December 31, 2004 •  Pacific Select Fund
•  Separate Account A of
   Pacific Life Insurance Company

Annual
Report

Pacific Select    

TABLE OF CONTENTS

PACIFIC SELECT FUND
Chairman’s Letter	A-1
Performance Discussion	A-2
Disclosure of Fund Expenses	B-1
Schedules of Investments and Notes	C-1
Financial Statements:
Statements of Assets and Liabilities	D-1
Statements of Operations	D-5
Statements of Changes in Net Assets	D-9
Financial Highlights	E-1
Notes to Financial Statements	F-1
Report of Independent Registered Public Accounting Firm	G-1
Trustees and Officers Information	H-1
Special Meetings of Shareholders	H-3
Where to Go for More Information	I-1
SEPARATE ACCOUNT A
Financial Statements:
Statements of Assets and Liabilities	J-1
Statements of Operations	J-6
Statements of Changes in Net Assets	J-11
Financial Highlights	K-1
Notes to Financial Statements	L-1
Report of Independent Registered Public Accounting Firm	M-1

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
(In thousands)

	Blue		Aggressive		Diversified		Short		I-Net		Financial		Health
	Chip		Growth		Research		Duration Bond		TollkeeperSM		Services		Sciences		Technology
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Blue Chip Portfolio		$1,687,726
Aggressive Growth Portfolio				$64,679
Diversified Research Portfolio						$442,336
Short Duration Bond Portfolio								$1,282,095
I-Net Tollkeeper PortfolioSM										$50,080
Financial Services Portfolio												$81,901
Health Sciences Portfolio														$104,231
Technology Portfolio																$79,170
Receivables:
Due from Pacific Life Insurance Company		1,389		—		138		1,967		15		17		—		—
Fund shares redeemed		—		1		—		—		—		—		9		39
Total Assets		1,689,115		64,680		442,474		1,284,062		50,095		81,918		104,240		79,209
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		1		—		—		—		—		9		39
Fund shares purchased		1,389		—		138		1,967		15		17		—		—
Other		110		4		31		63		4		6		6		6
Total Liabilities		1,499		5		169		2,030		19		23		15		45
NET ASSETS		$1,687,616		$64,675		$442,305		$1,282,032		$50,076		$81,895		$104,225		$79,164
NET ASSETS CONSIST OF:
Accumulation Units		$1,687,190		$64,672		$442,177		$1,281,613		$50,068		$81,889		$104,220		$79,151
Contracts in payout (annuitization) period		426		3		128		419		8		6		5		13
NET ASSETS		$1,687,616		$64,675		$442,305		$1,282,032		$50,076		$81,895		$104,225		$79,164
Shares Owned in each Portfolio		215,467		7,324		37,544		130,859		11,276		7,525		10,711		16,902
Cost of Investments		$1,578,250		$50,743		$371,088		$1,300,616		$33,842		$64,542		$85,588		$59,302

See Notes to Financial Statements

J-1

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2004
(In thousands)

	Focused		Growth		Mid-Cap		International		Capital		International		Equity		Small-Cap
	30		LT		Value		Value		Opportunities		Large-Cap		Index		Index
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Focused 30 Portfolio		$77,344
Growth LT Portfolio				$1,219,600
Mid-Cap Value Portfolio						$1,371,666
International Value Portfolio								$1,612,172
Capital Opportunities Portfolio										$324,609
International Large-Cap Portfolio												$1,547,363
Equity Index Portfolio														$782,746
Small-Cap Index Portfolio																$915,002
Receivables:
Due from Pacific Life Insurance Company		—		—		129		—		138		—		53		161
Fund shares redeemed		372		117		—		4,897		—		3,205		—		—
Other		—		—		—		21		—		—		—		—
Total Assets		77,716		1,219,717		1,371,795		1,617,090		324,747		1,550,568		782,799		915,163
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		372		117		—		4,897		—		3,205		—		—
Fund shares purchased		—		—		129		—		138		—		53		161
Other		5		73		85		—		17		73		52		69
Total Liabilities		377		190		214		4,897		155		3,278		105		230
NET ASSETS		$77,339		$1,219,527		$1,371,581		$1,612,193		$324,592		$1,547,290		$782,694		$914,933
NET ASSETS CONSIST OF:
Accumulation Units		$77,322		$1,218,923		$1,371,004		$1,611,501		$324,541		$1,546,844		$782,193		$914,615
Contracts in payout (annuitization) period		17		604		577		692		51		446		501		318
NET ASSETS		$77,339		$1,219,527		$1,371,581		$1,612,193		$324,592		$1,547,290		$782,694		$914,933
Shares Owned in each Portfolio		9,439		63,039		75,184		108,796		37,133		196,726		27,199		66,510
Cost of Investments		$59,349		$1,132,834		$959,966		$1,162,181		$278,601		$1,148,100		$657,964		$699,935

See Notes to Financial Statements

J-2

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2004
(In thousands)

	Multi-		Main		Emerging		Inflation		Managed		Small-Cap		Money		High Yield
	Strategy		Street® Core		Markets		Managed		Bond		Value		Market		Bond
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Multi-Strategy Portfolio		$368,950
Main Street® Core Portfolio				$1,027,490
Emerging Markets Portfolio						$549,959
Inflation Managed Portfolio								$1,991,235
Managed Bond Portfolio										$2,303,328
Small-Cap Value Portfolio												$525,296
Money Market Portfolio														$578,870
High Yield Bond Portfolio																$710,341
Receivables:
Due from Pacific Life Insurance Company		—		448		—		1,171		3,259		—		—		272
Fund shares redeemed		158		—		83		—		—		2,129		13,396		—
Other		—		—		248		—		—		—		—		8
Total Assets		369,108		1,027,938		550,290		1,992,406		2,306,587		527,425		592,266		710,621
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		158		—		83		—		—		2,129		13,396		—
Fund shares purchased		—		448		—		1,171		3,259		—		—		272
Other		22		67		—		137		165		25		159		—
Total Liabilities		180		515		83		1,308		3,424		2,154		13,555		272
NET ASSETS		$368,928		$1,027,423		$550,207		$1,991,098		$2,303,163		$525,271		$578,711		$710,349
NET ASSETS CONSIST OF:
Accumulation Units		$368,604		$1,026,591		$550,008		$1,989,785		$2,301,880		$525,114		$575,172		$709,995
Contracts in payout (annuitization) period		324		832		199		1,313		1,283		157		3,539		354
NET ASSETS		$368,928		$1,027,423		$550,207		$1,991,098		$2,303,163		$525,271		$578,711		$710,349
Shares Owned in each Portfolio		22,541		50,688		41,883		160,779		204,066		34,807		57,395		99,320
Cost of Investments		$328,975		$998,471		$335,694		$1,846,305		$2,225,651		$409,257		$578,006		$641,543

See Notes to Financial Statements

J-3

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2004
(In thousands)

	Equity				Aggressive		Large-Cap				Real		Mid-Cap		Prudential
	Income		Equity		Equity		Value		Comstock		Estate		Growth		Jennison
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Equity Income Portfolio		$200,476
Equity Portfolio				$224,920
Aggressive Equity Portfolio						$180,525
Large-Cap Value Portfolio								$2,399,137
Comstock Portfolio										$670,119
Real Estate Portfolio												$590,517
Mid-Cap Growth Portfolio														$191,069
Prudential Jennison Portfolio (II)																$546
Receivables:
Due from Pacific Life Insurance Company		—		—		—		1,963		499		40		279		—
Fund shares redeemed		78		91		61		—		—		—		—		—
Total Assets		200,554		225,011		180,586		2,401,100		670,618		590,557		191,348		546
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		78		91		61		—		—		—		—		—
Fund shares purchased		—		—		—		1,963		499		40		279		—
Other		12		15		4		138		37		35		12		—
Total Liabilities		90		106		65		2,101		536		75		291		—
NET ASSETS		$200,464		$224,905		$180,521		$2,398,999		$670,082		$590,482		$191,057		$546
NET ASSETS CONSIST OF:
Accumulation Units		$200,280		$224,728		$180,413		$2,398,111		$669,923		$590,203		$191,036		$546
Contracts in payout (annuitization) period		184		177		108		888		159		279		21		—
NET ASSETS		$200,464		$224,905		$180,521		$2,398,999		$670,082		$590,482		$191,057		$546
Shares Owned in each Portfolio		16,943		12,377		16,768		190,148		64,845		27,813		28,022		30
Cost of Investments		$157,915		$220,094		$129,774		$2,115,985		$537,984		$362,641		$146,289		$367

See Notes to Financial Statements

J-4

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2004
(In thousands)

											One Group		One Group		One Group		One Group
			SP William Blair		SP Prudential		One Group		One Group		Investment Trust		Investment Trust		Investment Trust		Investment Trust
			International		U.S. Emerging		Investment Trust		Investment Trust		Diversified		Large Cap		Mid Cap		Mid Cap
	Value		Growth		Growth		Bond		Equity Index		Equity		Growth		Value		Growth
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account (1)		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Value Portfolio (II)		$837
SP William Blair International Growth Portfolio (II) (1)				$715
SP Prudential U.S. Emerging Growth Portfolio (II)						$270
One Group Investment Trust Bond Portfolio								$32,175
One Group Investment Trust Equity Index Portfolio										$226
One Group Investment Trust Diversified Equity Portfolio												$70
One Group Investment Trust Large Cap Growth Portfolio														$29,389
One Group Investment Trust Mid Cap Value Portfolio																$12,650
One Group Investment Trust Mid Cap Growth Portfolio																		$86
Receivables:
Due from Pacific Life Insurance Company		—		—		—		276		—		—		285		114		—
Total Assets		837		715		270		32,451		226		70		29,674		12,764		86
LIABILITIES
Payables:
Fund shares purchased		—		—		—		276		—		—		285		114		—
Other		—		1		—		2		—		—		1		1		—
Total Liabilities		—		1		—		278		—		—		286		115		—
NET ASSETS		$837		$714		$270		$32,173		$226		$70		$29,388		$12,649		$86
NET ASSETS CONSIST OF:
Accumulation Units		$837		$714		$270		$32,173		$226		$70		$29,388		$12,649		$86
Contracts in payout (annuitization) period		—		—		—		—		—		—		—		—		—
NET ASSETS		$837		$714		$270		$32,173		$226		$70		$29,388		$12,649		$86
Shares Owned in each Portfolio		42		106		34		2,810		21		5		2,200		800		5
Cost of Investments		$622		$400		$208		$31,900		$209		$67		$27,624		$11,727		$82

(1)   Formerly named SP Jennison International Growth Variable Account and SP Jennison International Growth Portfolio.

See Notes to Financial Statements

J-5

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
(In thousands)

	Blue			Aggressive			Diversified			Short			I-Net			Financial			Health
	Chip			Growth			Research			Duration Bond			Tollkeeper			Services			Sciences			Technology
	Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable
	Account			Account			Account			Account			Account			Account			Account			Account
INVESTMENT INCOME
Dividends		$10,160			$—			$2,465			$27,214			$—			$693			$—			$—
Total Investment Income		10,160			—			2,465			27,214			—			693			—			—
EXPENSES
Mortality and expense risk fees and administrative fees		19,614			889			5,498			15,819			724			1,258			1,606			1,234
Charges for Stepped-Up death benefit rider		472			25			148			342			15			32			41			32
Charges for Premier death benefit rider		320			25			133			236			20			37			43			32
Total Expenses		20,406			939			5,779			16,397			759			1,327			1,690			1,298
Net Investment Income (Loss)		(10,246	)		(939	)		(3,314	)		10,817			(759	)		(634	)		(1,690	)		(1,298	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions		(7,029	)		(212	)		(1,182	)		(1,751	)		361			315			(844	)		(1,441	)
Change in net unrealized appreciation (depreciation) on investments		75,573			6,614			41,682			(14,056	)		4,700			5,688			7,267			3,059
Net Gain (Loss) on Investments		68,544			6,402			40,500			(15,807	)		5,061			6,003			6,423			1,618
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$58,298			$5,463			$37,186			($4,990	)		$4,302			$5,369			$4,733			$320

See Notes to Financial Statements

J-6

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2004
(In thousands)

	Focused			Growth			Mid-Cap			International			Capital			International			Equity			Small-Cap
	30			LT			Value			Value			Opportunities			Large-Cap			Index			Index
	Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable
	Account			Account			Account			Account			Account			Account			Account			Account
INVESTMENT INCOME
Dividends		$36			$—			$4,479			$23,139			$2,177			$13,665			$12,831			$5,152
Total Investment Income		36			—			4,479			23,139			2,177			13,665			12,831			5,152
EXPENSES
Mortality and expense risk fees and administrative fees		958			15,929			16,371			19,390			3,919			17,647			10,846			10,201
Charges for Stepped-Up death benefit rider		25			364			387			419			99			414			210			243
Charges for Premier death benefit rider		21			314			350			321			68			296			223			223
Total Expenses		1,004			16,607			17,108			20,130			4,086			18,357			11,279			10,667
Net Investment Income (Loss)		(968	)		(16,607	)		(12,629	)		3,009			(1,909	)		(4,692	)		1,552			(5,515	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss from security transactions		(84	)		(106,148	)		(3,569	)		(6,787	)		(7,979	)		(2,170	)		(13,613	)		(3,194	)
Change in net unrealized appreciation on investments		9,490			219,455			255,777			200,921			39,251			214,718			75,478			128,285
Net Gain on Investments		9,406			113,307			252,208			194,134			31,272			212,548			61,865			125,091
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$8,438			$96,700			$239,579			$197,143			$29,363			$207,856			$63,417			$119,576

See Notes to Financial Statements

J-7

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2004
(In thousands)

	Multi-			Main			Emerging			Inflation			Managed			Small-Cap			Money			High Yield
	Strategy			Street Core			Markets			Managed			Bond			Value			Market			Bond
	Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable
	Account			Account			Account			Account			Account			Account			Account			Account
INVESTMENT INCOME
Dividends		$6,154			$12,773			$7,818			$122,196			$87,835			$16,299			$7,067			$46,503
Total Investment Income		6,154			12,773			7,818			122,196			87,835			16,299			7,067			46,503
EXPENSES
Mortality and expense risk fees and administrative fees		5,238			12,843			5,212			25,019			31,347			5,666			10,495			9,630
Charges for Stepped-Up death benefit rider		119			297			112			523			677			131			176			196
Charges for Premier death benefit rider		99			246			85			409			595			83			205			176
Total Expenses		5,456			13,386			5,409			25,951			32,619			5,880			10,876			10,002
Net Investment Income (Loss)		698			(613	)		2,409			96,245			55,216			10,419			(3,809	)		36,501
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions		(2,717	)		(8,472	)		(1,825	)		(3,031	)		(4,982	)		(2,370	)		114			(2,361	)
Change in net unrealized appreciation (depreciation) on investments		30,050			82,786			133,189			29,421			26,956			74,601			(68	)		11,694
Net Gain on Investments		27,333			74,314			131,364			26,390			21,974			72,231			46			9,333
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$28,031			$73,701			$133,773			$122,635			$77,190			$82,650			($3,763	)		$45,834

See Notes to Financial Statements

J-8

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2004
(In thousands)

	Equity						Aggressive			Large-Cap						Real			Mid-Cap			Prudential
	Income			Equity			Equity			Value			Comstock			Estate			Growth			Jennison
	Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable
	Account			Account			Account			Account			Account			Account			Account			Account
INVESTMENT INCOME
Dividends (1)		$2,807			$1,715			$1,096			$28,966			$6,649			$15,131			$—			$—
Total Investment Income		2,807			1,715			1,096			28,966			6,649			15,131			—			—
EXPENSES
Mortality and expense risk fees and administrative fees		2,585			3,422			2,570			28,975			7,433			6,743			2,346			9
Charges for Stepped-Up death benefit rider		66			80			60			690			175			151			68			—
Charges for Premier death benefit rider		57			88			55			515			129			128			62			1
Total Expenses		2,708			3,590			2,685			30,180			7,737			7,022			2,476			10
Net Investment Income (Loss)		99			(1,875	)		(1,589	)		(1,214	)		(1,088	)		8,109			(2,476	)		(10	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security transactions		(91	)		(26,162	)		(302	)		(5,089	)		(463	)		(2,141	)		(8,600	)		40
Change in net unrealized appreciation on investments		18,850			34,986			26,316			174,178			81,489			142,239			39,920			7
Net Gain on Investments		18,759			8,824			26,014			169,089			81,026			140,098			31,320			47
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$18,858			$6,949			$24,425			$167,875			$79,938			$148,207			$28,844			$37

(1)   Prudential Series Fund declared dividends on the Prudential Jennison Portfolio during 2004. The amount received in full dollars by the Prudential Jennison Variable Account was $219 for the year and is not shown on the above Statements of Operations due to rounding.

See Notes to Financial Statements

J-9

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR/PERIOD ENDED DECEMBER 31, 2004
(In thousands)

																One Group		One Group			One Group			One Group
				SP William Blair			SP Prudential			One Group			One Group			Investment Trust		Investment Trust			Investment Trust			Investment Trust
				International			U.S. Emerging			Investment Trust			Investment Trust			Diversified		Large Cap			Mid Cap			Mid Cap
	Value			Growth			Growth			Bond			Equity Index			Equity		Growth			Value			Growth
	Variable			Variable			Variable			Variable			Variable			Variable		Variable			Variable			Variable
	Account			Account (1)			Account			Account (2)			Account (2)			Account (2)		Account (2)			Account (2)			Account (2)
INVESTMENT INCOME
Dividends (3)		$7			$—			$—			$—			$—			$—		$—			$—			$—
Total Investment Income		7			—			—			—			—			—		—			—			—
EXPENSES
Mortality and expense risk fees and administrative fees		11			10			3			92			1			—		83			36			—
Charges for Stepped-Up death benefit rider		1			—			—			—			—			—		—			—			—
Charges for Premier death benefit rider		1			1			1			—			—			—		—			—			—
Total Expenses		13			11			4			92			1			—		83			36			—
Net Investment loss		(6	)		(11	)		(4	)		(92	)		(1	)		—		(83	)		(36	)		—
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from security transactions		8			25			4			—			1			—		—			1			—
Change in net unrealized appreciation on investments		107			78			46			274			17			3		1,765			922			4
Net Gain on Investments		115			103			50			274			18			3		1,765			923			4
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$109			$92			$46			$182			$17			$3		$1,682			$887			$4

(1)	Formerly named SP Jennison International Growth Variable Account.
(2)	Operations commenced during 2004 (See Note 1 to Financial Statements).
(3)	Prudential Series Fund declared dividends on the SP Prudential U.S. Emerging Growth Portfolio during 2004. The amount received in full dollars by the SP Prudential U.S. Emerging Growth Variable Account was $73 for the year and is not shown on the above Statements of Operations due to rounding.

