527,806 )   $ 79,326,526     $ 123,116,305     $ 183,802,964     $ 177,505,177     $ 221,326,982  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                  
 
See notes to the financial statements.
 
Page 23
 
Jackson National Separate Account I
                    
Statements of Operations
              
For the Year Ended December 31, 2013
              
                                                             
   
JNL Institutional Alt 50 Fund
    
JNL Institutional Alt 65 Fund
    
JNL/American Funds Balanced Allocation Fund
    
JNL/American Funds Blue Chip Income and Growth Fund
    
JNL/American Funds Global Bond Fund
    
JNL/American Funds Global Small Capitalization Fund
    
JNL/American Funds Growth Allocation Fund
    
JNL/American Funds Growth-Income Fund
    
JNL/American Funds International Fund
    
JNL/American Funds New World Fund
  
Investment income
                                                            
Dividends
   $ 39,302,254     $ 8,051,382     $ 2,238,344     $ 10,578,227     $ 9,240,497     $ 1,757,804     $ 1,266,394     $ 9,719,283     $ 3,597,946     $ 2,922,345  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     44,863,247       12,062,994       4,213,842       13,247,896       6,629,020       3,694,680       3,037,633       17,116,653       6,105,554       7,649,084  
Total expenses
     44,863,247       12,062,994       4,213,842       13,247,896       6,629,020       3,694,680       3,037,633       17,116,653       6,105,554       7,649,084  
Net investment income (loss)
     (5,560,993 )     (4,011,612 )     (1,975,498 )     (2,669,669 )     2,611,477       (1,936,876 )     (1,771,239 )     (7,397,370 )     (2,507,608 )     (4,726,739 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     32,014,989       17,349,677       202,056       4,459,137       2,049,279       596,093       249,337       1,210,948       715,488       1,001,679  
Investments
     41,428,590       10,302,928       3,122,335       26,838,692       (1,755,875 )     7,391,873       3,461,357       41,321,462       8,461,244       8,104,871  
Net change in unrealized appreciation (depreciation) on investments
     181,098,667       37,339,069       36,019,104       205,984,715       (23,165,003 )     50,677,047       35,729,585       281,743,138       70,190,657       44,475,309  
Net realized and unrealized gain (loss)
     254,542,246       64,991,674       39,343,495       237,282,544       (22,871,599 )     58,665,013       39,440,279       324,275,548       79,367,389       53,581,859  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 248,981,253     $ 60,980,062     $ 37,367,997     $ 234,612,875     $ (20,260,122 )   $ 56,728,137     $ 37,669,040     $ 316,878,178     $ 76,859,781     $ 48,855,120  
 
See notes to the financial statements.
 
Page 24
 
Jackson National Separate Account I
                    
Statements of Operations
              
For the Year Ended December 31, 2013
              
                                                             
   
JNL/AQR Managed Futures Strategy Fund
    
JNL/BlackRock Commodity Securities Strategy Fund
    
JNL/BlackRock Global Allocation Fund
    
JNL/BlackRock Large Cap Select Growth Fund
    
JNL/Brookfield Global Infrastructure Fund
    
JNL/Capital Guardian Global Balanced Fund
    
JNL/Capital Guardian Global Diversified Research Fund
    
JNL/DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap Equity Fund
    
JNL/Eastspring Investments Asia ex-Japan Fund
  
Investment income
                                                            
Dividends
   $ 2,472,423     $ 3,595,221     $ 13,011,821     $ 126,189     $ 2,066,166     $ 7,283,023     $ 4,548,445     $ 2,618,597     $ 710,666     $ 1,579,089  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     500,617       14,042,132       30,201,699       7,271,823       3,403,301       6,394,314       5,461,745       3,773,485       14,030,063       1,946,794  
Total expenses
     500,617       14,042,132       30,201,699       7,271,823       3,403,301       6,394,314       5,461,745       3,773,485       14,030,063       1,946,794  
Net investment income (loss)
     1,971,806       (10,446,911 )     (17,189,878 )     (7,145,634 )     (1,337,135 )     888,709       (913,300 )     (1,154,888 )     (13,319,397 )     (367,705 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     99,826       -       -       40,850,278       6,949,560       -       -       12,425,024       21,700,566       1,025,900  
Investments
     156,585       13,793,947       26,014,067       18,848,664       4,184,950       9,250,955       15,591,974       11,216,427       37,813,926       (2,668,590 )
Net change in unrealized appreciation (depreciation) on investments
     772,727       66,596,159       238,074,708       106,302,358       35,563,171       44,931,108       55,516,585       50,568,008       179,519,345       (8,935,790 )
Net realized and unrealized gain (loss)
     1,029,138       80,390,106       264,088,775       166,001,300       46,697,681       54,182,063       71,108,559       74,209,459       239,033,837       (10,578,480 )
                                                                                 
Net increase (decrease) in net assets from operations
   $ 3,000,944     $ 69,943,195     $ 246,898,897     $ 158,855,666     $ 45,360,546     $ 55,070,772     $ 70,195,259     $ 73,054,571     $ 225,714,440     $ (10,946,185 )
 
See notes to the financial statements.
 
Page 25
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
JNL/Eastspring Investments China-India Fund
    
JNL/Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton International Small Cap Growth Fund
    
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman Sachs Emerging Markets Debt Fund
  
Investment income
                                                            
Dividends
   $ 3,042,621     $ 26,425,377     $ 4,494,428     $ 12,546,585     $ 54,963,837     $ 3,495,155     $ 4,375,694     $ 3,970,759     $ 18,170,376     $ 20,321,107  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     4,980,389       20,061,738       4,683,165       7,542,119       20,243,654       4,737,620       7,181,472       6,247,586       10,226,034       4,201,732  
Total expenses
     4,980,389       20,061,738       4,683,165       7,542,119       20,243,654       4,737,620       7,181,472       6,247,586       10,226,034       4,201,732  
Net investment income (loss)
     (1,937,768 )     6,363,639       (188,737 )     5,004,466       34,720,183       (1,242,465 )     (2,805,778 )     (2,276,827 )     7,944,342       16,119,375  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       34,768       -       5,850,730       -       3,282,638       24,905,117       8,472,879  
Investments
     (7,308,339 )     40,100,948       15,232,016       7,646,362       25,690,244       21,728,333       17,067,921       27,936,912       (3,273,873 )     940,632  
Net change in unrealized appreciation (depreciation) on investments
     (5,824,732 )     212,184,767       62,665,405       (6,049,945 )     94,734,418       57,180,201       95,285,914       87,764,621       (48,803,754 )     (53,289,445 )
Net realized and unrealized gain (loss)
     (13,133,071 )     252,285,715       77,897,421       1,631,185       120,424,662       84,759,264       112,353,835       118,984,171       (27,172,510 )     (43,875,934 )
                                                                                 
Net increase (decrease) in net assets from operations
   $ (15,070,839 )   $ 258,649,354     $ 77,708,684     $ 6,635,651     $ 155,144,845     $ 83,516,799     $ 109,548,057     $ 116,707,344     $ (19,228,168 )   $ (27,756,559 )
 
See notes to the financial statements.
 
Page 26
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Mid Cap Value Fund
    
JNL/Invesco Small Cap Growth Fund
    
JNL/Ivy Asset Strategy Fund
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
  
Investment income
                                                            
Dividends
   $ 1,899,539     $ 270,540     $ 28,798,585     $ 4,918,340     $ 1,625,877     $ 433,987     $ 458,869     $ 33,349,728     $ 13,463,159     $ 691,209  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     7,258,192       2,368,996       13,274,165       6,381,815       5,925,888       3,488,904       5,128,829       35,274,160       5,613,854       5,544,086  
Total expenses
     7,258,192       2,368,996       13,274,165       6,381,815       5,925,888       3,488,904       5,128,829       35,274,160       5,613,854       5,544,086  
Net investment income (loss)
     (5,358,653 )     (2,098,456 )     15,524,420       (1,463,475 )     (4,300,011 )     (3,054,917 )     (4,669,960 )     (1,924,432 )     7,849,305       (4,852,877 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     96,024,022       2,882,768       -       -       29,434,416       -       8,238,773       -       -       -  
Investments
     30,004,360       10,558,968       27,478,554       13,691,528       18,716,958       12,264,801       22,086,410       55,014,337       2,895,306       24,125,262  
Net change in unrealized appreciation (depreciation) on investments
     3,414,742       31,205,497       (42,281,980 )     58,231,039       86,022,557       48,869,585       80,654,472       433,114,750       55,687,693       105,591,939  
Net realized and unrealized gain (loss)
     129,443,124       44,647,233       (14,803,426 )     71,922,567       134,173,931       61,134,386       110,979,655       488,129,087       58,582,999       129,717,201  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 124,084,471     $ 42,548,777     $ 720,994     $ 70,459,092     $ 129,873,920     $ 58,079,469     $ 106,309,695     $ 486,204,655     $ 66,432,304     $ 124,864,324  
 
See notes to the financial statements.
 
Page 27
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
JNL/JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard Emerging Markets Fund
    
JNL/M&G Global Basics Fund
    
JNL/M&G Global Leaders Fund(a)
    
JNL/MC 10 x 10 Fund
    
JNL/MC 25 Fund
    
JNL/MC Bond Index Fund
    
JNL/MC Communications Sector Fund
    
JNL/MC Consumer Brands Sector Fund
    
JNL/MC Dow 10 Fund
  
Investment income
                                                            
Dividends
   $ 20,163,712     $ 8,741,585     $ 1,413,376     $ 83,729     $ 6,601,584     $ 19,803,019     $ 11,375,716     $ 2,505,104     $ 2,488,841     $ -  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     9,952,027       9,510,549       986,856       478,212       4,633,685       11,886,460       8,563,787       1,711,762       5,373,110       8,281,300  
Total expenses
     9,952,027       9,510,549       986,856       478,212       4,633,685       11,886,460       8,563,787       1,711,762       5,373,110       8,281,300  
Net investment income (loss)
     10,211,685       (768,964 )     426,520       (394,483 )     1,967,899       7,916,559       2,811,929       793,342       (2,884,269 )     (8,281,300 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       10,579,961       1,814,401       -       2,281,948       33,197,608       424,385       -       10,718,272       -  
Investments
     (625,327 )     7,358,381       131,054       8,134,717       12,985,734       50,818,627       888,185       6,167,762       26,583,840       47,149,563  
Net change in unrealized appreciation (depreciation) on investments
     (44,654,145 )     (36,871,201 )     (520,193 )     (889,133 )     54,409,929       137,295,401       (28,859,307 )     11,020,311       74,799,297       91,323,336  
Net realized and unrealized gain (loss)
     (45,279,472 )     (18,932,859 )     1,425,262       7,245,584       69,677,611       221,311,636       (27,546,737 )     17,188,073       112,101,409       138,472,899  
                                                                                 
Net increase (decrease) in net assets from operations
   $ (35,067,787 )   $ (19,701,823 )   $ 1,851,782     $ 6,851,101     $ 71,645,510     $ 229,228,195     $ (24,734,808 )   $ 17,981,415     $ 109,217,140     $ 130,191,599  
                                                                                 
(a) The period is from January 1, 2013 through acquisition September 13, 2013.
                                
 
See notes to the financial statements.
 
Page 28
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
JNL/MC Dow Dividend Fund(a)
    
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund
    
JNL/MC Emerging Markets Index Fund
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
    
JNL/MC Global Alpha Fund
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
  
Investment income
                                                            
Dividends
   $ 11,669,031     $ 245,187     $ 2,437,484     $ 945,450     $ 3,087,216     $ -     $ -     $ 5,272,395     $ 8,982,516     $ 15,808,805  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     4,470,683       479,576       4,395,658       902,577       5,251,717       6,545,555       645,577       10,710,648       8,484,153       9,080,840  
Total expenses
     4,470,683       479,576       4,395,658       902,577       5,251,717       6,545,555       645,577       10,710,648       8,484,153       9,080,840  
Net investment income (loss)
     7,198,348       (234,389 )     (1,958,174 )     42,873       (2,164,501 )     (6,545,555 )     (645,577 )     (5,438,253 )     498,363       6,727,965  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       -       2,001,346       -       -       7,402,435       9,627,742       -  
Investments
     51,944,801       2,004,528       21,664       1,540,024       23,613,223       30,739,229       (371,275 )     43,636,959       18,759,238       12,399,484  
Net change in unrealized appreciation (depreciation) on investments
     (4,263,792 )     6,547,093       (13,402,516 )     14,271,884       61,331,624       22,030,291       (291,359 )     162,100,959       84,031,513       89,845,662  
Net realized and unrealized gain (loss)
     47,681,009       8,551,621       (13,380,852 )     15,811,908       86,946,193       52,769,520       (662,634 )     213,140,353       112,418,493       102,245,146  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 54,879,357     $ 8,317,232     $ (15,339,026 )   $ 15,854,781     $ 84,781,692     $ 46,223,965     $ (1,308,211 )   $ 207,702,100     $ 112,916,856     $ 108,973,111  
                                                                                 
(a) The period is from January 1, 2013 through acquisition September 13, 2013.
                          
 
See notes to the financial statements.
 
Page 29
 
Jackson National Separate Account I
                    
Statements of Operations
        
For the Year Ended December 31, 2013
        
                                                             
   
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil & Gas Sector Fund
    
JNL/MC Pacific Rim 30 Fund
    
JNL/MC S&P 10 Fund(a)
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index Fund
  
Investment income
                                                            
Dividends
   $ 75,561,336     $ 10,476,988     $ 2,598,068     $ 2,364,737     $ 12,085,651     $ 3,089,710     $ -     $ 3,038,378     $ 7,334,153     $ 25,712,000  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     45,384,298       5,677,485       4,558,597       1,030,558       14,994,603       1,172,681       2,902,573       2,475,511       13,031,650       26,544,956  
Total expenses
     45,384,298       5,677,485       4,558,597       1,030,558       14,994,603       1,172,681       2,902,573       2,475,511       13,031,650       26,544,956  
Net investment income (loss)
     30,177,038       4,799,503       (1,960,529 )     1,334,179       (2,908,952 )     1,917,029       (2,902,573 )     562,867       (5,697,497 )     (832,956 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       7,079,955       -       12,805,075       -       -       6,904,471       30,155,070       10,036,606  
Investments
     64,768,786       10,843,594       23,266,027       (2,536,762 )     40,615,638       2,816,422       33,838,227       6,133,924       41,660,589       85,454,456  
Net change in unrealized appreciation (depreciation) on investments
     661,671,656       80,850,607       67,945,137       14,047,591       150,331,891       897,594       3,639,234       53,504,222       153,632,211       357,604,602  
Net realized and unrealized gain (loss)
     726,440,442       91,694,201       98,291,119       11,510,829       203,752,604       3,714,016       37,477,461       66,542,617       225,447,870       453,095,664  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 756,617,480     $ 96,493,704     $ 96,330,590     $ 12,845,008     $ 200,843,652     $ 5,631,045     $ 34,574,888     $ 67,105,484     $ 219,750,373     $ 452,262,708  
                                                                                 
(a) The period is from January 1, 2013 through acquisition September 13, 2013.
  
 
See notes to the financial statements.
 
Page 30
 
Jackson National Separate Account I
        
Statements of Operations
        
For the Year Ended December 31, 2013
        
                                                             
   
JNL/MC S&P SMid 60 Fund
    
JNL/MC Select Small-Cap Fund(b)
    
JNL/MC Small Cap Index Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Utilities Sector Fund(a)
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund(b)
    
JNL/Morgan Stanley Mid Cap Growth Fund
    
JNL/Neuberger Berman Strategic Income Fund
    
JNL/Oppenheimer Global Growth Fund
  
Investment income
                                                            
Dividends
   $ 4,348,721     $ 3,389,826     $ 9,850,243     $ 3,203,454     $ 64,710     $ 7,281,035     $ 5,607,513     $ -     $ 206,204     $ 4,966,715  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     3,813,680       2,800,126       11,962,075       6,821,412       10,272       5,970,000       2,623,752       464,340       1,610,477       7,229,457  
Total expenses
     3,813,680       2,800,126       11,962,075       6,821,412       10,272       5,970,000       2,623,752       464,340       1,610,477       7,229,457  
Net investment income (loss)
     535,041       589,700       (2,111,832 )     (3,617,958 )     54,438       1,311,035       2,983,761       (464,340 )     (1,404,273 )     (2,262,742 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     4,046,832       -       48,589,894       8,287,683       470       -       -       101,736       150,926       200,896  
Investments
     13,557,370       35,905,401       42,988,856       9,932,423       (5,840 )     (711,126 )     21,092,617       1,714,484       256,515       16,359,054  
Net change in unrealized appreciation (depreciation) on investments
     53,300,934       10,402,796       150,683,627       87,052,532       (35,868 )     106,750,012       17,113,896       8,075,791       (1,184,534 )     89,965,561  
Net realized and unrealized gain (loss)
     70,905,136       46,308,197       242,262,377       105,272,638       (41,238 )     106,038,886       38,206,513       9,892,011       (777,093 )     106,525,511  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 71,440,177     $ 46,897,897     $ 240,150,545     $ 101,654,680     $ 13,200     $ 107,349,921     $ 41,190,274     $ 9,427,671     $ (2,181,366 )   $ 104,262,769  
                                                                                 
(a) Commencement of operations April 29, 2013.
                    
(b) The period is from January 1, 2013 through acquisition September 13, 2013.
                  
 
See notes to the financial statements.
 
Page 31
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
                                                             
   
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
    
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
  
Investment income
                                                            
Dividends
   $ 20,212,994     $ 43,181,657     $ 15,060,731     $ 91,299,177     $ 1,308,270     $ 580,474     $ 1,886,415     $ 37,029,404     $ 15,908,668     $ 3,038,649  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     26,976,090       59,220,547       9,999,419       22,323,785       3,144,397       2,102,344       2,195,520       6,003,823       28,949,156       6,798,441  
Total expenses
     26,976,090       59,220,547       9,999,419       22,323,785       3,144,397       2,102,344       2,195,520       6,003,823       28,949,156       6,798,441  
Net investment income (loss)
     (6,763,096 )     (16,038,890 )     5,061,312       68,975,392       (1,836,127 )     (1,521,870 )     (309,105 )     31,025,581       (13,040,488 )     (3,759,792 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     158,638,443       4,658,309       -       33,421,168       -       11,154,419       -       -       59,770,692       33,505,116  
Investments
     (56,490,530 )     952,877       4,348,691       46,245,063       15,801,956       9,919,296       12,328,224       14,702,141       104,147,061       27,291,875  
Net change in unrealized appreciation (depreciation) on investments
     (300,792,321 )     (139,002,070 )     7,438,543       (57,195,824 )     48,795,630       19,978,161       33,429,102       91,965,922       475,463,072       88,603,651  
Net realized and unrealized gain (loss)
     (198,644,408 )     (133,390,884 )     11,787,234       22,470,407       64,597,586       41,051,876       45,757,326       106,668,063       639,380,825       149,400,642  
                                                                                 
Net increase (decrease) in net assets from operations
   $ (205,407,504 )   $ (149,429,774 )   $ 16,848,546     $ 91,445,799     $ 62,761,459     $ 39,530,006     $ 45,448,221     $ 137,693,644     $ 626,340,337     $ 145,640,850  
 
See notes to the financial statements.
 
Page 32
 
Jackson National Separate Account I
Statements of Operations
        
For the Year Ended December 31, 2013
        
                                                             
   
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
    
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
  
Investment income
                                                            
Dividends
   $ 23,106,339     $ 4,744,822     $ 8,564,073     $ 9,574,628     $ 32,160,559     $ 13,476,130     $ 25,384,689     $ 2,953,785     $ 1,229,652     $ -  
                                                                                 
Expenses
                                                                                
Asset-based charges (Note 3)
     18,677,187       6,320,389       17,472,664       25,506,722       52,945,917       43,559,804       75,195,375       3,633,740       23,879,020       26,929,642  
Total expenses
     18,677,187       6,320,389       17,472,664       25,506,722       52,945,917       43,559,804       75,195,375       3,633,740       23,879,020       26,929,642  
Net investment income (loss)
     4,429,152       (1,575,567 )     (8,908,591 )     (15,932,094 )     (20,785,358 )     (30,083,674 )     (49,810,686 )     (679,955 )     (22,649,368 )     (26,929,642 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     53,340,885       23,530,831       3,494,144       1,044,354       18,768,526       6,019,545       16,978,058       13,426,966       69,400,236       123,855,838  
Investments
     46,539,887       35,503,857       43,576,466       25,461,334       78,517,855       45,945,483       82,771,936       24,982,744       98,027,943       74,774,912  
Net change in unrealized appreciation (depreciation) on investments
     194,431,826       89,040,640       216,258,862       34,922,269       597,622,486       220,517,650       616,087,032       45,625,350       366,843,323       355,896,318  
Net realized and unrealized gain (loss)
     294,312,598       148,075,328       263,329,472       61,427,957       694,908,867       272,482,678       715,837,026       84,035,060       534,271,502       554,527,068  
                                                                                 
Net increase (decrease) in net assets from operations
   $ 298,741,750     $ 146,499,761     $ 254,420,881     $ 45,495,863     $ 674,123,509     $ 242,399,004     $ 666,026,340     $ 83,355,105     $ 511,622,134     $ 527,597,426  
 
See notes to the financial statements.
 
Page 33
 
Jackson National Separate Account I
  
Statements of Operations
  
For the Year Ended December 31, 2013
  
 
    
JNL/T. Rowe Price
Short-Term Bond
Fund
    
JNL/T. Rowe Price
Value Fund
    
JNL/WMC Balanced
Fund
    
JNL/WMC Money
Market Fund
    
JNL/WMC Value
Fund
  
Investment income
                              
Dividends
   $ 8,930,127     $ 10,139,671     $ 41,043,361     $ 7,912     $ 10,529,344  
                                         
Expenses
                                        
Asset-based charges (Note 3)
     10,107,673       11,764,146       40,036,779       19,543,701       8,200,543  
Total expenses
     10,107,673       11,764,146       40,036,779       19,543,701       8,200,543  
Net investment income (loss)
     (1,177,546 )     (1,624,475 )     1,006,582       (19,535,789 )     2,328,801  
                                         
Realized and unrealized gain (loss)
                                        
Net realized gain (loss) on:
                                        
Distributions from investment companies
     -       33,435,341       43,104,384       5,275       22,649,078  
Investments
     660,124       58,576,911       65,292,963       -       27,246,884  
Net change in unrealized appreciation (depreciation) on investments
     (8,946,638 )     138,051,048       327,407,297       -       81,300,656  
Net realized and unrealized gain (loss)
     (8,286,514 )     230,063,300       435,804,644       5,275       131,196,618  
                                         
Net increase (decrease) in net assets from operations
   $ (9,464,060 )   $ 228,438,825     $ 436,811,226     $ (19,530,514 )   $ 133,525,419  
 
See notes to the financial statements.
 
Page 34
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
CG - Conservative Fund
    
CG - Equity 100 Fund
    
CG - Equity Income Fund
    
CG - Fixed Income 100 Fund
    
CG - Growth Fund(a)
    
CG - Institutional Alt 100 Conservative Fund(a)
    
CG - Institutional Alt 100 Growth
Fund(a)
    
CG - Institutional Alt 100 Moderate Fund
    
CG - Institutional Alt 65 Fund
    
CG - Interest Rate Opportunities
Fund(a)
  
Operations
                                                            
Net investment income (loss)
   $ (154,048 )   $ (233,695 )   $ (182,664 )   $ (94,242 )   $ (134,407 )   $ (70,482 )   $ (132,444 )   $ (2,351,543 )   $ (741,305 )   $ (110,120 )
Net realized gain (loss) on investments
     154,093       429,122       508,183       (171,425 )     192,557       (2,645 )     3,784       1,618,403       1,059,873       7,306  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (337,638 )     5,575,477       3,855,403       (450,394 )     2,269,338       206,646       912,682       5,808,303       5,424,661       363,121  
Net increase (decrease) in net assets
                                                                                
from operations
     (337,593 )     5,770,904       4,180,922       (716,061 )     2,327,488       133,519       784,022       5,075,163       5,743,229       260,307  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     42,393,942       37,008,092       23,055,137       21,852,928       38,027,067       15,430,501       31,997,795       161,607,610       62,871,089       24,105,699  
Surrenders and terminations
     (3,008,080 )     (769,538 )     (1,652,075 )     (713,528 )     (551,619 )     (276,513 )     (199,529 )     (7,952,973 )     (3,148,256 )     (383,673 )
Transfers between Investment Divisions
     (8,251,109 )     3,836,592       1,337,644       (4,373,874 )     4,014,296       2,452,944       4,493,981       (18,796,313 )     (4,298,102 )     4,957,531  
Contract owner charges (Note 3)
     (19,184 )     (26,467 )     (15,489 )     (10,179 )     (1,314 )     (1,946 )     (5,882 )     (204,661 )     (102,309 )     (1,615 )
Net increase (decrease) in net assets
                                                                               
from contract transactions
     31,115,569       40,048,679       22,725,217       16,755,347       41,488,430       17,604,986       36,286,365       134,653,663       55,322,422       28,677,942  
                                                                                 
Net increase (decrease) in net assets
     30,777,976       45,819,583       26,906,139       16,039,286       43,815,918       17,738,505       37,070,387       139,728,826       61,065,651       28,938,249  
                                                                                 
Net assets beginning of period
     24,477,443       3,442,699       16,286,228       6,019,762       -       -       -       135,531,012       46,330,618       -  
                                                                                 
Net assets end of period
   $ 55,255,419     $ 49,262,282     $ 43,192,367     $ 22,059,048     $ 43,815,918     $ 17,738,505     $ 37,070,387     $ 275,259,838     $ 107,396,269     $ 28,938,249  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     2,327,571       334,672       1,568,040       599,265       -       -       -       13,375,634       4,480,359       -  
                                                                                 
Units Issued
     4,767,080       3,864,801       2,431,366       2,527,277       4,273,895       1,995,337       3,935,698       16,573,004       6,485,233       3,179,405  
Units Redeemed
     (1,827,011 )     (393,505 )     (400,621 )     (851,527 )     (241,084 )     (208,532 )     (268,425 )     (3,523,508 )     (1,303,977 )     (217,011 )
                                                                                 
Units Outstanding at December 31, 2013
     5,267,640       3,805,968       3,598,785       2,275,015       4,032,811       1,786,805       3,667,273       26,425,130       9,661,615       2,962,394  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
 
See notes to the financial statements.
 
Page 35
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
CG - International Opportunities Conservative Fund(a)
    
CG - International Opportunities Growth
Fund(a)
    
CG - International Opportunities Moderate
Fund(a)
    
CG - Maximum Growth Fund
    
CG - Moderate Fund
    
CG - Moderate Growth Fund
    
CG - Multi-Strategy Income
Fund(a)
    
CG - Real Assets Fund(a)
    
CG - Tactical Maximum Growth Fund
    
CG - Tactical Moderate Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ (7,669 )   $ (17,141 )   $ (15,873 )   $ (370,389 )   $ (642,556 )   $ (1,351,564 )   $ (85,725 )   $ (16,809 )   $ (447,792 )   $ (1,072,843 )
Net realized gain (loss) on investments
     8,367       8,991       8,435       657,385       1,037,938       1,536,882       (5,188 )     5,962       544,903       2,174,825  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     29,140       186,460       107,309       7,062,882       9,620,061       15,927,960       209,773       62,203       6,340,643       14,794,611  
Net increase (decrease) in net assets
                                                                                
from operations
     29,838       178,310       99,871       7,349,878       10,015,443       16,113,278       118,860       51,356       6,437,754       15,896,593  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     1,917,425       3,637,844       4,180,412       37,168,431       113,085,349       170,338,440       18,675,191       3,585,742       39,505,179       149,945,319  
Surrenders and terminations
     (27,321 )     (21,591 )     (50,858 )     (1,211,650 )     (5,363,683 )     (4,202,052 )     (475,463 )     (73,336 )     (977,768 )     (5,235,436 )
Transfers between Investment Divisions
     (75,841 )     729,177       595,786       1,968,321       6,841,972       5,152,365       1,889,114       1,435,881       1,406,661       (2,182,451 )
Contract owner charges (Note 3)
     (81 )     (137 )     (500 )     (46,413 )     (55,204 )     (110,144 )     (403 )     (1,039 )     (31,036 )     (113,166 )
Net increase (decrease) in net assets
                                                                               
from contract transactions
     1,814,182       4,345,293       4,724,840       37,878,689       114,508,434       171,178,609       20,088,439       4,947,248       39,903,036       142,414,266  
                                                                                 
Net increase (decrease) in net assets
     1,844,020       4,523,603       4,824,711       45,228,567       124,523,877       187,291,887       20,207,299       4,998,604       46,340,790       158,310,859  
                                                                                 
Net assets beginning of period
     -       -       -       20,322,352       47,534,777       65,696,834       -       -       19,798,259       69,876,900  
                                                                                 
Net assets end of period
   $ 1,844,020     $ 4,523,603     $ 4,824,711     $ 65,550,919     $ 172,058,654     $ 252,988,721     $ 20,207,299     $ 4,998,604     $ 66,139,049     $ 228,187,759  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     -       -       -       1,976,237       4,558,983       6,298,789       -       -       1,947,960       6,822,506  
                                                                                 
Units Issued
     222,418       484,130       548,188       3,991,652       11,518,622       17,073,886       2,330,320       538,767       4,308,536       15,235,099  
Units Redeemed
     (33,028 )     (37,043 )     (62,757 )     (545,500 )     (1,207,868 )     (1,440,788 )     (238,443 )     (30,229 )     (558,333 )     (2,068,524 )
                                                                                 
Units Outstanding at December 31, 2013
     189,390       447,087       485,431       5,422,389       14,869,737       21,931,887       2,091,877       508,538       5,698,163       19,989,081  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
 
See notes to the financial statements.
 
Page 36
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
Curian Dynamic
Risk Advantage - Diversified Fund
    
Curian Dynamic Risk Advantage - Growth Fund
    
Curian Dynamic Risk Advantage - Income Fund
    
Curian Focused International Equity
Fund(b)
    
Curian Focused U.S. Equity Fund(b)
    
Curian Long Short Credit Fund(a)
    
Curian
Tactical Advantage 35 Fund
    
Curian
Tactical Advantage 60 Fund
    
Curian
Tactical Advantage 75 Fund
    
Curian/
Aberdeen Latin America Fund(a)
  
Operations
                                                            
Net investment income (loss)
   $ (2,027,111 )   $ (394,806 )   $ (1,393,805 )   $ (899 )   $ (708 )   $ (20,550 )   $ (286,476 )   $ (546,648 )   $ (464,546 )   $ 2,456  
Net realized gain (loss) on investments
     479,467       1,823,907       220,929       2,747       211       12,239       273,121       558,374       678,154       (4,029 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     795,902       (831,335 )     67,581       9,123       23,594       165,729       1,299,437       5,979,314       6,764,844       (75,449 )
Net increase (decrease) in net assets
                                                                                
from operations
     (751,742 )     597,766       (1,105,295 )     10,971       23,097       157,418       1,286,082       5,991,040       6,978,452       (77,022 )
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     172,605,488       42,029,560       103,356,949       382,736       368,171       4,249,320       18,911,085       50,297,215       39,598,051       1,007,964  
Surrenders and terminations
     (10,742,952 )     (1,493,105 )     (7,551,656 )     (176 )     (1,837 )     (164,278 )     (1,514,858 )     (1,584,601 )     (1,422,495 )     (24,969 )
Transfers between Investment Divisions
     (20,700,550 )     (4,740,665 )     (18,143,692 )     31,007       148,358       1,333,964       (2,392,244 )     2,324,378       3,943,480       310,055  
Contract owner charges (Note 3)
     (158,395 )     (40,002 )     (69,271 )     (5 )     -       (177 )     (32,059 )     (29,397 )     (33,368 )     (107 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     141,003,591       35,755,788       77,592,330       413,562       514,692       5,418,829       14,971,924       51,007,595       42,085,668       1,292,943  
                                                                                 
Net increase (decrease) in net assets
     140,251,849       36,353,554       76,487,035       424,533       537,789       5,576,247       16,258,006       56,998,635       49,064,120       1,215,921  
                                                                                 
Net assets beginning of period
     98,448,086       19,135,929       72,576,631       -       -       -       16,474,040       23,235,946       21,517,298       -  
                                                                                 
Net assets end of period
   $ 238,699,935     $ 55,489,483     $ 149,063,666     $ 424,533     $ 537,789     $ 5,576,247     $ 32,732,046     $ 80,234,581     $ 70,581,418     $ 1,215,921  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     9,840,197       2,024,980       7,067,437       -       -       -       1,593,338       2,227,687       2,043,996       -  
                                                                                 
Units Issued
     17,897,882       4,953,184       10,774,399       63,412       49,464       631,115       2,233,768       5,211,644       4,145,061       168,552  
Units Redeemed
     (4,120,346 )     (1,147,872 )     (3,376,262 )     (22,931 )     (280 )     (78,644 )     (825,428 )     (602,338 )     (470,715 )     (21,563 )
                                                                                 
Units Outstanding at December 31, 2013
     23,617,733       5,830,292       14,465,574       40,481       49,184       552,471       3,001,678       6,836,993       5,718,342       146,989  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
(b) Commencement of operations September 16, 2013.
                                                              
 
See notes to the financial statements.
 
Page 37
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
Curian/
American Funds Global Growth
Fund(b)
    
Curian/
American Funds Growth Fund
    
Curian/AQR Risk Parity Fund(b)
    
Curian/
Ashmore Emerging Market Small Cap Equity Fund(a)
    
Curian/Baring International Fixed Income Fund(a)
    
Curian/
Black
Rock Global Long Short Credit Fund(a)
    
Curian/DFA U.S. Micro Cap Fund
    
Curian/
Double
Line Total Return
Fund(b)
    
Curian/
Eaton Vance Global Macro Absolute Return Advantage Fund(a)
    
Curian/
Epoch Global Shareholder Yield Fund
  
Operations
                                                            
Net investment income (loss)
   $ (5,912 )   $ (204,668 )   $ (1,931 )   $ (4,575 )   $ 3,048     $ (78,829 )   $ 5,175     $ (6,569 )   $ (29,571 )   $ 359,252  
Net realized gain (loss) on investments
     2,163       533,035       1,664       4,149       209       19,538       205,236       757       (22,527 )     1,636,435  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     220,558       5,809,551       (11,414 )     74,442       (16,541 )     314,262       1,817,320       (33,431 )     (19,137 )     (570,604 )
Net increase (decrease) in net assets
                                                                                
from operations
     216,809       6,137,918       (11,681 )     74,016       (13,284 )     254,971       2,027,731       (39,243 )     (71,235 )     1,425,083  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     3,931,144       25,937,927       885,223       1,048,219       942,397       16,284,811       9,541,427       3,922,745       6,276,719       9,932,417  
Surrenders and terminations
     (21,433 )     (739,401 )     (2,259 )     (5,447 )     (44,169 )     (418,577 )     (114,377 )     (19,855 )     (415,373 )     (182,218 )
Transfers between Investment Divisions
     936,339       4,023,557       476,878       410,459       325,470       6,189,114       4,227,984       1,303,632       1,662,507       2,770,411  
Contract owner charges (Note 3)
     (38 )     (16,613 )     (141 )     (139 )     (91 )     (2,023 )     (2,013 )     (115 )     (1,173 )     (3,033 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     4,846,012       29,205,470       1,359,701       1,453,092       1,223,607       22,053,325       13,653,021       5,206,407       7,522,680       12,517,577  
                                                                                 
Net increase (decrease) in net assets
     5,062,821       35,343,388       1,348,020       1,527,108       1,210,323       22,308,296       15,680,752       5,167,164       7,451,445       13,942,660  
                                                                                 
Net assets beginning of period
     -       9,870,365       -       -       -       -       507,732       -       -       1,647,561  
                                                                                 
Net assets end of period
   $ 5,062,821     $ 45,213,753     $ 1,348,020     $ 1,527,108     $ 1,210,323     $ 22,308,296     $ 16,188,484     $ 5,167,164     $ 7,451,445     $ 15,590,221  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     -       932,664       -       -       -       -       50,389       -       -       155,237  
                                                                                 
Units Issued
     469,920       2,733,861       147,057       162,446       200,280       2,410,472       1,179,309       538,450       941,475       1,151,068  
Units Redeemed
     (8,280 )     (331,140 )     (12,647 )     (14,594 )     (73,602 )     (185,572 )     (99,398 )     (20,113 )     (152,891 )     (102,647 )
                                                                                 
Units Outstanding at December 31, 2013
     461,640       3,335,385       134,410       147,852       126,678       2,224,900       1,130,300       518,337       788,584       1,203,658  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
(b) Commencement of operations September 16, 2013.
                                                                  
 
See notes to the financial statements.
 
Page 38
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
Curian/
FAMCO Flex Core Covered Call Fund
    
Curian/
Franklin Templeton Frontier Markets Fund
    
Curian/
Franklin Templeton Natural Resources Fund
    
Curian/
Lazard International Strategic Equity
Fund(a)
    
Curian/
Neuberger Berman Currency Fund
    
Curian/
Nicholas Convertible Arbitrage Fund
    
Curian/
PIMCO Credit Income Fund
    
Curian/
PineBridge Merger Arbitrage Fund
    
Curian/
Schroder Emerging Europe
Fund(a)
    
Curian/
T. Rowe Price Capital Appreciation Fund(b)
  
Operations
                                                            
Net investment income (loss)
   $ 329,148     $ (54,007 )   $ (137,945 )   $ (8,455 )   $ 27,797     $ (282,908 )   $ 151,143     $ (547,902 )   $ 13,443     $ 11,175  
Net realized gain (loss) on investments
     259,568       19,471       127,875       6,196       (12,244 )     316,561       (198,238 )     215,806       (7,640 )     11,237  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     3,134,363       816,156       1,014,774       234,183       (206,868 )     188,953       (672,683 )     (222,773 )     (2,757 )     161,943  
Net increase (decrease) in net assets
                                                                                
   from operations
     3,723,079       781,620       1,004,704       231,924       (191,315 )     222,606       (719,778 )     (554,869 )     3,046       184,355  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     34,904,674       5,709,243       11,510,284       2,370,721       8,313,695       28,527,596       15,984,286       42,282,713       967,877       7,120,056  
Surrenders and terminations
     (984,385 )     (46,820 )     (503,034 )     (33,585 )     (403,116 )     (1,172,638 )     (925,111 )     (2,077,300 )     (8,915 )     (89,196 )
Transfers between Investment Divisions
     6,720,499       3,582,849       782,461       869,261       (501,400 )     886,335       (7,918,192 )     (2,735,432 )     577,010       2,013,233  
Contract owner charges (Note 3)
     (19,771 )     (692 )     (10,238 )     (236 )     (2,224 )     (14,765 )     (7,280 )     (31,072 )     (33 )     (20 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     40,621,017       9,244,580       11,779,473       3,206,161       7,406,955       28,226,528       7,133,703       37,438,909       1,535,939       9,044,073  
                                                                                 
Net increase (decrease) in net assets
     44,344,096       10,026,200       12,784,177       3,438,085       7,215,640       28,449,134       6,413,925       36,884,040       1,538,985       9,228,428  
                                                                                 
Net assets beginning of period
     14,885,142       497,493       6,510,301       -       3,768,025       12,035,041       12,981,551       26,942,221       -       -  
                                                                                 
Net assets end of period
   $ 59,229,238     $ 10,523,693     $ 19,294,478     $ 3,438,085     $ 10,983,665     $ 40,484,175     $ 19,395,476     $ 63,826,261     $ 1,538,985     $ 9,228,428  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     1,461,488       47,796       741,839       -       374,313       1,184,323       1,228,758       2,698,826       -       -  
                                                                                 
Units Issued
     4,121,679       853,411       1,512,031       308,283       967,781       3,189,611       1,815,957       5,525,024       191,128       890,383  
Units Redeemed
     (368,080 )     (38,123 )     (208,736 )     (9,793 )     (217,883 )     (477,273 )     (1,157,867 )     (1,775,756 )     (42,133 )     (12,435 )
                                                                                 
Units Outstanding at December 31, 2013
     5,215,087       863,084       2,045,134       298,490       1,124,211       3,896,661       1,886,848       6,448,094       148,995       877,948  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
(b) Commencement of operations September 16, 2013.
                                                                
 
See notes to the financial statements.
 
Page 39
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
Curian/
The Boston Company Equity
Income Fund
    
Curian/
The Boston Company Multi-Alpha Market Neutral Equity Fund
    
Curian/
UBS Global Long Short Fixed Income Opportunities Fund(a)
    
Curian/
Urdang International REIT
Fund(a)
    
Curian/Van Eck International Gold Fund
    
JNL Disciplined Growth Fund
    
JNL
Disciplined Moderate Fund
    
JNL
Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund
    
JNL Institutional Alt 35 Fund
  
Operations
                                                            
Net investment income (loss)
   $ 124,819     $ (162,375 )   $ (28,875 )   $ 37,594     $ (70,511 )   $ (1,998,408 )   $ (816,220 )   $ (2,677,035 )   $ 9,132,723     $ 4,386,615  
Net realized gain (loss) on investments
     2,413,667       (112,466 )     (12,144 )     5,083       (1,480,620 )     20,108,357       34,570,938       44,950,384       47,646,451       73,934,662  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,114,881       111,222       (20,996 )     8,145       (3,976,675 )     61,216,577       89,361,587       141,529,615       120,726,003       143,005,705  
Net increase (decrease) in net assets
                                                                                
from operations
     3,653,367       (163,619 )     (62,015 )     50,822       (5,527,806 )     79,326,526       123,116,305       183,802,964       177,505,177       221,326,982  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     16,339,144       11,020,291       5,682,463       2,488,854       9,899,022       118,338,187       166,462,238       228,805,956       213,212,531       287,428,868  
Surrenders and terminations
     (484,514 )     (562,831 )     (148,267 )     (58,373 )     (263,347 )     (14,668,999 )     (38,866,460 )     (36,117,898 )     (56,720,302 )     (77,765,332 )
Transfers between Investment Divisions
     5,774,979       (1,772,933 )     2,248,048       582,505       2,110,556       44,113,398       75,132,935       85,251,239       34,614,457       (43,207,915 )
Contract owner charges (Note 3)
     (3,977 )     (7,462 )     (689 )     (106 )     (5,101 )     (4,464,669 )     (9,918,594 )     (11,033,891 )     (19,108,046 )     (26,535,398 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     21,625,632       8,677,065       7,781,555       3,012,880       11,741,130       143,317,917       192,810,119       266,905,406       171,998,640       139,920,223  
                                                                                 
Net increase (decrease) in net assets
     25,278,999       8,513,446       7,719,540       3,063,702       6,213,324       222,644,443       315,926,424       450,708,370       349,503,817       361,247,205  
                                                                                 
Net assets beginning of period
     3,063,433       9,910,870       -       -       5,077,899       299,068,849       710,905,979       766,027,023       1,348,029,107       1,954,019,344  
                                                                                 
Net assets end of period
   $ 28,342,432     $ 18,424,316     $ 7,719,540     $ 3,063,702     $ 11,291,223     $ 521,713,292     $ 1,026,832,403     $ 1,216,735,393     $ 1,697,532,924     $ 2,315,266,549  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     285,095       983,898       -       -       564,772       32,168,532       65,741,746       76,257,715       91,277,421       127,330,887  
                                                                                 
Units Issued
     1,826,476       1,429,601       876,628       368,435       2,523,777       18,105,118       24,391,992       32,200,828       19,159,735       22,761,532  
Units Redeemed
     (163,161 )     (548,436 )     (95,883 )     (37,931 )     (652,935 )     (4,407,323 )     (7,957,810 )     (8,348,166 )     (8,076,748 )     (14,031,041 )
                                                                                 
Units Outstanding at December 31, 2013
     1,948,410       1,865,063       780,745       330,504       2,435,614       45,866,327       82,175,928       100,110,377       102,360,408       136,061,378  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
 
See notes to the financial statements.
 
Page 40
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL Institutional
Alt 50 Fund
    
JNL Institutional Alt 65 Fund
    
JNL/
American Funds Balanced Allocation Fund
    
JNL/
American Funds Blue Chip Income and Growth Fund
    
JNL/
American Funds Global Bond Fund
    
JNL/
American Funds Global Small Capitalization Fund
    
JNL/
American Funds Growth Allocation Fund
    
JNL/
American Funds Growth-Income Fund
    
JNL/
American Funds International Fund
    
JNL/
American Funds New World Fund
  
Operations
                                                            
Net investment income (loss)
   $ (5,560,993 )   $ (4,011,612 )   $ (1,975,498 )   $ (2,669,669 )   $ 2,611,477     $ (1,936,876 )   $ (1,771,239 )   $ (7,397,370 )   $ (2,507,608 )   $ (4,726,739 )
Net realized gain (loss) on investments
     73,443,579       27,652,605       3,324,391       31,297,829       293,404       7,987,966       3,710,694       42,532,410       9,176,732       9,106,550  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     181,098,667       37,339,069       36,019,104       205,984,715       (23,165,003 )     50,677,047       35,729,585       281,743,138       70,190,657       44,475,309  
Net increase (decrease) in net assets
                                                                                
from operations
     248,981,253       60,980,062       37,367,997       234,612,875       (20,260,122 )     56,728,137       37,669,040       316,878,178       76,859,781       48,855,120  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     454,440,576       (3,061 )     174,954,945       228,118,534       55,845,833       64,590,695       154,573,787       373,289,709       101,657,099       111,409,108  
Surrenders and terminations
     (98,669,393 )     (34,931,751 )     (9,038,461 )     (32,377,292 )     (19,754,625 )     (8,475,458 )     (4,840,285 )     (44,584,807 )     (12,523,514 )     (15,327,017 )
Transfers between Investment Divisions
     (76,401,819 )     (137,734,815 )     96,299,602       66,218,370       (23,062,259 )     13,881,308       71,910,994       113,208,299       29,606,881       35,536,464  
Contract owner charges (Note 3)
     (36,246,370 )     (9,701,762 )     (3,111,483 )     (10,264,003 )     (4,756,553 )     (2,842,735 )     (2,244,609 )     (12,965,273 )     (4,632,973 )     (5,812,644 )
Net increase (decrease) in net assets
                                                                          
from contract transactions
     243,122,994       (182,371,389 )     259,104,603       251,695,609       8,272,396       67,153,810       219,399,887       428,947,928       114,107,493       125,805,911  
                                                                                 
Net increase (decrease) in net assets
     492,104,247       (121,391,327 )     296,472,600       486,308,484       (11,987,726 )     123,881,947       257,068,927       745,826,106       190,967,274       174,661,031  
                                                                                 
Net assets beginning of period
     2,705,104,036       868,139,725       142,837,578       658,754,170       445,074,008       192,196,308       100,620,278       815,499,141       340,653,242       443,042,554  
                                                                                 
Net assets end of period
   $ 3,197,208,283     $ 746,748,398     $ 439,310,178     $ 1,145,062,654     $ 433,086,282     $ 316,078,255     $ 357,689,205     $ 1,561,325,247     $ 531,620,516     $ 617,703,585  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     173,523,092       54,074,762       13,849,024       58,871,135       40,202,262       18,876,084       9,734,050       71,036,826       32,462,317       40,339,639  
                                                                                 
Units Issued
     36,613,812       264,449       25,696,083       25,265,200       10,804,974       8,847,738       21,460,211       43,974,589       13,717,555       16,858,238  
Units Redeemed
     (21,623,795 )     (11,236,521 )     (2,058,038 )     (5,749,957 )     (10,113,815 )     (3,109,628 )     (2,146,511 )     (11,288,233 )     (3,759,864 )     (5,748,221 )
                                                                                 
Units Outstanding at December 31, 2013
     188,513,109       43,102,690       37,487,069       78,386,378       40,893,421       24,614,194       29,047,750       103,723,182       42,420,008       51,449,656  
 
See notes to the financial statements.
 
Page 41
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/
AQR Managed Futures Strategy
Fund
    
JNL/
BlackRock Commodity Securities Strategy
Fund
    
JNL/
BlackRock Global Allocation
Fund
    
JNL/
BlackRock Large Cap Select Growth Fund
    
JNL/
Brookfield Global Infrastructure Fund
    
JNL/
Capital Guardian Global Balanced
Fund
    
JNL/
Capital Guardian Global Diversified Research
Fund
    
JNL/
DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap
Equity Fund
    
JNL/
Eastspring Investments Asia ex-Japan Fund
  
Operations
                                                            
Net investment income (loss)
   $ 1,971,806     $ (10,446,911 )   $ (17,189,878 )   $ (7,145,634 )   $ (1,337,135 )   $ 888,709     $ (913,300 )   $ (1,154,888 )   $ (13,319,397 )   $ (367,705 )
Net realized gain (loss) on investments
     256,411       13,793,947       26,014,067       59,698,942       11,134,510       9,250,955       15,591,974       23,641,451       59,514,492       (1,642,690 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     772,727       66,596,159       238,074,708       106,302,358       35,563,171       44,931,108       55,516,585       50,568,008       179,519,345       (8,935,790 )
Net increase (decrease) in net assets
                                                                                
from operations
     3,000,944       69,943,195       246,898,897       158,855,666       45,360,546       55,070,772       70,195,259       73,054,571       225,714,440       (10,946,185 )
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     48,842,938       108,203,892       718,979,044       37,643,609       128,699,260       39,106,443       25,233,072       67,611,752       153,682,703       16,768,834  
Surrenders and terminations
     (1,418,400 )     (47,484,941 )     (73,912,492 )     (27,507,456 )     (7,309,591 )     (27,052,238 )     (20,363,163 )     (12,388,489 )     (43,888,611 )     (5,676,735 )
Transfers between Investment Divisions
     4,775,889       (53,649,542 )     241,364,030       (12,037,952 )     130,100,045       2,489,610       1,287,485       63,333,510       92,256,271       (15,238,980 )
Contract owner charges (Note 3)
     (22,602 )     (9,496,689 )     (23,329,203 )     (4,437,581 )     (2,053,018 )     (3,778,266 )     (3,059,732 )     (2,389,668 )     (9,344,324 )     (1,390,557 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     52,177,825       (2,427,280 )     863,101,379       (6,339,380 )     249,436,696       10,765,549       3,097,662       116,167,105       192,706,039       (5,537,438 )
                                                                                 
Net increase (decrease) in net assets
     55,178,769       67,515,915       1,110,000,276       152,516,286       294,797,242       65,836,321       73,292,921       189,221,676       418,420,479       (16,483,623 )
                                                                                 
Net assets beginning of period
     20,519,911       891,760,261       1,525,570,362       444,454,611       100,565,052       394,420,593       329,409,224       181,722,508       712,882,647       140,464,249  
                                                                                 
Net assets end of period
   $ 75,698,680     $ 959,276,176     $ 2,635,570,638     $ 596,970,897     $ 395,362,294     $ 460,256,914     $ 402,702,145     $ 370,944,184     $ 1,131,303,126     $ 123,980,626  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     2,083,260       87,616,736       144,545,740       16,378,558       8,305,334       32,328,316       12,053,550       9,997,063       23,890,911       15,873,890  
                                                                                 
Units Issued
     5,701,683       15,738,345       88,800,633       2,293,764       19,678,305       4,945,179       1,610,386       6,939,628       8,851,003       5,455,860  
Units Redeemed
     (529,740 )     (16,153,882 )     (11,930,014 )     (2,676,845 )     (1,173,896 )     (4,144,291 )     (1,575,535 )     (1,730,772 )     (3,309,980 )     (6,207,886 )
                                                                                 
Units Outstanding at December 31, 2013
     7,255,203       87,201,199       221,416,359       15,995,477       26,809,743       33,129,204       12,088,401       15,205,919       29,431,934       15,121,864  
 
See notes to the financial statements.
 
Page 42
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/
Eastspring Investments China-India Fund
    
JNL/
Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton International Small Cap Growth Fund
    
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman Sachs Emerging Markets Debt Fund
  
Operations
                                                            
Net investment income (loss)
   $ (1,937,768 )   $ 6,363,639     $ (188,737 )   $ 5,004,466     $ 34,720,183     $ (1,242,465 )   $ (2,805,778 )   $ (2,276,827 )   $ 7,944,342     $ 16,119,375  
Net realized gain (loss) on investments
     (7,308,339 )     40,100,948       15,232,016       7,681,130       25,690,244       27,579,063       17,067,921       31,219,550       21,631,244       9,413,511  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (5,824,732 )     212,184,767       62,665,405       (6,049,945 )     94,734,418       57,180,201       95,285,914       87,764,621       (48,803,754 )     (53,289,445 )
Net increase (decrease) in net assets
                                                                                
   from operations
     (15,070,839 )     258,649,354       77,708,684       6,635,651       155,144,845       83,516,799       109,548,057       116,707,344       (19,228,168 )     (27,756,559 )
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     35,028,840       145,234,262       54,278,316       176,739,207       241,406,823       64,986,264       68,740,977       85,615,121       64,574,182       19,059,289  
Surrenders and terminations
     (15,238,165 )     (93,669,280 )     (15,652,159 )     (23,171,947 )     (74,064,970 )     (16,191,205 )     (20,993,275 )     (20,139,190 )     (51,595,040 )     (14,689,156 )
Transfers between Investment Divisions
     (19,105,818 )     16,087,872       96,219,678       146,936,885       119,608,138       48,466,601       15,014,417       59,041,149       (114,936,397 )     (52,657,470 )
Contract owner charges (Note 3)
     (3,646,906 )     (12,512,198 )     (3,147,439 )     (4,720,171 )     (13,032,203 )     (3,079,851 )     (4,847,980 )     (4,070,625 )     (6,337,618 )     (2,715,209 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     (2,962,049 )     55,140,656       131,698,396       295,783,974       273,917,788       94,181,809       57,914,139       120,446,455       (108,294,873 )     (51,002,546 )
                                                                                 
Net increase (decrease) in net assets
     (18,032,888 )     313,790,010       209,407,080       302,419,625       429,062,633       177,698,608       167,462,196       237,153,799       (127,523,041 )     (78,759,105 )
                                                                                 
Net assets beginning of period
     347,086,792       1,153,797,670       230,043,936       297,966,454       1,127,678,844       241,752,024       391,902,433       326,695,398       732,593,079       317,363,963  
                                                                                 
Net assets end of period
   $ 329,053,904     $ 1,467,587,680     $ 439,451,016     $ 600,386,079     $ 1,556,741,477     $ 419,450,632     $ 559,364,629     $ 563,849,197     $ 605,070,038     $ 238,604,858  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     46,689,948       119,513,314       26,252,753       25,535,422       92,341,143       28,647,061       43,186,639       23,244,036       29,455,873       21,400,333  
                                                                                 
Units Issued
     11,963,639       19,222,234       19,047,542       35,682,636       32,600,945       17,003,439       10,534,140       12,449,696       5,459,913       1,756,296  
Units Redeemed
     (12,679,026 )     (14,400,428 )     (6,305,541 )     (10,806,283 )     (11,747,932 )     (7,645,338 )     (4,970,168 )     (5,460,957 )     (10,163,004 )     (5,479,825 )
                                                                                 
Units Outstanding at December 31, 2013
     45,974,561       124,335,120       38,994,754       50,411,775       113,194,156       38,005,162       48,750,611       30,232,775       24,752,782       17,676,804  
 
See notes to the financial statements.
 
Page 43
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Mid Cap Value Fund
    
JNL/Invesco Small Cap Growth Fund
    
JNL/Ivy Asset Strategy Fund
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ (5,358,653 )   $ (2,098,456 )   $ 15,524,420     $ (1,463,475 )   $ (4,300,011 )   $ (3,054,917 )   $ (4,669,960 )   $ (1,924,432 )   $ 7,849,305     $ (4,852,877 )
Net realized gain (loss) on investments
     126,028,382       13,441,736       27,478,554       13,691,528       48,151,374       12,264,801       30,325,183       55,014,337       2,895,306       24,125,262  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     3,414,742       31,205,497       (42,281,980 )     58,231,039       86,022,557       48,869,585       80,654,472       433,114,750       55,687,693       105,591,939  
Net increase (decrease) in net assets
                                                                                
   from operations
     124,084,471       42,548,777       720,994       70,459,092       129,873,920       58,079,469       106,309,695       486,204,655       66,432,304       124,864,324  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     83,416,494       17,015,942       183,785,896       82,467,214       56,665,559       27,028,697       73,745,321       462,178,314       40,758,242       81,417,277  
Surrenders and terminations
     (25,691,567 )     (8,535,139 )     (41,173,190 )     (23,504,101 )     (23,581,653 )     (13,974,335 )     (20,043,487 )     (90,749,404 )     (22,800,708 )     (19,923,361 )
Transfers between Investment Divisions
     6,888,298       13,831,136       67,939,452       34,157,090       23,544,311       (11,797,492 )     98,768,335       124,954,986       46,145,457       59,272,401  
Contract owner charges (Note 3)
     (4,849,488 )     (1,490,612 )     (8,479,280 )     (3,793,974 )     (3,757,117 )     (1,983,040 )     (3,224,258 )     (25,556,994 )     (3,110,666 )     (3,349,263 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     59,763,737       20,821,327       202,072,878       89,326,229       52,871,100       (726,170 )     149,245,911       470,826,902       60,992,325       117,417,054  
                                                                                 
Net increase (decrease) in net assets
     183,848,208       63,370,104       202,793,872       159,785,321       182,745,020       57,353,299       255,555,606       957,031,557       127,424,629       242,281,378  
                                                                                 
Net assets beginning of period
     370,054,496       122,758,090       722,380,805       368,672,837       328,821,354       202,355,869       220,180,073       1,950,723,274       312,525,312       277,545,638  
                                                                                 
Net assets end of period
   $ 553,902,704     $ 186,128,194     $ 925,174,677     $ 528,458,158     $ 511,566,374     $ 259,709,168     $ 475,735,679     $ 2,907,754,831     $ 439,949,941     $ 519,827,016  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     26,395,237       13,715,059       49,884,889       21,338,781       26,084,620       10,391,288       12,723,050       165,395,239       24,333,822       11,186,133  
                                                                                 
Units Issued
     10,472,261       5,117,292       22,280,330       8,726,687       9,430,928       2,195,063       11,269,241       51,690,285       8,429,151       6,129,768  
Units Redeemed
     (6,697,687 )     (3,102,800 )     (9,279,772 )     (4,146,450 )     (6,063,340 )     (2,282,370 )     (4,082,181 )     (15,005,451 )     (4,140,297 )     (2,636,622 )
                                                                                 
Units Outstanding at December 31, 2013
     30,169,811       15,729,551       62,885,447       25,919,018       29,452,208       10,303,981       19,910,110       202,080,073       28,622,676       14,679,279  
 
See notes to the financial statements.
 
