December 31, 2005 •  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-6
Statements of Changes in Net Assets	D-11
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
Approval of Investment Advisory Agreement and Portfolio Management Agreements	H-3
Where to Go for More Information	H-10

     The 2005 Annual Report for the American Funds^® Insurance Series (“AFIS”) will be mailed separately to all Pacific Life Insurance Company and Pacific Life & Annuity Company variable life insurance policyholders and variable annuity contract owners with allocations to the American Funds^® Growth-Income and American Funds^® Growth Portfolios of the Pacific Select Fund (“PSF”). For those shareholders, the AFIS Annual Report should be read in conjunction with the PSF Annual Report included herein.

SEPARATE ACCOUNT A

Financial Statements:
Statements of Assets and Liabilities	I-1
Statements of Operations	I-6
Statements of Changes in Net Assets	I-11
Financial Highlights	J-1
Notes to Financial Statements	K-1
Report of Independent Registered Public Accounting Firm	L-1

     The 2005 Annual Reports for all underlying investment options other than Pacific Select Fund may be mailed separately to Pacific Life Insurance Company variable annuity contract owners with allocations to those options and should be read in conjunction with the Separate Account Annual Report included herein.

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2005
(In thousands, except accumulation unit values)

	Blue		Aggressive		Financial		Diversified				American Funds®		American Funds®				Short
	Chip		Growth		Services		Research		Equity		Growth-Income		Growth		Technology		Duration Bond
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account (1)		Account (1)		Account		Account
ASSETS
Investments:
Blue Chip Portfolio		$1,059,648
Aggressive Growth Portfolio				$51,770
Financial Services Portfolio						$67,756
Diversified Research Portfolio								$996,006
Equity Portfolio										$191,643
American Funds® Growth-Income Portfolio												$724,015
American Funds® Growth Portfolio														$993,434
Technology Portfolio																$96,620
Short Duration Bond Portfolio																		$1,448,900
Receivables:
Due from Pacific Life Insurance Company		1,162		—		—		464		—		1,485		1,494		—		2,105
Fund shares redeemed		—		23		67		—		204		—		—		179		—
Total Assets		1,060,810		51,793		67,823		996,470		191,847		725,500		994,928		96,799		1,451,005
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		23		67		—		204		—		—		179		—
Fund shares purchased		1,162		—		—		464		—		1,485		1,494		—		2,105
Other		10		3		5		94		14		78		106		7		57
Total Liabilities		1,172		26		72		558		218		1,563		1,600		186		2,162
NET ASSETS		$1,059,638		$51,767		$67,751		$995,912		$191,629		$723,937		$993,328		$96,613		$1,448,843
NET ASSETS CONSIST OF:
Accumulation units		$1,059,373		$51,765		$67,746		$995,644		$191,403		$723,826		$993,194		$96,600		$1,448,151
Contracts in payout (annuitization) period		265		2		5		268		226		111		134		13		692
NET ASSETS		$1,059,638		$51,767		$67,751		$995,912		$191,629		$723,937		$993,328		$96,613		$1,448,843
Units Outstanding		132,162		5,612		6,046		86,073		14,090		66,574		83,851		15,129		145,422
Accumulation Unit Values		$7.46-$9.02		$8.54-$10.60		$10.73-$11.79		$11.13-$11.64		$9.15-$14.19		$10.84-$10.96		$11.81-$11.94		$5.22-$8.84		$9.84-$10.27
Cost of Investments		$917,200		$37,046		$51,170		$863,757		$168,286		$681,953		$869,697		$62,092		$1,479,752

(1) Operations commenced during 2005 (See Note 1 to Financial Statements).

See Notes to Financial Statements

I-1

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2005
(In thousands, except accumulation unit values)

	Concentrated		Growth		Focused		Health		Mid-Cap		International		Capital		International		Equity
	Growth		LT		30		Sciences		Value		Value		Opportunities		Large-Cap		Index
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account (1)		Account		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Concentrated Growth Portfolio (1)		$38,782
Growth LT Portfolio				$1,027,298
Focused 30 Portfolio						$116,456
Health Sciences Portfolio								$117,793
Mid-Cap Value Portfolio										$2,387,142
International Value Portfolio												$1,541,313
Capital Opportunities Portfolio														$73,560
International Large-Cap Portfolio																$2,677,028
Equity Index Portfolio																		$1,308,296
Receivables:
Due from Pacific Life Insurance Company		—		177		—		—		2,053		1,050		22		2,246		1,429
Fund shares redeemed		15		—		215		213		—		—		—		—		—
Other		—		—		—		—		—		71		16		—		—
Total Assets		38,797		1,027,475		116,671		118,006		2,389,195		1,542,434		73,598		2,679,274		1,309,725
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		15		—		215		213		—		—		—		—		—
Fund shares purchased		—		177		—		—		2,053		1,050		22		2,246		1,429
Other		3		45		7		7		192		—		—		167		121
Total Liabilities		18		222		222		220		2,245		1,050		22		2,413		1,550
NET ASSETS		$38,779		$1,027,253		$116,449		$117,786		$2,386,950		$1,541,384		$73,576		$2,676,861		$1,308,175
NET ASSETS CONSIST OF:
Accumulation units		$38,774		$1,026,776		$116,425		$117,778		$2,386,136		$1,540,762		$73,563		$2,676,270		$1,307,669
Contracts in payout (annuitization) period		5		477		24		8		814		622		13		591		506
NET ASSETS		$38,779		$1,027,253		$116,449		$117,786		$2,386,950		$1,541,384		$73,576		$2,676,861		$1,308,175
Units Outstanding		8,475		58,503		11,031		10,481		127,837		114,680		8,458		282,389		80,050
Accumulation Unit Values		$4.12-$8.78		$9.27-$22.23		$9.19-$14.68		$10.28-$12.99		$14.96-$20.31		$11.66-$14.35		$8.27-$9.36		$8.30-$13.17		$10.41-$19.97
Cost of Investments		$24,534		$821,850		$81,954		$86,642		$1,952,152		$1,031,443		$53,104		$2,007,167		$1,138,233

(1) Formerly named I-Net Tollkeeper^SM Variable Account and I-Net Tollkeeper Portfolio^SM.

See Notes to Financial Statements

I-2

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2005
(In thousands, except accumulation unit values)

	Small-Cap		Fasciano		Small-Cap		Multi-		Main		Emerging		Managed		Inflation		Money
	Index		Small Equity		Value		Strategy		Street® Core		Markets		Bond		Managed		Market
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account (1)		Account		Account		Account		Account		Account		Account		Account
ASSETS
Investments:
Small-Cap Index Portfolio		$937,407
Fasciano Small Equity Portfolio (1)				$472,938
Small-Cap Value Portfolio						$417,235
Multi-Strategy Portfolio								$325,892
Main Street® Core Portfolio										$1,595,311
Emerging Markets Portfolio												$1,098,977
Managed Bond Portfolio														$2,722,748
Inflation Managed Portfolio																$2,430,701
Money Market Portfolio																		$552,654
Receivables:
Due from Pacific Life Insurance Company		527		791		73		—		1,363		—		2,702		2,994		—
Fund shares redeemed		—		—		—		168		—		290		—		—		521
Other		—		—		—		—		—		320		—		—		—
Total Assets		937,934		473,729		417,308		326,060		1,596,674		1,099,587		2,725,450		2,433,695		553,175
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		—		—		168		—		290		—		—		521
Fund shares purchased		527		791		73		—		1,363		—		2,702		2,994		—
Other		71		36		2		19		123		—		192		164		158
Total Liabilities		598		827		75		187		1,486		290		2,894		3,158		679
NET ASSETS		$937,336		$472,902		$417,233		$325,873		$1,595,188		$1,099,297		$2,722,556		$2,430,537		$552,496
NET ASSETS CONSIST OF:
Accumulation units		$937,031		$472,726		$417,030		$325,486		$1,594,340		$1,098,986		$2,721,133		$2,429,329		$549,917
Contracts in payout (annuitization) period		305		176		203		387		848		311		1,423		1,208		2,579
NET ASSETS		$937,336		$472,902		$417,233		$325,873		$1,595,188		$1,099,297		$2,722,556		$2,430,537		$552,496
Units Outstanding		62,917		41,021		24,219		20,084		115,689		55,958		186,046		157,433		47,882
Accumulation Unit Values		$13.55-$15.06		$10.72-$12.56		$17.02-$17.76		$11.61-$17.90		$9.58-$16.68		$16.62-$29.77		$12.09-$16.27		$12.93-$17.07		$9.89-$12.43
Cost of Investments		$692,607		$398,629		$291,543		$283,398		$1,478,885		$594,547		$2,739,653		$2,435,601		$551,843

(1) Formerly named Aggressive Equity Variable Account and Aggressive Equity Portfolio.