See Notes to Financial Statements

J-10

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
(In thousands)

	Blue Chip						Aggressive Growth						Diversified Research						Short Duration Bond
	Variable Account						Variable Account						Variable Account						Variable Account (1)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment Income (loss)		($10,246	)		($8,143	)		($939	)		($731	)		($3,314	)		($2,465	)		$10,817			$4,704
Net realized loss from security transactions		(7,029	)		(36,959	)		(212	)		(1,774	)		(1,182	)		(7,433	)		(1,751	)		(81	)
Change in net unrealized appreciation (depreciation) on investments		75,573			189,136			6,614			13,263			41,682			68,057			(14,056	)		(4,465	)
Net Increase (Decrease) in Net Assets Resulting from Operations		58,298			144,034			5,463			10,758			37,186			58,159			(4,990	)		158
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		443,839			298,478			4,954			6,327			43,641			28,394			399,092			234,217
Transfers between variable accounts, net		301,229			79,272			1,972			4,750			89,015			54,284			170,906			586,645
Transfers—policy charges and deductions		(9,736	)		(4,478	)		(467	)		(464	)		(3,287	)		(1,759	)		(10,415	)		(2,984	)
Transfers—surrenders		(70,798	)		(29,512	)		(4,456	)		(2,710	)		(24,494	)		(11,332	)		(71,113	)		(19,467	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—			—
Transfers—other		(88	)		43			3			2			(62	)		47			(85	)		68
Net Increase in Net Assets Derived from Policy Transactions		664,446			343,803			2,006			7,905			104,813			69,634			488,385			798,479
NET INCREASE IN NET ASSETS		722,744			487,837			7,469			18,663			141,999			127,793			483,395			798,637
NET ASSETS
Beginning of Year/Period		964,872			477,035			57,206			38,543			300,306			172,513			798,637			—
End of Year/Period		$1,687,616			$964,872			$64,675			$57,206			$442,305			$300,306			$1,282,032			$798,637

(1)   Operations commenced on May 1, 2003.

See Notes to Financial Statements

J-11

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	I-Net Tollkeeper						Financial Services						Health Sciences						Technology
	Variable Account						Variable Account						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($759	)		($647	)		($634	)		($491	)		($1,690	)		($1,231	)		($1,298	)		($844	)
Net realized gain (loss) from security transactions		361			(8,950	)		315			(1,604	)		(844	)		(3,355	)		(1,441	)		(12,523	)
Change in net unrealized appreciation on investments		4,700			24,142			5,688			17,835			7,267			22,689			3,059			31,168
Net Increase in Net Assets Resulting from Operations		4,302			14,545			5,369			15,740			4,733			18,103			320			17,801
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		3,012			6,113			6,874			9,067			9,088			14,282			7,842			9,933
Transfers between variable accounts, net		(7,570	)		3,791			(4,108	)		6,405			1,298			9,394			(25,000	)		45,294
Transfers—policy charges and deductions		(567	)		(1,170	)		(498	)		(477	)		(783	)		(522	)		(620	)		(408	)
Transfers—surrenders		(4,415	)		(2,649	)		(6,769	)		(4,029	)		(10,536	)		(3,994	)		(6,888	)		(3,414	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—			—
Transfers—other		(3	)		—			(2	)		(2	)		(2	)		4			(17	)		15
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(9,543	)		6,085			(4,503	)		10,964			(935	)		19,164			(24,683	)		51,420
NET INCREASE (DECREASE) IN NET ASSETS		(5,241	)		20,630			866			26,704			3,798			37,267			(24,363	)		69,221
NET ASSETS
Beginning of Year		55,317			34,687			81,029			54,325			100,427			63,160			103,527			34,306
End of Year		$50,076			$55,317			$81,895			$81,029			$104,225			$100,427			$79,164			$103,527

See Notes to Financial Statements

J-12

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	Focused 30						Growth LT						Mid-Cap Value						International Value
	Variable Account						Variable Account						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($968	)		($656	)		($16,607	)		($13,804	)		($12,629	)		($6,113	)		$3,009			$3,830
Net realized loss from security transactions		(84	)		(4,363	)		(106,148	)		(315,319	)		(3,569	)		(10,365	)		(6,787	)		(14,021	)
Change in net unrealized appreciation on investments		9,490			19,759			219,455			587,967			255,777			184,681			200,921			226,050
Net Increase in Net Assets Resulting from Operations		8,438			14,740			96,700			258,844			239,579			168,203			197,143			215,859
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		6,181			5,122			182,171			150,173			216,312			158,019			379,890			262,077
Transfers between variable accounts, net		7,573			12,411			(66,251	)		(106,963	)		95,245			67,236			868			89,650
Transfers—policy charges and deductions		(626	)		(347	)		(12,007	)		(10,487	)		(9,353	)		(6,830	)		(11,671	)		(6,790	)
Transfers—surrenders		(5,271	)		(2,859	)		(78,491	)		(53,698	)		(75,470	)		(36,231	)		(81,094	)		(43,090	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			(1	)		—			3			—			—			—
Transfers—other		9			1			(186	)		167			(196	)		170			(53	)		91
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		7,866			14,328			25,235			(20,808	)		226,541			182,364			287,940			301,938
NET INCREASE IN NET ASSETS		16,304			29,068			121,935			238,036			466,120			350,567			485,083			517,797
NET ASSETS
Beginning of Year		61,035			31,967			1,097,592			859,556			905,461			554,894			1,127,110			609,313
End of Year		$77,339			$61,035			$1,219,527			$1,097,592			$1,371,581			$905,461			$1,612,193			$1,127,110

See Notes to Financial Statements

J-13

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	Capital Opportunities						International Large-Cap						Equity Index						Small-Cap Index
	Variable Account						Variable Account						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($1,909	)		($1,591	)		($4,692	)		($884	)		$1,552			($181	)		($5,515	)		($2,393	)
Net realized loss from security transactions		(7,979	)		(10,562	)		(2,170	)		(9,936	)		(13,613	)		(131,550	)		(3,194	)		(11,592	)
Change in net unrealized appreciation on investments		39,251			47,384			214,718			179,114			75,478			296,598			128,285			131,983
Net Increase in Net Assets Resulting from Operations		29,363			35,231			207,856			168,294			63,417			164,867			119,576			117,998
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		88,771			62,933			377,248			234,973			35,318			73,213			130,761			89,235
Transfers between variable accounts, net		1,007			12,327			114,003			163,310			(13,099	)		(145,960	)		223,495			77,539
Transfers—policy charges and deductions		(1,761	)		(782	)		(8,819	)		(4,085	)		(9,301	)		(8,426	)		(5,259	)		(2,616	)
Transfers—surrenders		(14,064	)		(7,037	)		(65,509	)		(27,313	)		(66,045	)		(42,963	)		(44,685	)		(15,755	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—			—
Transfers—other		(4	)		4			(157	)		128			(133	)		122			(215	)		181
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		73,949			67,445			416,766			367,013			(53,260	)		(124,014	)		304,097			148,584
NET INCREASE IN NET ASSETS		103,312			102,676			624,622			535,307			10,157			40,853			423,673			266,582
NET ASSETS
Beginning of Year		221,280			118,604			922,668			387,361			772,537			731,684			491,260			224,678
End of Year		$324,592			$221,280			$1,547,290			$922,668			$782,694			$772,537			$914,933			$491,260

See Notes to Financial Statements

J-14

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	Multi-Strategy						Main Street Core						Emerging Markets						Inflation Managed
	Variable Account						Variable Account						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$698			$484			($613	)		($1,754	)		$2,409			($181	)		$96,245			$60,199
Net realized loss from security transactions		(2,717	)		(10,896	)		(8,472	)		(30,606	)		(1,825	)		(3,653	)		(3,031	)		(7,690	)
Change in net unrealized appreciation on investments		30,050			74,198			82,786			169,319			133,189			81,800			29,421			20,577
Net Increase in Net Assets Resulting from Operations		28,031			63,786			73,701			136,959			133,773			77,966			122,635			73,086
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		18,122			22,259			176,531			95,989			85,048			33,075			426,563			363,810
Transfers between variable accounts, net		(9,447	)		9,437			83,859			168,292			125,162			31,303			241,943			49,081
Transfers—policy charges and deductions		(5,435	)		(4,866	)		(10,705	)		(7,340	)		(2,756	)		(850	)		(21,413	)		(14,795	)
Transfers—surrenders		(29,540	)		(19,097	)		(64,954	)		(33,114	)		(21,482	)		(7,575	)		(121,859	)		(96,933	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			(1	)		3			—			—			—			4			—
Transfers—other		(15	)		41			(49	)		37			9			(8	)		(149	)		100
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(26,314	)		7,773			184,685			223,864			185,981			55,945			525,089			301,263
NET INCREASE IN NET ASSETS		1,717			71,559			258,386			360,823			319,754			133,911			647,724			374,349
NET ASSETS
Beginning of Year		367,211			295,652			769,037			408,214			230,453			96,542			1,343,374			969,025
End of Year		$368,928			$367,211			$1,027,423			$769,037			$550,207			$230,453			$1,991,098			$1,343,374

See Notes to Financial Statements

J-15

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	Managed Bond						Small-Cap Value						Money Market						High Yield Bond
	Variable Account						Variable Account (1)						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$55,216			$143,700			$10,419			$188			($3,809	)		($6,728	)		$36,501			$30,741
Net realized gain (loss) from security transactions		(4,982	)		4,038			(2,370	)		(18	)		114			110			(2,361	)		(11,914	)
Change in net unrealized appreciation (depreciation) on investments		26,956			(61,612	)		74,601			41,439			(68	)		(115	)		11,694			66,638
Net Increase (Decrease) in Net Assets Resulting from Operations		77,190			86,126			82,650			41,609			(3,763	)		(6,733	)		45,834			85,465
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		460,700			479,667			136,412			73,599			182,418			346,099			109,224			109,186
Transfers between variable accounts, net		38,088			(317,867	)		54,356			167,526			(68,340	)		(537,906	)		(79,483	)		196,494
Transfers—policy charges and deductions		(25,079	)		(23,140	)		(2,711	)		(729	)		(22,671	)		(16,876	)		(6,765	)		(6,489	)
Transfers—surrenders		(154,965	)		(125,153	)		(21,287	)		(6,131	)		(188,568	)		(233,216	)		(58,777	)		(41,312	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		(2	)		(1	)		—			—			(2	)		—			(1	)		(1	)
Transfers—other		(135	)		195			(36	)		13			(257	)		232			(25	)		49
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		318,607			13,701			166,734			234,278			(97,420	)		(441,667	)		(35,827	)		257,927
NET INCREASE (DECREASE) IN NET ASSETS		395,797			99,827			249,384			275,887			(101,183	)		(448,400	)		10,007			343,392
NET ASSETS
Beginning of Year/Period		1,907,366			1,807,539			275,887			—			679,894			1,128,294			700,342			356,950
End of Year/Period		$2,303,163			$1,907,366			$525,271			$275,887			$578,711			$679,894			$710,349			$700,342

(1)   Operations commenced on May 1, 2003.

See Notes to Financial Statements

J-16

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	Equity Income						Equity						Aggressive Equity						Large-Cap Value
	Variable Account						Variable Account						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$99			($74	)		($1,875	)		($2,857	)		($1,589	)		($1,614	)		($1,214	)		($747	)
Net realized loss from security transactions		(91	)		(4,506	)		(26,162	)		(68,111	)		(302	)		(19,527	)		(5,089	)		(24,346	)
Change in net unrealized appreciation on investments		18,850			32,025			34,986			122,218			26,316			68,252			174,178			318,268
Net Increase in Net Assets Resulting from Operations		18,858			27,445			6,949			51,250			24,425			47,111			167,875			293,175
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		26,140			33,336			4,310			5,712			27,786			32,071			589,789			394,093
Transfers between variable accounts, net		16,374			9,202			(32,302	)		(18,186	)		(64,761	)		(14,983	)		218,805			122,617
Transfers—policy charges and deductions		(1,689	)		(1,056	)		(3,285	)		(3,341	)		(2,834	)		(1,756	)		(15,888	)		(8,902	)
Transfers—surrenders		(13,367	)		(6,125	)		(19,075	)		(14,749	)		(13,415	)		(9,498	)		(112,802	)		(53,850	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			3			—			(1	)		—
Transfers—other		(15	)		(1	)		5			(25	)		—			(7	)		(196	)		205
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		27,443			35,356			(50,347	)		(30,589	)		(53,221	)		5,827			679,707			454,163
NET INCREASE (DECREASE) IN NET ASSETS		46,301			62,801			(43,398	)		20,661			(28,796	)		52,938			847,582			747,338
NET ASSETS
Beginning of Year		154,163			91,362			268,303			247,642			209,317			156,379			1,551,417			804,079
End of Year		$200,464			$154,163			$224,905			$268,303			$180,521			$209,317			$2,398,999			$1,551,417

See Notes to Financial Statements

J-17

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	Comstock						Real Estate						Mid-Cap Growth						Prudential Jennison
	Variable Account						Variable Account						Variable Account						Variable Account
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($1,088	)		($842	)		$8,109			$11,036			($2,476	)		($1,625	)		($10	)		($9	)
Net realized Income (loss) from security transactions		(463	)		(4,421	)		(2,141	)		(1,724	)		(8,600	)		(20,974	)		40			4
Change in net unrealized appreciation on investments		81,489			64,703			142,239			77,413			39,920			48,364			7			152
Net Increase in Net Assets Resulting from Operations		79,938			59,440			148,207			86,725			28,844			25,765			37			147
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		157,984			82,784			88,704			64,376			13,304			17,066			3			111
Transfers between variable accounts, net		95,487			173,811			10,545			22,342			21,154			28,522			(136	)		28
Transfers—policy charges and deductions		(3,545	)		(1,567	)		(3,115	)		(2,375	)		(1,456	)		(1,228	)		(4	)		—
Transfers—surrenders		(29,053	)		(9,480	)		(31,963	)		(16,719	)		(11,419	)		(5,444	)		(22	)		(28	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			(2	)		(1	)		—			—			—			—
Transfers—other		(34	)		19			—			61			(35	)		41			1			(1	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		220,839			245,567			64,169			67,684			21,548			38,957			(158	)		110
NET INCREASE (DECREASE) IN NET ASSETS		300,777			305,007			212,376			154,409			50,392			64,722			(121	)		257
NET ASSETS
Beginning of Year		369,305			64,298			378,106			223,697			140,665			75,943			667			410
End of Year		$670,082			$369,305			$590,482			$378,106			$191,057			$140,665			$546			$667

See Notes to Financial Statements

J-18

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

							SP William Blair						SP Prudential						One Group
	Value						International Growth						U.S. Emerging Growth						Investment Trust Bond
	Variable Account						Variable Account (1)						Variable Account						Variable Account (2)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003			2004			2003			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($6	)		($5	)		($11	)		($11	)		($4	)		($4	)		($92	)
Net realized gain (loss) from security transactions		8			(37	)		25			116			4			(1	)		—
Change in net unrealized appreciation on investments		107			246			78			232			46			77			274
Net Increase in Net Assets Resulting from Operations		109			204			92			337			46			72			182
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		2			221			2			137			1			1			28,902
Transfers between variable accounts, net		(191	)		(8	)		(116	)		(68	)		(38	)		14			3,332
Transfers—policy charges and deductions		(26	)		(1	)		(9	)		—			—			—			(98	)
Transfers—surrenders		(23	)		(42	)		(13	)		(10	)		(3	)		(4	)		(143	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—
Transfers—other		1			1			(1	)		—			—			1			(2	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(237	)		171			(137	)		59			(40	)		12			31,991
NET INCREASE (DECREASE) IN NET ASSETS		(128	)		375			(45	)		396			6			84			32,173
NET ASSETS
Beginning of Year/Period		965			590			759			363			264			180			—
End of Year/Period		$837			$965			$714			$759			$270			$264			$32,173

(1)	Formerly named SP Jennison International Growth Variable Account.
(2)	Operations commenced during 2004 (See Note 1 to Financial Statements).

See Notes to Financial Statements

J-19

SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
(In thousands)

	One Group			One Group		One Group			One Group			One Group
	Investment Trust			Investment Trust		Investment Trust			Investment Trust			Investment Trust
	Equity Index			Diversified Equity		Large Cap Growth			Mid Cap Value			Mid Cap Growth
	Variable Account (1)			Variable Account (1)		Variable Account (1)			Variable Account (1)			Variable Account (1)
	Period Ended			Period Ended		Period Ended			Period Ended			Period Ended
	December 31,			December 31,		December 31,			December 31,			December 31,
	2004			2004		2004			2004			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($1	)		$—		($83	)		($36	)		$—
Net realized gain from security transactions		1			—		—			1			—
Change in net unrealized appreciation on investments		17			3		1,765			922			4
Net Increase in Net Assets Resulting from Operations		17			3		1,682			887			4
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		208			67		25,612			10,903			82
Transfers between variable accounts, net		4			—		2,307			954			—
Transfers—policy charges and deductions		(2	)		—		(80	)		(37	)		—
Transfers—surrenders		—			—		(128	)		(55	)		—
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—		—			—			—
Transfers—other		(1	)		—		(5	)		(3	)		—
Net Increase in Net Assets Derived from Policy Transactions		209			67		27,706			11,762			82
NET INCREASE IN NET ASSETS		226			70		29,388			12,649			86
NET ASSETS
Beginning of Period		—			—		—			—			—
End of Period		$226			$70		$29,388			$12,649			$86

(1) Operations commenced during 2004 (See Note 1 to Financial Statements).

See Notes to Financial Statements

J-20

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS

     Selected accumulation unit value (AUV), total units outstanding, total returns, total net assets, and ratios of investment income to average daily net assets data for each year or period ended are presented in the tables below. The ratios of expenses to average daily net assets for each of the Variable Accounts for the years or periods then ended are discussed in Note 5 to Financial Statements.