Page 44
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/
JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard Emerging Markets Fund
    
JNL/M&G Global Basics Fund
    
JNL/M&G Global Leaders
Fund(a)
    
JNL/MC 10 x 10 Fund
    
JNL/MC 25 Fund
    
JNL/MC Bond Index Fund
    
JNL/MC Communications Sector Fund
    
JNL/MC Consumer Brands Sector Fund
    
JNL/MC Dow 10 Fund
  
Operations
                                                            
Net investment income (loss)
   $ 10,211,685     $ (768,964 )   $ 426,520     $ (394,483 )   $ 1,967,899     $ 7,916,559     $ 2,811,929     $ 793,342     $ (2,884,269 )   $ (8,281,300 )
Net realized gain (loss) on investments
     (625,327 )     17,938,342       1,945,455       8,134,717       15,267,682       84,016,235       1,312,570       6,167,762       37,302,112       47,149,563  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (44,654,145 )     (36,871,201 )     (520,193 )     (889,133 )     54,409,929       137,295,401       (28,859,307 )     11,020,311       74,799,297       91,323,336  
Net increase (decrease) in net assets
                                                                                
   from operations
     (35,067,787 )     (19,701,823 )     1,851,782       6,851,101       71,645,510       229,228,195       (24,734,808 )     17,981,415       109,217,140       130,191,599  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     59,639,039       21,165,940       5,872,599       5,548,930       33,580,440       108,185,991       58,462,084       21,835,530       83,732,914       45,070,992  
Surrenders and terminations
     (53,384,454 )     (34,414,732 )     (2,853,149 )     (1,235,637 )     (16,706,588 )     (58,734,475 )     (44,786,993 )     (6,082,730 )     (20,089,342 )     (49,894,544 )
Transfers between Investment Divisions
     (246,238,560 )     (83,235,484 )     (7,381,641 )     (49,595,066 )     (12,156,231 )     68,877,796       (52,882,086 )     1,886,874       109,425,688       (129,854 )
Contract owner charges (Note 3)
     (5,969,078 )     (6,206,590 )     (687,330 )     (326,029 )     (3,006,267 )     (5,942,398 )     (4,508,865 )     (1,026,732 )     (3,494,851 )     (3,792,867 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     (245,953,053 )     (102,690,866 )     (5,049,521 )     (45,607,802 )     1,711,354       112,386,914       (43,715,860 )     16,612,942       169,574,409       (8,746,273 )
                                                                                 
Net increase (decrease) in net assets
     (281,020,840 )     (122,392,689 )     (3,197,739 )     (38,756,701 )     73,356,864       341,615,109       (68,450,668 )     34,594,357       278,791,549       121,445,326  
                                                                                 
Net assets beginning of period
     825,483,488       714,703,864       65,953,400       38,756,701       278,793,866       601,581,156       594,553,333       92,759,523       215,722,874       462,836,482  
                                                                                 
Net assets end of period
   $ 544,462,648     $ 592,311,175     $ 62,755,661     $ -     $ 352,150,730     $ 943,196,265     $ 526,102,665     $ 127,353,880     $ 494,514,423     $ 584,281,808  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     40,223,450       51,917,193       4,866,922       3,136,044       29,122,596       34,601,524       42,018,066       15,048,511       15,046,368       43,453,852  
                                                                                 
Units Issued
     8,270,206       2,531,298       922,655       1,150,424       4,348,506       11,882,683       8,068,660       9,148,899       15,597,324       9,392,958  
Units Redeemed
     (20,817,223 )     (10,436,728 )     (1,291,407 )     (4,286,468 )     (4,259,973 )     (6,359,785 )     (11,463,107 )     (6,999,947 )     (6,052,251 )     (10,299,395 )
                                                                                 
Units Outstanding at December 31, 2013
     27,676,433       44,011,763       4,498,170       -       29,211,129       40,124,422       38,623,619       17,197,463       24,591,441       42,547,415  
                                                                                 
(a) The period is from January 1, 2013 through acquisition September 13, 2013.
                                                  
 
See notes to the financial statements.
 
Page 45
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/MC Dow Dividend
Fund(a)
    
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund
    
JNL/MC Emerging Markets Index Fund
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
    
JNL/MC Global Alpha Fund
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
  
Operations
                                                            
Net investment income (loss)
   $ 7,198,348     $ (234,389 )   $ (1,958,174 )   $ 42,873     $ (2,164,501 )   $ (6,545,555 )   $ (645,577 )   $ (5,438,253 )   $ 498,363     $ 6,727,965  
Net realized gain (loss) on investments
     51,944,801       2,004,528       21,664       1,540,024       25,614,569       30,739,229       (371,275 )     51,039,394       28,386,980       12,399,484  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (4,263,792 )     6,547,093       (13,402,516 )     14,271,884       61,331,624       22,030,291       (291,359 )     162,100,959       84,031,513       89,845,662  
Net increase (decrease) in net assets
                                                                                
   from operations
     54,879,357       8,317,232       (15,339,026 )     15,854,781       84,781,692       46,223,965       (1,308,211 )     207,702,100       112,916,856       108,973,111  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     36,970,758       12,244,594       90,542,677       24,770,586       74,862,583       19,350,693       9,347,862       183,868,662       69,272,047       94,559,063  
Surrenders and terminations
     (17,278,061 )     (1,793,044 )     (10,730,962 )     (2,235,982 )     (19,624,443 )     (48,139,347 )     (2,154,337 )     (37,545,379 )     (23,051,431 )     (41,158,935 )
Transfers between Investment Divisions
     (429,376,544 )     36,443,258       114,325,813       67,911,157       85,058,542       (22,759,922 )     (5,818,072 )     232,900,797       3,609,095       53,256,834  
Contract owner charges (Note 3)
     (2,528,930 )     (302,284 )     (2,831,696 )     (550,012 )     (3,289,915 )     (2,113,833 )     (377,231 )     (6,718,070 )     (6,021,892 )     (4,627,585 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     (412,212,777 )     46,592,524       191,305,832       89,895,749       137,006,767       (53,662,409 )     998,222       372,506,010       43,807,819       102,029,377  
                                                                                 
Net increase (decrease) in net assets
     (357,333,420 )     54,909,756       175,966,806       105,750,530       221,788,459       (7,438,444 )     (309,989 )     580,208,110       156,724,675       211,002,488  
                                                                                 
Net assets beginning of period
     357,333,420       6,762,214       208,650,359       28,206,333       216,488,446       419,858,116       46,258,808       405,053,630       492,250,212       519,992,878  
                                                                                 
Net assets end of period
   $ -     $ 61,671,970     $ 384,617,165     $ 133,956,863     $ 438,276,905     $ 412,419,672     $ 45,948,819     $ 985,261,740     $ 648,974,887     $ 730,995,366  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     45,878,539       668,992       19,952,612       2,404,949       26,844,565       27,156,260       4,586,908       27,467,976       47,204,673       33,781,381  
                                                                                 
Units Issued
     8,038,505       5,337,592       24,704,257       7,468,052       24,124,385       3,144,131       1,212,003       27,189,831       9,774,480       10,830,868  
Units Redeemed
     (53,917,044 )     (1,556,087 )     (5,717,142 )     (1,000,966 )     (9,760,068 )     (6,493,918 )     (1,128,226 )     (6,822,459 )     (5,946,167 )     (5,063,633 )
                                                                                 
Units Outstanding at December 31, 2013
     -       4,450,497       38,939,727       8,872,035       41,208,882       23,806,473       4,670,685       47,835,348       51,032,986       39,548,616  
                                                                                 
(a) The period is from January 1, 2013 through acquisition September 13, 2013.
                                                  
 
See notes to the financial statements.
 
Page 46
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil
& Gas Sector
Fund
    
JNL/MC Pacific Rim 30 Fund
    
JNL/MC S&P 10 Fund(a)
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index
Fund
  
Operations
                                                            
Net investment income (loss)
   $ 30,177,038     $ 4,799,503     $ (1,960,529 )   $ 1,334,179     $ (2,908,952 )   $ 1,917,029     $ (2,902,573 )   $ 562,867     $ (5,697,497 )   $ (832,956 )
Net realized gain (loss) on investments
     64,768,786       10,843,594       30,345,982       (2,536,762 )     53,420,713       2,816,422       33,838,227       13,038,395       71,815,659       95,491,062  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     661,671,656       80,850,607       67,945,137       14,047,591       150,331,891       897,594       3,639,234       53,504,222       153,632,211       357,604,602  
Net increase (decrease) in net assets
                                                                                
   from operations
     756,617,480       96,493,704       96,330,590       12,845,008       200,843,652       5,631,045       34,574,888       67,105,484       219,750,373       452,262,708  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     106,495,935       15,140,886       46,979,397       7,144,467       135,801,573       17,815,530       8,196,121       12,216,251       160,404,792       330,838,479  
Surrenders and terminations
     (298,912,028 )     (28,124,850 )     (17,575,217 )     (4,166,975 )     (57,572,954 )     (3,303,622 )     (22,191,031 )     (13,896,775 )     (55,767,367 )     (114,073,140 )
Transfers between Investment Divisions
     (144,550,494 )     (24,157,542 )     22,393,894       (12,789,041 )     (7,554,764 )     18,130,412       (284,533,928 )     264,311,151       165,646,696       420,611,654  
Contract owner charges (Note 3)
     (17,940,385 )     (2,821,602 )     (2,635,789 )     (533,939 )     (9,666,005 )     (763,103 )     (870,218 )     (1,233,324 )     (6,999,438 )     (14,743,948 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     (354,906,972 )     (39,963,108 )     49,162,285       (10,345,488 )     61,007,850       31,879,217       (299,399,056 )     261,397,303       263,284,683       622,633,045  
                                                                                 
Net increase (decrease) in net assets
     401,710,508       56,530,596       145,492,875       2,499,520       261,851,502       37,510,262       (264,824,168 )     328,502,787       483,035,056       1,074,895,753  
                                                                                 
Net assets beginning of period
     2,718,583,763       340,857,655       239,760,325       71,565,169       841,333,051       53,928,364       264,824,168       63,316,970       607,048,491       1,285,268,988  
                                                                                 
Net assets end of period
   $ 3,120,294,271     $ 397,388,251     $ 385,253,200     $ 74,064,689     $ 1,103,184,553     $ 91,438,626     $ -     $ 391,819,757     $ 1,090,083,547     $ 2,360,164,741  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     219,540,023       35,365,061       18,134,020       10,481,364       25,822,105       3,883,957       29,602,328       5,802,155       32,654,324       103,714,160  
                                                                                 
Units Issued
     11,134,384       3,166,644       8,749,956       2,589,511       7,138,374       3,668,281       2,713,801       23,160,904       18,335,198       63,422,068  
Units Redeemed
     (36,910,851 )     (6,929,802 )     (5,992,306 )     (4,155,514 )     (5,719,780 )     (1,623,720 )     (32,316,129 )     (2,983,706 )     (6,416,477 )     (20,452,775 )
                                                                                 
Units Outstanding at December 31, 2013
     193,763,556       31,601,903       20,891,670       8,915,361       27,240,699       5,928,518       -       25,979,353       44,573,045       146,683,453  
                                                                                 
(a) The period is from January 1, 2013 through acquisition September 13, 2013.
                                                  
 
See notes to the financial statements.
 
Page 47
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/MC S&P SMid 60
Fund
    
JNL/MC Select Small-Cap
Fund(b)
    
JNL/MC Small Cap Index
Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Utilities Sector
Fund(a)
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund(b)
    
JNL/Morgan Stanley Mid Cap Growth Fund
    
JNL/
Neuberger Berman Strategic Income Fund
    
JNL/
Oppenheimer Global Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ 535,041     $ 589,700     $ (2,111,832 )   $ (3,617,958 )   $ 54,438     $ 1,311,035     $ 2,983,761     $ (464,340 )   $ (1,404,273 )   $ (2,262,742 )
Net realized gain (loss) on investments
     17,604,202       35,905,401       91,578,750       18,220,106       (5,370 )     (711,126 )     21,092,617       1,816,220       407,441       16,559,950  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     53,300,934       10,402,796       150,683,627       87,052,532       (35,868 )     106,750,012       17,113,896       8,075,791       (1,184,534 )     89,965,561  
Net increase (decrease) in net assets
                                                                                
   from operations
     71,440,177       46,897,897       240,150,545       101,654,680       13,200       107,349,921       41,190,274       9,427,671       (2,181,366 )     104,262,769  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     51,124,415       11,026,730       111,393,142       69,063,206       2,436,674       16,018,011       6,109,342       19,091,567       50,200,925       75,733,016  
Surrenders and terminations
     (14,388,164 )     (19,845,436 )     (59,575,213 )     (22,700,600 )     (27,400 )     (43,035,647 )     (16,751,835 )     (1,220,285 )     (5,182,992 )     (25,933,196 )
Transfers between Investment Divisions
     40,469,673       (288,108,460 )     321,554,757       24,497,958       554,097       (27,705,054 )     (260,444,306 )     20,842,975       25,159,176       75,933,031  
Contract owner charges (Note 3)
     (2,084,820 )     (893,971 )     (5,788,295 )     (4,507,343 )     (256 )     (2,339,851 )     (953,295 )     (333,225 )     (1,127,813 )     (4,388,195 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     75,121,104       (297,821,137 )     367,584,391       66,353,221       2,963,115       (57,062,541 )     (272,040,094 )     38,381,032       69,049,296       121,344,656  
                                                                                 
Net increase (decrease) in net assets
     146,561,281       (250,923,240 )     607,734,936       168,007,901       2,976,315       50,287,380       (230,849,820 )     47,808,703       66,867,930       225,607,425  
                                                                                 
Net assets beginning of period
     181,031,361       250,923,240       559,726,962       393,846,584       -       357,999,234       230,849,820       11,507,693       66,681,136       375,827,906  
                                                                                 
Net assets end of period
   $ 327,592,642     $ -     $ 1,167,461,898     $ 561,854,485     $ 2,976,315     $ 408,286,614     $ -     $ 59,316,396     $ 133,549,066     $ 601,435,331  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     15,482,587       17,075,434       34,611,596       53,037,859       -       35,092,355       19,596,647       1,212,452       6,392,609       25,291,835  
                                                                                 
Units Issued
     9,757,167       1,846,398       26,132,107       18,431,916       348,175       3,042,028       795,958       4,323,776       10,296,072       10,432,417  
Units Redeemed
     (4,524,611 )     (18,921,832 )     (8,060,611 )     (10,878,092 )     (35,920 )     (8,099,255 )     (20,392,605 )     (927,733 )     (3,681,587 )     (3,242,716 )
                                                                                 
Units Outstanding at December 31, 2013
     20,715,143       -       52,683,092       60,591,683       312,255       30,035,128       -       4,608,495       13,007,094       32,481,536  
                                                                                 
(a) Commencement of operations April 29, 2013.
                                                                  
(b) The period is from January 1, 2013 through acquisition September 13, 2013.
                                      
 
See notes to the financial statements.
 
Page 48
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
    
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
  
Operations
                                                            
Net investment income (loss)
   $ (6,763,096 )   $ (16,038,890 )   $ 5,061,312     $ 68,975,392     $ (1,836,127 )   $ (1,521,870 )   $ (309,105 )   $ 31,025,581     $ (13,040,488 )   $ (3,759,792 )
Net realized gain (loss) on investments
     102,147,913       5,611,186       4,348,691       79,666,231       15,801,956       21,073,715       12,328,224       14,702,141       163,917,753       60,796,991  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (300,792,321 )     (139,002,070 )     7,438,543       (57,195,824 )     48,795,630       19,978,161       33,429,102       91,965,922       475,463,072       88,603,651  
Net increase (decrease) in net assets
                                                                                
   from operations
     (205,407,504 )     (149,429,774 )     16,848,546       91,445,799       62,761,459       39,530,006       45,448,221       137,693,644       626,340,337       145,640,850  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     211,962,764       516,444,069       328,040,490       225,908,872       40,990,736       22,196,232       12,681,946       63,654,831       573,088,799       77,124,683  
Surrenders and terminations
     (111,312,766 )     (264,179,903 )     (39,880,669 )     (92,979,984 )     (10,912,018 )     (6,537,322 )     (12,736,883 )     (18,351,523 )     (98,374,751 )     (23,559,321 )
Transfers between Investment Divisions
     (694,251,281 )     (899,639,600 )     500,557,987       (2,944,094 )     49,445,897       42,146,073       13,676,119       (30,906,259 )     621,925,793       127,852,173  
Contract owner charges (Note 3)
     (17,248,396 )     (37,244,745 )     (6,005,603 )     (12,677,041 )     (1,941,364 )     (1,412,174 )     (1,021,237 )     (3,724,603 )     (17,806,229 )     (4,074,958 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     (610,849,679 )     (684,620,179 )     782,712,205       117,307,753       77,583,251       56,392,809       12,599,945       10,672,446       1,078,833,612       177,342,577  
                                                                                 
Net increase (decrease) in net assets
     (816,257,183 )     (834,049,953 )     799,560,751       208,753,552       140,344,710       95,922,815       58,048,166       148,366,090       1,705,173,949       322,983,427  
                                                                                 
Net assets beginning of period
     2,175,078,995       4,251,064,074       278,372,496       1,362,795,543       115,388,032       94,059,329       112,313,637       346,531,159       1,217,211,551       293,492,476  
                                                                                 
Net assets end of period
   $ 1,358,821,812     $ 3,417,014,121     $ 1,077,933,247     $ 1,571,549,095     $ 255,732,742     $ 189,982,144     $ 170,361,803     $ 494,897,249     $ 2,922,385,500     $ 616,475,903  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     146,137,914       215,752,478       26,437,899       75,591,291       10,587,267       8,512,443       6,164,133       32,793,714       97,618,836       21,654,308  
                                                                                 
Units Issued
     20,432,103       32,972,199       83,010,363       38,661,380       14,569,700       9,781,507       2,936,898       5,310,831       83,754,898       17,044,234  
Units Redeemed
     (64,892,099 )     (70,300,457 )     (9,920,655 )     (33,147,024 )     (8,317,424 )     (5,572,089 )     (2,392,570 )     (4,712,912 )     (16,250,651 )     (6,414,526 )
                                                                                 
Units Outstanding at December 31, 2013
     101,677,918       178,424,220       99,527,607       81,105,647       16,839,543       12,721,861       6,708,461       33,391,633       165,123,083       32,284,016  
 
See notes to the financial statements.
 
Page 49
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
    
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ 4,429,152     $ (1,575,567 )   $ (8,908,591 )   $ (15,932,094 )   $ (20,785,358 )   $ (30,083,674 )   $ (49,810,686 )   $ (679,955 )   $ (22,649,368 )   $ (26,929,642 )
Net realized gain (loss) on investments
     99,880,772       59,034,688       47,070,610       26,505,688       97,286,381       51,965,028       99,749,994       38,409,710       167,428,179       198,630,750  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     194,431,826       89,040,640       216,258,862       34,922,269       597,622,486       220,517,650       616,087,032       45,625,350       366,843,323       355,896,318  
Net increase (decrease) in net assets
                                                                                
   from operations
     298,741,750       146,499,761       254,420,881       45,495,863       674,123,509       242,399,004       666,026,340       83,355,105       511,622,134       527,597,426  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     192,860,576       82,930,415       205,159,128       174,269,059       510,166,344       385,277,264       655,461,101       41,474,732       244,622,091       257,611,274  
Surrenders and terminations
     (65,444,751 )     (25,090,784 )     (54,761,466 )     (130,352,585 )     (177,353,472 )     (171,120,434 )     (246,452,590 )     (14,133,583 )     (93,307,393 )     (96,961,818 )
Transfers between Investment Divisions
     545,329,067       175,261,943       43,839,410       (192,377,409 )     192,431,068       (25,991,445 )     139,470,359       140,937,089       45,615,771       17,906,830  
Contract owner charges (Note 3)
     (12,630,159 )     (4,216,351 )     (11,047,449 )     (17,317,116 )     (35,746,936 )     (31,114,282 )     (53,290,285 )     (2,206,025 )     (14,081,951 )     (17,107,896 )
Net increase (decrease) in net assets
                                                                         
from contract transactions
     660,114,733       228,885,223       183,189,623       (165,778,051 )     489,497,004       157,051,103       495,188,585       166,072,213       182,848,518       161,448,390  
                                                                                 
Net increase (decrease) in net assets
     958,856,483       375,384,984       437,610,504       (120,282,188 )     1,163,620,513       399,450,107       1,161,214,925       249,427,318       694,470,652       689,045,816  
                                                                                 
Net assets beginning of period
     822,731,477       230,391,627       988,005,021       1,688,160,049       3,014,830,685       2,671,615,114       4,454,811,297       112,891,002       1,325,286,320       1,472,006,525  
                                                                                 
Net assets end of period
   $ 1,781,587,960     $ 605,776,611     $ 1,425,615,525     $ 1,567,877,861     $ 4,178,451,198     $ 3,071,065,221     $ 5,616,026,222     $ 362,318,320     $ 2,019,756,972     $ 2,161,052,341  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2012
     66,372,579       17,948,593       62,718,514       130,694,974       184,989,723       197,840,305       272,199,349       10,414,822       39,722,692       28,526,725  
                                                                                 
Units Issued
     58,016,397       23,447,785       18,511,430       22,961,624       43,995,736       36,275,854       52,204,365       20,128,960       11,631,161       7,315,746  
Units Redeemed
     (12,923,557 )     (9,468,494 )     (8,378,267 )     (35,979,749 )     (17,025,805 )     (25,446,124 )     (24,466,714 )     (8,191,155 )     (7,353,579 )     (4,878,213 )
                                                                                 
Units Outstanding at December 31, 2013
     111,465,419       31,927,884       72,851,677       117,676,849       211,959,654       208,670,035       299,937,000       22,352,627       44,000,274       30,964,258  
 
See notes to the financial statements.
 
Page 50
 
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2013
 
   
JNL/T. Rowe
Price Short-Term
Bond Fund
    
JNL/T. Rowe Price Value Fund
    
JNL/WMC
Balanced Fund
    
JNL/WMC Money Market Fund
    
JNL/WMC
Value Fund
  
Operations
                              
Net investment income (loss)
   $ (1,177,546 )   $ (1,624,475 )   $ 1,006,582     $ (19,535,789 )   $ 2,328,801  
Net realized gain (loss) on investments
     660,124       92,012,252       108,397,347       5,275       49,895,962  
Net change in unrealized appreciation
                                        
(depreciation) on investments
     (8,946,638 )     138,051,048       327,407,297       -       81,300,656  
Net increase (decrease) in net assets
                                        
   from operations
     (9,464,060 )     228,438,825       436,811,226       (19,530,514 )     133,525,419  
                                         
Contract transactions 1
                                        
Purchase payments (Note 4)
     143,562,840       155,966,744       469,331,859       784,446,124       66,239,894  
Surrenders and terminations
     (47,130,469 )     (49,217,851 )     (143,123,136 )     (244,777,529 )     (30,425,139 )
Transfers between Investment Divisions
     (30,454,671 )     70,246,358       165,322,955       (433,025,095 )     43,412,757  
Contract owner charges (Note 3)
     (6,307,991 )     (6,430,787 )     (28,076,837 )     (14,137,555 )     (4,575,200 )
Net increase (decrease) in net assets from
                                  
contract transactions
     59,669,709       170,564,464       463,454,841       92,505,945       74,652,312  
                                         
Net increase (decrease) in net assets
     50,205,649       399,003,289       900,266,067       72,975,431       208,177,731  
                                         
Net assets beginning of period
     647,090,687       570,473,227       2,294,283,336       1,195,107,544       430,498,430  
                                         
Net assets end of period
   $ 697,296,336     $ 969,476,516     $ 3,194,549,403     $ 1,268,082,975     $ 638,676,161  
                                         
1 Contract unit transactions
                                        
Units Outstanding at December 31, 2012
     61,301,432       34,539,227       73,603,848       97,906,679       19,603,130  
                                         
Units Issued
     28,892,662       18,395,134       19,795,408       123,607,118       6,532,196  
Units Redeemed
     (23,363,885 )     (9,781,720 )     (6,679,929 )     (116,930,791 )     (3,638,151 )
                                         
Units Outstanding at December 31, 2013
     66,830,209       43,152,641       86,719,327       104,583,006       22,497,175  
 
See notes to the financial statements.
 
Page 51
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
CG - Balanced Income
Fund(a)
    
CG -
Equity
100
Fund(b)
    
CG -
Fixed
100
Fund(b)
    
CG -Institutional Alt 100
Fund(a)
    
CG - Institutional Alt 65
Fund(a)
    
CG - Maximize Income
Fund(a)
    
CG - Maximum Growth
Fund(a)
    
CG - Moderate Growth
Fund(a)
    
CG -
Rising Income
Fund(a)
    
CG -
Tactical Maximum Growth
Fund(a)
  
Operations
                                                            
Net investment income (loss)
   $ (147,604 )   $ (3,311 )   $ (7,272 )   $ (386,232 )   $ (151,654 )   $ (86,113 )   $ (57,782 )   $ (196,146 )   $ (60,526 )   $ (68,956 )
Net realized gain (loss) on investments
     48,959       364       564       46,175       39,837       68,604       12,779       95,320       25,220       29,492  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,042,339       69,442       4,661       2,778,142       1,397,744       606,501       570,919       2,006,756       367,912       643,773  
Net increase (decrease) in net assets
                                                                                
   from operations
     943,694       66,495       (2,047 )     2,438,085       1,285,927       588,992       525,916       1,905,930       332,606       604,309  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     46,489,871       3,117,060       5,760,218       131,494,025       44,532,913       22,496,203       19,218,315       65,048,258       16,152,750       20,776,178  
Surrenders and terminations
     (502,247 )     (32,855 )     (56,496 )     (751,049 )     (438,408 )     (285,713 )     (80,618 )     (907,513 )     (219,297 )     (616,560 )
Transfers between Investment Divisions
     604,431       292,015       318,522       2,351,802       955,497       1,678,756       661,268       (343,753 )     20,489       (965,472 )
Contract owner charges (Note 3)
     (972 )     (16 )     (435 )     (1,851 )     (5,311 )     (795 )     (2,529 )     (6,088 )     (320 )     (196 )
Net increase (decrease) in net assets
                                                                             
from contract transactions
     46,591,083       3,376,204       6,021,809       133,092,927       45,044,691       23,888,451       19,796,436       63,790,904       15,953,622       19,193,950  
                                                                                 
Net increase (decrease) in net assets
     47,534,777       3,442,699       6,019,762       135,531,012       46,330,618       24,477,443       20,322,352       65,696,834       16,286,228       19,798,259  
                                                                                 
Net assets beginning of period
     -       -       -       -       -       -       -       -       -       -  
                                                                                 
Net assets end of period
   $ 47,534,777     $ 3,442,699     $ 6,019,762     $ 135,531,012     $ 46,330,618     $ 24,477,443     $ 20,322,352     $ 65,696,834     $ 16,286,228     $ 19,798,259  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     -       -       -       -       -       -       -       -       -       -  
                                                                                 
Units Issued
     4,807,087       338,394       623,382       13,737,768       4,692,514       2,460,466       2,066,896       6,751,025       1,690,700       2,209,122  
Units Redeemed
     (248,104 )     (3,722 )     (24,117 )     (362,134 )     (212,155 )     (132,895 )     (90,659 )     (452,236 )     (122,660 )     (261,162 )
                                                                                 
Units Outstanding at December 31, 2012
     4,558,983       334,672       599,265       13,375,634       4,480,359       2,327,571       1,976,237       6,298,789       1,568,040       1,947,960  
                                                                                 
(a) Commencement of operations February 6, 2012.
  
(b) Commencement of operations September 10, 2012.
  
 
See notes to the financial statements.
 
Page 52
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
CG - Tactical Moderate Growth Fund(a)
    
Curian Dynamic Risk Advantage - Aggressive Fund(a)
    
Curian Dynamic Risk Advantage - Diversified Fund(a)
    
Curian Dynamic Risk Advantage - Income Fund(a)
    
Curian Tactical Advantage 35 Fund(a)
    
Curian Tactical Advantage 60 Fund(a)
    
Curian Tactical Advantage 75 Fund(a)
    
Curian/
American Funds Growth Fund(a)
    
Curian/
DFA U.S. Micro Cap Fund(b)
    
Curian/Epoch Global Shareholder Yield Fund(a)
  
Operations
                                                            
Net investment income (loss)
   $ (208,647 )   $ (66,000 )   $ (321,085 )   $ 516,094     $ 72,101     $ 116,708     $ 113,985     $ (22,386 )   $ (524 )   $ 14,698  
Net realized gain (loss) on investments
     71,125       (21,910 )     976,455       286,022       36,536       63,509       147,394       570       (10 )     4,682  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,797,181       (287,797 )     (411,576 )     637,772       242,722       531,157       532,547       299,844       15,588       28,172  
Net increase (decrease) in net assets
                                                                                
from operations
     1,659,659       (375,707 )     243,794       1,439,888       351,359       711,374       793,926       278,028       15,054       47,552  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     67,417,626       19,655,591       99,356,997       72,080,232       15,246,875       22,728,193       20,479,108       9,694,283       393,042       1,606,340  
Surrenders and terminations
     (483,277 )     (91,963 )     (1,043,918 )     (597,349 )     (221,211 )     (304,367 )     (133,654 )     (50,257 )     (242 )     (24,971 )
Transfers between Investment Divisions
     1,285,217       (51,793 )     (104,683 )     (344,538 )     1,097,163       101,760       379,995       (51,502 )     99,878       18,702  
Contract owner charges (Note 3)
     (2,325 )     (199 )     (4,104 )     (1,602 )     (146 )     (1,014 )     (2,077 )     (187 )     -       (62 )
Net increase (decrease) in net assets 
                                                                             
from contract transactions
     68,217,241       19,511,636       98,204,292       71,136,743       16,122,681       22,524,572       20,723,372       9,592,337       492,678       1,600,009  
                                                                                 
Net increase (decrease) in net assets
     69,876,900       19,135,929       98,448,086       72,576,631       16,474,040       23,235,946       21,517,298       9,870,365       507,732       1,647,561  
                                                                                 
Net assets beginning of period
     -       -       -       -       -       -       -       -       -       -  
                                                                                 
Net assets end of period
   $ 69,876,900     $ 19,135,929     $ 98,448,086     $ 72,576,631     $ 16,474,040     $ 23,235,946     $ 21,517,298     $ 9,870,365     $ 507,732     $ 1,647,561  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     -       -       -       -       -       -       -       -       -       -  
                                                                                 
Units Issued
     7,102,083       2,242,686       10,371,753       7,490,820       1,675,488       2,342,977       2,288,604       996,051       52,327       167,251  
Units Redeemed
     (279,577 )     (217,706 )     (531,556 )     (423,383 )     (82,150 )     (115,290 )     (244,608 )     (63,387 )     (1,938 )     (12,014 )
                                                                                 
Units Outstanding at December 31, 2012
     6,822,506       2,024,980       9,840,197       7,067,437       1,593,338       2,227,687       2,043,996       932,664       50,389       155,237  
                                                                                 
(a)    Commencement of operations February 6, 2012.
  
(b)   Commencement of operations September 10, 2012.
  
 
See notes to the financial statements.
 
Page 53
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
Curian/FAMCO Flex Core Covered Call Fund(a)
    
Curian/Franklin Templeton Frontier Markets Fund(b)
    
Curian/Franklin Templeton Natural Resources Fund(a)
    
Curian/
Neuberger Berman Currency Fund(b)
    
Curian/Nicholas Convertible Arbitrage Fund(a)
    
Curian/
PIMCO Credit Income Fund(a)
    
Curian/
Pinebridge Merger Arbitrage Fund(a)
    
Curian/The Boston Company Equity Income Fund(a)
    
Curian/The Boston Company Multi- Alpha Market Neutral Equity Fund(a)
    
Curian/Van Eck International Gold Fund(b)
  
Operations
                                                            
Net investment income (loss)
   $ 73,638     $ (394 )   $ 9,071     $ (4,699 )   $ (35,536 )   $ 75,634     $ (81,047 )   $ 21,513     $ (29,659 )   $ (7,174 )
Net realized gain (loss) on investments
     5,109       4       15,761       (205 )     7,744       106,527       456       13,889       (1,617 )     (16,566 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (75,596 )     15,071       73,403       (9,688 )     128,400       107,843       112,745       142,400       (77,880 )     (368,887 )
Net increase (decrease) in net assets
                                                                                
from operations
     3,151       14,681       98,235       (14,592 )     100,608       290,004       32,154       177,802       (109,156 )     (392,627 )
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     13,476,514       424,580       6,551,470       3,343,579       11,488,270       13,765,617       24,914,990       2,749,139       9,481,941       3,885,203  
Surrenders and terminations
     (64,872 )     (17 )     (29,813 )     (31,632 )     (44,526 )     (527,279 )     (113,466 )     (58,927 )     (32,090 )     (34,792 )
Transfers between Investment Divisions
     1,470,364       58,249       (109,576 )     470,670       490,698       (546,791 )     2,108,734       195,562       570,185       1,620,115  
Contract owner charges (Note 3)
     (15 )     -       (15 )     -       (9 )     -       (191 )     (143 )     (10 )     -  
Net increase (decrease) in net assets
                                                                              
from contract transactions
     14,881,991       482,812       6,412,066       3,782,617       11,934,433       12,691,547       26,910,067       2,885,631       10,020,026       5,470,526  
                                                                                 
Net increase (decrease) in net assets
     14,885,142       497,493       6,510,301       3,768,025       12,035,041       12,981,551       26,942,221       3,063,433       9,910,870       5,077,899  
                                                                                 
Net assets beginning of period
     -       -       -       -       -       -       -       -       -       -  
                                                                                 
Net assets end of period
   $ 14,885,142     $ 497,493     $ 6,510,301     $ 3,768,025     $ 12,035,041     $ 12,981,551     $ 26,942,221     $ 3,063,433     $ 9,910,870     $ 5,077,899  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     -       -       -       -       -       -       -       -       -       -  
                                                                                 
Units Issued
     1,487,263       47,798       786,929       385,116       1,230,967       1,466,823       2,870,599       299,594       1,026,740       583,441  
Units Redeemed
     (25,775 )     (2 )     (45,090 )     (10,803 )     (46,644 )     (238,065 )     (171,773 )     (14,499 )     (42,842 )     (18,669 )
                                                                                 
Units Outstanding at December 31, 2012
     1,461,488       47,796       741,839       374,313       1,184,323       1,228,758       2,698,826       285,095       983,898       564,772  
                                                                                 
(a)    Commencement of operations February 6, 2012.
  
(b)    Commencement of operations September 10, 2012.
  
 
See notes to the financial statements.
 
Page 54
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL Disciplined Growth Fund
    
JNL Disciplined Moderate Fund
    
JNL Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund
    
JNL Institutional Alt 35 Fund
    
JNL Institutional Alt 50 Fund
    
JNL Institutional Alt 65 Fund
    
JNL/American Funds Balanced Allocation Fund(a)
    
JNL/American Funds Blue Chip Income and Growth Fund
    
JNL/American Funds Global Bond Fund
  
Operations
                                                            
Net investment income (loss)
   $ (501,677 )   $ 778,596     $ 47,704     $ 2,071,681     $ 5,108,424     $ 8,563,718     $ 7,883,700     $ (723,366 )   $ (2,479,112 )   $ 2,021,618  
Net realized gain (loss) on investments
     10,222,339       28,977,833       29,609,821       37,466,090       66,424,736       86,343,118       58,875,834       394,469       8,951,823       6,961,161  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     16,890,762       30,244,235       41,451,055       58,406,944       77,062,787       90,730,640       15,628,815       5,340,031       44,866,398       5,773,605  
Net increase (decrease) in net assets
                                                                                
from operations
     26,611,424       60,000,664       71,108,580       97,944,715       148,595,947       185,637,476       82,388,349       5,011,134       51,339,109       14,756,384  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     91,504,811       213,255,344       226,480,789       342,963,789       456,383,523       718,733,144       68,294       104,520,806       215,162,347       98,431,610  
Surrenders and terminations
     (6,869,570 )     (28,012,654 )     (26,791,076 )     (34,787,928 )     (53,935,471 )     (69,951,204 )     (36,857,387 )     (2,487,878 )     (18,151,824 )     (18,730,066 )
Transfers between Investment Divisions
     21,683,343       44,491,653       27,913,811       83,739,773       73,785,989       138,159,209       (109,159,377 )     36,315,905       36,715,127       31,777,138  
Contract owner charges (Note 3)
     (2,561,260 )     (5,870,816 )     (6,677,596 )     (13,722,947 )     (20,123,676 )     (26,613,080 )     (11,213,120 )     (522,389 )     (6,291,096 )     (4,147,945 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     103,757,324       223,863,527       220,925,928       378,192,687       456,110,365       760,328,069       (157,161,590 )     137,826,444       227,434,554       107,330,737  
                                                                                 
Net increase (decrease) in net assets
     130,368,748       283,864,191       292,034,508       476,137,402       604,706,312       945,965,545       (74,773,241 )     142,837,578       278,773,663       122,087,121  
                                                                                 
Net assets beginning of period
     168,700,101       427,041,788       473,992,515       871,891,705       1,349,313,032       1,759,138,491       942,912,966       -       379,980,507       322,986,887  
                                                                                 
Net assets end of period
   $ 299,068,849     $ 710,905,979     $ 766,027,023     $ 1,348,029,107     $ 1,954,019,344     $ 2,705,104,036     $ 868,139,725     $ 142,837,578     $ 658,754,170     $ 445,074,008  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     20,489,685       44,150,353       53,139,214       64,683,060       96,467,649       123,288,463       64,231,310       -       37,953,296       30,387,404  
                                                                                 
Units Issued
     15,033,886       27,039,038       29,047,893       32,124,013       39,101,991       66,205,183       481,290       15,091,428       27,963,379       17,201,062  
Units Redeemed
     (3,355,039 )     (5,447,645 )     (5,929,392 )     (5,529,652 )     (8,238,753 )     (15,970,554 )     (10,637,838 )     (1,242,404 )     (7,045,540 )     (7,386,203 )
                                                                                 
Units Outstanding at December 31, 2012
     32,168,532       65,741,746       76,257,715       91,277,421       127,330,887       173,523,092       54,074,762       13,849,024       58,871,135       40,202,262  
                                                                                 
(a)     Commencement of operations April 30, 2012.
  

See notes to the financial statements.
 
Page 55
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/American Funds Global Small Capitalization Fund
    
JNL/American Funds Growth Allocation Fund(a)
    
JNL/American Funds Growth-Income Fund
    
JNL/American Funds International Fund
    
JNL/American Funds New World Fund
    
JNL/AQR Managed Futures Strategy Fund
    
JNL/BlackRock Commodity Securities Fund
    
JNL/BlackRock Global Allocation Fund
    
JNL/Brookfield Global Infrastructure Fund
    
JNL/Capital Guardian Global Balanced Fund
  
Operations
                                                            
Net investment income (loss)
   $ (1,216,720 )   $ (458,951 )   $ (3,967,442 )   $ (707,960 )   $ (1,451,154 )   $ (55,706 )   $ (13,020,837 )   $ (15,346,902 )   $ (581,632 )   $ 2,005,128  
Net realized gain (loss) on investments
     (130,900 )     314,444       8,444,637       (430,077 )     852,690       15,126       1,484,365       3,675,401       575,978       2,321,402  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     23,319,327       4,480,842       76,337,359       39,847,189       51,129,173       874,723       3,182,984       78,815,900       5,938,639       35,717,543  
Net increase (decrease) in net assets
                                                                                
from operations
     21,971,707       4,336,335       80,814,554       38,709,152       50,530,709       834,143       (8,353,488 )     67,144,399       5,932,985       40,044,073  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     49,801,042       67,807,916       294,298,565       88,860,530       113,941,984       18,331,306       141,962,802       768,725,415       44,668,454       43,248,743  
Surrenders and terminations
     (5,084,161 )     (690,625 )     (20,721,501 )     (7,605,582 )     (10,641,196 )     (60,840 )     (41,331,429 )     (30,773,171 )     (1,256,297 )     (26,301,559 )
Transfers between Investment Divisions
     6,007,090       29,439,867       38,194,799       22,990,827       31,285,631       1,415,407       10,261,161       237,483,062       50,609,137       (10,799,655 )
Contract owner charges (Note 3)
     (1,898,786 )     (273,215 )     (7,373,222 )     (3,115,970 )     (4,049,730 )     (105 )     (8,046,051 )     (11,134,162 )     (370,417 )     (3,339,137 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     48,825,185       96,283,943       304,398,641       101,129,805       130,536,689       19,685,768       102,846,483       964,301,144       93,650,877       2,808,392  
                                                                                 
Net increase (decrease) in net assets
     70,796,892       100,620,278       385,213,195       139,838,957       181,067,398       20,519,911       94,492,995       1,031,445,543       99,583,862       42,852,465  
                                                                                 
Net assets beginning of period
     121,399,416       -       430,285,946       200,814,285       261,975,156       -       797,267,266       494,124,819       981,190       351,568,128  
                                                                                 
Net assets end of period
   $ 192,196,308     $ 100,620,278     $ 815,499,141     $ 340,653,242     $ 443,042,554     $ 20,519,911     $ 891,760,261     $ 1,525,570,362     $ 100,565,052     $ 394,420,593  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     13,852,765       -       43,194,539       22,149,701       27,587,021       -       77,839,402       50,563,049       94,783       32,123,854  
                                                                                 
Units Issued
     8,046,918       10,666,255       32,866,475       12,914,605       17,224,234       2,161,618       23,110,245       101,237,073       8,930,082       4,867,148  
Units Redeemed
     (3,023,599 )     (932,205 )     (5,024,188 )     (2,601,989 )     (4,471,616 )     (78,358 )     (13,332,911 )     (7,254,382 )     (719,531 )     (4,662,686 )
                                                                                 
Units Outstanding at December 31, 2012
     18,876,084       9,734,050       71,036,826       32,462,317       40,339,639       2,083,260       87,616,736       144,545,740       8,305,334       32,328,316  
                                                                                 
(a)    Commencement of operations April 30, 2012.
  
 
See notes to the financial statements.
 
Page 56
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/Capital Guardian Global Diversified Research Fund
    
JNL/DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap Equity Fund
    
JNL/Eastspring Investments Asia ex-Japan Fund
    
JNL/Eastspring Investments China-India Fund
    
JNL/Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton Inter- national Small Cap Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ (926,959 )   $ (903,561 )   $ (10,940,317 )   $ (1,177,422 )   $ (2,516,039 )   $ 6,928,770     $ 254,116     $ (1,682,700 )   $ 32,429,322     $ 133,006  
Net realized gain (loss) on investments
     6,449,043       2,929,074       19,857,714       2,211,297       (16,590,938 )     11,650,405       1,779,209       2,651,877       11,728,280       2,414,327  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     38,077,645       15,087,215       62,395,493       19,815,407       77,004,425       124,035,221       32,316,360       18,448,252       51,305,480       41,373,949  
Net increase (decrease) in net assets
                                                                                
from operations
     43,599,729       17,112,728       71,312,890       20,849,282       57,897,448       142,614,396       34,349,685       19,417,429       95,463,082       43,921,282  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     30,865,668       38,111,822       146,512,983       23,670,984       47,427,514       131,381,340       34,182,811       112,194,775       213,978,081       33,302,292  
Surrenders and terminations
     (17,382,022 )     (8,334,791 )     (35,664,205 )     (5,594,334 )     (14,683,677 )     (75,624,487 )     (9,101,948 )     (6,008,526 )     (58,028,720 )     (7,908,231 )
Transfers between Investment Divisions
     (11,271,701 )     (457,622 )     (87,182,710 )     2,192,749       (12,774,890 )     (37,650,672 )     22,203,843       170,402,753       54,704,895       14,799,309  
Contract owner charges (Note 3)
     (2,574,128 )     (1,502,165 )     (6,734,564 )     (1,308,945 )     (3,513,401 )     (9,658,806 )     (1,787,343 )     (1,249,058 )     (8,549,936 )     (1,893,718 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     (362,183 )     27,817,244       16,931,504       18,960,454       16,455,546       8,447,375       45,497,363       275,339,944       202,104,320       38,299,652  
                                                                                 
Net increase (decrease) in net assets
     43,237,546       44,929,972       88,244,394       39,809,736       74,352,994       151,061,771       79,847,048       294,757,373       297,567,402       82,220,934  
                                                                                 
Net assets beginning of period
     286,171,678       136,792,536       624,638,253       100,654,513       272,733,798       1,002,735,899       150,196,888       3,209,081       830,111,442       159,531,090  
                                                                                 
Net assets end of period
   $ 329,409,224     $ 181,722,508     $ 712,882,647     $ 140,464,249     $ 347,086,792     $ 1,153,797,670     $ 230,043,936     $ 297,966,454     $ 1,127,678,844     $ 241,752,024  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     12,111,006       8,441,992       23,616,990       13,732,292       44,631,576       118,696,635       20,585,952       319,236       75,201,908       23,702,846  
                                                                                 
Units Issued
     1,666,466       3,415,762       8,271,898       9,890,112       15,126,369       16,294,608       9,706,894       29,530,612       28,801,448       10,086,555  
Units Redeemed
     (1,723,922 )     (1,860,691 )     (7,997,976 )     (7,748,514 )     (13,067,997 )     (15,477,929 )     (4,040,093 )     (4,314,426 )     (11,662,214 )     (5,142,340 )
                                                                                 
Units Outstanding at December 31, 2012
     12,053,550       9,997,063       23,890,911       15,873,890       46,689,948       119,513,314       26,252,753       25,535,422       92,341,143       28,647,061  
 
See notes to the financial statements.
 
Page 57
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman Sachs Emerging Markets Debt Fund
    
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Small Cap Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ 140,104     $ (3,712,222 )   $ 5,807,522     $ (4,849,105 )   $ (1,326,469 )   $ (1,276,043 )   $ (4,213,971 )   $ 822,889     $ (5,318,663 )   $ (3,299,483 )
Net realized gain (loss) on investments
     4,697,598       14,587,675       31,145,010       7,190,772       10,065,496       3,361,312       9,567,842       2,386,773       20,466,787       16,349,441  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     34,341,480       31,633,715       1,592,641       51,488,989       38,502,148       14,691,909       119,288,693       38,442,074       15,675,838       14,141,026  
Net increase (decrease) in net assets
                                                                                
from operations
     39,179,182       42,509,168       38,545,173       53,830,656       47,241,175       16,777,178       124,642,564       41,651,736       30,823,962       27,190,984  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     63,995,404       61,963,670       124,282,389       10,746,032       65,060,439       14,760,197       130,064,232       54,093,712       70,563,762       41,581,788  
Surrenders and terminations
     (16,068,843 )     (15,372,499 )     (51,460,788 )     (15,979,696 )     (16,820,627 )     (5,634,360 )     (26,914,086 )     (17,968,951 )     (19,683,497 )     (12,487,603 )
Transfers between Investment Divisions
     (2,254,251 )     (21,103,956 )     50,065,428       (53,919,324 )     (4,428,816 )     4,955,493       91,148,984       9,889,160       (51,640,981 )     (1,129,746 )
Contract owner charges (Note 3)
     (3,505,646 )     (2,876,715 )     (5,642,623 )     (3,097,965 )     (3,265,669 )     (995,740 )     (5,512,871 )     (2,943,505 )     (3,072,753 )     (1,983,228 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     42,166,664       22,610,500       117,244,406       (62,250,953 )     40,545,327       13,085,590       188,786,259       43,070,416       (3,833,469 )     25,981,211  
                                                                                 
Net increase (decrease) in net assets
     81,345,846       65,119,668       155,789,579       (8,420,297 )     87,786,502       29,862,768       313,428,823       84,722,152       26,990,493       53,172,195  
                                                                                 
Net assets beginning of period
     310,556,587       261,575,730       576,803,500       325,784,260       282,267,994       92,895,322       408,951,982       283,950,685       301,830,861       167,007,878  
                                                                                 
Net assets end of period
   $ 391,902,433     $ 326,695,398     $ 732,593,079     $ 317,363,963     $ 370,054,496     $ 122,758,090     $ 722,380,805     $ 368,672,837     $ 328,821,354     $ 220,180,073  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     38,323,494       21,600,271       24,659,897       26,007,616       23,437,019       12,224,464       35,710,505       18,827,225       26,625,604       11,220,423  
                                                                                 
Units Issued
     9,522,029       9,013,087       10,845,848       920,026       8,122,563       4,701,629       20,978,133       6,256,406       11,440,669       7,121,261  
Units Redeemed
     (4,658,884 )     (7,369,322 )     (6,049,872 )     (5,527,309 )     (5,164,345 )     (3,211,034 )     (6,803,749 )     (3,744,850 )     (11,981,653 )     (5,618,634 )
                                                                                 
Units Outstanding at December 31, 2012
     43,186,639       23,244,036       29,455,873       21,400,333       26,395,237       13,715,059       49,884,889       21,338,781       26,084,620       12,723,050  
 
See notes to the financial statements.
 
Page 58
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/Ivy Asset Strategy Fund
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
    
JNL/JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard Emerging Markets Fund
    
JNL/Lazard Mid Cap Equity Fund
    
JNL/M&G Global Basics Fund
    
JNL/M&G Global Leaders Fund
    
JNL/MC 10 x 10 Fund
    
JNL/MC 25 Fund
  
Operations
                                                            
Net investment income (loss)
   $ (23,562,324 )   $ 8,898,608     $ (4,071,180 )   $ 5,681,872     $ 2,842,590     $ (2,635,254 )   $ (288,787 )   $ (143,124 )   $ 2,353,800     $ 3,626,410  
Net realized gain (loss) on investments
     10,802,176       (11,812,340 )     10,331,563       19,013,404       24,720,024       4,245,966       1,067,757       (425,028 )     8,497,851       30,775,290  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     239,535,428       43,737,776       21,361,580       (10,756,373 )     110,427,293       11,131,217       2,050,256       4,402,475       24,190,560       45,982,488  
Net increase (decrease) in net assets
                                                                                
from operations
     226,775,280       40,824,044       27,621,963       13,938,903       137,989,907       12,741,929       2,829,226       3,834,323       35,042,211       80,384,188  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     430,431,337       38,511,840       56,143,107       141,894,322       5,594,172       35,062,089       11,105,067       6,559,121       29,963,694       80,581,377  
Surrenders and terminations
     (59,340,502 )     (17,061,191 )     (15,804,293 )     (64,364,114 )     (34,878,564 )     (14,557,113 )     (2,622,562 )     (1,275,214 )     (17,841,069 )     (46,436,506 )
Transfers between Investment Divisions
     48,582,344       (10,637,345 )     11,971,477       24,560,071       (125,682,140 )     (35,466,727 )     1,268,391       1,134,643       (10,702,324 )     (11,276,598 )
Contract owner charges (Note 3)
     (18,544,270 )     (2,369,865 )     (2,338,915 )     (6,479,221 )     (7,058,983 )     (1,671,992 )     (645,698 )     (342,967 )     (2,599,108 )     (3,655,120 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     401,128,909       8,443,439       49,971,376       95,611,058       (162,025,515 )     (16,633,743 )     9,105,198       6,075,583       (1,178,807 )     19,213,153  
                                                                                 
Net increase (decrease) in net assets
     627,904,189       49,267,483       77,593,339       109,549,961       (24,035,608 )     (3,891,814 )     11,934,424       9,909,906       33,863,404       99,597,341  
                                                                                 
Net assets beginning of period
     1,322,819,085       263,257,829       199,952,299       715,933,527       738,739,472       206,247,683       54,018,976       28,846,795       244,930,462       501,983,815  
                                                                                 
Net assets end of period
   $ 1,950,723,274     $ 312,525,312     $ 277,545,638     $ 825,483,488     $ 714,703,864     $ 202,355,869     $ 65,953,400     $ 38,756,701     $ 278,793,866     $ 601,581,156  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     129,611,697       23,695,580       9,357,399       35,865,916       64,677,817       11,307,912       4,232,576       2,639,385       29,258,892       33,587,354  
                                                                                 
Units Issued
     52,252,944       5,659,295       5,743,695       22,287,078       972,772       3,058,639       2,020,736       1,278,265       4,486,416       8,877,756  
Units Redeemed
     (16,469,402 )     (5,021,053 )     (3,914,961 )     (17,929,544 )     (13,733,396 )     (3,975,263 )     (1,386,390 )     (781,606 )     (4,622,712 )     (7,863,586 )
                                                                                 
Units Outstanding at December 31, 2012
     165,395,239       24,333,822       11,186,133       40,223,450       51,917,193       10,391,288       4,866,922       3,136,044       29,122,596       34,601,524  
 
See notes to the financial statements.
 
Page 59
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/MC Bond Index Fund
    
JNL/MC Communications Sector Fund
    
JNL/MC Consumer Brands Sector Fund
    
JNL/MC Dow 10 Fund
    
JNL/MC Dow Dividend Fund
    
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(a)
    
JNL/MC Emerging Markets Index Fund
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
  
Operations
                                                            
Net investment income (loss)
   $ 3,318,198     $ 706,015     $ (1,780,634 )   $ (7,473,817 )   $ 4,759,718     $ (31,676 )   $ (1,714,418 )   $ 547,261     $ (1,179,406 )   $ (6,509,391 )
Net realized gain (loss) on investments
     13,392,056       4,552,653       17,445,607       38,161,306       (2,537,851 )     (79,714 )     (2,947,275 )     (746,778 )     5,809,098       12,805,493  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (4,471,426 )     5,917,884       11,539,986       11,993,986       28,250,396       209,221       14,275,419       1,777,461       32,735,537       72,235,524  
Net increase (decrease) in net assets
                                                                                
from operations
     12,238,828       11,176,552       27,204,959       42,681,475       30,472,263       97,831       9,613,726       1,577,944       37,365,229       78,531,626  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     84,710,549       14,782,533       43,334,068       55,314,928       61,943,649       3,674,462       81,239,457       5,434,488       34,709,750       15,881,069  
Surrenders and terminations
     (50,631,159 )     (4,833,308 )     (9,700,442 )     (43,833,812 )     (21,382,291 )     (16,849 )     (5,088,954 )     (917,410 )     (12,233,865 )     (45,420,340 )
Transfers between Investment Divisions
     (44,194,180 )     19,134,041       49,202,002       (80,190,320 )     (7,656,341 )     3,023,927       120,592,896       2,579,517       7,299,106       (27,559,185 )
Contract owner charges (Note 3)
     (4,730,543 )     (685,313 )     (1,506,375 )     (3,004,066 )     (2,721,397 )     (17,157 )     (1,081,437 )     (260,938 )     (1,942,437 )     (2,007,597 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     (14,845,333 )     28,397,953       81,329,253       (71,713,270 )     30,183,620       6,664,383       195,661,962       6,835,657       27,832,554       (59,106,053 )
                                                                                 
Net increase (decrease) in net assets
     (2,606,505 )     39,574,505       108,534,212       (29,031,795 )     60,655,883       6,762,214       205,275,688       8,413,601       65,197,783       19,425,573  
                                                                                 
Net assets beginning of period
     597,159,838       53,185,018       107,188,662       491,868,277       296,677,537       -       3,374,671       19,792,732       151,290,663       400,432,543  
                                                                                 
Net assets end of period
   $ 594,553,333     $ 92,759,523     $ 215,722,874     $ 462,836,482     $ 357,333,420     $ 6,762,214     $ 208,650,359     $ 28,206,333     $ 216,488,446     $ 419,858,116  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     43,197,120       10,225,094       9,081,999       50,814,404       41,856,854       -       373,656       1,805,556       23,420,826       31,453,060  
                                                                                 
Units Issued
     12,413,508       11,734,325       10,768,265       9,635,642       14,028,122       989,296       25,455,743       1,537,000       15,089,498       3,087,742  
Units Redeemed
     (13,592,562 )     (6,910,908 )     (4,803,896 )     (16,996,194 )     (10,006,437 )     (320,304 )     (5,876,787 )     (937,607 )     (11,665,759 )     (7,384,542 )
                                                                                 
Units Outstanding at December 31, 2012
     42,018,066       15,048,511       15,046,368       43,453,852       45,878,539       668,992       19,952,612       2,404,949       26,844,565       27,156,260  
                                                                                 
(a) Commencement of operations April 30, 2012.
          
 
See notes to the financial statements.
 
Page 60
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/MC Global Alpha Fund
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
    
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil & Gas Sector Fund
    
JNL/MC Pacific Rim 30 Fund
  
Operations
                                                            
Net investment income (loss)
   $ (697,186 )   $ (2,266,138 )   $ 429,514     $ 5,771,364     $ 35,959,868     $ 4,240,936     $ (2,580,848 )   $ 1,641,654     $ (4,004,317 )   $ 186,444  
Net realized gain (loss) on investments
     964,028       18,135,735       20,433,380       (7,738,033 )     (68,378,128 )     (4,114,178 )     13,511,161       (9,258,240 )     17,595,946       1,830,150  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (1,865,753 )     31,309,250       28,628,814       72,147,737       442,018,342       39,532,257       15,052,524       13,819,668       5,043,137       2,675,707  
Net increase (decrease) in net assets
                                                                                
from operations
     (1,598,911 )     47,178,847       49,491,708       70,181,068       409,600,082       39,659,015       25,982,837       6,203,082       18,634,766       4,692,301  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     7,250,296       83,233,125       78,673,152       60,594,325       104,364,257       19,956,694       37,392,510       5,362,036       138,065,452       9,351,807  
Surrenders and terminations
     (2,182,694 )     (20,108,266 )     (16,369,982 )     (35,043,542 )     (232,647,225 )     (22,574,421 )     (11,475,547 )     (4,838,584 )     (50,154,737 )     (1,865,296 )
Transfers between Investment Divisions
     (7,340,087 )     45,005,070       4,776,823       20,143,522       (211,150,088 )     (19,386,215 )     42,329,222       (1,043,792 )     (53,306,367 )     941,538  
Contract owner charges (Note 3)
     (491,660 )     (3,140,522 )     (4,644,892 )     (3,387,028 )     (18,366,868 )     (2,477,010 )     (1,744,863 )     (524,423 )     (8,108,540 )     (536,149 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     (2,764,145 )     104,989,407       62,435,101       42,307,277       (357,799,924 )     (24,480,952 )     66,501,322       (1,044,763 )     26,495,808       7,891,900  
                                                                                 
Net increase (decrease) in net assets
     (4,363,056 )     152,168,254       111,926,809       112,488,345       51,800,158       15,178,063       92,484,159       5,158,319       45,130,574       12,584,201  
                                                                                 
Net assets beginning of period
     50,621,864       252,885,376       380,323,403       407,504,533       2,666,783,605       325,679,592       147,276,166       66,406,850       796,202,477       41,344,163  
                                                                                 
Net assets end of period
   $ 46,258,808     $ 405,053,630     $ 492,250,212     $ 519,992,878     $ 2,718,583,763     $ 340,857,655     $ 239,760,325     $ 71,565,169     $ 841,333,051     $ 53,928,364  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     4,864,593       20,055,622       40,955,602       30,833,422       250,691,885       38,067,524       13,156,362       10,686,471       25,205,201       3,287,635  
                                                                                 
Units Issued
     876,935       13,882,542       10,346,469       8,135,489       11,103,787       3,060,672       10,886,307       4,465,240       7,533,736       1,768,647  
Units Redeemed
     (1,154,620 )     (6,470,188 )     (4,097,398 )     (5,187,530 )     (42,255,649 )     (5,763,135 )     (5,908,649 )     (4,670,347 )     (6,916,832 )     (1,172,325 )
                                                                                 
Units Outstanding at December 31, 2012
     4,586,908       27,467,976       47,204,673       33,781,381       219,540,023       35,365,061       18,134,020       10,481,364       25,822,105       3,883,957  
 
See notes to the financial statements.
 
