As filed with the Securities and Exchange Commission on April 20, 2015

Commission File Nos.  333-176619

811-08664

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
	Pre-Effective Amendment No.	[   ]
	Post-Effective Amendment No. 10	[X]
and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No.  493 [X]

JACKSON NATIONAL SEPARATE ACCOUNT - I

(Exact Name of Registrant)

JACKSON NATIONAL LIFE INSURANCE COMPANY

(Name of Depositor)

1 Corporate Way, Lansing, Michigan 48951

(Address of Depositor's Principal Executive Offices)

Depositor's Telephone Number, including Area Code: (517) 381-5500

Thomas J. Meyer, Esq., Senior Vice President, Secretary and General Counsel

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

(Name and Address of Agent for Service)

Copy to:

Frank J. Julian, Esq., Assistant Vice President, Legal

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

Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check appropriate box)
[   ]	immediately upon filing pursuant to paragraph (b)
[X]	on April 27, 2015 pursuant to paragraph (b)
[   ]	60 days after filing pursuant to paragraph (a)(1)
[   ]	on (date) pursuant to paragraph (a)(1).
If appropriate, check the following box:
[   ]	this post-effective amendment designates a new effective date for a previously filed post-effective amendment
Title of Securities Being Registered: the variable portion of Flexible Premium Fixed and Variable Deferred Annuity contracts

ELITE ACCESS^®

FLEXIBLE PREMIUM FIXED AND VARIABLE DEFERRED ANNUITY

Issued by

Jackson National Life Insurance Company^® through

Jackson National Separate Account – I

The date of this prospectus is April 2 7 , 201 5 .  This prospectus states the information about the Separate Account, the Contract, and Jackson National Life Insurance Company ("Jackson^®") you should know before investing.  This prospectus is a disclosure document and describes all of the Contract's material features, benefits, rights, and obligations.  The description of the Contract's material provisions in this prospectus is current as of the date of this prospectus.  If certain material provisions under the Contract are changed after the date of this prospectus, in accordance with the Contract, those changes will be described in a supplemented prospectus.  You should carefully read this prospectus in conjunction with any applicable supplements.  It is important that you also read the Contract and endorsements, which may reflect additional non-material state variations or other non-material variations.  This information is meant to help you decide if the Contract will meet your needs.  Please carefully read this prospectus and any related documents and keep everything together for future reference.  Additional information about the Separate Account can be found in the statement of additional information ("SAI") dated April 2 7 , 201 5 that is available upon request without charge.  To obtain a copy, complete the Statement of Additional Information Request Form on page 52, or contact us at our:

Annuity Service Center

P.O. Box 30314

Lansing, Michigan 48909-7814

1-800-644-4565

www.jackson.com

We reserve the right to limit the number of Contracts that you may purchase.  We also reserve the right to refuse initial and any or all subsequent Premium payments.  Please confirm with us or your representative that you have the most current prospectus and supplements to the prospectus.

We offer other variable annuity products with different product features, benefits and charges.  In some states, you may purchase the Contract through an automated electronic transmission/order ticket verification procedure.  Ask your representative about availability and the details.

The SAI is incorporated by reference into this prospectus, and its table of contents appears on page 52.  The prospectus and SAI are part of the registration statement that we filed with the Securities and Exchange Commission ("SEC") about this securities offering.  The registration statement, material incorporated by reference, and other information is available on the website the SEC maintains (http://www.sec.gov) regarding registrants that make electronic filings.

Jackson is relying on SEC Rule 12h-7, which exempts insurance companies from filing periodic reports under the Securities Exchange Act of 1934 with respect to variable annuity contracts that are registered under the Securities Act of 1933 and regulated as insurance under state law.

Neither the SEC nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of this prospectus.  It is a criminal offense to represent otherwise.  We do not intend for this prospectus to be an offer to sell or a solicitation of an offer to buy these securities in any state where this is not permitted.

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

The Contract makes available for investment fixed and variable options.  The fixed options are not available if you elect the Liquidity Option.  The variable options are Investment Divisions of the Separate Account, each of which invests in one of the following Funds – all class A shares:

JNL Series Trust
JNL/American Funds® Growth-Income Fund	JNL/S&P Dividend Income & Growth Fund
JNL/American Funds International Fund	JNL/S&P International 5 Fund
JNL Multi-Manager Alternative Fund	JNL/S&P Intrinsic Value Fund
JNL Alt 65 Fund	JNL/S&P Total Yield Fund
JNL/AllianceBernstein Dynamic Asset Allocation Fund	JNL/S&P 4 Fund
JNL/AQR Managed Futures Strategy Fund	JNL/S&P Mid 3 Fund
JNL/BlackRock Commodity Securities Strategy Fund
JNL/BlackRock Global Allocation Fund	Jackson Variable Series Trust (formerly, Curian
JNL/Boston Partners Global Long Short Equity Fund	Variable Series Trust)
JNL/Brookfield Global Infrastructure and MLP Fund
JNL/DFA U.S. Core Equity Fund	JNAM Guidance – Interest Rate Opportunities Fund
JNL/Eastspring Investments Asia ex-Japan Fund	(formerly, Curian Guidance – Interest Rate Opportunities Fund)
JNL/Eastspring Investments China-India Fund	JNAM Guidance – Equity Income Fund
JNL/Franklin Templeton Global Multisector Bond Fund	(formerly, Curian Guidance – Equity Income Fund)
JNL/Franklin Templeton Income Fund	JNAM Guidance – Conservative Fund (formerly, Curian
JNL/Franklin Templeton International Small Cap Growth Fund	Guidance – Conservative Fund)
JNL/Franklin Templeton Small Cap Value Fund	JNAM Guidance – Moderate Fund (formerly, Curian
JNL/Goldman Sachs Emerging Markets Debt Fund	Guidance – Moderate Fund)
JNL/Goldman Sachs U.S. Equity Flex Fund	JNAM Guidance – Growth Fund (formerly, Curian
JNL/Harris Oakmark Global Equity Fund	Guidance – Growth Fund)
JNL/Invesco Global Real Estate Fund	JNAM Guidance – Moderate Growth Fund (formerly,
JNL/Invesco International Growth Fund	Curian Guidance – Moderate Growth Fund)
JNL/Invesco Small Cap Growth Fund	JNAM Guidance – Maximum Growth Fund
JNL/Ivy Asset Strategy Fund	(formerly Curian Guidance – Maximum Growth Fund)
JNL/JPMorgan MidCap Growth Fund	JNAM Guidance – Alt 100 Fund (formerly,
JNL/JPMorgan U.S. Government & Quality Bond Fund	Curian Guidance – Alt 100 Moderate Fund)
JNL/Lazard Emerging Markets Fund	JNAM Guidance – Equity 100 Fund (formerly,
JNL/Mellon Capital Index 5 Fund	Curian Guidance – Equity 100 Fund)
JNL/Mellon Capital Emerging Markets Index Fund	JNAM Guidance – Fixed Income 100 Fund (formerly,
JNL/Mellon Capital European 30 Fund	Curian Guidance – Fixed Income 100 Fund)
JNL/Mellon Capital Pacific Rim 30 Fund	JNAM Guidance – Real Assets Fund (formerly,
JNL/Mellon Capital S&P 500 Index Fund	Curian Guidance – Real Assets Fund)
JNL/Mellon Capital S&P 400 MidCap Index Fund	JNL Tactical ETF ConservativeFund
JNL/Mellon Capital Small Cap Index Fund	(formerly, Curian Tactical Advantage 35 Fund)
JNL/Mellon Capital International Index Fund	JNL TacticalETF ModerateFund
JNL/Mellon Capital Bond Index Fund	(formerly, Curian Tactical Advantage 60 Fund)
JNL/Mellon Capital Utilities Sector Fund	JNL Tactical ETF GrowthFund
JNL/MMRS Conservative Fund	(formerly, Curian Tactical Advantage 75 Fund)
JNL/MMRS Growth Fund	JNL /American Funds® Global Growth Fund (formerly,
JNL/MMRS Moderate Fund	Curian/American Funds® Global Growth Fund)
JNL/Oppenheimer Emerging Markets Innovator Fund	JNL /American Funds® Growth Fund (formerly,
JNL/PIMCO Real Return Fund	Curian/American Funds® Growth 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/Red Rocks Listed Private Equity Fund
JNL/Scout Unconstrained Bond Fund
JNL/T. Rowe Price Established Growth Fund
JNL/T. Rowe Price Short-Term Bond Fund
JNL/T. Rowe Price Value Fund
JNL/Westchester Capital Event Driven Fund
JNL/WMC Balanced Fund
JNL/WMC Money Market Fund
JNL/S&P Competitive Advantage Fund

JNL /AQR Risk Parity Fund (formerly, Curian/AQR	JNL/PPM America Long Short Credit Fund (formerly,
Risk Parity Fund)	Curian Long Short Credit Fund)
JNL /BlackRock Global Long Short Credit Fund	JNL /T. Rowe Price Capital Appreciation Fund
(formerly, Curian/BlackRock Global Long Short Credit Fund)	(formerly, Curian/T. Rowe Price Capital Appreciation Fund)
JNL /DFA U.S. Micro Cap Fund (formerly, Curian/DFA	JNL /The Boston Company Equity Income Fund
U.S. Micro Cap Fund)	(formerly, Curian/The Boston Company Equity Income Fund)
JNL /DoubleLine® Total Return Fund (formerly,	JNL/The London Company Focused U.S. Equity Fund
Curian/DoubleLine Total Return Fund)	(formerly,  Curian/Focused U.S. Equity Fund)
JNL /Eaton Vance Global Macro Absolute Return	JNL /Van Eck International Gold Fund
Advantage Fund (formerly, Curian/Eaton Vance Global Macro	(formerly, Curian/Van Eck International Gold Fund)
Absolute Return Advantage Fund)	JNL/WCM Focused International Equity Fund
JNL /Epoch Global Shareholder Yield Fund (formerly,	(formerly, Curian/Focused International Equity Fund)
Curian/Epoch Global Shareholder Yield Fund)
JNL /FAMCO Flex Core Covered Call Fund (formerly,	JNL Investors Series Trust
Curian/FAMCO Flex Core Covered Call Fund)
JNL /Franklin Templeton Frontier Markets Fund	JNL/PPM America Total Return Fund
(formerly, Curian/Franklin Templeton Frontier Markets Fund)
JNL /Franklin Templeton Natural Resources Fund (formerly,	JNL Variable Fund LLC
Curian/Franklin Templeton Natural Resources Fund)
JNL /Lazard International Strategic Equity Fund	JNL/Mellon Capital S&P® 24 Fund
(formerly, Curian/Lazard International Strategic Equity Fund)	JNL/Mellon Capital Nasdaq® 25 Fund
JNL /Neuberger Berman Currency Fund (formerly,	JNL/Mellon Capital S&P® SMid 60 Fund
Curian/Neuberger Berman Currency Fund)	JNL/Mellon Capital Communications Sector Fund
JNL /Neuberger Berman Risk Balanced Commodity	JNL/Mellon Capital Consumer Brands Sector Fund
Strategy Fund  (formerly, Curian/Neuberger Berman Risk	JNL/Mellon Capital Financial Sector Fund
Balanced Commodity Strategy Fund)	JNL/Mellon Capital Healthcare Sector Fund
JNL /Nicholas Convertible Arbitrage Fund (formerly,	JNL/Mellon Capital Oil & Gas Sector Fund
Curian/Nicholas Convertible Arbitrage Fund)	JNL/Mellon Capital Technology Sector Fund
JNL /PIMCO Credit Income Fund (formerly,
Curian/PIMCO Credit Income Fund)

Underscored are the Funds that are newly available or recently underwent name changes, as may be explained in the accompanying parenthetical.  The Funds are not the same mutual funds that you would buy directly from a retail mutual fund or through your stockbroker.  The prospectuses for the Funds are attached to this prospectus.

In addition, the following twenty-one Previously Offered Funds merged into the corresponding Currently Offered Funds effective April 27, 2015:

Previously Offered Funds	Currently Offered Funds
Curian Guidance – Multi-Strategy Income Fund	JNAM Guidance – Fixed Income 100 Fund
Curian Guidance – Tactical Maximum Growth Fund	JNAM Guidance – Maximum Growth Fund
Curian Guidance – Tactical Moderate Growth Fund	JNAM Guidance – Moderate Growth Fund
Curian Guidance – Institutional Alt 65 Fund	JNL Alt 65 Fund
Curian Guidance – Alt 100 Conservative Fund	JNAM Guidance – Alt 100 Fund
Curian Guidance – Alt 100 Growth Fund	JNAM Guidance – Alt 100 Fund
Curian Guidance – International Conservative Fund	JNAM Guidance – Conservative Fund
Curian Guidance – International Moderate Fund	JNAM Guidance – Moderate Fund
Curian Guidance – International Growth Fund	JNAM Guidance – Growth Fund
Curian Dynamic Risk Advantage Diversified Fund	JNL/MMRS Conservative Fund
Curian Dynamic Risk Advantage Growth Fund	JNL/MMRS Moderate Fund
Curian Dynamic Risk Advantage Income Fund	JNL/MMRS Conservative Fund
Curian/Aberdeen Latin America Fund	JNL/Lazard Emerging Markets Fund
Curian/Ashmore Emerging Market Small Cap Equity Fund	JNL/Lazard Emerging Markets Fund
Curian/Baring International Fixed Income Fund	JNL/Franklin Templeton Global Multisector Bond Fund
Curian/CenterSquare International Real Estate Securities Fund	JNL/Invesco Global Real Estate Fund
Curian/PineBridge Merger Arbitrage Fund	JNL/Nicholas Convertible Arbitrage Fund
Curian/Schroder Emerging Europe Fund	JNL/Lazard Emerging Markets Fund
Curian/UBS Global Long Short Fixed Income Opportunities Fund	JNL/BlackRock Global Long Short Credit Fund
JNL/Mellon Capital Global Alpha Fund	JNL/AQR Managed Futures Strategy Fund
JNL/Mellon Capital Value Line® 30 Fund	JNL/Mellon Capital S&P 24 Fund

If you have Contract Value that was transferred to an Investment Division investing in a Currently Offered Fund as a result of a merger, you may transfer all or a portion of your Contract Value out of such Investment Division into the other investment options available under your Contract. If the transfer is completed within 60 days following April 27, 2015, the transfer will not be assessed a transfer charge or be treated as a transfer for the purpose of determining how many subsequent transfers may be made in a Contract Year without charge.

TABLE OF CONTENTS
GLOSSARY	1
KEY FACTS	3
FEES AND EXPENSES TABLES	4
Owner Transaction Expenses	4
Periodic Expenses	5
Total Annual Fund Operating Expenses	5
EXAMPLE	9
CONDENSED FINANCIAL INFORMATION	10
THE ANNUITY CONTRACT	10
JACKSON	11
THE FIXED ACCOUNT	11
Fixed Account Options	11
THE SEPARATE ACCOUNT	14
INVESTMENT DIVISIONS	14
JNL Series Trust	15
Jackson Variable Series Trust	22
JNL Investors Series Trust	31
JNL Variable Fund LLC	29
Voting Privileges	30
Substitution	30
CONTRACT CHARGES	31
Mortality and Expense Risk Charge	31
Annual Contract Maintenance Charge	31
Administration Charge	31
Transfer Charge	31
Withdrawal Charge	31
Liquidity Option Charge	33
Commutation Fee	33
Other Expenses	33
Premium Taxes	33
Income Taxes	33
DISTRIBUTION OF CONTRACTS	33
PURCHASES	35
Minimum Initial Premium	35
Minimum Additional Premiums	35
Maximum Premiums	35
Allocations of Premium	35
Capital Protection Program	36
Accumulation Units	36
TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS	36
Potential Limits and Conditions on Fixed Account Transfers	37
Restrictions on Transfers: Market Timing	38
TELEPHONE AND INTERNET TRANSACTIONS	39
The Basics	39
What You Can Do and How	39
What You Can Do and When	39
How to Cancel a Transaction	39
Our Procedures	39
ACCESS TO YOUR MONEY	39
Liquidity Option	40
Systematic Withdrawal Program	40
Suspension of Withdrawals or Transfers	40
INCOME PAYMENTS (THE INCOME PHASE)	41
Fixed Income Payments	41
Variable Income Payments	41
Income Options	42
DEATH BENEFIT	42
Payout Options	42
Pre-Selected Payout Options	43
Spousal Continuation Option	43
Death of Owner On or After the Income Date	43
Death of Annuitant	43
Stretch Contracts	43
TAXES	44
Contract Owner Taxation	45
Tax-Qualified and Non-Qualified Contracts	45
Non-Qualified Contracts – General Taxation	45
Non-Qualified Contracts – Aggregation of Contracts	45
Non-Qualified Contracts – Withdrawals and Income Payments	45
Non-Qualified Contracts – Required Distributions	45
Non-Qualified Contracts – 1035 Exchanges	45
Tax-Qualified Contracts – Withdrawals and Income Payments	46
Withdrawals – Tax-Sheltered Annuities	46
Withdrawals – Roth IRAs	46
Constructive Withdrawals – Investment Adviser Fees	46
Death Benefits	46
Assignment	46
Diversification	47
Owner Control	47
Withholding	47
Jackson Taxation	47
OTHER INFORMATION	48
Dollar Cost Averaging	48
Dollar Cost Averaging Plus (DCA+)	48
Earnings Sweep	48
Guidance Model Portfolios	48
Rebalancing	50
Free Look	50
Advertising	50
Restrictions Under the Texas Optional Retirement Program (ORP)	51
Modification of Your Contract	51
Confirmation of Transactions	51
Legal Proceedings	51
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION	52
APPENDIX A (Trademarks, Services Marks, and Related Disclosures)	A-1
APPENDIX B (Broker-Dealer Support)	B-1
APPENDIX C (Accumulation Unit Values)	C-1

GLOSSARY These terms are capitalized when used throughout this prospectus because they have special meaning.  In reading this prospectus, please refer back to this glossary if you have any questions about these terms.

Accumulation Unit – a unit of measure we use to calculate the value in an Investment Division prior to the Income Date. Annuitant – the natural person on whose life annuity payments for this Contract are based.  The Contract allows for the naming of joint Annuitants.  Any reference to the Annuitant includes any joint Annuitant. Annuity Unit – a unit of measure we use in calculating the value of a variable annuity payment on and after the Income Date. Beneficiary – the natural person or legal entity designated to receive any Contract benefits upon the Owner's death.  The Contract allows for the naming of multiple Beneficiaries. Business Day – each day that the New York Stock Exchange is open for business. Completed Year – the succeeding twelve months from the date on which we receive a Premium payment.  Completed Years specify the years from the date of receipt of the Premium and does not refer to Contract Years.  If the Premium receipt date is on the Issue Date of the Contract then Completed Year 0-1 does not include the first Contract Anniversary.  The first Contract Anniversary begins Completed Year 1-2 and each successive Completed Year begins with the Contract Anniversary of the preceding Contract Year and ends the day before the next Contract Anniversary. If the Premium receipt date is other than the Issue Date or a subsequent Contract Anniversary, there is no correlation of the Contract Anniversary date and Completed Years.  For example, if the Issue Date is January 15, 201 6 and a Premium payment is received on February 28, 201 6 then, although the first Contract Anniversary is January 15, 201 7 , Completed Year 0-1 for that Premium payment would begin on February 28, 201 6 and end on February 27, 201 7 .  Completed Year 1-2 for that Premium payment would begin on February 28, 201 7 . Contract– the individual deferred variable and fixed annuity contract , including any endorsements . Contract Anniversary – each one-year anniversary of the Contract's Issue Date. Contract Month – the period of time between consecutive monthly anniversaries of the Contract's Issue Date. Contract Monthly Anniversary – each one-month anniversary of the Contract's Issue Date. Contract Quarter – the period of time between consecutive three-month anniversaries of the Contract's Issue Date.

Contract Quarterly Anniversary – each three-month anniversary of the Contract's Issue Date. Contract Value – the sum of the allocations between the Contract's Investment Divisions and Fixed Account. Contract Year – the succeeding twelve months from a Contract's Issue Date and every anniversary.  The first Contract Year (Contract Year 0-1) starts on the Contract's Issue Date and extends to, but does not include, the first Contract Anniversary.  Subsequent Contract Years start on an anniversary date and extend to, but do not include, the next anniversary date. For example, if the Issue Date is January 15, 201 6 , then the end of Contract Year 0-1 would be January 14, 201 7 , and January 15, 201 7 , which is the first Contract Anniversary, begins Contract Year 1-2. Excess Interest Adjustment – an adjustment to the Contract Value allocated to the Fixed Account that is withdrawn, or transferred before the end of the period. Fixed Account – part of our General Account to which the Contract Value you allocate is guaranteed to earn a stated rate of return over the specified period.  The Fixed Account consists of the Fixed Account Options. Fixed Account Option – a Contract option within the Fixed Account for a specific period under which a stated rate of return will be credited. Fund – a registered management investment company in which an Investment Division of the Separate Account invests. General Account – the General Account includes all our assets, including any Contract Value allocated to the Fixed Account, which are available to our creditors. Good Order – when our administrative requirements, including all information, documentation and instructions deemed necessary by us, in our sole discretion, are met in order to issue a Contract or execute any requested transaction pursuant to the terms of the Contract. Income Date – the date on which you begin receiving annuity payments. Investment Division – one of multiple variable options of the Separate Account to allocate your Contract's value, each of which exclusively invests in a different available Fund.  The Investment Divisions are called variable because the return on investment is not guaranteed. Issue Date – the date your Contract is issued.

GLOSSARY

Jackson, JNL, we, our, or us – Jackson National Life Insurance Company.  (We do not capitalize "we," "our," or "us" in the prospectus.)

Latest Income Date – the Contract Anniversary on or next following the date on which the Owner attains age 95 under a non-qualified contract, or such earlier date as required by the applicable qualified plan, law or regulation.

Liquidity Option – an optional benefit that provides for no withdrawal charges.

Owner, you or your – the natural person or legal entity entitled to exercise all rights and privileges under the Contract.  Usually, but not always, the Owner is the Annuitant.  The Contract allows for the naming of joint Owners.  (We do not capitalize "you" or "your" in the prospectus.)  Any reference to the Owner includes any joint Owner.

Premium(s) – considerations paid into the Contract by or on behalf of the Owner.  The maximum aggregate Premium payments you may make without prior approval is $2.5 million.  This maximum amount is subject to further limitations at any time on both initial and subsequent Premium payments.

Remaining Premium – the total Premium paid reduced by withdrawals that incur withdrawal charges, and withdrawals of Premiums that are no longer subject to withdrawal charges.

Separate Account – Jackson National Separate Account – I.  The Separate Account is divided into sub-accounts generally referred to as Investment Divisions.

KEY FACTS

The immediately following two sections briefly introduce the Contract (and its benefits and features) and its costs; however, please carefully read the whole prospectus and any related documents before purchasing the Contract to be sure that it will meet your needs.

Allocation Options	The Contract makes available Investment Divisions and a Fixed Account for allocation of your Premium payments and Contract Value.  For more information about the Fixed Account, please see "THE FIXED ACCOUNT" beginning on page 11.  For more information about the Investment Divisions, please see "INVESTMENT DIVISIONS" beginning on page 14.
Investment Purpose	The Contract is intended to help you save for retirement or another long-term investment purpose.  The Contract is designed to provide tax deferral on your earnings, if it is not issued under a qualified retirement plan.  Qualified plans confer their own tax deferral.  For more information, please see "TAXES" beginning on page 44.
Free Look	If you change your mind about having purchased the Contract, you may return it without penalty.  There are conditions and limitations, including time limitations, depending on where you live.  For more information, please see "Free Look" beginning on page 50.  In some states, we are required to hold the Premiums of a senior citizen in the Fixed Account or the JNL/WMC Money Market Investment Division during the free look period, unless we are specifically directed to allocate the Premiums to the Investment Divisions.  State laws vary; your free look rights will depend on the laws of the state in which you purchased the Contract.
Optional Features	An optional Liquidity Option may be elected for an additional charge.  This option may not be available in all states or through all broker-dealers.  For more information, please see "LIQUIDITY OPTION" beginning on page 40.
Purchases	There are minimum and maximum Premium requirements.  The Contract also has a Premium protection option, namely the Capital Protection Program.    For more information about this option, please see "PURCHASES" beginning on page 35.
Withdrawals	Before the Income Date, there are a number of ways to access your Contract Value, generally subject to a charge or adjustment, particularly during the early Contract Years.  The Contract has a free withdrawal provision or the optional Liquidity Option.  For more information, please see "ACCESS TO YOUR MONEY" beginning on page 39.
Income Payments	There are a number of income options available.  For more information, please see "INCOME PAYMENTS (THE INCOME PHASE)" beginning on page 41.
Death Benefit	The Contract has a death benefit that becomes payable if you die before the Income Date.  For more information, please see "DEATH BENEFIT" beginning on page 42.

Contract Charges Various charges apply under the Contract as summarized in the "FEES AND EXPENSES TABLES" below.  If the Contract Value is insufficient to pay the charges under the Contract, the Contract will terminate without value.

FEES AND EXPENSES TABLES

The following tables describe the fees and expenses that you will pay when purchasing, owning and surrendering the Contract.  The first table (and footnotes) describes the fees and expenses that you will pay at the time that you purchase the Contract, surrender the Contract or transfer cash value between investment options.  Fees and expenses also may apply after the Income Date.  For more information, please see "Commutation Fee" on page 33, and "INCOME PAYMENTS (THE INCOME PHASE)" beginning on page 41.

Owner Transaction Expenses
	Front-end Sales Load		None
	Maximum Withdrawal Charge 1
		Percentage of Premium withdrawn, if applicable	6.5%
	Maximum Premium Taxes 2
		Percentage of each Premium	3.5%
	Transfer Charge 3
		Per transfer after 15 in a Contract Year	$25
	Expedited Delivery Charge 4		$22.50

¹ There may be a withdrawal charge on the following withdrawals of Contract Value:  withdrawals in excess of the free withdrawal amounts; withdrawals under a tax-qualified Contract that exceed the required minimum distributions of the Internal Revenue Code; withdrawals in excess of the free withdrawal amount to meet the required minimum distributions of a tax-qualified Contract purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA), or to meet the required minimum distributions of a Roth IRA annuity; a total withdrawal; and withdrawals on an Income Date that is within one year of the Issue Date.  The withdrawal charge is a schedule lasting five Completed Years following each Premium (state variations may apply), or there is an optional Liquidity Option available that provides for no withdrawal charges.

    Withdrawal Charge (as a percentage of Premium payments)

Completed Years Since Receipt Of Premium
0-1	1-2	2-3	3-4	4-5	5+
6.5%	6.0%	5.0%	4.0%	3.0%	0%

² Premium taxes generally range from 0 to 3.5% and vary by state.

³ We do not count transfers in conjunction with Dollar Cost Averaging, Earnings Sweep, Rebalancing, and periodic automatic transfers. For information on the Dollar Cost Averaging, Earnings Sweep and Rebalancing programs please see the applicable section under "OTHER INFORMATION" beginning on page 48.

⁴ For overnight delivery on Saturday; otherwise, the overnight delivery charge is $10 for withdrawals.  We also charge $20 for wire transfers in connection with withdrawals.

The next table (and footnotes) describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including the Funds' fees and expenses.

Periodic Expenses
	Base Contract
	Annual Contract Maintenance Charge 5		$50
	Separate Account Annual Expenses
		Annual percentage of average daily account value of Investment Divisions
	Mortality And Expense Risk Charge		0.85%
	Administration Charge 6		0.15%
	Total Separate Account Annual Expenses for Base Contract		1.00%

Optional Benefit Charge– The following optional benefit is available for an additional charge.  The charge is based on average daily Contract Value in the Investment Divisions.
	Liquidity Option	0.25%

⁵ This charge is waived on Contract Value of $50,000 or more.  This charge is deducted proportionally from allocations to the Investment Divisions and the Fixed Account either annually (on your Contract Anniversary) or in conjunction with a total withdrawal, as applicable.

⁶ This charge is waived if the Contract Value on the later of the Issue Date or the most recent Contract Quarterly Anniversary is greater than or equal to $1 million.  If your Contract Value subsequently drops below $1 million on the most recent Contract Quarterly Anniversary, the Administration Charge will be reinstated as of that date.

The next item shows the minimum and maximum total annual operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract.

Total Annual Fund Operating Expenses

(Expenses that are deducted from Fund assets, including management and administration fees, 12b-1 service fees and other expenses.)

Minimum:  0.5 5 %

Maximum:  2. 71 %

More detail concerning each Fund's fees and expenses is below. But please refer to the Funds' prospectuses for even more information, including investment objectives, performance, and information about the Funds' Advisers, Administrators, and Sub-Advisers.

Fund Operating Expenses (As an annual percentage of each Fund's average daily net assets) Fund Name	Management Fee	Distribution and/or Service (12b-1) Fees	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Fund Operating Expenses	Contractual Fee Waiver and/or Expense Reimbursement	Net Total Annual Fund Operating Expenses
JNL Series Trust
JNL/American Funds Growth-Income	0.94% A	0.20% J	0.18% A, G	0.00%	1.32% A	(0.35%) B,J	0.97% A,B,J
JNL/American Funds International	1.35% A	0.20% J	0.19% A, G	0.00%	1.74% A	(0.55%) B,J	1.19% A,B,J
JNL Multi-Manager Alternative	1.75%	0.20%	0.76% H	0.00%	2.71%	0.40% C	2.31% C
JNL/DFA U.S. Core Equity	0.59%	0.20%	0.10% F	0.00%	0.89%	(0.09%) C	0.80% C
JNL/Franklin Templeton Global Multisector Bond	0.73%	0.20%	0.15% G	0.02%	1.10%	(0.03%) C	1.07% C
JNL/Goldman Sachs Emerging Markets Debt	0.71%	0.20%	0.16% G	0.01%	1.08%	(0.01%) C	1.07% C
JNL/Invesco Small Cap Growth	0.82%	0.20%	0.10% F	0.01%	1.13%	(0.01%) C	1.12% C
JNL/Mellon Capital S&P 500 Index	0.24%	0.20%	0.12% F	0.00%	0.56%	(0.01%) C	0.55% C
JNL/T. Rowe Price Value	0.61%	0.20%	0.10% F	0.00%	0.91%	0.00% C	0.91% C
JNL/WMC Money Market	0.26%	0.20%	0.10% F	0.00%	0.56%	(0.38%) D	0.18% D
Jackson Variable Series Trust
JNL Tactical ETF Conservative	0.75%	0.20% J	0.17% J	0.24%	1.36%	(0.45%) C,J	0.91% C,J
JNL Tactical ETF Moderate	0.75%	0.20% J	0.17% J	0.25%	1.37%	(0.45%) C,J	0.92% C,J
JNL Tactical ETF Growth	0.75%	0.20% J	0.17% J	0.26%	1.38%	(0.45%) C,J	0.93% C,J
JNL/American Funds® Growth	1.18% A	0.20% J	0.14% A,F	0.00%	1.52% A	(0.50%) B	1.02% A,B,J
JNL/American Funds® Global Growth	1.32% A	0.20% J	0.14% A,F	0.00%	1.66% A	(0.60%) B,J	1.06% A,B,J
JNL/AQR Risk Parity	0.85%	0.20% J	0.18% J	0.07%	1.30%	(0.10%) C,J	1.20% C,J
JNL/DoubleLine® Total Return	0.50%	0.20% J	0.17% G,J	0.01%	0.88% J	(0.02%) C,J	0.86% C,J
JNL/PPM America Long Short Credit	0.95%	0.20% J	0.17% J	0.01%	1.33%	(0.25%) C	1.08% C,J
JNL/T. Rowe Price Capital Appreciation	0.70%	0.20% J	0.17% G,J	0.01%	1.08% J	(0.04%) C	1.04% C,J
JNL/The London Company Focused U.S. Equity	0.70%	0.20% J	0.17% G,J	0.01%	1.08% J	(0.01%) C	1.07% C,J

Fund Operating Expenses (As an annual percentage of each Fund's average daily net assets) Fund Name	Management Fee			Distribution and/or Service  (12b-1) Fees	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Fund Operating Expenses
JNL Series Trust
JNL Alt 65	0.14%			0.00%	0.05% E	1.23%	1.42%
JNL/AllianceBernstein Dynamic Asset Allocation	0.75%			0.20%	0.17% G	0.12%	1.24%
JNL/AQR Managed Futures Strategy	0.95%			0.20%	0.21% H	0.10%	1.46%
JNL/BlackRock Commodity Securities Strategy	0.62%			0.20%	0.15% G	0.00%	0.97%
JNL/BlackRock Global Allocation	0.72%			0.20%	0.15% G	0.00%	1.07%
JNL/Boston Partners Global Long Short Equity	1.20%			0.20%	0.86% G	0.01%	2.27%
JNL/Brookfield Global Infrastructure and MLP Fund	0.79%			0.20%	0.16% G	0.01%	1.16%
JNL/Eastspring Investments Asia ex-Japan	0.90%			0.20%	0.17% G	0.00%	1.27%
JNL/Eastspring Investments China-India	0.90%			0.20%	0.21% H	0.00%	1.31%
JNL/Franklin Templeton Income	0.62%			0.20%	0.10% F	0.01%	0.93%
JNL/Franklin Templeton International Small Cap Growth	0.95%			0.20%	0.16% G	0.01%	1.32%
JNL/Franklin Templeton Small Cap Value	0.77%			0.20%	0.11% F	0.01%	1.09%
JNL/Harris Oakmark Global Equity Fund	0.85%			0.20%	0.15% G	0.00%	1.20%
JNL/Goldman Sachs U.S. Equity Flex	0.80%			0.20%	0.93% G	0.01%	1.94%
JNL/Invesco Global Real Estate	0.70%			0.20%	0.15% G	0.00%	1.05%
JNL/Invesco International Growth	0.62%			0.20%	0.16% G	0.01%	0.99%
JNL/Ivy Asset Strategy	0.84% I			0.20%	0.15% G	0.00%	1.19%
JNL/JPMorgan MidCap Growth	0.64%			0.20%	0.10% F	0.00%	0.94%
JNL/JPMorgan U.S. Government & Quality Bond	0.39%			0.20%	0.10% F	0.01%	0.70%
JNL/Lazard Emerging Markets	0.87%			0.20%	0.15% G	0.00%	1.22%
JNL/Mellon Capital European 30	0.30%			0.20%	0.21% H	0.00%	0.71%
JNL/Mellon Capital Pacific Rim 30	0.31%			0.20%	0.21% H	0.00%	0.72%
JNL/Mellon Capital S&P 400 MidCap Index	0.25%			0.20%	0.12% F	0.00%	0.57%
JNL/Mellon Capital Small Cap Index	0.25%			0.20%	0.10% F	0.00%	0.55%
JNL/Mellon Capital International Index	0.25%			0.20%	0.17% G	0.00%	0.62%
JNL/Mellon Capital Bond Index	0.27%			0.20%	0.10% F	0.01%	0.58%
JNL/Mellon Capital Emerging Markets Index	0.38%			0.20%	0.18% G	0.00%	0.76%
JNL/Mellon Capital Utilities Sector	0.34%			0.20%	0.17% G	0.00%	0.71%
JNL/Mellon Capital Index 5	0.00%			0.00%	0.05% E	0.58%	0.63%
JNL/MMRS Conservative	0.30%			0.00%	0.05% E	0.79%	1.14%
JNL/MMRS Growth	0.30%			0.00%	0.06% E	0.79%	1.15%
JNL/MMRS Moderate	0.30%			0.00%	0.05% E	0.80%	1.15%
JNL/Oppenheimer Emerging Markets Innovator	1.10%			0.20%	0.15% G	0.00%	1.45%
JNL/PIMCO Real Return	0.49%			0.20%	0.17% F	0.00%	0.86%
JNL/PIMCO Total Return Bond	0.50%			0.20%	0.10% F	0.00%	0.80%
JNL/PPM America Floating Rate Income	0.61%			0.20%	0.17% G	0.01%	0.99%
JNL/PPM America High Yield Bond	0.43%			0.20%	0.11% F	0.02%	0.76%
JNL/PPM America Mid Cap Value	0.75%			0.20%	0.11% F	0.00%	1.06%
JNL/Red Rocks Listed Private Equity	0.81%			0.20%	0.16% G	0.78%	1.95%
JNL/Scout Unconstrained Bond	0.65%			0.20%	0.15% G	0.03%	1.03%
JNL/T. Rowe Price Established Growth	0.56%			0.20%	0.10% F	0.00%	0.86%
JNL/T. Rowe Price Short-Term Bond	0.40%			0.20%	0.11% F	0.00%	0.71%
JNL/Westchester Capital Event Driven	1.10%			0.20%	0.15% G	0.00%	1.45%
JNL/WMC Balanced	0.43%			0.20%	0.11% F	0.01%	0.75%
JNL/S&P Competitive Advantage	0.36%			0.20%	0.10% F	0.00%	0.66%
JNL/S&P Dividend Income & Growth	0.36%			0.20%	0.10% F	0.00%	0.66%
JNL/S&P International 5 Fund	0.45%			0.20%	0.15% G	0.00%	0.80%
JNL/S&P Intrinsic Value	0.36%			0.20%	0.11% F	0.00%	0.67%
JNL/S&P Total Yield	0.37%			0.20%	0.10% F	0.00%	0.67%
JNL/S&P Mid 3	0.50%			0.20%	0.10% F	0.00%	0.80%
JNL/S&P 4	0.00%			0.00%	0.05% E	0.67%	0.72%
JNL Variable Fund LLC
JNL/Mellon Capital Nasdaq® 25	0.29%			0.20%	0.19% G	0.00%	0.68%
JNL/Mellon Capital S&P® 24	0.28%			0.20%	0.18% G	0.00%	0.66%
JNL/Mellon Capital S&P® SMid 60	0.29%			0.20%	0.17% G	0.00%	0.66%
JNL/Mellon Capital Communications Sector	0.31%			0.20%	0.17% G	0.00%	0.68%
JNL/Mellon Capital Consumer Brands Sector	0.29%			0.20%	0.17% G	0.00%	0.66%
JNL/Mellon Capital Financial Sector	0.29%			0.20%	0.17% G	0.00%	0.66%
JNL/Mellon Capital Healthcare Sector	0.28%			0.20%	0.17% G	0.00%	0.65%
JNL/Mellon Capital Oil & Gas Sector	0.28%			0.20%	0.17% G	0.00%	0.65%
JNL/Mellon Capital Technology Sector	0.29%			0.20%	0.17% G	0.00%	0.66%
JNL Investors Series Trust
JNL/PPM America Total Return Fund	0.50%			0.20%	0.11%	0.01%	0.82%
Jackson Variable Series Trust
JNAM Guidance – Conservative		0.15%	0.00%		0.07% E,J	1.09%		1.31% J
JNAM Guidance – Moderate		0.15%	0.00%		0.07% E,J	1.08%		1.30% J
JNAM Guidance – Moderate Growth		0.15%	0.00%		0.07% E,J	1.08%		1.30% J
JNAM Guidance – Growth		0.15%	0.00%		0.06% E,J	1.06%		1.27% J
JNAM Guidance – Maximum Growth		0.15%	0.00%		0.07% E,J	1.06%		1.28% J
JNAM Guidance – Equity Income		0.15%	0.00%		0.07% E,J	1.02%		1.24% J
JNAM Guidance – Alt 100		0.15%	0.00%		0.07% E,J	1.39%		1.61% J
JNAM Guidance – Equity 100		0.15%	0.00%		0.07% E,J	0.87%		1.09% J
JNAM Guidance – Fixed Income 100		0.15%	0.00%		0.07% E,J	0.82%		1.04% J
JNAM Guidance – Real Assets		0.15%	0.00%		0.07% E,J	1.10%		1.32% J
JNAM Guidance – Interest Rate Opportunities		0.15%	0.00%		0.07% E,J	1.25%		1.47% J
JNL/BlackRock Global Long Short Credit		0.95%	0.20% J		0.90% G,J	0.01%		2.06% J
JNL/DFA U.S. Micro Cap		0.80%	0.20% J		0.17% G,J	0.00%		1.17% J
JNL/Eaton Vance Global Macro Absolute Return Advantage		0.95%	0.20% J		0.34% G,J	0.02%		1.51% J
JNL/Epoch Global Shareholder Yield		0.70%	0.20% J		0.17% G,J	0.00%		1.07% J
JNL/FAMCO Flex Core Covered Call		0.60%	0.20% J		0.17% G,J	0.01%		0.98% J
JNL/Franklin Templeton Frontier Markets		1.40%	0.20% J		0.17% G,J	0.00%		1.77% J
JNL/Franklin Templeton Natural Resources		0.80%	0.20% J		0.16% G,J	0.01%		1.17% J
JNL/Lazard International Strategic Equity		0.80%	0.20% J		0.17% G,J	0.01%		1.18% J
JNL/Neuberger Berman Currency		0.70%	0.20% J		0.17% G,J	0.01%		1.08% J
JNL/Neuberger Berman Risk Balanced Commodity Strategy		0.60%	0.20% J		0.17% G,J	0.03%		1.00% J
JNL/Nicholas Convertible Arbitrage		0.85%	0.20% J		0.66% G,J	0.01%		1.72% J
JNL/PIMCO Credit Income		0.40%	0.20% J		0.17% G,J	0.00%		0.77% J
JNL/The Boston Company Equity Income		0.55%	0.20% J		0.17% G,J	0.00%		0.92% J
JNL/Van Eck International Gold		0.80%	0.20% J		0.17% G,J	0.00%		1.17% J
JNL/WCM Focused International Equity		0.80%	0.20% J		0.17% G,J	0.01%		1.18% J

^A Fees and expenses at the Master Fund level for Class 1 shares of each respective Fund are as follows:

JNL/American Funds Growth-Income Fund: Management Fee: 0.27%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.29%.

JNL/American Funds International Fund: Management Fee: 0. 50 %; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.0 4 %; Total Annual Portfolio Operating Expenses: 0.54%.

JNL/American Funds Growth Fund: Management Fee: 0.52%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.03%; Total Annual Portfolio Operating Expenses: 0.55%.

JNL/American Funds Global Growth Fund: Management Fee: 0.33%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.35%.

^B Jackson National Asset Management, LLC ("JNAM") has entered into a contractual agreement with the Fund under which it will waive a portion of its advisory fee for such time as the Fund is operated as a Feeder Fund, because during that time it will not be providing the portfolio management portion of the investment advisory and management services. This fee waiver will generally continue as long as the Fund is part of a master-feeder Fund structure, but in any event, the fee waiver will continue for at least one year from the date of this Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. The Management and the Annual Operating Expense columns in this table reflect the inclusion of the contractual fee waivers.

^C JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its advisory fee for at least one year from the date of this Prospectus. Thereafter, the waiver will automatically renew for one-year terms unless the Adviser provides written notice of the termination of the agreement to the Board of Trustees within 30 days of the end of the then current term.

^D JNAM has contractually agreed to waive fees and reimburse expenses of the Fund to the extent necessary to limit the total operating expenses of each class of shares of the Fund, exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses, to an annual rate (as a percentage of the average daily net assets of the Fund) equal to or less than the Fund's investment income for the period.  The fee waiver will continue for at least one year from the date of this Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. 

^E "Other Expenses" include an Administrative Fee of 0.05% which is payable to JNAM.

^F "Other Expenses" include an Administrative Fee of 0.10% which is payable to JNAM.

^G "Other Expenses" include an Administrative Fee of 0.15% which is payable to JNAM.

^H "Other Expenses" include an Administrative Fee of 0.20% which is payable to JNAM.

^I Management Fees have been restated to reflect a change in the management fee rate effective September 15, 2014.

^J Administrative fees, Distribution and/or service (12b-1) fees, and/or contractual fee waivers have been restated to reflect changes in the fee rates effective April 27, 2015.

EXAMPLE

The example below is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts.These costs include Contract Owner transaction expenses, Contract fees, Separate Account annual expenses and Fund fees and expenses.

(The Annual Contract Maintenance Charge is determined by dividing the total amount of such charges collected during the calendar year by the total market value of the Investment Divisions and the Fixed Account, if applicable.)

The example assumes that you invest $10,000 in the Contract for the time periods indicated.  Neither transfer fees nor Premium tax charges are reflected in the example.  The example also assumes that your investment has a 5% annual return on assets each year.

The following example includes maximum Fund fees and expenses and the cost of the optional Liquidity Option in years in which a Contract with the Liquidity Option would incur more costs than a Contract without the Liquidity Option.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If you surrender your Contract at the end of the applicable time period:

1 year	3 years	5 years	10 years
$1,07 3	$1,7 78	$2, 447	$4, 58 2

If you annuitize at the end of the applicable time period:

1 year *	3 years	5 years	10 years
$1,07 3	$1, 349	$2,2 60	$4, 58 2

*Withdrawal charges apply to annuitizations occurring within one year of the Contract's Issue Date.

If you do not surrender your Contract:

1 year	3 years	5 years	10 years
$4 47	$1, 349	$2,2 60	$4, 58 2

The example does not represent past or future expenses.  Your actual costs may be higher or lower.

CONDENSED FINANCIAL INFORMATION

The information about the values of all Accumulation Units constitutes the condensed financial information.  Information about the values of the Accumulation Units for a base Contract (with Administration Charge waiver and no optional benefits) and for a Contract with the most expensive combination of charges and optional benefits can be found in Appendix C.Information about the values of all remaining Accumulation Units can be found in the Statement of Additional Information. The value of an Accumulation Unit is determined on the basis of the per share value of an underlying Fund less applicable Separate Account charges, including any optional benefit charges that are based on average daily Contract Value in the Investment Divisions and are deducted daily as part of the calculation of the values of the Accumulation Units. Information about the Separate Account charges and charges for optional benefits can be found in the "Periodic Expenses" tables above.

The financial statements of the Separate Account and Jackson can be found in the Statement of Additional Information.  The financial statements of the Separate Account include information about all the contracts offered through the Separate Account.  The financial statements of Jackson that are included should be considered only as bearing upon the company's ability to meet its contractual obligations under the Contracts.  Jackson's financial statements do not bear on the future investment experience of the assets held in the Separate Account.  For your copy of the Statement of Additional Information, please contact us at the Annuity Service Center.  Our contact information is on the cover page of this prospectus.

THE ANNUITY CONTRACT

Your Contract is a contract between you, the Owner, and us.  Your Contract is intended to help facilitate your retirement savings on a tax-deferred basis, or other long-term investment purposes, and provides for a death benefit.  Purchases under tax-qualified plans should be made for other than tax deferral reasons.  Tax-qualified plans provide tax deferral that does not rely on the purchase of an annuity contract.  We will not issue a Contract to someone older than age 85.

Your Contract Value may be allocated to

● our Fixed Account, as may be made available by us, or as may be otherwise limited by us, and  

● Investment Divisions of the Separate Account that invest in underlying Funds.

Your Contract, like all deferred annuity contracts, has two phases:

● the accumulation phase, when you make Premium payments to us, and  

● the income phase, when we make income payments to you.

As the Owner, you can exercise all the rights under your Contract.  You can assign your Contract at any time during your lifetime, but we will not be bound until we receive written notice of the assignment (there is an assignment form).  We reserve the right to refuse an assignment, and an assignment may be a taxable event.  Please contact our Annuity Service Center for help and more information.

The Contracts are flexible Premium fixed and variable deferred annuities and may be issued as either an individual or a group contract.    Contracts issued in your state may provide different features and benefits than those described in this prospectus.  This prospectus provides a description of the material rights and obligations under the Contract.  Your Contract and any endorsements are the formal contractual agreement between you and the Company.  In those states where Contracts are issued as group contracts, references throughout the prospectus to "Contract(s)" shall also mean "certificate(s)."

JACKSON

We are a stock life insurance company organized under the laws of the state of Michigan in June 1961.  Our legal domicile and principal business address is 1 Corporate Way, Lansing, Michigan 48951.  We are admitted to conduct life insurance and annuity business in the District of Columbia and all states except New York.  We are ultimately a wholly owned subsidiary of Prudential plc (London, England).  Prudential plc is also the ultimate parent of PPM America, Inc., a sub-adviser for certain of the Funds . Jackson is the parent of Jackson National Asset Management, LLC ("JNAM"), the investment adviser and administrator for Jackson Variable Series Trust, JNL Series Trust , JNL Variable Fund LLC , and JNL Investors Series Trust .  JNAM provides certain administrative services with respect to the Separate Account, including separate account administration services and financial and accounting services.  JNAM is located at 225 West Wacker Drive, Chicago, IL  60606.

We issue and administer the Contracts and the Separate Account.  We maintain records of the name, address, taxpayer identification number and other pertinent information for each Owner, the number and type of Contracts issued to each Owner and records with respect to the value of each Contract.

We are working to provide documentation electronically.  When this program is available, we will, as permitted, forward documentation electronically.  Please contact us at our Annuity Service Center for more information.

THE FIXED ACCOUNT

Contract Value allocated to the Fixed Account will be placed with other assets in our General Account.  Unlike the Separate Account, the General Account is not segregated or insulated from the claims of the insurance company's creditors.  Investors are looking to the financial strength of the insurance company for its obligations under the Contract.  The Fixed Account is not registered with the SEC, and the SEC does not review the information we provide to you about it.  Disclosures regarding the Fixed Account, however, may be subject to the general provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses.  Both the availability of, and transfers into and out of, the Fixed Account (which consists of the Fixed Account Options) may be subject to contractual and administrative requirements.  For more information, please see the application, check with the registered representative helping you to purchase the Contract, or contact us at our Annuity Service Center.

The Fixed Account Options are not available on Contracts with the optional Liquidity Option.

Fixed Account Options.  Each Fixed Account Option credits interest to your Contract Value in the Fixed Account for a specified period that you select, subject to availability (currently, five and seven year periods are available, but we also may make available one and three year periods), so long as the Contract Value in that Fixed Account Option is not withdrawn, transferred, or annuitized until the end of the specified period.  We reserve the right, in our sole discretion, to limit or suspend availability of the Fixed Account Options. You may not elect any Fixed Account Option that extends beyond the Income Date, other than the one-year option except as described herein under "End of Fixed Account Option Periods"; and election of any option will not extend the Income Date.  Rather, commencing on the Income Date, we will cease to credit interest under any Fixed Account Option that has not yet reached the end of its term.

Rates of Interest We Credit.  These Contracts guarantee a Fixed Account minimum interest rate that applies to every Fixed Account Option under any Contract, regardless of the term of that option.  The Fixed Account minimum interest rate guaranteed by the Contracts at least equals the minimum rate prescribed by the applicable state non-forfeiture law in each state where the Contracts are sold.  In addition, we establish a declared rate of interest ("base interest rate") at the time you allocate any Premium payment or other Contract Value to a Fixed Account Option, and that base interest rate will remain in effect for the entire term of the Fixed Account Option that you select for that allocation.  To the extent that the base interest rate that we establish for any allocation is higher than the Fixed Account minimum interest rate, we will credit that allocation with the higher base interest rate.  Thus, the declared base interest rate could be greater than the guaranteed Fixed Account minimum interest rate specified in your Contract, but will never cause you to be credited with less than the currently applicable Fixed Account minimum interest rate.  Subject to the Fixed Account minimum interest rate, we may declare different base interest rates at different times, although any new base interest rate Jackson declares for a Fixed Account Option will apply only to Premiums or other amounts allocated to that Fixed Account Option after the new rate goes into effect.

The Fixed Account minimum interest rate will be a rate, credited daily, that will be reset every January pursuant to a formula that is prescribed under applicable state nonforfeiture laws and that is set forth in the Contracts.  Specifically, the Fixed Account minimum interest rate will be reset each January to equal the average of the daily five-year Constant Maturity Treasury Rates reported by the Federal Reserve for the preceding October (rounded to the nearest 1/20 of a percent), less 1.25%, provided further that the Fixed Account minimum interest rate will never be less than 1% or more than 3%.  As noted above, these limits are prescribed by state non-forfeiture laws and set forth in the Contracts.  This means that the Fixed Account minimum interest rate applicable to your Contract will in no case ever exceed a maximum of 3%.Your Contract's initial Fixed Account minimum interest rate will be stated in your Contract, and will be the rate that is in effect on the Contract's Issue Date pursuant to the foregoing formula.  Thereafter, on the Contract Monthly Anniversary for each January, the Fixed Account minimum interest rate will be reset in accordance with the above formula. (The Contract Monthly Anniversary for any January is the Contract Monthly Anniversary that falls within that month).   If you allocate a Premium payment or other Contract Value to a Fixed Account Option, the Fixed Account minimum interest rate in effect at the time of the allocation would initially apply to that allocation.  Subsequent resets of the Fixed Account minimum interest rate on each January Contract Monthly Anniversary could change the amount of interest you would thereafter earn on that allocation.  Thus, if the new Fixed Account minimum interest rate is higher than the rate previously being credited to your allocation to a Fixed Account Option, the interest rate being credited would increase to that new higher rate.  On the other hand, if the new Fixed Account minimum interest rate is lower than the rate being credited to your allocation, the interest rate being credited would decrease to that lower rate, but never below the base interest rate, defined below.  We will advise you of any new Fixed Account minimum interest rate in the fourth quarter report for the calendar year preceding the January Contract Monthly Anniversary on which the change occurs.

For the most current information about applicable interest rates, you may contact your registered representative or (at the address and phone number on the cover page of this prospectus) our Annuity Service Center.

Excess Interest Adjustment.  An Excess Interest Adjustment may apply to amounts withdrawn, or transferred from a Fixed Account Option prior to the end of the specified period.  The Excess Interest Adjustment reflects changes in the level of interest rates since the beginning of the Fixed Account Option period.  In order to determine whether there will be an Excess Interest Adjustment, we first consider the base interest rate of the Fixed Account Option from which you are taking an amount as a withdrawal, or transfer.  As discussed above under 'Rates of Interest we Credit,' the 'base interest rate' is a rate which we declare at the time you allocate any amount to a Fixed Account Option and which we credit to that Fixed Account Option if and when such base interest rate is higher than the Fixed Account minimum interest rate.  The Excess Interest Adjustment is based on the relationship of the base interest rate on your Fixed Account Option to the 'current new business interest rate,' which is a rate that we use solely for purposes of calculating the amount of any Excess Interest Adjustment.  The 'current new business interest rate' is .50% per annum greater than the base interest rate we are then offering on a new Fixed Account Option with the same duration as your Fixed Account Option.  If we are not then offering that duration, we will estimate a base interest rate for that duration based on the closest durations that we are then offering.

Generally, the Excess Interest Adjustment will (a) increase the amount withdrawn, or transferred, when the current new business interest rate is lower than the base interest rate being credited for the Fixed Account Option from which the amount is being taken and will (b) decrease the amount withdrawn, or transferred, when the current new business interest rate is higher than the base interest rate for the Fixed Account Option from which the amount is being taken. There will be no Excess Interest Adjustment if these rates are the same. Any adjustment resulting from the Excess Interest Adjustment is applied to the amount that is being withdrawn, or transferred, from the Fixed Account Option.  However, an Excess Interest Adjustment will not otherwise affect the values under your Contract.

Moreover, even if the current new business interest rate is greater than the base interest rate for the Fixed Account Option from which the amount is being taken, there will be no Excess Interest Adjustment if the difference between the two is less than 0.50%.   This limitation avoids decreases in the amount withdrawn, or transferred, in situations where the general level of interest rates has declined but the current new business interest rate nevertheless exceeds the base interest rate for your Fixed Account Option because of the additional .50% that (as described above) is added when determining the current new business interest rate.

Also, there is no Excess Interest Adjustment on: amounts taken from the one-year Fixed Account Option; death benefit proceed payments; annuitizations; amounts withdrawn on the Latest Income Date (the Contract Anniversary on or next following your 95^th birthday under a non-qualified Contract, or such earlier date as required by the applicable qualified plan, law, or regulation); amounts withdrawn for Contract charges; and free withdrawals.  In no event will a total withdrawal, or transfer from the Fixed Account Options be less than the Fixed Account minimum value.  The Fixed Account minimum value at least equals the minimum value prescribed by the applicable non-forfeiture law in each state where the Contracts are sold.  The Fixed Amount minimum value for any Fixed Account Option is the amount that would result from (1) accumulating the following amounts at the Fixed Account minimum interest rate: (a) any Premium payments (net of any associated Premium taxes) or transfers that you allocate to that Fixed Account Option less (b) any withdrawals, transfers, or charges that are taken out of that Fixed Account Option; and (2) deducting any withdrawal charges, or charge for taxes due in connection with the withdrawal.  In the case of a partial withdrawal or transfer from a Fixed Account Option, you will have been credited with interest on the amount withdrawn or transferred at a rate at least equal to the Fixed Account minimum interest rate, even if subject to an Excess Interest Adjustment that otherwise would have reduced it below that rate.

The following example illustrates how the Fixed Account minimum value may affect an Excess Interest Adjustment on a partial withdrawal.  If you allocated your initial Premium of $10,000 to the Fixed Account and your declared rate of interest was 3%, after one year (assuming no other transactions or withdrawal charges) your Contract Value in the Fixed Account would be $10,300. If the Fixed Account minimum interest rate was 1%, your Fixed Account minimum value would be $10,100. In this case, an Excess Interest Adjustment could not reduce the withdrawal by more than $200 (the difference between your Contract Value in the Fixed Account and the Fixed Account minimum value).  For example, if you request an $8,000 withdrawal and it is subject to a $200 negative Excess Interest Adjustment, the withdrawal would be adjusted to $7,800. However, if it were subject to a negative $400 Excess Interest Adjustment, the $8,000 withdrawal still would only be adjusted to $7,800, so that it does not invade the Fixed Account minimum value. Immediately after either of these withdrawals, there will be no difference between your Contract Value in the Fixed Account and Fixed Account minimum value, and no negative Excess Interest Adjustments will apply on subsequent withdrawals until the Contract Value in the Fixed Account again grows to be larger than the Fixed Account minimum value.

End of Fixed Account Option Periods.  Whenever a specified period ends, you will have 30 days to transfer or withdraw the Contract Value in the Fixed Account Option, and there will not be an Excess Interest Adjustment, if otherwise applicable. (There is no Excess Interest Adjustment on amounts taken from the one-year Fixed Account Option at any time.)  If you do nothing, then after 30 days, the Contract Value that remains in that Fixed Account Option will be subject to another specified period of the same duration, subject to availability, and provided that that specified period will not extend beyond the Income Date.  If the specified period of the same duration that has ended is no longer available, we will use the shortest period that is then available.  If such new Fixed Account Option would extend beyond the Income Date, we will use the longest available Fixed Account Option that does not extend beyond the Income Date; or (if no such period is available) we will credit interest at the current interest rate under the shortest available Fixed Account Option up to the Income Date.

Additional Information Concerning the One-Year Fixed Account Option. The one-year Fixed Account Option is not currently available. If we make it available in the future, the following provisions will apply. Transfer restrictions may be imposed limiting your ability to make transfers out of this option for at least three years, as further described below.

If you allocate Premiums to the one-year Fixed Account Option, we may require that the amount in the one-year Fixed Account Option be automatically transferred on a monthly basis in installments to your choice of Investment Division within 12 months of the date we received the Premium, so that at the end of the period, all amounts in the one-year Fixed Account Option will have been transferred.  The amount will be determined based on the amount allocated to the one-year Fixed Account Option and the base interest rate.  Charges, withdrawals and additional transfers taken from the one-year Fixed Account Option will shorten the length of time it takes to deplete the account balance.  These automatic transfers will not count against the 15 free transfers in a Contract Year or any maximum on amounts transferable from the one-year Fixed Account Option that we may impose as described in numbered paragraphs 1-4 under "Transfers and Frequent Transfer Restrictions" later in this prospectus.

Interest will continue to be credited daily on the account balance remaining in the one-year Fixed Account Option as funds are automatically transferred into your choice of Investment Divisions.  However, the effective yield over the 12-month automatic transfer period will be less than the base interest rate (or, if applicable, the Fixed Account minimum interest rate), as the applicable rate will be applied to a declining balance in the one-year Fixed Account Option.

Please also refer to "Transfers and Frequent Transfer Restrictions" beginning on page 36 for information about certain restrictions, limits and requirements that may apply (or may in the future apply) to transfers to or from the Fixed Account Options. In particular, we describe certain additional restrictions that may apply with respect to transfers from the one-year Fixed Account Option, including the possibility that you might not be able to transfer all of your Contract Value out of the one-year Fixed Account Option for at least three years.  Please note, the interest rate that is in effect when these restrictions are imposed will only apply for the remainder of the one–year Fixed Account Option period, and the interest rates credited thereafter for the remainder of the period the restrictions are in effect may be lower or higher. Accordingly, before allocating any Premium payments or other Contract Value to the one year Fixed Account Option, you should consider carefully the conditions we may impose upon your use of that option.

The DCA+ Fixed Account Option, if available, offers a fixed interest rate that we guarantee for a period of up to one year in connection with dollar-cost-averaging transfers to one or more of the Investment Divisions or systematic transfers to other Fixed Account Options.  From time to time, we will offer special enhanced rates on the DCA+ Fixed Account Option.  DCA+ Fixed Account Option is only available for new Premiums.  The DCA+ Fixed Account Option is not available if you select the Liquidity Option.  We provide more information about Dollar Cost Averaging, including DCA+, under "Other Information" later in this prospectus.

THE SEPARATE ACCOUNT

We established the Separate Account on June 14, 1993, pursuant to the provisions of Michigan law.  The Separate Account is a separate account under state insurance law and a unit investment trust under federal securities law and is registered as an investment company with the SEC.

We have claimed an exclusion from the definition of the term "Commodity Pool Operator" under the Commodity Exchange Act (CEA) with respect to the Separate Account. Therefore, we are not subject to registration or regulation as a Commodity Pool Operator under the CEA with respect to the Separate Account.

The assets of the Separate Account legally belong to us and the obligations under the Contracts are our obligations.  However, we are not allowed to use the Contract assets in the Separate Account to pay our liabilities arising out of any other business we may conduct.  All of the income, gains and losses resulting from these assets (whether or not realized) are credited to or charged against the Contracts and not against any other Contracts we may issue.

The Separate Account is divided into Investment Divisions.  We do not guarantee the investment performance of the Separate Account or any of its Investment Divisions.

INVESTMENT DIVISIONS

Your Contract Value may be allocated to no more than 99 Investment Divisions and Fixed Account Options at any one time.  Each Investment Division purchases the shares of one underlying Fund (mutual fund portfolio) that has its own investment objective.  The Investment Divisions are designed to offer the potential for a higher return than the Fixed Account Options.  However, this is not guaranteed.  It is possible for you to lose your Contract Value allocated to any of the Investment Divisions.  If you allocate Contract Values to the Investment Divisions, the amounts you are able to accumulate in your Contract during the accumulation phase depend upon the performance of the Investment Divisions you select.  The amount of the income payments you receive during the income phase also will depend, in part, on the performance of the Investment Divisions you choose for the income phase.

The following Funds in which the Investment Divisions invest may be known as a "Fund of Funds" or as Funds investing in other "Underlying Funds" or investing in ETFs.  Funds offered in a multi-tiered structure may have higher expenses than direct investments in the Underlying Funds or ETFs.  You should read the prospectus for the JNL Series Trust and Jackson Variable Series Trust for more information

JNL Alt 65 Fund

JNL/Mellon Capital Index 5 Fund

JNL/MMRS Conservative Fund

JNL/MMRS Growth Fund

JNL/MMRS Moderate Fund

JNAM Guidance – Interest Rate Opportunities Fund

JNAM Guidance – Equity Income Fund

JNAM Guidance – Conservative Fund

JNAM Guidance – Moderate Fund

JNAM Guidance – Growth Fund

JNAM Guidance – Moderate Growth Fund

JNAM Guidance – Maximum Growth Fund

JNAM Guidance – Alt 100 Fund

JNAM Guidance – Equity 100 Fund

JNAM Guidance – Fixed Income 100 Fund

JNAM Guidance – Real Assets Fund

JNL Tactical ETF Conservative Fund

JNL Tactical ETF Moderate Fund

JNL Tactical ETF Growth Fund

In addition to the Fund of Funds structure, certain of the Funds operate as feeder funds that invest in master funds.  These Funds are identified in the following descriptions by the designation ("Feeder Fund") following the name of the Fund.  For more information about a Feeder Fund, you should read the prospectus for the applicable Fund.

The names of the Funds that are available, along with the names of the advisers and sub-advisers and a brief statement of each investment objective, are below:

JNL Series Trust

JNL/American Funds Growth-Income Fund ("Feeder Fund")

Jackson National Asset Management, LLC, investment adviser to the Feeder Fund (and Capital Research and Management Company^SM, investment adviser to the Master Fund)

Seeks long-term growth of capital and income through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – Growth-Income Fund^SM ("Master Fund"). The Master Fund seeks to make the investment grow and provide income over time by investing primarily in common stocks or other securities that the investment adviser to the Master Fund believes demonstrate the potential for appreciation and/or dividends. The Master Fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States.

JNL/American Funds International Fund ("Feeder Fund")

Jackson National Asset Management, LLC, investment adviser to the Feeder Fund (and Capital Research and Management Company^SM, investment adviser to the Master Fund)

Seeks long-term growth of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – International Fund^SM ("Master Fund"). The Master Fund seeks to make the investment grow by investing primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser to the Master Fund believes have the potential for growth. Investors in the Master Fund should have a long-term perspective and, for example, be able to tolerate potentially sharp, short-term declines in value.

JNL Alt 65 Fund

Jackson National Asset Management, LLC

Seeks long-term growth of capital and income by investing in Class A shares of a diversified group of other funds ("Underlying Funds") that invest primarily in equity and fixed income securities.  The Underlying Funds in which the Fund may invest are series of the JNL Series Trust, the JNL Variable Fund LLC, and the Jackson Variable Series Trust.  Not all funds of the JNL Series Trust, the JNL Variable Fund LLC, and the Jackson Variable Series Trust are available as Underlying Funds.  The Fund allocates approximately 35% of its assets to traditional investment categories and approximately 65% to non-traditional investment categories. Investments may include Underlying Funds that invest in both domestic and international stocks of large established companies, in stocks of smaller companies with above-average growth potential.  As listed in the Fund prospectus, the Fund considers the Alternative Assets, Alternative Strategies, and Risk Management investment categories to be non-traditional, and the Domestic/Global Equity, Domestic/Global Fixed Income, International, International Fixed Income, Sector, Specialty, and Tactical Management investment categories to be traditional. Please see the Fund prospectus for more information.

JNL Multi-Manager Alternative Fund

Jackson National Asset Management, LLC (and Babson Capital Management, LLC, BlueBay Asset Management LLP (and sub-sub-adviser, BlueBay Asset Management USA LLC), First Pacific Advisors, Inc., Lazard Asset Management, LLC, Visium Asset Management, LP and Western Asset Management Company)

Seeks long term growth of capital by allocating among a variety of alternative strategies managed by unaffiliated investment managers who may implement the following principal investment strategies:  equity long/short strategies, event driven and merger arbitrage strategies, relative value strategies and global macro strategies.

JNL/AllianceBernstein Dynamic Asset Allocation Fund

Jackson National Asset Management, LLC (and AllianceBernstein L.P.)

Seeks to maximize total return consistent with the determination of reasonable risk and subject to the assets strategy's asset class.  The Fund invests in a globally diversified portfolio of equity and debt securities including exchange-traded funds, and other financial instruments, and expects to enter into derivatives transactions.  The Fund's neutral weighting, from which it will make its tactical asset allocations, is 70% equity exposure and 30% debt exposure.

JNL/AQR Managed Futures Strategy Fund

Jackson National Asset Management, LLC (and AQR Capital Management, LLC)

Seeks positive absolute returns by investing primarily in a portfolio of futures contracts, futures-related instruments, and equity swaps.  Equity swaps include, but are not limited to, global developed and emerging market equity index futures, swaps on equity index futures and equity swaps, global developed and emerging market currency forwards, global developed fixed income futures, bond futures and swaps on bond futures and may also invest in commodity futures and swaps on commodity futures.

JNL/BlackRock Commodity Securities Strategy Fund

Jackson National Asset Management, LLC (and BlackRock Investment Management, LLC and BlackRock International Limited )

Seeks long-term capital growth by investing in equity securities and commodity-linked derivative instruments that provide exposure to the natural resources sector, as well as fixed income securities.

Under normal market conditions, the Fund will utilize two strategies and will invest approximately 50%-75% of its assets in the "Natural Resources Strategy," and 25%-50% of its assets in the "Commodity Strategy."  The "Natural Resources Strategy" will focus on companies active in the extraction, production, and processing of commodities and raw materials. The "Commodity Strategy" will focus on investments in commodity securities.

JNL/BlackRock Global Allocation Fund

Jackson National Asset Management, LLC (and BlackRock Investment Management, LLC)

Seeks high total investment return by investing in a portfolio of equity and debt securities, money market securities and other short-term securities or instruments, of issuers located around the world.  Generally, the Fund will invest in both equity and debt securities and seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. Equity securities include common stock, rights and warrants, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.

JNL/Boston Partners Global Long Short Equity Fund

Jackson National Asset Management, LLC (and Robeco Investment Management, Inc.

Seeks long-term growth of capital by investing in stocks identified by the Sub-Adviser as undervalued and takes short positions in stocks that the Sub-Adviser has identified as overvalued.  The Fund will invest, both long and short, primarily in equity securities issued by U.S. and non-U.S. companies of any market capitalization size.

JNL/Brookfield Global Infrastructure and MLP Fund

Jackson National Asset Management, LLC (and Brookfield Investment Management Inc.)

Seekstotal return through growth of capital and current income by investing primarily in securities of publicly traded infrastructure companies.  Under normal market conditions, the Fund will invest at least 80% of its net assets in MLPs and publicly traded equity securities of infrastructure companies listed on a domestic or foreign exchange.  MLPs may derive income and gains from the exploration, development, mining or production, process, refining, transportation, or marketing of any mineral or natural gas.

JNL/DFA U.S. Core Equity Fund

Jackson National Asset Management, LLC (and Dimensional Fund Advisors LP)

Seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies.  The percentage allocation of the assets of the Fund to securities of the largest U.S. growth companies will generally be reduced from between 2.5% and 25% of their percentage weight in the U.S. universe.  The percentage by which the Fund's allocation to securities of the largest U.S. growth companies is reduced will change due to market movements.  The range by which the Fund's percentage allocation to all securities as compared to the U.S. universe may be modified after considering other factors the Sub-Adviser determines to be appropriate.

JNL/Eastspring Investments Asia ex-Japan Fund

Jackson National Asset Management, LLC (and Eastspring Investments (Singapore) Limited)

Seeks long-term total return by investing under normal circumstances at least 80% of its assets in equity and equity-related securities of companies, which are listed, incorporated, or have their area of primary activity in the Asia ex-Japan region.  Consistent with the Fund's objectives, the Fund may from time to time purchase derivative securities, including, but not limited to, forward currency contracts, futures, and options to, among other reasons, manage foreign currency and security exposure, provide liquidity, provide exposure not otherwise available, manage risk and implement investment strategies in a more efficient manner. 

JNL/Eastspring Investments China-India Fund

Jackson National Asset Management, LLC (and Eastspring Investments (Singapore) Limited)

Seeks long-term total return by investing normally, 80% of its assets in equity and equity-related securities (such as depositary receipts, convertible bonds and warrants) of corporations, which are incorporated in, or listed in, or have their area of primary activity in the People's Republic of China and India. Consistent with the Fund's objectives, the Fund may from time to time purchase derivative securities, including, but not limited to, forward currency contracts, futures, and options to, among other reasons, manage foreign currency and security exposure, provide liquidity, provide exposure not otherwise available, manage risk and implement investment strategies in a more efficient manner. 

JNL/Franklin Templeton Global Multisector Bond Fund

Jackson National Asset Management, LLC (and Franklin Advisers, Inc.)

Seeks total investment return consisting of a combination of interest income, capital appreciation, and currency gains.  Under normal market conditions the Fund will invest  at least 80% of its assets in fixed and floating rate debt securities and debt obligations (including convertible bonds) of governments, government-related issuers, or corporate issuers worldwide.  The Fund may also invest in inflation-indexed securities and securities or structured products that are linked to or derive their value from another security, asset or currency of any nation. The Fund's assets will be invested in issuers located in at least three countries (including the U.S.).

JNL/Franklin Templeton Income Fund

Jackson National Asset Management, LLC (and Franklin Advisers, Inc.)

Seeks to maximize income while maintaining prospects for capital appreciation by investing, under normal market conditions, in a diversified portfolio of debt and equity securities.  The equity securities in which the Fund invests consist primarily of common stock. The Fund seeks income by selecting investments such as corporate, foreign and U.S. Treasury bonds, as well as stocks with attractive dividend yields.

JNL/Franklin Templeton International Small Cap Growth Fund

Jackson National Asset Management, LLC (and Franklin Templeton Institutional, LLC and Templeton Investment Counsel, LLC)

Seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its assets in a diversified portfolio of investments of smaller international companies, located outside of the U.S., including those of emerging or developing markets. The Fund invests predominately in securities listed or traded on recognized international markets in developed countries included in MSCI EAFE Small Cap Index and All Country World exUS Small Cap Index.  The Fund may, from time to time, have significant investments in a particular sector or country.

JNL/Franklin Templeton Small Cap Value Fund

Jackson National Asset Management, LLC (and Franklin Advisory Services, LLC)

Seeks long-term total return by investing, under normal market conditions, at least 80% of its assets in investments of small-capitalization companies with market capitalizations (the total market value of a company's outstanding stock) under $3.5 billion at the time of purchase. The Fund invests primarily in common stocks.  The Fund may invest up to 25% of its total assets in foreign securities.

JNL/Goldman Sachs Emerging Markets Debt Fund

Jackson National Asset Management, LLC (and Goldman Sachs Asset Management, L.P. and sub-sub-adviser: Goldman Sachs Asset Management International)

Seeks a high level of total return consisting of income and capital appreciation.  The Fund invests, under normal circumstances, at least 80% of its assets in (i) sovereign and corporate debt securities and other instruments of issuers in emerging countries, denominated in any currency; and/or (ii) currencies of such emerging countries, which may be represented by forwards or other derivatives that may have interest rate exposure. Emerging market countries include but are not limited to those considered to be developing by the World Bank.  Many of the countries in which the Fund invests will have sovereign ratings that are below investment grade or are unrated.

JNL/Goldman Sachs U.S. Equity Flex Fund

Jackson National Asset Management, LLC (and Goldman Sachs Asset Management, L.P.)

Seeks long-term capital appreciation by investing in a broad mix of equity securities that aim to produce long-term capital appreciation and target attractive risk adjusted returns compared to the S&P 500 Index.  In seeking to outperform its benchmark index, the Fund will hold long securities that the Sub-Advisor believes are more likely to outperform the index, and will take short positions in securities the Sub-Advisor believes will underperform the index.

JNL/Invesco Global Real Estate Fund

Jackson National Asset Management, LLC (and Invesco Advisers, Inc. and sub-sub-adviser: Invesco Asset Management Limited)

Seeks high total return by investing, normally, at least 80% of its assets in securities of real estate and real estate-related companies, including real estate investment trusts and in derivatives and other instruments that have economic characteristics similar to such securities.  The companies will be located in at least three different countries, including the U.S.

JNL/Harris Oakmark Global Equity Fund

Jackson National Asset Management, LLC (and Harris Associates L.P.)

Seeks capital appreciation by investing, normally, at least 80% of its assets in a diversified portfolio of common stocks of U.S. and non-U.S. companies. The Fund invests in the securities of companies located in at least three countries.

JNL/Invesco International Growth Fund

Jackson National Asset Management, LLC (and Invesco Advisers, Inc.)

Seeks long-term growth of capital by primarily investing in equity securities and depository receipts of foreign issuers. The Fund focuses its investments in common and preferred stock and invests, under normal circumstances in securities of companies located in at least three countries outside of the U.S.  The Fund may also invest no more than 30% in emerging markets securities.

JNL/Invesco Small Cap Growth Fund

Jackson National Asset Management, LLC (and Invesco Advisers, Inc.)

Seeks long-term growth of capital by investing, normally, at least 80% of its assets in equity securities of small-capitalization companies.  The Fund considers a company to be a small-capitalization company if it has a market capitalization, at the time of purchase, no larger than the largest capitalized company included in the Russell 2000^® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. The Fund may also invest up to 20% of its assets in equity securities of issuers that have market capitalizations, at the time of purchase, in other market capitalization ranges, and in investment-grade non-convertible debt securities, U.S. government securities and high quality money market instruments.  The Fund may also invest up to 25% of its total assets in foreign securities.

JNL/Ivy Asset Strategy Fund

Jackson National Asset Management, LLC (and Ivy Investment Management Company)

Seeks to provide total return by allocating its assets primarily among stocks, bonds, and short-term instruments of issuers in markets located around the globe, as well as investments in derivative instruments, precious metals and investments with exposure to various foreign currencies.  The Fund may invest up to 100% of its total assets in foreign securities.

JNL/JPMorgan MidCap Growth Fund

Jackson National Asset Management, LLC (and J.P. Morgan Investment Management Inc.)

Seeks capital growth over the long-term by investing, under normal market circumstances, at least 80% of its assets in a broad portfolio of common stocks of companies with market capitalizations equal to those within the universe of Russell Midcap Growth Index stocks at the time of purchase.  Market capitalization is the total market value of a company's shares.  The Fund may also invest up to 20% of its total assets in all types of foreign securities.

JNL/JPMorgan U.S. Government & Quality Bond Fund

Jackson National Asset Management, LLC (and J.P. Morgan Investment Management Inc.)

Seeks to obtain a high level of current income by investing, under normal circumstances, at least 80% of its assets in U.S. Treasury securities, obligations issued by agencies or instrumentalities of the U.S. government (which may not be backed by the U.S. government) and mortgage-backed securities, that are supported either by the full faith and credit of the U.S. government or their own credit, collateralized mortgage obligations issued by private issuers, repurchase agreements and derivatives related to the principal investments. The Fund may also invest in high-quality corporate debt securities.

JNL/Lazard Emerging Markets Fund

Jackson National Asset Management, LLC (and Lazard Asset Management LLC)

Seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries.  The Fund may engage, to a limited extent, in various investment techniques, such as foreign currency transactions and the use of derivative instruments to gain exposure to foreign currencies and emerging securities, and to hedge the Fund's investments.

JNL/Mellon Capital Index 5 Fund

Jackson National Asset Management, LLC

Seeks capital appreciation by investing in Class A shares of the following Underlying Funds:

Ø 20% in the JNL/Mellon Capital S&P 500 Index Fund;

Ø 20% in the JNL/Mellon Capital S&P 400 MidCap Index Fund;

Ø 20% in the JNL/Mellon Capital Small Cap Index Fund;

Ø 20% in the JNL/Mellon Capital International Index Fund; and

Ø 20% in the JNL/Mellon Capital Bond Index Fund.

JNL/Mellon Capital Emerging Markets Index Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeksto track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.  The Fund invests, under normal circumstances, at least 80% of its assets in stocks included in the MSCI Emerging Markets Index ("Index"), including depositary receipts representing securities of the Index.  The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that comprise the Index. 

JNL/Mellon Capital European 30 Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to provide capital appreciation by investing at least 80% of its assets in the common stock of 30 companies selected from the MSCI Europe Index.

JNL/Mellon Capital Pacific Rim 30 Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to provide capital appreciation by investing under normal circumstances at least 80% of its assets in the common stock of 30 companies selected from the MSCI Pacific Index.

JNL/Mellon Capital S&P 500 Index Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to match the performance of the S&P 500^® Index.  The Fund seeks to invest under normal circumstances at least 80% of its assets in the stocks in the S&P 500 Index in proportion to their market capitalization weighting in the S&P 500 Index in order to provide long-term capital growth.

JNL/Mellon Capital S&P 400 MidCap Index Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to match the performance of the S&P MidCap 400 Index.  The Fund invests in equity securities of medium capitalization-weighted domestic corporations.  Under normal circumstances the Fund invests at least 80% of its assets in the stocks in the S&P MidCap 400 Index in proportion to their market capitalization weighting in the S&P MidCap 400 Index in order to provide long-term capital growth.

JNL/Mellon Capital Small Cap Index Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to match the performance of the Russell 2000^® Index.  The Fund invests in equity securities of small- to mid-size domestic companies.  Under normal circumstances the Fund invests at least 80% of its assets in a portfolio of securities, which seeks to match performance and characteristics of the Russell 2000 Index through replicating a majority of the Russell 2000 index and sampling from the remaining securities in order to provide long-term growth of capital.

JNL/Mellon Capital International Index Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to match the performance of the Morgan Stanley Capital International ("MSCI") Europe Australia Far East ("EAFE") Index. The Fund invests in international equity securities attempting to match the characteristics of each country within the index. Under normal circumstances the Fund invests at least 80% of its assets in the stocks included in the MCSI EAFE Index or derivative securities economically related to the MSCI EAFE Index in order to provide long-term capital growth.

JNL/Mellon Capital Bond Index Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks to match the performance of the Barclays U.S. Aggregate Bond Index by investing under normal circumstances at least 80% of its assets in fixed income securities.  The Fund seeks to provide a moderate rate of income by investing in domestic fixed income investments.

JNL/Mellon Capital Utilities Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances at least 80% of its assets in the stocks in the MSCI USA IMI Utilities Index in proportion to their market capitalization weighting in the MSCI USA IMI Utilities Index.

JNL/MMRS Conservative Fund

Jackson National Asset Management, LLC (and Milliman Financial Risk Management LLC)

Seeks growth of capital while also seeking to manage volatility and provide downside protection by investment in other funds. The Fund invests in Class A shares of a diversified group of Funds ("Underlying Funds").  The Underlying Funds in which the Fund may invest are part of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and Jackson Variable Series Trust. Under normal circumstances the Fund allocates approximately 50% to 10 0% of its assets in Underlying Funds that invest primarily in fixed income securities and up to 50% of its assets in Underlying Funds that invest primarily in equity securities.

JNL/MMRS Growth Fund

Jackson National Asset Management, LLC (and Milliman Financial Risk Management LLC)

Seeks growth of capital while also seeking to manage volatility and provide downside protection by investment in other funds. The Fund invests in Class A shares of a diversified group of Funds ("Underlying Funds").  The Underlying Funds in which the Fund may invest are part of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and Jackson Variable Series Trust. Under normal circumstances the Fund allocates approximately 10% to 9 0% of its assets in Underlying Funds that invest primarily in fixed income securities and 1 0% to 90% of its assets in Underlying Funds that invest primarily in equity securities.

JNL/MMRS Moderate Fund

Jackson National Asset Management, LLC (and Milliman Financial Risk Management LLC)

Seeks growth of capital while also seeking to manage volatility and provide downside protection by investment in other funds.  The Fund invests in Class A shares of a diversified group of Funds ("Underlying Funds").  The Underlying Funds in which the Fund may invest are part of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and Jackson Variable Series Trust.   Under normal circumstances the Fund allocates approximately 25% to 100% of its assets in Underlying Funds that invest primarily in fixed income securities and up to 7 5 % of its assets in Underlying Funds that invest primarily in equity securities.

JNL/Oppenheimer Emerging Markets Innovator Fund

Jackson National Asset Management, LLC (and OppenheimerFunds, Inc.)

Seeks capital appreciation by investing in equity securities of issuers in emerging markets and developing markets through the world.  Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities of issuers that are economically ties to an emerging market country.

JNL/PIMCO Real Return Fund

Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)

Seeks maximum real return, consistent with preservation of real capital and prudent investment management.  The Fund invests, under normal circumstances, at least 80% of its assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations.  Assets not invested in inflation-indexed bonds may be invested in other types of Fixed Income Instruments, which include bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

JNL/PIMCO Total Return Bond Fund

Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)

Seeks to realize maximum total return, consistent with the preservation of capital and prudent investment management.  The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

JNL/PPM America Floating Rate Income Fund

Jackson National Asset Management, LLC (and PPM America, Inc.)

Seeks to provide a high level of current income by investing under normal circumstances at least 80% of its net assets in floating rate loans and other floating rate investments, defined as floating rate loans, floating rate notes, other floating rate debt securities, structured products, money market securities of all types, repurchase agreements, shares of money market funds, short-term bond funds and floating rate funds.   Further, while not a principal investment strategy, the Fund may engage in derivatives transactions. Investment in such derivative or other synthetic instruments that have economic characteristics similar to the floating rate investments may be used for the purpose of satisfying the 80% minimum investment requirement.

JNL/PPM America High Yield Bond Fund

Jackson National Asset Management, LLC (and PPM America, Inc.)

Seeks to maximize current income, with capital appreciation as a secondary objective, by investing, under normal circumstances, at least 80% of its assets in high-yield, high-risk debt securities, commonly referred to as "junk bonds" and related investments.  Further, while not a principal investment strategy, the Fund may engage in derivatives transactions. Investment in derivatives instruments that have economic characteristics similar to the fixed income investments may be used for the purpose of satisfying the 80% minimum investment requirement.  The Fund may also invest in securities of foreign issuers.  To the extent that the Fund invests in emerging market debt, this will be considered as an investment in a high-yield security for purposes of the 80% investment minimum requirement.

JNL/PPM America Mid Cap Value Fund

Jackson National Asset Management, LLC (and PPM America, Inc.)

Seeks long-term growth of capital by investing, primarily, at least 80% of its assets in a diversified portfolio of equity securities of U.S. companies with market capitalizations within the range of companies constituting the Russell Midcap Index ("Index") under normal market conditions at the time of the initial purchase.  The market capitalization range of the Index will vary with market conditions over time.  If the market capitalization of a company held by the Fund moves outside the then-current Index range, the Fund may, but is not required to, sell the securities.