See Notes to Financial Statements

I-3

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2005
(In thousands, except accumulation unit values)

	High Yield		Equity		Large-Cap				Mid-Cap		Real		VN Small-
	Bond		Income		Value		Comstock		Growth		Estate		Cap Value		Jennison		Value
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account		Account		Account		Account		Account (1)		Account		Account
ASSETS
Investments:
High Yield Bond Portfolio		$707,420
Equity Income Portfolio				$125,500
Large-Cap Value Portfolio						$1,624,956
Comstock Portfolio								$821,075
Mid-Cap Growth Portfolio										$231,713
Real Estate Portfolio												$674,583
VN Small-Cap Value Portfolio														$62,330
Jennison Portfolio (Class II)																$586
Value Portfolio (Class II)																		$819
Receivables:
Due from Pacific Life Insurance Company		—		—		1,035		441		143		—		68		—		—
Fund shares redeemed		487		9		—		—		—		18		—		—		—
Other		7		—		—		—		—		—		—		—		—
Total Assets		707,914		125,509		1,625,991		821,516		231,856		674,601		62,398		586		819
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		487		9		—		—		—		18		—		—		—
Fund shares purchased		—		—		1,035		441		143		—		68		—		—
Other		—		3		14		43		15		38		6		—		—
Total Liabilities		487		12		1,049		484		158		56		74		—		—
NET ASSETS		$707,427		$125,497		$1,624,942		$821,032		$231,698		$674,545		$62,324		$586		$819
NET ASSETS CONSIST OF:
Accumulation units		$707,071		$125,356		$1,624,243		$820,829		$231,657		$674,187		$62,320		$586		$819
Contracts in payout (annuitization) period		356		141		699		203		41		358		4		—		—
NET ASSETS		$707,427		$125,497		$1,624,942		$821,032		$231,698		$674,545		$62,324		$586		$819
Units Outstanding		53,083		10,320		131,227		78,368		28,496		25,484		5,459		52		63
Accumulation Unit Values		$11.54-$14.22		$11.94-$12.73		$10.80-$13.24		$10.06-$11.33		$7.36-$9.85		$21.58-$28.79		$11.38-$11.50		$11.22-$11.39		$12.84-$13.03
Cost of Investments		$668,384		$ 92,359		$1,305,973		$691,885		$155,726		$380,306		$59,163		$346		$514

(1) Operations commenced during 2005 (See Note 1 to Financial Statements).

See Notes to Financial Statements

I-4

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2005
(In thousands, except accumulation unit values)

					JPMorgan		JPMorgan		JPMorgan		JPMorgan		JPMorgan		JPMorgan
	SP William Blair		SP Prudential		Investment		Investment		Investment		Investment		Investment		Investment
	International		U.S. Emerging		Trust		Trust		Trust		Trust		Trust		Trust
	Growth		Growth		Bond		Equity Index		Diversified Equity		Mid Cap Value		Large Cap Growth		Mid Cap Growth
	Variable		Variable		Variable		Variable		Variable		Variable		Variable		Variable
	Account		Account		Account (1)		Account (1)		Account (1)		Account (1)		Account (1)		Account (1)
ASSETS
Investments:
SP William Blair International Growth Portfolio (Class II)		$642
SP Prudential U.S. Emerging Growth Portfolio (Class II)				$298
JPMorgan Investment Trust Bond Portfolio (1)						$127,273
JPMorgan Investment Trust Equity Index Portfolio (1)								$444
JPMorgan Investment Trust Diversified Equity Portfolio (1)										$169
JPMorgan Investment Trust Mid Cap Value Portfolio (1)												$96,938
JPMorgan Investment Trust Large Cap Growth Portfolio (1)														$75,040
JPMorgan Investment Trust Mid Cap Growth Portfolio (1)																$220
Receivables:
Due from Pacific Life Insurance Company		—		—		265		—		—		152		124		—
Other		—		—		3		—		—		1		—		—
Total Assets		642		298		127,541		444		169		97,091		75,164		220
LIABILITIES
Payables:
Fund shares purchased		—		—		265		—		—		152		124		—
Other		—		—		—		—		—		—		2		—
Total Liabilities		—		—		265		—		—		152		126		—
NET ASSETS		$642		$298		$127,276		$444		$169		$96,939		$75,038		$220
NET ASSETS CONSIST OF:
Accumulation units		$642		$298		$127,276		$444		$169		$96,939		$75,038		$220
Contracts in payout (annuitization) period		—		—		—		—		—		—		—		—
NET ASSETS		$642		$298		$127,276		$444		$169		$96,939		$75,038		$220
Units Outstanding		47		22		12,119		40		16		8,127		6,941		19
Accumulation Unit Values		$13.49-$13.69		$13.57-$13.78		$10.50		$10.98		$10.65		$11.89-$11.93		$10.78-$10.81		$11.68
Cost of Investments		$326		$238		$127,173		$409		$161		$91,593		$68,777		$191

(1) JPMorgan Investment Trust was formerly named One Group^® Investment Trust.

See Notes to Financial Statements

I-5

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005
(In thousands)

	Blue			Aggressive			Financial			Diversified						American Funds			American Funds						Short
	Chip			Growth			Services			Research			Equity			Growth-Income			Growth			Technology			Duration Bond
	Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable
	Account			Account			Account			Account			Account			Account (1)			Account (1)			Account			Account
INVESTMENT INCOME
Dividends		$3,762			$—			$907			$4,233			$483			$7,122			$3,718			$—			$40,597
Total Investment Income		3,762			—			907			4,233			483			7,122			3,718			—			40,597
EXPENSES
Mortality and expense risk fees and administrative fees		18,229			815			1,017			10,906			2,844			5,759			7,580			1,119			19,662
Charges for Stepped-Up death benefit rider		458			23			26			282			70			141			183			32			447
Charges for Premier death benefit rider		246			20			31			178			75			53			66			28			215
Total Expenses		18,933			858			1,074			11,366			2,989			5,953			7,829			1,179			20,324
Net Investment Income (Loss)		(15,171	)		(858	)		(167	)		(7,133	)		(2,506	)		1,169			(4,111	)		(1,179	)		20,273
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(46,156	)		1,840			2,426			(479	)		(7,837	)		(125	)		(124	)		1,117			(7,216	)
Realized gain distributions		—			—			378			—			—			—			—			—			—
Realized Gain (Loss)		(46,156	)		1,840			2,804			(479	)		(7,837	)		(125	)		(124	)		1,117			(7,216	)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		32,972			789			(774	)		61,002			18,530			42,062			123,737			14,661			(12,331	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($28,355	)		$1,771			$1,863			$53,390			$8,187			$43,106			$119,502			$14,599			$726

(1) Operations commenced during 2005 (See Note 1 to Financial Statements).