Page 61
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/MC S&P 10 Fund
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index Fund
    
JNL/MC S&P SMid 60 Fund
    
JNL/MC Select Small-Cap Fund
    
JNL/MC Small Cap Index Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund
  
Operations
                                                            
Net investment income (loss)
   $ (4,211,319 )   $ (663,537 )   $ (2,621,362 )   $ 2,299,546     $ (1,218,106 )   $ (3,516,682 )   $ 1,221,177     $ (5,154,808 )   $ (5,887,620 )   $ 966,483  
Net realized gain (loss) on investments
     (4,370,527 )     8,254,424       30,539,674       56,360,296       16,887,540       (10,190,457 )     32,690,234       39,171,689       (21,216,073 )     (8,565,692 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     44,629,571       (2,141,843 )     46,675,932       69,884,206       3,275,867       45,510,630       27,382,455       (12,390,947 )     54,119,842       31,575,588  
Net increase (decrease) in net assets
                                                                                
from operations
     36,047,725       5,449,044       74,594,244       128,544,048       18,945,301       31,803,491       61,293,866       21,625,934       27,016,149       23,976,379  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     19,426,302       6,372,112       92,875,647       235,404,695       23,001,448       15,163,113       71,026,691       79,537,932       17,360,423       8,230,349  
Surrenders and terminations
     (31,350,943 )     (3,037,128 )     (41,502,663 )     (75,785,649 )     (9,991,692 )     (28,095,702 )     (38,405,663 )     (21,811,331 )     (30,954,280 )     (22,576,607 )
Transfers between Investment Divisions
     35,993,931       1,088,113       21,349,678       113,949,191       (7,809,879 )     (5,943,687 )     58,100,214       4,533,899       (19,248,175 )     (21,747,615 )
Contract owner charges (Note 3)
     (1,166,661 )     (533,871 )     (4,238,807 )     (8,875,753 )     (1,441,149 )     (1,198,835 )     (3,452,398 )     (3,913,074 )     (2,410,440 )     (1,506,546 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     22,902,629       3,889,226       68,483,855       264,692,484       3,758,728       (20,075,111 )     87,268,844       58,347,426       (35,252,472 )     (37,600,419 )
                                                                                 
Net increase (decrease) in net assets
     58,950,354       9,338,270       143,078,099       393,236,532       22,704,029       11,728,380       148,562,710       79,973,360       (8,236,323 )     (13,624,040 )
                                                                                 
Net assets beginning of period
     205,873,814       53,978,700       463,970,392       892,032,456       158,327,332       239,194,860       411,164,252       313,873,224       366,235,557       244,473,860  
                                                                                 
Net assets end of period
   $ 264,824,168     $ 63,316,970     $ 607,048,491     $ 1,285,268,988     $ 181,031,361     $ 250,923,240     $ 559,726,962     $ 393,846,584     $ 357,999,234     $ 230,849,820  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     27,136,745       5,443,686       28,873,542       81,632,307       15,191,152       18,646,238       29,011,148       46,393,976       38,659,511       22,971,539  
                                                                                 
Units Issued
     12,999,652       2,771,761       10,334,311       45,563,165       6,148,071       3,700,333       14,444,265       25,297,747       3,989,628       1,760,016  
Units Redeemed
     (10,534,069 )     (2,413,292 )     (6,553,529 )     (23,481,312 )     (5,856,636 )     (5,271,137 )     (8,843,817 )     (18,653,864 )     (7,556,784 )     (5,134,908 )
                                                                                 
Units Outstanding at December 31, 2012
     29,602,328       5,802,155       32,654,324       103,714,160       15,482,587       17,075,434       34,611,596       53,037,859       35,092,355       19,596,647  
 
See notes to the financial statements.
 
Page 62
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/Morgan Stanley Mid Cap Growth Fund(a)
    
JNL/Neuberger Berman Strategic Income Fund(a)
    
JNL/
Oppenheimer Global Growth Fund
    
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
  
Operations
                                                            
Net investment income (loss)
   $ (20,256 )   $ (363,102 )   $ (1,510,209 )   $ 9,386,603     $ 22,623,432     $ 3,302,114     $ 52,940,396     $ (1,600,779 )   $ (548,745 )   $ (246,789 )
Net realized gain (loss) on investments
     (52,847 )     227,813       1,550,320       155,512,986       113,679,924       4,563,477       29,445,975       9,923,144       1,554,627       3,464,475  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     294,487       1,788,045       56,317,458       (51,845,655 )     75,240,129       2,894,616       70,701,814       4,988,769       11,846,610       10,764,454  
Net increase (decrease) in net assets
                                                                                
from operations
     221,384       1,652,756       56,357,569       113,053,934       211,543,485       10,760,207       153,088,185       13,311,134       12,852,492       13,982,140  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     7,998,004       31,629,731       53,853,574       440,827,240       795,617,961       95,754,370       241,039,412       22,924,538       16,592,953       11,146,377  
Surrenders and terminations
     (95,610 )     (1,508,316 )     (19,279,153 )     (118,304,214 )     (260,098,281 )     (13,059,601 )     (73,911,456 )     (7,072,995 )     (4,827,585 )     (9,428,105 )
Transfers between Investment Divisions
     3,421,848       35,140,053       3,223,132       229,269,607       555,835,873       57,539,352       181,162,487       (396,227 )     5,184,531       189,305  
Contract owner charges (Note 3)
     (37,933 )     (233,088 )     (2,992,838 )     (16,006,227 )     (32,761,812 )     (1,832,148 )     (9,411,352 )     (1,264,276 )     (938,335 )     (729,653 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     11,286,309       65,028,380       34,804,715       535,786,406       1,058,593,741       138,401,973       338,879,091       14,191,040       16,011,564       1,177,924  
                                                                                 
Net increase (decrease) in net assets
     11,507,693       66,681,136       91,162,284       648,840,340       1,270,137,226       149,162,180       491,967,276       27,502,174       28,864,056       15,160,064  
                                                                                 
Net assets beginning of period
     -       -       284,665,622       1,526,238,655       2,980,926,848       129,210,316       870,828,267       87,885,858       65,195,273       97,153,573  
                                                                                 
Net assets end of period
   $ 11,507,693     $ 66,681,136     $ 375,827,906     $ 2,175,078,995     $ 4,251,064,074     $ 278,372,496     $ 1,362,795,543     $ 115,388,032     $ 94,059,329     $ 112,313,637  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     -       -       22,759,643       109,600,037       161,303,994       13,037,911       55,801,756       9,254,818       6,963,988       6,103,849  
                                                                                 
Units Issued
     1,499,668       7,304,508       6,556,788       58,498,943       83,069,793       26,772,542       45,849,009       11,210,728       8,734,231       2,660,189  
Units Redeemed
     (287,216 )     (911,899 )     (4,024,596 )     (21,961,066 )     (28,621,309 )     (13,372,554 )     (26,059,474 )     (9,878,279 )     (7,185,776 )     (2,599,905 )
                                                                                 
Units Outstanding at December 31, 2012
     1,212,452       6,392,609       25,291,835       146,137,914       215,752,478       26,437,899       75,591,291       10,587,267       8,512,443       6,164,133  
                                                                                 
(a) Commencement of operations April 30, 2012.
    
 
See notes to the financial statements.
 
Page 63
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                             
   
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
    
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
  
Operations
                                                            
Net investment income (loss)
   $ (5,013,650 )   $ 3,738,117     $ (2,175,759 )   $ 849,335     $ (1,564,028 )   $ (4,915,908 )   $ 14,582,278     $ (5,971,084 )   $ 8,265,216     $ 1,604,870  
Net realized gain (loss) on investments
     (3,481,035 )     90,623,884       15,356,589       60,546,302       8,365,536       15,450,779       38,297,989       123,513,904       103,008,571       177,121,864  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     90,491,521       47,326,942       15,049,155       5,824,561       17,175,075       101,436,168       41,052,771       211,567,112       87,551,868       247,589,613  
Net increase (decrease) in net assets
                                                                                
from operations
     81,996,836       141,688,943       28,229,985       67,220,198       23,976,583       111,971,039       93,933,038       329,109,932       198,825,655       426,316,347  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     12,923,756       189,519,903       62,602,441       207,771,542       46,614,702       199,991,556       328,863,049       542,085,605       582,367,871       908,123,000  
Surrenders and terminations
     (14,297,104 )     (53,975,944 )     (14,452,577 )     (35,168,198 )     (13,413,629 )     (49,654,320 )     (104,823,488 )     (130,781,386 )     (143,026,976 )     (202,578,702 )
Transfers between Investment Divisions
     (39,182,552 )     (5,692,108 )     65,806,457       60,815,383       (22,073,412 )     (15,193,055 )     195,835,717       27,246,659       114,679,390       122,019,634  
Contract owner charges (Note 3)
     (3,566,602 )     (10,443,667 )     (2,092,090 )     (6,976,189 )     (2,152,546 )     (7,976,549 )     (13,261,910 )     (25,885,934 )     (23,644,948 )     (39,617,010 )
Net increase (decrease) in net assets
                                                                              
from contract transactions
     (44,122,502 )     119,408,184       111,864,231       226,442,538       8,975,115       127,167,632       406,613,368       412,664,944       530,375,337       787,946,922  
                                                                                 
Net increase (decrease) in net assets
     37,874,334       261,097,127       140,094,216       293,662,736       32,951,698       239,138,671       500,546,406       741,774,876       729,200,992       1,214,263,269  
                                                                                 
Net assets beginning of period
     308,656,825       956,114,424       153,398,260       529,068,741       197,439,929       748,866,350       1,187,613,643       2,273,055,809       1,942,414,122       3,240,548,028  
                                                                                 
Net assets end of period
   $ 346,531,159     $ 1,217,211,551     $ 293,492,476     $ 822,731,477     $ 230,391,627     $ 988,005,021     $ 1,688,160,049     $ 3,014,830,685     $ 2,671,615,114     $ 4,454,811,297  
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2011
     37,523,580       87,824,159       12,986,732       47,428,906       17,292,909       54,284,777       98,524,848       158,754,245       157,317,544       222,293,166  
                                                                                 
Units Issued
     1,895,895       26,537,287       15,197,136       32,548,886       9,429,857       17,553,019       50,520,615       44,436,651       58,771,316       72,072,587  
Units Redeemed
     (6,625,761 )     (16,742,610 )     (6,529,560 )     (13,605,213 )     (8,774,173 )     (9,119,282 )     (18,350,489 )     (18,201,173 )     (18,248,555 )     (22,166,404 )
                                                                                 
Units Outstanding at December 31, 2012
     32,793,714       97,618,836       21,654,308       66,372,579       17,948,593       62,718,514       130,694,974       184,989,723       197,840,305       272,199,349  
 
See notes to the financial statements.
 
Page 64
 
Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2012
                                                       
   
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
    
JNL/T. Rowe Price Short-Term Bond Fund
    
JNL/T. Rowe Price Value Fund
    
JNL/UBS Large Cap Select Growth Fund
    
JNL/WMC Balanced Fund
    
JNL/WMC Money Market Fund
    
JNL/WMC Value Fund
  
Operations
                                                      
   Net investment income (loss)
   $ (625,893 )   $ (17,929,818 )   $ (17,785,310 )   $ (2,890,733 )   $ (1,091,691 )   $ (5,969,524 )   $ (3,003,591 )   $ (16,673,987 )   $ 3,146,320  
Net realized gain (loss) on investments
     3,864,313       50,798,582       84,042,231       1,825,977       14,362,296       52,293,131       51,200,000       3,531       27,006,035  
Net change in unrealized appreciation
                                                                        
(depreciation) on investments
     13,093,396       123,329,406       76,025,678       5,142,715       65,775,963       (9,296,256 )     109,316,668       -       23,358,376  
Net increase (decrease) in net assets
                                                                        
from operations
     16,331,816       156,198,170       142,282,599       4,077,959       79,046,568       37,027,351       157,513,077       (16,670,456 )     53,510,731  
                                                                         
Contract transactions 1
                                                                        
Purchase payments (Note 4)
     18,982,152       239,673,335       254,322,874       123,474,103       83,086,675       41,410,260       479,630,911       704,841,882       55,715,106  
Surrenders and terminations
     (7,225,102 )     (76,703,371 )     (73,706,991 )     (44,508,750 )     (38,428,099 )     (21,860,054 )     (108,371,222 )     (193,628,257 )     (24,454,750 )
Transfers between Investment Divisions
     5,613,208       114,411,546       (14,963,410 )     75,273,246       18,719,110       (32,826,918 )     76,396,861       (299,036,591 )     (13,024,303 )
Contract owner charges (Note 3)
     (825,784 )     (9,887,382 )     (12,419,497 )     (4,702,577 )     (3,922,328 )     (4,019,708 )     (20,697,239 )     (11,192,003 )     (3,381,594 )
Net increase (decrease) in net assets
                                                                  
from contract transactions
     16,544,474       267,494,128       153,232,976       149,536,022       59,455,358       (17,296,420 )     426,959,311       200,985,031       14,854,459  
                                                                         
Net increase (decrease) in net assets
     32,876,290       423,692,298       295,515,575       153,613,981       138,501,926       19,730,931       584,472,388       184,314,575       68,365,190  
                                                                         
Net assets beginning of period
     80,014,712       901,594,022       1,176,490,950       493,476,706       431,971,301       424,723,680       1,709,810,948       1,010,792,969       362,133,240  
                                                                         
Net assets end of period
   $ 112,891,002     $ 1,325,286,320     $ 1,472,006,525     $ 647,090,687     $ 570,473,227     $ 444,454,611     $ 2,294,283,336     $ 1,195,107,544     $ 430,498,430  
                                                                         
1 Contract unit transactions
                                                                        
Units Outstanding at December 31, 2011
     8,850,829       31,868,359       25,681,421       47,267,776       30,832,016       17,110,625       59,618,057       82,014,961       18,923,330  
                                                                         
Units Issued
     6,668,313       15,094,042       7,314,988       28,843,930       11,436,545       2,457,886       20,823,640       96,305,793       4,792,814  
Units Redeemed
     (5,104,320 )     (7,239,709 )     (4,469,684 )     (14,810,274 )     (7,729,334 )     (3,189,953 )     (6,837,849 )     (80,414,075 )     (4,113,014 )
                                                                         
Units Outstanding at December 31, 2012
     10,414,822       39,722,692       28,526,725       61,301,432       34,539,227       16,378,558       73,603,848       97,906,679       19,603,130  
 
See notes to the financial statements.
 
Page 65
 
Jackson National Separate Account I
Notes to Financial Statements
 
Note 1 – Organization
 
Jackson National Life Insurance Company (“Jackson”) established Jackson National Separate Account I (the “Separate Account”) on June 14, 1993.  The Separate Account commenced operations on October 16, 1995, and is a unit investment trust registered with the Securities Exchange Commission (the “SEC”) under the Investment Company Act of 1940.
 
The Separate Account is a separate investment account of Jackson, its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson.  However, the contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct.
 
The Separate Account receives and invests, based on the directions of the contract owners, net premiums for individual flexible premium variable annuity contracts issued by Jackson.  The contracts can be purchased on a non-tax qualified basis or in connection with certain plans qualifying for favorable federal income tax treatment.  The Separate Account contained one-hundred sixty-five (165) Investment Divisions during 2013, but currently contains one-hundred sixty (160) Investment Divisions as of December 31, 2013.  These Investment Divisions each invested in the following mutual funds (collectively, the “Funds”) as of December 31, 2013:
 
Curian Variable Series Trust
CG - Conservative Fund(1)(4)
  
CG - Tactical Moderate Growth Fund(1)(4)
  
Curian/DoubleLine Total Return Fund
CG - Equity 100 Fund(1)(4)
  
Curian Dynamic Risk Advantage – Diversified Fund
  
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
CG - Equity Income Fund(1)(4)
  
Curian Dynamic Risk Advantage – Growth Fund
  
Curian/Epoch Global Shareholder Yield Fund
CG - Fixed Income 100 Fund(1)(4)
  
Curian Dynamic Risk Advantage – Income Fund
  
Curian/FAMCO Flex Core Covered Call Fund
CG - Growth Fund(1)(4)
  
Curian Focused International Equity Fund
  
Curian/Franklin Templeton Frontier Markets Fund
CG - Institutional Alt 100 Conservative Fund(1)(4)
  
Curian Focused U.S. Equity Fund
  
Curian/Franklin Templeton Natural Resources Fund
CG - Institutional Alt 100 Growth Fund(1)(4)
  
Curian Long Short Credit Fund(1)
  
Curian/Lazard International Strategic Equity Fund
CG - Institutional Alt 100 Moderate Fund(1)(4)
  
Curian Tactical Advantage 35 Fund
  
Curian/Neuberger Berman Currency Fund
CG - Institutional Alt 65 Fund(1)(4)
  
Curian Tactical Advantage 60 Fund
  
Curian/Nicholas Convertible Arbitrage Fund
CG - Interest Rate Opportunities Fund(1)(4)
  
Curian Tactical Advantage 75 Fund
  
Curian/PIMCO Credit Income Fund
CG - International Opportunities Conservative Fund(1)(4)
  
Curian/Aberdeen Latin America Fund
  
Curian/PineBridge Merger Arbitrage Fund
CG - International Opportunities Growth Fund(1)(4)
  
Curian/American Funds® Global Growth Fund
  
Curian/Schroder Emerging Europe Fund
CG - International Opportunities Moderate Fund(1)(4)
  
Curian/American Funds® Growth Fund
  
Curian/T. Rowe Price Capital Appreciation Fund
CG - Maximum Growth Fund(1)(4)
  
Curian/AQR Risk Parity Fund
  
Curian/The Boston Company Equity Income Fund
CG - Moderate Fund(1)(4)
  
Curian/Ashmore Emerging Market Small Cap Equity Fund
  
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund
CG - Moderate Growth Fund(1)(4)
  
Curian/Baring International Fixed Income Fund
  
Curian/UBS Global Long Short Fixed Income Opportunities Fund
CG - Multi-Strategy Income Fund(1)(4)
  
Curian/BlackRock Global Long Short Credit Fund
  
Curian/Urdang International REIT Fund
CG - Real Assets Fund(1)(4)
  
Curian/DFA U.S. Micro Cap Fund
  
Curian/Van Eck International Gold Fund
CG - Tactical Maximum Growth Fund(1)(4)
        
 
Page 66
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 1 – Organization (continued)
 
JNL Series Trust
JNL Disciplined Growth Fund(1)
  
JNL/Franklin Templeton International Small Cap Growth Fund
  
JNL/MC Small Cap Index Fund(3)
JNL Disciplined Moderate Fund(1)
  
JNL/Franklin Templeton Mutual Shares Fund
  
JNL/MC Utilities Sector Fund(3)
JNL Disciplined Moderate Growth Fund(1)
  
JNL/Franklin Templeton Small Cap Value Fund
  
JNL/Morgan Stanley Mid Cap Growth Fund
JNL Institutional Alt 20 Fund(1)
  
JNL/Goldman Sachs Core Plus Bond Fund
  
JNL/Neuberger Berman Strategic Income Fund
JNL Institutional Alt 35 Fund(1)
  
JNL/Goldman Sachs Emerging Markets Debt Fund
  
JNL/Oppenheimer Global Growth Fund
JNL Institutional Alt 50 Fund(1)
  
JNL/Goldman Sachs Mid Cap Value Fund
  
JNL/PIMCO Real Return Fund
JNL Institutional Alt 65 Fund(1)(2)
  
JNL/Goldman Sachs U.S. Equity Flex Fund
  
JNL/PIMCO Total Return Bond Fund
JNL/American Funds Balanced Allocation Fund(1)
  
JNL/Invesco Global Real Estate Fund
  
JNL/PPM America Floating Rate Income Fund(1)
JNL/American Funds Blue Chip Income and Growth Fund
  
JNL/Invesco International Growth Fund
  
JNL/PPM America High Yield Bond Fund(1)
JNL/American Funds Global Bond Fund
  
JNL/Invesco Large Cap Growth Fund
  
JNL/PPM America Mid Cap Value Fund(1)
JNL/American Funds Global Small Capitalization Fund
  
JNL/Invesco Mid Cap Value Fund
  
JNL/PPM America Small Cap Value Fund(1)
JNL/American Funds Growth Allocation Fund(1)
  
JNL/Invesco Small Cap Growth Fund
  
JNL/PPM America Value Equity Fund(1)
JNL/American Funds Growth-Income Fund
  
JNL/Ivy Asset Strategy Fund
  
JNL/Red Rocks Listed Private Equity Fund
JNL/American Funds International Fund
  
JNL/JPMorgan International Value Fund
  
JNL/S&P 4 Fund(1)
JNL/American Funds New World Fund
  
JNL/JPMorgan MidCap Growth Fund
  
JNL/S&P Competitive Advantage Fund
JNL/AQR Managed Futures Strategy Fund
  
JNL/JPMorgan U.S. Government & Quality Bond Fund
  
JNL/S&P Dividend Income & Growth Fund
JNL/BlackRock Commodity Securities Strategy Fund
  
JNL/Lazard Emerging Markets Fund
  
JNL/S&P Intrinsic Value Fund
JNL/BlackRock Global Allocation Fund
  
JNL/M&G Global Basics Fund(1)(
  
JNL/S&P Managed Aggressive Growth Fund
JNL/BlackRock Large Cap Select Growth Fund
  
JNL/M&G Global Leaders Fund(1) 7)
  
JNL/S&P Managed Conservative Fund
JNL/Brookfield Global Infrastructure Fund
  
JNL/MC 10 x 10 Fund(1) (3)
  
JNL/S&P Managed Growth Fund
JNL/Capital Guardian Global Balanced Fund
  
JNL/MC Bond Index Fund(3)
  
JNL/S&P Managed Moderate Fund
JNL/Capital Guardian Global Diversified Research Fund
  
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(3)
  
JNL/S&P Managed Moderate Growth Fund
JNL/DFA U.S. Core Equity Fund
  
JNL/MC Emerging Markets Index Fund(3)
  
JNL/S&P Total Yield Fund
JNL/Eagle SmallCap Equity Fund
  
JNL/MC European 30 Fund(3)
  
JNL/T. Rowe Price Established Growth Fund
JNL/Eastspring Investments Asia ex-Japan Fund(1)
  
JNL/MC Global Alpha Fund(3)
  
JNL/T. Rowe Price Mid-Cap Growth Fund
JNL/Eastspring Investments China-India Fund(1)
  
JNL/MC Index 5 Fund(1) (3)
  
JNL/T. Rowe Price Short-Term Bond Fund
JNL/Franklin Templeton Founding Strategy Fund(1)
  
JNL/MC International Index Fund(3)
  
JNL/T. Rowe Price Value Fund
JNL/Franklin Templeton Global Growth Fund
  
JNL/MC Pacific Rim 30 Fund(3)
  
JNL/WMC Balanced Fund
JNL/Franklin Templeton Global Multisector Bond Fund
  
JNL/MC S&P 400 MidCap Index Fund(3)
  
JNL/WMC Money Market Fund
JNL/Franklin Templeton Income Fund
  
JNL/MC S&P 500 Index Fund(3)
  
JNL/WMC Value Fund
 
JNL Variable Fund LLC
JNL/MC 25 Fund(3)
  
JNL/MC Healthcare Sector Fund(3)
  
JNL/MC S&P® 24 Fund(3)
JNL/MC Communications Sector Fund(3)
  
JNL/MC JNL 5 Fund(3)
  
JNL/MC S&P® SMid 60 Fund(3)
JNL/MC Consumer Brands Sector Fund(3)
  
JNL/MC JNL Optimized 5 Fund(3)
  
JNL/MC Select Small-Cap Fund(3)(7)
JNL/MC Dow SM 10 Fund(3)
  
JNL/MC Nasdaq® 25 Fund(3)
  
JNL/MC Technology Sector Fund(3)
JNL/MC Dow SM Dividend Fund(3)(7)
  
JNL/MC NYSE® International 25 Fund(3)
  
JNL/MC Value Line® 30 Fund(3)
JNL/MC Financial Sector Fund(3)
  
JNL/MC Oil & Gas Sector Fund(3)
  
JNL/MC VIP Fund(3)(7)
JNL/MC Global 15 Fund(3)
  
JNL/MC S&P® 10 Fund(3)(7)
    
 
Page 67
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 1 – Organization (continued)
 
Jackson National Asset Management, LLC serves as investment adviser for the Funds comprising the JNL Series Trust and the JNL Variable Fund LLC and Curian Capital, LLC (collectively the “Advisers”) serve as investment adviser for the Funds comprising the Curian Variable Series Trust, both Advisers are wholly-owned subsidiaries of Jackson and receive fees for their services from each Fund.
 
During the year ended December 31, 2013, the following Funds changed names:
 
PRIOR FUND NAME
  
CURRENT FUND NAME
  
EFFECTIVE DATE
CG – Balanced Income Fund
  
CG – Moderate Fund (6)
  
April 29, 2013
CG – Institutional Alt 100 Fund
  
CG – Institutional Alt 100 Moderate Fund (6)
  
April 29, 2013
CG – Maximize Income Fund
  
CG – Conservative Fund (6)
  
April 29, 2013
CG – Rising Income Fund
  
CG – Equity Income Fund (6)
  
April 29, 2013
Curian Dynamic Risk Advantage – Aggressive Fund
  
Curian Dynamic Risk Advantage – Growth Fund(6)
  
April 29, 2013
JNL/BlackRock Commodity Securities Fund
  
JNL/BlackRock Commodity Securities Strategy Fund(6)
  
April 29, 2013
Curian/UBS Global Long Short Income Opportunities Fund
  
Curian/UBS Global Long Short Fixed Income Opportunities Fund(6)
  
September 16, 2013
JNL/Lazard Mid Cap Equity Fund
  
JNL/Invesco Mid Cap Value Fund(5)
  
September 16, 2013
JNL/UBS Large Cap Select Growth Fund
  
JNL/BlackRock Large Cap Select Growth Fund(5)
  
September 16, 2013
 
During the year ended December 31, 2013, the following acquisitions were completed:
 
ACQUIRED FUND
  
ACQUIRING FUND
  
DATE OF ACQUISITION
JNL/M&G Global Leaders Fund
  
JNL/Franklin Templeton Global Growth Fund
  
September 13, 2013
JNL/MC Dow Dividend Fund
  
JNL/S&P Dividend Income & Growth Fund
  
September 13, 2013
JNL/MC S&P 10 Fund
  
JNL/MC S&P 24 Fund
  
September 13, 2013
JNL/MC Select Small-Cap Fund
  
JNL/MC Small Cap Index Fund
  
September 13, 2013
JNL/MC VIP Fund
  
JNL/MC S&P 500 Index Fund
  
September 13, 2013
 
(1) These Funds are advised or sub-advised by affiliates of Jackson.
(2) JNL Institutional Alt 65 Fund is closed to new contract owners.
(3) MC denotes the sub-adviser Mellon Capital throughout these financial statements. Mellon Capital was formerly known as Mellon Capital Management.
(4) CG denotes the Fund of Fund group Curian Guidance throughout these financial statements.
(5) These name changes are due to changes in sub-adviser.
(6) These name changes were completed to align the Fund name with the investment strategy.
(7) These Funds are no longer available as of December 31, 2013.
 
Page 68
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 2 – Significant Accounting Policies
 
The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period.  Actual results could differ from those estimates.
 
Investments
 
The Separate Account’s Investment Divisions’ investments in the corresponding Funds are stated at the closing net asset values of the respective Funds, which represent fair value.  The average cost method is used in determining the cost of the shares sold on withdrawals by the Investment Divisions of the Separate Account.  Investments in the Funds are recorded on trade date for financial reporting purposes.  Realized gain distributions and dividend income distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as gain or income to the Investment Divisions of the Separate Account on the ex-dividend date.
 
Federal Income Taxes
 
The operations of the Separate Account are taxed as part of the operations of Jackson, which is taxed as a “life insurance company” under the provisions of the Internal Revenue Code.  Under current law, no federal income taxes are payable with respect to the Separate Account.  Therefore, no federal income tax provision is required.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Separate Account’s tax return to determine whether the tax positions are “more-likely- than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The Interpretation requires that management evaluate the tax positions taken in the returns which remain subject to examination by the Internal Revenue Service and other tax jurisdictions. Jackson National Asset Management (“JNAM”), a subsidiary of Jackson, completed an evaluation of the Separate Account’s tax positions and based on that evaluation, determined that no provision for federal income tax is required in the Separate Account’s financial statements during the year ended December 31, 2013.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures”
 
This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.  Various inputs are used in determining the value of an entity’s investments under FASB ASC Topic 820 guidance.  The inputs are summarized into three broad categories:
 
 
●
Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds and securities lending collateral, which is valued as a practical expedient at its daily reported Net Asset Value (“NAV”).
 
Page 69
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 2 – Significant Accounting Policies (continued)
 
 
●
Level 2 includes valuations determined from significant direct or indirect observable inputs.  Direct observable inputs include broker quotes, third party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values.  Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings.  Level 2 includes valuations for fixed income securities, including term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services or ADRs and GDRs for which quoted prices in active markets are not available.
 
●
Level 3 includes valuations determined from significant unobservable inputs including an entity’s own assumptions in determining the fair value of the investment.  Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models.  Level 3 valuations include securities that are priced based on single source broker quotes, where prices may be unavailable due to halted trading, restricted to resale due to market events, private placements, newly issued or investments for which reliable quotes are otherwise not available.
 
The inputs or methodology used for valuing Funds are not necessarily an indication of the risk associated with investing in those Funds. The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account’s Investment Divisions’ investment in the corresponding Funds.  As of December 31, 2013, all of the Separate Account’s Investment Divisions’ investment in each of the corresponding Funds are valued as a practical expedient at their daily reported NAVs.  Therefore, all investments in Funds have been categorized as Level 1.
 
For the year ended December 31, 2013, there were no transfers out of Level 1 securities.
 
Note 3 – Contract Charges
 
Under the term of the contracts, certain charges are allocated to the contract owner to compensate Jackson’s for providing the insurance benefits set forth in the contracts, administering the contracts, distributing the contracts, and assuming certain risks in connection with the contracts.  These charges result in a reduction in contract unit value or redemptions of contract units in the number of contract units outstanding.
 
Contract Owner Charges
 
The following charges are assessed to the contract owner by redemption of contract units outstanding:
 
Contract Maintenance Charge
 
An annual contract maintenance charge of $35 - $50 is charged against each contract to reimburse Jackson for expenses incurred in establishing and maintaining records relating to the contract.  The contract maintenance charge is assessed on each anniversary of the contract date that occurs prior to the annuity date or in conjunction with a total withdrawal, as applicable.  This charge is only imposed if the contract value is less than $50,000 on the date when the charge is assessed.  The charge is deducted by redemption of contract units.  For the years ended December 31, 2013 and 2012, contract maintenance charges were assessed in the amount of $9,397,700 and $3,018,530, respectively.
 
Transfer Charge
 
A transfer charge of $25 will apply to transfers made by contract owners between the Investment Divisions in excess of 15 transfers in a contract year.  Contract year is defined as the succeeding twelve months from the contract issue date.  Jackson may waive the transfer charge in connection with pre-authorized automatic transfer programs, or in those states where a lesser charge is required.  This charge will be deducted from the amount transferred prior to the allocation to a different Investment Division.  For the years ended December 31, 2013 and 2012, transfer charges were assessed in the amount of $44,812 and $29,545, respectively.
 
Page 70
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 3 – Contract Charges (continued)
 
Surrender or Contingent Deferred Sales Charge
 
During the first three to nine contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract.  The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contracts.  The amount, if any, is determined based on a number of factors, including the amount withdrawn, the contract year of surrender, or the number and amount of withdrawals in a calendar year.  The surrender charges are assessed by Jackson and withheld from the proceeds of the withdrawals.  For the years ended December 31, 2013 and 2012, surrender charges were assessed in the amount of $52,189,880 and $40,792,400, respectively.
 
Optional Benefit Charges
 
Guaranteed Minimum Income Benefit Charge.  If this benefit has been selected, Jackson will assess an annual charge of 0.40% to 0.87%, depending on the contract, of the Guaranteed Minimum Income Benefit (GMIB) base.   The charge will be deducted each calendar quarter from the contract value by redemption of contract units.
 
Guaranteed Minimum Accumulation Benefit Charge.  If this benefit has been selected, Jackson will assess an annual charge of 1.00% to 1.02% of the Guaranteed Value (GV).  The charge will be deducted each calendar quarter from the contract value by redemption of contract units.
 
Guaranteed Minimum Withdrawal Benefit Charge.  If this benefit has been selected, Jackson will assess an annual charge of 0.50% to 3.00%, depending on the contract, of the Guaranteed Withdrawal Balance (GWB).  The charge will be deducted each calendar quarter from the contract value by redemption of contract units.
 
Guaranteed Minimum Death Benefit Charge.  If any of the optional death benefits are selected that are available under the contract, Jackson will assess an annual charge of 0.60% to 1.80%, depending on the contract, of the Death Benefit base.  The charge will be deducted each contract quarter from the contract value by redemption of contract units.
 
Asset-based Charges
 
The following charges are assessed to the contract owner by a reduction in contract unit value:
 
Insurance Charges
 
Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%.  In designated products, this expense is waived for contracts valued greater than $1 million, refer to the product prospectus for eligibility.  The administration charge is designed to reimburse Jackson for expenses incurred in administering the Separate Account and its contracts and reduces the contract unit value.
 
Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 0.15% to 1.65% for the assumption of mortality and expense risks.  The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson.  The expense risk assumed by Jackson is that the actual cost of administering the contracts of the Separate Account may exceed the amount received from the Administration Charge and the Contract Maintenance Charge.
 
Optional Benefit Charges
 
Earnings Protection Benefit Charge.  If this benefit option has been selected, Jackson will make an additional deduction of 0.20% to 0.45%, depending on the contract chosen, on an annual basis of the average daily net asset value of the contract owner’s allocations to the Investment Divisions.
 
Page 71
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 3 – Contract Charges (continued)
 
Contract Enhancement Charge.  If one of the contract enhancement benefits is selected, then for a period of five to nine contract years, Jackson will make an additional deduction based upon the average daily net asset value of the contract owner’s allocations to the Investment Divisions.  The amounts of these charges depend upon the contract enhancements selected and range from 0.395% to 0.832%.
 
Withdrawal Charge Period.  If the optional three, four, or five-year withdrawal charge period feature is selected, Jackson will deduct 0.45%, 0.40%, or 0.30%, respectively, on an annual basis of the average daily net asset value of the contract owner’s allocations to the Investment Divisions.
 
20% Additional Free Withdrawal Charge.  If a contract owner selects the optional feature that permits you to withdraw up to 20% of premiums that are still subject to a withdrawal charge minus earnings during a contract year without withdrawal charge, Jackson will deduct 0.30% to 0.40% on an annual basis of the average daily net assets value of the contract owner’s allocations to the Investment Divisions.
 
Optional Death Benefit Charges.  If any of the optional death benefits are selected that are available under the contract, Jackson will make an additional deduction of 0.15% to 0.80% on an annual basis of the average daily net asset value of the contract owner’s allocations to the Investment Divisions, based on the optional death benefit selected.
 
Premium Taxes
 
Some states and other governmental entities charge premium taxes or other similar taxes.  Jackson pays these taxes and may make a deduction from the value of the contract for them.  Premium taxes generally range from 0% to 3.5% depending on the state.
 
Note 4 – Related Party Transactions
 
For contract enhancement benefits related to the optional benefits offered, Jackson contributed $12,920,132 and $109,631,295 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2013 and 2012, respectively.  These amounts are included in purchase payments received from contract owners.
 
Note 5 – Purchases and Sales of Investments
 
For the year ended December 31, 2013, cost of purchases and proceeds from sales of the Investment Divisions’ investments in the corresponding Funds are as follows:
                                   
Curian Variable Series Trust
     Cost of Purchases       Proceeds
from Sales		         Cost of Purchases      Proceeds
from Sales		  
CG - Conservative Fund
   $ 52,311,293     $ 21,319,357  
CG - Interest Rate Opportunities Fund
   $ 31,815,405     $ 3,247,583  
CG - Equity 100 Fund
     45,462,410       5,635,043  
CG - International Opportunities Conservative Fund
     2,233,754       427,240  
CG - Equity Income Fund
     29,826,988       7,263,259  
CG - International Opportunities Growth Fund
     4,821,793       493,642  
CG - Fixed Income 100 Fund
     25,679,544       9,013,306  
CG - International Opportunities Moderate Fund
     5,374,468       665,501  
CG - Growth Fund
     46,385,798       5,031,775  
CG - Maximum Growth Fund
     45,692,760       8,112,812  
CG - Institutional Alt 100 Conservative Fund
     19,758,547       2,224,044  
CG - Moderate Fund
     134,975,293       21,078,177  
CG - Institutional Alt 100 Growth Fund
     39,641,006       3,487,085  
CG - Moderate Growth Fund
     194,974,160       24,882,966  
CG - Institutional Alt 100 Moderate Fund
     182,929,735       50,010,374  
CG - Multi-Strategy Income Fund
     23,384,725       3,382,012  
CG - Institutional Alt 65 Fund
     73,922,727       19,117,982  
CG - Real Assets Fund
     5,287,296       356,857  
 
Page 72
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 5 – Purchases and Sales of Investments (continued)
                                   
Curian Variable Series Trust (continued)
      Cost of Purchases      Proceeds
from Sales		         Cost of Purchases      Proceeds
from Sales		  
CG - Tactical Maximum Growth Fund
   $ 48,485,028     $ 9,001,547  
Curian/DoubleLine Total Return Fund
   $ 5,514,708     $ 314,870  
CG - Tactical Moderate Growth Fund
     175,273,401       33,354,012  
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
     9,216,449       1,723,340  
Curian Dynamic Risk Advantage – Diversified Fund
     197,722,875       58,512,015  
Curian/Epoch Global Shareholder Yield Fund
     15,969,396       1,553,864  
Curian Dynamic Risk Advantage – Growth Fund
     49,904,293       12,663,171  
Curian/FAMCO Flex Core Covered Call Fund
     46,980,544       6,000,698  
Curian Dynamic Risk Advantage – Income Fund
     117,483,935       41,196,980  
Curian/Franklin Templeton Frontier Markets Fund
     9,887,547       696,974  
Curian Focused International Equity Fund
     661,390       248,727  
Curian/Franklin Templeton Natural Resources Fund
     14,167,735       2,467,601  
Curian Focused U.S. Equity Fund
     518,425       4,440  
Curian/Lazard International Strategic Equity Fund
     3,365,697       167,991  
Curian Long Short Credit Fund
     6,281,639       883,360  
Curian/Neuberger Berman Currency Fund
     9,843,167       2,408,401  
Curian Tactical Advantage 35 Fund
     24,142,965       9,422,032  
Curian/Nicholas Convertible Arbitrage Fund
     34,669,295       6,532,729  
Curian Tactical Advantage 60 Fund
     60,283,180       9,770,868  
Curian/PIMCO Credit Income Fund
     20,939,112       13,648,181  
Curian Tactical Advantage 75 Fund
     50,046,504       8,331,953  
Curian/PineBridge Merger Arbitrage Fund
     57,617,954       20,532,396  
Curian/Aberdeen Latin America Fund
     1,497,213       201,814  
Curian/Schroder Emerging Europe Fund
     1,988,154       438,771  
Curian/American Funds® Global Growth Fund
     4,986,042       145,941  
Curian/T. Rowe Price Capital Appreciation Fund
     9,622,739       564,550  
Curian/American Funds® Growth Fund
     35,014,618       6,013,695  
Curian/TBC Equity Income Fund*
     26,963,587       3,072,582  
Curian/AQR Risk Parity Fund
     1,493,610       135,840  
Curian/TBC Multi-Alpha Market Neutral Equity Fund*
     14,949,530       6,434,840  
Curian/Ashmore Emerging Market Small Cap Equity Fund
     1,634,133       185,616  
Curian/UBS Global Long Short Fixed Income Opportunities Fund
     8,920,635       1,167,955  
Curian/Baring International Fixed Income Fund
     1,982,682       756,027  
Curian/Urdang International REIT Fund
     3,450,763       400,290  
Curian/BlackRock Global Long Short Credit Fund
     25,106,396       3,131,901  
Curian/Van Eck International Gold Fund
     16,528,225       4,857,607  
Curian/DFA U.S. Micro Cap Fund
     15,365,391       1,647,118                    
 
JNL Series Trust
      Cost of
Purchases		      Proceeds
from Sales		       Cost of
Purchases		     Proceeds
from Sales		  
JNL Disciplined Growth Fund
   $ 228,819,395     $ 78,154,138  
JNL/American Funds Growth-Income Fund
   $ 668,873,586     $ 246,112,080  
JNL Disciplined Moderate Fund
     361,891,252       153,366,540  
JNL/American Funds International Fund
     193,668,626       81,353,253  
JNL Disciplined Moderate Growth Fund
     440,024,678       153,679,514  
JNL/American Funds New World Fund
     236,761,191       114,680,340  
JNL Institutional Alt 20 Fund
     416,243,824       208,861,252  
JNL/AQR Managed Futures Strategy Fund
     62,401,935       8,152,478  
JNL Institutional Alt 35 Fund
     543,429,474       358,151,135  
JNL/BlackRock Commodity Securities Strategy Fund
     251,168,904       264,043,094  
JNL Institutional Alt 50 Fund
     849,175,169       579,598,180  
JNL/BlackRock Global Allocation Fund
     1,148,834,649       302,923,147  
JNL Institutional Alt 65 Fund
     52,922,988       221,956,313  
JNL/BlackRock Large Cap Select Growth Fund
     139,478,054       112,112,791  
JNL/American Funds Balanced Allocation Fund
     306,529,385       49,198,224  
JNL/Brookfield Global Infrastructure Fund
     305,363,461       50,314,340  
JNL/American Funds Blue Chip Income and Growth Fund
     407,597,786       154,112,709  
JNL/Capital Guardian Global Balanced Fund
     93,111,190       81,456,933  
JNL/American Funds Global Bond Fund
     169,534,833       156,601,681  
JNL/Capital Guardian Global Diversified Research Fund
     77,156,255       74,971,893  
JNL/American Funds Global Small Capitalization Fund
     124,993,829       59,180,803  
JNL/DFA U.S. Core Equity Fund
     195,688,747       68,251,507  
JNL/American Funds Growth Allocation Fund
     259,644,646       41,766,661  
JNL/Eagle SmallCap Equity Fund
     417,004,025       215,916,816  
 
Page 73
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 5 – Purchases and Sales of Investments (continued)
                                   
JNL Series Trust (continued)
    Cost of
Purchases		       Proceeds
from Sales
       Cost of
Purchases		      Proceeds
from Sales		  
JNL/Eastspring Investments Asia ex-Japan Fund
   $ 64,451,239     $ 69,330,482  
JNL/MC Pacific Rim 30 Fund
   $ 71,918,336     $ 38,122,090  
JNL/Eastspring Investments China-India Fund
     120,061,145       124,960,962  
JNL/MC S&P 400 MidCap Index Fund
     529,179,079       241,436,824  
JNL/Franklin Templeton Founding Strategy Fund
     291,938,298       230,434,003  
JNL/MC S&P 500 Index Fund
     1,133,209,151       501,372,457  
JNL/Franklin Templeton Global Growth Fund
     224,891,096       93,381,437  
JNL/MC Small Cap Index Fund
     661,869,110       247,806,657  
JNL/Franklin Templeton Global Multisector Bond Fund
     531,786,711       230,963,503  
JNL/MC Utilities Sector Fund
     3,403,394       385,372  
JNL/Franklin Templeton Income Fund
     584,984,308       276,346,336  
JNL/Morgan Stanley Mid Cap Growth Fund
     54,027,083       16,008,656  
JNL/Franklin Templeton International Small Cap Growth Fund
     211,911,614       113,121,540  
JNL/Neuberger Berman Strategic Income Fund
     126,997,663       59,201,714  
JNL/Franklin Templeton Mutual Shares Fund
     144,215,935       89,107,575  
JNL/Oppenheimer Global Growth Fund
     220,110,763       100,827,954  
JNL/Franklin Templeton Small Cap Value Fund
     255,350,957       133,898,690  
JNL/PIMCO Real Return Fund
     616,886,455       1,075,860,787  
JNL/Goldman Sachs Core Plus Bond Fund
     240,943,369       316,388,783  
JNL/PIMCO Total Return Bond Fund
     1,005,816,178       1,701,816,938  
JNL/Goldman Sachs Emerging Markets Debt Fund
     66,971,353       93,381,645  
JNL/PPM America Floating Rate Income Fund
     1,062,635,213       274,861,696  
JNL/Goldman Sachs Mid Cap Value Fund
     312,290,663       161,861,557  
JNL/PPM America High Yield Bond Fund
     1,051,969,821       832,265,508  
JNL/Goldman Sachs U.S. Equity Flex Fund
     72,009,822       50,404,183  
JNL/PPM America Mid Cap Value Fund
     219,044,042       143,296,917  
JNL/Invesco Global Real Estate Fund
     468,332,063       250,734,765  
JNL/PPM America Small Cap Value Fund
     157,615,698       91,590,340  
JNL/Invesco International Growth Fund
     210,579,168       122,716,415  
JNL/PPM America Value Equity Fund
     83,534,910       71,244,069  
JNL/Invesco Large Cap Growth Fund
     209,386,029       131,380,524  
JNL/Red Rocks Listed Private Equity Fund
     131,539,762       89,841,735  
JNL/Invesco Mid Cap Value Fund
     69,944,378       73,725,464  
JNL/S&P 4 Fund
     1,599,358,282       473,794,465  
JNL/Invesco Small Cap Growth Fund
     287,909,726       135,095,002  
JNL/S&P Competitive Advantage Fund
     373,381,519       166,293,617  
JNL/Ivy Asset Strategy Fund
     856,152,724       387,250,254  
JNL/S&P Dividend Income & Growth Fund
     1,038,433,602       320,548,833  
JNL/JPMorgan International Value Fund
     164,198,336       95,356,707  
JNL/S&P Intrinsic Value Fund
     480,160,555       229,320,067  
JNL/JPMorgan MidCap Growth Fund
     237,705,575       125,141,397  
JNL/S&P Managed Aggressive Growth Fund
     427,595,205       249,820,030  
JNL/JPMorgan U.S. Government & Quality Bond Fund
     247,598,486       483,339,853  
JNL/S&P Managed Conservative Fund
     459,778,482       640,444,273  
JNL/Lazard Emerging Markets Fund
     87,301,075       180,180,944  
JNL/S&P Managed Growth Fund
     1,033,165,594       545,685,422  
JNL/M&G Global Basics Fund
     21,150,915       23,959,515  
JNL/S&P Managed Moderate Fund
     728,458,218       595,471,244  
JNL/M&G Global Leaders Fund**
     19,203,572       65,205,857  
JNL/S&P Managed Moderate Growth Fund
     1,240,837,640       778,481,683  
JNL/MC 10 x 10 Fund
     68,262,607       62,301,407  
JNL/S&P Total Yield Fund
     344,025,667       165,206,444  
JNL/MC Bond Index Fund
     170,939,024       211,418,569  
JNL/T. Rowe Price Established Growth Fund
     671,897,504       442,298,118  
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund
     72,982,313       26,624,178  
JNL/T. Rowe Price Mid-Cap Growth Fund
     704,405,624       446,031,038  
JNL/MC Emerging Markets Index Fund
     301,325,937       111,978,279  
JNL/T. Rowe Price Short-Term Bond Fund
     459,073,924       400,581,761  
JNL/MC European 30 Fund
     115,437,841       25,499,219  
JNL/T. Rowe Price Value Fund
     499,820,684       297,445,354  
JNL/MC Global Alpha Fund
     14,285,613       13,932,968  
JNL/WMC Balanced Fund
     932,739,038       425,173,231  
JNL/MC Index 5 Fund
     157,900,328       103,966,405  
JNL/WMC Money Market Fund
     2,080,457,482       2,007,482,051  
JNL/MC International Index Fund
     253,204,299       144,446,957  
JNL/WMC Value Fund
     249,172,047       149,541,857  
 
Page 74
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 5 – Purchases and Sales of Investments (continued)
                                   
JNL Variable Fund LLC
      Cost of Purchases       Proceeds
from Sales		          Cost of Purchases     Proceeds
from Sales		  
JNL/MC 25 Fund
   $ 371,506,334     $ 218,005,253  
JNL/MC Nasdaq® 25 Fund
   $ 186,384,058     $ 132,102,347  
JNL/MC Communications Sector Fund
     81,776,928       64,370,645  
JNL/MC NYSE® International 25 Fund
     28,770,207       37,781,517  
JNL/MC Consumer Brands Sector Fun
     337,511,460       160,103,047  
JNL/MC Oil & Gas Sector Fund
     387,676,965       316,772,992  
JNL/MC Dow SM 10 Fund
     170,275,917       187,303,490  
JNL/MC S&P® 10 Fund**
     44,911,906       347,213,536  
JNL/MC Dow SM Dividend Fund**
     110,264,773       515,279,202  
JNL/MC S&P® 24 Fund
     325,652,255       56,787,614  
JNL/MC Financial Sector Fund
     281,802,127       144,958,515  
JNL/MC S&P® SMid 60 Fund
     178,707,619       99,004,643  
JNL/MC Global 15 Fund
     92,064,199       152,272,162  
JNL/MC Select Small-Cap Fund**
     53,679,122       350,910,559  
JNL/MC Healthcare Sector Fund
     602,001,062       227,530,869  
JNL/MC Technology Sector Fund
     217,361,503       146,338,558  
JNL/MC JNL 5 Fund
     450,117,118       774,847,052  
JNL/MC Value Line® 30 Fund
     82,519,460       138,270,966  
JNL/MC JNL Optimized 5 Fund
     72,942,782       108,106,386  
JNL/MC VIP Fund**
     25,854,717       294,911,050  
 
* TBC denotes the sub-adviser The Boston Company throughout footnote 5.
**No longer available as of September 13, 2013.
 
Note 6 – Subsequent Events
 
Management evaluated subsequent events for the Separate Account through the date the financial statements are issued, and has concluded there are no events that require financial statement disclosure or adjustments to the financial statements.
 
Page 75
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights
 
The following is a summary for each period in the five-year period ended December 31, 2013, of unit values, total returns and expense ratios for variable annuity contracts with the highest and lowest expense ratios in addition to certain other Investment Division data. Unit values for Investment Divisions that do not have any assets at period end are calculated based on the net asset value of the underlying Fund less expenses charged directly to that Investment Division of the Separate Account.
                                                             
   
CG - Conservative Fund(a)
    
CG - Equity 100 Fund(b)
    
CG - Equity Income Fund(a)
    
CG - Fixed Income 100 Fund(b)
    
CG - Growth Fund(c)
    
CG - Institutional Alt 100 Conservative Fund(c)
    
CG - Institutional Alt 100 Growth Fund(c)
    
CG - Institutional Alt 100 Moderate Fund(a)
    
CG - Institutional Alt 65 Fund(a)
    
CG - Interest Rate Opportunities Fund(c)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.458910     $ 12.909766     $ 11.964132     $ 9.676527     $ 10.848221     $ 9.916106     $ 10.094602     $ 10.377791     $ 11.074681     $ 9.757449  
Total Return *
     -0.40%       25.57%       15.34%       -3.63%       6.60%***       -1.02%***       0.65%***       2.59%       7.28%       -2.42%***  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.501283     $ 10.280954     $ 10.372755     $ 10.041477       n/a       n/a       n/a     $ 10.115887     $ 10.323314       n/a  
Total Return *
     5.20%***       1.76%***       2.32%***       0.64%***       n/a       n/a       n/a       1.38%***       2.67%***       n/a  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       n/a       n/a       n/a       1.25%       1.25%       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
 
Page 76
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
CG - Conservative Fund(a)
    
CG - Equity 100 Fund(b)
    
CG - Equity Income Fund(a)
    
CG - Fixed Income 100 Fund(b)
    
CG - Growth Fund(c)
    
CG - Institutional Alt 100 Conservative Fund(c)
    
CG - Institutional Alt 100 Growth Fund(c)
    
CG - Institutional Alt 100 Moderate Fund(a)
    
CG - Institutional Alt 65 Fund(a)
    
CG - Interest Rate Opportunities Fund(c)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.538630     $ 12.976876     $ 12.055147     $ 9.727185     $ 10.877509     $ 9.942871     $ 10.121845     $ 10.456632     $ 11.159072     $ 9.783791  
Total Return *
     0.00%       26.07%       11.94%***       -2.97%***       7.44%***       0.91%***       4.84%***       3.00%       7.71%       0.65%***  
Ratio of Expenses **
     0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.539085     $ 10.293138     $ 10.396103     $ 10.049198       n/a       n/a       n/a     $ 10.152050     $ 10.360450       n/a  
Total Return *
     6.22%***       2.62%***       2.47%***       0.52%***       n/a       n/a       n/a       5.94%***       7.36%***       n/a  
Ratio of Expenses **
     0.85%       0.85%       1.00%       1.00%       n/a       n/a       n/a       0.85%       0.85%       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
 
Page 77
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
CG - Conservative Fund(a)
    
CG - Equity 100 Fund(b)
    
CG - Equity Income Fund(a)
    
CG - Fixed Income 100 Fund(b)
    
CG - Growth Fund(c)
    
CG - Institutional Alt 100 Conservative Fund(c)
    
CG - Institutional Alt 100 Growth Fund(c)
    
CG - Institutional Alt 100 Moderate Fund(a)
    
CG - Institutional Alt 65 Fund(a)
    
CG - Interest Rate Opportunities Fund(c)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 55,255     $ 49,262     $ 43,192     $ 22,059     $ 43,816     $ 17,739     $ 37,070     $ 275,260     $ 107,396     $ 28,938  
Units Outstanding (in thousands)
     5,268       3,806       3,599       2,275       4,033       1,787       3,667       26,425       9,662       2,962  
Investment Income Ratio *
     0.74%       0.11%       0.49%       0.55%       0.00%       0.00%       0.00%       0.03%       0.17%       0.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 24,477     $ 3,443     $ 16,286     $ 6,020       n/a       n/a       n/a     $ 135,531     $ 46,331       n/a  
Units Outstanding (in thousands)
     2,328       335       1,568       599       n/a       n/a       n/a       13,376       4,480       n/a  
Investment Income Ratio *
     0.00%       0.00%       0.00%       0.00%       n/a       n/a       n/a       0.00%       0.00%       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
 
Page 78
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
CG - International Opportunities Conservative Fund(b)
    
CG - International Opportunities Growth Fund(b)
    
CG - International Opportunities Moderate Fund(b)
    
CG - Maximum Growth Fund(a)
    
CG - Moderate Fund(a)
    
CG - Moderate Growth Fund(a)
    
CG - Multi-Strategy Income Fund(b)
    
CG - Real Assets Fund(b)
    
CG - Tactical Maximum Growth Fund(a)
    
CG - Tactical Moderate Growth Fund(a)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 9.727702     $ 10.103960     $ 9.926114     $ 12.036999     $ 11.532390     $ 11.492164     $ 9.648447     $ 9.817049     $ 11.558091     $ 11.371351  
Total Return *
     -1.17%***       -0.81%***       -1.03%***       17.30%       10.76%       10.37%       -3.61%***       -2.22%***       13.92%       11.22%  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a     $ 10.261285     $ 10.412286     $ 10.412310       n/a       n/a     $ 10.145630     $ 10.224428  
Total Return *
     n/a       n/a       n/a       1.55%***       3.07%***       2.82%***       n/a       n/a       1.01%***       1.76%***  
Ratio of Expenses **
     n/a       n/a       n/a       1.25%       1.25%       1.25%       n/a       n/a       1.25%       1.25%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations April 29, 2013.
 
Page 79
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
CG - International Opportunities Conservative Fund(b)
    
CG - International Opportunities Growth Fund(b)
    
CG - International Opportunities Moderate Fund(b)
    
CG - Maximum Growth Fund(a)
    
CG - Moderate Fund(a)
    
CG - Moderate Growth Fund(a)
    
CG - Multi-Strategy Income Fund(b)
    
CG - Real Assets Fund(b)
    
CG - Tactical Maximum Growth Fund(a)
    
CG - Tactical Moderate Growth Fund(a)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 9.744378     $ 10.131797     $ 9.952817     $ 12.131900     $ 11.620290     $ 11.579777     $ 9.674418     $ 9.833508     $ 11.645683     $ 11.458072  
Total Return *
     -0.62%***       1.32%***       0.26%***       17.78%       11.20%       10.81%       2.00%***       -3.00%***       14.38%       11.66%  
Ratio of Expenses **
     1.00%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       1.00%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a     $ 10.300908     $ 10.449759     $ 10.449811       n/a       n/a     $ 10.181703     $ 10.261265  
Total Return *
     n/a       n/a       n/a       6.31%***       5.03%***       2.98%***       n/a       n/a       0.56%***       2.33%***  
Ratio of Expenses **
     n/a       n/a       n/a       0.85%       0.85%       0.85%       n/a       n/a       0.85%       0.85%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations April 29, 2013.
 
Page 80
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
CG - International Opportunities Conservative Fund(b)
    
CG - International Opportunities Growth Fund(b)
    
CG - International Opportunities Moderate Fund(b)
    
CG - Maximum Growth Fund(a)
    
CG - Moderate Fund(a)
    
CG - Moderate Growth Fund(a)
    
CG - Multi-Strategy Income Fund(b)
    
CG - Real Assets Fund(b)
    
CG - Tactical Maximum Growth Fund(a)
    
CG - Tactical Moderate Growth Fund(a)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 1,844     $ 4,524     $ 4,825     $ 65,551     $ 172,059     $ 252,989     $ 20,207     $ 4,999     $ 66,139     $ 228,188  
Units Outstanding (in thousands)
     189       447       485       5,422       14,870       21,932       2,092       509       5,698       19,989  
Investment Income Ratio *
     0.00%       0.00%       0.00%       0.17%       0.47%       0.19%       0.00%       0.00%       0.00%       0.38%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a     $ 20,322     $ 47,535     $ 65,697       n/a       n/a     $ 19,798     $ 69,877  
Units Outstanding (in thousands)
     n/a       n/a       n/a       1,976       4,559       6,299       n/a       n/a       1,948       6,823  
Investment Income Ratio *
     n/a       n/a       n/a       0.00%       0.00%       0.00%       n/a       n/a       0.00%       0.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations April 29, 2013.
 
Page 81
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian Dynamic Risk Advantage - Diversified Fund(a)
    
Curian Dynamic Risk Advantage - Growth Fund(a)
    
Curian Dynamic Risk Advantage - Income Fund(a)
    
Curian Focused International Equity Fund(c)
    
Curian Focused U.S. Equity Fund(c)
    
Curian Long Short Credit Fund(b)
    
Curian Tactical Advantage 35 Fund(a)
    
Curian Tactical Advantage 60 Fund(a)
    
Curian Tactical Advantage 75 Fund(a)
    
Curian/Aberdeen Latin America Fund(b)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.072268     $ 9.481418     $ 10.271724     $ 10.481899     $ 10.930272     $ 10.084594     $ 10.868074     $ 11.694230     $ 12.295763     $ 8.260382  
Total Return *
     0.83%       0.51%       0.17%       4.98%***       9.67%***       0.77%***       5.27%       12.29%       17.00%       -17.40%***  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 9.989160     $ 9.433605     $ 10.254370       n/a       n/a       n/a     $ 10.323527     $ 10.413978     $ 10.508906       n/a  
Total Return *
     0.11%***       -6.27%***       1.96%***       n/a       n/a       n/a       2.59%***       2.53%***       3.28%***       n/a  
Ratio of Expenses **
     1.25%       1.25%       1.25%       n/a       n/a       n/a       1.25%       1.25%       1.25%       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations April 29, 2013.
(c)
Commencement of operations September 16, 2013.
 
Page 82
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian Dynamic Risk Advantage - Diversified Fund(a)
    
Curian Dynamic Risk Advantage - Growth Fund(a)
    
Curian Dynamic Risk Advantage - Income Fund(a)
    
Curian Focused International Equity Fund(c)
    
Curian Focused U.S. Equity Fund(c)
    
Curian Long Short Credit Fund(b)
    
Curian Tactical Advantage 35 Fund(a)
    
Curian Tactical Advantage 60 Fund(a)
    
Curian Tactical Advantage 75 Fund(a)
    
Curian/Aberdeen Latin America Fund(b)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.148979     $ 9.553428     $ 10.350015     $ 10.489484     $ 10.936958     $ 10.111898     $ 10.950909     $ 11.783332     $ 12.389453     $ 8.282110  
Total Return *
     1.24%       0.91%       0.57%       4.81%***       8.95%***       4.42%***       5.70%       12.74%       17.47%       -16.31%***  
Ratio of Expenses **
     0.85%       0.85%       0.85%       1.00%       1.00%       0.85%       0.85%       0.85%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.025057     $ 9.467308     $ 10.291284       n/a       n/a       n/a     $ 10.360690     $ 10.451438     $ 10.546713       n/a  
Total Return *
     2.20%***       -2.40%***       4.56%***       n/a       n/a       n/a       5.48%***       7.21%***       7.02%***       n/a  
Ratio of Expenses **
     0.85%       0.85%       0.85%       n/a       n/a       n/a       0.85%       0.85%       0.85%       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations April 29, 2013.
(c)
Commencement of operations September 16, 2013.
 