JNL/Red Rocks Listed Private Equity Fund

Jackson National Asset Management, LLC (and Red Rocks Capital LLC)

Seeks maximum total return by investing at least 80% of its assets in (i) securities of U.S. and non-U.S. companies listed on a national securities exchange, or foreign equivalent, that have a significant portion of their assets invested in or exposed to private companies or have as its stated intention to have a significant portion of its assets invested in or exposed to private companies  ("Listed Private Equity Companies"), and (ii) derivatives or other instruments (such as exchange traded funds) that otherwise have the economic characteristics of Listed Private Equity Companies.

JNL/Scout Unconstrained Bond Fund

Jackson National Asset Management, LLC (and Scout Investments, Inc.)

Seeks to maximize total return consistent with the preservation of capital. The Fund invests at least 80% of its assets, determined at the time of purchase, in fixed income instruments. In certain market conditions, the Fund may pursue its investment objective by investing a significant portion of its assets in cash or short-term debt obligations.

JNL/T. Rowe Price Established Growth Fund

Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)

Seeks long-term growth of capital and increasing dividend income by investing generally in common stocks of large-capitalization companies.  The Sub-Adviser seeks investments in companies with one or more of the following characteristics:  strong cash flow and an above-average rate of earnings growth; the ability to sustain earnings momentum during economic downturns; and occupation of a lucrative niche in the economy and the ability to expand even during times of slow economic growth.  While the Fund invests principally in U.S. common stocks, other securities may also be purchased, including foreign stocks, futures and options.

JNL/T. Rowe Price Short-Term Bond Fund

Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)

Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity by investing in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and mortgage-backed securities.  The Fund may also invest in money market securities, bank obligations, collateralized mortgage obligations, and foreign securities. Normally, the Fund will invest at least 80% of its net assets in bonds.  The Fund will only purchase securities that are rated within the four highest credit categories (e.g. AAA, AA, A, BBB, or equivalent) at the time of purchase by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by the Sub-Adviser.

JNL/T. Rowe Price Value Fund

Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)

Seeks long-term capital appreciation by investing, via a value approach investment selection process, at least 65% of total assets in common stocks believed to be undervalued.  Stock holdings are expected to consist primarily of large-company stocks, but may also include mid-cap and small-cap companies. The Fund may invest up to 25% of its total assets (excluding reserves) in foreign securities. Income is a secondary objective.

JNL/Westchester Capital Event Driven Fund

Jackson National Asset Management, LLC (and Westchester Capital Management, LLC)

Seeks to provide attractive risk-adjusted returns with low relative volatility in virtually all market environments.  The Fund employs investment strategies designed to capture price movements generated by specific events including, but not limited to, securities of companies involved in mergers, acquisitions, asset sales or other divestitures, restructurings, refinancings, recapitalizations, reorganizations or other special situations.

JNL/WMC Balanced Fund

Jackson National Asset Management, LLC (and Wellington Management Company LLP)

Seeks reasonable income and long-term capital growth by investing primarily in a diversified portfolio of common stock and investment grade fixed income securities.  The Fund may invest in any type or class of security. The anticipated mix of the Fund's holdings is typically 60-70% of its assets in equities and 30-40% in fixed income securities, including cash and cash equivalents.

JNL/WMC Money Market Fund

Jackson National Asset Management, LLC (and Wellington Management Company LLP)

Seeks a high level of current income as is consistent with the preservation of capital and maintenance of liquidity by investing in high quality, U.S. dollar-denominated short-term money market instruments that mature in 397 days or less. The Fund primarily invests in money market instruments rated in one of the two highest short-term credit rating categories, including: (i) obligations issued or guaranteed as to principal and interest by the U.S. government, its agencies and instrumentalities or by state and local governments; (ii) time deposits, certificates of deposit and bankers acceptances, issued by banks and other lending institutions; (iii) commercial paper and other short-term obligations of U.S. and foreign issuers (including asset-backed securities); (iv) obligations issued or guaranteed by foreign governments or any of their political subdivisions, agencies or instrumentalities, including obligations of supranational entities; and (v) repurchase agreements on obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities.

JNL/S&P Competitive Advantage Fund

Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)

Seeks capital appreciation by investing approximately equal amounts in the common stock of 30 companies included in the S&P 500 that are, believed to have superior profitability, as measured by return on invested capital, and trade a relatively attractive valuations .  In selecting companies, Standard & Poor's Investment Advisory Services LLC looks for the 30 companies ranked by return on invested capital and lowest market-to-book multiples.

JNL/S&P Dividend Income & Growth Fund

Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)

Seeks primarily capital appreciation with a secondary focus on current income by investing approximately equal amounts in the common stock of the 30 companies included in the S&P 500 that have attractive dividend yields and strong capital structures as determined by Standard & Poor's Investment Advisory Services LLC .  The companies with the highest Dividend Yield, are selected from each of 10 economic sectors in the S&P 500 , with approximately equal exposure to each sector .

JNL/S&P International 5 Fund

Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)

Seeks capital appreciation by investing in the common stock of foreign companies that are identified by a model strategy comprised of five underlying strategies.  The Fund allocates all of its net assets in the following strategies:

Ø S&P Asia Pac Ex Japan Strategy

Ø S&P Canada Strategy

Ø S&P Europe Strategy

Ø S&P Japan Strategy

Ø S&P Middle East Strategy

JNL/S&P Intrinsic Value Fund

Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)

Seeks capital appreciation by investing approximately equal amounts in the common stock of 30 companies included in the S&P 500, excluding financial companies, that are, in the opinion of Standard & Poor's Investment Advisory Services LLC, companies that generate strong free cash flows and sell at relatively attractive valuations .

JNL/S&P Total Yield Fund

Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)

Seeks capital appreciation by investing approximately equal amounts in the common stock of the 30 companies included in the S&P 500 that generate positive cash flow and have a strong track record, as determined by the Sub-Adviser, of returning cash to investors, such as through dividends, share repurchases or debt retirement .

JNL/S&P Mid 3 Fund

Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)

Seeks capital appreciation by investing in common stocks of companies that are identified by a model based on three separate investment strategies.  The Fund invests approximately 1/3 of its net assets in the following strategies:

Ø MID Competitive Advantage Strategy;

Ø MID Intrinsic Value Strategy; and

Ø MID Total Equity Yield Strategy.

JNL/S&P 4 Fund

Jackson National Asset Management, LLC

Seeks capital appreciation by making initial allocations (25%) of its assets and cash flows to the following four Underlying Funds (Class A) on a specific date each year:

Ø 25% in JNL/S&P Competitive Advantage Fund;

Ø 25% in JNL/S&P Dividend Income & Growth Fund;

Ø 25% in JNL/S&P Intrinsic Value Fund; and

Ø 25% in JNL/S&P Total Yield Fund.

Jackson Variable Series Trust  (formerly, Curian Variable Series Trust)

JNAM Guidance – Interest Rate Opportunities Fund  (formerly, Curian Guidance – Interest Rate Opportunities Fund)

Jackson National Asset Management, LLC

Seeks total return primarily through strategies that invest in fixed income oriented securities, as well as other asset classes and strategies through investment in other funds (the "Underlying Funds").  The Fund allocates the majority of its assets to Underlying Funds that invest primarily in fixed income oriented securities of issuers in the U.S. and foreign countries, including emerging markets.

JNAM Guidance –Equity Income Fund (formerly, Curian Guidance –Equity Income Fund)

Jackson National Asset Management, LLC

Seeks a potentially rising stream of income by investing in a selection of companies with a multiple-year history of increasing their dividend payouts over the long-term with some risk control through investment in other funds (the "Underlying Funds"). The Fund allocates the majority of its assets to Underlying Funds that invest primarily in equity-oriented securities of issuers in the U.S. and foreign countries, including emerging markets that pay a dividend.

JNAM Guidance – Conservative Fund (formerly, Curian Guidance – Conservative Fund)

Jackson National Asset Management, LLC

Seeks the generation of income through investment in other funds (the "Underlying Funds").  The Fund allocates its assets to Underlying Funds that invest primarily in fixed income and other income-oriented securities of issuers in the U.S. and foreign countries, including emerging markets.

JNAM Guidance – Moderate Fund (formerly, Curian Guidance – Moderate Fund)

Jackson National Asset Management, LLC

Seeks a balance between the generation of income and the long-term growth of capital through investment in other funds (the "Underlying Funds"). The Fund allocates its assets to Underlying Funds that invest in fixed income and other income-oriented securities as well as dividend-paying equity securities of issuers in the U.S. and foreign countries, including emerging markets.

JNAM Guidance - Growth Fund  (formerly, Curian Guidance - Growth Fund)

Jackson National Asset Management, LLC

Seeks long-term growth of capital through an allocation in stocks and other asset classes and strategies through investment in other funds (the "Underlying Funds").

JNAM Guidance – Moderate Growth Fund (formerly, Curian Guidance – Moderate Growth Fund)

Jackson National Asset Management, LLC

Seeks long-term growth of capital by investing in other funds (the "Underlying Funds") that offer a broad array of stock, bond, and other asset classes and strategies.

JNAM Guidance – Maximum Growth Fund (formerly, Curian Guidance – Maximum Growth Fund)

Jackson National Asset Management, LLC

Seeks long-term growth of capital through an allocation in stocks and other asset classes and strategies through investment in other funds (the "Underlying Funds").

JNAM Guidance – Alt 100 Fund (formerly, Curian Guidance – Alt 100 Moderate Fund)

Jackson National Asset Management, LLC

Seeks long-term growth of capital through investment in other funds (the "Underlying Funds"). Under normal market conditions, the Fund may allocate 100% of its assets to the Underlying Funds that invest in non-traditional asset classes.

JNAM Guidance – Equity 100 Fund  (formerly, Curian Guidance – Equity 100 Fund)

Jackson National Asset Management, LLC

Seeks long-term growth of capital through investment in other funds (the "Underlying Funds") with an equity orientation.

The Fund will invest in Underlying Funds such that 80% of its assets (net assets plus the amount of any borrowings for investment purposes) are invested in equities (which may include derivatives exposure to equity securities) of issuers in the U.S. and foreign countries, including emerging markets.  The Fund allocates its assets to Underlying Funds that invest amongst various equity classes, as well as non-traditional investments.

JNAM Guidance – Fixed Income 100 Fund  (formerly, Curian Guidance – Fixed Income 100 Fund)

Jackson National Asset Management, LLC

Seeks income and total return through investment in other funds (the "Underlying Funds") with a fixed income orientation.

The Fund will invest in Underlying Funds such that 80% of its assets (net assets plus the amount of any borrowings for investment purposes) are invested in fixed income securities (which may include derivatives exposure to fixed income securities) of issuers in the U.S. and foreign countries, including emerging markets.  The Fund allocates its assets to Underlying Funds that invest amongst various fixed income classes, as well as non-traditional investments.

JNAM Guidance – Real Assets Fund  (formerly, Curian Guidance – Real Assets Fund)

Jackson National Asset Management, LLC

Seeks long-term real return through an allocation in stocks and other asset classes and strategies through investment in other funds (the "Underlying Funds"). The Fund seeks to achieve its objective by investing in shares of the Underlying Funds that focus on investments in commodity, inflation sensitive, natural resource and real estate sectors.  The Fund allocates the majority of its assets to Underlying Funds that invest primarily in equity securities, inflation protected securities of issuers in the U.S. and foreign countries, including emerging and currencies.

JNL Tactical ETF Conservative Fund (formerly, Curian Tactical Advantage 35 Fund)

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks long-term growth of capital through investment in exchange-traded funds ("Underlying ETFs"). Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds.  Under normal market conditions, the Adviser allocates approximately 20% to 60% (with a target allocation of 40%) of the Fund's assets to Underlying ETFs that invest primarily in equity securities, 40% to 80% (with a target allocation of 60%) of the Fund's assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund's assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund's assets to securities and derivative contracts to meet the Fund's allocation targets.

JNL Tactical ETF Moderate Fund (formerly, Curian Tactical Advantage 60 Fund)

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks long-term growth of capital through investment in a diversified group of exchange-traded funds ("Underlying ETFs"). Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds.  Under normal market conditions, the Adviser allocates approximately 40% to 80% (with a target allocation of 60%) of the Fund's assets to Underlying ETFs that invest primarily in equity securities, 20% to 60% (with a target allocation of 40%) of the Fund's assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund's assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund's assets to securities and derivative contracts to meet the Fund's allocation targets.

JNL Tactical ETF Growth Fund (formerly, Curian Tactical Advantage 75 Fund)

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks long-term growth of capital through investment in a diversified group of exchange-traded funds ("Underlying ETFs").  Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in underlying exchange-traded funds.  Under normal market conditions, the Adviser allocates approximately 60% to 100% (with a target allocation of 80%) of the Fund's assets to Underlying ETFs that invest primarily in equity securities, 0% to 40% (with a target allocation of 20%) of the Fund's assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund's assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund's assets to securities and derivative contracts to meet the Fund's allocation targets.

JNL /American Funds^® Global Growth Fund ("Feeder Fund")  (formerly, Curian/American Funds^® Global Growth Fund)

Jackson National Asset Management, LLC , investment adviser to the Feeder Fund (and Capital Research and Management Company, investment adviser to the Master Fund)

Seeks long-term growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series^® - Global Growth Fund^SM (the "Master Fund").  The Master Fund invests primarily in common stocks of companies around the world that have the potential for growth.  As a fund that seeks to invest globally, the Master Fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries).  Under normal market conditions, the Master Fund seeks to invest at least 30% of its net assets in issuers outside of the United States.

JNL /American Funds^® Growth Fund ("Feeder Fund")  (formerly, Curian/American Funds^® Growth Fund)

Jackson National Asset Management, LLC , investment adviser to the Feeder Fund (and Capital Research and Management Company, investment adviser to the Master Fund)

Seeks growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series^® - Growth Fund^SM (the "Master Fund"). The Master Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital.  The Master Fund may invest up to 25% of its assets in common stocks and other securities (including convertible and nonconvertible preferred stocks, bonds, and other debt securities) of issuers domiciled outside the U.S. 

JNL /AQR Risk Parity Fund  (formerly, Curian/AQR Risk Parity Fund)

Jackson National Asset Management, LLC (and AQR Capital Management, LLC)

Seeks total return (consisting of capital appreciation and income) by allocating assets among major asset classes (including global developed and emerging market equities, global nominal and inflation-linked government bonds, developed and emerging market currencies, and commodities).

JNL /BlackRock Global Long Short Credit Fund  (formerly, Curian/BlackRock Global Long Short Credit Fund)

Jackson National Asset Management, LLC (and BlackRock Financial Management, Inc. and BlackRock International Limited and BlackRock (Singapore) Limited )

Seeks absolute total returns over a complete market cycle through diversified long and short exposure to the global fixed income markets.  A complete market cycle for fixed income funds such as the Fund is typically three to five years.

Under normal market conditions, the Fund invests at least 80% of its total assets in credit-related instruments, including, but not limited to, U.S. Government and agency securities, foreign government and supranational debt securities, corporate bonds, including bonds of companies principally engaged in the aircraft or air transportation industries, mortgage-related securities and asset-backed securities, collateralized debt and loan obligations, including bonds collateralized by aircraft and/or aircraft equipment, emerging market debt securities, preferred securities, structured products, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with similar economic characteristics.

JNL /DFA U.S. Micro Cap Fund  (formerly, Curian/DFA U.S. Micro Cap Fund)

Jackson National Asset Management, LLC (and Dimensional Fund Advisors LP)

Seeks long-term capital appreciation. As a non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its net assets in securities of U.S. micro-cap companies.

JNL /DoubleLine ^® Total Return Fund  (formerly, Curian/DoubleLine Total Return Fund)

Jackson National Asset Management, LLC (and DoubleLine Capital LP)

Seeks to maximize total return by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in bonds.

JNL /Eaton Vance Global Macro Absolute Return Advantage Fund  (formerly, Curian/Eaton Vance Global Macro Absolute Return Advantage Fund)

Jackson National Asset Management, LLC (and Eaton Vance Management)

Seeks total return by investing in securities, derivatives and other instruments to establish long and short investment exposures around the world. Total return is defined as income plus capital appreciation. The Fund normally invests in multiple countries and may have significant exposure to foreign currencies.

JNL /Epoch Global Shareholder Yield Fund (formerly, Curian/Epoch Global Shareholder Yield Fund)

Jackson National Asset Management, LLC (and Epoch Investment Partners, Inc.)

Seeks to provide a high level of income.  Capital appreciation is a secondary objective.  The Fund generally invests in a diversified portfolio consisting of equity securities of companies located throughout the world, including the U.S., that have a history of attractive dividend yields and positive growth in operating cash flow.  Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of dividend-paying companies across all market capitalizations.

JNL /FAMCO Flex Core Covered Call Fund (formerly, Curian/FAMCO Flex Core Covered Call Fund)

Jackson National Asset Management, LLC (and Fiduciary Asset Management LLC)

Seeks long-term capital appreciation while reducing the downside risk of equity investments by investing in a portfolio of equity securities and writing (selling) call options on at least 80% of the Fund's total assets.  Over a market cycle, the Fund seeks to achieve its objective by investing in a portfolio consisting primarily of large capitalization common stocks of U.S. corporations and U.S. dollar-denominated equity securities of foreign issuers (including American Depositary Receipts ("ADRs")), in each case traded on U.S. securities exchanges, and on an ongoing basis, writing (selling) covered call options.

JNL /Franklin Templeton Frontier Markets Fund  (formerly, Curian/Franklin Templeton Frontier Markets Fund)

Jackson National Asset Management, LLC (and Templeton Asset Management Ltd.)

Seeks long-term capital appreciation by investing at least 80% of its net assets in securities of companies located in "frontier market countries."

JNL /Franklin Templeton Natural Resources Fund  (formerly, Curian/Franklin Templeton Natural Resources Fund)

Jackson National Asset Management, LLC (and Franklin Advisers, Inc.)

Seeks high total return (consisting of capital appreciation and income).  Under normal market conditions, the Fund invests at least 80% of its net assets in the equity and debt securities of companies in the natural resources sector.  The Fund invests predominantly in equity securities, primarily common stock.

JNL /Lazard International Strategic Equity Fund  (formerly, Curian/Lazard International Strategic Equity Fund)

Jackson National Asset Management, LLC (and Lazard Asset Management LLC)

Seeks long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its assets (plus any borrowings made for investment purposes) in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in countries represented by the Morgan Stanley Capital International ("MSCI") Europe, Australasia and Far East ("EAFE") Index that Lazard Asset Management LLC, the Fund's sub-adviser, believes are undervalued based on their earnings, cash flow or asset values.

JNL /Neuberger Berman Currency Fund  (formerly, Curian/Neuberger Berman Currency Fund)

Jackson National Asset Management, LLC (and Neuberger Berman Fixed Income LLC)

Seeks absolute return by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in currency-related investments.

JNL /Neuberger Berman Risk Balanced Commodity Strategy Fund  (formerly, Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund)

Jackson National Asset Management, LLC (and Neuberger Berman Fixed Income LLC)

Seeks total returnby investing under normal circumstances in commodity-linked derivative instruments and fixed-income instruments. Commodities are assets that have tangible properties, such as oil, natural gas, agricultural products or metals. The Fund seeks to gain exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments.

JNL /Nicholas Convertible Arbitrage Fund (formerly, Curian/Nicholas Convertible Arbitrage Fund)

Jackson National Asset Management, LLC (and Nicholas Investment Partners, L.P.)

Seeks absolute return by utilizing directional hedges on the underlying equity exposure of convertible securities invested in by the Fund.

JNL /PIMCO Credit Income Fund (formerly, Curian/PIMCO Credit Income Fund)

Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)

Seeks maximum total return, consistent with preservation of capital and prudent investment management by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of investment grade corporate fixed income securities of varying maturities, which may be represented by forwards, repurchase agreements, reverse repurchase agreements or loan participations and assignments or derivatives such as options, futures contracts or swap agreements.

JNL/PPM America Long Short Credit Fund  (formerly, Curian Long Short Credit Fund)

Jackson National Asset Management, LLC (and PPM America, Inc.)

Seeks to maximize total return through a combination of current income and capital appreciation, consistent with capital preservation by investing its assets across a wide range of fixed income securities, and other investments to generate total return under a variety of market conditions and economic cycles.

JNL /T. Rowe Price Capital Appreciation Fund  (formerly, Curian/T. Rowe Price Capital Appreciation Fund)

Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)

Seeks long-term capital appreciation by investing primarily in common stocks .  The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 50% of its total assets in common stocks.   The remaining assets are generally invested in convertible securities, corporate and government debt, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and foreign securities, in keeping with the Fund's objective. The Fund may invest up to 25% of its total assets in foreign securities.

JNL /The Boston Company Equity Income Fund (formerly, Curian/The Boston Company Equity Income Fund)

Jackson National Asset Management, LLC (and The Boston Company Asset Management LLC)

Seeks total return (consisting of capital appreciation and income).  Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities.  The Fund seeks to focus on dividend-paying stocks and other investments and investment techniques that provide income, including covered call strategies.

JNL/The London Company Focused U.S. Equity Fund  (formerly, Curian Focused U.S. Equity Fund)

Jackson National Asset Management, LLC (and The London Company of Virginia, LLC)

Seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in common stocks of companies located in the United States .  The Fund may invest in companies of any market capitalization and will typically hold a limited number of names in the portfolio.

JNL /Van Eck International Gold Fund  (formerly, Curian/Van Eck International Gold Fund)

Jackson National Asset Management, LLC (and Van Eck Associates Corporation)

Seeks long-term capital appreciation.  The Fund may take current income into consideration when choosing investments.  Under normal conditions, the Fund invests at least 80% of its net assets in securities of companies principally engaged in gold-related activities, instruments that derive their value from gold, gold coins and bullion.

JNL/WCM Focused International Equity Fund  (formerly, Curian Focused International Equity Fund)

Jackson National Asset Management, LLC (and WCM Investment Management)

Seeks long-term capital appreciation by investing, under normal circumstances, at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies.

JNL Investors Series Trust

JNL/PPM America Total Return Fund

Jackson National Asset Management, LLC (and PPM America, Inc.)

Seeks to realize maximum total return, consistent with the preservation of capital and prudent investment management.  Under normal circumstances, the Fun invests at least 80% of its assets in a diversified portfolio of fixed-income investments of U.S. and foreign issuers such as government, corporate, mortgage- and other asset-backed securities and cash equivalents.  The Fund may also invest in derivative instruments.

JNL Variable Fund LLC

JNL/Mellon Capital Nasdaq^® 25 Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return by investing in the common stocks of the 25 companies that are expected to have a potential for capital appreciation.  The Nasdaq 25 Strategy selects a portfolio of common stocks of 25 companies selected from stocks included in the Nasdaq-100 Index^®.

JNL/Mellon Capital S&P^® 24 Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation by investing approximately equal amounts in the common stocks of 24 companies that have the potential for capital appreciation, on a specific date each year.

JNL/Mellon Capital S&P^® SMid 60 Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks capital appreciation by investing in the common stock of 30 companies included in the Standard & Poor's MidCap 400 Index and 30 companies in the Standard & Poor's SmallCap 600 Index.  The Fund seeks to achieve its objective by identifying small and mid-capitalization companies with improving fundamental performance and sentiment.  The Sub-Adviser follows a process that attempts to select small and mid-cap companies that are likely to be in an earlier stage of their economic life cycle than mature large-cap companies.

JNL/Mellon Capital Communications Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Telecommunication Services 25/50 Index in proportion to their market capitalization weighting in the MSCI USA IMI Telecommunication Services 25/50 Index.

JNL/Mellon Capital Consumer Brands Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Consumer Discretionary Index in proportion to their market capitalization weighting in the MSCI USA IMI Consumer Discretionary Index.

JNL/Mellon Capital Financial Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Financials Index in proportion to their market capitalization weighting in the MSCI USA IMI Financials Index.

JNL/Mellon Capital Healthcare Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Health Care Index in proportion to their market capitalization weighting in the MSCI USA IMI Health Care Index.

JNL/Mellon Capital Oil & Gas Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Energy Index in proportion to their market capitalization weighting in the MSCI USA IMI Energy Index.

JNL/Mellon Capital Technology Sector Fund

Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)

Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Information Technology Index in proportion to their market capitalization weighting in the MSCI USA IMI Information Technology Index.

The investment objectives and policies of certain Funds are similar to the investment objectives and policies of other mutual funds that the Fund's investment sub-advisers also manage.  Although the objectives and policies may be similar, the investment results of the Funds may be higher or lower than the results of those other mutual funds.  We cannot guarantee, and make no representation, that the investment results of similar funds will be comparable even though the funds have the same investment sub-advisers.  The Funds described are available only through variable annuity contracts issued by Jackson.  They are NOT offered or made available to the general public directly.

A Fund's performance may be affected by risks specific to certain types of investments, such as foreign securities, derivative investments, non-investment grade debt securities, initial public offerings (IPOs) or companies with relatively small market capitalizations.  IPOs and other investment techniques may have a magnified performance impact on a Fund with a small asset base.  A Fund may not experience similar performance as its assets grow.

You should read the prospectuses for the JNL Series Trust, the JNL Variable Fund LLC , the JNL Investors Series Trust and the Jackson Variable Series Trust carefully before investing.  Additional Funds and Investment Divisions may be available in the future.  The prospectuses for the JNL Series Trust, the JNL Variable Fund LLC , the JNL Investors Series Trust and the Jackson Variable Series Trust are attached to this prospectus.  However, these prospectuses may also be obtained at no charge by calling 1-800-644-4565 (Annuity and Life Service Center) or 1-800-777-7779 (for Contracts purchased through a bank or financial institution), by writing P.O. Box 30314, Lansing, Michigan 48909-7814, or by visiting www.jackson.com.

Voting Privileges.To the extent required by law, we will obtain instructions from you and other Owners about how to vote our shares of a Fund when there is a vote of shareholders of a Fund.  We will vote all the shares we own in proportion to those instructions from Owners.  An effect of this proportional voting is that a relatively small number of Owners may determine the outcome of a vote.

Substitution.We reserve the right to substitute a different Fund or a different mutual fund for the one in which any Investment Division is currently invested, or transfer money to the General Account.  We will not do this without any required approval of the SEC.  We will give you notice of any substitution.

CONTRACT CHARGES

There are charges associated with your Contract, the deduction of which will reduce the investment return of your Contract.  Charges are deducted proportionally from your Contract Value.  These charges may be a lesser amount where required by state law or as described below, but will not be increased.  Charges for an optional benefit are deducted only if you elect the optional benefit.  We expect to profit from certain charges assessed under the Contract.  These charges (and certain other expenses) are as follows:

Mortality and Expense Risk Charge.Each day, as part of our calculation of the value of the Accumulation Units and Annuity Units, we make a deduction for the Mortality and Expense Risk Charge.  On an annual basis, this charge equals 0.85% of the average daily net asset value of your allocations to the Investment Divisions.    This charge does not apply to the Fixed Account.

This charge compensates us for the risks we assume in connection with all the Contracts, not just your Contract.  Our mortality risks under the Contracts arise from our obligations:

● to make income payments for the life of the Annuitant during the income phase; and  

● to waive the withdrawal charge in the event of the Owner's death.

Our expense risks under the Contracts include the risk that our actual cost of administering the Contracts and the Investment Divisions may exceed the amount that we receive from the administration charge and the annual contract maintenance charge.

If your Contract Value were ever to become insufficient to pay this charge, your Contract would terminate without value.

Annual Contract Maintenance Charge.During the accumulation phase, we deduct a $50 annual contract maintenance charge on the Contract Anniversary of the Issue Date.  We will also deduct the annual contract maintenance charge if you make a total withdrawal.  This charge is for administrative expenses.  The annual contract maintenance charge will be assessed on the Contract Anniversary or upon full withdrawal and generally is taken from the Investment Divisions and the Fixed Account based on the proportion their respective value bears to the Contract Value.  We will not deduct this charge if, when the deduction is to be made, the value of your Contract is $50,000 or more.

Administration Charge.Each day, as part of our calculation of the value of the Accumulation Units and Annuity Units, we make a deduction for administration charges.  On an annual basis, these charges equal 0.15% of the average daily net asset value of your allocations to the Investment Divisions.  This charge does not apply to the Fixed Account.  This charge compensates us for our expenses incurred in administering the Contracts and the Separate Account.

This charge is waived if the Contract Value on the later of the Issue Date or the most recent Contract Quarterly Anniversary is greater than or equal to $1 million.  If your Contract Value subsequently drops below $1 million on the most recent Contract Quarterly Anniversary, the Administration Charge will be reinstated.

Transfer Charge.You must pay $25 for each transfer in excess of 15 in a Contract Year.  This charge is deducted from the amount that is transferred prior to the allocation to a different Investment Division or the Fixed Account, as applicable.  We waive the transfer charge in connection with Dollar Cost Averaging, Earnings Sweep, Rebalancing transfers and any transfers we require, and we may charge a lesser fee where required by state law.  Transfers made in connection with Investment Divisions under the Guidance Model Portfolios are treated the same as other transfers with respect to the charges and waivers described above.  For information on the Dollar Cost Averaging, Earnings Sweep and Rebalancing programs please see the applicable section under "OTHER INFORMATION" beginning on page 48.

Withdrawal Charge (not applicable for Contracts with the Liquidity Option).At any time during the accumulation phase (if and to the extent that Contract Value is sufficient to pay any remaining withdrawal charges that remain after a withdrawal), you may withdraw the following with no withdrawal charge:

● Premiums that are no longer subject to a withdrawal charge (Premiums in your annuity for at least five years without being withdrawn), plus  

● earnings (excess of your Contract Value allocated to the Investment Divisions and the Fixed Account over your Remaining Premiums allocated to those accounts)  

● during each Contract Year 10% of Premium (subject to certain exclusions)that would otherwise incur a withdrawal charge, or be reduced by an Excess Interest Adjustment, and that has not been previously withdrawn (this can be withdrawn at once or in segments throughout the Contract Year), minus earnings (required minimum distributions will be counted as part of the free withdrawal amount).

We will deduct a withdrawal charge on:

● withdrawals in excess of the free withdrawal amount (the withdrawal charge is imposed only on the excess amount above the free withdrawal amount), or  

● withdrawals under a Contract that exceed its required minimum distribution under the Internal Revenue Code (the entire withdrawal will be subject to the withdrawal charge), or  

● amounts withdrawn in a total withdrawal, or  

● amounts applied to income payments on an Income Date that is within one year of the Issue Date.

The amount of the withdrawal charge deducted varies according to the following schedule and is based on Completed Years following each Premium (state variations may apply):

Withdrawal Charge (as a percentage of Premium payments):

Completed Years since Receipt of Premium	0-1	1-2	2-3	3-4	4-5	5+
	6.5%	6.0%	5.0%	4.0%	3.0%	0%

Upon a partial or full withdrawal, the withdrawal charge percentage will be the lesser of the withdrawal charge percentage indicated above, or the maximum withdrawal charge percentage listed below.  In either case, the withdrawal charge percentage will decrease with each year until no longer applicable.

Beginning on the Contract Anniversary on or After the Owner Attains the Age of:	Maximum Withdrawal Charge Percentage
88	5.50%
89	4.50%
90	3.75%
91	2.75%
92	1.75%
93	0.75%
94+	0.00%

For purposes of the withdrawal charge, we treat withdrawals as coming first from earnings and then from the oldest Remaining Premium.  If you make a full withdrawal, or elect to commence income payments within one year of the date your Contract was issued, the withdrawal charge is based on Premiums remaining in the Contract and no free withdrawal amount applies.  If you withdraw only part of the value of your Contract, we deduct the withdrawal charge from the remaining value in your Contract.  The withdrawal charge compensates us for costs associated with selling the Contracts.

Note:  Withdrawals under a non-qualified Contract will be taxable on an "income first" basis.  This means that any withdrawal from a non-qualified Contract that does not exceed the accumulated income under the Contract will be taxable in full.  Any withdrawals under a tax-qualified Contract will be taxable except to the extent that they are allocable to an investment in the Contract (any after-tax contributions).  In most cases, there will be little or no investment in the Contract for a tax-qualified Contract because contributions will have been made on a pre-tax or tax-deductible basis.

We do not assess the withdrawal charge on any amounts paid out as:

● income payments during your Contract's income phase (but the withdrawal charge is deducted at the Income Date if income payments are commenced in the first Contract Year);  

● death benefits; or  

● withdrawals necessary to satisfy the required minimum distribution of the Internal Revenue Code (but if the withdrawal requested exceeds the required minimum distribution, then the entire withdrawal will be subject to the withdrawal charge).

We may reduce or waive the withdrawal charge when the Contract is purchased by employees, agents and financial representatives of the Company or its affiliates.  These transactions will be conducted in a non-discriminatory manner and under circumstances that reduce our sales expenses.

Liquidity Option Charge.  If you select the Liquidity Option, which provides for no withdrawal charges, you will pay 0.25% on an annual basis of the average daily Contract Value in the Investment Divisions regardless of whether you take any withdrawals.  Charges are deducted daily as part of the calculation of the value of the Accumulation Units. We stop deducting this charge on the date you annuitize.

Commutation Fee.If you make a total withdrawal from your Contract after income payments have commenced under income option 4, or if after your death during the period for which payments are guaranteed to be made under income option 3 your Beneficiary elects to receive a lump sum payment, the amount received will be reduced by (a) minus (b) where:

● (a) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at the rate assumed in calculating the initial payment; and  

● (b) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at a rate no more than 1.00% higher than the rate used in (a).

Other Expenses.We pay the operating expenses of the Separate Account, including those not covered by the mortality and expense and administrative charges.  There are deductions from and expenses paid out of the assets of the Funds.  These expenses are described in the attached prospectus for the JNL Series Trust, JNL Variable Fund LLC , the JNL Investors Series Trust and Jackson Variable Series Trust.  For more information, please see the " Total Annual Fund Operating Expenses" table beginning on page 5.

Premium Taxes.Some states and other governmental entities charge Premium taxes or other similar taxes.  We pay these taxes and may make a deduction from your Contract Values for them.  Premium taxes generally range from 0% to 3.5% (the amount of state Premium tax, if any, will vary from state to state).

Income Taxes.  We reserve the right, when calculating unit values, to deduct a credit or charge with respect to any taxes we have paid or reserved for during the valuation period that we determine to be attributable to the operation of the Separate Account, or to a particular Investment Division.  No federal income taxes are applicable under present law and we are not presently making any such deduction.

DISTRIBUTION OF CONTRACTS

Jackson National Life Distributors LLC ("JNLD" or "Distributor"), located at 7601 Technology Way, Denver, Colorado 80237, serves as the distributor of the Contracts.  JNLD is a wholly owned subsidiary of Jackson National Life Insurance Company.  JNLD is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA").  JNLD is not a member of the Securities Investor Protection Corporation ("SIPC").  For more information on broker-dealers and their registered representatives, you may use the FINRA BrokerCheck program via telephone (1-800-289-9999) or internet (www.finra.org).

The Contract is offered to customers of various financial institutions, brokerage firms and their affiliate insurance agencies. No financial institution, brokerage firm or insurance agency has any legal responsibility to pay amounts that are owed under the Contract. The obligations and guarantees under the Contract are the sole responsibility of Jackson.  The financial institution, brokerage firm or insurance agency is responsible for delivery of various related disclosure documents and the accuracy of their oral description and recommendation of the purchase of the Contract.

Commissions are paid to broker-dealers who sell the Contracts.  While commissions may vary, they are not expected to exceed 6% of any Premium payment.  Where lower commissions are paid up front, we may also pay trail commissions.  We may also pay commissions on the Income Date if the annuity option selected involves a life contingency or a payout over a period of ten or more years.

Under certain circumstances, JNLD and/or Jackson may pay bonuses, overrides, and marketing allowances, in addition to the standard commissions.  These payments and/or reimbursements to broker-dealers are in recognition of their marketing and distribution and/or administrative services support.  They may not be offered to all broker-dealers, and the terms of any particular agreement may vary widely among broker-dealers depending on, among other things, products offered, the level and type of marketing and distribution support provided , assets under management, and the volume and size of the sales of our insurance products.  They may provide us greater access to the registered representatives of the broker-dealers receiving such compensation or may otherwise influence the broker-dealer and/or registered representative to present the Contracts more favorably than other investment alternatives.  Such compensation is subject to applicable state insurance law and regulation and the FINRA rules of conduct.  While such compensation may be significant, it will not cause any additional direct charge by us to you.

The two primary forms of such compensation paid by JNLD and/or Jackson are overrides and marketing support payments.  Overrides are payments that are designed as consideration for product placement, assets under management and sales volume.  Overrides are generally based on a fixed percentage of product sales and generally range from 10 to 50 basis points (0.10% to 0.50%).  Marketing support payments may be in the form of cash and/or non-cash compensation and allow us to, among other things, participate in sales conferences (for example, national, regional and top producer meetings), sponsorships and educational seminars.  Examples of such payments include, but are not limited to, reimbursements for representative training or "due diligence" meetings (including travel and lodging expenses), client events, speaker fees ,  business development and educational enhancement items, and other support services, including payments to third party vendors for such items.  Payments or reimbursements for meetings and seminars are generally based on the anticipated level of participation and/or accessibility and the size of the audience.  Subject to FINRA rules of conduct, we may also provide cash and/or non-cash compensation to registered representatives in the form of gifts, promotional items and occasional meals and entertainment.  Individual registered representatives may receive differing levels of sales and service support.  Some support services may benefit the prospective or current contract owner.

Below is an alphabetical listing of the 20 broker-dealers that received the largest amounts of overrides and/or marketing support payments in 201 4 from the Distributor and/or Jackson in relation to the sale of our variable insurance products:

Cetera Advisor Networks LLC

Commonwealth Financial Network

First Allied Securities Inc.

ING /Voya Financial Advisers Inc .

INVEST Financial Corporation

Lincoln Financial Advisors Corporation

LPL Financial Services

Merrill Lynch

Metlife Securities , Inc.

MML Investors Services , LLC

Morgan Stanley Smith Barney LLC

National Planning Corporation

Raymond James & Associates Inc.

Securities America , Inc.

Signator Investors, Inc .

SII Investments Inc.

Transamerica Financial Advisors Inc .

UBS Financial Services , Inc .

Wells Fargo Advisors LLC

Wood bury Financial Services, Inc.

Please see Appendix B for a complete list of broker-dealers that received amounts of overrides and/or marketing support payments in 201 4 from the Distributor and/or Jackson in relation to the sale of our variable insurance products.  While we endeavor to update this list on an annual basis, please note that interim changes or new arrangements may not be listed.   Such broker-dealers may receive substantial compensation on a forward going basis.

We may use any of our corporate assets to cover the cost of distribution, including any profit from the Contract's mortality and expense risk charge and other charges.  Besides Jackson National Life Distributors LLC, we are affiliated with the following broker-dealers:

● National Planning Corporation,

● SII Investments, Inc.,

● IFC Holdings, Inc. d/b/a Invest Financial Corporation,

● Investment Centers of America, Inc., and

● Curian Clearing LLC

The Distributor also has the following relationships with the sub-advisers and their affiliates.  The Distributor receives payments from certain sub-advisers to assist in defraying the costs of certain promotional and marketing meetings in which they participate.  The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred and the level of the sub-adviser's participation.  Our affiliated broker-dealers may also sell the retail mutual funds of certain sub-advisers.  In addition, the Distributor acts as distributor of variable annuity contracts and variable life insurance policies (the "Other Contracts") issued by Jackson and its subsidiary, Jackson National Life Insurance Company of New York.  Unaffiliated broker-dealers are also compensated at the standard rates of compensation.  The compensation consists of commissions, trail commissions and other compensation or promotional incentives as described above and in the prospectus or statement of additional information for the Other Contracts.

All of the compensation described here, and other compensation or benefits provided by Jackson or our affiliates, may be greater or less than the total compensation on similar or other products.  The amount and/or structure of the compensation can possibly create a potential conflict of interest as it may influence your registered representative, broker-dealer or selling institution to present this Contract over other investment alternatives.  The variations in compensation, however, may also reflect differences in sales effort or ongoing customer services expected of the registered representative or the broker-dealer.  You may ask your registered representative about any variations and how he or she and his or her broker-dealer are compensated for selling the Contract.

PURCHASES

Minimum Initial Premium:

● $5,000 under most circumstances  

● $2,000 for a qualified plan Contract

Minimum Additional Premiums:

● $500 for a qualified or non-qualified plan  

● $50 for an automatic payment plan  

● You can pay additional Premiums at any time during the accumulation phase.

These minimums apply to purchases, but do not preclude subsequent partial withdrawals that would reduce Contract Values below the minimum initial purchase amounts, as long as the amount left in the account is sufficient to pay the withdrawal charge.  We reserve the right to limit the number of Contracts that you may purchase.  We also reserve the right to refuse any Premium payment.  There is a $100 minimum balance requirement for each Investment Division and Fixed Account.  We reserve the right to restrict availability or impose restrictions on the Fixed Account.

Maximum Premiums:

● The maximum aggregate Premiums you may make without our prior approval is $2.5 million.

The payment of subsequent Premiums, depending on market conditions at the time they are made, may or may not contribute to the various benefits under your Contract.  Our right to restrict Premiums to a lesser maximum amount may also affect the benefits under your Contract.

Allocations of Premium.  You may allocate your Premiums to one or more of the Investment Divisions and Fixed Account, if available.  The minimum amount you may allocate to the Investment Division or a Fixed Account is $100.  We will allocate any additional Premiums you pay in the same way unless you instruct us otherwise.

Y ou may not allocate your Contract Values among more than 99 Investment Divisions and Fixed Account Options at any one time.

We will issue your Contract and allocate your first Premium within two Business Days (days when the New York Stock Exchange is open) after we receive your first Premium and all information that we require for the purchase of a Contract.  If we do not receive all of the information that we require, we will contact you to get the necessary information.  If for some reason we are unable to complete this process within five Business Days, we will return your money. Each Business Day ends when the New York Stock Exchange closes (usually 4:00 p.m. Eastern time).

Capital Protection Program.If you select our Capital Protection Program at issue, we will allocate enough of your Premium to the available Fixed Account Option you select to assure that the amount so allocated will equal, at the end of a selected period, your total original Premium paid.  You may allocate the rest of your Premium to any Investment Division(s).  If any part of the Fixed Account value is surrendered or transferred before the end of the selected guaranteed period, the value at the end of that period will not equal the original Premium.  This program is available only if Fixed Account Options are available.  There is no charge for the Capital Protection Program.  You should consult your Jackson representative with respect to the current availability of Fixed Account Options, their limitations, and the availability of the Capital Protection Program.

The Capital Protection Program is not available on Contracts with the Liquidity Option.

For an example of capital protection, assume you made a Premium payment of $10,000 when the interest rate for the seven -year guaranteed period was 3% per year.  We would allocate $ 8,131 to that Guarantee Period because $ 8,131 would increase at that interest rate to $10,000 after seven years, assuming no withdrawals are taken.  The remaining $ 1,869 of the payment would be allocated to the Investment Division(s) you selected.

S horter Guarantee Periods require allocation of substantially all your Premium to achieve the intended result.  In any case, the results will depend on the interest rate declared for the Guarantee Period.   Please note, the interest rate used in the above example is for illustrative purposes only and is not intended to reflect the current interest rate for the Guarantee Period of this duration.

Accumulation Units.Your Contract Value allocated to the Investment Divisions will go up or down depending on the performance of the Investment Divisions you select.  In order to keep track of the value of your Contract during the accumulation phase, we use a unit of measure called an "Accumulation Unit."  During the income phase we use a measure called an "Annuity Unit."

Every Business Day, we determine the value of an Accumulation Unit for each of the Investment Divisions by:

● determining the total amount of assets held in the particular Investment Division;  

● subtracting any asset-based charges and taxes chargeable under the Contract; and  

● dividing this amount by the number of outstanding Accumulation Units.

Charges deducted through the cancellation of units are not reflected in this computation.

The value of an Accumulation Unit may go up or down from day to day.  The base Contract has different values of Accumulation Units than a Contract with the Liquidity Option, based on the differing amount of charges applied in calculating the values of Accumulation Units.

When you make a Premium payment, we credit your Contract with Accumulation Units.  The number of Accumulation Units we credit is determined at the close of that Business Day by dividing the amount of the Premium allocated to any Investment Division by the value of the Accumulation Unit for that Investment Division that reflects the respective charges under your Contract.

In connection with arrangements we have to transact business electronically, we may have agreements in place whereby the time when certain broker-dealers receive your initial Purchase Payment and all required information in Good Order will be used for initial pricing of your Contract Values.  However, if we do not have an agreement with a broker-dealer providing for these pricing procedures, initial Purchase Payments received by the broker-dealer will not be priced until they are received by us. As of the date of this prospectus, we have such an agreement with Morgan Stanley Smith Barney LLC and SBHU Life Agency.  Please check with your representative to determine if his/her broker-dealer has an agreement with the Company that provides for these pricing procedures.

TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS

You may transfer your Contract Value between and among the Investment Divisions at any time, unless transfers are subject to other limitations, but transfers between an Investment Division and the Fixed Account must occur prior to the Income Date.

You can make 15 transfers every Contract Year without charge.

A transfer will be effective as of the end of the Business Day when we receive your transfer request in Good Order, and we will disclaim all liability for transfers made based on your transfer instructions, or the instructions of a third party authorized to submit transfer requests on your behalf.

Transfers from the Fixed Account generally will be subject to any applicable Excess Interest Adjustment.

Potential Limits and Conditions on Fixed Account Transfers.There may be periods when we do not offer any Fixed Account.  We can prohibit or impose limitations or other requirements on transfers to or from the Fixed Account as permitted by applicable law.

In addition, we also specifically reserve the right to impose the limitations and conditions set forth in 1-4 below with respect to the one-year Fixed Account Option.  Although we are not imposing these restrictions as of the date of this prospectus, if we do decide to impose them, they could provide as follows with respect to both new and already outstanding Contracts:

1.  During any Contract Year, the aggregate dollar amount of all transfers from the one-year Fixed Account Option (including transfers at the end of the one-year period) could not exceed whichever of the following three maximums apply to you for that year:

· Maximum transfers during the first Contract Year in which you have Contract Value in the one-year Fixed Account Option subject to these restrictions: 1/3 of your Contract Value in the one-year Fixed Account Option as of the most recent Contract Anniversary;

· Maximum transfers during any subsequent Contract Year, if you had Contract Value subject to these restrictions during the preceding Contract Year:

i. 1/3 of your Contract Value in the one-year Fixed Account Option as of the most recent Contract Anniversary if you did not make a 1/3 transfer in the preceding year as mentioned above or

ii. 1/2 of your Contract Value in the one-year Fixed Account Option as of the most recent Contract Anniversary if you did make such a 1/3 transfer in the preceding year; or

· Maximum transfers during any Contract Year, if you had Contract Value subject to these restrictions during both of the preceding two Contract Years and, in those years, you made the 1/3 maximum transfer in the first year and 1/2 maximum transfer in the second year as mentioned above: all of your remaining Contract Value in the one-year Fixed Account Option.

2.  We could require that any transfer from the one-year Fixed Account Option in a Contract Year occur at least twelve months after the most recent such transfer in the previous Contract Year.

3.  We could restrict or prohibit your transfers into or allocations of any additional Premiums to the one-year Fixed Account Option in any Contract Year in which you make a transfer from the one-year Fixed Account Option.

4.  We could restrict or prohibit your transfers from the one-year Fixed Account Option in any Contract Year in which you make a transfer into or allocate any additional Premiums to the one-year Fixed Account Option.

We may impose restrictions 1-4 separately or in combination but we expect that they would be imposed as a group, so that you would be subject to all of these restrictions if you are subject to any of them.

Certain systematic investment programs could be excluded from the restrictions listed in 1-4 above, such that transfers under those programs would not count against the maximum amounts that may be transferred out of the one-year Fixed Account Option and the Contract Value under such programs would be excluded from the computation of such maximum amounts.

We also could permit or require that a systematic transfer program be used to make transfers from any Fixed Account Options. For example, you could be permitted to have the three transfers that are referred to in restriction 1 above automated through a systematic transfer out ("STO") on each of your next three Contract Anniversaries.  The amount automatically transferred on each of such three Contract Anniversaries would be the maximum amount that would be permitted to be transferred on that date under restriction 1, such that following the automatic STO transfer on the third such Contract Anniversary you would no longer have any Contract Value in the one-year Fixed Account Option.   If we establish such an STO for you, however, we would (pursuant to restrictions 3 and 4 above) prohibit you from making any other transfer from, or any Premium payments or transfers into, the one-year Fixed Account Option during any Contract Year in which an automatic STO transfer is made for you.  Also (pursuant to restriction 2 above) you could elect such an STO only if (i) at least twelve calendar months have passed since your last STO program (if any) had ended and (ii) during the Contract Year in which you make the election, you have not made any transfers from, or any Premium payments or transfers into the one-year Fixed Account Option (unless you made the transfer or Premium payment before the time we had instituted restrictions 1-4). Transfers pursuant to any STO would not count toward your 15 free transfer limit.

If we require you to commence an STO at a time when, due to any of the foregoing restrictions, you would not be eligible to elect such a program, the three annual STO transfers will be delayed.  In that case, the first such STO transfer would occur on the first Contract Anniversary after you are eligible to elect an STO.

If we impose the restrictions described in 1-4 above, we would provide you prompt written notice of that fact, as well as any requirement or option to commence an STO.  In that case, the restrictions would be effective immediately and we would not expect to provide you with an opportunity to make transfers from the one-year Fixed Account Option, other than in compliance with and subject to the limitations in such restrictions.  Accordingly, you should consider whether you are willing to be subject to those limitations before you allocate any Premiums or transfers to the one-year Fixed Account Option.

We also may restrict your participation in any systematic investment program if you allocate any amounts to a Fixed Account Option.

Restrictions on Transfers: Market Timing.  The Contract is not designed for frequent transfers by anyone.  Frequent transfers between and among Investment Divisions may disrupt the underlying Funds and could negatively impact performance, by interfering with efficient management and reducing long-term returns, and increasing administrative costs.Frequent transfers may also dilute the value of shares of an underlying Fund.  Neither the Contracts nor the underlying Funds are meant to promote any active trading strategy, like market timing.  Allowing frequent transfers by one or some Owners could be at the expense of other Owners of the Contract.  To protect Owners and the underlying Funds, we have policies and procedures to deter frequent transfers between and among the Investment Divisions.

Under these policies and procedures, there is a $25 charge per transfer after 15 in a Contract Year, and no round trip transfers are allowed within 15 calendar days.  Also, we could restrict your ability to make transfers to or from one or more of the Investment Divisions, which possible restrictions may include, but are not limited to:

● limiting the number of transfers over a period of time;  

● requiring a minimum time period between each transfer;  

● limiting transfer requests from an agent acting on behalf of one or more Owners or under a power of attorney on behalf of one or more Owners; or  

● limiting the dollar amount that you may transfer at any one time.

To the extent permitted by applicable law, we reserve the right to restrict the number of transfers per year that you can request and to restrict you from making transfers on consecutive Business Days.  In addition, your right to make transfers between and among Investment Divisions may be modified if we determine that the exercise by one or more Owners is, or would be, to the disadvantage of other Owners.

We continuously monitor transfers under the Contract for disruptive activity based on frequency, pattern and size.  We will more closely monitor Contracts with disruptive activity, placing them on a watch list, and if the disruptive activity continues, we will restrict the availability of electronic or telephonic means to make a transfer, instead requiring that transfer instructions be mailed through regular U.S. postal service, and/or terminate the ability to make transfers completely, as necessary.  If we terminate your ability to make transfers, you may need to make a partial withdrawal to access the Contract Value in the Investment Division(s) from which you sought a transfer.  We will notify you and your representative in writing within five days of placing the Contract on a watch list.

Regarding round trip transfers, we will allow redemptions from an Investment Division; however, once a complete or partial redemption has been made from an Investment Division through an Investment Division transfer, you will not be permitted to transfer any value back into that Investment Division within 15 calendar days of the redemption.  We will treat as short-term trading activity any transfer that is requested into an Investment Division that was previously redeemed within the previous 15 calendar days, whether the transfer was requested by you or a third party.

Our policies and procedures do not apply to the JNL/WMC Money Market Investment Division and the Fixed Account, Dollar Cost Averaging, Earnings Sweep or the Rebalancing program.  We may also make exceptions that involve an administrative error, or a personal unanticipated financial emergency of an Owner resulting from an identified health, employment, or other financial or personal event that makes the existing allocation imprudent or a hardship.  These limited exceptions will be granted by an oversight team pursuant to procedures designed to result in their consistent application.  Please contact our Annuity Service Center if you believe your transfer request entails a financial emergency.

Otherwise, we do not exempt any person or class of persons from our policies and procedures.  We have agreements allowing for asset allocation and investment advisory services that are not only subject to our policies and procedures, but also to additional conditions and limitations, intended to limit the potential adverse impact of these activities on other Owners of the Contract.  We expect to apply our policies and procedures uniformly, but because detection and deterrence involves judgments that are inherently subjective, we cannot guarantee that we will detect and deter every Contract engaging in frequent transfers every time.  If these policies and procedures are ineffective, the adverse consequences described above could occur.  We also expect to apply our policies and procedures in a manner reasonably designed to prevent transfers that we consider to be to the disadvantage of other Owners, and we may take whatever action we deem appropriate, without prior notice, to comply with or take advantage of any state or federal regulatory requirement.

TELEPHONE AND INTERNET TRANSACTIONS

The Basics.You can request certain transactions by telephone or at www.jackson.com, our Internet website, subject to our right to terminate electronic or telephonic transfer privileges described above.  Our Annuity Service Center representatives are available during business hours to provide you with information about your account.  We require that you provide proper identification before performing transactions over the telephone or through our Internet website.  For Internet transactions, this will include a Personal Identification Number (PIN).  You may establish or change your PIN at www.jackson.com.

What You Can Do and How.You may make transfers by telephone or through the Internet unless you elect not to have this privilege.  Any authorization you provide to us in an application, at our website, or through other means will authorize us to accept transaction instructions, including Investment Division transfers/allocations, by you and your representative unless you notify us to the contrary.  To notify us, please call us at the Annuity Service Center.  Our contact information is on the cover page of this prospectus and the number is referenced in your Contract or on your quarterly statement.

You may elect to make partial withdrawals by telephone, provided that we have received your prior written authorization to take instructions over the telephone. The amount of the withdrawal requested cannot exceed 80% of the Contract Value, up to a gross maximum withdrawal of $50,000.  Telephone withdrawal requests may only be made by the Owner(s). Additional limitations may apply.

What You Can Do and When.When authorizing a transfer, you must complete your telephone call by the close of the New York Stock Exchange (usually 4:00 p.m. Eastern time) in order to receive that day's value of an Accumulation Unit for an Investment Division.

Transfer instructions you send electronically are considered to be received by us at the time and date stated on the electronic acknowledgement we return to you.  If the time and date indicated on the acknowledgement is before the close of the New York Stock Exchange, the instructions will be carried out that day.  Otherwise the instructions will be carried out the next Business Day.  We will retain permanent records of all web-based transactions by confirmation number.  If you do not receive an electronic acknowledgement, you should telephone our Annuity Service Center immediately.

How to Cancel a Transaction.You may only cancel an earlier telephonic or electronic transfer request made on the same day by calling the Annuity Service Center before the New York Stock Exchange closes.  Otherwise, your cancellation instruction will not be allowed because of the round trip transfer restriction.

Our Procedures.Our procedures are designed to provide reasonable assurance that telephone or any other electronic authorizations are genuine.  Our procedures include requesting identifying information and tape-recording telephone communications and other specific details.  We and our affiliates disclaim all liability for any claim, loss or expense resulting from any alleged error or mistake in connection with a transaction requested by telephone or other electronic means that you did not authorize.  However, if we fail to employ reasonable procedures to ensure that all requested transactions are properly authorized, we may be held liable for such losses.

We do not guarantee access to telephonic and electronic information or that we will be able to accept transaction instructions via the telephone or electronic means at all times.  We also reserve the right to modify, limit, restrict, or discontinue at any time and without notice the acceptance of instruction from someone other than you and/or this telephonic and electronic transaction privilege.  Elections of any optional benefit or program must be in writing and will be effective upon receipt of the request in Good Order.

Upon notification of the Owner's death, any telephone transfer authorization, other than by the surviving joint Owners, designated by the Owner ceases and we will not allow such transactions unless the executor/representative provides written authorization for a person or persons to act on the executor's/representative's behalf.

ACCESS TO YOUR MONEY

You can have access to the money in your Contract:

● by making either a partial or complete withdrawal,  

● by electing the Systematic Withdrawal Program,  

● by electing to receive income payments.

Your Beneficiary can have access to the money in your Contract when a death benefit is paid.

Withdrawals under the Contract may be subject to a withdrawal charge.  For purposes of the withdrawal charge, we treat withdrawals as coming first from earnings and then from the oldest Remaining Premium.  When you make a complete withdrawal you will receive the value of your Contract as of the end of the Business Day your request is received by us in Good Order, minus any applicable taxes, the annual contract maintenance charge, and all applicable withdrawal charges, adjusted for any applicable Excess Interest Adjustment.  For more information about withdrawal charges, please see "Withdrawal Charge" beginning on page 31. We will pay the withdrawal proceeds within seven days of a request in Good Order. If a Purchase Payment made by personal check or electronic draft is received within the five days preceding a withdrawal request, we may delay payment of the withdrawal proceeds up to seven days after the date of the request, to ensure the check or electronic draft is not returned due to insufficient funds.

Your withdrawal request must be in writing but, under certain circumstances, partial withdrawals by telephone are permitted.  For more information, please see "Telephone and Internet Transactions" above.  We will accept withdrawal requests submitted via facsimile.  There are risks associated with not requiring original signatures in order to disburse the money.  To minimize the risks, the proceeds will be sent to your last recorded address in our records, so be sure to notify us, in writing, with an original signature of any address change.  We do not assume responsibility for improper disbursements if you have failed to provide us with the current address to which the proceeds should be sent.

Except in connection with the Systematic Withdrawal Program, you must withdraw at least $500 or, if less, the entire amount in the Fixed Account Option or Investment Division from which you are making the withdrawal.  If you are not specific in your withdrawal request, your withdrawal will be taken from your allocations to the Investment Divisions and Fixed Account Options based on the proportion their respective values bear to the Contract Value.

With the Systematic Withdrawal Program, you may withdraw a specified dollar amount (of at least $50 per withdrawal) or a specified percentage.  After your withdrawal, at least $100 must remain in each Fixed Account Option or Investment Division from which the withdrawal was taken.  A withdrawal request that would reduce the remaining Contract Value to less than $100 will be treated as a request for a complete withdrawal.

If you have an investment adviser who, for a fee, manages your Contract Value, you may authorize payment of the fee from the Contract by requesting a partial withdrawal.  There are conditions and limitations, so please contact our Annuity Service Center for more information.  Our contact information is on the cover page of this prospectus.  We neither endorse any investment advisers, nor make any representations as to their qualifications.  The fee for this service would be covered in a separate agreement between the two of you, and would be in addition to the fees and expenses described in this prospectus.

Income taxes, tax penalties and certain restrictions may apply to any withdrawal you make.  There are limitations on withdrawals from qualified plans.  For more information, please see "TAXES" beginning on page 44.

Liquidity Option.  If you elect the Liquidity Option, you will not pay a withdrawal charge when you make a partial or full withdrawal.  This option must be selected at issue.  This option removes the five year withdrawal charge schedule that would otherwise apply.  You will pay a charge of 0.25% on an annual basis of the average net asset value of your allocations to the Investment Divisions for this option.  The decision to elect the Liquidity Option should consider whether you anticipate taking or needing to take a large withdrawal that would otherwise be subject to charges under the five year withdrawal charge schedule imposed on each Premium payment.  The charge for the Liquidity Option applies until the date you annuitize whether or not you take any withdrawals.

Systematic Withdrawal Program.You can arrange to have money automatically sent to you periodically while your Contract is still in the accumulation phase.  You may withdraw a specified dollar amount (of at least $50 per withdrawal), a specified percentage or earnings.  Your withdrawals may be on a monthly, quarterly, semi-annual or annual basis.  There is no charge for the Systematic Withdrawal Program; however, you will have to pay taxes on the money you receive.  You may also be subject to a withdrawal charge and an Excess Interest Adjustment.

Suspension of Withdrawals or Transfers.We may be required to suspend or delay withdrawals or transfers to or from an Investment Division when:

● the New York Stock Exchange is closed (other than customary weekend and holiday closings);  

● under applicable SEC rules, trading on the New York Stock Exchange is restricted;  

● under applicable SEC rules, an emergency exists so that it is not reasonably practicable to dispose of securities in an Investment Division or determine the value of its assets; or  

● the SEC, by order, may permit for the protection of Contract Owners.

We have reserved the right to defer payment for a withdrawal or transfer from the Fixed Account for up to six months or the period permitted by law.

INCOME PAYMENTS (THE INCOME PHASE)

The income phase of your Contract occurs when you begin receiving regular income payments from us.  The IncomeDate is the day those payments begin.  Once income payments begin, the Contract cannot be returned to the accumulation phase.  You can choose the Income Date and an income option.  All of the Contract Value must be annuitized.  The income options are described below.

If you do not choose an income option, we will assume that you selected option 3, which provides a life annuity with 120 months of guaranteed payments.

You can change the Income Date or income option at least seven days before the Income Date, but changes to the Income Date may only be to a later date.  You must give us written notice at least seven days before the scheduled Income Date.  Income payments must begin by the Contract Anniversary on or next following your 95^th birthday under a non-qualified Contract, or by such earlier date as required by the applicable qualified plan, law or regulation.

Under a traditional Individual Retirement Annuity, required minimum distributions must begin in the calendar year in which you attain age 70 1/2 (or such other age as required by law).  Distributions under qualified plans and Tax-Sheltered Annuities must begin by the later of the calendar year in which you attain age 70 1/2 or the calendar year in which you retire.  You do not necessarily have to annuitize your Contract to meet the minimum distribution requirements for Individual Retirement Annuities, qualified plans, and Tax-Sheltered Annuities.  Distributions from Roth IRAs are not required prior to your death.

At the Income Date, you can choose to receive fixed payments or variable payments based on the Investment Divisions.  Unless you tell us otherwise, your income payments will be based on the Contract Value allocated to the fixed and variable options on the Income Date.

You can choose to have income payments made monthly, quarterly, semi-annually or annually.  Or you can choose a single lump sum payment.  If you have less than $5,000 to apply toward an income option and state law permits, we may provide your payment in a single lump sum, part of which may be taxable as Federal Income.  Likewise, if your first income payment would be less than $50 and state law permits, we may set the frequency of payments so that the first payment would be at least $50.

Fixed Income Payments.  If you choose to receive fixed payments, the amount of each income payment will be determined by applying the portion of your Contract Value allocated to fixed payments, less any applicable Premium taxes and charges, to the rates in the annuity tables contained in the Contract applicable to the income option chosen. If the current annuity rates provided by us on contracts of this type would be more favorable, the current rates will be used.

Variable Income Payments.If you choose to have any portion of your income payments based upon one or more Investment Divisions, the dollar amount of your initial annuity payment will depend primarily upon the following:

● the amount of your Contract Value you allocate to the Investment Division(s) on the Income Date;  

● the amount of any applicable Premium taxes, or withdrawal charges and any Excess Interest Adjustment deducted from your Contract Value on the Income Date;  

● which income option you select; and  

● the investment factors listed in your Contract that translate the amount of your Contract Value (as adjusted for applicable charges, frequency of payment and commencement date) into initial payment amounts that are measured by the number of Annuity Units of the Investment Division(s) you select credited to your Contract.

The investment factors in your Contract are calculated based upon a variety of factors, including an assumed net investment rate of 1.0% for all options and, if you select an income option with a life contingency, the age and gender of the Annuitant.  State variations may apply.

If the actual net investment rate experienced by an Investment Division exceeds the assumed net investment rate, variable annuity payments will increase over time. Conversely, if the actual net investment rate is less than the assumed net investment rate, variable annuity payments will decrease over time. If the actual net investment rate equals the assumed net investment rate, the variable annuity payments will remain constant.

We calculate the dollar amount of subsequent income payments that you receive based upon the performance of the Investment Divisions you select.  If that performance (measured by changes in the value of Annuity Units) exceeds the assumed net investment rate, then your income payments will increase; if that performance is less than the assumed net investment rate, then your income payments will decrease.  Neither expenses actually incurred (other than taxes on investment return), nor mortality actually experienced, will adversely affect the dollar amount of subsequent income payments.

Income Options.The Annuitant is the person whose life we look to when we make income payments (each description assumes that you are the Owner and Annuitant).  The following income options may not be available in all states.

Option 1 - Life Income.  This income option provides monthly payments for your life.  No further payments are payable after your death.

Option 2 - Joint and Survivor.  This income option provides monthly payments for your life and for the life of another person (usually your spouse) selected by you.  Upon the death of either person, the monthly payments will continue during the lifetime of the survivor.  No further payments are payable after the death of the survivor.

Option 3 - Life Annuity With at Least 120 or 240 Monthly Payments.  This income option provides monthly payments for the Annuitant's life, but with payments continuing to the Beneficiary for the remainder of 10 or 20 years (as you select) if the Annuitant dies before the end of the selected period.  If the Beneficiary does not want to receive the remaining scheduled payments, a single lump sum may be requested, which will be equal to the present value of the remaining payments (as of the date of calculation) discounted at an interest rate that will be no more than 1% higher than the rate used to calculate the initial payment.  The calculation of the lump sum payment results in a Commutation Fee, which is further discussed on page 33.

Option 4 - Income for a Specified Period.  This income option provides monthly payments for any number of years from 5 to 30.  If the Beneficiary does not want to receive the remaining scheduled payments, a single lump sum may be requested, which will be equal to the present value of the remaining payments (as of the date of calculation) discounted at an interest rate that will be no more than 1% higher than the rate used to calculate the initial payment.  The calculation of the lump sum payment results in a Commutation Fee, which is further discussed on page 33.

Additional Options - We may make other income options available.

No withdrawals are permitted during the income phase under an income option that is life contingent.

DEATH BENEFIT

The Contract has a death benefit, which is payable during the accumulation phase.  The death benefit equals your Contract Value on the date we receive all required documentation from your Beneficiary.

The death benefit paid to your Beneficiary upon your death is calculated as of the date we receive all required documentation in Good Order which includes, but is not limited to, due proof of death and a completed claim form from the Beneficiary of record (if there are multiple beneficiaries, we will calculate the death benefit when we receive this documentation from the first Beneficiary).  Payment will include interest to the extent required by law.

If you die before moving to the income phase, the person you have chosen as your Beneficiary will receive the death benefit.  If you have a joint Owner, the death benefit will be paid when the first joint Owner dies.  The surviving joint Owner will be treated as the Beneficiary.  Any other Beneficiary designated will be treated as a contingent Beneficiary.  Only a spousal Beneficiary has the right to continue the Contract in force upon your death.

Payout Options.The death benefit can be paid under one of the following payout options:

● single lump sum payment; or  

● payment of entire death benefit within 5 years of the date of death; or  

● payment of the entire death benefit under an income option over the Beneficiary's lifetime or for a period not extending beyond the Beneficiary's life expectancy; or payment of a portion of the death benefit under an income option over the Beneficiary's lifetime or for a period not extending beyond the Beneficiary's life expectancy, with the balance of the death benefit payable to the Beneficiary.  Any portion of the death benefit not applied under an income option within one year of the Owner's death, however, must be paid within five years of the date of the Owner's death; or  

● the Beneficiary may elect to receive distribution of the entire death benefit in a series of systematic withdrawals over a period not extending beyond the Beneficiary's life expectancy. The distributions must satisfy the minimum distribution requirements resulting from the death of the Owner as defined by the Internal Revenue Code and the implementing regulations. Upon the Beneficiary's death, under a tax-qualified Contract, the designated beneficiary may elect to continue such distributions or take a lump-sum distribution of the Contract Value.  Under a non-qualified Contract, the designated beneficiary will receive a lump-sum distribution of the Contract Value.

Under these payout options, the Beneficiary may also elect to receive additional lump sums at any time.  The receipt of any additional lump sums will reduce the future income payments to the Beneficiary.

Unless the Beneficiary chooses to receive the entire death benefit in a single sum, the Beneficiary must elect a payout option within the 60-day period beginning with the date we receive proof of death and payments must begin within one year of the date of death.  If the Beneficiary chooses to receive some or all of the death benefit in a single sum and all the necessary requirements are met, we will pay the death benefit within seven days. If your Beneficiary is your spouse, he/she may elect to continue the Contract, at the current Contract Value, in his/her own name.  For more information, please see "Spousal Continuation Option" beginning on page 43.

Pre-Selected Payout Options.As Owner, you may also make a predetermined selection of the death benefit payout option if your death occurs before the Income Date.  However, at the time of your death, we may modify the death benefit option if the death benefit you selected exceeds the life expectancy of the Beneficiary.  If this Pre-selected Death Benefit Option Election is in force at the time of your death, the payment of the death benefit may not be postponed, nor can the Contract be continued under any other provisions of this Contract.  This restriction applies even if the Beneficiary is your spouse, unless such restriction is prohibited by the Internal Revenue Code.  If the Beneficiary does not submit the required documentation for the death benefit to us within one year of your death, however, the death benefit must be paid, in a single lump sum, within five years of your death.  The Pre-selected Death Benefit Option may not be available in your state.

Spousal Continuation Option.If your spouse is the Beneficiary and elects to continue the Contract in his or her own name after your death, pursuant to the Spousal Continuation Option, no death benefit will be paid at that time.  The Spousal Continuation Option may not be available in your state.  See your financial advisor for information regarding the availability of the Spousal Continuation Option.

The Spousal Continuation Option is available to elect one time on the Contract.  However, if you have elected thePre-Selected Death Benefit Option the Contract cannot be continued under the Spousal Continuation Option, unless preventing continuation would be prohibited by the Internal Revenue Code.  The Pre-Selected Death Benefit Option may not be available in your state.

Death of Owner On or After the Income Date.If you or a joint Owner dies, and is not the Annuitant, on or after the Income Date, any remaining payments under the income option elected will continue at least as rapidly as under the method of distribution in effect at the date of death.  If you die, the Beneficiary becomes the Owner.  If the joint Owner dies, the surviving joint Owner, if any, will be the designated Beneficiary.  Any other Beneficiary designation on record at the time of death will be treated as a contingent Beneficiary.  A contingent Beneficiary is entitled to receive payment only after the Beneficiary dies.

Death of Annuitant.If the Annuitant is not an Owner or joint Owner and dies before the Income Date, you can name a new Annuitant, subject to our underwriting rules.  If you do not name a new Annuitant within 30 days of the death of the Annuitant, you will become the Annuitant.  However, if the Owner is a non-natural person (for example, a corporation), then the death of the Annuitant will be treated as the death of the Owner, and a new Annuitant may not be named.

If the Annuitant dies on or after the Income Date, any remaining guaranteed payment will be paid to the Beneficiary as provided for in the income option selected.  Any remaining guaranteed payment will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death.

Stretch Contracts.The beneficiary of death benefit proceeds from another company's non-qualified annuity contract or tax-qualified annuity contract or plan, may use the death benefit proceeds to purchase a Contract ("Stretch Contract") from us. The beneficiary of the prior contract or plan ("Beneficial Owner") must begin taking distributions, or must have begun taking distributions under the prior contract or plan, within one year of the decedent's death. The distributions must be taken over a period not to exceed the life expectancy of the Beneficial Owner , and the distributions must satisfy the minimum distribution requirements resulting from the decedent's death as defined by the Internal Revenue Code and implementing regulations. (See "Non-Qualified Contracts – Required Distributions" on page 44.) Upon the Beneficial Owner's death, under a tax-qualified Stretch Contract, the designated beneficiary may elect to continue such distributions or take a lump-sum distribution of the Contract Value. Upon the Beneficial Owner's death, under a non-qualified Stretch Contract, the Stretch Contract terminates, and the designated beneficiary will receive a lump-sum distribution of the Contract Value. We will waive withdrawal charges on any withdrawal necessary to satisfy the minimum distribution requirements. Withdrawals in excess of the minimum distribution requirements may be taken at any time, subject to applicable withdrawal charges.  Non-qualified Stretch Contracts may not be available in all states.   The rights of Beneficial Owners are limited to those applicable to the distribution of the death benefit proceeds.

Special requirements apply to non-qualified Stretch Contracts. All Premium payments must be received in the form of a full or partial 1035 exchange of the death benefit proceeds from a non-qualified annuity contract and other forms of Premium payments are not permitted. Joint ownership is not permitted. The Beneficial Owner may not annuitize the Stretch Contract. The Stretch Contract terminates upon the Beneficial Owner's death, and we will pay the Contract Value to the Beneficial Owner's beneficiary(ies) in a lump-sum distribution. Please read the Contract and accompanying endorsement carefully for more information about these and other requirements.

TAXES

The following is only general information and is not intended as tax advice to any individual.  Additional tax information is included in the SAI.  You should consult your own tax adviser as to how these general rules will apply to you if you purchase a Contract.

CONTRACT OWNER TAXATION

Tax-Qualified and Non-Qualified Contracts.If you purchase your Contract as a part of a tax-qualified plan such as an Individual Retirement Annuity (IRA), Tax-Sheltered Annuity (sometimes referred to as a 403(b) Contract), or pension or profit-sharing plan (including a 401(k) Plan or H.R. 10 Plan) your Contract will be what is referred to as a tax-qualified contract.  Tax deferral under a tax-qualified contract arises under the specific provisions of the Internal Revenue Code (Code) governing the tax-qualified plan, so a tax-qualified contract should be purchased only for the features and benefits other than tax deferral that are available under a tax-qualified contract, and not for the purpose of obtaining tax deferral.  You should consult your own adviser regarding these features and benefits of the Contract prior to purchasing a tax-qualified contract.

If you do not purchase your Contract as a part of any tax-qualified pension plan, specially sponsored program or an individual retirement annuity, your Contract will be what is referred to as a non-qualified contract. Some broker-dealers only offer the Contracts as non-qualified contracts.

The amount of your tax liability on the earnings under and the amounts received from either a tax-qualified or a non-qualified contract will vary depending on the specific tax rules applicable to your Contract and your particular circumstances.

Non-Qualified Contracts – General Taxation.Increases in the value of a non-qualified contract attributable to undistributed earnings are generally not taxable to the Contract Owner or the Annuitant until a distribution (either a withdrawal or an income payment) is made from the Contract.  This tax deferral is generally not available under a non-qualified contract owned by a

non-natural person (e.g., a corporation or certain other entities other than a trust holding the Contract as an agent for a natural person).  Loans based on a non-qualified contract are treated as distributions.

Non-Qualified Contracts – Aggregation of Contracts.For purposes of determining the taxability of a distribution, the Code provides that all non-qualified contracts issued by us (or an affiliate) to you during any calendar year must be treated as one annuity contract.  Additional rules may be promulgated under this Code provision to prevent avoidance of its effect through the ownership of serial contracts or otherwise.

Non-Qualified Contracts – Withdrawals and Income Payments.  Any withdrawal from a non-qualified contract is taxable as ordinary income to the extent it does not exceed the accumulated earnings under the Contract.  In contrast, a part of each income payment under a non-qualified contract is generally treated as a non-taxable return of Premium.  The balance of each income payment is taxable as ordinary income.  The amounts of the taxable and non-taxable portions of each income payment are determined based on the amount of the investment in the Contract and the length of the period over which income payments are to be made.  Income payments received after all of your investment in the Contract is recovered are fully taxable as ordinary income.  Additional information is provided in the SAI.

The Code also imposes a 10% penalty on certain taxable amounts received under a non-qualified contract.  This penalty tax will not apply to any amounts:

● paid on or after the date you reach age 59 1/2;  

● paid to your Beneficiary after you die;  

● paid if you become totally disabled (as that term is defined in the Code);  

● paid in a series of substantially equal periodic payments made annually (or more frequently) for your life (or life expectancy) or for a period not exceeding the joint lives (or joint life expectancies) of you and your Beneficiary;  

● paid under an immediate annuity; or  

● which come from Premiums made prior to August 14, 1982.

Beginning in 2013, the taxable portion of distributions from a non-qualified annuity contract will be considered investment income for purposes of the new Medicare tax on investment income.  As a result, a 3.8% tax will generally apply to some or all of the taxable portion of distributions to individuals whose modified adjusted gross income exceeds certain threshold amounts.  These levels are $200,000 in the case of single taxpayers, $250,000 in the case of married taxpayers filing joint returns, and $125,000 in the case of married taxpayers filing separately.  Owners should consult their own tax advisers for more information.

Non-Qualified Contracts – Required Distributions.In order to be treated as an annuity contract for federal income tax purposes, the Code requires any nonqualified contract issued after January 18, 1985 to provide that (a) if an Owner dies on or after the annuity starting date but prior to the time the entire interest in the contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution being used as of the date of that Owner's death; and (b) if an Owner dies prior to the annuity starting date, the entire interest in the contract must be distributed within five years after the date of the Owner's death.

The requirements of (b) above can be considered satisfied if any portion of the Owner's interest which is payable to or for the benefit of a "designated beneficiary" is distributed over the life of such beneficiary or over a period not extending beyond the life expectancy of that beneficiary and such distributions begin within one year of that Owner's death.  The Owner's "designated beneficiary," who must be a natural person, is the person designated by such Owner as a Beneficiary and to whom ownership of the Contract passes by reason of death.  However, if the Owner's "designated beneficiary" is the surviving spouse of the Owner, the Contract may be continued with the surviving spouse as the new Owner.

Non-Qualified Contracts - 1035 Exchanges.  Under Section 1035 of the Code, you can purchase a variable annuity contract through a tax-free exchange of another annuity contract, or a life insurance or endowment contract. For the exchange to be tax-free under Section 1035, the owner and annuitant must be the same under the original annuity contract and the Contract issued to you in the exchange. If the original contract is a life insurance contract or endowment contract, the owner and the insured on the original contract must be the same as the owner and annuitant on the Contract issued to you in the exchange. Under certain circumstances, partial surrenders may be treated as a tax-free "partial 1035 exchange" (please see the Statement of Additional Information for more information).

Tax-Qualified Contracts – Withdrawals and Income Payments.  The Code imposes limits on loans, withdrawals, and income payments under tax-qualified contracts.  The Code also imposes required minimum distributions for tax-qualified contracts and a 10% penalty on certain taxable amounts received prematurely under a tax-qualified contract.  These limits, required minimum distributions, tax penalties and the tax computation rules are summarized in the SAI.  Any withdrawals under a tax-qualified contract will be taxable except to the extent they are allocable to an investment in the Contract (any after-tax contributions).  In most cases, there will be little or no investment in the Contract for a tax-qualified contract because contributions will have been made on a pre-tax or tax-deductible basis.

Withdrawals – Tax-Sheltered Annuities.The Code limits the withdrawal of amounts attributable to purchase payments made under a salary reduction agreement from Tax-Sheltered Annuities.  Withdrawals can only be made when an Owner:

● reaches age 59 1/2;  

● leaves his/her job;  

● dies;  

● becomes disabled (as that term is defined in the Code); or  

● experiences hardship.  However, in the case of hardship, the Owner can only withdraw the Premium and not any earnings.

Withdrawals – Roth IRAs.Subject to certain limitations, individuals may also purchase a type of non-deductible IRA annuity known as a Roth IRA annuity.  Qualified distributions from Roth IRA annuities are entirely federal income tax free.  A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on account of the individual's death or disability, or as a qualified first-time home purchase, subject to $10,000 lifetime maximum, for the individual, or for a spouse, child, grandchild or ancestor.

Constructive Withdrawals – Investment Adviser Fees.Withdrawals from non-qualified contracts for the payment of investment adviser fees will be considered taxable distributions from the Contract.  In a series of Private Letter Rulings, however, the Internal Revenue Service has held that the payment of investment adviser fees from a tax-qualified contract need not be considered a distribution for income tax purposes.  Under the facts in these Rulings:

● there was a written agreement providing for payments of the fees solely from the annuity Contract,  

● the Contract Owner had no liability for the fees, and  

● the fees were paid solely from the annuity Contract to the adviser.

Death Benefits.None of the death benefits paid under the Contract to the Beneficiary will be tax-exempt life insurance benefits.  The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments.  Estate or gift taxes may also apply.

Assignment.An assignment of your Contract will generally be a taxable event.  Assignments of a tax-qualified Contract may also be limited by the Code and the Employee Retirement Income Security Act of 1974, as amended.  These limits are summarized in the SAI.  You should consult your tax adviser prior to making any assignment of your Contract.

Diversification.The Code provides that the underlying investments for a non-qualified variable annuity must satisfy certain diversification requirements in order to be treated as an annuity Contract.  We believe that the underlying investments are being managed so as to comply with these requirements.  A fuller discussion of the diversification requirements is contained in the SAI.

Owner Control.In a Revenue Ruling issued in 2003, the Internal Revenue Service (IRS) considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets and thus to be subject to current income tax on the income and gains produced by those assets.  Under the Contract, like the contracts described in the Revenue Ruling, there will be no arrangement, plan, contract or agreement between the Contract Owner and Jackson regarding the availability of a particular investment option and other than the Contract Owner's right to allocate Premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts will be made by the insurance company or an advisor in its sole and absolute discretion.

The Contract will differ from the contracts described in the Revenue Ruling, in two respects.  The first difference is that the contract in the Revenue Ruling provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas a Contract offers 107 Investment Divisions and at least one Fixed Account Option, and, if more than 99 options are offered, a Contract Owner's Contract Value can be allocated to no more than 99 fixed and variable options at any one time.  The second difference is that the owner of a contract in the Revenue Ruling could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract Owner will be permitted to make up to 15 transfers in any one year without a charge.

The Revenue Ruling states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances.  Jackson does not believe that the differences between the Contract and the contracts described in the Revenue Ruling with respect to the number of investment choices and the number of investment transfers that can be made under the contract without an additional charge should prevent the holding in the Revenue Ruling from applying to the Owner of a Contract.  At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance. We reserve the right to modify the Contract to the extent required to maintain favorable tax treatment.

Withholding.In general, the income portion of distributions from a Contract are subject to 10% federal income tax withholding and the income portion of income payments are subject to withholding at the same rate as wages unless you elect not to have tax withheld. Some states have enacted similar rules.  Different rules may apply to payments delivered outside the United States.

Eligible rollover distributions from a Contract issued under certain types of tax-qualified plans will be subject to federal tax withholding at a mandatory 20% rate unless the distribution is made as a direct rollover to a tax-qualified plan or to an individual retirement account or annuity.

The Code generally allows the rollover of most distributions to and from tax-qualified plans, tax-sheltered annuities, Individual Retirement Annuities and eligible deferred compensation plans of state or local governments.  Distributions which may not be rolled over are those which are:

(a)	one of a series of substantially equal annual (or more frequent) payments made (a) over the life or life expectancy of the employee, (b) the joint lives or joint life expectancies of the employee and the employee's beneficiary, or (c) for a specified period of ten years or more;
(b)	a required minimum distribution; or
(c)	a hardship withdrawal.

JACKSON TAXATION

We will pay company income taxes on the taxable corporate earnings created by this separate account product adjusted for various permissible deductions and certain tax benefits discussed below.  While we may consider company income tax liabilities and tax benefits when pricing our products, we do not currently include our income tax liabilities in the charges you pay under the Contract.  We will periodically review the issue of charging for these taxes and may impose a charge in the future.  (We do impose a so-called "Federal (DAC) Tax Charge" under variable life insurance policies, but the "Federal (DAC) Tax Charge" merely compensates us for the required deferral of acquisition cost and does not constitute company income taxes.)

In calculating our corporate income tax liability, we derive certain corporate income tax benefits associated with the investment of company assets, including separate account assets that are treated as company assets under applicable income tax law.  These benefits reduce our overall corporate income tax liability.  Under current law, such benefits may include dividends received deductions and foreign tax credits which can be material.  We do not pass these benefits through to the separate accounts, principally because:  (i) the great bulk of the benefits results from the dividends received deduction, which involves no reduction in the dollar amount of dividends that the separate account receives; (ii) product owners are not the owners of the assets generating the benefits under applicable income tax law; and (iii) while we impose a so-called "Federal (DAC) Tax Charge" under variable life insurance policies, we do not currently include company income taxes in the charges owners pay under the products.

OTHER INFORMATION

Dollar Cost Averaging.  If the amount allocated to the Investment Divisions plus the amount allocated to a Fixed Account Option is at least $15,000, you can arrange to have a dollar amount or percentage of money periodically transferred automatically into the Investment Divisions and other Fixed Account Options (if currently available) (each a "Designated Option") from the one-year Fixed Account Option (if currently available) or any of the Investment Divisions (each a "Source Option").  Investment Divisions under a Guidance Model Portfolio also are available as Designated Options and Source Options.  If we impose any transfer restrictions on the one-year Fixed Account Option as discussed in numbered paragraphs 1-4 under "Transfers and Frequent Transfer Restrictions," then (i) the one-year Fixed Account Option can be used as a Source Option for Dollar Cost Averaging only with respect to new Premiums that are allocated to that Source Option, (ii) only a twelve-month Dollar Cost Averaging period may be selected, (iii) transfers out of the one-year Fixed Account Option pursuant to such Dollar Cost Averaging will not count against the maximum amount limitations we have imposed on transfers out of the one-year Fixed Account Option and (iv) transfers from that Source Option other than such scheduled transfers will not be permitted.

To the extent that Fixed Account Options are not available or are otherwise restricted from being a Dollar Cost Averaging Source Option or Designated Option, Dollar Cost Averaging will be exclusively from or to the Investment Divisions.  In the case of transfers from the one-year Fixed Account Option or Investment Divisions with a less volatile unit value to the Investment Divisions, Dollar Cost Averaging can let you pay a lower average cost per unit over time than you would receive if you made a one-time purchase.  Transfers from the more volatile Investment Divisions may not result in lower average costs and such Investment Divisions may not be an appropriate source of dollar cost averaging transfers in volatile markets.