See Notes to Financial Statements

I-6

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2005
(In thousands)

	Concentrated			Growth			Focused			Health			Mid-Cap			International		Capital			International			Equity
	Growth			LT			30			Sciences			Value			Value		Opportunities			Large-Cap			Index
	Variable			Variable			Variable			Variable			Variable			Variable		Variable			Variable			Variable
	Account(1)			Account			Account			Account			Account			Account		Account			Account			Account
INVESTMENT INCOME
Dividends		$—			$2,452			$908			$—			$12,192			$28,375		$778			$19,544			$18,589
Total Investment Income		—			2,452			908			—			12,192			28,375		778			19,544			18,589
EXPENSES
Mortality and expense risk fees and administrative fees		617			15,061			1,295			1,555			27,745			21,627		2,428			30,117			15,378
Charges for Stepped-Up death benefit rider		15			362			35			41			694			502		66			736			335
Charges for Premier death benefit rider		17			269			26			39			433			294		45			359			248
Total Expenses		649			15,692			1,356			1,635			28,872			22,423		2,539			31,212			15,961
Net Investment Income (Loss)		(649	)		(13,240	)		(448	)		(1,635	)		(16,680	)		5,952		(1,761	)		(11,668	)		2,628
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		2,570			(60,487	)		220			421			(2,832	)		44,526		13,287			(1,933	)		908
Realized gain distributions		—			—			—			2,084			170,943			—		—			—			5,395
Realized Gain (Loss)		2,570			(60,487	)		220			2,505			168,111			44,526		13,287			(1,933	)		6,303
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(1,989	)		118,683			16,509			12,507			23,291			59,879		(25,552	)		270,599			45,280
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($68	)		$44,956			$16,281			$13,377			$174,722			$110,357		($14,026	)		$256,998			$54,211

(1)	Formerly named I-Net Tollkeeper Variable Account.
	See Notes to Financial Statements

I-7

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2005
(In thousands)

	Small-Cap			Fasciano			Small-Cap			Multi-		Main			Emerging			Managed			Inflation			Money
	Index			Small Equity			Value			Strategy		Street Core			Markets			Bond			Managed			Market
	Variable			Variable			Variable			Variable		Variable			Variable			Variable			Variable			Variable
	Account			Account(1)			Account			Account		Account			Account			Account			Account			Account
INVESTMENT INCOME
Dividends		$4,439			$965			$4,987			$7,237		$16,891			$8,921			$84,573			$66,200			$17,648
Total Investment Income		4,439			965			4,987			7,237		16,891			8,921			84,573			66,200			17,648
EXPENSES
Mortality and expense risk fees and administrative fees		12,823			4,852			6,627			4,996		19,129			11,220			36,655			32,475			9,269
Charges for Stepped-Up death benefit rider		321			119			157			118		470			270			845			725			173
Charges for Premier death benefit rider		236			67			82			92		273			138			552			411			167
Total Expenses		13,380			5,038			6,866			5,206		19,872			11,628			38,052			33,611			9,609
Net Investment Income (Loss)		(8,941	)		(4,073	)		(1,879	)		2,031		(2,981	)		(2,707	)		46,521			32,589			8,039
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		2,362			1,230			13,951			2,738		(9,448	)		(597	)		(1,891	)		(6,028	)		11
Realized gain distributions		—			—			16,547			—		—			—			76,601			145,758			—
Realized Gain (Loss)		2,362			1,230			30,498			2,738		(9,448	)		(597	)		74,710			139,730			11
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		29,733			23,558			9,653			2,519		87,407			290,166			(94,582	)		(149,831	)		(53	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$23,154			$20,715			$38,272			$7,288		$74,978			$286,862			$26,649			$22,488			$7,997

(1)	Formerly named Aggressive Equity Variable Account.
	See Notes to Financial Statements

I-8

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2005
(In thousands)

	High Yield			Equity			Large-Cap						Mid-Cap			Real			VN Small-
	Bond			Income			Value			Comstock			Growth			Estate			Cap Value			Jennison			Value
	Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable			Variable
	Account			Account			Account			Account			Account			Account			Account(1)			Account			Account
INVESTMENT INCOME
Dividends		$47,225			$2,161			$20,615			$11,905			$—			$5,514			$261			$—			$7
Total Investment Income		47,225			2,161			20,615			11,905			—			5,514			261			—			7
EXPENSES
Mortality and expense risk fees and administrative fees		9,812			2,364			26,994			10,736			2,844			8,895			455			8			11
Charges for Stepped-Up death benefit rider		207			63			670			257			78			209			11			—			1
Charges for Premier death benefit rider		149			52			409			141			70			139			4			1			1
Total Expenses		10,168			2,479			28,073			11,134			2,992			9,243			470			9			13
Net Investment Income (Loss)		37,057			(318	)		(7,458	)		771			(2,992	)		(3,729	)		(209	)		(9	)		(6	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(1,032	)		8,705			(2,205	)		(1,245	)		524			(560	)		(62	)		11			20
Realized gain distributions		—			4,294			—			26,245			—			23,694			1,852			—			—
Realized Gain (Loss)		(1,032	)		12,999			(2,205	)		25,000			524			23,134			1,790			11			20
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(29,762	)		(9,420	)		35,831			(2,944	)		31,206			66,402			3,167			62			90
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$6,263			$3,261			$26,168			$22,827			$28,738			$85,807			$4,748			$64			$104

(1)	Operations commenced during 2005 (See Note 1 to Financial Statements).
	See Notes to Financial Statements

I-9

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2005
(In thousands)

							JPMorgan			JPMorgan		JPMorgan			JPMorgan			JPMorgan			JPMorgan
	SP William Blair			SP Prudential			Investment			Investment		Investment			Investment			Investment			Investment
	International			U.S. Emerging			Trust			Trust		Trust			Trust			Trust			Trust
	Growth			Growth			Bond			Equity Index		Diversified Equity			Mid Cap Value			Large Cap Growth			Mid Cap Growth
	Variable			Variable			Variable			Variable		Variable			Variable			Variable			Variable
	Account			Account			Account(1)			Account(1)		Account(1)			Account(1)			Account(1)			Account(1)
INVESTMENT INCOME
Dividends		$2			$—			$2,130			$5		$2			$139			$248			$—
Total Investment Income		2			—			2,130			5		2			139			248			—
EXPENSES
Mortality and expense risk fees and administrative fees		9			3			1,109			5		3			755			712			2
Charges for Stepped-Up death benefit rider		—			—			8			—		—			6			5			—
Charges for Premier death benefit rider		1			1			—			—		—			—			—			1
Total Expenses		10			4			1,117			5		3			761			717			3
Net Investment Income (Loss)		(8	)		(4	)		1,013			—		(1	)		(622	)		(469	)		(3	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		50			2			—			—		—			(2	)		(904	)		—
Realized gain distributions		31			44			—			—		—			1,609			—			—
Realized Gain (Loss)		81			46			—			—		—			1,607			(904	)		—
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		1			(2	)		(174	)		17		6			4,423			4,498			25
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$74			$40			$839			$17		$5			$5,408			$3,125			$22

(1)	JPMorgan Investment Trust was formerly named One Group® Investment Trust.
	See Notes to Financial Statements

I-10

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

	Blue Chip						Aggressive Growth						Financial Services						Diversified Research
	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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($15,171	)		($10,246	)		($858	)		($939	)		($167	)		($634	)		($7,133	)		($3,314	)
Realized gain (loss)		(46,156	)		(7,029	)		1,840			(212	)		2,804			315			(479	)		(1,182	)
Change in unrealized appreciation (depreciation) on investments		32,972			75,573			789			6,614			(774	)		5,688			61,002			41,682
Net Increase (Decrease) in Net Assets Resulting from Operations		(28,355	)		58,298			1,771			5,463			1,863			5,369			53,390			37,186
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		303,943			443,839			2,464			4,954			2,804			6,874			147,037			43,641
Transfers between variable and fixed accounts, net		(810,035	)		301,229			(9,676	)		1,972			(9,281	)		(4,108	)		417,379			89,015
Transfers—policy charges and deductions		(11,684	)		(9,736	)		(486	)		(467	)		(588	)		(498	)		(6,914	)		(3,287	)
Transfers—surrenders		(81,939	)		(70,798	)		(6,984	)		(4,456	)		(8,943	)		(6,769	)		(57,213	)		(24,494	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—			—
Transfers—other		92			(88	)		3			3			1			(2	)		(72	)		(62	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(599,623	)		664,446			(14,679	)		2,006			(16,007	)		(4,503	)		500,217			104,813
NET INCREASE (DECREASE) IN NET ASSETS		(627,978	)		722,744			(12,908	)		7,469			(14,144	)		866			553,607			141,999
NET ASSETS
Beginning of Year		1,687,616			964,872			64,675			57,206			81,895			81,029			442,305			300,306
End of Year		$1,059,638			$1,687,616			$51,767			$64,675			$67,751			$81,895			$995,912			$442,305