Page 83
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian Dynamic Risk Advantage - Diversified Fund(a)
    
Curian Dynamic Risk Advantage - Growth Fund(a)
    
Curian Dynamic Risk Advantage - Income Fund(a)
    
Curian Focused International Equity Fund(c)
    
Curian Focused U.S. Equity Fund(c)
    
Curian Long Short Credit Fund(b)
    
Curian Tactical Advantage 35 Fund(a)
    
Curian Tactical Advantage 60 Fund(a)
    
Curian Tactical Advantage 75 Fund(a)
    
Curian/Aberdeen Latin America Fund(b)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 238,700     $ 55,489     $ 149,064     $ 425     $ 538     $ 5,576     $ 32,732     $ 80,235     $ 70,581     $ 1,216  
Units Outstanding (in thousands)
     23,618       5,830       14,466       40       49       552       3,002       6,837       5,718       147  
Investment Income Ratio *
     0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       1.07%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 98,448     $ 19,136     $ 72,577       n/a       n/a       n/a     $ 16,474     $ 23,236     $ 21,517       n/a  
Units Outstanding (in thousands)
     9,840       2,025       7,067       n/a       n/a       n/a       1,593       2,228       2,044       n/a  
Investment Income Ratio *
     0.00%       0.00%       2.78%       n/a       n/a       n/a       2.03%       2.11%       2.12%       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations April 29, 2013.
(c)
Commencement of operations September 16, 2013.
 
Page 84
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/American Funds Global Growth Fund(d)
    
Curian/American Funds Growth Fund(a)
    
Curian/AQR Risk Parity Fund(d)
    
Curian/Ashmore Emerging Market Small Cap Equity Fund(c)
    
Curian/Baring International Fixed Income Fund(c)
    
Curian/BlackRock Global Long Short Credit Fund(c)
    
Curian/DFA U.S. Micro Cap Fund(b)
    
Curian/DoubleLine Total Return Fund(d)
    
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund(c)
    
Curian/Epoch Global Shareholder Yield Fund(a)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.960118     $ 13.500581     $ 10.023542     $ 10.314606     $ 9.543746     $ 10.015265     $ 14.286592     $ 9.963764     $ 9.440043     $ 12.904367  
Total Return *
     7.92%***       27.84%       -1.04%***       2.64%***       -4.56%***       0.38%***       41.85%       -0.35%***       -5.95%***       21.80%  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
     n/a     $ 10.560434       n/a       n/a       n/a       n/a     $ 10.071414       n/a       n/a     $ 10.595041  
Total Return *
     n/a       4.07%***       n/a       n/a       n/a       n/a       0.79%***       n/a       n/a       2.34%***  
Ratio of Expenses **
     n/a       1.25%       n/a       n/a       n/a       n/a       1.25%       n/a       n/a       1.25%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
(d)
Commencement of operations September 16, 2013.
 
Page 85
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
    Curian/American Funds Global
Growth Fund(d)		     Curian/American Funds Growth
Fund(a)		     Curian/AQR Risk
Parity Fund(d)		     Curian/Ashmore Emerging Market Small Cap Equity
Fund(c)		    
Curian/Baring International Fixed Income Fund(c)
     Curian/BlackRock Global Long Short Credit Fund(c)    
Curian/DFA U.S. Micro Cap Fund(b)
    
Curian/DoubleLine Total Return Fund(d)
    
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund(c)
    
Curian/Epoch Global Shareholder Yield
Fund(a)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.972881     $ 13.603559     $ 10.030850     $ 10.342473     $ 9.569436     $ 10.042304     $ 14.361241     $ 9.975345     $ 9.465616     $ 13.002517  
Total Return *
     5.73%***       28.35%       -0.97%***       17.95%***       -1.59%***       0.47%***       38.46%***       -1.43%***       -1.37%***       22.28%  
Ratio of Expenses **
     0.85%       0.85%       1.00%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
     n/a     $ 10.598506       n/a       n/a       n/a       n/a     $ 10.079232       n/a       n/a     $ 10.633015  
Total Return *
     n/a       1.54%***       n/a       n/a       n/a       n/a       3.60%***       n/a       n/a       9.59%***  
Ratio of Expenses **
     n/a       0.85%       n/a       n/a       n/a       n/a       1.00%       n/a       n/a       0.85%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
(a) 
Commencement of operations February 6, 2012.
(b) 
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
(d)
Commencement of operations September 16, 2013.
 
Page 86
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/American Funds Global Growth Fund(d)
    
Curian/American Funds Growth
Fund(a)
    
Curian/AQR Risk Parity Fund(d)
    
Curian/Ashmore Emerging Market Small Cap Equity
Fund(c)
    
Curian/Baring International Fixed Income Fund(c)
    
Curian/BlackRock Global Long Short Credit Fund(c)
    
Curian/DFA U.S. Micro Cap Fund(b)
    
Curian/DoubleLine Total Return
Fund(d)
    
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund(c)
    
Curian/Epoch Global Shareholder Yield
Fund(a)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 5,063     $ 45,214     $ 1,348     $ 1,527     $ 1,210     $ 22,308     $ 16,188     $ 5,167     $ 7,451     $ 15,590  
   Units Outstanding (in thousands)
     462       3,335       134       148       127       2,225       1,130       518       789       1,204  
Investment Income Ratio *
     0.00%       0.19%       0.00%       0.04%       1.34%       0.00%       1.14%       0.00%       0.00%       5.64%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a     $ 9,870       n/a       n/a       n/a       n/a     $ 508       n/a       n/a     $ 1,648  
   Units Outstanding (in thousands)
     n/a       933       n/a       n/a       n/a       n/a       50       n/a       n/a       155  
Investment Income Ratio *
     n/a       0.00%       n/a       n/a       n/a       n/a       0.00%       n/a       n/a       3.09%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
(d)
Commencement of operations September 16, 2013.
 
Page 87
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/FAMCO Flex Core Covered Call Fund(a)
    
Curian/Franklin Templeton Frontier Markets Fund(b)
    
Curian/Franklin Templeton Natural Resources Fund(a)
    
Curian/Lazard International
Strategic Equity
Fund(c)
    
Curian/Neuberger Berman Currency Fund(b)
    
Curian/Nicholas Convertible Arbitrage
Fund(a)
    
Curian/PIMCO
Credit Income
Fund(a)
    
Curian/PineBridge Merger Arbitrage
Fund(a)
    
Curian/Schroder Emerging Europe
Fund(c)
    
Curian/T. Rowe
Price Capital Appreciation Fund(d)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 11.319214     $ 12.159927     $ 9.399502     $ 11.501897     $ 9.746359     $ 10.354623     $ 10.241245     $ 9.864683     $ 10.316294     $ 10.506291  
Total Return *
     11.31%       16.92%       7.30%       12.70%***       -3.13%       2.06%       -2.92%       -1.03%       3.17%***       4.44%***  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%       1.25%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.169345     $ 10.400205     $ 8.760391       n/a     $ 10.061519     $ 10.145496     $ 10.549088     $ 9.967386       n/a       n/a  
Total Return *
     0.51%***       4.52%***       -10.04%***       n/a       0.62%***       1.68%***       6.40%***       -0.41%***       n/a       n/a  
Ratio of Expenses **
     1.25%       1.25%       1.25%       n/a       1.25%       1.25%       1.25%       1.25%       n/a       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.   Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
(d)
Commencement of operations September 16, 2013.
 
Page 88
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/FAMCO Flex Core Covered Call Fund(a)
    
Curian/Franklin Templeton Frontier Markets Fund(b)
    
Curian/Franklin Templeton Natural Resources Fund(a)
    
Curian/Lazard International
Strategic Equity
Fund(c)
    
Curian/Neuberger Berman Currency Fund(b)
    
Curian/Nicholas Convertible Arbitrage Fund(a)
    
Curian/PIMCO
Credit Income
Fund(a)
    
Curian/PineBridge Merger Arbitrage
Fund(a)
    
Curian/Schroder Emerging Europe
Fund(c)
    
Curian/T. Rowe
Price Capital Appreciation Fund(d)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 11.405341     $ 12.223473     $ 9.470833     $ 11.533634     $ 9.797282     $ 10.433262     $ 10.319305     $ 9.939768     $ 10.344151     $ 10.518508  
Total Return *
     11.75%       17.39%       7.73%       17.39%***       -2.74%       2.47%       -2.53%       -0.63%       10.61%***       5.76%***  
Ratio of Expenses **
     0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.205813     $ 10.412815     $ 8.791627       n/a     $ 10.073701     $ 10.181738     $ 10.587055     $ 10.003149       n/a       n/a  
Total Return *
     -2.44%***       2.52%***       14.55%***       n/a       -0.13%***       0.43%***       5.12%***       -0.01%***       n/a       n/a  
Ratio of Expenses **
     0.85%       0.85%       0.85%       n/a       0.85%       0.85%       0.85%       0.85%       n/a       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
(a)
Commencement of operations February 6, 2012.
(b)
 Commencement of operations September 10, 2012.
(c)
 Commencement of operations April 29, 2013.
(d)
 Commencement of operations September 16, 2013.
 
Page 89
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/FAMCO Flex Core Covered Call Fund(a)
    
Curian/Franklin Templeton Frontier Markets Fund(b)
    
Curian/Franklin Templeton Natural Resources Fund(a)
    
Curian/Lazard International Strategic Equity Fund(c)
    
Curian/Neuberger Berman Currency Fund(b)
    
Curian/Nicholas Convertible Arbitrage Fund(a)
    
Curian/PIMCO Credit Income Fund(a)
    
Curian/PineBridge Merger Arbitrage Fund(a)
    
Curian/Schroder Emerging Europe Fund(c)
    
Curian/T. Rowe Price Capital Appreciation Fund(d)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 59,229     $ 10,524     $ 19,294     $ 3,438     $ 10,984     $ 40,484     $ 19,395     $ 63,826     $ 1,539     $ 9,228  
   Units Outstanding (in thousands)
     5,215       863       2,045       298       1,124       3,897       1,887       6,448       149       878  
Investment Income Ratio *
     1.99%       0.00%       0.00%       0.00%       1.40%       0.01%       1.86%       0.00%       2.80%       0.66%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 14,885     $ 497     $ 6,510       n/a     $ 3,768     $ 12,035     $ 12,982     $ 26,942       n/a       n/a  
   Units Outstanding (in thousands)
     1,461       48       742       n/a       374       1,184       1,229       2,699       n/a       n/a  
Investment Income Ratio *
     2.32%       0.00%       1.24%       n/a       0.00%       0.00%       2.20%       0.00%       n/a       n/a  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*   
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
(a)
Commencement of operations February 6, 2012.
(b)
Commencement of operations September 10, 2012.
(c)
Commencement of operations April 29, 2013.
(d)
Commencement of operations September 16, 2013.
 
Page 90
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/The Boston Company Equity Income Fund(b)
    
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(b)
    
Curian/UBS Global Long Short Fixed Income Opportunities Fund(d)
    
Curian/Urdang International REIT Fund(d)
    
Curian/Van Eck International Gold Fund(c)
    
JNL Disciplined Growth Fund
    
JNL Disciplined Moderate Fund
    
JNL Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund(a)
    
JNL Institutional Alt 35 Fund(a)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 14.498494     $ 9.843897     $ 9.876458     $ 9.258153     $ 4.623635     $ 10.124402     $ 10.702137     $ 10.805322     $ 15.353836     $ 15.780815  
Total Return *
     35.12%       -2.12%       -1.31%***       -7.42%***       -48.54%       20.22%       12.86%       18.88%       10.45%       9.08%  
Ratio of Expenses **
     1.25%       1.25%       1.25%       1.25%       1.25%       3.145%       3.695%       3.145%       3.06%       3.05%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.730038     $ 10.056710       n/a       n/a     $ 8.985564     $ 8.421673     $ 9.482585     $ 9.089241     $ 13.901659     $ 14.467107  
Total Return *
     7.21%***       -1.21%***       n/a       n/a      -10.14%***       11.03%       9.18%       10.67%       7.79%       7.97%  
Ratio of Expenses **
     1.25%       1.25%       n/a       n/a       1.25%       3.145%       3.695%       3.145%       3.06%       3.05%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a     $ 7.585200     $ 8.685114     $ 8.213126     $ 12.897292     $ 13.398793  
Total Return *
     n/a       n/a       n/a       n/a       n/a       -8.17%***       -2.93%       -3.93%       -5.49%       -6.69%  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       3.145%       3.695%       3.145%       3.06%       3.05%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a     $ 8.123943     $ 8.947058     $ 8.548681     $ 13.647188     $ 14.360051  
Total Return *
     n/a       n/a       n/a       n/a       n/a       9.39%       7.07%       9.78%       9.65%       9.17%***  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       3.01%       3.695%       3.145%       3.06%       3.05%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a     $ 7.426450     $ 8.356204     $ 7.787034     $ 12.446093     $ 12.965341  
Total Return *
     n/a       n/a       n/a       n/a       n/a       21.67%       14.37 %     18.97%       0.62%***       0.69%***  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       3.01%       3.695 %     3.145%       3.06%       2.845%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
(a)
Commencement of operations April 6, 2009.
(b)
Commencement of operations February 6, 2012.
(c)
Commencement of operations September 10, 2012.
(d)
Commencement of operations April 29, 2013.
 
Page 91
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/The Boston Company Equity Income Fund(b)
    
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(b)
    
Curian/UBS Global Long Short Fixed Income Opportunities Fund(d)
    
Curian/Urdang International REIT Fund(d)
    
Curian/Van Eck International Gold Fund(c)
    
JNL Disciplined Growth Fund
    
JNL Disciplined Moderate Fund
    
JNL Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund(a)
    
JNL Institutional Alt 35 Fund(a)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 14.605261     $ 9.918444     $ 9.903103     $ 9.273814     $ 4.647848     $ 12.170487     $ 13.365738     $ 12.987966     $ 16.927727     $ 17.390028  
Total Return *
     35.66%       -1.72%       -1.88%***       -6.98%***       -48.34%       23.44%       16.53%       22.07%       12.75%       11.34%  
Ratio of Expenses **
     0.85%       0.85%       0.85%       1.00%       0.85%       0.50%       0.50%       0.50%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.765905     $ 10.092424       n/a       n/a     $ 8.996557     $ 9.859384     $ 11.470238     $ 10.640048     $ 15.014170     $ 15.619143  
Total Return *
     14.37%***       -1.42%***       n/a       n/a      -12.37%***       14.01%       12.74%       13.64%       10.04%       10.22%  
Ratio of Expenses **
     0.85%       0.85%       n/a       n/a       0.85%       0.50%       0.50%       0.50%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a     $ 8.647683     $ 10.174362     $ 9.362785     $ 13.644637     $ 14.171169  
Total Return *
     n/a       n/a       n/a       n/a       n/a       -3.62%       0.22%       -1.36%       -4.59%***       -8.52%***  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       0.50%       0.50%       0.50%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a     $ 8.972673     $ 10.152509     $ 9.491603     $ 14.119848     $ 14.854626  
Total Return *
     n/a       n/a       n/a       n/a       n/a       12.17%       10.55%       12.72%       11.82%       13.11%  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       0.50%       0.50%       0.50%       1.10%       1.10%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a     $ 7.998913     $ 9.183868     $ 8.420262     $ 12.627216     $ 13.133099  
Total Return *
     n/a       n/a       n/a       n/a       n/a       34.29%***       22.52%***       29.75%***       1.87%***       32.53%***  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       0.50%       0.50%       0.50%       1.10%       1.10%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
(a)
Commencement of operations April 6, 2009.
(b)
Commencement of operations February 6, 2012.
(c)
Commencement of operations September 10, 2012.
(d)
Commencement of operations April 29, 2013.
 
Page 92
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
Curian/The Boston Company Equity Income Fund(b)
    
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(b)
    
Curian/UBS Global Long Short Fixed Income Opportunities Fund(d)
    
Curian/Urdang International REIT Fund(d)
    
Curian/Van Eck International Gold Fund(c)
    
JNL Disciplined Growth Fund
    
JNL Disciplined Moderate Fund
    
JNL Disciplined Moderate Growth Fund
    
JNL Institutional Alt 20 Fund(a)
    
JNL Institutional Alt 35 Fund(a)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 28,342     $ 18,424     $ 7,720     $ 3,064     $ 11,291     $ 521,713     $ 1,026,832     $ 1,216,735     $ 1,697,533     $ 2,315,267  
   Units Outstanding (in thousands)
     1,948       1,865       781       331       2,436       45,866       82,176       100,110       102,360       136,061  
Investment Income Ratio *
     2.03%       0.00%       0.00%       3.03%       0.24%       0.98%       1.38%       1.18%       2.03%       1.67%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 3,063     $ 9,911       n/a       n/a     $ 5,078     $ 299,069     $ 710,906     $ 766,027     $ 1,348,029     $ 1,954,019  
   Units Outstanding (in thousands)
     285       984       n/a       n/a       565       32,169       65,742       76,258       91,277       127,331  
Investment Income Ratio *
     2.66%       0.00%       n/a       n/a       0.00 %     1.28%       1.64%       1.48%       1.63%       1.78%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a     $ 168,700     $ 427,042     $ 473,993     $ 871,892     $ 1,349,313  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       20,490       44,150       53,139       64,683       96,468  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       1.09%       1.34%       1.12%       1.00%       0.88%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a     $ 128,516     $ 322,588     $ 350,989     $ 591,940     $ 866,696  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       14,919       33,094       38,463       42,185       58,741  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       1.41%       1.11%       1.20%       0.70%       0.76%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a     $ 74,918     $ 158,926     $ 194,086     $ 194,779     $ 303,777  
   Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       9,671       17,855       23,763       15,469       23,203  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       3.46%       2.80%       3.23%       0.00%       0.00%  
 
* 
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations April 6, 2009.
(b)
Commencement of operations February 6, 2012.
(c)
Commencement of operations September 10, 2012.
(d)
Commencement of operations April 29, 2013.
 
Page 93
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
JNL Institutional Alt 50 Fund(a)
    
JNL Institutional Alt 65 Fund(a)
    
JNL/American Funds Balanced Allocation Fund(c)
    
JNL/American Funds Blue Chip Income and Growth Fund(b)
    
JNL/American Funds Global Bond Fund(b)
    
JNL/American Funds Global Small Capitalization Fund(b)
    
JNL/American Funds Growth Allocation Fund(c)
    
JNL/American Funds Growth-Income Fund(b)
    
JNL/American Funds International Fund(b)
    
JNL/American Funds New World Fund(b)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 15.334913     $ 15.671773     $ 11.404526     $ 13.627303     $ 9.967742     $ 12.109692     $ 12.032273     $ 14.133382     $ 11.679176     $ 11.285850  
Total Return *
     6.44%       5.61%       5.14%***       28.05%       -5.97%       24.04%       17.47%       28.80%       17.10%       7.43%  
Ratio of Expenses **
     3.61%       3.61%       3.095%       3.36%       3.16%       3.06%       2.845%       3.16%       3.36%       3.16%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 14.406968     $ 14.838820     $ 10.232479     $ 10.641810     $ 10.600572     $ 9.762384     $ 10.242546     $ 10.973233     $ 9.973414     $ 10.504839  
Total Return *
     6.93%       7.01%       4.92%***       9.67%       2.48%       14.34%       0.92%***       13.28%       13.52%       13.72%  
Ratio of Expenses **
     3.61%       3.61%       2.71%       3.36%       3.16%       3.06%       2.845%       3.16%       3.36%       3.16%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 13.472850     $ 13.866809       n/a     $ 9.703216     $ 10.344191     $ 8.538274       n/a     $ 9.687223     $ 8.785597     $ 9.237794  
Total Return *
     -8.00%       -8.78%       n/a       -4.51%       0.25%***       -21.85%       n/a       -5.34%       -17.20%       -16.96%  
Ratio of Expenses **
     3.61%       3.61%       n/a       3.36%       3.16%       3.06%       n/a       3.16%       3.36%       3.16%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 14.644693     $ 15.200878       n/a     $ 10.161091     $ 10.254727     $ 10.926025       n/a     $ 10.233282     $ 10.610960     $ 11.124419  
Total Return *
     10.51%***       11.74%       n/a       9.13%***       3.64%***       15.68%***       n/a       7.04%***       7.01%***       2.97%***  
Ratio of Expenses **
     3.61%       3.61%       n/a       3.36%       2.845%       3.06%       n/a       3.16%       3.36%       3.16%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 13.272261     $ 13.603273       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     -0.06%***       -0.93%***       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     3.01%       3.61%       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.   Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations April 6, 2009.
(b)
Commencement of operations May 3, 2010.
(c)
Commencement of operations April 30, 2012.
 
Page 94
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL Institutional Alt 50 Fund(a)
    
JNL Institutional Alt 65 Fund(a)
    
JNL/American Funds Balanced Allocation Fund(c)
    
JNL/American Funds Blue Chip Income and Growth Fund(b)
    
JNL/American Funds Global Bond Fund(b)
    
JNL/American Funds Global Small Capitalization Fund(b)
    
JNL/American Funds Growth Allocation Fund(c)
    
JNL/American Funds Growth-Income Fund(b)
    
JNL/American Funds International Fund(b)
    
JNL/American Funds New World Fund(b)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 17.353083     $ 17.650593     $ 11.791486     $ 14.857839     $ 10.786833     $ 13.058859     $ 12.388475     $ 15.381331     $ 12.803656     $ 12.215079  
Total Return *
     9.26%       8.30%       14.00%       31.11%       -3.92%       26.63%       19.54%       31.81%       6.10%***       9.78%  
Ratio of Expenses **
     1.00%       1.10%       1.10%       1.00%       1.00%       1.00%       1.10%       0.85%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 15.882983     $ 16.298169     $ 10.343515     $ 11.332119     $ 11.226519     $ 10.312913     $ 10.363348     $ 11.669432     $ 10.620354     $ 11.126783  
Total Return *
     9.77%       9.74%       8.83%***       12.30%       4.71%       16.72%       1.97%***       2.11%***       16.24%       16.21%  
Ratio of Expenses **
     1.00%       1.10%       1.10%       1.00%       1.00%       1.00%       1.10%       0.85%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 14.469467     $ 14.851990       n/a     $ 10.090978     $ 10.721765     $ 8.835361       n/a     $ 10.041099     $ 9.136696     $ 9.575052  
Total Return *
     -9.64%***       -6.46%       n/a       -6.39%***       3.28%       -22.38%***       n/a       -3.27%       -19.39%***       -17.68%***  
Ratio of Expenses **
     1.00%       1.10%       n/a       1.00%       1.00%       1.00%       n/a       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 15.297268     $ 15.878350       n/a     $ 10.314502     $ 10.380934     $ 11.068974       n/a     $ 10.380945     $ 10.771157     $ 11.277446  
Total Return *
     13.65%       14.59%       n/a       10.72%***       0.95%***       20.23%***       n/a       5.26%***       16.37%***       25.58%***  
Ratio of Expenses **
     1.10%       1.10%       n/a       1.10%       1.00%       1.10%       n/a       1.00%       1.10%       1.10%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 13.460423     $ 13.857205       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     18.12%***       22.71%***       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     1.10%       1.10%       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations April 6, 2009.
(b)
Commencement of operations May 3, 2010.
(c)
Commencement of operations April 30, 2012.
 
Page 95
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL Institutional Alt 50 Fund(a)
    
JNL Institutional Alt 65 Fund(a)
    
JNL/American Funds Balanced Allocation Fund(c)
    
JNL/American Funds Blue Chip Income and Growth Fund(b)
    
JNL/American Funds Global Bond Fund(b)
    
JNL/American Funds Global Small Capitalization Fund(b)
    
JNL/American Funds Growth Allocation Fund(c)
    
JNL/American Funds Growth-Income Fund(b)
    
JNL/American Funds International Fund(b)
    
JNL/American Funds New World Fund(b)
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                        
                                                             
Net Assets (in thousands)
   $ 3,197,208     $ 746,748     $ 439,310     $ 1,145,063     $ 433,086     $ 316,078     $ 357,689     $ 1,561,325     $ 531,621     $ 617,704  
Units Outstanding (in thousands)
     188,513       43,103       37,487       78,386       40,893       24,614       29,048       103,723       42,420       51,450  
Investment Income Ratio *
     1.31%       1.00%       0.78%       1.17%       2.11%       0.70%       0.61%       0.83%       0.85%       0.56%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 2,705,104     $ 868,140     $ 142,838     $ 658,754     $ 445,074     $ 192,196     $ 100,620     $ 815,499     $ 340,653     $ 443,043  
Units Outstanding (in thousands)
     173,523       54,075       13,849       58,871       40,202       18,876       9,734       71,037       32,462       40,340  
Investment Income Ratio *
     1.88%       2.38%       0.00%       1.02%       2.05%       0.73%       0.00%       0.85%       1.20%       1.08%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 1,759,138     $ 942,913       n/a     $ 379,981     $ 322,987     $ 121,399       n/a     $ 430,286     $ 200,814     $ 261,975  
Units Outstanding (in thousands)
     123,288       64,231       n/a       37,953       30,387       13,853       n/a       43,195       22,150       27,587  
Investment Income Ratio *
     0.86%       0.73%       n/a       0.67%       1.01%       0.37%       n/a       0.53%       0.72%       0.60%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 1,045,302     $ 686,359       n/a     $ 139,612     $ 99,514     $ 74,487       n/a     $ 164,649     $ 97,917     $ 128,284  
Units Outstanding (in thousands)
     68,822       43,558       n/a       13,568       9,619       6,748       n/a       15,914       9,113       11,407  
Investment Income Ratio *
     0.77%       0.67%       n/a       0.00%       0.00%       0.00%       n/a       0.00%       0.00%       0.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Net Assets (in thousands)
   $ 351,060     $ 225,707       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     26,163       16,344       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     0.00%       0.00%       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations April 6, 2009.
(b)
Commencement of operations May 3, 2010.
(c)
Commencement of operations April 30, 2012.
 
Page 96
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/AQR Managed Futures Strategy
Fund(b)
    
JNL/BlackRock Commodity Securities Strategy Fund
    
JNL/BlackRock Global Allocation Fund(a)
    
JNL/BlackRock Large Cap Select Growth Fund
    
JNL/Brookfield Global Infrastructure
Fund(c)
    
JNL/Capital Guardian Global Balanced Fund
    
JNL/Capital Guardian Global Diversified Research Fund
    
JNL/DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap Equity Fund
    
JNL/Eastspring Investments Asia ex-Japan Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 10.389716     $ 9.439520     $ 11.100488     $ 25.483258     $ 14.240412     $ 10.070530     $ 22.056040     $ 17.418947     $ 25.385548     $ 7.216675  
Total Return *
     5.75%       5.54%       10.26%       34.06%       19.68%       11.17%       18.57%       30.65%       25.47%       -9.38%  
Ratio of Expenses **
     1.25%       3.695%       3.61%       3.61%       3.095%       3.86%       3.86%       3.40%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 9.824353     $ 8.944331     $ 10.067701     $ 19.008526     $ 11.899161     $ 9.058602     $ 18.602188     $ 13.332700     $ 20.232227     $ 7.963310  
Total Return *
     4.11%***       -2.88%       5.69%       6.68%       1.43%***       8.75%       12.58%       9.89%       9.46%       18.19%  
Ratio of Expenses **
     1.25%       3.695%       3.61%       3.61%       3.095%       3.86%       3.86%       3.40%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
     n/a     $ 9.209368     $ 9.525680     $ 17.818001     $ 10.347709     $ 8.329723     $ 16.523644     $ 12.133220     $ 18.484335     $ 6.737610  
Total Return *
     n/a       -10.72%       -7.22%       -2.81%       3.30%***       -8.35%       -8.11%       -4.15%       -6.05%       -23.98%  
Ratio of Expenses **
     n/a       3.695%       3.61%       3.61%       2.395%       3.86%       3.86%       3.40%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
     n/a     $ 10.315078     $ 10.267439     $ 18.334060       n/a     $ 9.088924     $ 17.982846     $ 12.658211     $ 19.673973     $ 8.863133  
Total Return *
     n/a       13.18%       2.04%***       4.02%***       n/a       4.89%       7.54%       8.12%       30.45%       15.17%  
Ratio of Expenses **
     n/a       3.695%       3.61%       3.61%       n/a       3.86%       3.86%       3.40%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
     n/a     $ 9.113705       n/a     $ 17.374529       n/a     $ 8.665546     $ 16.721749     $ 11.707821     $ 15.081920     $ 7.695688  
Total Return *
     n/a       44.49%       n/a       30.30%       n/a       17.84%       33.00%       29.36%       30.29%       5.39%***  
Ratio of Expenses **
     n/a       3.695%       n/a       3.41%       n/a       3.86%       3.86%       3.40%       3.91%       3.61%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations October 11, 2010.
(b)
Commencement of operations August 29, 2011.
(c)
Commencement of operations December 12, 2011.
 
Page 97
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/AQR Managed Futures Strategy Fund(b)
    
JNL/BlackRock Commodity Securities Strategy Fund
    
JNL/BlackRock Global Allocation Fund(a)
    
JNL/BlackRock Large Cap Select Growth Fund
    
JNL/Brookfield Global Infrastructure Fund(c)
    
JNL/Capital Guardian Global Balanced Fund
    
JNL/Capital Guardian Global Diversified Research Fund
    
JNL/DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap Equity Fund
    
JNL/Eastspring Investments Asia ex-Japan Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                        
                                                             
Unit Value
   $ 10.486958     $ 11.505133     $ 12.132655     $ 41.455971     $ 14.912251     $ 14.888685     $ 37.584509     $ 26.381392     $ 41.995913     $ 8.535085  
Total Return *
     6.18%       8.58%       13.34%       37.61%       22.39%       14.40%       22.01%       33.82%       29.18%       -6.84%  
Ratio of Expenses **
     0.85%       0.85%       0.85%       1.00%       0.85%       1.00%       1.00%       1.00%       1.00%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                          
                                                                                 
Unit Value
   $ 9.876725     $ 10.595790     $ 10.704258     $ 30.126232     $ 12.184270     $ 13.014978     $ 30.805189     $ 19.713784     $ 32.510616     $ 9.161710  
Total Return *
     5.06%***       14.31%***       5.99%***       9.51%       7.91%***       11.91%       15.85%       12.56%       12.70%       1.96%***  
Ratio of Expenses **
     0.85%       0.85%       0.85%       1.00%       0.85%       1.00%       1.00%       1.00%       1.00%       0.85%  
                                                                                 
Period ended December 31, 2011
                                                                          
                                                                                 
Unit Value
     n/a     $ 10.524754     $ 9.833592     $ 27.509862     $ 9.044877     $ 11.629393     $ 26.589486     $ 17.513600     $ 28.847748     $ 7.494181  
Total Return *
     n/a       -8.29%       -4.85%***       -0.25%       -9.72%***       -5.70%       4.60%***       -1.83%       -3.28%       -21.98%  
Ratio of Expenses **
     n/a       1.00%       1.00%       1.00%       1.15%       1.00%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                          
                                                                                 
Unit Value
     n/a     $ 11.475773     $ 10.324763     $ 27.579329       n/a     $ 12.332504     $ 27.688199     $ 17.839236     $ 29.826055     $ 9.605093  
Total Return *
     n/a       16.27%       2.89%***       11.55%       n/a       7.93%       10.55%       10.74%       34.30%       18.22%  
Ratio of Expenses **
     n/a       1.00%       1.10%       1.00%       n/a       1.00%       1.10%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
     n/a     $ 9.869603       n/a     $ 24.723078       n/a     $ 11.426506     $ 25.045545     $ 16.108550     $ 22.208611     $ 8.125063  
Total Return *
     n/a       48.44%       n/a       33.47%       n/a       21.26%       36.72%       32.50%       34.14%       34.34%***  
Ratio of Expenses **
     n/a       1.00%       n/a       1.00%       n/a       1.00%       1.10%       1.00%       1.00%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations October 11, 2010.
(b)
Commencement of operations August 29, 2011.
(c)
Commencement of operations December 12, 2011.
 
Page 98
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/AQR Managed Futures Strategy
Fund(b)
    
JNL/BlackRock Commodity Securities Strategy Fund
    
JNL/BlackRock Global Allocation Fund(a)
    
JNL/BlackRock Large Cap Select Growth Fund
    
JNL/Brookfield Global Infrastructure Fund(c)
    
JNL/Capital Guardian Global Balanced
Fund
    
JNL/Capital Guardian Global Diversified Research
Fund
    
JNL/DFA U.S. Core Equity Fund
    
JNL/Eagle SmallCap Equity Fund
    
JNL/Eastspring Investments Asia ex-Japan Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                        
                                                             
Net Assets (in thousands)
   $ 75,699     $ 959,276     $ 2,635,571     $ 596,971     $ 395,362     $ 460,257     $ 402,702     $ 370,944     $ 1,131,303     $ 123,981  
Units Outstanding (in thousands)
     7,255       87,201       221,416       15,995       26,810       33,129       12,088       15,206       29,432       15,122  
Investment Income Ratio *
     5.22%       0.39%       0.63%       0.03%       0.85%       1.71%       1.25%       1.01%       0.08%       1.24%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 20,520     $ 891,760     $ 1,525,570     $ 444,455     $ 100,565     $ 394,421     $ 329,409     $ 181,723     $ 712,883     $ 140,464  
Units Outstanding (in thousands)
     2,083       87,617       144,546       16,379       8,305       32,328       12,054       9,997       23,891       15,874  
Investment Income Ratio *
     0.00%       0.00%       0.00%       0.15%       0.07%       2.04%       1.22%       0.93%       0.00%       0.64%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a     $ 797,267     $ 494,125     $ 424,724     $ 981     $ 351,568     $ 286,172     $ 136,793     $ 624,638     $ 100,655  
Units Outstanding (in thousands)
     n/a       77,839       50,563       17,111       95       32,124       12,111       8,442       23,617       13,732  
Investment Income Ratio *
     n/a       0.58%       0.67%       0.34%       0.00%       1.08%       0.94%       0.56%       0.00%       0.41%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a     $ 685,623     $ 172,036     $ 395,677       n/a     $ 339,313     $ 289,989     $ 109,852     $ 414,824     $ 141,098  
Units Outstanding (in thousands)
     n/a       61,152       16,678       15,939       n/a       29,149       11,595       6,677       15,142       14,944  
Investment Income Ratio *
     n/a       0.36%       0.00%       0.27%       n/a       1.11%       0.73%       0.29%       0.20%       0.13%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Net Assets (in thousands)
     n/a     $ 499,893       n/a     $ 284,325       n/a     $ 265,058     $ 239,991     $ 76,609     $ 179,792     $ 96,476  
Units Outstanding (in thousands)
     n/a       51,594       n/a       12,891       n/a       24,522       10,688       5,158       8,801       12,009  
Investment Income Ratio *
     n/a       1.06%       n/a       0.19%       n/a       2.63%       1.91%       1.42%       0.00%       0.01%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations October 11, 2010.
(b)
Commencement of operations August 29, 2011.
(c)
Commencement of operations December 12, 2011.
 
Page 99
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/Eastspring Investments China-India Fund
    
JNL/Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund(a)
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton International Small Cap Growth Fund
    
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman
Sachs Emerging Markets
Debt Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 6.293696     $ 10.210041     $ 9.729365     $ 11.530902     $ 11.741541     $ 9.695790     $ 10.230559     $ 15.129820     $ 15.609001     $ 12.057957  
Total Return *
     -5.81%       19.57%       25.73%       0.41%       10.09%       27.72%       24.32%       29.23%       -4.85%       -11.11%  
Ratio of Expenses **
     3.61%       3.61%       3.61%       3.06%       3.56%       3.61%       3.145%       3.91%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 6.681762     $ 8.538913     $ 7.738394     $ 11.484302     $ 10.665178     $ 7.591647     $ 8.229251     $ 11.707585     $ 16.403977     $ 13.564714  
Total Return *
     19.09%       11.83%       17.72%       8.62%***       8.27%       22.74%       10.14%       13.10%       3.62%       15.78%  
Ratio of Expenses **
     3.61%       3.61%       3.61%       3.06%       3.56%       3.61%       3.145%       3.91%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 5.610913     $ 7.635375     $ 6.573777     $ 10.047064     $ 9.850961     $ 6.185254     $ 7.471934     $ 10.351574     $ 15.830973     $ 11.716134  
Total Return *
     -30.44%       -4.85%       -9.40%       -0.11%***       -1.04%       -17.41%       -3.73%       -6.45%       2.19%       -8.04%  
Ratio of Expenses **
     3.61%       3.61%       3.61%       2.60%       3.56%       3.61%       3.145%       3.91%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 8.066327     $ 8.024647     $ 7.256056       n/a     $ 9.954979     $ 7.488896     $ 7.761267     $ 11.065011     $ 15.491362     $ 12.740806  
Total Return *
     12.78%       6.47%       3.27%       n/a       8.63%       16.27%       8.00%       21.97%       3.50%       11.95%  
Ratio of Expenses **
     3.61%       3.61%       3.61%       n/a       3.56%       3.61%       3.145%       3.91%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 7.152263     $ 7.536660     $ 7.026219       n/a     $ 9.164130     $ 6.440753     $ 7.186112     $ 9.071610     $ 14.967299     $ 11.380544  
Total Return *
     8.83%***       25.52%       26.20%       n/a       28.27%       47.18%       22.82%       28.47%       9.78%       -2.17%***  
Ratio of Expenses **
     3.61%       3.61%       3.61%       n/a       3.56%       3.61%       3.145%       3.91%       3.91%       3.61%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations December 12, 2011.
 
Page 100
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/Eastspring Investments China-India Fund
    
JNL/Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund(a)
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton International Small Cap Growth Fund
    
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman Sachs Emerging Markets Debt Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                        
                                                             
Unit Value
   $ 7.443575     $ 12.243449     $ 11.585596     $ 12.065929     $ 14.453221     $ 11.466425     $ 11.876608     $ 19.723876     $ 26.850742     $ 13.932381  
Total Return *
     -3.17%       22.73%       28.92%       2.65%       7.41%***       31.29%       27.02%       33.25%       -2.04%       -8.62%  
Ratio of Expenses **
     0.85%       1.00%       1.10%       0.85%       0.85%       0.85%       1.00%       0.85%       1.00%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                          
                                                                                 
Unit Value
   $ 7.687385     $ 9.975693     $ 8.986353     $ 11.754500     $ 12.650659     $ 8.733615     $ 9.350544     $ 14.802516     $ 27.408901     $ 15.246667  
Total Return *
     2.48%***       14.80%       20.72%       13.28%***       11.08%       26.34%***       12.53%       16.84%***       6.69%       13.70%***  
Ratio of Expenses **
     0.85%       1.00%       1.10%       0.85%       1.00%       0.85%       1.00%       0.85%       1.00%       0.85%  
                                                                                 
Period ended December 31, 2011
                                                                          
                                                                                 
Unit Value
   $ 6.241003     $ 8.689677     $ 7.444175     $ 10.054309     $ 11.388721     $ 6.851335     $ 8.309360     $ 12.566719     $ 25.690746     $ 12.747546  
Total Return *
     -28.61%       -2.34%       -7.11%       0.75%***       1.51%       -15.31%       -1.65%***       -3.69%       5.20%       -5.62%  
Ratio of Expenses **
     1.00%       1.00%       1.10%       1.15%       1.00%       1.10%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                          
                                                                                 
Unit Value
   $ 8.741630     $ 8.897977     $ 8.013670       n/a     $ 11.218832     $ 8.090292     $ 8.415078     $ 13.048587     $ 24.420522     $ 13.506371  
Total Return *
     15.76%       9.29%       5.90%       n/a       11.45%       19.23%       10.24%       25.58%       6.56%       14.91%  
Ratio of Expenses **
     1.00%       1.00%       1.10%       n/a       1.00%       1.10%       1.10%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 7.551324     $ 8.141578     $ 7.567485       n/a     $ 10.066533     $ 6.785510     $ 7.633746     $ 10.390995     $ 22.917617     $ 11.753563  
Total Return *
     0.87%***       28.84%       29.40%       n/a       31.60%       50.92%       25.35%       32.27%       13.02%       6.16%***  
Ratio of Expenses **
     1.00%       1.00%       1.10%       n/a       1.00%       1.10%       1.10%       1.00%       1.00%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** 
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations December 12, 2011.
 
Page 101
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/Eastspring Investments China-India Fund
    
JNL/Franklin Templeton Founding Strategy Fund
    
JNL/Franklin Templeton Global Growth Fund
    
JNL/Franklin Templeton Global Multisector Bond Fund(a)
    
JNL/Franklin Templeton Income Fund
    
JNL/Franklin Templeton International Small Cap Growth Fund
    
JNL/Franklin Templeton Mutual Shares Fund
    
JNL/Franklin Templeton Small Cap Value Fund
    
JNL/Goldman Sachs Core Plus Bond Fund
    
JNL/Goldman Sachs Emerging Markets Debt Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                        
                                                             
Net Assets (in thousands)
   $ 329,054     $ 1,467,588     $ 439,451     $ 600,386     $ 1,556,741     $ 419,451     $ 559,365     $ 563,849     $ 605,070     $ 238,605  
Units Outstanding (in thousands)
     45,975       124,335       38,995       50,412       113,194       38,005       48,751       30,233       24,753       17,677  
Investment Income Ratio *
     0.93%       2.02%       1.44%       2.51%       4.10%       1.10%       0.91%       0.95%       2.68%       7.14%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 347,087     $ 1,153,798     $ 230,044     $ 297,966     $ 1,127,679     $ 241,752     $ 391,902     $ 326,695     $ 732,593     $ 317,364  
Units Outstanding (in thousands)
     46,690       119,513       26,253       25,535       92,341       28,647       43,187       23,244       29,456       21,400  
Investment Income Ratio *
     0.75%       2.20%       1.65%       0.34%       4.85%       1.60%       1.54%       0.25%       2.43%       0.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 272,734     $ 1,002,736     $ 150,197     $ 3,209     $ 830,111     $ 159,531     $ 310,557     $ 261,576     $ 576,804     $ 325,784  
Units Outstanding (in thousands)
     44,632       118,697       20,586       319       75,202       23,703       38,323       21,600       24,660       26,008  
Investment Income Ratio *
     0.34%       1.46%       0.95%       0.00%       4.30%       1.52%       2.60%       0.28%       2.12%       4.64%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 362,908     $ 980,170     $ 120,991       n/a     $ 647,703     $ 147,477     $ 242,092     $ 235,996     $ 471,544     $ 363,805  
Units Outstanding (in thousands)
     42,196       112,773       15,358       n/a       59,311       18,484       29,259       18,698       21,206       27,289  
Investment Income Ratio *
     0.00%       2.99%       1.46%       n/a       4.19%       1.30%       0.02%       0.48%       2.52%       1.30%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Net Assets (in thousands)
   $ 216,740     $ 795,638     $ 82,733       n/a     $ 406,535     $ 92,048     $ 146,000     $ 126,299     $ 365,183     $ 126,741  
Units Outstanding (in thousands)
     29,002       99,557       11,092       n/a       41,299       13,701       19,405       12,508       17,500       10,866  
Investment Income Ratio *
     0.00%       0.07%       2.38%       n/a       7.51%       2.32%       4.87%       0.95%       4.93%       0.19%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations December 12, 2011.
 
Page 102
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Mid Cap Value Fund
    
JNL/Invesco Small Cap Growth Fund
    
JNL/Ivy Asset Strategy Fund(a)
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 14.906547     $ 10.638287     $ 12.131548     $ 12.920911     $ 13.217218     $ 17.907494     $ 18.695987     $ 13.147456     $ 10.470642     $ 24.419652  
Total Return *
     27.64%       30.15%       -0.98%       14.41%       34.44%       26.15%       34.87%       19.27%       16.82%       37.00%  
Ratio of Expenses **
     3.91%       3.06%       3.71%       3.91%       3.75%       3.695%       3.51%       3.61%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 11.678392     $ 8.173614     $ 12.251585     $ 11.293065     $ 9.831170     $ 14.195139     $ 13.862312     $ 11.023491     $ 8.963371     $ 17.824941  
Total Return *
     13.48%       15.98%       23.63%       11.31%       8.34%       3.83%       13.61%       13.09%       12.65%       12.11%  
Ratio of Expenses **
     3.91%       3.06%       3.71%       3.91%       3.75%       3.695%       3.51%       3.61%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 10.291465     $ 7.047439     $ 9.910099     $ 10.145789     $ 9.074299     $ 13.672144     $ 12.202050     $ 9.747802     $ 7.956627     $ 15.899613  
Total Return *
     -10.11%       -13.32%       -9.67%       -10.45%       -10.11%       -9.08%       -4.75%       -10.77%       -16.20%       -9.22%  
Ratio of Expenses **
     3.91%       3.06%       3.71%       3.91%       3.75%       3.695%       3.51%       3.61%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 11.449489     $ 8.130127     $ 10.970794     $ 11.329284     $ 10.094858     $ 15.037352     $ 12.811152     $ 10.923852     $ 9.494509     $ 17.514872  
Total Return *
     19.63%       5.42%       12.88%       8.00%       13.09%       18.61%       21.86%       1.72%***       3.46%       21.14%  
Ratio of Expenses **
     3.91%       3.06%       3.71%       3.91%       3.75%       3.695%       3.51%       3.61%       3.91%       3.61%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 9.571077     $ 7.712029     $ 9.719054     $ 10.490005     $ 8.926762     $ 12.678476     $ 10.513159     $ 10.330943     $ 9.177295     $ 14.458073  
Total Return *
     27.56%       21.10%       27.71%       31.73%       19.72%       34.59%       30.15%       0.07%***       25.18%       37.89%  
Ratio of Expenses **
     3.91%       3.06%       3.71%       3.91%       3.75%       3.695%       3.51%       2.96%       3.91%       3.61%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations September 28, 2009.
 
Page 103
 

Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Mid Cap Value Fund
    
JNL/Invesco Small Cap Growth Fund
    
JNL/Ivy Asset Strategy Fund(a)
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 19.182812     $ 12.277330     $ 15.543249     $ 22.856352     $ 18.473783     $ 27.442472     $ 25.845666     $ 14.786813     $ 16.601959     $ 40.843937  
Total Return *
     31.41%       32.86%       1.89%       17.97%       38.19%       29.60%       38.51%       22.61%       20.27%       40.83%  
Ratio of Expenses **
     1.00%       1.00%       0.85%       0.85%       1.00%       1.00%       0.85%       0.85%       1.00%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                              
                                                                                 
Unit Value
   $ 14.597526     $ 9.240592     $ 15.254441     $ 19.374720     $ 13.368320     $ 21.174982     $ 18.660443     $ 12.060489     $ 13.804428     $ 29.002075  
Total Return *
     16.84%       18.40%       10.94%***       15.08%***       11.37%       6.67 %     11.09%***       11.75%***       15.99%       9.41%***  
Ratio of Expenses **
     1.00%       1.00%       0.85%       0.85%       1.00%       1.00 %     0.85%       0.85%       1.00%       0.85%  
                                                                                 
Period ended December 31, 2011
                                                                              
                                                                                 
Unit Value
   $ 12.493934     $ 7.804539     $ 11.871410     $ 16.465808     $ 12.003511     $ 19.851042     $ 15.751828     $ 10.338760     $ 11.901546     $ 24.544669  
Total Return *
     -7.47%       -11.52%       -7.19%       -7.81%       -7.61%       -6.60 %     -2.34%       -8.41%       -13.73%       -6.83%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00 %     1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                              
                                                                                 
Unit Value
   $ 13.502182     $ 8.820425     $ 12.791583     $ 17.860560     $ 12.992248     $ 21.254205     $ 16.129274     $ 11.288377     $ 13.795686     $ 26.343380  
Total Return *
     23.16%       7.62%       15.98%       11.19%       16.24%       21.85 %     24.96%       8.72%       6.51%       24.35%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00 %     1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                              
                                                                                 
Unit Value
   $ 10.963264     $ 8.196234     $ 11.029111     $ 16.063122     $ 11.177218     $ 17.443577     $ 12.907977     $ 10.383224     $ 12.952293     $ 21.185481  
Total Return *
     31.33%       23.62%       31.21%       35.63%       23.05%       38.26 %     33.46%       -0.96%***       28.87%       41.54%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00 %     1.00%       1.00%       1.00%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations September 28, 2009.
 
Page 104
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/Goldman Sachs Mid Cap Value Fund
    
JNL/Goldman Sachs U.S. Equity Flex Fund
    
JNL/Invesco Global Real Estate Fund
    
JNL/Invesco International Growth Fund
    
JNL/Invesco Large Cap Growth Fund
    
JNL/Invesco Mid Cap Value Fund
    
JNL/Invesco Small Cap Growth Fund
    
JNL/Ivy Asset Strategy Fund(a)
    
JNL/JPMorgan International Value Fund
    
JNL/JPMorgan MidCap Growth Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 553,903     $ 186,128     $ 925,175     $ 528,458     $ 511,566     $ 259,709     $ 475,736     $ 2,907,755     $ 439,950     $ 519,827  
Units Outstanding (in thousands)
     30,170       15,730       62,885       25,919       29,452       10,304       19,910       202,080       28,623       14,679  
Investment Income Ratio *
     0.40%       0.17%       3.26%       1.13%       0.41%       0.19%       0.13%       1.41%       3.66%       0.19%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 370,054     $ 122,758     $ 722,381     $ 368,673     $ 328,821     $ 202,356     $ 220,180     $ 1,950,723     $ 312,525     $ 277,546  
Units Outstanding (in thousands)
     26,395       13,715       49,885       21,339       26,085       10,391       12,723       165,395       24,334       11,186  
Investment Income Ratio *
     1.12%       0.39%       0.78%       1.76%       0.00%       0.26%       0.00%       0.11%       4.69%       0.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 282,268     $ 92,895     $ 408,952     $ 283,951     $ 301,831     $ 206,248     $ 167,008     $ 1,322,819     $ 263,258     $ 199,952  
Units Outstanding (in thousands)
     23,437       12,224       35,711       18,827       26,626       11,308       11,220       129,612       23,696       9,357  
Investment Income Ratio *
     0.63%       0.12%       2.76%       0.70%       0.16%       0.67%       0.00%       0.15%       2.74%       0.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 235,722     $ 109,598     $ 355,581     $ 273,458     $ 266,462     $ 196,396     $ 139,754     $ 843,628     $ 302,225     $ 171,540  
Units Outstanding (in thousands)
     18,038       12,702       28,708       16,716       21,671       10,055       9,144       75,384       23,388       7,588  
Investment Income Ratio *
     0.60%       0.66%       4.61%       0.82%       0.28%       0.52%       0.00%       0.01%       2.81%       0.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Net Assets (in thousands)
   $ 130,124     $ 86,765     $ 214,583     $ 186,951     $ 218,614     $ 150,303     $ 86,035     $ 157,832     $ 270,170     $ 115,417  
Units Outstanding (in thousands)
     12,215       10,774       20,033       12,731       20,598       9,389       7,002       15,362       22,142       6,505  
Investment Income Ratio *
     1.26%       0.93%       2.64%       2.29%       0.31%       0.83%       0.00%       0.00%       4.71%       0.00%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
(a)
Commencement of operations September 28, 2009.
 
Page 105
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard Emerging Markets Fund
    
JNL/M&G Global Basics Fund
    
JNL/M&G Global Leaders Fund(a)
    
JNL/MC 10 x 10 Fund
    
JNL/MC 25 Fund
    
JNL/MC Bond Index Fund
    
JNL/MC Communications Sector Fund
    
JNL/MC Consumer Brands Sector Fund
    
JNL/MC Dow 10 Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 12.981881     $ 11.419062     $ 12.567066     $ 13.364681     $ 10.783580     $ 16.413606     $ 10.220022     $ 5.403797     $ 14.846381     $ 9.605048  
Total Return *
     -7.07%       -4.60%       0.83%       7.66%***       23.75%       31.49%       -6.46%       16.61%       36.10%       25.40%  
Ratio of Expenses **
     3.75%       3.61%       3.545%       3.15%       3.145%       4.00%       3.91%       3.71%       3.61%       4.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 13.968818     $ 11.969985     $ 12.463550     $ 11.578144     $ 8.714196     $ 12.482322     $ 10.925875     $ 4.634014     $ 10.908085     $ 7.659550  
Total Return *
     -0.18%       17.86%       4.13%       11.29%       12.36%       13.07%       -0.37%       15.94%       19.08%       6.89%  
Ratio of Expenses **
     3.75%       3.61%       3.545%       3.06%       3.145%       4.00%       3.91%       3.71%       3.61%       4.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 13.994311     $ 10.156056     $ 11.969358     $ 10.403556     $ 7.755443     $ 11.039085     $ 10.966479     $ 3.996745     $ 9.160024     $ 7.166008  
Total Return *
     5.80%       -20.66%       -14.95%       -14.33%       -5.11%       4.62%       3.05%       -6.70%       2.77%       13.37%  
Ratio of Expenses **
     3.75%       3.61%       3.545%       3.06%       3.145%       4.00%       3.91%       3.71%       3.61%       4.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 13.226942     $ 12.800285     $ 14.073788     $ 12.143560     $ 8.173251     $ 10.552032     $ 10.641541     $ 4.283972     $ 8.913488     $ 6.321014  
Total Return *
     3.39%       17.59%       18.80%       9.96%***       12.83%       18.03%       1.81%       18.07%       23.58%***       19.77%  
Ratio of Expenses **
     3.75%       3.61%       3.545%       3.06%       3.145%       4.00%       3.91%       3.71%       3.61%       4.00%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 12.792920     $ 10.885966     $ 11.846888     $ 11.081543     $ 7.244035     $ 8.939833     $ 10.452001     $ 3.628383     $ 7.568376     $ 5.277655  
Total Return *
     -0.12%       65.65%       0.00%***       9.79%***       20.73%       46.95%       1.69%       21.02%       28.48%       11.33%  
Ratio of Expenses **
     3.75%       3.61%       3.545%       2.895%       3.145%       4.00%       3.91%       3.71%       3.56%       4.00%  

*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
(a)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.
 
Page 106
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard
Emerging Markets
Fund
    
JNL/M&G Global
Basics Fund
    
JNL/M&G Global
Leaders Fund(a)
    
JNL/MC 10 x 10
Fund
    
JNL/MC 25 Fund
    
JNL/MC Bond Index Fund
    
JNL/MC Communications
Sector Fund
    
JNL/MC Consumer
Brands Sector Fund
    
JNL/MC Dow 10
Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 21.674062     $ 14.110266     $ 14.358472     $ 14.862681     $ 12.359803     $ 25.353152     $ 14.738494     $ 8.181687     $ 22.156954     $ 14.836565  
Total Return *
     -4.47%       -1.93%       3.43%       17.64%       26.30%       35.50%       -3.55%       14.72%***       39.91%       29.22%  
Ratio of Expenses **
     1.00%       0.85%       1.00%       1.00%       1.10%       1.00%       0.85%       0.85%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 22.689155     $ 14.388358     $ 13.882337     $ 12.634031     $ 9.785758     $ 18.710849     $ 15.281543     $ 6.681961     $ 15.836182     $ 11.481733  
Total Return *
     2.61%       18.02%***       6.82%       13.61%       14.69%       16.53%       -0.46%***       19.14%       1.63%***       10.15%  
Ratio of Expenses **
     1.00%       0.85%       1.00%       1.00%       1.10%       1.00%       0.85%       1.00%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 22.112284     $ 11.774602     $ 12.995956     $ 11.120220     $ 8.532328     $ 16.057054     $ 14.655253     $ 5.608553     $ 12.695583     $ 10.423578  
Total Return *
     8.74%       -18.57%       -12.77%       -12.55%       -3.16%       7.79%       6.09%       -4.15%       5.48%       16.81%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.10%       1.00%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 20.334353     $ 14.458958     $ 14.897910     $ 12.715963     $ 8.810460     $ 14.896187     $ 13.814234     $ 5.851318     $ 12.036436     $ 8.923432  
Total Return *
     6.28%       20.70%       21.86%       12.09%       15.16%       21.63%       4.82%       21.31%       21.54%       23.42%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.10%       1.00%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 19.133594     $ 11.979738     $ 12.225430     $ 11.344119     $ 7.650716     $ 12.247240     $ 13.179022     $ 4.823358     $ 9.903635     $ 7.230299  
Total Return *
     2.66%       70.03%       45.54%       36.06%       23.22%       51.42%       4.70%       24.34%       31.82%       14.72%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.10%       1.00%       1.00%       1.00%       1.00%       1.00%  
 
*  Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**   
 Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.
 
Page 107
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/JPMorgan U.S. Government & Quality Bond Fund
    
JNL/Lazard
Emerging Markets Fund
    
JNL/M&G Global Basics Fund
    
JNL/M&G Global Leaders Fund(a)
    
JNL/MC 10 x 10
Fund
    
JNL/MC 25 Fund
    
JNL/MC Bond Index Fund
    
JNL/MC Communications Sector Fund
    
JNL/MC Consumer Brands Sector Fund
    
JNL/MC Dow 10
Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 544,463     $ 592,311     $ 62,756     $ -     $ 352,151     $ 943,196     $ 526,103     $ 127,354     $ 494,514     $ 584,282  
Units Outstanding (in thousands)
     27,676       44,012       4,498       -       29,211       40,124       38,624       17,197       24,591       42,547  
Investment Income Ratio *
     3.09%       1.37%       2.23%       0.19%       2.10%       2.54%       2.02%       2.28%       0.71%       0.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 825,483     $ 714,704     $ 65,953     $ 38,757     $ 278,794     $ 601,581     $ 594,553     $ 92,760     $ 215,723     $ 462,836  
Units Outstanding (in thousands)
     40,223       51,917       4,867       3,136       29,123       34,602       42,018       15,049       15,046       43,454  
Investment Income Ratio *
     2.32%       1.92%       1.11%       1.10%       2.39%       2.21%       2.11%       2.54%       0.49%       0.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
   Net Assets (in thousands)
   $ 715,934     $ 738,739     $ 54,019     $ 28,847     $ 244,930     $ 501,984     $ 597,160     $ 53,185     $ 107,189     $ 491,868  
Units Outstanding (in thousands)
     35,866       64,678       4,233       2,639       29,259       33,587       43,197       10,225       9,082       50,814  
Investment Income Ratio *
     2.84%       1.00%       0.20%       0.74%       1.49%       2.59%       2.94%       2.69%       0.56%       0.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 491,104     $ 973,071     $ 42,221     $ 22,109     $ 228,626     $ 487,532     $ 533,405     $ 59,388     $ 74,764     $ 376,875  
Units Outstanding (in thousands)
     26,522       69,140       2,870       1,761       26,356       35,167       40,776       10,912       6,641       45,320  
Investment Income Ratio *
     2.71%       0.59%       0.79%       0.50%       2.09%       2.46%       2.62%       2.66%       0.53%       0.00%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 389,728     $ 531,698     $ 23,031     $ 11,179     $ 172,516     $ 383,253     $ 466,312     $ 39,177     $ 33,163     $ 338,274  
Units Outstanding (in thousands)
     22,457       45,414       1,899       993       22,814       33,485       37,262       8,725       3,576       50,000  
Investment Income Ratio *
     2.38%       2.38%       0.74%       1.33%       4.71%       4.57%       3.09%       4.96%       0.68%       0.00%  
 
*  These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
The period is from January 1, 2013 through acquisition September 13, 2013.
 