There is no charge for Dollar Cost Averaging.  You may cancel your Dollar Cost Averaging program using whatever methods you use to change your allocation instructions.  You should consult with your Jackson representative with respect to the current availability of Dollar Cost Averaging.  Certain restrictions may apply.

Dollar Cost Averaging Plus (DCA+).The DCA+ Fixed Account Option is designed for dollar cost averaging transfers to Investment Divisions or systematic transfers to other Fixed Account Options.  DCA+  is subject to current availability.  A Contract Value of $15,000 is required to participate.  From time to time, we will offer special enhanced interest rates on the DCA+ Fixed Account Option.  If a DCA+ Fixed Account Option is selected, monies in the DCA+ Fixed Account Option will be systematically transferred to the Investment Divisions or other Fixed Account Options chosen over a DCA+ term of either twelve months or six months, as you select.

The DCA+ is not available on Contracts with the Liquidity Option.

Transfers out of the DCA+ Fixed Account Option other than the automatic DCA+ transfers can be made only if you discontinue use of the DCA+ Fixed Account Option.  If we impose any transfer restrictions on the one-year Fixed Account Option as discussed in numbered paragraphs 1-4 under "Transfers and Frequent Transfer Restrictions," then (i) you may not discontinue the DCA+ Fixed Account Option or otherwise transfer or withdraw any amounts from the DCA+ Fixed Account Option, but (ii) automatic transfers pursuant to DCA+ will not count against any maximum amount limitations we have imposed on transfers out of the one-year Fixed Account Option.

There is no charge for DCA+.  You may cancel your DCA+ program using whatever methods you use to change your allocation instructions.  You should consult your Jackson representative with respect to the current availability of the Fixed Account Options and the availability of DCA+.  Certain restrictions may apply.

Earnings Sweep.  You can choose to have your earnings transferred automatically on a monthly basis from the one-year Fixed Account Option, if currently available, and the JNL/WMC Money Market Investment Division into other Investment Divisions and Fixed Account Options.  Earnings Sweep may only be added within 30 days of the Issue Date of your Contract.

There is no charge for Earnings Sweep.  You may cancel your Earnings Sweep program using whatever methods you use to change your allocation instructions.  You should consult with your Jackson representative with respect to the current availability of Earnings Sweep.  Certain restrictions may apply.

Guidance Model Portfolios. The Elite Access Guidance Model Portfolios may be offered to you through your representative at no additional cost to assist in diversifying your investment across various asset classes of the available Investment Divisions (the "Guidance Model Portfolios" or "Models"). The Guidance Model Portfolios allow you to choose from ten Models designed to assist in meeting your stated investment goals. Each Guidance Model Portfolio is comprised of a carefully selected combination of Investment Divisions representing various asset classes. The Models allocate among the various asset classes to attempt to match certain combinations of investors' investment time horizon and risk tolerance. Please consult your representative for more information about investment based on the Guidance Model Portfolios.

Electing a Guidance Model Portfolio

Your representative is available to assist you in electing a Guidance Model Portfolio when you purchase your variable annuity or if after Contract issue.You should determine, with the assistance of your representative, as needed, which Model is most appropriate for you based on your financial needs, risk tolerance and investment time horizon. You may request to discontinue the use of a Model by notifying your representative who will advise you on how to execute your decision.

You may also choose to invest gradually into a Guidance Model Portfolio through the Dollar Cost Averaging (DCA) program. Please see "Dollar Cost Averaging" above.

You may invest in more than one Guidance Model Portfolio at a time and also invest in other Investment Divisions that are not part of the Guidance Model Portfolios. If you split your investment in one or more Guidance Model Portfolios, your investment may no longer be consistent with the Guidance Model Portfolio's intended objectives. Additionally, if you invest in any Investment Divisions in addition to investing in a Guidance Model Portfolio, such an investment may not be or remain consistent with the Guidance Model Portfolio's intended objectives you selected.  Therefore, if you invest in a Guidance Model Portfolio, you should speak with your  representative before investing in other Investment Divisions that are not part of the Guidance Model Portfolios.

You may request withdrawals, as permitted by your Contract, which will be taken proportionately from each of the allocations in the selected Guidance Model Portfolio unless otherwise indicated in your withdrawal instructions. If you choose to make a non-proportional withdrawal from the Investment Divisions in the Guidance Model Portfolio, your investment may no longer be consistent with the Guidance Model Portfolio's intended objectives. Withdrawals may be subject to a withdrawal charge and the usual tax consequences apply.

As further discussed with your representative, you can transfer 100% of your investment from each Guidance Model Portfolio to other Guidance Model Portfolios at any time; you will be transferred into the then current Models available. As a result of your transfer, you will need to update your allocation instructions on file with respect to subsequent Purchase Payments and, if applicable, DCA allocation instructions and Rebalancing instructions, if you want to reflect your new Model selection. Transfers where allocation and balancing instructions are not applicable, such as transfers of partial investments in a Model or transfers to multiple Models will require more detailed accompanying new instructions. Transfers in excess of 15 in a Contract Year may be subject to a charge (see "Transfer Charge" on page 31 ).

New Guidance Model Portfolios may be configured from time to time. The existing Models will remain unchanged. Thus, once you invest in a Model, the percentages of your Contract Value allocated to each Investment Division within the selected Model will not be changed by us. Any subsequent Purchase Payments will be invested in the same Guidance Model Portfolio as your existing Model and will not be invested in the then current Guidance Model Portfolios allocations, unless we receive specific written instructions to change to a new Guidance Model Portfolio. Your representative can provide you with information regarding the availability and nature of any new Guidance Model Portfolios and your selection of ones that meet your needs and goals. You should speak with your representative about how to keep the Investment Division allocations in your Guidance Model Portfolio in line with your investment goals over time.

Please see "Dollar Cost Averaging" above and "Rebalancing" below.

A subsequent Purchase Payment will be invested in the same Guidance Model Portfolio as your current investment unless we receive different instructions from you. You should consult with your representative to determine if you should update your allocation instructions, DCA target allocation instructions and/or Rebalancing program instructions on file when you make a subsequent Purchase Payment. Consideration of your investment time horizon and other of your investment goals may be relevant to the selection of any or certain Portfolio Guidance Portfolios if you have elected the Liquidity Option.

You can elect to have your investment in the Guidance Model Portfolios rebalanced quarterly, semi-annually, or annually to maintain the target asset allocation among the Investment Divisions of the Model you selected. Over time, the Guidance Model Portfolio you select may no longer align with its original investment objective due to the effects of Investment Division performance and changes in the Investment Division's investment objectives. Therefore, if you do not elect to have your investment in the Guidance Model Portfolio rebalanced at least annually, then your investment may no longer be consistent with the Guidance Model Portfolio's intended objectives. In addition, your investment goals, financial situation and risk tolerance may change over time. You should consult with your representative about how to keep your Guidance Model Portfolio's allocations in line with your investment goals. Finally, changes in investment objectives or management of the underlying Funds invested in by the Investment Divisions in the Models may mean that, over time, the Models no longer are consistent with their original investment goals.

Important Information about the Guidance Model Portfolios

The Guidance Model Portfolios are not intended as investment advice about investing in the Investment Divisions, and we do not provide investment advice regarding whether a Guidance Model Portfolio should be revised or whether it remains appropriate to invest in accordance with any particular Guidance Model Portfolio. The Guidance Model Portfolios do not guarantee greater or more consistent returns. Future market and asset class performance may differ from the historical performance upon which the Guidance Model Portfolios may have been built. Also, allocation to a single asset class may outperform a Model, so that you could have better investment returns investing in a single asset class than in a Guidance Model Portfolio. However, such a strategy may involve a greater degree of risk because of the concentration of similar securities in a single asset class. Further, there can be no assurance that any Investment Division chosen for a particular Guidance Model Portfolio will perform well or that its performance will closely reflect that of the asset class it is designed to represent.

The Guidance Model Portfolios represent suggested allocations that are provided to you as general guidance through your representative. You should work with your representative in determining if one of the Guidance Model Portfolios meets your financial needs, investment time horizon, and is consistent with your risk tolerance level. Information concerning the specific Guidance Model Portfolios can be obtained from your representative.

We reserve the right to change the Investment Divisions and/or allocations to certain Investment Divisions in each Model to the extent that Investment Divisions or the Funds in which they invest are liquidated, substituted, merged or otherwise reorganized.

We reserve the right to modify, suspend or terminate the Guidance Model Portfolios at any time.

Rebalancing.You can arrange to have us automatically reallocate your Contract Value among Investment Divisions (including Investment Divisions under Guidance Model Portfolios) and the one-year Fixed Account Option (if currently available) periodically to maintain your selected allocation percentages.  Rebalancing will terminate if your rebalancing program includes the one-year Fixed Account Option and (i) we impose any transfer restrictions on the one-year Fixed Account Option as discussed in numbered paragraphs 1-4 under "Transfers and Frequent Transfer Restrictions" or (ii) we exercise our right to require that any Premiums allocated to the one-year Fixed Account Option be automatically transferred out of that option over a period of time that we specify.  In that case, however, you could re-elect automatic rebalancing without the one-year Fixed Account Option.  Rebalancing is consistent with maintaining your allocation of investments among market segments, although it is accomplished by reducing your Contract Value allocated to the better performing Investment Divisions.

There is no charge for Rebalancing.You may cancel your Rebalancing program using whatever methods you use to change your allocation instructions. You should consult with your Jackson representative with respect to the current availability of Rebalancing. Certain restrictions may apply.

Free Look.You may return your Contract to the selling agent or us within ten days (or longer if required by your state) after receiving it.  We will return

● the Contract Value, plus  

● any fees (other than asset-based fees) and expenses deducted from the Premiums.

We will determine the Contract Value in the Investment Divisions as of the date we receivethe Contract (subject to State variations).  We will return Premium payments where required by law.  We will pay the applicable free look proceeds within seven days of a request in Good Order. If a Purchase Payment made by personal check or electronic draft is received within the five days preceding a free look request, we may delay payment of the free look proceeds up to seven days after the date of the request, to ensure the check or electronic draft is not returned due to insufficient funds.  In some states, we are required to hold the Premiums of a senior citizen in the Fixed Account or the JNL/WMC Money Market Investment Division during the free look period, unless we are specifically directed to allocate the Premiums to the Investment Divisions.  State laws vary; your free look rights will depend on the laws of the state in which you purchased the Contract.

Advertising.  From time to time, we may advertise several types of performance of the Investment Divisions.

● Total return is the overall change in the value of an investment in an Investment Division over a given period of time.  

● Standardized average annual total return is calculated in accordance with SEC guidelines.  

● Non-standardized total return may be for periods other than those required by, or may otherwise differ from, standardized average annual total return.  For example, if a Fund has been in existence longer than the Investment Division, we may show non-standardized performance for periods that begin on the inception date of the Fund, rather than the inception date of the Investment Division.  

● Yield refers to the income generated by an investment over a given period of time.

Performance will be calculated by determining the percentage change in the value of an Accumulation Unit by dividing the increase (decrease) for that unit by the value of the Accumulation Unit at the beginning of the period.  Performance will reflect the deduction of the mortality and expense risk and administration charges and may reflect the deduction of the annual contract maintenance and withdrawal charges.

Restrictions Under the Texas Optional Retirement Program (ORP).Contracts issued to participants in ORP contain restrictions required under the Texas Administrative Code.  In accordance with those restrictions, a participant in ORP will not be permitted to make withdrawals prior to such participant's retirement, death, attainment of age 70 1/2 or termination of employment in a Texas public institution of higher education.  The restrictions on withdrawal do not apply in the event a participant in ORP transfers the Contract Value to another approved contract or vendor during the period of ORP participation.  These requirements will apply to any other jurisdiction with comparable requirements.

Modification of Your Contract.Only our President, Vice President, Secretary or Assistant Secretary may approve a change to or waive a provision of your Contract.  Any change or waiver must be in writing.  We may change the terms of your Contract without your consent in order to comply with changes in applicable law, or otherwise as we deem necessary.

Confirmation of Transactions.  We will send you a written statement confirming that a financial transaction, such as a Premium payment, withdrawal, or transfer has been completed.  This confirmation statement will provide details about the transaction.  Certain transactions which are made on a periodic or systematic basis will be confirmed in a quarterly statement only.

It is important that you carefully review the information contained in the statements that confirm your transactions.  If you believe an error has occurred you must notify us in writing within 30 days of receipt of the statement so we can make any appropriate adjustments.  If we do not receive notice of any such potential error, we may not be responsible for correcting the error.

Legal Proceedings.Jackson and its subsidiaries are defendants in a number of civil proceedings, including class actions, arising in the ordinary course of business. These include civil litigation proceedings which appear to be substantially similar to other class action litigation brought against many life insurers alleging misconduct in the sale of insurance products. We do not believe at the present time that any pending action or proceeding will have a material adverse effect upon the Separate Account, Jackson's ability to meet its obligations under the Contracts, or Jackson National Life Distributors LLC's ability to perform its contract with the Separate Account.

TABLE OF CONTENTS OF

THE STATEMENT OF ADDITIONAL INFORMATION

General Information and History

Services

Purchase of Securities Being Offered

Underwriters

Calculation of Performance

Additional Tax Information

Annuity Provisions

Net Investment Factor

Condensed Financial Information

Financial Statements of the Separate Account

Financial Statements of Jackson

STATEMENT OF ADDITIONAL INFORMATION REQUEST FORM

To obtain any of the following Statements of Additional Information (SAIs), please complete the form below and mail to:

Jackson National Life Insurance Company^®

PO Box 30314

Lansing, MI 48909-7814

You can also request a copy of any of the following SAIs by calling our Annuity Service Center at 1-800-644-4565.

Please send me a copy of the current SAI for (check all that apply):

r     Elite Access^® Fixed and Variable Annuity (JMV8389)

r    JNL^® Series Trust (V3180)

r    JNL Variable Fund LLC (V3670)

r    Jackson Variable Series Trust (CMV8711)

r JNL Investors Series Trust (V6043)

r    American Funds Insurance Series (CMX5460)

Please Print:

Name:

Address:

City: State: Zip Code:

Date:/ /_______ Signed:

APPENDIX A

TRADEMARKS, SERVICE MARKS, AND RELATED DISCLOSURES

"JNL^®," "Jackson National^®," "Jackson^®," "Jackson of NY" and "Jackson National Life Insurance Company of New York^®" are trademarks of Jackson National Life Insurance Company^®.

The "S&P 500 Index," "S&P MidCap 400 Index," "S&P SmallCap 600 Index," "Dow Jones Industrial Average," and "Dow Jones Brookfield Global Infrastructure Index," "STANDARD & POOR'S^®," "S&P^®," "S&P 500^®," "S&P MIDCAP 400 Index^®," "STANDARD & POOR'S MIDCAP 400 Index^®," "S&P SmallCap 600 Index^®" and "STANDARD & POOR'S 500^®" (collectively, the "Indices") are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company ("Jackson").  "Dow Jones^®", "Dow Jones Industrial Average", "DJIA^®", and "The Dow^®" are service and/or trademarks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to SPDJI and have been sub-licensed for use for certain purposes by Jackson National Life Insurance Company^® ("Jackson").

The Dow Jones Brookfield Global Infrastructure Index is calculated by SPDJI pursuant to an agreement with Brookfield Redding, Inc. (together with its affiliates, "Brookfield") and has been licensed for use. Standard & Poor's^®, S&P^® and S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® are registered trademarks of Standard & Poor's Financial Services LLC; Brookfield^® is a registered trademark of Brookfield Asset Management , Inc.; and the foregoing trademarks have been licensed by SPDJI for use.

The JNL/Mellon Capital S&P^® SMid 60 Fund, JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 MidCap Index Fund, and the JNL/Brookfield Global Infrastructure and MLP Fund (collectively, the "Products") are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, Standard & Poor's Financial Services LLC, Brookfield or any of their respective affiliates (collectively, "S&P Dow Jones Indices").

S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Indices to track general market performance.  S&P Dow Jones Indices' only relationship to Jackson with respect to the Indices or the Products is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors.  The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to Jackson or the Products.  S&P Dow Jones Indices have no obligation to take the needs of Jackson or the owners of the Products into consideration in determining, composing or calculating the Indices.  S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products in the determination or calculation of the equation by which the Products are to be converted into cash, surrendered or redeemed, as the case may be.  S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Products. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns.  S&P Dow Jones Indices LLC is not an investment advisor.  Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

Dow Jones, SPDJI and their respective affiliates do not:

· Sponsor, endorse, sell or promote the Products.

· Recommend that any person invest in the Products.

· Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the Products.

· Have any responsibility or liability for the administration, management or marketing of the Products.

· Consider the needs of the Products or the owners of the Products in determining, composing or calculating the Indexes or have any obligation to do so.

Dow Jones, SPDJI and their respective affiliates will not have any liability in connection with the Products.  Specifically,
·   Dow Jones, SPDJI and their respective affiliates do not make any warranty, express or implied, and Dow Jones, SPDJI and their respective affiliates disclaim any warranty about:
	·The results to be obtained by the Products, the owners of the Products or any other person in connection with the use of the DJIA and the data included in the Indexes;
	·The accuracy or completeness of the Indexes and its data;
	·The merchantability and the fitness for a particular purpose or use of the Indexes and its data;
·   Dow Jones, SPDJI and/or their respective affiliates will have no liability for any errors, omissions or interruptions in the Indexes or its data;
·   Under no circumstances will Dow Jones, SPDJI and/or their respective affiliates be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if they know that they might occur.
The licensing agreement relating to the use of the Indexes and trademarks referred to above by Jackson and SPDJI is solely for the benefit of the Products and not for any other third parties.

S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO.  S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS IN CALCULATING THE INDICES.  S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY JACKSON OR OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.  THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND JACKSON, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

SPDR^® is a registered trademark of Standard & Poor's Financial Services LLC.  S&P Capital IQ is a trademark of Standard Financial Services LLC.

The following applies to the JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Total Yield Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P International 5 Fund, JNL/S&P 4 Fund, and JNL/S&P Mid 3 Fund.

Standard & Poor's Investment Advisory Services LLC ("SPIAS") is a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly owned subsidiary of McGraw-Hill Financial, Inc. SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS does not act as a "fiduciary" or as an "investment manager," as defined under ERISA, to any investor. SPIAS is not responsible for client suitability.

Programs and products of the firms to which SPIAS provides services are not endorsed, sold or promoted by SPIAS and its affiliates, and SPIAS and its affiliates make no representation regarding the advisability of investing in those programs and products. With respect to the asset allocations and investments recommended by SPIAS, investors should realize that such investment recommendations are provided to Jackson National Asset Management, LLC only as a general recommendation. The underlying funds of the JNL/S&P 4 Fund are co-sub-advised by SPIAS. SPIAS does not co-sub-advise the JNL/S&P 4 Fund. There is no agreement or understanding whatsoever that SPIAS will provide individualized advice to any investor. SPIAS does not take into account any information about any investor or any investor's assets when providing investment advisory services to firms to which SPIAS provides services. SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments. Individual investors should ultimately rely on their own judgment and/or the judgment of a representative in making their investment decisions.

Standard & Poor's  Financial Services LLC, SPIAS, and their affiliates (collectively S&P), and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively with S&P,  S&P Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and valuations, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and S&P Parties shall have no liability for any errors, omission, or interruptions therein (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

S&P's credit ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions.  S&P credit ratings should not be relied on when making any investment or other business decision.  S&P's opinions and analyses do not address the suitability of any security.  S&P does not act as a fiduciary or an investment advisor, except where registered as such. While S&P has obtained information from sources they believe to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Based on a universe of funds provided to SPIAS, SPIAS may recommend for investment certain funds to which S&P licenses certain intellectual property or otherwise has a financial interest, including exchange-traded funds whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. SPIAS recommends these funds for investment based on asset allocation, sector representation, liquidity and other factors; however, SPIAS has a potential conflict of interest with respect to the inclusion of these funds.  In cases where S&P is paid fees that are tied to the amount of assets that are invested in the fund, investment in the fund will generally result in S&P earning compensation in addition to the fees received by SPIAS in connection with its provision of services.  In certain cases there may be alternative funds that are available for investment that will provide investors substantially similar exposure to the asset class or sector.

S&P provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

SPIAS may consider research and other information from affiliates in making its investment recommendations. The investment policies of certain portfolios specifically state that among the information SPIAS will consider in evaluating a security are the credit ratings assigned by S&P.  SPIAS does not consider the ratings assigned by other credit rating agencies. Credit rating criteria and scales may differ among credit rating agencies. Ratings assigned by other credit rating agencies may reflect more or less favorable opinions of creditworthiness than ratings assigned by S&P.

The Funds are not sponsored, endorsed, sold or promoted by S&P and its affiliates and S&P and its affiliates make no representation regarding the advisability of investing in the Funds.

Goldman Sachs is a registered service mark of Goldman, Sachs & Co.

DoubleLine is a registered service mark of DoubleLine Capital LP.

The Product(s) is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, are referred to as the Corporations).  The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s).  The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index^® to track general stock market performance.  The Corporations' only relationship to Jackson (Licensee) is in the licensing of the Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® trademarks or service marks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index^® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s).  Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index^®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash.  The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Nasdaq-100 index^® or any data included therein.  The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the Nasdaq-100 Index^® or any data included therein.  The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Nasdaq-100 Index^® or any data included therein.  Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages.

"The Nasdaq-100^®," "Nasdaq-100 Index^®," "Nasdaq Stock Market^®" and "Nasdaq^®" are trade or service marks of The Nasdaq, Inc. (which with its affiliates are the "Corporations") and have been licensed for use by Jackson.  The Corporations have not passed on the legality or suitability of the JNL/Mellon Capital Nasdaq^® 25 Fund.  The JNL/Mellon Capital Nasdaq^® 25 Fund is not issued, endorsed, sponsored, managed, sold or promoted by the Corporations.  THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/MELLON CAPITAL NASDAQ^® 25 FUND.

THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES").  THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI.  MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY JACKSON NATIONAL ASSET MANAGEMENT, LLC.  NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE.  MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND OR THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND OR THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY.  NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES.  NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND IS REDEEMABLE.  FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

APPENDIX B

BROKER-DEALER SUPPORT

Below is a complete list of broker-dealers that received marketing and distribution and/or administrative support in 201 4 from the Distributor in relation to the sale of our variable insurance products.

1st Global Capital Corporation	Beaconsfield Financial Services	CCO Investment Services Corp	Crown Capital Securities LP
Adirondack Trading Group, LLC	Benchmark Investments, Inc.	Centaurus Financial Inc.	CUNA Brokerage Services, Inc.
Advisory Group Equity Services, Ltd.	Beneficial Investment Services	Centennial Securities Co., Inc.	CUSO Financial Services Inc.
Aegis Capital Corp	Benjamin F Edwards & Co	Center Street Securities, Inc.	Cutter and Company
Allegheny Investments, Ltd.	Berthel Fisher & Co. Financial Services	Century Securities & Associates, Inc.	D.A. Davidson & Co.
Allegiance Capital, LLC	BestVest Investments, Ltd.	Ceros Financial Services INC	Dalton Strategic Investment Services, Inc.
Allegis Investment Services	BFT Financial Group, LLC	Cetera	Davenport & Company LLC
Allen & Company of Florida, Inc.	Blakeslee & Blakeslee, Inc.	Cetera Advisor Networks LLC	David A. Noyes & Company
Allen, Mooney & Barnes Brokerage	BMO Harris Financial Advisors, Inc.	Cetera Advisors LLC	Davinci Capital Management Inc.
Services, LLC	Bolton Global Capital	Cetera Financial Specialists, LLC	Dempsey Lord Smith LLC
American Capital Partners, LLC	BOSC, Inc.	Cetera Investment Services LLC	Despain Financial Corporation
American Equity Investment Corp	Brighton Securities	CFD Investments, Inc.	Deutsche Bank Securities, Inc.
American Independent Securities Group, LLC	Broker Dealer Financial Services Corporation	CFS Investments, Inc.	DFPG Investments
American Investors Company	Brokers International Financial Services, LLC	Chelsea Financial Services	Dime Investment Services
American Portfolios Financial Services, Inc.	Brooklight Place Securities	Citigroup Global Markets Inc.	Dominion Investor Services
Ameriprise Advisor Services Inc.	Bruce A. Lefavi Securities, Inc.	Client One Securities, LLC	Double Eagle Securities of America Inc.
Ameriprise Financial Services Inc.	Buckman, Buckman & Reid, Inc.	Coastal Equities, Inc.	Duncan Williams, Inc.
Ameritas Investment Corporation	Bueter & Company, Inc.	Commonwealth Financial Network	Eagle Equities, Inc.
Arete Wealth Management	Cabot Lodge Securities LLC	Community America Financial	Economy Securities Incorporated
Arque Capital, Ltd	Cadaret, Grant & Co Inc.	Solutions LLC	EDI Financial Inc.
Arvest Asset Management	Calton & Associates, Inc.	Compass Bancshares Ins Inc.	Edward Jones & Company
Associated Investment Services	Cambridge Investment Research, Inc.	Comprehensive Asset Management and	Edwin C. Blitz Investments
AURORA CAPITAL LLC	Cantella & Co, Inc.	Servicing, Inc.	Equity Services Inc.
Ausdal Financial Partners, Inc.	Cape Securities Inc.	Concorde Investment Services, LLC	Essex National Securities Inc.
Avalon Investment & Securities Group Inc.	Capital City Securities, LLC	Conover Securities Corporation	Fairport Capital, Inc.
AXA Advisors, LLC	Capital Financial Services	Coordinated Capital Securities, Inc.	FCG Advisors, LLC
B.C. Ziegler & Company	Capital Guardian, LLC	Core Capital Investments	Fenwick Securities, Inc.
BancWest Investment Services, Inc.	Capital Investment Group, Inc.	CoreCap Investments Inc.	Fifth Third Securities
Bankers & Investors Company	Capital One Investment Services, LLC	Correll Co. Investment Services	Financial Planning Consultants
Bannon, Ohanesian & Lecours, Inc.	Capital Synergy Partners, Inc.	Corporation	Financial Telesis Inc.
BB&T Investment Services Inc.	Capitol Securities Management, Inc.	Country Capital Management Co.	Financial West Investment Group
BB&T Securities, LLC	Cary Street Partners LLC	Country Club Financial Services Inc.	Fintegra Financial Solutions
BBVA Compass Investment Solutions Inc.	CBIZ Financial Solutions, Inc.	Cresap, Inc.	First Allied Securities, Inc
BCG Securities, Inc.	CCF Investments, Inc.	CREWS & ASSOCIATES Inc.	First American Securities

First Brokerage America LLC	Gradient Securities, LLC	Investment Professionals Inc.	Madison Avenue Securities, Inc.
First Citizens Financial Plus Inc.	Great Nation Investment Corporation	Investors Capital Corporation	McLaughlin Ryder Investments, Inc.
First Citizens Investor Services	Gregory Group	Investors Insurance Services	McNally Financial Services Corp
First Citizens Securities Corp.	GWN Securities Inc.	J P Turner & Co. LLC	Mercap Securities LLC
First Financial Equity Corporation	H  Beck Inc.	J.W. Cole Financial Inc.	Mercer Allied Company, LP
First Heartland Capital, Inc.	H.D. Vest Investment Securities, Inc.	James T Borello & Co	Merrill Lynch
First Independent Financial Services	Halliday Financial	Janney, Montgomery Scott, LLC	Metlife Securities, Inc.
First Kentucky Securities Corporation	Hancock Investment Services LLC	JHS Capital Advisors Inc.	Michigan Securities, Inc.
First Midwest Securities	Hantz Financial Services	JJB Hilliard WL Lyons LLC	Mid Atlantic Capital Corporation
First National Capital Markets	Harbor Financial Services, LLC	John Hancock	Midamerica Financial Services Inc.
First Republic Securities Co.	Harbour Investments, Inc.	JP Morgan Securities	Mid-Atlantic Securities Inc.
First Tennessee Brokerage, Inc.	HARGER & COMPANY	JRL Capital Corporation	Minnesota – Deal Direct
First Western Securities, Inc.	Harger and Company, Inc.	Kalos Capital, Inc.	Mischler Financial Group, Inc.
FirstMerit Financial Services, Inc.	Harris Bancorp Insurance Services, Inc.	KCD Financial, Inc.	MML Investors Services, LLC
Focus Insurance Agency Inc.	Harvest Capital, LLC	Keppler Associates Inc.	Moloney Securities Co., Inc.
Foothill Securities, Inc.	Hazard & Siegel, Inc.	Key Investment Services	Money Concepts Capital Corp
Foresters Equity Services Inc.	HBW Securities, LLC	Keystone Capital Corporation	Money Concepts International
Fortune Financial Services, Inc.	Hefren-Tillotson, Inc.	KMS Financial Services Inc	Moors & Cabot, Inc.
Founders Financial Securities, LLC	Hornor, Townsend & Kent Inc.	Kovack Securities, Inc.	Morgan Stanley Smith Barney LLC
Fourth Street Financial Group, Inc.	HSBC Securities	L.M. Kohn & Company, Inc.	Morris Group, Inc.
FP Transitions LLC	Huntleigh Securities Corporation	Larson Financial	Moss Adams Securities & Insurance LLC
Frankenmuth Credit Union	IBC Investments	Lasalle St. Securities, LLC	Mutual of Omaha Investor Services Inc.
FSC Securities Corporation	IBN Financial Services, Inc.	Legend Equities Corporation	Mutual Securities, Inc.
FTB Advisors, Inc.	ICBA Financial Services	Leigh Baldwin & Co	Mutual Trust Company of America Sec.
Fulcrum Securities Inc.	IFS Securities	Leumi Investment Services, Inc.	National Planning Corporation
G F Investment Services	IMS Securities Inc.	LF Financial LLC	National Securities Corporation
G.W. Sherwold Associates Inc.	Independence Capital Co.	Liberty Group, LLC	Nations Financial Group, Inc.
G. A. Repple & Company	Independent Financial Group, LLC	Liberty Partners Financial Services,	Nationwide Planning Associates
Garden State Securities	Indiana Merchant Banking and Brokerage	LLC	Nationwide Securities, LLC
Gardner Financial Services, Inc.	Infinex Investments, Inc.	LifeMark Securities Corporation	Navy Federal Brokerage Services, LLC
Gary Goldbert & Company	Infinity Securities Inc.	Lincoln Financial Advisors Corporation	NBC Securities Inc.
GCD Advisors, LLC	ING/Voya Financial Advisers Inc.	Lincoln Financial Securities Corporation	New England Securities Corporation
Geneos Wealth Management, Inc.	Institutional Securities Corporation	Lincoln Investment Planning Inc.	New Horizons Asset Management
Gentry Partners Ltd	Intercarolina Financial Services, Inc.	Lombard Securities	Newbridge Securities Corporation
GFA Securities LLC	Intercontinental Asset Management Group	Long Island Financial Group, Inc.	Newport Coast Securities
Girard Securities, Inc.	INTERVEST INTERNATIONAL	LPL Financial Services	NEXT Financial Group, Inc.
Global Brokerage Services, Inc.	INVEST Financial Corporation	Lucia Securities, LLC	NFP Securities, Inc.
Globalink Securities Inc.	Investacorp, Inc.	M Griffith Investment Services	Nicol Investors Corporation
GLP Investment Services, LLC	Investment Centers of America Inc.	M. Holdings Securities, Inc.	North Ridge Securities Corporation
Gold Coast Securities, Inc.	Investment Network, Inc.	Mack Investment Securities, Inc.	Northeast Securities, Inc.

Northwestern Mutual Investment Services,	Regulus Advisors LLC	SunTrust Investment Services, Inc.	Variable Investment Advisors, Inc.
LLC	Rendler Sales Consulting, LLC	SWBC Investment Services	VSR Financial Services, Inc.
NPB Financial Group, LLC	Resource Horizons Group	SWS Financial Services, Inc.	Waddell & Reed, Inc.
NYLife Securities, Inc.	Rhodes Securities, Inc.	Symetra Securities Inc.	Wall Street Financial Group
O.N. Equity Sales Company	Ridgeway & Conger Inc.	Symphonic Securities LLC	Wall Street Strategies Inc.
Oak Grove Investment Services, Inc.	RNR Securities LLC	Synovus Securities Inc.	Wayne Hummer Investments, LLC
Oak Tree Securities, Inc.	Robert W. Baird & Co. Inc.	T.S. Phillips Investments, Inc.	Wedbush Securities Inc.
OFG Financial Services, Inc.	Rogan and Associates	Taylor Capital Management	Wellington Shields & Co. LLC
OneAmerica Securities, Inc.	Royal Alliance Associates Inc	Teckmeyer Financial Services	Wells Fargo Advisors LLC
Oppenheimer & Co. Inc.	Royal Securities Company	TFS Securities, Inc.	WesBanco Securities, Inc.
Packerland Brokerage Services	Sagepoint Financial Inc.	The Gregory Group Inc.	Wescom Financial Services, LLC
Paradigm Equities, Inc.	Sandlapper Securities LLC	The Huntington Investment Company	Western International Securities Inc.
Park Avenue Securities LLC	Santander Securities LLC	The Investment Center, Inc.	Westminster Financial Securities
Parkland Securities, LLC/Sammons Securities	Saxony Securities, Inc.	The Leaders Group, Inc.	Westport Capital Markets, LLC
Company LLC	SCF Securities, Inc.	The O.N. Equity Sales Company	WFG Investments, Inc.
Parsonex Securities, LLC	Schlitt Investor Services Inc.	The Strategic Financial Alliance, Inc.	Wilbanks Securities, Inc.
Peoples Securities Inc.	Securian Financial Services, Inc.	The Windmill Group	William C. Burnside & Company, Inc.
Petersen Investments, Inc.	Securities America, Inc.	Thomas McDonald Partners	Williams Financial Group
PFA Security Asset Management Inc.	Securities Equity Group	Thoroughbred Financial Services, LLC	Woodbury Financial Services, Inc.
Phillips Securities Insurance Agency	Securities Management & Research, Inc.	Thrivent Investment Management	Woodmen Financial Services, Inc.
PlanMember Securities Corporation	Securities Service Network Inc.	Thurston, Springer, Miller, Herd and	World Equity Group, Inc.
Planned Investment Co, Inc.	Sigma Financial Corporation	Titak Inc.	World Financial Group
PNC Investments LLC	Signator Financial Services, Inc.	Titlelist Asset Management Ltd.	Worth Financial Group Inc.
Port Securities, Inc.	Signator Investors, Inc.	TransAm Securities, Inc.	WRP Investments, Inc.
Presidential Brokerage, Inc.	SII Investments Inc.	Transamerica Financial Advisors, Inc.	Wunderlich Securities, Inc.
Prime Capital Services Inc.	Silver Oak Securities	Triad Advisors, Inc.	WWK Investments, Inc.
Prime Solutions Securities, Inc.	Sorrento Pacific Financial, LLC	Tricor Financial, LLC
Princor Financial Services	Southeast Investments, N.C., Inc.	Trustmont Financial Group, Inc.
Private Client Services, LLC	Southwest Securities, Inc.	UBS Financial Services, Inc.
Pro Equities, Inc.	St. Bernard Financial Services, Inc.	Umpqua Investments Inc.
Prospera Financial Services Inc.	Stephens Inc.	UnionBanc Investment Services LLC
PTS Brokerage LLC	Sterne Agee Financial Services Inc.	United Brokerage Services, Inc.
Purshe Kaplan Sterling Investments	Sterne, Agee & Leach, Inc.	United Planners Financial Services of
Quayle & Co. Securities	Stifel Nicolaus & Company Inc.	America
Quest Securities	Strategic Financial Alliance	Univest Investments Inc.
Questar Capital Corporation	Summit Brokerage Services Inc.	U.S. Bancorp Investments, Inc.
Quick and Reilly Inc.	Summit Equities, Inc.	USA Financial Securities Corporation
Raymond James & Associates Inc.	Summitt Brokerage Services	Uvest Financial Services Group, Inc.
RBC Capital Markets Corporation	Sun America Securities	Valic Financial Advisors Inc.
RBC Dain Rauscher Inc.	Sun Trust Capital Markets	ValMark Securities, Inc.
Regal Securities, Inc.	Sunset Financial Services, Inc.	Vanderbilt Securities LLC Inc

APPENDIX C

ACCUMULATION UNIT VALUES

The tables reflect the values of Accumulation Units for each Investment Division for the beginning and end of the periods indicated, and the number of Accumulation Units outstanding as of the end of the periods indicated – for a base Contract (with Administration Charge waiver and no optional benefits) and for a Contract with the most expensive combination of charges and optional benefits.  The tables do not provide partial year information.  The tables provide values of Accumulation Units and the number of Accumulation Units outstanding only if that information is available throughout the period.  Where values of Accumulation Units and the number of Accumulation Units outstanding are unavailable, either because of a partial year or a Fund not being offered, a "N/A" is provided.

If the annualized charge for your Contract falls between the charge for a base Contract and a Contract with the most expensive combination of charges and optional benefits, information about the values of all remaining Accumulation Units is available in the SAI.  Contact the Annuity Service Center to request your copy of the SAI free of charge. Our contact information is on the cover page of the prospectus.  Also, please ask about the more timely values of Accumulation Units that are available for each Investment Division.

Set forth below are fund changes and additions since the September 1 5 , 201 4 Supplement to theProspectus dated April 2 8 , 201 4 , for your information in reviewing Accumulation Unit information.

The following fund name changes are effective April 27 , 2015 (whether or not in connection with a sub-adviser change):

Jackson Variable Series Trust (formerly, the Curian Variable Series Trust)

Curian Guidance – Interest Rate Opportunities Fund to JNAM Guidance – Interest Rate Opportunities Fund

Curian Guidance – Equity Income Fund to JNAM Guidance – Equity Income Fund

Curian Guidance – Conservative Fund to JNAM Guidance – Conservative Fund

Curian Guidance – Moderate Fund to JNAM Guidance – Moderate Fund

Curian Guidance – Growth Fund to JNAM Guidance – Growth Fund

Curian Guidance – Moderate Growth Fund to JNAM Guidance – Moderate Growth Fund

Curian Guidance – Maximum Growth Fund to JNAM Guidance – Maximum Growth Fund

Curian Guidance – Alt 100 Moderate Fund to JNAM Guidance – Alt 100 Fund

Curian Guidance – Equity 100 Fund to JNAM Guidance – Equity 100 Fund

Curian Guidance – Fixed Income 100 Fund to JNAM Guidance – Fixed Income 100 Fund

Curian Guidance – Real Assets Fund to JNAM Guidance – Real Assets Fund

Curian Tactical Advantage 35 Fund to JNL Tactical ETF Conservative Fund

Curian Tactical Advantage 60 Fund to JNL Tactical ETF Moderate Fund

Curian Tactical Advantage 75 Fund to JNL Tactical ETF Growth Fund

Curian/American Funds^® Global Growth Fund to JNL/American Funds^® Global Growth Fund

Curian/American Funds^® Growth Fund to JNL/American Funds^® Growth Fund

Curian/AQR Risk Parity Fund to JNL/AQR Risk Parity Fund

Curian/BlackRock Global Long Short Credit Fund to JNL/BlackRock Global Long Short Credit Fund

Curian/DFA U.S. Micro Cap Fund to JNL/DFA U.S. Micro Cap Fund

Curian/DoubleLine^® Total Return Fund to JNL/DoubleLine^® Total Return Fund

Curian/Eaton Vance Global Macro Absolute Return Advantage Fund to JNL/Eaton Vance Global Macro Absolute Return Advantage Fund

Curian/Epoch Global Shareholder Yield Fund to JNL/Epoch Global Shareholder Yield Fund

Curian/FAMCO Flex Core Covered Call Fund to JNL/FAMCO Flex Core Covered Call Fund

Curian Focused International Equity Fund to JNL/WCM Focused International Equity Fund

Curian Focused U.S. Equity Fund to JNL/The London Company Focused U.S. Equity Fund

Curian/Franklin Templeton Frontier Markets Fund to JNL/Franklin Templeton Frontier Markets Fund

Curian/Franklin Templeton Natural Resources Fund to JNL/Franklin Templeton Natural Resources Fund

Curian/Lazard International Strategic Equity Fund to JNL/Lazard International Strategic Equity Fund

Curian Long Short Credit Fund to JNL/PPM America Long Short Credit Fund

Curian/Neuberger Berman Currency Fund to JNL/Neuberger Berman Currency Fund

Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund to JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund

Curian/Nicholas Convertible Arbitrage Fund to JNL/Nicholas Convertible Arbitrage Fund

Curian/PIMCO Credit Income Fund to JNL/PIMCO Credit Income Fund

Curian/T. Rowe Price Capital Appreciation Fund to JNL/T. Rowe Price Capital Appreciation Fund

Curian/The Boston Company Equity Income Fund to JNL/The Boston Company Equity Income Fund

Curian/Van Eck International Gold Fund to JNL/Van Eck International Gold Fund

The following fund mergers are effective April 27, 2015:

JNL Series Trust

JNL/Mellon Capital Global Alpha Fund merged into JNL/AQR Managed Futures Strategy Fund

Jackson Variable Series Trust

Curian Guidance – Multi-Strategy Income Fund merged into JNAM Guidance – Fixed Income 100 Fund

Curian Guidance – Tactical Maximum Growth Fund merged into JNAM Guidance – Maximum Growth Fund

Curian Guidance – Tactical Moderate Growth Fund merged into JNAM Guidance – Moderate Growth Fund

Curian Guidance – Institutional Alt 65 Fund merged into JNL Alt 65 Fund

Curian Guidance – Alt 100 Conservative Fund merged into JNAM Guidance – Alt 100 Fund

Curian Guidance – Alt 100 Growth Fund merged into JNAM Guidance – Alt 100 Fund

Curian Guidance – International Conservative Fund merged into JNAM Guidance – Conservative Fund

Curian Guidance – International Moderate Fund merged into JNAM Guidance – Moderate Fund

Curian Guidance – International Growth Fund merged into JNAM Guidance – Growth Fund

Curian Dynamic Risk Advantage - Diversified Fund merged into JNL/MMRS Conservative Fund

Curian Dynamic Risk Advantage - Growth Fund merged into JNL/MMRS Moderate Fund

Curian Dynamic Risk Advantage - Income Fund merged into JNL/MMRS Conservative Fund

Curian/Aberdeen Latin America Fund merged into JNL/Lazard Emerging Markets Fund

Curian/Ashmore Emerging Market Small Cap Equity Fund merged into JNL/Lazard Emerging Markets Fund

Curian/Baring International Fixed Income Fund merged into JNL/Franklin Templeton Global Multisector Bond Fund

Curian/CenterSquare International Real Estate Securities Fund merged into JNL/Invesco Global Real Estate Fund

Curian/PineBridge Merger Arbitrage Fund merged into JNL/Nicholas Convertible Arbitrage Fund

Curian/Schroder Emerging Europe Fund merged into JNL/Lazard Emerging Markets Fund

Curian/UBS Global Long Short Fixed Income Opportunities Fund merged into JNL/BlackRock Global Long Short Credit Fund

JNL Variable Fund

JNL/Mellon Capital Value Line^® 30 Fund merged into JNL/Mellon Capital S&P^® 24 Fund

Effective April 2 7 , 201 5 , the Separate Account has the following new Investment Divisions, for which no Accumulation Unit information is yet available:

JNL Series Trust

JNL Alt 65 Fund

JNL Multi-Manager Alternative Fund

JNL/Harris Oakmark Global Equity Fund

JNL/Oppenheimer Emerging Markets Innovator Fund

JNL/Westchester Capital Event Driven Fund

JNL Investors Series Trust

JNL/PPM America Total Return Fund

JNL Variable Fund LLC

JNL/Mellon Capital S&P^® 24 Fund

Accumulation Unit Values
Base Contract with $1 Million Premium Administrative Fee Waiver - 0.85%
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Dynamic Risk Advantage - Diversified Division
Accumulation unit value:
Beginning of period	$10.15	$10.03
End of period	$10.58	$10.15
Accumulation units outstanding at the end of period	968,558	728,143
Curian Dynamic Risk Advantage - Growth Division
Accumulation unit value:
Beginning of period	$9.55	$9.47
End of period	$9.07	$9.55
Accumulation units outstanding at the end of period	275,962	236,164
Curian Dynamic Risk Advantage - Income Division
Accumulation unit value:
Beginning of period	$10.35	$10.29
End of period	$11.10	$10.35
Accumulation units outstanding at the end of period	807,055	525,818
Curian Focused International Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian Focused U.S. Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Alt 100 Conservative Division
Accumulation unit value:
Beginning of period	$9.94	N/A
End of period	$10.00	N/A
Accumulation units outstanding at the end of period	137,294	N/A
Curian Guidance - Alt 100 Growth Division
Accumulation unit value:
Beginning of period	$10.12	N/A
End of period	$10.26	N/A
Accumulation units outstanding at the end of period	490,294	N/A
Curian Guidance - Alt 100 Moderate Division
Accumulation unit value:
Beginning of period	$10.46	$10.15
End of period	$10.60	$10.46
Accumulation units outstanding at the end of period	2,080,452	1,598,038
Curian Guidance - Conservative Division
Accumulation unit value:
Beginning of period	$10.54	$10.54
End of period	$10.84	$10.54
Accumulation units outstanding at the end of period	190,740	330,182
Curian Guidance - Equity 100 Division
Accumulation unit value:
Beginning of period	$12.98	$10.29
End of period	$13.49	$12.98
Accumulation units outstanding at the end of period	445,737	270,504
Curian Guidance - Equity Income Division
Accumulation unit value:
Beginning of period	$12.06	N/A
End of period	$12.98	N/A
Accumulation units outstanding at the end of period	289,602	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Fixed Income 100 Division
Accumulation unit value:
Beginning of period	$15.44	N/A
End of period	$9.85	N/A
Accumulation units outstanding at the end of period	252,789	N/A
Curian Guidance - Growth Division
Accumulation unit value:
Beginning of period	$10.88	N/A
End of period	$11.23	N/A
Accumulation units outstanding at the end of period	1,281,932	N/A
Curian Guidance - Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	$11.16	$10.36
End of period	$11.35	$11.16
Accumulation units outstanding at the end of period	291,888	361,580
Curian Guidance - Interest Rate Opportunities Division
Accumulation unit value:
Beginning of period	$9.78	N/A
End of period	$9.80	N/A
Accumulation units outstanding at the end of period	194,133	N/A
Curian Guidance - International Conservative Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian Guidance - International Growth Division
Accumulation unit value:
Beginning of period	$10.13	N/A
End of period	$9.72	N/A
Accumulation units outstanding at the end of period	59,836	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - International Moderate Division
Accumulation unit value:
Beginning of period	$9.95	N/A
End of period	$9.55	N/A
Accumulation units outstanding at the end of period	20,243	N/A
Curian Guidance - Maximum Growth Division
Accumulation unit value:
Beginning of period	$12.13	$10.30
End of period	$12.54	$12.13
Accumulation units outstanding at the end of period	714,221	334,122
Curian Guidance - Moderate Division
Accumulation unit value:
Beginning of period	$11.62	$10.45
End of period	$11.95	$11.62
Accumulation units outstanding at the end of period	2,338,992	1,070,993
Curian Guidance - Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.58	$10.45
End of period	$11.95	$11.58
Accumulation units outstanding at the end of period	2,435,652	1,261,913
Curian Guidance - Multi-Strategy Income Division
Accumulation unit value:
Beginning of period	$11.54	N/A
End of period	$9.78	N/A
Accumulation units outstanding at the end of period	413,179	N/A
Curian Guidance - Real Assets Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Tactical Maximum Growth Division
Accumulation unit value:
Beginning of period	$11.65	$10.18
End of period	$11.98	$11.65
Accumulation units outstanding at the end of period	515,874	561,263
Curian Guidance - Tactical Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.46	$10.26
End of period	$11.87	$11.46
Accumulation units outstanding at the end of period	1,732,065	1,496,518
Curian Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.11	N/A
End of period	$9.88	N/A
Accumulation units outstanding at the end of period	32,601	N/A
Curian Tactical Advantage 35 Division
Accumulation unit value:
Beginning of period	$10.95	$10.36
End of period	$11.30	$10.95
Accumulation units outstanding at the end of period	248,685	223,239
Curian Tactical Advantage 60 Division
Accumulation unit value:
Beginning of period	$11.78	$10.45
End of period	$12.21	$11.78
Accumulation units outstanding at the end of period	289,023	246,583
Curian Tactical Advantage 75 Division
Accumulation unit value:
Beginning of period	$12.39	$10.55
End of period	$12.84	$12.39
Accumulation units outstanding at the end of period	829,660	271,166
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Aberdeen Latin America Division
Accumulation unit value:
Beginning of period	$8.28	N/A
End of period	$6.94	N/A
Accumulation units outstanding at the end of period	24,240	N/A
Curian/American Funds Global Growth Division
Accumulation unit value:
Beginning of period	$10.97	N/A
End of period	$11.10	N/A
Accumulation units outstanding at the end of period	360,012	N/A
Curian/American Funds Growth Division
Accumulation unit value:
Beginning of period	$13.60	$10.60
End of period	$14.57	$13.60
Accumulation units outstanding at the end of period	890,643	546,304
Curian/AQR Risk Parity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian/Ashmore Emerging Market Small Cap Equity Division
Accumulation unit value:
Beginning of period	$10.34	N/A
End of period	$9.28	N/A
Accumulation units outstanding at the end of period	32,014	N/A
Curian/Baring International Fixed Income Division
Accumulation unit value:
Beginning of period	$9.57	N/A
End of period	$9.24	N/A
Accumulation units outstanding at the end of period	6,713	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/BlackRock Global Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.04	N/A
End of period	$10.08	N/A
Accumulation units outstanding at the end of period	497,754	N/A
Curian/CenterSquare International Real Estate Securities Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian/DFA U.S. Micro Cap Division
Accumulation unit value:
Beginning of period	$14.65	N/A
End of period	$14.53	N/A
Accumulation units outstanding at the end of period	165,143	N/A
Curian/DoubleLine Total Return Division
Accumulation unit value:
Beginning of period	$9.98	N/A
End of period	$10.53	N/A
Accumulation units outstanding at the end of period	683,212	N/A
Curian/Eaton Vance Global Macro Absolute Return Advantage Division
Accumulation unit value:
Beginning of period	$9.47	N/A
End of period	$9.83	N/A
Accumulation units outstanding at the end of period	153,030	N/A
Curian/Epoch Global Shareholder Yield Division
Accumulation unit value:
Beginning of period	$13.00	$10.63
End of period	$13.67	$13.00
Accumulation units outstanding at the end of period	160,847	128,526
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/FAMCO Flex Core Covered Call Division
Accumulation unit value:
Beginning of period	$11.41	$10.21
End of period	$12.31	$11.41
Accumulation units outstanding at the end of period	610,941	246,585
Curian/Franklin Templeton Frontier Markets Division
Accumulation unit value:
Beginning of period	$12.22	$10.41
End of period	$10.30	$12.22
Accumulation units outstanding at the end of period	220,086	112,767
Curian/Franklin Templeton Natural Resources Division
Accumulation unit value:
Beginning of period	$9.47	$8.79
End of period	$7.46	$9.47
Accumulation units outstanding at the end of period	236,385	109,814
Curian/Lazard International Strategic Equity Division
Accumulation unit value:
Beginning of period	$11.53	N/A
End of period	$11.27	N/A
Accumulation units outstanding at the end of period	137,558	N/A
Curian/Neuberger Berman Currency Division
Accumulation unit value:
Beginning of period	$9.80	$10.07
End of period	$10.04	$9.80
Accumulation units outstanding at the end of period	35,325	36,779
Curian/Neuberger Berman Risk Balanced Commodity Strategy Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Nicholas Convertible Arbitrage Division
Accumulation unit value:
Beginning of period	$10.43	$10.18
End of period	$10.23	$10.43
Accumulation units outstanding at the end of period	478,123	254,925
Curian/PIMCO Credit Income Division
Accumulation unit value:
Beginning of period	$10.32	$10.59
End of period	$11.01	$10.32
Accumulation units outstanding at the end of period	499,834	337,725
Curian/PineBridge Merger Arbitrage Division
Accumulation unit value:
Beginning of period	$9.94	$10.00
End of period	$9.80	$9.94
Accumulation units outstanding at the end of period	350,937	260,735
Curian/Schroder Emerging Europe Division
Accumulation unit value:
Beginning of period	$10.34	N/A
End of period	$7.46	N/A
Accumulation units outstanding at the end of period	17,720	N/A
Curian/T. Rowe Price Capital Appreciation Division
Accumulation unit value:
Beginning of period	$10.52	N/A
End of period	$11.65	N/A
Accumulation units outstanding at the end of period	769,632	N/A
Curian/The Boston Company Equity Income Division
Accumulation unit value:
Beginning of period	$14.61	$10.77
End of period	$16.09	$14.61
Accumulation units outstanding at the end of period	319,400	200,419
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/UBS Global Long Short Fixed Income Opportunities Division
Accumulation unit value:
Beginning of period	$9.90	N/A
End of period	$9.39	N/A
Accumulation units outstanding at the end of period	106,803	N/A
Curian/Van Eck International Gold Division
Accumulation unit value:
Beginning of period	$4.65	$9.00
End of period	$4.33	$4.65
Accumulation units outstanding at the end of period	305,000	171,763
JNL Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/AllianceBernstein Dynamic Asset Allocation Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/American Funds Growth-Income Division
Accumulation unit value:
Beginning of period	$15.38	$11.67
End of period	$16.80	$15.38
Accumulation units outstanding at the end of period	1,513,212	817,762
JNL/American Funds International Division
Accumulation unit value:
Beginning of period	$12.80	N/A
End of period	$12.31	N/A
Accumulation units outstanding at the end of period	581,230	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/AQR Managed Futures Strategy Division
Accumulation unit value:
Beginning of period	$10.49	$9.88
End of period	$11.34	$10.49
Accumulation units outstanding at the end of period	711,490	542,454
JNL/BlackRock Commodity Securities Strategy Division
Accumulation unit value:
Beginning of period	$11.51	$10.60
End of period	$9.78	$11.51
Accumulation units outstanding at the end of period	258,534	141,920
JNL/BlackRock Global Allocation Division
Accumulation unit value:
Beginning of period	$12.13	$10.70
End of period	$12.25	$12.13
Accumulation units outstanding at the end of period	2,211,311	1,349,097
JNL/Boston Partners Global Long Short Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Brookfield Global Infrastructure and MLP Division
Accumulation unit value:
Beginning of period	$14.91	$12.18
End of period	$15.87	$14.91
Accumulation units outstanding at the end of period	780,036	284,122
JNL/DFA U.S. Core Equity Division
Accumulation unit value:
Beginning of period	$27.07	N/A
End of period	$29.48	N/A
Accumulation units outstanding at the end of period	265,039	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Eastspring Investments Asia ex-Japan Division
Accumulation unit value:
Beginning of period	$8.54	$9.16
End of period	$8.94	$8.54
Accumulation units outstanding at the end of period	18,636	11,686
JNL/Eastspring Investments China-India Division
Accumulation unit value:
Beginning of period	$7.44	$7.69
End of period	$8.22	$7.44
Accumulation units outstanding at the end of period	84,300	4,250
JNL/Franklin Templeton Global Multisector Bond Division
Accumulation unit value:
Beginning of period	$12.07	$11.75
End of period	$11.91	$12.07
Accumulation units outstanding at the end of period	1,225,106	580,753
JNL/Franklin Templeton Income Division
Accumulation unit value:
Beginning of period	$14.99	N/A
End of period	$14.79	N/A
Accumulation units outstanding at the end of period	564,209	N/A
JNL/Franklin Templeton International Small Cap Growth Division
Accumulation unit value:
Beginning of period	$11.47	$8.73
End of period	$10.30	$11.47
Accumulation units outstanding at the end of period	448,914	279,748
JNL/Franklin Templeton Small Cap Value Division
Accumulation unit value:
Beginning of period	$19.72	$14.80
End of period	$19.59	$19.72
Accumulation units outstanding at the end of period	251,208	154,349
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Goldman Sachs Emerging Markets Debt Division
Accumulation unit value:
Beginning of period	$13.93	$15.25
End of period	$13.13	$13.93
Accumulation units outstanding at the end of period	222,731	168,474
JNL/Invesco Global Real Estate Division
Accumulation unit value:
Beginning of period	$15.54	$15.25
End of period	$17.73	$15.54
Accumulation units outstanding at the end of period	499,289	282,406
JNL/Invesco International Growth Division
Accumulation unit value:
Beginning of period	$22.86	$19.37
End of period	$22.72	$22.86
Accumulation units outstanding at the end of period	390,639	169,549
JNL/Invesco Small Cap Growth Division
Accumulation unit value:
Beginning of period	$25.85	$18.66
End of period	$27.67	$25.85
Accumulation units outstanding at the end of period	236,455	138,721
JNL/Ivy Asset Strategy Division
Accumulation unit value:
Beginning of period	$14.79	$12.06
End of period	$14.07	$14.79
Accumulation units outstanding at the end of period	1,246,887	632,385
JNL/JPMorgan MidCap Growth Division
Accumulation unit value:
Beginning of period	$40.84	$29.00
End of period	$45.03	$40.84
Accumulation units outstanding at the end of period	237,127	115,892
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Lazard Emerging Markets Division
Accumulation unit value:
Beginning of period	$14.11	$14.39
End of period	$13.26	$14.11
Accumulation units outstanding at the end of period	545,108	280,484
JNL/Mellon Capital (MC) Bond Index Division
Accumulation unit value:
Beginning of period	$14.74	$15.28
End of period	$15.43	$14.74
Accumulation units outstanding at the end of period	588,864	180,098
JNL/MC Communications Sector Division
Accumulation unit value:
Beginning of period	$8.18	N/A
End of period	$8.56	N/A
Accumulation units outstanding at the end of period	98,749	N/A
JNL/MC Consumer Brands Sector Division
Accumulation unit value:
Beginning of period	$22.16	$15.84
End of period	$24.34	$22.16
Accumulation units outstanding at the end of period	101,900	47,274
JNL/MC Emerging Markets Index Division
Accumulation unit value:
Beginning of period	$10.03	N/A
End of period	$9.58	N/A
Accumulation units outstanding at the end of period	335,587	N/A
JNL/MC European 30 Division
Accumulation unit value:
Beginning of period	$15.62	N/A
End of period	$14.96	N/A
Accumulation units outstanding at the end of period	173,963	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Financial Sector Division
Accumulation unit value:
Beginning of period	$11.76	N/A
End of period	$13.18	N/A
Accumulation units outstanding at the end of period	134,983	N/A
JNL/MC Global Alpha Division
Accumulation unit value:
Beginning of period	$10.06	$10.28
End of period	$9.84	$10.06
Accumulation units outstanding at the end of period	111,749	98,742
JNL/MC Healthcare Sector Division
Accumulation unit value:
Beginning of period	$22.68	$16.23
End of period	$28.14	$22.68
Accumulation units outstanding at the end of period	364,053	96,696
JNL/MC International Index Division
Accumulation unit value:
Beginning of period	$19.93	N/A
End of period	$18.56	N/A
Accumulation units outstanding at the end of period	530,679	N/A
JNL/MC Nasdaq 25 Division
Accumulation unit value:
Beginning of period	$19.64	$14.04
End of period	$23.06	$19.64
Accumulation units outstanding at the end of period	266,598	36,292
JNL/MC Oil & Gas Sector Division
Accumulation unit value:
Beginning of period	$44.69	$35.96
End of period	$39.72	$44.69
Accumulation units outstanding at the end of period	108,940	44,265
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Pacific Rim 30 Division
Accumulation unit value:
Beginning of period	$15.94	N/A
End of period	$16.31	N/A
Accumulation units outstanding at the end of period	63,302	N/A
JNL/MC S&P 400 MidCap Index Division
Accumulation unit value:
Beginning of period	$26.44	$20.05
End of period	$28.64	$26.44
Accumulation units outstanding at the end of period	515,987	141,090
JNL/MC S&P 500 Index Division
Accumulation unit value:
Beginning of period	$17.27	$13.23
End of period	$19.37	$17.27
Accumulation units outstanding at the end of period	1,871,286	618,405
JNL/MC S&P SMid 60 Division
Accumulation unit value:
Beginning of period	$16.52	N/A
End of period	$16.96	N/A
Accumulation units outstanding at the end of period	146,123	N/A
JNL/MC Small Cap Index Division
Accumulation unit value:
Beginning of period	$23.91	$17.42
End of period	$24.81	$23.91
Accumulation units outstanding at the end of period	331,397	165,617
JNL/MC Technology Sector Division
Accumulation unit value:
Beginning of period	$10.22	$8.17
End of period	$12.23	$10.22
Accumulation units outstanding at the end of period	367,101	128,591
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Utilities Sector Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	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	$14.51	N/A
End of period	$15.50	N/A
Accumulation units outstanding at the end of period	100,748	N/A
JNL/MMRS Conservative Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Moderate Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/PIMCO Real Return Division
Accumulation unit value:
Beginning of period	$13.99	$15.53
End of period	$14.33	$13.99
Accumulation units outstanding at the end of period	345,272	241,506
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/PIMCO Total Return Bond Division
Accumulation unit value:
Beginning of period	$21.30	$21.94
End of period	$21.96	$21.30
Accumulation units outstanding at the end of period	476,662	368,159
JNL/PPM America Floating Rate Income Division
Accumulation unit value:
Beginning of period	$11.04	$10.67
End of period	$10.97	$11.04
Accumulation units outstanding at the end of period	1,988,101	1,177,267
JNL/PPM America High Yield Bond Division
Accumulation unit value:
Beginning of period	$21.65	$20.18
End of period	$21.50	$21.65
Accumulation units outstanding at the end of period	543,970	292,963
JNL/PPM America Mid Cap Value Division
Accumulation unit value:
Beginning of period	$15.77	$11.27
End of period	$17.27	$15.77
Accumulation units outstanding at the end of period	222,584	102,155
JNL/Red Rocks Listed Private Equity Division
Accumulation unit value:
Beginning of period	$15.26	$10.86
End of period	$15.22	$15.26
Accumulation units outstanding at the end of period	842,598	711,825
JNL/S&P 4 Division
Accumulation unit value:
Beginning of period	$18.40	$12.92
End of period	$20.87	$18.40
Accumulation units outstanding at the end of period	2,553,813	1,076,069
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/S&P International 5 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/S&P MID 3 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Scout Unconstrained Bond Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/T. Rowe Price Established Growth Division
Accumulation unit value:
Beginning of period	$52.17	$37.94
End of period	$56.23	$52.17
Accumulation units outstanding at the end of period	225,460	107,760
JNL/T. Rowe Price Short-Term Bond Division
Accumulation unit value:
Beginning of period	$10.97	$11.05
End of period	$10.92	$10.97
Accumulation units outstanding at the end of period	511,923	248,457
JNL/T. Rowe Price Value Division
Accumulation unit value:
Beginning of period	$24.46	$17.99
End of period	$27.47	$24.46
Accumulation units outstanding at the end of period	544,590	266,528
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/WMC Balanced Division
Accumulation unit value:
Beginning of period	$41.28	$34.89
End of period	$44.97	$41.28
Accumulation units outstanding at the end of period	372,915	121,800
JNL/WMC Money Market Division
Accumulation unit value:
Beginning of period	$13.75	$13.87
End of period	$13.63	$13.75
Accumulation units outstanding at the end of period	1,365,208	1,593,970

Accumulation Unit Values
Contract with Optional Benefits - 1.25%
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Dynamic Risk Advantage - Diversified Division
Accumulation unit value:
Beginning of period	$10.07	$9.99
End of period	$10.46	$10.07
Accumulation units outstanding at the end of period	6,139,754	6,802,508
Curian Dynamic Risk Advantage - Growth Division
Accumulation unit value:
Beginning of period	$9.48	$9.43
End of period	$8.97	$9.48
Accumulation units outstanding at the end of period	1,077,467	1,291,288
Curian Dynamic Risk Advantage - Income Division
Accumulation unit value:
Beginning of period	$10.27	$10.25
End of period	$10.97	$10.27
Accumulation units outstanding at the end of period	5,291,201	4,899,247
Curian Focused International Equity Division
Accumulation unit value:
Beginning of period	$10.48	N/A
End of period	$10.25	N/A
Accumulation units outstanding at the end of period	55,383	N/A
Curian Focused U.S. Equity Division
Accumulation unit value:
Beginning of period	$10.93	N/A
End of period	$11.17	N/A
Accumulation units outstanding at the end of period	101,797	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Alt 100 Conservative Division
Accumulation unit value:
Beginning of period	$9.92	N/A
End of period	$9.93	N/A
Accumulation units outstanding at the end of period	1,035,197	N/A
Curian Guidance - Alt 100 Growth Division
Accumulation unit value:
Beginning of period	$10.09	N/A
End of period	$10.19	N/A
Accumulation units outstanding at the end of period	1,878,413	N/A
Curian Guidance - Alt 100 Moderate Division
Accumulation unit value:
Beginning of period	$10.38	$10.12
End of period	$10.48	$10.38
Accumulation units outstanding at the end of period	6,688,924	6,344,532
Curian Guidance - Conservative Division
Accumulation unit value:
Beginning of period	$10.46	$10.50
End of period	$10.71	$10.46
Accumulation units outstanding at the end of period	3,825,340	2,133,706
Curian Guidance - Equity 100 Division
Accumulation unit value:
Beginning of period	$12.91	$10.28
End of period	$13.37	$12.91
Accumulation units outstanding at the end of period	1,034,553	852,582
Curian Guidance - Equity Income Division
Accumulation unit value:
Beginning of period	$11.96	$10.37
End of period	$12.83	$11.96
Accumulation units outstanding at the end of period	1,420,593	1,271,373
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Fixed Income 100 Division
Accumulation unit value:
Beginning of period	$9.68	$10.04
End of period	$9.76	$9.68
Accumulation units outstanding at the end of period	1,233,546	847,215
Curian Guidance - Growth Division
Accumulation unit value:
Beginning of period	$10.85	N/A
End of period	$11.16	N/A
Accumulation units outstanding at the end of period	2,178,149	N/A
Curian Guidance - Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	$11.07	$10.32
End of period	$11.22	$11.07
Accumulation units outstanding at the end of period	2,573,826	2,310,072
Curian Guidance - Interest Rate Opportunities Division
Accumulation unit value:
Beginning of period	$9.76	N/A
End of period	$9.74	N/A
Accumulation units outstanding at the end of period	1,527,547	N/A
Curian Guidance - International Conservative Division
Accumulation unit value:
Beginning of period	$9.73	N/A
End of period	$9.41	N/A
Accumulation units outstanding at the end of period	178,522	N/A
Curian Guidance - International Growth Division
Accumulation unit value:
Beginning of period	$10.10	N/A
End of period	$9.65	N/A
Accumulation units outstanding at the end of period	144,712	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - International Moderate Division
Accumulation unit value:
Beginning of period	$9.93	N/A
End of period	$9.49	N/A
Accumulation units outstanding at the end of period	236,760	N/A
Curian Guidance - Maximum Growth Division
Accumulation unit value:
Beginning of period	$12.04	$10.26
End of period	$12.39	$12.04
Accumulation units outstanding at the end of period	1,289,711	952,825
Curian Guidance - Moderate Division
Accumulation unit value:
Beginning of period	$11.53	$10.41
End of period	$11.81	$11.53
Accumulation units outstanding at the end of period	8,519,385	4,915,607
Curian Guidance - Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.49	$10.41
End of period	$11.82	$11.49
Accumulation units outstanding at the end of period	9,175,303	5,241,962
Curian Guidance - Multi-Strategy Income Division
Accumulation unit value:
Beginning of period	$9.65	N/A
End of period	$9.71	N/A
Accumulation units outstanding at the end of period	1,337,341	N/A
Curian Guidance - Real Assets Division
Accumulation unit value:
Beginning of period	$9.82	N/A
End of period	$9.53	N/A
Accumulation units outstanding at the end of period	275,228	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Tactical Maximum Growth Division
Accumulation unit value:
Beginning of period	$11.56	$10.15
End of period	$11.85	$11.56
Accumulation units outstanding at the end of period	1,145,782	928,847
Curian Guidance - Tactical Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.37	$10.22
End of period	$11.73	$11.37
Accumulation units outstanding at the end of period	5,122,855	4,361,106
Curian Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.08	N/A
End of period	$9.82	N/A
Accumulation units outstanding at the end of period	618,708	N/A
Curian Tactical Advantage 35 Division
Accumulation unit value:
Beginning of period	$10.87	$10.32
End of period	$11.17	$10.87
Accumulation units outstanding at the end of period	1,404,542	1,012,393
Curian Tactical Advantage 60 Division
Accumulation unit value:
Beginning of period	$11.69	$10.41
End of period	$12.07	$11.69
Accumulation units outstanding at the end of period	2,532,114	1,893,251
Curian Tactical Advantage 75 Division
Accumulation unit value:
Beginning of period	$12.30	$10.51
End of period	$12.70	$12.30
Accumulation units outstanding at the end of period	1,349,235	1,259,940
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Aberdeen Latin America Division
Accumulation unit value:
Beginning of period	$8.26	N/A
End of period	$6.90	N/A
Accumulation units outstanding at the end of period	33,997	N/A
Curian/American Funds Global Growth Division
Accumulation unit value:
Beginning of period	$10.96	N/A
End of period	$11.05	N/A
Accumulation units outstanding at the end of period	596,435	N/A
Curian/American Funds Growth Division
Accumulation unit value:
Beginning of period	$13.50	$10.56
End of period	$14.40	$13.50
Accumulation units outstanding at the end of period	1,444,951	786,657
Curian/AQR Risk Parity Division
Accumulation unit value:
Beginning of period	$10.02	N/A
End of period	$10.69	N/A
Accumulation units outstanding at the end of period	517,678	N/A
Curian/Ashmore Emerging Market Small Cap Equity Division
Accumulation unit value:
Beginning of period	$10.31	N/A
End of period	$9.21	N/A
Accumulation units outstanding at the end of period	72,278	N/A
Curian/Baring International Fixed Income Division
Accumulation unit value:
Beginning of period	$9.54	N/A
End of period	$9.18	N/A
Accumulation units outstanding at the end of period	122,973	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/BlackRock Global Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.02	N/A
End of period	$10.01	N/A
Accumulation units outstanding at the end of period	1,872,977	N/A
Curian/CenterSquare International Real Estate Securities Division
Accumulation unit value:
Beginning of period	$9.26	N/A
End of period	$9.22	N/A
Accumulation units outstanding at the end of period	167,193	N/A
Curian/DFA U.S. Micro Cap Division
Accumulation unit value:
Beginning of period	$14.29	$10.07
End of period	$14.40	$14.29
Accumulation units outstanding at the end of period	527,210	315,792
Curian/DoubleLine Total Return Division
Accumulation unit value:
Beginning of period	$9.96	N/A
End of period	$10.48	N/A
Accumulation units outstanding at the end of period	1,727,620	N/A
Curian/Eaton Vance Global Macro Absolute Return Advantage Division
Accumulation unit value:
Beginning of period	$9.44	N/A
End of period	$9.76	N/A
Accumulation units outstanding at the end of period	464,403	N/A
Curian/Epoch Global Shareholder Yield Division
Accumulation unit value:
Beginning of period	$12.90	$10.60
End of period	$13.52	$12.90
Accumulation units outstanding at the end of period	479,413	321,032
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/FAMCO Flex Core Covered Call Division
Accumulation unit value:
Beginning of period	$11.32	$10.17
End of period	$12.17	$11.32
Accumulation units outstanding at the end of period	2,361,827	1,567,957
Curian/Franklin Templeton Frontier Markets Division
Accumulation unit value:
Beginning of period	$12.16	$10.40
End of period	$10.21	$12.16
Accumulation units outstanding at the end of period	308,903	138,181
Curian/Franklin Templeton Natural Resources Division
Accumulation unit value:
Beginning of period	$9.40	$8.76
End of period	$7.37	$9.40
Accumulation units outstanding at the end of period	818,456	496,790
Curian/Lazard International Strategic Equity Division
Accumulation unit value:
Beginning of period	$11.50	N/A
End of period	$11.20	N/A
Accumulation units outstanding at the end of period	223,470	N/A
Curian/Neuberger Berman Currency Division
Accumulation unit value:
Beginning of period	$9.75	$10.06
End of period	$9.95	$9.75
Accumulation units outstanding at the end of period	451,679	299,329
Curian/Neuberger Berman Risk Balanced Commodity Strategy Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Nicholas Convertible Arbitrage Division
Accumulation unit value:
Beginning of period	$10.35	$10.15
End of period	$10.12	$10.35
Accumulation units outstanding at the end of period	1,783,296	1,194,537
Curian/PIMCO Credit Income Division
Accumulation unit value:
Beginning of period	$10.24	$10.55
End of period	$10.88	$10.24
Accumulation units outstanding at the end of period	920,119	612,556
Curian/PineBridge Merger Arbitrage Division
Accumulation unit value:
Beginning of period	$9.86	$9.97
End of period	$9.68	$9.86
Accumulation units outstanding at the end of period	1,575,866	1,839,183
Curian/Schroder Emerging Europe Division
Accumulation unit value:
Beginning of period	$10.32	N/A
End of period	$7.41	N/A
Accumulation units outstanding at the end of period	63,868	N/A
Curian/T. Rowe Price Capital Appreciation Division
Accumulation unit value:
Beginning of period	$10.51	N/A
End of period	$11.59	N/A
Accumulation units outstanding at the end of period	1,858,758	N/A
Curian/The Boston Company Equity Income Division
Accumulation unit value:
Beginning of period	$14.50	$10.73
End of period	$15.90	$14.50
Accumulation units outstanding at the end of period	851,291	592,592
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/UBS Global Long Short Fixed Income Opportunities Division
Accumulation unit value:
Beginning of period	$9.88	N/A
End of period	$9.32	N/A
Accumulation units outstanding at the end of period	525,739	N/A
Curian/Van Eck International Gold Division
Accumulation unit value:
Beginning of period	$4.62	$8.99
End of period	$4.29	$4.62
Accumulation units outstanding at the end of period	1,116,328	558,925
JNL Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/AllianceBernstein Dynamic Asset Allocation Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/American Funds Growth-Income Division
Accumulation unit value:
Beginning of period	$15.16	$11.55
End of period	$16.49	$15.16
Accumulation units outstanding at the end of period	2,598,494	1,140,369
JNL/American Funds International Division
Accumulation unit value:
Beginning of period	$12.62	N/A
End of period	$12.08	N/A
Accumulation units outstanding at the end of period	584,055	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/AQR Managed Futures Strategy Division
Accumulation unit value:
Beginning of period	$10.39	$9.82
End of period	$11.19	$10.39
Accumulation units outstanding at the end of period	2,515,217	2,270,560
JNL/BlackRock Commodity Securities Strategy Division
Accumulation unit value:
Beginning of period	$11.19	$10.35
End of period	$9.48	$11.19
Accumulation units outstanding at the end of period	1,018,021	655,328
JNL/BlackRock Global Allocation Division
Accumulation unit value:
Beginning of period	$11.98	$10.61
End of period	$12.05	$11.98
Accumulation units outstanding at the end of period	5,620,914	3,391,451
JNL/Boston Partners Global Long Short Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Brookfield Global Infrastructure and MLP Division
Accumulation unit value:
Beginning of period	$14.79	$12.13
End of period	$15.68	$14.79
Accumulation units outstanding at the end of period	3,097,201	1,514,246
JNL/DFA U.S. Core Equity Division
Accumulation unit value:
Beginning of period	$25.26	$18.93
End of period	$27.40	$25.26
Accumulation units outstanding at the end of period	536,699	220,085
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Eastspring Investments Asia ex-Japan Division
Accumulation unit value:
Beginning of period	$8.33	$8.98
End of period	$8.69	$8.33
Accumulation units outstanding at the end of period	94,035	46,288
JNL/Eastspring Investments China-India Division
Accumulation unit value:
Beginning of period	$7.26	$7.53
End of period	$7.99	$7.26
Accumulation units outstanding at the end of period	257,222	92,772
JNL/Franklin Templeton Global Multisector Bond Division
Accumulation unit value:
Beginning of period	$11.97	$11.71
End of period	$11.77	$11.97
Accumulation units outstanding at the end of period	3,035,056	1,837,560
JNL/Franklin Templeton Income Division
Accumulation unit value:
Beginning of period	$14.02	N/A
End of period	$14.28	N/A
Accumulation units outstanding at the end of period	3,459,875	N/A
JNL/Franklin Templeton International Small Cap Growth Division
Accumulation unit value:
Beginning of period	$11.19	$8.56
End of period	$10.01	$11.19
Accumulation units outstanding at the end of period	670,087	376,648
JNL/Franklin Templeton Small Cap Value Division
Accumulation unit value:
Beginning of period	$19.06	$14.36
End of period	$18.85	$19.06
Accumulation units outstanding at the end of period	529,928	345,486
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Goldman Sachs Emerging Markets Debt Division
Accumulation unit value:
Beginning of period	$13.64	$14.99
End of period	$12.81	$13.64
Accumulation units outstanding at the end of period	565,935	509,579
JNL/Invesco Global Real Estate Division
Accumulation unit value:
Beginning of period	$15.01	$14.79
End of period	$17.06	$15.01
Accumulation units outstanding at the end of period	1,609,574	908,515
JNL/Invesco International Growth Division
Accumulation unit value:
Beginning of period	$21.21	$18.05
End of period	$21.00	$21.21
Accumulation units outstanding at the end of period	546,573	328,647
JNL/Invesco Small Cap Growth Division
Accumulation unit value:
Beginning of period	$24.61	$17.84
End of period	$26.25	$24.61
Accumulation units outstanding at the end of period	503,191	293,735
JNL/Ivy Asset Strategy Division
Accumulation unit value:
Beginning of period	$14.54	$11.90
End of period	$13.78	$14.54
Accumulation units outstanding at the end of period	4,737,978	3,899,556
JNL/JPMorgan MidCap Growth Division
Accumulation unit value:
Beginning of period	$37.91	$27.03
End of period	$41.63	$37.91
Accumulation units outstanding at the end of period	507,092	274,858
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Lazard Emerging Markets Division
Accumulation unit value:
Beginning of period	$13.68	$14.01
End of period	$12.80	$13.68
Accumulation units outstanding at the end of period	837,743	549,511
JNL/MC Bond Index Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MC Communications Sector Division
Accumulation unit value:
Beginning of period	$7.72	$6.46
End of period	$8.05	$7.72
Accumulation units outstanding at the end of period	291,204	203,647
JNL/MC Consumer Brands Sector Division
Accumulation unit value:
Beginning of period	$20.91	$15.00
End of period	$22.88	$20.91
Accumulation units outstanding at the end of period	551,285	413,131
JNL/MC Emerging Markets Index Division
Accumulation unit value:
Beginning of period	$9.94	$10.50
End of period	$9.45	$9.94
Accumulation units outstanding at the end of period	490,758	312,959
JNL/MC European 30 Division
Accumulation unit value:
Beginning of period	$15.30	$11.86
End of period	$14.59	$15.30
Accumulation units outstanding at the end of period	500,903	163,865
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Financial Sector Division
Accumulation unit value:
Beginning of period	$11.09	$8.42
End of period	$12.39	$11.09
Accumulation units outstanding at the end of period	580,781	286,189
JNL/MC Global Alpha Division
Accumulation unit value:
Beginning of period	$9.88	$10.15
End of period	$9.63	$9.88
Accumulation units outstanding at the end of period	333,211	448,138
JNL/MC Healthcare Sector Division
Accumulation unit value:
Beginning of period	$21.40	$15.38
End of period	$26.45	$21.40
Accumulation units outstanding at the end of period	1,828,754	772,972
JNL/MC International Index Division
Accumulation unit value:
Beginning of period	$19.00	$15.84
End of period	$17.62	$19.00
Accumulation units outstanding at the end of period	726,842	382,103
JNL/MC Nasdaq 25 Division
Accumulation unit value:
Beginning of period	$18.92	$13.58
End of period	$22.13	$18.92
Accumulation units outstanding at the end of period	488,420	163,582
JNL/MC Oil & Gas Sector Division
Accumulation unit value:
Beginning of period	$42.17	$34.07
End of period	$37.33	$42.17
Accumulation units outstanding at the end of period	379,088	150,931
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Pacific Rim 30 Division
Accumulation unit value:
Beginning of period	$15.61	$14.03
End of period	$15.91	$15.61
Accumulation units outstanding at the end of period	181,598	83,999
JNL/MC S&P 400 MidCap Index Division
Accumulation unit value:
Beginning of period	$25.21	$19.19
End of period	$27.19	$25.21
Accumulation units outstanding at the end of period	893,679	517,291
JNL/MC S&P 500 Index Division
Accumulation unit value:
Beginning of period	$16.47	$12.67
End of period	$18.39	$16.47
Accumulation units outstanding at the end of period	2,141,141	1,131,372
JNL/MC S&P SMid 60 Division
Accumulation unit value:
Beginning of period	$16.09	$11.90
End of period	$16.44	$16.09
Accumulation units outstanding at the end of period	600,869	286,516
JNL/MC Small Cap Index Division
Accumulation unit value:
Beginning of period	$22.79	$16.67
End of period	$23.56	$22.79
Accumulation units outstanding at the end of period	560,149	335,827
JNL/MC Technology Sector Division
Accumulation unit value:
Beginning of period	$9.65	$7.74
End of period	$11.49	$9.65
Accumulation units outstanding at the end of period	1,106,784	347,655
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Utilities Sector Division
Accumulation unit value:
Beginning of period	$9.52	N/A
End of period	$11.87	N/A
Accumulation units outstanding at the end of period	1,180,417	N/A
JNL/MC Value Line 30 Division
Accumulation unit value:
Beginning of period	$13.98	$10.50
End of period	$14.87	$13.98
Accumulation units outstanding at the end of period	169,673	36,864
JNL/MMRS Conservative Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Moderate Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/PIMCO Real Return Division
Accumulation unit value:
Beginning of period	$13.61	$15.16
End of period	$13.88	$13.61
Accumulation units outstanding at the end of period	1,331,995	966,906
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/PIMCO Total Return Bond Division
Accumulation unit value:
Beginning of period	$19.99	$20.67
End of period	$20.53	$19.99
Accumulation units outstanding at the end of period	1,740,656	1,295,686
JNL/PPM America Floating Rate Income Division
Accumulation unit value:
Beginning of period	$10.91	$10.59
End of period	$10.80	$10.91
Accumulation units outstanding at the end of period	7,427,862	5,106,625
JNL/PPM America High Yield Bond Division
Accumulation unit value:
Beginning of period	$20.32	$19.02
End of period	$20.10	$20.32
Accumulation units outstanding at the end of period	2,006,331	1,433,799
JNL/PPM America Mid Cap Value Division
Accumulation unit value:
Beginning of period	$15.41	$11.06
End of period	$16.80	$15.41
Accumulation units outstanding at the end of period	672,744	409,086
JNL/Red Rocks Listed Private Equity Division
Accumulation unit value:
Beginning of period	$14.94	$10.68
End of period	$14.85	$14.94
Accumulation units outstanding at the end of period	2,707,656	1,775,428
JNL/S&P 4 Division
Accumulation unit value:
Beginning of period	$17.95	$12.66
End of period	$20.28	$17.95
Accumulation units outstanding at the end of period	6,794,696	3,180,401
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/S&P International 5 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/S&P MID 3 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Scout Unconstrained Bond Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/T. Rowe Price Established Growth Division
Accumulation unit value:
Beginning of period	$48.42	$35.36
End of period	$51.98	$48.42
Accumulation units outstanding at the end of period	625,936	389,669
JNL/T. Rowe Price Short-Term Bond Division
Accumulation unit value:
Beginning of period	$10.63	$10.76
End of period	$10.55	$10.63
Accumulation units outstanding at the end of period	2,963,618	1,333,400
JNL/T. Rowe Price Value Division
Accumulation unit value:
Beginning of period	$23.16	$17.10
End of period	$25.90	$23.16
Accumulation units outstanding at the end of period	1,260,834	808,759
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/WMC Balanced Division
Accumulation unit value:
Beginning of period	$38.32	$32.51
End of period	$41.57	$38.32
Accumulation units outstanding at the end of period	1,869,200	754,635
JNL/WMC Money Market Division
Accumulation unit value:
Beginning of period	$12.76	$12.92
End of period	$12.60	$12.76
Accumulation units outstanding at the end of period	4,498,036	2,786,276

Questions:  If you have any questions about your Contract, you may contact us at:
Annuity Service Center:		1 (800) 644-4565 (8 a.m. - 8 p.m. ET)
	Mail Address:	P.O. Box 30314, Lansing, Michigan 48909-7814
	Delivery Address:	1 Corporate Way, Lansing, Michigan 48951
Institutional Marketing Group Service Center:		1 (800) 777-7779 (8 a.m. - 8 p.m. ET)
(for Contracts purchased through a bank or another financial institution)
	Mail Address:	P.O. Box 30386, Lansing, Michigan 48909-7886
	Delivery Address:	1 Corporate Way, Lansing, Michigan 48951 Attn:  IMG
Home Office:		1 Corporate Way, Lansing, Michigan 48951

STATEMENT OF ADDITIONAL INFORMATION

April 2 7 , 201 5

ELITE ACCESS^®

FLEXIBLE PREMIUM FIXED AND VARIABLE DEFERRED ANNUITY

Issued by

Jackson National Life Insurance Company^® and through

Jackson National Separate Account – I

This Statement of Additional Information (SAI) is not a prospectus.  It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the Prospectus dated April 2 7 , 201 5 .  The Prospectus may be obtained from Jackson National Life Insurance Company by writing P.O. Box 30314, Lansing, Michigan 48909-7814, or calling 1-800-644-4565.