	Contracts with Standard Death Benefit
	Commencement Date If Initial Operating								Number of Units
	Period During Years Shown						AUV		Outstanding at End of Year/Period						Total Returns (1)
	Pacific						at		Pacific						Pacific
	Portfolios and		Pacific		Pacific		End of		Portfolios and		Pacific		Pacific		Portfolios and			Pacific			Pacific
	Pacific One		Value		Innovations		Year/		Pacific One		Value		Innovations		Pacific One			Value			Innovations
Variable Accounts	Contracts		Contracts		Contracts		Period		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Blue Chip
2004								$7.48		51,260,881		67,101,506		938,748		3.20	%		3.20	%		3.20	%
2003								7.25		31,559,184		38,006,981		958,358		23.62	%		23.62	%		23.62	%
2002								5.86		22,722,046		21,095,157		1,103,279		(26.97	%)		(26.97	%)		(26.97	%)
2001		01/02/01		01/02/01		01/05/01		8.03		19,099,383		13,283,021		1,166,467		(19.71	%)		(19.71	%)		(21.55	%)
Aggressive Growth
2004								$8.35		1,460,783		2,041,041		69,539		10.33	%		10.33	%		10.33	%
2003								7.57		1,264,292		1,906,402		105,122		24.90	%		24.90	%		24.90	%
2002								6.06		1,134,413		1,489,828		67,878		(23.41	%)		(23.41	%)		(23.41	%)
2001		01/02/01		01/03/01		01/04/01		7.91		2,897,951		2,289,419		203,178		(20.90	%)		(24.82	%)		(22.71	%)
Diversified Research
2004								$11.17		10,034,904		10,360,444		502,805		9.66	%		9.66	%		9.66	%
2003								10.19		7,873,097		7,089,243		574,890		30.78	%		30.78	%		30.78	%
2002								7.79		6,114,378		4,887,381		630,716		(25.25	%)		(25.25	%)		(25.25	%)
2001								10.42		6,018,484		4,435,328		663,788		(4.10	%)		(4.10	%)		(4.10	%)
Short Duration Bond
2004								$9.98		32,486,812		36,703,346		558,719		(0.20	%)		(0.20	%)		(0.20	%)
2003		05/01/03		05/01/03		05/01/03		10.00		19,757,550		22,214,048		575,417		0.02	%		0.02	%		0.02	%
I-Net Tollkeeper
2004								$4.16		3,673,368		3,271,658		390,881		11.09	%		11.09	%		11.09	%
2003								3.74		4,344,526		4,140,790		495,356		41.23	%		41.23	%		41.23	%
2002								2.65		4,114,478		3,339,003		608,093		(39.47	%)		(39.47	%)		(39.47	%)
2001								4.38		4,719,596		4,008,505		642,382		(34.82	%)		(34.82	%)		(34.82	%)
Financial Services
2004								$10.50		1,562,344		1,825,002		96,016		7.21	%		7.21	%		7.21	%
2003								9.79		1,840,157		1,805,485		123,757		27.21	%		27.21	%		27.21	%
2002								7.70		1,548,005		1,468,803		123,469		(15.78	%)		(15.78	%)		(15.78	%)
2001		01/02/01		01/02/01		01/09/01		9.14		1,422,507		1,267,959		117,091		(8.58	%)		(8.58	%)		(5.28	%)
Health Sciences
2004								$9.20		2,232,443		3,040,036		103,629		6.05	%		6.05	%		6.05	%
2003								8.68		2,411,291		2,840,086		133,145		26.05	%		26.05	%		26.05	%
2002								6.88		1,927,951		1,948,202		119,884		(24.37	%)		(24.37	%)		(24.37	%)
2001		01/02/01		01/02/01		01/10/01		9.10		2,092,867		1,706,195		142,534		(8.98	%)		(8.98	%)		0.67	%
Technology
2004								$4.43		3,627,047		4,131,592		166,976		2.22	%		2.22	%		2.22	%
2003								4.33		5,548,736		5,657,082		386,513		40.61	%		40.61	%		40.61	%
2002								3.08		2,469,954		2,213,556		212,958		(47.09	%)		(47.09	%)		(47.09	%)
2001		01/02/01		01/02/01		01/03/01		5.82		2,183,699		1,559,337		144,194		(41.77	%)		(41.77	%)		(43.35	%)
Focused 30
2004								$7.78		1,986,498		3,215,826		146,666		13.25	%		13.25	%		13.25	%
2003								6.87		2,154,453		2,431,596		168,514		40.28	%		40.28	%		40.28	%
2002								4.90		1,415,371		1,858,790		169,420		(30.39	%)		(30.39	%)		(30.39	%)
2001								7.03		1,899,802		1,948,350		201,749		(14.57	%)		(14.57	%)		(14.57	%)
Growth LT
2004								$20.93		19,218,217		16,501,635		490,049		8.86	%		8.86	%		8.86	%
2003								19.23		20,743,661		15,453,180		654,094		32.12	%		32.12	%		32.12	%
2002								14.55		23,921,217		15,464,352		810,772		(29.96	%)		(29.96	%)		(29.96	%)
2001								20.78		28,200,043		16,503,806		964,288		(30.54	%)		(30.54	%)		(30.54	%)
Mid-Cap Value
2004								$18.91		17,849,133		21,597,350		607,665		23.34	%		23.34	%		23.34	%
2003								15.33		15,530,678		16,785,041		751,809		27.31	%		27.31	%		27.31	%
2002								12.05		13,782,090		12,484,784		761,224		(15.65	%)		(15.65	%)		(15.65	%)
2001								14.28		16,063,739		12,316,098		930,516		11.72	%		11.72	%		11.72	%
International Value
2004								$13.30		34,524,133		34,416,070		651,816		14.80	%		14.80	%		14.80	%
2003								11.58		30,099,302		27,087,510		813,819		25.94	%		25.94	%		25.94	%
2002								9.20		25,388,618		16,741,928		861,134		(15.10	%)		(15.10	%)		(15.10	%)
2001								10.83		27,830,940		13,888,425		913,569		(22.97	%)		(22.97	%)		(22.97	%)

See Notes to Financial Statements See explanation of references on K-19

K-1

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Standard Death Benefit
	Commencement Date If Initial Operating								Number of Units
	Period During Years Shown						AUV		Outstanding at End of Year/Period						Total Returns (1)
	Pacific						at		Pacific						Pacific
	Portfolios and		Pacific		Pacific		End of		Portfolios and		Pacific		Pacific		Portfolios and			Pacific			Pacific
	Pacific One		Value		Innovations		Year/		Pacific One		Value		Innovations		Pacific One			Value			Innovations
Variable Accounts	Contracts		Contracts		Contracts		Period		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Capital Opportunities
2004								$8.38		8,992,628		11,344,153		174,857		11.13	%		11.13	%		11.13	%
2003								7.54		6,855,490		8,512,124		237,034		25.36	%		25.36	%		25.36	%
2002								6.01		5,371,607		5,060,632		299,514		(27.80	%)		(27.80	%)		(27.80	%)
2001		01/02/01		01/03/01		01/04/01		8.33		4,987,959		3,770,566		369,280		(16.72	%)		(21.36	%)		(21.27	%)
International Large-Cap
2004								$7.62		50,869,146		58,686,699		1,413,793		16.96	%		16.96	%		16.96	%
2003								6.52		35,516,195		40,489,475		1,555,393		28.70	%		28.70	%		28.70	%
2002								5.06		22,629,241		20,895,112		1,518,975		(18.77	%)		(18.77	%)		(18.77	%)
2001								6.24		24,033,715		16,587,323		1,843,777		(19.44	%)		(19.44	%)		(19.44	%)
Equity Index
2004								$19.35		15,189,817		10,982,030		485,073		9.05	%		9.05	%		9.05	%
2003								17.74		17,845,729		11,005,705		534,018		26.51	%		26.51	%		26.51	%
2002								14.02		22,509,470		12,559,268		733,827		(23.42	%)		(23.42	%)		(23.42	%)
2001								18.32		26,521,065		12,841,330		963,695		(13.38	%)		(13.38	%)		(13.38	%)
Small-Cap Index
2004								$14.64		16,188,857		18,568,894		602,696		16.12	%		16.12	%		16.12	%
2003								12.60		10,202,069		11,963,279		436,575		44.49	%		44.49	%		44.49	%
2002								8.72		7,440,682		8,033,593		396,979		(22.29	%)		(22.29	%)		(22.29	%)
2001								11.22		4,911,139		4,456,058		197,957		0.31	%		0.31	%		0.31	%
Multi-Strategy
2004								$17.49		7,741,361		5,394,488		161,676		8.29	%		8.29	%		8.29	%
2003								16.16		8,902,854		5,611,104		208,960		21.56	%		21.56	%		21.56	%
2002								13.29		9,863,550		5,215,988		235,769		(14.27	%)		(14.27	%)		(14.27	%)
2001								15.50		12,389,066		5,446,273		316,790		(2.54	%)		(2.54	%)		(2.54	%)
Main Street Core (2)
2004								$15.96		20,629,181		17,367,243		429,180		8.02	%		8.02	%		8.02	%
2003								14.77		18,715,733		13,258,650		501,228		25.19	%		25.19	%		25.19	%
2002								11.80		15,878,510		8,132,326		373,550		(29.40	%)		(29.40	%)		(29.40	%)
2001								16.71		20,507,327		9,854,280		486,163		(10.15	%)		(10.15	%)		(10.15	%)
Emerging Markets
2004								$12.21		12,432,989		13,588,992		297,245		32.75	%		32.75	%		32.75	%
2003								9.20		8,155,010		7,522,135		234,879		66.14	%		66.14	%		66.14	%
2002								5.54		6,797,735		4,837,175		235,161		(4.42	%)		(4.42	%)		(4.42	%)
2001								5.79		7,852,984		4,348,020		295,240		(9.96	%)		(9.96	%)		(9.96	%)
Inflation Managed (2)
2004								$16.88		30,117,055		32,321,703		727,471		7.38	%		7.38	%		7.38	%
2003								15.72		22,549,588		22,939,789		815,688		6.74	%		6.74	%		6.74	%
2002								14.73		21,334,549		17,481,971		942,533		13.85	%		13.85	%		13.85	%
2001								12.94		13,897,811		9,495,198		703,795		2.81	%		2.81	%		2.81	%
Managed Bond
2004								$16.08		38,985,692		39,618,870		821,361		3.91	%		3.91	%		3.91	%
2003								15.47		36,605,225		31,998,471		1,045,546		4.76	%		4.76	%		4.76	%
2002								14.77		43,039,670		30,992,122		1,524,391		9.39	%		9.39	%		9.39	%
2001								13.50		50,452,819		26,140,032		1,853,547		5.83	%		5.83	%		5.83	%
Small-Cap Value
2004								$15.43		8,430,203		10,031,236		205,804		22.68	%		22.68	%		22.68	%
2003		05/01/03		05/01/03		05/01/03		12.57		5,534,329		6,638,640		169,825		25.75	%		25.75	%		25.75	%
Money Market
2004								$12.26		11,742,695		12,972,279		324,709		(0.39	%)		(0.39	%)		(0.39	%)
2003								12.31		15,188,588		14,707,853		428,766		(0.61	%)		(0.61	%)		(0.61	%)
2002								12.39		25,520,134		25,669,771		888,527		0.00	%		0.00	%		0.00	%
2001								12.39		31,599,970		23,184,659		1,082,193		2.41	%		2.41	%		2.41	%
High Yield Bond
2004								$14.09		14,333,751		14,000,957		296,575		7.90	%		7.90	%		7.90	%
2003								13.06		16,221,664		13,974,944		419,312		18.62	%		18.62	%		18.62	%
2002								11.01		11,757,291		7,694,940		329,659		(4.34	%)		(4.34	%)		(4.34	%)
2001								11.51		11,510,008		6,627,440		310,057		(0.07	%)		(0.07	%)		(0.07	%)

See Notes to Financial Statements See explanation of references on K-19

K-2

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Standard Death Benefit
	Commencement Date If Initial Operating								Number of Units
	Period During Years Shown						AUV		Outstanding at End of Year/Period						Total Returns (1)
	Pacific						at		Pacific						Pacific
	Portfolios and		Pacific		Pacific		End of		Portfolios and		Pacific		Pacific		Portfolios and			Pacific			Pacific
	Pacific One		Value		Innovations		Year/		Pacific One		Value		Innovations		Pacific One			Value			Innovations
Variable Accounts	Contracts		Contracts		Contracts		Period		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Equity Income
2004								$11.74		4,258,086		4,559,133		99,936		10.63	%		10.63	%		10.63	%
2003								10.61		3,703,687		3,838,855		94,014		24.48	%		24.48	%		24.48	%
2002		01/02/02		01/02/02		01/07/02		8.53		3,185,527		2,747,701		114,396		(14.74	%)		(14.74	%)		(16.63	%)
Equity
2004								$13.51		6,775,555		4,433,890		245,063		3.68	%		3.68	%		3.68	%
2003								13.03		8,404,200		5,637,788		313,864		22.60	%		22.60	%		22.60	%
2002								10.63		10,210,779		5,769,663		360,139		(27.53	%)		(27.53	%)		(27.53	%)
2001								14.66		13,689,954		7,460,021		543,137		(22.86	%)		(22.86	%)		(22.86	%)
Aggressive Equity
2004								$11.07		5,931,001		4,263,746		177,214		17.29	%		17.29	%		17.29	%
2003								9.43		8,264,479		5,753,665		268,930		31.30	%		31.30	%		31.30	%
2002								7.19		9,119,281		5,361,866		292,942		(26.14	%)		(26.14	%)		(26.14	%)
2001								9.73		9,654,622		4,738,022		248,174		(18.40	%)		(18.40	%)		(18.40	%)
Large-Cap Value
2004								$12.65		47,338,448		55,300,050		1,119,531		8.40	%		8.40	%		8.40	%
2003								11.67		33,234,833		38,181,807		1,279,499		29.42	%		29.42	%		29.42	%
2002								9.02		26,065,399		24,404,005		1,323,707		(24.03	%)		(24.03	%)		(24.03	%)
2001								11.87		25,206,629		18,293,597		1,388,991		(4.99	%)		(4.99	%)		(4.99	%)
Comstock (2)
2004								$9.95		16,380,784		19,321,165		444,844		15.54	%		15.54	%		15.54	%
2003								8.62		10,427,793		12,231,619		411,986		29.56	%		29.56	%		29.56	%
2002								6.65		2,123,576		2,639,661		178,686		(23.24	%)		(23.24	%)		(23.24	%)
2001								8.66		2,178,943		2,383,079		238,806		(11.13	%)		(11.13	%)		(11.13	%)
Real Estate (2)
2004								$25.00		5,868,266		7,412,675		210,162		35.71	%		35.71	%		35.71	%
2003								18.42		5,325,725		6,299,942		268,185		35.61	%		35.61	%		35.61	%
2002								13.58		4,924,295		4,903,081		275,821		(1.71	%)		(1.71	%)		(1.71	%)
2001								13.82		4,618,797		3,701,943		303,119		7.03	%		7.03	%		7.03	%
Mid-Cap Growth
2004								$6.45		6,126,356		7,555,338		238,633		19.90	%		19.90	%		19.90	%
2003								5.38		5,358,589		6,282,426		319,433		28.58	%		28.58	%		28.58	%
2002								4.18		3,482,177		4,033,129		202,704		(47.77	%)		(47.77	%)		(47.77	%)
2001		01/02/01		01/02/01		01/04/01		8.01		2,269,327		2,320,327		172,014		(19.95	%)		(19.95	%)		(21.86	%)
Prudential Jennison
2004		N/A				N/A		$10.13				10,568							7.70	%
2003		N/A				N/A		9.41				15,341							27.81	%
2002		N/A				N/A		7.36				13,272							(32.12	%)
2001		N/A		09/06/01		N/A		10.84				5,276							8.43	%
Value
2004		N/A				N/A		$11.37				17,445							14.22	%
2003		N/A				N/A		9.96				21,750							25.86	%
2002		N/A				N/A		7.91				24,022							(23.43	%)
2001		N/A		09/06/01		N/A		10.33				10,260							3.31	%
SP William Blair International Growth (2)
2004		N/A				N/A		$11.99				13,889							14.51	%
2003		N/A				N/A		10.47				15,363							37.21	%
2002		N/A				N/A		7.63				14,813							(23.91	%)
2001		N/A		09/06/01		N/A		10.03				8,520							0.29	%
SP Prudential U.S. Emerging Growth
2004		N/A				N/A		$11.89				2,940							19.32	%
2003		N/A				N/A		9.97				3,310							39.54	%
2002		N/A				N/A		7.14				3,521							(33.35	%)
2001		N/A		09/06/01		N/A		10.72				2,791							7.19	%