Page 108
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC Dow Dividend Fund(d)
    
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(c)
    
JNL/MC Emerging Markets Index Fund(b)
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
    
JNL/MC Global Alpha Fund(a)
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 7.662314     $ 13.581782     $ 9.445726     $ 13.923146     $ 7.879192     $ 12.119740     $ 9.236370     $ 15.196576     $ 11.028228     $ 13.847698  
Total Return *
     13.46%       8.18%***       -7.37%       26.68%       28.62%       8.86%       -4.14%       35.89%       19.36%       16.79%  
Ratio of Expenses **
     3.61%       2.745%       3.41%       3.05%       3.61%       4.00%       2.845%       3.61%       3.61%       3.895%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 6.753516     $ 10.050283     $ 10.197331     $ 10.990367     $ 6.125976     $ 11.133770     $ 9.635187     $ 11.182591     $ 9.239827     $ 11.856901  
Total Return *
     7.52%       -1.04%***       4.72%***       5.37%       21.64%       18.08%       -4.65%       14.34%       9.90%       13.50%  
Ratio of Expenses **
     3.61%       2.495%       3.41%       3.05%       3.61%       4.00%       2.845%       3.61%       3.61%       3.895%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 6.280886       n/a     $ 8.995976     $ 10.430452     $ 5.036198     $ 9.429313     $ 10.104784     $ 9.780146     $ 8.407176     $ 10.446888  
Total Return *
     2.03%       n/a       -1.25%***       -10.13%       -15.97%       -11.85%       0.00%       6.96%       -5.55%       -15.61%  
Ratio of Expenses **
     3.61%       n/a       2.76%       3.05%       3.61%       4.00%       2.845%       3.61%       3.61%       3.895%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 6.155755       n/a       n/a     $ 11.605989     $ 5.993357     $ 10.697139     $ 10.104302     $ 9.143940     $ 8.900767     $ 12.378630  
Total Return *
     8.07%       n/a       n/a       -3.53%***       9.46%       10.19%       2.13%***       0.19%***       11.68%       2.73%  
Ratio of Expenses **
     3.61%       n/a       n/a       3.05%       3.61%       4.00%       2.845%       3.61%       3.61%       3.895%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 5.695866       n/a       n/a     $ 11.735781     $ 5.475175     $ 9.707498     $ 9.811293     $ 9.126428     $ 7.970029     $ 12.049528  
Total Return *
     15.99%       n/a       n/a       6.88%***       14.41%       25.92%       -2.51%***       16.12%       2.11%***       24.34%  
Ratio of Expenses **
     3.61%       n/a       n/a       2.91%       3.61%       4.00%       2.71%       3.56%       3.61%       3.895%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations September 28, 2009.
(b)
Commencement of operations August 29, 2011.
(c)
Commencement of operations April 30, 2012.
(d)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.
 
Page 109
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC Dow Dividend Fund(d)
     JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(c)    
JNL/MC Emerging Markets Index Fund(b)
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
    
JNL/MC Global Alpha Fund(a)
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 9.357562     $ 13.961531     $ 9.993648     $ 15.500268     $ 11.757308     $ 18.720798     $ 10.055266     $ 22.679696     $ 13.039753     $ 19.930514  
Total Return *
     15.55%       37.62%       -5.11%       29.31%       16.38%***       12.17%       -2.21%       39.70%       22.39%       15.30%***  
Ratio of Expenses **
     1.00%       1.10%       1.00%       1.00%       0.85%       1.00%       0.85%       0.85%       1.10%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 8.098080     $ 10.145041     $ 10.531939     $ 11.986924     $ 8.714376     $ 16.689518     $ 10.282233     $ 16.234801     $ 10.654331     $ 16.284647  
Total Return *
     10.38%       0.80%***       7.18%***       0.27%***       24.86%       21.68%       -0.24%***       -3.43%***       12.71%       16.84%  
Ratio of Expenses **
     1.00%       1.10%       1.00%       1.00%       1.00%       1.00%       0.85%       0.85%       1.10%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 7.336783       n/a     $ 10.354126     $ 11.108943     $ 6.979045     $ 13.715652     $ 10.510301     $ 13.555164     $ 9.453252     $ 13.937538  
Total Return *
     4.72%       n/a       16.86%***       -8.37%       -13.75%       -9.17%       1.76%       9.78%       -3.15%       -13.13%  
Ratio of Expenses **
     1.00%       n/a       1.15%       1.10%       1.00%       1.00%       1.10%       1.00%       1.10%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 7.005860       n/a       n/a     $ 12.123107     $ 8.092060     $ 15.101143     $ 10.328476     $ 12.347713     $ 9.760839     $ 16.044721  
Total Return *
     10.93%       n/a       n/a       1.02%       12.36%       13.55%       4.84%       2.84%       14.52%       5.75%  
Ratio of Expenses **
     1.00%       n/a       n/a       1.10%       1.00%       1.00%       1.10%       1.00%       1.10%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 6.315424       n/a       n/a     $ 12.001143     $ 7.202118     $ 13.299024     $ 9.852047     $ 12.006527     $ 8.523506     $ 15.172458  
Total Return *
     19.06%       n/a       n/a       7.56%***       17.44%       29.75%       -2.14%***       19.77%       23.79%       27.99%  
Ratio of Expenses **
     1.00%       n/a       n/a       1.10%       1.00%       1.00%       1.10%       1.00%       1.10%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations September 28, 2009.
(b)
Commencement of operations August 29, 2011.
(c)
Commencement of operations April 30, 2012.
(d)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.
 
Page 110
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC Dow Dividend Fund(d)
    
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(c)
    
JNL/MC Emerging Markets Index Fund(b)
    
JNL/MC European 30 Fund
    
JNL/MC Financial Sector Fund
    
JNL/MC Global 15 Fund
    
JNL/MC Global Alpha Fund(a)
    
JNL/MC Healthcare Sector Fund
    
JNL/MC Index 5 Fund
    
JNL/MC International Index Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ -     $ 61,672     $ 384,617     $ 133,957     $ 438,277     $ 412,420     $ 45,949     $ 985,262     $ 648,975     $ 730,995  
Units Outstanding (in thousands)
     -       4,450       38,940       8,872       41,209       23,806       4,671       47,835       51,033       39,549  
Investment Income Ratio *
     2.83%       0.80%       0.83%       1.59%       0.91%       0.00%       0.00%       0.75%       1.56%       2.62%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 357,333     $ 6,762     $ 208,650     $ 28,206     $ 216,488     $ 419,858     $ 46,259     $ 405,054     $ 492,250     $ 519,993  
Units Outstanding (in thousands)
     45,879       669       19,953       2,405       26,845       27,156       4,587       27,468       47,205       33,781  
Investment Income Ratio *
     3.01%       0.00%       0.06%       3.88%       1.00%       0.00%       0.00%       0.90%       1.58%       2.80%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 296,678       n/a     $ 3,375     $ 19,793     $ 151,291     $ 400,433     $ 50,622     $ 252,885     $ 380,323     $ 407,505  
Units Outstanding (in thousands)
     41,857       n/a       374       1,806       23,421       31,453       4,865       20,056       40,956       30,833  
Investment Income Ratio *
     3.10%       n/a       0.00%       1.93%       0.79%       0.00%       0.78%       0.93%       1.04%       2.60%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 253,764       n/a       n/a     $ 16,887     $ 172,834     $ 522,951     $ 38,606     $ 159,186     $ 302,372     $ 473,953  
Units Outstanding (in thousands)
     37,321       n/a       n/a       1,406       22,949       37,238       3,759       13,810       31,427       31,092  
Investment Income Ratio *
     2.92%       n/a       n/a       0.07%       1.25%       0.00%       0.00 %     1.06%       1.14%       1.94%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 231,277       n/a       n/a     $ 12,296     $ 139,933     $ 571,293     $ 6,516     $ 151,086     $ 181,699     $ 448,711  
Units Outstanding (in thousands)
     37,582       n/a       n/a       1,030       20,881       45,965       662       13,468       21,566       31,012  
Investment Income Ratio *
     7.43%       n/a       n/a       5.88%       1.78%       0.00%       0.00%       1.37%       1.43%       2.71%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations September 28, 2009.
(b)
Commencement of operations August 29, 2011.
(c)
Commencement of operations April 30, 2012.
(d)
The period is from January 1, 2013 through acquisition September 13, 2013.
 
Page 111
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil & Gas Sector Fund
    
JNL/MC Pacific Rim 30 Fund
    
JNL/MC S&P 10 Fund(a)
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 13.194238     $ 10.666349     $ 15.215740     $ 7.229997     $ 28.674301     $ 14.195485     $ 7.220962     $ 13.217836     $ 18.371028     $ 12.002518  
Total Return *
     26.91%       27.48%       36.10%       18.76%       20.54%       9.26%       11.90%       36.00%       27.91%       26.61%  
Ratio of Expenses **
     3.695%       3.695%       3.61%       3.61%       3.91%       3.06%       4.00%       3.26%       3.895%       3.895%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.396853     $ 8.366950     $ 11.180078     $ 6.088157     $ 23.788550     $ 12.992143     $ 6.452944     $ 9.719095     $ 14.362100     $ 9.479910  
Total Return *
     13.75%       10.15%       15.40%       7.72%       0.34%       8.64%       14.97%       7.94%       12.75%       10.95%  
Ratio of Expenses **
     3.695%       3.695%       3.61%       3.61%       3.91%       3.06%       4.00%       3.26%       3.895%       3.895%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 9.140074     $ 7.595955     $ 9.687756     $ 5.651868     $ 23.708642     $ 11.959022     $ 5.612705     $ 9.004054     $ 12.737916     $ 8.544069  
Total Return *
     -5.61%       -13.10%       -1.62%       -26.55%       -0.68%       -4.82%       -18.75%       1.55%       -5.87%       -2.40%  
Ratio of Expenses **
     3.695%       3.695%       3.61%       3.61%       3.91%       3.06%       4.00%       3.26%       3.895%       3.895%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 9.683474     $ 8.741516     $ 9.847499     $ 7.694809     $ 23.870558     $ 12.565053     $ 6.908329     $ 8.866352     $ 13.532357     $ 8.753917  
Total Return *
     12.86%       9.55%       13.04%       -1.36%       14.54%       9.49%       7.04%       12.82%       21.03%       10.07%  
Ratio of Expenses **
     3.695%       3.695%       3.61%       3.61%       3.91%       3.06%       4.00%       3.26%       3.895%       3.895%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 8.580057     $ 7.979799     $ 8.711518     $ 7.801081     $ 20.840162     $ 11.475909     $ 6.454163     $ 7.858512     $ 11.181316     $ 7.953366  
Total Return *
     19.63%       32.73%       29.35%       0.08%***       15.48%       16.00%***       15.06%       15.03%       32.76%       21.16%  
Ratio of Expenses **
     3.695%       3.695%       3.61%       3.61%       3.91%       3.06%       4.00%       3.26%       3.895%       3.895%  
 
*  Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.

Page 112
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil & Gas Sector Fund
    
JNL/MC Pacific Rim 30 Fund
    
JNL/MC S&P 10 Fund(a)
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
Unit Value
   $ 16.925899     $ 13.115219     $ 19.636662     $ 8.605944     $ 44.690102     $ 15.936592     $ 11.054383     $ 15.719755     $ 26.440862     $ 17.274803  
Total Return *
     30.37%       30.96%       39.91%       21.90%       24.28%       -3.10%***       14.28%       39.11%       31.87%       30.52%  
Ratio of Expenses **
     1.00%       1.00%       0.85%       1.00%       0.85%       0.85%       1.00%       1.00%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2012
                                                                          
                                                                                 
Unit Value
   $ 12.982674     $ 10.014324     $ 14.035644     $ 7.060098     $ 35.958048     $ 14.176805     $ 9.672941     $ 11.300460     $ 20.050957     $ 13.234863  
Total Return *
     16.87%       13.17%       -1.15%***       10.58%       -2.23%***       10.91%       18.48%       10.42%       2.44%***       1.28%***  
Ratio of Expenses **
     1.00%       1.00%       0.85%       1.00%       0.85%       1.00%       1.00%       1.00%       0.85%       0.85%  
                                                                                 
Period ended December 31, 2011
                                                                          
                                                                                 
Unit Value
   $ 11.108993     $ 8.849116     $ 11.702614     $ 6.384835     $ 34.109903     $ 12.782667     $ 8.164092     $ 10.234481     $ 16.994019     $ 11.398882  
Total Return *
     -3.04%       -10.74%       0.97%       -24.61%       2.25%       -2.85%       -16.29%       3.87%       -3.11%       0.46%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                          
                                                                                 
Unit Value
   $ 11.457330     $ 9.913614     $ 11.590048     $ 8.469371     $ 33.360487     $ 13.157268     $ 9.752472     $ 9.853359     $ 17.540101     $ 11.346466  
Total Return *
     15.94%       12.54%       16.03%       1.25%       17.92%       11.77%       10.30%       15.40%       24.58%       13.30%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 9.881825     $ 8.809122     $ 9.988556     $ 8.365151     $ 28.289917     $ 11.771783     $ 8.842030     $ 8.538156     $ 14.079208     $ 10.014643  
Total Return *
     22.90%       36.35%       32.77%       34.69%       18.89%       29.12%***       18.56%       17.65%       36.66%       24.72%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%  
 
*  Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.

Page 113
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC JNL 5 Fund
    
JNL/MC JNL Optimized 5 Fund
    
JNL/MC Nasdaq 25 Fund
    
JNL/MC NYSE International 25 Fund
    
JNL/MC Oil & Gas Sector Fund
    
JNL/MC Pacific Rim 30 Fund
    
JNL/MC S&P 10 Fund(a)
    
JNL/MC S&P 24 Fund
    
JNL/MC S&P 400 MidCap Index Fund
    
JNL/MC S&P 500 Index Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                        
                                                             
Net Assets (in thousands)
   $ 3,120,294     $ 397,388     $ 385,253     $ 74,065     $ 1,103,185     $ 91,439     $ -     $ 391,820     $ 1,090,084     $ 2,360,165  
Units Outstanding (in thousands)
     193,764       31,602       20,892       8,915       27,241       5,929       -       25,979       44,573       146,683  
Investment Income Ratio *
     2.59%       2.88%       0.88%       3.56%       1.24%       3.93%       0.00%       1.87%       0.86%       1.46%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 2,718,584     $ 340,858     $ 239,760     $ 71,565     $ 841,333     $ 53,928     $ 264,824     $ 63,317     $ 607,048     $ 1,285,269  
Units Outstanding (in thousands)
     219,540       35,365       18,134       10,481       25,822       3,884       29,602       5,802       32,654       103,714  
Investment Income Ratio *
     2.90%       2.84%       0.25%       3.90%       1.10%       1.89%       0.00%       0.48%       1.08%       1.74%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 2,666,784     $ 325,680     $ 147,276     $ 66,407     $ 796,202     $ 41,344     $ 205,874     $ 53,979     $ 463,970     $ 892,032  
Units Outstanding (in thousands)
     250,692       38,068       13,156       10,686       25,205       3,288       27,137       5,444       28,874       81,632  
Investment Income Ratio *
     3.14%       1.82%       0.58%       1.97%       0.76%       1.51%       0.00%       0.50%       0.63%       1.83%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 3,150,482     $ 408,700     $ 113,840     $ 95,366     $ 593,299     $ 35,549     $ 289,551     $ 45,375     $ 465,805     $ 811,001  
Units Outstanding (in thousands)
     285,784       42,419       10,220       11,519       19,159       2,735       31,893       4,730       27,996       74,196  
Investment Income Ratio *
     2.09%       2.00%       0.21%       2.20%       1.08%       0.00%       0.00%       0.31%       0.70%       1.42%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Net Assets (in thousands)
   $ 3,112,603     $ 394,466     $ 84,029     $ 79,880     $ 434,345     $ 15,722     $ 320,366     $ 32,401     $ 359,664     $ 662,896  
Units Outstanding (in thousands)
     325,622       45,827       8,721       9,719       16,524       1,345       38,784       3,884       26,849       68,254  
Investment Income Ratio *
     3.69%       2.75%       0.00%       4.80%       0.98%       2.92%       0.00%       0.24%       1.26%       1.69%  
 
*  These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
The period is from January 1, 2013 through acquisition September 13, 2013.

Page 114
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC S&P SMid 60 Fund
    
JNL/MC Select Small-Cap Fund(c)
    
JNL/MC Small Cap Index Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Utilities Sector Fund(b)
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund(c)
    
JNL/Morgan Stanley Mid Cap Growth Fund(a)
    
JNL/Neuberger Berman Strategic Income Fund(a)
    
JNL/Oppenheimer Global Growth Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 13.742661     $ 12.459727     $ 16.610102     $ 6.752509     $ 9.520999     $ 11.154790     $ 11.740068     $ 12.568236     $ 10.031476     $ 14.194996  
Total Return *
     32.04%       17.88%       33.15%       21.59%       -5.07%***       29.94%       17.06%       12.43%***       0.91%***       21.76%  
Ratio of Expenses **
     3.61%       4.00%       3.895%       3.71%       1.25%       3.695%       3.51%       2.95%       2.90%       3.61%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 10.408048     $ 10.570237     $ 12.475036     $ 5.553673       n/a     $ 8.584787     $ 10.029364     $ 9.405834     $ 10.341022     $ 11.657821  
Total Return *
     9.80%       11.35%       11.45%       7.17%       n/a       5.19%       8.26%       1.41%***       3.61%***       16.25%  
Ratio of Expenses **
     3.61%       4.00%       3.895%       3.71%       n/a       3.695%       3.51%       2.845%       2.845%       3.61%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 9.479046     $ 9.493188     $ 11.193412     $ 5.182166       n/a     $ 8.160986     $ 9.264238       n/a       n/a     $ 10.027837  
Total Return *
     -10.98%       -2.61%       -7.98%       -3.95%       n/a       -25.77%       -6.98%       n/a       n/a       -11.47%  
Ratio of Expenses **
     3.61%       4.00%       3.895%       3.71%       n/a       3.695%       3.51%       n/a       n/a       3.61%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 10.648049     $ 9.747222     $ 12.164682     $ 5.395146       n/a     $ 10.994154     $ 9.958882       n/a       n/a     $ 11.326454  
Total Return *
     16.48%       10.71%       21.50%       8.02%       n/a       18.01%       11.34%       n/a       n/a       11.29%  
Ratio of Expenses **
     3.61%       4.00%       3.895%       3.71%       n/a       3.695%       3.51%       n/a       n/a       3.61%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 9.141570     $ 8.803901     $ 10.012294     $ 4.994363       n/a     $ 9.316264     $ 8.944430       n/a       n/a     $ 10.177547  
Total Return *
     13.44%***       0.78%       22.51%       57.85%       n/a       10.52%       19.68%       n/a       n/a       34.48%  
Ratio of Expenses **
     3.61%       4.00%       3.895%       3.71%       n/a       3.695%       3.51%       n/a       n/a       3.61%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations April 30, 2012.
(b)
Commencement of operations April 29, 2013.
(c)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.

Page 115
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC S&P SMid 60 Fund
    
JNL/MC Select Small-Cap Fund(c)
    
JNL/MC Small Cap Index Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Utilities Sector Fund(b)
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund(c)
    
JNL/Morgan Stanley Mid Cap Growth Fund(a)
    
JNL/Neuberger Berman Strategic Income Fund(a)
    
JNL/Oppenheimer Global Growth Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
 
                                                        
                                                             
Unit Value
   $ 16.358028     $ 19.074355     $ 23.906412     $ 10.223802     $ 9.537077     $ 14.508738     $ 14.694514     $ 12.963200     $ 10.338020     $ 19.759860  
Total Return *
     35.53%       20.38%       37.26%       25.11%       -4.63%***       4.05%***       19.14%       36.22%       -1.19%       24.98%  
Ratio of Expenses **
     1.00%       1.00%       0.85%       0.85%       1.00%       0.85%       1.00%       1.10%       1.10%       1.00%  
                                                                                 
Period ended December 31, 2012
                                                                          
                                                                                 
Unit Value
   $ 12.069629     $ 15.844829     $ 17.416440     $ 8.171569       n/a     $ 10.719987     $ 12.334237     $ 9.516360     $ 10.462631     $ 15.809947  
Total Return *
     12.71%       14.75%       3.62%***       -6.20%***       n/a       8.07%       11.02%       5.43%***       0.97%***       19.34%  
Ratio of Expenses **
     1.00%       1.00%       0.85%       0.85%       n/a       1.00%       1.00%       1.10%       1.10%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                          
                                                                                 
Unit Value
   $ 10.708353     $ 13.808602     $ 14.933609     $ 7.272040       n/a     $ 9.919046     $ 11.109677       n/a       n/a     $ 13.248085  
Total Return *
     -8.63%       0.35%       -5.29%       -1.32%       n/a       -23.75%       -4.62%       n/a       n/a       -9.13%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       n/a       1.00%       1.00%       n/a       n/a       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                          
                                                                                 
Unit Value
   $ 11.719891     $ 13.760192     $ 15.767515     $ 7.369022       n/a     $ 13.008158     $ 11.647737       n/a       n/a     $ 14.579247  
Total Return *
     19.56%       14.09%       25.07%       10.99%       n/a       21.23%       14.17%       n/a       n/a       14.23%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       n/a       1.00%       1.00%       n/a       n/a       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 9.802589     $ 12.061163     $ 12.607306     $ 6.639203       n/a     $ 10.729784     $ 10.202293       n/a       n/a     $ 12.762875  
Total Return *
     59.98%       3.85%       26.11%       62.19%       n/a       13.54%       22.72%       n/a       n/a       38.04%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       n/a       1.00%       1.00%       n/a       n/a       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations April 30, 2012.
(b)
Commencement of operations April 29, 2013.
(c)
The period is from January 1, 2013 through acquisition September 13, 2013. Unit values disclosed are as of September 13, 2013.

Page 116
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/MC S&P SMid 60 Fund
    
JNL/MC Select Small-Cap Fund(c)
    
JNL/MC Small Cap Index Fund
    
JNL/MC Technology Sector Fund
    
JNL/MC Utilities Sector Fund(b)
    
JNL/MC Value Line 30 Fund
    
JNL/MC VIP Fund(c)
    
JNL/Morgan Stanley Mid Cap Growth Fund(a)
    
JNL/Neuberger Berman Strategic Income Fund(a)
    
JNL/Oppenheimer Global Growth Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                        
                                                             
Net Assets (in thousands)
   $ 327,593     $ -     $ 1,167,462     $ 561,854     $ 2,976     $ 408,287     $ -     $ 59,316     $ 133,549     $ 601,435  
Units Outstanding (in thousands)
     20,715       -       52,683       60,592       312       30,035       -       4,608       13,007       32,482  
Investment Income Ratio *
     1.74%       1.31%       1.26%       0.72%       4.57%       1.92%       2.32%       0.00%       0.19%       1.04%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 181,031     $ 250,923     $ 559,727     $ 393,847       n/a     $ 357,999     $ 230,850     $ 11,508     $ 66,681     $ 375,828  
Units Outstanding (in thousands)
     15,483       17,075       34,612       53,038       n/a       35,092       19,597       1,212       6,393       25,292  
Investment Income Ratio *
     0.84%       0.14%       1.82%       0.28%       n/a       0.06%       1.98%       0.67%       0.00%       1.07%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 158,327     $ 239,195     $ 411,164     $ 313,873       n/a     $ 366,236     $ 244,474       n/a       n/a     $ 284,666  
Units Outstanding (in thousands)
     15,191       18,646       29,011       46,394       n/a       38,660       22,972       n/a       n/a       22,760  
Investment Income Ratio *
     0.71%       0.99%       0.77%       0.20%       n/a       0.00%       1.31%       n/a       n/a       0.62%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 174,748     $ 278,923     $ 444,511     $ 272,752       n/a     $ 547,478     $ 285,252       n/a       n/a     $ 247,329  
Units Outstanding (in thousands)
     15,266       21,759       29,615       39,671       n/a       43,841       25,456       n/a       n/a       17,907  
Investment Income Ratio *
     0.09%       0.49%       0.65%       0.17%       n/a       0.60%       2.32%       n/a       n/a       0.85%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Net Assets (in thousands)
   $ 123,129     $ 288,802     $ 363,256     $ 225,292       n/a     $ 524,476     $ 282,986       n/a       n/a     $ 173,881  
Units Outstanding (in thousands)
     12,792       25,618       30,126       36,401       n/a       50,623       28,696       n/a       n/a       14,359  
Investment Income Ratio *
     1.07%       0.93%       0.93%       0.12%       n/a       0.13%       1.73%       n/a       n/a       1.69%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations April 30, 2012.
(b)
Commencement of operations April 29, 2013.
(c)
The period is from January 1, 2013 through acquisition September 13, 2013.
 
Page 117
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund(a)
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
    
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 11.545747     $ 13.117925     $ 10.318816     $ 13.984681     $ 13.451379     $ 13.273272     $ 17.843244     $ 13.272425     $ 15.555573     $ 16.838644  
Total Return *
     -12.35%       -5.83%       1.12%       4.36%       36.08%       32.48%       35.26%       36.78%       38.54%       37.87%  
Ratio of Expenses **
     3.61%       3.91%       3.11%       3.61%       3.61%       3.61%       3.61%       3.51%       3.61%       3.61%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 13.172528     $ 13.930277     $ 10.204321     $ 13.399916     $ 9.884915     $ 10.018823     $ 13.192250     $ 9.703725     $ 11.228262     $ 12.213561  
Total Return *
     4.58%       3.93%       4.52%       12.60%       12.29%       15.43%       11.55%       25.76%       12.10%       12.48%  
Ratio of Expenses **
     3.61%       3.91%       3.11%       3.61%       3.61%       3.61%       3.61%       3.51%       3.61%       3.61%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 12.596112     $ 13.403110     $ 9.763142     $ 11.900255     $ 8.802847     $ 8.679633     $ 11.826380     $ 7.716122     $ 10.016290     $ 10.858481  
Total Return *
     7.76%       0.82%       3.18%***       0.97%       -10.69%       -11.28%       -8.61%       -20.79%       2.12%       6.62%  
Ratio of Expenses **
     3.61%       3.91%       3.11%       3.61%       3.61%       3.61%       3.61%       3.51%       3.61%       3.61%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 11.688683     $ 13.294261       n/a     $ 11.785726     $ 9.855985     $ 9.782878     $ 12.941093     $ 9.741513     $ 9.807963     $ 10.184414  
Total Return *
     0.26%***       3.45%       n/a       11.53%       24.98%       23.18%       9.65%***       8.76%***       9.76%       8.63%  
Ratio of Expenses **
     3.61%       3.91%       n/a       3.61%       3.61%       3.61%       3.61%       3.51%       3.61%       3.61%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 11.271641     $ 12.851486       n/a     $ 10.567026     $ 7.885776     $ 7.941697     $ 11.592092     $ 8.002272     $ 8.935882     $ 9.375145  
Total Return *
     13.16%       11.03%       n/a       41.12%       2.89%***       6.35%***       39.59%       8.22%***       36.82%       9.43%***  
Ratio of Expenses **
     3.545%       3.91%       n/a       3.61%       3.61%       3.61%       3.51%       3.36%       3.61%       3.61%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations January 1, 2011.

Page 118
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
 
   
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund(a)
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
    
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 13.990021     $ 21.298086     $ 11.041085     $ 21.650988     $ 15.766223     $ 15.423975     $ 28.490768     $ 15.255852     $ 18.396130     $ 19.734087  
Total Return *
     -9.90%       -2.91%       3.43%       7.28%       39.89%       35.99%       38.69%       40.46%       42.42%       41.51%  
Ratio of Expenses **
     0.85%       0.85%       0.85%       0.85%       0.85%       1.00%       1.10%       0.85%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2012
                                                                          
                                                                                 
Unit Value
   $ 15.526658     $ 21.935375     $ 10.674570     $ 20.180869     $ 11.270586     $ 11.342241     $ 20.542233     $ 10.861040     $ 12.917126     $ 13.944943  
Total Return *
     2.48%***       0.51%***       4.60%***       10.59%***       12.87%***       18.49%       14.39%       20.39%***       1.46%***       15.46%  
Ratio of Expenses **
     0.85%       0.85%       0.85%       0.85%       0.85%       1.00%       1.10%       0.85%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                          
                                                                                 
Unit Value
   $ 14.335478     $ 20.048385     $ 9.970069     $ 17.085087     $ 9.672001     $ 9.572316     $ 17.957638     $ 8.368520     $ 11.140221     $ 12.077498  
Total Return *
     10.61%       3.79%       -1.04%***       3.63%       -8.42%       12.25%***       -6.30%       -18.78%       12.09%***       9.43%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.10%       1.00%       1.10%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                          
                                                                                 
Unit Value
   $ 12.960938     $ 19.316750       n/a     $ 16.486250     $ 10.561409     $ 10.483034     $ 19.164505     $ 10.303812     $ 10.595861     $ 11.036703  
Total Return *
     6.65%       6.50%       n/a       14.48%       28.16%       26.31%       16.17%       25.06%       12.55%       11.50%  
Ratio of Expenses **
     1.00%       1.00%       n/a       1.00%       1.10%       1.10%       1.10%       1.00%       1.10%       1.00%  
                                                                                 
Period ended December 31, 2009
                                                                          
                                                                                 
Unit Value
   $ 12.152635     $ 18.137786       n/a     $ 14.400860     $ 8.240756     $ 8.299179     $ 16.496448     $ 8.239112     $ 9.414414     $ 9.897945  
Total Return *
     16.08%       14.31%       n/a       44.85%       45.77%       32.51%       43.00%       38.93%       40.30%       48.51%***  
Ratio of Expenses **
     1.00%       1.00%       n/a       1.00%       1.10%       1.10%       1.10%       1.00%       1.10%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
   
(a)
Commencement of operations January 1, 2011.

Page 119
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
JNL/PIMCO Real Return Fund
    
JNL/PIMCO Total Return Bond Fund
    
JNL/PPM America Floating Rate Income Fund(a)
    
JNL/PPM America High Yield Bond Fund
    
JNL/PPM America Mid Cap Value Fund
    
JNL/PPM America Small Cap Value Fund
    
JNL/PPM America Value Equity Fund
    
JNL/Red Rocks Listed Private Equity Fund
    
JNL/S&P 4 Fund
    
JNL/S&P Competitive Advantage Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013  
 
                                                        
                                                             
Net Assets (in thousands)
   $ 1,358,822     $ 3,417,014     $ 1,077,933     $ 1,571,549     $ 255,733     $ 189,982     $ 170,362     $ 494,897     $ 2,922,386     $ 616,476  
Units Outstanding (in thousands)
     101,678       178,424       99,528       81,106       16,840       12,722       6,708       33,392       165,123       32,284  
Investment Income Ratio *
     1.15%       1.11%       2.27%       6.30%       0.64%       0.43%       1.31%       8.93%       0.83%       0.69%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 2,175,079     $ 4,251,064     $ 278,372     $ 1,362,796     $ 115,388     $ 94,059     $ 112,314     $ 346,531     $ 1,217,212     $ 293,492  
Units Outstanding (in thousands)
     146,138       215,752       26,438       75,591       10,587       8,512       6,164       32,794       97,619       21,654  
Investment Income Ratio *
     2.08%       2.19%       3.34%       6.26%       0.37%       1.01%       1.33%       0.00%       1.89%       0.65%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 1,526,239     $ 2,980,927     $ 129,210     $ 870,828     $ 87,886     $ 65,195     $ 97,154     $ 308,657     $ 956,114     $ 153,398  
Units Outstanding (in thousands)
     109,600       161,304       13,038       55,802       9,255       6,964       6,104       37,524       87,824       12,987  
Investment Income Ratio *
     0.99%       3.19%       0.00%       6.97%       0.10%       0.19%       1.12%       8.66%       4.94%       1.01%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 972,580     $ 2,500,105       n/a     $ 721,610     $ 83,276     $ 58,322     $ 106,819     $ 279,890     $ 797,263     $ 83,408  
Units Outstanding (in thousands)
     76,831       140,076       n/a       47,902       8,009       5,650       6,283       27,501       76,365       7,689  
Investment Income Ratio *
     1.48%       2.29%       n/a       7.60%       0.00%       0.21%       1.21%       0.25%       0.00%       0.75%  
                                                                                 
Period ended December 31, 2009  
 
                                                                          
                                                                                 
Net Assets (in thousands)
   $ 694,975     $ 1,673,846       n/a     $ 491,310     $ 19,225     $ 14,748     $ 88,889     $ 111,569     $ 592,013     $ 88,880  
Units Outstanding (in thousands)
     58,299       99,987       n/a       37,428       2,359       1,795       6,119       13,636       63,553       9,096  
Investment Income Ratio *
     2.99%       3.12%       n/a       8.55%       0.71%       0.61%       5.72%       5.63%       1.22%       0.02%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
   
(a)
Commencement of operations January 1, 2011.
 
Page 120
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
    
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2013
                                                            
                                                             
Unit Value
   $ 14.163602     $ 16.729426     $ 13.685008     $ 10.914940     $ 13.691565     $ 12.013979     $ 12.596786     $ 14.308556     $ 29.492504     $ 44.948972  
Total Return *
     26.27%       44.63%       21.14%       0.73%       18.01%       6.42%       11.29%       46.30%       33.35%       31.27%  
Ratio of Expenses **
     3.51%       3.61%       3.75%       3.695%       3.80%       3.695%       4.01%       3.61%       3.91%       3.91%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 11.216816     $ 11.566954     $ 11.296479     $ 10.835956     $ 11.601845     $ 11.289240     $ 11.318630     $ 9.780077     $ 22.116964     $ 34.241931  
Total Return *
     8.90%       10.05%       11.57%       4.82%       11.03%       6.89%       9.26%       17.50%       14.27%       9.22%  
Ratio of Expenses **
     3.51%       3.61%       3.75%       3.695%       3.80%       3.695%       4.01%       3.61%       3.91%       3.91%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 10.299783     $ 10.510325     $ 10.125196     $ 10.337958     $ 10.449663     $ 10.561571     $ 10.359662     $ 8.323496     $ 19.355494     $ 31.351508  
Total Return *
     8.56%       2.75%       -8.29%       -0.61%       -6.74%       -2.81%       -5.14%       -8.75%       -4.96%       -5.23%  
Ratio of Expenses **
     3.51%       3.61%       3.75%       3.695%       3.80%       3.695%       4.01%       3.61%       3.91%       3.91%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 9.488017     $ 10.229163     $ 11.040307     $ 10.401392     $ 11.205082     $ 10.867131     $ 10.920968     $ 9.121174     $ 20.365095     $ 33.080837  
Total Return *
     14.16%       10.33%       12.78%       4.76%       11.79%       7.27%       8.73%       6.18%       12.29%       22.96%  
Ratio of Expenses **
     3.51%       3.61%       3.75%       3.695%       3.80%       3.695%       4.01%       3.61%       3.91%       3.91%  
                                                                                 
Period ended December 31, 2009
  
 
                                                                          
                                                                                 
Unit Value
   $ 8.310996     $ 9.271159     $ 9.789636     $ 9.929091     $ 10.023459     $ 10.131046     $ 10.043857     $ 8.590651     $ 18.136812     $ 26.903923  
Total Return *
     39.26%***       13.04%***       26.22%       9.41%       23.29%       14.32%       18.60%       2.27%***       37.99%       41.21%  
Ratio of Expenses **
     3.51%       3.61%       3.75%       3.695%       3.80%       3.695%       4.01%       3.61%       3.91%       3.91%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
Page 121
 
Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
    
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2013  
 
                                                        
                                                             
Unit Value
   $ 16.498730     $ 19.606971     $ 21.097901     $ 14.001567     $ 21.271309     $ 15.411454     $ 20.227633     $ 16.769144     $ 52.169689     $ 77.323934  
Total Return *
     29.48%       48.46%       24.52%       3.48%       21.36%       9.33%       14.69%       50.17%       37.49%       35.15%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Unit Value
   $ 12.742209     $ 13.207260     $ 16.943113     $ 13.530606     $ 17.526999     $ 14.096669     $ 17.636234     $ 11.166615     $ 37.943892     $ 57.215482  
Total Return *
     11.68%       12.97%       14.69%       7.69%       14.19%       9.82%       12.60%       20.62%       6.85%***       12.45%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       0.85%       1.00%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Unit Value
   $ 11.409605     $ 11.690770     $ 14.773287     $ 12.564577     $ 15.349276     $ 12.836407     $ 15.662054     $ 9.258036     $ 31.410950     $ 50.879218  
Total Return *
     11.31%       5.46%       -5.74%       2.10%       -4.10%       -0.16%***       -2.25%***       -6.34%       -2.16%       -2.44%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Unit Value
   $ 10.250525     $ 11.085669     $ 15.672705     $ 12.306413     $ 16.005626     $ 12.777857     $ 15.820096     $ 9.884599     $ 32.104002     $ 52.149990  
Total Return *
     17.06%       13.25%       15.92%       7.62%       14.96%       10.09%       11.94%       8.98%       15.60%       26.59%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.10%       1.10%       1.00%       1.00%       1.00%  
                                                                                 
Period ended December 31, 2009                                                                                
                                                                                 
Unit Value
   $ 8.756332     $ 9.788398     $ 13.520264     $ 11.435228     $ 13.922400     $ 11.607218     $ 14.132179     $ 9.069807     $ 27.771231     $ 41.195958  
Total Return *
     38.48%***       74.12%***       29.74%       16.10%***       26.79%       17.33%       22.11%       62.22%***       42.07%       45.38%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%       1.10%       1.10%       1.00%       1.00%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**  Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
Page 122

Jackson National Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights (continued)
                                                             
   
JNL/S&P Dividend Income & Growth Fund
    
JNL/S&P Intrinsic Value Fund
    
JNL/S&P Managed Aggressive Growth Fund
    
JNL/S&P Managed Conservative Fund
    
JNL/S&P Managed Growth Fund
    
JNL/S&P Managed Moderate Fund
    
JNL/S&P Managed Moderate Growth Fund
    
JNL/S&P Total Yield Fund
    
JNL/T. Rowe Price Established Growth Fund
    
JNL/T. Rowe Price Mid-Cap Growth Fund
  
                                                             
Investment Division data
                                                            
Period ended December 31, 2013
                                                            
                                                             
Net Assets (in thousands)
   $ 1,781,588     $ 605,777     $ 1,425,616     $ 1,567,878     $ 4,178,451     $ 3,071,065     $ 5,616,026     $ 362,318     $ 2,019,757     $ 2,161,052  
Units Outstanding (in thousands)
     111,465       31,928       72,852       117,677       211,960       208,670       299,937       22,353       44,000       30,964  
Investment Income Ratio *
     1.89%       1.16%       0.72%       0.58%       0.90%       0.47%       0.50%       1.27%       0.08%       0.00%  
                                                                                 
Period ended December 31, 2012
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 822,731     $ 230,392     $ 988,005     $ 1,688,160     $ 3,014,831     $ 2,671,615     $ 4,454,811     $ 112,891     $ 1,325,286     $ 1,472,007  
Units Outstanding (in thousands)
     66,373       17,949       62,719       130,695       184,990       197,840       272,199       10,415       39,723       28,527  
Investment Income Ratio *
     1.67%       0.91%       0.94%       2.59%       1.27%       1.88%       1.55%       0.96%       0.00%       0.21%  
                                                                                 
Period ended December 31, 2011
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 529,069     $ 197,440     $ 748,866     $ 1,187,614     $ 2,273,056     $ 1,942,414     $ 3,240,548     $ 80,015     $ 901,594     $ 1,176,491  
Units Outstanding (in thousands)
     47,429       17,293       54,285       98,525       158,754       157,318       222,293       8,851       31,868       25,681  
Investment Income Ratio *
     1.84%       0.97%       0.66%       2.39%       0.73%       1.97%       1.64%       1.22%       0.00%       0.02%  
                                                                                 
Period ended December 31, 2010
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 216,196     $ 105,541     $ 694,558     $ 886,035     $ 1,946,317     $ 1,514,845     $ 2,629,579     $ 64,956     $ 782,772     $ 981,793  
Units Outstanding (in thousands)
     21,452       9,700       47,392       74,750       130,135       122,023       176,006       6,691       27,158       21,009  
Investment Income Ratio *
     1.79%       0.75%       0.76%       2.60%       1.05%       2.16%       1.39%       0.74%       0.04%       0.20%  
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 79,218     $ 86,341     $ 508,673     $ 572,713     $ 1,329,575     $ 930,311     $ 1,625,059     $ 53,501     $ 548,364     $ 590,369  
Units Outstanding (in thousands)
     9,158       8,941       40,161       51,869       102,211       82,390       122,140       5,976       22,175       16,143  
Investment Income Ratio *
     0.04%       0.03%       2.48%       2.03%       2.25%       1.53%       0.85%       0.02%       0.33%       0.00%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
Page 123


Jackson National Separate Account I
Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)
                               
   
JNL/T. Rowe Price Short-Term Bond Fund
    
JNL/T. Rowe Price Value Fund
    
JNL/WMC Balanced Fund
    
JNL/WMC Money Market Fund
    
JNL/WMC Value Fund
  
                               
Highest expense ratio
                              
Period ended December 31, 2013
                              
                               
Unit Value
   $ 8.872603     $ 16.100834     $ 23.823488     $ 8.009515     $ 22.147785  
Total Return *
     -3.45%       31.88%       14.88%       -3.68%       26.29%  
Ratio of Expenses **
     3.61%       3.91%       3.80%       3.75%       3.70%  
                                         
Period ended December 31, 2012
                                        
                                         
Unit Value
   $ 9.189697     $ 12.209024     $ 20.737850     $ 8.315507     $ 17.537698  
Total Return *
     -1.20%       14.74%       5.98%       -3.69%       12.11%  
Ratio of Expenses **
     3.61%       3.91%       3.80%       3.75%       3.70%  
                                         
Period ended December 31, 2011
                                        
                                         
Unit Value
   $ 9.301062     $ 10.640263     $ 19.567657     $ 8.634066     $ 15.643046  
Total Return *
     -2.21%       -5.82%       -0.57%       -3.67%       -5.61%  
Ratio of Expenses **
     3.61%       3.91%       3.80%       3.75%       3.70%  
                                         
Period ended December 31, 2010
                                        
                                         
Unit Value
   $ 9.510825     $ 11.297764     $ 19.680014     $ 8.962684     $ 16.572366  
Total Return *
     -0.72%       11.45%       6.70%       -3.68%       9.57%  
Ratio of Expenses **
     3.61%       3.91%       3.80%       3.75%       3.70%  
                                         
Period ended December 31, 2009
                                        
                                         
Unit Value
   $ 9.579367     $ 10.137378     $ 18.445088     $ 9.305184     $ 15.125413  
Total Return *
    -0.28%***       31.83%       15.23%       -3.54%       19.48%  
Ratio of Expenses **
     3.61%       3.91%       3.80%       3.75%       3.70%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
Page 124
 
Jackson National Separate Account I
Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)
                               
   
JNL/T. Rowe Price Short-Term Bond Fund
    
JNL/T. Rowe Price Value Fund
    
JNL/WMC Balanced Fund
    
JNL/WMC Money Market Fund
    
JNL/WMC Value Fund
  
                               
Lowest expense ratio
                              
Period ended December 31, 2013
                              
                               
Unit Value
   $ 10.965640     $ 24.464416     $ 41.281946     $ 13.750691     $ 30.012344  
Total Return *
     -0.75%       35.97%       18.32%       -0.85%       29.74%  
Ratio of Expenses **
     0.85%       0.85%       0.85%       0.85%       1.00%  
                                         
Period ended December 31, 2012
                                        
                                         
Unit Value
   $ 11.048330     $ 17.991908     $ 34.890392     $ 13.867935     $ 23.132132  
Total Return *
     -0.12%***       15.29%***       -0.97%***       -0.30%***       15.19%  
Ratio of Expenses **
     0.85%       0.85%       0.85%       0.85%       1.00%  
                                         
Period ended December 31, 2011
                                        
                                         
Unit Value
   $ 10.785135     $ 14.943349     $ 31.176294     $ 13.642602     $ 20.081933  
Total Return *
     0.37%       -3.05%       2.24%       -0.99%       -3.03%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%  
                                         
Period ended December 31, 2010
                                        
                                         
Unit Value
   $ 10.745000     $ 15.412882     $ 30.491815     $ 13.778726     $ 20.709679  
Total Return *
     1.91%       14.74%       9.73%       -1.00%       12.57%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%  
                                         
Period ended December 31, 2009
                                        
                                         
Unit Value
   $ 10.543119     $ 13.433157     $ 27.789280     $ 13.917211     $ 18.397952  
Total Return *
     6.57%       35.72%       18.50%       -0.85%       22.75%  
Ratio of Expenses **
     1.00%       1.00%       1.00%       1.00%       1.00%  
 
*
Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
**
Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
Page 125
 
Jackson National Separate Account I
Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)
                               
   
JNL/T. Rowe Price Short-Term Bond Fund
    
JNL/T. Rowe Price Value Fund
    
JNL/WMC Balanced Fund
    
JNL/WMC Money Market Fund
    
JNL/WMC Value Fund
  
                               
Investment Division data
                              
Period ended December 31, 2013
                              
                               
Net Assets (in thousands)
   $ 697,296     $ 969,477     $ 3,194,549     $ 1,268,083     $ 638,676  
Units Outstanding (in thousands)
     66,830       43,153       86,719       104,583       22,497  
Investment Income Ratio *
     1.34%       1.29%       1.49%       0.00%       1.92%  
                                         
Period ended December 31, 2012
                                        
                                         
Net Assets (in thousands)
   $ 647,091     $ 570,473     $ 2,294,283     $ 1,195,108     $ 430,498  
Units Outstanding (in thousands)
     61,301       34,539       73,604       97,907       19,603  
Investment Income Ratio *
     1.03%       1.32%       1.33%       0.00%       2.30%  
                                         
Period ended December 31, 2011
                                        
                                         
Net Assets (in thousands)
   $ 493,477     $ 431,971     $ 1,709,811     $ 1,010,793     $ 362,133  
Units Outstanding (in thousands)
     47,268       30,832       59,618       82,015       18,923  
Investment Income Ratio *
     1.27%       1.37%       1.18%       0.00%       1.03%  
                                         
Period ended December 31, 2010
                                        
                                         
Net Assets (in thousands)
   $ 334,098     $ 411,509     $ 1,228,148     $ 676,914     $ 353,077  
Units Outstanding (in thousands)
     31,935       28,398       43,834       54,428       17,861  
Investment Income Ratio *
     1.38%       1.03%       1.44%       0.00%       1.02%  
                                         
Period ended December 31, 2009
                                        
                                         
Net Assets (in thousands)
   $ 182,385     $ 318,777     $ 698,799     $ 813,943     $ 245,685  
Units Outstanding (in thousands)
     17,700       25,158       27,589       64,606       13,947  
Investment Income Ratio *
     3.80%       1.73%       2.87%       0.18%       1.78%  
 
*
These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
Page 126
 
(graphic)  
 
KPMG LLP
 
Aon Center
  Suite 5500
  200 East Randolph Drive
  Chicago, IL 60601-6436
 
Report of Independent Registered Public Accounting Firm
 
The Board of Directors
Jackson National Life Insurance Company and
Contract Owners of Jackson National Separate Account I:
 
We have audited the accompanying statement of assets and liabilities of each investment division within Jackson National Separate Account I (the “Company”), as of December 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended.  These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the transfer agent of the underlying mutual funds and other appropriate auditing procedures.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each investment division within Jackson National Separate Account I as of December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
 
  (graphic)
 
Chicago, IL
March 7, 2014
 
 
KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity.
  
 
 






APPENDIX B








(COVER PAGE)
 
 
Jackson National Life Insurance Company and Subsidiaries
  
   
Index to Consolidated Financial Statements
  
December 31, 2013 and 2012
  
   
   
1
   
2
   
3
   
4
   
5
   
6
   
7
 
 
(LPMG LOGO)
KPMG LLP
Aon Center
Suite 5500
200 East Randolph Drive
Chicago, IL 60601-6436
 
 
The Board of Directors and Stockholder of
Jackson National Life Insurance Company:
 
We have audited the accompanying consolidated balance sheets of Jackson National Life Insurance Company and Subsidiaries (the Company) as of December 31, 2013 and 2012, and the related consolidated income statements, consolidated statements of comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2013. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Jackson National Life Insurance Company and Subsidiaries as of December 31, 2013 and 2012, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.
 
(SIGNATURE)
 
Chicago, Illinois
March 7, 2014
 
 
KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity.
  
 

Jackson National Life Insurance Company and Subsidiaries
Consolidated Balance Sheets
 
   
December 31,
  
Assets
  
2013
    
2012
  
Investments:
            
Securities available for sale, at fair value:
            
Fixed maturities (amortized cost: 2013, $48,620,014; 2012, $48,858,082, including $164,803 and $319,258  at fair value under the fair value option at December 31, 2013 and 2012, respectively)
   $ 49,729,105     $ 53,164,638  
Trading securities, at fair value
     541,228       412,813  
Commercial mortgage loans, net of allowance
     6,080,080       5,758,997  
Policy loans (includes $3,131,161 and $2,994,756 at fair value under the fair value option at December 31, 2013 and 2012, respectively)
     4,477,040       4,374,211  
Derivative instruments
     1,267,974       2,512,658  
Other invested assets
     1,470,800       1,368,710  
Total investments
     63,566,227       67,592,027  
Cash and cash equivalents
     986,383       1,150,420  
Accrued investment income
     682,149       678,442  
Deferred acquisition costs
     6,212,220       4,822,587  
Reinsurance recoverable
     10,046,745       9,876,908  
Income taxes receivable
     132,996       226,465  
Deferred income taxes, net
     110,393       -  
Other assets
     2,059,280       919,229  
Separate account assets
     108,787,279       80,134,446  
Total assets
   $ 192,583,672     $ 165,400,524  
                 
Liabilities and Equity
                
Liabilities
                
Reserves for future policy benefits and claims payable
   $ 17,148,050     $ 17,978,248  
Other contract holder funds
     53,473,073       52,827,628  
Funds held under reinsurance treaties, at fair value under fair value option
     3,396,987       3,285,118  
Debt
     284,489       292,274  
Securities lending payable
     95,754       153,747  
Deferred income taxes, net
     -       491,570  
Derivative instruments
     852,953       1,048,459  
Other liabilities
     2,506,665       1,862,837  
Separate account liabilities
     108,787,279       80,134,446  
Total liabilities
     186,545,250       158,074,327  
                 
Equity
                
Common stock, $1.15 par value; authorized 50,000 shares; issued and outstanding 12,000 shares
     13,800       13,800  
Additional paid-in capital
     3,801,965       3,766,912  
Shares held in trust
     (22,752 )     (25,065 )
Equity compensation reserve
     18,448       12,943  
Accumulated other comprehensive income, net of tax (benefit) expense of $(113,674) in 2013 and $737,463 in 2012
     526,947       2,107,631  
Retained earnings
     1,657,406       1,409,244  
Total stockholder’s equity
     5,995,814       7,285,465  
Noncontrolling interests
     42,608       40,732  
Total equity
     6,038,422       7,326,197  
Total liabilities and equity
   $ 192,583,672     $ 165,400,524  
 
See accompanying Notes to Consolidated Financial Statements.
 
2
 
Jackson National Life Insurance Company and Subsidiaries
Consolidated Income Statements
 
   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Revenues
                  
Fee income
   $ 3,801,275     $ 2,787,122     $ 2,108,159  
Premium
     286,771       176,270       139,810  
Net investment income
     3,144,646       2,780,562       2,644,586  
Net realized losses on investments:
                        
Total other-than-temporary impairments
     (49,930 )     (172,730 )     (305,805 )
Portion of other-than-temporary impairments included in other comprehensive income
     29,146       85,876       218,710  
Net other-than-temporary impairments
     (20,784 )     (86,854 )     (87,095 )
Other net investment losses
     (1,969,669 )     (630,252 )     (673,010 )
Total net realized losses on investments
     (1,990,453 )     (717,106 )     (760,105 )
Other income
     154,714       80,056       52,350  
Total revenues
     5,396,953       5,106,904       4,184,800  
Benefits and Expenses
                        
Death, other policy benefits and change in policy reserves, net of deferrals
     1,026,392       614,214       585,296  
Interest credited on other contract holder funds, net of deferrals
     1,636,071       1,460,021       1,384,909  
Interest expense
     42,036       44,561       42,881  
Operating costs and other expenses, net of deferrals
     1,480,719       1,251,244       1,005,947  
Amortization of deferred acquisition and sales inducement costs
     284,618       443,676       375,963  
Total benefits and expenses
     4,469,836       3,813,716       3,394,996  
Pretax income
     927,117       1,293,188       789,804  
Income tax expense
     166,997       355,433       212,072  
Net Income
     760,120       937,755       577,732  
Less:  Net income (loss) attributable to noncontrolling interests
     4,958       (1,736 )     4,446  
Net income attributable to Jackson
   $ 755,162     $ 939,491     $ 573,286  
 
See accompanying Notes to Consolidated Financial Statements.
 
3
 
Jackson National Life Insurance Company and Subsidiaries
Consolidated Statements of Comprehensive Income
(In thousands) 
                   
   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Net income
   $ 760,120     $ 937,755     $ 577,732  
                         
Other comprehensive income, net of tax:
                        
Net unrealized (losses) gains on securities not other-than-temporarily impaired (net of tax (benefit) expense of: 2013 $(807,429); 2012 $403,751; 2011 $393,574)
     (1,487,770 )     764,562       701,875  
                         
Net unrealized losses on other-than-temporarily impaired securities (net of tax benefit of: 2013 $7,984; 2012 $25,563; 2011 $67,448)
     (14,826 )     (47,474 )     (125,261 )
                         
Reclassification adjustment for losses included in net income (net of tax benefit of: 2013 $43,708; 2012 $27,836; 2011 $32,447)
     (81,170 )     (51,696 )     (60,260 )
                         
Total other comprehensive income
     (1,583,766 )     665,392       516,354  
Comprehensive (loss) income
     (823,646 )     1,603,147       1,094,086  
Less: Comprehensive income (loss) attributable to noncontrolling interests
     1,876       13,003       (24,603 )
Comprehensive (loss) income attributable to Jackson
   $ (825,522 )   $ 1,590,144     $ 1,118,689  
 
See accompanying Notes to Consolidated Financial Statements.
 
4
 
Jackson National Life Insurance Company and Subsidiaries
Consolidated Statements of Equity
(In thousands) 

                           
Accumulated
                          
         
Additional
          
Equity
    
Other
          
Total
    
Non-
        
   
Common
    
Paid-In
    
Shares Held
    
Compensation
    
Comprehensive
    
Retained
    
Stockholder’s
    
Controlling
    
Total
  
   
Stock
    
Capital
    
In Trust
    
Reserve
    
Income
    
Earnings
    
Equity
    
Interests
    
Equity
  
Balances as of December 31, 2010
   $ 13,800     $ 3,711,500     $ (8,188 )   $ 2,838     $ 911,575     $ 826,467     $ 5,457,992     $ 52,332     $ 5,510,324  
Net income
     -       -       -       -       -       573,286       573,286       4,446       577,732  
Change in unrealized investment gains and losses, net of tax
     -       -       -       -       545,403       -       545,403       (29,049 )     516,354  
Capital contribution
     -       19,401       -       -       -       -       19,401       -       19,401  
Dividends to stockholder
     -       -       -       -       -       (530,000 )     (530,000 )     -       (530,000 )
Shares acquired at cost
     -       -       (17,948 )     -       -       -       (17,948 )     -       (17,948 )
Shares distributed at cost
     -       -       9,357       -       -       -       9,357       -       9,357  
Reserve for equity compensation plans
     -       -       -       7,515       -       -       7,515       -       7,515  
Fair value of shares issued under equity compensation plans
     -       -       -       (2,386 )     -       -       (2,386 )     -       (2,386 )
Balances as of December 31, 2011
     13,800       3,730,901       (16,779 )     7,967       1,456,978       869,753       6,062,620       27,729       6,090,349  
                                                                         
Net income
     -       -       -       -       -       939,491       939,491       (1,736 )     937,755  
Change in unrealized investment gains and losses, net of tax
     -       -       -       -       650,653       -       650,653       14,739       665,392  
Capital contribution
     -       36,011       -       -       -       -       36,011       -       36,011  
Dividends to stockholder
     -       -       -       -       -       (400,000 )     (400,000 )     -       (400,000 )
Shares acquired at cost
     -       -       (25,220 )     -       -       -       (25,220 )     -       (25,220 )
Shares distributed at cost
     -       -       16,934       -       -       -       16,934       -       16,934  
Reserve for equity compensation plans
     -       -       -       17,107       -       -       17,107       -       17,107  
Fair value of shares issued under equity compensation plans
     -       -       -       (12,131 )     -       -       (12,131 )     -       (12,131 )
Balances as of December 31, 2012
     13,800       3,766,912       (25,065 )     12,943       2,107,631       1,409,244       7,285,465       40,732       7,326,197  
                                                                         
Net income
     -       -       -       -       -       755,162       755,162       4,958       760,120  
Change in unrealized investment gains and losses, net of tax
     -       -       -       -       (1,580,684 )     -       (1,580,684 )     (3,082 )     (1,583,766 )
Capital contribution
     -       35,053       -       -       -       -       35,053       -       35,053  
Dividends to stockholder
     -       -       -       -       -       (507,000 )     (507,000 )     -       (507,000 )
Shares acquired at cost
     -       -       (21,208 )     -       -       -       (21,208 )     -       (21,208 )
Shares distributed at cost
     -       -       23,521       -       -       -       23,521       -       23,521  
Reserve for equity compensation plans
     -       -       -       13,129       -       -       13,129       -       13,129  
Fair value of shares issued under equity compensation plans
     -       -       -       (7,624 )     -       -       (7,624 )     -       (7,624 )
Balances as of December 31, 2013
   $ 13,800     $ 3,801,965     $ (22,752 )   $ 18,448     $ 526,947     $ 1,657,406     $ 5,995,814     $ 42,608     $ 6,038,422  
 
See accompanying Notes to Consolidated Financial Statements.
 