TABLE OF CONTENTS
	Page
General Information and History	2
Services	9
Purchase of Securities Being Offered	10
Underwriters	10
Calculation of Performance	10
Additional Tax Information	12
Annuity Provision	22
Net Investment Factor	22
Condensed Financial Information	23
Financial Statements of the Separate Account	Appendix A
Financial Statements of Jackson	Appendix B

General Information and History

Jackson National Separate Account - I (Separate Account) is a separate investment account of Jackson National Life Insurance Company (Jackson^®).  Jackson 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.

Trademarks, Service Marks, and Related Disclosures

The "S&P 500 Index," "S&P MidCap 400 Index," "S&P SmallCap 600 Index," "Dow Jones Industrial Average,"  and "Dow Jones Brookfield Global Infrastructure Index," "STANDARD & POOR'S^®," "S&P^®," "S&P 500^®," "S&P MIDCAP 400 Index^®," "STANDARD & POOR'S MIDCAP 400 Index^®," "S&P SmallCap 600 Index^®" and "STANDARD & POOR'S 500^®" (collectively, the "Indices") are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company ("Jackson").  "Dow Jones^®", "Dow Jones Industrial Average", "DJIA^®", and "The Dow^®" are service and/or trademarks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to SPDJI and have been sub-licensed for use for certain purposes by Jackson National Life Insurance Company^® ("Jackson").

The Dow Jones Brookfield Global Infrastructure Index is calculated by SPDJI pursuant to an agreement with Brookfield Redding, Inc. (together with its affiliates, "Brookfield") and has been licensed for use. Standard & Poor's^®, S&P^® and S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® are registered trademarks of Standard & Poor's Financial Services LLC; Dow Jones U.S. Contrarian Opportunities Index is a service mark of Dow Jones; Brookfield^® is a registered trademark of Brookfield Asset Management , Inc.; and the foregoing trademarks have been licensed by SPDJI for use.

The JNL/Mellon Capital S&P^® SMid 60 Fund, JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, and the JNL/Brookfield Global Infrastructure and MLP Fund (collectively, the "Products") are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, Standard & Poor's Financial Services LLC, Brookfield or any of their respective affiliates (collectively, "S&P Dow Jones Indices").

S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Indices to track general market performance.  S&P Dow Jones Indices' only relationship to Jackson with respect to the Indices or the Products is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors.  The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to Jackson or the Products.  S&P Dow Jones Indices have no obligation to take the needs of Jackson or the owners of the Products into consideration in determining, composing or calculating the Indices.  S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products in the determination or calculation of the equation by which the Products are to be converted into cash, surrendered or redeemed, as the case may be.  S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Products. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns.  S&P Dow Jones Indices LLC is not an investment advisor.  Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO.  S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS IN CALCULATING THE INDICES.  S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY JACKSON OR OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.  THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND JACKSON, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

SPDR^® is a registered trademark of Standard & Poor's Financial Services LLC.  S&P Capital IQ is a trademark of Standard Financial Services LLC.

The following applies to the JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Total Yield Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P International 5 Fund, JNL /S&P Mid 3 Fund and JNL/S&P 4 Fund.

Standard & Poor's Investment Advisory Services LLC ("SPIAS") is a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly owned subsidiary of McGraw-Hill Financial, Inc. SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS does not act as a "fiduciary" or as an "investment manager," as defined under ERISA, to any investor. SPIAS is not responsible for client suitability.

Programs and products of the firms to which SPIAS provides services are not endorsed, sold or promoted by SPIAS and its affiliates, and SPIAS and its affiliates make no representation regarding the advisability of investing in those programs and products. With respect to the asset allocations and investments recommended by SPIAS, investors should realize that such investment recommendations are provided to Jackson National Asset Management, LLC only as a general recommendation. The underlying funds of the JNL/S&P 4 Fund are co-sub-advised by SPIAS. SPIAS does not co-sub-advise the JNL/S&P 4 Fund. There is no agreement or understanding whatsoever that SPIAS will provide individualized advice to any investor. SPIAS does not take into account any information about any investor or any investor's assets when providing investment advisory services to firms to which SPIAS provides services. SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments. Individual investors should ultimately rely on their own judgment and/or the judgment of a representative in making their investment decisions.

Standard & Poor's  Financial Services LLC, SPIAS, and their affiliates (collectively S&P), and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively with S&P,  S&P Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and valuations, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and S&P Parties shall have no liability for any errors, omission, or interruptions therein (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

S&P's credit ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions.  S&P credit ratings should not be relied on when making any investment or other business decision.  S&P's opinions and analyses do not address the suitability of any security.  S&P does not act as a fiduciary or an investment advisor, except where registered as such. While S&P has obtained information from sources they believe to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Based on a universe of funds provided to SPIAS, SPIAS may recommend for investment certain funds to which S&P licenses certain intellectual property or otherwise has a financial interest, including exchange-traded funds whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. SPIAS recommends these funds for investment based on asset allocation, sector representation, liquidity and other factors; however, SPIAS has a potential conflict of interest with respect to the inclusion of these funds.  In cases where S&P is paid fees that are tied to the amount of assets that are invested in the fund, investment in the fund will generally result in S&P earning compensation in addition to the fees received by SPIAS in connection with its provision of services.  In certain cases there may be alternative funds that are available for investment that will provide investors substantially similar exposure to the asset class or sector.

S&P provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

SPIAS may consider research and other information from affiliates in making its investment recommendations. The investment policies of certain portfolios specifically state that among the information SPIAS will consider in evaluating a security are the credit ratings assigned by S&P.  SPIAS does not consider the ratings assigned by other credit rating agencies. Credit rating criteria and scales may differ among credit rating agencies. Ratings assigned by other credit rating agencies may reflect more or less favorable opinions of creditworthiness than ratings assigned by S&P.

The Funds are not sponsored, endorsed, sold or promoted by S&P and its affiliates and S&P and its affiliates make no representation regarding the advisability of investing in the Funds.

Goldman Sachs is a registered service mark of Goldman, Sachs & Co.

DoubleLine is a registered service mark of DoubleLine Capital LP.

The Product(s) is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, are referred to as the Corporations).  The Corporations have not passed on the legality or suitability of or the accuracy or adequacy of descriptions and disclosures relating to the Product(s).  The Corporations make no representation or warranty, express or implied to the Owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index^® to track general stock market performance.  The Corporations' only relationship to Jackson (Licensee) is in the licensing of the Nasdaq-100^®, Nasdaq-100 Index^® and Nasdaq^® trademarks or service marks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index^® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s).  Nasdaq has no obligation to take the needs of the Licensee or the Owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index^®.  The Corporations are not responsible for and have not participated in the determination of the timing of, prices at or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash.  The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Nasdaq-100 index^® or any data included therein.  The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, Owners of the product(s) or any other person or entity from the use of the Nasdaq-100 Index^® or any data included therein.  The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Nasdaq-100 Index^® or any data included therein.  Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect or consequential damages, even if notified of the possibility of such damages.

 "The Nasdaq-100^®," "Nasdaq-100 Index^®," "Nasdaq Stock Market^®" and "Nasdaq^®" are trade or service marks of The Nasdaq, Inc. (which with its affiliates are the "Corporations") and have been licensed for use by Jackson.  The Corporations have not passed on the legality or suitability of the JNL/Mellon Capital Nasdaq^®25 Fund.  The JNL/Mellon Capital Nasdaq^® 25 Fund is not issued, endorsed, sponsored, managed, sold or promoted by the Corporations.  THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/MELLON CAPITAL NASDAQ^® 25 FUND.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes.  Russell is a trademark of Russell Investment Group.

JNL/Mellon Capital Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investment Group ("Russell").  Russell is not responsible for and has not reviewed JNL/Mellon Capital Small Cap Index Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes.  Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell's publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based.  RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES.  RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES.  RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES").  THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI.  MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY JACKSON NATIONAL ASSET MANAGEMENT, LLC.  NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE.  MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND OR THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND OR THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY.  NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES.  NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND IS REDEEMABLE.  FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Services

Jackson keeps the assets of the Separate Account.  Jackson holds all cash of the Separate Account and attends to the collection of proceeds of shares of the underlying Funds bought and sold by the Separate Account.

The financial statements of Jackson National Separate Account - I and Jackson National Life Insurance Company for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.  KPMG LLP is located at Aon Center, 200 East Randolph Drive, Suite 5500, Chicago, Illinois 60601.

Jackson is the parent of Jackson National Asset Management, LLC ("JNAM"), the Funds' investment adviser and administrator.  Pursuant to an agreement between Jackson and JNAM, JNAM provides certain administrative services with respect to the Separate Account, including separate account administration services and financial and accounting services.  For the past three years, Jackson paid $450,000 in 2012, $520,500 in 2013 , and $391,000 in 2014 for the services provided by JNAM to Jackson.

Purchase of Securities Being Offered

The Contracts will be sold by licensed insurance agents in states where the Contracts may be lawfully sold.  The agents will be registered representatives of broker-dealers that are registered under the Securities Exchange Act of 1934 and members of the Financial Industry Regulatory Authority (FINRA).

Underwriters

The Contracts are offered continuously and are distributed by Jackson National Life Distributors LLC (JNLD), 7601 Technology Way, Denver, Colorado 80237.  JNLD is a subsidiary of Jackson.

For Elite Access^® contracts, t he aggregate amount of commissions paid to broker/dealers was $41,853,859 in 2012 ,  $127,128,371 in 2013 , and $164,234,871 in 2014 .  JNLD did not retain any portion of the commissions.

Calculation of Performance

When Jackson advertises performance for an Investment Division (except the JNL/WMC Money Market Division), we will include quotations of standardized average annual total return to facilitate comparison with standardized average annual total return advertised by other variable annuity separate accounts.  Standardized average annual total return for an Investment Division will be shown for periods beginning on the date the Investment Division first invested in the corresponding Funds.  We will calculate standardized average annual total return according to the standard methods prescribed by rules of the Securities and Exchange Commission.

Standardized average annual total return for a specific period is calculated by taking a hypothetical $1,000 investment in an Investment Division at the offering on the first day of the period ("initial investment") and computing the average annual compounded rate of return for the period that would equate the initial investment with the ending redeemable value ("redeemable value") of that investment at the end of the period, carried to at least the nearest hundredth of a percent.  Standardized average annual total return reflects the deduction of all recurring charges that are charged to all Contracts.  The redeemable value also reflects the effect of any applicable withdrawal charge or other charge that may be imposed at the end of the period.  No deduction is made for premium taxes that may be assessed by certain states.

Jackson may also advertise non-standardized total return on an annualized and cumulative basis.  Non-standardized total return may be for periods other than those required to be presented or may otherwise differ from standardized average annual total return.  The Contract is designed for long-term investment; therefore, Jackson believes that non-standardized total return that does not reflect the deduction of any applicable withdrawal charge may be useful to investors.  Reflecting the deduction of the withdrawal charge decreases the level of performance advertised. Non-standardized total return may also assume a larger initial investment that more closely approximates the size of a typical Contract.

Standardized average annual total return quotations will be current to the last day of the calendar quarter preceding the date on which an advertisement is submitted for publication.  Both standardized average annual total return quotations and non-standardized total return quotations will be based on rolling calendar quarters and will cover at least periods of one, five, and ten years, or a period covering the time the Investment Division has been in existence, if it has not been in existence for one of the prescribed periods.

Quotations of standardized average annual total return and non-standardized total return are based upon historical earnings and will fluctuate.  Any quotation of performance should not be considered a guarantee of future performance.  Factors affecting the performance of an Investment Division and its corresponding Fund include general market conditions, operating expenses and investment management.  An owner's withdrawal value upon surrender of a Contract may be more or less than its original cost.

Jackson may advertise the current annualized yield for a 30-day period for an Investment Division.  The annualized yield of an Investment Division refers to the income generated by the Investment Division over a specified 30-day period.  Because this yield is annualized, the yield generated by an Investment Division during the 30-day period is assumed to be generated each 30-day period.  The yield is computed by dividing the net investment income per accumulation unit earned during the period by the price per unit on the last day of the period, according to the following formula:

            

Where:

a	=	net investment income earned during the period by the Fund attributable to shares owned by the Investment Division.
b	=	expenses for the Investment Division accrued for the period (net of reimbursements).
c	=	the average daily number of accumulation units outstanding during the period.
d	=	the maximum offering price per accumulation unit on the last day of the period.

Net investment income will be determined in accordance with rules established by the Securities and Exchange Commission.  Accrued expenses will include all recurring fees that are charged to all Contracts.

Because of the charges and deductions imposed by the Separate Account, the yield for an Investment Division will be lower than the yield for the corresponding Funds.  The yield on amounts held in the Investment Division normally will fluctuate over time.  Therefore, the disclosed yield for any given period is not an indication or representation of future yields or rates of return.  An Investment Division's actual yield will be affected by the types and quality of portfolio securities held by the Fund and the Fund operating expenses.

Any current yield quotations of the JNL/WMC Money Market Division will consist of a seven calendar day historical yield, carried at least to the nearest hundredth of a percent.  We may advertise yield for the Division based on different time periods, but we will accompany it with a yield quotation based on a seven calendar day period.  The JNL/WMC Money Market Division's yield will be calculated by determining the net change, exclusive of capital changes, in the value of a hypothetical pre-existing account having a balance of one accumulation unit at the beginning of the base period, subtracting a hypothetical charge reflecting deductions from Contracts, and dividing the net change in account value by the value of the account at the beginning of the period to obtain a base period return and multiplying the base period return by (365/7).  The JNL/WMC Money Market Division's effective yield is computed similarly but includes the effect of assumed compounding on an annualized basis of the current yield quotations of the Division.

The JNL/WMC Money Market Division's and effective yield will fluctuate daily.  Actual yields will depend on factors such as the type of instruments in the Fund's portfolio, portfolio quality and average maturity, changes in interest rates, and the Fund's expenses. Although the Investment Division determines its yield on the basis of a seven calendar day period, it may use a different time period on occasion.  The yield quotes may reflect the expense limitations described in the Fund's Prospectus or Statement of Additional Information.  There is no assurance that the yields quoted on any given occasion will be maintained for any period of time and there is no guarantee that the net asset values will remain constant.  It should be noted that neither a Contract owner's investment in the JNL/WMC Money Market Division nor that Division's investment in the JNL/WMC Money Market Division is guaranteed or insured.  Yields of other money market Funds may not be comparable if a different base or another method of calculation is used.

Additional Tax Information

NOTE: INFORMATION CONTAINED HEREIN SHOULD NOT BE SUBSTITUTED FOR THE ADVICE OF A PERSONAL TAX ADVISER.  JACKSON DOES NOT MAKE ANY GUARANTEE REGARDING THE TAX STATUS OF ANY CONTRACT OR ANY TRANSACTION INVOLVING THE CONTRACTS.  PURCHASERS BEAR THE COMPLETE RISK THAT THE CONTRACTS MAY NOT BE TREATED AS "ANNUITY CONTRACTS" UNDER FEDERAL INCOME TAX LAWS. IT SHOULD BE FURTHER UNDERSTOOD THAT THE FOLLOWING DISCUSSION IS NOT EXHAUSTIVE AND THAT OTHER SPECIAL RULES MAY BE APPLICABLE IN CERTAIN SITUATIONS.  MOREOVER, NO ATTEMPT HAS BEEN MADE TO CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS OR TO COMPARE THE TAX TREATMENT OF THE CONTRACTS TO THE TAX TREATMENT OF ANY OTHER INVESTMENT.

Jackson's Tax Status

Jackson is taxed as a life insurance company under the Internal Revenue Code of 1986, as amended (the "Code").  For federal income tax purposes, the Separate Account is not a separate entity from Jackson and its operations form a part of Jackson.

Taxation of Annuity Contracts in General

Section 72 of the Code governs the taxation of annuities in general.  An individual owner is not taxed on increases in the value of a Contract until distribution occurs, either in the form of a withdrawal or as annuity payments under the annuity option elected.  For a withdrawal received as a total surrender (total redemption or a death benefit), the recipient is taxed on the portion of the payment that exceeds the cost basis of the Contract.  For a payment received as a partial withdrawal from a non-qualified Contract, federal tax liability is generally determined on a last-in, first-out basis, meaning taxable income is withdrawn before the cost basis of the Contract is withdrawn. In the case of a partial withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable. For Contracts issued in connection with non-qualified plans, the cost basis is generally the premiums, while for Contracts issued in connection with tax-qualified plans there may be no cost basis.  The taxable portion of a withdrawal is taxed at ordinary income tax rates.  Tax penalties may also apply.

For annuity payments, a portion of each payment in excess of an exclusion amount is includable in taxable income.  All annuity payments in excess of the exclusion amount are fully taxable at ordinary income rates.

The exclusion amount for payments based on a fixed annuity option is determined by multiplying the payment by the ratio that the cost basis of the Contract (adjusted for any period certain or refund feature) bears to the expected return under the Contract.  The exclusion amount for payments based on a variable annuity option is determined by dividing the cost basis of the Contract (adjusted for any period certain or refund guarantee) by the fixed or estimated number of years for which annuity payments are to be made.  No exclusion is allowed with respect to any payments received after the investment in the Contract has been recovered (i.e., when the total of the excludable amounts equals the investment in the Contract).  For certain types of tax-qualified plans there may be no cost basis in the Contract within the meaning of Section 72 of the Code.

Owners, annuitants and beneficiaries under the Contracts should seek competent financial advice about the tax consequences of distributions.

Medicare Tax on Net Investment Income

Beginning in 2013, the taxable portion of distributions from a non-qualified annuity Contract will be considered investment income for purposes of the new Medicare tax on investment income.  As a result, a 3.8% tax will generally apply to some or all of the taxable portion of distributions to individuals whose modified adjusted gross income exceeds certain threshold amounts.  These levels are $200,000 in the case of single taxpayers, $250,000 in the case of married taxpayers filing joint returns, and $125,000 in the case of married taxpayers filing separately.  Owners should consult their own tax advisers for more information.

Withholding Tax on Distributions

The Code generally requires Jackson (or, in some cases, a plan administrator) to withhold tax on the taxable portion of any distribution or withdrawal from a Contract.  For "eligible rollover distributions" from Contracts issued under certain types of tax-qualified plans, 20% of the distribution must be withheld, unless the payee elects to have the distribution "rolled over" to another eligible plan in a direct transfer.  This requirement is mandatory and cannot be waived by the owner.

An "eligible rollover distribution" is the taxable portion of any amount received by a covered employee from a plan qualified under Section 401(a) or 403(a) of the Code, from a tax sheltered annuity qualified under Section 403(b) of the Code or an eligible deferred compensation plan of a state or local government under Section 457(b) of the Code (other than (1) a series of substantially equal periodic payments (not less frequently than annually) for the life (or life expectancy) of the employee, or joint lives (or joint life expectancies) of the employee, and his or her designated beneficiary, or for a specified period of ten years or more; (2) minimum distributions required to be made under the Code; and (3) hardship withdrawals).  Failure to "roll over" the entire amount of an eligible rollover distribution (including the amount equal to the 20% portion of the distribution that was withheld) could have adverse tax consequences, including the imposition of a penalty tax on premature withdrawals, described later in this section.

Withdrawals or distributions from a Contract other than eligible rollover distributions are also subject to withholding on the taxable portion of the distribution, but the owner may elect in such cases to waive the withholding requirement.  If not waived, withholding is imposed (1) for periodic payments, at the rate that would be imposed if the payments were wages, or (2) for other distributions, at the rate of 10%.  If no withholding exemption certificate is in effect for the payee, the rate under (1) above is computed by treating the payee as a married individual claiming three withholding exemptions.

Generally, the amount of any payment of interest to a non-resident alien of the United States shall be subject to withholding of a tax equal to 30% of such amount or, if applicable, a lower treaty rate.  A payment may not be subject to withholding where the recipient sufficiently establishes that such payment is effectively connected to the recipient's conduct of a trade or business in the United States and such payment is included in the recipient's gross income.

Diversification – Separate Account Investments

Section 817(h) of the Code imposes certain asset diversification standards on variable annuity Contracts.  The Code provides that a variable annuity Contract will not be treated as an annuity Contract for any period (and any subsequent period) for which the investments held in any segregated asset account underlying the Contract are not adequately diversified, in accordance with regulations prescribed by the United States Treasury Department ("Treasury Department").  Disqualification of the Contract as an annuity Contract would result in imposition of federal income tax to the owner with respect to earnings allocable to the Contract prior to the receipt of payments under the Contract.  The Code contains a safe harbor provision which provides that annuity Contracts, such as the Contracts, meet the diversification requirements if, as of the last day of each calendar quarter, or within 30 days after such last day, the underlying assets meet the diversification standards for a regulated investment company and no more than 55% of the total assets consist of cash, cash items, U.S. government securities and securities of other regulated investment companies.

The Treasury Department has issued Regulations establishing diversification requirements for the mutual Funds underlying the variable Contracts.  These Regulations amplify the diversification requirements for variable Contracts set forth in the Code and provide an alternative to the safe harbor provision described above.  Under these Regulations, a mutual Fund will be deemed adequately diversified if (1) no more than 55% of the value of the total assets of the mutual Fund is represented by any one investment; (2) no more than 70% of the value of the total assets of the mutual Fund is represented by any two investments; (3) no more than 80% of the value of the total assets of the mutual Fund is represented by any three investments; and (4) no more than 90% of the value of the total assets of the mutual Fund is represented by any four investments.

Jackson intends that each Fund of the JNL Series Trust, JNL Variable Fund LLC, and Jackson Variable Series Trust will be managed by its respective investment adviser in such a manner as to comply with these diversification requirements.

At the time the Treasury Department issued the diversification Regulations, it did not provide guidance regarding the circumstances under which Contract owner control of the investments of a segregated asset account would cause the Contract owner to be treated as the owner of the assets of the segregated asset account.  Revenue Ruling 2003-91 provides such guidance by describing the circumstances under which the owner of a variable contract will not possess sufficient control over the assets underlying the contract to be treated as the owner of those assets for federal income tax purposes.

Rev. Rul. 2003-91 considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets and thus to be subject to current income tax on the income and gains produced by those assets.  Under the contracts in Rev. Rul. 2003-91 there was no arrangement, plan, contract or agreement between the contract owner and the insurance company regarding the availability of a particular investment option and other than the contract owner's right to allocate premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts were made by the insurance company or an advisor in its sole and absolute discretion.  Twelve investment options were available under the contracts in Rev. Rul. 2003-91 although the insurance company had the right to increase (but to no more than 20) or decrease the number of sub-accounts at any time.  The contract owner was permitted to transfer amounts among the various investment options without limitation, subject to incurring fees for more than one transfer per 30-day period.

Like the contracts described in Rev. Rul. 2003-91, under the Contract there will be no arrangement, plan, contract or agreement between a Contract owner and Jackson regarding the availability of a particular Allocation Option and other than the Contract owner's right to allocate premiums and transfer funds among the available Allocation Options, all investment decisions concerning the Allocation Options will be made by Jackson or an advisor in its sole and absolute discretion.  The Contract will differ from the contracts described in Rev. Rul. 2003-91 in two respects.  The first difference is that the contracts described in Rev. Rul. 2003-91 provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas the Contract offers 107 Investment Divisions and at least one Fixed Account option, and, if more than 99 options are offered, a Contract owner's Contract Value can be allocated to no more than 99 fixed and variable options at any one time.  The second difference is that the owner of a contract in Rev. Rul. 2003-91 could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract owner can make 15 transfers in any one year without a charge.

Rev. Rul. 2003-91 states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances.  Jackson does not believe that the differences between the Contract and the contracts described in Rev. Rul. 2003-91 with respect to the number of investment choices and the number of investment transfers that can be made under the Contract without an additional charge should prevent the holding in Rev. Rul. 2003-91 from applying to the owner of a Contract.  At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance.  Jackson reserves the right to modify the Contract to the extent required to maintain favorable tax treatment.

Multiple Contracts

The Code provides that multiple non-qualified annuity Contracts that are issued within a calendar year to the same Contract owner by one company or its affiliates are treated as one annuity Contract for purposes of determining the tax consequences of any distribution.  Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such multiple Contracts.  For purposes of this rule, Contracts received in a Section 1035 exchange will be considered issued in the year of the exchange.  Owners should consult a tax adviser prior to purchasing more than one annuity Contract in any calendar year.

Partial 1035 Exchanges

In accordance with Revenue Procedure 2011-38, the IRS will consider a partial exchange of an annuity Contract for another annuity Contract valid if there is either no withdrawal from, or surrender of, either the surviving annuity contract or the new annuity contract within 180 days of the date of the partial exchange. Revenue Procedure 2011-38 also provides certain exceptions to the 180 day rule. Due to the complexity of these rules, owners are encouraged to consult their own tax advisers prior to entering into a partial exchange of an annuity Contract.

Contracts Owned by Other Than Natural Persons

Under Section 72(u) of the Code, the investment earnings on premiums for Contracts will be taxed currently to the owner if the owner is a non-natural person, e.g., a corporation or certain other entities.  Such Contracts generally will not be treated as annuities for federal income tax purposes (except for the taxation of life insurance companies).  However, this treatment is not applied to Contracts held by a trust or other entity as an agent for a natural person nor to Contracts held by certain tax-qualified plans.  Purchasers should consult their own tax counsel or other tax adviser before purchasing a Contract to be owned by a non-natural person.

Tax Treatment of Assignments

An assignment or pledge of a Contract may have tax consequences.  Any assignment or pledge of a tax-qualified Contract may also be prohibited by ERISA in some circumstances.  Owners should, therefore, consult competent legal advisers should they wish to assign or pledge their Contracts.

An assignment or pledge of all or any portion of the value of a Non-Qualified Contract is treated under Section 72 of the Code as an amount not received as an annuity.  The value of the Contract assigned or pledged that exceeds the aggregate premiums paid will be included in the individual's gross income.  In addition, the amount included in the individual's gross income could also be subject to the 10% penalty tax discussed below under Non-Qualified Contracts.

An assignment or pledge of all or any portion of the value of a Qualified Contract will disqualify the Qualified Contract.  If the Qualified Contract is part of a qualified pension or profit-sharing plan, the Code prohibits the assignment or alienation of benefits provided under the plan.  If the Qualified Contract is an IRA annuity or a 403(b) annuity, the Code requires the Qualified Contract to be nontransferable.  If the Qualified Contract is part of an eligible deferred compensation plan, amounts cannot be made available to plan participants or beneficiaries: (1) until the calendar year in which the participant attains age 70 1/2; (2) when the participant has a severance from employment; or (3) when the participant is faced with an unforeseeable emergency.

Death Benefits

Any death benefits paid under the Contract are taxable to the beneficiary.  The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments.  Estate or gift taxes may also apply.

Tax-Qualified Plans

The Contracts offered by the Prospectus are designed to be suitable for use under various types of tax-qualified plans.  Taxation of owners of a tax-qualified Contract will vary based on the type of plan and the terms and conditions of each specific plan.  Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified Contract may be subject to the terms and conditions of the plan, regardless of the terms and conditions of the Contracts issued to fund the plan.  Owners, annuitant and beneficiaries are also reminded that a tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is already tax-deferred.

Tax Treatment of Withdrawals

Non-Qualified Contracts

Section 72 of the Code governs treatment of distributions from annuity Contracts.  It provides that if the Contract value exceeds the aggregate premiums made, any amount withdrawn not in the form of an annuity payment will be treated as coming first from the earnings and then, only after the income portion is exhausted, as coming from the principal.  Withdrawn earnings are included in a taxpayer's gross income.  Section 72 further provides that a 10% penalty will apply to the income portion of any distribution.  The penalty is not imposed on amounts received: (1) after the taxpayer reaches 59 1/2; (2) upon the death of the owner; (3) if the taxpayer is totally disabled as defined in Section 72(m)(7) of the Code; (4) in a series of substantially equal periodic payments made at least annually for the life (or life expectancy) of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and his beneficiary; (5) under an immediate annuity; or (6) which are allocable to premium payments made prior to August 14, 1982.

With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Tax-Qualified Contracts

In the case of a withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable, generally based on the ratio of the individual's cost basis to the individual's total accrued benefit under the retirement plan.  Special tax rules may be available for certain distributions from a tax-qualified Contract.  Section 72(t) of the Code imposes a 10% penalty tax on the taxable portion of any distribution from qualified retirement plans, including Contracts issued and qualified under Code Sections 401 (pension and profit sharing plans), 403(b) (tax-sheltered annuities), individual retirement accounts and annuities under 408(a) and (b) (IRAs) and Roth IRAs under 408A.  To the extent amounts are not included in gross income because they have been rolled over to an IRA or to another eligible qualified plan, no tax penalty will be imposed.

The tax penalty will not apply to the following distributions: (1)  distributions made on or after the date on which the owner or annuitant (as applicable) reaches age 59 1/2; (2) distributions following the death or disability of the owner or annuitant (as applicable) (for this purpose "disability" is defined in Section 72(m)(7) of the Code); (3) distributions that are part of a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the owner or annuitant (as applicable) or the joint lives (or joint life expectancies) of such owner or annuitant (as applicable) and his or her designated beneficiary; (4) distributions to an owner or annuitant (as applicable) who has separated from service after he has attained age 55; (5) distributions made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the amount allowable as a deduction under Code Section 213 to the owner or annuitant (as applicable) for amounts paid during the taxable year for medical care; (6) distributions made to an alternate payee pursuant to a qualified domestic relations order; (7) distributions made on account of an IRS levy upon the qualified Contracts; (8) distributions from an IRA after separation from employment for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for the Contract owner or annuitant (as applicable) and his or her spouse and dependents if the Contract owner or annuitant (as applicable) has received unemployment compensation for at least 12 weeks (this exception will no longer apply after the Contract owner or annuitant (as applicable) has been re-employed for at least 60 days); (9) distributions from an IRA made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the qualified higher education expenses (as defined in Section 72(t)(7) of the Code) (as applicable) for the taxable year; and (10) distributions from an  IRA made to the owner or annuitant (as applicable) which are qualified first time home buyer distributions (as defined in Section 72(t)(8) of the Code).  The exceptions stated in items (4) and (6) above do not apply in the case of an IRA.  The exception stated in (3) above applies to an IRA without the requirement that there be a separation from service.

With respect to (3) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Withdrawals of amounts attributable to contributions made pursuant to a salary reduction agreement (in accordance with Section 403(b)(11) of the Code) are limited to the following: when the owner attains age 59 1/2, severs employment, dies, becomes disabled (within the meaning of Section 72(m)(7) of the Code), or in the case of hardship.  Hardship withdrawals do not include any earnings on salary reduction contributions.  These limitations on withdrawals apply to: (1) salary reduction contributions made after December 31, 1988; (2) income attributable to such contributions; and (3) income attributable to amounts held as of December 31, 1988.  The limitations on withdrawals do not affect rollovers or exchanges between certain tax-qualified plans.  Tax penalties may also apply.  While the foregoing limitations only apply to certain Contracts issued in connection with Section 403(b) plans, all owners should seek competent tax advice regarding any withdrawals or distributions.

The taxable portion of a withdrawal or distribution from tax-qualified Contracts may, under some circumstances, be "rolled over" into another eligible plan so as to continue to defer income tax on the taxable portion.  Such treatment is available for an "eligible rollover distribution" made by certain types of plans (as described above under "Taxes – Withholding Tax on Distributions") that is transferred within 60 days of receipt into another eligible plan or an IRA.  Plans making such eligible rollover distributions are also required, with some exceptions specified in the Code, to provide for a direct transfer of the distribution to the transferee plan designated by the recipient.

Amounts received from IRAs may also be rolled over into other IRAs or certain other plans, subject to limitations set forth in the Code.

Prior to the date that annuity payments begin under an annuity Contract, the required minimum distribution rules applicable to defined contribution plans and IRAs will be used.  Generally, distributions from a tax-qualified plan must commence no later than April 1 of the calendar year following the year in which the employee attains the later of age 70 1/2 or the date of retirement.  In the case of an IRA, distributions must commence no later than April 1 of the calendar year following the year in which the owner attains age 70 1/2.  Required distributions from defined contribution plans and IRAs are determined by dividing the account balance by the appropriate distribution period found in a uniform lifetime distribution table set forth in IRS regulations.  For this purpose, the entire interest under an annuity Contract is the account value under the Contract plus the actuarial value of any other benefits such as guaranteed death benefits that will be provided under the Contract.

If the sole beneficiary is the Contract holder's or employee's spouse and the spouse is more than 10 years younger than the employee, a longer distribution period measured by the joint life and last survivor expectancy of the Contract holder employee and spouse is permitted to be used.  Distributions under a defined benefit plan or an annuity Contract must be paid in the form of periodic annuity payments for the employee's life (or the joint lives of the employee and beneficiary) or over a period certain that does not exceed the period under the uniform lifetime table for the employee's age in the year in which the annuity starting date occurs.  If the required minimum distributions are not made, a 50% penalty tax on the amount not distributed is imposed on the individual.

Types of Tax-Qualified Plans

The Contracts offered herein are designed to be suitable for use under various types of tax-qualified plans.  Taxation of participants in each tax-qualified plan varies with the type of plan and terms and conditions of each specific plan.  Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified plan may be subject to the terms and conditions of the plan regardless of the terms and conditions of the Contracts issued pursuant to the plan.  Some retirement plans are subject to distribution and other requirements that are not incorporated into Jackson's administrative procedures.  Jackson is not bound by the terms and conditions of such plans to the extent such terms conflict with the terms of a Contract, unless Jackson specifically consents to be bound.  Owners, annuitants and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.

A tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is tax deferred.  However, the Contract has features and benefits other than tax deferral that may make it an appropriate investment for a tax-qualified plan.  Following are general descriptions of the types of tax-qualified plans with which the Contracts may be used.  Such descriptions are not exhaustive and are for general informational purposes only.  The tax rules regarding tax-qualified plans are very complex and will have differing applications depending on individual facts and circumstances.  Each purchaser should obtain competent tax advice prior to purchasing a Contract issued under a tax-qualified plan.

Contracts issued pursuant to tax-qualified plans include special provisions restricting Contract provisions that may otherwise be available as described herein.  Generally, Contracts issued pursuant to tax-qualified plans are not transferable except upon surrender or annuitization.  Various penalty and excise taxes may apply to contributions or distributions made in violation of applicable limitations.  Furthermore, certain withdrawal penalties and restrictions may apply to surrenders from Tax-Qualified Contracts.  (See "Tax Treatment of Withdrawals – Tax-Qualified Contracts" above.)

On July 6, 1983, the Supreme Court decided in Arizona Governing Committee v. Norris that benefits provided under an employer's deferred compensation plan could not, under Title VII of the Civil Rights Act of 1964, vary between men and women.  The Contracts sold by Jackson in connection with certain Tax-Qualified Plans will utilize tables that do not differentiate on the basis of sex.  Such annuity tables will also be available for use in connection with certain non-qualified deferred compensation plans.

(a) Tax-Sheltered Annuities

Section 403(b) of the Code permits the purchase of "tax-sheltered annuities" by public schools and certain charitable, educational and scientific organizations described in Section 501(c)(3) of the Code.  These qualifying employers may make contributions to the Contracts for the benefit of their employees.  Such contributions are not included in the gross income of the employee until the employee receives distributions from the Contract.  The amount of contributions to the tax-sheltered annuity is limited to certain maximums imposed by the Code.  Furthermore, the Code sets forth additional restrictions governing such items as transferability, distributions, non-discrimination and withdrawals.  Employee loans are not allowed under these Contracts.  Any employee should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(b) Individual Retirement Annuities

Section 408(b) of the Code permits eligible individuals to contribute to an individual retirement program known as an "individual retirement annuity" ("IRA annuity").  Under applicable limitations, certain amounts may be contributed to an IRA annuity that will be deductible from the individual's gross income.  IRA annuities are subject to limitations on eligibility, contributions, transferability and distributions.  Sales of IRA annuities are subject to special requirements imposed by the Code, including the requirement that certain informational disclosure be given to persons desiring to establish an IRA.  Purchasers of Contracts to be qualified as IRA annuities should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(c) Roth IRA Annuities

Section 408A of the Code provides that individuals may purchase a non-deductible IRA annuity, known as a Roth IRA annuity.  Purchase payments for Roth IRA annuities are limited to a maximum of $5,500 for 201 5 .  The limit will be adjusted annually for inflation in $500 increments.  In addition, the Act allows individuals age 50 and older to make additional catch-up IRA contributions.  The otherwise maximum contribution limit (before application of adjusted gross income phase-out limits) for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $1,000.  The same contribution and catch-up contributions are also available for purchasers of Traditional IRA annuities.

Lower maximum limitations apply to individuals above certain adjusted gross income levels.  For 2015 , these levels are $11 6 ,000 in the case of single taxpayers, $18 3 ,000 in the case of married taxpayers filing joint returns, and $0 in the case of married taxpayers filing separately.  These levels are indexed annually in $1,000 increments.  An overall $5,500 annual limitation (increased as discussed above) continues to apply to all of a taxpayer's IRA annuity contributions, including Roth IRA annuities and non-Roth IRA annuities.

Qualified distributions from Roth IRA annuities are free from federal income tax.  A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on the individual's death or disability, or as a qualified first-time home purchase, subject to a $10,000 lifetime maximum, for the individual, a spouse, child, grandchild, or ancestor.  Any distribution that is not a qualified distribution is taxable to the extent of earnings in the distribution.  Distributions are treated as made from contributions first and therefore no distributions are taxable until distributions exceed the amount of contributions to the Roth IRA annuity.  The 10% penalty tax and the regular IRA annuity exceptions to the 10% penalty tax apply to taxable distributions from Roth IRA annuities.

Amounts may be rolled over from one Roth IRA annuity to another Roth IRA annuity.  Furthermore, an individual may make a rollover contribution from a non-Roth IRA annuity to a Roth IRA annuity.  The individual must pay tax on any portion of the IRA annuity being rolled over that would be included in income if the distributions were not rolled over.  There are no similar limitations on rollovers from one Roth IRA annuity to another Roth IRA annuity.

(d) Pension and Profit-Sharing Plans

The Internal Revenue Code permits employers, including self-employed individuals, to establish various types of qualified retirement plans for employees.  These retirement plans may permit the purchase of the Contracts to provide benefits under the plan.  Contributions to the plan for the benefit of employees will not be included in the gross income of the employee until distributed from the plan.  The tax consequences to owners may vary depending upon the particular plan design.  However, the Code places limitations on all plans on such items as amount of allowable contributions; form, manner and timing of distributions; vesting and non-forfeitability of interests; nondiscrimination in eligibility and participation; and the tax treatment of distributions, transferability of benefits, withdrawals and surrenders.  Purchasers of Contracts for use with pension or profit sharing plans should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(e) Eligible Deferred Compensation Plans – Section 457

Under Code provisions, employees and independent Contractors performing services for state and local governments and other tax-exempt organizations may participate in eligible deferred compensation plans under Section 457 of the Code.  The amounts deferred under a Plan that meets the requirements of Section 457 of the Code are not taxable as income to the participant until paid or otherwise made available to the participant or beneficiary.  As a general rule, the maximum amount that can be deferred in any one year is the lesser of 100% of the participant's includible compensation or the $ 18,000 elective deferral limitation in 201 5 .  The limit is indexed for inflation in $500 increments annually.  In addition, the Act allows individuals in eligible deferred compensation plans of state or local governments age 50 and older to make additional catch-up contributions.  The otherwise maximum contribution limit for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $ 6,000 .  The same contribution and catch-up contributions are also available for participants in qualified pension and profit-sharing plans and tax-sheltered annuities under Section 403(b) of the Code.

In limited circumstances, the plan may provide for additional catch-up contributions in each of the last three years before normal retirement age.  Furthermore, the Code provides additional requirements and restrictions regarding eligibility and distributions.

All of the assets and income of an eligible deferred compensation plan established by a governmental employer must be held in trust for the exclusive benefit of participants and their beneficiaries.  For this purpose, custodial accounts and certain annuity Contracts are treated as trusts.  The requirement of a trust does not apply to amounts under a Plan of a tax-exempt (non-governmental) employer.  In addition, the requirement of a trust does not apply to amounts under a Plan of a governmental employer if the Plan is not an eligible plan within the meaning of Section 457(b) of the Code.  In the absence of such a trust, amounts under the plan will be subject to the claims of the employer's general creditors.

In general, distributions from a Plan are prohibited under Section 457 of the Code unless made after the participant:

● attains age 70 1/2,

● severs employment,

● dies, or

● suffers an unforeseeable financial emergency as defined in the regulations.

Under present federal tax law, amounts accumulated in a Plan of a tax-exempt (non-governmental) employer under Section 457 of the Code cannot be transferred or rolled over on a tax-deferred basis except for certain transfers to other Plans under Section 457.  Amounts accumulated in a Plan of a state or local government employer may be transferred or rolled over to another eligible deferred compensation plan of a state or local government, an IRA, a qualified pension or profit-sharing plan or a tax-sheltered annuity under Section 403(b) of the Code.

Annuity Provisions

Variable Annuity Payment  

The initial annuity payment is determined by taking the Contract value allocated to that Investment Division, less any premium tax and any applicable Contract charges, and then applying it to the income option table specified in the Contract.  The appropriate rate must be determined by the sex (except where, as in the case of certain Qualified Plans and other employer-sponsored retirement plans, such classification is not permitted) and age of the annuitant and designated second person, if any.

The dollars applied are divided by 1,000 and the result multiplied by the appropriate annuity factor appearing in the table to compute the amount of the first monthly payment.  That amount is divided by the value of an annuity unit as of the Income Date to establish the number of annuity units representing each variable payment.  The number of annuity units determined for the first variable payment remains constant for the second and subsequent monthly variable payments, assuming that no reallocation of Contract values is made.

The amount of the second and each subsequent monthly variable payment is determined by multiplying the number of annuity units by the annuity unit value as of the business day next preceding the date on which each payment is due.

The mortality and expense experience will not adversely affect the dollar amount of the variable annuity payments once payments have commenced.

Annuity Unit Value

The initial value of an annuity unit of each Investment Division was set when the Investment Divisions were established.  The value may increase or decrease from one business day to the next.  The income option tables contained in the Contract are based on a 1% per annum assumed investment rate.

The value of a fixed number of annuity units will reflect the investment performance of the Investment Divisions elected, and the amount of each payment will vary accordingly.

For each Investment Division, the value of an annuity unit for any business day is determined by multiplying the annuity unit value for the immediately preceding business day by the percentage change in the value of an accumulation unit from the immediately preceding business day to the business day of valuation,calculated by use of the Net Investment Factor, described below. The result is then multiplied by a second factor which offsets the effect of the assumed net investment rate of 1% per annum.

Net Investment Factor

The net investment factor is an index applied to measure the net investment performance of an Investment Division from one valuation date to the next. The net investment factor for any Investment Division for any valuation period during the accumulation and annuity phases is determined by dividing (a) by (b) and then subtracting (c) from the result where:

(a)	is the net result of:
	(1)	the net asset value of a Fund's share held in the Investment Division determined as of the valuation date at the end of the valuation period, plus
	(2)	the per share amount of any dividend or other distribution declared by the Fund if the "ex-dividend" date occurs during the valuation period, plus or minus
	(3)	a per share credit or charge with respect to any taxes paid or reserved for by Jackson during the valuation period which are determined by Jackson to be attributable to the operation of the Investment Division (no federal income taxes are applicable under present law);
(b)	is the net asset value of the Fund share held in the Investment Division determined as of the valuation date at the end of the preceding valuation period; and
(c)	is the asset charge factor determined by Jackson for the valuation period to reflect the asset-based charges (the mortality and expense risk charge), administration charge, and any applicable charges for the Contract's optional benefit.

Also see "Income Payments (The Income Phase)" in the Prospectus.

Condensed Financial Information

Accumulation Unit Values

The tables reflect the Accumulation Unit values for each Investment Division for the beginning and end of the periods indicated, and the number of Accumulation Units outstanding as of the end of the periods indicated – for Contracts with all levels of charges (and combinations of optional benefits), except base Contracts (with Administration Charge waiver and no optional benefits) or Contracts with the most expensive combination of charges and optional benefits, which can be found in the Prospectus.  The tables do not provide partial year information.  The tables provide Accumulation Unit values and the number of Accumulation Units outstanding only if that information is available throughout the period.  Where Accumulation Unit values and the number of Accumulation Units outstanding are unavailable, either because of a partial year or a Fund not being offered, a "N/A" is provided.

Contact the Annuity Service Center (our contact information is on the cover page of the Prospectus) to ask about the more timely Accumulation Unit values that are available for each Investment Division.

Set forth below are fund changes and additions since the September 1 5 , 201 4 Supplement to theProspectus dated April 2 8 , 201 4 , for your information in reviewing Accumulation Unit information.

The following fund name changes are effective April 27 , 2015 (whether or not in connection with a sub-adviser change):

Jackson Variable Series Trust (formerly, the Curian Variable Series Trust)

Curian Guidance – Interest Rate Opportunities Fund to JNAM Guidance – Interest Rate Opportunities Fund

Curian Guidance – Equity Income Fund to JNAM Guidance – Equity Income Fund

Curian Guidance – Conservative Fund to JNAM Guidance – Conservative Fund

Curian Guidance – Moderate Fund to JNAM Guidance – Moderate Fund

Curian Guidance – Growth Fund to JNAM Guidance – Growth Fund

Curian Guidance – Moderate Growth Fund to JNAM Guidance – Moderate Growth Fund

Curian Guidance – Maximum Growth Fund to JNAM Guidance – Maximum Growth Fund

Curian Guidance – Alt 100 Moderate Fund to JNAM Guidance – Alt 100 Fund

Curian Guidance – Equity 100 Fund to JNAM Guidance – Equity 100 Fund

Curian Guidance – Fixed Income 100 Fund to JNAM Guidance – Fixed Income 100 Fund

Curian Guidance – Real Assets Fund to JNAM Guidance – Real Assets Fund

Curian Tactical Advantage 35 Fund to JNL Tactical ETF Conservative Fund

Curian Tactical Advantage 60 Fund to JNL Tactical ETF Moderate Fund

Curian Tactical Advantage 75 Fund to JNL Tactical ETF Growth Fund

Curian/American Funds^® Global Growth Fund to JNL/American Funds^® Global Growth Fund

Curian/American Funds^® Growth Fund to JNL/American Funds^® Growth Fund

Curian/AQR Risk Parity Fund to JNL/AQR Risk Parity Fund

Curian/BlackRock Global Long Short Credit Fund to JNL/BlackRock Global Long Short Credit Fund

Curian/DFA U.S. Micro Cap Fund to JNL/DFA U.S. Micro Cap Fund

Curian/DoubleLine^® Total Return Fund to JNL/DoubleLine^® Total Return Fund

Curian/Eaton Vance Global Macro Absolute Return Advantage Fund to JNL/Eaton Vance Global Macro Absolute Return Advantage Fund

Curian/Epoch Global Shareholder Yield Fund to JNL/Epoch Global Shareholder Yield Fund

Curian/FAMCO Flex Core Covered Call Fund to JNL/FAMCO Flex Core Covered Call Fund

Curian Focused International Equity Fund to JNL/WCM Focused International Equity Fund

Curian Focused U.S. Equity Fund to JNL/The London Company Focused U.S. Equity Fund

Curian/Franklin Templeton Frontier Markets Fund to JNL/Franklin Templeton Frontier Markets Fund

Curian/Franklin Templeton Natural Resources Fund to JNL/Franklin Templeton Natural Resources Fund

Curian/Lazard International Strategic Equity Fund to JNL/Lazard International Strategic Equity Fund

Curian Long Short Credit Fund to JNL/PPM America Long Short Credit Fund

Curian/Neuberger Berman Currency Fund to JNL/Neuberger Berman Currency Fund

Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund to JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund

Curian/Nicholas Convertible Arbitrage Fund to JNL/Nicholas Convertible Arbitrage Fund

Curian/PIMCO Credit Income Fund to JNL/PIMCO Credit Income Fund

Curian/T. Rowe Price Capital Appreciation Fund to JNL/T. Rowe Price Capital Appreciation Fund

Curian/The Boston Company Equity Income Fund to JNL/The Boston Company Equity Income Fund

Curian/Van Eck International Gold Fund to JNL/Van Eck International Gold Fund

The following fund mergers are effective April 27, 2015:

JNL Series Trust

JNL/Mellon Capital Global Alpha Fund merged into JNL/AQR Managed Futures Strategy Fund

Jackson Variable Series Trust

Curian Guidance – Multi-Strategy Income Fund merged into JNAM Guidance – Fixed Income 100 Fund

Curian Guidance – Tactical Maximum Growth Fund merged into JNAM Guidance – Maximum Growth Fund

Curian Guidance – Tactical Moderate Growth Fund merged into JNAM Guidance – Moderate Growth Fund

Curian Guidance – Institutional Alt 65 Fund merged into JNL Alt 65 Fund

Curian Guidance – Alt 100 Conservative Fund merged into JNAM Guidance – Alt 100 Fund

Curian Guidance – Alt 100 Growth Fund merged into JNAM Guidance – Alt 100 Fund

Curian Guidance – International Conservative Fund merged into JNAM Guidance – Conservative Fund

Curian Guidance – International Moderate Fund merged into JNAM Guidance – Moderate Fund

Curian Guidance – International Growth Fund merged into JNAM Guidance – Growth Fund

Curian Dynamic Risk Advantage - Diversified Fund merged into JNL/MMRS Conservative Fund

Curian Dynamic Risk Advantage - Growth Fund merged into JNL/MMRS Moderate Fund

Curian Dynamic Risk Advantage - Income Fund merged into JNL/MMRS Conservative Fund

Curian/Aberdeen Latin America Fund merged into JNL/Lazard Emerging Markets Fund

Curian/Ashmore Emerging Market Small Cap Equity Fund merged into JNL/Lazard Emerging Markets Fund

Curian/Baring International Fixed Income Fund merged into JNL/Franklin Templeton Global Multisector Bond Fund

Curian/CenterSquare International Real Estate Securities Fund merged into JNL/Invesco Global Real Estate Fund

Curian/PineBridge Merger Arbitrage Fund merged into JNL/Nicholas Convertible Arbitrage Fund

Curian/Schroder Emerging Europe Fund merged into JNL/Lazard Emerging Markets Fund

Curian/UBS Global Long Short Fixed Income Opportunities Fund merged into JNL/BlackRock Global Long Short Credit Fund

JNL Variable Fund

JNL/Mellon Capital Value Line^® 30 Fund merged into JNL/Mellon Capital S&P^® 24 Fund

Effective April 2 7 , 201 5 , the Separate Account has the following new Investment Divisions, for which no Accumulation Unit information is yet available:

JNL Series Trust

JNL Alt 65 Fund

JNL Multi-Manager Alternative Fund

JNL/Harris Oakmark Global Equity Fund

JNL/Oppenheimer Emerging Markets Innovator Fund

JNL/Westchester Capital Event Driven Fund

JNL Investors Series Trust

JNL/PPM America Total Return Fund

JNL Variable Fund LLC

JNL/Mellon Capital S&P^® 24 Fund

Accumulation Unit Values
Base Contract - 1.00%
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Dynamic Risk Advantage - Diversified Division
Accumulation unit value:
Beginning of period	$10.12	$10.01
End of period	$10.54	$10.12
Accumulation units outstanding at the end of period	15,223,683	15,529,965
Curian Dynamic Risk Advantage - Growth Division
Accumulation unit value:
Beginning of period	$9.53	$9.45
End of period	$9.03	$9.53
Accumulation units outstanding at the end of period	4,670,032	4,278,372
Curian Dynamic Risk Advantage - Income Division
Accumulation unit value:
Beginning of period	$10.32	$10.28
End of period	$11.05	$10.32
Accumulation units outstanding at the end of period	9,315,840	8,735,740
Curian Focused International Equity Division
Accumulation unit value:
Beginning of period	$10.49	N/A
End of period	$10.29	N/A
Accumulation units outstanding at the end of period	190,073	N/A
Curian Focused U.S. Equity Division
Accumulation unit value:
Beginning of period	$10.94	N/A
End of period	$11.21	N/A
Accumulation units outstanding at the end of period	308,887	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Alt 100 Conservative Division
Accumulation unit value:
Beginning of period	$9.93	N/A
End of period	$9.97	N/A
Accumulation units outstanding at the end of period	2,217,446	N/A
Curian Guidance - Alt 100 Growth Division
Accumulation unit value:
Beginning of period	$10.11	N/A
End of period	$10.23	N/A
Accumulation units outstanding at the end of period	7,369,710	N/A
Curian Guidance - Alt 100 Moderate Division
Accumulation unit value:
Beginning of period	$10.43	$10.14
End of period	$10.56	$10.43
Accumulation units outstanding at the end of period	22,110,608	18,070,412
Curian Guidance - Conservative Division
Accumulation unit value:
Beginning of period	$10.51	$10.52
End of period	$10.79	$10.51
Accumulation units outstanding at the end of period	4,850,799	2,590,409
Curian Guidance - Equity 100 Division
Accumulation unit value:
Beginning of period	$12.95	$10.29
End of period	$13.44	$12.95
Accumulation units outstanding at the end of period	4,074,742	2,561,667
Curian Guidance - Equity Income Division
Accumulation unit value:
Beginning of period	$12.02	$10.40
End of period	$12.93	$12.02
Accumulation units outstanding at the end of period	2,892,612	2,041,414
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Fixed Income 100 Division
Accumulation unit value:
Beginning of period	$9.71	$10.05
End of period	$9.82	$9.71
Accumulation units outstanding at the end of period	2,885,480	1,393,612
Curian Guidance - Growth Division
Accumulation unit value:
Beginning of period	$10.87	N/A
End of period	$11.21	N/A
Accumulation units outstanding at the end of period	9,603,839	N/A
Curian Guidance - Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	$11.13	$10.35
End of period	$11.30	$11.13
Accumulation units outstanding at the end of period	8,014,621	6,898,802
Curian Guidance - Interest Rate Opportunities Division
Accumulation unit value:
Beginning of period	$9.77	N/A
End of period	$9.78	N/A
Accumulation units outstanding at the end of period	3,152,782	N/A
Curian Guidance - International Conservative Division
Accumulation unit value:
Beginning of period	$9.74	N/A
End of period	$9.45	N/A
Accumulation units outstanding at the end of period	242,056	N/A
Curian Guidance - International Growth Division
Accumulation unit value:
Beginning of period	$10.12	N/A
End of period	$9.69	N/A
Accumulation units outstanding at the end of period	528,192	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - International Moderate Division
Accumulation unit value:
Beginning of period	$9.94	N/A
End of period	$9.53	N/A
Accumulation units outstanding at the end of period	783,827	N/A
Curian Guidance - Maximum Growth Division
Accumulation unit value:
Beginning of period	$12.10	$10.29
End of period	$12.49	$12.10
Accumulation units outstanding at the end of period	6,918,565	4,135,441
Curian Guidance - Moderate Division
Accumulation unit value:
Beginning of period	$11.59	$10.44
End of period	$11.90	$11.59
Accumulation units outstanding at the end of period	16,109,655	8,572,156
Curian Guidance - Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.55	$10.44
End of period	$11.90	$11.55
Accumulation units outstanding at the end of period	26,206,579	14,968,682
Curian Guidance - Multi-Strategy Income Division
Accumulation unit value:
Beginning of period	$9.66	N/A
End of period	$9.75	N/A
Accumulation units outstanding at the end of period	1,925,255	N/A
Curian Guidance - Real Assets Division
Accumulation unit value:
Beginning of period	$9.83	N/A
End of period	$9.57	N/A
Accumulation units outstanding at the end of period	756,206	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Tactical Maximum Growth Division
Accumulation unit value:
Beginning of period	$11.61	$10.17
End of period	$11.93	$11.61
Accumulation units outstanding at the end of period	5,921,966	4,208,052
Curian Guidance - Tactical Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.43	$10.25
End of period	$11.81	$11.43
Accumulation units outstanding at the end of period	16,901,522	13,702,212
Curian Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.10	N/A
End of period	$9.86	N/A
Accumulation units outstanding at the end of period	581,833	N/A
Curian Tactical Advantage 35 Division
Accumulation unit value:
Beginning of period	$10.92	$10.35
End of period	$11.25	$10.92
Accumulation units outstanding at the end of period	2,266,647	1,752,085
Curian Tactical Advantage 60 Division
Accumulation unit value:
Beginning of period	$11.75	$10.44
End of period	$12.16	$11.75
Accumulation units outstanding at the end of period	6,054,845	4,604,355
Curian Tactical Advantage 75 Division
Accumulation unit value:
Beginning of period	$12.35	$10.53
End of period	$12.79	$12.35
Accumulation units outstanding at the end of period	5,298,034	4,153,473
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Aberdeen Latin America Division
Accumulation unit value:
Beginning of period	$8.27	N/A
End of period	$6.92	N/A
Accumulation units outstanding at the end of period	158,022	N/A
Curian/American Funds Global Growth Division
Accumulation unit value:
Beginning of period	$10.97	N/A
End of period	$11.08	N/A
Accumulation units outstanding at the end of period	1,686,173	N/A
Curian/American Funds Growth Division
Accumulation unit value:
Beginning of period	$13.57	$10.58
End of period	$14.50	$13.57
Accumulation units outstanding at the end of period	4,000,562	1,951,736
Curian/AQR Risk Parity Division
Accumulation unit value:
Beginning of period	$10.03	N/A
End of period	$10.72	N/A
Accumulation units outstanding at the end of period	1,076,769	N/A
Curian/Ashmore Emerging Market Small Cap Equity Division
Accumulation unit value:
Beginning of period	$10.33	N/A
End of period	$9.25	N/A
Accumulation units outstanding at the end of period	228,254	N/A
Curian/Baring International Fixed Income Division
Accumulation unit value:
Beginning of period	$9.56	N/A
End of period	$9.22	N/A
Accumulation units outstanding at the end of period	238,595	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/BlackRock Global Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.03	N/A
End of period	$10.05	N/A
Accumulation units outstanding at the end of period	2,601,032	N/A
Curian/CenterSquare International Real Estate Securities Division
Accumulation unit value:
Beginning of period	$9.27	N/A
End of period	$9.25	N/A
Accumulation units outstanding at the end of period	600,335	N/A
Curian/DFA U.S. Micro Cap Division
Accumulation unit value:
Beginning of period	$14.33	$10.08
End of period	$14.48	$14.33
Accumulation units outstanding at the end of period	1,380,492	680,407
Curian/DoubleLine Total Return Division
Accumulation unit value:
Beginning of period	$9.97	N/A
End of period	$10.51	N/A
Accumulation units outstanding at the end of period	3,253,052	N/A
Curian/Eaton Vance Global Macro Absolute Return Advantage Division
Accumulation unit value:
Beginning of period	$9.46	N/A
End of period	$9.80	N/A
Accumulation units outstanding at the end of period	747,185	N/A
Curian/Epoch Global Shareholder Yield Division
Accumulation unit value:
Beginning of period	$12.97	$10.62
End of period	$13.61	$12.97
Accumulation units outstanding at the end of period	1,187,877	716,606
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/FAMCO Flex Core Covered Call Division
Accumulation unit value:
Beginning of period	$11.37	$10.19
End of period	$12.25	$11.37
Accumulation units outstanding at the end of period	5,227,803	3,140,405
Curian/Franklin Templeton Frontier Markets Division
Accumulation unit value:
Beginning of period	$12.20	$10.41
End of period	$10.27	$12.20
Accumulation units outstanding at the end of period	1,028,267	437,742
Curian/Franklin Templeton Natural Resources Division
Accumulation unit value:
Beginning of period	$9.44	$8.78
End of period	$7.42	$9.44
Accumulation units outstanding at the end of period	2,469,826	1,421,915
Curian/Lazard International Strategic Equity Division
Accumulation unit value:
Beginning of period	$11.52	N/A
End of period	$11.25	N/A
Accumulation units outstanding at the end of period	729,780	N/A
Curian/Neuberger Berman Currency Division
Accumulation unit value:
Beginning of period	$9.78	$10.07
End of period	$10.01	$9.78
Accumulation units outstanding at the end of period	940,956	771,448
Curian/Neuberger Berman Risk Balanced Commodity Strategy Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Nicholas Convertible Arbitrage Division
Accumulation unit value:
Beginning of period	$10.40	$10.17
End of period	$10.19	$10.40
Accumulation units outstanding at the end of period	3,931,535	2,232,690
Curian/PIMCO Credit Income Division
Accumulation unit value:
Beginning of period	$10.29	$10.57
End of period	$10.96	$10.29
Accumulation units outstanding at the end of period	1,565,833	925,344
Curian/PineBridge Merger Arbitrage Division
Accumulation unit value:
Beginning of period	$9.91	$9.99
End of period	$9.75	$9.91
Accumulation units outstanding at the end of period	4,528,712	4,041,837
Curian/Schroder Emerging Europe Division
Accumulation unit value:
Beginning of period	$10.33	N/A
End of period	$7.44	N/A
Accumulation units outstanding at the end of period	221,455	N/A
Curian/T. Rowe Price Capital Appreciation Division
Accumulation unit value:
Beginning of period	$10.51	N/A
End of period	$11.63	N/A
Accumulation units outstanding at the end of period	4,050,100	N/A
Curian/The Boston Company Equity Income Division
Accumulation unit value:
Beginning of period	$14.56	$10.75
End of period	$16.02	$14.56
Accumulation units outstanding at the end of period	1,553,294	1,037,160
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/UBS Global Long Short Fixed Income Opportunities Division
Accumulation unit value:
Beginning of period	$9.89	N/A
End of period	$9.36	N/A
Accumulation units outstanding at the end of period	856,713	N/A
Curian/Van Eck International Gold Division
Accumulation unit value:
Beginning of period	$4.64	$8.99
End of period	$4.31	$4.64
Accumulation units outstanding at the end of period	3,946,945	1,687,419
JNL Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/AllianceBernstein Dynamic Asset Allocation Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/American Funds Growth-Income Division
Accumulation unit value:
Beginning of period	$15.30	$11.62
End of period	$16.69	$15.30
Accumulation units outstanding at the end of period	6,455,308	2,772,309
JNL/American Funds International Division
Accumulation unit value:
Beginning of period	$12.73	N/A
End of period	$12.22	N/A
Accumulation units outstanding at the end of period	1,750,908	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/AQR Managed Futures Strategy Division
Accumulation unit value:
Beginning of period	$10.45	$9.86
End of period	$11.29	$10.45
Accumulation units outstanding at the end of period	5,393,899	4,296,988
JNL/BlackRock Commodity Securities Strategy Division
Accumulation unit value:
Beginning of period	$11.39	$10.50
End of period	$9.67	$11.39
Accumulation units outstanding at the end of period	3,405,826	1,863,511
JNL/BlackRock Global Allocation Division
Accumulation unit value:
Beginning of period	$12.07	$10.67
End of period	$12.18	$12.07
Accumulation units outstanding at the end of period	17,037,010	10,961,890
JNL/Boston Partners Global Long Short Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Brookfield Global Infrastructure and MLP Division
Accumulation unit value:
Beginning of period	$14.87	$12.17
End of period	$15.80	$14.87
Accumulation units outstanding at the end of period	7,907,464	4,018,346
JNL/DFA U.S. Core Equity Division
Accumulation unit value:
Beginning of period	$26.38	$19.71
End of period	$28.68	$26.38
Accumulation units outstanding at the end of period	1,332,133	679,340
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Eastspring Investments Asia ex-Japan Division
Accumulation unit value:
Beginning of period	$8.46	$9.09
End of period	$8.85	$8.46
Accumulation units outstanding at the end of period	274,253	127,418
JNL/Eastspring Investments China-India Division
Accumulation unit value:
Beginning of period	$7.38	$7.63
End of period	$8.14	$7.38
Accumulation units outstanding at the end of period	533,946	290,262
JNL/Franklin Templeton Global Multisector Bond Division
Accumulation unit value:
Beginning of period	$12.03	$11.74
End of period	$11.86	$12.03
Accumulation units outstanding at the end of period	5,967,341	3,361,456
JNL/Franklin Templeton Income Division
Accumulation unit value:
Beginning of period	$14.29	N/A
End of period	$14.60	N/A
Accumulation units outstanding at the end of period	6,150,040	N/A
JNL/Franklin Templeton International Small Cap Growth Division
Accumulation unit value:
Beginning of period	$11.36	$8.67
End of period	$10.19	$11.36
Accumulation units outstanding at the end of period	1,829,063	1,064,554
JNL/Franklin Templeton Small Cap Value Division
Accumulation unit value:
Beginning of period	$19.47	$14.63
End of period	$19.30	$19.47
Accumulation units outstanding at the end of period	1,426,430	838,360
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Goldman Sachs Emerging Markets Debt Division
Accumulation unit value:
Beginning of period	$13.82	$15.15
End of period	$13.01	$13.82
Accumulation units outstanding at the end of period	1,316,790	1,000,869
JNL/Invesco Global Real Estate Division
Accumulation unit value:
Beginning of period	$15.34	$15.08
End of period	$17.47	$15.34
Accumulation units outstanding at the end of period	4,220,815	2,359,606
JNL/Invesco International Growth Division
Accumulation unit value:
Beginning of period	$22.23	$18.87
End of period	$22.06	$22.23
Accumulation units outstanding at the end of period	1,464,361	814,303
JNL/Invesco Small Cap Growth Division
Accumulation unit value:
Beginning of period	$25.38	$18.35
End of period	$27.13	$25.38
Accumulation units outstanding at the end of period	1,417,286	734,528
JNL/Ivy Asset Strategy Division
Accumulation unit value:
Beginning of period	$14.69	$12.00
End of period	$13.96	$14.69
Accumulation units outstanding at the end of period	11,340,958	7,730,875
JNL/JPMorgan MidCap Growth Division
Accumulation unit value:
Beginning of period	$39.72	$28.24
End of period	$43.72	$39.72
Accumulation units outstanding at the end of period	1,251,262	567,659
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Lazard Emerging Markets Division
Accumulation unit value:
Beginning of period	$13.95	$14.25
End of period	$13.08	$13.95
Accumulation units outstanding at the end of period	2,305,241	1,343,885
JNL/MC Bond Index Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MC Communications Sector Division
Accumulation unit value:
Beginning of period	$8.01	$6.68
End of period	$8.36	$8.01
Accumulation units outstanding at the end of period	634,518	429,498
JNL/MC Consumer Brands Sector Division
Accumulation unit value:
Beginning of period	$21.68	$15.52
End of period	$23.79	$21.68
Accumulation units outstanding at the end of period	1,180,109	729,393
JNL/MC Emerging Markets Index Division
Accumulation unit value:
Beginning of period	$9.99	$10.53
End of period	$9.53	$9.99
Accumulation units outstanding at the end of period	1,520,296	671,358
JNL/MC European 30 Division
Accumulation unit value:
Beginning of period	$15.50	$11.99
End of period	$14.82	$15.50
Accumulation units outstanding at the end of period	1,491,713	492,142
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Financial Sector Division
Accumulation unit value:
Beginning of period	$11.50	$8.71
End of period	$12.88	$11.50
Accumulation units outstanding at the end of period	1,788,525	867,014
JNL/MC Global Alpha Division
Accumulation unit value:
Beginning of period	$9.99	$10.23
End of period	$9.76	$9.99
Accumulation units outstanding at the end of period	1,011,776	968,256
JNL/MC Healthcare Sector Division
Accumulation unit value:
Beginning of period	$22.19	$15.91
End of period	$27.49	$22.19
Accumulation units outstanding at the end of period	3,999,228	1,493,195
JNL/MC International Index Division
Accumulation unit value:
Beginning of period	$19.58	$16.28
End of period	$18.20	$19.58
Accumulation units outstanding at the end of period	1,987,643	782,211
JNL/MC Nasdaq 25 Division
Accumulation unit value:
Beginning of period	$19.37	$13.86
End of period	$22.71	$19.37
Accumulation units outstanding at the end of period	1,369,752	347,799
JNL/MC Oil & Gas Sector Division
Accumulation unit value:
Beginning of period	$43.73	$35.24
End of period	$38.81	$43.73
Accumulation units outstanding at the end of period	1,109,571	389,851
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Pacific Rim 30 Division
Accumulation unit value:
Beginning of period	$15.81	$14.18
End of period	$16.16	$15.81
Accumulation units outstanding at the end of period	600,227	251,551
JNL/MC S&P 400 MidCap Index Division
Accumulation unit value:
Beginning of period	$25.97	$19.72
End of period	$28.09	$25.97
Accumulation units outstanding at the end of period	2,545,895	1,263,560
JNL/MC S&P 500 Index Division
Accumulation unit value:
Beginning of period	$16.97	$13.02
End of period	$18.99	$16.97
Accumulation units outstanding at the end of period	6,099,014	2,527,964
JNL/MC S&P SMid 60 Division
Accumulation unit value:
Beginning of period	$16.36	$12.07
End of period	$16.76	$16.36
Accumulation units outstanding at the end of period	1,510,829	827,992
JNL/MC Small Cap Index Division
Accumulation unit value:
Beginning of period	$23.48	$17.13
End of period	$24.33	$23.48
Accumulation units outstanding at the end of period	1,578,620	970,898
JNL/MC Technology Sector Division
Accumulation unit value:
Beginning of period	$10.00	$8.01
End of period	$11.95	$10.00
Accumulation units outstanding at the end of period	3,148,221	755,208
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Utilities Sector Division
Accumulation unit value:
Beginning of period	$9.54	N/A
End of period	$11.92	N/A
Accumulation units outstanding at the end of period	1,951,298	N/A
JNL/MC Value Line 30 Division
Accumulation unit value:
Beginning of period	$14.31	$10.72
End of period	$15.26	$14.31
Accumulation units outstanding at the end of period	478,292	132,014
JNL/MMRS Conservative Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Moderate Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/PIMCO Real Return Division
Accumulation unit value:
Beginning of period	$13.84	$15.39
End of period	$14.16	$13.84
Accumulation units outstanding at the end of period	2,534,545	1,790,669
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/PIMCO Total Return Bond Division
Accumulation unit value:
Beginning of period	$20.80	$21.45
End of period	$21.41	$20.80
Accumulation units outstanding at the end of period	3,118,375	2,054,873
JNL/PPM America Floating Rate Income Division
Accumulation unit value:
Beginning of period	$10.99	$10.64
End of period	$10.91	$10.99
Accumulation units outstanding at the end of period	10,245,859	7,116,369
JNL/PPM America High Yield Bond Division
Accumulation unit value:
Beginning of period	$21.14	$19.74
End of period	$20.96	$21.14
Accumulation units outstanding at the end of period	3,994,532	1,767,486
JNL/PPM America Mid Cap Value Division
Accumulation unit value:
Beginning of period	$15.63	$11.19
End of period	$17.09	$15.63
Accumulation units outstanding at the end of period	1,470,929	779,880
JNL/Red Rocks Listed Private Equity Division
Accumulation unit value:
Beginning of period	$15.14	$10.79
End of period	$15.08	$15.14
Accumulation units outstanding at the end of period	7,455,962	4,751,908
JNL/S&P 4 Division
Accumulation unit value:
Beginning of period	$18.23	$12.82
End of period	$20.65	$18.23
Accumulation units outstanding at the end of period	18,353,837	7,425,583
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/S&P International 5 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/S&P MID 3 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Scout Unconstrained Bond Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/T. Rowe Price Established Growth Division
Accumulation unit value:
Beginning of period	$50.73	$36.95
End of period	$54.60	$50.73
Accumulation units outstanding at the end of period	1,539,866	854,662
JNL/T. Rowe Price Short-Term Bond Division
Accumulation unit value:
Beginning of period	$10.84	$10.94
End of period	$10.78	$10.84
Accumulation units outstanding at the end of period	5,273,660	2,641,764
JNL/T. Rowe Price Value Division
Accumulation unit value:
Beginning of period	$23.97	$17.65
End of period	$26.87	$23.97
Accumulation units outstanding at the end of period	2,866,867	1,628,152
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/WMC Balanced Division
Accumulation unit value:
Beginning of period	$40.14	$33.98
End of period	$43.66	$40.14
Accumulation units outstanding at the end of period	3,665,472	1,463,470
JNL/WMC Money Market Division
Accumulation unit value:
Beginning of period	$13.37	$13.51
End of period	$13.24	$13.37
Accumulation units outstanding at the end of period	8,355,173	6,321,657

Accumulation Unit Values
Contract with Optional Benefits - 1.10%
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Dynamic Risk Advantage - Diversified Division
Accumulation unit value:
Beginning of period	$10.10	$10.00
End of period	$10.51	$10.10
Accumulation units outstanding at the end of period	649,547	557,116
Curian Dynamic Risk Advantage - Growth Division
Accumulation unit value:
Beginning of period	$9.51	$9.45
End of period	$9.01	$9.51
Accumulation units outstanding at the end of period	27,367	24,468
Curian Dynamic Risk Advantage - Income Division
Accumulation unit value:
Beginning of period	$10.30	$10.27
End of period	$11.02	$10.30
Accumulation units outstanding at the end of period	279,894	304,768
Curian Focused International Equity Division
Accumulation unit value:
Beginning of period	$10.49	N/A
End of period	$10.27	N/A
Accumulation units outstanding at the end of period	38,947	N/A
Curian Focused U.S. Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Alt 100 Conservative Division
Accumulation unit value:
Beginning of period	$9.93	N/A
End of period	$9.95	N/A
Accumulation units outstanding at the end of period	10,198	N/A
Curian Guidance - Alt 100 Growth Division
Accumulation unit value:
Beginning of period	$10.10	N/A
End of period	$10.21	N/A
Accumulation units outstanding at the end of period	207,364	N/A
Curian Guidance - Alt 100 Moderate Division
Accumulation unit value:
Beginning of period	$10.41	$10.13
End of period	$10.53	$10.41
Accumulation units outstanding at the end of period	199,278	412,148
Curian Guidance - Conservative Division
Accumulation unit value:
Beginning of period	$10.49	$10.52
End of period	$10.76	$10.49
Accumulation units outstanding at the end of period	142,185	213,343
Curian Guidance - Equity 100 Division
Accumulation unit value:
Beginning of period	$12.93	N/A
End of period	$13.41	N/A
Accumulation units outstanding at the end of period	89,449	N/A
Curian Guidance - Equity Income Division
Accumulation unit value:
Beginning of period	$12.00	$10.39
End of period	$12.89	$12.00
Accumulation units outstanding at the end of period	124,490	109,495
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Fixed Income 100 Division
Accumulation unit value:
Beginning of period	$9.70	N/A
End of period	$9.79	N/A
Accumulation units outstanding at the end of period	19,935	N/A
Curian Guidance - Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian Guidance - Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	$11.11	$10.34
End of period	$11.27	$11.11
Accumulation units outstanding at the end of period	115,859	91,160
Curian Guidance - Interest Rate Opportunities Division
Accumulation unit value:
Beginning of period	$9.77	N/A
End of period	$9.76	N/A
Accumulation units outstanding at the end of period	5,035	N/A
Curian Guidance - International Conservative Division
Accumulation unit value:
Beginning of period	$9.74	N/A
End of period	$9.44	N/A
Accumulation units outstanding at the end of period	45,363	N/A
Curian Guidance - International Growth Division
Accumulation unit value:
Beginning of period	$10.11	N/A
End of period	$9.68	N/A
Accumulation units outstanding at the end of period	39,778	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - International Moderate Division
Accumulation unit value:
Beginning of period	$9.94	N/A
End of period	$9.51	N/A
Accumulation units outstanding at the end of period	35,322	N/A
Curian Guidance - Maximum Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian Guidance - Moderate Division
Accumulation unit value:
Beginning of period	$11.57	$10.43
End of period	$11.86	$11.57
Accumulation units outstanding at the end of period	601,192	310,981
Curian Guidance - Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.52	$10.43
End of period	$11.87	$11.52
Accumulation units outstanding at the end of period	1,544,720	459,330
Curian Guidance - Multi-Strategy Income Division
Accumulation unit value:
Beginning of period	$9.66	N/A
End of period	$9.74	N/A
Accumulation units outstanding at the end of period	51,117	N/A
Curian Guidance - Real Assets Division
Accumulation unit value:
Beginning of period	$9.83	N/A
End of period	$9.56	N/A
Accumulation units outstanding at the end of period	18,821	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian Guidance - Tactical Maximum Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian Guidance - Tactical Moderate Growth Division
Accumulation unit value:
Beginning of period	$11.40	$10.24
End of period	$11.78	$11.40
Accumulation units outstanding at the end of period	464,919	429,245
Curian Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.09	N/A
End of period	$9.84	N/A
Accumulation units outstanding at the end of period	39,732	N/A
Curian Tactical Advantage 35 Division
Accumulation unit value:
Beginning of period	$10.90	$10.34
End of period	$11.21	$10.90
Accumulation units outstanding at the end of period	49,837	13,959
Curian Tactical Advantage 60 Division
Accumulation unit value:
Beginning of period	$11.73	$10.43
End of period	$12.12	$11.73
Accumulation units outstanding at the end of period	29,587	92,805
Curian Tactical Advantage 75 Division
Accumulation unit value:
Beginning of period	$12.33	N/A
End of period	$12.75	N/A
Accumulation units outstanding at the end of period	40,252	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Aberdeen Latin America Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian/American Funds Global Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian/American Funds Growth Division
Accumulation unit value:
Beginning of period	$13.54	N/A
End of period	$14.46	N/A
Accumulation units outstanding at the end of period	206,660	N/A
Curian/AQR Risk Parity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian/Ashmore Emerging Market Small Cap Equity Division
Accumulation unit value:
Beginning of period	$10.33	N/A
End of period	$9.24	N/A
Accumulation units outstanding at the end of period	15,418	N/A
Curian/Baring International Fixed Income Division
Accumulation unit value:
Beginning of period	$9.55	N/A
End of period	$9.20	N/A
Accumulation units outstanding at the end of period	26,634	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/BlackRock Global Long Short Credit Division
Accumulation unit value:
Beginning of period	$10.03	N/A
End of period	$10.03	N/A
Accumulation units outstanding at the end of period	166,904	N/A
Curian/CenterSquare International Real Estate Securities Division
Accumulation unit value:
Beginning of period	$9.27	N/A
End of period	$9.24	N/A
Accumulation units outstanding at the end of period	23,662	N/A
Curian/DFA U.S. Micro Cap Division
Accumulation unit value:
Beginning of period	$14.31	N/A
End of period	$14.45	N/A
Accumulation units outstanding at the end of period	196,526	N/A
Curian/DoubleLine Total Return Division
Accumulation unit value:
Beginning of period	$9.97	N/A
End of period	$10.50	N/A
Accumulation units outstanding at the end of period	226,070	N/A
Curian/Eaton Vance Global Macro Absolute Return Advantage Division
Accumulation unit value:
Beginning of period	$9.45	N/A
End of period	$9.79	N/A
Accumulation units outstanding at the end of period	47,005	N/A
Curian/Epoch Global Shareholder Yield Division
Accumulation unit value:
Beginning of period	$12.94	N/A
End of period	$13.57	N/A
Accumulation units outstanding at the end of period	48,754	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/FAMCO Flex Core Covered Call Division
Accumulation unit value:
Beginning of period	$11.35	$10.18
End of period	$12.22	$11.35
Accumulation units outstanding at the end of period	365,331	260,141
Curian/Franklin Templeton Frontier Markets Division
Accumulation unit value:
Beginning of period	$12.18	N/A
End of period	$10.25	N/A
Accumulation units outstanding at the end of period	38,320	N/A
Curian/Franklin Templeton Natural Resources Division
Accumulation unit value:
Beginning of period	$9.43	N/A
End of period	$7.40	N/A
Accumulation units outstanding at the end of period	37,300	N/A
Curian/Lazard International Strategic Equity Division
Accumulation unit value:
Beginning of period	$11.51	N/A
End of period	$11.23	N/A
Accumulation units outstanding at the end of period	39,990	N/A
Curian/Neuberger Berman Currency Division
Accumulation unit value:
Beginning of period	$9.77	$10.07
End of period	$9.98	$9.77
Accumulation units outstanding at the end of period	4,095	16,655
Curian/Neuberger Berman Risk Balanced Commodity Strategy Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/Nicholas Convertible Arbitrage Division
Accumulation unit value:
Beginning of period	$10.38	$10.16
End of period	$10.16	$10.38
Accumulation units outstanding at the end of period	78,022	214,510
Curian/PIMCO Credit Income Division
Accumulation unit value:
Beginning of period	$10.27	$10.56
End of period	$10.93	$10.27
Accumulation units outstanding at the end of period	88,400	11,223
Curian/PineBridge Merger Arbitrage Division
Accumulation unit value:
Beginning of period	$9.89	$9.98
End of period	$9.73	$9.89
Accumulation units outstanding at the end of period	131,613	306,338
Curian/Schroder Emerging Europe Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
Curian/T. Rowe Price Capital Appreciation Division
Accumulation unit value:
Beginning of period	$10.51	N/A
End of period	$11.62	N/A
Accumulation units outstanding at the end of period	353,595	N/A
Curian/The Boston Company Equity Income Division
Accumulation unit value:
Beginning of period	$14.54	N/A
End of period	$15.97	N/A
Accumulation units outstanding at the end of period	76,106	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
Curian/UBS Global Long Short Fixed Income Opportunities Division
Accumulation unit value:
Beginning of period	$9.89	N/A
End of period	$9.35	N/A
Accumulation units outstanding at the end of period	89,513	N/A
Curian/Van Eck International Gold Division
Accumulation unit value:
Beginning of period	$4.63	N/A
End of period	$4.30	N/A
Accumulation units outstanding at the end of period	635,521	N/A
JNL Institutional Alt 65 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/AllianceBernstein Dynamic Asset Allocation Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/American Funds Growth-Income Division
Accumulation unit value:
Beginning of period	$15.24	N/A
End of period	$16.61	N/A
Accumulation units outstanding at the end of period	203,476	N/A
JNL/American Funds International Division
Accumulation unit value:
Beginning of period	$12.69	N/A
End of period	$12.17	N/A
Accumulation units outstanding at the end of period	52,825	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/AQR Managed Futures Strategy Division
Accumulation unit value:
Beginning of period	$10.43	$9.84
End of period	$11.25	$10.43
Accumulation units outstanding at the end of period	143,327	145,199
JNL/BlackRock Commodity Securities Strategy Division
Accumulation unit value:
Beginning of period	$11.31	N/A
End of period	$9.59	N/A
Accumulation units outstanding at the end of period	36,028	N/A
JNL/BlackRock Global Allocation Division
Accumulation unit value:
Beginning of period	$12.04	$10.65
End of period	$12.12	$12.04
Accumulation units outstanding at the end of period	532,218	291,251
JNL/Boston Partners Global Long Short Equity Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Brookfield Global Infrastructure and MLP Division
Accumulation unit value:
Beginning of period	$14.84	$12.15
End of period	$15.75	$14.84
Accumulation units outstanding at the end of period	789,393	409,801
JNL/DFA U.S. Core Equity Division
Accumulation unit value:
Beginning of period	$25.93	N/A
End of period	$28.16	N/A
Accumulation units outstanding at the end of period	59,125	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Eastspring Investments Asia ex-Japan Division
Accumulation unit value:
Beginning of period	$8.41	N/A
End of period	$8.78	N/A
Accumulation units outstanding at the end of period	5,915	N/A
JNL/Eastspring Investments China-India Division
Accumulation unit value:
Beginning of period	$7.33	N/A
End of period	$8.08	N/A
Accumulation units outstanding at the end of period	7,162	N/A
JNL/Franklin Templeton Global Multisector Bond Division
Accumulation unit value:
Beginning of period	$12.00	$11.72
End of period	$11.82	$12.00
Accumulation units outstanding at the end of period	262,354	177,394
JNL/Franklin Templeton Income Division
Accumulation unit value:
Beginning of period	$14.18	N/A
End of period	$14.47	N/A
Accumulation units outstanding at the end of period	204,674	N/A
JNL/Franklin Templeton International Small Cap Growth Division
Accumulation unit value:
Beginning of period	$11.29	N/A
End of period	$10.12	N/A
Accumulation units outstanding at the end of period	204,468	N/A
JNL/Franklin Templeton Small Cap Value Division
Accumulation unit value:
Beginning of period	$19.30	N/A
End of period	$19.12	N/A
Accumulation units outstanding at the end of period	23,070	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Goldman Sachs Emerging Markets Debt Division
Accumulation unit value:
Beginning of period	$13.75	$15.09
End of period	$12.93	$13.75
Accumulation units outstanding at the end of period	66,671	73,860
JNL/Invesco Global Real Estate Division
Accumulation unit value:
Beginning of period	$15.21	$14.96
End of period	$17.30	$15.21
Accumulation units outstanding at the end of period	193,235	167,679
JNL/Invesco International Growth Division
Accumulation unit value:
Beginning of period	$21.82	N/A
End of period	$21.63	N/A
Accumulation units outstanding at the end of period	165,519	N/A
JNL/Invesco Small Cap Growth Division
Accumulation unit value:
Beginning of period	$25.07	N/A
End of period	$26.78	N/A
Accumulation units outstanding at the end of period	51,462	N/A
JNL/Ivy Asset Strategy Division
Accumulation unit value:
Beginning of period	$14.63	$11.96
End of period	$13.89	$14.63
Accumulation units outstanding at the end of period	226,982	143,603
JNL/JPMorgan MidCap Growth Division
Accumulation unit value:
Beginning of period	$38.99	N/A
End of period	$42.87	N/A
Accumulation units outstanding at the end of period	57,735	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/Lazard Emerging Markets Division
Accumulation unit value:
Beginning of period	$13.84	N/A
End of period	$12.97	N/A
Accumulation units outstanding at the end of period	59,309	N/A
JNL/MC Bond Index Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MC Communications Sector Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MC Consumer Brands Sector Division
Accumulation unit value:
Beginning of period	$21.37	N/A
End of period	$23.42	N/A
Accumulation units outstanding at the end of period	37,783	N/A
JNL/MC Emerging Markets Index Division
Accumulation unit value:
Beginning of period	$9.97	N/A
End of period	$9.50	N/A
Accumulation units outstanding at the end of period	70,910	N/A
JNL/MC European 30 Division
Accumulation unit value:
Beginning of period	$15.42	N/A
End of period	$14.73	N/A
Accumulation units outstanding at the end of period	51,531	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Financial Sector Division
Accumulation unit value:
Beginning of period	$11.34	N/A
End of period	$12.68	N/A
Accumulation units outstanding at the end of period	75,760	N/A
JNL/MC Global Alpha Division
Accumulation unit value:
Beginning of period	$9.95	N/A
End of period	$9.71	N/A
Accumulation units outstanding at the end of period	11,102	N/A
JNL/MC Healthcare Sector Division
Accumulation unit value:
Beginning of period	$21.87	$15.70
End of period	$27.07	$21.87
Accumulation units outstanding at the end of period	171,546	97,491
JNL/MC International Index Division
Accumulation unit value:
Beginning of period	$19.34	N/A
End of period	$17.97	N/A
Accumulation units outstanding at the end of period	151,733	N/A
JNL/MC Nasdaq 25 Division
Accumulation unit value:
Beginning of period	$19.19	N/A
End of period	$22.48	N/A
Accumulation units outstanding at the end of period	21,159	N/A
JNL/MC Oil & Gas Sector Division
Accumulation unit value:
Beginning of period	$43.10	$34.76
End of period	$38.21	$43.10
Accumulation units outstanding at the end of period	17,539	14,852
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Pacific Rim 30 Division
Accumulation unit value:
Beginning of period	$15.73	N/A
End of period	$16.06	N/A
Accumulation units outstanding at the end of period	15,212	N/A
JNL/MC S&P 400 MidCap Index Division
Accumulation unit value:
Beginning of period	$25.66	N/A
End of period	$27.72	N/A
Accumulation units outstanding at the end of period	77,584	N/A
JNL/MC S&P 500 Index Division
Accumulation unit value:
Beginning of period	$16.77	$12.88
End of period	$18.75	$16.77
Accumulation units outstanding at the end of period	216,090	151,199
JNL/MC S&P SMid 60 Division
Accumulation unit value:
Beginning of period	$16.25	N/A
End of period	$16.63	N/A
Accumulation units outstanding at the end of period	54,344	N/A
JNL/MC Small Cap Index Division
Accumulation unit value:
Beginning of period	$23.20	N/A
End of period	$24.02	N/A
Accumulation units outstanding at the end of period	38,480	N/A
JNL/MC Technology Sector Division
Accumulation unit value:
Beginning of period	$9.86	N/A
End of period	$11.76	N/A
Accumulation units outstanding at the end of period	146,509	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/MC Utilities Sector Division
Accumulation unit value:
Beginning of period	$9.53	N/A
End of period	$11.90	N/A
Accumulation units outstanding at the end of period	335,821	N/A
JNL/MC Value Line 30 Division
Accumulation unit value:
Beginning of period	$14.18	N/A
End of period	$15.10	N/A
Accumulation units outstanding at the end of period	11,025	N/A
JNL/MMRS Conservative Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Growth Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/MMRS Moderate Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/PIMCO Real Return Division
Accumulation unit value:
Beginning of period	$13.75	$15.30
End of period	$14.05	$13.75
Accumulation units outstanding at the end of period	78,584	52,531
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/PIMCO Total Return Bond Division
Accumulation unit value:
Beginning of period	$20.47	$21.14
End of period	$21.05	$20.47
Accumulation units outstanding at the end of period	93,477	81,220
JNL/PPM America Floating Rate Income Division
Accumulation unit value:
Beginning of period	$10.96	$10.62
End of period	$10.86	$10.96
Accumulation units outstanding at the end of period	646,305	842,316
JNL/PPM America High Yield Bond Division
Accumulation unit value:
Beginning of period	$20.81	$19.45
End of period	$20.61	$20.81
Accumulation units outstanding at the end of period	153,888	1,145,583
JNL/PPM America Mid Cap Value Division
Accumulation unit value:
Beginning of period	$15.54	N/A
End of period	$16.98	N/A
Accumulation units outstanding at the end of period	45,119	N/A
JNL/Red Rocks Listed Private Equity Division
Accumulation unit value:
Beginning of period	$15.06	$10.75
End of period	$14.98	$15.06
Accumulation units outstanding at the end of period	337,930	258,599
JNL/S&P 4 Division
Accumulation unit value:
Beginning of period	$18.12	N/A
End of period	$20.50	N/A
Accumulation units outstanding at the end of period	537,409	N/A
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/S&P International 5 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/S&P MID 3 Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/Scout Unconstrained Bond Division
Accumulation unit value:
Beginning of period	N/A	N/A
End of period	N/A	N/A
Accumulation units outstanding at the end of period	N/A	N/A
JNL/T. Rowe Price Established Growth Division
Accumulation unit value:
Beginning of period	$49.80	N/A
End of period	$53.54	N/A
Accumulation units outstanding at the end of period	36,732	N/A
JNL/T. Rowe Price Short-Term Bond Division
Accumulation unit value:
Beginning of period	$10.76	$10.87
End of period	$10.68	$10.76
Accumulation units outstanding at the end of period	1,150,462	456,893
JNL/T. Rowe Price Value Division
Accumulation unit value:
Beginning of period	$23.64	$17.43
End of period	$26.48	$23.64
Accumulation units outstanding at the end of period	181,126	165,956
Investment Divisions	December 31,	December 31,
	2014	2013
JNL/WMC Balanced Division
Accumulation unit value:
Beginning of period	$39.40	N/A
End of period	$42.81	N/A
Accumulation units outstanding at the end of period	78,116	N/A
JNL/WMC Money Market Division
Accumulation unit value:
Beginning of period	$13.12	$13.27
End of period	$12.98	$13.12
Accumulation units outstanding at the end of period	720,778	1,026,867

APPENDIX A

Jackson National Separate Account I

Financial Statements

December 31, 2014

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	CG - Alt 100 Conservative Fund		CG - Alt 100 Growth Fund		CG - Alt 100 Moderate Fund		CG - Conservative Fund		CG - Equity 100 Fund		CG - Equity Income Fund		CG - Fixed Income 100 Fund		CG - Growth Fund		CG - Institutional Alt 65 Fund		CG - Interest Rate Opportunities Fund
Assets
Investments, at fair value (a)	$	34,297,475	$	104,198,249	$	330,092,913	$	97,608,053	$	78,822,197	$	62,044,598	$	44,387,395	$	156,054,897	$	124,347,904	$	47,997,450
Receivables:
Investments in Fund shares sold		17,972		19,366		85,661		29,300		35,897		3,356		12,061		4,965		3,960		3,871
Investment Division units sold		11,963		231,988		45,659		12,222		112,585		47,377		—		144,769		83,171		35,782
Total assets		34,327,410		104,449,603		330,224,233		97,649,575		78,970,679		62,095,331		44,399,456		156,204,631		124,435,035		48,037,103
Liabilities
Payables:
Investments in Fund shares purchased		11,963		231,988		45,659		12,222		112,585		47,377		—		144,769		83,171		35,782
Investment Division units redeemed		16,968		16,399		76,222		26,347		33,667		1,544		10,774		582		368		2,463
Insurance fees due to Jackson		1,004		2,967		9,439		2,953		2,230		1,812		1,287		4,383		3,592		1,408
Total liabilities		29,935		251,354		131,320		41,522		148,482		50,733		12,061		149,734		87,131		39,653
Net assets (Note 7)	$	34,297,475	$	104,198,249	$	330,092,913	$	97,608,053	$	78,822,197	$	62,044,598	$	44,387,395	$	156,054,897	$	124,347,904	$	47,997,450
(a) Investments in Funds, shares outstanding		3,399,155		10,077,200		31,140,841		8,930,288		5,989,529		4,912,478		4,492,651		13,773,601		10,955,762		4,902,702
Investments in Funds, at cost	$	34,031,685	$	104,265,229	$	325,645,502	$	96,839,875	$	74,562,445	$	57,559,222	$	45,064,528	$	152,117,545	$	118,743,649	$	48,523,689

See notes to the financial statements.