See Notes to Financial Statements See explanation of references on K-19

K-3

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Standard Death Benefit
	Commencement Date if Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
	Pacific Portfolios						Pacific Portfolios				Pacific Portfolios						Pacific Portfolios
Variable Accounts	Contracts						Contracts				Contracts						Contracts
One Group Investment Trust Bond
2004	06/10/04									$10.40						3,092,458								4.04	%
One Group Investment Trust Equity Index
2004	06/10/04									$10.66						21,227								6.55	%
One Group Investment Trust Diversified Equity
2004	06/10/04									$10.55						6,598								5.52	%
One Group Investment Trust Large Cap Growth
2004	06/10/04									$10.44						2,815,554								4.38	%
One Group Investment Trust Mid Cap Value
2004	06/10/04									$11.02						1,147,502								10.23	%
One Group Investment Trust Mid Cap Growth
2004	06/10/04									$10.66						8,104								6.58	%
							Pacific
	Pacific		Pacific				Innovations				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Select & Pacific		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		One Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Blue Chip
2004								$8.91		$8.66		38,027,600		5,707,665		181,484		2.94	%		2.94	%		4.24	%
2003								8.66		8.31		19,708,773		3,236,194		68,963		23.31	%		23.31	%		24.86	%
2002								7.02		6.66		10,249,236		1,594,934		30,134		(27.15	%)		(27.15	%)		(26.24	%)
2001		04/05/01		04/10/01		07/02/01		9.64		9.02		3,907,567		579,802		722		(4.20	%)		(6.22	%)		(9.77	%)
Aggressive Growth
2004								$10.20		$9.47		1,226,046		173,973		24,119		10.05	%		10.05	%		11.44	%
2003								9.27		8.50		1,237,770		173,618		20,288		24.59	%		24.59	%		26.15	%
2002								7.44		6.73		904,410		149,103		11,165		(23.60	%)		(23.60	%)		(22.63	%)
2001		04/03/01		04/19/01		07/02/01		9.74		8.70		641,768		118,682		168		1.81	%		(11.10	%)		(12.96	%)
Diversified Research
2004								$11.24		$10.79		6,015,531		1,039,423		89,980		9.38	%		9.38	%		10.76	%
2003								10.28		9.74		3,829,014		872,490		31,661		30.46	%		30.46	%		32.10	%
2002								7.88		7.37		2,648,078		563,528		21,502		(25.44	%)		(25.44	%)		(24.50	%)
2001		04/05/01		04/05/01		12/24/01		10.56		9.77		1,497,959		316,997		2,206		5.09	%		5.09	%		1.51	%
Short Duration Bond
2004								$9.94		$10.15		24,698,124		6,254,837		89,712		(0.45	%)		(0.45	%)		0.80	%
2003		05/01/03		05/01/03		05/01/03		9.99		10.07		14,384,887		3,865,751		41,290		(0.15	%)		(0.15	%)		0.69	%
I-Net Tollkeeper
2004								$8.72		$7.54		634,175		26,694		2,896		10.81	%		10.81	%		12.21	%
2003						05/20/03		7.87		6.72		817,235		61,890		347		40.88	%		40.88	%		42.65	%
2002								5.58		4.71		430,240		37,992				(39.62	%)		(39.62	%)
2001		04/03/01		04/05/01				9.25		7.71		177,211		16,732				0.91	%		(7.73	%)
Financial Services
2004								$11.36		$11.06		1,513,369		139,549		9,196		6.94	%		6.94	%		8.29	%
2003								10.62		10.22		1,490,241		165,719		8,886		26.90	%		26.90	%		28.49	%
2002						10/21/02		8.37		7.95		1,297,487		143,081		1,720		(15.99	%)		(15.99	%)		(3.91	%)
2001		04/03/01		04/05/01				9.97		9.35		823,284		95,626				2.44	%		0.89	%
Health Sciences
2004								$11.45		$10.34		1,828,388		186,639		9,746		5.78	%		5.78	%		7.11	%
2003								10.83		9.65		1,742,267		170,808		18,817		25.73	%		25.73	%		27.31	%
2002								8.61		7.58		1,403,390		147,130		4,861		(24.56	%)		(24.56	%)		(23.61	%)
2001		04/03/01		04/12/01		11/28/01		11.42		9.92		928,216		119,438		496		17.41	%		7.32	%		(1.63	%)
Technology
2004								$7.38		$6.48		2,297,364		229,170		1,880		1.96	%		1.96	%		3.25	%
2003								7.24		6.27		3,014,428		319,662		5,634		40.26	%		40.26	%		42.02	%
2002								5.16		4.42		1,487,105		136,137		See (4)		(47.22	%)		(47.22	%)		(46.56	%)
2001		04/05/01		04/05/01		09/17/01		9.78		8.27		625,538		45,727		See (4)		(3.42	%)		(3.42	%)		23.48	%

See Notes to Financial Statements See explanation of references on K-19

K-4

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Standard Death Benefit
	Commencement Date if Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
	Pacific		Pacific				Innovations				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Select & Pacific		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		One Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Focused 30
2004								$12.23		$12.02		1,112,729		131,045		4,518		12.97	%		12.97	%		14.39	%
2003								10.82		10.50		820,810		106,916		1,752		39.93	%		39.93	%		41.69	%
2002								7.73		7.41		559,816		54,068		678		(30.56	%)		(30.56	%)		(29.69	%)
2001		04/02/01		04/23/01		09/17/01		11.14		10.54		384,534		29,921		See (4)		11.38	%		5.29	%		20.22	%
Growth LT
2004								$9.44		$8.78		15,342,087		2,331,401		52,124		8.59	%		8.59	%		9.96	%
2003								8.70		7.99		11,422,554		1,804,518		44,138		31.79	%		31.79	%		33.44	%
2002								6.60		5.98		8,308,946		1,256,989		20,476		(30.14	%)		(30.14	%)		(29.26	%)
2001		04/02/01		04/03/01		07/02/01		9.44		8.46		3,483,870		527,454		1,361		(5.55	%)		(0.37	%)		(15.40	%)
Mid-Cap Value
2004								$15.18		$14.01		14,663,864		2,457,295		124,753		23.03	%		23.03	%		24.58	%
2003								12.34		11.25		10,139,353		1,825,327		119,169		26.99	%		26.99	%		28.59	%
2002								9.71		8.75		6,005,013		1,103,260		59,258		(15.86	%)		(15.86	%)		(14.80	%)
2001		04/03/01		04/05/01		07/02/01		11.55		10.27		3,095,066		565,876		718		19.53	%		15.33	%		2.68	%
International Value
2004								$11.01		$11.50		24,459,524		4,854,348		137,721		14.52	%		14.52	%		15.96	%
2003								9.62		9.92		16,233,519		3,295,974		92,717		25.62	%		25.62	%		27.20	%
2002								7.66		7.80		7,111,510		3,269,907		37,729		(15.32	%)		(15.32	%)		(14.25	%)
2001		04/02/01		04/03/01		07/02/01		9.04		9.10		2,504,993		428,924		1,023		(9.59	%)		(8.53	%)		(9.04	%)
Capital Opportunities
2004								$9.35		$9.11		6,838,770		812,278		38,536		10.85	%		10.85	%		12.24	%
2003								8.43		8.12		4,428,423		634,969		15,150		25.05	%		25.05	%		26.62	%
2002								6.74		6.41		2,551,387		367,565		5,445		(27.98	%)		(27.98	%)		(27.07	%)
2001		04/05/01		04/12/01		07/02/01		9.36		8.79		1,163,015		149,055		1,401		(6.67	%)		(11.15	%)		(12.08	%)
International Large-Cap
2004								$11.21		$11.73		25,556,009		4,430,199		140,294		16.67	%		16.67	%		18.13	%
2003								9.61		9.93		15,132,339		3,322,458		78,304		28.38	%		28.38	%		30.00	%
2002								7.48		7.64		6,181,781		1,137,980		44,547		(18.98	%)		(18.98	%)		(17.95	%)
2001		04/02/01		04/03/01		07/02/01		9.23		9.31		2,663,769		593,935		9,481		(7.66	%)		(7.05	%)		(6.90	%)
Equity Index
2004								$10.46		$10.14		7,448,400		1,197,320		84,656		8.78	%		8.78	%		10.14	%
2003								9.61		9.21		6,772,396		1,020,348		93,860		26.20	%		26.20	%		27.78	%
2002								7.62		7.21		7,481,319		1,226,200		28,722		(23.62	%)		(23.62	%)		(22.65	%)
2001		04/02/01		04/03/01		09/07/01		9.97		9.32		3,326,399		581,320		27,684		(0.26	%)		3.30	%		5.98	%
Small-Cap Index
2004								$14.32		$13.24		9,634,851		1,528,086		110,898		15.83	%		15.83	%		17.29	%
2003								12.37		11.29		5,654,000		1,067,427		46,892		44.13	%		44.13	%		45.94	%
2002								8.58		7.74		2,655,068		438,204		35,200		(22.48	%)		(22.48	%)		(21.50	%)
2001		04/09/01		04/05/01		11/28/01		11.07		9.86		603,720		93,843		973		10.16	%		9.43	%		7.68	%
Multi-Strategy
2004								$11.56		$11.46		3,180,223		786,535		43,093		8.02	%		8.02	%		9.38	%
2003								10.70		10.48		3,035,317		803,360		26,587		21.26	%		21.26	%		22.78	%
2002						04/09/02		8.83		8.54		2,402,344		444,178		7,144		(14.49	%)		(14.49	%)		(10.95	%)
2001		04/06/01		04/27/01				10.32		9.86		1,473,184		304,069				3.60	%		(1.73	%)
Main Street Core (2)
2004								$9.62		$9.22		14,223,814		2,972,833		33,543		7.75	%		7.75	%		9.10	%
2003								8.93		8.45		8,604,484		1,980,678		35,844		24.88	%		24.88	%		26.45	%
2002								7.15		6.68		2,578,296		440,494		13,809		(29.57	%)		(29.57	%)		(28.69	%)
2001		04/02/01		04/03/01		11/28/01		10.16		9.37		1,984,450		334,966		545		1.55	%		5.49	%		2.24	%
Emerging Markets
2004								$21.39		$20.90		4,137,609		719,816		32,198		32.42	%		32.42	%		34.09	%
2003								16.16		15.59		1,610,401		326,341		13,869		65.73	%		65.73	%		67.81	%
2002								9.75		9.29		668,754		209,450		3,049		(4.65	%)		(4.65	%)		(3.45	%)
2001		04/03/01		04/11/01		07/02/01		10.22		9.62		211,483		35,247		87		4.57	%		(0.44	%)		(3.80	%)
Inflation Managed (2)
2004								$13.03		$13.60		28,904,226		8,144,436		175,008		7.12	%		7.12	%		8.46	%
2003								12.16		12.54		19,037,992		6,293,825		135,958		6.47	%		6.47	%		7.81	%
2002								11.42		11.63		10,913,817		4,733,346		34,040		13.56	%		13.56	%		14.99	%
2001		04/02/01		04/03/01		09/07/01		10.06		10.11		3,532,994		942,126		5,439		0.60	%		0.51	%		(0.18	%)

See Notes to Financial Statements See explanation of references on K-19

K-5

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Standard Death Benefit
	Commencement Date if Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
	Pacific		Pacific				Innovations				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Select & Pacific		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		One Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Managed Bond
2004								$12.17		$12.79		32,119,285		7,704,974		216,238		3.65	%		3.65	%		4.96	%
2003								11.74		12.19		23,854,309		6,195,682		182,349		4.50	%		4.50	%		5.81	%
2002								11.24		11.52		18,674,851		4,858,951		61,331		9.12	%		9.12	%		10.49	%
2001		04/02/01		04/03/01		09/07/01		10.30		10.43		9,330,375		2,044,157		10,790		2.98	%		2.88	%		0.03	%
Small-Cap Value
2004								$15.36		$15.69		6,404,610		1,196,637		39,954		22.38	%		22.38	%		23.91	%
2003		05/01/03		05/01/03		05/01/03		12.55		12.66		3,535,410		730,146		10,078		25.54	%		25.54	%		26.59	%
Money Market
2004								$9.94		$10.32		7,613,780		6,338,732		1,344,866		(0.64	%)		(0.64	%)		0.61	%
2003								10.01		10.26		8,772,801		5,971,359		1,247,684		(0.86	%)		(0.86	%)		0.39	%
2002								10.09		10.22		11,419,100		11,097,215		2,195,431		(0.24	%)		(0.24	%)		1.01	%
2001		04/02/01		04/03/01		09/07/01		10.12		10.12		8,675,282		3,681,201		180,016		1.19	%		1.18	%		0.61	%
High Yield Bond
2004								$11.65		$12.46		9,619,489		3,141,758		104,684		7.63	%		7.63	%		8.99	%
2003								10.82		11.43		10,001,359		3,128,813		80,332		18.32	%		18.32	%		19.81	%
2002								9.15		9.54		4,408,755		1,641,016		47,463		(4.58	%)		(4.58	%)		(3.38	%)
2001		04/02/01		04/03/01		09/07/01		9.59		9.87		1,862,023		376,053		795		(4.13	%)		(3.09	%)		(1.23	%)
Equity Income
2004								$11.65		$12.10		2,737,903		757,271		16,259		10.35	%		10.35	%		11.74	%
2003								10.56		10.83		1,985,302		587,196		17,162		24.17	%		24.17	%		25.73	%
2002		01/02/02		01/04/02		03/01/02		8.50		8.61		1,337,585		329,847		15,705		(14.96	%)		(17.04	%)		(15.82	%)
Equity
2004								$9.31		$8.62		797,084		102,374		See (4)		3.42	%		3.42	%		4.72	%
2003						05/05/03		9.00		8.23		965,248		162,666		See (4)		22.30	%		22.30	%		23.84	%
2002								7.36		6.65		1,105,041		140,551				(27.71	%)		(27.71	%)
2001		04/04/01		04/11/01				10.18		9.08		954,219		120,532				7.31	%		(2.93	%)
Aggressive Equity
2004								$12.44		$10.65		1,411,025		164,751		11,846		17.00	%		17.00	%		18.47	%
2003								10.63		8.99		1,724,803		273,059		8,652		30.97	%		30.97	%		32.61	%
2002								8.12		6.78		1,014,789		146,086		8,153		(26.32	%)		(26.32	%)		(25.39	%)
2001		04/02/01		04/05/01		09/17/01		11.01		9.09		293,748		47,256		See (4)		10.14	%		9.62	%		16.65	%
Large-Cap Value
2004								$10.52		$10.55		41,222,265		7,178,914		154,605		8.13	%		8.13	%		9.49	%
2003								9.73		9.64		24,755,093		4,827,351		89,918		29.09	%		29.09	%		30.72	%
2002								7.53		7.37		12,859,786		2,352,474		25,369		(24.22	%)		(24.22	%)		(23.27	%)
2001		04/04/01		04/05/01		07/02/01		9.94		9.61		5,006,090		924,380		4,108		2.99	%		(1.18	%)		(3.91	%)
Comstock (2)
2004								$10.76		$10.90		11,934,458		2,027,896		83,461		15.25	%		15.25	%		16.70	%
2003								9.33		9.34		6,604,550		1,244,117		19,573		29.24	%		29.24	%		30.86	%
2002						06/19/02		7.22		7.14		1,198,731		209,264		3,741		(23.43	%)		(23.43	%)		(18.23	%)
2001		04/02/01		04/27/01				9.43		9.21		703,659		83,799				(5.67	%)		(11.33	%)
Real Estate (2)
2004								$19.64		$18.85		4,845,399		808,215		51,274		35.37	%		35.37	%		37.07	%
2003								14.51		13.75		3,694,864		703,461		30,856		35.28	%		35.28	%		36.97	%
2002								10.72		10.04		2,355,294		468,410		21,445		(1.95	%)		(1.95	%)		(0.72	%)
2001		04/04/01		04/05/01		07/02/01		10.94		10.11		1,127,914		212,856		7,606		10.76	%		9.55	%		1.13	%
Mid-Cap Growth
2004								$8.49		$7.04		3,922,200		685,246		87,134		19.60	%		19.60	%		21.10	%
2003								7.10		5.81		3,450,185		592,096		65,335		28.26	%		28.26	%		29.87	%
2002								5.53		4.48		2,396,177		384,490		31,698		(47.90	%)		(47.90	%)		(47.24	%)
2001		04/02/01		04/27/01		09/17/01		10.62		8.49		1,200,646		168,874		See (4)		6.23	%		(19.07	%)		15.61	%

See Notes to Financial Statements See explanation of references on K-19

K-6

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Stepped-Up Death Benefit
	Commencement Date If Initial Operating						Number of Units
	Period During Years Shown				AUV at		Outstanding at End of Year/Period				Total Returns (1)
	Pacific		Pacific		End		Pacific		Pacific		Pacific			Pacific
	Value		Innovations		of		Value		Innovations		Value			Innovations
Variable Accounts	Contracts		Contracts		Year/Period		Contracts		Contracts		Contracts			Contracts
Blue Chip
2004						$7.42		21,417,317		245,566		2.99	%		2.99	%
2003						7.21		12,582,836		271,162		23.38	%		23.38	%
2002						5.84		7,199,840		278,780		(27.12	%)		(27.12	%)
2001		01/02/01		01/02/01		8.01		4,218,986		272,994		(19.87	%)		(19.87	%)
Aggressive Growth
2004						$8.28		856,815		18,599		10.11	%		10.11	%
2003						7.52		805,677		22,031		24.65	%		24.65	%
2002						6.03		687,508		29,535		(23.56	%)		(23.56	%)
2001		01/02/01		01/29/01		7.89		791,379		55,731		(21.06	%)		(27.19	%)
Diversified Research
2004						$11.06		4,709,269		106,378		9.44	%		9.44	%
2003						10.11		3,521,720		120,430		30.52	%		30.52	%
2002						7.74		2,673,910		141,990		(25.40	%)		(25.40	%)
2001						10.38		2,503,111		143,436		(4.30	%)		(4.30	%)
Short Duration Bond
2004						$9.95		10,916,068		102,805		(0.40	%)		(0.40	%)
2003		05/01/03		05/01/03		9.99		6,836,403		108,466		(0.11	%)		(0.11	%)
I-Net Tollkeeper
2004						$4.12		1,379,940		120,066		10.87	%		10.87	%
2003						3.72		1,537,857		159,863		40.95	%		40.95	%
2002						2.64		1,445,130		173,458		(39.59	%)		(39.59	%)
2001						4.37		1,809,475		194,993		(34.95	%)		(34.95	%)
Financial Services
2004						$10.42		692,952		23,749		7.00	%		7.00	%
2003						9.74		777,442		36,048		26.96	%		26.96	%
2002						7.67		698,599		39,675		(15.95	%)		(15.95	%)
2001		01/02/01		01/19/01		9.12		586,542		33,833		(8.76	%)		(3.73	%)
Health Sciences
2004						$9.13		1,115,054		31,711		5.83	%		5.83	%
2003						8.62		1,120,464		39,052		25.79	%		25.79	%
2002						6.86		876,797		37,936		(24.52	%)		(24.52	%)
2001		01/02/01		01/04/01		9.08		695,248		34,324		(9.16	%)		(1.75	%)
Technology
2004						$4.39		1,753,836		43,230		2.01	%		2.01	%
2003						4.31		1,891,556		69,664		40.33	%		40.33	%
2002						3.07		889,186		56,113		(47.20	%)		(47.20	%)
2001		01/02/01		01/19/01		5.81		496,752		27,093		(41.88	%)		(47.68	%)
Focused 30
2004						$7.71		1,256,765		41,799		13.02	%		13.02	%
2003						6.82		1,218,115		44,822		40.00	%		40.00	%
2002						4.87		950,695		47,702		(30.53	%)		(30.53	%)
2001						7.01		984,779		52,538		(14.74	%)		(14.74	%)
Growth LT
2004						$20.68		6,821,505		160,175		8.65	%		8.65	%
2003						19.04		6,981,578		192,592		31.85	%		31.85	%
2002						14.44		7,266,543		251,607		(30.10	%)		(30.10	%)
2001						20.65		8,253,627		276,157		(30.68	%)		(30.68	%)
Mid-Cap Value
2004						$18.69		7,571,879		164,233		23.09	%		23.09	%
2003						15.18		6,119,953		175,959		27.06	%		27.06	%
2002						11.95		5,067,498		196,209		(15.82	%)		(15.82	%)
2001						14.19		4,781,053		216,947		11.49	%		11.49	%
International Value
2004						$13.14		11,388,440		156,656		14.57	%		14.57	%
2003						11.47		9,119,844		204,191		25.69	%		25.69	%
2002						9.12		5,849,677		219,179		(15.27	%)		(15.27	%)
2001						10.77		4,992,402		249,388		(23.12	%)		(23.12	%)
Capital Opportunities
2004						$8.31		3,757,057		50,854		10.90	%		10.90	%
2003						7.49		2,863,874		64,412		25.11	%		25.11	%
2002						5.99		1,851,445		72,100		(27.94	%)		(27.94	%)
2001		01/02/01		01/19/01		8.31		1,234,449		73,261		(16.89	%)		(24.80	%)