5
 
Jackson National Life Insurance Company and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
 
   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Cash flows from operating activities:
                  
Net income
   $ 760,120     $ 937,755     $ 577,732  
Adjustments to reconcile net income to net cash provided by operating activities:
                        
Net realized gains on investments
     (81,145 )     (28,487 )     (113,933 )
Net losses on derivatives
     1,865,137       585,288       809,328  
Interest credited on other contract holder funds, gross
     1,650,459       1,473,482       1,396,036  
Mortality, expense and surrender charges
     (743,799 )     (462,531 )     (343,983 )
Amortization of discount and premium on investments
     49,408       39,699       5,428  
Deferred income tax expense
     277,078       53,323       153,591  
Share-based compensation
     39,947       32,946       11,802  
Change in:
                        
Accrued investment income
     (3,707 )     (10,276 )     (22,423 )
Deferred sales inducements and acquisition costs
     (848,133 )     (832,841 )     (810,412 )
Trading portfolio activity, net
     (128,415 )     (88,260 )     151,494  
Income taxes receivable (payable)
     86,261       25,030       (130,920 )
Other assets and liabilities, net
     85,812       245,722       (495,938 )
Net cash provided by operating activities
     3,009,023       1,970,850       1,187,802  
                         
Cash flows from investing activities:
                        
Sales, maturities and repayments of:
                        
Fixed maturities
     5,798,733       6,507,615       8,981,098  
Commercial mortgage loans
     1,339,273       918,780       1,323,959  
Purchases of:
                        
Fixed maturities
     (5,543,494 )     (5,294,561 )     (8,202,646 )
Commercial mortgage loans
     (1,654,026 )     (1,137,725 )     (1,185,257 )
Purchase of REALIC, net of cash acquired
     (17,696 )     (354,172 )     -  
Other investing activities
     (2,489,841 )     (1,413,375 )     (514,011 )
Net cash (used in) provided by investing activities
     (2,567,051 )     (773,438 )     403,143  
                         
Cash flows from financing activities:
                        
Policyholders’ account balances:
                        
Deposits
     25,196,030       23,226,461       20,374,771  
Withdrawals
     (11,810,633 )     (9,101,692 )     (8,846,295 )
Net transfers to separate accounts
     (14,094,490 )     (14,164,019 )     (12,256,282 )
Net proceeds from (payments on) repurchase agreements
     415,271       (100,709 )     (451,678 )
Net proceeds from (payments on) Federal Home Loan Bank notes
     200,000       (150,000 )     150,000  
Net payments on debt
     (7,500 )     (5,000 )     (40,870 )
Shares held in trust at cost, net
     2,313       (8,286 )     (8,591 )
Payment of cash dividends to Parent
     (507,000 )     (400,000 )     (530,000 )
Net cash used in financing activities
     (606,009 )     (703,245 )     (1,608,945 )
                         
Net (decrease) increase in cash and cash equivalents
     (164,037 )     494,167       (18,000 )
                         
Cash and cash equivalents, beginning of year
     1,150,420       656,253       674,253  
Total cash and cash equivalents, end of year
   $ 986,383     $ 1,150,420     $ 656,253  
                         
Supplemental Cash Flow Information
                        
Income tax (received) paid
   $ (241,921 )   $ 241,201     $ 170,022  
Interest paid
   $ 21,900     $ 22,011     $ 22,356  
 
See accompanying Notes to Consolidated Financial Statements.
 
6
 
Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012 
 
1.     Business and Basis of Presentation
 
Jackson National Life Insurance Company (the “Company” or “Jackson”) is wholly owned by Brooke Life Insurance Company (“Brooke Life” or the “Parent”), which is ultimately a wholly owned subsidiary of Prudential plc (“Prudential”), London, England.  Jackson, together with its New York life insurance subsidiary, is licensed to sell group and individual annuity products (including immediate, index linked and deferred fixed annuities and variable annuities), guaranteed investment contracts (“GICs”) and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia.
 
The consolidated financial statements include accounts, after the elimination of intercompany accounts and transactions, of the following:
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Life insurers: Jackson and its wholly owned subsidiaries Jackson National Life Insurance Company of New York, Squire Reassurance Company LLC (“Squire Re”), VFL International Life Company SPC, LTD and Jackson National Life (Bermuda) LTD;
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Wholly owned broker-dealer, investment management and investment advisor subsidiaries: Jackson National Life Distributors, LLC, Jackson National Asset Management, LLC, Curian Clearing, LLC and Curian Capital, LLC;
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PGDS (US One) LLC (“PGDS”), a wholly owned subsidiary that provides information technology services to Jackson and certain affiliates;
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Hermitage Management, LLC, a wholly owned subsidiary that holds and manages certain real estate related investments;
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Other insignificant wholly owned subsidiaries; and
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Other partnerships, limited liability companies and variable interest entities (“VIEs”) in which Jackson has a controlling interest or is deemed the primary beneficiary.

Acquisition
On September 4, 2012, the Company acquired 100% of the equity of SRLC America Holding Corp. (“SRLC”) from Swiss Re Life Capital Ltd (“Swiss Re”) for a preliminary purchase price of $663.3 million, which was reduced by a $73.9 million current net operating loss carryback income tax recoverable, resulting in an initial cash payment of $589.4 million at the time of sale.  Subsequent adjustments through December 31, 2012 reduced the preliminary purchase price from $663.3 million to $587.3 million, which was subject to final agreement with Swiss Re.  In 2013, after finalizing the opening balance sheet and the resolution of purchase price discussions with Swiss Re, the final purchase price was settled at $605.1 million.  See Note 3 for additional information regarding the acquisition.

SRLC’s primary subsidiary was Reassure America Life Insurance Company (“REALIC”), which was merged into Jackson as of December 31, 2012.  REALIC’s primary business activity involved the acquisition of blocks of life insurance, including corporate owned life insurance, disability income and/or annuity contracts in force.  In addition to REALIC, SRLC had other insignificant subsidiaries.  Subsequent to the purchase, SRLC was dissolved and its subsidiaries became direct subsidiaries of Jackson.

Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).  Intercompany accounts and transactions have been eliminated upon consolidation.   Certain amounts in the 2012 and 2011 consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the 2013 presentation.

The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the financial statements and the accompanying notes.  Significant estimates or assumptions, as further discussed in the notes, include: 1) valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is other-than-temporary; 2) assessments as to whether certain entities are variable interest entities, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; 3) assumptions impacting future gross profits, including lapse and mortality rates, expenses, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs and deferred sales inducements; 4) assumptions used in calculating policy reserves and liabilities, including lapse and mortality rates, expenses and investment returns; 5) assumptions as to future earnings levels being sufficient to realize
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012   
 
deferred tax benefits; 6) estimates related to establishment of loan loss reserves, allowances on receivables, liabilities for lawsuits and state guaranty fund assessments; 7) assumptions and estimates associated with the Company’s tax positions which impact the amount of recognized tax benefits recorded by the Company; 8) value of guarantee obligations; and 9) value of business acquired, its recoverability and amortization.  These estimates and assumptions are based on management’s best estimates and judgments.  Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate.  As facts and circumstances dictate, these estimates and assumptions may be adjusted.  Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.  Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the financial statements in the periods the estimates are changed.

2.
Summary of Significant Accounting Policies

Changes in Accounting Principles – Adopted in Current Year
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes,” which permits the Fed Funds Effective Swap Rate to be used as a benchmark interest rate for hedge accounting purposes under the FASB Accounting Standards Codification in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (“LIBOR”) swap rate.  Effective January 1, 2013, the Company adopted ASU No. 2013-10, with no impact on the Company’s consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires enhanced reporting of amounts reclassified out of accumulated other comprehensive income by component of such amounts either on the face of the financial statements or in the notes to the financial statements.  This information is required to be applied prospectively.  Effective January 1, 2013, the Company adopted ASU No. 2013-02 and has included the required disclosures in Note 20, with no impact on the Company’s consolidated financial statements.

In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities,” which requires an entity to disclose information about offsetting and related arrangements, and in January 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” which clarifies the definition of a master netting arrangement and the intended scope of ASU No. 2011-11.  Effective January 1, 2013, the Company adopted ASU No. 2011-11, after considering the scope clarification in ASU No. 2013-01, and has included the required disclosures in Note 5, with no significant impact on the Company’s consolidated financial statements.

Changes in Accounting Principles – Issued but Not Yet Adopted
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” in order to explicitly define the financial statement presentation requirements in GAAP.  ASU No. 2013-11 provides that unrecognized tax benefits should be presented as a reduction of a deferred tax asset for a net operating loss or other tax credit carryforward when settlement in this manner is available under the tax law.  ASU No. 2013-11 is effective for periods beginning after December 15, 2013 and is not expected to have a material impact on the Company’s consolidated financial statements.

In June 2013, the FASB issued ASU No. 2013-08, “Financial Services – Investment Companies – Amendments to the Scope, Measurement, and Disclosure Requirements,” which amends the criteria a company must meet to qualify as an investment company and provides comprehensive accounting guidance for assessing whether an entity is an investment company.  ASU No. 2013-08 requires an assessment of all the characteristics of an investment company through the use of a new two-tiered approach, which considers the entity’s purpose and design to determine whether it is an investment company. If an entity is no longer classified as an investment company, it must discontinue the application of investment company accounting guidance and present the change in status through a cumulative effect adjustment to the beginning balance of retained earnings in the period of adoption.  If an entity becomes classified as an investment company, the standard should be applied prospectively with the effect of adoption recognized as an adjustment to opening net assets for the period of adoption.  ASU No. 2013-08 is effective for periods beginning after
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
December 15, 2013 and is not expected to have a material impact on the Company’s consolidated financial statements.

Comprehensive Income
Comprehensive income includes all changes in stockholder’s equity (except those arising from transactions with owners/stockholders) and, in the Company’s case, includes net income and net unrealized gains or losses on available for sale securities.

Investments
Fixed maturities consist primarily of bonds, notes, and asset-backed securities.  Acquisition discounts and premiums on fixed maturities are amortized into investment income through call or maturity dates using the effective interest method.  Discounts and premiums on asset-backed securities are amortized over the estimated redemption period.  Certain asset-backed securities are considered to be other than high quality or otherwise deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment due to unanticipated prepayment events.  For these securities, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis.  The carrying value of such securities was $826.3 million and $878.0 million as of December 31, 2013 and 2012, respectively.

Fixed maturities are generally classified as available for sale and are carried at fair value.  For declines in fair value considered to be other-than-temporary, an impairment charge reflecting the difference between the amortized cost basis and fair value is included in net realized losses on investments.  If management believes the Company does not intend to sell the security and is not more likely than not to be required to sell the security prior to recovery of its amortized cost basis, an amount representing the non-credit related portion of a loss is reclassified out of net realized losses on investments and into other comprehensive income.  In determining whether an other-than-temporary impairment has occurred, and in calculating the non-credit related component of the total impairment loss, the Company considers a number of factors, which are further described in Note 4.

At December 31, 2013 and 2012, all equity holdings were classified as trading.  Trading securities are carried at fair value with changes in value included in net investment income.

Commercial mortgage loans are carried at the aggregate unpaid principal balance, adjusted for any applicable unamortized discount or premium, impairments or allowance for loan losses.

On a periodic basis, the Company assesses the commercial mortgage loan portfolio for the need for an allowance for loan losses.  In determining its allowance for loan losses, the Company evaluates each loan to determine if it is probable that amounts due according to the contractual terms of the loan agreement will not be collected.  The allowance includes loan specific reserves for loans that are determined to be non-performing as a result of this loan review process and a portfolio reserve for probable incurred but not specifically identified losses for performing loans.  The loan specific portion of the loss allowance is based on the Company’s assessment as to ultimate collectability of loan principal and interest, or other value expected in lieu of loan principal and interest.  This review contemplates a variety of factors which may include, but are not limited to, current economic conditions, the physical condition of the property, the financial condition of the borrower, and the near and long-term prospects for change in these conditions.  In determining the portfolio reserve for incurred but not specifically identified losses, Jackson considers the current credit composition of the portfolio based on the results of its loan modeling analysis, which considers property type, default statistics, historical losses and other relevant factors to determine probability of default and other default loss estimates.  Model assumptions are updated each quarter and, based upon actual loan experience, are considered together with other relevant qualitative factors in making the final portfolio reserve calculations.  The valuation allowance for commercial mortgage loans can increase or decrease from period to period based on these factors.  Changes in the allowance for loan losses are recorded in investment income.

Separately, the Company also reviews individual loans in the portfolio for impairment based on an assessment of the factors identified above.  Impairment charges recognized are recorded initially against the established loan loss allowance and, if necessary, any additional amounts are recorded as realized losses.  As deemed necessary based on cash flow expectations and other factors, Jackson may place loans on non-accrual status.  In this case, all cash received is applied against the carrying value of the loan.
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012 

Policy loans are loans the Company issues to contract holders that use the cash surrender value of their life insurance policy or annuity contract as collateral.  In connection with the acquisition of REALIC, the Company elected the fair value option upon acquisition of policy loans held as collateral for reinsurance, further described below.  At December 31, 2013 and 2012, $3.1 billion and $3.0 billion of these loans were carried at fair value, respectively, which the Company believes is equal to the unpaid principal balances plus accrued investment income.  At December 31, 2013 and 2012, the Company had $1.3 billion and $1.4 billion of policy loans not held as collateral for reinsurance, respectively, which were carried at the unpaid principal balances.

Other invested assets primarily include investments in limited partnerships and real estate.  Carrying values for limited partnership investments are determined by using the proportion of Jackson’s investment in each fund (Net Asset Value (“NAV”) equivalent) as a practical expedient for fair value.

Real estate is carried at the lower of depreciated cost or fair value.

The Company holds interests in VIEs that represent primary beneficial interests.  These consolidated VIEs are comprised of entities structured to hold and manage investments.

Realized gains and losses on sales of investments are recognized in income at the date of sale and are determined using the specific cost identification method.

In connection with the acquisition of REALIC, the Company elected the fair value option for certain assets which are held as collateral for reinsurance, as further described below.  Accordingly, the Company established a funds held liability, for which the Company also elected the fair value option.  The value of the funds held liability is equal to the fair value of the assets held as collateral.  The income and any changes in unrealized gains and losses on these assets and the corresponding funds held liability are included in net investment income and have no impact on the Company’s consolidated income statements.

The changes in unrealized gains and losses on certain investments which are classified as available for sale and the non-credit related portion of other-than-temporary impairment charges are excluded from net income and included as a component of other comprehensive income and total equity, net of tax and the effect of the adjustment for deferred acquisition costs and deferred sales inducements.  The changes in unrealized gains and losses on investments for which Jackson elected the fair value option are included in net investment income.

Derivative Instruments and Embedded Derivatives
The Company enters into financial derivative transactions, including, but not limited to, swaps, put-swaptions, futures and options to reduce and manage business risks.  These transactions manage the risk of a change in the value, yield, price, cash flows, credit quality or degree of exposure with respect to assets, liabilities or future cash flows which the Company has acquired or incurred.  The Company manages the potential credit exposure for over-the-counter derivative contracts through careful evaluation of the counterparty credit standing, collateral agreements, and master netting agreements.  The Company is exposed to credit-related losses in the event of nonperformance by counterparties, however, it does not anticipate nonperformance.  There were no charges due to nonperformance by derivative counterparties in 2013, 2012, or 2011.

The Company generally uses freestanding derivative instruments for hedging purposes.  Additionally, certain liabilities, primarily trust instruments supported by funding agreements, index linked annuities and guarantees offered in connection with variable annuities issued by the Company, contain embedded derivative instruments.  Further details regarding Jackson’s derivative positions are included in Note 5.  The Company generally does not account for freestanding derivatives as either fair value or cash flow hedges as might be permitted if specific hedging documentation requirements were followed.  Financial derivatives, including derivatives embedded in certain host liabilities that have been separated for accounting and financial reporting purposes, are carried at fair value.  The results from freestanding derivative instruments and embedded derivatives, including net payments, realized gains and losses and changes in value, are reported in net income, as further detailed in Note 5.

Cash and Cash Equivalents
Cash and cash equivalents primarily include money market instruments and bank deposits.
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012

Fair Value Measurement
Fair value measurements are based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information.  The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.  All financial assets and liabilities measured at fair value are required to be classified into one of the following categories:
Level 1
Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date.  Level 1 securities include U.S. Treasury securities and exchange traded equity securities and derivative instruments.

Level 2
Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.  Most fixed maturity securities that are model priced using observable inputs are classified within Level 2.  Also included are freestanding and embedded derivative instruments that are priced using models with observable market inputs.

Level 3
Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk).  Limited partnership interests and those embedded derivative instruments that are valued using unobservable inputs are included in Level 3.  Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment may be used to determine the Level 3 fair values.  Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy.  In these situations, the Company determines the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value.  As a result, both observable and unobservable inputs may be used in the determination of fair values that the Company has classified within Level 3.

The Company determines the fair values of certain financial assets and liabilities based on quoted market prices, where available.  The Company may also determine fair value based on estimated future cash flows discounted at the appropriate current market rate.  When appropriate, fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument.  At times, illiquid market conditions may result in inactive markets for certain of the Company’s financial instruments.  In such instances, there may be no or limited observable market data for these assets and liabilities.  Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors.  These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ materially from the values that would have been used had an active market existed.  As a result of market inactivity, such calculated fair value estimates may not be realizable in an immediate sale or settlement of the instrument.  In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

Refer to Note 6 for further discussion of the methodologies used to determine fair values of the Company’s financial instruments.

Deferred Acquisition Costs
Under current accounting guidance, certain costs that are directly related to the successful acquisition of new or renewal insurance business can be capitalized as deferred acquisition costs.  These costs primarily pertain to commissions and certain costs associated with policy issuance and underwriting.  All other acquisition costs are expensed as incurred.

Deferred acquisition costs are increased by interest thereon and amortized into income in proportion to anticipated premium revenues for traditional life policies and in proportion to estimated gross profits, including realized gains
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
and losses and derivative movements, for annuities and interest-sensitive life products.  Due to volatility of certain factors that affect gross profits, including realized capital gains and losses and derivative movements, amortization may be a benefit or a charge in any given period.  In the event of negative amortization, the related deferred acquisition cost balance is capped at the initial amount capitalized, plus interest.  Unamortized deferred acquisition costs are written off when a contract is internally replaced and substantially changed.

As certain fixed maturities available for sale are carried at fair value, an adjustment is made to deferred acquisition costs equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields.  This adjustment, along with the change in net unrealized gains (losses) on fixed maturities available for sale, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income.  Deferred acquisition costs decreased by $591.0 million and $1,244.9 million at December 31, 2013 and 2012, respectively, to reflect this adjustment.

For variable annuity business, the Company employs a mean reversion methodology that is applied with the objective of adjusting the amortization of deferred acquisition costs that would otherwise be highly volatile due to fluctuations in the level of future gross profits arising from changes in equity market levels.  The mean reversion methodology achieves this objective by applying a dynamic adjustment to the assumption for short-term future investment returns.  Under this methodology, the projected returns for the next five years are set such that, when combined with the actual returns for the current and preceding two years, the average rate of return over the eight-year period is 7.4% and 8.4% for 2013 and 2012, respectively, after investment management fees.  The mean reversion methodology does, however, include a cap and a floor of 15% and 0% per annum, respectively, on the projected return for each of the next five years.  At December 31, 2013 and 2012, projected returns after the next five years were set at 7.4% and 8.4%, respectively.  At December 31, 2013 and 2012, projected returns under mean reversion were below the 15% cap.

Deferred acquisition costs are reviewed periodically to ensure that the unamortized portion does not exceed the expected recoverable amounts.  Any amount deemed unrecoverable is written off with a charge through deferred acquisition costs amortization.  No such write-offs were required for 2013, 2012, and 2011.

Deferred Sales Inducements
Under current accounting guidance, certain sales inducement costs that are directly related to the successful acquisition of new or renewal insurance business can be capitalized as deferred sales inducement costs.  Bonus interest on deferred fixed annuities and contract enhancements on index linked annuities and variable annuities are capitalized as deferred sales inducements and included in other assets.  Deferred sales inducements are increased by interest thereon and amortized into income in proportion to estimated gross profits, including realized capital gains and losses and derivative movements.  Due to volatility of certain factors that affect gross profits, including realized capital gains and losses and derivative movements, amortization may be a benefit or a charge in any given period.  In the event of negative amortization, the related deferred sales inducements balance is capped at the initial amount capitalized, plus interest.  Unamortized deferred sales inducements are written off when a contract is internally replaced and substantially changed.

As certain fixed maturities available for sale are carried at fair value, an adjustment is made to deferred sales inducements equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields.  This adjustment, along with the change in net unrealized gains (losses) on fixed maturities available for sale, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income.  Deferred sales inducements decreased by $104.8 million and $216.5 million at December 31, 2013 and 2012, respectively, to reflect this adjustment.

For variable annuity business, the Company employs the same mean reversion methodology as is employed for deferred acquisition costs as described above.

Deferred sales inducements are reviewed periodically to ensure that the unamortized portion does not exceed the expected recoverable amounts.  Any amount deemed unrecoverable is written off with a charge through deferred sales inducements amortization.  No such write-offs were required for 2013, 2012, and 2011.
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
Actuarial Assumption Changes (Unlocking)
Annually, or as circumstances warrant, the Company conducts a comprehensive review of the assumptions used for its estimates of future gross profits underlying the amortization of deferred acquisition costs and deferred sales inducements, as well as the valuation of the embedded derivatives and reserves for life insurance and annuity products with living benefit and death benefit guarantees.  These assumptions include investment margins, fund allocation, mortality, persistency, rider utilization and policy maintenance expenses.  Based on this review, the cumulative balances of deferred acquisition costs, deferred sales inducements and life and annuity reserves are adjusted with a corresponding benefit or charge to net income.   

Reinsurance and Funds Held Under Reinsurance Treaties
The Company enters into assumed and ceded reinsurance agreements with other companies in the normal course of business.  Ceded reinsurance agreements are reported on a gross basis on the Company’s consolidated balance sheets as an asset for amounts recoverable from reinsurers or as a component of other assets or liabilities for amounts, such as premiums, owed to or due from reinsurers.  Reinsurance assumed and ceded premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.  Premium income and benefit expenses are reported net of reinsurance assumed and ceded.

In connection with and prior to the previously mentioned acquisition, REALIC entered into three retrocession reinsurance agreements (“retro treaties”) with Swiss Reinsurance Company Ltd. (“SRZ”).  Pursuant to these retro treaties, the Company ceded on a 100% coinsurance basis to SRZ and SRZ assumed certain blocks of business written or reinsured by REALIC.

As a result of these retro treaties, the Company holds certain assets, primarily in the form of policy loans and fixed maturities, as collateral for the reinsurance recoverable.  Investment income and capital gains or losses earned on assets held as collateral are paid by the Company to SRZ pursuant to the terms of the treaties.  Investment income and capital gains and losses are reported net of investment income and capital gains and losses on funds held under reinsurance treaties, with no net impact on the Company’s consolidated income statement.

The income credited to SRZ on the funds held for the retro treaties is based on the income earned on those assets, which results in an embedded derivative (total return swap).  However, at acquisition, the Company elected the fair value option for the funds held liability, which is carried at fair value with changes in fair value reported in net investment income.  Accordingly, the embedded derivative is not bifurcated or separately valued.

Value of Business Acquired
As a result of the acquisition of SRLC in 2012, which is further described in Note 3, the Company recorded an intangible asset representing the value of business acquired (“VOBA”), which is included in other assets.  In connection with the acquisition of insurance policies and investment contracts, a portion of the purchase price is assigned to the right to receive future gross profits from the acquired insurance policies and investment contracts.  This intangible asset, or VOBA, represents the actuarially estimated present value of future cash flows from the acquired policies.  The Company has established a VOBA intangible asset for the acquired traditional life insurance products and deferred annuity contracts, as a result of the acquisition of SRLC.  This intangible asset will be amortized over the life of the business, which approximates 20 years.  The unamortized VOBA balance is subject to recoverability testing at the end of each reporting period to ensure that the balance does not exceed the present value of anticipated gross profits.

Income Taxes
The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as certain foreign jurisdictions.
 
Jackson files a consolidated federal income tax return with Brooke Life and Jackson National Life Insurance Company of New York.  Subsequent to the liquidation of SRLC on September 5, 2012, REALIC also joined the consolidated tax return through the date of its merger into the Company on December 31, 2012.  Jackson National Life (Bermuda) LTD and VFL International Life Company SPC, LTD are taxed as controlled foreign corporations of Jackson.  All other subsidiaries are limited liability companies with all of their interests owned by Jackson.  Accordingly, they are not considered separate entities for income tax purposes and, therefore, are taxed as part of the
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
operations of Jackson.  Income tax expense is the lesser of the amount calculated on a separate company basis or Jackson’s pro-rata share of the actual liability as determined under the consolidated return taking into account only Jackson and Brooke Life.

Deferred federal income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes.  Such temporary differences are principally related to the effects of recording certain invested assets at market value, the deferral of acquisition costs and sales inducements and the provisions for future policy benefits and expenses.  Deferred tax assets and liabilities are measured using the tax rates expected to be in effect when such benefits are realized.  Jackson is required to test the value of deferred tax assets for realizability.  Deferred tax assets are reduced by a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.  In determining the need for a valuation allowance, the Company considers the carryback eligibility of losses, reversal of existing temporary differences, estimated future taxable income and tax planning strategies.

The determination of the valuation allowance for Jackson’s deferred tax assets requires management to make certain judgments and assumptions regarding future operations that are based on historical experience and expectations of future performance.  In order to recognize a tax benefit in the consolidated financial statements, there must be a greater than fifty percent chance of success of the Company’s position being sustained by the relevant taxing authority with regard to that tax position.  Management’s judgments are potentially subject to change given the inherent uncertainty in predicting future performance, which is impacted by such factors as policyholder behavior, competitor pricing and other specific industry and market conditions.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense.
 
Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds
For traditional life insurance contracts, which include term and whole life, reserves for future policy benefits are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest, persistency and expenses plus provisions for adverse deviations.  These assumptions are not unlocked unless the reserve is determined to be deficient.  Mortality assumptions range from 25% to 175% of the 1975-1980 Basic Select and Ultimate tables depending on policy duration.  Interest rate assumptions range from 2.5% to 6.0%.  Lapse and expense assumptions are based on Company experience.  The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 10.

Upon acquisition of REALIC, the Company recorded a fair value adjustment related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the inforce liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate.  This adjustment was recorded in reserves for future policy benefits and claims payable.  This component of the acquired reserves is reassessed at the end of each period, taking into account changes in the inforce block.  Any resulting change in the reserve is recorded as a change in reserve through the consolidated income statement.   

For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to the REALIC acquired business.  For deferred annuities, the liability is the policyholder’s account value, plus the unamortized balance of the fair value adjustment related to the REALIC acquired business.  For the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder’s account value.  The liability for index linked annuities is based on two components, 1) the imputed value of the underlying guaranteed host contract and 2) the fair value of the embedded option component of the contract.

The Company has formed both a special purpose vehicle and a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements.
 
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Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
Those Medium Term Note instruments issued in a foreign currency have been economically hedged for changes in exchange rates using cross-currency swaps.  The fair value of derivatives embedded in funding agreements, including unrealized foreign currency gains and losses, are included in the carrying value of the trust instruments supported by funding agreements.

Trust instrument liabilities are adjusted to reflect the effects of foreign currency gains and losses using exchange rates as of the reporting date.  Foreign currency gains and losses are included in other investment losses.

Jackson and Squire Re are members of the Federal Home Loan Bank of Indianapolis (“FHLBI”) primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with short-term and long-term funding facilities.  Members are required to purchase and hold a minimum amount of FHLBI capital stock plus additional stock based on outstanding advances.  Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI.

The Company’s stable value business is comprised of the guaranteed investment contracts, funding agreements and FHLBI funding agreement advances described above.

Contingent Liabilities
The Company is a party to legal actions and, at times, regulatory investigations.  Given the inherent unpredictability of these matters, it is difficult to estimate their impact on the Company’s financial position.  A reserve is established for contingent liabilities if it is probable that a loss has been incurred and the amount is reasonably estimable.  It is possible that an adverse outcome in certain of the Company’s contingent liabilities, or the use of different assumptions in the determination of amounts recorded, could have a material effect upon the Company’s financial position.  However, it is the opinion of management that the ultimate disposition of contingent liabilities will not have a material adverse effect on the Company’s financial position.

Separate Account Assets and Liabilities
The Company maintains separate account assets, which are reported at fair value.  The related liabilities are reported at an amount equivalent to the separate account assets.  At December 31, 2013 and 2012, the assets and liabilities associated with variable life and annuity contracts, aggregated $108.8 billion and $80.1 billion, respectively.  Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company.  Refer to Note 10 for additional information regarding the Company’s contractual guarantees.  Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements.  Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue as fee income. 

Included in the above mentioned assets and liabilities is a Company issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan.  These deposits are allocated to the Jackson National Separate Account – II, which had balances of $290.6 million and $217.8 million at December 31, 2013 and 2012, respectively.  The Company receives administrative fees for managing the funds.  These fees are recorded as earned and included in fee income in the consolidated income statements.

Debt
Liabilities for the Company’s debt are primarily carried at an amount equal to the unpaid principal balance.  Original issuance discount or premium and any debt issue costs, if applicable, are recognized as a component of interest expense over the period the debt is expected to be outstanding.  Refer to Note 11 for further information regarding the Company’s debt. 

Share-Based Compensation
As more fully described in Note 15, the Company has certain share award plans that are either equity settled or liability settled.  For equity settled share award plans, the Company recognizes compensation expense based on a grant-date award fair value as determined using either the Black-Scholes model or the Monte Carlo model, ratably over the requisite service period of each individual grant, which generally equals the vesting period.  For the liability settled share award plans, the associated compensation expense is recognized based on the change in fair value of the award at the end of each reporting period due to cash settlement alternatives.
 
15
 
Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
Revenue and Expense Recognition
Premiums for traditional life insurance are reported as revenues when due.  Benefits, claims and expenses are associated with earned revenues in order to recognize profit over the lives of the contracts.  This association is accomplished through provisions for future policy benefits and the deferral and amortization of certain acquisition costs.

Deposits on interest-sensitive life products and investment contracts, principally deferred annuities and guaranteed investment contracts, are treated as policyholder deposits and excluded from revenue.  Revenues consist primarily of investment income and charges assessed against the account value for mortality charges, surrenders, variable annuity benefit guarantees and administrative expenses.  Fee income also includes revenues related to asset management fees and certain service fees.  Surrender benefits are treated as repayments of the policyholder account.  Annuity benefit payments are treated as reductions to the policyholder account.  Death benefits in excess of the policyholder account are recognized as an expense when incurred.  Expenses consist primarily of the interest credited to policyholder deposits.  Underwriting and other direct acquisition expenses are associated with gross profit in order to recognize profit over the life of the business.  This is accomplished through deferral and amortization of acquisition costs and sales inducements.  Expenses not related to policy acquisition are recognized when incurred.

Investment income is not accrued on securities in default and otherwise where the collection is uncertain.  In these cases, receipts of interest on such securities are used to reduce the cost basis of the securities.

Subsequent Events
The Company has evaluated events through March 7, 2014, which is the date the consolidated financial statements were available to be issued.

3.     Acquisition

On September 4, 2012, the Company acquired 100% of the equity in SRLC from Swiss Re for a preliminary purchase price of $663.3 million, which was reduced by a $73.9 million current net operating loss carryback income tax recoverable, resulting in an initial cash payment of $589.4 million at the time of sale. Subsequent adjustments through December 31, 2012, reduced the preliminary purchase price from $663.3 million to $587.3 million, which was subject to final agreement with Swiss Re.  In 2013, after finalizing the opening balance sheet and the resolution of purchase price discussions with Swiss Re, the final purchase price was settled at $605.1 million.

SRLC’s primary subsidiary was REALIC, which was merged into Jackson as of December 31, 2012.  REALIC’s primary business activity involved the acquisition of blocks of life insurance, including corporate owned life insurance, disability income and/or annuity contracts in force.  In addition to REALIC, SRLC had several other insignificant subsidiaries.  Subsequent to the purchase, SRLC was dissolved and its subsidiaries became direct subsidiaries of Jackson.  The results of the above mentioned subsidiaries have been included in these consolidated financial statements since the date of acquisition.

In conjunction with the acquisition, which was accounted for under the purchase method of accounting, the Company recorded a VOBA intangible asset of $8.0 million, for acquired life insurance policies and annuity contracts.  This intangible asset, which was reported in other assets at December 31, 2012, represented the actuarially estimated present value of future cash flows from the acquired policies.  As a result of the Company’s final review and updated information on certain accruals, related expenses and valuation adjustments during the twelve month measurement period following the acquisition close date, the VOBA intangible asset was increased to $48.7 million.  This intangible asset will be amortized over the life of the business, which approximates 20 years.  The unamortized VOBA balance is subject to recoverability throughout each reporting period to ensure that the balance does not exceed the present value of anticipated gross profits.

As a result of these adjustments and the final agreed purchase price, the net amount of assets acquired and liabilities assumed exceeded the final purchase price, with the related income impact of $47.0 million included in other income in 2013.  In accordance with business combination accounting guidance and before recognizing the gain as a bargain purchase, the Company completed a final reassessment of all the assets acquired and all the liabilities assumed.
 
16
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Twelve and four months of earnings of the acquired entities are included in the consolidated financial statements of the Company for the years ended December 31, 2013 and 2012, respectively. 

The following table summarizes the fair value of SRLC’s assets acquired and liabilities assumed, as of the September 4, 2012 acquisition date (in thousands):
 
       
   
As Reported
  
   
at December
  
      31, 2012  
Assets:
        
Fixed maturities
   $ 11,401,180  
Trading securities, at fair value
     8,946  
Commercial mortgage loans
     18,326  
Policy loans (includes $2,951,560 at fair value under the fair value option)
     3,483,191  
Cash and cash equivalents
     233,176  
Accrued investment income
     91,981  
Reinsurance recoverable
     8,647,203  
Value of business acquired
     8,000  
Deferred income taxes, net
     618,500  
Other assets
     131,090  
Separate account assets
     100,870  
Total assets
     24,742,463  
Liabilities:
        
Reserves for future policy benefits and claims payable and other contract holder funds
     20,409,694  
Funds held under reinsurance treaties, at fair value under fair value option
     3,295,994  
Other liabilities
     348,557  
Separate account liabilities
     100,870  
Total liabilities
     24,155,115  
Net assets acquired
   $ 587,348  
  
The Company obtained valuation of certain of its reserves for the acquired blocks of business from an actuarial consulting firm; however, all estimates, key assumptions, or other valuation methodologies were either provided by or reviewed by the Company.  The fair value analyses and valuation methodologies related to its reserves represent the conclusions of the Company’s management and not the conclusions or statements of any third-party.

As described above, the Company completed its final review of the acquired assets and assumed liabilities during the twelve month measurement period following the acquisition date.  As a result of adjustments made during this review, the final net assets acquired totaled $609.7 million.

The following table presents selected financial information reflecting results since September 4, 2012 of the acquired entities that are included in the Company’s consolidated income statements for the year ended December 31, 2012 (in thousands):
         
Total revenues
   $ 355,164  
Pretax income
     96,480  
 
17
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The following table reflects the unaudited pro forma results for the Company, giving effect to the acquisition as if it had occurred as of the beginning of each of the periods presented and includes the result of certain non-recurring restructuring transactions effected by SRLC prior to the acquisition (in thousands).
       
   
For the Years Ended December 31,
  
   
2012
    
2011
  
   Total revenues
   $ 5,896,740     $ 5,371,487  
   Total expenses
     (4,505,032 )     (4,523,526 )
   Pretax income
     1,391,708       847,961  
   Income tax expense
     389,909       205,328  
   Net income
   $ 1,001,799     $ 642,633  
 
While the unaudited pro forma results reflect the combined operations of Jackson and the acquired business, they are not necessarily indicative, nor are they intended to be indicative, of the financial position and future operating results of the merged companies.
 
4.
Investments

Investments are comprised primarily of fixed-income securities, primarily publicly traded industrial, utility and government bonds, asset-backed securities and commercial mortgage loans.  Asset-backed securities include mortgage-backed and other structured securities.  The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and guaranteed investment contracts on which it has committed to pay a declared rate of interest.  The Company’s strategy of investing in fixed-income securities and loans aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Fixed Maturities
The following table sets forth the composition of the fair value of fixed maturities at December 31, 2013, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s affiliated investment advisor.   At December 31, 2013, the carrying value of investments rated by the Company’s affiliated investment advisor totaled $196.8 million.  For purposes of the table, if not otherwise rated higher by a NRSRO, NAIC Class 1 investments are included in the A rating; Class 2 in BBB; Class 3 in BB and Classes 4 through 6 in B and below.
       
   
Percent of Total
  
   
Fixed Maturities
  
   
Carrying Value
  
Investment Rating
    
December 31, 2013
  
AAA
     21.9 %
AA
     5.2 %
A
     31.0 %
BBB
     36.7 %
Investment grade
     94.8 %
BB
     2.5 %
B and below
     2.7 %
Below investment grade
     5.2 %
Total fixed maturities
     100.0 %
 
At December 31, 2013, based on ratings by NRSROs, of the total carrying value of fixed maturities in an unrealized loss position, 87% were investment grade, 5% were below investment grade and 8% were not rated.  Unrealized losses on fixed maturities that were below investment grade or not rated were approximately 10% of the aggregate gross unrealized losses on available for sale fixed maturities.

18
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Corporate securities in an unrealized loss position were diversified across industries.  As of December 31, 2013, the industries accounting for the larger percentage of unrealized losses included energy (6% of fixed maturities gross unrealized losses) and healthcare (5%).  The largest unrealized loss related to a single corporate obligor was $12.3 million at December 31, 2013.

At December 31, 2013 and 2012, the amortized cost, gross unrealized gains and losses, fair value and non-credit other-than-temporary impairment (“OTTI”) of available for sale fixed maturities, including $164.8 million and $319.3 million in securities carried at fair value under the fair value option, were as follows (in thousands):
                               
         
Gross
    
Gross
              
   
Amortized
  
Unrealized
    
Unrealized
    
Fair
  
Non-credit
  
December 31, 2013
  
Cost (1)
    
Gains
    
Losses
    
Value
    
OTTI (2)
  
Fixed Maturities
                              
U.S. government securities
   $ 4,923,547     $ 116,113     $ 522,827     $ 4,516,833     $ -  
Other government securities
     1,160,904       247       163,165       997,986       (150 )
Public utilities
     4,190,566       323,127       61,707       4,451,986       -  
Corporate securities
     30,876,619       1,732,115       550,449       32,058,285       -  
Residential mortgage-backed
     2,901,888       61,468       60,532       2,902,824       (17,496 )
Commercial mortgage-backed
     3,578,810       293,747       45,670       3,826,887       (4,154 )
Other asset-backed securities
     987,680       19,266       32,642       974,304       (3,790 )
Total fixed maturities
   $ 48,620,014     $ 2,546,083     $ 1,436,992     $ 49,729,105     $ (25,590 )
                                         
           
Gross
    
Gross
                  
   
Amortized
  
Unrealized
    
Unrealized
    
Fair
  
Non-credit
  
December 31, 2012
  
Cost (1)
    
Gains
    
Losses
    
Value
    
OTTI (2)
  
Fixed Maturities
                                        
U.S. government securities
   $ 5,184,095     $ 408,142     $ 104,555     $ 5,487,682     $ -  
Other government securities
     1,227,727       2,864       11,848       1,218,743       -  
Public utilities
     4,152,032       559,519       6,732       4,704,819       -  
Corporate securities
     29,690,303       3,039,115       40,707       32,688,711       -  
Residential mortgage-backed
     3,812,349       141,072       78,898       3,874,523       (19,544 )
Commercial mortgage-backed
     3,800,532       492,460       50,463       4,242,529       (2,859 )
Other asset-backed securities
     991,044       24,005       67,418       947,631       (12,768 )
Total fixed maturities
   $ 48,858,082     $ 4,667,177     $ 360,621     $ 53,164,638     $ (35,171 )

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.
(2) Represents the amount of cumulative non-credit OTTI gains (losses) recognized in other comprehensive income on securities for which credit impairments have been recorded.

19
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2013, by contractual maturity, are shown below (in thousands).  Expected maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.
                         
         
Gross
    
Gross
        
   
Amortized (1)
    
Unrealized
    
Unrealized
        
   
Cost
    
Gains
    
Losses
    
Fair Value
  
Due in 1 year or less
   $ 1,249,011     $ 29,534     $ 29     $ 1,278,516  
Due after 1 year through 5 years
     8,368,934       738,995       7,900       9,100,029  
Due after 5 years through 10 years
     22,383,012       1,142,886       366,518       23,159,380  
Due after 10 years through 20 years
     3,246,592       142,539       171,144       3,217,987  
Due after 20 years
     5,904,087       117,648       752,557       5,269,178  
Residential mortgage-backed
     2,901,888       61,468       60,532       2,902,824  
Commercial mortgage-backed
     3,578,810       293,747       45,670       3,826,887  
Other asset-backed securities
     987,680       19,266       32,642       974,304  
Total
   $ 48,620,014     $ 2,546,083     $ 1,436,992     $ 49,729,105  
 
(1)  Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.
 
U.S. Treasury securities with a carrying value of $105.4 million and $119.0 million at December 31, 2013 and 2012, respectively, were on deposit with regulatory authorities, as required by law in various states in which business is conducted.

At December 31, 2013, the amortized cost and carrying value of fixed maturities in default that were anticipated to be income producing when purchased were nil and $5.6 million, respectively.  The amortized cost and carrying value of fixed maturities that have been non-income producing for the 12 months preceding December 31, 2013 were $16 thousand and $5.7 million, respectively.

At December 31, 2012, the amortized cost and carrying value of fixed maturities in default that were anticipated to be income producing when purchased were $30 thousand and $7.4 million, respectively.  The amortized cost and carrying value of fixed maturities that were non-income producing for the 12 months preceding December 31, 2012 were $30 thousand and $7.4 million, respectively.

At December 31, 2013 and 2012, fixed maturities include $144.6 million and $273.8 million held in trust pursuant to the retro treaties with SRZ, respectively.

20

Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012

Residential mortgage-backed securities (“RMBS”) include certain RMBS, which are collateralized by residential mortgage loans and are neither explicitly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”).  The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans as follows (in thousands):
                         
         
Gross
    
Gross
        
 
Amortized
  
Unrealized
  
Unrealized
    
Fair
  
December 31, 2013
  
Cost (1)
    
Gains
    
Losses
    
Value
  
Prime
   $ 516,277     $ 13,852     $ 6,730     $ 523,399  
Alt-A
     443,920       6,093       5,451       444,562  
Subprime
     442,376       6,433       25,475       423,334  
Total non-agency RMBS
   $ 1,402,573     $ 26,378     $ 37,656     $ 1,391,295  
                                 
           
Gross
    
Gross
          
 
Amortized
  
Unrealized
  
Unrealized
    
Fair
  
December 31, 2012
  
Cost (1)
    
Gains
    
Losses
    
Value
  
Prime
   $ 723,602     $ 24,411     $ 13,878     $ 734,135  
Alt-A
     516,043       12,646       7,702       520,987  
Subprime
     473,891       3,292       54,439       422,744  
Total non-agency RMBS
   $ 1,713,536     $ 40,349     $ 76,019     $ 1,677,866  
 
(1)  Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.

The Company defines its exposure to non-agency residential mortgage loans as follows.  Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers.  Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates.  Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 680 or lower.  Of the Company’s investments in Alt-A related mortgage-backed securities, 12% are rated investment grade by at least one NRSRO.  Of the Company’s investments in subprime related mortgage-backed securities, 29% are rated investment grade by at least one NRSRO.  In 2013, the Company recorded other-than-temporary impairment charges of $2.8 million, $3.0 million, and $2.6 million on securities backed by prime, Alt-A and subprime loans, respectively.  In 2012, the Company recorded other-than-temporary impairment charges of $4.5 million, $11.3 million, and $9.5 million on securities backed by prime, Alt-A and subprime loans, respectively.  In 2011, the Company recorded other-than-temporary impairment charges of $14.1 million, $20.2 million, and $4.5 million on securities backed by prime, Alt-A and subprime loans, respectively.

Asset-backed securities also include investments in securities which are collateralized by commercial mortgage loans (“CMBS”).  At December 31, 2013, the amortized cost and fair value of the Company’s investment in CMBS was $3.6 billion and $3.8 billion, respectively, of which 99% were rated investment grade by at least one NRSRO.  In 2013, 2012 and 2011, the Company recorded other-than-temporary impairment charges on CMBS of $3.5 million, $3.4 million and $1.0 million, respectively.

Direct investments in below investment grade syndicated bank loans are included in corporate securities.  Unlike most corporate debentures, syndicated bank loans are collateralized by specific tangible assets of the borrowers.  As such, investors in these securities that become impaired have historically experienced less severe losses compared to corporate bonds.  At December 31, 2013, the amortized cost and fair value of the Company’s direct investments in bank loans were $52.1 million and $51.9 million, respectively.  At December 31, 2012, the amortized cost and fair value of the Company’s direct investments in bank loans were $87.1 million and $87.7 million, respectively.  The Company did not have any impairments on these securities in 2013, 2012 and 2011.

21

Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
The following table summarizes the number of securities, fair value and the related amount of gross unrealized losses aggregated by investment category and length of time that individual fixed maturities have been in a continuous loss position (dollars in thousands):
 
   
December 31, 2013
    
December 31, 2012
  
                                     
   
Less than 12 months
    
Less than 12 months
  
   
Gross
                
Gross
              
   
Unrealized
          
# of
    
Unrealized
          
# of
  
   
Losses
    
Fair Value
    
securities
  
Losses
    
Fair Value
    
securities
  
U.S. government securities
   $ 40,578     $ 1,090,585       10     $ 104,555     $ 2,276,880       22  
Other government securities
     81,564       556,464       34       11,848       718,324       28  
Public utilities
     48,065       978,938       90       6,640       264,513       52  
Corporate securities
     398,549       8,198,063       693       38,948       2,317,590       273  
Residential mortgage-backed
     21,660       747,039       77       3,962       541,659       110  
Commercial mortgage-backed
     23,436       772,286       61       2,835       222,950       32  
Other asset-backed securities
     2,454       201,089       31       48       75,326       15  
Total temporarily impaired securities
   $ 616,306     $ 12,544,464       996     $ 168,836     $ 6,417,242       532  
 
   
12 months or longer
    
12 months or longer
  
   
Gross
                
Gross
              
   
Unrealized
          
# of
    
Unrealized
          
# of
  
   
Losses
    
Fair Value
    
securities
    
Losses
    
Fair Value
    
securities
  
U.S. government securities
   $ 482,249     $ 1,631,975       11     $ -     $ -       -  
Other government securities
     81,601       352,888       14       -       -       -  
Public utilities
     13,642       84,753       22       92       2,682       1  
Corporate securities
     151,900       1,176,967       142       1,759       94,279       16  
Residential mortgage-backed
     38,872       614,345       142       74,936       568,627       109  
Commercial mortgage-backed
     22,234       132,909       21       47,628       58,608       17  
Other asset-backed securities
     30,188       164,027       28       67,370       227,255       44  
Total temporarily impaired securities
   $ 820,686     $ 4,157,864       380     $ 191,785     $ 951,451       187  
 
   
Total
    
Total
  
   
Gross
                
Gross
              
   
Unrealized
          
# of
    
Unrealized
          
# of
  
   
Losses
    
Fair Value
    
securities
    
Losses
    
Fair Value
    
securities
  
U.S. government securities
   $ 522,827     $ 2,722,560       21     $ 104,555     $ 2,276,880       22  
Other government securities
     163,165       909,352       48       11,848       718,324       28  
Public utilities
     61,707       1,063,691       112       6,732       267,195       53  
Corporate securities
     550,449       9,375,030       835       40,707       2,411,869       289  
Residential mortgage-backed
     60,532       1,361,384       219       78,898       1,110,286       219  
Commercial mortgage-backed
     45,670       905,195       82       50,463       281,558       49  
Other asset-backed securities
     32,642       365,116       59       67,418       302,581       59  
Total temporarily impaired securities
   $ 1,436,992     $ 16,702,328       1,376     $ 360,621     $ 7,368,693       719  
 
Other-Than-Temporary Impairments on Available For Sale Securities
The Company periodically reviews its available for sale fixed maturities on a case-by-case basis to determine if any decline in fair value to below cost or amortized cost is other-than-temporary.  Factors considered in determining whether a decline is other-than-temporary include the length of time a security has been in an unrealized loss position, the severity of the unrealized loss and the reasons for the decline in value and expectations for the amount and timing of a recovery in fair value.
 
22
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Securities the Company determines are underperforming or potential problem securities are subject to regular review.  To facilitate the review, securities with significant declines in value, or where other objective criteria evidencing credit deterioration have been met, are included on a watch list.  Among the criteria for securities to be included on a watch list are: credit deterioration that has led to a significant decline in fair value of the security; a significant covenant related to the security has been breached; or an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness.

In performing these reviews, the Company considers the relevant facts and circumstances relating to each investment and exercises considerable judgment in determining whether a security is other-than-temporarily impaired.  Assessment factors include judgments about an obligor’s current and projected financial position, an issuer’s current and projected ability to service and repay its debt obligations, the existence of, and realizable value of, any collateral backing the obligations and the macro-economic and micro-economic outlooks for specific industries and issuers.  This assessment may also involve assumptions regarding underlying collateral such as prepayment rates, default and recovery rates, and third-party servicing capabilities.

Among the specific factors considered are whether the decline in fair value results from a change in the credit quality of the security itself, or from a downward movement in the market as a whole, and the likelihood of recovering the carrying value based on the near-term prospects of the issuer.  Unrealized losses that are considered to be primarily the result of market conditions (e.g., minor increases in interest rates, temporary market illiquidity or volatility, or industry-related events) and where the Company also believes there exists a reasonable expectation for recovery in the near term are usually determined to be temporary.  To the extent that factors contributing to impairment losses recognized affect other investments, such investments are also reviewed for other-than-temporary impairment and losses are recorded when appropriate.

In addition to the review procedures described above, investments in asset-backed securities where market prices are depressed are subject to a review of their future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments.  These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics.  These estimates reflect a combination of data derived by third parties and internally developed assumptions.  Where possible, this data is benchmarked against third-party sources.

Even in the case of severely depressed market values on asset-backed securities, the Company places significant reliance on the results of its cash flow testing and its lack of an intent to sell these securities until their fair values recover when reaching other-than-temporary impairment conclusions with regard to these securities.  Other-than-temporary impairment charges are recorded on asset-backed securities when the Company forecasts a contractual payment shortfall.

The Company recognizes other-than-temporary impairments on debt securities in an unrealized loss position when any one of the following circumstances exists:
 
    ●  
The Company does not expect full recovery of the amortized cost based on the discounted cash flows estimated to be collected;
    ●  
The Company intends to sell a security; or,
    ●  
It is more likely than not that the Company will be required to sell a security prior to recovery.

For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure.  The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure.  The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment speeds, default rates and loss severity.
 
23
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Specifically for Prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans.  As of December 31, 2013 and 2012, assumed default rates for delinquent loans ranged from 15% to 100%.  At December 31, 2013 and 2012, assumed loss severities were applied to generate and analyze cash flows of each bond and ranged from 30% to 70%.

These estimates reflect a combination of data derived by third parties and internally developed assumptions.  Where possible, this data is benchmarked against other third-party sources.  In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate.

Other-than-temporary impairments are calculated as the difference between amortized cost and fair value.  For other-than-temporarily impaired securities where Jackson does not intend to sell the security and it is not more likely than not that Jackson will be required to sell the security prior to recovery, total other-than-temporary impairments are reduced by the non-credit portion of the other-than-temporary impairments, which are recognized in other comprehensive income.  The resultant net other-than-temporary impairments recorded in net income reflect the credit loss on the other-than-temporarily impaired securities.  The amortized cost of the other-than-temporarily impaired securities is reduced by the amount of this credit loss.

For securities that were deemed to be other-than-temporarily impaired and for which a non-credit loss was recorded in other comprehensive income, the amount recorded as an unrealized gain (loss) represents the difference between the fair value and the new amortized cost basis of the securities.  The unrealized gain (loss) on other-than-temporarily impaired securities is recorded in other comprehensive income.

The following table summarizes net realized losses on investments (in thousands):

   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Available-for-sale securities
                  
   Realized gains on sale
   $ 135,023     $ 173,337     $ 287,507  
   Realized losses on sale
     (34,448 )     (65,495 )     (85,037 )
Impairments:
                        
   Total other-than-temporary impairments
     (49,930 )     (172,730 )     (305,805 )
   Portion of other-than-temporary impairments included in other comprehensive income
     29,146       85,876       218,710  
   Net other-than-temporary impairments
     (20,784 )     (86,854 )     (87,095 )
Other
     1,354       7,499       (1,442 )
Net realized gains on non-derivative investments
     81,145       28,487       113,933  
Net losses on derivative instruments
     (2,071,598 )     (745,593 )     (874,038 )
Total net realized losses on investments
   $ (1,990,453 )   $ (717,106 )   $ (760,105 )
 
Included in net realized losses on investments are impairment charges on commercial mortgage loans and other invested assets of $3.2 million, nil and $19.3 million in 2013, 2012 and 2011, respectively.  The net losses on derivative instruments included in the above table are further detailed in Note 5.

The aggregate fair value of securities sold at a loss for the years ended December 31, 2013, 2012, and 2011 was $640.4 million, $649.0 million, and $1,053.2 million, respectively, which was approximately 95%, 91%, and 93% of book value, respectively.
 
24
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The following summarizes the current year activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and the non-credit portion of the other-than-temporary impairment was included in other comprehensive income (in thousands):
 
   
Years Ended December 31,
  
   
2013
    
2012
  
Cumulative credit loss beginning balance
   $ 364,186     $ 404,756  
Additions:
                
New credit losses
     5,310       26,073  
Incremental credit losses
     12,268       60,781  
Reductions:
                
Securities sold, paid down or disposed of
     (60,996 )     (124,172 )
Securities where there is intent to sell
     (2,564 )     (3,252 )
Cumulative credit loss ending balance
   $ 318,204     $ 364,186  
 
There are inherent uncertainties in assessing the fair values assigned to the Company’s investments and in determining whether a decline in fair value is other-than-temporary.  The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows.  These assessments are based on the best available information at the time.  Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility.  If actual experience differs negatively from the assumptions and other considerations used in the consolidated financial statements, unrealized losses currently reported in accumulated other comprehensive income may be recognized in the consolidated income statements in future periods.

The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so.  However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss.

Commercial Mortgage Loans
Commercial mortgage loans of $6.1 billion and $5.8 billion at December 31, 2013 and 2012, respectively, are reported net of an allowance for loan losses of $11.5 million and $20.4 million at each date, respectively.  At December 31, 2013, commercial mortgage loans were collateralized by properties located in 43 states.  Jackson’s commercial mortgage loan portfolio does not include single-family residential mortgage loans, and is therefore not exposed to the risk of defaults associated with residential subprime mortgage loans.  Jackson periodically reviews these loans for impairment and, during 2013, 2012, and 2011, recognized impairment charges against the allowance for loan losses of $1.0 million, $8.4 million, and $34.5 million, respectively.  In addition, Jackson recorded impairments as a realized loss of $3.2 million during 2013 and $9.7 million during 2011.  In 2012, Jackson did not record any impairments as a realized loss.

The following table provides a summary of the allowance for losses in the Company’s commercial mortgage loan portfolio at December 31, 2013 and 2012 (in thousands):
 
   
Years Ended December 31,
  
Allowance for loan losses:
  
2013
    
2012
  
Balance at beginning of year
   $ 20,395     $ 20,106  
Charge-offs
     (1,049 )     (8,394 )
Recoveries
     -       -  
Net charge-offs
     (1,049 )     (8,394 )
(Reduction) provision for loan losses
     (7,814 )     8,683  
Balance at end of year
   $ 11,532     $ 20,395  
 
25

Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 

The following table provides a summary of the allowance for losses in Jackson’s commercial mortgage loan portfolio (in thousands):
 
   
December 31, 2013
    
December 31, 2012
  
   
Allowance for Loan Losses
    
Recorded Investment
    
Allowance for Loan Losses
    
Recorded Investment
  
                         
Individually evaluated for impairment
   $ 352     $ 79,371     $ 9,216     $ 204,546  
Collectively evaluated for impairment
     11,180       6,000,709       11,179       5,554,451  
Total
   $ 11,532     $ 6,080,080     $ 20,395     $ 5,758,997  
 
The table below illustrates the delinquency status and accrual status of the carrying value of Jackson’s commercial mortgage loan holdings as of December 31, 2013 and 2012 (in thousands).  Delinquency status is determined from the date of the first missed contractual payment.

   
2013
    
2012
  
Accruing
            
Current
   $ 6,080,080     $ 5,757,487  
Less than 60 days delinquent
     -       -  
60 days to 90 days delinquent
     -       -  
91 days or more delinquent
     -       904  
Total accruing
     6,080,080       5,758,391  
Non-accrual
     -       606  
Total
   $ 6,080,080     $ 5,758,997  

26
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Under Jackson’s policy for monitoring commercial mortgage loans, all impaired commercial mortgage loans continue to be closely evaluated subsequent to impairment.  The table below summarizes the recorded investment, unpaid principal balance, related loan allowance, average recorded investment and investment income recognized on impaired loans during 2013 and 2012 (in thousands):

   
Recorded Investment
    
Unpaid Principal Balance
    
Related Loan Allowance
    
Average Recorded Investment
    
Investment Income Recognized
  
December 31, 2013:
                              
Impaired Loans with a Valuation Allowance
                              
Office
   $ 7,950     $ 9,173     $ 352     $ 5,827     $ 391  
Impaired Loans without a Valuation Allowance
                                        
Apartment
     863       863       -       15,175       843  
Hotel
     49,721       52,978       -       61,608       3,266  
Office
     20,837       20,837       -       25,013       1,169  
Warehouse
     -       -       -       2,100       164  
Total
     71,421       74,678       -       103,896       5,442  
Total Impaired Loans
                                        
Apartment
     863       863       -       15,175       843  
Hotel
     49,721       52,978       -       61,608       3,266  
Office
     28,787       30,010       352       30,840       1,560  
Warehouse
     -       -       -       2,100       164  
Total
   $ 79,371     $ 83,851     $ 352     $ 109,723     $ 5,833  
                                         
   
Recorded Investment
    
Unpaid Principal Balance
    
Related Loan Allowance
    
Average Recorded Investment
    
Investment Income Recognized
  
December 31, 2012:
                                        
Impaired Loans with a Valuation Allowance
                                        
Apartment
   $ 85,750     $ 113,107     $ 6,500     $ 91,708     $ 4,601  
Hotel
     41,823       44,502       2,678       39,291       1,655  
Office
     11,314       11,351       38       11,338       828  
Total
     138,887       168,960       9,216       142,337       7,084  
Impaired Loans without a Valuation Allowance
                                        
Hotel
     26,509       30,036       -       30,683       1,742  
Office
     28,474       31,811       -       42,519       1,582  
Retail
     -       -       -       750       -  
Warehouse
     10,676       10,676       -       9,682       633  
Total
     65,659       72,523       -       83,634       3,957  
Total Impaired Loans
                                        
Apartment
     85,750       113,107       6,500       91,708       4,601  
Hotel
     68,332       74,538       2,678       69,974       3,397  
Office
     39,788       43,162       38       53,857       2,410  
Retail
     -       -       -       750       -  
Warehouse
     10,676       10,676       -       9,682       633  
Total
   $ 204,546     $ 241,483     $ 9,216     $ 225,971     $ 11,041  
 
27
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The following tables provide information about the credit quality of commercial mortgage loans (in thousands):
 
   
December 31, 2013
  
   
In Good
Standing
    
Restructured
    
Greater than
90 Days
Delinquent
    
In the
Process of
Foreclosure
    
Total
Carrying
Value
  
Apartment
   $ 1,891,670     $ -     $ -     $ -     $ 1,891,670  
Hotel
     494,660       49,721       -       -       544,381  
Office
     740,004       28,787       -       -       768,791  
Retail
     1,149,405       -       -       -       1,149,405  
Warehouse
     1,725,833       -       -       -       1,725,833  
Total
   $ 6,001,572     $ 78,508     $ -     $ -     $ 6,080,080  
                                         
   
December 31, 2012
  
   
In Good
Standing
    
Restructured
    
Greater than
90 Days
Delinquent
    
In the
Process of
Foreclosure
    
Total
Carrying
Value
  
Apartment
   $ 1,375,303     $ 30,281     $ 904     $ -     $ 1,406,488  
Hotel
     536,377       53,224       -       -       589,601  
Office
     889,084       37,032       -       606       926,722  
Retail
     1,063,642       -       -       -       1,063,642  
Warehouse
     1,765,268       7,276       -       -       1,772,544  
Total
   $ 5,629,674     $ 127,813     $ 904     $ 606     $ 5,758,997  
 
The $904 thousand of commercial mortgage loans at December 31, 2012 that were greater than 90 days delinquent were also restructured.