See Notes to Financial Statements

I-11

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

	Equity						American Funds Growth-Income			American Funds Growth			Technology
	Variable Account						Variable Account			Variable Account			Variable Account
	Year Ended			Year Ended			Period Ended			Period Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2005(1)			2005(1)			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($2,506	)		($1,875	)		$1,169			($4,111	)		($1,179	)		($1,298	)
Realized gain (loss)		(7,837	)		(26,162	)		(125	)		(124	)		1,117			(1,441	)
Change in unrealized appreciation on investments		18,530			34,986			42,062			123,737			14,661			3,059
Net Increase in Net Assets Resulting from Operations		8,187			6,949			43,106			119,502			14,599			320
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		2,894			4,310			131,737			166,975			3,037			7,842
Transfers between variable and fixed accounts, net		(17,488	)		(32,302	)		575,313			741,046			9,436			(25,000	)
Transfers—policy charges and deductions		(6,978	)		(3,285	)		(2,750	)		(3,551	)		(440	)		(620	)
Transfers—surrenders		(19,903	)		(19,075	)		(23,389	)		(30,525	)		(9,179	)		(6,888	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		12			5			(80	)		(119	)		(4	)		(17	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(41,463	)		(50,347	)		680,831			873,826			2,850			(24,683	)
NET INCREASE (DECREASE) IN NET ASSETS		(33,276	)		(43,398	)		723,937			993,328			17,449			(24,363	)
NET ASSETS
Beginning of Year/Period		224,905			268,303			—			—			79,164			103,527
End of Year/Period		$191,629			$224,905			$723,937			$993,328			$96,613			$79,164

(1)	Operations commenced during 2005 (See Note 1 to Financial Statements).
	See Notes to Financial Statements

I-12

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

	Short Duration Bond						Concentrated Growth						Growth LT						Focused 30
	Variable Account						Variable Account(1)						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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$20,273			$10,817			($649	)		($759	)		($13,240	)		($16,607	)		($448	)		($968	)
Realized gain (loss)		(7,216	)		(1,751	)		2,570			361			(60,487	)		(106,148	)		220			(84	)
Change in unrealized appreciation (depreciation) on investments		(12,331	)		(14,056	)		(1,989	)		4,700			118,683			219,455			16,509			9,490
Net Increase (Decrease) in Net Assets Resulting from Operations		726			(4,990	)		(68	)		4,302			44,956			96,700			16,281			8,438
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		357,945			399,092			1,288			3,012			142,071			182,171			5,630			6,181
Transfers between variable and fixed accounts, net		(81,679	)		170,906			(7,173	)		(7,570	)		(274,586	)		(66,251	)		28,688			7,573
Transfers—policy charges and deductions		(16,509	)		(10,415	)		(246	)		(567	)		(12,681	)		(12,007	)		(651	)		(626	)
Transfers—surrenders		(93,662	)		(71,113	)		(5,098	)		(4,415	)		(92,058	)		(78,491	)		(10,840	)		(5,271	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			1			—			—
Transfers—other		(10	)		(85	)		—			(3	)		24			(188	)		2			9
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		166,085			488,385			(11,229	)		(9,543	)		(237,230	)		25,235			22,829			7,866
NET INCREASE (DECREASE) IN NET ASSETS		166,811			483,395			(11,297	)		(5,241	)		(192,274	)		121,935			39,110			16,304
NET ASSETS
Beginning of Year		1,282,032			798,637			50,076			55,317			1,219,527			1,097,592			77,339			61,035
End of Year		$1,448,843			$1,282,032			$38,779			$50,076			$1,027,253			$1,219,527			$116,449			$77,339

(1)	Formerly named I-Net Tollkeeper Variable Account.
	See Notes to Financial Statements

I-13

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

	Health Sciences						Mid-Cap Value						International Value						Capital Opportunities
	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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($1,635	)		($1,690	)		($16,680	)		($12,629	)		$5,952			$3,009			($1,761	)		($1,909	)
Realized gain (loss)		2,505			(844	)		168,111			(3,569	)		44,526			(6,787	)		13,287			(7,979	)
Change in unrealized appreciation (depreciation) on investments		12,507			7,267			23,291			255,777			59,879			200,921			(25,552	)		39,251
Net Increase (Decrease) in Net Assets Resulting from Operations		13,377			4,733			174,722			239,579			110,357			197,143			(14,026	)		29,363
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		4,444			9,088			380,929			216,312			329,193			379,890			32,354			88,771
Transfers between variable and fixed accounts, net		9,397			1,298			627,710			95,245			(384,895	)		868			(255,278	)		1,007
Transfers—policy charges and deductions		(1,087	)		(783	)		(24,412	)		(9,353	)		(13,620	)		(11,671	)		(1,290	)		(1,761	)
Transfers—surrenders		(12,577	)		(10,536	)		(143,449	)		(75,470	)		(111,859	)		(81,094	)		(12,807	)		(14,064	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			(3	)		1			—			—			—
Transfers—other		7			(2	)		(131	)		(190	)		14			(53	)		31			(4	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		184			(935	)		840,647			226,541			(181,166	)		287,940			(236,990	)		73,949
NET INCREASE (DECREASE) IN NET ASSETS		13,561			3,798			1,015,369			466,120			(70,809	)		485,083			(251,016	)		103,312
NET ASSETS
Beginning of Year		104,225			100,427			1,371,581			905,461			1,612,193			1,127,110			324,592			221,280
End of Year		$117,786			$104,225			$2,386,950			$1,371,581			$1,541,384			$1,612,193			$73,576			$324,592

See Notes to Financial Statements

I-14

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

	International Large-Cap						Equity Index						Small-Cap Index						Fasciano Small Equity
	Variable Account						Variable Account						Variable Account						Variable Account(1)
	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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($11,668	)		($4,692	)		$2,628			$1,552			($8,941	)		($5,515	)		($4,073	)		($1,589	)
Realized gain (loss)		(1,933	)		(2,170	)		6,303			(13,613	)		2,362			(3,194	)		1,230			(302	)
Change in unrealized appreciation on investments		270,599			214,718			45,280			75,478			29,733			128,285			23,558			26,316
Net Increase in Net Assets Resulting from Operations		256,998			207,856			54,211			63,417			23,154			119,576			20,715			24,425
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		546,083			377,248			150,445			35,318			143,827			130,761			79,456			27,786
Transfers between variable and fixed accounts, net		480,507			114,003			438,818			(13,099	)		(58,138	)		223,495			220,588			(64,761	)
Transfers—policy charges and deductions		(18,500	)		(8,819	)		(13,170	)		(9,301	)		(13,342	)		(5,259	)		(2,946	)		(2,834	)
Transfers—surrenders		(135,379	)		(65,509	)		(104,728	)		(66,045	)		(73,091	)		(44,685	)		(25,391	)		(13,415	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—			(3	)
Transfers—other		(138	)		(157	)		(95	)		(133	)		(7	)		(215	)		(41	)		6
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		872,573			416,766			471,270			(53,260	)		(751	)		304,097			271,666			(53,221	)
NET INCREASE (DECREASE) IN NET ASSETS		1,129,571			624,622			525,481			10,157			22,403			423,673			292,381			(28,796	)
NET ASSETS
Beginning of Year		1,547,290			922,668			782,694			772,537			914,933			491,260			180,521			209,317
End of Year		$2,676,861			$1,547,290			$1,308,175			$782,694			$937,336			$914,933			$472,902			$180,521