See Notes to Financial Statements See explanation of references on K-19

K-7

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Stepped-Up Death Benefit
	Commencement Date If Initial Operating						Number of Units
	Period During Years Shown				AUV at		Outstanding at End of Year/Period				Total Returns (1)
	Pacific		Pacific		End		Pacific		Pacific		Pacific			Pacific
	Value		Innovations		of		Value		Innovations		Value			Innovations
Variable Accounts	Contracts		Contracts		Year/Period		Contracts		Contracts		Contracts			Contracts
International Large-Cap
2004						$7.55		19,098,277		359,616		16.72	%		16.72	%
2003						6.47		13,707,199		408,364		28.45	%		28.45	%
2002						5.03		7,454,086		432,067		(18.94	%)		(18.94	%)
2001						6.21		5,788,862		490,702		(19.60	%)		(19.60	%)
Equity Index
2004						$19.12		4,238,379		97,354		8.83	%		8.83	%
2003						17.57		4,560,605		124,056		26.26	%		26.26	%
2002						13.91		5,162,173		179,278		(23.58	%)		(23.58	%)
2001						18.21		5,683,784		201,357		(13.56	%)		(13.56	%)
Small-Cap Index
2004						$14.46		6,727,118		158,210		15.89	%		15.89	%
2003						12.48		3,794,187		67,891		44.21	%		44.21	%
2002						8.65		2,723,094		66,168		(22.44	%)		(22.44	%)
2001						11.16		1,803,044		34,152		0.11	%		0.11	%
Multi-Strategy
2004						$17.29		2,613,705		48,801		8.07	%		8.07	%
2003						16.00		2,701,918		66,444		21.32	%		21.32	%
2002						13.18		2,569,361		76,461		(14.45	%)		(14.45	%)
2001						15.41		2,813,063		85,642		(2.73	%)		(2.73	%)
Main Street Core (2)
2004						$15.77		7,066,141		119,457		7.80	%		7.80	%
2003						14.63		5,996,067		144,049		24.94	%		24.94	%
2002						11.71		4,311,113		142,646		(29.54	%)		(29.54	%)
2001						16.61		5,157,155		180,975		(10.33	%)		(10.33	%)
Emerging Markets
2004						$12.06		4,116,359		75,508		32.49	%		32.49	%
2003						9.11		2,326,918		70,810		65.81	%		65.81	%
2002						5.49		1,788,373		67,149		(4.61	%)		(4.61	%)
2001						5.76		1,712,155		85,950		(10.14	%)		(10.14	%)
Inflation Managed (2)
2004						$16.68		10,333,018		109,097		7.17	%		7.17	%
2003						15.56		7,511,323		130,364		6.53	%		6.53	%
2002						14.61		5,269,102		135,716		13.62	%		13.62	%
2001						12.86		2,779,674		105,804		2.60	%		2.60	%
Managed Bond
2004						$15.89		13,226,230		153,519		3.71	%		3.71	%
2003						15.32		11,374,119		192,351		4.55	%		4.55	%
2002						14.65		11,007,610		273,426		9.17	%		9.17	%
2001						13.42		8,912,313		328,780		5.62	%		5.62	%
Small-Cap Value
2004						$15.38		3,131,581		46,721		22.44	%		22.44	%
2003		05/01/03		05/01/03		12.56		1,975,856		38,405		25.58	%		25.58	%
Money Market
2004						$12.12		3,748,256		50,417		(0.59	%)		(0.59	%)
2003						12.19		4,533,488		93,959		(0.81	%)		(0.81	%)
2002						12.29		6,679,479		184,006		(0.20	%)		(0.20	%)
2001						12.31		7,277,398		250,652		2.21	%		2.21	%
High Yield Bond
2004						$13.92		4,157,011		54,682		7.69	%		7.69	%
2003						12.93		4,168,575		69,930		18.38	%		18.38	%
2002						10.92		2,559,323		66,373		(4.53	%)		(4.53	%)
2001						11.44		1,955,677		67,597		(0.27	%)		(0.27	%)
Equity Income
2004						$11.67		1,927,266		29,652		10.41	%		10.41	%
2003						10.57		1,655,259		39,560		24.23	%		24.23	%
2002		01/03/02		01/07/02		8.51		1,057,594		39,876		(16.31	%)		(16.79	%)
Equity
2004						$13.35		2,470,867		102,463		3.47	%		3.47	%
2003						12.90		2,896,697		111,821		22.36	%		22.36	%
2002						10.54		3,332,774		138,568		(27.68	%)		(27.68	%)
2001						14.58		4,565,452		165,415		(23.01	%)		(23.01	%)

See Notes to Financial Statements See explanation of references on K-19

K-8

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Stepped-Up Death Benefit
	Commencement Date If Initial				AUV at End of		Number of Units
	Operating Period During Years Shown				Year/Period		Outstanding at End of Year/Period				Total Returns (1)
	Pacific		Pacific		Pacific Value and		Pacific		Pacific		Pacific			Pacific
	Value		Innovations		Pacific Innovations		Value		Innovations		Value			Innovations
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts
Aggressive Equity
2004						$10.93		2,062,558		73,513		17.06	%		17.06	%
2003						9.34		2,786,557		98,752		31.03	%		31.03	%
2002						7.13		2,876,384		123,803		(26.28	%)		(26.28	%)
2001						9.67		2,807,339		116,458		(18.56	%)		(18.56	%)
Large-Cap Value
2004						$12.50		18,743,037		279,696		8.18	%		8.18	%
2003						11.55		13,716,269		307,299		29.16	%		29.16	%
2002						8.95		9,355,708		335,730		(24.18	%)		(24.18	%)
2001						11.80		7,367,627		343,633		(5.19	%)		(5.19	%)
Comstock (2)
2004						$9.87		6,332,865		98,487		15.31	%		15.31	%
2003						8.56		4,096,799		99,377		29.30	%		29.30	%
2002						6.62		1,201,284		48,813		(23.39	%)		(23.39	%)
2001						8.64		1,050,502		50,417		(11.31	%)		(11.31	%)
Real Estate (2)
2004						$24.70		2,290,883		47,204		35.43	%		35.43	%
2003						18.24		1,944,818		57,710		35.34	%		35.34	%
2002						13.48		1,590,028		70,497		(1.90	%)		(1.90	%)
2001						13.74		1,167,679		79,343		6.81	%		6.81	%
Mid-Cap Growth
2004						$6.39		3,194,113		73,408		19.66	%		19.66	%
2003						5.34		2,605,454		46,408		28.32	%		28.32	%
2002						4.16		1,766,108		46,008		(47.87	%)		(47.87	%)
2001		01/02/01		01/02/01		7.99		1,009,314		32,020		(20.11	%)		(20.11	%)
Prudential Jennison
2004				N/A		$10.06		14,674				7.48	%
2003				N/A		9.36		15,429				27.55	%
2002				N/A		7.34		12,832				(32.26	%)
2001		10/22/01		N/A		10.84		16,223				7.63	%
Value
2004				N/A		$11.30		24,753				14.00	%
2003				N/A		9.91		27,481				25.61	%
2002				N/A		7.89		25,501				(23.58	%)
2001		10/03/01		N/A		10.32		10,496				8.19	%
SP William Blair International Growth (2)
2004				N/A		$11.91		17,875				14.28	%
2003				N/A		10.42		18,748				36.93	%
2002				N/A		7.61		10,732				(24.06	%)
2001		10/03/01		N/A		10.02		2,525				7.96	%
SP Prudential U.S. Emerging Growth
2004				N/A		$11.82		5,875				19.09	%
2003				N/A		9.92		6,560				39.26	%
2002				N/A		7.12		6,418				(33.49	%)
2001		11/19/01		N/A		10.71		1,939				4.53	%

See Notes to Financial Statements See explanation of references on K-19

K-9

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Stepped-Up Death Benefit
	Commencement Date If Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
							Innovations
	Pacific		Pacific				Select and				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Pacific One		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Blue Chip
2004								$8.84		$8.60		15,055,552		1,175,425		7,653		2.74	%		2.74	%		4.03	%
2003								8.61		8.27		8,321,304		618,430		3,810		23.07	%		23.07	%		24.61	%
2002								7.00		6.64		4,341,489		255,451		3,375		(27.30	%)		(27.30	%)		(26.38	%)
2001		04/06/01		04/23/01		10/05/01		9.62		9.01		1,638,628		107,682		1,847		(2.18	%)		(11.85	%)		7.88	%
Aggressive Growth
2004								$10.13		$9.40		603,214		16,621		404		9.83	%		9.83	%		11.21	%
2003						07/28/03		9.22		8.45		560,772		15,032		1,999		24.34	%		24.34	%		25.90	%
2002								7.42		6.71		520,735		23,738				(23.75	%)		(23.75	%)
2001		04/10/01		05/16/01				9.72		8.70		330,675		30,637				(6.12	%)		(15.21	%)
Diversified Research
2004								$11.16		$10.71		2,814,536		180,674		6,340		9.17	%		9.17	%		10.54	%
2003						12/03/03		10.22		9.69		1,945,268		148,394		192		30.20	%		30.20	%		31.83	%
2002								7.85		7.35		1,400,498		95,481				(25.59	%)		(25.59	%)
2001		04/04/01		04/23/01				10.55		9.76		689,111		38,983				7.12	%		(0.10	%)
Short Duration Bond
2004								$9.91		$10.12		8,977,631		1,000,940		4,019		(0.65	%)		(0.65	%)		0.60	%
2003		05/01/03		05/01/03		05/01/03		9.97		10.06		5,126,474		561,635		2,334		(0.28	%)		(0.28	%)		0.56	%
I-Net Tollkeeper
2004								$8.65		$7.49		183,373		3,310				10.59	%		10.59	%
2003								7.82		6.69		204,142		3,832				40.60	%		40.60	%
2002								5.57		4.70		86,367		43				(39.74	%)		(39.74	%)
2001		04/01/01		04/18/01				9.24		7.70		59,175		2,791				(13.86	%)		(23.62	%)
Financial Services
2004								$11.28		$10.99		690,843		37,332		140		6.73	%		6.73	%		8.07	%
2003								10.57		10.17		668,364		31,284		169		26.64	%		26.64	%		28.23	%
2002						09/23/02		8.34		7.93		505,448		21,065		111		(16.16	%)		(16.16	%)		4.99	%
2001		04/06/01		04/18/01				9.95		9.34		340,866		34,542				2.77	%		(3.32	%)
Health Sciences
2004								$11.37		$10.26		791,475		37,356		1,042		5.57	%		5.57	%		6.90	%
2003						12/03/03		10.77		9.60		828,543		36,366		380		25.48	%		25.48	%		27.06	%
2002								8.58		7.56		608,030		30,154				(24.71	%)		(24.71	%)
2001		04/06/01		04/18/01				11.40		9.91		384,333		31,748				12.46	%		2.75	%
Technology
2004								$7.33		$6.43		1,155,537		56,033				1.76	%		1.76	%
2003								7.20		6.24		1,073,167		85,712				39.98	%		39.98	%
2002								5.15		4.40		604,395		44,354				(47.33	%)		(47.33	%)
2001		04/06/01		04/18/01				9.77		8.26		374,247		27,409				0.43	%		(22.56	%)
Focused 30
2004						07/06/04		$12.13		$11.93		295,421		46,449		1,181		12.74	%		12.74	%		14.16	%
2003								10.76		10.45		285,259		27,315				39.65	%		39.65	%
2002								7.71		7.39		220,187		6,358				(30.70	%)		(30.70	%)
2001		04/16/01		04/18/01				11.12		10.53		133,218		4,055				8.90	%		1.46	%
Growth LT
2004								$9.37		$8.72		5,738,539		459,626		12,832		8.38	%		8.38	%		9.74	%
2003								8.65		7.95		4,362,063		349,080		6,199		31.53	%		31.53	%		33.18	%
2002								6.58		5.97		3,060,290		198,739		2,761		(30.28	%)		(30.28	%)		(29.40	%)
2001		04/02/01		04/23/01		10/05/01		9.43		8.45		1,294,812		69,077		1,506		(5.69	%)		(18.62	%)		6.02	%
Mid-Cap Value
2004								$15.07		$13.92		5,918,325		546,053		5,178		22.78	%		22.78	%		24.33	%
2003								12.27		11.19		4,442,833		344,549		2,666		26.74	%		26.74	%		28.33	%
2002								9.68		8.72		2,748,866		201,785		1,635		(16.03	%)		(16.03	%)		(14.97	%)
2001		04/02/01		04/23/01		10/05/01		11.53		10.26		1,301,503		119,569		1,144		15.29	%		9.39	%		13.99	%
International Value
2004								$10.93		$11.42		9,374,678		838,899		5,132		14.29	%		14.29	%		15.73	%
2003								9.56		9.87		6,370,903		524,301		3,817		25.37	%		25.37	%		26.95	%
2002								7.63		7.78		2,574,027		202,586		2,539		(15.49	%)		(15.49	%)		(14.42	%)
2001		04/02/01		04/23/01		10/05/01		9.03		9.09		834,945		62,513		1,336		(9.73	%)		(12.89	%)		5.46	%

See Notes to Financial Statements See explanation of references on K-19

K-10

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Stepped-Up Death Benefit
	Commencement Date If Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
							Innovations
	Pacific		Pacific				Select and				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Pacific One		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Capital Opportunities
2004								$9.28		$9.05		2,917,923		189,463		1,761		10.63	%		10.63	%		12.02	%
2003								8.39		8.08		2,126,973		112,579		885		24.80	%		24.80	%		26.37	%
2002								6.72		6.39		1,267,335		45,808		744		(28.12	%)		(28.12	%)		(27.22	%)
2001		04/05/01		05/16/01		12/31/01		9.35		8.78		561,878		11,166		247		(6.81	%)		(18.22	%)		0.00	%
International Large-Cap
2004								$11.12		$11.65		10,215,565		867,127		8,838		16.43	%		16.43	%		17.90	%
2003								9.55		9.88		6,493,298		471,101		5,513		28.13	%		28.13	%		29.74	%
2002								7.46		7.62		2,556,131		158,630		4,806		(19.14	%)		(19.14	%)		(18.12	%)
2001		04/02/01		04/18/01		10/05/01		9.22		9.30		989,214		50,195		2,411		(7.79	%)		(14.05	%)		8.95	%
Equity Index
2004								$10.38		$10.07		2,344,348		321,024		1,491		8.56	%		8.56	%		9.92	%
2003								9.56		9.16		2,421,254		297,607		1,511		25.95	%		25.95	%		27.53	%
2002								7.59		7.19		2,544,186		209,760		1,943		(23.77	%)		(23.77	%)		(22.81	%)
2001		04/02/01		04/25/01		10/05/01		9.96		9.31		1,114,646		86,834		1,384		(0.41	%)		(7.01	%)		7.29	%
Small-Cap Index
2004								$14.22		$13.15		3,962,745		345,691		2,735		15.60	%		15.60	%		17.06	%
2003								12.30		11.24		2,074,241		212,791		4,400		43.85	%		43.85	%		45.65	%
2002						06/21/02		8.55		7.71		1,065,894		78,381		398		(22.64	%)		(22.64	%)		(16.90	%)
2001		04/11/01		04/18/01				11.05		9.85		204,137		27,686				8.12	%		4.12	%
Multi-Strategy
2004								$11.47		$11.38		1,172,919		195,687		6,328		7.80	%		7.80	%		9.16	%
2003								10.64		10.43		1,152,985		179,035		6,364		21.02	%		21.02	%		22.54	%
2002						09/23/02		8.80		8.51		998,418		83,505		140		(14.66	%)		(14.66	%)		3.44	%
2001		04/06/01		04/30/01				10.31		9.85		519,267		42,531				3.45	%		(1.77	%)
Main Street Core (2)
2004								$9.55		$9.16		5,897,453		587,501		1,414		7.53	%		7.53	%		8.89	%
2003								8.88		8.41		3,670,780		334,321		1,520		24.63	%		24.63	%		26.20	%
2002								7.13		6.66		1,211,446		59,821		463		(29.72	%)		(29.72	%)		(28.83	%)
2001		04/02/01		04/25/01		12/31/01		10.14		9.36		840,251		54,269		1,057		1.40	%		(5.50	%)		0.00	%
Emerging Markets
2004								$21.23		$20.75		1,670,937		150,575		776		32.16	%		32.16	%		33.82	%
2003								16.07		15.51		685,510		54,291		429		65.40	%		65.40	%		67.48	%
2002								9.71		9.26		243,783		17,251		229		(4.85	%)		(4.85	%)		(3.65	%)
2001		04/11/01		04/27/01		12/31/01		10.21		9.61		78,029		2,659		97		(0.58	%)		(5.03	%)		0.00	%
Inflation Managed (2)
2004								$12.93		$13.50		10,020,214		1,129,999		5,688		6.90	%		6.90	%		8.25	%
2003								12.10		12.48		5,855,231		699,185		3,020		6.26	%		6.26	%		7.60	%
2002								11.38		11.59		3,212,778		470,913		1,144		13.33	%		13.33	%		14.76	%
2001		04/02/01		04/25/01		10/05/01		10.04		10.10		1,016,780		81,623		841		0.45	%		1.30	%		(0.96	%)
Managed Bond
2004								$12.08		$12.71		11,903,817		1,509,592		11,080		3.45	%		3.45	%		4.75	%
2003								11.68		12.13		8,974,943		1,227,651		12,799		4.29	%		4.29	%		5.60	%
2002								11.20		11.49		6,522,651		623,199		4,470		8.90	%		8.90	%		10.27	%
2001		04/02/01		04/11/01		10/05/01		10.28		10.42		3,094,696		254,503		4,173		2.82	%		3.76	%		(1.51	%)
Small-Cap Value
2004								$15.31		$15.63		2,555,569		240,708		2,371		22.13	%		22.13	%		23.67	%
2003		05/01/03		05/01/03		05/01/03		12.54		12.64		1,517,298		125,926		734		25.37	%		25.37	%		26.42	%
Money Market
2004								$9.87		$10.25		2,225,698		386,881		2,218		(0.84	%)		(0.84	%)		0.41	%
2003								9.95		10.21		2,436,151		561,627		1,334		(1.06	%)		(1.06	%)		0.18	%
2002								10.06		10.19		3,600,821		530,235		4,001		(0.44	%)		(0.44	%)		0.81	%
2001		04/02/01		04/11/01		09/04/01		10.10		10.11		3,485,768		262,308		1,022		1.04	%		0.97	%		0.57	%
High Yield Bond
2004								$11.56		$12.37		3,670,580		527,607		3,049		7.42	%		7.42	%		8.77	%
2003								10.77		11.37		3,793,983		590,481		1,587		18.09	%		18.09	%		19.57	%
2002								9.12		9.51		1,784,489		448,990		1,207		(4.77	%)		(4.77	%)		(3.57	%)
2001		04/02/01		04/25/01		10/05/01		9.57		9.86		482,390		27,465		680		(4.27	%)		(3.28	%)		6.35	%