1

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	CG - International Conservative Fund		CG - International Growth Fund		CG - International 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)	$	4,658,773	$	7,728,002	$	10,278,335	$	113,731,523	$	334,274,451	$	476,810,694	$	37,647,414	$	10,920,077	$	92,147,402	$	287,493,230
Receivables:
Investments in Fund shares sold		144		222		1,895		32,189		132,684		170,700		54,503		56,100		3,891		17,599
Investment Division units sold		4,709		2,015		38,994		67,718		452,103		1,149,789		115,455		300		10,436		25,723
Total assets		4,663,626		7,730,239		10,319,224		113,831,430		334,859,238		478,131,183		37,817,372		10,976,477		92,161,729		287,536,552
Liabilities
Payables:
Investments in Fund shares purchased		4,709		2,015		38,994		67,718		452,103		1,149,789		115,455		300		10,436		25,723
Investment Division units redeemed		5		2		1,599		29,001		122,957		156,984		53,400		55,784		1,299		9,393
Insurance fees due to Jackson		139		220		296		3,188		9,727		13,716		1,103		316		2,592		8,206
Total liabilities		4,853		2,237		40,889		99,907		584,787		1,320,489		169,958		56,400		14,327		43,322
Net assets (Note 7)	$	4,658,773	$	7,728,002	$	10,278,335	$	113,731,523	$	334,274,451	$	476,810,694	$	37,647,414	$	10,920,077	$	92,147,402	$	287,493,230
(a) Investments in Funds, shares outstanding		489,881		790,184		1,071,776		9,186,714		28,066,705		39,900,476		3,853,369		1,132,788		7,815,725		24,977,692
Investments in Funds, at cost	$	4,839,948	$	7,964,734	$	10,730,638	$	107,772,323	$	326,623,386	$	459,230,958	$	37,845,628	$	11,619,942	$	87,093,102	$	276,633,054

See notes to the financial statements.

2

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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)	$	244,165,670	$	57,556,283	$	173,807,081	$	3,201,218	$	6,295,278	$	12,692,879	$	45,819,993	$	109,627,946	$	98,242,884	$	1,628,094
Receivables:
Investments in Fund shares sold		117,385		37,297		175,657		91		174		397		11,570		18,605		13,470		5,284
Investment Division units sold		138,772		88,798		125,027		24,293		175		—		7,515		43,392		20,128		472
Total assets		244,421,827		57,682,378		174,107,765		3,225,602		6,295,627		12,693,276		45,839,078		109,689,943		98,276,482		1,633,850
Liabilities
Payables:
Investments in Fund shares purchased		138,772		88,798		125,027		24,293		175		—		7,515		43,392		20,128		472
Investment Division units redeemed		110,278		35,671		170,528		—		—		8		10,218		15,408		10,701		5,238
Insurance fees due to Jackson		7,107		1,626		5,129		91		174		389		1,352		3,197		2,769		46
Total liabilities		256,157		126,095		300,684		24,384		349		397		19,085		61,997		33,598		5,756
Net assets (Note 7)	$	244,165,670	$	57,556,283	$	173,807,081	$	3,201,218	$	6,295,278	$	12,692,879	$	45,819,993	$	109,627,946	$	98,242,884	$	1,628,094
(a) Investments in Funds, shares outstanding		22,776,648		6,438,063		15,945,604		307,219		554,650		1,308,544		4,131,650		9,204,697		7,916,429		235,956
Investments in Funds, at cost	$	233,927,877	$	60,679,946	$	167,318,678	$	3,239,065	$	6,208,537	$	13,281,705	$	44,574,676	$	103,998,812	$	92,995,472	$	1,974,116

See notes to the financial statements.

3

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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/CenterSquare International Real Estate Securities Fund		Curian/DFA U.S. Micro Cap Fund		Curian/DoubleLine Total Return Fund		Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
Assets
Investments, at fair value (a)	$	31,091,576	$	98,155,499	$	19,064,846	$	3,354,455	$	3,892,490	$	53,933,018	$	7,554,648	$	33,714,578	$	68,288,775	$	14,150,165
Receivables:
Investments in Fund shares sold		5,137		110,735		61,457		98		673		1,616		300		1,007		15,272		12,601
Investment Division units sold		430,887		128,575		15,269		17,147		—		158,596		27,127		46,507		719,765		23,671
Total assets		31,527,600		98,394,809		19,141,572		3,371,700		3,893,163		54,093,230		7,582,075		33,762,092		69,023,812		14,186,437
Liabilities
Payables:
Investments in Fund shares purchased		430,887		128,575		15,269		17,147		—		158,596		27,127		46,507		719,765		23,671
Investment Division units redeemed		4,266		107,953		60,902		3		558		30		83		35		13,324		12,187
Insurance fees due to Jackson		871		2,782		555		95		115		1,586		217		972		1,948		414
Total liabilities		436,024		239,310		76,726		17,245		673		160,212		27,427		47,514		735,037		36,272
Net assets (Note 7)	$	31,091,576	$	98,155,499	$	19,064,846	$	3,354,455	$	3,892,490	$	53,933,018	$	7,554,648	$	33,714,578	$	68,288,775	$	14,150,165
(a) Investments in Funds, shares outstanding		2,773,557		6,605,350		1,819,165		361,861		418,098		5,277,203		842,213		2,501,081		6,430,205		1,419,274
Investments in Funds, at cost	$	30,418,911	$	88,449,667	$	19,814,065	$	3,644,098	$	4,122,725	$	53,764,474	$	7,835,386	$	33,927,151	$	67,244,246	$	13,692,843

See notes to the financial statements.

4

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	Curian/Epoch Global Shareholder Yield Fund		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/Neuberger Berman Risk Balanced Commodity Strategy Fund		Curian/Nicholas Convertible Arbitrage Fund		Curian/PIMCO Credit Income Fund		Curian/PineBridge Merger Arbitrage Fund
Assets
Investments, at fair value (a)	$	26,393,402	$	106,384,844	$	17,185,260	$	26,805,056	$	14,612,567	$	14,461,446	$	3,124,236	$	64,332,150	$	34,347,229	$	65,410,767
Receivables:
Investments in Fund shares sold		783		71,834		629		38,969		419		59,925		2,855		84,093		10,477		55,000
Investment Division units sold		310,879		234,680		28,112		60,428		2,000		658		8,972		2,186		68,260		5,832
Total assets		26,705,064		106,691,358		17,214,001		26,904,453		14,614,986		14,522,029		3,136,063		64,418,429		34,425,966		65,471,599
Liabilities
Payables:
Investments in Fund shares purchased		310,879		234,680		28,112		60,428		2,000		658		8,972		2,186		68,260		5,832
Investment Division units redeemed		30		68,747		145		38,200		7		59,497		2,765		82,222		9,489		53,111
Insurance fees due to Jackson		753		3,087		484		769		412		428		90		1,871		988		1,889
Total liabilities		311,662		306,514		28,741		99,397		2,419		60,583		11,827		86,279		78,737		60,832
Net assets (Note 7)	$	26,393,402	$	106,384,844	$	17,185,260	$	26,805,056	$	14,612,567	$	14,461,446	$	3,124,236	$	64,332,150	$	34,347,229	$	65,410,767
(a) Investments in Funds, shares outstanding		2,231,057		8,614,157		1,828,219		4,474,968		1,278,440		1,427,586		403,648		6,325,678		3,139,600		6,534,542
Investments in Funds, at cost	$	26,446,308	$	97,041,687	$	21,500,529	$	38,608,923	$	14,691,126	$	14,277,962	$	3,667,544	$	66,981,603	$	33,410,049	$	65,776,771

See notes to the financial statements.

5

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	Curian/Schroder Emerging Europe Fund		Curian/T. Rowe Price Capital Appreciation Fund		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/Van Eck International Gold Fund		JNL Disciplined Growth Fund		JNL Disciplined Moderate Fund		JNL Disciplined Moderate Growth Fund		JNL Institutional Alt 20 Fund
Assets
Investments, at fair value (a)	$	2,421,073	$	84,807,913	$	46,574,786	$		$	14,945,532	$	26,144,536	$	650,863,142	$	1,200,467,262	$	1,472,585,837	$	1,687,365,975
Receivables:
Investments in Fund shares sold		2,212		149,488		3,026		—		451		8,004		131,520		235,411		401,181		626,551
Investment Division units sold		30,541		703,839		140,963		—		963		72,127		331,785		922,725		167,264		587,496
Total assets		2,453,826		85,661,240		46,718,775		—		14,946,946		26,224,667		651,326,447		1,201,625,398		1,473,154,282		1,688,580,022
Liabilities
Payables:
Investments in Fund shares purchased		30,541		703,839		140,963		—		963		72,127		331,785		922,725		167,264		587,496
Investment Division units redeemed		2,144		147,060		1,679		—		10		7,255		105,580		187,803		343,293		560,831
Insurance fees due to Jackson		68		2,428		1,347		—		441		749		25,940		47,608		57,888		65,720
Total liabilities		32,753		853,327		143,989		—		1,414		80,131		463,305		1,158,136		568,445		1,214,047
Net assets (Note 7)	$	2,421,073	$	84,807,913	$	46,574,786	$	—	$	14,945,532	$	26,144,536	$	650,863,142	$	1,200,467,262	$	1,472,585,837	$	1,687,365,975
(a) Investments in Funds, shares outstanding		333,941		7,445,822		3,243,369		—		1,569,909		5,955,475		59,767,047		100,625,923		127,939,690		104,222,729
Investments in Funds, at cost	$	3,151,559	$	82,752,843	$	43,366,737	$	—	$	15,511,068	$	34,315,110	$	586,300,317	$	1,101,494,550	$	1,318,077,980	$	1,529,602,561

See notes to the financial statements.

6

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	JNL Institutional Alt 35 Fund		JNL Institutional Alt 50 Fund		JNL Institutional Alt 65 Fund		JNL/ AllianceBernstein Dynamic Asset Allocation 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
Assets
Investments, at fair value (a)	$	2,248,151,281	$	3,167,812,442	$	622,021,169	$	18,690,010	$	749,736,556	$	1,747,476,624	$	467,955,526	$	370,904,900	$	640,593,136	$	2,316,145,307
Receivables:
Investments in Fund shares sold		867,177		1,583,239		726,032		626		439,992		1,987,656		282,763		1,213,543		289,772		587,470
Investment Division units sold		117,218		703,066		7,849		117,917		511,211		1,703,592		90,937		65,860		702,617		2,442,183
Total assets		2,249,135,676		3,170,098,747		622,755,050		18,808,553		750,687,759		1,751,167,872		468,329,226		372,184,303		641,585,525		2,319,174,960
Liabilities
Payables:
Investments in Fund shares purchased		117,218		703,066		7,849		117,917		511,211		1,703,592		90,937		65,860		702,617		2,442,183
Investment Division units redeemed		778,171		1,455,859		700,795		104		410,088		1,917,710		263,733		1,198,928		264,420		498,005
Insurance fees due to Jackson		89,006		127,380		25,237		522		29,904		69,946		19,030		14,615		25,352		89,465
Total liabilities		984,395		2,286,305		733,881		118,543		951,203		3,691,248		373,700		1,279,403		992,389		3,029,653
Net assets (Note 7)	$	2,248,151,281	$	3,167,812,442	$	622,021,169	$	18,690,010	$	749,736,556	$	1,747,476,624	$	467,955,526	$	370,904,900	$	640,593,136	$	2,316,145,307
(a) Investments in Funds, shares outstanding		136,582,702		190,259,006		39,593,964		1,837,759		60,805,884		102,551,445		44,230,201		27,845,713		49,466,651		136,726,405
Investments in Funds, at cost	$	2,070,702,817	$	2,972,220,349	$	607,010,011	$	18,782,577	$	700,748,394	$	1,361,804,144	$	482,925,265	$	328,998,907	$	595,612,402	$	1,862,331,331

See notes to the financial statements.

7

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	JNL/American Funds International Fund		JNL/American Funds New World Fund		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/Boston Partners Global Long Short Equity Fund		JNL/Brookfield Global Infrastructure and MLP Fund		JNL/Capital Guardian Global Balanced Fund		JNL/Capital Guardian Global Diversified Research Fund
Assets
Investments, at fair value (a)	$	679,178,639	$	701,140,608	$	99,749,786	$	843,027,945	$	3,274,351,419	$	693,280,625	$	3,303,299	$	853,801,352	$	449,386,945	$	408,782,494
Receivables:
Investments in Fund shares sold		317,273		618,606		9,252		749,983		2,018,431		548,711		59,536		1,695,476		249,949		261,621
Investment Division units sold		1,240,696		257,897		235,472		608,533		2,233,289		358,007		6,155		761,646		99,852		57,331
Total assets		680,736,608		702,017,111		99,994,510		844,386,461		3,278,603,139		694,187,343		3,368,990		856,258,474		449,736,746		409,101,446
Liabilities
Payables:
Investments in Fund shares purchased		1,240,696		257,897		235,472		608,533		2,233,289		358,007		6,155		761,646		99,852		57,331
Investment Division units redeemed		291,052		590,711		6,362		716,243		1,891,882		521,295		59,440		1,662,866		231,753		244,889
Insurance fees due to Jackson		26,221		27,895		2,890		33,740		126,549		27,416		96		32,610		18,196		16,732
Total liabilities		1,557,969		876,503		244,724		1,358,516		4,251,720		906,718		65,691		2,457,122		349,801		318,952
Net assets (Note 7)	$	679,178,639	$	701,140,608	$	99,749,786	$	843,027,945	$	3,274,351,419	$	693,280,625	$	3,303,299	$	853,801,352	$	449,386,945	$	408,782,494
(a) Investments in Funds, shares outstanding		55,083,426		62,657,784		9,693,857		88,090,694		267,731,105		24,654,361		335,020		55,622,238		39,910,031		13,001,988
Investments in Funds, at cost	$	632,128,895	$	712,840,400	$	97,112,978	$	926,718,550	$	3,050,268,934	$	582,692,692	$	3,267,181	$	839,751,733	$	394,632,920	$	316,836,362

See notes to the financial statements.

8

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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 International Small Cap Growth Fund		JNL/Franklin Templeton Mutual Shares Fund
Assets
Investments, at fair value (a)	$	567,701,179	$	1,096,100,961	$	128,090,211	$	349,714,430	$	1,557,952,149	$	521,536,485	$	737,968,724	$	1,997,943,848	$	424,813,687	$	625,966,359
Receivables:
Investments in Fund shares sold		420,885		680,465		85,122		145,367		842,808		476,127		1,027,456		770,083		261,292		525,097
Investment Division units sold		473,350		412,134		64,366		468,708		381,709		108,789		727,263		4,887,748		471,027		137,133
Total assets		568,595,414		1,097,193,560		128,239,699		350,328,505		1,559,176,666		522,121,401		739,723,443		2,003,601,679		425,546,006		626,628,589
Liabilities
Payables:
Investments in Fund shares purchased		473,350		412,134		64,366		468,708		381,709		108,789		727,263		4,887,748		471,027		137,133
Investment Division units redeemed		398,864		636,315		79,910		131,200		779,405		454,661		998,304		690,554		244,597		499,768
Insurance fees due to Jackson		22,021		44,150		5,212		14,167		63,403		21,466		29,152		79,529		16,695		25,329
Total liabilities		894,235		1,092,599		149,488		614,075		1,224,517		584,916		1,754,719		5,657,831		732,319		662,230
Net assets (Note 7)	$	567,701,179	$	1,096,100,961	$	128,090,211	$	349,714,430	$	1,557,952,149	$	521,536,485	$	737,968,724	$	1,997,943,848	$	424,813,687	$	625,966,359
(a) Investments in Funds, shares outstanding		49,842,070		40,194,388		16,193,453		44,323,755		130,154,733		46,441,361		64,115,441		170,327,694		44,483,109		51,141,042
Investments in Funds, at cost	$	484,756,014	$	982,059,630	$	129,441,533	$	326,837,246	$	1,292,440,358	$	477,374,850	$	761,078,406	$	1,904,895,048	$	421,546,980	$	496,817,331

See notes to the financial statements.

9

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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 Mid Cap Value Fund		JNL/Invesco Small Cap Growth Fund
Assets
Investments, at fair value (a)	$	590,902,519	$	774,772,895	$	197,206,893	$	718,036,413	$	316,098,716	$	1,284,167,861	$	619,284,985	$	565,049,969	$	311,142,610	$	608,506,397
Receivables:
Investments in Fund shares sold		1,094,747		342,874		161,645		747,825		205,556		1,583,296		444,215		248,055		320,400		972,437
Investment Division units sold		585,104		824,906		84,191		626,787		469,921		884,475		294,914		1,590,038		80,579		790,877
Total assets		592,582,370		775,940,675		197,452,729		719,411,025		316,774,193		1,286,635,632		620,024,114		566,888,062		311,543,589		610,269,711
Liabilities
Payables:
Investments in Fund shares purchased		585,104		824,906		84,191		626,787		469,921		884,475		294,914		1,590,038		80,579		790,877
Investment Division units redeemed		1,071,353		311,377		154,001		718,482		192,712		1,532,119		420,209		225,387		307,765		948,350
Insurance fees due to Jackson		23,394		31,497		7,644		29,343		12,844		51,177		24,006		22,668		12,635		24,087
Total liabilities		1,679,851		1,167,780		245,836		1,374,612		675,477		2,467,771		739,129		1,838,093		400,979		1,763,314
Net assets (Note 7)	$	590,902,519	$	774,772,895	$	197,206,893	$	718,036,413	$	316,098,716	$	1,284,167,861	$	619,284,985	$	565,049,969	$	311,142,610	$	608,506,397
(a) Investments in Funds, shares outstanding		38,900,758		65,603,124		18,853,431		61,634,027		26,232,259		118,356,485		48,647,681		37,973,788		19,100,222		29,828,745
Investments in Funds, at cost	$	539,374,748	$	795,095,859	$	241,164,651	$	724,030,736	$	281,779,319	$	1,163,981,562	$	558,350,263	$	557,851,732	$	252,622,146	$	527,690,708

See notes to the financial statements.

10

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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/M&G Global Basics Fund		JNL/MC 10 x 10 Fund		JNL/MC 25 Fund		JNL/MC Bond Index Fund		JNL/MC Communications Sector Fund
Assets
Investments, at fair value (a)	$	2,903,055,412	$	431,510,424	$	740,280,882	$	633,095,753	$	492,894,638	$	—	$	393,768,518	$	866,940,930	$	652,066,839	$	122,345,356
Receivables:
Investments in Fund shares sold		2,509,517		332,919		764,211		396,449		828,441		—		692,770		871,327		428,093		110,424
Investment Division units sold		1,134,941		144,194		299,197		1,134,979		257,892		—		17,404		363,643		2,499,239		34,091
Total assets		2,906,699,870		431,987,537		741,344,290		634,627,181		493,980,971		—		394,478,692		868,175,900		654,994,171		122,489,871
Liabilities
Payables:
Investments in Fund shares purchased		1,134,941		144,194		299,197		1,134,979		257,892		—		17,404		363,643		2,499,239		34,091
Investment Division units redeemed		2,394,658		315,207		735,143		370,527		809,206		—		677,049		836,008		402,092		105,422
Insurance fees due to Jackson		114,859		17,712		29,068		25,922		19,235		—		15,721		35,319		26,001		5,002
Total liabilities		3,644,458		477,113		1,063,408		1,531,428		1,086,333		—		710,174		1,234,970		2,927,332		144,515
Net assets (Note 7)	$	2,903,055,412	$	431,510,424	$	740,280,882	$	633,095,753	$	492,894,638	$	—	$	393,768,518	$	866,940,930	$	652,066,839	$	122,345,356
(a) Investments in Funds, shares outstanding		212,833,974		58,869,089		23,169,981		47,281,236		49,437,777		—		34,571,424		49,286,011		55,353,721		26,198,149
Investments in Funds, at cost	$	2,691,446,882	$	454,773,569	$	646,094,232	$	647,227,536	$	529,251,769	$	—	$	311,807,115	$	787,322,187	$	663,415,600	$	109,231,645

See notes to the financial statements.

11

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	JNL/MC Consumer Brands Sector Fund		JNL/MC Dow 10 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
Assets
Investments, at fair value (a)	$	517,690,063	$	580,636,341	$	98,136,758	$	476,725,115	$	245,362,210	$	556,140,439	$	382,907,952	$	41,144,304	$	1,902,635,394	$	681,568,328
Receivables:
Investments in Fund shares sold		308,953		1,602,740		58,366		506,700		754,009		1,437,681		536,914		9,963		2,343,532		265,706
Investment Division units sold		1,782,659		232,366		73,108		232,814		222,003		928,496		355,423		11,768		1,943,177		216,685
Total assets		519,781,675		582,471,447		98,268,232		477,464,629		246,338,222		558,506,616		383,800,289		41,166,035		1,906,922,103		682,050,719
Liabilities
Payables:
Investments in Fund shares purchased		1,782,659		232,366		73,108		232,814		222,003		928,496		355,423		11,768		1,943,177		216,685
Investment Division units redeemed		288,139		1,578,713		54,305		487,623		744,303		1,415,037		521,241		8,463		2,266,593		238,473
Insurance fees due to Jackson		20,814		24,027		4,061		19,077		9,706		22,644		15,673		1,500		76,939		27,233
Total liabilities		2,091,612		1,835,106		131,474		739,514		976,012		2,366,177		892,337		21,731		4,286,709		482,391
Net assets (Note 7)	$	517,690,063	$	580,636,341	$	98,136,758	$	476,725,115	$	245,362,210	$	556,140,439	$	382,907,952	$	41,144,304	$	1,902,635,394	$	681,568,328
(a) Investments in Funds, shares outstanding		28,507,162		30,835,706		7,920,642		49,248,462		19,519,667		49,655,396		15,961,148		4,622,956		75,832,419		56,050,027
Investments in Funds, at cost	$	435,256,282	$	419,329,197	$	106,928,932	$	503,499,742	$	256,789,879	$	460,389,018	$	283,457,411	$	46,487,125	$	1,493,210,293	$	575,983,115

See notes to the financial statements.

12

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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		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)	$	856,844,761	$	2,985,709,749	$	406,937,386	$	750,347,802	$	—	$	1,140,786,352	$	115,033,729	$	340,688,159	$	1,279,351,644	$	3,229,424,582
Receivables:
Investments in Fund shares sold		485,283		3,666,527		458,458		640,523		—		751,919		33,803		308,510		703,814		1,889,979
Investment Division units sold		1,558,735		1,363,709		198,519		1,644,443		—		3,148,047		430,389		66,020		764,202		2,540,411
Total assets		858,888,779		2,990,739,985		407,594,363		752,632,768		—		1,144,686,318		115,497,921		341,062,689		1,280,819,660		3,233,854,972
Liabilities
Payables:
Investments in Fund shares purchased		1,558,735		1,363,709		198,519		1,644,443		—		3,148,047		430,389		66,020		764,202		2,540,411
Investment Division units redeemed		451,532		3,544,370		441,698		610,003		—		705,730		29,313		294,491		652,955		1,761,366
Insurance fees due to Jackson		33,751		122,157		16,760		30,520		—		46,189		4,490		14,019		50,859		128,613
Total liabilities		2,044,018		5,030,236		656,977		2,284,966		—		3,899,966		464,192		374,530		1,468,016		4,430,390
Net assets (Note 7)	$	856,844,761	$	2,985,709,749	$	406,937,386	$	750,347,802	$	—	$	1,140,786,352	$	115,033,729	$	340,688,159	$	1,279,351,644	$	3,229,424,582
(a) Investments in Funds, shares outstanding		64,961,695		226,018,906		34,574,119		35,244,143		—		37,975,578		8,415,050		24,562,953		67,334,297		188,744,862
Investments in Funds, at cost	$	862,925,510	$	2,358,455,383	$	336,923,922	$	649,649,494	$	—	$	1,179,728,325	$	117,914,340	$	324,229,680	$	1,120,141,944	$	2,579,367,480

See notes to the financial statements.

13

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	JNL/MC S&P SMid 60 Fund		JNL/MC Small Cap Index Fund		JNL/MC Technology Sector Fund		JNL/MC Utilities Sector Fund		JNL/MC Value Line 30 Fund		JNL/MMRS Conservative Fund		JNL/MMRS Growth Fund		JNL/MMRS Moderate Fund		JNL/Morgan Stanley Mid Cap Growth Fund		JNL/Neuberger Berman Strategic Income Fund
Assets
Investments, at fair value (a)	$	392,884,476	$	1,179,021,383	$	902,611,207	$	43,475,821	$	432,099,984	$	24,944,185	$	17,561,425	$	44,028,674	$	84,869,532	$	333,742,609
Receivables:
Investments in Fund shares sold		342,380		816,459		1,149,552		1,309		833,566		759		493		32,036		286,331		56,540
Investment Division units sold		391,877		716,437		1,200,587		251,080		259,945		19,834		55,998		49,865		36,883		4,376,350
Total assets		393,618,733		1,180,554,279		904,961,346		43,728,210		433,193,495		24,964,778		17,617,916		44,110,575		85,192,746		338,175,499
Liabilities
Payables:
Investments in Fund shares purchased		391,877		716,437		1,200,587		251,080		259,945		19,834		55,998		49,865		36,883		4,376,350
Investment Division units redeemed		326,698		768,927		1,112,975		25		815,730		29		—		30,758		282,916		42,891
Insurance fees due to Jackson		15,682		47,532		36,577		1,284		17,836		730		493		1,278		3,415		13,649
Total liabilities		734,257		1,532,896		2,350,139		252,389		1,093,511		20,593		56,491		81,901		323,214		4,432,890
Net assets (Note 7)	$	392,884,476	$	1,179,021,383	$	902,611,207	$	43,475,821	$	432,099,984	$	24,944,185	$	17,561,425	$	44,028,674	$	84,869,532	$	333,742,609
(a) Investments in Funds, shares outstanding		30,790,319		67,526,998		83,807,911		3,668,846		27,522,292		2,377,901		1,682,129		4,209,242		6,553,632		30,646,704
Investments in Funds, at cost	$	385,991,589	$	1,002,752,552	$	741,651,520	$	39,419,114	$	384,283,459	$	24,635,328	$	17,446,823	$	43,620,790	$	83,088,475	$	329,927,428

See notes to the financial statements.

14

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	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		JNL/Red Rocks Listed Private Equity Fund		JNL/S&P 4 Fund
Assets
Investments, at fair value (a)	$	693,160,565	$	1,317,828,451	$	3,192,629,103	$	1,190,883,299	$	1,605,816,753	$	303,239,522	$	199,123,929	$	202,023,417	$	497,608,907	$	4,667,940,627
Receivables:
Investments in Fund shares sold		315,624		1,703,739		1,709,135		1,025,165		2,823,064		148,154		180,054		88,816		3,652,629		4,340,907
Investment Division units sold		501,716		470,557		1,705,234		1,008,865		570,315		376,032		78,349		90,840		146,395		6,777,421
Total assets		693,977,905		1,320,002,747		3,196,043,472		1,192,917,329		1,609,210,132		303,763,708		199,382,332		202,203,073		501,407,931		4,679,058,955
Liabilities
Payables:
Investments in Fund shares purchased		501,716		470,557		1,705,234		1,008,865		570,315		376,032		78,349		90,840		146,395		6,777,421
Investment Division units redeemed		287,289		1,650,102		1,579,944		978,337		2,758,306		136,320		171,812		80,618		3,634,321		4,158,731
Insurance fees due to Jackson		28,335		53,637		129,191		46,828		64,758		11,834		8,242		8,198		18,308		182,176
Total liabilities		817,340		2,174,296		3,414,369		2,034,030		3,393,379		524,186		258,403		179,656		3,799,024		11,118,328
Net assets (Note 7)	$	693,160,565	$	1,317,828,451	$	3,192,629,103	$	1,190,883,299	$	1,605,816,753	$	303,239,522	$	199,123,929	$	202,023,417	$	497,608,907	$	4,667,940,627
(a) Investments in Funds, shares outstanding		48,848,525		125,987,424		253,182,324		111,820,028		241,476,203		19,513,483		17,684,186		10,462,114		45,610,349		252,730,949
Investments in Funds, at cost	$	600,094,690	$	1,512,106,079	$	3,254,237,455	$	1,215,055,720	$	1,746,113,225	$	268,278,938	$	208,309,320	$	167,802,848	$	469,701,830	$	3,823,620,371

See notes to the financial statements.

15

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	JNL/S&P Competitive Advantage Fund		JNL/S&P Dividend Income & Growth Fund		JNL/S&P International 5 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 Mid 3 Fund
Assets
Investments, at fair value (a)	$	768,629,162	$	2,242,009,582	$	2,469,128	$	1,041,964,651	$	1,593,830,558	$	1,508,869,615	$	4,602,746,712	$	3,148,394,715	$	5,884,253,118	$	80,070,520
Receivables:
Investments in Fund shares sold		859,313		1,797,986		69		901,526		587,180		1,028,568		2,000,828		1,636,537		2,176,560		118,101
Investment Division units sold		638,113		1,195,166		3,564		5,429,097		560,615		733,615		1,574,135		609,102		1,931,610		245,898
Total assets		770,126,588		2,245,002,734		2,472,761		1,048,295,274		1,594,978,353		1,510,631,798		4,606,321,675		3,150,640,354		5,888,361,288		80,434,519
Liabilities
Payables:
Investments in Fund shares purchased		638,113		1,195,166		3,564		5,429,097		560,615		733,615		1,574,135		609,102		1,931,610		245,898
Investment Division units redeemed		827,596		1,706,423		—		859,008		523,432		965,881		1,816,376		1,509,158		1,939,686		115,046
Insurance fees due to Jackson		31,717		91,563		69		42,518		63,748		62,687		184,452		127,379		236,874		3,055
Total liabilities		1,497,426		2,993,152		3,633		6,330,623		1,147,795		1,762,183		3,574,963		2,245,639		4,108,170		363,999
Net assets (Note 7)	$	768,629,162	$	2,242,009,582	$	2,469,128	$	1,041,964,651	$	1,593,830,558	$	1,508,869,615	$	4,602,746,712	$	3,148,394,715	$	5,884,253,118	$	80,070,520
(a) Investments in Funds, shares outstanding		45,507,943		146,824,465		261,007		62,958,589		93,534,657		124,186,800		312,262,328		236,721,407		407,779,149		7,017,574
Investments in Funds, at cost	$	686,970,158	$	1,937,249,292	$	2,483,258	$	955,501,969	$	1,285,702,940	$	1,426,246,053	$	3,804,105,803	$	2,812,445,773	$	5,034,499,678	$	76,231,485

See notes to the financial statements.

16

Jackson National Separate Account I

Statements of Assets and Liabilities

December 31, 2014

	JNL/S&P Total Yield Fund		JNL/Scout Unconstrained Bond 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/WMC Balanced Fund		JNL/WMC Money Market Fund		JNL/WMC Value Fund
Assets
Investments, at fair value (a)	$	582,104,033	$	15,934,607	$	2,315,475,546	$	2,578,873,478	$	818,120,643	$	1,326,726,370	$	4,024,875,657	$	1,216,576,030	$	668,418,797
Receivables:
Investments in Fund shares sold		1,219,455		3,632		1,922,766		1,369,792		1,223,608		1,270,927		1,163,071		2,624,266		538,680
Investment Division units sold		1,510,217		70,977		1,225,747		1,243,958		1,214,242		665,310		2,056,929		3,744,321		479,772
Total assets		584,833,705		16,009,216		2,318,624,059		2,581,487,228		820,558,493		1,328,662,607		4,028,095,657		1,222,944,617		669,437,249
Liabilities
Payables:
Investments in Fund shares purchased		1,510,217		70,977		1,225,747		1,243,958		1,214,242		665,310		2,056,929		3,744,321		479,772
Investment Division units redeemed		1,195,610		3,174		1,831,171		1,266,227		1,191,003		1,218,620		1,006,977		2,575,417		511,793
Insurance fees due to Jackson		23,845		458		91,595		103,565		32,605		52,307		156,094		48,849		26,887
Total liabilities		2,729,672		74,609		3,148,513		2,613,750		2,437,850		1,936,237		3,220,000		6,368,587		1,018,452
Net assets (Note 7)	$	582,104,033	$	15,934,607	$	2,315,475,546	$	2,578,873,478	$	818,120,643	$	1,326,726,370	$	4,024,875,657	$	1,216,576,030	$	668,418,797
(a) Investments in Funds, shares outstanding		38,626,678		1,656,404		69,764,253		66,346,115		82,889,629		76,956,286		181,382,409		1,216,576,030		27,563,662
Investments in Funds, at cost	$	564,346,629	$	16,214,885	$	1,905,022,927	$	2,172,813,702	$	829,789,288	$	1,118,200,019	$	3,408,599,624	$	1,216,576,030	$	550,888,326

See notes to the financial statements.

17

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	CG - Alt 100 Conservative Fund			CG - Alt 100 Growth Fund			CG - Alt 100 Moderate Fund			CG - Conservative Fund			CG - Equity 100 Fund			CG - Equity Income Fund		CG - Fixed Income 100 Fund			CG - Growth Fund			CG - Institutional Alt 65 Fund			CG - Interest Rate Opportunities Fund
Investment income
Dividends	$	146,272		$	614,023		$	3,349,838		$	619,860		$	406,893		$	2,049,492	$	518,997		$	477,362		$	1,000,488		$	679,794
Expenses
Asset-based charges (Note 3)		282,145			762,024			3,228,646			809,846			699,463			558,929		377,703			1,042,717			1,263,835			441,828
Total expenses		282,145			762,024			3,228,646			809,846			699,463			558,929		377,703			1,042,717			1,263,835			441,828
Net investment income (loss)		(135,873	)		(148,001	)		121,192			(189,986	)		(292,570	)		1,490,563		141,294			(565,355	)		(263,347	)		237,966
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		11,349			23,758			3,988,809			292,261			2,925,046			847,192		—			377,996			1,639,250			59,231
Investments		131,175			185,430			2,528,587			609,170			1,432,896			956,441		105,302			705,637			1,366,577			244,925
Net change in unrealized appreciation
(depreciation) on investments		59,144			(979,662	)		(4,139,034	)		499,315			(1,385,167	)		262,061		(231,400	)		1,668,014			(1,218,150	)		(889,360	)
Net realized and unrealized gain (loss)		201,668			(770,474	)		2,378,362			1,400,746			2,972,775			2,065,694		(126,098	)		2,751,647			1,787,677			(585,204	)
Net increase (decrease) in net assets
from operations	$	65,795		$	(918,475	)	$	2,499,554		$	1,210,760		$	2,680,205		$	3,556,257	$	15,196		$	2,186,292		$	1,524,330		$	(347,238	)

See notes to the financial statements.

18

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	CG - International Conservative Fund			CG - International Growth Fund			CG - International 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
Investment income
Dividends	$	34,636		$	47,091		$	84,591		$	604,934		$	1,988,567		$	2,653,492		$	483,486		$	102,271		$	443,557		$	2,276,431
Expenses
Asset-based charges (Note 3)		35,757			67,368			80,249			942,766			2,744,664			3,904,516			311,006			95,813			826,288			2,727,304
Total expenses		35,757			67,368			80,249			942,766			2,744,664			3,904,516			311,006			95,813			826,288			2,727,304
Net investment income (loss)		(1,121	)		(20,277	)		4,342			(337,832	)		(756,097	)		(1,251,024	)		172,480			6,458			(382,731	)		(450,873	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		11,950			14,598			19,491			3,315,028			5,952,954			7,851,232			54,667			9,333			3,201,380			11,637,588
Investments		909			57,777			64,322			1,400,017			2,860,983			2,806,852			173,054			(1,584	)		1,261,970			3,038,557
Net change in unrealized appreciation
(depreciation) on investments		(210,315	)		(423,192	)		(559,612	)		(1,674,601	)		(3,011,335	)		(354,980	)		(407,987	)		(762,068	)		(1,930,116	)		(5,731,616	)
Net realized and unrealized gain (loss)		(197,456	)		(350,817	)		(475,799	)		3,040,444			5,802,602			10,303,104			(180,266	)		(754,319	)		2,533,234			8,944,529
Net increase (decrease) in net assets
from operations	$	(198,577	)	$	(371,094	)	$	(471,457	)	$	2,702,612		$	5,046,505		$	9,052,080		$	(7,786	)	$	(747,861	)	$	2,150,503		$	8,493,656

See notes to the financial statements.

19

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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
Investment income
Dividends	$	—		$	—		$	3,115,053	$	—		$	1,000		$	222,033		$	345,081		$	700,830		$	590,395		$	22,976
Expenses
Asset-based charges (Note 3)		2,512,953			594,313			1,660,897		18,645			38,844			112,505			430,320			1,037,633			908,345			20,972
Total expenses		2,512,953			594,313			1,660,897		18,645			38,844			112,505			430,320			1,037,633			908,345			20,972
Net investment income (loss)		(2,512,953	)		(594,313	)		1,454,156		(18,645	)		(37,844	)		109,528			(85,239	)		(336,803	)		(317,950	)		2,004
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		160,707			280,718			1,655,416		448			1,958			196,674			1,097,969			3,446,743			3,723,779			—
Investments		1,634,636			(778,077	)		1,417,882		2,571			(18,013	)		23,460			429,246			1,248,563			1,740,969			(138,780	)
Net change in unrealized appreciation
(depreciation) on investments		9,853,467			(2,004,531	)		5,783,050		(46,970	)		63,147			(754,555	)		(296,842	)		(881,337	)		(2,049,979	)		(270,573	)
Net realized and unrealized gain (loss)		11,648,810			(2,501,890	)		8,856,348		(43,951	)		47,092			(534,421	)		1,230,373			3,813,969			3,414,769			(409,353	)
Net increase (decrease) in net assets
from operations	$	9,135,857		$	(3,096,203	)	$	10,310,504	$	(62,596	)	$	9,248		$	(424,893	)	$	1,145,134		$	3,477,166		$	3,096,819		$	(407,349	)

See notes to the financial statements.

20

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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/CenterSquare International Real Estate Securities Fund			Curian/DFA U.S. Micro Cap Fund			Curian/DoubleLine Total Return Fund			Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
Investment income
Dividends	$	41,656		$	196,010		$	—		$	583		$	480		$	—		$	233,042		$	—		$	166,063		$	—
Expenses
Asset-based charges (Note 3)		185,039			714,634			96,118			27,767			31,271			433,466			58,561			261,902			301,916			113,502
Total expenses		185,039			714,634			96,118			27,767			31,271			433,466			58,561			261,902			301,916			113,502
Net investment income (loss)		(143,383	)		(518,624	)		(96,118	)		(27,184	)		(30,791	)		(433,466	)		174,481			(261,902	)		(135,853	)		(113,502	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment    companies		703			138,356			621,850			47,746			4,453			—			—			2,609,394			—			—
Investments		102,283			1,733,660			67,491			(4,659	)		(14,917	)		234,217			27,881			291,130			160,310			52,090
Net change in unrealized appreciation
(depreciation) on investments		452,107			3,596,437			(737,805	)		(364,085	)		(213,694	)		(145,718	)		(288,883	)		(2,045,481	)		1,077,960			476,459
Net realized and unrealized gain (loss)		555,093			5,468,453			(48,464	)		(320,998	)		(224,158	)		88,499			(261,002	)		855,043			1,238,270			528,549
Net increase (decrease) in net assets from operations	$	411,710		$	4,949,829		$	(144,582	)	$	(348,182	)	$	(254,949	)	$	(344,967	)	$	(86,521	)	$	593,141		$	1,102,417		$	415,047

See notes to the financial statements.

21

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	Curian/Epoch Global Shareholder Yield Fund			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/Neuberger Berman Risk Balanced Commodity Strategy Fund(a)			Curian/Nicholas Convertible Arbitrage Fund			Curian/PIMCO Credit Income Fund			Curian/PineBridge Merger Arbitrage Fund
Investment income
Dividends	$	176		$	25,308		$	638,887		$	—		$	—		$	—		$	—		$	523,639		$	13,015		$	—
Expenses
Asset-based charges (Note 3)		224,939			868,672			151,347			277,563			100,821			136,699			12,842			632,364			257,530			707,764
Total expenses		224,939			868,672			151,347			277,563			100,821			136,699			12,842			632,364			257,530			707,764
Net investment income (loss)		(224,763	)		(843,364	)		487,540			(277,563	)		(100,821	)		(136,699	)		(12,842	)		(108,725	)		(244,515	)		(707,764	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment    companies		470,276			—			1,188,712			5,414,728			6,205			—			—			1,146,457			—			—
Investments		25,472			980,101			195,537			139,780			36,130			12,964			(70,251	)		66,762			110,251			(153,863	)
Net change in unrealized appreciation
(depreciation) on investments		489,526			6,284,390			(5,146,496	)		(12,892,044	)		(312,742	)		400,040			(543,308	)		(2,966,806	)		1,502,020			(255,976	)
Net realized and unrealized gain (loss)		985,274			7,264,491			(3,762,247	)		(7,337,536	)		(270,407	)		413,004			(613,559	)		(1,753,587	)		1,612,271			(409,839	)
Net increase (decrease) in net assets
from operations	$	760,511		$	6,421,127		$	(3,274,707	)	$	(7,615,099	)	$	(371,228	)	$	276,305		$	(626,401	)	$	(1,862,312	)	$	1,367,756		$	(1,117,603	)
(a)Commencement of operations April 28, 2014.

See notes to the financial statements.

22

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	Curian/Schroder Emerging Europe Fund			Curian/T. Rowe Price Capital Appreciation Fund		Curian/The Boston Company Equity Income Fund			Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(a)			Curian/UBS Global Long Short Fixed Income Opportunities 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
Investment income
Dividends	$	81,199		$	464,908	$	30,523		$	—		$	—		$	72,402		$	9,752,615		$	24,945,247		$	25,589,257		$	29,170,749
Expenses
Asset-based charges (Note 3)		27,493			414,993		393,559			60,568			136,859			244,591			8,747,977			16,358,212			19,669,566			24,514,557
Total expenses		27,493			414,993		393,559			60,568			136,859			244,591			8,747,977			16,358,212			19,669,566			24,514,557
Net investment income (loss)		53,706			49,915		(363,036	)		(60,568	)		(136,859	)		(172,189	)		1,004,638			8,587,035			5,919,691			4,656,192
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		—			2,080,714		1,517,105			—			—			—			20,609,846			50,418,531			60,170,621			18,099,324
Investments		(180,098	)		305,940		512,459			(367,190	)		(74,340	)		(1,400,459	)		14,728,559			21,585,621			29,817,962			33,405,153
Net change in unrealized appreciation
(depreciation) on investments		(727,729	)		1,893,127		1,950,768			(33,342	)		(544,540	)		(3,825,012	)		(15,657,034	)		(38,925,580	)		(47,813,859	)		(43,403,284	)
Net realized and unrealized gain (loss)		(907,827	)		4,279,781		3,980,332			(400,532	)		(618,880	)		(5,225,471	)		19,681,371			33,078,572			42,174,724			8,101,193
Net increase (decrease) in net assets
from operations	$	(854,121	)	$	4,329,696	$	3,617,296		$	(461,100	)	$	(755,739	)	$	(5,397,660	)	$	20,686,009		$	41,665,607		$	48,094,415		$	12,757,385
(a)The period is from January 1, 2014 through the date the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund was acquired by Curian/Nicholas Convertible Arbitrage Fund on April 28, 2014.

See notes to the financial statements.

23

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/ AllianceBernstein Dynamic Asset Allocation Fund(a)			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
Investment income
Dividends	$	37,326,151		$	48,399,369		$	10,047,853		$	82,411		$	6,104,833		$	15,916,642		$	44,547		$	804,584		$	3,988,113		$	13,185,134
Expenses
Asset-based charges (Note 3)		33,801,328			48,033,041			10,252,234			61,270			8,725,370			20,329,178			7,341,834			5,244,451			7,507,882			27,671,003
Total expenses		33,801,328			48,033,041			10,252,234			61,270			8,725,370			20,329,178			7,341,834			5,244,451			7,507,882			27,671,003
Net investment income (loss)		3,524,823			366,328			(204,381	)		21,141			(2,620,537	)		(4,412,536	)		(7,297,287	)		(4,439,867	)		(3,519,769	)		(14,485,869	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		25,737,292			36,992,715			19,616,501			108,233			1,005,179			2,823,245			3,662,858			2,430,828			1,905,788			15,913,922
Investments		45,983,433			56,985,047			11,058,182			(44,213	)		8,480,480			46,499,437			(826,578	)		14,405,812			7,868,630			64,340,226
Net change in unrealized appreciation
(depreciation) on investments		(65,352,079	)		(83,789,059	)		(28,104,699	)		(92,567	)		7,629,027			131,264,727			951,192			(13,848,057	)		4,770,307			95,926,694
Net realized and unrealized gain (loss)		6,368,646			10,188,703			2,569,984			(28,547	)		17,114,686			180,587,409			3,787,472			2,988,583			14,544,725			176,180,842
Net increase (decrease) in net assets
from operations	$	9,893,469		$	10,555,031		$	2,365,603		$	(7,406	)	$	14,494,149		$	176,174,873		$	(3,509,815	)	$	(1,451,284	)	$	11,024,956		$	161,694,973
(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

24

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	JNL/American Funds International Fund			JNL/American Funds New World Fund			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/Boston Partners Global Long Short Equity Fund(a)			JNL/Brookfield Global Infrastructure and MLP Fund			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Investment income
Dividends	$	4,726,304		$	5,849,047		$	2,283,116		$	—		$	22,575,410		$	—		$	—		$	4,562,427		$	4,117,303		$	3,128,064
Expenses
Asset-based charges (Note 3)		8,816,145			10,193,110			875,328			14,740,005			43,460,554			9,212,767			5,635			8,843,835			6,833,496			6,058,031
Total expenses		8,816,145			10,193,110			875,328			14,740,005			43,460,554			9,212,767			5,635			8,843,835			6,833,496			6,058,031
Net investment income (loss)		(4,089,841	)		(4,344,063	)		1,407,788			(14,740,005	)		(20,885,144	)		(9,212,767	)		(5,635	)		(4,281,408	)		(2,716,193	)		(2,929,967	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		2,940,630			4,739,191			5,751,382			—			69,056,684			47,151,756			—			24,033,889			—			—
Investments		11,365,970			8,835,266			(251,427	)		18,908,989			45,951,373			31,150,903			296			14,069,628			12,605,273			17,024,856
Net change in unrealized appreciation
(depreciation) on investments		(40,374,560	)		(82,338,265	)		989,358			(161,723,676	)		(84,149,029	)		(23,727,052	)		36,118			(27,474,360	)		(14,144,073	)		(10,816,433	)
Net realized and unrealized gain (loss)		(26,067,960	)		(68,763,808	)		6,489,313			(142,814,687	)		30,859,028			54,575,607			36,414			10,629,157			(1,538,800	)		6,208,423
Net increase (decrease) in net assets
from operations	$	(30,157,801	)	$	(73,107,871	)	$	7,897,101		$	(157,554,692	)	$	9,973,884		$	45,362,840		$	30,779		$	6,347,749		$	(4,254,993	)	$	3,278,456
(a) Commencement of operations September 15, 2014.

See notes to the financial statements.

25

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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 International Small Cap Growth Fund			JNL/Franklin Templeton Mutual Shares Fund
Investment income
Dividends	$	2,788,153		$	—		$	1,274,261		$	2,848,706		$	25,518,193		$	4,158,618		$	26,092,906		$	62,269,201		$	3,590,072		$	4,648,862
Expenses
Asset-based charges (Note 3)		6,592,566			16,311,567			1,921,196			4,924,940			23,588,948			7,613,735			9,925,014			27,594,808			6,404,868			8,960,091
Total expenses		6,592,566			16,311,567			1,921,196			4,924,940			23,588,948			7,613,735			9,925,014			27,594,808			6,404,868			8,960,091
Net investment income (loss)		(3,804,413	)		(16,311,567	)		(646,935	)		(2,076,234	)		1,929,245			(3,455,117	)		16,167,892			34,674,393			(2,814,796	)		(4,311,229	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment     companies		6,108,024			95,363,490			—			—			—			3,509,718			537,332			—			20,507,192			12,168,006
Investments		16,966,027			52,716,959			(851,873	)		2,674,617			68,810,517			19,134,583			3,684,049			39,940,656			17,586,680			29,823,186
Net change in unrealized appreciation
(depreciation) on investments		18,797,134			(121,506,536	)		5,843,432			29,080,312			(55,392,441	)		(43,184,640	)		(35,514,257	)		(58,727,228	)		(86,372,881	)		(4,660,487	)
Net realized and unrealized gain (loss)		41,871,185			26,573,913			4,991,559			31,754,929			13,418,076			(20,540,339	)		(31,292,876	)		(18,786,572	)		(48,279,009	)		37,330,705
Net increase (decrease) in net assets
from operations	$	38,066,772		$	10,262,346		$	4,344,624		$	29,678,695		$	15,347,321		$	(23,995,456	)	$	(15,124,984	)	$	15,887,821		$	(51,093,805	)	$	33,019,476

See notes to the financial statements.

26

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Investment income
Dividends	$	2,167,993		$	15,535,708		$	3,755,870		$	5,143,042		$	135,533		$	14,337,030		$	6,363,347		$	289,355		$	625,350		$	—
Expenses
Asset-based charges (Note 3)		8,443,061			9,909,977			3,213,514			9,674,932			3,322,028			16,110,074			8,350,927			7,891,531			4,196,220			7,676,567
Total expenses		8,443,061			9,909,977			3,213,514			9,674,932			3,322,028			16,110,074			8,350,927			7,891,531			4,196,220			7,676,567
Net investment income (loss)		(6,275,068	)		5,625,731			542,356			(4,531,890	)		(3,186,495	)		(1,773,044	)		(1,987,580	)		(7,602,176	)		(3,570,870	)		(7,676,567	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		49,820,296			—			4,484,570			99,816,392			23,353,740			37,155,655			—			99,152,765			6,277,383			21,400,527
Investments		35,135,225			(8,526,030	)		(7,317,504	)		19,283,903			16,587,754			23,856,057			18,191,355			33,988,981			17,671,314			35,701,700
Net change in unrealized appreciation
(depreciation) on investments		(88,197,332	)		26,799,217			(11,099,362	)		(43,567,138	)		(11,448,124	)		71,001,564			(25,209,169	)		(91,806,712	)		13,348			(17,383,678	)
Net realized and unrealized gain (loss)		(3,241,811	)		18,273,187			(13,932,296	)		75,533,157			28,493,370			132,013,276			(7,017,814	)		41,335,034			23,962,045			39,718,549
Net increase (decrease) in net assets
from operations	$	(9,516,879	)	$	23,898,918		$	(13,389,940	)	$	71,001,267		$	25,306,875		$	130,240,232		$	(9,005,394	)	$	33,732,858		$	20,391,175		$	32,041,982

See notes to the financial statements.

27

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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/M&G Global Basics Fund(a)			JNL/MC 10 x 10 Fund			JNL/MC 25 Fund			JNL/MC Bond Index Fund		JNL/MC Communications Sector Fund
Investment income
Dividends	$	32,416,969		$	8,848,445		$	—		$	18,786,771		$	9,073,278		$	—		$	6,721,433		$	19,322,362		$	19,682,993	$	3,422,089
Expenses
Asset-based charges (Note 3)		44,033,888			6,871,042			9,326,129			8,639,579			8,099,014			303,152			5,454,676			13,899,622			8,580,641		1,958,233
Total expenses		44,033,888			6,871,042			9,326,129			8,639,579			8,099,014			303,152			5,454,676			13,899,622			8,580,641		1,958,233
Net investment income (loss)		(11,616,919	)		1,977,403			(9,326,129	)		10,147,192			974,264			(303,152	)		1,266,757			5,422,740			11,102,352		1,463,856
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		145,020,431			—			54,950,237			—			12,132,309			—			12,965,686			88,911,079			6,160,941		—
Investments		95,447,612			4,796,909			46,738,190			(5,127,926	)		4,201,952			(1,643,788	)		16,150,634			63,367,878			1,125,862		6,115,372
Net change in unrealized appreciation
(depreciation) on investments		(398,855,000	)		(62,715,657	)		(37,215,702	)		15,527,220			(52,106,042	)		1,639,445			(5,594,385	)		(152,620,471	)		3,668,680		(2,770,227	)
Net realized and unrealized gain (loss)		(158,386,957	)		(57,918,748	)		64,472,725			10,399,294			(35,771,781	)		(4,343	)		23,521,935			(341,514	)		10,955,483		3,345,145
Net increase (decrease) in net assets
from operations	$	(170,003,876	)	$	(55,941,345	)	$	55,146,596		$	20,546,486		$	(34,797,517	)	$	(307,495	)	$	24,788,692		$	5,081,226		$	22,057,835	$	4,809,001
(a) The period is from January 1, 2014 through the date the JNL/M&G Global Basics Fund was acquired by JNL/Oppenheimer Global Growth Fund on April 28, 2014.

See notes to the financial statements.

28

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	JNL/MC Consumer Brands Sector Fund			JNL/MC Dow 10 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
Investment income
Dividends	$	2,619,172		$	—		$	371,250		$	5,318,709		$	2,889,559		$	4,172,846		$	—		$	4,325,576		$	7,948,769		$	9,339,663
Expenses
Asset-based charges (Note 3)		7,038,036			8,702,612			1,214,974			6,719,703			3,547,649			7,079,570			5,811,529			565,702			20,503,794			9,854,514
Total expenses		7,038,036			8,702,612			1,214,974			6,719,703			3,547,649			7,079,570			5,811,529			565,702			20,503,794			9,854,514
Net investment income (loss)		(4,418,864	)		(8,702,612	)		(843,724	)		(1,400,994	)		(658,090	)		(2,906,724	)		(5,811,529	)		3,759,874			(12,555,025	)		(514,851	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		22,785,903			—			16,928,431			—			—			12,033,948			—			—			16,994,512			27,102,087
Investments		33,482,588			59,121,480			3,428,173			(22,771	)		2,608,171			30,218,871			29,356,816			(1,039,971	)		79,782,858			25,726,030
Net change in unrealized appreciation
(depreciation) on investments		(11,551,414	)		(6,893,424	)		(15,548,488	)		(27,664,826	)		(24,173,624	)		12,588,291			8,880,731			(4,025,304	)		202,479,356			(27,886,820	)
Net realized and unrealized gain (loss)		44,717,077			52,228,056			4,808,116			(27,687,597	)		(21,565,453	)		54,841,110			38,237,547			(5,065,275	)		299,256,726			24,941,297
Net increase (decrease) in net assets
from operations	$	40,298,213		$	43,525,444		$	3,964,392		$	(29,088,591	)	$	(22,223,543	)	$	51,934,386		$	32,426,018		$	(1,305,401	)	$	286,701,701		$	24,426,446

See notes to the financial statements.

29

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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(a)			JNL/MC Oil & Gas Sector Fund			JNL/MC Pacific Rim 30 Fund			JNL/MC S&P 24 Fund			JNL/MC S&P 400 MidCap Index Fund			JNL/MC S&P 500 Index Fund
Investment income
Dividends	$	27,744,856		$	60,762,370	$	8,035,943		$	1,159,239		$	1,371,421		$	14,314,039		$	2,688,910		$	2,568,673		$	11,029,380		$	36,229,792
Expenses
Asset-based charges (Note 3)		11,696,601			45,139,571		6,182,936			7,761,498			844,168			18,047,467			1,532,367			5,411,159			17,293,868			39,957,977
Total expenses		11,696,601			45,139,571		6,182,936			7,761,498			844,168			18,047,467			1,532,367			5,411,159			17,293,868			39,957,977
Net investment income (loss)		16,048,255			15,622,799		1,853,007			(6,602,259	)		527,253			(3,733,428	)		1,156,543			(2,842,486	)		(6,264,488	)		(3,728,185	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		—			—		—			38,340,534			—			19,585,271			2,586,127			35,777,790			69,621,744			3,625,300
Investments		18,217,087			148,920,653		22,606,219			39,641,950			9,566,467			49,548,050			2,411,692			16,371,473			66,744,761			127,463,943
Net change in unrealized appreciation
(depreciation) on investments		(103,241,736	)		106,934,442		(3,822,502	)		10,694,500			(3,692,818	)		(221,994,461	)		(5,720,619	)		(38,562,400	)		(43,332,606	)		174,935,490
Net realized and unrealized gain (loss)		(85,024,649	)		255,855,095		18,783,717			88,676,984			5,873,649			(152,861,140	)		(722,800	)		13,586,863			93,033,899			306,024,733
Net increase (decrease) in net assets
from operations	$	(68,976,394	)	$	271,477,894	$	20,636,724		$	82,074,725		$	6,400,902		$	(156,594,568	)	$	433,743		$	10,744,377		$	86,769,411		$	302,296,548
(a) The period is from January 1, 2014 through the date the JNL/MC NYSE International 25 Fund was acquired by JNL/MC International Index Fund on September 15, 2014.

See notes to the financial statements.

30

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	JNL/MC S&P SMid 60 Fund			JNL/MC Small Cap Index Fund			JNL/MC Technology Sector Fund			JNL/MC Utilities Sector Fund			JNL/MC Value Line 30 Fund			JNL/MMRS Conservative Fund(a)			JNL/MMRS Growth Fund(a)			JNL/MMRS Moderate Fund(a)			JNL/Morgan Stanley Mid Cap Growth Fund			JNL/Neuberger Berman Strategic Income Fund
Investment income
Dividends	$	2,302,217		$	11,606,299		$	4,694,124		$	773		$	1,051,759		$	—		$	—		$	—		$	—		$	2,388,773
Expenses
Asset-based charges (Note 3)		5,464,165			17,057,841			10,166,814			208,332			6,922,589			70,683			40,585			119,135			1,200,379			3,401,274
Total expenses		5,464,165			17,057,841			10,166,814			208,332			6,922,589			70,683			40,585			119,135			1,200,379			3,401,274
Net investment income (loss)		(3,161,948	)		(5,451,542	)		(5,472,690	)		(207,559	)		(5,870,830	)		(70,683	)		(40,585	)		(119,135	)		(1,200,379	)		(1,012,501	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		40,397,139			—			13,566,771			—			—			—			—			—			819,348			1,179,745
Investments		19,905,300			55,823,382			36,581,814			290,936			29,828,458			525			13,589			44,838			445,934			1,930,249
Net change in unrealized appreciation
(depreciation) on investments		(51,346,227	)		(16,627,934	)		73,132,283			4,092,575			(3,293,964	)		308,857			114,602			407,884			(6,589,221	)		3,211,670
Net realized and unrealized gain (loss)		8,956,212			39,195,448			123,280,868			4,383,511			26,534,494			309,382			128,191			452,722			(5,323,939	)		6,321,664
Net increase (decrease) in net assets
from operations	$	5,794,264		$	33,743,906		$	117,808,178		$	4,175,952		$	20,663,664		$	238,699		$	87,606		$	333,587		$	(6,524,318	)	$	5,309,163
(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

31

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	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			JNL/Red Rocks Listed Private Equity Fund			JNL/S&P 4 Fund
Investment income
Dividends	$	3,936,830		$	9,697,109		$	109,730,008	$	28,937,765		$	94,863,902		$	1,439,423		$	484,721		$	9,141,327		$	34,987,955		$	86,792,924
Expenses
Asset-based charges (Note 3)		10,037,805			20,757,735			49,773,322		18,009,755			25,593,055			4,175,266			2,693,074			2,712,910			6,976,635			53,703,952
Total expenses		10,037,805			20,757,735			49,773,322		18,009,755			25,593,055			4,175,266			2,693,074			2,712,910			6,976,635			53,703,952
Net investment income (loss)		(6,100,975	)		(11,060,626	)		59,956,686		10,928,010			69,270,847			(2,735,843	)		(2,208,353	)		6,428,417			28,011,320			33,088,972
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		12,817,305			—			11,998,985		2,177,853			24,607,284			15,679,862			29,138,821			—			19,826,728			80,914,780
Investments		30,096,651			(68,828,438	)		3,861,973		5,577,151			20,110,948			26,779,791			12,516,354			17,469,331			18,087,428			148,964,329
Net change in unrealized appreciation
(depreciation) on investments		(33,486,979	)		103,782,551			5,169,863		(35,233,250	)		(138,989,078	)		(15,487,375	)		(32,438,273	)		(6,650,453	)		(70,955,953	)		212,493,193
Net realized and unrealized gain (loss)		9,426,977			34,954,113			21,030,821		(27,478,246	)		(94,270,846	)		26,972,278			9,216,902			10,818,878			(33,041,797	)		442,372,302
Net increase (decrease) in net assets
from operations	$	3,326,002		$	23,893,487		$	80,987,507	$	(16,550,236	)	$	(24,999,999	)	$	24,236,435		$	7,008,549		$	17,247,295		$	(5,030,477	)	$	475,461,274

See notes to the financial statements.

32

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund			JNL/S&P International 5 Fund(b)			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 Mid 3 Fund(a)
Investment income
Dividends	$	2,006,202		$	27,393,548		$	—		$	6,592,370		$	7,135,047		$	4,522,808		$	23,231,545		$	6,324,898		$	13,693,925		$	—
Expenses
Asset-based charges (Note 3)		10,091,634			30,217,638			3,544			11,335,576			22,380,270			23,720,301			64,881,560			46,856,872			86,245,541			276,517
Total expenses		10,091,634			30,217,638			3,544			11,335,576			22,380,270			23,720,301			64,881,560			46,856,872			86,245,541			276,517
Net investment income (loss)		(8,085,432	)		(2,824,090	)		(3,544	)		(4,743,206	)		(15,245,223	)		(19,197,493	)		(41,650,015	)		(40,531,974	)		(72,551,616	)		(276,517	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		65,293,372			100,125,093			—			94,182,374			40,857,923			16,976,111			98,413,319			42,430,111			97,256,175			—
Investments		29,464,609			65,340,560			633			39,502,962			65,335,677			26,618,091			134,290,804			71,885,221			148,320,038			220,460
Net change in unrealized appreciation
(depreciation) on investments		(28,273,880	)		65,354,713			(14,130	)		(11,640,327	)		(14,230,212	)		203,885			(14,488,176	)		1,698,051			(2,654,783	)		3,839,035
Net realized and unrealized gain (loss)		66,484,101			230,820,366			(13,497	)		122,045,009			91,963,388			43,798,087			218,215,947			116,013,383			242,921,430			4,059,495
Net increase (decrease) in net assets
from operations	$	58,398,669		$	227,996,276		$	(17,041	)	$	117,301,803		$	76,718,165		$	24,600,594		$	176,565,932		$	75,481,409		$	170,369,814		$	3,782,978
(a) Commencement of operations April 28, 2014.
(b) Commencement of operations September 15, 2014.

See notes to the financial statements.

33

Jackson National Separate Account I

Statements of Operations

For the Year Ended December 31, 2014

	JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(a)			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/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Investment income
Dividends	$	4,396,813		$	—		$	—		$	3,411,721		$	9,260,286		$	9,514,405		$	46,285,200		$	5,938		$	9,516,161
Expenses
Asset-based charges (Note 3)		6,748,743			53,223			31,089,039			34,505,316			11,496,036			17,009,022			50,895,755			19,654,195			9,575,253
Total expenses		6,748,743			53,223			31,089,039			34,505,316			11,496,036			17,009,022			50,895,755			19,654,195			9,575,253
Net investment income (loss)		(2,351,930	)		(53,223	)		(31,089,039	)		(31,093,595	)		(2,235,750	)		(7,494,617	)		(4,610,555	)		(19,648,257	)		(59,092	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		71,373,060			—			195,414,271			206,045,458			—			63,967,765			118,517,687			14,251			26,588,522
Investments		23,430,999			(32,941	)		128,858,247			92,625,668			(868,425	)		61,764,881			92,523,305			—			33,369,915
Net change in unrealized appreciation
(depreciation) on investments		(36,096,055	)		(280,278	)		(145,447,510	)		(15,927,643	)		(5,601,919	)		8,652,174			80,712,598			—			261,941
Net realized and unrealized gain (loss)		58,708,004			(313,219	)		178,825,008			282,743,483			(6,470,344	)		134,384,820			291,753,590			14,251			60,220,378
Net increase (decrease) in net assets
from operations	$	56,356,074		$	(366,442	)	$	147,735,969		$	251,649,888		$	(8,706,094	)	$	126,890,203		$	287,143,035		$	(19,634,006	)	$	60,161,286
(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

34

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	CG - Alt 100 Conservative Fund			CG - Alt 100 Growth Fund			CG - Alt 100 Moderate Fund			CG - Conservative Fund			CG - Equity 100 Fund			CG - Equity Income Fund			CG - Fixed Income 100 Fund			CG - Growth Fund			CG - Institutional Alt 65 Fund			CG - Interest Rate Opportunities Fund
Operations
Net investment income (loss)	$	(135,873	)	$	(148,001	)	$	121,192		$	(189,986	)	$	(292,570	)	$	1,490,563		$	141,294		$	(565,355	)	$	(263,347	)	$	237,966
Net realized gain (loss) on investments		142,524			209,188			6,517,396			901,431			4,357,942			1,803,633			105,302			1,083,633			3,005,827			304,156
Net change in unrealized appreciation (depreciation) on investments		59,144			(979,662	)		(4,139,034	)		499,315			(1,385,167	)		262,061			(231,400	)		1,668,014			(1,218,150	)		(889,360	)
Net increase (decrease) in net assets from operations		65,795			(918,475	)		2,499,554			1,210,760			2,680,205			3,556,257			15,196			2,186,292			1,524,330			(347,238	)
Contract transactions 1
Purchase payments (Note 4)		18,458,822			58,151,007			90,262,414			52,478,514			30,814,530			15,583,548			19,467,424			111,875,238			27,125,728			20,956,828
Surrenders and terminations		(1,153,691	)		(1,801,063	)		(11,220,851	)		(5,509,675	)		(3,121,159	)		(3,098,758	)		(3,319,356	)		(2,589,065	)		(5,272,974	)		(1,861,534	)
Transfers between Investment Divisions		(798,440	)		11,740,158			(26,491,719	)		(5,767,074	)		(768,116	)		2,855,588			6,185,921			814,870			(6,341,736	)		326,039
Contract owner charges (Note 3)		(13,516	)		(43,765	)		(216,323	)		(59,891	)		(45,545	)		(44,404	)		(20,838	)		(48,356	)		(83,713	)		(14,894	)
Net increase (decrease) in net assets from contract transactions		16,493,175			68,046,337			52,333,521			41,141,874			26,879,710			15,295,974			22,313,151			110,052,687			15,427,305			19,406,439
Net increase (decrease) in net assets		16,558,970			67,127,862			54,833,075			42,352,634			29,559,915			18,852,231			22,328,347			112,238,979			16,951,635			19,059,201
Net assets beginning of period		17,738,505			37,070,387			275,259,838			55,255,419			49,262,282			43,192,367			22,059,048			43,815,918			107,396,269			28,938,249
Net assets end of period	$	34,297,475		$	104,198,249		$	330,092,913		$	97,608,053		$	78,822,197		$	62,044,598		$	44,387,395		$	156,054,897		$	124,347,904		$	47,997,450
1 Contract unit transactions
Units Outstanding at December 31, 2013		1,786,805			3,667,273			26,425,130			5,267,640			3,805,968			3,598,785			2,275,015			4,032,811			9,661,615			2,962,394
Units Issued		2,385,589			7,121,465			9,227,898			5,853,009			2,890,950			1,743,612			3,006,173			11,075,341			2,848,870			2,899,431
Units Redeemed		(728,426	)		(597,010	)		(4,348,297	)		(2,047,524	)		(828,863	)		(533,476	)		(753,875	)		(1,175,990	)		(1,491,044	)		(947,525	)
Units Outstanding at December 31, 2014		3,443,968			10,191,728			31,304,731			9,073,125			5,868,055			4,808,921			4,527,313			13,932,162			11,019,441			4,914,300

See notes to the financial statements.

35

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	CG - International Conservative Fund			CG - International Growth Fund			CG - International 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
Operations
Net investment income (loss)	$	(1,121	)	$	(20,277	)	$	4,342		$	(337,832	)	$	(756,097	)	$	(1,251,024	)	$	172,480		$	6,458		$	(382,731	)	$	(450,873	)
Net realized gain (loss) on investments		12,859			72,375			83,813			4,715,045			8,813,937			10,658,084			227,721			7,749			4,463,350			14,676,145
Net change in unrealized appreciation (depreciation) on investments		(210,315	)		(423,192	)		(559,612	)		(1,674,601	)		(3,011,335	)		(354,980	)		(407,987	)		(762,068	)		(1,930,116	)		(5,731,616	)
Net increase (decrease) in net assets from operations		(198,577	)		(371,094	)		(471,457	)		2,702,612			5,046,505			9,052,080			(7,786	)		(747,861	)		2,150,503			8,493,656
Contract transactions 1
Purchase payments (Note 4)		3,258,949			4,097,455			6,434,655			47,788,908			170,983,799			210,284,455			16,679,898			6,141,171			30,844,266			69,385,409
Surrenders and terminations		(173,086	)		(181,361	)		(319,238	)		(2,822,886	)		(15,255,870	)		(13,697,675	)		(1,685,273	)		(309,955	)		(1,942,433	)		(11,390,176	)
Transfers between Investment Divisions		(70,623	)		(334,513	)		(185,336	)		587,003			1,559,738			18,438,299			2,464,282			840,689			(4,986,138	)		(6,988,130	)
Contract owner charges (Note 3)		(1,910	)		(6,088	)		(5,000	)		(75,033	)		(118,375	)		(255,186	)		(11,006	)		(2,571	)		(57,845	)		(195,288	)
Net increase (decrease) in net assets from contract transactions		3,013,330			3,575,493			5,925,081			45,477,992			157,169,292			214,769,893			17,447,901			6,669,334			23,857,850			50,811,815
Net increase (decrease) in net assets		2,814,753			3,204,399			5,453,624			48,180,604			162,215,797			223,821,973			17,440,115			5,921,473			26,008,353			59,305,471
Net assets beginning 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
Net assets end of period	$	4,658,773		$	7,728,002		$	10,278,335		$	113,731,523		$	334,274,451		$	476,810,694		$	37,647,414		$	10,920,077		$	92,147,402		$	287,493,230
1 Contract unit transactions
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
Units Issued		361,686			540,081			834,197			4,558,371			16,285,102			20,850,285			2,283,619			995,148			3,012,741			6,979,085
Units Redeemed		(57,395	)		(189,520	)		(239,942	)		(866,425	)		(3,007,209	)		(2,660,027	)		(510,696	)		(362,179	)		(982,107	)		(2,602,612	)
Units Outstanding at December 31, 2014		493,681			797,648			1,079,686			9,114,335			28,147,630			40,122,145			3,864,800			1,141,507			7,728,797			24,365,554

See notes to the financial statements.

36

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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
Operations
Net investment income (loss)	$	(2,512,953	)	$	(594,313	)	$	1,454,156		$	(18,645	)	$	(37,844	)	$	109,528		$	(85,239	)	$	(336,803	)	$	(317,950	)	$	2,004
Net realized gain (loss) on investments		1,795,343			(497,359	)		3,073,298			3,019			(16,055	)		220,134			1,527,215			4,695,306			5,464,748			(138,780	)
Net change in unrealized appreciation (depreciation) on investments		9,853,467			(2,004,531	)		5,783,050			(46,970	)		63,147			(754,555	)		(296,842	)		(881,337	)		(2,049,979	)		(270,573	)
Net increase (decrease) in net assets from operations		9,135,857			(3,096,203	)		10,310,504			(62,596	)		9,248			(424,893	)		1,145,134			3,477,166			3,096,819			(407,349	)
Contract transactions 1
Purchase payments (Note 4)		58,114,563			22,156,448			38,163,738			2,396,018			4,025,071			7,345,782			15,235,071			35,185,757			35,972,741			1,131,758
Surrenders and terminations		(15,420,552	)		(2,937,055	)		(11,881,178	)		(34,058	)		(48,099	)		(1,044,149	)		(2,423,249	)		(6,335,173	)		(5,033,458	)		(65,252	)
Transfers between Investment Divisions		(46,148,520	)		(13,997,817	)		(11,720,614	)		477,790			1,772,408			1,241,989			(848,835	)		(2,860,049	)		(6,295,854	)		(246,048	)
Contract owner charges (Note 3)		(215,613	)		(58,573	)		(129,035	)		(469	)		(1,139	)		(2,097	)		(20,174	)		(74,336	)		(78,782	)		(936	)
Net increase (decrease) in net assets from contract transactions		(3,670,122	)		5,163,003			14,432,911			2,839,281			5,748,241			7,541,525			11,942,813			25,916,199			24,564,647			819,522
Net increase (decrease) in net assets		5,465,735			2,066,800			24,743,415			2,776,685			5,757,489			7,116,632			13,087,947			29,393,365			27,661,466			412,173
Net assets beginning 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
Net assets end of period	$	244,165,670		$	57,556,283		$	173,807,081		$	3,201,218		$	6,295,278		$	12,692,879		$	45,819,993		$	109,627,946		$	98,242,884		$	1,628,094
1 Contract unit transactions
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
Units Issued		5,998,529			2,661,671			4,414,911			301,380			629,026			1,035,459			1,715,644			3,386,048			3,345,366			523,170
Units Redeemed		(6,402,419	)		(2,115,040	)		(3,118,614	)		(30,502	)		(116,521	)		(297,761	)		(634,065	)		(1,190,524	)		(1,375,530	)		(434,963	)
Units Outstanding at December 31, 2014		23,213,843			6,376,923			15,761,871			311,359			561,689			1,290,169			4,083,257			9,032,517			7,688,178			235,196

See notes to the financial statements.

37

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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/CenterSquare International Real Estate Securities Fund			Curian/DFA U.S. Micro Cap Fund			Curian/DoubleLine Total Return Fund			Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
Operations
Net investment income (loss)	$	(143,383	)	$	(518,624	)	$	(96,118	)	$	(27,184	)	$	(30,791	)	$	(433,466	)	$	174,481		$	(261,902	)	$	(135,853	)	$	(113,502	)
Net realized gain (loss) on investments		102,986			1,872,016			689,341			43,087			(10,464	)		234,217			27,881			2,900,524			160,310			52,090
Net change in unrealized appreciation (depreciation) on investments		452,107			3,596,437			(737,805	)		(364,085	)		(213,694	)		(145,718	)		(288,883	)		(2,045,481	)		1,077,960			476,459
Net increase (decrease) in net assets from operations		411,710			4,949,829			(144,582	)		(348,182	)		(254,949	)		(344,967	)		(86,521	)		593,141			1,102,417			415,047
Contract transactions 1
Purchase payments (Note 4)		22,954,913			42,391,896			10,588,444			1,832,658			3,413,076			31,529,505			4,176,641			15,816,707			41,504,088			5,261,188
Surrenders and terminations		(522,581	)		(2,193,035	)		(422,495	)		(90,963	)		(83,692	)		(2,515,556	)		(203,110	)		(729,327	)		(1,838,942	)		(422,125	)
Transfers between Investment Divisions		3,187,633			7,822,866			7,698,645			435,129			(391,689	)		2,963,461			606,040			1,856,674			22,375,607			1,447,954
Contract owner charges (Note 3)		(2,920	)		(29,810	)		(3,186	)		(1,295	)		(579	)		(7,721	)		(2,104	)		(11,101	)		(21,559	)		(3,344	)
Net increase (decrease) in net assets from contract transactions		25,617,045			47,991,917			17,861,408			2,175,529			2,937,116			31,969,689			4,577,467			16,932,953			62,019,194			6,283,673
Net increase (decrease) in net assets		26,028,755			52,941,746			17,716,826			1,827,347			2,682,167			31,624,722			4,490,946			17,526,094			63,121,611			6,698,720
Net assets beginning of period		5,062,821			45,213,753			1,348,020			1,527,108			1,210,323			22,308,296			3,063,702			16,188,484			5,167,164			7,451,445
Net assets end of period	$	31,091,576		$	98,155,499		$	19,064,846		$	3,354,455		$	3,892,490		$	53,933,018		$	7,554,648		$	33,714,578		$	68,288,775		$	14,150,165
1 Contract unit transactions
Units Outstanding at December 31, 2013		461,640			3,335,385			134,410			147,852			126,678			2,224,900			330,504			1,130,300			518,337			788,584
Units Issued		2,584,492			4,119,541			1,967,260			282,155			521,827			4,207,713			715,539			1,644,233			6,494,658			927,807
Units Redeemed		(239,327	)		(679,696	)		(321,932	)		(67,228	)		(225,763	)		(1,059,471	)		(228,988	)		(443,576	)		(512,612	)		(271,495	)
Units Outstanding at December 31, 2014		2,806,805			6,775,230			1,779,738			362,779			422,742			5,373,142			817,055			2,330,957			6,500,383			1,444,896

See notes to the financial statements.