The following table provides information about commercial mortgage loans involved in a troubled debt restructuring as of December 31, 2013 (in thousands, except number of contracts):
 
   
Number of
Contracts
    
Pre-Modification
Outstanding
Recorded Investment
    
Post-Modification
Outstanding
Recorded Investment
  
Troubled Debt Restructuring
                  
Office
     1     $ 6,477     $ 7,950  
 
During 2012, there were no commercial mortgage loans involved in a troubled debt restructuring.

Securitizations
In 2001, Jackson executed the Morgan Stanley Dean Witter Capital I, Series 2001-PPM (“MSDW”) securitization transaction.  Jackson contributed commercial mortgages with a total principal amount of $623.6 million to MSDW and retained beneficial interest.  Prior to 2010, MSDW, a qualified special purpose entity, was not consolidated by Jackson.

Effective January 1, 2010, as a result of adoption of accounting guidance on certain investment funds, the Company was deemed to be the primary beneficiary of MSDW and, therefore, consolidated MSDW.  In March 2011, the external debt of MSDW was paid off entirely.  As such, Jackson’s consolidated financial statements include MSDW assets of $25.4 million and $36.5 million at December 31, 2013 and 2012, respectively.

Other Invested Assets
Other invested assets primarily include investments in limited partnerships and real estate.  Investments in limited partnerships have carrying values of $1,310.4 million and $1,219.5 million at December 31, 2013 and 2012, respectively.  Real estate totaling $160.4 million and $149.2 million at December 31, 2013 and 2012, respectively, include foreclosed properties with a book value of $0.7 million in both years.
 
28
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Limited Purpose Enhanced Return Entities (“SERVES”)
In 2004, Jackson acquired a $47.5 million debt interest in a limited purpose entity, SERVES 2004-1 (“SERVES 3”), formed to pass through leveraged investment returns based on the performance of an underlying reference pool of syndicated bank loans totaling up to $300.0 million.  Jackson’s interest represented 95% of the capital structure of the entity.  During 2008 and 2009, Jackson entered into option put and forbearance agreements with the counterparty to the SERVES 3 entity in exchange for the counterparty forbearing its right to initiate forced liquidation of the entity under certain market value triggers.

As a result of the additional exposure to SERVES 3 upon entering into the option put and forbearance agreements, Jackson determined that it is the primary beneficiary of SERVES 3 and, accordingly, consolidated SERVES 3 in its financial statements.  The accompanying consolidated financial statements include the underlying assets of $19.6 million and net liabilities of $6.3 million at December 31, 2012, respectively, of this entity.  SERVES 3 was unwound in August 2013.

Securities Lending
The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms.  As of December 31, 2013 and 2012, the estimated fair value of loaned securities was $93.6 million and $149.5 million, respectively.  The agreements require a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis.  To further minimize the credit risks related to this program, the financial condition of counterparties is monitored on a regular basis.  At December 31, 2013 and 2012, cash collateral received in the amount of $95.8 million and $153.7 million, respectively, was invested by the agent banks and included in cash and cash equivalents of the Company.  A securities lending payable is included in liabilities for the amount of cash collateral received.

Securities lending transactions are used to generate income.  Income and expenses associated with these transactions are reported as net investment income.

Repurchase Agreements
The Company routinely enters into repurchase agreements whereby the Company agrees to sell and repurchase securities.  These agreements are accounted for as financing transactions, with the assets and associated liabilities included in the consolidated balance sheets.  During 2013 and 2012, short-term borrowings under such agreements averaged $229.4 million and $176.7 million, respectively, with weighted average interest rates of 0.08% and 0.02% during 2013 and 2012, respectively.  At December 31, 2013, the outstanding balance was $415.3 million, which was included within other liabilities in the consolidated balance sheets.  At December 31, 2012, there was no outstanding balance.  Interest expense totaled $0.2 million, $0.3 million, and $0.5 million in 2013, 2012, and 2011, respectively.  The highest level of short-term borrowings at any month end was $691.5 million in 2013 and $544.7 million in 2012.

Investment Income
The sources of net investment income were as follows (in thousands):

   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Fixed maturities
   $ 2,240,592     $ 2,134,759     $ 2,164,833  
Commercial mortgage loans
     307,361       294,581       283,881  
Limited partnerships
     267,892       136,649       85,949  
Derivative instruments
     206,461       160,305       64,710  
Policy loans
     391,089       172,212       66,860  
Other investment income
     56,838       30,442       30,458  
Total investment income
     3,470,233       2,928,948       2,696,691  
Less income on funds held under reinsurance treaties
     (263,196 )     (93,021 )     -  
Less investment expenses
     (62,391 )     (55,365 )     (52,105 )
Net investment income
   $ 3,144,646     $ 2,780,562     $ 2,644,586  
 
29
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Investment income of $64.9 million, $25.0 million, and $17.0 million was recognized on trading securities held at December 31, 2013, 2012, and 2011, respectively. During 2013, investment income was reduced by $25.1 million on securities carried at fair value with changes in value recorded through income.  During 2012 and 2011, $0.8 million and $11.2 million, respectively, of investment income was recognized on securities carried at fair value with changes in value recorded through income.

During 2013, investment income was reduced by $263.2 million for expense incurred on the liability for funds held under reinsurance treaties, including $287.1 million on policy loans, $5.5 million of fixed maturity income and a $29.6 million loss on fixed maturities with fair value recorded through the income statement.  During 2012, investment income was reduced by $93.0 million for income earned on funds held under reinsurance treaties, including $94.3 million on policy loans, $2.8 million of fixed maturity income of and a $3.9 million loss on fixed maturities with fair value recorded through the consolidated income statement. The net investment income on derivative instruments included in the above table is further detailed in Note 5.

5.    Derivative Instruments

Jackson’s business model includes the acceptance, monitoring and mitigation of risk.  Specifically, Jackson considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices.  The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals.  Jackson’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments.  As a result, freestanding derivatives are carried at fair value with changes recorded in other investment losses.

Cross-currency swaps, which embody spot and forward currency swaps and, in some cases, interest rate and equity index swaps, are entered into for the purpose of hedging the Company issued foreign currency denominated trust instruments supported by funding agreements.  Cross-currency swaps serve to hedge foreign currency exchange risk embedded in the funding agreements and are carried at fair value.  The fair value of derivatives embedded in funding agreements, including unrealized foreign currency translation gains and losses, are included in the carrying value of the trust instruments supported by funding agreements.  Foreign currency translation gains and losses associated with funding agreement hedging activities are included in other net investment losses.

Credit default swaps, with maturities up to five years, are agreements where the Company has purchased default protection on certain underlying corporate bonds held in its portfolio.  These contracts allow the Company to sell the protected bonds at par value to the counterparty if a defined “default event” occurs, in exchange for periodic payments made by the Company for the life of the agreement.  Credit default swaps are carried at fair value.  The Company does not currently sell default protection using credit default swaps or other similar derivative instruments.

Put-swaption contracts provide the purchaser with the right, but not the obligation, to require the writer to pay the present value of a long-term interest rate swap at future exercise dates.  The Company purchases and writes put-swaptions for hedging purposes with original maturities of up to 10 years.  Put-swaptions hedge against movements in interest rates.  Written put-swaptions may be entered into in conjunction with associated put-swaptions purchased from the same counterparties, referred to as linked put-swaptions.  Linked put-swaptions have identical notional amounts and strike prices, but have different underlying swap terms.  Linked put-swaptions are presented at the fair value of the net position for each pair of contracts.  Non-linked put-swaptions are carried at fair value.

Equity index futures contracts and equity index options (including various call and put options), which are used to hedge the Company’s equity risk, including obligations associated with its index linked annuities and guarantees in variable annuity products, are carried at fair value.  These insurance products contain embedded options whose fair value is reported in other contract holder funds.

Total return swaps, for which the Company receives returns based on reference pools of assets in exchange for short-term floating rate payments based on notional amounts, are held for both hedging and investment purposes, and are carried at fair value.
 
30
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Interest rate swap agreements used for hedging purposes generally involve the exchange of fixed and floating payments based on a notional contract amount over the period for which the agreement remains outstanding without an exchange of the underlying notional amount.  Interest rate swaps are carried at fair value.

A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding derivative instruments is as follows (in thousands):
 
   
December 31, 2013
  
   
Assets
    
Liabilities
        
   
Contractual/
          
Contractual/
          
Net
  
   
Notional
    
Fair
    
Notional
    
Fair
    
Fair
  
   
Amount (1)
    
Value
    
Amount (1)
    
Value
    
Value
  
Credit default swaps
   $ -     $ -     $ 25,000     $ (363 )   $ (363 )
Cross-currency swaps
     358,896       79,846       -       -       79,846  
Equity index call options
     5,548,700       218,624       -       -       218,624  
Equity index futures
     -       -       6,075,630       -       -  
Equity index put options
     42,550,000       119,739       -       -       119,739  
Interest rate swaps
     12,000,000       794,520       13,200,000       (796,468 )     (1,948 )
Put-swaptions
     1,500,000       55,245       6,500,000       (56,122 )     (877 )
Total
   $ 61,957,596     $ 1,267,974     $ 25,800,630     $ (852,953 )   $ 415,021  
                                         
   
December 31, 2012
  
   
Assets
    
Liabilities
          
   
Contractual/
            
Contractual/
            
Net
  
   
Notional
    
Fair
    
Notional
    
Fair
    
Fair
  
   
Amount (1)
    
Value
    
Amount (1)
    
Value
    
Value
  
Credit default swaps
   $ -     $ -     $ 170,000     $ (7,155 )   $ (7,155 )
Cross-currency swaps
     527,332       140,792       -       -       140,792  
Equity index call options
     5,557,900       143,780       1,000,000       (238,652 )     (94,872 )
Equity index futures
     -       -       6,212,938       (10,773 )     (10,773 )
Equity index put options
     37,850,000       144,590       -       -       144,590  
Interest rate swaps
     15,400,000       1,685,430       13,150,000       (788,114 )     897,316  
Put-swaptions
     8,000,000       398,066       -       -       398,066  
Total return swaps
     -       -       300,000       (3,765 )     (3,765 )
Total
   $ 67,335,232     $ 2,512,658     $ 20,832,938     $ (1,048,459 )   $ 1,464,199  

(1) With respect to swaps and put-swaptions, the notional amount represents the stated principal balance used as a basis for calculating payments.  With respect to futures and options, the contractual amount represents the market exposure of open positions.
 
31
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012

The following tables reflect the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in thousands):

   
Year Ended December 31, 2013
  
   
Other
    
Net
Investment
Income
        
   
Investment
    
Net Gain (Loss)
  
   
Gains (Losses)
  
Credit default swaps
   $ 6,791     $ (7,479 )   $ (688 )
Equity index call options
     187,474       -       187,474  
Equity index futures
     (1,746,460 )     -       (1,746,460 )
Equity index put options
     (800,394 )     -       (800,394 )
Index-linked annuity embedded derivatives
     (455,149 )     -       (455,149 )
Interest rate swaps
     (895,185 )     210,166       (685,019 )
Put-swaptions
     (248,510 )     48       (248,462 )
Total return swaps
     -       3,726       3,726  
Variable annuity embedded derivatives
     1,879,835       -       1,879,835  
Total
   $ (2,071,598 )   $ 206,461     $ (1,865,137 )
                         
   
Year Ended December 31, 2012
  
   
Other
    
Net
Investment
Income
          
   
Investment
    
Net Gain (Loss)
  
   
Gains (Losses)
  
Credit default swaps
   $ 2,376     $ (10,046 )   $ (7,670 )
Equity index call options
     (48,567 )     -       (48,567 )
Equity index futures
     (855,912 )     -       (855,912 )
Equity index put options
     (783,303 )     -       (783,303 )
Index-linked annuity embedded derivatives
     (156,489 )     -       (156,489 )
Interest rate swaps
     167,075       171,600       338,675  
Put-swaptions
     106,914       (727 )     106,187  
Total return swaps
     -       (522 )     (522 )
Variable annuity embedded derivatives
     822,313       -       822,313  
Total
   $ (745,593 )   $ 160,305     $ (585,288 )
                         
   
Year Ended December 31, 2011
  
   
Other
    
Net
Investment
Income
          
   
Investment
    
Net Gain (Loss)
  
   
Gains (Losses)
  
Credit default swaps
   $ 9,420     $ (10,452 )   $ (1,032 )
Equity index call options
     77,616       -       77,616  
Equity index futures
     (528,345 )     -       (528,345 )
Equity index put options
     (270,405 )     -       (270,405 )
Index-linked annuity embedded derivatives
     (8,644 )     -       (8,644 )
Interest rate swaps
     816,426       64,535       880,961  
Put-swaptions
     469,869       (2,779 )     467,090  
Total return swaps
     -       13,406       13,406  
Variable annuity embedded derivatives
     (1,439,975 )     -       (1,439,975 )
Total
   $ (874,038 )   $ 64,710     $ (809,328 )
 
32
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
All of Jackson’s trade agreements for freestanding, over-the-counter derivatives contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit.  At December 31, 2013 and 2012, the fair value of Jackson’s net derivative assets by counterparty were $692.8 million and $1,546.6 million, respectively, and held collateral was $787.7 million and $1,760.7 million, respectively, related to these agreements.  At December 31, 2013 and 2012, the fair value of Jackson’s net derivative liabilities by counterparty was $277.7 million and $82.4 million, respectively, and provided collateral was $208.2 million and $36.3 million, respectively, related to these agreements.  If all of the downgrade provisions had been triggered at December 31, 2013 or 2012, Jackson would have had to disburse $164.5 million and $260.2 million, respectively, to counterparties, representing the net fair values of derivatives by counterparty, less collateral held.

Offsetting Assets and Liabilities
The Company’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements.  A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy.  The Company recognizes amounts subject to master netting arrangements on a gross basis within the consolidated balance sheets.

The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in thousands):
                                           
   
December 31, 2013
  
                                           
         
Gross
                                
         
Amounts
    
Net Amounts
    
Gross Amounts Not Offset
        
   
Gross
    
Offset in the
    
Presented in
    
in the Consolidated Balance Sheets
        
   
Amounts
    
Consolidated
    
the Consolidated
    
Financial
    
Cash
    
Securities
    
Net
  
   
Recognized
    
Balance Sheets
    
Balance Sheets
    
Instruments(1)
    
Collateral
    
Collateral (2)
    
Amount
  
Financial Assets:
                                          
Derivative assets
   $ 1,267,974     $ -     $ 1,267,974     $ 575,206     $ 6,540     $ 686,228     $ -  
                                                         
Financial Liabilities:
                                                        
Derivative liabilities
   $ 852,953     $ -     $ 852,953     $ 575,206     $ -     $ 208,221     $ 69,526  
Securities loaned
     95,754       -       95,754       -       95,754       -       -  
Repurchase agreements
     415,271       -       415,271       -       -       415,271       -  
Total financial liabilities
   $ 1,363,978     $ -     $ 1,363,978     $ 575,206     $ 95,754     $ 623,492     $ 69,526  
                                                         
   
December 31, 2012
  
                                                         
           
Gross
                                          
           
Amounts
    
Net Amounts
    
Gross Amounts Not Offset
          
   
Gross
    
Offset in the
    
Presented in
    
in the Consolidated Balance Sheets
          
   
Amounts
    
Consolidated
    
the Consolidated
    
Financial
    
Cash
    
Securities
    
Net
  
   
Recognized
    
Balance Sheets
    
Balance Sheets
    
Instruments(1)
    
Collateral
    
Collateral (2)
    
Amount
  
Financial Assets:
                                                        
Derivative assets
   $ 2,512,658     $ -     $ 2,512,658     $ 966,088     $ 43,214     $ 1,503,356     $ -  
                                                         
Financial Liabilities:
                                                        
Derivative liabilities
   $ 1,044,694     $ -     $ 1,044,694     $ 966,088     $ 10,773     $ 25,549     $ 42,284  
Securities loaned
     153,747       -       153,747       -       153,747       -       -  
Total financial liabilities
   $ 1,198,441     $ -     $ 1,198,441     $ 966,088     $ 164,520     $ 25,549     $ 42,284  
 
(1)
Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the consolidated balance sheets.
(2)
Excludes initial margin amounts for exchange-traded derivatives.
 
In the above tables, the amounts of assets or liabilities presented in the Company’s consolidated balance sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral.  The actual amount of collateral may be greater than amounts presented in the tables.  The above tables exclude net embedded derivatives of $343.9 million and $2,185.4 million for 2013 and 2012, respectively, and derivative liabilities of nil and $3.8 million for 2013 and 2012, respectively, as these derivatives are not subject to master netting arrangements.  In addition, repurchase agreements are presented within other liabilities in the consolidated balance sheets.
 
33
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
6.     Fair Value Measurements

The following table summarizes the fair value and carrying value of Jackson’s financial instruments (in thousands).  The basis for determining the fair value of each instrument is described in Note 2.

                         
   
December 31, 2013
    
December 31, 2012
  
                         
 
  
Carrying Value
    
Fair Value
    
Carrying Value
     Fair Value  
Assets
                        
Fixed maturities (1)
   $ 49,729,105     $ 49,729,105     $ 53,164,638     $ 53,164,638  
Trading securities
     541,228       541,228       412,813       412,813  
Commercial mortgage loans
     6,080,080       6,302,268       5,758,997       6,194,507  
Policy loans (1)
     4,477,040       4,477,040       4,374,211       4,374,211  
Derivative instruments
     1,267,974       1,267,974       2,512,658       2,512,658  
Limited partnerships
     1,310,369       1,310,369       1,219,515       1,219,515  
Cash and cash equivalents
     986,383       986,383       1,150,420       1,150,420  
GMIB reinsurance recoverable
     136,147       136,147       416,528       416,528  
Embedded derivative assets
     939,224       939,224       -       -  
Separate account assets
     108,787,279       108,787,279       80,134,446       80,134,446  
                                 
Liabilities
                                
Other contract holder funds
                                
Annuity reserves (2)
   $ 38,809,845     $ 40,927,655     $ 39,422,770     $ 41,080,276  
Reserves for guaranteed investment contracts
     1,840,191       1,840,641       1,123,971       1,138,699  
Trust instruments supported by funding agreements
     803,688       821,224       1,341,408       1,372,165  
Federal Home Loan Bank funding agreements
     1,773,829       1,773,014       1,801,108       1,802,855  
Funds held under reinsurance treaties
     3,396,987       3,396,987       3,285,118       3,285,118  
Debt
     284,489       346,601       292,274       361,585  
Securities lending payable
     95,754       95,754       153,747       153,747  
Derivative instruments
     852,953       852,953       1,048,459       1,048,459  
Repurchase agreements
     415,271       415,271       -       -  
Separate account liabilities
     108,787,279       108,787,279       80,134,446       80,134,446  
 
(1)
Includes items carried at fair value under the fair value option, for which there is a corresponding liability within funds held under reinsurance treaties.
(2)
Annuity reserves represent only the components of deposits on investment contracts that are considered to be financial instruments.
 
The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on both a recurring and nonrecurring basis reported in the following tables.

Fixed Maturity and Trading Securities
The fair values for fixed maturity and trading securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates.  Priority is given to publicly available prices from independent sources, when available.  Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally.  Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions.

As a result of typical trading volumes and the lack of specific quoted market prices for most fixed maturities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above.  If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates.  Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models.  Additionally, the majority of these quotes are non-binding.

Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities.  Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral.  Actual prepayment experience may vary from these estimates.
 
34
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote.  These fair value estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument.  For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices.  These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs.

The Company performs a monthly analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value.  This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals.  Examples of procedures performed include, but are not limited to, initial and ongoing review of third party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes.  In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices.  As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.

For those securities that were internally valued at December 31, 2013 and 2012, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security.  Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate.  Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value. 

On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs, and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs.  Based on the results of this evaluation, each price is classified into Level 1, 2, or 3.  Most prices provided by independent pricing services, including broker-dealer quotes, are classified into Level 2 due to their use of market observable inputs.

Commercial Mortgage Loans
Fair values are generally determined by discounting expected future cash flows at current market interest rates, inclusive of a credit spread, for similar quality loans.  For loans whose value is dependent upon the underlying property, fair value is determined to be the estimated value of the collateral.  Certain characteristics considered significant in determining the spread or collateral value may be based on internally developed estimates.  As a result, these investments have been classified as Level 3 within the fair value hierarchy.

Policy Loans
The Company believes the carrying value of policy loans approximates fair value.  Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value.  The funds provided are limited to the cash surrender value of the underlying policy.  The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy.  Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy.  Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value.

Freestanding Derivative Instruments
Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in other investment losses.  Freestanding derivatives priced using third party pricing services incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include, but are not limited to, interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.
 
35
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Freestanding derivative instruments classified as Level 1 include futures, which are traded on active exchanges.  Freestanding derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, credit default swaps, put-swaptions and equity index call and put options.  These derivative valuations are determined by third-party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data.

Limited Partnerships
Fair value for limited partnership interests, which are included in other invested assets, is determined using the proportion of Jackson’s investment in each fund (“NAV equivalent”) as a practical expedient for fair value.  No adjustments to these amounts were deemed necessary at December 31, 2013 or 2012.

The Company’s limited partnership investments are not redeemable and distributions received are generally the result of liquidation of the underlying assets of the partnerships.  The term of Jackson’s interest in the partnerships is generally ten years, but may be extended for a period of time under provisions within the partnership agreements, if applicable.  The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner.  It is not probable and there is no instance where Jackson contemplated selling a limited partnership interest for an amount different from its NAV equivalent.

Cash and Cash Equivalents
Cash and cash equivalents primarily include money market instruments and bank deposits.  Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1.

Separate Account Assets and Liabilities
Separate account assets are comprised of investments in mutual funds, which are categorized as Level 1 assets.  The value of separate account liabilities are set equal to the value of separate account assets.

Reserves for Future Policy Benefits and Claims Payable
Fair values for immediate annuities without mortality features are derived by discounting the future estimated cash flows using current market interest rates for similar maturities.  Fair values for deferred annuities, including index linked annuities, are determined using projected future cash flows discounted at current market interest rates.

Other Contract Holder Funds
Fair values for guaranteed investment contracts are based on the present value of future cash flows discounted at current market interest rates.

Fair values for trust instruments supported by funding agreements are based on the present value of future cash flows discounted at current market interest rates, plus the fair value of any embedded derivatives that are not required to be reported separately.

Fair values of the FHLBI funding agreements are based on the present value of future cash flows discounted at current market interest rates.

Funds Held Under Reinsurance Treaties
The fair value of the funds held is equal to the fair value of the assets held as collateral, which primarily consist of policy loans and fixed maturities.

Debt
Carrying value of the Company’s short-term debt is considered a reasonable estimate for fair value due to their short-term maturity.  Fair values of long-term debt are based on the present value of future cash flows discounted at current market interest rates.

Securities Lending Payable
The Company’s securities lending payable is set equal to the cash collateral received.  Due to the short-term nature of the loans, carrying value is a reasonable estimate of fair value.
 
36
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Repurchase Agreements
Carrying value of the Company’s repurchase agreements, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities.

Certain Guaranteed Benefits
Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits.  Certain benefits, primarily non-life contingent guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum accumulation benefits (“GMAB”) and the reinsured portion of the Company’s guaranteed minimum income benefits (“GMIB”), are recorded at fair value.  Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits.

Non-life contingent GMWBs and GMABs are recorded at fair value with changes in fair value recorded in other investment losses.  The fair value of the reserve is based on the expectations of future benefit payments and future fees associated with the benefits.  At the inception of the contract, the Company attributes to the derivative a portion of total fees collected from the contract holder, which is then held static in future valuations.  Those fees, generally referred to as the attributed fees, are set such that the present value of the attributed fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract.  In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions.  The difference between each of the two components represents the fair value of the embedded derivative.  Jackson discontinued offering the GMAB in 2011.

Jackson’s GMIB book is reinsured through an unrelated party and, due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a derivative.  Accordingly, the GMIB reinsurance agreement is recorded at fair value, with changes in fair value recorded in other investment losses.  Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

Fair values for GMWB and GMAB embedded derivatives, as well as GMIB reinsurance recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.

The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts.  Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior.  Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates.  The more significant actuarial assumptions include benefit utilization by policyholders under varying conditions, fund allocation, persistency, mortality, and withdrawal rates.  Because of the dynamic and complex nature of these cash flows, best estimate assumptions, plus risk margins, and a stochastic process involving the generation of thousands of scenarios that assume risk neutral returns consistent with swap rates are used.
 
At each valuation date, the Company assumes expected returns based on LIBOR swap rates as of that date to determine the value of expected future cash flows produced in the stochastic process.  Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15.  Additionally, non-performance risk is incorporated into the calculation through the use of discount rates based on a AA corporate credit curve as an approximation of Jackson’s own credit risk.  Other risk margins, particularly for policyholder behavior, are also incorporated into the model through the use of best estimate assumptions, plus a risk margin.  Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience.

As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for this component of the fair value model.

The use of the models and assumptions described above requires a significant amount of judgment.  Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance.  However, the
 
37
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
ultimate settlement amount of the liability, which is currently unknown, could likely be significantly different than this fair value.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in thousands):
                         
   
December 31, 2013
  
   
Total
    
Level 1
    
Level 2
    
Level 3
  
 Assets
                        
 Fixed maturities
                        
U.S. government securities
   $ 4,516,833     $ 4,516,833     $ -     $ -  
Other government securities
     997,986       -       997,986       -  
Public Utilities
     4,451,985       -       4,451,985       -  
Corporate securities
     32,058,285       -       32,039,272       19,013  
Residential mortgage-backed
     2,902,825       -       2,902,811       14  
Commercial mortgage-backed
     3,826,887       -       3,826,429       458  
Other asset-backed securities
     974,304       -       964,755       9,549  
 Trading securities
     541,228       470,752       -       70,476  
 Policy loans
     3,131,161       -       -       3,131,161  
 Derivative instruments
     1,267,974       -       1,267,974       -  
 Limited partnerships
     1,310,369       -       -       1,310,369  
 GMIB reinsurance recoverable
     136,147       -       -       136,147  
 Embedded derivative assets (1)
     939,224       -       -       939,224  
 Separate account assets
     108,787,279       108,787,279       -       -  
Total
   $ 165,842,487     $ 113,774,864     $ 46,451,212     $ 5,616,411  
                                 
 Liabilities
                                
 Embedded derivative liabilities (3)
   $ 1,283,153     $ -     $ 1,283,153     $ -  
 Funds held under reinsurance treaties
     3,396,987       -       -       3,396,987  
 Derivative instruments
     852,953       -       852,953       -  
 Separate account liabilities (2)
     108,787,279       108,787,279       -       -  
Total
   $ 114,320,372     $ 108,787,279     $ 2,136,106     $ 3,396,987  
                                 
   
December 31, 2012
  
   
Total
    
Level 1
    
Level 2
    
Level 3
  
 Assets
                                
 Fixed maturities
                                
U.S. government securities
   $ 5,487,682     $ 5,487,682     $ -     $ -  
Other government securities
     1,218,743       -       1,218,743       -  
Corporate securities
     37,393,530       -       37,350,791       42,739  
Residential mortgage-backed
     3,874,523       -       3,874,492       31  
Commercial mortgage-backed
     4,242,529       -       4,242,529       -  
Other asset-backed securities
     947,631       -       941,008       6,623  
 Trading securities
     412,813       342,990       -       69,823  
 Policy loans
     2,994,756       -       -       2,994,756  
 Derivative instruments
     2,512,658       -       2,512,658       -  
 Limited partnerships
     1,219,515       -       -       1,219,515  
 GMIB reinsurance recoverable
     416,528       -       -       416,528  
 Separate account assets
     80,134,446       80,134,446       -       -  
Total
   $ 140,855,354     $ 85,965,118     $ 50,140,221     $ 4,750,015  
                                 
 Liabilities
                                
 Embedded derivative liabilities (1) (3)
   $ 2,185,380     $ -     $ 964,387     $ 1,220,993  
 Funds held under reinsurance treaties
     3,285,118       -       -       3,285,118  
 Derivative instruments
     1,048,459       10,773       1,033,921       3,765  
 Separate account liabilities (2)
     80,134,446       80,134,446       -       -  
Total
   $ 86,653,403     $ 80,145,219     $ 1,998,308     $ 4,509,876  
 
(1)
Includes the embedded derivatives related only to GMWB reserves.
(2)
The value of the separate account liabilities is set equal to the value of the separate account assets.
(3)
Includes the embedded derivative liabilities related to index linked annuities.
 
38
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

Level 3 Assets and Liabilities by Price Source
The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in thousands).
 
December 31, 2013
                  
 Assets
  
Total
    
Internal
    
External
  
Fixed Maturities
                  
Corporate securities
   $ 19,013     $ 19,013     $ -  
Residential mortgage-backed
     14       14       -  
Commercial mortgage-backed
     458       458       -  
Other asset-backed securities
     9,549       9,549       -  
Trading securities
     70,476       249       70,227  
Policy loans
     3,131,161       3,131,161       -  
Limited partnerships
     1,310,369       -       1,310,369  
GMIB reinsurance recoverable
     136,147       136,147       -  
Embedded derivative assets (1)
     939,224       939,224          
Total
   $ 5,616,411     $ 4,235,815     $ 1,380,596  
                         
 Liabilities
                        
Funds held under reinsurance treaties
   $ 3,396,987     $ 3,396,987     $ -  
 
December 31, 2012
                  
 Assets
  
Total
    
Internal
    
External
  
Fixed Maturities
                  
Corporate securities
   $ 42,739     $ 35,537     $ 7,202  
Residential mortgage-backed
     31       31       -  
Other asset-backed securities
     6,623       6,623       -  
Trading securities
     69,823       140       69,683  
Policy loans
     2,994,756       2,994,756       -  
Limited partnerships
     1,219,515       -       1,219,515  
GMIB reinsurance recoverable
     416,528       416,528       -  
Total
   $ 4,750,015     $ 3,453,615     $ 1,296,400  
                         
 Liabilities
                        
Embedded derivative liabilities (1)
   $ 1,220,993     $ 1,220,993     $ -  
Derivative instruments
     3,765       3,765       -  
Funds held under reinsurance treaties
     3,285,118       3,285,118       -  
Total
   $ 4,509,876     $ 4,509,876     $ -  

(1)
Includes the embedded derivatives related only to GMWB.
 
External pricing sources for securities represent unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.  Limited partnership interests are valued using externally prepared financial statements provided by partnership management.

39

Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities
The table below presents quantitative information on significant internally-priced Level 3 assets and liabilities (in thousands):
                               
    As of December 31, 2013  
   
Fair Value
    
Valuation Technique(s)
    
Unobservable Input(s)
    
Range in bps
(Weighted Average)
    
Impact of Increase
in Input on Fair
Value
  
Assets
                              
Fixed maturities
                              
Corporate securities
   $ 19,013    
Discounted cash flow
    
Discount rate
     1054-1129 (1092)    
Decrease
  
Other asset-backed securities
     9,549    
Discounted cash flow
    
Discount rate
     239-529 (447)    
Decrease
  
Policy loans
     3,131,161    
Outstanding balance
     N/A     N/A     N/A  
GMIB reinsurance recoverable
     136,147    
Discounted cash flow
    
Policyholder behavior
    
See below
    
See below
  
Embedded derivative assets
     939,224    
Discounted cash flow
    
Policyholder behavior
    
See below
    
See below
  
Total
   $ 4,235,094                          
                                 
Liabilities
                                
Funds held under reinsurance treaties
   $ 3,396,987    
Carrying value of asset
     N/A     N/A     N/A  
 
   
As of December 31, 2012
  
   
Fair Value
    
Valuation Technique(s)
    
Unobservable Input(s)
    
Range in bps
(Weighted Average)
    
Impact of Increase
in Input on Fair
Value
  
Assets
                              
Fixed maturities
                              
Corporate securities
   $ 35,537    
Discounted cash flow
    
Discount rate
     100-519 (408)    
Decrease
  
Other asset-backed securities
     6,623    
Discounted cash flow
    
Discount rate
     283-610 (513)    
Decrease
  
Policy loans
     2,994,756    
Outstanding balance
     N/A     N/A     N/A  
GMIB reinsurance recoverable
     416,528    
Discounted cash flow
    
Policyholder behavior
    
See below
    
See below
  
Total
   $ 3,453,444                          
                                 
Liabilities
                                
Embedded derivative liabilities
   $ 1,220,993    
Discounted cash flow
    
Policyholder behavior
    
See below
    
See below
  
Derivative instruments
     3,765    
Adjusted broker bid
    
Financing cost spread
     105-441 (125)    
Increase
  
Funds held under reinsurance treaties
     3,285,118    
Carrying value of asset
     N/A     N/A     N/A  
Total
   $ 4,509,876                          
 
Sensitivity to Changes in Unobservable Inputs
The following is a general description of sensitivities of significant unobservable inputs and their impact on the fair value measurement for the assets and liabilities reflected in the table above.

Internally-priced corporate securities classified in Level 3 include private debt securities for which no price comparatives or spread levels can be observed.  For these securities, a discounted cash flow model was used and the primary unobservable input is an internally-developed discount rate.  Significant increases (decreases) in the discount rate would result in a significantly lower (higher) fair value measurement.

Other asset-backed securities classified in Level 3 are fair valued using a discounted cash flow model.  Unobservable inputs include an internally developed discount rate.  Significant increases (decreases) in the discount rate would result in a significantly lower (higher) fair value measurement.

Residential mortgage-backed securities of $14 thousand, commercial mortgage-backed securities of $458 thousand, and trading securities of $249 thousand are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy.  For these assets, their unobservable inputs and ranges of possible inputs do not materially affect their fair valuations and have been excluded from the quantitative information in the table above.

The GMIB reinsurance recoverable fair value calculation is based on the present value of future cash flows comprised of future expected reinsurance benefit receipts, less future attributed premium payments to reinsurers, over the lives of the contracts.  Estimating these cash flows requires actuarially determined assumptions related to expectations
 
40
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
concerning policyholder behavior.  The more significant actuarial assumptions include benefit utilization, persistency, and mortality.  In general, an increase (decrease) in assumed benefit utilization would increase (decrease) the fair value of the reinsurance recoverable; an increase (decrease) in assumed persistency would increase (decrease) the fair value of the reinsurance recoverable; and an increase (decrease) in assumed mortality would decrease (increase) the fair value of the reinsurance recoverable.
 
Embedded derivative liabilities classified in Level 3 represent the fair value of GMWB and GMAB liabilities.  These fair value calculations are based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts.   Estimating these cash flows requires actuarially determined assumptions related to expectations concerning policyholder behavior.  The more significant actuarial assumptions include benefit utilization, fund allocation, persistency, and mortality.  In general, an increase (decrease) in assumed benefit utilization would increase (decrease) the fair value of the liabilities; an increase (decrease) in allocation to equity funds would increase (decrease) the fair value of the liabilities; an increase (decrease) in assumed persistency would increase (decrease) the fair value of the liabilities; and an increase (decrease) in assumed mortality would decrease (increase) the fair value of the liabilities.
 
Derivative instruments categorized in level 3 at December 31, 2012 consisted of a total return swap based on a reference pool of syndicated bank loan investments.  Inputs to fair value include broker quotes for the underlying assets, earnings on the reference pool, and an estimate for the embedded financing cost, which is a significant and unobservable input.  Significant increases (decreases) in estimated comparable financing costs would result in a higher (lower) fair value measurement.

41

Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
The tables below provide rollforwards for 2013 and 2012 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement.  Gains and losses in the table below include changes in fair value due partly to observable and unobservable factors.  The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities.  However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities.  Therefore, the impact of the derivative instruments reported in Level 3 below may vary significantly from the total income effect of the hedged instruments.  Additionally, the Company’s policy for determining and disclosing transfers between levels is to recognize transfers using beginning of period balances.

         
Total Realized/Unrealized Gains (Losses) Included in
                    
                     
Purchases,
              
   
Fair Value
                
Sales,
    
Transfers
    
Fair Value
  
   
as of
          
Other
    
Issuances
    
in and/or
    
as of
  
   
January 1,
    
Net
    
Comprehensive
    
and
    
(out of)
    
December 31,
  
(in thousands)
  
2013
    
Income
    
Income
    
Settlements
    
Level 3
    
2013
  
Assets
                                    
Fixed maturities
                                    
Corporate securities
   $ 42,739     $ 793     $ (1,754 )   $ (11,406 )   $ (11,359 )   $ 19,013  
Residential mortgage-backed
     31       (2 )     -       (15 )     -       14  
Commercial mortgage-backed
     -       1,068       (1,068 )     -       458       458  
Other asset-backed securities
     6,623       2,879       651       (8,776 )     8,172       9,549  
Trading securities
     69,823       2,237       -       (1,584 )     -       70,476  
Policy loans
     2,994,756       6,787       -       129,618       -       3,131,161  
Limited partnerships
     1,219,515       252,955       -       (162,101 )     -       1,310,369  
GMIB reinsurance recoverable
     416,528       (280,381 )     -       -       -       136,147  
                                                 
Liabilities
                                                
Embedded derivative liabilities
   $ (1,220,993 )   $ 2,160,217     $ -     $ -     $ -     $ 939,224  
Derivative instruments
     (3,765 )     3,765       -       -       -       -  
Funds held under reinsurance treaties
     (3,285,118 )     4,924       -       (116,793 )     -       (3,396,987 )
                                                 
           
Total Realized/Unrealized Gains (Losses) Included in
                          
                           
Purchases,
                  
   
Fair Value
                    
Sales,
    
Transfers
    
Fair Value
  
   
as of
            
Other
    
Issuances
    
in and/or
    
as of
  
   
January 1,
    
Net
    
Comprehensive
    
and
    
(out of)
    
December 31,
  
(in thousands)
   2012    
Income
    
Income
    
Settlements
    
Level 3
     2012  
Assets
                                                
Fixed maturities
                                                
Corporate securities
   $ 32,295     $ 1,655     $ 2,991     $ 31,100     $ (25,302 )   $ 42,739  
Residential mortgage-backed
     -       -       -       31       -       31  
Other asset-backed securities
     10,060       225       533       (4,195 )     -       6,623  
Trading securities
     59,891       12,094       -       (2,162 )     -       69,823  
Policy loans (1)
     2,951,560       (72,683 )     -       115,879       -       2,994,756  
Limited partnerships
     1,086,546       135,528       -       (2,559 )     -       1,219,515  
Derivative instruments
     1,934       (1,934 )     -       -       -       -  
GMIB reinsurance recoverable
     451,274       (34,746 )     -       -       -       416,528  
                                                 
Liabilities
                                                
Embedded derivative liabilities
   $ (2,078,051 )   $ 857,058     $ -     $ -     $ -     $ (1,220,993 )
Derivative instruments
     -       (3,765 )     -       -       -       (3,765 )
Funds held under reinsurance treaties (1)
     (3,295,994 )     64,879       -       (54,003 )     -       (3,285,118 )
 
(1)  Represents fair value at acquisition date for beginning balance.
 
42

Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
The components of the amounts included in purchases, sales, issuances and settlements for years ended December 31, 2013 and 2012 shown above are as follows (in thousands):
December 31, 2013
  
Purchases
    
Sales
    
Issuances
    
Settlements
    
Total
  
Assets
                              
Fixed maturities
                              
Corporate securities
   $ 239     $ (11,645 )   $ -     $ -     $ (11,406 )
Residential mortgage-backed
     -       (15 )     -       -       (15 )
Other asset-backed securities
     -       (8,776 )     -       -       (8,776 )
Trading securities
     625       (2,209 )     -       -       (1,584 )
Policy loans
     -       -       226,647       (97,029 )     129,618  
Limited partnerships
     132,713       (294,814 )     -       -       (162,101 )
Total
   $ 133,577     $ (317,459 )   $ 226,647     $ (97,029 )   $ (54,264 )
                                         
Liabilities
                                        
Funds held under reinsurance treaties
   $ -     $ -     $ (341,662 )   $ 224,869     $ (116,793 )
                                         
December 31, 2012
  
Purchases
    
Sales
    
Issuances
    
Settlements
    
Total
  
Assets
                                        
Fixed maturities
                                        
Corporate securities
   $ 35,745     $ (4,645 )   $ -     $ -     $ 31,100  
Residential mortgage-backed
     31       -       -       -       31  
Other asset-backed securities
     -       (4,195 )     -       -       (4,195 )
Trading securities
     166       (2,328 )     -       -       (2,162 )
Policy Loans
     -       -       136,027       (20,148 )     115,879  
Limited partnerships
     234,440       (236,999 )     -       -       (2,559 )
Total
   $ 270,382     $ (248,167 )   $ 136,027     $ (20,148 )   $ 138,094  
                                         
Liabilities
                                        
Funds held under reinsurance treaties
   $ -     $ -     $ (172,025 )   $ 118,022     $ (54,003 )
  
As a result of the Company being able to obtain pricing from an independent, third-party pricing service utilizing significant observable inputs, securities with a fair value of $34.4 million and $25.3 million were transferred from level 3 to level 2 during 2013 and 2012, respectively.  During 2013, the Company transferred securities with a fair value of $31.7 million from level 2 to level 3 as a result of the use of significant unobservable inputs as the Company was not able to obtain pricing from an independent, third-party price service.  There were no transfers between Level 1 and 2 of the fair value hierarchy in 2013 or 2012.
 
The portion of gains (losses) included in net income or other comprehensive income attributable to the change in unrealized gains and losses on Level 3 financial instruments still held at December 31, 2013 and 2012 was as follows (in thousands):

   
2013
    
2012
  
Assets
            
Fixed maturities
            
Corporate securities
   $ (1,013 )   $ 4,646  
Residential mortgage-backed
     12       -  
Other asset-backed securities
     3,394       758  
Trading securities
     2,237       12,094  
Limited partnerships
     253,187       135,946  
Derivative instruments
     -       (1,934 )
GMIB reinsurance recoverable
     (280,381 )     (34,746 )
                 
Liabilities
                
Embedded derivative liabilities
   $ 2,160,217     $ 857,058  
Derivative instruments
     -       (3,765 )
Funds held under reinsurance treaties
     10,915       6,342  
 
43
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
Nonrecurring Fair Value Measurements
The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in thousands).
 
     
December 31, 2013
    
December 31, 2012
  
 
Fair Value
Hierarchy
Level
  
Carrying Value
    
Fair Value
    
Carrying Value
    
Fair Value
  
Assets
                          
Commercial mortgage loans
Level 3
   $ 6,080,080     $ 6,302,268     $ 5,758,997     $ 6,194,507  
Policy loans
Level 3
     1,345,879       1,345,879       1,379,455       1,379,455  
                                   
Liabilities
                                  
Other contract holder funds
                                  
Annuity reserves (1)
Level 3
   $ 37,526,692     $ 39,644,502     $ 37,237,390     $ 38,894,896  
Reserves for guaranteed investment contracts
Level 3
     1,840,191       1,840,641       1,123,971       1,138,699  
Trust instruments supported by funding agreements
Level 3
     803,688       821,224       1,341,408       1,372,165  
Federal Home Loan Bank funding agreements
Level 3
     1,773,829       1,773,014       1,801,108       1,802,855  
Debt
Level 3
     284,489       346,601       292,274       361,585  
Securities lending payable
Level 2
     95,754       95,754       153,747       153,747  
Repurchase agreements
Level 2
     415,271       415,271       -       -  
                                   
(1) Annuity reserves represent only the components of deposits on investment contracts that are considered to be financial instruments.
          
 
Fair Value Option
As described in Note 2, in connection with the acquisition of REALIC, the Company elected the fair value option for certain assets, which are held as collateral for reinsurance.  Accordingly, the Company established a funds held liability, for which the Company also elected the fair value option.  The value of the funds held liability is equal to the fair value of the assets held as collateral.  The income and any changes in unrealized gains and losses on these assets and the corresponding funds held liability are included in net investment income and have no impact on the Company’s consolidated income statement.   Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s consolidated financial statements.
 
7.     Deferred Acquisition Costs and Deferred Sales Inducements
 
The balances of and changes in deferred acquisition costs, as of and for the years ended December 31 were as follows (in thousands):
 
   
2013
    
2012
    
2011
  
Balance, beginning of year
   $ 4,822,587     $ 4,395,174     $ 4,170,644  
Deferrals of acquisition costs
     1,077,016       1,105,124       1,002,864  
Amortization related to:
                        
Operations
     (544,047 )     (443,296 )     (622,469 )
Derivatives
     217,606       147,992       225,568  
Net realized gains
     (14,905 )     (3,594 )     (12,304 )
Total amortization
     (341,346 )     (298,898 )     (409,205 )
Unrealized investment gains (losses)
     653,963       (378,813 )     (373,792 )
Other
     -       -       4,663  
Balance, end of year
   $ 6,212,220     $ 4,822,587     $ 4,395,174  
 
44
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
The balances of and changes in deferred sales inducements, which are reported in other assets, as of and for the years ended December 31 were as follows (in thousands):
   
2013
    
2012
    
2011
  
Balance, beginning of year
   $ 560,141     $ 602,486     $ 451,096  
Deferrals of sales inducements
     55,735       171,393       183,517  
Amortization related to:
                        
Operations
     (135,270 )     (131,317 )     (149,261 )
Derivatives
     194,553       (12,796 )     183,744  
Net realized gains
     (2,555 )     (665 )     (1,241 )   
            Total amortization     56,728       (144,778 )     33,242  
Unrealized investment gains (losses)
     111,681       (68,960 )     (65,369 )
Balance, end of year
   $ 784,285     $ 560,141     $ 602,486  
 
8.
Reinsurance
 
The Company assumes and cedes reinsurance from and to other insurance companies in order to limit losses from large exposures; however, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability.  The Company reinsures certain of its risks to other reinsurers under a yearly renewable term, coinsurance, or modified coinsurance basis.  The Company monitors the financial strength rating of reinsurers on a monthly basis.
 
The Company has also acquired certain lines of business that are wholly ceded to non-affiliates.  These include both direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities.
 
Jackson’s GMIBs are reinsured with an unrelated party and, due to the net settlement provisions of the reinsurance agreement, meet the definition of a derivative.  Accordingly, the GMIB reinsurance agreement is recorded at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded in other investment losses.
 
As a pre-closing condition to the acquisition, described in Note 3, and after receipt of all required regulatory approvals, REALIC entered into three retro treaties with SRZ.  Pursuant to these retro treaties, REALIC ceded to SRZ on a 100% coinsurance basis certain blocks of business written or assumed by REALIC.  These blocks of business include the disability income and accident and health business written or assumed by REALIC, a mix of life and annuity insurance business written or assumed by REALIC, and the corporate owned life insurance business assumed by REALIC.  The effective date of the three retrocession agreements was July 1, 2012.
 
Pursuant to the retro treaties, the Company holds certain assets, primarily in the form of policy loans and fixed maturities, as collateral.  This collateral is reported as funds held under reinsurance treaties on the consolidated balance sheet.  At December 31, 2013 and 2012, this funds held liability was $3.4 billion and $3.3 billion, respectively.
 
45
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
The effect of reinsurance on premium was as follows (in thousands):
   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Direct premium:
                  
Life
   $ 668,878     $ 411,112     $ 257,015  
Accident and health
     70,214       28,989       3,020  
Plus reinsurance assumed:
                        
Life
     66,242       28,233       12,728  
Accident and health
     13,602       4,765       860  
Less reinsurance ceded:
                        
Life
     (429,499 )     (243,470 )     (109,407 )
Annuity guaranteed benefits
     (18,850 )     (19,605 )     (20,526 )
Accident and health
     (83,816 )     (33,754 )     (3,880 )
Total net premium
   $ 286,771     $ 176,270     $ 139,810  
 
The effect of reinsurance on benefits was as follows (in thousands):

   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Direct benefits
                  
Life
   $ 1,331,828     $ 939,727     $ 668,546  
Accident and health
     142,827       55,005       1,598  
Annuity guaranteed benefits
     69,403       86,651       73,756  
Plus reinsurance assumed:
                        
Life
     384,181       118,284       27,317  
Accident and health
     32,723       11,941       468  
Less reinsurance ceded:
                        
Life
     (577,884 )     (292,834 )     (118,408 )
Accident and health
     (175,550 )     (66,946 )     (2,066 )
Deferral of contract enhancements
     (41,396 )     (157,931 )     (172,389 )
Change in reserves, net of reinsurance
     (139,740 )     (79,683 )     106,474  
Total benefits
   $ 1,026,392     $ 614,214     $ 585,296  
 
Components of the Company’s reinsurance recoverable as of December 31 were as follows (in thousands):
   
December 31,
  
   
2013
    
2012
  
Reserves:
            
Life
   $ 7,141,785     $ 7,144,675  
Accident and health
     1,440,996       896,942  
Guaranteed minimum income benefits
     136,147       416,528  
Other annuity benefits
     283,923       306,404  
Claims liability
     1,034,104       1,078,281  
Other
     9,790       34,078  
Total
   $ 10,046,745     $ 9,876,908  
 
Included in the reinsurance recoverable were reserves ceded to Brooke Life of $42.1 million and $44.5 million at December 31, 2013 and 2012, respectively.  The largest amount ceded to any reinsurer at December 31, 2013 totaled $6.7 billion, which was primarily related to the retro treaties.
 
46
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012 
 
The following table sets forth the Company’s net life insurance in-force (in millions):
   
December 31,
  
   
2013
    
2012
  
Direct life insurance in-force
   $ 266,587     $ 285,991  
Amounts assumed from other companies
     24,733       26,619  
Amounts ceded to other companies
     (160,270 )     (171,667 )
Net life insurance in-force
   $ 131,050     $ 140,943  
 
Prior to the Company’s acquisition of REALIC, reserve requirements for certain term policies with a ceding insurer were in dispute between the ceding insurer and Swiss Re.  Under the terms of the purchase agreement, Jackson was obligated to continue the negotiations.  In October 2013, all parties agreed on a resolution, which resulted in the ceding insurer recapturing a portion of the business that was ceded to the Company, resulting in additional income of $10.9 million. 
 
9.      Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds
 
The following table sets forth the Company’s reserves for future policy benefits and claims payable balances as of December 31 (in thousands):

   
2013
    
2012
  
Traditional life
   $ 13,626,250     $ 13,299,494  
Guarantee benefits
     1,496,350       2,604,567  
Claims payable
     1,754,938       1,728,784  
Other
     270,512       345,403  
Total
   $ 17,148,050     $ 17,978,248  
 
For traditional life insurance contracts, which include term and whole life, reserves are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest rates, persistency and expenses, plus provisions for adverse deviation.
 
The Company’s liability for future policy benefits also includes liabilities for guarantee benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 10.
 
The following table sets forth the Company’s liabilities for other contract holder funds balances as of December 31 (in thousands):

   
2013
    
2012
  
Interest-sensitive life
   $ 9,487,111     $ 9,705,271  
Variable annuity fixed option
     6,950,944       6,996,151  
Fixed annuity
     19,938,776       20,352,342  
Fixed index annuity
     12,678,535       11,507,614  
GICs, funding agreements and FHLB advances
     4,417,707       4,266,250  
     Total
   $ 53,473,073     $ 52,827,628  
 
For interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to the REALIC acquired business, which is further discussed below.  The liability for fixed index annuities is based on two components, 1) the imputed value of the underlying guaranteed host contract, and 2) the fair value of the embedded option component of the contract.  For fixed annuities and other investment contracts, as detailed in the above table, the liability is the policyholder’s account value, plus the unamortized balance of the fair value adjustment related to the REALIC acquired business.  At December 31, 2013, the Company had interest sensitive life business with minimum guaranteed interest rates ranging from 2.5% to 6.0%, with a 4.65% average guaranteed rate and fixed interest rate annuities with minimum guaranteed rates ranging from 1.0% to 5.5% and a 2.48% average guaranteed rate.
 
47
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Upon acquisition of REALIC, the Company recorded a fair value adjustment related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the inforce liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate. This adjustment was recorded in reserves for future policy benefits and claims payable. This component of the acquired reserve is reassessed at the end of each period, taking into account changes in the inforce block. Any resulting change in the reserve is recorded as a change in reserve through the consolidated income statement.
 
At December 31, 2013 and 2012, approximately 88% of the Company’s fixed interest rate annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates.  The following tables show the distribution of the fixed interest rate annuities’ account values within the presented ranges of minimum guaranteed interest rates at December 31 (in millions):
 
   
2013
  
Minimum Guaranteed Interest  
Account Value
  
 Rate
  
Fixed
    
Fixed Index
    
Variable
    
Total
  
1.0%
   $ 1,480.2     $ 1,108.7     $ 2,395.9     $ 4,984.8  
>1.0% - 2.0%
     2,666.1       7,922.6       3,202.4       13,791.1  
>2.0% - 3.0%
     9,364.1       3,647.2       1,352.6       14,363.9  
>3.0% - 4.0%
     1,927.0       -       -       1,927.0  
>4.0% - 5.0%
     2,418.2       -       -       2,418.2  
>5.0% - 5.5%
     326.5       -       -       326.5  
Total
   $ 18,182.1     $ 12,678.5     $ 6,950.9     $ 37,811.5  
 
   
2012
  
Minimum Guaranteed Interest  
Account Value
  
Rate
  
Fixed
    
Fixed Index
    
Variable
    
Total
  
1.0%
   $ 904.6     $ 1,118.1     $ 2,094.9     $ 4,117.6  
>1.0% - 2.0%
     3,113.1       6,926.3       3,522.1       13,561.5  
>2.0% - 3.0%
     9,758.5       3,463.2       1,379.2       14,600.9  
>3.0% - 4.0%
     2,008.2       -       -       2,008.2  
>4.0% - 5.0%
     2,467.6       -       -       2,467.6  
>5.0% - 5.5%
     340.3       -       -       340.3  
Total
   $ 18,592.3     $ 11,507.6     $ 6,996.2     $ 37,096.1  
 
At December 31, 2013 and 2012, approximately 82% and 83%, respectively, of the Company’s interest sensitive life business account values correspond to crediting rates that are at the minimum guaranteed interest rates.  The following table shows the distribution of the interest sensitive life business account values within the presented ranges of minimum guaranteed interest rates at December 31 (in millions):
 
Minimum Guaranteed Interest
 
Account Value - Interest Sensitive Life
  
Rate  
2013
    
2012
  
>2.0% - 3.0%
   $ 301.0     $ 298.1  
>3.0% - 4.0%
     3,613.5       3,479.5  
>4.0% - 5.0%
     3,160.0       3,407.8  
>5.0% - 6.0%
     2,412.6       2,519.9  
Total
   $ 9,487.1     $ 9,705.3  
 
The Company has established a European Medium Term Note program, with up to $5.8 billion in aggregate principal amount outstanding at any one time.  Jackson National Life Funding, LLC was formed as a special purpose vehicle solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements.  Carrying values totaled $0.2 billion and $0.6 billion at December 31, 2013 and 2012, respectively.
 
48
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The Company has established a $12.0 billion aggregate Global Medium Term Note program.  Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements.  The carrying values at December 31, 2013 and 2012 totaled $0.6 billion and $0.8 billion, respectively.
 
Those Medium Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps.  The fair value of derivatives embedded in funding agreements, as well as unrealized foreign currency transaction gains and losses, are included in the carrying value of the trust instruments supported by funding agreements.
 
Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date.  Foreign currency translation gains and losses are included in other investment losses.
 
Jackson and Squire Re are members of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with short-term and long-term funding facilities.  Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI.  At December 31, 2013 and 2012, the Company held $115.1 million of FHLBI capital stock, supporting $2.0 billion and $1.8 billion in funding agreements, short-term and long-term borrowing capacity in 2013 and 2012, respectively.
 
10.  Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees
 
The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (traditional variable annuities). The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) either a) return of no less than total deposits made to the contract adjusted for any partial withdrawals, b) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, or c) the highest contract value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (GMDB), annuitization (GMIB), at specified dates during the accumulation period (GMWB) or at the end of a specified period (GMAB).
 
The assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities.  Liabilities for guaranteed benefits are general account obligations and are reported in reserves for future policy benefits and claims payable.  Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue as fee income.  Changes in liabilities for minimum guarantees are reported within death, other policy benefits and change in policy reserves within the consolidated income statement with the exception of changes in embedded derivatives, which are included in other investment losses.  Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements.
 
49
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
At December 31, 2013 and 2012, the Company provided variable annuity contracts with guarantees, for which the net amount at risk (“NAR”) is the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions):
 
                           
Average
                           
Period
                     
Weighted
    
until
December 31, 2013
  
Minimum
    
Account
  
     Net Amount
    
Average
    
Expected
   
Return
    
Value
    
at Risk
    
Attained Age
    
Annuitization
Return of net deposits plus a minimum return
                            
GMDB
     0-6 %   $ 87,759.0     $ 2,067.8    
64.7 years
      
GMWB - Premium only
     0 %     3,742.8       59.2            
GMWB
     0-5 %*     9,327.7       76.5            
GMAB - Premium only
     0 %     95.1       0.2            
Highest specified anniversary account value minus withdrawals post-anniversary
                                  
GMDB
             9,146.4       221.2    
64.6 years
      
GMWB - Highest anniversary only
             3,376.5       154.0            
GMWB
             1,187.4       103.5            
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
                                  
GMDB
     0-6 %     5,833.0       360.1    
66.9 years
      
GMIB
     0-6 %     2,720.0       524.5          
2.4 years
GMWB
     0-8 %*     67,753.3       1,754.8            
                                   
                                 
Average
                                 
Period
                           
Weighted
    
until
December 31, 2012
  
Minimum
    
Account
  
     Net Amount
    
Average
    
Expected
   
Return
    
Value
    
at Risk
    
Attained Age
    
Annuitization
Return of net deposits plus a minimum return
                                  
GMDB
     0-6 %   $ 66,587.5     $ 2,988.8    
64.4 years
      
GMWB - Premium only
     0 %     3,597.7       147.5            
GMWB
     0-5 %*     5,460.9       142.6            
GMAB - Premium only
     0 %     86.2       0.8            
Highest specified anniversary account value minus withdrawals post-anniversary
                                  
GMDB
             7,401.8       527.4    
64.0 years
      
GMWB - Highest anniversary only
             3,055.3       398.1            
GMWB
             1,132.8       222.9            
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
                                  
GMDB
     0-6 %     4,397.6       565.0    
66.4 years
      
GMIB
     0-6 %     2,581.6       762.4          
3.3 years
GMWB
     0-8 %*     50,662.2       3,117.2            
 
* Ranges shown based on simple interest.  The upper limits of 5% or 8% simple interest are approximately equal to 4.1% and 6%, respectively, on a compound interest basis over a typical 10-year bonus period.
 
50
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
Amounts shown as GMWB above include a ‘not-for-life’ component up to the point at which the guaranteed withdrawal benefit is exhausted, after which benefits paid are considered to be ‘for-life’ benefits.  The liability related to this ‘not-for-life’ portion is valued as an embedded derivative, while the ‘for-life’ benefits are valued as an insurance liability (see below).  For this table, the net amount at risk of the ‘not-for-life’ component is the undiscounted excess of the guaranteed withdrawal benefit over the account value, and that of the ‘for-life’ component is the estimated value of additional life contingent benefits paid after the guaranteed withdrawal benefit is exhausted.
 
Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions):

   
December 31,
  
Fund type:
  
2013
    
2012
  
Equity
   $ 67,128.6     $ 46,662.5  
Bond
     16,633.6       16,958.4  
Balanced
     17,884.1       13,620.7  
Money market
     1,164.1       1,184.5  
Total
   $ 102,810.4     $ 78,426.1  
 
GMDB liabilities reflected in the general account were as follows (in millions):

   
2013
    
2012
  
Balance at January 1
   $ 480.1     $ 466.6  
Incurred guaranteed benefits
     167.5       100.2  
Paid guaranteed benefits
     (68.5 )     (86.7 )
Balance at December 31
   $ 579.1     $ 480.1  
 
The GMDB liability is determined by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments.  The Company regularly evaluates estimates used and adjusts the liability balance through the income statement, within death, other policy benefits and change in policy reserves, if actual experience or other evidence suggests that earlier assumptions should be revised.
 