See Notes to Financial Statements See explanation of references on K-19

K-11

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Stepped-Up Death Benefit
	Commencement Date If Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
							Innovations
	Pacific		Pacific				Select and				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Pacific One		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Equity Income
2004								$11.58		$12.03		1,156,049		90,889		1,785		10.13	%		10.13	%		11.52	%
2003						03/12/03		10.52		10.78		969,820		59,487		250		23.92	%		23.92	%		25.48	%
2002		01/03/02		02/05/02				8.49		8.59		588,682		34,520				(16.52	%)		(12.39	%)
Equity
2004								$9.24		$8.56		408,775		17,276	See (4)			3.22	%		3.22	%		4.51	%
2003								8.95		8.19		455,200		20,358	See (4)			22.05	%		22.05	%		23.59	%
2002								7.33		6.63		470,399		20,286	See (4)			(27.86	%)		(27.86	%)		(26.95	%)
2001		04/10/01		04/23/01		12/13/01		10.16		9.07		442,282		9,976		341		(2.40	%)		(10.40	%)		0.00	%
Aggressive Equity
2004								$12.34		$10.58		523,346		37,588		172		16.76	%		16.76	%		18.23	%
2003								10.57		8.95		666,157		57,785		93		30.71	%		30.71	%		32.35	%
2002						06/21/02		8.09		6.76		423,805		23,051		140		(26.47	%)		(26.47	%)		(20.37	%)
2001		04/10/01		04/27/01				11.00		9.08		137,859		5,371				5.04	%		(5.44	%)
Large-Cap Value
2004								$10.44		$10.48		16,123,858		1,354,857		16,576		7.91	%		7.91	%		9.27	%
2003								9.67		9.59		10,422,829		799,059		7,138		28.84	%		28.84	%		30.46	%
2002								7.51		7.35		5,254,064		346,767		5,224		(24.37	%)		(24.37	%)		(23.42	%)
2001		04/06/01		04/25/01		10/05/01		9.93		9.60		2,023,116		148,427		2,871		0.94	%		(6.07	%)		7.13	%
Comstock (2)
2004								$10.68		$10.82		4,562,154		426,389		1,525		15.02	%		15.02	%		16.47	%
2003								9.28		9.29		2,821,909		201,256		920		28.98	%		28.98	%		30.60	%
2002						09/23/02		7.20		7.12		653,082		15,854		206		(23.58	%)		(23.58	%)		0.74	%
2001		04/06/01		04/27/01				9.42		9.20		414,009		13,978				(2.46	%)		(11.45	%)
Real Estate (2)
2004								$19.49		$18.72		1,905,654		221,431		2,714		35.10	%		35.10	%		36.79	%
2003								14.43		13.68		1,394,468		161,156		1,198		35.01	%		35.01	%		36.70	%
2002								10.69		10.01		869,518		65,770		306		(2.15	%)		(2.15	%)		(0.92	%)
2001		04/10/01		04/18/01		12/31/01		10.92		10.10		415,872		27,993		153		10.54	%		9.94	%		0.00	%
Mid-Cap Growth
2004								$8.43		$6.99		2,216,459		156,262		4,906		19.36	%		19.36	%		20.86	%
2003								7.06		5.78		2,025,364		118,155		9,043		28.00	%		28.00	%		29.61	%
2002						01/24/02		5.52		4.46		1,574,297		61,788		689		(48.00	%)		(48.00	%)		(44.15	%)
2001		04/05/01		04/18/01				10.61		8.48		756,565		51,567				3.66	%		(13.68	%)

See Notes to Financial Statements See explanation of references on K-19

K-12

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Premier Death Benefit
	Commencement Date If Initial Operating						Number of Units
	Period During Years Shown				AUV at		Outstanding at End of Year/Period				Total Returns (1)
	Pacific		Pacific		End		Pacific		Pacific		Pacific			Pacific
	Value		Innovations		of		Value		Innovations		Value			Innovations
Variable Accounts	Contracts		Contracts		Year/Period		Contracts		Contracts		Contracts			Contracts
Blue Chip
2004						$7.38		7,012,737		139,357		2.84	%		2.84	%
2003						7.17		6,018,981		134,395		23.19	%		23.19	%
2002						5.82		4,838,326		128,787		(27.23	%)		(27.23	%)
2001		01/02/01		01/10/01		8.00		2,498,852		112,661		(19.99	%)		(22.36	%)
Aggressive Growth
2004						$8.23		377,493		2,562		9.94	%		9.94	%
2003						7.49		508,450		3,837		24.46	%		24.46	%
2002						6.02		471,339		2,756		(23.67	%)		(23.67	%)
2001		01/02/01		02/08/01		7.88		395,785		14,934		(21.18	%)		(24.16	%)
Diversified Research
2004						$10.98		2,029,848		83,583		9.28	%		9.28	%
2003						10.05		1,799,237		89,681		30.33	%		30.33	%
2002						7.71		1,406,060		82,571		(25.51	%)		(25.51	%)
2001						10.35		1,037,855		100,919		(4.44	%)		(4.44	%)
Short Duration Bond
2004						$9.92		3,625,004		51,003		(0.55	%)		(0.55	%)
2003		05/01/03		05/01/03		9.98		3,204,077		61,377		(0.21	%)		(0.21	%)
I-Net Tollkeeper
2004						$4.09		1,117,305		55,704		10.70	%		10.70	%
2003						3.70		1,309,911		77,106		40.74	%		40.74	%
2002						2.63		1,857,935		110,387		(39.68	%)		(39.68	%)
2001						4.35		1,757,030		103,915		(35.05	%)		(35.05	%)
Financial Services
2004						$10.36		584,369		12,701		6.84	%		6.84	%
2003						9.69		600,592		16,566		26.77	%		26.77	%
2002						7.65		500,627		7,358		(16.07	%)		(16.07	%)
2001		01/02/01		01/23/01		9.11		417,466		4,358		(8.90	%)		(7.07	%)
Health Sciences
2004						$9.07		628,998		7,288		5.68	%		5.68	%
2003						8.59		661,341		9,392		25.61	%		25.61	%
2002						6.84		609,573		6,760		(24.64	%)		(24.64	%)
2001		01/02/01		01/23/01		9.07		524,438		5,099		(9.30	%)		(0.31	%)
Technology
2004						$4.37		867,710		12,945		1.86	%		1.86	%
2003						4.29		1,405,251		24,553		40.12	%		40.12	%
2002						3.06		588,970		8,410		(47.28	%)		(47.28	%)
2001		01/02/01		01/30/01		5.80		401,762		12,078		(41.97	%)		(48.11	%)
Focused 30
2004						$7.66		454,823		8,634		12.85	%		12.85	%
2003						6.79		499,305		11,224		39.79	%		39.79	%
2002						4.86		409,452		14,780		(30.63	%)		(30.63	%)
2001						7.00		487,453		22,130		(14.87	%)		(14.87	%)
Growth LT
2004						$20.50		3,135,422		85,910		8.48	%		8.48	%
2003						18.89		3,625,888		110,829		31.66	%		31.66	%
2002						14.35		4,124,734		148,206		(30.21	%)		(30.21	%)
2001						20.56		4,393,510		160,026		(30.79	%)		(30.79	%)
Mid-Cap Value
2004						$18.52		3,585,968		83,812		22.91	%		22.91	%
2003						15.07		3,685,168		93,841		26.87	%		26.87	%
2002						11.88		3,501,716		105,378		(15.94	%)		(15.94	%)
2001						14.13		2,937,900		134,668		11.32	%		11.32	%
International Value
2004						$13.02		4,603,069		86,245		14.40	%		14.40	%
2003						11.38		4,863,663		106,259		25.50	%		25.50	%
2002						9.07		4,008,551		124,578		(15.40	%)		(15.40	%)
2001						10.72		3,264,750		135,937		(23.24	%)		(23.24	%)

See Notes to Financial Statements See explanation of references on K-19

K-13

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Premier Death Benefit
	Commencement Date If Initial Operating						Number of Units
	Period During Years Shown				AUV at		Outstanding at End of Year/Period				Total Returns (1)
	Pacific		Pacific		End		Pacific		Pacific		Pacific			Pacific
	Value		Innovations		of		Value		Innovations		Value			Innovations
Variable Accounts	Contracts		Contracts		Year/Period		Contracts		Contracts		Contracts			Contracts
Capital Opportunities
2004						$8.26		1,216,298		35,052		10.74	%		10.74	%
2003						7.46		1,313,434		38,606		24.93	%		24.93	%
2002						5.97		1,172,909		37,392		(28.05	%)		(28.05	%)
2001		01/02/01		01/10/01		8.30		656,294		40,735		(17.01	%)		(21.95	%)
International Large-Cap
2004						$7.49		6,776,993		194,645		16.55	%		16.55	%
2003						6.43		6,763,231		229,704		28.25	%		28.25	%
2002						5.01		4,929,408		243,716		(19.06	%)		(19.06	%)
2001						6.19		3,240,232		327,597		(19.72	%)		(19.72	%)
Equity Index
2004						$18.95		2,626,601		71,606		8.67	%		8.67	%
2003						17.44		2,808,717		77,064		26.07	%		26.07	%
2002						13.83		3,414,826		114,455		(23.69	%)		(23.69	%)
2001						18.12		3,274,769		116,049		(13.69	%)		(13.69	%)
Small-Cap Index
2004						$14.33		3,262,651		101,897		15.72	%		15.72	%
2003						12.39		2,165,445		51,804		43.99	%		43.99	%
2002						8.60		1,846,871		42,546		(22.56	%)		(22.56	%)
2001						11.11		1,213,369		29,667		(0.04	%)		(0.04	%)
Multi-Strategy
2004						$17.13		1,138,090		35,821		7.91	%		7.91	%
2003						15.88		1,297,539		36,398		21.14	%		21.14	%
2002						13.11		1,237,715		36,624		(14.57	%)		(14.57	%)
2001						15.34		1,371,497		43,025		(2.88	%)		(2.88	%)
Main Street Core (2)
2004						$15.63		3,073,258		82,894		7.64	%		7.64	%
2003						14.52		3,142,470		97,490		24.76	%		24.76	%
2002						11.64		2,477,968		100,552		(29.65	%)		(29.65	%)
2001						16.54		2,930,724		127,795		(10.46	%)		(10.46	%)
Emerging Markets
2004						$11.96		1,922,314		30,819		32.29	%		32.29	%
2003						9.04		1,422,908		34,134		65.57	%		65.57	%
2002						5.46		1,274,996		26,351		(4.75	%)		(4.75	%)
2001						5.73		1,137,395		27,845		(10.28	%)		(10.28	%)
Inflation Managed (2)
2004						$16.53		4,113,632		64,305		7.01	%		7.01	%
2003						15.45		3,737,783		71,045		6.37	%		6.37	%
2002						14.52		3,262,347		103,323		13.45	%		13.45	%
2001						12.80		1,858,921		65,875		2.45	%		2.45	%
Managed Bond
2004						$15.75		5,968,687		124,002		3.55	%		3.55	%
2003						15.21		6,630,314		152,563		4.39	%		4.39	%
2002						14.57		7,323,534		219,093		9.01	%		9.01	%
2001						13.36		5,763,589		229,185		5.46	%		5.46	%
Small-Cap Value
2004						$15.34		1,018,994		18,016		22.25	%		22.25	%
2003		05/01/03		05/01/03		12.55		877,790		17,350		25.45	%		25.45	%
Money Market
2004						$12.01		2,668,782		23,988		(0.74	%)		(0.74	%)
2003						12.10		3,478,656		47,722		(0.96	%)		(0.96	%)
2002						12.22		5,621,521		139,002		(0.34	%)		(0.34	%)
2001						12.26		5,777,615		204,875		2.05	%		2.05	%
High Yield Bond
2004						$13.80		2,328,773		29,298		7.53	%		7.53	%
2003						12.83		2,711,440		38,353		18.21	%		18.21	%
2002						10.86		2,017,581		40,330		(4.68	%)		(4.68	%)
2001						11.39		1,583,223		44,400		(0.42	%)		(0.42	%)
Equity Income
2004						$11.62		924,458		7,482		10.24	%		10.24	%
2003						10.54		958,371		10,633		24.05	%		24.05	%
2002		01/07/02		01/03/02		8.50		750,600		18,952		(16.92	%)		(16.44	%)

See Notes to Financial Statements See explanation of references on K-19

K-14

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Premier Death Benefit
	Commencement Date If Initial Operating						Number of Units
	Period During Years Shown				AUV at		Outstanding at End of Year/Period				Total Returns (1)
	Pacific		Pacific		End		Pacific		Pacific		Pacific			Pacific
	Value		Innovations		of		Value		Innovations		Value			Innovations
Variable Accounts	Contracts		Contracts		Year/Period		Contracts		Contracts		Contracts			Contracts
Equity
2004						$13.23		1,407,483		40,202		3.32	%		3.32	%
2003						12.80		1,675,755		52,641		22.18	%		22.18	%
2002						10.48		1,891,855		73,479		(27.78	%)		(27.78	%)
2001						14.51		2,502,904		104,893		(23.13	%)		(23.13	%)
Aggressive Equity
2004						$10.84		1,133,147		19,432		16.88	%		16.88	%
2003						9.27		1,477,388		31,490		30.84	%		30.84	%
2002						7.09		1,700,359		42,236		(26.40	%)		(26.40	%)
2001						9.63		1,762,899		48,382		(18.68	%)		(18.68	%)
Large-Cap Value
2004						$12.39		7,117,498		130,013		8.02	%		8.02	%
2003						11.47		6,957,282		150,451		28.97	%		28.97	%
2002						8.89		6,003,811		167,731		(24.30	%)		(24.30	%)
2001						11.75		4,283,946		176,129		(5.33	%)		(5.33	%)
Comstock (2)
2004						$9.81		2,519,535		41,297		15.14	%		15.14	%
2003						8.52		2,147,193		51,040		29.11	%		29.11	%
2002						6.60		674,762		14,087		(23.51	%)		(23.51	%)
2001						8.62		595,596		16,437		(11.44	%)		(11.44	%)
Real Estate (2)
2004						$24.48		1,026,007		15,233		35.23	%		35.23	%
2003						18.10		1,167,198		29,940		35.14	%		35.14	%
2002						13.39		1,067,358		46,416		(2.05	%)		(2.05	%)
2001						13.68		852,530		30,363		6.65	%		6.65	%
Mid-Cap Growth
2004						$6.36		1,744,329		13,138		19.48	%		19.48	%
2003						5.32		1,683,194		17,619		28.13	%		28.13	%
2002						4.15		1,239,597		11,911		(47.95	%)		(47.95	%)
2001		01/02/01		02/08/01		7.98		697,944		13,270		(20.23	%)		(22.01	%)
Prudential Jennison
2004				N/A		$10.01		29,089				7.32	%
2003				N/A		9.33		40,593				27.36	%
2002				N/A		7.33		29,783				(32.36	%)
2001		09/19/01		N/A		10.83		20,110				20.86	%
Value
2004				N/A		$11.24		31,896				13.82	%
2003				N/A		9.88		48,247				25.42	%
2002				N/A		7.87		25,293				(23.70	%)
2001		09/19/01		N/A		10.32		24,981				13.29	%
SP William Blair International Growth (2)
2004				N/A		$11.85		28,265				14.11	%
2003				N/A		10.39		38,744				36.73	%
2002				N/A		7.60		22,157				(24.18	%)
2001		10/18/01		N/A		10.02		4,185				4.46	%
SP Prudential U.S. Emerging Growth
2004				N/A		$11.76		14,079				18.91	%
2003				N/A		9.89		16,772				39.05	%
2002				N/A		7.11		15,386				(33.59	%)
2001		09/19/01		N/A		10.71		4,945				21.60	%