(1)	Formerly named Aggressive Equity Variable Account.
	See Notes to Financial Statements

I-15

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

	Small-Cap Value						Multi-Strategy						Main Street Core						Emerging Markets
	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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)(1)		($1,879	)		$1,655			$2,031			$698			($2,981	)		($613	)		($2,707	)		$2,409
Realized gain (loss)(1)		30,498			6,394			2,738			(2,717	)		(9,448	)		(8,472	)		(597	)		(1,825	)
Change in unrealized appreciation on investments		9,653			74,601			2,519			30,050			87,407			82,786			290,166			133,189
Net Increase in Net Assets Resulting from Operations		38,272			82,650			7,288			28,031			74,978			73,701			286,862			133,773
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		91,910			136,412			8,270			18,122			265,955			176,531			174,231			85,048
Transfers between variable and fixed accounts, net		(201,608	)		54,356			(17,276	)		(9,447	)		350,540			83,859			156,920			125,162
Transfers—policy charges and deductions		(3,643	)		(2,711	)		(5,963	)		(5,435	)		(18,683	)		(10,705	)		(12,729	)		(2,756	)
Transfers—surrenders		(32,983	)		(21,287	)		(35,377	)		(29,540	)		(104,948	)		(64,954	)		(56,222	)		(21,482	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			2			(1	)		—			(3	)		1			—
Transfers—other		14			(36	)		1			(13	)		(77	)		(43	)		27			9
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(146,310	)		166,734			(50,343	)		(26,314	)		492,787			184,685			262,228			185,981
NET INCREASE (DECREASE) IN NET ASSETS		(108,038	)		249,384			(43,055	)		1,717			567,765			258,386			549,090			319,754
NET ASSETS
Beginning of Year		525,271			275,887			368,928			367,211			1,027,423			769,037			550,207			230,453
End of Year		$417,233			$525,271			$325,873			$368,928			$1,595,188			$1,027,423			$1,099,297			$550,207

(1)	Prior year net investment income and realized gain for the Small-Cap Value Variable Account have been reclassified to conform with current year presentation. This change had no impact on total net assets.
	See Notes to Financial Statements

I-16

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

	Managed Bond						Inflation Managed						Money Market						High Yield Bond
	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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)(1)		$46,521			$31,136			$32,589			($11,125	)		$8,039			($3,809	)		$37,057			$36,501
Realized gain (loss)(1)		74,710			19,098			139,730			104,339			11			114			(1,032	)		(2,361	)
Change in unrealized appreciation (depreciation) on investments		(94,582	)		26,956			(149,831	)		29,421			(53	)		(68	)		(29,762	)		11,694
Net Increase (Decrease) in Net Assets Resulting from Operations		26,649			77,190			22,488			122,635			7,997			(3,763	)		6,263			45,834
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		458,027			460,700			467,448			426,563			181,131			182,418			97,888			109,224
Transfers between variable and fixed accounts, net		181,923			38,088			158,761			241,943			(15,031	)		(68,340	)		(29,723	)		(79,483	)
Transfers—policy charges and deductions		(33,145	)		(25,079	)		(26,090	)		(21,413	)		(19,750	)		(22,671	)		(8,958	)		(6,765	)
Transfers—surrenders		(214,013	)		(154,965	)		(183,133	)		(121,859	)		(180,548	)		(188,568	)		(68,384	)		(58,777	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		2			2			7			(4	)		1			2			1			1
Transfers—other		(50	)		(139	)		(42	)		(141	)		(15	)		(261	)		(9	)		(27	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		392,744			318,607			416,951			525,089			(34,212	)		(97,420	)		(9,185	)		(35,827	)
NET INCREASE (DECREASE) IN NET ASSETS		419,393			395,797			439,439			647,724			(26,215	)		(101,183	)		(2,922	)		10,007
NET ASSETS
Beginning of Year		2,303,163			1,907,366			1,991,098			1,343,374			578,711			679,894			710,349			700,342
End of Year		$2,722,556			$2,303,163			$2,430,537			$1,991,098			$552,496			$578,711			$707,427			$710,349

(1)	Prior year net investment income (loss) and realized gain for the Managed Bond and Inflation Managed Variable Accounts have been reclassified to conform with current year presentation. This change had no impact on total net assets.
	See Notes to Financial Statements

I-17

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

	Equity Income						Large-Cap Value						Comstock						Mid-Cap Growth
	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,
	2005			2004			2005			2004			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($318	)		$99			($7,458	)		($1,214	)		$771			($1,088	)		($2,992	)		($2,476	)
Realized gain (loss)		12,999			(91	)		(2,205	)		(5,089	)		25,000			(463	)		524			(8,600	)
Change in unrealized appreciation (depreciation) on investments		(9,420	)		18,850			35,831			174,178			(2,944	)		81,489			31,206			39,920
Net Increase in Net Assets Resulting from Operations		3,261			18,858			26,168			167,875			22,827			79,938			28,738			28,844
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		9,969			26,140			416,166			589,789			172,674			157,984			7,848			13,304
Transfers between variable and fixed accounts, net		(68,780	)		16,374			(1,061,347	)		218,805			17,325			95,487			26,581			21,154
Transfers—policy charges and deductions		(1,861	)		(1,689	)		(22,987	)		(15,888	)		(6,270	)		(3,545	)		(1,771	)		(1,456	)
Transfers—surrenders		(17,567	)		(13,367	)		(132,164	)		(112,802	)		(55,600	)		(29,053	)		(20,766	)		(11,419	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			1			1			—			—			—			—
Transfers—other		11			(15	)		106			(198	)		(6	)		(34	)		11			(35	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(78,228	)		27,443			(800,225	)		679,707			128,123			220,839			11,903			21,548
NET INCREASE (DECREASE) IN NET ASSETS		(74,967	)		46,301			(774,057	)		847,582			150,950			300,777			40,641			50,392
NET ASSETS
Beginning of Year		200,464			154,163			2,398,999			1,551,417			670,082			369,305			191,057			140,665
End of Year		$125,497			$200,464			$1,624,942			$2,398,999			$821,032			$670,082			$231,698			$191,057

See Notes to Financial Statements

I-18

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

	Real Estate						VN Small-Cap Value			Jennison						Value
	Variable Account						Variable Account			Variable Account						Variable Account
	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,
	2005			2004			2005(1)			2005			2004			2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)(2)		($3,729	)		$5,540			($209	)		($9	)		($10	)		($6	)		($6	)
Realized gain(2)		23,134			428			1,790			11			40			20			8
Change in unrealized appreciation on investments		66,402			142,239			3,167			62			7			90			107
Net Increase in Net Assets Resulting from Operations		85,807			148,207			4,748			64			37			104			109
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		99,811			88,704			7,827			2			3			—			2
Transfers between variable and fixed accounts, net		(47,197	)		10,545			52,373			(5	)		(136	)		(25	)		(191	)
Transfers—policy charges and deductions		(5,290	)		(3,115	)		(137	)		(1	)		(4	)		(40	)		(26	)
Transfers—surrenders		(49,059	)		(31,963	)		(2,490	)		(20	)		(22	)		(58	)		(23	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		2			2			—			—			—			—			—
Transfers—other		(11	)		(4	)		3			—			1			1			1
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(1,744	)		64,169			57,576			(24	)		(158	)		(122	)		(237	)
NET INCREASE (DECREASE) IN NET ASSETS		84,063			212,376			62,324			40			(121	)		(18	)		(128	)
NET ASSETS
Beginning of Year/Period		590,482			378,106			—			546			667			837			965
End of Year/Period		$674,545			$590,482			$62,324			$586			$546			$819			$837

(1)	Operations commenced during 2005 (See Note 1 to Financial Statements).
(2)	Prior year net investment income and realized gain for the Real Estate Variable Account have been reclassified to conform with current year presentation. This change had no impact on total net assets.
	See Notes to Financial Statements