38

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	Curian/Epoch Global Shareholder Yield Fund			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/Neuberger Berman Risk Balanced Commodity Strategy Fund(a)			Curian/Nicholas Convertible Arbitrage Fund			Curian/PIMCO Credit Income Fund			Curian/PineBridge Merger Arbitrage Fund
Operations
Net investment income (loss)	$	(224,763	)	$	(843,364	)	$	487,540		$	(277,563	)	$	(100,821	)	$	(136,699	)	$	(12,842	)	$	(108,725	)	$	(244,515	)	$	(707,764	)
Net realized gain (loss) on investments		495,748			980,101			1,384,249			5,554,508			42,335			12,964			(70,251	)		1,213,219			110,251			(153,863	)
Net change in unrealized appreciation (depreciation) on investments		489,526			6,284,390			(5,146,496	)		(12,892,044	)		(312,742	)		400,040			(543,308	)		(2,966,806	)		1,502,020			(255,976	)
Net increase (decrease) in net assets from operations		760,511			6,421,127			(3,274,707	)		(7,615,099	)		(371,228	)		276,305			(626,401	)		(1,862,312	)		1,367,756			(1,117,603	)
Contract transactions 1
Purchase payments (Note 4)		10,162,070			38,895,411			10,243,361			14,195,074			8,844,246			3,382,445			2,423,627			19,203,781			12,867,360			20,947,077
Surrenders and terminations		(953,212	)		(3,853,037	)		(373,382	)		(949,844	)		(188,281	)		(601,463	)		(45,062	)		(2,879,747	)		(1,325,016	)		(3,952,746	)
Transfers between Investment Divisions		841,313			5,723,646			71,116			1,894,681			2,892,025			426,624			1,372,107			9,414,558			2,053,236			(14,257,575	)
Contract owner charges (Note 3)		(7,501	)		(31,541	)		(4,821	)		(14,234	)		(2,280	)		(6,130	)		(35	)		(28,305	)		(11,583	)		(34,647	)
Net increase (decrease) in net assets from contract transactions		10,042,670			40,734,479			9,936,274			15,125,677			11,545,710			3,201,476			3,750,637			25,710,287			13,583,997			2,702,109
Net increase (decrease) in net assets		10,803,181			47,155,606			6,661,567			7,510,578			11,174,482			3,477,781			3,124,236			23,847,975			14,951,753			1,584,506
Net assets beginning of period		15,590,221			59,229,238			10,523,693			19,294,478			3,438,085			10,983,665			—			40,484,175			19,395,476			63,826,261
Net assets end of period	$	26,393,402		$	106,384,844		$	17,185,260		$	26,805,056		$	14,612,567		$	14,461,446		$	3,124,236		$	64,332,150		$	34,347,229		$	65,410,767
1 Contract unit transactions
Units Outstanding at December 31, 2013		1,203,658			5,215,087			863,084			2,045,134			298,490			1,124,211			—			3,896,661			1,886,848			6,448,094
Units Issued		1,111,949			4,276,570			1,235,223			2,281,131			1,166,793			675,744			539,335			3,920,432			1,754,054			2,414,998
Units Redeemed		(373,963	)		(795,258	)		(423,740	)		(710,722	)		(165,187	)		(352,310	)		(132,796	)		(1,492,722	)		(503,244	)		(2,147,025	)
Units Outstanding at December 31, 2014		1,941,644			8,696,399			1,674,567			3,615,543			1,300,096			1,447,645			406,539			6,324,371			3,137,658			6,716,067
(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

39

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	Curian/Schroder Emerging Europe Fund			Curian/T. Rowe Price Capital Appreciation Fund			Curian/The Boston Company Equity Income Fund			Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(a)			Curian/UBS Global Long Short Fixed Income Opportunities 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
Operations
Net investment income (loss)	$	53,706		$	49,915		$	(363,036	)	$	(60,568	)	$	(136,859	)	$	(172,189	)	$	1,004,638		$	8,587,035		$	5,919,691		$	4,656,192
Net realized gain (loss) on investments		(180,098	)		2,386,654			2,029,564			(367,190	)		(74,340	)		(1,400,459	)		35,338,405			72,004,152			89,988,583			51,504,477
Net change in unrealized appreciation (depreciation) on investments		(727,729	)		1,893,127			1,950,768			(33,342	)		(544,540	)		(3,825,012	)		(15,657,034	)		(38,925,580	)		(47,813,859	)		(43,403,284	)
Net increase (decrease) in net assets from operations		(854,121	)		4,329,696			3,617,296			(461,100	)		(755,739	)		(5,397,660	)		20,686,009			41,665,607			48,094,415			12,757,385
Contract transactions 1
Purchase payments (Note 4)		1,815,860			49,743,859			15,641,768			1,433,405			8,575,139			12,286,769			127,471,079			156,910,460			225,264,551			139,720,901
Surrenders and terminations		(166,843	)		(1,589,714	)		(1,711,981	)		(224,552	)		(1,006,219	)		(845,335	)		(19,945,389	)		(60,131,639	)		(50,941,800	)		(65,769,149	)
Transfers between Investment Divisions		88,168			23,110,487			697,369			(19,169,827	)		437,934			8,829,775			8,043,241			48,407,810			49,739,057			(75,210,067	)
Contract owner charges (Note 3)		(976	)		(14,843	)		(12,098	)		(2,242	)		(25,123	)		(20,236	)		(7,105,090	)		(13,217,379	)		(16,305,779	)		(21,666,019	)
Net increase (decrease) in net assets from contract transactions		1,736,209			71,249,789			14,615,058			(17,963,216	)		7,981,731			20,250,973			108,463,841			131,969,252			207,756,029			(22,924,334	)
Net increase (decrease) in net assets		882,088			75,579,485			18,232,354			(18,424,316	)		7,225,992			14,853,313			129,149,850			173,634,859			255,850,444			(10,166,949	)
Net assets beginning of period		1,538,985			9,228,428			28,342,432			18,424,316			7,719,540			11,291,223			521,713,292			1,026,832,403			1,216,735,393			1,697,532,924
Net assets end of period	$	2,421,073		$	84,807,913		$	46,574,786		$	—		$	14,945,532		$	26,144,536		$	650,863,142		$	1,200,467,262		$	1,472,585,837		$	1,687,365,975
1 Contract unit transactions
Units Outstanding at December 31, 2013		148,995			877,948			1,948,410			1,865,063			780,745			2,435,614			45,866,327			82,175,928			100,110,377			102,360,408
Units Issued		447,096			6,755,232			1,394,055			172,822			1,244,050			5,103,405			14,939,756			18,113,522			25,474,371			10,161,234
Units Redeemed		(270,668	)		(336,301	)		(429,595	)		(2,037,885	)		(426,289	)		(1,467,713	)		(5,556,603	)		(7,871,092	)		(8,731,270	)		(11,598,032	)
Units Outstanding at December 31, 2014		325,423			7,296,879			2,912,870			—			1,598,506			6,071,306			55,249,480			92,418,358			116,853,478			100,923,610
(a) The period is from January 1, 2014 through the date the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund was acquired by Curian/Nicholas Convertible Arbitrage Fund on April 28, 2014.

See notes to the financial statements.

40

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/ AllianceBernstein Dynamic Asset Allocation Fund(a)			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
Operations
Net investment income (loss)	$	3,524,823		$	366,328		$	(204,381	)	$	21,141		$	(2,620,537	)	$	(4,412,536	)	$	(7,297,287	)	$	(4,439,867	)	$	(3,519,769	)	$	(14,485,869	)
Net realized gain (loss) on investments		71,720,725			93,977,762			30,674,683			64,020			9,485,659			49,322,682			2,836,280			16,836,640			9,774,418			80,254,148
Net change in unrealized appreciation (depreciation) on investments		(65,352,079	)		(83,789,059	)		(28,104,699	)		(92,567	)		7,629,027			131,264,727			951,192			(13,848,057	)		4,770,307			95,926,694
Net increase (decrease) in net assets from operations		9,893,469			10,555,031			2,365,603			(7,406	)		14,494,149			176,174,873			(3,509,815	)		(1,451,284	)		11,024,956			161,694,973
Contract transactions 1
Purchase payments (Note 4)		188,195,227			318,854,385			(60,000	)		15,405,310			220,345,588			272,957,153			54,083,932			66,930,595			210,918,445			549,017,858
Surrenders and terminations		(98,547,480	)		(133,467,226	)		(40,966,302	)		(211,260	)		(24,915,268	)		(54,688,870	)		(24,354,768	)		(13,791,654	)		(16,718,006	)		(75,229,330	)
Transfers between Investment Divisions		(137,482,673	)		(184,751,670	)		(77,829,882	)		3,504,077			107,437,687			224,322,858			14,128,682			7,381,217			83,896,753			140,639,543
Contract owner charges (Note 3)		(29,173,811	)		(40,586,361	)		(8,236,648	)		(711	)		(6,935,778	)		(16,352,044	)		(5,478,787	)		(4,242,229	)		(6,218,217	)		(21,302,984	)
Net increase (decrease) in net assets from contract transactions		(77,008,737	)		(39,950,872	)		(127,092,832	)		18,697,416			295,932,229			426,239,097			38,379,059			56,277,929			271,878,975			593,125,087
Net increase (decrease) in net assets		(67,115,268	)		(29,395,841	)		(124,727,229	)		18,690,010			310,426,378			602,413,970			34,869,244			54,826,645			282,903,931			754,820,060
Net assets beginning of period		2,315,266,549			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
Net assets end of period	$	2,248,151,281		$	3,167,812,442		$	622,021,169		$	18,690,010		$	749,736,556		$	1,747,476,624		$	467,955,526		$	370,904,900		$	640,593,136		$	2,316,145,307
1 Contract unit transactions
Units Outstanding at December 31, 2013		136,061,378			188,513,109			43,102,690			—			37,487,069			78,386,378			40,893,421			24,614,194			29,047,750			103,723,182
Units Issued		12,509,362			21,809,873			110,892			2,054,661			29,139,277			33,748,738			13,481,806			9,546,090			25,656,664			47,053,705
Units Redeemed		(17,105,472	)		(24,370,108	)		(7,382,491	)		(223,299	)		(4,379,656	)		(6,575,244	)		(10,073,799	)		(5,404,578	)		(4,001,544	)		(9,287,583	)
Units Outstanding at December 31, 2014		131,465,268			185,952,874			35,831,091			1,831,362			62,246,690			105,559,872			44,301,428			28,755,706			50,702,870			141,489,304
(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

41

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	JNL/American Funds International Fund			JNL/American Funds New World Fund			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/Boston Partners Global Long Short Equity Fund(a)			JNL/Brookfield Global Infrastructure and MLP Fund			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Operations
Net investment income (loss)	$	(4,089,841	)	$	(4,344,063	)	$	1,407,788		$	(14,740,005	)	$	(20,885,144	)	$	(9,212,767	)	$	(5,635	)	$	(4,281,408	)	$	(2,716,193	)	$	(2,929,967	)
Net realized gain (loss) on investments		14,306,600			13,574,457			5,499,955			18,908,989			115,008,057			78,302,659			296			38,103,517			12,605,273			17,024,856
Net change in unrealized appreciation (depreciation) on investments		(40,374,560	)		(82,338,265	)		989,358			(161,723,676	)		(84,149,029	)		(23,727,052	)		36,118			(27,474,360	)		(14,144,073	)		(10,816,433	)
Net increase (decrease) in net assets from operations		(30,157,801	)		(73,107,871	)		7,897,101			(157,554,692	)		9,973,884			45,362,840			30,779			6,347,749			(4,254,993	)		3,278,456
Contract transactions 1
Purchase payments (Note 4)		142,941,197			123,217,259			24,615,480			107,151,960			708,837,551			79,386,832			1,026,937			215,777,106			37,519,676			25,050,136
Surrenders and terminations		(19,520,285	)		(22,958,137	)		(4,067,788	)		(53,936,263	)		(108,203,057	)		(38,270,996	)		(60,361	)		(25,238,781	)		(29,971,042	)		(25,893,744	)
Transfers between Investment Divisions		61,124,610			64,396,462			(4,357,251	)		(1,300,205	)		62,744,635			16,029,405			2,305,978			267,307,743			(9,763,546	)		7,358,942
Contract owner charges (Note 3)		(6,829,598	)		(8,110,690	)		(36,436	)		(10,609,031	)		(34,572,232	)		(6,198,353	)		(34	)		(5,754,759	)		(4,400,064	)		(3,713,441	)
Net increase (decrease) in net assets from contract transactions		177,715,924			156,544,894			16,154,005			41,306,461			628,806,897			50,946,888			3,272,520			452,091,309			(6,614,976	)		2,801,893
Net increase (decrease) in net assets		147,558,123			83,437,023			24,051,106			(116,248,231	)		638,780,781			96,309,728			3,303,299			458,439,058			(10,869,969	)		6,080,349
Net assets beginning of period		531,620,516			617,703,585			75,698,680			959,276,176			2,635,570,638			596,970,897			—			395,362,294			460,256,914			402,702,145
Net assets end of period	$	679,178,639		$	701,140,608		$	99,749,786		$	843,027,945		$	3,274,351,419		$	693,280,625		$	3,303,299		$	853,801,352		$	449,386,945		$	408,782,494
1 Contract unit transactions
Units Outstanding at December 31, 2013		42,420,008			51,449,656			7,255,203			87,201,199			221,416,359			15,995,477			—			26,809,743			33,129,204			12,088,401
Units Issued		17,666,464			18,759,778			3,348,813			16,570,143			73,219,893			4,329,744			352,733			32,868,423			3,886,907			1,467,892
Units Redeemed		(3,448,305	)		(5,697,038	)		(1,748,518	)		(13,283,791	)		(20,987,192	)		(3,132,221	)		(16,689	)		(4,987,337	)		(4,477,680	)		(1,433,322	)
Units Outstanding at December 31, 2014		56,638,167			64,512,396			8,855,498			90,487,551			273,649,060			17,193,000			336,044			54,690,829			32,538,431			12,122,971
(a) Commencement of operations September 15, 2014.

See notes to the financial statements.

42

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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 International Small Cap Growth Fund			JNL/Franklin Templeton Mutual Shares Fund
Operations
Net investment income (loss)	$	(3,804,413	)	$	(16,311,567	)	$	(646,935	)	$	(2,076,234	)	$	1,929,245		$	(3,455,117	)	$	16,167,892		$	34,674,393		$	(2,814,796	)	$	(4,311,229	)
Net realized gain (loss) on investments		23,074,051			148,080,449			(851,873	)		2,674,617			68,810,517			22,644,301			4,221,381			39,940,656			38,093,872			41,991,192
Net change in unrealized appreciation (depreciation) on investments		18,797,134			(121,506,536	)		5,843,432			29,080,312			(55,392,441	)		(43,184,640	)		(35,514,257	)		(58,727,228	)		(86,372,881	)		(4,660,487	)
Net increase (decrease) in net assets rom operations		38,066,772			10,262,346			4,344,624			29,678,695			15,347,321			(23,995,456	)		(15,124,984	)		15,887,821			(51,093,805	)		33,019,476
Contract transactions 1
Purchase payments (Note 4)		103,223,345			136,114,028			15,351,958			28,802,720			168,409,079			74,261,994			146,903,245			352,513,930			84,599,620			65,030,739
Surrenders and terminations		(22,130,641	)		(53,694,987	)		(6,563,045	)		(17,653,817	)		(116,069,310	)		(25,290,772	)		(33,734,360	)		(117,916,958	)		(20,134,136	)		(32,138,752	)
Transfers between Investment Divisions		82,133,028			(115,817,418	)		(7,570,583	)		(16,459,160	)		38,787,118			62,691,084			45,999,220			209,702,343			(3,522,085	)		7,157,830
Contract owner charges (Note 3)		(4,535,509	)		(12,066,134	)		(1,453,369	)		(3,707,912	)		(16,109,739	)		(5,581,381	)		(6,460,476	)		(18,984,765	)		(4,486,539	)		(6,467,563	)
Net increase (decrease) in net assets from contract transactions		158,690,223			(45,464,511	)		(235,039	)		(9,018,169	)		75,017,148			106,080,925			152,707,629			425,314,550			56,456,860			33,582,254
Net increase (decrease) in net assets		196,756,995			(35,202,165	)		4,109,585			20,660,526			90,364,469			82,085,469			137,582,645			441,202,371			5,363,055			66,601,730
Net assets beginning of period		370,944,184			1,131,303,126			123,980,626			329,053,904			1,467,587,680			439,451,016			600,386,079			1,556,741,477			419,450,632			559,364,629
Net assets end of period	$	567,701,179		$	1,096,100,961		$	128,090,211		$	349,714,430		$	1,557,952,149		$	521,536,485		$	737,968,724		$	1,997,943,848		$	424,813,687		$	625,966,359
1 Contract unit transactions
Units Outstanding at December 31, 2013		15,205,919			29,431,934			15,121,864			45,974,561			124,335,120			38,994,754			50,411,775			113,194,156			38,005,162			48,750,611
Units Issued		8,882,730			4,827,648			5,547,419			9,855,479			21,208,159			16,650,098			23,276,848			44,167,009			12,763,723			9,615,570
Units Redeemed		(2,697,684	)		(6,257,735	)		(5,687,129	)		(11,375,376	)		(15,401,094	)		(7,509,278	)		(10,596,931	)		(14,916,901	)		(7,766,406	)		(6,826,617	)
Units Outstanding at December 31, 2014		21,390,965			28,001,847			14,982,154			44,454,664			130,142,185			48,135,574			63,091,692			142,444,264			43,002,479			51,539,564

See notes to the financial statements.

43

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Operations
Net investment income (loss)	$	(6,275,068	)	$	5,625,731		$	542,356		$	(4,531,890	)	$	(3,186,495	)	$	(1,773,044	)	$	(1,987,580	)	$	(7,602,176	)	$	(3,570,870	)	$	(7,676,567	)
Net realized gain (loss) on investments		84,955,521			(8,526,030	)		(2,832,934	)		119,100,295			39,941,494			61,011,712			18,191,355			133,141,746			23,948,697			57,102,227
Net change in unrealized appreciation (depreciation) on investments		(88,197,332	)		26,799,217			(11,099,362	)		(43,567,138	)		(11,448,124	)		71,001,564			(25,209,169	)		(91,806,712	)		13,348			(17,383,678	)
Net increase (decrease) in net assets from operations		(9,516,879	)		23,898,918			(13,389,940	)		71,001,267			25,306,875			130,240,232			(9,005,394	)		33,732,858			20,391,175			32,041,982
Contract transactions 1
Purchase payments (Note 4)		106,516,743			61,022,983			10,252,078			93,647,823			33,597,157			166,072,835			101,446,265			68,811,806			38,566,996			121,892,897
Surrenders and terminations		(27,791,070	)		(51,504,477	)		(14,299,137	)		(35,324,994	)		(13,250,266	)		(54,966,892	)		(30,855,983	)		(32,254,037	)		(19,022,286	)		(26,198,563	)
Transfers between Investment Divisions		(36,356,177	)		142,975,304			(21,812,229	)		41,973,005			86,638,605			128,782,411			34,713,624			(11,258,752	)		14,237,467			10,211,536
Contract owner charges (Note 3)		(5,799,295	)		(6,689,871	)		(2,148,737	)		(7,163,392	)		(2,321,849	)		(11,135,402	)		(5,471,685	)		(5,548,280	)		(2,739,910	)		(5,177,134	)
Net increase (decrease) in net assets from contract transactions		36,570,201			145,803,939			(28,008,025	)		93,132,442			104,663,647			228,752,952			99,832,221			19,750,737			31,042,267			100,728,736
Net increase (decrease) in net assets		27,053,322			169,702,857			(41,397,965	)		164,133,709			129,970,522			358,993,184			90,826,827			53,483,595			51,433,442			132,770,718
Net assets beginning of period		563,849,197			605,070,038			238,604,858			553,902,704			186,128,194			925,174,677			528,458,158			511,566,374			259,709,168			475,735,679
Net assets end of period	$	590,902,519		$	774,772,895		$	197,206,893		$	718,036,413		$	316,098,716		$	1,284,167,861		$	619,284,985		$	565,049,969		$	311,142,610		$	608,506,397
1 Contract unit transactions
Units Outstanding at December 31, 2013		30,232,775			24,752,782			17,676,804			30,169,811			15,729,551			62,885,447			25,919,018			29,452,208			10,303,981			19,910,110
Units Issued		9,080,000			12,525,999			1,226,849			12,280,997			11,857,379			22,659,821			8,200,581			10,322,845			3,419,835			10,381,138
Units Redeemed		(7,348,895	)		(6,798,702	)		(3,345,894	)		(7,395,472	)		(3,857,399	)		(8,724,903	)		(3,607,156	)		(9,418,917	)		(2,296,018	)		(6,496,013	)
Units Outstanding at December 31, 2014		31,963,880			30,480,079			15,557,759			35,055,336			23,729,531			76,820,365			30,512,443			30,356,136			11,427,798			23,795,235

See notes to the financial statements.

44

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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/M&G Global Basics Fund(a)			JNL/MC 10 x 10 Fund			JNL/MC 25 Fund			JNL/MC Bond Index Fund			JNL/MC Communications Sector Fund
Operations
Net investment income (loss)	$	(11,616,919	)	$	1,977,403		$	(9,326,129	)	$	10,147,192		$	974,264		$	(303,152	)	$	1,266,757		$	5,422,740		$	11,102,352		$	1,463,856
Net realized gain (loss) on investments		240,468,043			4,796,909			101,688,427			(5,127,926	)		16,334,261			(1,643,788	)		29,116,320			152,278,957			7,286,803			6,115,372
Net change in unrealized appreciation(depreciation) on investments		(398,855,000	)		(62,715,657	)		(37,215,702	)		15,527,220			(52,106,042	)		1,639,445			(5,594,385	)		(152,620,471	)		3,668,680			(2,770,227	)
Net increase (decrease) in net assets from operations		(170,003,876	)		(55,941,345	)		55,146,596			20,546,486			(34,797,517	)		(307,495	)		24,788,692			5,081,226			22,057,835			4,809,001
Contract transactions 1
Purchase payments (Note 4)		459,392,928			49,846,725			145,586,201			52,985,347			22,242,270			1,293,637			45,202,574			90,509,431			82,207,345			16,525,535
Surrenders and terminations		(135,683,442	)		(30,274,578	)		(34,502,922	)		(48,031,824	)		(35,262,666	)		(834,670	)		(22,304,997	)		(69,111,083	)		(44,442,454	)		(7,213,294	)
Transfers between Investment Divisions		(125,273,335	)		32,249,616			60,162,692			68,829,208			(46,237,315	)		(62,689,818	)		(2,130,234	)		(94,486,100	)		71,155,241			(17,846,245	)
Contract owner charges (Note 3)		(33,131,694	)		(4,319,935	)		(5,938,701	)		(5,696,112	)		(5,361,309	)		(217,315	)		(3,938,247	)		(8,248,809	)		(5,013,793	)		(1,283,521	)
Net increase (decrease) in net assets from contract transactions		165,304,457			47,501,828			165,307,270			68,086,619			(64,619,020	)		(62,448,166	)		16,829,096			(81,336,561	)		103,906,339			(9,817,525	)
Net increase (decrease) in net assets		(4,699,419	)		(8,439,517	)		220,453,866			88,633,105			(99,416,537	)		(62,755,661	)		41,617,788			(76,255,335	)		125,964,174			(5,008,524	)
Net assets beginning of period		2,907,754,831			439,949,941			519,827,016			544,462,648			592,311,175			62,755,661			352,150,730			943,196,265			526,102,665			127,353,880
Net assets end of period	$	2,903,055,412		$	431,510,424		$	740,280,882		$	633,095,753		$	492,894,638		$	—		$	393,768,518		$	866,940,930		$	652,066,839		$	122,345,356
1 Contract unit transactions
Units Outstanding at December 31, 2013		202,080,073			28,622,676			14,679,279			27,676,433			44,011,763			4,498,170			29,211,129			40,124,422			38,623,619			17,197,463
Units Issued		41,061,431			7,812,620			8,586,462			16,811,943			2,449,069			255,974			5,244,108			5,253,085			16,236,216			3,628,652
Units Redeemed		(30,253,069	)		(4,661,976	)		(4,461,726	)		(13,537,562	)		(7,373,588	)		(4,754,144	)		(3,874,918	)		(8,872,235	)		(9,078,244	)		(5,034,282	)
Units Outstanding at December 31, 2014		212,888,435			31,773,320			18,804,015			30,950,814			39,087,244			—			30,580,319			36,505,272			45,781,591			15,791,833

(a) The period is from January 1, 2014 through the date the JNL/M&G Global Basics Fund was acquired by JNL/Oppenheimer Global Growth Fund on April 28, 2014.

See notes to the financial statements.

45

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	JNL/MC Consumer Brands Sector Fund			JNL/MC Dow 10 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
Operations
Net investment income (loss)	$	(4,418,864	)	$	(8,702,612	)	$	(843,724	)	$	(1,400,994	)	$	(658,090	)	$	(2,906,724	)	$	(5,811,529	)	$	3,759,874		$	(12,555,025	)	$	(514,851	)
Net realized gain (loss) on investments		56,268,491			59,121,480			20,356,604			(22,771	)		2,608,171			42,252,819			29,356,816			(1,039,971	)		96,777,370			52,828,117
Net change in unrealized appreciation (depreciation) on investments		(11,551,414	)		(6,893,424	)		(15,548,488	)		(27,664,826	)		(24,173,624	)		12,588,291			8,880,731			(4,025,304	)		202,479,356			(27,886,820	)
Net increase (decrease) in net assets from operations		40,298,213			43,525,444			3,964,392			(29,088,591	)		(22,223,543	)		51,934,386			32,426,018			(1,305,401	)		286,701,701			24,426,446
Contract transactions 1
Purchase payments (Note 4)		76,475,670			44,368,683			22,550,060			101,271,125			84,724,960			80,838,674			14,482,277			4,582,695			313,394,052			69,313,259
Surrenders and terminations		(25,987,839	)		(53,141,001	)		(4,380,207	)		(17,158,941	)		(11,287,858	)		(26,955,979	)		(45,816,412	)		(2,444,528	)		(71,924,241	)		(35,258,354	)
Transfers between Investment Divisions		(62,918,275	)		(33,677,870	)		15,260,532			41,826,751			62,495,311			16,918,652			(28,330,480	)		(5,313,038	)		403,124,497			(18,433,580	)
Contract owner charges (Note 3)		(4,692,129	)		(4,720,723	)		(929,989	)		(4,742,394	)		(2,303,523	)		(4,872,199	)		(2,273,123	)		(324,243	)		(13,922,355	)		(7,454,330	)
Net increase (decrease) in net assets from contract transactions		(17,122,573	)		(47,170,911	)		32,500,396			121,196,541			133,628,890			65,929,148			(61,937,738	)		(3,499,114	)		630,671,953			8,166,995
Net increase (decrease) in net assets		23,175,640			(3,645,467	)		36,464,788			92,107,950			111,405,347			117,863,534			(29,511,720	)		(4,804,515	)		917,373,654			32,593,441
Net assets beginning of period		494,514,423			584,281,808			61,671,970			384,617,165			133,956,863			438,276,905			412,419,672			45,948,819			985,261,740			648,974,887
Net assets end of period	$	517,690,063		$	580,636,341		$	98,136,758		$	476,725,115		$	245,362,210		$	556,140,439		$	382,907,952		$	41,144,304		$	1,902,635,394		$	681,568,328
1 Contract unit transactions
Units Outstanding at December 31, 2013		24,591,441			42,547,415			4,450,497			38,939,727			8,872,035			41,208,882			23,806,473			4,670,685			47,835,348			51,032,986
Units Issued		6,572,518			7,160,227			4,501,405			24,778,164			14,162,325			16,335,055			2,458,468			747,830			36,827,322			7,678,994
Units Redeemed		(7,721,047	)		(10,730,442	)		(2,217,103	)		(12,915,169	)		(6,021,200	)		(10,953,564	)		(6,132,658	)		(1,128,085	)		(10,088,459	)		(7,118,300	)
Units Outstanding at December 31, 2014		23,442,912			38,977,200			6,734,799			50,802,722			17,013,160			46,590,373			20,132,283			4,290,430			74,574,211			51,593,680

See notes to the financial statements.

46

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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(a)			JNL/MC Oil & Gas Sector Fund			JNL/MC Pacific Rim 30 Fund			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)	$	16,048,255		$	15,622,799		$	1,853,007		$	(6,602,259	)	$	527,253		$	(3,733,428	)	$	1,156,543		$	(2,842,486	)	$	(6,264,488	)	$	(3,728,185	)
Net realized gain (loss) on investments		18,217,087			148,920,653			22,606,219			77,982,484			9,566,467			69,133,321			4,997,819			52,149,263			136,366,505			131,089,243
Net change in unrealized appreciation (depreciation) on investments		(103,241,736	)		106,934,442			(3,822,502	)		10,694,500			(3,692,818	)		(221,994,461	)		(5,720,619	)		(38,562,400	)		(43,332,606	)		174,935,490
Net increase (decrease) in net assets from operations		(68,976,394	)		271,477,894			20,636,724			82,074,725			6,400,902			(156,594,568	)		433,743			10,744,377			86,769,411			302,296,548
Contract transactions 1
Purchase payments (Note 4)		142,723,582			102,590,828			32,086,165			109,813,477			8,032,072			192,183,210			22,552,357			23,037,756			217,240,533			519,209,019
Surrenders and terminations		(51,861,702	)		(357,866,106	)		(35,439,313	)		(30,133,329	)		(4,179,011	)		(71,139,335	)		(4,531,384	)		(37,311,872	)		(73,378,829	)		(177,314,999	)
Transfers between Investment Divisions		110,898,932			(130,297,277	)		(4,302,701	)		208,399,866			(83,844,859	)		85,614,978			6,185,742			(45,083,834	)		(30,744,737	)		249,612,546
Contract owner charges (Note 3)		(6,935,023	)		(20,489,861	)		(3,431,740	)		(5,060,137	)		(473,793	)		(12,462,486	)		(1,045,355	)		(2,518,025	)		(10,618,281	)		(24,543,273	)
Net increase (decrease) in net assets from contract transactions		194,825,789			(406,062,416	)		(11,087,589	)		283,019,877			(80,465,591	)		194,196,367			23,161,360			(61,875,975	)		102,498,686			566,963,293
Net increase (decrease) in net assets		125,849,395			(134,584,522	)		9,549,135			365,094,602			(74,064,689	)		37,601,799			23,595,103			(51,131,598	)		189,268,097			869,259,841
Net assets beginning of period		730,995,366			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
Net assets end of period	$	856,844,761		$	2,985,709,749		$	406,937,386		$	750,347,802		$	—		$	1,140,786,352		$	115,033,729		$	340,688,159		$	1,279,351,644		$	3,229,424,582
1 Contract unit transactions
Units Outstanding at December 31, 2013		39,548,616			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
Units Issued		16,692,995			8,203,332			4,702,971			20,953,564			2,611,434			10,089,903			3,201,438			2,811,397			14,430,319			55,020,014
Units Redeemed		(6,440,852	)		(33,586,266	)		(5,699,560	)		(7,100,609	)		(11,526,795	)		(5,627,132	)		(1,816,112	)		(7,048,311	)		(10,719,808	)		(22,028,464	)
Units Outstanding at December 31, 2014		49,800,759			168,380,622			30,605,314			34,744,625			—			31,703,470			7,313,844			21,742,439			48,283,556			179,675,003

(a) The period is from January 1, 2014 through the date the JNL/MC NYSE International 25 Fund was acquired by JNL/MC International Index Fund on September 15, 2014.

See notes to the financial statements.

47

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	JNL/MC S&P SMid 60 Fund			JNL/MC Small Cap Index Fund			JNL/MC Technology Sector Fund			JNL/MC Utilities Sector Fund			JNL/MC Value Line 30 Fund			JNL/MMRS Conservative Fund(a)			JNL/MMRS Growth Fund(a)			JNL/MMRS Moderate Fund(a)			JNL/Morgan Stanley Mid Cap Growth Fund			JNL/Neuberger Berman Strategic Income Fund
Operations
Net investment income (loss)	$	(3,161,948	)	$	(5,451,542	)	$	(5,472,690	)	$	(207,559	)	$	(5,870,830	)	$	(70,683	)	$	(40,585	)	$	(119,135	)	$	(1,200,379	)	$	(1,012,501	)
Net realized gain (loss) on investments		60,302,439			55,823,382			50,148,585			290,936			29,828,458			525			13,589			44,838			1,265,282			3,109,994
Net change in unrealized appreciation (depreciation) on investments		(51,346,227	)		(16,627,934	)		73,132,283			4,092,575			(3,293,964	)		308,857			114,602			407,884			(6,589,221	)		3,211,670
Net increase (decrease) in net assets from operations		5,794,264			33,743,906			117,808,178			4,175,952			20,663,664			238,699			87,606			333,587			(6,524,318	)		5,309,163
Contract transactions 1
Purchase payments (Note 4)		77,324,758			159,458,195			123,656,088			19,744,996			39,364,740			17,435,311			12,739,852			34,438,369			30,173,525			70,095,270
Surrenders and terminations		(20,827,974	)		(89,560,777	)		(36,423,519	)		(1,086,615	)		(51,584,472	)		(358,572	)		(101,590	)		(571,990	)		(3,729,784	)		(12,933,812	)
Transfers between Investment Divisions		6,319,601			(82,813,681	)		142,903,052			17,671,773			18,824,597			7,629,756			4,840,583			9,830,647			6,637,838			140,223,201
Contract owner charges (Note 3)		(3,318,815	)		(9,268,158	)		(7,187,077	)		(6,600	)		(3,455,159	)		(1,009	)		(5,026	)		(1,939	)		(1,004,125	)		(2,500,279	)
Net increase (decrease) in net assets from contract transactions		59,497,570			(22,184,421	)		222,948,544			36,323,554			3,149,706			24,705,486			17,473,819			43,695,087			32,077,454			194,884,380
Net increase (decrease) in net assets		65,291,834			11,559,485			340,756,722			40,499,506			23,813,370			24,944,185			17,561,425			44,028,674			25,553,136			200,193,543
Net assets beginning of period		327,592,642			1,167,461,898			561,854,485			2,976,315			408,286,614			—			—			—			59,316,396			133,549,066
Net assets end of period	$	392,884,476		$	1,179,021,383		$	902,611,207		$	43,475,821		$	432,099,984		$	24,944,185		$	17,561,425		$	44,028,674		$	84,869,532		$	333,742,609
1 Contract unit transactions
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
Units Issued		10,046,215			12,403,593			33,231,669			3,861,827			11,126,521			2,716,554			1,769,586			4,480,152			7,454,787			22,811,476
Units Redeemed		(6,480,079	)		(13,756,156	)		(12,365,527	)		(520,462	)		(11,337,163	)		(321,396	)		(75,708	)		(240,617	)		(5,352,481	)		(4,354,331	)
Units Outstanding at December 31, 2014		24,281,279			51,330,529			81,457,825			3,653,620			29,824,486			2,395,158			1,693,878			4,239,535			6,710,801			31,464,239

(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

48

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	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			JNL/Red Rocks Listed Private Equity Fund			JNL/S&P 4 Fund
Operations
Net investment income (loss)	$	(6,100,975	)	$	(11,060,626	)	$	59,956,686		$	10,928,010		$	69,270,847		$	(2,735,843	)	$	(2,208,353	)	$	6,428,417		$	28,011,320		$	33,088,972
Net realized gain (loss) on investments		42,913,956			(68,828,438	)		15,860,958			7,755,004			44,718,232			42,459,653			41,655,175			17,469,331			37,914,156			229,879,109
Net change in unrealized appreciation (depreciation) on investments		(33,486,979	)		103,782,551			5,169,863			(35,233,250	)		(138,989,078	)		(15,487,375	)		(32,438,273	)		(6,650,453	)		(70,955,953	)		212,493,193
Net increase (decrease) in net assets from operations		3,326,002			23,893,487			80,987,507			(16,550,236	)		(24,999,999	)		24,236,435			7,008,549			17,247,295			(5,030,477	)		475,461,274
Contract transactions 1
Purchase payments (Note 4)		85,580,905			115,285,949			293,835,919			363,619,327			281,686,367			56,712,218			25,491,325			16,192,800			75,017,557			1,080,063,773
Surrenders and terminations		(35,269,108	)		(93,851,922	)		(248,070,937	)		(83,075,932	)		(136,406,002	)		(14,747,968	)		(8,566,570	)		(15,025,926	)		(25,799,376	)		(163,926,283	)
Transfers between Investment Divisions		44,966,796			(71,538,733	)		(316,888,602	)		(139,023,911	)		(70,189,130	)		(15,932,261	)		(12,835,953	)		14,705,164			(37,612,810	)		390,536,835
Contract owner charges (Note 3)		(6,879,361	)		(14,782,142	)		(34,248,905	)		(12,019,196	)		(15,823,578	)		(2,761,644	)		(1,955,566	)		(1,457,719	)		(3,863,236	)		(36,580,472	)
Net increase (decrease) in net assets from contract transactions		88,399,232			(64,886,848	)		(305,372,525	)		129,500,288			59,267,657			23,270,345			2,133,236			14,414,319			7,742,135			1,270,093,853
Net increase (decrease) in net assets		91,725,234			(40,993,361	)		(224,385,018	)		112,950,052			34,267,658			47,506,780			9,141,785			31,661,614			2,711,658			1,745,555,127
Net assets beginning of period		601,435,331			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
Net assets end of period	$	693,160,565		$	1,317,828,451		$	3,192,629,103		$	1,190,883,299		$	1,605,816,753		$	303,239,522		$	199,123,929		$	202,023,417		$	497,608,907		$	4,667,940,627
1 Contract unit transactions
Units Outstanding at December 31, 2013		32,481,536			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
Units Issued		10,835,595			19,896,249			21,435,028			43,030,352			41,566,632			10,060,967			7,332,830			2,547,442			5,469,971			91,922,437
Units Redeemed		(6,100,169	)		(24,816,018	)		(37,779,323	)		(31,433,507	)		(39,354,101	)		(8,639,041	)		(7,301,946	)		(2,171,934	)		(5,157,770	)		(24,020,188	)
Units Outstanding at December 31, 2014		37,216,962			96,758,149			162,079,925			111,124,452			83,318,178			18,261,469			12,752,745			7,083,969			33,703,834			233,025,332

See notes to the financial statements.

49

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund			JNL/S&P International 5 Fund(b)			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 Mid 3 Fund(a)
Operations
Net investment income (loss)	$	(8,085,432	)	$	(2,824,090	)	$	(3,544	)	$	(4,743,206	)	$	(15,245,223	)	$	(19,197,493	)	$	(41,650,015	)	$	(40,531,974	)	$	(72,551,616	)	$	(276,517	)
Net realized gain (loss) on investments		94,757,981			165,465,653			633			133,685,336			106,193,600			43,594,202			232,704,123			114,315,332			245,576,213			220,460
Net change in unrealized appreciation (depreciation) on investments		(28,273,880	)		65,354,713			(14,130	)		(11,640,327	)		(14,230,212	)		203,885			(14,488,176	)		1,698,051			(2,654,783	)		3,839,035
Net increase (decrease) in net assets from operations		58,398,669			227,996,276			(17,041	)		117,301,803			76,718,165			24,600,594			176,565,932			75,481,409			170,369,814			3,782,978
Contract transactions 1
Purchase payments (Note 4)		104,130,682			227,643,632			1,403,149			155,266,640			213,635,316			126,330,271			517,867,290			305,697,967			565,348,085			25,097,016
Surrenders and terminations		(34,409,817	)		(115,197,484	)		(6,093	)		(39,142,515	)		(77,991,063	)		(129,009,190	)		(239,525,971	)		(217,365,330	)		(335,468,857	)		(558,912	)
Transfers between Investment Divisions		30,952,758			141,632,151			1,089,155			210,789,563			(28,123,100	)		(63,709,379	)		17,325,637			(50,836,827	)		(66,427,296	)		51,905,129
Contract owner charges (Note 3)		(6,919,033	)		(21,652,953	)		(42	)		(8,027,451	)		(16,024,285	)		(17,220,542	)		(47,937,374	)		(35,647,725	)		(65,594,850	)		(155,691	)
Net increase (decrease) in net assets from contract transactions		93,754,590			232,425,346			2,486,169			318,886,237			91,496,868			(83,608,840	)		247,729,582			1,848,085			97,857,082			76,287,542
Net increase (decrease) in net assets		152,153,259			460,421,622			2,469,128			436,188,040			168,215,033			(59,008,246	)		424,295,514			77,329,494			268,226,896			80,070,520
Net assets beginning of period		616,475,903			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			—
Net assets end of period	$	768,629,162		$	2,242,009,582		$	2,469,128		$	1,041,964,651		$	1,593,830,558		$	1,508,869,615		$	4,602,746,712		$	3,148,394,715		$	5,884,253,118		$	80,070,520
1 Contract unit transactions
Units Outstanding at December 31, 2013		32,284,016			111,465,419			—			31,927,884			72,851,677			117,676,849			211,959,654			208,670,035			299,937,000			—
Units Issued		11,781,809			27,625,584			263,606			24,532,096			13,981,086			14,269,842			33,013,462			26,931,014			37,009,934			7,739,617
Units Redeemed		(7,010,413	)		(14,088,007	)		(1,816	)		(9,347,373	)		(9,431,635	)		(20,614,829	)		(21,209,108	)		(27,161,487	)		(32,514,168	)		(655,479	)
Units Outstanding at December 31, 2014		37,055,412			125,002,996			261,790			47,112,607			77,401,128			111,331,862			223,764,008			208,439,562			304,432,766			7,084,138

(a)	Commencement of operations April 28, 2014.
(b)	Commencement of operations September 15, 2014.

See notes to the financial statements.

50

Jackson National Separate Account I

Statements of Changes in Net Assets

For the Year Ended December 31, 2014

	JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(a)			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/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Operations
Net investment income (loss)	$	(2,351,930	)	$	(53,223	)	$	(31,089,039	)	$	(31,093,595	)	$	(2,235,750	)	$	(7,494,617	)	$	(4,610,555	)	$	(19,648,257	)	$	(59,092	)
Net realized gain (loss) on investments		94,804,059			(32,941	)		324,272,518			298,671,126			(868,425	)		125,732,646			211,040,992			14,251			59,958,437
Net change in unrealized appreciation (depreciation) on investments		(36,096,055	)		(280,278	)		(145,447,510	)		(15,927,643	)		(5,601,919	)		8,652,174			80,712,598			—			261,941
Net increase (decrease) in net assets from operations		56,356,074			(366,442	)		147,735,969			251,649,888			(8,706,094	)		126,890,203			287,143,035			(19,634,006	)		60,161,286
Contract transactions 1
Purchase payments (Note 4)		93,433,086			11,875,480			312,276,368			305,140,503			186,455,685			194,726,344			528,328,410			791,615,124			56,067,558
Surrenders and terminations		(28,953,862	)		(213,162	)		(121,999,676	)		(121,442,233	)		(64,135,865	)		(69,299,080	)		(199,035,545	)		(297,677,059	)		(40,145,329	)
Transfers between Investment Divisions		103,647,343			4,640,916			(22,130,444	)		6,798,745			14,956,974			115,415,047			251,030,424			(510,683,030	)		(40,252,456	)
Contract owner charges (Note 3)		(4,696,928	)		(2,185	)		(20,163,643	)		(24,325,766	)		(7,746,393	)		(10,482,660	)		(37,140,070	)		(15,127,974	)		(6,088,423	)
Net increase (decrease) in net assets from contract transactions		163,429,639			16,301,049			147,982,605			166,171,249			129,530,401			230,359,651			543,183,219			(31,872,939	)		(30,418,650	)
Net increase (decrease) in net assets		219,785,713			15,934,607			295,718,574			417,821,137			120,824,307			357,249,854			830,326,254			(51,506,945	)		29,742,636
Net assets beginning of period		362,318,320			—			2,019,756,972			2,161,052,341			697,296,336			969,476,516			3,194,549,403			1,268,082,975			638,676,161
Net assets end of period	$	582,104,033		$	15,934,607		$	2,315,475,546		$	2,578,873,478		$	818,120,643		$	1,326,726,370		$	4,024,875,657		$	1,216,576,030		$	668,418,797
1 Contract unit transactions
Units Outstanding at December 31, 2013		22,352,627			—			44,000,274			30,964,258			66,830,209			43,152,641			86,719,327			104,583,006			22,497,175
Units Issued		16,385,566			1,886,380			10,366,779			6,231,118			32,186,079			17,796,362			21,616,937			117,877,386			2,903,311
Units Redeemed		(7,399,315	)		(218,134	)		(7,622,534	)		(4,131,185	)		(20,036,016	)		(8,260,933	)		(7,999,382	)		(121,454,167	)		(3,995,780	)
Units Outstanding at December 31, 2014		31,338,878			1,668,246			46,744,519			33,064,191			78,980,272			52,688,070			100,336,882			101,006,225			21,404,706

(a) Commencement of operations April 28, 2014.

See notes to the financial statements.

51

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.

52

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.

53

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.

54

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/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
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.

55

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.

56

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.

57

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.

58

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.

59

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.

60

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 asset 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.

61

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.

62

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.

63

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.

64

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.

65

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.

66

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.

67

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.

68

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2014

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-nine (169) Investment Divisions during 2014, but currently contains one-hundred sixty-six (166) Investment Divisions as of December 31, 2014. These Investment Divisions each invested in Class A of the following mutual funds (collectively, the “Funds”) during the year ended December 31, 2014:

Curian Variable Series Trust
CG - Alt 100 Conservative Fund(1)(4)(5)	CG - Tactical Moderate Growth Fund(1)(4)	Curian/DoubleLine Total Return Fund
CG - Alt 100 Growth Fund(1)(4)(5)	Curian Dynamic Risk Advantage – Diversified Fund	Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
CG - Alt 100 Moderate Fund(1)(4)(5)	Curian Dynamic Risk Advantage – Growth Fund	Curian/Epoch Global Shareholder Yield Fund
CG - Conservative Fund(1)(4)	Curian Dynamic Risk Advantage – Income Fund	Curian/FAMCO Flex Core Covered Call Fund
CG - Equity 100 Fund(1)(4)	Curian Focused International Equity Fund	Curian/Franklin Templeton Frontier Markets Fund
CG - Equity Income Fund(1)(4)	Curian Focused U.S. Equity Fund	Curian/Franklin Templeton Natural Resources Fund
CG - Fixed Income 100 Fund(1)(4)	Curian Long Short Credit Fund(2)	Curian/Lazard International Strategic Equity Fund
CG - Growth 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/Neuberger Berman Risk Balanced Commodity Strategy Fund
CG - Interest Rate Opportunities Fund(1)(4)	Curian Tactical Advantage 75 Fund	Curian/Nicholas Convertible Arbitrage Fund
CG - International Conservative Fund(1)(4)(5)	Curian/Aberdeen Latin America Fund	Curian/PIMCO Credit Income Fund
CG - International Growth Fund(1)(4)(5)	Curian/American FundsÒ Global Growth Fund	Curian/PineBridge Merger Arbitrage Fund
CG - International Moderate Fund(1)(4)(5)	Curian/American FundsÒ Growth Fund	Curian/Schroder Emerging Europe Fund
CG - Maximum Growth Fund(1)(4)	Curian/AQR Risk Parity Fund	Curian/T. Rowe Price Capital Appreciation Fund
CG - Moderate Fund(1)(4)	Curian/Ashmore Emerging Market Small Cap Equity Fund	Curian/The Boston Company Equity Income Fund
CG - Moderate Growth Fund(1)(4)	Curian/Baring International Fixed Income Fund	Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(6)
CG - Multi-Strategy Income Fund(1)(4)	Curian/BlackRock Global Long Short Credit Fund	Curian/UBS Global Long Short Fixed Income Opportunities Fund
CG - Real Assets Fund(1)(4)	Curian/CenterSquare International Real Estate Securities Fund(5)	Curian/Van Eck International Gold Fund
CG - Tactical Maximum Growth Fund(1)(4)	Curian/DFA U.S. Micro Cap Fund

69

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 1 – Organization (continued)

JNL Series Trust
JNL Disciplined Growth Fund(1)	JNL/Franklin Templeton Mutual Shares Fund	JNL/Morgan Stanley Mid Cap Growth Fund
JNL Disciplined Moderate Fund(1)	JNL/Franklin Templeton Small Cap Value Fund	JNL/Neuberger Berman Strategic Income Fund
JNL Disciplined Moderate Growth Fund(1)	JNL/Goldman Sachs Core Plus Bond Fund	JNL/Oppenheimer Global Growth Fund
JNL Institutional Alt 20 Fund(1)	JNL/Goldman Sachs Emerging Markets Debt Fund	JNL/PIMCO Real Return Fund
JNL Institutional Alt 35 Fund(1)	JNL/Goldman Sachs Mid Cap Value Fund	JNL/PIMCO Total Return Bond Fund
JNL Institutional Alt 50 Fund(1)	JNL/Goldman Sachs U.S. Equity Flex Fund	JNL/PPM America Floating Rate Income Fund(2)
JNL Institutional Alt 65 Fund(1)(7)	JNL/Invesco Global Real Estate Fund	JNL/PPM America High Yield Bond Fund(2)
JNL/Alliance Bernstein Dynamic Asset Allocation Fund	JNL/Invesco International Growth Fund	JNL/PPM America Mid Cap Value Fund(2)
JNL/American Funds Balanced Allocation Fund(1)	JNL/Invesco Large Cap Growth Fund	JNL/PPM America Small Cap Value Fund(2)
JNL/American Funds Blue Chip Income and Growth Fund	JNL/Invesco Mid Cap Value Fund	JNL/PPM America Value Equity Fund(2)
JNL/American Funds Global Bond Fund	JNL/Invesco Small Cap Growth Fund	JNL/Red Rocks Listed Private Equity Fund
JNL/American Funds Global Small Capitalization Fund	JNL/Ivy Asset Strategy Fund	JNL/S&P 4 Fund(1)
JNL/American Funds Growth Allocation Fund(1)	JNL/JPMorgan International Value Fund	JNL/S&P Competitive Advantage Fund
JNL/American Funds Growth-Income Fund	JNL/JPMorgan MidCap Growth Fund	JNL/S&P Dividend Income & Growth Fund
JNL/American Funds International Fund	JNL/JPMorgan U.S. Government & Quality Bond Fund	JNL/S&P International 5 Fund
JNL/American Funds New World Fund	JNL/Lazard Emerging Markets Fund	JNL/S&P Intrinsic Value Fund
JNL/AQR Managed Futures Strategy Fund	JNL/M&G Global Basics Fund(2)(6)	JNL/S&P Managed Aggressive Growth Fund
JNL/BlackRock Commodity Securities Strategy Fund	JNL/MC 10 x 10 Fund(1) (3)	JNL/S&P Managed Conservative Fund
JNL/BlackRock Global Allocation Fund	JNL/MC Bond Index Fund(3)	JNL/S&P Managed Growth Fund
JNL/BlackRock Large Cap Select Growth Fund	JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(3)	JNL/S&P Managed Moderate Fund
JNL/Boston Partners Global Long Short Equity Fund	JNL/MC Emerging Markets Index Fund(3)	JNL/S&P Managed Moderate Growth Fund
JNL/Brookfield Global Infrastructure and MLP Fund(5)	JNL/MC European 30 Fund(3)	JNL/S&P Mid 3 Fund
JNL/Capital Guardian Global Balanced Fund	JNL/MC Global Alpha Fund(3)	JNL/S&P Total Yield Fund
JNL/Capital Guardian Global Diversified Research Fund	JNL/MC Index 5 Fund(1) (3)	JNL/Scout Unconstrained Bond Fund
JNL/DFA U.S. Core Equity Fund	JNL/MC International Index Fund(3)	JNL/T. Rowe Price Established Growth Fund
JNL/Eagle SmallCap Equity Fund	JNL/MC Pacific Rim 30 Fund(3)	JNL/T. Rowe Price Mid-Cap Growth Fund
JNL/Eastspring Investments Asia ex-Japan Fund(2)	JNL/MC S&P 400 MidCap Index Fund(3)	JNL/T. Rowe Price Short-Term Bond Fund
JNL/Eastspring Investments China-India Fund(2)	JNL/MC S&P 500 Index Fund(3)	JNL/T. Rowe Price Value Fund
JNL/Franklin Templeton Founding Strategy Fund(1)	JNL/MC Small Cap Index Fund(3)	JNL/WMC Balanced Fund
JNL/Franklin Templeton Global Growth Fund	JNL/MC Utilities Sector Fund(3)	JNL/WMC Money Market Fund
JNL/Franklin Templeton Global Multisector Bond Fund	JNL/MMRS Conservative Fund	JNL/WMC Value Fund
JNL/Franklin Templeton Income Fund	JNL/MMRS Growth Fund
JNL/Franklin Templeton International Small Cap Growth Fund	JNL/MMRS Moderate Fund

70

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 1 – Organization (continued)

JNL Variable Fund LLC
JNL/MC 25 Fund(3)	JNL/MC Healthcare Sector Fund(3)	JNL/MC S&PÒ 24 Fund(3)
JNL/MC Communications Sector Fund(3)(7)	JNL/MC JNL 5 Fund(3)	JNL/MC S&PÒ SMid 60 Fund(3)
JNL/MC Consumer Brands Sector Fund(3)	JNL/MC JNL Optimized 5 Fund(3)	JNL/MC Technology Sector Fund(3)
JNL/MC Dow SM 10 Fund(3)	JNL/MC NasdaqÒ 25 Fund(3)	JNL/MC Value Line  30 Fund(3)
JNL/MC Financial Sector Fund(3)	JNL/MC NYSEÒ International 25 Fund(3)(6)
JNL/MC Global 15 Fund(3)	JNL/MC Oil & Gas Sector Fund(3)

Jackson National Asset Management, LLC (“JNAM”) serves as investment adviser for the Funds comprising the JNL Series Trust and the JNL Variable Fund LLC and Curian Capital, LLC (“Curian”) (collectively the “Advisers”) serves 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, 2014, the following Funds changed names:

PRIOR FUND NAME	CURRENT FUND NAME	EFFECTIVE DATE
JNL/Brookfield Global Infrastructure Fund	JNL/Brookfield Global Infrastructure and MLP Fund	April 28, 2014
Curian/Urdang International REIT Fund	Curian/CenterSquare International Real Estate Securities Fund	September 15, 2014
CG - Institutional Alt 100 Conservative Fund	CG - Alt 100 Conservative Fund	September 15, 2014
CG - Institutional Alt 100 Growth Fund	CG - Alt 100 Growth Fund	September 15, 2014
CG - Institutional Alt 100 Moderate Fund	CG - Alt 100 Moderate Fund	September 15, 2014
CG - International Opportunities Conservative Fund	CG - International Conservative Fund	September 15, 2014
CG - International Opportunities Growth Fund	CG - International Growth Fund	September 15, 2014
CG - International Opportunities Moderate Fund	CG - International Moderate Fund	September 15, 2014

During the year ended December 31, 2014, the following Fund acquisitions were completed:

ACQUIRED FUND	ACQUIRING FUND	DATE OF ACQUISITION
JNL/M&G Global Basics Fund	JNL/Oppenheimer Global Growth Fund	April 28, 2014
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund	Curian/Nicholas Convertible Arbitrage Fund	April 28, 2014
JNL/MC NYSE International 25 Fund	JNL/MC International Index Fund	September 15, 2014

(1)The Fund is advised by JNAM or Curian which are affiliates of Jackson.

(2) The Fund is sub-advised by an affiliate of Jackson.

(3)MC denotes the sub-adviser Mellon Capital throughout these financial statements.

(4) CG denotes the Fund of Fund group Curian Guidance throughout these financial statements.

(5) The Fund’s name was changed during the year ended December 31, 2014 and was completed to align the Fund name with its investment strategy.

(6)This Fund is no longer available as of December 31, 2014.

(7) JNL Institutional Alt 65 Fund and JNL/MC Communications Sector Fund are closed to new contract owners.

71

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

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 value (“NAV”) of the respective Fund, 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. JNAM 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, 2014.

FASB ASC Topic 820, “Fair Value Measurement”

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 used to value the securities in the Funds are summarized into three broad categories:

72

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 2 – Significant Accounting Policies (continued)

· 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 NAV.

· 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 certain term loans, over the counter 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, term loans that do not meet certain liquidity thresholds, 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, 2014, 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, 2014, 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.

73

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 3 – Contract Charges (continued)

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.

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.

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.

74

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 3 – Contract Charges (continued)

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 assets of the contract owner’s allocations to the Investment Divisions.

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 assets 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 assets 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 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 assets 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 $7,965,508 and $12,920,132 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2014 and 2013, respectively. These amounts are included in purchase payments received from contract owners.

75

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 5 – Purchases and Sales of Investments

For the year ended December 31, 2014, 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 - Alt 100 Conservative Fund	$	24,874,078	$	8,505,426	Curian Tactical Advantage 75 Fund	$	49,545,538	$	21,575,062
CG - Alt 100 Growth Fund		77,802,295		9,880,202	Curian/Aberdeen Latin America Fund		4,899,848		4,078,322
CG - Alt 100 Moderate Fund		116,645,045		60,201,522	Curian/American Funds Global Growth Fund		30,549,523		5,075,158
CG - Conservative Fund		66,370,268		25,126,119	Curian/American Funds Growth Fund		64,592,723		16,981,074
CG - Equity 100 Fund		44,296,235		14,784,049	Curian/AQR Risk Parity Fund		23,189,162		4,802,022
CG - Equity Income Fund		26,492,490		8,858,760	Curian/Ashmore Emerging Market Small Cap Equity Fund		3,219,802		1,023,710
CG - Fixed Income 100 Fund		33,800,256		11,345,810	Curian/Baring International Fixed Income Fund		5,341,337		2,430,558
CG - Growth Fund		126,048,683		16,183,355	Curian/BlackRock Global Long Short Credit Fund		46,527,415		14,991,191
CG - Institutional Alt 65 Fund		36,770,959		19,967,751	Curian/CenterSquare International Real Estate Securities Fund		7,106,819		2,354,871
CG - Interest Rate Opportunities Fund		31,969,178		12,265,542	Curian/DFA U.S. Micro Cap Fund		27,686,904		8,406,459
CG - International Conservative Fund		3,700,485		676,327	Curian/DoubleLine Total Return Fund		71,932,493		10,049,153
CG - International Growth Fund		5,845,543		2,275,729	Curian/Eaton Vance Global Macro Absolute Return Advantage Fund		9,590,939		3,420,768
CG - International Moderate Fund		9,300,589		3,351,675	Curian/Epoch Global Shareholder Yield Fund		16,408,075		6,119,891
CG - Maximum Growth Fund		63,024,567		14,569,380	Curian/FAMCO Flex Core Covered Call Fund		54,845,407		14,954,293
CG - Moderate Fund		213,511,945		51,145,796	Curian/Franklin Templeton Frontier Markets Fund		18,217,604		6,605,078
CG - Moderate Growth Fund		266,179,894		44,809,793	Curian/Franklin Templeton Natural Resources Fund		29,330,765		9,067,923
CG - Multi-Strategy Income Fund		25,076,681		7,401,633	Curian/Lazard International Strategic Equity Fund		14,634,749		3,183,655
CG - Real Assets Fund		11,054,149		4,369,024	Curian/Neuberger Berman Currency Fund		7,833,562		4,768,785
CG - Tactical Maximum Growth Fund		39,999,068		13,322,568	Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund		5,150,306		1,412,511
CG - Tactical Moderate Growth Fund		104,480,146		42,481,617	Curian/Nicholas Convertible Arbitrage Fund		46,069,873		19,321,855
Curian Dynamic Risk Advantage – Diversified Fund		69,509,036		75,531,405	Curian/PIMCO Credit Income Fund		20,563,838		7,224,355
Curian Dynamic Risk Advantage – Growth Fund		27,239,787		22,390,379	Curian/PineBridge Merger Arbitrage Fund		26,524,899		24,530,554
Curian Dynamic Risk Advantage – Income Fund		58,760,920		41,218,437	Curian/Schroder Emerging Europe Fund		4,471,576		2,681,661
Curian Focused International Equity Fund		3,222,161		401,078	Curian/T. Rowe Price Capital Appreciation Fund		81,120,191		7,739,774
Curian Focused U.S. Equity Fund		7,071,233		1,358,878	Curian/The Boston Company Equity Income Fund		24,875,217		9,106,089
Curian Long Short Credit Fund		11,601,347		3,753,621	Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund*		1,932,105		19,955,889
Curian Tactical Advantage 35 Fund		21,757,642		8,802,099	Curian/UBS Global Long Short Fixed Income Opportunities Fund		12,995,426		5,150,554
Curian Tactical Advantage 60 Fund		45,835,512		16,809,372	Curian/Van Eck International Gold Fund		31,060,003		10,981,218

76

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

Note 5 – Purchases and Sales of Investments (continued)

JNL Series Trust
	Cost of Purchases		Proceeds  from Sales			Cost of Purchases		Proceeds  from Sales
JNL Disciplined Growth Fund	$	234,918,538	$	104,840,214	JNL/Goldman Sachs Core Plus Bond Fund	$	388,589,556	$	237,159,886
JNL Disciplined Moderate Fund		351,185,087		160,210,269	JNL/Goldman Sachs Emerging Markets Debt Fund		35,779,722		58,760,820
JNL Disciplined Moderate Growth Fund		463,106,114		189,259,773	JNL/Goldman Sachs Mid Cap Value Fund		387,615,679		199,198,735
JNL Institutional Alt 20 Fund		271,476,281		271,645,098	JNL/Goldman Sachs U.S. Equity Flex Fund		202,626,096		77,795,203
JNL Institutional Alt 35 Fund		368,975,037		416,721,658	JNL/Invesco Global Real Estate Fund		503,818,482		239,682,919
JNL Institutional Alt 50 Fund		610,712,940		613,304,769	JNL/Invesco International Growth Fund		227,149,160		129,304,518
JNL Institutional Alt 65 Fund		47,662,750		155,343,462	JNL/Invesco Large Cap Growth Fund		324,442,221		213,140,895
JNL/Alliance Bernstein Dynamic Asset Allocation Fund		21,975,926		3,149,136	JNL/Invesco Mid Cap Value Fund		119,247,050		85,498,270
JNL/American Funds Balanced Allocation Fund		393,532,629		99,215,757	JNL/Invesco Small Cap Growth Fund		336,001,444		221,548,748
JNL/American Funds Blue Chip Income and Growth Fund		630,367,076		205,717,270	JNL/Ivy Asset Strategy Fund		924,557,883		625,849,914
JNL/American Funds Global Bond Fund		181,748,205		147,003,575	JNL/JPMorgan International Value Fund		161,308,684		111,829,452
JNL/American Funds Global Small Capitalization Fund		158,112,333		103,843,443	JNL/JPMorgan MidCap Growth Fund		449,596,141		238,664,763
JNL/American Funds Growth Allocation Fund		360,892,089		90,627,095	JNL/JPMorgan U.S. Government & Quality Bond Fund		419,008,349		340,774,539
JNL/American Funds Growth-Income Fund		900,883,866		306,330,726	JNL/Lazard Emerging Markets Fund		85,459,216		136,971,663
JNL/American Funds International Fund		267,355,931		90,789,218	JNL/M&G Global Basics Fund*		5,000,872		67,752,189
JNL/American Funds New World Fund		273,960,807		117,020,784	JNL/MC 10 x 10 Fund		99,801,890		68,740,351
JNL/AQR Managed Futures Strategy Fund		46,088,836		22,775,661	JNL/MC Bond Index Fund		304,303,374		183,133,742
JNL/BlackRock Commodity Securities Strategy Fund		269,806,770		243,240,315	JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund		95,221,148		46,636,045
JNL/BlackRock Global Allocation Fund		1,125,794,193		448,815,757	JNL/MC Emerging Markets Index Fund		307,294,247		187,498,700
JNL/BlackRock Large Cap Select Growth Fund		256,176,375		167,290,498	JNL/MC European 30 Fund		264,737,570		131,766,770
JNL/Boston Partners Global Long Short Equity Fund		3,435,459		168,574	JNL/MC Global Alpha Fund		14,068,469		13,807,709
JNL/Brookfield Global Infrastructure and MLP Fund		623,756,201		151,912,411	JNL/MC Index 5 Fund		165,179,725		130,425,494
JNL/Capital Guardian Global Balanced Fund		78,396,666		87,727,835	JNL/MC International Index Fund		399,731,427		188,857,383
JNL/Capital Guardian Global Diversified Research Fund		70,455,618		70,583,691	JNL/MC Pacific Rim 30 Fund		71,117,264		44,213,233
JNL/DFA U.S. Core Equity Fund		272,748,158		111,754,324	JNL/MC S&P 400 MidCap Index Fund		550,139,856		384,282,860
JNL/Eagle SmallCap Equity Fund		355,878,591		322,291,180	JNL/MC S&P 500 Index Fund		1,210,970,623		644,110,214
JNL/Eastspring Investments Asia ex-Japan Fund		62,469,339		63,351,313	JNL/MC Small Cap Index Fund		386,445,958		414,081,921
JNL/Eastspring Investments China-India Fund		106,604,270		117,698,674	JNL/MC Utilities Sector Fund		44,051,901		7,935,906
JNL/Franklin Templeton Founding Strategy Fund		400,652,072		323,705,679	JNL/MMRS Conservative Fund		28,987,460		4,352,658
JNL/Franklin Templeton Global Growth Fund		233,382,543		127,247,018	JNL/MMRS Growth Fund		18,814,102		1,380,869
JNL/Franklin Templeton Global Multisector Bond Fund		376,234,215		206,821,362	JNL/MMRS Moderate Fund		48,983,728		5,407,777
JNL/Franklin Templeton Income Fund		837,611,763		377,622,820	JNL/Morgan Stanley Mid Cap Growth Fund		108,359,905		76,663,481
JNL/Franklin Templeton International Small Cap Growth Fund		199,606,351		125,457,095	JNL/Neuberger Berman Strategic Income Fund		268,116,141		73,064,518
JNL/Franklin Templeton Mutual Shares Fund		169,385,997		127,946,965	JNL/Oppenheimer Global Growth Fund		264,962,720		169,847,157
JNL/Franklin Templeton Small Cap Value Fund		271,643,199		191,527,771	JNL/PIMCO Real Return Fund		384,081,311		460,028,785

77

Jackson National Separate Account I

Notes to Financial Statements (continued)

December 31, 2014

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/PIMCO Total Return Bond Fund	$	746,488,761	$	979,905,615	JNL/S&P Managed Growth Fund	$	1,003,103,272	$	698,610,386
JNL/PPM America Floating Rate Income Fund		654,872,289		512,266,138	JNL/S&P Managed Moderate Fund		609,312,296		605,566,074
JNL/PPM America High Yield Bond Fund		1,131,364,509		978,218,722	JNL/S&P Managed Moderate Growth Fund		1,067,482,977		944,921,336
JNL/PPM America Mid Cap Value Fund		207,012,852		170,798,488	JNL/S&P Mid 3 Fund		88,134,806		12,123,781
JNL/PPM America Small Cap Value Fund		159,071,690		130,007,985	JNL/S&P Total Yield Fund		428,316,137		195,865,367
JNL/PPM America Value Equity Fund		102,128,844		81,286,107	JNL/Scout Unconstrained Bond Fund		19,544,619		3,296,793
JNL/Red Rocks Listed Private Equity Fund		163,504,770		107,924,587	JNL/T. Rowe Price Established Growth Fund		842,615,297		530,307,461
JNL/S&P 4 Fund		2,164,568,721		780,471,117	JNL/T. Rowe Price Mid-Cap Growth Fund		810,781,762		469,658,651
JNL/S&P Competitive Advantage Fund		359,269,661		208,307,132	JNL/T. Rowe Price Short-Term Bond Fund		481,130,404		353,835,752
JNL/S&P Dividend Income & Growth Fund		745,677,563		415,952,268	JNL/T. Rowe Price Value Fund		607,846,679		321,013,879
JNL/S&P International 5 Fund		2,592,538		109,913	JNL/WMC Balanced Fund		1,181,104,255		524,013,903
JNL/S&P Intrinsic Value Fund		694,008,364		285,682,959	JNL/WMC Money Market Fund		1,980,439,739		2,031,946,684
JNL/S&P Managed Aggressive Growth Fund		418,273,468		301,163,899	JNL/WMC Value Fund		168,360,938		172,250,157
JNL/S&P Managed Conservative Fund		313,144,340		398,974,562

JNL Variable Fund LLC
	Cost of Purchases		Proceeds  from Sales			Cost of Purchases		Proceeds  from Sales
JNL/MC 25 Fund	$	304,831,226	$	291,833,968	JNL/MC JNL Optimized 5 Fund	$	107,489,934	$	116,724,515
JNL/MC Communications Sector Fund		41,690,326		50,043,995	JNL/MC Nasdaq 25 Fund		526,912,318		212,154,167
JNL/MC Consumer Brands Sector Fund		210,981,225		209,736,759	JNL/MC NYSE International 25 Fund**		30,420,584		110,358,922
JNL/MC Dow10 Fund		153,553,573		209,427,096	JNL/MC Oil & Gas Sector Fund		581,938,333		371,890,121
JNL/MC Financial Sector Fund		249,699,535		174,643,163	JNL/MC S&P 24 Fund		111,955,768		140,896,438
JNL/MC Global 15 Fund		76,416,099		144,165,367	JNL/MC S&P SMid 60 Fund		245,332,861		148,600,100
JNL/MC Healthcare Sector Fund		1,024,133,387		389,021,946	JNL/MC Technology Sector Fund		443,799,741		212,757,115
JNL/MC JNL 5 Fund		439,546,311		829,985,928	JNL/MC Value Line 30 Fund		224,730,001		227,451,125

*No longer available as of April 28, 2014.

**No longer available as of September 15, 2014.

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.

78

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, 2014, 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 - Alt 100 Conservative Fund(c)			CG - Alt 100 Growth Fund(c)			CG - Alt 100 Moderate Fund(a)			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 65 Fund(a)			CG - Interest Rate Opportunities Fund(c)
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	9.928455		$	10.188282		$	10.481856		$	10.712563		$	13.365997		$	12.833639		$	9.761038		$	11.159155		$	11.220922		$	9.737764
Total Return *		0.12	%		0.93	%		1.00	%		2.43	%		3.53	%		7.27	%		0.87	%		2.87	%		1.32	%		-0.20	%
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, 2013
Unit Value	$	9.916106		$	10.094602		$	10.377791		$	10.458910		$	12.909766		$	11.964132		$	9.676527		$	10.848221		$	11.074681		$	9.757449
Total Return *		-1.02	%***		0.65	%***		2.59	%		-0.40	%		25.57	%		15.34	%		-3.63	%		6.60	%***		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		n/a			n/a		$	10.115887		$	10.501283		$	10.280954		$	10.372755		$	10.041477			n/a		$	10.323314			n/a
Total Return *		n/a			n/a			1.38	%***		5.20	%***		1.76	%***		2.32	%***		0.64	%***		n/a			2.67	%***		n/a
Ratio of Expenses **		n/a			n/a			1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		n/a			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

*	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.

79

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	CG - Alt 100 Conservative Fund(c)			CG - Alt 100 Growth Fund(c)			CG - Alt 100 Moderate Fund(a)			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 65 Fund(a)			CG - Interest Rate Opportunities Fund(c)
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	9.995148		$	10.256716		$	10.603814		$	10.837483		$	13.489320		$	12.983096		$	9.851467		$	11.234131		$	11.351738		$	9.803181
Total Return *		0.53	%		1.33	%		1.41	%		2.84	%		3.95	%		7.70	%		1.28	%		3.28	%		1.73	%		0.20	%
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, 2013
Unit Value	$	9.942871		$	10.121845		$	10.456632		$	10.538630		$	12.976876		$	12.055147		$	9.727185		$	10.877509		$	11.159072		$	9.783791
Total Return *		0.91	%***		4.84	%***		3.00	%		0.00	%		26.07	%		11.94	%***		-2.97	%***		7.44	%***		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		n/a			n/a		$	10.152050		$	10.539085		$	10.293138		$	10.396103		$	10.049198			n/a		$	10.360450			n/a
Total Return *		n/a			n/a			5.94	%***		6.22	%***		2.62	%***		2.47	%***		0.52	%***		n/a			7.36	%***		n/a
Ratio of Expenses **		n/a			n/a			0.85	%		0.85	%		0.85	%		1.00	%		1.00	%		n/a			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

*	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.

80

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	CG - Alt 100 Conservative Fund(c)			CG - Alt 100 Growth Fund(c)			CG - Alt 100 Moderate Fund(a)			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 65 Fund(a)			CG - Interest Rate Opportunities Fund(c)
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	34,297		$	104,198		$	330,093		$	97,608		$	78,822		$	62,045		$	44,387		$	156,055		$	124,348		$	47,997
Units Outstanding (in thousands)		3,444			10,192			31,305			9,073			5,868			4,809			4,527			13,932			11,019			4,914
Investment Income Ratio *		0.55	%		0.84	%		1.09	%		0.84	%		0.60	%		3.93	%		1.47	%		0.47	%		0.83	%		1.65	%
Period ended December 31, 2013
Net Assets (in thousands)	$	17,739		$	37,070		$	275,260		$	55,255		$	49,262		$	43,192		$	22,059		$	43,816		$	107,396		$	28,938
Units Outstanding (in thousands)		1,787			3,667			26,425			5,268			3,806			3,599			2,275			4,033			9,662			2,962
Investment Income Ratio *		0.00	%		0.00	%		0.03	%		0.74	%		0.11	%		0.49	%		0.55	%		0.00	%		0.17	%		0.00	%
Period ended December 31, 2012
Net Assets (in thousands)		n/a			n/a		$	135,531		$	24,477		$	3,443		$	16,286		$	6,020			n/a		$	46,331			n/a
Units Outstanding (in thousands)		n/a			n/a			13,376			2,328			335			1,568			599			n/a			4,480			n/a
Investment Income Ratio *		n/a			n/a			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		n/a			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

*	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.

81

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	CG - International Conservative Fund(b)			CG - International Growth Fund(b)			CG - International 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, 2014
Unit Value	$	9.411909		$	9.653876		$	9.488808		$	12.393887		$	11.811656		$	11.816159		$	9.712107		$	9.534736		$	11.846077		$	11.728280
Total Return *		-3.25	%		-4.45	%		-4.41	%		2.96	%		2.42	%		2.82	%		0.66	%		-2.88	%		2.49	%		3.14	%
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, 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

*	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.

82

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	CG - International Conservative Fund(b)			CG - International Growth Fund(b)			CG - International 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, 2014
Unit Value	$	9.475144		$	9.719272		$	9.552464		$	12.541681		$	11.949381		$	11.953965		$	9.777290		$	9.598681		$	11.983690		$	11.865096
Total Return *		-3.29	%***		-4.07	%		-4.02	%		3.38	%		2.83	%		3.23	%		1.06	%		-2.04	%***		2.90	%		3.55	%
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, 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

*	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.

83

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	CG - International Conservative Fund(b)			CG - International Growth Fund(b)			CG - International 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, 2014
Net Assets (in thousands)	$	4,659		$	7,728		$	10,278		$	113,732		$	334,274		$	476,811		$	37,647		$	10,920		$	92,147		$	287,493
Units Outstanding (in thousands)		494			798			1,080			9,114			28,148			40,122			3,865			1,142			7,729			24,366
Investment Income Ratio *		1.06	%		0.72	%		1.12	%		0.66	%		0.77	%		0.71	%		1.66	%		1.12	%		0.55	%		0.87	%
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

*	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.

84

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, 2014
Unit Value	$	10.461190		$	8.968955		$	10.971928		$	10.254829		$	11.174002		$	9.816534		$	11.165427		$	12.072145		$	12.696731		$	6.896162
Total Return *		3.86	%		-5.40	%		6.82	%		-2.17	%		2.23	%		-2.66	%		2.74	%		3.23	%		3.26	%		-16.52	%
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, 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

*	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.

85

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, 2014
Unit Value	$	10.583109		$	9.073296		$	11.099876		$	10.307880		$	11.231800		$	9.882562		$	11.295623		$	12.212884		n/a	$	12.844747		$	6.942013
Total Return *		4.28	%		-5.03	%		7.25	%		-4.03	%***		0.35	%***		-2.27	%		3.15	%		3.65	%	n/a		3.67	%		-16.18	%
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%	n/a		0.85	%		0.85	%
Period ended December 31, 2013
Unit Value	$	10.148979		$	9.553428		$	10.350015		$	10.489484		$	10.936958		$	10.111898		$	10.950909		$	11.783332		n/a	$	12.389453		$	8.282110
Total Return *		1.24	%		0.91	%		0.57	%		4.81	%***		8.95	%***		4.42	%***		5.70	%		12.74	%	n/a		17.47	%		-16.31	%***
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%		0.85	%	n/a		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		n/a	$	10.546713			n/a
Total Return *		2.20	%***		-2.40	%***		4.56	%***		n/a			n/a			n/a			5.48	%***		7.21	%***	n/a		7.02	%***		n/a
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		n/a			n/a			n/a			0.85	%		0.85	%	n/a		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			n/a
Total Return *		n/a			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			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			n/a
Total Return *		n/a			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			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.

86

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, 2014
Net Assets (in thousands)	$	244,166		$	57,556		$	173,807		$	3,201		$	6,295		$	12,693		$	45,820		$	109,628		$	98,243		$	1,628
Units Outstanding (in thousands)		23,214			6,377			15,762			311			562			1,290			4,083			9,033			7,688			235
Investment Income Ratio *		0.00	%		0.00	%		2.02	%		0.00	%		0.03	%		2.20	%		0.86	%		0.72	%		0.67	%		1.14	%
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

*	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.

87

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/CenterSquare International Real Estate Securities 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)
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	11.046628		$	14.397281		$	10.686030		$	9.214513		$	9.180810		$	10.008361		$	9.215906		$	14.398327		$	10.478400		$	9.763453
Total Return *		0.79	%		6.64	%		6.61	%		-10.67	%		-3.80	%		-0.07	%		-0.46	%		0.78	%		5.17	%		3.43	%
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, 2013
Unit Value	$	10.960118		$	13.500581		$	10.023542		$	10.314606		$	9.543746		$	10.015265		$	9.258153		$	14.286592		$	9.963764		$	9.440043
Total Return *		7.92	%***		27.84	%		-1.04	%***		2.64	%***		-4.56	%***		0.38	%***		-7.42	%***		41.85	%		-0.35	%***		-5.95	%***
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			n/a		$	10.071414			n/a			n/a
Total Return *		n/a			4.07	%***		n/a			n/a			n/a			n/a			n/a			0.79	%***		n/a			n/a
Ratio of Expenses **		n/a			1.25	%		n/a			n/a			n/a			n/a			n/a			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

*	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.

88

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/CenterSquare International Real Estate Securities 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)
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	11.103818		$	14.565242		$	10.741330		$	9.276444		$	9.242422		$	10.075609		$	9.277903		$	14.531571		$	10.532615		$	9.829141
Total Return *		1.19	%		7.07	%		7.16	%***		-10.31	%		-3.42	%		0.33	%		-3.13	%***		1.19	%		5.59	%		3.84	%
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, 2013
Unit Value	$	10.972881		$	13.603559		$	10.030850		$	10.342473		$	9.569436		$	10.042304		$	9.273814		$	14.361241		$	9.975345		$	9.465616
Total Return *		5.73	%***		28.35	%		-0.97	%***		17.95	%***		-1.59	%***		0.47	%***		-6.98	%***		38.46	%***		-1.43	%***		-1.37	%***
Ratio of Expenses **		0.85	%		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		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			n/a		$	10.079232			n/a			n/a
Total Return *		n/a			1.54	%***		n/a			n/a			n/a			n/a			n/a			3.60	%***		n/a			n/a
Ratio of Expenses **		n/a			0.85	%		n/a			n/a			n/a			n/a			n/a			1.00	%		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

*	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.

89

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/CenterSquare International Real Estate Securities 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)
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	31,092		$	98,155		$	19,065		$	3,354		$	3,892		$	53,933		$	7,555		$	33,715		$	68,289		$	14,150
Units Outstanding (in thousands)		2,807			6,775			1,780			363			423			5,373			817			2,331			6,500			1,445
Investment Income Ratio *		0.23	%		0.28	%		0.00	%		0.02	%		0.02	%		0.00	%		4.21	%		0.00	%		0.57	%		0.00	%
Period ended December 31, 2013
Net Assets (in thousands)	$	5,063		$	45,214		$	1,348		$	1,527		$	1,210		$	22,308		$	3,064		$	16,188		$	5,167		$	7,451
Units Outstanding (in thousands)		462			3,335			134			148			127			2,225			331			1,130			518			789
Investment Income Ratio *		0.00	%		0.19	%		0.00	%		0.04	%		1.34	%		0.00	%		3.03	%		1.14	%		0.00	%		0.00	%
Period ended December 31, 2012
Net Assets (in thousands)		n/a		$	9,870			n/a			n/a			n/a			n/a			n/a		$	508			n/a			n/a
Units Outstanding (in thousands)		n/a			933			n/a			n/a			n/a			n/a			n/a			50			n/a			n/a
Investment Income Ratio *		n/a			0.00	%		n/a			n/a			n/a			n/a			n/a			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

* 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.

90

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	Curian/Epoch Global Shareholder Yield Fund(a)			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/Neuberger Berman Risk Balanced Commodity Strategy Fund(d)			Curian/Nicholas Convertible Arbitrage Fund(a)			Curian/PIMCO Credit Income Fund(a)			Curian/PineBridge Merger Arbitrage Fund(a)
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	13.515623		$	12.166470		$	10.210372		$	7.370775		$	11.197435		$	9.949394		$	7.674929		$	10.116505		$	10.884088		$	9.684090
Total Return *		4.74	%		7.49	%		-16.03	%		-21.58	%		-2.65	%		2.08	%		-23.25	%***		-2.30	%		6.28	%		-1.83	%
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, 2013
Unit Value	$	12.904367		$	11.319214		$	12.159927		$	9.399502		$	11.501897		$	9.746359			n/a		$	10.354623		$	10.241245		$	9.864683
Total Return *		21.80	%		11.31	%		16.92	%		7.30	%		12.70	%***		-3.13	%		n/a			2.06	%		-2.92	%		-1.03	%
Ratio of Expenses **		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		n/a			1.25	%		1.25	%		1.25	%
Period ended December 31, 2012
Unit Value	$	10.595041		$	10.169345		$	10.400205		$	8.760391			n/a		$	10.061519			n/a		$	10.145496		$	10.549088		$	9.967386
Total Return *		2.34	%***		0.51	%***		4.52	%***		-10.04	%***		n/a			0.62	%***		n/a			1.68	%***		6.40	%***		-0.41	%***
Ratio of Expenses **		1.25	%		1.25	%		1.25	%		1.25	%		n/a			1.25	%		n/a			1.25	%		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

*	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 April 28, 2014.

91

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	Curian/Epoch Global Shareholder Yield Fund(a)			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/Neuberger Berman Risk Balanced Commodity Strategy Fund(d)			Curian/Nicholas Convertible Arbitrage Fund(a)			Curian/PIMCO Credit Income Fund(a)			Curian/PineBridge Merger Arbitrage Fund(a)
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	13.673002		$	12.308186		$	10.304870		$	7.456477		$	11.273334		$	10.041467		$	7.695611		$	10.234182		$	11.011005		$	9.796913
Total Return *		5.16	%		7.92	%		-15.70	%		-21.27	%		-2.26	%		2.49	%		-23.15	%***		-1.91	%		6.70	%		-1.44	%
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, 2013
Unit Value	$	13.002517		$	11.405341		$	12.223473		$	9.470833		$	11.533634		$	9.797282			n/a		$	10.433262		$	10.319305		$	9.939768
Total Return *		22.28	%		11.75	%		17.39	%		7.73	%		17.39	%***		-2.74	%		n/a			2.47	%		-2.53	%		-0.63	%
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		n/a			0.85	%		0.85	%		0.85	%
Period ended December 31, 2012
Unit Value	$	10.633015		$	10.205813		$	10.412815		$	8.791627			n/a		$	10.073701			n/a		$	10.181738		$	10.587055		$	10.003149
Total Return *		9.59	%***		-2.44	%***		2.52	%***		14.55	%***		n/a			-0.13	%***		n/a			0.43	%***		5.12	%***		-0.01	%***
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		n/a			0.85	%		n/a			0.85	%		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

*	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 April 28, 2014.

92

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	Curian/Epoch Global Shareholder Yield Fund(a)			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/Neuberger Berman Risk Balanced Commodity Strategy Fund(d)			Curian/Nicholas Convertible Arbitrage Fund(a)			Curian/PIMCO Credit Income Fund(a)			Curian/PineBridge Merger Arbitrage Fund(a)
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	26,393		$	106,385		$	17,185		$	26,805		$	14,613		$	14,461		$	3,124		$	64,332		$	34,347		$	65,411
Units Outstanding (in thousands)		1,942			8,696			1,675			3,616			1,300			1,448			407			6,324			3,138			6,716
Investment Income Ratio *		0.00	%		0.03	%		4.34	%		0.00	%		0.00	%		0.00	%		0.00	%		0.88	%		0.05	%		0.00	%
Period ended December 31, 2013
Net Assets (in thousands)	$	15,590		$	59,229		$	10,524		$	19,294		$	3,438		$	10,984			n/a		$	40,484		$	19,395		$	63,826
Units Outstanding (in thousands)		1,204			5,215			863			2,045			298			1,124			n/a			3,897			1,887			6,448
Investment Income Ratio *		5.64	%		1.99	%		0.00	%		0.00	%		0.00	%		1.40	%		n/a			0.01	%		1.86	%		0.00	%
Period ended December 31, 2012
Net Assets (in thousands)	$	1,648		$	14,885		$	497		$	6,510			n/a		$	3,768			n/a		$	12,035		$	12,982		$	26,942
Units Outstanding (in thousands)		155			1,461			48			742			n/a			374			n/a			1,184			1,229			2,699
Investment Income Ratio *		3.09	%		2.32	%		0.00	%		1.24	%		n/a			0.00	%		n/a			0.00	%		2.20	%		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

* 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 April 28, 2014.