See Notes to Financial Statements See explanation of references on K-19

K-15

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Premier Death Benefit
	Commencement Date if Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
	Pacific		Pacific				Innovations				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Select & Pacific		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		One Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Blue Chip
2004								$8.79		$8.56		5,058,308		257,342		4,693		2.58	%		2.58	%		3.87	%
2003								8.57		8.24		4,492,838		256,164		3,593		22.88	%		22.88	%		24.43	%
2002						07/15/02		6.98		6.62		3,460,103		196,501		3,211		(27.41	%)		(27.41	%)		(4.66	%)
2001		04/11/01		04/10/01				9.61		9.01		1,290,854		75,424				(6.51	%)		(6.46	%)
Aggressive Growth
2004								$10.07		$9.35		345,929		20,317		See (4)		9.67	%		9.67	%		11.05	%
2003								9.18		8.42		385,037		25,885		See (4)		24.15	%		24.15	%		25.71	%
2002								7.40		6.70		396,138		23,235		See (4)		(23.86	%)		(23.86	%)		(22.91	%)
2001		04/11/01		05/09/01		08/13/01		9.71		8.69		241,308		16,256		1,100		(5.79	%)		(12.93	%)		(6.33	%)
Diversified Research
2004								$11.09		$10.66		1,595,171		69,607		9,506		9.00	%		9.00	%		10.37	%
2003								10.18		9.66		1,511,183		71,636		7,157		30.00	%		30.00	%		31.64	%
2002						02/22/02		7.83		7.34		1,389,542		63,099		4,118		(25.70	%)		(25.70	%)		(18.51	%)
2001		04/11/01		04/10/01				10.54		9.75		496,758		41,778				3.71	%		3.67	%
Short Duration Bond
2004								$9.88		$10.09		2,971,880		281,138		1,834		(0.80	%)		(0.80	%)		0.45	%
2003		05/01/03		05/01/03		05/01/03		9.96		10.05		2,854,347		328,469		1,437		(0.38	%)		(0.38	%)		0.46	%
I-Net Tollkeeper
2004								$8.60		$7.45		128,119		9,578				10.42	%		10.42	%
2003								7.79		6.67		202,435		16,976				40.39	%		40.39	%
2002								5.55		4.69		133,469		7,416				(39.84	%)		(39.84	%)
2001		04/20/01		06/08/01				9.23		7.70		61,145		3,236				(26.44	%)		(25.03	%)
Financial Services
2004								$11.21		$10.93		393,595		13,526		285		6.57	%		6.57	%		7.91	%
2003						08/01/03		10.52		10.13		470,514		16,330		285		26.45	%		26.45	%		28.04	%
2002								8.32		7.91		459,482		36,985				(16.28	%)		(16.28	%)
2001		04/11/01		04/06/01				9.94		9.33		347,151		15,305				0.02	%		2.66	%
Health Sciences
2004						05/17/04		$11.30		$10.21		508,555		13,581		664		5.41	%		5.41	%		6.74	%
2003								10.72		9.57		705,383		16,277				25.29	%		25.29	%
2002								8.56		7.54		713,719		22,863				(24.83	%)		(24.83	%)
2001		04/10/01		05/25/01				11.39		9.91		566,124		9,301				8.22	%		(1.70	%)
Technology
2004								$7.29		$6.40		621,340		34,487				1.61	%		1.61	%
2003								7.17		6.22		818,208		47,001				39.77	%		39.77	%
2002								5.13		4.39		515,237		24,855				(47.41	%)		(47.41	%)
2001		04/11/01		04/06/01				9.76		8.25		345,460		8,358				(12.55	%)		0.31	%
Focused 30
2004						05/21/04		$12.07		$11.87		218,935		8,853		354		12.57	%		12.57	%		13.99	%
2003								10.72		10.41		260,196		8,459				39.44	%		39.44	%
2002								7.69		7.37		211,042		8,199				(30.81	%)		(30.81	%)
2001		04/20/01		06/08/01				11.11		10.53		151,411		7,049				2.04	%		1.68	%
Growth LT
2004								$9.32		$8.67		2,603,422		142,301		1,333		8.21	%		8.21	%		9.57	%
2003								8.61		7.92		2,811,147		171,953		1,128		31.33	%		31.33	%		32.98	%
2002						02/22/02		6.56		5.95		2,887,113		164,062		1,391		(30.38	%)		(30.38	%)		(20.37	%)
2001		04/05/01		04/10/01				9.42		8.45		1,275,421		61,280				(6.68	%)		(10.54	%)
Mid-Cap Value
2004								$14.98		$13.84		2,623,177		203,990		2,313		22.60	%		22.60	%		24.14	%
2003								12.22		11.15		2,890,203		227,153		2,590		26.55	%		26.55	%		28.14	%
2002								9.66		8.70		2,389,821		242,811		2,435		(16.15	%)		(16.15	%)		(15.10	%)
2001		04/10/01		04/10/01		08/13/01		11.52		10.25		1,186,018		96,268		998		13.26	%		13.26	%		3.34	%
International Value
2004								$10.87		$11.36		3,291,061		197,275		4,439		14.12	%		14.12	%		15.55	%
2003								9.53		9.84		3,655,738		237,808		4,281		25.19	%		25.19	%		26.76	%
2002						07/15/02		7.61		7.76		2,461,826		177,351		3,694		(15.61	%)		(15.61	%)		(5.78	%)
2001		04/05/01		04/10/01				9.02		9.08		851,203		78,043				(11.31	%)		(12.56	%)

See Notes to Financial Statements See explanation of references on K-19

K-16

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Premier Death Benefit
	Commencement Date if Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
	Pacific		Pacific				Innovations				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Select & Pacific		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		One Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Capital Opportunities
2004								$9.23		$9.00		1,042,960		49,467		423		10.46	%		10.46	%		11.85	%
2003								8.35		8.05		1,141,590		57,693		407		24.62	%		24.62	%		26.18	%
2002						10/31/02		6.70		6.38		958,306		53,650		252		(28.23	%)		(28.23	%)		1.06	%
2001		04/02/01		04/30/01				9.34		8.78		448,482		21,497				(6.62	%)		(17.53	%)
International Large-Cap
2004								$11.06		$11.59		3,508,209		198,406		4,705		16.26	%		16.26	%		17.72	%
2003								9.51		9.84		3,578,216		220,766		4,555		27.93	%		27.93	%		29.54	%
2002						10/31/02		7.44		7.60		2,293,198		152,705		1,474		(19.26	%)		(19.26	%)		0.67	%
2001		04/05/01		04/11/01				9.21		9.29		886,013		67,791				(9.72	%)		(11.48	%)
Equity Index
2004								$10.32		$10.02		1,267,489		83,640		See (4)		8.40	%		8.40	%		9.76	%
2003								9.52		9.13		1,680,027		77,086		See (4)		25.76	%		25.76	%		27.34	%
2002						02/22/02		7.57		7.17		2,382,816		120,006		922		(23.88	%)		(23.88	%)		(18.85	%)
2001		04/05/01		04/11/01				9.95		9.30		1,209,353		42,899				(0.99	%)		(2.26	%)
Small-Cap Index
2004								$14.14		$13.08		1,748,128		155,615		5,229		15.43	%		15.43	%		16.88	%
2003								12.25		11.19		1,400,194		142,116		3,887		43.63	%		43.63	%		45.43	%
2002								8.53		7.70		971,831		110,740		3,905		(22.75	%)		(22.75	%)		(21.78	%)
2001		04/19/01		05/02/01		08/13/01		11.04		9.84		186,900		46,235		1,032		2.75	%		(1.20	%)		2.53	%
Multi-Strategy
2004								$11.41		$11.32		679,007		22,928		1,774		7.64	%		7.64	%		8.99	%
2003								10.60		10.39		752,111		28,094		1,774		20.84	%		20.84	%		22.35	%
2002						02/22/02		8.77		8.49		641,237		21,126		1,774		(14.79	%)		(14.79	%)		(9.64	%)
2001		04/11/01		05/24/01				10.29		9.84		380,828		9,678				1.55	%		(3.88	%)
Main Street Core (2)
2004								$9.50		$9.11		2,399,097		112,452		3,103		7.37	%		7.37	%		8.72	%
2003								8.85		8.38		2,356,022		129,961		2,443		24.45	%		24.45	%		26.01	%
2002						02/22/02		7.11		6.65		1,015,515		51,050		1,418		(29.82	%)		(29.82	%)		(22.05	%)
2001		04/05/01		04/11/01				10.13		9.36		697,289		25,962				0.59	%		(1.50	%)
Emerging Markets
2004								$21.11		$20.64		523,622		26,234		1,819		31.96	%		31.96	%		33.62	%
2003								16.00		15.45		336,278		19,442		1,348		65.15	%		65.15	%		67.23	%
2002						07/15/02		9.69		9.24		225,126		22,831		1,057		(4.99	%)		(4.99	%)		(9.31	%)
2001		04/11/01		05/09/01				10.20		9.60		90,230		4,419				(0.69	%)		(6.71	%)
Inflation Managed (2)
2004								$12.86		$13.43		3,738,839		324,555		2,471		6.74	%		6.74	%		8.08	%
2003								12.05		12.43		3,707,537		321,700		3,950		6.10	%		6.10	%		7.44	%
2002						02/22/02		11.35		11.57		2,692,681		350,553		2,074		13.16	%		13.16	%		13.54	%
2001		04/05/01		04/11/01				10.03		10.10		772,661		44,662				0.43	%		0.97	%
Managed Bond
2004								$12.01		$12.64		5,322,509		330,723		2,966		3.29	%		3.29	%		4.59	%
2003								11.63		12.08		6,038,644		402,558		4,539		4.13	%		4.13	%		5.44	%
2002						07/15/02		11.17		11.46		5,940,033		427,801		2,942		8.74	%		8.74	%		5.49	%
2001		04/05/01		04/10/01				10.27		10.41		2,643,122		154,159				2.80	%		3.47	%
Small-Cap Value
2004								$15.27		$15.59		765,219		36,769		855		21.95	%		21.95	%		23.48	%
2003		05/01/03		05/01/03		05/01/03		12.52		12.63		745,713		41,493		604		25.25	%		25.25	%		26.29	%
Money Market
2004								$9.81		$10.20		1,402,841		110,060		See (4)		(0.99	%)		(0.99	%)		0.26	%
2003								9.91		10.17		1,588,852		151,415		See (4)		(1.21	%)		(1.21	%)		0.04	%
2002						11/25/02		10.03		10.17		3,129,500		567,037		590		(0.59	%)		(0.59	%)		0.03	%
2001		04/05/01		04/11/01				10.09		10.10		2,157,872		431,931				0.91	%		0.86	%
High Yield Bond
2004								$11.50		$12.30		1,389,214		104,003		463		7.26	%		7.26	%		8.61	%
2003								10.72		11.33		1,727,493		155,869		320		17.91	%		17.91	%		19.39	%
2002						02/22/02		9.09		9.49		1,241,320		76,951		318		(4.91	%)		(4.91	%)		(2.61	%)
2001		04/05/01		04/11/01				9.56		9.86		406,825		18,704				(2.94	%)		(3.03	%)

See Notes to Financial Statements See explanation of references on K-19

K-17

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Contracts with Premier Death Benefit
	Commencement Date if Initial Operating						AUV at End of				Number of Units
	Period During Years Shown						Year/Period				Outstanding at End of Year/Period						Total Returns (1)
							Pacific
							Innovations
							Select and
	Pacific		Pacific				One				Pacific		Pacific				Pacific			Pacific
	Innovations		One		Pacific		Pacific		Pacific		Innovations		One		Pacific		Innovations			One			Pacific
	Select		Select		Odyssey		Select		Odyssey		Select		Select		Odyssey		Select			Select			Odyssey
Variable Accounts	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts			Contracts			Contracts
Equity Income
2004								$11.53		$11.97		539,768		40,844		1,130		9.97	%		9.97	%		11.35	%
2003								10.49		10.75		593,998		54,208		1,130		23.74	%		23.74	%		25.29	%
2002		01/04/02		01/10/02		07/15/02		8.47		8.58		466,253		42,555		1,130		(17.33	%)		(16.53	%)		(3.05	%)
Equity
2004								$9.19		$8.52		455,566		20,635				3.06	%		3.06	%
2003								8.91		8.16		642,882		22,306				21.87	%		21.87	%
2002								7.31		6.61		529,832		23,890				(27.97	%)		(27.97	%)
2001		04/10/01		06/08/01				10.15		9.07		388,844		14,981				(2.51	%)		(13.83	%)
Aggressive Equity
2004								$12.27		$10.52		237,265		27,486		1,575		16.59	%		16.59	%		18.06	%
2003								10.53		8.91		402,565		36,174		1,573		30.51	%		30.51	%		32.15	%
2002						07/15/02		8.07		6.75		369,398		51,139		1,565		(26.58	%)		(26.58	%)		(8.50	%)
2001		04/10/01		04/10/01				10.99		9.07		113,526		15,249				4.92	%		4.92	%
Large-Cap Value
2004								$10.38		$10.42		6,016,668		295,906		4,850		7.75	%		7.75	%		9.11	%
2003								9.63		9.55		6,090,920		370,669		4,044		28.64	%		28.64	%		30.26	%
2002						07/15/02		7.49		7.33		4,854,748		291,744		3,654		(24.49	%)		(24.49	%)		(6.83	%)
2001		04/10/01		05/01/01				9.92		9.59		1,787,341		85,595				(2.58	%)		(8.40	%)
Comstock (2)
2004								$10.62		$10.77		1,507,530		119,662		823		14.85	%		14.85	%		16.29	%
2003						05/01/03		9.25		9.26		1,465,531		89,794		687		28.78	%		28.78	%		30.40	%
2002								7.18		7.10		459,562		42,501				(23.70	%)		(23.70	%)
2001		04/19/01		06/21/01				9.41		9.19		341,710		9,893				(10.58	%)		(8.71	%)
Real Estate (2)
2004								$19.38		$18.62		783,966		65,562		1,441		34.89	%		34.89	%		36.59	%
2003								14.37		13.63		906,395		74,925		2,233		34.80	%		34.80	%		36.50	%
2002						02/19/02		10.66		9.99		742,357		69,432		2,112		(2.29	%)		(2.29	%)		(1.96	%)
2001		04/10/01		04/11/01				10.91		10.09		323,797		25,918				10.42	%		12.27	%
Mid-Cap Growth
2004						11/08/04		$8.38		$6.96		1,060,288		72,535		685		19.18	%		19.18	%		20.68	%
2003								7.03		5.76		1,182,007		81,014				27.81	%		27.81	%
2002								5.50		4.45		1,093,405		64,641				(48.08	%)		(48.08	%)
2001		04/11/01		05/18/01				10.60		8.47		537,801		33,315				(5.00	%)		(23.23	%)

See Notes to Financial Statements See explanation of references on K-19

K-18

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Total Net Assets at End of Year								Ratios of Investment Income
	(in $000's)								to Average Net Assets (5)
Variable Accounts	2004		2003		2002		2001		2004			2003			2002			2001
Blue Chip (3)		$1,687,616		$964,872		$477,035		$399,449		0.77	%		0.30	%		0.13	%		0.12	%
Aggressive Growth (3)		64,675		57,206		38,543		65,995		0.00	%		0.00	%		0.00	%		0.00	%
Diversified Research		442,305		300,306		172,513		187,682		0.66	%		0.41	%		0.29	%		0.25	%
Short Duration Bond (3)		1,282,032		798,637						2.55	%		2.69	%
I-Net Tollkeeper		50,076		55,317		34,687		60,855		0.00	%		0.00	%		0.00	%		0.00	%
Financial Services (3)		81,895		81,029		54,325		51,666		0.82	%		0.81	%		0.25	%		0.47	%
Health Sciences (3)		104,225		100,427		63,160		70,563		0.00	%		0.00	%		0.00	%		0.00	%
Technology (3)		79,164		103,527		34,306		42,027		0.00	%		0.00	%		0.00	%		0.00	%
Focused 30		77,339		61,035		31,967		47,227		0.06	%		0.00	%		0.16	%		0.07	%
Growth LT		1,219,527		1,097,592		859,556		1,282,100		0.00	%		0.00	%		1.02	%		16.55	%
Mid-Cap Value		1,371,581		905,461		554,894		606,359		0.40	%		0.62	%		6.88	%		3.28	%
International Value		1,612,193		1,127,110		609,313		597,761		1.75	%		2.00	%		1.04	%		2.55	%
Capital Opportunities (3)		324,592		221,280		118,604		114,712		0.82	%		0.49	%		0.21	%		0.20	%
International Large-Cap		1,547,290		922,668		387,361		374,447		1.14	%		1.37	%		0.93	%		0.82	%
Equity Index		782,694		772,537		731,684		970,855		1.70	%		1.47	%		9.64	%		1.41	%
Small-Cap Index		914,933		491,260		224,678		154,533		0.74	%		0.76	%		0.85	%		8.88	%
Multi-Strategy		368,928		367,211		295,652		375,938		1.70	%		1.65	%		3.13	%		2.66	%
Main Street Core (2)		1,027,423		769,037		408,214		694,811		1.45	%		1.19	%		0.70	%		1.70	%
Emerging Markets		550,207		230,453		96,542		93,715		2.18	%		1.36	%		0.51	%		0.14	%
Inflation Managed (2)		1,991,098		1,343,374		969,025		437,761		7.22	%		6.56	%		2.45	%		3.55	%
Managed Bond		2,303,163		1,907,366		1,807,539		1,443,776		4.12	%		9.40	%		5.43	%		5.08	%
Small-Cap Value (3)		525,271		275,887						4.24	%		1.67	%
Money Market		578,711		679,894		1,128,294		1,048,968		0.99	%		0.80	%		1.41	%		3.57	%
High Yield Bond		710,349		700,342		356,950		284,405		7.11	%		7.42	%		8.82	%		9.72	%
Equity Income (3)		200,464		154,163		91,362				1.60	%		1.48	%		1.59	%
Equity		224,905		268,303		247,642		444,528		0.71	%		0.36	%		0.34	%		6.08	%
Aggressive Equity		180,521		209,317		156,379		194,874		0.61	%		0.54	%		0.00	%		0.00	%
Large-Cap Value		2,398,999		1,551,417		804,079		775,383		1.47	%		1.46	%		1.09	%		3.79	%
Comstock (2)		670,082		369,305		64,298		71,145		1.32	%		1.11	%		0.10	%		0.40	%
Real Estate (2)		590,482		378,106		223,697		171,783		3.29	%		5.46	%		5.59	%		3.92	%
Mid-Cap Growth (3)		191,057		140,665		75,943		81,283		0.00	%		0.00	%		0.00	%		0.00	%
Prudential Jennison (3)		546		667		410		451		0.04	%		0.00	%		0.00	%		0.00	%
Value (3)		837		965		590		472		0.91	%		1.03	%		1.24	%		28.39	%
SP William Blair International Growth (2),(3)		714		759		363		153		0.00	%		0.00	%		0.00	%		0.00	%
SP Prudential U.S. Emerging Growth (3)		270		264		180		104		0.03	%		0.00	%		0.00	%		0.00	%
One Group Investment Trust Bond (3)		32,173								0.00	%
One Group Investment Trust Equity Index (3)		226								0.00	%
One Group Investment Trust Diversified Equity (3)		70								0.00	%
One Group Investment Trust Large Cap Growth (3)		29,388								0.00	%
One Group Investment Trust Mid Cap Value (3)		12,649								0.00	%
One Group Investment Trust Mid Cap Growth (3)		86								0.00	%

Explanation of References for Financial Highlights on K-1 through K-19

(1)	Total returns reflect a deduction for mortality and expense risk, administrative charges, and additional death benefit rider charges, if any, assessed through the daily accumulation unit value calculation and these charges are assessed at annual rates ranging from 0.40% to 2.00% of the average daily net assets of each Variable Account as discussed in Note 5 to Financial Statements. Total returns do not include deductions at the separate account or contract level for any premium loads, maintenance fees, premium tax charges, withdrawal and surrender charges, charges for other optional benefit riders, or other charges that may incur under a contract which, if incurred, would have resulted in lower returns. Total returns are not annualized for periods of less than one full year.
(2)	Prior to 01/01/2003, Main Street Core Variable Account was named Large-Cap Core Variable Account. Prior to 01/01/2002, the Variable Account was named Equity Income. Prior to 05/01/2001, Inflation Managed Variable Account was named Government Securities Variable Account. Prior to 05/01/2003, Comstock Variable Account was named Strategic Value Variable Account. Prior to 05/01/2002, Real Estate Variable Account was named REIT Variable Account. Prior to 05/01/2004, SP William Blair International Growth Variable Account was named SP Jennison International Growth Variable Account.
(3)	Operations commenced on January 2, 2001 for the Blue Chip, Aggressive Growth, Financial Services, Health Sciences, Technology, Capital Opportunities, and Mid-Cap Growth Variable Accounts; September 6, 2001 for the Prudential Jennison, Value, SP William Blair International Growth, and SP Prudential U.S. Emerging Growth Variable Accounts; January 2, 2002 for the Equity Income Variable Account; May 1, 2003 for the Short Duration Bond and Small-Cap Value Variable Accounts; and June 10, 2004 for the One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth.
(4)	All purchased units were fully redeemed prior to end of the year.
(5)	The ratios of investment income to average daily net assets are annualized for periods of less than one full year.
N/A:	Not Available

See Notes to Financial Statements

K-19

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

     The Separate Account A (the “Separate Account”) is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and as of December 31, 2004 is comprised of forty-one subaccounts called Variable Accounts: the Blue Chip, Aggressive Growth, Diversified Research, Short Duration Bond, I-Net Tollkeeper^SM (Concentrated Growth effective February 1, 2005), Financial Services, Health Sciences, Technology, Focused 30, Growth LT, Mid-Cap Value, International Value, Capital Opportunities, International Large-Cap, Equity Index, Small-Cap Index, Multi-Strategy, Main Street^® Core (formerly Large-Cap Core), Emerging Markets, Inflation Managed, Managed Bond, Small-Cap Value, Money Market, High Yield Bond, Equity Income, Equity, Aggressive Equity, Large-Cap Value, Comstock (formerly Strategic Value), Real Estate, Mid-Cap Growth, Prudential Jennison, Value, SP William Blair International Growth (formerly SP Jennison International Growth), SP Prudential U.S. Emerging Growth, One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth Variable Accounts. I-Net Tollkeeper is a service mark of Goldman, Sachs & Co., and Main Street is a registered trademark of OppenheimerFunds, Inc. The assets in each of the first thirty-one Variable Accounts invest in shares of the corresponding portfolios of the Pacific Select Fund, the assets of the next four Variable Accounts invest in the Class II shares of the corresponding portfolios of the Prudential Series Fund, Inc., and the assets of the last six Variable Accounts invest in shares of the corresponding portfolios of the One Group Investment Trust (collectively, the “Funds”). Each portfolio pursues different investment objectives and policies. The financial statements of the Funds, including the schedules of investments, are either included in Sections C through G of this brochure or provided separately and should be read in conjunction with the Separate Account’s financial statements.