I-19

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

	SP William Blair						SP Prudential						JPMorgan Investment Trust						JPMorgan Investment Trust
	International Growth						U.S. Emerging Growth						Bond						Equity Index
	Variable Account						Variable Account						Variable Account(1)						Variable Account(1)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended			Year Ended			Period Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004			2005			2004			2005			2004(2)			2005			2004(2)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($8	)		($11	)		($4	)		($4	)		$1,013			($92	)		$—			($1	)
Realized gain		81			25			46			4			—			—			—			1
Change in unrealized appreciation (depreciation) on investments		1			78			(2	)		46			(174	)		274			17			17
Net Increase in Net Assets Resulting from Operations		74			92			40			46			839			182			17			17
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		—			2			—			1			68,316			28,902			178			208
Transfers between variable and fixed accounts, net		(90	)		(116	)		(5	)		(38	)		30,570			3,332			36			4
Transfers—policy charges and deductions		(26	)		(9	)		—			—			(1,022	)		(98	)		—			(2	)
Transfers—surrenders		(30	)		(13	)		(7	)		(3	)		(3,593	)		(143	)		(14	)		—
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—			—			—
Transfers—other		—			(1	)		—			—			(7	)		(2	)		1			(1	)
Net Increase (Decrease) in Net Assets Derived from Policy Transactions		(146	)		(137	)		(12	)		(40	)		94,264			31,991			201			209
NET INCREASE (DECREASE) IN NET ASSETS		(72	)		(45	)		28			6			95,103			32,173			218			226
NET ASSETS
Beginning of Year/Period		714			759			270			264			32,173			—			226			—
End of Year/Period		$642			$714			$298			$270			$127,276			$32,173			$444			$226

(1)	JPMorgan Investment Trust was formerly named One Group® Investment Trust.
(2)	Operations commenced on June 10, 2004 for JPMorgan Investment Trust Bond and JPMorgan Investment Trust Equity Index Variable Accounts.
	See Notes to Financial Statements

I-20

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

	JPMorgan Investment Trust					JPMorgan Investment Trust						JPMorgan Investment Trust						JPMorgan Investment Trust
	Diversified Equity					Mid Cap Value						Large Cap Growth						Mid Cap Growth
	Variable Account(1)					Variable Account(1)						Variable Account(1)						Variable Account(1)
	Year Ended			Period Ended		Year Ended			Period Ended			Year Ended			Period Ended			Year Ended			Period Ended
	December 31,			December 31,		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2005			2004(2)		2005			2004(2)			2005			2004(2)			2005			2004(2)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($1	)		$—		($622	)		($36	)		($469	)		($83	)		($3	)		$—
Realized gain (loss)		—			—		1,607			1			(904	)		—			—			—
Change in unrealized appreciation on investments		6			3		4,423			922			4,498			1,765			25			4
Net Increase in Net Assets Resulting from Operations		5			3		5,408			887			3,125			1,682			22			4
INCREASE (DECREASE) IN NET ASSETS FROM POLICY TRANSACTIONS
Transfer of net premiums		108			67		41,680			10,903			47,227			25,612			118			82
Transfers between variable and fixed accounts, net		2			—		40,158			954			(1,988	)		2,307			16			—
Transfers—policy charges and deductions		—			—		(635	)		(37	)		(575	)		(80	)		—			—
Transfers—surrenders		(15	)		—		(2,313	)		(55	)		(2,136	)		(128	)		(23	)		—
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—		—			—			—			—			—			—
Transfers—other		(1	)		—		(8	)		(3	)		(3	)		(5	)		1			—
Net Increase in Net Assets Derived from Policy Transactions		94			67		78,882			11,762			42,525			27,706			112			82
NET INCREASE IN NET ASSETS		99			70		84,290			12,649			45,650			29,388			134			86
NET ASSETS
Beginning of Year/Period		70			—		12,649			—			29,388			—			86			—
End of Year/Period		$169			$70		$96,939			$12,649			$75,038			$29,388			$220			$86

(1)	JPMorgan Investment Trust was formerly named One Group® Investment Trust.
(2)	Operations commenced on June 10, 2004.
	See Notes to Financial Statements

I-21

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS

     A summary of total units outstanding, total net assets, accumulation unit values (“AUV”), ratios of investment income to average daily net assets and total returns for each year or period ended December 31 are presented in the table below. The ratios of expenses to average daily net assets for each of the Variable Accounts are discussed in Note 4 to Financial Statements.

	Number of Units				AUV				Investment
	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
Variable Accounts	(in '000)		(in '000)		Lowest		Highest		Ratio (2)			Lowest			Highest
Blue Chip
2005		132,162		$1,059,638		$7.46		$9.02		0.31	%		0.91	%		2.53	%
2004		213,592		1,687,616		7.38		8.91		0.77	%		2.58	%		4.24	%
2003		126,242		964,872		7.17		8.66		0.30	%		22.88	%		24.86	%
2002		77,501		477,035		5.82		7.02		0.13	%		(27.41	%)		(26.24	%)
01/02/2001 - 12/31/2001		48,255		399,449		8.00		9.64		0.12	%		(19.99	%)		(19.71	%)
Aggressive Growth
2005		5,612		$51,767		$8.54		$10.60		0.00	%		3.51	%		5.17	%
2004		7,237		64,675		8.23		10.20		0.00	%		9.67	%		11.44	%
2003		7,036		57,206		7.49		9.27		0.00	%		24.15	%		26.15	%
2002		5,912		38,543		6.02		7.44		0.00	%		(23.86	%)		(22.63	%)
01/02/2001 - 12/31/2001		8,029		65,995		7.88		9.74		0.00	%		(21.18	%)		(20.90	%)
Financial Services
2005		6,046		$67,751		$10.73		$11.79		1.33	%		3.40	%		5.06	%
2004		7,595		81,895		10.36		11.36		0.82	%		6.57	%		8.29	%
2003		8,052		81,029		9.69		10.62		0.81	%		26.45	%		28.49	%
2002		6,852		54,325		7.65		8.37		0.25	%		(16.28	%)		(15.78	%)
01/02/2001 - 12/31/2001		5,507		51,666		9.11		9.97		0.47	%		(8.90	%)		(8.58	%)
Diversified Research
2005		86,073		$995,912		$11.13		$11.64		0.57	%		3.16	%		4.82	%
2004		39,648		442,305		10.66		11.24		0.66	%		9.00	%		10.76	%
2003		29,485		300,306		9.66		10.28		0.41	%		30.00	%		32.10	%
2002		22,123		172,513		7.34		7.88		0.29	%		(25.70	%)		(24.50	%)
2001		17,987		187,682		9.75		10.56		0.25	%		(4.44	%)		(4.10	%)
Equity
2005		14,090		$191,629		$9.15		$14.19		0.24	%		4.43	%		5.05	%
2004		17,277		224,905		8.52		13.51		0.71	%		3.06	%		4.72	%
2003		21,361		268,303		8.16		13.03		0.36	%		21.87	%		23.84	%
2002		24,067		247,642		6.61		10.63		0.34	%		(27.97	%)		(26.95	%)
2001 (4)		30,963		444,528		9.07		14.66		0.04	%		(23.13	%)		(22.86	%)
American Funds Growth-Income (5)
05/02/2005 - 12/31/2005		66,574		$723,937		$10.84		$10.96		1.81	%		7.28	%		8.84	%
American Funds Growth (5)
05/02/2005 - 12/31/2005		83,851		$993,328		$11.81		$11.94		0.72	%		16.32	%		18.57	%
Technology
2005		15,129		$96,613		$5.22		$8.84		0.00	%		19.31	%		21.23	%
2004		14,999		79,164		4.37		7.38		0.00	%		1.61	%		3.25	%
2003		20,347		103,527		4.29		7.24		0.00	%		39.77	%		42.02	%
2002		9,251		34,306		3.06		5.16		0.00	%		(47.41	%)		(46.56	%)
01/02/2001 - 12/31/2001		6,252		42,027		5.80		9.78		0.00	%		(41.97	%)		(41.77	%)
Short Duration Bond
2005		145,422		$1,448,843		$9.84		$10.27		3.05	%		(0.43	%)		1.17	%
2004		128,724		1,282,032		9.88		10.15		2.55	%		(0.80	%)		0.80	%
05/01/2003 - 12/31/2003		79,924		798,637		9.96		10.07		2.69	%		(0.38	%)		0.69	%
Concentrated Growth (6)
2005		8,475		$38,779		$4.12		$8.78		0.00	%		0.32	%		1.94	%
2004		10,997		50,076		4.09		8.72		0.00	%		10.42	%		12.21	%
2003		13,372		55,317		3.70		7.87		0.00	%		40.39	%		41.23	%
2002		12,344		34,687		2.63		5.58		0.00	%		(39.84	%)		(39.47	%)
2001		13,556		60,855		4.35		9.25		0.00	%		(35.05	%)		(34.82	%)
Growth LT
2005		58,503		$1,027,253		$9.27		$22.23		0.24	%		5.55	%		7.25	%
2004		73,097		1,219,527		8.67		20.93		0.00	%		8.21	%		9.96	%
2003		68,735		1,097,592		7.92		19.23		0.00	%		31.33	%		33.44	%
2002		67,888		859,556		5.95		14.55		1.02	%		(30.38	%)		(29.26	%)
2001 (4)		65,466		1,282,100		8.45		20.78		1.05	%		(30.79	%)		(30.54	%)
Focused 30
2005		11,031		$116,449		$9.19		$14.68		1.03	%		19.66	%		21.58	%
2004		8,930		77,339		7.66		12.23		0.06	%		12.57	%		14.39	%
2003		8,039		61,035		6.79		10.82		0.00	%		39.44	%		41.69	%
2002		5,927		31,967		4.86		7.73		0.16	%		(30.81	%)		(29.69	%)
2001		6,307		47,227		7.00		11.14		0.07	%		(14.87	%)		(14.57	%)