93

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	Curian/Schroder Emerging Europe Fund(c)			Curian/T. Rowe Price Capital Appreciation Fund(d)			Curian/The Boston Company Equity Income Fund(a)			Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(a)(e)			Curian/UBS Global Long Short Fixed Income Opportunities Fund(c)			Curian/Van Eck International Gold Fund(b)			JNL Disciplined Growth Fund			JNL Disciplined Moderate Fund			JNL Disciplined Moderate Growth Fund			JNL Institutional Alt 20 Fund
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	7.413804		$	11.592747		$	15.903884		$	9.591200		$	9.322874		$	4.286313		$	10.299709		$	10.865604		$	11.000732		$	15.220732
Total Return *		-28.14	%		10.34	%		9.69	%		-2.57	%		-5.61	%		-7.30	%		1.73	%		1.53	%		1.81	%		-0.87	%
Ratio of Expenses **		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		3.145	%		3.695	%		3.145	%		3.06	%
Period ended December 31, 2013
Unit Value	$	10.316294		$	10.506291		$	14.498494		$	9.843897		$	9.876458		$	4.623635		$	10.124402		$	10.702137		$	10.805322		$	15.353836
Total Return *		3.17	%***		4.44	%***		35.12	%		-2.12	%		-1.31	%***		-48.54	%		20.22	%		12.86	%		18.88	%		10.45	%
Ratio of Expenses **		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		3.145	%		3.695	%		3.145	%		3.06	%
Period ended December 31, 2012
Unit Value		n/a			n/a		$	10.730038		$	10.056710			n/a		$	8.985564		$	8.421673		$	9.482585		$	9.089241		$	13.901659
Total Return *		n/a			n/a			7.21	%***		-1.21	%***		n/a			-10.14	%***		11.03	%		9.18	%		10.67	%		7.79	%
Ratio of Expenses **		n/a			n/a			1.25	%		1.25	%		n/a			1.25	%		3.145	%		3.695	%		3.145	%		3.06	%
Period ended December 31, 2011
Unit Value		n/a			n/a			n/a			n/a			n/a			n/a		$	7.585200		$	8.685114		$	8.213126		$	12.897292
Total Return *		n/a			n/a			n/a			n/a			n/a			n/a			-8.17	%***		-2.93	%		-3.93	%		-5.49	%
Ratio of Expenses **		n/a			n/a			n/a			n/a			n/a			n/a			3.145	%		3.695	%		3.145	%		3.06	%
Period ended December 31, 2010
Unit Value		n/a			n/a			n/a			n/a			n/a			n/a		$	8.123943		$	8.947058		$	8.548681		$	13.647188
Total Return *		n/a			n/a			n/a			n/a			n/a			n/a			9.39	%		7.07	%		9.78	%		9.65	%
Ratio of Expenses **		n/a			n/a			n/a			n/a			n/a			n/a			3.01	%		3.695	%		3.145	%		3.06	%

*	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.
(e)	The period is from January 1, 2014 through the date the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund was acquired by Curian/Nicholas Convertible Arbitrage Fund on April 28, 2014.  Unit values disclosed are as of April 25, 2014.

94

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	Curian/Schroder Emerging Europe Fund(c)			Curian/T. Rowe Price Capital Appreciation Fund(d)			Curian/The Boston Company Equity Income Fund(a)			Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(a)(e)			Curian/UBS Global Long Short Fixed Income Opportunities Fund(c)			Curian/Van Eck International Gold Fund(b)			JNL Disciplined Growth Fund			JNL Disciplined Moderate Fund			JNL Disciplined Moderate Growth Fund			JNL Institutional Alt 20 Fund
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	7.463620		$	11.652755		$	16.085206		$	9.676021		$	9.385498		$	4.326027		$	12.713071		$	14.010500		$	13.577278		$	17.130262
Total Return *		-27.85	%		10.78	%		10.13	%		-2.44	%		-5.23	%		-6.92	%		4.46	%		4.82	%		4.54	%		1.20	%
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.50	%		0.50	%		0.50	%		1.00	%
Period ended December 31, 2013
Unit Value	$	10.344151		$	10.518508		$	14.605261		$	9.918444		$	9.903103		$	4.647848		$	12.170487		$	13.365738		$	12.987966		$	16.927727
Total Return *		10.61	%***		5.76	%***		35.66	%		-1.72	%		-1.88	%***		-48.34	%		23.44	%		16.53	%		22.07	%		12.75	%
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.50	%		0.50	%		0.50	%		1.00	%
Period ended December 31, 2012
Unit Value		n/a			n/a		$	10.765905		$	10.092424			n/a		$	8.996557		$	9.859384		$	11.470238		$	10.640048		$	15.014170
Total Return *		n/a			n/a			14.37	%***		-1.42	%***		n/a			-12.37	%***		14.01	%		12.74	%		13.64	%		10.04	%
Ratio of Expenses **		n/a			n/a			0.85	%		0.85	%		n/a			0.85	%		0.50	%		0.50	%		0.50	%		1.00	%
Period ended December 31, 2011
Unit Value		n/a			n/a			n/a			n/a			n/a			n/a		$	8.647683		$	10.174362		$	9.362785		$	13.644637
Total Return *		n/a			n/a			n/a			n/a			n/a			n/a			-3.62	%		0.22	%		-1.36	%		-4.59	%***
Ratio of Expenses **		n/a			n/a			n/a			n/a			n/a			n/a			0.50	%		0.50	%		0.50	%		1.00	%
Period ended December 31, 2010
Unit Value		n/a			n/a			n/a			n/a			n/a			n/a		$	8.972673		$	10.152509		$	9.491603		$	14.119848
Total Return *		n/a			n/a			n/a			n/a			n/a			n/a			12.17	%		10.55	%		12.72	%		11.82	%
Ratio of Expenses **		n/a			n/a			n/a			n/a			n/a			n/a			0.50	%		0.50	%		0.50	%		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 February 6, 2012.
(b)	Commencement of operations September 10, 2012.
(c)	Commencement of operations April 29, 2013.
(d)	Commencement of operations September 16, 2013.
(e)	The period is from January 1, 2014 through the date the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund was acquired by Curian/Nicholas Convertible Arbitrage Fund on April 28, 2014.  Unit values disclosed are as of April 25, 2014.

95

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	Curian/Schroder Emerging Europe Fund(c)			Curian/T. Rowe Price Capital Appreciation Fund(d)			Curian/The Boston Company Equity Income Fund(a)			Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(a)(e)			Curian/UBS Global Long Short Fixed Income Opportunities Fund(c)			Curian/Van Eck International Gold Fund(b)			JNL Disciplined Growth Fund			JNL Disciplined Moderate Fund			JNL Disciplined Moderate Growth Fund			JNL Institutional Alt 20 Fund
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	2,421		$	84,808		$	46,575		$	—		$	14,946		$	26,145		$	650,863		$	1,200,467		$	1,472,586		$	1,687,366
Units Outstanding (in thousands)		325			7,297			2,913			—			1,599			6,071			55,249			92,418			116,853			100,924
Investment Income Ratio *		3.11	%		1.18	%		0.08	%		0.00	%		0.00	%		0.31	%		1.63	%		2.22	%		1.88	%		1.70	%
Period ended December 31, 2013
Net Assets (in thousands)	$	1,539		$	9,228		$	28,342		$	18,424		$	7,720		$	11,291		$	521,713		$	1,026,832		$	1,216,735		$	1,697,533
Units Outstanding (in thousands)		149			878			1,948			1,865			781			2,436			45,866			82,176			100,110			102,360
Investment Income Ratio *		2.80	%		0.66	%		2.03	%		0.00	%		0.00	%		0.24	%		0.98	%		1.38	%		1.18	%		2.03	%
Period ended December 31, 2012
Net Assets (in thousands)		n/a			n/a		$	3,063		$	9,911			n/a		$	5,078		$	299,069		$	710,906		$	766,027		$	1,348,029
Units Outstanding (in thousands)		n/a			n/a			285			984			n/a			565			32,169			65,742			76,258			91,277
Investment Income Ratio *		n/a			n/a			2.66	%		0.00	%		n/a			0.00	%		1.28	%		1.64	%		1.48	%		1.63	%
Period ended December 31, 2011
Net Assets (in thousands)		n/a			n/a			n/a			n/a			n/a			n/a		$	168,700		$	427,042		$	473,993		$	871,892
Units Outstanding (in thousands)		n/a			n/a			n/a			n/a			n/a			n/a			20,490			44,150			53,139			64,683
Investment Income Ratio *		n/a			n/a			n/a			n/a			n/a			n/a			1.09	%		1.34	%		1.12	%		1.00	%
Period ended December 31, 2010
Net Assets (in thousands)		n/a			n/a			n/a			n/a			n/a			n/a		$	128,516		$	322,588		$	350,989		$	591,940
Units Outstanding (in thousands)		n/a			n/a			n/a			n/a			n/a			n/a			14,919			33,094			38,463			42,185
Investment Income Ratio *		n/a			n/a			n/a			n/a			n/a			n/a			1.41	%		1.11	%		1.20	%		0.70	%

* 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.
(e)	The period is from January 1, 2014 through the date the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund was acquired by Curian/Nicholas Convertible Arbitrage Fund on April 28, 2014.  Unit values disclosed are as of April 25, 2014.

96

Jackson National Separate Account I
Notes to Financial Statements (continued)
Note 7 - Financial Highlights (continued)
	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/ AllianceBernstein Dynamic Asset Allocation Fund(c)			JNL/American Funds Balanced Allocation Fund(b)			JNL/American Funds Blue Chip Income and Growth Fund(a)			JNL/American Funds Global Bond Fund(a)			JNL/American Funds Global Small Capitalization Fund(a)			JNL/American Funds Growth Allocation Fund(b)			JNL/American Funds Growth-Income Fund(a)
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	15.597831		$	15.066773		$	15.363890		$	10.190116		$	11.528573		$	15.152218		$	9.771061		$	11.956709		$	12.170692		$	15.088660
Total Return *		-1.16	%		-1.75	%		-1.96	%		1.50	%***		1.09	%		11.19	%		-1.97	%		-1.26	%		1.15	%		6.76	%
Ratio of Expenses **		3.05	%		3.61	%		3.61	%		1.25	%		3.095	%		3.36	%		3.16	%		3.06	%		2.845	%		3.16	%
Period ended December 31, 2013
Unit Value	$	15.780815		$	15.334913		$	15.671773			n/a		$	11.404526		$	13.627303		$	9.967742		$	12.109692		$	12.032273		$	14.133382
Total Return *		9.08	%		6.44	%		5.61	%		n/a			5.14	%***		28.05	%		-5.97	%		24.04	%		17.47	%		28.80	%
Ratio of Expenses **		3.05	%		3.61	%		3.61	%		n/a			3.095	%		3.36	%		3.16	%		3.06	%		2.845	%		3.16	%
Period ended December 31, 2012
Unit Value	$	14.467107		$	14.406968		$	14.838820			n/a		$	10.232479		$	10.641810		$	10.600572		$	9.762384		$	10.242546		$	10.973233
Total Return *		7.97	%		6.93	%		7.01	%		n/a			4.92	%***		9.67	%		2.48	%		14.34	%		0.92	%***		13.28	%
Ratio of Expenses **		3.05	%		3.61	%		3.61	%		n/a			2.71	%		3.36	%		3.16	%		3.06	%		2.845	%		3.16	%
Period ended December 31, 2011
Unit Value	$	13.398793		$	13.472850		$	13.866809			n/a			n/a		$	9.703216		$	10.344191		$	8.538274			n/a		$	9.687223
Total Return *		-6.69	%		-8.00	%		-8.78	%		n/a			n/a			-4.51	%		0.25	%***		-21.85	%		n/a			-5.34	%
Ratio of Expenses **		3.05	%		3.61	%		3.61	%		n/a			n/a			3.36	%		3.16	%		3.06	%		n/a			3.16	%
Period ended December 31, 2010
Unit Value	$	14.360051		$	14.644693		$	15.200878			n/a			n/a		$	10.161091		$	10.254727		$	10.926025			n/a		$	10.233282
Total Return *		9.17	%***		10.51	%***		11.74	%		n/a			n/a			9.13	%***		3.64	%***		15.68	%***		n/a			7.04	%***
Ratio of Expenses **		3.05	%		3.61	%		3.61	%		n/a			n/a			3.36	%		2.845	%		3.06	%		n/a			3.16	%

*	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 May 3, 2010.
(b)	Commencement of operations April 30, 2012.
(c)	Commencement of operations April 28, 2014.

97

Jackson National Separate Account I
Notes to Financial Statements (continued)
Note 7 - Financial Highlights (continued)
	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/ AllianceBernstein Dynamic Asset Allocation Fund(c)			JNL/American Funds Balanced Allocation Fund(b)			JNL/American Funds Blue Chip Income and Growth Fund(a)			JNL/American Funds Global Bond Fund(a)			JNL/American Funds Global Small Capitalization Fund(a)			JNL/American Funds Growth Allocation Fund(b)			JNL/American Funds Growth-Income Fund(a)
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	17.544505		$	17.500552		$	17.845286		$	10.217741		$	12.192220		$	16.914989		$	10.804894		$	13.162274		$	12.785507		$	16.804732
Total Return *		0.89	%		0.85	%		0.63	%***		-0.04	%***		3.23	%***		13.85	%		0.17	%		0.79	%		3.03	%***		9.25	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		0.85	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		0.85	%
Period ended December 31, 2013
Unit Value	$	17.390028		$	17.353083		$	17.650593			n/a		$	11.791486		$	14.857839		$	10.786833		$	13.058859		$	12.388475		$	15.381331
Total Return *		11.34	%		9.26	%		8.30	%		n/a			14.00	%		31.11	%		-3.92	%		26.63	%		19.54	%		31.81	%
Ratio of Expenses **		1.00	%		1.00	%		1.10	%		n/a			1.10	%		1.00	%		1.00	%		1.00	%		1.10	%		0.85	%
Period ended December 31, 2012
Unit Value	$	15.619143		$	15.882983		$	16.298169			n/a		$	10.343515		$	11.332119		$	11.226519		$	10.312913		$	10.363348		$	11.669432
Total Return *		10.22	%		9.77	%		9.74	%		n/a			8.83	%***		12.30	%		4.71	%		16.72	%		1.97	%***		2.11	%***
Ratio of Expenses **		1.00	%		1.00	%		1.10	%		n/a			1.10	%		1.00	%		1.00	%		1.00	%		1.10	%		0.85	%
Period ended December 31, 2011
Unit Value	$	14.171169		$	14.469467		$	14.851990			n/a			n/a		$	10.090978		$	10.721765		$	8.835361			n/a		$	10.041099
Total Return *		-8.52	%***		-9.64	%***		-6.46	%		n/a			n/a			-6.39	%***		3.28	%		-22.38	%***		n/a			-3.27	%
Ratio of Expenses **		1.00	%		1.00	%		1.10	%		n/a			n/a			1.00	%		1.00	%		1.00	%		n/a			1.00	%
Period ended December 31, 2010
Unit Value	$	14.854626		$	15.297268		$	15.878350			n/a			n/a		$	10.314502		$	10.380934		$	11.068974			n/a		$	10.380945
Total Return *		13.11	%		13.65	%		14.59	%		n/a			n/a			10.72	%***		0.95	%***		20.23	%***		n/a			5.26	%***
Ratio of Expenses **		1.10	%		1.10	%		1.10	%		n/a			n/a			1.10	%		1.00	%		1.10	%		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 May 3, 2010.
(b)	Commencement of operations April 30, 2012.
(c)	Commencement of operations April 28, 2014.

98

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/ AllianceBernstein Dynamic Asset Allocation Fund(c)			JNL/American Funds Balanced Allocation Fund(b)			JNL/American Funds Blue Chip Income and Growth Fund(a)			JNL/American Funds Global Bond Fund(a)			JNL/American Funds Global Small Capitalization Fund(a)			JNL/American Funds Growth Allocation Fund(b)			JNL/American Funds Growth-Income Fund(a)
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	2,248,151		$	3,167,812		$	622,021		$	18,690		$	749,737		$	1,747,477		$	467,956		$	370,905		$	640,593		$	2,316,145
Units Outstanding (in thousands)		131,465			185,953			35,831			1,831			62,247			105,560			44,301			28,756			50,703			141,489
Investment Income Ratio *		1.60	%		1.48	%		1.46	%		0.93	%		1.02	%		1.14	%		0.01	%		0.22	%		0.77	%		0.68	%
Period ended December 31, 2013
Net Assets (in thousands)	$	2,315,267		$	3,197,208		$	746,748			n/a		$	439,310		$	1,145,063		$	433,086		$	316,078		$	357,689		$	1,561,325
Units Outstanding (in thousands)		136,061			188,513			43,103			n/a			37,487			78,386			40,893			24,614			29,048			103,723
Investment Income Ratio *		1.67	%		1.31	%		1.00	%		n/a			0.78	%		1.17	%		2.11	%		0.70	%		0.61	%		0.83	%
Period ended December 31, 2012
Net Assets (in thousands)	$	1,954,019		$	2,705,104		$	868,140			n/a		$	142,838		$	658,754		$	445,074		$	192,196		$	100,620		$	815,499
Units Outstanding (in thousands)		127,331			173,523			54,075			n/a			13,849			58,871			40,202			18,876			9,734			71,037
Investment Income Ratio *		1.78	%		1.88	%		2.38	%		n/a			0.00	%		1.02	%		2.05	%		0.73	%		0.00	%		0.85	%
Period ended December 31, 2011
Net Assets (in thousands)	$	1,349,313		$	1,759,138		$	942,913			n/a			n/a		$	379,981		$	322,987		$	121,399			n/a		$	430,286
Units Outstanding (in thousands)		96,468			123,288			64,231			n/a			n/a			37,953			30,387			13,853			n/a			43,195
Investment Income Ratio *		0.88	%		0.86	%		0.73	%		n/a			n/a			0.67	%		1.01	%		0.37	%		n/a			0.53	%
Period ended December 31, 2010
Net Assets (in thousands)	$	866,696		$	1,045,302		$	686,359			n/a			n/a		$	139,612		$	99,514		$	74,487			n/a		$	164,649
Units Outstanding (in thousands)		58,741			68,822			43,558			n/a			n/a			13,568			9,619			6,748			n/a			15,914
Investment Income Ratio *		0.76	%		0.77	%		0.67	%		n/a			n/a			0.00	%		0.00	%		0.00	%		n/a			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 May 3, 2010.
(b)	Commencement of operations April 30, 2012.
(c)	Commencement of operations April 28, 2014.

99

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/American Funds International Fund(a)			JNL/American Funds New World Fund(a)			JNL/AQR Managed Futures Strategy Fund(c)			JNL/BlackRock Commodity Securities Strategy Fund			JNL/BlackRock Global Allocation Fund(b)			JNL/BlackRock Large Cap Select Growth Fund			JNL/Boston Partners Global Long Short Equity Fund(e)			JNL/Brookfield Global Infrastructure and MLP Fund(d)			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	10.950184		$	10.036717		$	11.193091		$	7.800985		$	10.905275		$	26.763737		$	9.823957		$	14.820786		$	9.741960		$	21.719323
Total Return *		-6.24	%		-11.07	%		7.73	%		-17.36	%		-1.76	%		5.02	%		-0.94	%***		4.08	%		-3.26	%		-1.53	%
Ratio of Expenses **		3.36	%		3.16	%		1.25	%		3.695	%		3.61	%		3.61	%		1.25	%		3.095	%		3.86	%		3.86	%
Period ended December 31, 2013
Unit Value	$	11.679176		$	11.285850		$	10.389716		$	9.439520		$	11.100488		$	25.483258			n/a		$	14.240412		$	10.070530		$	22.056040
Total Return *		17.10	%		7.43	%		5.75	%		5.54	%		10.26	%		34.06	%		n/a			19.68	%		11.17	%		18.57	%
Ratio of Expenses **		3.36	%		3.16	%		1.25	%		3.695	%		3.61	%		3.61	%		n/a			3.095	%		3.86	%		3.86	%
Period ended December 31, 2012
Unit Value	$	9.973414		$	10.504839		$	9.824353		$	8.944331		$	10.067701		$	19.008526			n/a		$	11.899161		$	9.058602		$	18.602188
Total Return *		13.52	%		13.72	%		4.11	%***		-2.88	%		5.69	%		6.68	%		n/a			1.43	%***		8.75	%		12.58	%
Ratio of Expenses **		3.36	%		3.16	%		1.25	%		3.695	%		3.61	%		3.61	%		n/a			3.095	%		3.86	%		3.86	%
Period ended December 31, 2011
Unit Value	$	8.785597		$	9.237794			n/a		$	9.209368		$	9.525680		$	17.818001			n/a		$	10.347709		$	8.329723		$	16.523644
Total Return *		-17.20	%		-16.96	%		n/a			-10.72	%		-7.22	%		-2.81	%		n/a			3.30	%***		-8.35	%		-8.11	%
Ratio of Expenses **		3.36	%		3.16	%		n/a			3.695	%		3.61	%		3.61	%		n/a			2.395	%		3.86	%		3.86	%
Period ended December 31, 2010
Unit Value	$	10.610960		$	11.124419			n/a		$	10.315078		$	10.267439		$	18.334060			n/a			n/a		$	9.088924		$	17.982846
Total Return *		7.01	%***		2.97	%***		n/a			13.18	%		2.04	%***		4.02	%***		n/a			n/a			4.89	%		7.54	%
Ratio of Expenses **		3.36	%		3.16	%		n/a			3.695	%		3.61	%		3.61	%		n/a			n/a			3.86	%		3.86	%

*	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 May 3, 2010.
(b)	Commencement of operations October 11, 2010.
(c)	Commencement of operations August 29, 2011.
(d)	Commencement of operations December 12, 2011.
(e)	Commencement of operations September 15, 2014.

100

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/American Funds International Fund(a)			JNL/American Funds New World Fund(a)			JNL/AQR Managed Futures Strategy Fund(c)			JNL/BlackRock Commodity Securities Strategy Fund			JNL/BlackRock Global Allocation Fund(b)			JNL/BlackRock Large Cap Select Growth Fund			JNL/Boston Partners Global Long Short Equity Fund(e)			JNL/Brookfield Global Infrastructure and MLP Fund(d)			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	12.309601		$	11.100310		$	11.343131		$	9.782449		$	12.252870		$	44.690461		$	9.835465		$	15.872403		$	14.820796		$	38.084548
Total Return *		-3.86	%		-9.13	%		8.16	%		-14.97	%		0.99	%		7.80	%		1.46	%***		6.44	%		-0.46	%		1.33	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		0.85	%		0.85	%		1.00	%		1.00	%
Period ended December 31, 2013
Unit Value	$	12.803656		$	12.215079		$	10.486958		$	11.505133		$	12.132655		$	41.455971			n/a		$	14.912251		$	14.888685		$	37.584509
Total Return *		6.10	%***		9.78	%		6.18	%		8.58	%		13.34	%		37.61	%		n/a			22.39	%		14.40	%		22.01	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		n/a			0.85	%		1.00	%		1.00	%
Period ended December 31, 2012
Unit Value	$	10.620354		$	11.126783		$	9.876725		$	10.595790		$	10.704258		$	30.126232			n/a		$	12.184270		$	13.014978		$	30.805189
Total Return *		16.24	%		16.21	%		5.06	%***		14.31	%***		5.99	%***		9.51	%		n/a			7.91	%***		11.91	%		15.85	%
Ratio of Expenses **		1.00	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		n/a			0.85	%		1.00	%		1.00	%
Period ended December 31, 2011
Unit Value	$	9.136696		$	9.575052			n/a		$	10.524754		$	9.833592		$	27.509862			n/a		$	9.044877		$	11.629393		$	26.589486
Total Return *		-19.39	%***		-17.68	%***		n/a			-8.29	%		-4.85	%***		-0.25	%		n/a			-9.72	%***		-5.70	%		4.60	%***
Ratio of Expenses **		1.00	%		1.00	%		n/a			1.00	%		1.00	%		1.00	%		n/a			1.15	%		1.00	%		1.00	%
Period ended December 31, 2010
Unit Value	$	10.771157		$	11.277446			n/a		$	11.475773		$	10.324763		$	27.579329			n/a			n/a		$	12.332504		$	27.688199
Total Return *		16.37	%***		25.58	%***		n/a			16.27	%		2.89	%***		11.55	%		n/a			n/a			7.93	%		10.55	%
Ratio of Expenses **		1.10	%		1.10	%		n/a			1.00	%		1.10	%		1.00	%		n/a			n/a			1.00	%		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 May 3, 2010.
(b)	Commencement of operations October 11, 2010.
(c)	Commencement of operations August 29, 2011.
(d)	Commencement of operations December 12, 2011.
(e)	Commencement of operations September 15, 2014.

101

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/American Funds International Fund(a)			JNL/American Funds New World Fund(a)			JNL/AQR Managed Futures Strategy Fund(c)			JNL/BlackRock Commodity Securities Strategy Fund			JNL/BlackRock Global Allocation Fund(b)			JNL/BlackRock Large Cap Select Growth Fund			JNL/Boston Partners Global Long Short Equity Fund(e)			JNL/Brookfield Global Infrastructure and MLP Fund(d)			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	679,179		$	701,141		$	99,750		$	843,028		$	3,274,351		$	693,281		$	3,303		$	853,801		$	449,387		$	408,782
Units Outstanding (in thousands)		56,638			64,512			8,855			90,488			273,649			17,193			336			54,691			32,538			12,123
Investment Income Ratio *		0.76	%		0.84	%		2.77	%		0.00	%		0.74	%		0.00	%		0.00	%		0.71	%		0.90	%		0.77	%
Period ended December 31, 2013
Net Assets (in thousands)	$	531,621		$	617,704		$	75,699		$	959,276		$	2,635,571		$	596,971			n/a		$	395,362		$	460,257		$	402,702
Units Outstanding (in thousands)		42,420			51,450			7,255			87,201			221,416			15,995			n/a			26,810			33,129			12,088
Investment Income Ratio *		0.85	%		0.56	%		5.22	%		0.39	%		0.63	%		0.03	%		n/a			0.85	%		1.71	%		1.25	%
Period ended December 31, 2012
Net Assets (in thousands)	$	340,653		$	443,043		$	20,520		$	891,760		$	1,525,570		$	444,455			n/a		$	100,565		$	394,421		$	329,409
Units Outstanding (in thousands)		32,462			40,340			2,083			87,617			144,546			16,379			n/a			8,305			32,328			12,054
Investment Income Ratio *		1.20	%		1.08	%		0.00	%		0.00	%		0.00	%		0.15	%		n/a			0.07	%		2.04	%		1.22	%
Period ended December 31, 2011
Net Assets (in thousands)	$	200,814		$	261,975			n/a		$	797,267		$	494,125		$	424,724			n/a		$	981		$	351,568		$	286,172
Units Outstanding (in thousands)		22,150			27,587			n/a			77,839			50,563			17,111			n/a			95			32,124			12,111
Investment Income Ratio *		0.72	%		0.60	%		n/a			0.58	%		0.67	%		0.34	%		n/a			0.00	%		1.08	%		0.94	%
Period ended December 31, 2010
Net Assets (in thousands)	$	97,917		$	128,284			n/a		$	685,623		$	172,036		$	395,677			n/a			n/a		$	339,313		$	289,989
Units Outstanding (in thousands)		9,113			11,407			n/a			61,152			16,678			15,939			n/a			n/a			29,149			11,595
Investment Income Ratio *		0.00	%		0.00	%		n/a			0.36	%		0.00	%		0.27	%		n/a			n/a			1.11	%		0.73	%

* 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 May 3, 2010.
(b)	Commencement of operations October 11, 2010.
(c)	Commencement of operations August 29, 2011.
(d)	Commencement of operations December 12, 2011.
(e)	Commencement of operations September 15, 2014.

102

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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(a)			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund			JNL/Franklin Templeton Mutual Shares Fund
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	18.490528		$	25.094707		$	7.354734		$	6.762681		$	10.110812		$	9.162504		$	11.133070		$	11.691774		$	8.470816		$	10.637323
Total Return *		6.15	%		-1.15	%		1.91	%		7.45	%		-0.97	%		-5.83	%		-3.45	%		-0.42	%		-12.63	%		3.98	%
Ratio of Expenses **		3.40	%		3.91	%		3.61	%		3.61	%		3.61	%		3.61	%		3.06	%		3.56	%		3.61	%		3.145	%
Period ended December 31, 2013
Unit Value	$	17.418947		$	25.385548		$	7.216675		$	6.293696		$	10.210041		$	9.729365		$	11.530902		$	11.741541		$	9.695790		$	10.230559
Total Return *		30.65	%		25.47	%		-9.38	%		-5.81	%		19.57	%		25.73	%		0.41	%		10.09	%		27.72	%		24.32	%
Ratio of Expenses **		3.40	%		3.91	%		3.61	%		3.61	%		3.61	%		3.61	%		3.06	%		3.56	%		3.61	%		3.145	%
Period ended December 31, 2012
Unit Value	$	13.332700		$	20.232227		$	7.963310		$	6.681762		$	8.538913		$	7.738394		$	11.484302		$	10.665178		$	7.591647		$	8.229251
Total Return *		9.89	%		9.46	%		18.19	%		19.09	%		11.83	%		17.72	%		8.62	%***		8.27	%		22.74	%		10.14	%
Ratio of Expenses **		3.40	%		3.91	%		3.61	%		3.61	%		3.61	%		3.61	%		3.06	%		3.56	%		3.61	%		3.145	%
Period ended December 31, 2011
Unit Value	$	12.133220		$	18.484335		$	6.737610		$	5.610913		$	7.635375		$	6.573777		$	10.047064		$	9.850961		$	6.185254		$	7.471934
Total Return *		-4.15	%		-6.05	%		-23.98	%		-30.44	%		-4.85	%		-9.40	%		-0.11	%***		-1.04	%		-17.41	%		-3.73	%
Ratio of Expenses **		3.40	%		3.91	%		3.61	%		3.61	%		3.61	%		3.61	%		2.60	%		3.56	%		3.61	%		3.145	%
Period ended December 31, 2010
Unit Value	$	12.658211		$	19.673973		$	8.863133		$	8.066327		$	8.024647		$	7.256056			n/a		$	9.954979		$	7.488896		$	7.761267
Total Return *		8.12	%		30.45	%		15.17	%		12.78	%		6.47	%		3.27	%		n/a			8.63	%		16.27	%		8.00	%
Ratio of Expenses **		3.40	%		3.91	%		3.61	%		3.61	%		3.61	%		3.61	%		n/a			3.56	%		3.61	%		3.145	%

*	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.

103

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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(a)			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund			JNL/Franklin Templeton Mutual Shares Fund
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	29.480809		$	42.740674		$	8.941792		$	8.222087		$	12.445079		$	11.276954		$	11.909965		$	14.787338		$	10.298111		$	12.616592
Total Return *		8.89	%***		1.77	%		4.77	%		10.46	%		1.65	%		-3.34	%***		-1.29	%		2.31	%		-10.19	%		6.23	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%
Period ended December 31, 2013
Unit Value	$	26.381392		$	41.995913		$	8.535085		$	7.443575		$	12.243449		$	11.585596		$	12.065929		$	14.453221		$	11.466425		$	11.876608
Total Return *		33.82	%		29.18	%		-6.84	%		-3.17	%		22.73	%		28.92	%		2.65	%		7.41	%***		31.29	%		27.02	%
Ratio of Expenses **		1.00	%		1.00	%		0.85	%		0.85	%		1.00	%		1.10	%		0.85	%		0.85	%		0.85	%		1.00	%
Period ended December 31, 2012
Unit Value	$	19.713784		$	32.510616		$	9.161710		$	7.687385		$	9.975693		$	8.986353		$	11.754500		$	12.650659		$	8.733615		$	9.350544
Total Return *		12.56	%		12.70	%		1.96	%***		2.48	%***		14.80	%		20.72	%		13.28	%***		11.08	%		26.34	%***		12.53	%
Ratio of Expenses **		1.00	%		1.00	%		0.85	%		0.85	%		1.00	%		1.10	%		0.85	%		1.00	%		0.85	%		1.00	%
Period ended December 31, 2011
Unit Value	$	17.513600		$	28.847748		$	7.494181		$	6.241003		$	8.689677		$	7.444175		$	10.054309		$	11.388721		$	6.851335		$	8.309360
Total Return *		-1.83	%		-3.28	%		-21.98	%		-28.61	%		-2.34	%		-7.11	%		0.75	%***		1.51	%		-15.31	%		-1.65	%***
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.15	%		1.00	%		1.10	%		1.00	%
Period ended December 31, 2010
Unit Value	$	17.839236		$	29.826055		$	9.605093		$	8.741630		$	8.897977		$	8.013670			n/a		$	11.218832		$	8.090292		$	8.415078
Total Return *		10.74	%		34.30	%		18.22	%		15.76	%		9.29	%		5.90	%		n/a			11.45	%		19.23	%		10.24	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		n/a			1.00	%		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 December 12, 2011.

104

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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(a)			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund			JNL/Franklin Templeton Mutual Shares Fund
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	567,701		$	1,096,101		$	128,090		$	349,714		$	1,557,952		$	521,536		$	737,969		$	1,997,944		$	424,814		$	625,966
Units Outstanding (in thousands)		21,391			28,002			14,982			44,455			130,142			48,136			63,092			142,444			43,002			51,540
Investment Income Ratio *		0.60	%		0.00	%		0.99	%		0.86	%		1.63	%		0.82	%		3.83	%		3.33	%		0.81	%		0.77	%
Period ended December 31, 2013
Net Assets (in thousands)	$	370,944		$	1,131,303		$	123,981		$	329,054		$	1,467,588		$	439,451		$	600,386		$	1,556,741		$	419,451		$	559,365
Units Outstanding (in thousands)		15,206			29,432			15,122			45,975			124,335			38,995			50,412			113,194			38,005			48,751
Investment Income Ratio *		1.01	%		0.08	%		1.24	%		0.93	%		2.02	%		1.44	%		2.51	%		4.10	%		1.10	%		0.91	%
Period ended December 31, 2012
Net Assets (in thousands)	$	181,723		$	712,883		$	140,464		$	347,087		$	1,153,798		$	230,044		$	297,966		$	1,127,679		$	241,752		$	391,902
Units Outstanding (in thousands)		9,997			23,891			15,874			46,690			119,513			26,253			25,535			92,341			28,647			43,187
Investment Income Ratio *		0.93	%		0.00	%		0.64	%		0.75	%		2.20	%		1.65	%		0.34	%		4.85	%		1.60	%		1.54	%
Period ended December 31, 2011
Net Assets (in thousands)	$	136,793		$	624,638		$	100,655		$	272,734		$	1,002,736		$	150,197		$	3,209		$	830,111		$	159,531		$	310,557
Units Outstanding (in thousands)		8,442			23,617			13,732			44,632			118,697			20,586			319			75,202			23,703			38,323
Investment Income Ratio *		0.56	%		0.00	%		0.41	%		0.34	%		1.46	%		0.95	%		0.00	%		4.30	%		1.52	%		2.60	%
Period ended December 31, 2010
Net Assets (in thousands)	$	109,852		$	414,824		$	141,098		$	362,908		$	980,170		$	120,991			n/a		$	647,703		$	147,477		$	242,092
Units Outstanding (in thousands)		6,677			15,142			14,944			42,196			112,773			15,358			n/a			59,311			18,484			29,259
Investment Income Ratio *		0.29	%		0.20	%		0.13	%		0.00	%		2.99	%		1.46	%		n/a			4.19	%		1.30	%		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 December 12, 2011.

105

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	14.571079		$	15.820330		$	11.055727		$	16.217712		$	11.754462		$	13.446442		$	12.454771		$	13.791536		$	18.854467		$	19.493406
Total Return *		-3.69	%		1.35	%		-8.31	%		8.80	%		10.49	%		10.84	%		-3.61	%		4.35	%		5.29	%		4.27	%
Ratio of Expenses **		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%		3.695	%		3.51	%
Period ended December 31, 2013
Unit Value	$	15.129820		$	15.609001		$	12.057957		$	14.906547		$	10.638287		$	12.131548		$	12.920911		$	13.217218		$	17.907494		$	18.695987
Total Return *		29.23	%		-4.85	%		-11.11	%		27.64	%		30.15	%		-0.98	%		14.41	%		34.44	%		26.15	%		34.87	%
Ratio of Expenses **		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%		3.695	%		3.51	%
Period ended December 31, 2012
Unit Value	$	11.707585		$	16.403977		$	13.564714		$	11.678392		$	8.173614		$	12.251585		$	11.293065		$	9.831170		$	14.195139		$	13.862312
Total Return *		13.10	%		3.62	%		15.78	%		13.48	%		15.98	%		23.63	%		11.31	%		8.34	%		3.83	%		13.61	%
Ratio of Expenses **		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%		3.695	%		3.51	%
Period ended December 31, 2011
Unit Value	$	10.351574		$	15.830973		$	11.716134		$	10.291465		$	7.047439		$	9.910099		$	10.145789		$	9.074299		$	13.672144		$	12.202050
Total Return *		-6.45	%		2.19	%		-8.04	%		-10.11	%		-13.32	%		-9.67	%		-10.45	%		-10.11	%		-9.08	%		-4.75	%
Ratio of Expenses **		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%		3.695	%		3.51	%
Period ended December 31, 2010
Unit Value	$	11.065011		$	15.491362		$	12.740806		$	11.449489		$	8.130127		$	10.970794		$	11.329284		$	10.094858		$	15.037352		$	12.811152
Total Return *		21.97	%		3.50	%		11.95	%		19.63	%		5.42	%		12.88	%		8.00	%		13.09	%		18.61	%		21.86	%
Ratio of Expenses **		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%		3.695	%		3.51	%

*	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.

106

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	19.585778		$	28.017891		$	13.131852		$	21.486406		$	14.013720		$	17.727784		$	22.716419		$	19.814012		$	29.683007		$	27.674511
Total Return *		-0.70	%		4.35	%		-5.75	%		12.01	%		7.88	%***		14.05	%		-0.61	%		7.25	%		8.16	%		7.08	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		1.00	%		0.85	%
Period ended December 31, 2013
Unit Value	$	19.723876		$	26.850742		$	13.932381		$	19.182812		$	12.277330		$	15.543249		$	22.856352		$	18.473783		$	27.442472		$	25.845666
Total Return *		33.25	%		-2.04	%		-8.62	%		31.41	%		32.86	%		1.89	%		17.97	%		38.19	%		29.60	%		38.51	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%		1.00	%		1.00	%		0.85	%
Period ended December 31, 2012
Unit Value	$	14.802516		$	27.408901		$	15.246667		$	14.597526		$	9.240592		$	15.254441		$	19.374720		$	13.368320		$	21.174982		$	18.660443
Total Return *		16.84	%***		6.69	%		13.70	%***		16.84	%		18.40	%		10.94	%***		15.08	%***		11.37	%		6.67	%		11.09	%***
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%		1.00	%		1.00	%		0.85	%
Period ended December 31, 2011
Unit Value	$	12.566719		$	25.690746		$	12.747546		$	12.493934		$	7.804539		$	11.871410		$	16.465808		$	12.003511		$	19.851042		$	15.751828
Total Return *		-3.69	%		5.20	%		-5.62	%		-7.47	%		-11.52	%		-7.19	%		-7.81	%		-7.61	%		-6.60	%		-2.34	%
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	$	13.048587		$	24.420522		$	13.506371		$	13.502182		$	8.820425		$	12.791583		$	17.860560		$	12.992248		$	21.254205		$	16.129274
Total Return *		25.58	%		6.56	%		14.91	%		23.16	%		7.62	%		15.98	%		11.19	%		16.24	%		21.85	%		24.96	%
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.

107

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	590,903		$	774,773		$	197,207		$	718,036		$	316,099		$	1,284,168		$	619,285		$	565,050		$	311,143		$	608,506
Units Outstanding (in thousands)		31,964			30,480			15,558			35,055			23,730			76,820			30,512			30,356			11,428			23,795
Investment Income Ratio *		0.38	%		2.33	%		1.68	%		0.80	%		0.06	%		1.30	%		1.09	%		0.05	%		0.22	%		0.00	%
Period ended December 31, 2013
Net Assets (in thousands)	$	563,849		$	605,070		$	238,605		$	553,903		$	186,128		$	925,175		$	528,458		$	511,566		$	259,709		$	475,736
Units Outstanding (in thousands)		30,233			24,753			17,677			30,170			15,730			62,885			25,919			29,452			10,304			19,910
Investment Income Ratio *		0.95	%		2.68	%		7.14	%		0.40	%		0.17	%		3.26	%		1.13	%		0.41	%		0.19	%		0.13	%
Period ended December 31, 2012
Net Assets (in thousands)	$	326,695		$	732,593		$	317,364		$	370,054		$	122,758		$	722,381		$	368,673		$	328,821		$	202,356		$	220,180
Units Outstanding (in thousands)		23,244			29,456			21,400			26,395			13,715			49,885			21,339			26,085			10,391			12,723
Investment Income Ratio *		0.25	%		2.43	%		0.00	%		1.12	%		0.39	%		0.78	%		1.76	%		0.00	%		0.26	%		0.00	%
Period ended December 31, 2011
Net Assets (in thousands)	$	261,576		$	576,804		$	325,784		$	282,268		$	92,895		$	408,952		$	283,951		$	301,831		$	206,248		$	167,008
Units Outstanding (in thousands)		21,600			24,660			26,008			23,437			12,224			35,711			18,827			26,626			11,308			11,220
Investment Income Ratio *		0.28	%		2.12	%		4.64	%		0.63	%		0.12	%		2.76	%		0.70	%		0.16	%		0.67	%		0.00	%
Period ended December 31, 2010
Net Assets (in thousands)	$	235,996		$	471,544		$	363,805		$	235,722		$	109,598		$	355,581		$	273,458		$	266,462		$	196,396		$	139,754
Units Outstanding (in thousands)		18,698			21,206			27,289			18,038			12,702			28,708			16,716			21,671			10,055			9,144
Investment Income Ratio *		0.48	%		2.52	%		1.30	%		0.60	%		0.66	%		4.61	%		0.82	%		0.28	%		0.52	%		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.

108

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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/M&G Global Basics Fund(a)			JNL/MC 10 x 10 Fund			JNL/MC 25 Fund			JNL/MC Bond Index Fund			JNL/MC Communications Sector Fund
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	12.169467		$	9.008259		$	26.190385		$	13.179311		$	10.435151		$	12.427481		$	11.312659		$	16.099934		$	10.379965		$	5.494634
Total Return *		-7.44	%		-13.97	%		7.25	%		1.52	%		-8.62	%		-1.11	%		4.91	%		-1.91	%		1.56	%		1.68	%
Ratio of Expenses **		3.61	%		3.91	%		3.61	%		3.75	%		3.61	%		3.545	%		3.145	%		4.00	%		3.91	%		3.71	%
Period ended December 31, 2013
Unit Value	$	13.147456		$	10.470642		$	24.419652		$	12.981881		$	11.419062		$	12.567066		$	10.783580		$	16.413606		$	10.220022		$	5.403797
Total Return *		19.27	%		16.82	%		37.00	%		-7.07	%		-4.60	%		0.83	%		23.75	%		31.49	%		-6.46	%		16.61	%
Ratio of Expenses **		3.61	%		3.91	%		3.61	%		3.75	%		3.61	%		3.545	%		3.145	%		4.00	%		3.91	%		3.71	%
Period ended December 31, 2012
Unit Value	$	11.023491		$	8.963371		$	17.824941		$	13.968818		$	11.969985		$	12.463550		$	8.714196		$	12.482322		$	10.925875		$	4.634014
Total Return *		13.09	%		12.65	%		12.11	%		-0.18	%		17.86	%		4.13	%		12.36	%		13.07	%		-0.37	%		15.94	%
Ratio of Expenses **		3.61	%		3.91	%		3.61	%		3.75	%		3.61	%		3.545	%		3.145	%		4.00	%		3.91	%		3.71	%
Period ended December 31, 2011
Unit Value	$	9.747802		$	7.956627		$	15.899613		$	13.994311		$	10.156056		$	11.969358		$	7.755443		$	11.039085		$	10.966479		$	3.996745
Total Return *		-10.77	%		-16.20	%		-9.22	%		5.80	%		-20.66	%		-14.95	%		-5.11	%		4.62	%		3.05	%		-6.70	%
Ratio of Expenses **		3.61	%		3.91	%		3.61	%		3.75	%		3.61	%		3.545	%		3.145	%		4.00	%		3.91	%		3.71	%
Period ended December 31, 2010
Unit Value	$	10.923852		$	9.494509		$	17.514872		$	13.226942		$	12.800285		$	14.073788		$	8.173251		$	10.552032		$	10.641541		$	4.283972
Total Return *		1.72	%***		3.46	%		21.14	%		3.39	%		17.59	%		18.80	%		12.83	%		18.03	%		1.81	%		18.07	%
Ratio of Expenses **		3.61	%		3.91	%		3.61	%		3.75	%		3.61	%		3.545	%		3.145	%		4.00	%		3.91	%		3.71	%

*	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, 2014 through the date the JNL/M&G Global Basics Fund was acquired by JNL/Oppenheimer Global Growth Fund on April 28, 2014.  Unit values disclosed are as of April 25, 2014.

109

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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/M&G Global Basics Fund(a)			JNL/MC 10 x 10 Fund			JNL/MC 25 Fund			JNL/MC Bond Index Fund			JNL/MC Communications Sector Fund
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	14.069911		$	14.705015		$	45.031588		$	23.291806		$	13.255328		$	14.313308		$	13.234120		$	25.626056		$	15.434299		$	8.560585
Total Return *		-4.85	%		-11.43	%		10.25	%		0.30	%***		-6.06	%		-0.31	%		7.07	%		1.08	%		4.72	%		4.63	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		1.10	%		1.00	%		0.85	%		0.85	%
Period ended December 31, 2013
Unit Value	$	14.786813		$	16.601959		$	40.843937		$	21.674062		$	14.110266		$	14.358472		$	12.359803		$	25.353152		$	14.738494		$	8.181687
Total Return *		22.61	%		20.27	%		40.83	%		-4.47	%		-1.93	%		3.43	%		26.30	%		35.50	%		-3.55	%		14.72	%***
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		1.00	%		0.85	%		1.00	%		1.10	%		1.00	%		0.85	%		0.85	%
Period ended December 31, 2012
Unit Value	$	12.060489		$	13.804428		$	29.002075		$	22.689155		$	14.388358		$	13.882337		$	9.785758		$	18.710849		$	15.281543		$	6.681961
Total Return *		11.75	%***		15.99	%		9.41	%***		2.61	%		18.02	%***		6.82	%		14.69	%		16.53	%		-0.46	%***		19.14	%
Ratio of Expenses **		0.85	%		1.00	%		0.85	%		1.00	%		0.85	%		1.00	%		1.10	%		1.00	%		0.85	%		1.00	%
Period ended December 31, 2011
Unit Value	$	10.338760		$	11.901546		$	24.544669		$	22.112284		$	11.774602		$	12.995956		$	8.532328		$	16.057054		$	14.655253		$	5.608553
Total Return *		-8.41	%		-13.73	%		-6.83	%		8.74	%		-18.57	%		-12.77	%		-3.16	%		7.79	%		6.09	%		-4.15	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%
Period ended December 31, 2010
Unit Value	$	11.288377		$	13.795686		$	26.343380		$	20.334353		$	14.458958		$	14.897910		$	8.810460		$	14.896187		$	13.814234		$	5.851318
Total Return *		8.72	%		6.51	%		24.35	%		6.28	%		20.70	%		21.86	%		15.16	%		21.63	%		4.82	%		21.31	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		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) The period is from January 1, 2014 through the date the JNL/M&G Global Basics Fund was acquired by JNL/Oppenheimer Global Growth Fund on April 28, 2014.  Unit values disclosed are as of April 25, 2014.

110

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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/M&G Global Basics Fund(a)			JNL/MC 10 x 10 Fund			JNL/MC 25 Fund			JNL/MC Bond Index Fund			JNL/MC Communications Sector Fund
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	2,903,055		$	431,510		$	740,281		$	633,096		$	492,895		$	—		$	393,769		$	866,941		$	652,067		$	122,345
Units Outstanding (in thousands)		212,888			31,773			18,804			30,951			39,087			—			30,580			36,505			45,782			15,792
Investment Income Ratio *		1.07	%		1.94	%		0.00	%		3.27	%		1.62	%		0.00	%		1.81	%		2.08	%		3.40	%		2.64	%
Period ended December 31, 2013
Net Assets (in thousands)	$	2,907,755		$	439,950		$	519,827		$	544,463		$	592,311		$	62,756		$	352,151		$	943,196		$	526,103		$	127,354
Units Outstanding (in thousands)		202,080			28,623			14,679			27,676			44,012			4,498			29,211			40,124			38,624			17,197
Investment Income Ratio *		1.41	%		3.66	%		0.19	%		3.09	%		1.37	%		2.23	%		2.10	%		2.54	%		2.02	%		2.28	%
Period ended December 31, 2012
Net Assets (in thousands)	$	1,950,723		$	312,525		$	277,546		$	825,483		$	714,704		$	65,953		$	278,794		$	601,581		$	594,553		$	92,760
Units Outstanding (in thousands)		165,395			24,334			11,186			40,223			51,917			4,867			29,123			34,602			42,018			15,049
Investment Income Ratio *		0.11	%		4.69	%		0.00	%		2.32	%		1.92	%		1.11	%		2.39	%		2.21	%		2.11	%		2.54	%
Period ended December 31, 2011
Net Assets (in thousands)	$	1,322,819		$	263,258		$	199,952		$	715,934		$	738,739		$	54,019		$	244,930		$	501,984		$	597,160		$	53,185
Units Outstanding (in thousands)		129,612			23,696			9,357			35,866			64,678			4,233			29,259			33,587			43,197			10,225
Investment Income Ratio *		0.15	%		2.74	%		0.00	%		2.84	%		1.00	%		0.20	%		1.49	%		2.59	%		2.94	%		2.69	%
Period ended December 31, 2010
Net Assets (in thousands)	$	843,628		$	302,225		$	171,540		$	491,104		$	973,071		$	42,221		$	228,626		$	487,532		$	533,405		$	59,388
Units Outstanding (in thousands)		75,384			23,388			7,588			26,522			69,140			2,870			26,356			35,167			40,776			10,912
Investment Income Ratio *		0.01	%		2.81	%		0.00	%		2.71	%		0.59	%		0.79	%		2.09	%		2.46	%		2.62	%		2.66	%

* 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, 2014 through the date the JNL/M&G Global Basics Fund was acquired by JNL/Oppenheimer Global Growth Fund on April 28, 2014. 

111

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MC Consumer Brands Sector Fund			JNL/MC Dow 10 Fund			JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(b)			JNL/MC Emerging Markets Index Fund(a)			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
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	15.868311		$	10.132420		$	14.100516		$	8.792418		$	13.007919		$	8.592294		$	12.909036		$	8.855775		$	18.342209		$	11.201085
Total Return *		6.88	%		5.49	%		3.82	%		-6.92	%		-9.38	%***		9.05	%		6.51	%		-4.12	%		20.70	%		1.57	%
Ratio of Expenses **		3.61	%		4.00	%		2.745	%		3.41	%		3.095	%		3.61	%		4.00	%		2.845	%		3.61	%		3.61	%
Period ended December 31, 2013
Unit Value	$	14.846381		$	9.605048		$	13.581782		$	9.445726		$	13.923146		$	7.879192		$	12.119740		$	9.236370		$	15.196576		$	11.028228
Total Return *		36.10	%		25.40	%		8.18	%***		-7.37	%		26.68	%		28.62	%		8.86	%		-4.14	%		35.89	%		19.36	%
Ratio of Expenses **		3.61	%		4.00	%		2.745	%		3.41	%		3.05	%		3.61	%		4.00	%		2.845	%		3.61	%		3.61	%
Period ended December 31, 2012
Unit Value	$	10.908085		$	7.659550		$	10.050283		$	10.197331		$	10.990367		$	6.125976		$	11.133770		$	9.635187		$	11.182591		$	9.239827
Total Return *		19.08	%		6.89	%		-1.04	%***		4.72	%***		5.37	%		21.64	%		18.08	%		-4.65	%		14.34	%		9.90	%
Ratio of Expenses **		3.61	%		4.00	%		2.495	%		3.41	%		3.05	%		3.61	%		4.00	%		2.845	%		3.61	%		3.61	%
Period ended December 31, 2011
Unit Value	$	9.160024		$	7.166008			n/a		$	8.995976		$	10.430452		$	5.036198		$	9.429313		$	10.104784		$	9.780146		$	8.407176
Total Return *		2.77	%		13.37	%		n/a			-1.25	%***		-10.13	%		-15.97	%		-11.85	%		0.00	%		6.96	%		-5.55	%
Ratio of Expenses **		3.61	%		4.00	%		n/a			2.76	%		3.05	%		3.61	%		4.00	%		2.845	%		3.61	%		3.61	%
Period ended December 31, 2010
Unit Value	$	8.913488		$	6.321014			n/a			n/a		$	11.605989		$	5.993357		$	10.697139		$	10.104302		$	9.143940		$	8.900767
Total Return *		23.58	%***		19.77	%		n/a			n/a			-3.53	%***		9.46	%		10.19	%		2.13	%***		0.19	%***		11.68	%
Ratio of Expenses **		3.61	%		4.00	%		n/a			n/a			3.05	%		3.61	%		4.00	%		2.845	%		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 August 29, 2011.
(b)	Commencement of operations April 30, 2012.

112

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MC Consumer Brands Sector Fund			JNL/MC Dow 10 Fund			JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(b)			JNL/MC Emerging Markets Index Fund(a)			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
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	24.344867		$	16.127848		$	14.771573		$	9.577086		$	14.963565		$	13.180218		$	20.547277		$	9.836620		$	28.140409		$	13.843271
Total Return *		9.87	%		8.70	%		4.06	%***		-4.50	%***		-4.22	%***		12.10	%		9.76	%		-2.17	%		24.08	%		1.80	%***
Ratio of Expenses **		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%
Period ended December 31, 2013
Unit Value	$	22.156954		$	14.836565		$	13.961531		$	9.993648		$	15.500268		$	11.757308		$	18.720798		$	10.055266		$	22.679696		$	13.039753
Total Return *		39.91	%		29.22	%		37.62	%		-5.11	%		29.31	%		16.38	%***		12.17	%		-2.21	%		39.70	%		22.39	%
Ratio of Expenses **		0.85	%		1.00	%		1.10	%		1.00	%		1.00	%		0.85	%		1.00	%		0.85	%		0.85	%		1.10	%
Period ended December 31, 2012
Unit Value	$	15.836182		$	11.481733		$	10.145041		$	10.531939		$	11.986924		$	8.714376		$	16.689518		$	10.282233		$	16.234801		$	10.654331
Total Return *		1.63	%***		10.15	%		0.80	%***		7.18	%***		0.27	%***		24.86	%		21.68	%		-0.24	%***		-3.43	%***		12.71	%
Ratio of Expenses **		0.85	%		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		0.85	%		0.85	%		1.10	%
Period ended December 31, 2011
Unit Value	$	12.695583		$	10.423578			n/a		$	10.354126		$	11.108943		$	6.979045		$	13.715652		$	10.510301		$	13.555164		$	9.453252
Total Return *		5.48	%		16.81	%		n/a			16.86	%***		-8.37	%		-13.75	%		-9.17	%		1.76	%		9.78	%		-3.15	%
Ratio of Expenses **		1.00	%		1.00	%		n/a			1.15	%		1.10	%		1.00	%		1.00	%		1.10	%		1.00	%		1.10	%
Period ended December 31, 2010
Unit Value	$	12.036436		$	8.923432			n/a			n/a		$	12.123107		$	8.092060		$	15.101143		$	10.328476		$	12.347713		$	9.760839
Total Return *		21.54	%		23.42	%		n/a			n/a			1.02	%		12.36	%		13.55	%		4.84	%		2.84	%		14.52	%
Ratio of Expenses **		1.00	%		1.00	%		n/a			n/a			1.10	%		1.00	%		1.00	%		1.10	%		1.00	%		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 August 29, 2011.
(b)	Commencement of operations April 30, 2012.

113

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MC Consumer Brands Sector Fund			JNL/MC Dow 10 Fund			JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund(b)			JNL/MC Emerging Markets Index Fund(a)			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
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	517,690		$	580,636		$	98,137		$	476,725		$	245,362		$	556,140		$	382,908		$	41,144		$	1,902,635		$	681,568
Units Outstanding (in thousands)		23,443			38,977			6,735			50,803			17,013			46,590			20,132			4,290			74,574			51,594
Investment Income Ratio *		0.56	%		0.00	%		0.46	%		1.17	%		1.19	%		0.89	%		0.00	%		10.32	%		0.58	%		1.39	%
Period ended December 31, 2013
Net Assets (in thousands)	$	494,514		$	584,282		$	61,672		$	384,617		$	133,957		$	438,277		$	412,420		$	45,949		$	985,262		$	648,975
Units Outstanding (in thousands)		24,591			42,547			4,450			38,940			8,872			41,209			23,806			4,671			47,835			51,033
Investment Income Ratio *		0.71	%		0.00	%		0.80	%		0.83	%		1.59	%		0.91	%		0.00	%		0.00	%		0.75	%		1.56	%
Period ended December 31, 2012
Net Assets (in thousands)	$	215,723		$	462,836		$	6,762		$	208,650		$	28,206		$	216,488		$	419,858		$	46,259		$	405,054		$	492,250
Units Outstanding (in thousands)		15,046			43,454			669			19,953			2,405			26,845			27,156			4,587			27,468			47,205
Investment Income Ratio *		0.49	%		0.00	%		0.00	%		0.06	%		3.88	%		1.00	%		0.00	%		0.00	%		0.90	%		1.58	%
Period ended December 31, 2011
Net Assets (in thousands)	$	107,189		$	491,868			n/a		$	3,375		$	19,793		$	151,291		$	400,433		$	50,622		$	252,885		$	380,323
Units Outstanding (in thousands)		9,082			50,814			n/a			374			1,806			23,421			31,453			4,865			20,056			40,956
Investment Income Ratio *		0.56	%		0.00	%		n/a			0.00	%		1.93	%		0.79	%		0.00	%		0.78	%		0.93	%		1.04	%
Period ended December 31, 2010
Net Assets (in thousands)	$	74,764		$	376,875			n/a			n/a		$	16,887		$	172,834		$	522,951		$	38,606		$	159,186		$	302,372
Units Outstanding (in thousands)		6,641			45,320			n/a			n/a			1,406			22,949			37,238			3,759			13,810			31,427
Investment Income Ratio *		0.53	%		0.00	%		n/a			n/a			0.07	%		1.25	%		0.00	%		0.00	%		1.06	%		1.14	%

* 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 August 29, 2011.
(b)	Commencement of operations April 30, 2012.

114

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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(a)			JNL/MC Oil & Gas Sector Fund			JNL/MC Pacific Rim 30 Fund			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, 2014
Unit Value	$	12.508248		$	14.155449		$	10.998057		$	17.382007		$	7.704011		$	24.719171		$	14.209829		$	13.456611		$	19.300451		$	13.052758
Total Return *		-9.67	%		7.29	%		3.11	%		14.24	%		6.56	%		-13.79	%		0.10	%		1.81	%		5.06	%		8.75	%
Ratio of Expenses **		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		3.26	%		3.895	%		3.895	%
Period ended December 31, 2013
Unit Value	$	13.847698		$	13.194238		$	10.666349		$	15.215740		$	7.229997		$	28.674301		$	14.195485		$	13.217836		$	18.371028		$	12.002518
Total Return *		16.79	%		26.91	%		27.48	%		36.10	%		18.76	%		20.54	%		9.26	%		36.00	%		27.91	%		26.61	%
Ratio of Expenses **		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		3.26	%		3.895	%		3.895	%
Period ended December 31, 2012
Unit Value	$	11.856901		$	10.396853		$	8.366950		$	11.180078		$	6.088157		$	23.788550		$	12.992143		$	9.719095		$	14.362100		$	9.479910
Total Return *		13.50	%		13.75	%		10.15	%		15.40	%		7.72	%		0.34	%		8.64	%		7.94	%		12.75	%		10.95	%
Ratio of Expenses **		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		3.26	%		3.895	%		3.895	%
Period ended December 31, 2011
Unit Value	$	10.446888		$	9.140074		$	7.595955		$	9.687756		$	5.651868		$	23.708642		$	11.959022		$	9.004054		$	12.737916		$	8.544069
Total Return *		-15.61	%		-5.61	%		-13.10	%		-1.62	%		-26.55	%		-0.68	%		-4.82	%		1.55	%		-5.87	%		-2.40	%
Ratio of Expenses **		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		3.26	%		3.895	%		3.895	%
Period ended December 31, 2010
Unit Value	$	12.378630		$	9.683474		$	8.741516		$	9.847499		$	7.694809		$	23.870558		$	12.565053		$	8.866352		$	13.532357		$	8.753917
Total Return *		2.73	%		12.86	%		9.55	%		13.04	%		-1.36	%		14.54	%		9.49	%		12.82	%		21.03	%		10.07	%
Ratio of Expenses **		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		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, 2014 through the date the JNL/MC NYSE International 25 Fund was acquired by JNL/MC International Index Fund on September 15, 2014.  Unit values disclosed are as of September 12, 2014.

115

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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(a)			JNL/MC Oil & Gas Sector Fund			JNL/MC Pacific Rim 30 Fund			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, 2014
Unit Value	$	18.559336		$	18.655036		$	13.892526		$	23.060138		$	9.442397		$	39.723065		$	16.309187		$	16.369538		$	28.637481		$	19.367270
Total Return *		-6.88	%		10.22	%		5.93	%		17.43	%		8.63	%***		-11.11	%		2.34	%		4.13	%		8.31	%		12.11	%
Ratio of Expenses **		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%		0.85	%		0.85	%
Period ended December 31, 2013
Unit Value	$	19.930514		$	16.925899		$	13.115219		$	19.636662		$	8.605944		$	44.690102		$	15.936592		$	15.719755		$	26.440862		$	17.274803
Total Return *		15.30	%***		30.37	%		30.96	%		39.91	%		21.90	%		24.28	%		-3.10	%***		39.11	%		31.87	%		30.52	%
Ratio of Expenses **		0.85	%		1.00	%		1.00	%		0.85	%		1.00	%		0.85	%		0.85	%		1.00	%		0.85	%		0.85	%
Period ended December 31, 2012
Unit Value	$	16.284647		$	12.982674		$	10.014324		$	14.035644		$	7.060098		$	35.958048		$	14.176805		$	11.300460		$	20.050957		$	13.234863
Total Return *		16.84	%		16.87	%		13.17	%		-1.15	%***		10.58	%		-2.23	%***		10.91	%		10.42	%		2.44	%***		1.28	%***
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		0.85	%		1.00	%		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%
Period ended December 31, 2011
Unit Value	$	13.937538		$	11.108993		$	8.849116		$	11.702614		$	6.384835		$	34.109903		$	12.782667		$	10.234481		$	16.994019		$	11.398882
Total Return *		-13.13	%		-3.04	%		-10.74	%		0.97	%		-24.61	%		2.25	%		-2.85	%		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	$	16.044721		$	11.457330		$	9.913614		$	11.590048		$	8.469371		$	33.360487		$	13.157268		$	9.853359		$	17.540101		$	11.346466
Total Return *		5.75	%		15.94	%		12.54	%		16.03	%		1.25	%		17.92	%		11.77	%		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	%

*	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, 2014 through the date the JNL/MC NYSE International 25 Fund was acquired by JNL/MC International Index Fund on September 15, 2014.  Unit values disclosed are as of September 12, 2014.

116

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	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(a)			JNL/MC Oil & Gas Sector Fund			JNL/MC Pacific Rim 30 Fund			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, 2014
Net Assets (in thousands)	$	856,845		$	2,985,710		$	406,937		$	750,348		$	—		$	1,140,786		$	115,034		$	340,688		$	1,279,352		$	3,229,425
Units Outstanding (in thousands)		49,801			168,381			30,605			34,745			—			31,703			7,314			21,742			48,284			179,675
Investment Income Ratio *		3.45	%		2.04	%		1.98	%		0.22	%		1.72	%		1.19	%		2.54	%		0.72	%		0.94	%		1.33	%
Period ended December 31, 2013
Net Assets (in thousands)	$	730,995		$	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)		39,549			193,764			31,602			20,892			8,915			27,241			5,929			25,979			44,573			146,683
Investment Income Ratio *		2.62	%		2.59	%		2.88	%		0.88	%		3.56	%		1.24	%		3.93	%		1.87	%		0.86	%		1.46	%
Period ended December 31, 2012
Net Assets (in thousands)	$	519,993		$	2,718,584		$	340,858		$	239,760		$	71,565		$	841,333		$	53,928		$	63,317		$	607,048		$	1,285,269
Units Outstanding (in thousands)		33,781			219,540			35,365			18,134			10,481			25,822			3,884			5,802			32,654			103,714
Investment Income Ratio *		2.80	%		2.90	%		2.84	%		0.25	%		3.90	%		1.10	%		1.89	%		0.48	%		1.08	%		1.74	%
Period ended December 31, 2011
Net Assets (in thousands)	$	407,505		$	2,666,784		$	325,680		$	147,276		$	66,407		$	796,202		$	41,344		$	53,979		$	463,970		$	892,032
Units Outstanding (in thousands)		30,833			250,692			38,068			13,156			10,686			25,205			3,288			5,444			28,874			81,632
Investment Income Ratio *		2.60	%		3.14	%		1.82	%		0.58	%		1.97	%		0.76	%		1.51	%		0.50	%		0.63	%		1.83	%
Period ended December 31, 2010
Net Assets (in thousands)	$	473,953		$	3,150,482		$	408,700		$	113,840		$	95,366		$	593,299		$	35,549		$	45,375		$	465,805		$	811,001
Units Outstanding (in thousands)		31,092			285,784			42,419			10,220			11,519			19,159			2,735			4,730			27,996			74,196
Investment Income Ratio *		1.94	%		2.09	%		2.00	%		0.21	%		2.20	%		1.08	%		0.00	%		0.31	%		0.70	%		1.42	%

* 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, 2014 through the date the JNL/MC NYSE International 25 Fund was acquired by JNL/MC International Index Fund on September 15, 2014.

117

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MC S&P SMid 60 Fund			JNL/MC Small Cap Index Fund			JNL/MC Technology Sector Fund			JNL/MC Utilities Sector Fund(b)			JNL/MC Value Line 30 Fund			JNL/MMRS Conservative Fund(c)			JNL/MMRS Growth Fund(c)			JNL/MMRS Moderate Fund(c)			JNL/Morgan Stanley Mid Cap Growth Fund(a)			JNL/Neuberger Berman Strategic Income Fund(a)
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	13.719307		$	16.718627		$	7.847701		$	11.866305		$	11.580311		$	10.401640		$	10.351860		$	10.371888		$	12.154486		$	10.180932
Total Return *		-0.17	%		0.65	%		16.22	%		24.63	%		3.81	%		3.43	%***		2.96	%***		3.41	%***		-3.29	%		0.26	%***
Ratio of Expenses **		3.61	%		3.895	%		3.71	%		1.25	%		3.695	%		1.25	%		1.25	%		1.25	%		2.95	%		3.05	%
Period ended December 31, 2013
Unit Value	$	13.742661		$	16.610102		$	6.752509		$	9.520999		$	11.154790			n/a			n/a			n/a		$	12.568236		$	10.031476
Total Return *		32.04	%		33.15	%		21.59	%		-5.07	%***		29.94	%		n/a			n/a			n/a			12.43	%***		0.91	%***
Ratio of Expenses **		3.61	%		3.895	%		3.71	%		1.25	%		3.695	%		n/a			n/a			n/a			2.95	%		2.90	%
Period ended December 31, 2012
Unit Value	$	10.408048		$	12.475036		$	5.553673			n/a		$	8.584787			n/a			n/a			n/a		$	9.405834		$	10.341022
Total Return *		9.80	%		11.45	%		7.17	%		n/a			5.19	%		n/a			n/a			n/a			1.41	%***		3.61	%***
Ratio of Expenses **		3.61	%		3.895	%		3.71	%		n/a			3.695	%		n/a			n/a			n/a			2.845	%		2.845	%
Period ended December 31, 2011
Unit Value	$	9.479046		$	11.193412		$	5.182166			n/a		$	8.160986			n/a			n/a			n/a			n/a			n/a
Total Return *		-10.98	%		-7.98	%		-3.95	%		n/a			-25.77	%		n/a			n/a			n/a			n/a			n/a
Ratio of Expenses **		3.61	%		3.895	%		3.71	%		n/a			3.695	%		n/a			n/a			n/a			n/a			n/a
Period ended December 31, 2010
Unit Value	$	10.648049		$	12.164682		$	5.395146			n/a		$	10.994154			n/a			n/a			n/a			n/a			n/a
Total Return *		16.48	%		21.50	%		8.02	%		n/a			18.01	%		n/a			n/a			n/a			n/a			n/a
Ratio of Expenses **		3.61	%		3.895	%		3.71	%		n/a			3.695	%		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 30, 2012.
(b)	Commencement of operations April 29, 2013.
(c)	Commencement of operations April 28, 2014.

118

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MC S&P SMid 60 Fund			JNL/MC Small Cap Index Fund			JNL/MC Technology Sector Fund			JNL/MC Utilities Sector Fund(b)			JNL/MC Value Line 30 Fund			JNL/MMRS Conservative Fund(c)			JNL/MMRS Growth Fund(c)			JNL/MMRS Moderate Fund(c)			JNL/Morgan Stanley Mid Cap Growth Fund(a)			JNL/Neuberger Berman Strategic Income Fund(a)
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	16.955507		$	24.806629		$	12.226761		$	11.946061		$	15.496900		$	10.429832		$	10.380118		$	10.400011		$	12.770519		$	10.725547
Total Return *		2.62	%***		3.77	%		19.59	%		18.24	%***		6.81	%		2.34	%***		-0.65	%***		1.74	%***		-1.49	%		3.75	%
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.10	%		1.10	%
Period ended December 31, 2013
Unit Value	$	16.358028		$	23.906412		$	10.223802		$	9.537077		$	14.508738			n/a			n/a			n/a		$	12.963200		$	10.338020
Total Return *		35.53	%		37.26	%		25.11	%		-4.63	%***		4.05	%***		n/a			n/a			n/a			36.22	%		-1.19	%
Ratio of Expenses **		1.00	%		0.85	%		0.85	%		1.00	%		0.85	%		n/a			n/a			n/a			1.10	%		1.10	%
Period ended December 31, 2012
Unit Value	$	12.069629		$	17.416440		$	8.171569			n/a		$	10.719987			n/a			n/a			n/a		$	9.516360		$	10.462631
Total Return *		12.71	%		3.62	%***		-6.20	%***		n/a			8.07	%		n/a			n/a			n/a			5.43	%***		0.97	%***
Ratio of Expenses **		1.00	%		0.85	%		0.85	%		n/a			1.00	%		n/a			n/a			n/a			1.10	%		1.10	%
Period ended December 31, 2011
Unit Value	$	10.708353		$	14.933609		$	7.272040			n/a		$	9.919046			n/a			n/a			n/a			n/a			n/a
Total Return *		-8.63	%		-5.29	%		-1.32	%		n/a			-23.75	%		n/a			n/a			n/a			n/a			n/a
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		n/a			1.00	%		n/a			n/a			n/a			n/a			n/a
Period ended December 31, 2010
Unit Value	$	11.719891		$	15.767515		$	7.369022			n/a		$	13.008158			n/a			n/a			n/a			n/a			n/a
Total Return *		19.56	%		25.07	%		10.99	%		n/a			21.23	%		n/a			n/a			n/a			n/a			n/a
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		n/a			1.00	%		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 30, 2012.
(b)	Commencement of operations April 29, 2013.
(c)	Commencement of operations April 28, 2014.

119

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MC S&P SMid 60 Fund			JNL/MC Small Cap Index Fund			JNL/MC Technology Sector Fund			JNL/MC Utilities Sector Fund(b)			JNL/MC Value Line 30 Fund			JNL/MMRS Conservative Fund(c)			JNL/MMRS Growth Fund(c)			JNL/MMRS Moderate Fund(c)			JNL/Morgan Stanley Mid Cap Growth Fund(a)			JNL/Neuberger Berman Strategic Income Fund(a)
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	392,884		$	1,179,021		$	902,611		$	43,476		$	432,100		$	24,944		$	17,561		$	44,029		$	84,870		$	333,743
Units Outstanding (in thousands)		24,281			51,331			81,458			3,654			29,824			2,395			1,694			4,240			6,711			31,464
Investment Income Ratio *		0.62	%		1.01	%		0.69	%		0.00	%		0.23	%		0.00	%		0.00	%		0.00	%		0.00	%		1.06	%
Period ended December 31, 2013
Net Assets (in thousands)	$	327,593		$	1,167,462		$	561,854		$	2,976		$	408,287			n/a			n/a			n/a		$	59,316		$	133,549
Units Outstanding (in thousands)		20,715			52,683			60,592			312			30,035			n/a			n/a			n/a			4,608			13,007
Investment Income Ratio *		1.74	%		1.26	%		0.72	%		4.57	%		1.92	%		n/a			n/a			n/a			0.00	%		0.19	%
Period ended December 31, 2012
Net Assets (in thousands)	$	181,031		$	559,727		$	393,847			n/a		$	357,999			n/a			n/a			n/a		$	11,508		$	66,681
Units Outstanding (in thousands)		15,483			34,612			53,038			n/a			35,092			n/a			n/a			n/a			1,212			6,393
Investment Income Ratio *		0.84	%		1.82	%		0.28	%		n/a			0.06	%		n/a			n/a			n/a			0.67	%		0.00	%
Period ended December 31, 2011
Net Assets (in thousands)	$	158,327		$	411,164		$	313,873			n/a		$	366,236			n/a			n/a			n/a			n/a			n/a
Units Outstanding (in thousands)		15,191			29,011			46,394			n/a			38,660			n/a			n/a			n/a			n/a			n/a
Investment Income Ratio *		0.71	%		0.77	%		0.20	%		n/a			0.00	%		n/a			n/a			n/a			n/a			n/a
Period ended December 31, 2010
Net Assets (in thousands)	$	174,748		$	444,511		$	272,752			n/a		$	547,478			n/a			n/a			n/a			n/a			n/a
Units Outstanding (in thousands)		15,266			29,615			39,671			n/a			43,841			n/a			n/a			n/a			n/a			n/a
Investment Income Ratio *		0.09	%		0.65	%		0.17	%		n/a			0.60	%		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 30, 2012.
(b)	Commencement of operations April 29, 2013.
(c)	Commencement of operations April 28, 2014.

120

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/Oppenheimer Global Growth Fund	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
Highest expense ratio
Period ended December 31, 2014
Unit Value	$       13.952717	$       11.503020	$       13.116391	$       10.024199	$       13.506244	$       14.330078	$       13.551685	$       19.361326	$       12.893861	$       17.164728
Total Return *	-1.71%	-0.37%	-0.01%	-2.86%	-3.42%	6.53%	2.10%	8.51%	-2.85%	10.34%
Ratio of Expenses **	3.61%	3.61%	3.91%	3.11%	3.61%	3.61%	3.61%	3.61%	3.51%	3.61%
Period ended December 31, 2013
Unit Value	$       14.194996	$       11.545747	$       13.117925	$       10.318816	$       13.984681	$       13.451379	$       13.273272	$       17.843244	$       13.272425	$       15.555573
Total Return *	21.76%	-12.35%	-5.83%	1.12%	4.36%	36.08%	32.48%	35.26%	36.78%	38.54%
Ratio of Expenses **	3.61%	3.61%	3.91%	3.11%	3.61%	3.61%	3.61%	3.61%	3.51%	3.61%
Period ended December 31, 2012
Unit Value	$       11.657821	$       13.172528	$       13.930277	$       10.204321	$       13.399916	$         9.884915	$       10.018823	$       13.192250	$         9.703725	$       11.228262
Total Return *	16.25%	4.58%	3.93%	4.52%	12.60%	12.29%	15.43%	11.55%	25.76%	12.10%
Ratio of Expenses **	3.61%	3.61%	3.91%	3.11%	3.61%	3.61%	3.61%	3.61%	3.51%	3.61%
Period ended December 31, 2011
Unit Value	$       10.027837	$       12.596112	$       13.403110	$         9.763142	$       11.900255	$         8.802847	$         8.679633	$       11.826380	$         7.716122	$       10.016290
Total Return *	-11.47%	7.76%	0.82%	3.18%***	0.97%	-10.69%	-11.28%	-8.61%	-20.79%	2.12%
Ratio of Expenses **	3.61%	3.61%	3.91%	3.11%	3.61%	3.61%	3.61%	3.61%	3.51%	3.61%
Period ended December 31, 2010
Unit Value	$       11.326454	$       11.688683	$       13.294261	n/a	$       11.785726	$         9.855985	$         9.782878	$       12.941093	$         9.741513	$         9.807963
Total Return *	11.29%	0.26%***	3.45%	n/a	11.53%	24.98%	23.18%	9.65%***	8.76%***	9.76%
Ratio of Expenses **	3.61%	3.61%	3.91%	n/a	3.61%	3.61%	3.61%	3.61%	3.51%	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.

121

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/Oppenheimer Global Growth Fund			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
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	19.936239		$	14.328320		$	21.957377		$	10.971037		$	21.495467		$	17.266208		$	16.163947		$	32.328263		$	15.220263		$	20.867215
Total Return *		0.89	%		2.42	%		3.10	%		-0.63	%		-0.72	%		9.51	%		4.80	%		11.38	%***		-0.23	%		13.43	%
Ratio of Expenses **		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%		1.00	%		0.85	%		0.85	%
Period ended December 31, 2013
Unit Value	$	19.759860		$	13.990021		$	21.298086		$	11.041085		$	21.650988		$	15.766223		$	15.423975		$	28.490768		$	15.255852		$	18.396130
Total Return *		24.98	%		-9.90	%		-2.91	%		3.43	%		7.28	%		39.89	%		35.99	%		38.69	%		40.46	%		42.42	%
Ratio of Expenses **		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%		1.10	%		0.85	%		0.85	%
Period ended December 31, 2012
Unit Value	$	15.809947		$	15.526658		$	21.935375		$	10.674570		$	20.180869		$	11.270586		$	11.342241		$	20.542233		$	10.861040		$	12.917126
Total Return *		19.34	%		2.48	%***		0.51	%***		4.60	%***		10.59	%***		12.87	%***		18.49	%		14.39	%		20.39	%***		1.46	%***
Ratio of Expenses **		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%		1.10	%		0.85	%		0.85	%
Period ended December 31, 2011
Unit Value	$	13.248085		$	14.335478		$	20.048385		$	9.970069		$	17.085087		$	9.672001		$	9.572316		$	17.957638		$	8.368520		$	11.140221
Total Return *		-9.13	%		10.61	%		3.79	%		-1.04	%***		3.63	%		-8.42	%		12.25	%***		-6.30	%		-18.78	%		12.09	%***
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%		1.10	%		1.00	%		1.00	%
Period ended December 31, 2010
Unit Value	$	14.579247		$	12.960938		$	19.316750			n/a		$	16.486250		$	10.561409		$	10.483034		$	19.164505		$	10.303812		$	10.595861
Total Return *		14.23	%		6.65	%		6.50	%		n/a			14.48	%		28.16	%		26.31	%		16.17	%		25.06	%		12.55	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		n/a			1.00	%		1.10	%		1.10	%		1.10	%		1.00	%		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 January 1, 2011.

122

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/Oppenheimer Global Growth Fund			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
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	693,161		$	1,317,828		$	3,192,629		$	1,190,883		$	1,605,817		$	303,240		$	199,124		$	202,023		$	497,609		$	4,667,941
Units Outstanding (in thousands)		37,217			96,758			162,080			111,124			83,318			18,261			12,753			7,084			33,704			233,025
Investment Income Ratio *		0.59	%		0.70	%		3.28	%		2.34	%		5.53	%		0.51	%		0.27	%		5.03	%		6.82	%		2.34	%
Period ended December 31, 2013
Net Assets (in thousands)	$	601,435		$	1,358,822		$	3,417,014		$	1,077,933		$	1,571,549		$	255,733		$	189,982		$	170,362		$	494,897		$	2,922,386
Units Outstanding (in thousands)		32,482			101,678			178,424			99,528			81,106			16,840			12,722			6,708			33,392			165,123
Investment Income Ratio *		1.04	%		1.15	%		1.11	%		2.27	%		6.30	%		0.64	%		0.43	%		1.31	%		8.93	%		0.83	%
Period ended December 31, 2012
Net Assets (in thousands)	$	375,828		$	2,175,079		$	4,251,064		$	278,372		$	1,362,796		$	115,388		$	94,059		$	112,314		$	346,531		$	1,217,212
Units Outstanding (in thousands)		25,292			146,138			215,752			26,438			75,591			10,587			8,512			6,164			32,794			97,619
Investment Income Ratio *		1.07	%		2.08	%		2.19	%		3.34	%		6.26	%		0.37	%		1.01	%		1.33	%		0.00	%		1.89	%
Period ended December 31, 2011
Net Assets (in thousands)	$	284,666		$	1,526,239		$	2,980,927		$	129,210		$	870,828		$	87,886		$	65,195		$	97,154		$	308,657		$	956,114
Units Outstanding (in thousands)		22,760			109,600			161,304			13,038			55,802			9,255			6,964			6,104			37,524			87,824
Investment Income Ratio *		0.62	%		0.99	%		3.19	%		0.00	%		6.97	%		0.10	%		0.19	%		1.12	%		8.66	%		4.94	%
Period ended December 31, 2010
Net Assets (in thousands)	$	247,329		$	972,580		$	2,500,105			n/a		$	721,610		$	83,276		$	58,322		$	106,819		$	279,890		$	797,263
Units Outstanding (in thousands)		17,907			76,831			140,076			n/a			47,902			8,009			5,650			6,283			27,501			76,365
Investment Income Ratio *		0.85	%		1.48	%		2.29	%		n/a			7.60	%		0.00	%		0.21	%		1.21	%		0.25	%		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 January 1, 2011.

123

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund			JNL/S&P International 5 Fund(b)			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 Mid 3 Fund(a)
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	17.874961		$	15.548089		$	9.425466		$	19.046941		$	14.048148		$	10.847182		$	13.923369		$	12.038796		$	12.646828		$	11.210961
Total Return *		6.15	%		9.77	%		-5.92	%***		13.85	%		2.65	%		-0.62	%		1.69	%		0.21	%		0.40	%		10.80	%***
Ratio of Expenses **		3.61	%		3.51	%		1.25	%		3.61	%		3.75	%		3.695	%		3.80	%		3.695	%		4.01	%		2.65	%
Period ended December 31, 2013
Unit Value	$	16.838644		$	14.163602			n/a		$	16.729426		$	13.685008		$	10.914940		$	13.691565		$	12.013979		$	12.596786			n/a
Total Return *		37.87	%		26.27	%		n/a			44.63	%		21.14	%		0.73	%		18.01	%		6.42	%		11.29	%		n/a
Ratio of Expenses **		3.61	%		3.51	%		n/a			3.61	%		3.75	%		3.695	%		3.80	%		3.695	%		4.01	%		n/a
Period ended December 31, 2012
Unit Value	$	12.213561		$	11.216816			n/a		$	11.566954		$	11.296479		$	10.835956		$	11.601845		$	11.289240		$	11.318630			n/a
Total Return *		12.48	%		8.90	%		n/a			10.05	%		11.57	%		4.82	%		11.03	%		6.89	%		9.26	%		n/a
Ratio of Expenses **		3.61	%		3.51	%		n/a			3.61	%		3.75	%		3.695	%		3.80	%		3.695	%		4.01	%		n/a
Period ended December 31, 2011
Unit Value	$	10.858481		$	10.299783			n/a		$	10.510325		$	10.125196		$	10.337958		$	10.449663		$	10.561571		$	10.359662			n/a
Total Return *		6.62	%		8.56	%		n/a			2.75	%		-8.29	%		-0.61	%		-6.74	%		-2.81	%		-5.14	%		n/a
Ratio of Expenses **		3.61	%		3.51	%		n/a			3.61	%		3.75	%		3.695	%		3.80	%		3.695	%		4.01	%		n/a
Period ended December 31, 2010
Unit Value	$	10.184414		$	9.488017			n/a		$	10.229163		$	11.040307		$	10.401392		$	11.205082		$	10.867131		$	10.920968			n/a
Total Return *		8.63	%		14.16	%		n/a			10.33	%		12.78	%		4.76	%		11.79	%		7.27	%		8.73	%		n/a
Ratio of Expenses **		3.61	%		3.51	%		n/a			3.61	%		3.75	%		3.695	%		3.80	%		3.695	%		4.01	%		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 28, 2014.
(b)	Commencement of operations September 15, 2014.