     The Separate Account organized and registered with the Securities and Exchange Commission six new Variable Accounts that began operations in 2004: The One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth. All Variable Accounts commenced operations on June 10, 2004.

     The net assets of the Pacific Select Fund’s Research, Global Growth, Telecommunications, and Small-Cap Equity Portfolios (the “Acquired Portfolios”), the underlying portfolios for the Research, Global Growth, Telecommunications, and Small-Cap Equity Variable Accounts, were transferred to the Pacific Select Fund’s Diversified Research, International Large-Cap, Technology, and Small-Cap Index Portfolios (the “Surviving Portfolios”), respectively, in exchange for shares of the respective Surviving Portfolios (the “Reorganization”). The Reorganization took place on December 31, 2003 for all these Portfolios, except for the Reorganization between the Small-Cap Equity Portfolio and the Small-Cap Index Portfolio, which took place on April 30, 2004. In connection with the Reorganization, a total of 717,495 outstanding accumulation units (valued at $6,846,543) of the Research Variable Account were exchanged for 671,952 accumulation units with equal value of the Diversified Research Variable Account; a total of 4,665,549 outstanding accumulation units (valued at $42,108,920) of the Global Growth Variable Account were exchanged for 5,743,180 accumulation units with equal value of the International Large-Cap Variable Account; a total of 4,853,721 outstanding accumulation units (valued at $20,133,882) of the Telecommunications Variable Account were exchanged for 3,962,598 accumulation units with equal value of the Technology Variable Account; and a total of 17,120,536 outstanding accumulation units (valued at $258,869,466) of the Small-Cap Equity Variable Account were exchanged for 20,644,781 accumulation units with equal value of the Small-Cap Index Variable account.

     The Separate Account was established by Pacific Life Insurance Company (“Pacific Life”) on September 7, 1994 and commenced operations on January 2, 1996. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of Pacific Life. The assets of the Separate Account will not be charged with any liabilities arising out of any other business conducted by Pacific Life, but the obligations of the Separate Account, including benefits related to variable annuities, are obligations of Pacific Life.

     The Separate Account held by Pacific Life represents funds from individual flexible premium variable accumulation deferred annuity contracts (the “Contracts”). The assets of the Separate Account are carried at market value.

2. SIGNIFICANT ACCOUNTING POLICIES

     The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for investment companies which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

     A. Valuation of Investments

     Investments in shares of the Funds are valued at the reported net asset values of the respective portfolios. Valuation of securities held by the Funds is discussed in the notes to their financial statements.

     B. Security Transactions and Investment Income

     Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date.

     C. Federal Income Taxes

     The operations of the Separate Account will be reported on the Federal income tax return of Pacific Life, which is taxed as a life insurance company under the provisions of the Tax Reform Act of 1986. Under current tax law, no Federal income taxes are expected to be paid by Pacific Life with respect to the operations of the Separate Account.

L-1

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

     D. Contracts in Payout Period

     Net assets allocated to contracts in payout period are computed according to the 1983a Individual Annuitant Mortality Table. The assumed investment return is 5.0 percent unless the annuitant elects otherwise, in which case the rate may vary from 3.5 percent to 7 percent, as regulated by the laws of the respective states. The mortality risk is fully borne by Pacific Life and may result in additional amounts being transferred into the Variable Accounts by Pacific Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed the amounts required, transfers may be made to Pacific Life.

3. RELATED PARTY AGREEMENT

     Pacific Select Distributors, Inc., a wholly-owned subsidiary of Pacific Life, serves as principal underwriter of variable annuity contracts funded by interests in the Separate Account, without remuneration from the Separate Account.

4. DIVIDENDS

     During 2004, the Funds declared dividends for each portfolio, except for the Aggressive Growth, I-Net Tollkeeper, Health Sciences, Technology, Growth LT, Mid-Cap Growth, SP William Blair International Growth, One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth Portfolios. The amounts distributed to the Separate Account for its share of the dividends were reinvested in additional full and fractional shares of the related portfolio.

5. CHARGES AND EXPENSES

     Contracts funded by the Separate Account currently being sold or administered include the Pacific Portfolios, Pacific One, Pacific One Select, Pacific Value, Pacific Innovations, Pacific Innovations Select, and Pacific Odyssey. Pacific One Select, Pacific Value, Pacific Innovations, Pacific Innovations Select, and Pacific Odyssey Contracts have three different death benefit options: the Standard Death Benefit, the Stepped-Up Death Benefit Rider, and for contracts issued before May 1, 2003, the Premier Death Benefit Rider. These death benefit riders are not available to owners of Pacific Portfolios and Pacific One Contracts as of December 31, 2004. Pacific Life deducts from the Separate Account daily charges for mortality and expense risks (M&E) and administrative expenses Pacific Life assumes, and additional death benefit riders for Pacific One Select, Pacific Value, Pacific Innovations, Pacific Innovations Select, and Pacific Odyssey Contract Owners who purchased the Stepped-Up Death Benefit Rider or the Premier Death Benefit Rider. These charges are assessed daily at the following annual rates on the average daily net assets of each Variable Account:

	Death Benefit Options
	Standard			With Stepped-			With Premier
Pacific Portfolios and Pacific	Death			Up Death			Death Benefit
One Contracts	Benefit			Benefit Rider			Rider
M&E Risk Charge		1.25	%		N/A			N/A
Administrative Fee		0.15	%		N/A			N/A
Death Benefit Rider Charge	None				N/A			N/A
Total Annual Expenses		1.40	%		N/A			N/A
Pacific Value and Pacific
Innovations Contracts
M&E Risk Charge		1.25	%		1.25	%		1.25	%
Administrative Fee		0.15	%		0.15	%		0.15	%
Death Benefit Rider Charge	None				0.20	%		0.35	%
Total Annual Expenses		1.40	%		1.60	%		1.75	%
Pacific Innovations Select
and Pacific One Select
Contracts
M&E Risk Charge		1.40	%		1.40	%		1.40	%
Administrative Fee		0.25	%		0.25	%		0.25	%
Death Benefit Rider Charge	None				0.20	%		0.35	%
Total Annual Expenses		1.65	%		1.85	%		2.00	%
Pacific Odyssey Contracts
M&E Risk Charge		0.15	%		0.15	%		0.15	%
Administrative Fee		0.25	%		0.25	%		0.25	%
Death Benefit Rider Charge	None				0.20	%		0.35	%
Total Annual Expenses		0.40	%		0.60	%		0.75	%

     Under the Contracts, Pacific Life makes certain deductions from the net assets of each Variable Account for maintenance fees, any other optional benefit riders, any state premium taxes, and any withdrawal and surrender charges. The operating expenses of the Separate Account are paid by Pacific Life.

L-2

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

6. SEPARATE ACCOUNT’S COST OF INVESTMENTS IN THE FUNDS’ SHARES

     The cost of investments in the Funds’ shares are determined on an identified cost basis, which represents the amount available for investment (including reinvested distributions of net investment income and realized gains) in such shares after deduction of charges for mortality and expense risks assumed, administrative charges and additional death benefit rider charges (M&E), if any. A reconciliation of total cost and market value of the Separate Account’s investments in the Funds as of December 31, 2004 were as follows (amounts in thousands):

	Variable Accounts
	Blue		Aggressive		Diversified		Short Duration			I-Net		Financial
	Chip		Growth		Research		Bond			Tollkeeper		Services
Total cost of investments at beginning of year		$931,025		$49,887		$270,757		$803,142			$43,783		$69,364
Add: Total net proceeds from policy and M&E transactions		670,166		21,388		150,583		573,414			18,716		22,251
Reinvested distributions from the Funds		10,160		—		2,465		27,214			—		693
Sub-Total		1,611,351		71,275		423,805		1,403,770			62,499		92,308
Less: Cost of investments disposed during the year		33,101		20,532		52,717		103,154			28,657		27,766
Total cost of investments at end of year		1,578,250		50,743		371,088		1,300,616			33,842		64,542
Add: Unrealized appreciation (depreciation)		109,476		13,936		71,248		(18,521	)		16,238		17,359
Total market value of investments at end of year		$1,687,726		$64,679		$442,336		$1,282,095			$50,080		$81,901

	Health		Tech-		Focused		Growth		Mid-Cap		International
	Sciences		nology		30		LT		Value		Value
Total cost of investments at beginning of year		$89,056		$86,724		$52,535		$1,230,347		$749,594		$878,015
Add: Total net proceeds from policy and M&E transactions		34,682		32,496		37,787		190,981		334,785		690,753
Reinvested distributions from the Funds		—		—		36		—		4,479		23,139
Sub-Total		$123,738		119,220		90,358		1,421,328		1,088,858		1,591,907
Less: Cost of investments disposed during the year		38,150		59,918		31,009		288,494		128,892		429,726
Total cost of investments at end of year		85,588		59,302		59,349		1,132,834		959,966		1,162,181
Add: Unrealized appreciation		18,643		19,868		17,995		86,766		411,700		449,991
Total market value of investments at end of year		$104,231		$79,170		$77,344		$1,219,600		$1,371,666		$1,612,172

	Capital		International		Equity		Small-Cap		Multi-		Main Street
	Opportunities		Large-Cap		Index		Index		Strategy		Core
Total cost of investments at beginning of year		$214,535		$738,159		$723,284		$404,504		$357,308		$822,853
Add: Total net proceeds from policy and M&E transactions		106,602		521,253		120,093		457,348		30,960		198,392
Reinvested distributions from the Funds		2,177		13,665		12,831		5,152		6,154		12,773
Sub-Total		323,314		1,273,077		856,208		867,004		394,422		1,034,018
Less: Cost of investments disposed during the year		44,713		124,977		198,244		167,069		65,447		35,547
Total cost of investments at end of year		278,601		1,148,100		657,964		699,935		328,975		998,471
Add: Unrealized appreciation		46,008		399,263		124,782		215,067		39,975		29,019
Total market value of investments at end of year		$324,609		$1,547,363		$782,746		$915,002		$368,950		$1,027,490

	Emerging		Inflation		Managed		Small-Cap		Money		High Yield
	Markets		Managed		Bond		Value		Market		Bond
Total cost of investments at beginning of year		$149,201		$1,227,954		$1,856,786		$234,462		$679,125		$643,233
Add: Total net proceeds from policy and M&E transactions		233,571		582,783		452,573		222,938		1,152,663		324,629
Reinvested distributions from the Funds		7,818		122,196		87,835		16,299		7,067		46,503
Sub-Total		390,590		1,932,933		2,397,194		473,699		1,838,855		1,014,365
Less: Cost of investments disposed during the year		54,896		86,628		171,543		64,442		1,260,849		372,822
Total cost of investments at end of year		335,694		1,846,305		2,225,651		409,257		578,006		641,543
Add: Unrealized appreciation		214,265		144,930		77,677		116,039		864		68,798
Total market value of investments at end of year		$549,959		$1,991,235		$2,303,328		$525,296		578,870		$710,341

	Equity				Aggressive		Large-Cap				Real
	Income		Equity		Equity		Value		Comstock		Estate
Total cost of investments at beginning of year		$130,461		$298,479		$184,893		$1,442,530		$318,679		$292,490
Add: Total net proceeds from policy and M&E transactions		54,771		23,486		42,990		704,304		229,275		120,972
Reinvested distributions from the Funds		2,807		1,715		1,096		28,966		6,649		15,131
Sub-Total		188,039		323,680		228,979		2,175,800		554,603		428,593
Less: Cost of investments disposed during the year		30,124		103,586		99,205		59,815		16,619		65,952
Total cost of investments at end of year		157,915		220,094		129,774		2,115,985		537,984		362,641
Add: Unrealized appreciation		42,561		4,826		50,751		283,152		132,135		227,876
Total market value of investments at end of year		$200,476		$224,920		$180,525		$2,399,137		$670,119		$590,517

L-3

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

	Variable Accounts
											One Group
							SP William Blair		SP Prudential		Investment
	Mid-Cap		Prudential				International		U.S. Emerging		Trust
	Growth		Jennison		Value		Growth (1)		Growth		Bond (2)
Total cost of investments at beginning of year/period		$135,813		$496		$857		$523		$248		$—
Add: Total net proceeds from policy and M&E transactions		56,911		6		2		1		1		31,900
Reinvested distributions from the Funds		—		—		7		—		—		—
Sub-Total		192,724		502		866		524		249		31,900
Less: Cost of investments disposed during the year/period		46,435		135		244		124		41		—
Total cost of investments at end of year/period		146,289		367		622		400		208		31,900
Add: Unrealized appreciation		44,780		179		215		315		62		275
Total market value of investments at end of year/period		$191,069		$546		$837		$715		$270		$32,175
	One Group		One Group		One Group		One Group		One Group
	Investment		Investment		Investment		Investment		Investment
	Trust Equity		Trust Diversified		Trust Large		Trust Mid		Trust Mid
	Index (2)		Equity (2)		Cap Growth (2)		Cap Value (2)		Cap Growth (2)
Total cost of investments at beginning of period		$—		$—		$—		$—		$—
Add: Total net proceeds from policy and M&E transactions		220		67		27,624		11,727		82
Reinvested distributions from the Funds		—		—		—		—		—
Sub-Total		220		67		27,624		11,727		82
Less: Cost of investments disposed during the period		11		—		—		—		—
Total cost of investments at end of period		209		67		27,624		11,727		82
Add: Unrealized appreciation		17		3		1,765		923		4
Total market value of investments at end of period		$226		$70		$29,389		$12,650		$86

(1)	Formerly named SP Jennison International Growth Variable Account.
(2)	Operations commenced on June 10, 2004.

L-4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors
Pacific Life Insurance Company:

     We have audited the accompanying statements of assets and liabilities of Separate Account A (the “Separate Account”) (comprised of Blue Chip, Aggressive Growth, Diversified Research, Short Duration Bond, I-Net Tollkeeper^SM, Financial Services, Health Sciences, Technology, Focused 30, Growth LT, Mid-Cap Value, International Value, Capital Opportunities, International Large-Cap, Equity Index, Small-Cap Index, Multi-Strategy, Main Street^® Core (formerly Large-Cap Core), Emerging Markets, Inflation Managed, Managed Bond, Small-Cap Value, Money Market, High Yield Bond, Equity Income, Equity, Aggressive Equity, Large-Cap Value, Comstock (formerly Strategic Value), Real Estate, Mid-Cap Growth, Prudential Jennison, Value, SP William Blair International Growth (formerly SP Jennison International Growth), SP Prudential U.S. Emerging Growth, One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth Variable Accounts, collectively, the “Variable Accounts”) as of December 31, 2004, the related statements of operations for the year then ended (as to the One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth Variable Accounts, for the period from commencement of operations through December 31, 2004), the statements of changes in net assets for each of the two years in the period then ended (as to the Short Duration Bond and Small-Cap Value Variable Accounts, for the year ended December 31, 2004, and for the period from commencement of operations through December 31, 2003, and as to the One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth Variable Accounts, for the period from commencement of operations through December 31, 2004), and the financial highlights for each of the four years in the period then ended (as to the Blue Chip, Aggressive Growth, Short Duration Bond, Financial Services, Health Sciences, Technology, Capital Opportunities, Small-Cap Value, Equity Income, Mid-Cap Growth, Prudential Jennison, Value, SP William Blair International Growth (formerly SP Jennison International Growth), SP Prudential U.S. Emerging Growth, One Group Investment Trust Bond, One Group Investment Trust Equity Index, One Group Investment Trust Diversified Equity, One Group Investment Trust Large Cap Growth, One Group Investment Trust Mid Cap Value, and One Group Investment Trust Mid Cap Growth Variable Accounts, for each of the periods from commencement of operations through December 31, 2004). These financial statements and financial highlights are the responsibility of the Separate Account’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 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 Separate Account’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. Our procedures included confirmation of securities owned as of December 31, 2004. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Variable Accounts constituting Separate Account A as of December 31, 2004, the results of their operations, the changes in their net assets, and the related financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Costa Mesa, California
March 1, 2005

M-1

Annual Reports
as of December 31, 2004

• Pacific Select Fund

• Separate Account A of
Pacific Life Insurance Company

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626

Counsel
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006-2401

Pacific Life Insurance Company

P.O. Box 7187

Pasadena, California 91109-7187

ADDRESS SERVICE REQUESTED

Form No. 2143-5A