See Notes to Financial Statements See Explanation of References on Page J-4

J-1

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Number of Units				AUV				Investment
	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
Variable Accounts	(in '000)		(in '000)		Lowest		Highest		Ratio (2)			Lowest			Highest
Health Sciences
2005		10,481		$117,786		$10.28		$12.99		0.00	%		13.01	%		14.82	%
2004		10,537		104,225		9.07		11.45		0.00	%		5.41	%		7.11	%
2003		10,734		100,427		8.59		10.83		0.00	%		25.29	%		27.31	%
2002		8,457		63,160		6.84		8.61		0.00	%		(24.83	%)		(23.61	%)
01/02/2001 - 12/31/2001		7,240		70,563		9.07		11.42		0.00	%		(9.30	%)		(8.98	%)
Mid-Cap Value
2005		127,837		$2,386,950		$14.96		$20.31		0.64	%		6.72	%		8.43	%
2004		78,005		1,371,581		13.84		18.91		0.40	%		22.60	%		24.58	%
2003		63,136		905,461		11.15		15.33		0.62	%		26.55	%		28.59	%
2002 (4)		48,654		554,894		8.70		12.05		0.43	%		(16.15	%)		(14.80	%)
2001 (4)		43,748		606,359		10.25		14.28		0.83	%		11.32	%		11.72	%
International Value
2005		114,680		$1,541,384		$11.66		$14.35		1.93	%		7.27	%		8.99	%
2004		128,990		1,612,193		10.87		13.30		1.75	%		14.12	%		15.96	%
2003		102,714		1,127,110		9.53		11.58		2.00	%		25.19	%		27.20	%
2002		69,035		609,313		7.61		9.20		1.04	%		(15.61	%)		(14.25	%)
2001 (4)		56,038		597,761		9.02		10.83		0.96	%		(23.24	%)		(22.97	%)
Capital Opportunities
2005		8,458		$73,576		$8.27		$9.36		0.48	%		(0.18	%)		1.43	%
2004		37,462		324,592		8.26		9.35		0.82	%		10.46	%		12.24	%
2003		28,404		221,280		7.46		8.43		0.49	%		24.62	%		26.62	%
2002		19,116		118,604		5.97		6.74		0.21	%		(28.23	%)		(27.07	%)
01/02/2001 - 12/31/2001		13,489		114,712		8.30		9.36		0.20	%		(17.01	%)		(16.72	%)
International Large-Cap
2005		282,389		$2,676,861		$8.30		$13.17		0.95	%		10.47	%		12.25	%
2004		182,329		1,547,290		7.49		11.73		1.14	%		16.26	%		18.13	%
2003		127,976		922,668		6.43		9.93		1.37	%		27.93	%		30.00	%
2002		70,634		387,361		5.01		7.64		0.93	%		(19.26	%)		(17.95	%)
2001		57,575		374,447		6.19		9.31		0.82	%		(19.72	%)		(19.44	%)
Equity Index
2005		80,050		$1,308,175		$10.41		$19.97		1.75	%		2.60	%		4.25	%
2004		46,439		782,694		10.02		19.35		1.70	%		8.40	%		10.14	%
2003		49,320		772,537		9.13		17.74		1.47	%		25.76	%		27.78	%
2002 (4)		58,669		731,684		7.17		14.02		1.32	%		(23.88	%)		(22.65	%)
2001 (4)		55,993		970,855		9.30		18.32		1.05	%		(13.69	%)		(13.38	%)
Small-Cap Index
2005		62,917		$937,336		$13.55		$15.06		0.51	%		2.32	%		3.96	%
2004		63,104		914,933		13.08		14.64		0.74	%		15.43	%		17.29	%
2003		39,287		491,260		11.19		12.60		0.76	%		43.63	%		45.94	%
2002		25,910		224,678		7.70		8.72		0.85	%		(22.75	%)		(21.50	%)
2001 (4)		13,810		154,533		9.84		11.22		0.98	%		(0.04	%)		0.31	%
Fasciano Small Equity (6)
2005		41,021		$472,902		$10.72		$12.56		0.29	%		0.63	%		2.25	%
2004		16,076		180,521		10.52		12.44		0.61	%		16.59	%		18.47	%
2003		21,852		209,317		8.91		10.63		0.54	%		30.51	%		32.61	%
2002		21,555		156,379		6.75		8.12		0.00	%		(26.58	%)		(25.39	%)
2001		19,989		194,874		9.07		11.01		0.00	%		(18.68	%)		(18.40	%)
Small-Cap Value
2005		24,219		$417,233		$17.02		$17.76		1.11	%		11.41	%		13.20	%
2004 (4)		34,125		525,271		15.27		15.69		1.96	%		21.95	%		23.91	%
05/01/2003 - 12/31/2003		21,960		275,887		12.52		12.66		1.67	%		25.25	%		26.59	%
Multi-Strategy
2005		20,084		$325,873		$11.61		$17.90		2.09	%		1.73	%		3.36	%
2004		23,222		368,928		11.32		17.49		1.70	%		7.64	%		9.38	%
2003		24,811		367,211		10.39		16.16		1.65	%		20.84	%		22.78	%
2002 (4)		23,835		295,652		8.49		13.29		2.00	%		(14.79	%)		(14.27	%)
2001 (4)		25,195		375,938		9.84		15.50		2.48	%		(2.88	%)		(2.54	%)
Main Street Core (6)
2005		115,689		$1,595,188		$9.58		$16.68		1.29	%		3.90	%		5.57	%
2004		74,999		1,027,423		9.11		15.96		1.45	%		7.37	%		9.10	%
2003		58,972		769,037		8.38		14.77		1.19	%		24.45	%		26.45	%
2002		36,789		408,214		6.65		11.80		0.70	%		(29.82	%)		(28.69	%)
2001 (4)		43,183		694,811		9.36		16.71		0.65	%		(10.46	%)		(10.15	%)