124

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund			JNL/S&P International 5 Fund(b)			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 Mid 3 Fund(a)
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	21.731616		$	18.769716		$	9.436455		$	23.157505		$	22.261653		$	14.294772		$	22.245717		$	15.865164		$	20.928576		$	11.344545
Total Return *		13.35	%***		7.26	%***		-1.26	%***		16.41	%***		5.52	%		2.09	%		4.58	%		2.94	%		3.47	%		10.07	%***
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		0.85	%
Period ended December 31, 2013
Unit Value	$	19.734087		$	16.498730			n/a		$	19.606971		$	21.097901		$	14.001567		$	21.271309		$	15.411454		$	20.227633			n/a
Total Return *		41.51	%		29.48	%		n/a			48.46	%		24.52	%		3.48	%		21.36	%		9.33	%		14.69	%		n/a
Ratio of Expenses **		1.00	%		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		n/a
Period ended December 31, 2012
Unit Value	$	13.944943		$	12.742209			n/a		$	13.207260		$	16.943113		$	13.530606		$	17.526999		$	14.096669		$	17.636234			n/a
Total Return *		15.46	%		11.68	%		n/a			12.97	%		14.69	%		7.69	%		14.19	%		9.82	%		12.60	%		n/a
Ratio of Expenses **		1.00	%		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		n/a
Period ended December 31, 2011
Unit Value	$	12.077498		$	11.409605			n/a		$	11.690770		$	14.773287		$	12.564577		$	15.349276		$	12.836407		$	15.662054			n/a
Total Return *		9.43	%		11.31	%		n/a			5.46	%		-5.74	%		2.10	%		-4.10	%		-0.16	%***		-2.25	%***		n/a
Ratio of Expenses **		1.00	%		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		n/a
Period ended December 31, 2010
Unit Value	$	11.036703		$	10.250525			n/a		$	11.085669		$	15.672705		$	12.306413		$	16.005626		$	12.777857		$	15.820096			n/a
Total Return *		11.50	%		17.06	%		n/a			13.25	%		15.92	%		7.62	%		14.96	%		10.09	%		11.94	%		n/a
Ratio of Expenses **		1.00	%		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.10	%		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 28, 2014.
(b)	Commencement of operations September 15, 2014.

125

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund			JNL/S&P International 5 Fund(b)			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 Mid 3 Fund(a)
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	768,629		$	2,242,010		$	2,469		$	1,041,965		$	1,593,831		$	1,508,870		$	4,602,747		$	3,148,395		$	5,884,253		$	80,071
Units Outstanding (in thousands)		37,055			125,003			262			47,113			77,401			111,332			223,764			208,440			304,433			7,084
Investment Income Ratio *		0.30	%		1.36	%		0.00	%		0.88	%		0.47	%		0.29	%		0.53	%		0.20	%		0.23	%		0.00	%
Period ended December 31, 2013
Net Assets (in thousands)	$	616,476		$	1,781,588			n/a		$	605,777		$	1,425,616		$	1,567,878		$	4,178,451		$	3,071,065		$	5,616,026			n/a
Units Outstanding (in thousands)		32,284			111,465			n/a			31,928			72,852			117,677			211,960			208,670			299,937			n/a
Investment Income Ratio *		0.69	%		1.89	%		n/a			1.16	%		0.72	%		0.58	%		0.90	%		0.47	%		0.50	%		n/a
Period ended December 31, 2012
Net Assets (in thousands)	$	293,492		$	822,731			n/a		$	230,392		$	988,005		$	1,688,160		$	3,014,831		$	2,671,615		$	4,454,811			n/a
Units Outstanding (in thousands)		21,654			66,373			n/a			17,949			62,719			130,695			184,990			197,840			272,199			n/a
Investment Income Ratio *		0.65	%		1.67	%		n/a			0.91	%		0.94	%		2.59	%		1.27	%		1.88	%		1.55	%		n/a
Period ended December 31, 2011
Net Assets (in thousands)	$	153,398		$	529,069			n/a		$	197,440		$	748,866		$	1,187,614		$	2,273,056		$	1,942,414		$	3,240,548			n/a
Units Outstanding (in thousands)		12,987			47,429			n/a			17,293			54,285			98,525			158,754			157,318			222,293			n/a
Investment Income Ratio *		1.01	%		1.84	%		n/a			0.97	%		0.66	%		2.39	%		0.73	%		1.97	%		1.64	%		n/a
Period ended December 31, 2010
Net Assets (in thousands)	$	83,408		$	216,196			n/a		$	105,541		$	694,558		$	886,035		$	1,946,317		$	1,514,845		$	2,629,579			n/a
Units Outstanding (in thousands)		7,689			21,452			n/a			9,700			47,392			74,750			130,135			122,023			176,006			n/a
Investment Income Ratio *		0.75	%		1.79	%		n/a			0.75	%		0.76	%		2.60	%		1.05	%		2.16	%		1.39	%		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 28, 2014.
(b)	Commencement of operations September 15, 2014.

126

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(a)			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/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Highest expense ratio
Period ended December 31, 2014
Unit Value	$	15.994421		$	9.538972		$	30.831434		$	48.770099		$	8.594441		$	17.534083		$	25.197477		$	7.714836		$	23.761523
Total Return *		11.78	%		-4.61	%***		4.54	%		8.50	%		-3.14	%		8.90	%		5.77	%		-3.68	%		7.29	%
Ratio of Expenses **		3.61	%		1.25	%		3.91	%		3.91	%		3.61	%		3.91	%		3.80	%		3.75	%		3.70	%
Period ended December 31, 2013
Unit Value	$	14.308556			n/a		$	29.492504		$	44.948972		$	8.872603		$	16.100834		$	23.823488		$	8.009515		$	22.147785
Total Return *		46.30	%		n/a			33.35	%		31.27	%		-3.45	%		31.88	%		14.88	%		-3.68	%		26.29	%
Ratio of Expenses **		3.61	%		n/a			3.91	%		3.91	%		3.61	%		3.91	%		3.80	%		3.75	%		3.70	%
Period ended December 31, 2012
Unit Value	$	9.780077			n/a		$	22.116964		$	34.241931		$	9.189697		$	12.209024		$	20.737850		$	8.315507		$	17.537698
Total Return *		17.50	%		n/a			14.27	%		9.22	%		-1.20	%		14.74	%		5.98	%		-3.69	%		12.11	%
Ratio of Expenses **		3.61	%		n/a			3.91	%		3.91	%		3.61	%		3.91	%		3.80	%		3.75	%		3.70	%
Period ended December 31, 2011
Unit Value	$	8.323496			n/a		$	19.355494		$	31.351508		$	9.301062		$	10.640263		$	19.567657		$	8.634066		$	15.643046
Total Return *		-8.75	%		n/a			-4.96	%		-5.23	%		-2.21	%		-5.82	%		-0.57	%		-3.67	%		-5.61	%
Ratio of Expenses **		3.61	%		n/a			3.91	%		3.91	%		3.61	%		3.91	%		3.80	%		3.75	%		3.70	%
Period ended December 31, 2010
Unit Value	$	9.121174			n/a		$	20.365095		$	33.080837		$	9.510825		$	11.297764		$	19.680014		$	8.962684		$	16.572366
Total Return *		6.18	%		n/a			12.29	%		22.96	%		-0.72	%		11.45	%		6.70	%		-3.68	%		9.57	%
Ratio of Expenses **		3.61	%		n/a			3.91	%		3.91	%		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.

(a) Commencement of operations April 28, 2014.

127

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(a)			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/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Lowest expense ratio
Period ended December 31, 2014
Unit Value	$	19.445573		$	9.564819		$	56.232932		$	86.374715		$	10.919125		$	27.470071		$	44.970145		$	13.634536		$	33.080372
Total Return *		12.91	%***		-3.82	%***		7.79	%		11.71	%		-0.42	%		12.29	%		8.93	%		-0.84	%		10.22	%
Ratio of Expenses **		0.85	%		0.85	%		0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%
Period ended December 31, 2013
Unit Value	$	16.769144			n/a		$	52.169689		$	77.323934		$	10.965640		$	24.464416		$	41.281946		$	13.750691		$	30.012344
Total Return *		50.17	%		n/a			37.49	%		35.15	%		-0.75	%		35.97	%		18.32	%		-0.85	%		29.74	%
Ratio of Expenses **		1.00	%		n/a			0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%
Period ended December 31, 2012
Unit Value	$	11.166615			n/a		$	37.943892		$	57.215482		$	11.048330		$	17.991908		$	34.890392		$	13.867935		$	23.132132
Total Return *		20.62	%		n/a			6.85	%***		12.45	%		-0.12	%***		15.29	%***		-0.97	%***		-0.30	%***		15.19	%
Ratio of Expenses **		1.00	%		n/a			0.85	%		1.00	%		0.85	%		0.85	%		0.85	%		0.85	%		1.00	%
Period ended December 31, 2011
Unit Value	$	9.258036			n/a		$	31.410950		$	50.879218		$	10.785135		$	14.943349		$	31.176294		$	13.642602		$	20.081933
Total Return *		-6.34	%		n/a			-2.16	%		-2.44	%		0.37	%		-3.05	%		2.24	%		-0.99	%		-3.03	%
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Period ended December 31, 2010
Unit Value	$	9.884599			n/a		$	32.104002		$	52.149990		$	10.745000		$	15.412882		$	30.491815		$	13.778726		$	20.709679
Total Return *		8.98	%		n/a			15.60	%		26.59	%		1.91	%		14.74	%		9.73	%		-1.00	%		12.57	%
Ratio of Expenses **		1.00	%		n/a			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 April 28, 2014.

128

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(a)			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/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Investment Division data
Period ended December 31, 2014
Net Assets (in thousands)	$	582,104		$	15,935		$	2,315,476		$	2,578,873		$	818,121		$	1,326,726		$	4,024,876		$	1,216,576		$	668,419
Units Outstanding (in thousands)		31,339			1,668			46,745			33,064			78,980			52,688			100,337			101,006			21,405
Investment Income Ratio *		1.00	%		0.00	%		0.00	%		0.15	%		1.19	%		0.81	%		1.30	%		0.00	%		1.47	%
Period ended December 31, 2013
Net Assets (in thousands)	$	362,318			n/a		$	2,019,757		$	2,161,052		$	697,296		$	969,477		$	3,194,549		$	1,268,083		$	638,676
Units Outstanding (in thousands)		22,353			n/a			44,000			30,964			66,830			43,153			86,719			104,583			22,497
Investment Income Ratio *		1.27	%		n/a			0.08	%		0.00	%		1.34	%		1.29	%		1.49	%		0.00	%		1.92	%
Period ended December 31, 2012
Net Assets (in thousands)	$	112,891			n/a		$	1,325,286		$	1,472,007		$	647,091		$	570,473		$	2,294,283		$	1,195,108		$	430,498
Units Outstanding (in thousands)		10,415			n/a			39,723			28,527			61,301			34,539			73,604			97,907			19,603
Investment Income Ratio *		0.96	%		n/a			0.00	%		0.21	%		1.03	%		1.32	%		1.33	%		0.00	%		2.30	%
Period ended December 31, 2011
Net Assets (in thousands)	$	80,015			n/a		$	901,594		$	1,176,491		$	493,477		$	431,971		$	1,709,811		$	1,010,793		$	362,133
Units Outstanding (in thousands)		8,851			n/a			31,868			25,681			47,268			30,832			59,618			82,015			18,923
Investment Income Ratio *		1.22	%		n/a			0.00	%		0.02	%		1.27	%		1.37	%		1.18	%		0.00	%		1.03	%
Period ended December 31, 2010
Net Assets (in thousands)	$	64,956			n/a		$	782,772		$	981,793		$	334,098		$	411,509		$	1,228,148		$	676,914		$	353,077
Units Outstanding (in thousands)		6,691			n/a			27,158			21,009			31,935			28,398			43,834			54,428			17,861
Investment Income Ratio *		0.74	%		n/a			0.04	%		0.20	%		1.38	%		1.03	%		1.44	%		0.00	%		1.02	%

* 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 April 28, 2014.

129

  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, 2014, and the related statement of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods 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, 2014, 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 the Company as of December 31, 2014, the results of its operations for the year or period then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

March 25, 2015

KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity.

APPENDIX B

Jackson National Life Insurance Company and Subsidiaries

Index to Consolidated Financial Statements

December 31, 2014 and 2013

Independent Auditors’ Report	1
Consolidated Balance Sheets	2
Consolidated Income Statements	3
Consolidated Statements of Comprehensive Income	4
Consolidated Statements of Equity	5
Consolidated Statements of Cash Flows	6
Notes to Consolidated Financial Statements	7

    KPMG LLP Suite 500 191 West Nationwide Blvd. Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholder

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, 2014 and 2013, 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, 2014. 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, 2014 and 2013, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.

Columbus, Ohio

March 6, 2015

KPMG LLP is a Delaware limited liability partnership,

the U.S. member firm of KPMG International Cooperative

(“KPMG International”), a Swiss entity.

1

Jackson National Life Insurance Company and Subsidiaries

Consolidated Balance Sheets

(In thousands, except per share information)

	December 31,
Assets	2014			2013
Investments:
Securities available for sale, at fair value:
Fixed maturities (amortized cost: 2014, $48,245,495; 2013, $48,620,014, including $142,642 and $164,803 at fair value under the fair value option at December 31, 2014 and 2013, respectively)	$	50,978,577		$	49,729,105
Trading securities, at fair value		530,418			541,228
Commercial mortgage loans, net of allowance		5,998,253			6,080,080
Policy loans (includes $3,156,550 and $3,131,161 at fair value under the fair value option at
December 31, 2014 and 2013, respectively)		4,477,083			4,477,040
Derivative instruments		1,428,084			1,267,974
Other invested assets (includes $1,176,633 and $1,310,369 at fair value under the fair value option
at December 31, 2014 and 2013, respectively)		1,381,684			1,470,800
Total investments		64,794,099			63,566,227
Cash and cash equivalents		1,399,091			986,383
Accrued investment income		687,503			682,149
Deferred acquisition costs		7,455,336			6,212,220
Reinsurance recoverable		9,323,159			9,285,104
Deferred income taxes, net		13,956			110,393
Other assets		1,119,762			2,192,276
Separate account assets		127,459,274			108,787,279
Total assets	$	212,252,180		$	191,822,031
Liabilities and Equity
Liabilities
Reserves for future policy benefits and claims payable	$	13,574,469		$	11,974,963
Other contract holder funds		57,685,319			57,884,519
Funds held under reinsurance treaties, at fair value under fair value option		3,431,854			3,396,987
Debt		328,737			284,489
Securities lending payable		196,633			95,754
Derivative instruments		391,805			852,953
Other liabilities		2,542,453			2,506,665
Separate account liabilities		127,459,274			108,787,279
Total liabilities		205,610,544			185,783,609
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		3,816,079			3,801,965
Shares held in trust		(27,084	)		(22,752	)
Equity compensation reserve		14,130			18,448
Accumulated other comprehensive income, net of tax expense (benefit)
of $398,736 in 2014 and $(113,674) in 2013		1,478,565			526,947
Retained earnings		1,311,175			1,657,406
Total stockholder's equity		6,606,665			5,995,814
Noncontrolling interests		34,971			42,608
Total equity		6,641,636			6,038,422
Total liabilities and equity	$	212,252,180		$	191,822,031

See accompanying Notes to Consolidated Financial Statements.

2

Jackson National Life Insurance Company and Subsidiaries

Consolidated Income Statements

(In thousands)

	Years Ended December 31,
	2014			2013			2012
Revenues
Fee income	$	4,512,152		$	3,801,275		$	2,787,122
Premium		264,341			286,771			176,270
Net investment income		3,002,581			3,144,646			2,780,562
Net realized losses on investments:
Total other-than-temporary impairments		(56,161	)		(49,930	)		(172,730	)
Portion of other-than-temporary impairments included in
other comprehensive income		29,549			29,146			85,876
Net other-than-temporary impairments		(26,612	)		(20,784	)		(86,854	)
Other net investment losses		(3,377,910	)		(1,969,669	)		(630,252	)
Total net realized losses on investments		(3,404,522	)		(1,990,453	)		(717,106	)
Other income		98,338			154,714			80,056
Total revenues		4,472,890			5,396,953			5,106,904
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals		1,183,680			1,026,392			614,214
Interest credited on other contract holder funds, net of deferrals		1,563,202			1,636,071			1,460,021
Interest expense		38,417			42,036			44,561
Operating costs and other expenses, net of deferrals		1,616,062			1,480,719			1,251,244
Amortization of deferred acquisition and sales inducement costs		(263,564	)		284,618			443,676
Total benefits and expenses		4,137,797			4,469,836			3,813,716
Pretax income before noncontrolling interests		335,093			927,117			1,293,188
Income tax (benefit) expense		(10,407	)		166,997			355,433
Net income		345,500			760,120			937,755
Less:  Net (loss) income attributable to noncontrolling interests		(5,269	)		4,958			(1,736	)
Net income attributable to Jackson	$	350,769		$	755,162		$	939,491

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,
	2014			2013			2012
Net income	$	345,500		$	760,120		$	937,755
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities not other-than-temporarily impaired (net of tax expense (benefit) of: 2014 $543,831; 2013 $(807,429); 2012 $403,751)		1,007,605			(1,487,770	)		764,562
Net unrealized losses on other-than-temporarily impaired securities (net of tax benefit of: 2014 $8,410; 2013 $7,984; 2012 $25,563)		(15,618	)		(14,826	)		(47,474	)
Reclassification adjustment for losses included in net income (net of tax benefit of: 2014 $23,011; 2013 $43,708; 2012 $27,836)		(42,737	)		(81,170	)		(51,696	)
Total other comprehensive income (loss)		949,250			(1,583,766	)		665,392
Comprehensive income (loss)		1,294,750			(823,646	)		1,603,147
Less: Comprehensive (loss) income attributable to noncontrolling interests		(7,637	)		1,876			13,003
Comprehensive income (loss) attributable to Jackson	$	1,302,387		$	(825,522	)	$	1,590,144

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, 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
Net income		—		—		—			—			—			350,769			350,769			(5,269	)		345,500
Change in unrealized investment gains and losses, net of tax		—		—		—			—			951,618			—			951,618			(2,368	)		949,250
Capital contribution		—		14,114		—			—			—			—			14,114			—			14,114
Dividends to stockholder		—		—		—			—			—			(697,000	)		(697,000	)		—			(697,000	)
Shares acquired at cost		—		—		(32,640	)		—			—			—			(32,640	)		—			(32,640	)
Shares distributed at cost		—		—		28,308			—			—			—			28,308			—			28,308
Reserve for equity compensation plans		—		—		—			10,266			—			—			10,266			—			10,266
Fair value of shares issued under equity
compensation plans		—		—		—			(14,584	)		—			—			(14,584	)		—			(14,584	)
Balances as of December 31, 2014	$	13,800	$	3,816,079	$	(27,084	)	$	14,130		$	1,478,565		$	1,311,175		$	6,606,665		$	34,971		$	6,641,636

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,
	2014			2013			2012
Cash flows from operating activities:
Net income	$	345,500		$	760,120		$	937,755
Adjustments to reconcile net income to net cash provided by
operating activities:
Net realized gains on investments		(83,997	)		(81,145	)		(28,487	)
Net losses on derivatives		3,236,398			1,865,137			585,288
Interest credited on other contract holder funds, gross		1,577,180			1,650,459			1,473,482
Mortality, expense and surrender charges		(745,227	)		(743,799	)		(462,531	)
Amortization of discount and premium on investments		67,724			49,408			39,699
Deferred income tax expense		(415,974	)		277,078			53,323
Share-based compensation		46,384			39,947			32,946
Change in:
Accrued investment income		(5,354	)		(3,707	)		(10,276	)
Deferred sales inducements and acquisition costs		(1,387,067	)		(848,133	)		(832,841	)
Trading portfolio activity, net		10,810			(128,415	)		(88,260	)
Income taxes receivable (payable)		134,624			86,261			25,030
Other assets and liabilities, net		395,956			85,812			245,722
Net cash provided by operating activities		3,176,957			3,009,023			1,970,850
Cash flows from investing activities:
Sales, maturities and repayments of:
Fixed maturities		5,644,799			5,798,733			6,507,615
Commercial mortgage loans		1,392,066			1,339,273			918,780
Purchases of:
Fixed maturities		(5,242,317	)		(5,543,494	)		(5,294,561	)
Commercial mortgage loans		(1,314,647	)		(1,654,026	)		(1,137,725	)
Purchase of REALIC, net of cash acquired		—			(17,696	)		(354,172	)
Other investing activities		(1,087,486	)		(2,489,841	)		(1,413,375	)
Net cash used in investing activities		(607,585	)		(2,567,051	)		(773,438	)
Cash flows from financing activities:
Policyholders' account balances:
Deposits		26,279,026			25,196,030			23,226,461
Withdrawals		(13,386,586	)		(11,810,633	)		(9,101,692	)
Net transfers to separate accounts		(14,267,126	)		(14,094,490	)		(14,164,019	)
Net (payments on) proceeds from repurchase agreements		(125,646	)		415,271			(100,709	)
Net proceeds from (payments on) Federal Home Loan Bank notes		—			200,000			(150,000	)
Net proceeds from (payments on) debt		45,000			(7,500	)		(5,000	)
Shares held in trust at cost, net		(4,332	)		2,313			(8,286	)
Payment of cash dividends to Parent		(697,000	)		(507,000	)		(400,000	)
Net cash used in financing activities		(2,156,664	)		(606,009	)		(703,245	)
Net increase (decrease) in cash and cash equivalents		412,708			(164,037	)		494,167
Cash and cash equivalents, beginning of year		986,383			1,150,420			656,253
Cash and cash equivalents, end of year	$	1,399,091		$	986,383		$	1,150,420
Supplemental Cash Flow Information
Income tax paid (received)	$	256,829		$	(241,921	)	$	241,201
Interest paid	$	21,798		$	21,900		$	22,011

See accompanying Notes to Consolidated Financial Statements.

6

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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:

·   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;

·   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;

 ·   PGDS (US One) LLC (“PGDS”), a wholly owned subsidiary that provides information technology services to Jackson and certain affiliates;

·   Hermitage Management, LLC, a wholly owned subsidiary that holds and manages certain real estate related investments;

·   Other insignificant wholly owned subsidiaries; and

·   Other insignificant 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.

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 2013 notes to the consolidated financial statements have been reclassified to conform to the 2014 presentation.

During 2014, the Company identified certain balance sheet misclassifications through the application of its internal controls over financial reporting. After consideration was given to both qualitative and quantitative factors, the misclassifications were considered to be immaterial to the previously issued December 31, 2013 consolidated financial statements. The 2013 balances were corrected and resulted in a reduction of reinsurance recoverable and reserves for future policy benefits and claims payable of $761.6 million and a reclassification from reserves for future policy benefits and claims payable to other contract holder funds of $4,411.4 million. These items had no impact on the consolidated income statements, consolidated statements of comprehensive income, consolidated statements of equity or consolidated statements of cash flows.

7

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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 but not limited to, policyholder behavior, 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 but not limited to, policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; 5) assumptions as to future earnings levels being sufficient to realize 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 guaranteed benefits; 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. 2013-11, “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. Effective January 1, 2014, the Company adopted ASU No. 2013-11 with no 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. Effective January 1, 2014, the Company adopted ASU No. 2013-08 with no impact on the Company’s consolidated financial statements.

Changes in Accounting Principles – Issued but Not Yet Adopted

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern,” which defines management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and to provide related disclosures in the footnotes. Management is required to evaluate for each annual period whether it is probable that the entity will not be able to meet its obligations as they become due within one year after the date that financial statements are issued, or available to be issued. ASU No. 2014-15 is effective for periods beginning after December 15, 2016 and is not expected to have an impact on the Company’s consolidated financial statements.

In June 2014, the FASB issued ASU No. 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures.” The new guidance changes the accounting for repurchase-to-maturity transactions and repurchase financing such that they will be consistent with secured borrowing accounting. In addition, the guidance requires new disclosures for all repurchase agreements and securities lending transactions. ASU No. 2014-11 is effective for periods beginning after December 15, 2014 and is not expected to have a material impact on the Company’s consolidated financial statements.

8

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which clarifies the principles of recognizing revenue. This standard establishes the core principle of recognizing revenue to depict the transfer of promised goods or services in an amount that reflects the consideration the entity expects to be entitled in exchange for those goods or services. The FASB defines a five-step process which systematically identifies the various components of the revenue recognition process, culminating with the recognition of revenue upon satisfaction of an entity’s performance obligation. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from cost incurred to obtain or fulfill a contract. This guidance does not apply to insurance contracts within the scope of Accounting Standards Codification Topic 944, “Financial Services – Insurance.” Early adoption is not permitted. ASU No. 2014-09 is effective retrospectively for periods beginning after December 15, 2016. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial statements and disclosures.

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 $662.8 million and $826.3 million as of December 31, 2014 and 2013, 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 3.

Equity securities are 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

9

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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 net 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.

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, 2014 and 2013, $3.2 billion and $3.1 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 both December 31, 2014 and 2013, the Company had $1.3 billion of policy loans not held as collateral for reinsurance, which were carried at the unpaid principal balances.

Other invested assets primarily include investments in limited partnerships and real estate. The Company has elected the fair value option for limited partnerships, which is consistent with the role of these investments within the investment portfolio. Carrying values for limited partnership investments are determined by using the proportion of the Company’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 2014, 2013, or 2012.

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

10

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

in connection with variable annuities issued by the Company, may contain embedded derivative instruments. Further details regarding Jackson’s derivative positions are included in Note 4. 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 4.

Cash and Cash Equivalents

Cash and cash equivalents primarily include money market instruments and bank deposits.

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.

11

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Refer to Note 5 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 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. At December 31, 2014 and 2013, deferred acquisition costs decreased by $725.9 million and $591.0 million, 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% for both 2014 and 2013, 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, 2014 and 2013, projected returns after the next five years were set at 7.4%. At December 31, 2014 and 2013, projected returns under mean reversion were within the range bounded by the 15% cap and 0% floor.

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 2014, 2013, and 2012.

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

12

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

equity as a component of other comprehensive income. At December 31, 2014 and 2013, deferred sales inducements decreased by $129.9 million and $104.8 million, 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 2014, 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, but may not be limited to, policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates. Based on this review, the cumulative balances of deferred acquisition costs, deferred sales inducements and life and annuity guaranteed benefit 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 to SRZ on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties, certain blocks of business written or assumed 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 realized 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 realized gains and losses are reported net of investment income and realized gains and losses on funds held under reinsurance treaties, with no net impact on the Company’s consolidated income statements.

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, 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 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.

13

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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. Jackson National Life (Bermuda) LTD and VFL International Life Company SPC, LTD are taxed as controlled foreign corporations of Jackson. With the exception of several insignificant wholly owned subsidiaries that aren’t included in the Jackson consolidated tax return, 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 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 9.

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 statements.

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

14

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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.

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 institutional products 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 is unlikely to 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, 2014 and 2013, the assets and liabilities associated with variable life and annuity contracts were $127.5 billion and $108.8 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 9 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 $332.0 million and $290.6 million at December 31, 2014 and 2013, 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 10 for further information regarding the Company’s debt.

15

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Share-Based Compensation

As more fully described in Note 14, 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.

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 6, 2015, which is the date the consolidated financial statements were available to be issued.

3. Investments

Investments are comprised primarily of fixed-income securities, primarily publicly-traded corporate 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.

16

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Fixed Maturities

The following table sets forth the composition of the fair value of fixed maturities at December 31, 2014, 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, 2014, the carrying value of investments rated by the Company’s affiliated investment advisor totaled $256.6 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, 2014
AAA	22.2%
AA	6.4%
A	31.6%
BBB	34.8%
Investment grade	95.0%
BB	2.8%
B and below	2.2%
Below investment grade	5.0%
Total fixed maturities	100.0%

At December 31, 2014, based on ratings by NRSROs, of the total carrying value of fixed maturities in an unrealized loss position, 83% were investment grade, 7% were below investment grade and 10% were not rated. Unrealized losses on fixed maturities that were below investment grade or not rated were approximately 28% of the aggregate gross unrealized losses on available for sale fixed maturities.

Corporate securities in an unrealized loss position were diversified across industries. As of December 31, 2014, the industries accounting for the larger percentage of unrealized losses included energy (31% of fixed maturities gross unrealized losses) and basic industry (8%). The largest unrealized loss related to a single corporate obligor was $7.4 million at December 31, 2014.

17

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

At December 31, 2014 and 2013, 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 $142.6 million and $164.8 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, 2014	Cost (1)		Gains		Losses		Value		OTTI (2)
Fixed Maturities
U.S. government securities	$	4,839,189	$	318,904	$	23,373	$	5,134,720	$	—
Other government securities		1,061,471		5,088		9,445		1,057,114		—
Public utilities		4,197,016		445,398		5,803		4,636,611		—
Corporate securities		31,436,874		1,923,803		191,462		33,169,215		—
Residential mortgage-backed		2,365,030		90,801		23,545		2,432,286		(46,350	)
Commercial mortgage-backed		3,397,229		226,476		16,766		3,606,939		137
Other asset-backed securities		948,686		28,005		34,999		941,692		(21,846	)
Total fixed maturities	$	48,245,495	$	3,038,475	$	305,393	$	50,978,577	$	(68,059	)

			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	)

(1)Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.

(2) Represents the amount of non-credit OTTI gains (losses) recognized in other comprehensive income on securities for which credit impairments have been recorded.

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2014, by contractual maturity, are shown below (in thousands). Actual 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	$	1,492,621	$	26,739	$	90	$	1,519,270
Due after 1 year through 5 years		8,990,596		775,738		8,001		9,758,333
Due after 5 years through 10 years		22,076,976		1,165,875		138,291		23,104,560
Due after 10 years through 20 years		2,967,120		246,546		9,184		3,204,482
Due after 20 years		6,007,237		478,295		74,517		6,411,015
Residential mortgage-backed		2,365,030		90,801		23,545		2,432,286
Commercial mortgage-backed		3,397,229		226,476		16,766		3,606,939
Other asset-backed securities		948,686		28,005		34,999		941,692
Total	$	48,245,495	$	3,038,475	$	305,393	$	50,978,577

(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.

18

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Fixed maturities with a carrying value of $116.0 million and $105.4 million at December 31, 2014 and 2013, respectively, were on deposit with regulatory authorities, as required by law in various states in which business is conducted.

At December 31, 2014 and 2013, fixed maturities include $129.7 million and $144.6 million, respectively, held in trust pursuant to the retro treaties with SRZ.

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, 2014	Cost		Gains		Losses		Value
Prime	$	404,048	$	17,209	$	3,973	$	417,284
Alt-A		361,607		19,156		2,854		377,909
Subprime		371,339		7,715		13,931		365,123
Total non-agency RMBS	$	1,136,994	$	44,080	$	20,758	$	1,160,316

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2013	Cost		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

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.

19

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014							December 31, 2013
	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	$	518		$	36,181		4	$	40,578	$	1,090,585		10
Other government securities		100			31,717		2		81,564		556,464		34
Public utilities		496			47,956		12		48,065		978,938		90
Corporate securities		95,577			2,722,165		267		398,549		8,198,063		693
Residential mortgage-backed		1,190			109,022		20		21,660		747,039		77
Commercial mortgage-backed		728			171,336		10		23,436		772,286		61
Other asset-backed securities		13,647			201,095		31		2,454		201,089		31
Total temporarily impaired
securities	$	112,256		$	3,319,472		346	$	616,306	$	12,544,464		996

	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	$	22,854	$	1,387,984		14	$	482,249	$	1,631,975		11
Other government securities		9,345		577,550		22		81,601		352,888		14
Public utilities		5,307		195,916		29		13,642		84,753		22
Corporate securities		95,886		2,658,508		255		151,900		1,176,967		142
Residential mortgage-backed		22,355		385,243		91		38,872		614,345		142
Commercial mortgage-backed		16,038		319,483		36		22,234		132,909		21
Other asset-backed securities		21,352		165,403		26		30,188		164,027		28
Total temporarily impaired
securities	$	193,137	$	5,690,087		473	$	820,686	$	4,157,864		380

	Total						Total
	Gross						Gross
	Unrealized				# of		Unrealized				# of
	Losses		Fair Value		securities		Losses		Fair Value		securities
U.S. government securities	$	23,372	$	1,424,165		18	$	522,827	$	2,722,560		21
Other government securities		9,445		609,267		24		163,165		909,352		48
Public utilities		5,803		243,872		41		61,707		1,063,691		112
Corporate securities		191,463		5,380,673		522		550,449		9,375,030		835
Residential mortgage-backed		23,545		494,265		111		60,532		1,361,384		219
Commercial mortgage-backed		16,766		490,819		46		45,670		905,195		82
Other asset-backed securities		34,999		366,498		57		32,642		365,116		59
Total temporarily impaired
securities	$	305,393	$	9,009,559		819	$	1,436,992	$	16,702,328		1,376

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.

20

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Securities the Company determines are underperforming or potential problem securities are subject to regular review. To facilitate thereview, 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 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.

21

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014 and 2013, assumed default rates for delinquent loans ranged from 15% to 100%. At December 31, 2014 and 2013, assumed loss severities were applied to generate and analyze cash flows of each security and ranged from 25% 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 only 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,
	2014			2013			2012
Available-for-sale securities
Realized gains on sale	$	166,300		$	135,023		$	173,337
Realized losses on sale		(57,383	)		(34,448	)		(65,495	)
Impairments:
Total other-than-temporary impairments		(56,161	)		(49,930	)		(172,730	)
Portion of other-than-temporary impairments
included in other comprehensive income		29,549			29,146			85,876
Net other-than-temporary impairments		(26,612	)		(20,784	)		(86,854	)
Other		1,692			1,354			7,499
Net realized gains on non-derivative investments		83,997			81,145			28,487
Net losses on derivative instruments		(3,488,519	)		(2,071,598	)		(745,593	)
Total net realized losses on investments	$	(3,404,522	)	$	(1,990,453	)	$	(717,106	)

The net losses on derivative instruments included in the above table are further detailed in Note 4.

The aggregate fair value of securities sold at a loss for the years ended December 31, 2014, 2013, and 2012 was $790.3 million, $640.4 million, and $649.0 million, respectively, which was approximately 93%, 95%, and 91% of book value, respectively.

22

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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,
	2014			2013
Cumulative credit loss beginning balance	$	318,204		$	364,186
Additions:
New credit losses		8,802			5,310
Incremental credit losses		14,522			12,268
Reductions:
Securities sold, paid down or disposed of		(56,384	)		(60,996	)
Securities where there is intent to sell		(8,272	)		(2,564	)
Cumulative credit loss ending balance	$	276,872		$	318,204

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 $6.0 billion and $6.1 billion at December 31, 2014 and 2013, respectively, are reported net of an allowance for loan losses of $5.8 million and $11.5 million at each date, respectively. At December 31, 2014, commercial mortgage loans were collateralized by properties located in 44 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 2014, 2013, and 2012, recognized impairment charges against the allowance for loan losses of $9.0 million, $1.0 million, and $8.4 million, respectively. In addition, Jackson recorded impairments as a realized loss of $2.7 million during 2014 and $3.2 million during 2013. In 2012, Jackson did not record any impairments as a realized loss.

23

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The following table provides a summary of the allowance for losses in the Company’s commercial mortgage loan portfolio at December 31, 2014 and 2013 (in thousands):

	Years Ended December 31,
Allowance for loan losses:	2014			2013
Balance at beginning of year	$	11,532		$	20,395
Charge-offs		(9,043	)		(1,049	)
Recoveries		524			—
Net charge-offs		(8,519	)		(1,049	)
Provision (reduction) for loan losses		2,741			(7,814	)
Balance at end of year	$	5,754		$	11,532

The following table provides a summary of the allowance for losses in Jackson’s commercial mortgage loan portfolio (in thousands):

	December 31, 2014				December 31, 2013
	Allowance for Loan Losses		Recorded Investment		Allowance for Loan Losses		Recorded Investment
Individually evaluated for impairment	$	—	$	20,701	$	352	$	79,371
Collectively evaluated for impairment		5,754		5,977,552		11,180		6,000,709
Total	$	5,754	$	5,998,253	$	11,532	$	6,080,080

As of December 31, 2014 and 2013, the Company’s commercial mortgage loan portfolio is current and accruing interest. Delinquency status is determined from the date of the first missed contractual payment.

24

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Under Jackson’s policy for monitoring commercial mortgage loans, all impaired commercial mortgage loans are 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 2014 and 2013 (in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Loan Allowance		Average Recorded Investment		Investment Income Recognized
December 31, 2014:
Impaired Loans with a Valuation Allowance
Office	$	—	$	—	$	—	$	663	$	34
Impaired Loans without a Valuation Allowance
Apartment		821		821		—		839		66
Hotel		19,880		19,880		—		41,762		2,735
Office		—		—		—		13,850		3,507
Warehouse		—		—		—		2,678		344
Total		20,701		20,701		—		59,129		6,652
Total Impaired Loans
Apartment		821		821		—		839		66
Hotel		19,880		19,880		—		41,762		2,735
Office		—		—		—		14,513		3,541
Warehouse		—		—		—		2,678		344
Total	$	20,701	$	20,701	$	—	$	59,792	$	6,686

	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

25

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The following tables provide information about the credit quality of commercial mortgage loans (in thousands):

	December 31, 2014
					Greater than		In the		Total
	In Good				90 Days		Process of		Carrying
	Standing		Restructured		Delinquent		Foreclosure		Value
Apartment	$	1,917,788	$	—	$	—	$	—	$	1,917,788
Hotel		529,418		19,880		—		—		549,298
Office		707,001		—		—		—		707,001
Retail		1,149,619		—		—		—		1,149,619
Warehouse		1,674,547		—		—		—		1,674,547
Total	$	5,978,373	$	19,880	$	—	$	—	$	5,998,253

	December 31, 2013
					Greater than		In the		Total
	In Good				90 Days		Process of		Carrying
	Standing		Restructured		Delinquent		Foreclosure		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

During 2014, there were no commercial mortgage loans involved in troubled debt restructuring.

The following table provides information about commercial mortgage loans involved in a troubled debt restructuring during 2013 (in thousands, except number of contracts):

			Pre-Modification		Post-Modification
	Number of		Outstanding		Outstanding
	Contracts		Recorded Investment		Recorded Investment
Troubled Debt Restructuring
Office		1	$	6,477	$	7,950

Securitizations

In 2001, Jackson executed the Morgan Stanley Dean Witter Capital I, Series 2001-PPM (“MSDW”) securitization transaction, contributing commercial mortgages to MSDW and retaining a beneficial interest. 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. As such, Jackson’s consolidated financial statements include MSDW assets of $14.6 million and $25.4 million at December 31, 2014 and 2013, respectively.

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. As a result of the additional exposure to SERVES 3 upon entering into option put and forbearance agreements in 2008 and 2009, Jackson determined that it was the primary beneficiary and, accordingly, consolidated SERVES 3 in its financial statements. In August 2013, SERVES 3 was unwound.

Other Invested Assets

Other invested assets primarily include investments in limited partnerships and real estate. At December 31, 2014 and 2013, investments in limited partnerships had carrying values of $1,176.6 million and $1,310.4 million, respectively. At December 31, 2014 and 2013, real estate totaling $205.1 million and $160.4 million, respectively, included foreclosed properties with a book value of $0.7 million in both years.

26

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 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, 2014 and 2013, the estimated fair value of loaned securities was $189.2 million and $93.6 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 these programs, the financial condition of counterparties is monitored on a regular basis. At December 31, 2014 and 2013, cash collateral received in the amount of $196.6 million and $95.8 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 2014 and 2013, short-term borrowings under such agreements averaged $97.6 million and $229.4 million, respectively, with weighted average interest rates of 0.12% and 0.08% during 2014 and 2013, respectively. At December 31, 2014 and 2013, the outstanding balance was $289.6 million and $415.3 million, respectively, which was included within other liabilities in the consolidated balance sheets. Interest expense totaled $0.1 million, $0.2 million, and $0.3 million in 2014, 2013, and 2012, respectively. The highest level of short-term borrowings at any month end was $289.6 million in 2014 and $691.5 million in 2013.

Investment Income

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

	Years Ended December 31,
		2014			2013			2012
Fixed maturities		$	2,271,890		$	2,240,592		$	2,134,759
Commercial mortgage loans			296,056			307,361			294,581
Limited partnerships			153,378			267,892			136,649
Derivative instruments			252,121			206,461			160,305
Policy loans			395,857			391,089			172,212
Other investment income			4,926			56,838			30,442
Total investment income			3,374,228			3,470,233			2,928,948
Less: income on funds held under reinsurance treaties			(305,760	)		(263,196	)		(93,021	)
Less: investment expenses			(65,887	)		(62,391	)		(55,365	)
Net investment income		$	3,002,581		$	3,144,646		$	2,780,562

Investment income of $3.6 million, $64.9 million, and $25.0 million was recognized on trading securities held at December 31, 2014, 2013 and 2012, respectively. In addition, investment income (loss) of $9.1 million, $(25.1) million and $0.8 million, respectively, was recognized on securities carried at fair value recorded through income.

During 2014, investment income was reduced by $305.8 million for expense incurred on the liability for funds held under reinsurance treaties, including $296.1 million on policy loans, $2.5 million of fixed maturity income and a $7.2 million gain on fixed maturities with fair value recorded through the income statement. 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. The net investment income on derivative instruments included in the above table is further detailed in Note 4.

4. 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

27

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, interest rate-contingent options, and put spreads), which are used to hedge the Company’s equity risk, including obligations associated with its fixed index annuities and guarantees in variable annuity products, are carried at fair value. These insurance products contain embedded options whose fair values are reported in other contract holder funds and reserves for future policy benefits and claims payable.

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.

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.

28

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014
	Assets				Liabilities
	Contractual/				Contractual/					Net
	Notional		Fair		Notional		Fair			Fair
	Amount (1)		Value		Amount (1)		Value			Value
Cross-currency swaps	$	10,530	$	2,241	$	—	$	—		$	2,241
Equity index call options		6,500,000		14,324		—		—			14,324
Equity index futures		—		—		6,567,680		—			—
Equity index put options		72,750,000		342,284		—		—			342,284
Interest rate swaps		15,000,000		974,643		8,150,000		(391,475	)		583,168
Put-swaptions		5,750,000		94,592		250,000		(330	)		94,262
Total	$	100,010,530	$	1,428,084	$	14,967,680	$	(391,805	)	$	1,036,279

	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

(1) The notional amount for swaps and put-swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions.

29

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014
	Other			Net
	Investment			Investment
	Gains (Losses)			Income			Net Gain (Loss)
Credit default swaps	$	363		$	(363	)	$	—
Equity index call options		(47,177	)		—			(47,177	)
Equity index futures		(751,595	)		—			(751,595	)
Equity index put options		(725,175	)		—			(725,175	)
Fixed index annuity embedded derivatives		(267,544	)		—			(267,544	)
Interest rate swaps		585,021			252,381			837,402
Put-swaptions		198,504			103			198,607
Variable annuity embedded derivatives		(2,480,916	)		—			(2,480,916	)
Total	$	(3,488,519	)	$	252,121		$	(3,236,398	)

	Year Ended December 31, 2013
	Other			Net
	Investment			Investment
	Gains (Losses)			Income			Net Gain (Loss)
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	)
Fixed index 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			Investment
	Gains (Losses)			Income			Net Gain (Loss)
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	)
Fixed index 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	)

30

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014 and 2013, the fair value of Jackson’s net derivative assets by counterparty were $1,050.8 million and $692.8 million, respectively, and held collateral was $1,065.1 million and $787.7 million, respectively, related to these agreements. At December 31, 2014 and 2013, the fair value of Jackson’s net derivative liabilities by counterparty was $14.5 million and $277.7 million, respectively, and provided collateral was $18.5 million and $208.2 million, respectively, related to these agreements. If all of the downgrade provisions had been triggered at December 31, 2014 or 2013, in aggregate, Jackson would have had to disburse $10.3 million and $164.5 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, 2014
			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	$	1,428,084	$	—	$	1,428,084	$	377,316	$	108,563	$	894,033	$	48,172
Financial Liabilities:
Derivative liabilities	$	391,805	$	—	$	391,805	$	377,316	$	—	$	8,848	$	5,641
Securities loaned		196,633		—		196,633		—		196,633		—		—
Repurchase agreements		289,625		—		289,625		—		—		289,625		—
Total financial liabilities	$	878,063	$	—	$	878,063	$	377,316	$	196,633	$	298,473	$	5,641

	December 31, 2014
			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

(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 derivative liabilities of $3,090.3 million and $343.9 million for 2014 and 2013, respectively, as these derivatives are not subject to master

31

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

netting arrangements. In addition, repurchase agreements are presented within other liabilities in the consolidated balance sheets.

5. 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, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Fixed maturities(1)	$	50,978,577	$	50,978,577	$	49,729,105	$	49,729,105
Trading securities		530,418		530,418		541,228		541,228
Commercial mortgage loans		5,998,253		6,289,683		6,080,080		6,302,268
Policy loans (1)		4,477,083		4,477,083		4,477,040		4,477,040
Derivative instruments		1,428,084		1,428,084		1,267,974		1,267,974
Limited partnerships		1,176,633		1,176,633		1,310,369		1,310,369
Cash and cash equivalents		1,399,091		1,399,091		986,383		986,383
GMIB reinsurance recoverable		338,694		338,694		136,147		136,147
Embedded derivative assets		—		—		939,224		939,224
Separate account assets		127,459,274		127,459,274		108,787,279		108,787,279

Liabilities
Other contract holder funds and reserves for future policy
benefits and claims payable
Annuity reserves (2)	$	39,788,696	$	43,818,946	$	38,809,845	$	40,927,655
Reserves for guaranteed investment contracts		1,878,038		1,890,937		1,840,191		1,840,641
Trust instruments supported by funding agreements		1,315,639		1,335,450		803,688		821,224
Federal Home Loan Bank funding agreements		1,873,843		1,839,594		1,773,829		1,773,014
Funds held under reinsurance treaties		3,431,854		3,431,854		3,396,987		3,396,987
Debt		328,737		394,309		284,489		346,601
Securities lending payable		196,633		196,633		95,754		95,754
Derivative instruments		391,805		391,805		852,953		852,953
Repurchase agreements		289,625		289,625		415,271		415,271
Federal Home Loan Bank advances		200,015		200,015		200,011		200,011
Separate account liabilities		127,459,274		127,459,274		108,787,279		108,787,279

(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 other contract holder funds and reserves for future policy benefits and claims payable 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-

32

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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.

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, 2014 and 2013, 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

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.

33

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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.

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, 2014 or 2013.

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.

Other Contract Holder Funds

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.

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

Fair values for the Company’s surplus notes and other long-term debt are generally determined by prices obtained from independent broker dealers or discounted cash flow models. Such prices are derived from market observable

34

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

inputs and are classified as Level 2. Values for mortgage loans issued by consolidated VIEs are based on the VIEs’ values, which may include unobservable inputs and are classified as Level 3 and are also included in debt.

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 and is classified as Level 2.

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 and are classified as Level 2.

Federal Home Loan Bank Advances

Carrying value of the Company’s Federal Home Loan Bank advances, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2.

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 reinsurance recoverable on 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 certain 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. Best estimate assumptions plus risk margins are used as applicable.

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 a 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, where such long-term historical volatility levels contain an explicit risk margin. 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

35

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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 ultimate settlement amount of the asset or 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 tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in thousands):

	December 31, 2014
	Total		Level 1		Level 2		Level 3
Assets
Fixed maturities
U.S. government securities	$	5,134,720	$	5,134,720	$	—	$	—
Other government securities		1,057,114		—		1,057,114		—
Public Utilities		4,636,611		—		4,636,611		—
Corporate securities		33,169,215		—		33,168,934		281
Residential mortgage-backed		2,432,286		—		2,432,275		11
Commercial mortgage-backed		3,606,939		—		3,597,553		9,386
Other asset-backed securities		941,692		—		930,202		11,490
Trading securities		530,418		493,692		—		36,726
Policy loans		3,156,550		—		—		3,156,550
Derivative instruments		1,428,084		—		1,428,084		—
Limited partnerships		1,176,633		—		—		1,176,633
GMIB reinsurance recoverable		338,694		—		—		338,694
Separate account assets		127,459,274		127,459,274		—		—
Total	$	185,068,230	$	133,087,686	$	47,250,773	$	4,729,771

Liabilities
Embedded derivative liabilities (1)	$	3,090,287	$	—	$	1,346,047	$	1,744,240
Funds held under reinsurance treaties		3,431,854		—		—		3,431,854
Derivative instruments		391,805		—		391,805		—
Separate account liabilities (2)		127,459,274		127,459,274		—		—
Total	$	134,373,220	$	127,459,274	$	1,737,852	$	5,176,094

(1) Includes the embedded derivative liabilities related to GMWB reserves and fixed index annuities.

(2) The value of the separate account liabilities is set equal to the value of the separate account assets.

36

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

	December 31, 2014
	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 (2)	$	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 (3)		108,787,279		108,787,279		—		—
Total	$	114,320,372	$	108,787,279	$	2,136,106	$	3,396,987

(1) Includes the embedded derivatives related to GMWB reserves.

(2) Includes the embedded derivative liabilities related to fixed index annuities.

(3) The value of the separate account liabilities is set equal to the value of the separate account assets.

37

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014
Assets	Total		Internal		External
Fixed Maturities
Corporate securities	$	281	$	281	$	—
Residential mortgage-backed		11		11		—
Commercial mortgage-backed		9,386		9,386		—
Other asset-backed securities		11,490		11,490		—
Trading securities		36,726		249		36,477
Policy loans		3,156,550		3,156,550		—
Limited partnerships		1,176,633		—		1,176,633
GMIB reinsurance recoverable		338,694		338,694		—
Total	$	4,729,771	$	3,516,661	$	1,213,110

Liabilities
Embedded derivative liabilities (1)	$	1,744,240	$	1,744,240	$	—
Funds held under reinsurance treaties		3,431,854		3,431,854		—
Total	$	5,176,094	$	5,176,094	$	—

	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	$	—

(1) Includes the embedded derivatives related to GMWB reserves.

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.

38

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014
						Impact of Increase
					Range in bps	in Input on Fair
	Fair Value		Valuation Technique(s)	Unobservable Input(s)	(Weighted Average)	Value
Assets
Fixed maturities
Commercial mortgage-backed	$	9,386	Discounted cash flow	Discount rate	0-275 (138)	Decrease
Other asset-backed securities		11,490	Discounted cash flow	Discount rate	262-486 (414)	Decrease
Policy loans		3,156,550	Outstanding balance	N/A	N/A	N/A
GMIB reinsurance recoverable		338,694	Discounted cash flow	See below	See below	See below
Total	$	3,516,120
Liabilities
Embedded derivative liabilities	$	1,744,240	Discounted cash flow	See below	See below	See below
Funds held under reinsurance treaties		3,431,854	Carrying value of asset	N/A	N/A	N/A
Total	$	5,176,094

	As of December 31, 2013
						Impact of Increase
					Range in bps	in Input on Fair
	Fair Value		Valuation Technique(s)	Unobservable Input(s)	(Weighted Average)	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	See below	See below	See below
Embedded derivative assets		939,224	Discounted cash flow	See below	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

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.

Commercial mortgage-backed securities and 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.

As of December 31, 2014, corporate securities of $281 thousand, residential mortgage-backed securities of $11thousand, 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. As of December 31, 2013, 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.

39

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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 concerning policyholder behavior and long-term market volatility. The more significant policyholder behavior 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 reinsurance recoverable; an increase (decrease) in allocation to equity funds 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; an increase (decrease) in assumed mortality would decrease (increase) the fair value of the reinsurance recoverable; and an increase (decrease) in long-term market volatility would increase (decrease) 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 and long-term market volatility. 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; an increase (decrease) in assumed mortality would decrease (increase) the fair value of the liabilities; and an increase (decrease) in long-term market volatility would increase (decrease) the fair value of the liabilities.

40

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The tables below provide rollforwards for 2014 and 2013 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 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)	2014			Income			Income		Settlements			Level 3			2014
Assets
Fixed maturities
Corporate securities	$	19,013		$	822		$	1,642	$	(21,196	)	$	—		$	281
Residential mortgage-backed		14			17			—		(20	)		—			11
Commercial mortgage-backed		458			(2,175	)		1,882		(526	)		9,747			9,386
Other asset-backed securities		9,549			272			100		4,055			(2,486	)		11,490
Trading securities		70,476			(4,151	)		—		(29,599	)		—			36,726
Policy loans		3,131,161			2,251			—		23,138			—			3,156,550
Limited partnerships		1,310,369			(125,719	)		—		(8,017	)		—			1,176,633
GMIB reinsurance recoverable		136,147			202,547			—		—			—			338,694

Liabilities
Embedded derivative liabilities	$	939,224		$	(2,683,464	)	$	—	$	—		$	—	$	(1,744,240	)
Funds held under reinsurance treaties		(3,396,987	)		(15,879	)		—		(18,988	)		—		(3,431,854	)

				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	)

41

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The components of the amounts included in purchases, sales, issuances and settlements for years ended December 31, 2014 and 2013 shown above are as follows (in thousands):

	December 31, 2014
	Purchases		Sales			Issuances		Settlements			Total
Assets
Fixed maturities
Corporate securities	$	42	$	(21,238	)	$	—	$	—		$	(21,196	)
Residential mortgage-backed		—		(20	)		—		—			(20	)
Commercial mortgage-backed		—		(526	)		—		—			(526	)
Other asset-backed securities		5,000		(945	)		—		—			4,055
Trading securities		1,009		(30,608	)		—		—			(29,599	)
Policy loans		—		—			312,213		(289,075	)		23,138
Limited partnerships		166,539		(174,556	)		—		—			(8,017	)
Total	$	172,590	$	(227,893	)	$	312,213	$	(289,075	)	$	(32,165	)

Liabilities

Funds held under reinsurance treaties $ — $ — $ (478,489 ) $ 459,501 $ (18,988 )

	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	)

As a result of the Company being able to obtain pricing from an independent pricing service utilizing significant observable inputs, securities with a fair value of $2.5 million and $34.4 million were transferred from Level 3 to Level 2 during 2014 and 2013, respectively. During 2014 and 2013, the Company transferred securities with a fair value of $9.7 million and $31.7 million, respectively, 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 2014 or 2013.

42

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014 and 2013 was as follows (in thousands):

	2014			2013
Assets
Fixed maturities
Corporate securities	$	—		$	(1,013	)
Residential mortgage-backed		17			12
Commercial mortgage-backed		(292	)		—
Other asset-backed securities		100			3,394
Trading securities		(4,136	)		2,237
Limited partnerships		(125,309	)		253,187
GMIB reinsurance recoverable		202,547			(280,381	)

Liabilities
Embedded derivative liabilities	$	(2,683,464	)	$	2,160,217
Funds held under reinsurance treaties		(13,959	)		10,915

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, 2014				December 31, 2013
	Fair Value
	Hierarchy
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Commercial mortgage loans	Level 3	$	5,998,253	$	6,289,683	$	6,080,080	$	6,302,268
Policy loans	Level 3		1,320,533		1,320,533		1,345,879		1,345,879

Liabilities
Other contract holder funds
Annuity reserves (1)	Level 3	$	36,698,409	$	40,728,659	$	37,526,692	$	39,644,502
Reserves for guaranteed investment contracts	Level 3		1,878,038		1,890,937		1,840,191		1,840,641
Trust instruments supported by funding agreements	Level 3		1,315,639		1,335,450		803,688		821,224
Federal Home Loan Bank funding agreements	Level 3		1,873,843		1,839,594		1,773,829		1,773,014
Debt - mortgage loans (2)	Level 3		29,309		29,309		30,088		30,088
Debt - all other	Level 2		299,428		365,000		254,401		316,513
Securities lending payable	Level 2		196,633		196,633		95,754		95,754
Repurchase agreements	Level 2		289,625		289,625		415,271		415,271
Federal Home Loan Bank advances	Level 2		200,015		200,015		200,011		200,011

(1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments.

(2) Represents mortgage loans associated with certain consolidated VIEs.

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 statements. 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.

43

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

6. 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):

	2014			2013			2012
Balance, beginning of year	$	6,212,220		$	4,822,587		$	4,395,174
Deferrals of acquisition costs		1,093,265			1,077,016			1,105,124
Amortization related to:
Operations		(708,735	)		(544,047	)		(443,296	)
Derivatives		1,012,613			217,606			147,992
Net realized gains		(19,141	)		(14,905	)		(3,594	)
Total amortization		284,737			(341,346	)		(298,898	)
Unrealized investment (gains) losses		(134,886	)		653,963			(378,813	)
Balance, end of year	$	7,455,336		$	6,212,220		$	4,822,587

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):

		2014			2013			2012
Balance, beginning of year	$	784,285		$	560,141		$	602,486
Deferrals of sales inducements		30,238			55,735			171,393
Amortization related to:
Operations		(122,943	)		(135,270	)		(131,317	)
Derivatives		105,082			194,553			(12,796	)
Net realized gains		(3,312	)		(2,555	)		(665	)
Total amortization		(21,173	)		56,728			(144,778	)
Unrealized investment (gains) losses		(25,078	)		111,681			(68,960	)
Balance, end of year	$	768,272		$	784,285		$	560,141

44

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

7. 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 regularly monitors the financial strength rating of reinsurers.

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 net investment losses.

As a pre-closing condition to the acquisition, 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, subject to pre-existing reinsurance with other parties, 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 policy loans and fixed maturities, as collateral. This collateral is reported as a liability as funds held under reinsurance treaties on the consolidated balance sheets. At both December 31, 2014 and 2013, this funds held liability was $3.4 billion.

The effect of reinsurance on premium was as follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Direct premium:
Life	$	642,010		$	668,878		$	411,112
Accident and health		65,024			70,214			28,989
Plus reinsurance assumed:
Life		67,558			66,242			28,233
Accident and health		11,893			13,602			4,765
Less reinsurance ceded:
Life		(427,173	)		(429,499	)		(243,470	)
Annuity guaranteed benefits		(18,054	)		(18,850	)		(19,605	)
Accident and health		(76,917	)		(83,816	)		(33,754	)
Total premium	$	264,341		$	286,771		$	176,270

45

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The effect of reinsurance on benefits was as follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Direct benefits:
Life	$	1,407,976		$	1,331,828		$	939,727
Accident and health		108,323			142,827			55,005
Annuity guaranteed benefits		60,121			69,403			86,651
Plus reinsurance assumed:
Life		244,807			384,181			118,284
Accident and health		32,694			32,723			11,941
Less reinsurance ceded:
Life		(599,852	)		(577,884	)		(292,834	)
Accident and health		(141,017	)		(175,550	)		(66,946	)
Deferral of contract enhancements		(16,258	)		(41,396	)		(157,931	)
Change in reserves, net of reinsurance		86,886			(139,740	)		(79,683	)
Total benefits	$	1,183,680		$	1,026,392		$	614,214

Components of the Company’s reinsurance recoverable as of December 31 were as follows (in thousands):

	December 31,
	2014		2013
Reserves:
Life	$	7,134,878	$	7,197,629
Accident and health		623,795		658,165
Guaranteed minimum income benefits		338,694		136,147
Other annuity benefits		240,385		252,601
Claims liability		977,022		1,032,977
Other		8,385		7,585
Total	$	9,323,159	$	9,285,104

Included in the reinsurance recoverable were reserves ceded to Brooke Life of $39.3 million and $42.1 million at December 31, 2014 and 2013, respectively. The largest amount ceded to any reinsurer at December 31, 2014 totaled $6.3 billion, which was primarily related to the retro treaties, which are fully collateralized.

The following table sets forth the Company’s net life insurance in-force (in millions):

	December 31,
	2014			2013
Direct life insurance in-force	$	249,709		$	266,587
Amounts assumed from other companies		23,592			24,733
Amounts ceded to other companies		(150,422	)		(160,270	)
Net life insurance in-force	$	122,879		$	131,050

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. There were no similar transactions in 2014.

46

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

8. 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):

	2014		2013
Traditional life	$	6,610,023	$	6,877,626
Guaranteed benefits		3,526,259		1,496,350
Claims payable		867,401		907,389
Accident and health		1,436,681		1,505,714
Other		1,134,105		1,187,884
Total	$	13,574,469	$	11,974,963

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 guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 9.

The following table sets forth the Company’s liabilities for other contract holder funds balances as of December 31 (in thousands):

	2014		2013
Interest-sensitive life	$	13,369,749	$	13,523,818
Variable annuity fixed option		6,808,521		6,950,944
Fixed annuity		19,843,325		20,260,118
Fixed index annuity		12,596,205		12,731,932
GICs, funding agreements and FHLB advances		5,067,519		4,417,707
Total	$	57,685,319	$	57,884,519

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, 2014, 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 2.47% average guaranteed rate.

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 statements.

47

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

At both December 31, 2014 and 2013, 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):

	2014
Minimum	Account Value
Guaranteed Interest Rate	Fixed		Fixed Index		Variable		Total
1.0%	$	2,071.1	$	1,477.2	$	2,571.4	$	6,119.7
>1.0% - 2.0%		1,903.4		7,463.8		2,906.6		12,273.8
>2.0% - 3.0%		9,294.1		3,655.2		1,330.5		14,279.8
>3.0% - 4.0%		1,932.2		—		—		1,932.2
>4.0% - 5.0%		2,442.8		—		—		2,442.8
>5.0% - 5.5%		321.9		—		—		321.9
Total	$	17,965.5	$	12,596.2	$	6,808.5	$	37,370.2

	2013
Minimum	Account Value
Guaranteed Interest 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%		9,390.1		3,700.6		1,352.6		14,443.3
>3.0% - 4.0%		2,010.6		—		—		2,010.6
>4.0% - 5.0%		2,481.6		—		—		2,481.6
>5.0% - 5.5%		327.1		—		—		327.1
Total	$	18,355.7	$	12,731.9	$	6,950.9	$	38,038.5

At December 31, 2014 and 2013, approximately 81% and 82%, 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, excluding the business that is subject to the previously mentioned retro treaties, at December 31 (in millions):

Minimum	Account Value - Interest Sensitive Life
Guaranteed Interest Rate	2014		2013
>2.0% - 3.0%	$	303.6	$	301.0
>3.0% - 4.0%		3,532.7		3,613.5
>4.0% - 5.0%		3,074.1		3,160.0
>5.0% - 6.0%		2,360.2		2,412.6
Subtotal		9,270.6		9,487.1
Retro treaties		4,099.1		4,036.7
Total	$	13,369.7	$	13,523.8

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 nil and $0.2 billion at December 31, 2014 and 2013, respectively.

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

48

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

of funding agreements. The carrying values at December 31, 2014 and 2013 totaled $1.3 billion and $0.6 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 net 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, 2014 and 2013, the Company held $108.1 million and $115.1 million, respectively, of FHLBI capital stock, supporting $2.1 billion and $2.0 billion in funding agreements, short-term and long-term borrowing capacity in 2014 and 2013, respectively.

9. 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 account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account 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), at 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 statements with the exception of changes in embedded derivatives, which are included in other net 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, 2014 and 2013

At December 31, 2014 and 2013, 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, 2014	Minimum			Account		Net Amount		Average	Expected
	Return			Value		at Risk		Attained Age	Annuitization
Return of net deposits plus a minimum return
GMDB		0-6%		$	100,332.3	$	2,282.0	65.0 years
GMWB - Premium only		0%			3,354.6		50.0
GMWB		0-5%	*		411.7		26.1
GMAB - Premium only		0%			82.2		0.1
Highest specified anniversary account value minus
withdrawals post-anniversary
GMDB					10,261.6		301.4	65.0 years
GMWB - Highest anniversary only					3,322.4		133.2
GMWB					1,293.7		90.9
Combination net deposits plus minimum return, highest
specified anniversary account value minus
withdrawals post-anniversary
GMDB		0-6%			6,202.9		471.4	67.5 years
GMIB		0-6%			2,486.9		561.6		1.4 years
GMWB		0-8%	*		89,383.7		3,169.6

									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%	*		478.5		29.7
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					1,449.3		104.0
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%	*		76,340.6		1,801.2

* 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, 2014 and 2013

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:	2014		2013
Equity	$	78,075.2	$	67,128.6
Bond		17,369.3		16,633.6
Balanced		20,117.6		17,884.1
Money market		1,052.1		1,164.1
Total	$	116,614.2	$	102,810.4

GMDB liabilities reflected in the general account were as follows (in millions):

	2014			2013
Balance at January 1	$	579.1		$	480.1
Incurred guaranteed benefits		266.9			167.5
Paid guaranteed benefits		(59.3	)		(68.5	)
Balance at December 31	$	786.7		$	579.1

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, 2014 and 2013 (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% after investment management fees, but before investment advisory fees and mortality and expense charges.

3)   Mortality equal to 61% 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 9.0% thereafter in 2014 and 2013.

5)   Discount rates: 7.4% on 2014 and 2013 issues, 8.4% on 2012 and prior issues.

Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, as previously defined, 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 5. The fair valued GMWB had a reserve liability of $1,744.4 million at December 31, 2014, and was reported in reserves for future policy benefits and claims payable. The fair valued GMWB had an asset value of $938.7 million at December 31, 2013 and was reported in other assets.

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, 2014 and 2013, these GMWB reserves totaled $53.0 million and $9.7 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, 2014 and 2013

GMAB benefits were offered on some variable annuity plans. However, the Company no longer offers these benefits. The GMAB had an asset value of $0.2 million and $0.5 million at December 31, 2014 and 2013, 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, 2014 and 2013 are consistent with those used for calculating the GMDB liability. At December 31, 2014 and 2013, GMIB reserves before reinsurance totaled $29.4 million and $20.7 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, 2014					December 31, 2013
					Weighted					Weighted
			Net Amount		Average			Net Amount		Average
	Liability		at Risk		Attained	Liability		at Risk		Attained
Benefit Type	(in millions)		(in millions)		Age	(in millions)		(in millions)		Age
UL insurance benefit *	$	809.8	$	28,103.8	59.5 years	$	793.3	$	29,865.8	58.8 years
Two-tier annuitization		2.5		22.4	66.2 years		2.9		23.6	65.5 years
ISWL account balance
adjustment		100.4		n/a	n/a		90.8		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, 2014 and 2013:

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 credited interest rates, approximately 4.0% to 5.5%.

The following assumptions and methodology were used to determine the two-tier annuitization benefit liability at December 31, 2014 and 2013:

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 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, 2014 and 2013

10. Debt

The aggregate carrying value of borrowings was as follows (in thousands):

	2014		2013
Surplus notes	$	249,428	$	249,401
Mortgage loans		29,309		30,088
FHLBI mortgage loan		—		5,000
FHLBI bank loan		50,000		—
Total	$	328,737	$	284,489
Due in less than 1 year	$	15,492
Due in more than 1 to 5 years		13,817
Due after 5 years		299,428
Total	$	328,737

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 2014, 2013, and 2012.

Mortgage loans

At December 31, 2014 and 2013, 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, $1.3 million, and $1.4 million in 2014, 2013, and 2012, respectively.

Federal Home Loan Bank Loan

In 2014, the Company received a loan from the FHLBI under its community investment program, which is due January 31, 2034. The loan accrues interest at 0.14% and the outstanding balance was $50.0 million at December 31, 2014. During 2014, interest expense totaled $71 thousand. At December 31, 2014, the loan was collateralized by mortgage-related securities and commercial mortgage loans with a carrying value of $67.4 million.

11. 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, 2014 and 2013 and were recorded in other liabilities. The Company paid interest of $23 thousand, $0.1 million and $0.3 million on such advances in 2014, 2013 and 2012, respectively. At December 31, 2014, advances were collateralized by mortgage-related securities and commercial mortgage loans with a value of $270.7 million.

53

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

12. Income Taxes

The components of the provision for federal, state and local income taxes were as follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Current tax expense (benefit)	$	405,567		$	(110,081	)	$	302,110
Deferred tax (benefit) expense		(415,974	)		277,078			53,323
Federal income tax (benefit) expense	$	(10,407	)	$	166,997		$	355,433

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 2014, 2013 and 2012 as follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Income taxes at statutory rate	$	117,283		$	324,491		$	452,615
Dividends received deduction		(125,394	)		(136,844	)		(107,412	)
Other		(2,296	)		(20,650	)		10,230
Federal income tax (benefit) expense	$	(10,407	)	$	166,997		$	355,433
Effective tax rate		-3.1%			18.0%			27.5%

Federal income taxes paid (refunded) were $ 256.8 million, $(241.9) million, and $241.2 million in 2014, 2013, and 2012, respectively.

The tax effects of significant temporary differences that gave rise to deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2014		2013
Gross deferred tax asset
Difference between financial reporting and the tax basis of:
Policy reserves and other insurance items	$	3,616,046	$	2,807,663
Other-than-temporary impairments and other investment items		70,069		107,736
Deferred compensation		73,761		62,302
Net operating loss carryforward		86,270		89,696
Other, net		63,740		28,847
Total gross deferred tax asset		3,909,886		3,096,244

Gross deferred tax liability
Difference between financial reporting and the tax basis of:
Deferred acquisition costs and sales inducements		(2,460,711	)		(2,034,230	)
Net unrealized gains on available for sale securities		(1,417,521	)		(925,387	)
Other, net		(17,698	)		(26,234	)
Total gross deferred tax liability		(3,895,930	)		(2,985,851	)
Net deferred tax asset	$	13,956		$	110,393

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 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

54

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014, it is more likely than not that the deferred tax assets, will be realized. At December 31, 2014 and 2013, the Company did not have a valuation allowance.

At December 31, 2014, the Company had a federal tax ordinary loss carryforward of $246.5 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 noncontroversial first 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 controversial second 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, for the years under examination, 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 $160.4 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 March 2014, the IRS fully conceded the debt/equity issue for years under examination in favor of the Company.

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.

The Company has not recorded any amounts for penalties related to unrecognized tax benefits during 2014, 2013, or 2012.

Based on information available as of December 31, 2014, 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.

55

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

13. 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 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, 2014 and 2013, Jackson recorded accruals totaling $8.5 million and $18.4 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 $5.4 million and $21.7 million at the end of 2014 and 2013, respectively. Related premium tax offsets were $3.0 million and $9.1 million at December 31, 2014 and 2013, 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.

In the first quarter of 2014, Jackson commenced a review of its wholly owned subsidiaries (Curian Capital, LLC and Curian Clearing, LLC). During its review, Jackson discovered that Curian Capital’s receipt of certain fees may have been inconsistent with applicable regulations. Jackson promptly reported these issues to regulatory authorities and retained independent outside legal counsel to conduct a thorough investigation. As of December 31, 2014, Curian Capital has recorded expenses of $61.5 million related to actual expenses incurred/customer payments and a provision for currently estimable outstanding exposures related to these issues. The reserve represents Jackson’s best estimate of the outstanding exposure as of December 31, 2014. Continuing work and regulatory discussions may result in future expenses. These expenses are not estimable at this time. Based on current information, however, management believes that any additional exposure is unlikely to be material to Jackson.

At December 31, 2014, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $516.5 million. At December 31, 2014, unfunded commitments related to fixed-rate commercial mortgage loans and other fixed maturities totaled $114.2 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 active and recently terminated policies compared to vendors’ databases of known deaths. At December 31, 2014 and 2013, Jackson accrued $20.0 million and $21.1 million, respectively, for estimated remaining exposure relating to these inquiries.

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 terms and expire in 2019 and 2020.

56

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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, 2014, Jackson recorded a liability of $8.8 million for future lease payments. Lease expense was $29.8 million, $30.7 million, and $28.1 million in 2014, 2013, and 2012, respectively. At December 31, 2014, future minimum payments under these noncancellable operating leases were as follows (in thousands):

2015	$	20,386
2016		18,110
2017		11,732
2018		10,048
2019		9,400
Thereafter		24,347
Total	$	94,023

14. 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, 2014 and 2013, the Company had $14.1 million and $18.4 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 period. In 2013, this plan was replaced by the Prudential Long-Term Incentive Plan (“PLTIP”) as further described below.

57

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The PLTIP is a Prudential incentive plan 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, 2014 and 2013, the Company had $54.2 million and $31.3 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, 2014 and 2013, the Company had $27.1 million and $22.8 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,
	2014		2013		2012
Group Performance Share Plan	$	3.9	$	4.9	$	8.0
Business Unit Performance Plan		3.4		5.0		7.2
Retention Share Plan		2.9		3.2		2.0
Jackson performance plan		5.6		16.8		15.8
Prudential LTIP plan		30.6		10.0		—
Total compensation expense related to
incentive plans	$	46.4	$	39.9	$	33.0
Income tax benefit	$	16.2	$	14.0	$	11.5

The total unrecognized compensation expense related to all share-based plans at December 31, 2014 was $64.4 million with a weighted average remaining period of 2.26 years.

During 2014, 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, 2014 and 2013

The weighted average share/ADR fair values of share-based awards granted by plan during 2014, 2013 and 2012 were as follows:

	2014		2013		2012
Weighted Average Fair Value:
Group Performance Share Plan	$	—	$	—	$	12.11
Business Unit Performance Plan	$	—	$	—	$	20.89
Jackson performance plan	$	—	$	—	$	24.24
Prudential LTIP plan	$	42.89	$	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 in determining the GPSP fair value:

	2012
Dividend yield		3.63%
Expected volatility		32.80%
Risk-free interest rate		0.30%
Expected life	3 years
Weighted average share price	$	12.11

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, 2014 and 2013, there were no outstanding non-vested Prudential shares granted.

59

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

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

	GPSP				BUPP				Performance Award Plan				Prudential LTIP plan
			Weighted				Weighted				Weighted				Weighted
			Average				Average				Average Grant				Average
			Grant Date				Grant Date				Date Fair				Grant Date
	ADR's		Fair Value		ADR's		Fair Value		ADR's		Value		ADR's		Fair Value
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
Granted		—		—		—		—		—		—		1,115,709		42.89
Exercised		98,824		12.84		99,824		21.89		217,638		15.97		—		—
Lapsed/Forfeited		—		—		—		—		16,844		23.75		117,301		35.57
At December 31, 2014		99,628	$	12.11		98,628	$	20.89		242,542	$	23.76		2,374,631	$	37.26

At December 31, 2014, there were 94,971 non-vested Prudential ADR grants related to the one-off retention award plan, with a weighted average grant date price of $19.09.

15. 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, 2014, the adjusted earned surplus of the Company was $934.6 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 2015, is estimated to be $857.9 million, subject to the availability of adjusted earned surplus as of the dividend date.

The Company received capital contributions from its parent of $14.1 million, $35.1 million, and $36.0 million in 2014, 2013, and 2012, respectively, from Brooke Life’s forgiveness of intercompany tax liabilities. Dividend payments from the Company to its parent were $697.0 million, $507.0 million, and $400.0 million in 2014, 2013, and 2012, respectively.

Statutory capital and surplus of the Company, as reported in its Annual Statement, was $4.5 billion and $4.4 billion at December 31, 2014 and 2013, respectively. Statutory net income of the Company, as reported in its Annual Statement, was $878.3 million, $741.3 million, and $847.2 million in 2014, 2013, and 2012, 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, 2015. At December 31, 2014 and 2013,

60

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

the effect of the permitted practice (decreased) increased statutory surplus by $(555.1) million and $1.2 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 $376.6 million and $425.8 million of statutory basis VOBA at December 31, 2014 and 2013, respectively, which is fully admissible.

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, 2014, 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 2014 and 2013, there were no significant exceptions with any ratios.

16. 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 $45.0 million, $45.7 million, and $38.7 million to PPM for investment advisory services during 2014, 2013, and 2012, 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 2014, 2013, and 2012 totaled $106.4 million, $102.1 million, and $99.6 million, respectively.

Jackson has entered into shared services administrative agreements with both NPH and PPMA. Under the shared services administrative agreements, Jackson charged $9.8 million, $7.1 million, and $7.3 million of certain management and corporate services costs to these affiliates in 2014, 2013, and 2012, 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. The outstanding balance at December 31, 2014 and 2013 was nil and $9.5 million, respectively. The highest outstanding loan balance during 2014 and 2013 was $16.8 million and $26.0 million, respectively. During 2014, 2013, and 2012, interest and commitment fees totaled $0.1 million, $0.2 million, and $0.2 million, 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 were no advances on the loan in 2014 or 2013. Interest and commitment fees totaled $0.1 million each year for 2014, 2013, and 2012.

Jackson provides a $20.0 million revolving credit facility to Brooke Holdings, LLC, an upstream holding company. The loan is unsecured, matures in June 2019, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum. The outstanding balance at December 31, 2014 and 2013 was $0.1 million and nil, respectively. The highest outstanding loan balance during 2014 and 2013 was $0.1 million and nil, respectively. Interest and commitment fees totaled $0.1 million each year for 2014, 2013, and 2012.

Jackson provides, through its PGDS subsidiary, information technology services to certain Prudential affiliates. Jackson recognized $18.6 million, $20.2 million, and $21.6 million of revenue associated with these services during

61

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

2014, 2013, and 2012, respectively. This revenue is included in other income in the accompanying consolidated income statements. 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.

17. 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 $25.9 million, $25.4 million, and $20.9 million in 2014, 2013, and 2012, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for certain agents and employees of Jackson and certain affiliates. At December 31, 2014 and 2013, the liability for such plans totaled $496.9 million and $419.5 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 $30.2 million, $56.4 million, and $25.5 million in 2014, 2013, and 2012, respectively. Investment income from the mutual funds totaled $13.2 million, $40.7 million, and $18.9 million in 2014, 2013, and 2012, respectively.

18. 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,
	2014			2013			2012
Commission expenses	$	1,922,651		$	1,752,884		$	1,646,678
General and administrative expenses		786,676			804,851			709,690
Deferral of policy acquisition costs		(1,093,265	)		(1,077,016	)		(1,105,124	)
Total operating costs and other expenses	$	1,616,062		$	1,480,719		$	1,251,244

19. 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,
	2014			2013
Balance, beginning of year	$	526,947		$	2,107,631
OCI before reclassifications		991,987			(1,502,596	)
Amounts reclassified from AOCI		(42,737	)		(81,170	)
Less: Comprehensive loss attributable
to noncontrolling interest		2,368			3,082
Balance, end of year	$	1,478,565		$	526,947

62

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

The following table represents amounts reclassified out of AOCI (in thousands):

	Amounts Reclassified						Affected Line Item in the
AOCI Components	from AOCI						Consolidated Income Statement
December 31,
	2014			2013
Net unrealized investment loss:
Net realized loss on investments	$	(59,422	)	$	(123,157	)	Other net investment losses
Other-than-temporary impairments		(6,326	)		(1,721	)	Total other-than-temporary impairments
Net unrealized loss before income taxes		(65,748	)		(124,878	)
Income tax benefit		23,011			43,708
Reclassifications, net of income taxes	$	(42,737	)	$	(81,170	)

63

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, 2014

Statements of Operations for the period ended December 31, 2014

Statements of Changes in Net Assets for the periods ended December 31, 2014 and 2013

Notes to Financial Statements

Jackson National Life Insurance Company:

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2014 and 2013

Consolidated Income Statements for the years ended December 31, 2014, 2013, and 2012

Consolidated Statements of Stockholder's Equity and Comprehensive Income for the years ended

December 31, 2014, 2013, and 2012

Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013, and 2012

Notes to Consolidated Financial Statements

(b) Exhibits

ExhibitDescription

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. 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).

b. Specimen of Selling Agreement (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).

c. Specimen of Selling Agreement (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).

d. Specimen of Selling Agreement (V2565 06/14), incorporated herein by reference to Registrant's Post-Effective Amendment No. 13, filed on September 11, 2014 (File Nos. 333-183048 and 811-08664).

4.

a. Specimen of Individual Deferred Variable and Fixed Annuity Contract, incorporated herein by reference to the Registrant's Pre-Effective Amendment filed on December 20, 2011 (File Nos. 333-176619 and 811-08664).

b. Specimen of Individual Deferred Variable Annuity Contract, incorporated herein by reference to the Registrant's Registration Statement filed on September 1, 2011 (File Nos. 333-176619 and 811-08664).

c. 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).

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

e. 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).

f. 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).

g. 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).

h. Form of the Reduced Administration Charge Endorsement (7536 09/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 71, filed on September 24, 2009 (File Nos. 333-70472 and 811-08664).

i. Form of Individual Retirement Annuity Endorsement (ICC13 7715), incorporated herein by reference to Registrant's Registration Statement, filed on December 20, 2013 (File Nos. 333-192971 and 811-08664).

j. Form of Roth Individual Retirement Annuity Endorsement (ICC13 7716), incorporated herein by reference to Registrant's Registration Statement, filed on December 20, 2013 (File Nos. 333-192971 and 811-08664).

k. Form of Non-Qualified Stretch Annuity Endorsement (ICC14 7723), incorporated herein by reference to Registrant's Post-Effective Amendment No. 9, filed on September 11, 2014 (File Nos. 333-176619 and 811-08664).

l. Form of Individual Retirement Annuity Endorsement (ICC14 7715), incorporated herein by reference to Registrant's Post-Effective Amendment No. 16, filed on January 20, 2015 (File Nos. 333-183048 and 811-08664).

m. Form of Roth Individual Retirement Annuity Endorsement (ICC14 7716), incorporated herein by reference to Registrant's Post-Effective Amendment No. 16, filed on January 20, 2015 (File Nos. 333-183048 and 811-08664).

n. Form of Section 403(b) Tax Sheltered Annuity Endorsement (ICC14 7725), incorporated herein by reference to Registrant's Post-Effective Amendment No. 16, filed on January 20, 2015 (File Nos. 333-183048 and 811-08664).

5.

a. Form of Variable and Fixed Annuity Application (V650 03/12), incorporated herein by reference to the Registrant's Pre-Effective Amendment filed on December 20, 2011 (File Nos. 333-176619 and 811-08664).

b. Form of Variable and Fixed Annuity Application (V650 04/12), incorporated herein by reference to the Registrant's Post-Effective Amendment No 1, filed on April 25, 2012 (File Nos. 333-176619 and 811-08664).

c. Form of Variable and Fixed Annuity Application (V650 09/12), incorporated herein by reference to Registrant's Post-Effective Amendment No. 2, filed on August 27, 2012 (File Nos. 333-176619 and 811-08664).

d. Form of Variable and Fixed Annuity Application (V650 04/13),incorporated herein by reference to Registrant's Post-Effective Amendment No. 3, filed on April 24, 2013 (File Nos. 333-176619 and 811-08664).

e. Form of Variable and Fixed Annuity Application (V650 09/13), incorporated herein by reference to Registrant's Post-Effective Amendment No. 4, filed on September 12, 2013 (File Nos. 333-176619 and 811-08664).

f. Form of Variable and Fixed Annuity Application (V650 04/14), incorporated herein by reference to Registrant's Post-Effective Amendment No. 5, filed on January 15, 2014 (File Nos. 333-176619 and 811-08664).

g. Form of Variable and Fixed Annuity Application (V650 09/14), incorporated herein by reference to Registrant's Post-Effective Amendment No. 9, filed on September 11, 2014 (File Nos. 333-176619 and 811-08664).

h. Form of Variable and Fixed Annuity Application (V650 04/15), attached hereto.

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. Not Applicable.

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
Pamela L. Bottles	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
Gregory P. Cicotte	Executive Vice President, Head of U.S. Wealth Management and Distribution
7601 Technology Way
Denver, CO 80237
David A. Collins	Vice President & Deputy Chief Risk Officer
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
William Devanney	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
Julia A. Goatley	Senior Vice President, Chief Compliance & Governance Officer
1 Corporate Way	& Assistant Secretary
Lansing, MI 48951
Guillermo E. Guerra	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
Thomas A. Janda	Vice President
1 Corporate Way
Lansing, MI 48951
Scott Klus	Vice President
1 Corporate Way
Lansing, MI 48951
Toni L. 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
Stacey L. Schabel	Vice President
1 Corporate Way
Lansing, MI 48951
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 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. 19, filed on April 20, 2015 (File Nos. 333-183048 and 811-08664).

Item 27. Number of Contract Owners as of February 18, 2015

Elite Access Contracts:

Qualified – 53,002

Non-Qualified – 42,677

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
7601 Technology Way
Denver, CO  80237
Michael A. Costello	Manager
1 Corporate Way
Lansing, MI 48951
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
Tori Bullen	Senior Vice President
7601 Technology Way
Denver, CO 80237
Richard Catts	Vice President
7601 Technology Way
Denver, CO 80237
Maura Collins	Executive Vice President, Chief Financial Officer & FinOP
7601 Technology Way
Denver, CO 80237
Christopher Cord	Vice President
7601 Technology Way
Denver, CO 80237
Julia A. Goatley	Assistant Secretary
1 Corporate Way
Lansing, MI 48951
Mark Godfrey	Vice President
7601 Technology Way
Denver, CO 80237

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
Kelli Hill	Vice President
7601 Technology Way
Denver, CO 80237
Thomas Hurley	Senior Vice President
7601 Technology Way
Denver, CO 80237
Mark Jones	Vice President
7601 Technology Way
Denver, CO 80237
Doug Mantelli	Senior Vice President
7601 Technology Way
Denver, CO 80237
Jennifer Meyer	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
John Poulsen	Executive Vice President, Sales Strategy
1640 Powers Ferry Road
Bldg. 20
Marietta, GA 30067
Jeremy D. Rafferty	Vice President
7601 Technology Way
Denver, CO 80237
Alison Reed	Executive Vice President, Operations
7601 Technology Way
Denver, CO 80237
Kristan L. Richardson	Assistant Secretary
1 Corporate Way
Lansing, MI 48951

Scott Romine	President & Chief Executive Officer
7601 Technology Way
Denver, CO  80237
Kezia Samuel	Vice President
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
Marc Socol	Executive Vice President, National Sales Manager
7601 Technology Way
Denver, CO 80237
Melissa Sommer	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	Senior 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 20th day of April, 2015.

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 20, 2015
Michael A. Wells, President, Chief
Executive Officer, Director and Chairman
*	April 20, 2015
James R. Sopha, Chief Operating Officer
and Director
*	April 20, 2015
P. Chad Myers, Executive Vice President, Chief Financial Officer and Director
*	April 20, 2015
Michael A. Costello, Senior Vice President,
Treasurer and Controller

*	April 20, 2015
Leandra R. Knes, Director
*	April 20, 2015
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, 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 28^th day of October, 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

5h. Form of Variable and Fixed Annuity Application (V650 04/15).

9. Opinion and Consent of Counsel.

10. Consent of Independent Registered Public Accounting Firm.