The following assumptions and methodology were used to determine the GMDB liability at both December 31, 2013 and 2012 (except where otherwise noted):
1)   
Use of a series of deterministic investment performance scenarios, based on historical average market volatility.
2)   
Mean investment performance assumption of 7.4% (2012: 8.4%) after investment management fees, but before investment advisory fees and mortality and expense charges.
3)   
Mortality equal to 63.0% to 100% of the Annuity 2000 table.
4)   
Lapse rates varying by contract type, duration and degree the benefit is in-the-money and ranging from 0.5% to 40.0%, with an average of 4.0% during the surrender charge period and 9% thereafter in 2013 and 10% thereafter in 2012.
5)   
Discount rates: 7.4% on 2013 issues, 8.4% on 2012 and prior issues; (2012: 8.4% all issue years).
 
Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, with the change in fair value reported in net income.  The fair value of these liabilities is determined using stochastic modeling and inputs as further described in Note 6.  The fair valued GMWB had an asset value of $938.7 million at December 31, 2013 and was reported in other assets.   The fair valued GMWB had a reserve liability of $1,219.0 million at December 31, 2012, and was reported in reserves for future policy benefits and claims payable.
 
Jackson has also issued certain GMWB products that guarantee payments over a lifetime.  Reserves for the portion of these benefits after the point where the guaranteed withdrawal balance is exhausted are calculated similar to the GMDB liability with the sole exception that the reserve calculation uses a series of stochastic investment performance scenarios.  At December 31, 2013 and 2012, these GMWB reserves totaled $9.7 million and $21.2 million, respectively, and were reported in reserves for future policy benefits and claims payable.
 
51
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
GMAB benefits were offered on some variable annuity plans.  However, the Company no longer offers these benefits.  At December 31, 2013 and 2012, the asset value was $0.5 million and the reserve liability was $2.0 million, respectively.
 
The direct GMIB liability is determined at each period end by estimating the expected value of the annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over the accumulation period based on total expected assessments.  The Company regularly evaluates estimates used and adjusts the liability balance through the income statement within death, other policy benefits and change in policy reserves, if actual experience or other evidence suggests that earlier assumptions should be revised.  The assumptions used for calculating the direct GMIB liability at December 31, 2013 and 2012 are consistent with those used for calculating the GMDB liability.  At December 31, 2013 and 2012, GMIB reserves before reinsurance totaled $20.7 million and $16.3 million, respectively.
 
Other Liabilities – Insurance and Annuitization Benefits
The Company has established additional reserves for life insurance business for universal life (“UL”) plans with secondary guarantees, interest-sensitive life (“ISWL”) plans that exhibit “profits followed by loss” patterns and account balance adjustments to tabular guaranteed cash values on one interest-sensitive life plan.  The Company also has a small closed block of two-tier annuities, where different crediting rates are used for annuitization and surrender benefit calculations.  A liability is established to cover future annuitization benefits in excess of surrender values.  The total liability for this block is the surrender value, plus the annuitization reserve.
 
Liabilities for these benefits have been established according to the methodologies described below:
 
   
December 31, 2013
  
December 31, 2012
Benefit Type
  
Liability
(in millions)
    
Net Amount
at Risk
(in millions)
  
Weighted
Average
Attained
Age
  
Liability
(in millions)
    
Net Amount
at Risk
(in millions)
  
Weighted
Average
Attained
Age
UL insurance benefit *
   $ 793.3     $ 29,865.8  
58.8 years
   $ 785.6     $ 31,610.5  
58.1 years
Two-tier annuitization
     2.9       23.6  
65.5 years
     3.5       26.8  
65.2 years
ISWL account balance adjustment
     90.8       n/a  
           n/a
     78.9       n/a  
           n/a
 
* Amounts for the UL benefits are for the total of the plans containing any policies having projected non-zero excess benefits, and thus may include some policies with zero projected excess benefits.
 
The following assumptions and methodology were used to determine the UL insurance benefit liability at December 31, 2013 and 2012:
1)   
Use of a series of deterministic premium persistency scenarios.
2)   
Other experience assumptions similar to those used in amortization of deferred acquisition costs.
3)   
Discount rates equal to the credited interest rates, approximately 4.0% to 5.5% projected.
 
The following assumptions and methodology were used to determine the two-tier annuitization benefit liability at December 31, 2013 and 2012:
1)   
Use of a series of deterministic scenarios, varying by surrender rate and annuitization rate.
2)   
Other experience assumptions similar to those used in amortization of deferred acquisition costs.
3)   
Discount rates are equal to credited interest rates, approximately 3.0% to 4.0%.
 
52
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
11.  Debt
 
The aggregate carrying value of borrowings was as follows (in thousands):

   
2013
    
2012
  
Surplus notes
   $ 249,401     $ 249,377  
Mortgage loans
     30,088       30,397  
VIE related borrowings
     -       2,500  
FHLBI mortgage loan
     5,000       10,000  
Total
   $ 284,489     $ 292,274  
                 
Due in less than 1 year
   $ 5,000          
Due in more than 1 to 5 years
     30,088          
Due after 5 years
     249,401          
Total
   $ 284,489          
 
Surplus notes
On March 15, 1997, the Company issued 8.15% surplus notes in the principal amount of $250.0 million due March 15, 2027.  These surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933, and are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims and may not be redeemed at the option of the Company or any holder prior to maturity.

Under Michigan Insurance Law, for statutory reporting purposes, the surplus notes are not part of the legal liabilities of the Company and are considered surplus funds.  Payments of interest or principal may only be made with the prior approval of the commissioner of insurance of the state of Michigan and only out of surplus earnings which the commissioner determines to be available for such payments under Michigan Insurance Law.  Interest is payable semi-annually on March 15th and September 15th of each year.  Interest expense on the notes was $20.4 million in 2013, 2012, and 2011.

Mortgage loans
At December 31, 2013 and 2012, certain consolidated real estate VIEs had outstanding mortgage loans with a weighted average interest rate of 4.4%, with maturities through 2016.  Interest expense totaled $1.3 million, $1.4 million, and $1.4 million in 2013, 2012, and 2011, respectively.

VIE related borrowings
Certain of the Company’s VIEs have “equity” classes issued in the form of non-investment grade debt.  Accordingly, these equity classes are classified as notes payable rather than minority interest in the consolidated balance sheets.  These notes accrue contingent interest expense in addition to the stated coupon.  The outstanding notes were paid off in conjunction with the termination of the VIE in August 2013.  The outstanding principal amount accrued interest at a weighted average interest rate of 5.7% prior to termination in 2013 and 5.3% at December 31, 2012.  Interest expense on the notes in 2013, 2012, and 2011 totaled $0.1 million, $0.1 million, and $0.2 million, respectively.

Federal Home Loan Bank Mortgage Loan
In 2010, the Company received a mortgage loan from the FHLBI, under its community investment program.  The loan accrues interest at 1.04% and the outstanding balance was $5.0 million and $10.0 million at December 31, 2013 and 2012, respectively.  Interest expense totaled $57 thousand, $0.1 million, and $0.2 million during 2013, 2012, and 2011, respectively.  At December 31, 2013, the mortgage loan was collateralized by real estate with a carrying value of $20.0 million.

12.  Federal Home Loan Bank Advances
 
The Company entered into a short-term advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates.  Advances of $200.0 million were outstanding at December 31, 2013 and were recorded in other liabilities.  There were no advances outstanding at December 31, 2012.  The Company paid interest of $0.1 million and $0.3 million on such advances in 2013 and 2012, respectively.  
 
53
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The Company drew an advance in December 2011, and paid no interest during 2011.  At December 31, 2013, advances were collateralized by mortgage-related securities with a value of $215.6 million.

13.  Income Taxes

The components of the provision for federal, state and local income taxes were as follows (in thousands):
 
   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Current tax (benefit) expense
   $ (110,081 )   $ 302,110     $ 58,481  
Deferred tax expense
     277,078       53,323       153,591  
Federal income tax expense
   $ 166,997     $ 355,433     $ 212,072  
 
The federal income tax provisions differ from the amounts determined by multiplying pre-tax income attributable to Jackson by the statutory federal income tax rate of 35% for 2013, 2012 and 2011 as follows (in thousands):

   
Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Income taxes at statutory rate
   $ 324,491     $ 452,615     $ 276,431  
Dividends received deduction
     (136,844 )     (107,412 )     (59,136 )
Other
     (20,650 )     10,230       (5,223 )
Federal income tax expense
   $ 166,997     $ 355,433     $ 212,072  
                         
Effective tax rate
     18.0 %     27.5 %     26.9 %
 
Federal income tax refunded in 2013 was $241.9 million, and federal income taxes paid in 2012 and 2011 were $241.2 million and $170.0 million, respectively.

The tax effects of significant temporary differences that gave rise to deferred tax assets and liabilities were as follows (in thousands):
 
   
December 31,
  
   
2013
    
2012
  
Gross deferred tax asset
            
Difference between financial reporting and the tax basis of:
            
Policy reserves and other insurance items
   $ 2,807,663     $ 3,120,346  
Other-than-temporary impairments and other investment items
     107,736       76,647  
Deferred compensation
     62,302       48,067  
Net operating loss carryforward
     89,696       53,803  
Other, net
     28,847       74,173  
Total gross deferred tax asset
     3,096,244       3,373,036  
                 
Gross deferred tax liability
                
Difference between financial reporting and the tax basis of:
                
Deferred acquisition costs and sales inducements
     (2,034,230 )     (1,465,119 )
Other investment items
     -       (315,416 )
Net unrealized gains on available for sale securities
     (925,387 )     (2,063,272 )
Other, net
     (26,234 )     (20,799 )
Total gross deferred tax liability
     (2,985,851 )     (3,864,606 )
                 
Net deferred tax asset (liability)
   $ 110,393     $ (491,570 )
 
The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable.  Considerable
 
54
 
Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
judgment and the use of estimates are required when determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance.  When evaluating the need for a valuation allowance, the Company considers many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies the Company would employ to avoid a tax benefit from expiring unused.  Although realization is not assured, management believes as of December 31, 2013, it is more likely than not that the deferred tax assets, will be realized.  At December 31, 2013 and 2012, the Company did not have a valuation allowance.

At December 31, 2013, the Company had a federal tax ordinary loss carryforward of $256.3 million which begins to expire in 2026, that was attributable to the Company’s acquisition of REALIC.  Section 382 of the Internal Revenue Code imposes limitations on the utilization of net operating loss carryforwards.  The Section 382 limitation is an annual limitation on the amount of pre-acquisition NOLs that a corporation may use to offset post-acquisition income. Section 382 further limits certain unrealized built-in losses at the time of acquisition. The annual limitation is approximately $21.0 million.

In 2007, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2007-54 that would have changed accepted industry and IRS interpretations of the statutes governing the computation of the Dividends Received Deduction (“DRD”) on separate account assets held in connection with variable annuity and life contracts, but that ruling was suspended by Revenue Ruling 2007-61.  Revenue Ruling 2007-61 also announced the Treasury Department’s and the IRS’s intention to issue regulations with respect to certain computational aspects of the DRD on separate account assets held in connection with variable contracts.  In February 2014, the IRS issued Revenue Ruling 2014-7, which merely republishes the first noncontroversial holding of Revenue 2007-54 regarding the amount of life insurance reserves taken into account for tax purposes for a variable annuity when some or all of the reserves are part of the Company’s separate account reserves.  The new revenue ruling modifies and supersedes Revenue Ruling 2007-54, which effectively revokes the second controversial holding of Revenue Ruling 2007-54 that had a negative impact on DRD computations.  The new ruling also states that Revenue Ruling 2007-61 is obsolete.  This administrative action does not foreclose future regulations on the computation of the Company’s share of the DRD.  However, it is likely that any regulations that the IRS proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other interested parties will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations.  Although regulations that represent a substantial change in an interpretation of the law are generally given a prospective effective date, there is no assurance that the change will not be retrospectively applied.  As a result, depending on the ultimate timing and substance of any such regulations, which are unknown at this time, such future regulations could result in the elimination of some or all of the separate account DRD tax benefit that the Company receives.  In January 2010, Jackson received a formal Notice of Assessment from the IRS disallowing the separate account DRD for 2003, 2005 and 2006.  Jackson did not agree with the assessment and filed a protest with the Appellate Division of the IRS.  In February 2013, the IRS fully conceded the separate account DRD issue in favor of the Company after obtaining approval from the Joint Committee on Taxation.

In February 2012, Brooke Life received a Notice of Proposed Adjustment from the IRS, regarding an assessment related to its tax treatment of interest expense on intercompany debt in 2007 and 2008.  Due to the intercompany tax sharing agreement, the effect of an adjustment, if any, would impact Jackson’s total stockholder’s equity.  The total aggregate exposure to the Company’s stockholder’s equity is approximately $204.0 million.  Brooke Life did not agree with the assessment, believed its current position was sustainable and filed a protest with the Appellate Division of the IRS.  In February 2013, the IRS fully conceded the debt/equity issue for years under examination in favor of the Company, subject to approval by the Joint Committee on Taxation.

During 2011, Jackson established a reserve for an unrecognized tax benefit as required for income tax uncertainties.  The reserve was reduced in 2012 due to the issuance of new IRS guidance, and no such reserve existed for the years ended December 31, 2013 and 2012.

The Company has considered both permanent and temporary positions in determining the unrecognized tax benefit rollforward.  The total amount of unrecognized benefits represent tax positions for which there is uncertainty about the timing of certain deductions.  The timing of such deductions would not affect the annual effective tax rate, excluding the impact of interest and penalties.
 
55
 
Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
Interest totaling $10.4 million related to these unrecognized tax benefits has been included in income tax expense in the consolidated income statement for 2011.  The Company has not recorded any amounts for penalties related to unrecognized tax benefits during 2013, 2012, or 2011.

Based on information available as of December 31, 2013, the Company believes that, in the next 12 months, there are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease.

14.  Commitments, Contingencies, and Guarantees

The Company and its subsidiaries are involved in litigation arising in the ordinary course of business.  It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse affect on the Company’s financial condition.  Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including a modal premium case and allegations of misconduct in the sale of insurance products.  The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable.  At December 31, 2013 and 2012, Jackson recorded accruals totaling $18.4 million and $32.9 million, respectively.

State guaranty funds provide payments for policyholders of insolvent life insurance companies.  These guaranty funds are financed by assessing solvent insurance companies based on location, volume and types of business. The Company estimated its reserve for future state guaranty fund assessments based on data received from the National Organization of Life and Health Insurance Guaranty Associations.  Based on data received, the Company’s reserve for future state guaranty fund assessments was $21.7 million and $43.1 million at the end of 2013 and 2012, respectively.  Related premium tax offsets were $9.1 million and $19.7 million at December 31, 2013 and 2012, respectively.  While Jackson cannot predict the amount and timing of any future assessments, the Company believes the reserve is adequate for all anticipated payments for known insolvencies.
 
At December 31, 2013, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $493.1 million.  At December 31, 2013, unfunded fixed-rate commercial mortgage loan commitments totaled $218.2 million.

The Company has received regulatory inquiries on an industry-wide matter relating to claims settlement practices and compliance with unclaimed property laws.  Concurrently, some regulators and state legislatures have required life insurance companies to take additional steps to identify unreported deceased policy and contract holders.  Additionally, certain states are contracting with independent firms to perform specific unclaimed property audits or targeted market conduct examinations covering claims settlement practices and procedures for escheating unclaimed property.  Any regulatory audits, related examination activity and internal reviews may result in additional payments to beneficiaries, escheatment of funds deemed abandoned under state laws, administrative penalties and changes in the Company’s procedures for the identification of unreported claims and handling of escheatable property.

Jackson continually reviews its entire policy master file compared to vendors’ databases of known deaths.  At December 31, 2013 and 2012, Jackson accrued $21.1 million and $28.0 million, respectively, for estimated remaining claims that have not yet been positively identified and any potential regulatory assessments.

The Company has two separate service agreements with third party administrators to provide policyholder administrative services.  These agreements, subject to certain termination provisions, have ten-year periods and expire in 2019 and 2020.
 
56
 
Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
The Company leases office space, land and equipment under several operating leases that expire at various dates through 2051.  Certain leases include escalating lease rates, lease abatements and other incentives and, as a result, at December 31, 2013, Jackson recorded a liability of $9.9 million for future lease payments.  Lease expense was $30.7 million, $28.1 million, and $25.2 million in 2013, 2012, and 2011, respectively.  At December 31, 2013, future minimum payments under these noncancellable operating leases were as follows (in thousands):
 
2014
   $ 19,028  
2015
     17,717  
2016
     14,924  
2017
     8,606  
2018
     7,307  
Thereafter
     20,602  
Total
   $ 88,184  
 
15.   Share-Based Compensation

Certain officers participate in various share award plans relating to Prudential shares and/or American Depositary Receipts (“ADR’s”) that are tradable on the New York Stock Exchange and are described below.

The Group Performance Share Plan (“GPSP”) is a Prudential incentive plan in which all executive directors of Prudential and other senior executives can participate.  Awards are granted in the form of a nil cost option with a vesting period of three years.  The performance measure for the awards is that Prudential’s Total Shareholder Return (“TSR”) outperforms an index comprised of peer companies over a three-year period.  Vesting of the awards between each performance period is on a straight line sliding scale basis ranging from 0% (less than the peer index TSR return) to 100% (more than 120% of the peer index TSR return).  Participants are entitled to the value of reinvested dividends that would have accrued on the shares that vest.

The Business Unit Performance Plan (“BUPP”) is a Prudential incentive plan created to provide a common framework under which awards would be made to Chief Executive Officers (“CEO”) of Prudential’s business units.  Awards under this nil cost plan for Jackson’s CEO are based on compound annual growth in Jackson Shareholder Capital Value on a European Embedded Value (“EEV”) basis with performance measured over three years.   Awards granted in 2009 and later are settled in ADR’s after vesting.  Participants are entitled to receive the value of reinvested dividends over the performance period for those shares/ADR’s that vest.  The compound annual growth parameters for the awards are based on factors relevant to the U.S. business and vesting between each performance point is on a straight line sliding scale basis ranging from 0% (less than 8% growth) to 100% (more than 12% growth).

In 2011, the Company granted one-off type retention awards to certain key senior executives within Jackson.  These awards were subject to the prior approval of the Jackson Remuneration Committee and are nil cost options with a contingent right to receive Prudential ADR’s.  The awards are contingent upon continued employment of the recipient through the award vesting date.  There are no performance measurements with these awards.

The Company classifies all of the above plans as equity settled plans and, therefore, reflects the net reserve related to the compensation expense and the value of the shares distributed under this plan within the statement of equity.  At December 31, 2013 and 2012, the Company had $18.4 million and $12.9 million, respectively, reserved for future payments under these plans.

The Company also has a performance-related share award plan which, subject to the prior approval of the Jackson Remuneration Committee, may grant share awards to eligible employees in the form of a contingent right to receive Prudential ADR’s, or a conditional allocation of Prudential ADR’s.  These share awards are based on the compound annual EEV imputed growth in shareholder value of the U.S. business, have vesting periods of four years and are at nil cost to the employee.  Share awards vest between 0% (less than 8% growth) and 150% (more than 17.5% growth) of the grant amounts dependent on the compound annual growth rate attained over the performance period.  Award holders do not have any right to dividends or voting rights attached to the ADR’s granted during the performance
 
57
 
Jackson National Life Insurance Company and Subsidiaries
December 31, 2013 and 2012
 
period.  In 2013, this plan was replaced by the Prudential Long-Term Incentive Plan (“PLTIP”) as further described below.

The PLTIP is a Prudential incentive plan, implemented in 2013, in which the Company may grant share awards to eligible employees in the form of a contingent right to receive Prudential ADR’s, or a conditional allocation of Prudential ADR’s, subject to the prior approval of the Jackson Remuneration Committee.  These share awards vest based on the achievement of planned IFRS pretax operating income for the U.S. business, have vesting periods of three years and are at nil cost to the employee.  Share awards vest between 0% (less than 90% of plan) and 100% (more than 110% of plan) of the grant amounts dependent on IFRS pretax operating income attained over the performance period.  Award holders do not have any right to dividends or voting rights attached to the ADR’s granted during the performance period.  Upon vesting, a number of ADRs equivalent to the value of dividends that otherwise would have been received over the performance period are added to vested awards.

The Company classifies these plans as liability settled plans and, therefore, reflects the accrued compensation expense and the value of the shares distributed under the plans within other liabilities.  At December 31, 2013 and 2012, the Company had $31.3 million and $23.9 million, respectively, accrued for future payments under these plans.

The Company either acquires shares/ADR’s or reimburses Prudential for the costs of any shares/ADR’s that were distributed to participants in the above plans, or may be distributed in the future.   The shares/ADR’s acquired for all the share-award plans are held at cost in a trust account for future distributions.  The Company reflects the costs of shares/ADR’s held within the consolidated statement of equity as shares held in trust.  At December 31, 2013 and 2012, the Company had $22.8 million and $25.1 million of shares/ADR’s held at cost in the trust, respectively.

The Company recognizes share-based compensation expense associated with the equity settled plans based on the grant-date award fair value as determined using either the Black-Scholes model or the Monte Carlo model ratably over the requisite service period of each individual grant, which generally equals the vesting period.   For the liability settled share award plans, compensation expense is recognized based on the change in fair value of the award at the end of each reporting period due to the plans’ cash settlement alternatives.

Total expense related to these share-based performance related compensation plans was as follows (in millions):
 
   
For the Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Group Performance Share Plan
   $ 4.9     $ 8.0     $ 2.3  
Business Unit Performance Plan
     5.0       7.2       3.7  
Retention Share Plan
     3.2       2.0       1.5  
Jackson performance plan
     16.8       15.8       4.3  
Prudential LTIP plan
     10.0       -       -  
Total compensation expense related to incentive plans
   $ 39.9     $ 33.0     $ 11.8  
                         
Income tax benefit
   $ 14.0     $ 11.5     $ 4.1  

The total unrecognized compensation expense related to all share-based plans at December 31, 2013 was $50.6 million with a weighted average remaining period of 2.18 years.

At December 31, 2013, there were no new grants under the GPSP, BUPP, retention or performance plans.

58
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
The weighted average share/ADR fair values of share-based awards granted by plan during 2013, 2012 and 2011 were as follows:
                   
   
2013
    
2012
    
2011
  
Weighted Average Fair Value:
                  
   Group Performance Share Plan
   $ -     $ 12.11     $ 12.84  
   Business Unit Performance Plan
   $ -     $ 20.89     $ 21.89  
   Jackson performance plan
   $ -     $ 24.24     $ 23.27  
   Prudential LTIP plan
   $ 32.55     $ -     $ -  
 
The weighted average fair value for the Company’s performance awards represents the average Prudential ADR price for the thirty days following Prudential’s unaudited annual earnings release date.  The fair value amounts relating to the equity settled plans were determined using either the Black-Scholes or Monte Carlo option-pricing models.   These models are used to calculate fair values for options and awards at the grant date based on the quoted market price of the stock at the measurement date, the dividend yield, expected volatility, risk-free interest rates and expected term.   The following assumptions were used in 2012 and 2011 in determining the GPSP fair value:
 
   
2012
    
2011
  
Dividend yield
     3.63 %     3.33 %
Expected volatility
     32.80 %     28.80 %
Risk-free interest rate
     0.30 %     1.33 %
Expected life
    
3 year
 s     
3 year
 s 
Weighted average share price
   $ 12.1 1   $ 12.8 4

The expected volatility is measured as the standard deviation of expected share price returns based on statistical analysis of daily share prices over a period up to the grant date equal to the expected life of the options.  Risk-free interest rates are United Kingdom gilt rates with projections for three-year terms to match corresponding vesting periods.  Dividend yield is determined as the average yield over the year of the grant and expected dividends are not incorporated into the measurement of fair value.  For the GPSP, volatility and correlation between Prudential and an index constructed from a simple average of the Total Shareholder Return growth of ten companies is required.  Changes to the subjective input assumptions could materially affect the fair value estimate.  At December 31, 2013 and 2012, there were no outstanding non-vested Prudential shares granted.

Outstanding non-vested Prudential ADR’s granted were as follows:

   
GPSP
    
BUPP
    
Performance Award Plan
    
Prudential LTIP plan
  
   
ADR’s
    
Weighted
Average
Grant Date
Fair Value
    
ADR’s
    
Weighted
Average
Grant Date
Fair Value
    
ADR’s
    
Weighted
Average
Grant Date
Fair Value
    
ADR’s
    
Weighted
Average
Grant Date
Fair Value
  
At December 31, 2011
     484,283     $ 10.10       484,283     $ 16.25       985,359     $ 16.51       -     $ -  
Granted
     99,628       12.11       99,628       20.89       162,121       24.24       -       -  
Exercised
     234,238       10.08       219,598       14.35       220,710       22.73       -       -  
Lapsed/Forfeited
     -       -       14,640       14.35       77,753       18.49       -       -  
At December 31, 2012
     349,673       10.68       349,673       18.83       849,017       16.19       -       -  
                                                                 
Granted
     -       -       -       -       -       -       1,395,667       32.55  
Exercised
     100,813       8.33       100,813       15.48       346,957       10.31       -       -  
Lapsed/Forfeited
     50,408       8.33       50,408       15.48       25,036       21.19       19,444       32.14  
At December 31, 2013
     198,452     $ 12.47       198,452     $ 21.39       477,024     $ 20.21       1,376,223     $ 32.56  
 
At December 31, 2013, there were 232,170 non-vested Prudential ADR grants related to the one-off retention award plan, with a weighted average grant date price of $19.42.
 
59
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
16.   Statutory Accounting Capital and Surplus

The Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile.  Statutory accounting practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing investments and certain assets and accounting for deferred income taxes on a different basis.

Under Michigan Insurance Law, while Jackson must provide notification to the Michigan commissioner of insurance prior to payment of any dividend, ordinary dividends on capital stock may only be distributed out of earned surplus, excluding any unrealized capital gains and the effect of permitted practices (referred to as adjusted earned surplus).  At December 31, 2013, the adjusted earned surplus of the Company was $855.6 million.  Ordinary dividends are also limited to the greater of 10% of statutory surplus as of the preceding year-end, excluding any increase arising from the application of permitted practices, or the statutory net income, excluding any net realized investment gains, for the twelve month period ended on the preceding December 31.  The commissioner may approve payment of dividends in excess of these amounts, which would be deemed an extraordinary dividend.  The maximum amount that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to Brooke Life in 2014, is estimated to be $723.5 million, subject to the availability of adjusted earned surplus as of the dividend date.

The Company received capital contributions from its parent of $35.1 million, $36.0 million, and $19.4 million in 2013, 2012, and 2011, respectively, from Brooke Life’s forgiveness of intercompany tax liabilities.  Dividend payments from the Company to its parent were $507.0 million, $400.0 million, and $530.0 million in 2013, 2012, and 2011, respectively.

Statutory capital and surplus of the Company, as reported in its Annual Statement, was $4.4 billion and $4.3 billion at December 31, 2013 and 2012, respectively.  Statutory net income (loss) of the Company, as reported in its Annual Statement, was $741.3 million, $847.2 million, and $(453.2) million in 2013, 2012, and 2011, respectively.

The commissioner has granted Jackson a permitted practice that allows Jackson to carry interest rate swaps at book value, as if the requirements for statutory hedge accounting were in place, instead of at fair value as would have been otherwise required.  Jackson is required to demonstrate the effectiveness of its interest rate swap program pursuant to the Michigan Insurance Code.  This permitted practice expires on October 1, 2014.  At December 31, 2013 and 2012, the effect of the permitted practice increased (decreased) statutory surplus by $1.2 million and $(580.5) million, net of tax, respectively.  The permitted practice had no impact on statutory net income.

Under Michigan Insurance Law, VOBA is reported as an admitted asset if certain criteria are met. In relation to the acquisition of REALIC and pursuant to Michigan Insurance Law, the Company reported $425.8 million and $470.1 million of statutory basis VOBA at December 31, 2013 and 2012, respectively, which is fully admissible.  Accordingly, the acquisition had no impact on the Company’s statutory basis capital and surplus.

The NAIC has developed certain risk-based capital (“RBC”) requirements for life insurance companies.  Under those requirements, compliance is determined by a ratio of a company’s total adjusted capital, calculated in a manner prescribed by the NAIC (“TAC”) to its authorized control level RBC, calculated in a manner prescribed by the NAIC (“ACL RBC”).  Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC (“Company action level RBC”).    At December 31, 2013, the Company’s TAC was more than 400% of the Company action level RBC.

In addition, on the basis of statutory financial statements that insurers file with the state insurance regulators, the NAIC annually calculates twelve financial ratios to assist state regulators in monitoring the financial condition of insurance companies.  A usual range of results for each ratio is used as a benchmark and departure from the usual range on four or more of the ratios can lead to inquiries from individual state insurance departments.  In 2013 and 2012, there were no significant exceptions with any ratios.
 
60
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
17.
Other Related Party Transactions

The Company’s investment portfolio is managed by PPM America, Inc. (“PPMA”), a registered investment advisor, and PPM Finance, Inc. (collectively, “PPM”).  PPM is ultimately a wholly owned subsidiary of Prudential.  The Company paid $45.7 million, $38.7 million, and $36.6 million to PPM for investment advisory services during 2013, 2012, and 2011, respectively.

National Planning Holdings, Inc. (“NPH”), Jackson’s affiliated broker-dealer network, distributes products issued by Jackson and receives commissions and fees from Jackson.  Commissions and fees paid by Jackson to NPH during 2013, 2012, and 2011 totaled $102.1 million, $99.6 million, and $94.7 million, respectively.

Jackson has entered into shared services administrative agreements with both NPH and PPMA.  Under the shared services administrative agreements, Jackson charged $7.1 million, $7.3 million, and $8.5 million of certain management and corporate services costs to these affiliates in 2013, 2012, and 2011, respectively.

Jackson provides a $40.0 million revolving credit facility to Nicole Finance, Inc., an upstream holding company.  The loan, executed in 2011, is unsecured, matures in December 2016, accrues interest at 1.27% per annum and has a commitment fee of 0.10% per annum.  There was $9.5 million and $26.0 million outstanding at December 31, 2013 and 2012, respectively.  The highest outstanding loan balance during 2013 and 2012 was $26.0 million.  During 2013, 2012, and 2011, interest and commitment fees totaled $0.2 million, $0.2 million, and $9 thousand, respectively.

Jackson provides a $40.0 million revolving credit facility to PPMA.  The loan is unsecured, matures in September 2018, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum.  There was no balance outstanding at December 31, 2013 or 2012.  The highest outstanding loan balance during 2013 and 2012 was nil and $1.0 million, respectively.  During 2013, 2012, and 2011, interest and commitment fees totaled $0.1 million, $0.1 million, and $0.1 million, respectively.

Jackson provides a $20.0 million revolving credit facility to Brooke Holdings, LLC, an upstream holding company.  The loan is unsecured, matures in June 2014, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum.  There was no outstanding balance at December 31, 2013 and 2012.  The highest outstanding loan balance during 2013 and 2012 was nil  and $7.0 million, respectively.  Interest and commitment fees totaled $0.1 million, $0.1 million, and $0.2 million during 2013, 2012, and 2011, respectively.

Jackson provides, through its PGDS subsidiary, information technology services to certain Prudential affiliates.  Jackson recognized $20.2 million, $21.6 million, and $21.1 million of revenue associated with these services during 2013, 2012, and 2011, respectively.  This revenue is included in other income in the accompanying consolidated income statement.  This revenue is substantially equal to the costs incurred by PGDS to provide the services, which are reported in general and administrative expenses in the consolidated income statements.

18.
Benefit Plans

The Company has a defined contribution retirement plan covering substantially all employees and certain affiliates.  To be eligible to participate in the Company’s contribution, an employee must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary.  In addition, the employee must be employed on the applicable January 1 or July 1 entry date.  The Company’s annual contributions, as declared by the board of directors, are based on a percentage of eligible compensation paid to participating employees during the year.  In addition, the Company matches a participant’s elective contribution, up to 6 percent of eligible compensation, to the plan during the year.  The Company’s expense related to this plan was $25.4 million, $20.9 million, and $18.0 million in 2013, 2012, and 2011, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for certain agents and employees.  At December 31, 2013 and 2012, the liability for such plans totaled $186.6 million and $130.9 million, respectively, and is reported in other liabilities.  Jackson invests in selected mutual funds in amounts similar to participant elections as a hedge against significant movement in the payout liability.  The Company’s expense related to these plans, including a match of elective deferrals for the agents’ deferred compensation plan, was $56.4 million, $25.5 million,
 
61
 
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2013 and 2012
 
and $3.6 million in 2013, 2012, and 2011, respectively.  Investment income (loss) from the mutual funds totaled $40.7 million, $18.9 million, and $(3.7) million in 2013, 2012, and 2011, respectively.

With the acquisition of SRLC, Jackson acquired liabilities related to certain benefit plans which included the Southwestern Life Holdings, Inc. Retiree Benefit Plan, the American Merchants Life Insurance Co. Retiree Benefit Plan, the PennCorp Financial Group, Inc. Retirement and Savings Plan, and the GMAC/Integon obligation.  The net liability for these acquired benefit plans was $6.1 million and $8.7 million at December 31, 2013 and 2012, respectively.

19.  Operating Costs and Other Expenses

The following table is a summary of the Company’s operating costs and other expenses (in thousands):

   
For the Years Ended December 31,
  
   
2013
    
2012
    
2011
  
Commission expenses
   $ 1,752,884     $ 1,646,678     $ 1,422,681  
General and administrative expenses
     804,851       709,690       586,130  
Deferral of policy acquisition costs
     (1,077,016 )     (1,105,124 )     (1,002,864 )
     Total operating costs and other expenses
   $ 1,480,719     $ 1,251,244     $ 1,005,947  
 
20.  Reclassifications Out of Accumulated Other Comprehensive Income

The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in thousands):

   
December 31,
  
   
2013
  
Balance, beginning of year
   $ 2,107,631  
OCI before reclassifications
     (1,502,596 )
Amounts reclassified from AOCI
     (81,170 )
Less: Comprehensive loss attributable
        
to noncontrolling interest
     3,082  
Balance, end of year
   $ 526,947  
 
The following table represents amounts reclassified out of AOCI (in thousands):

AOCI Components
  
Amounts
Reclassified
from AOCI
    
Affected Line Item in the
Consolidated Income Statement
   
December 31,
      
   
2013
      
Net unrealized investment loss:
          
Net realized loss on investments
   $ (123,157 )  
Other net investment losses
OTTI
     (1,721 )  
Total other-than-temporary impairments
Net unrealized loss before income taxes
     (124,878 )    
Income tax benefit
     43,708      
Reclassifications, net of income taxes
   $ (81,170 )    

62

PART C

OTHER INFORMATION

Item 24. Financial Statements and Exhibits

(a) Financial Statements:

(1) Financial statements and schedules included in Part A:

Not Applicable

(2) Financial statements and schedules included in Part B:

Jackson National Separate Account - I:

Report of Independent Registered Public Accounting Firm
                       Statements of Assets and Liabilities as of December 31, 2013
                       Statements of Operations for the period ended December 31, 2013
                       Statements of Changes in Net Assets for the periods ended December 31, 2013 and 2012
                       Notes to Financial Statements

Jackson National Life Insurance Company:

Report of Independent Registered Public Accounting Firm
                       Consolidated Balance Sheets as of December 31, 2013 and 2012
                       Consolidated Income Statements for the years ended December 31, 2013, 2012, and 2011
                       Consolidated Statements of Stockholder's Equity and Comprehensive Income for the years ended
                       December 31, 2013, 2012, and 2011
                       Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012, and 2011
                       Notes to Consolidated Financial Statements

(b) Exhibits

Exhibit              Description
No.

1.
Resolution of Depositor's Board of Directors authorizing the establishment of the Registrant, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 9 filed on April 21, 1999 (File Nos. 033-82080 and 811-08664).

2.
Not Applicable.

3.

a.  
General Distributor Agreement dated May 24, 1995, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

b.  
General Distributor Agreement dated June 30, 1998, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 11 filed on July 21, 2004 (File Nos. 333-70472 and 811-08664).

c.  
Amended and Restated General Distributor Agreement dated October 25, 2005, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 21 filed on December 29, 2005 (File Nos. 333-70472 and 811-08664).

d.  
Amended and Restated General Distributor Agreement dated June 1, 2006, incorporated herein by reference to the Registrant's Registration Statement filed on August 10, 2006 (File Nos. 333-136472 and 811-08664).

e.  
Selling Agreement between Jackson National Life Insurance Company and Jackson National Life Distributors, LLC (V2565 01/12), incorporated herein by reference to Registrant’s Pre-Effective Amendment No. 1, filed on April 24, 2012 (File Nos. 333-178774 and 811-08664).

f.  
Selling Agreement between Jackson National Life Insurance Company and Jackson National Life Distributors, LLC (V2565 08/12), incorporated herein by reference to Registrant’s Post-Effective Amendment No. 4, filed on April 23, 2013 (File Nos. 333-183048 and 811-08664).

4.

a.  
Specimen of the Perspective III Fixed and Variable Annuity Contract, incorporated herein by reference to the Registrant's Registration Statement filed on November 21, 2001 (File Nos. 333-73850 and 811-08664).

b.  
Specimen of Section 403(b) Tax Sheltered Annuity Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment  No. 1 filed on March 15, 2001 (File Nos. 333-73850 and 811-08664).

c.  
Specimen of Retirement Plan Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on March 15, 2001 (File Nos. 333-73850 and 811-08664).

d.  
Specimen of Individual Retirement Annuity Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on March 15, 2001 (File Nos. 333-73850 and 811-08664).

e.  
Specimen of Roth IRA Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on March 15, 2001 (File Nos. 333-73850 and 811-08664).

f.  
Specimen of Earnings Protection Benefit Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on November 21, 2001(File Nos. 333-73850 and 811-08664).

g.  
Specimen of 5% Compounded Death Benefit Endorsement, incorporated herein by reference to the Registrant's Registration Statement, filed on November 21, 2001 (File Nos. 333-73850 and 811-08664).

h.  
Specimen of Combination Death Benefit Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on November 21, 2001 (File Nos. 333-73850 and 811-08664).

i.  
Specimen of Maximum Anniversary Value Death Benefit Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on November 21, 2001 (File Nos. 333-73850 and 811-08664).

j.  
Specimen of 2% Contract Enhancement Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on November 21,2001 (File Nos. 333-73850 and 811-08664).

k.  
Specimen of Guaranteed Minimum Income Benefit Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on November 21, 2001 (File Nos. 333-73850 and 811-08664).

l.  
Form of Preselected Death Benefit Option Election Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on March 15, 2001 (File Nos. 333-73850 and 811-08664).

m.  
Form of Reduced Administration Charge Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 1 filed on April 29, 2002 (File Nos. 333-73850 and 811-08664).

n.  
Specimen of the Perspective Focus Fixed and Variable Annuity Contract, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 1 filed on April 29, 2002 (File Nos. 333-73850 and 811-08664).

o.  
Specimen of 2% Contract Enhancement Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 1 filed on April 29, 2002 (File Nos. 333-73850 and 811-08664).

p.  
Specimen of Guaranteed Minimum Withdrawal Benefit endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 4 filed on November 1, 2002 (File Nos. 333-73850 and 811-08664).

q.  
Specimen of Fixed Account Options Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 4 filed on November 1, 2002 (File Nos. 333-73850 and 811-08664).

r.  
Specimen of Charitable Remainder Trust Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment filed on December 23, 2004 (File Nos. 333-118368 and 811-08664).

s.  
Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment filed on December 30, 2004 (File Nos. 333-119656 and 811-08664).
t.  
Specimen of Section 403(b) Tax Sheltered Annuity Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on August 19, 2004 (File Nos. 333-118368 and 811-08664).

u.  
Specimen of Individual Retirement Annuity Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on August 19, 2004 (File Nos. 333-118368 and 811-08664).

v.  
Specimen of Roth Individual Retirement Annuity Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on August 19, 2004 (File Nos. 333-118368 and 811-08664).

w.  
Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 19 filed on October 20, 2005 (File Nos. 333-70472 and 811-08664).

x.  
Specimen of the 5% For Life Guaranteed Minimum Withdrawal Benefit With Bonus and Annual Step-up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

y.  
Specimen of the 6% Guaranteed Minimum Withdrawal Benefit With Annual Step-up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

z.  
Specimen of the For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

aa.  
Specimen of the Joint For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

bb.  
Specimen of 5% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

cc.  
Specimen of the 5% Guaranteed Minimum Withdrawal Benefit Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

dd.  
Specimen of the 7% Guaranteed Minimum Withdrawal Benefit With 5 Year Step-Up Endorsement, incorporated herein by  reference  to the Registrant's Post-Effective Amendment No. 34, filed on February 2, 2007 (File Nos. 333-70472 and 811-08664).

ee.  
Specimen of Guaranteed Minimum Income Benefit Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 21, 2007 (File Nos. 333-70472 and 811-08664).

ff.  
Specimen of 5% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 21, 2007 (File Nos. 333-70472 and 811-08664).

gg.  
Specimen of 6% Guaranteed Minimum Withdrawal Benefit With Annual Step-up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 21, 2007 (File Nos. 333-70472 and 811-08664).

hh.  
Specimen of 5% For Life Guaranteed Minimum Withdrawal Benefit With Bonus and Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 21, 2007 (File Nos. 333-70472 and 811-08664).

 
ii.  
Specimen of For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up Endorsement,   incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August  21, 2007 (File Nos. 333-70472 and 811-08664).

jj.  
Joint For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 21, 2007 (File Nos. 333-70472 and 811-08664).

kk.  
For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 21, 2007 (File Nos. 333-70472 and 811-08664).

ll.  
Specimen of For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 41, filed on August 23, 2007 (File Nos. 333-70472 and 811-08664).

mm.  
Specimen of Guaranteed Minimum Withdrawal Benefit with 5-Year Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 46, filed on December 27, 2007 (File Nos. 333-70472 and 811-08664).

nn.  
Specimen of the For Life GMWB With Bonus and Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 46, filed on December 27, 2007(File Nos. 333-70472 and 811-08664).

oo.  
Specimen of the Joint For Life GMWB With Bonus and Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 46, filed on December 27, 2007 (File Nos.  333-70472 and 811-08664).

pp.  
Specimen of the Joint For Life GMWB with Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 46, filed on December 27, 2007 (File Nos. 333-70472 and 811-08664).

qq.  
Specimen of the Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus and Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 59, filed on October 3, 2008 (File Nos. 333-70472 and 811-08664).

rr.  
Specimen of the For Life Guaranteed Minimum Withdrawal Benefit With Bonus and Annual Step-Up Endorsement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 59, filed on October 3, 2008 (File Nos. 333-70472 and 811-08664).

ss.  
Specimen of the For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-Up (Freedom) Endorsement (7587 01/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 23, filed on December 31, 2008 (File Nos. 333-73850 and 811-08664).

tt.  
Specimen of the Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-Up (Joint Freedom) Endorsement (7588  01/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 23, filed on December 31, 2008 (File Nos. 333-73850 and 811-08664).

uu.  
Specimen of the For Life Guaranteed Minimum Withdrawal Benefit With Bonus and Annual Step-Up (LifeGuard Freedom 6(SM) GMWB) Endorsement (7613 09/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

vv.  
Specimen of the Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus and Annual Step-Up (LifeGuard Freedom 6 GMWB With Joint Option) Endorsement (7614 09/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

ww.  
Specimen of the For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-Up (LifeGuard Select(SM)) Endorsement (7617 09/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

xx.  
Specimen of the Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Guaranteed Withdrawal Balance Adjustment and Annual Step-Up (LifeGuard Select With Joint Option) (7618 09/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

5.

a.  
Form of the Perspective Focus Fixed and Variable Annuity Application, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on March 15, 2001 (File Nos. 333-73850 and 811-08664).

b.  
Form of the Perspective Focus Fixed and Variable Annuity Application, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 5 filed on May 1, 2003 (File Nos. 333-73850 and 811-08664).

6.

a.  
Articles of Incorporation of Depositor, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

b.  
By-laws of Depositor, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

c.  
Amended By-laws of Jackson National Life Insurance Company, incorporated herein by reference to the Registration Statement, filed on December 31, 2012 (File Nos. 333-185768 and 811-04405).

7.

a.  
Variable Annuity Guaranteed Minimum Death Benefit Reinsurance Agreement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 6 filed on December 15, 2003 (File Nos. 333-73850 and 811-08664).

b.  
Variable Annuity Guaranteed Minimum Death Benefit Reinsurance Agreement, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 11 filed on July 21, 2004 (File Nos. 333-70472 and 811-08664).

c.  
Amendment No. 15 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD, with effective date October 6, 2008, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 23, filed on December 31, 2008 (File Nos. 333-73850 and 811-08664).

d.  
Amendment No. 16 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD, with effective date April 6, 2009, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

e.  
Amendment No. 17 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life  Reinsurance LTD, with effective date April 6, 2009, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

f.  
Amendment to the Variable Annuity Guaranteed Minimum Death Benefit Reinsurance Agreement effective December 31, 2002, with effective date December 31, 2008, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

g.  
Amendment to Variable Annuity Guaranteed Minimum Death Benefit  Reinsurance Agreement effective December 31, 2002, with effective date March 31, 2009, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 25 filed on September 24, 2009 (File Nos. 333-73850 and 811-08664).

t.  
Amendment No. 18 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD, with effective date September 28, 2009, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 26 filed on April 30, 2010 (File Nos. 333-73850 and 811-08664).

u.  
Amendment No. 19 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD, with effective date May 3, 2010 and October 11, 2010 where specifically noted, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 91 filed on January 18, 2011 (File Nos. 333-70472 and 811-08664).

v.  
Amendment No. 20 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD., with effective date May 2, 2011,incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 28, filed on April 28, 2011 (File Nos. 333-73850 and 811-08664).

w.  
Amendment No. 21 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD., with effective date August 29, 2011,  incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 29, filed on August 26, 2011 (File Nos. 333-73850 and 811-08664).

x.  
Amendment No. 22 to the Variable Annuity GMIB Reinsurance Agreement Effective January 1, 2002 between Jackson National Life Insurance Company and ACE Tempest Life Reinsurance LTD., with effective date December 12, 2011 and April 30, 2012, incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 31, filed on April 26, 2012 (File Nos. 333-73850 and 811-08664).

8.
Amended and Restated Administrative Services Agreement between Jackson National Asset Management, LLC and Jackson National Life Insurance Company, incorporated herein by reference to Registrant’s Post-Effective Amendment No. 4, filed on April 23, 2013 (File Nos. 333-183048 and 811-08664).

9.                 Opinion and Consent of Counsel, attached hereto.

10.               Consent of Independent Registered Public Accounting Firm, attached hereto.

11.               Not Applicable.

12.               Not Applicable.

Item 25. Directors and Officers of the Depositor

Name and Principal Business Address
 
Positions and Offices with Depositor
   
Richard D. Ash
Senior Vice President, Chief Actuary & Appointed Actuary
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Steve P. Binioris
Senior Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Michele M. Binkley
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Dennis A. Blue
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Barrett M. Bonemer
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Jeff R. Borton
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
David L. Bowers
Vice President
300 Innovation Drive
  
Franklin, TN 37067
 
  
   
John H. Brown
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
James T. Carter
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Michael A. Costello
Senior Vice President, Treasurer & Controller
1 Corporate Way
  
Lansing, MI 48951
 
  
   
James B. Croom
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Charles F. Field, Jr.
Vice President
300 Innovation Drive
  
Franklin, TN 37067
 
  
   
Dana R. Malesky Flegler
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Devkumar D. Ganguly
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
James D. Garrison
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   



Julia A. Goatley
Senior Vice President, Chief Compliance & Governance Officer
1 Corporate Way
& Assistant Secretary
Lansing, MI 48951
 
  
   
John A. Gorgenson, Jr.
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
John K. Haack
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Robert W. Hajdu
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Laura L. Hanson
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Robert L. Hill
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Thomas P. Hyatte
Senior Vice President, Chief Risk Officer & Director
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Clifford J. Jack
Executive Vice President & Head of Retail
7601 Technology Way
  
Denver, CO 80237
 
  
   
Toni L. Klus
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Scott Klus
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Leandra R. Knes
Director
225 W. Wacker Drive
  
Suite 1200
  
Chicago, IL 60606
 
  
   
Richard C. Liphardt
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Machelle A. McAdory
Senior Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Diahn M. McHenry
Vice President
5913 Executive Drive
  
Lansing, MI 48911
 
  
   



Thomas J. Meyer
Senior Vice President,
1 Corporate Way
General Counsel & Secretary
Lansing, MI 48951
 
  
   
Dean M. Miller
Vice President
300 Connell Drive
  
Suite 2100
  
Berkeley Heights, NJ 07922
 
  
   
Keith R. Moore
Senior Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Jacky Morin
Vice President
300 Connell Drive
  
Suite 2100
  
Berkeley Heights, NJ 09722
 
  
   
P. Chad Myers
Executive Vice President, Chief Financial Officer & Director
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Russell E. Peck
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Laura L. Prieskorn
Senior Vice President & Chief Administration Officer
1 Corporate Way
  
Lansing, Michigan 48951
 
  
   
Dana S. Rapier
Vice President
5913 Executive Drive
  
Lansing, MI 48911
 
  
   
William R. Schulz
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Muhammad S. Shami
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
James R. Sopha
Chief Operating Officer & Director
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Kenneth H. Stewart
Senior Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Heather R. Strang
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Marcia L. Wadsten
Vice President
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Bonnie G. Wasgatt
Senior Vice President & Chief Information Officer
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Michael A. Wells
President, Chief Executive Officer & Chairman
300 Innovation Drive
  
Franklin, TN 37067
 
  
   

Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant.

The Registrant is a separate account of Jackson National Life Insurance Company (“Depositor”), a stock life insurance company organized under the laws of the state of Michigan.  The Depositor is a wholly owned subsidiary of Brooke Life Insurance Company and is ultimately a wholly owned subsidiary of Prudential plc (London, England), a publicly traded life insurance company in the United Kingdom.

The following organizational chart for Prudential plc indicates those persons who are controlled by or under common control with the Depositor. No person is controlled by the Registrant.

The organizational chart for Prudential plc is incorporated herein by reference to Exhibit 26 of Post-Effective Amendment No. 9, filed on April 21, 2014 (File Nos. 333-183048 and 811-08664).

Item 27. Number of Contract Owners as of February 28, 2014

Qualified – 592
Non-Qualified – 557

Item 28. Indemnification

Provision is made in the Company's Amended By-Laws for indemnification by the Company of any person who was or is a party or is threatened to be made a party to a civil, criminal, administrative or investigative action by reason of the fact that such person is or was a director, officer or employee of the Company, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceedings, to the extent and under the circumstances permitted by the General Corporation Law of the State of Michigan.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 29. Principal Underwriter

a)  
Jackson National Life Distributors LLC acts as general distributor for the Jackson National Separate Account - I.  Jackson National Life Distributors LLC also acts as general distributor for the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account I, the JNLNY Separate Account II, the JNLNY Separate Account IV, the Jackson Sage Variable Annuity Account A, the Jackson Sage Variable Life Account A, the Jackson SWL Variable Annuity Fund I, the JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust, and Curian Variable Series Trust.

b)  
Directors and Officers of Jackson National Life Distributors LLC:

Name and Business Address
 
Positions and Offices with Underwriter
   
Greg Cicotte
Manager, President & Chief Executive Officer
7601 Technology Way
  
Denver, CO  80237
 
  
   
Michael A. Costello
Manager
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Clifford J. Jack
Manager
7601 Technology Way
  
Denver, CO 80237
 
  
   
Thomas P. Hyatte
Manager
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Thomas J. Meyer
Manager & Secretary
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Stephen M. Ash
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Jeffrey Bain
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Brad Baker
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
James Bossert
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Tori Bullen
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Bill J. Burrow
Senior Vice President
7601 Technology Way
  
Denver, CO  80237
 
  
   
Maura Collins
Executive Vice President, Chief Financial Officer & FinOP
7601 Technology Way
  
Denver, CO 80237
 
  
   
Julia A. Goatley
Assistant Secretary
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Luis Gomez
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Kevin Grant
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Elizabeth Griffith
Vice President
300 Innovation Drive
  
Franklin, TN 37067
 
  
   
Thomas Hurley
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Mark Jones
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Jim Livingston
Executive Vice President, Operations
7601 Technology Way
  
Denver, CO  80237
 
  
   
Doug Mantelli
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Jack Mishler
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Steven O’Connor
Vice President
7601 Technology Way
  
Denver, CO  80237
 
  
   
Allison Pearson
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Jeremy D. Rafferty
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Alison Reed
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Kristan L. Richardson
Assistant Secretary
1 Corporate Way
  
Lansing, MI 48951
 
  
   
Scott Romine
Executive Vice President, National Sales Manager
7601 Technology Way
  
Denver, CO  80237
 
  
   
Marilynn Scherer
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   



Kathleen Schofield
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Daniel Starishevsky
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Ryan Strauser
Vice President
7601 Technology Way
  
Denver, VO 80237
 
  
   
Brian Sward
Vice President
7601 Technology Way
  
Denver, CO  80237
 
  
   
Jeremy Swartz
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Robin Tallman
Vice President & Controller
7601 Technology Way
  
Denver, CO 80237
 
  
   
Katie Turner
Vice President
7601 Technology Way
  
Denver, CO  80237
 
  
   
Brad Whiting
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  
   
Daniel Wright
Senior Vice President & Chief Compliance Officer
7601 Technology Way
  
Denver, CO 80237
 
  
   
Phil Wright
Vice President
7601 Technology Way
  
Denver, CO 80237
 
  

(c)

Name of Principal Underwriter
Net Underwriting           Discounts and Commissions
Compensation on Redemption or               Annuitization
Brokerage Commissions
Compensation
Jackson National Life           Distributors LLC
Not Applicable
Not Applicable
Not Applicable
Not Applicable

Item. 30. Location of Accounts and Records

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




Jackson National Life Insurance Company
Institutional Marketing Group Service Center
1 Corporate Way
Lansing, Michigan 48951

Jackson National Life Insurance Company
7601 Technology Way
Denver, Colorado 80237

Jackson National Life Insurance Company
225 West Wacker Drive, Suite 1200
Chicago, IL  60606

Item. 31. Management Services

Not Applicable

Item. 32. Undertakings and Representations

a)  
Jackson National Life Insurance Company hereby undertakes to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen (16) months old for so long as payment under the variable annuity contracts may be accepted.

b)  
Jackson National Life Insurance Company hereby undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information.

c)  
Jackson National Life Insurance Company hereby undertakes to deliver any Statement of Additional Information and any financial statement required to be made available under this Form promptly upon written or oral request.

d)  
Jackson National Life Insurance Company represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Jackson National Life Insurance Company.

e)  
The Registrant hereby represents that any contract offered by the prospectus and which is issued pursuant to Section 403(b) of the Internal Revenue Code of 1986 as amended, is issued by the Registrant in reliance upon, and in compliance with, the Securities and Exchange Commission's industry-wide no-action letter to the American Council of Life Insurance (publicly available November 28, 1988) which permits withdrawal restrictions to the extent necessary to comply with IRS Section 403(b)(11).





SIGNATURES

 
As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this post-effective amendment to the Registration Statement and has caused this post-effective amendment to the Registration Statement to be signed on its behalf, in the City of Lansing, and State of Michigan, on this 24th day of April, 2014.

Jackson National Separate Account - I
(Registrant)

Jackson National Life Insurance Company


By:   /s/ Thomas J. Meyer                                                                           
Thomas J. Meyer
Senior Vice President, General Counsel
and Secretary

Jackson National Life Insurance Company
(Depositor)


By:    /s/ Thomas J. Meyer                                                                           
Thomas J. Meyer
Senior Vice President, General Counsel
and Secretary

As required by the Securities Act of 1933, this post-effective amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.


   
*                                                               
April 24, 2014
Michael A. Wells, President, Chief
  
Executive Officer, Director and Chairman
  
   
   
   
*                                                               
April 24, 2014
James R. Sopha, Chief Operating Officer
  
and Director
  
   
   
   
*                                                               
April 24, 2014
P. Chad Myers, Executive Vice President,
Chief Financial Officer and Director
  
   
   
   
*                                                               
April 24, 2014
Michael A. Costello, Senior Vice President,
  
Treasurer and Controller
  



   
   
   
*                                                               
April 24, 2014
Leandra R. Knes, Director
  
   
   
   
*                                                               
April 24, 2014
Thomas P. Hyatte, Senior Vice President,
Chief Risk Officer and Director
  




* By:    /s/ Thomas J. Meyer                                                                           
Thomas J. Meyer, as Attorney-in-Fact,
pursuant to Power of Attorney filed herewith.





POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as directors and/or officers of JACKSON NATIONAL LIFE INSURANCE COMPANY (the Depositor), a Michigan corporation, hereby appoint Michael A. Wells, P. Chad Myers, Thomas J. Meyer, Patrick W. Garcy, Susan S. Rhee, and Anthony L. Dowling (each with power to act without the others) his/her attorney-in-fact and agent, with full power of substitution and resubstitution, for and in his/her name, place and stead, in any and all capacities, to sign applications and registration  statements,  and any and all amendments, with power to affix the corporate seal and to attest it, and to file the applications, registration statements, and amendments, with all exhibits and  requirements, in accordance with the Securities Act of 1933, the Securities and Exchange Act of 1934, and/or the Investment Company Act of 1940.  This Power of Attorney concerns Jackson National Separate Account - I (File Nos. 033-82080, 333-70472, 333-73850, 333-118368, 333-119656, 333-132128, 333-136472, 333-155675, 333-172874, 333-172875, 333-172877, 333-175718, 333-175719, 333-176619, 333-178774, 333-183048, 333-183049, 333-183050, and 333-192971), Jackson National Separate Account III (File No. 333-41153), Jackson National Separate Account IV (File Nos. 333-108433 and 333-118131), and Jackson National Separate Account V (File No. 333-70697), as well as any future separate account(s) and/or future file number(s) within any separate account(s) that the Depositor establishes through which securities, particularly variable annuity contracts and variable universal life insurance policies, are to be offered for sale.  The undersigned grant to each attorney-in-fact and agent full authority to take all necessary actions to effectuate the above as fully, to all intents and purposes, as he/she could do in person, thereby ratifying and confirming all that said attorneys-in-fact and agents, or any one of them, may lawfully do or cause to be done by virtue hereof.  This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney effective as of the 31st day of March, 2014.

/s/  MICHAEL A. WELLS
_____________________________________________
Michael A. Wells, President, Chief Executive Officer,
Chairman and Director

/s/  JAMES R. SOPHA
_____________________________________________
James R. Sopha, Chief Operating Officer and Director

/s/  P. CHAD MYERS
_____________________________________________
P. Chad Myers, Executive Vice President, Chief Financial
Officer and Director

/s/  THOMAS P. HYATTE
_____________________________________________
Thomas P. Hyatte, Senior Vice President, Chief Risk
Officer and Director

/s/  MICHAEL A. COSTELLO
_____________________________________________
Michael A. Costello, Senior Vice President, Treasurer
and Controller

/s/  LEANDRA R. KNES
_____________________________________________
Leandra R. Knes, Director








EXHIBIT LIST

Exhibit No.                      Description


9.
Opinion and Consent of Counsel.

10.
Consent of Independent Registered Public Accounting Firm.
 

 
Due to size constraints, this filing is being made in 2 related submissions. This submission is the second of the 2 related submissions. The accession number of the previous related submission is as follows:

0000927730-14-000153