See Notes to Financial Statements See Explanation of References on Page J-4

J-2

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Number of Units				AUV				Investment
	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
Variable Accounts	(in '000)		(in '000)		Lowest		Highest		Ratio (2)			Lowest			Highest
Emerging Markets
2005		55,958		$1,099,297		$16.62		$29.77		1.16	%		38.68	%		40.91	%
2004		39,728		550,207		11.96		21.39		2.18	%		31.96	%		34.09	%
2003		22,815		230,453		9.04		16.16		1.36	%		65.15	%		67.81	%
2002		16,418		96,542		5.46		9.75		0.51	%		(4.99	%)		(3.45	%)
2001		15,882		93,715		5.73		10.22		0.14	%		(10.28	%)		(9.96	%)
Managed Bond
2005		186,046		$2,722,556		$12.09		$16.27		3.40	%		0.61	%		2.23	%
2004 (4)		158,020		2,303,163		12.01		16.08		2.99	%		3.29	%		4.96	%
2003 (4)		134,892		1,907,366		11.63		15.47		4.35	%		4.13	%		5.81	%
2002 (4)		131,496		1,807,539		11.17		14.77		4.66	%		8.74	%		10.49	%
2001		111,216		1,443,776		10.27		13.50		5.08	%		5.46	%		5.83	%
Inflation Managed (6)
2005		157,433		$2,430,537		$12.93		$17.07		3.01	%		0.52	%		2.13	%
2004 (4)		130,232		1,991,098		12.86		16.88		0.88	%		6.74	%		8.46	%
2003 (4)		93,814		1,343,374		12.05		15.72		0.09	%		6.10	%		7.81	%
2002 (4)		70,941		969,025		11.35		14.73		1.08	%		13.16	%		14.99	%
2001		35,304		437,761		10.03		12.94		3.55	%		2.45	%		2.81	%
Money Market
2005		47,882		$552,496		$9.89		$12.43		2.77	%		0.79	%		2.41	%
2004		50,956		578,711		9.81		12.26		0.99	%		(0.99	%)		0.61	%
2003		59,210		679,894		9.91		12.31		0.80	%		(1.21	%)		0.39	%
2002		97,246		1,128,294		10.03		12.39		1.41	%		(0.59	%)		1.01	%
2001		88,253		1,048,968		10.09		12.39		3.57	%		2.05	%		2.41	%
High Yield Bond
2005		53,083		$707,427		$11.54		$14.22		7.07	%		0.35	%		1.96	%
2004		53,762		710,349		11.50		14.09		7.11	%		7.26	%		8.99	%
2003		57,084		700,342		10.72		13.06		7.42	%		17.91	%		19.81	%
2002		34,116		356,950		9.09		11.01		8.82	%		(4.91	%)		(3.38	%)
2001		25,273		284,405		9.56		11.51		9.72	%		(0.42	%)		(0.07	%)
Equity Income
2005		10,320		$125,497		$11.94		$12.73		1.35	%		3.55	%		5.21	%
2004		17,148		200,464		11.53		12.10		1.60	%		9.97	%		11.74	%
2003		14,569		154,163		10.49		10.83		1.48	%		23.74	%		25.73	%
01/02/2002 - 12/31/2002		10,731		91,362		8.47		8.61		1.59	%		(14.96	%)		(14.74	%)
Large-Cap Value
2005		131,227		$1,624,942		$10.80		$13.24		1.13	%		4.06	%		5.73	%
2004		202,397		2,398,999		10.38		12.65		1.47	%		7.75	%		9.49	%
2003		141,194		1,551,417		9.55		11.67		1.46	%		28.64	%		30.72	%
2002		93,650		804,079		7.33		9.02		1.09	%		(24.49	%)		(23.27	%)
2001 (4)		67,042		775,383		9.59		11.87		0.86	%		(5.33	%)		(4.99	%)
Comstock (6)
2005		78,368		$821,032		$10.06		$11.33		1.64	%		2.30	%		3.95	%
2004		65,803		670,082		9.81		10.90		1.32	%		14.85	%		16.70	%
2003		41,914		369,305		8.52		9.34		1.11	%		28.78	%		30.86	%
2002		9,464		64,298		6.60		7.22		0.10	%		(23.70	%)		(23.24	%)
2001		8,081		71,145		8.62		9.43		0.40	%		(11.44	%)		(11.13	%)
Mid-Cap Growth
2005		28,496		$231,698		$7.36		$9.85		0.00	%		15.57	%		17.43	%
2004		27,151		191,057		6.36		8.49		0.00	%		19.18	%		21.10	%
2003		23,836		140,665		5.32		7.10		0.00	%		27.81	%		29.87	%
2002		16,389		75,943		4.15		5.53		0.00	%		(48.08	%)		(47.24	%)
01/02/2001 - 12/31/2001		9,263		81,283		7.98		10.62		0.00	%		(20.23	%)		(19.95	%)
Real Estate (6)
2005		25,484		$674,545		$21.58		$28.79		0.91	%		14.48	%		16.32	%
2004 (4)		25,556		590,482		18.62		25.00		2.73	%		34.89	%		37.07	%
2003 (4)		22,063		378,106		13.63		18.42		3.47	%		34.80	%		36.97	%
2002 (4)		17,472		223,697		9.99		13.58		2.78	%		(2.29	%)		(0.72	%)
2001 (4)		12,896		171,783		10.09		13.82		3.58	%		6.65	%		7.03	%
VN Small-Cap Value (5)
05/02/2005 - 12/31/2005		5,459		$62,324		$11.38		$11.50		0.84	%		12.09	%		14.27	%
Jennison
2005		52		$586		$11.22		$11.39		0.00	%		12.05	%		12.44	%
2004		54		546		10.01		10.13		0.04	%		7.32	%		7.70	%
2003		71		667		9.33		9.41		0.00	%		27.36	%		27.81	%
2002		56		410		7.33		7.36		0.00	%		(32.36	%)		(32.12	%)
09/06/2001 - 12/31/2001		42		451		10.83		10.84		0.00	%		8.43	%		8.43	%

See Notes to Financial Statements See Explanation of References on Page J-4

J-3

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	Number of Units				AUV				Investment
	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
Variable Accounts	(in '000)		(in '000)		Lowest		Highest		Ratio (2)			Lowest			Highest
Value
2005		63		$819		$12.84		$13.03		0.83	%		14.21	%		14.60	%
2004		74		837		11.24		11.37		0.91	%		13.82	%		14.22	%
2003		97		965		9.33		9.96		1.03	%		25.42	%		25.86	%
2002		75		590		7.87		7.91		1.24	%		(23.70	%)		(23.43	%)
09/06/2001 - 12/31/2001 (4)		46		472		10.32		10.33		1.35	%		3.31	%		3.31	%
SP William Blair International Growth (6)
2005		47		$642		$13.49		$13.69		0.25	%		13.79	%		14.19	%
2004		60		714		11.85		11.99		0.00	%		14.11	%		14.51	%
2003		73		759		10.39		10.47		0.00	%		36.73	%		37.21	%
2002		48		363		7.60		7.63		0.00	%		(24.18	%)		(23.91	%)
09/06/2001 - 12/31/2001		15		153		10.02		10.03		0.00	%		0.29	%		0.29	%
SP Prudential U.S. Emerging Growth
2005		22		$298		$13.57		$13.78		0.00	%		15.44	%		15.85	%
2004		23		270		11.76		11.89		0.03	%		18.91	%		19.32	%
2003		27		264		9.89		9.97		0.00	%		39.05	%		39.54	%
2002		25		180		7.11		7.14		0.00	%		(33.59	%)		(33.35	%)
09/06/2001 - 12/31/2001		10		104		10.71		10.72		0.00	%		7.19	%		7.19	%
JPMorgan Investment Trust Bond (7)
2005		12,119		$127,276		$10.50		$10.50		2.65	%		0.97	%		0.97	%
06/10/2004 - 12/31/04		3,092		32,173		10.40		10.40		0.00	%		4.04	%		4.04	%
JPMorgan Investment Trust Equity Index (7)
2005		40		$444		$10.98		$10.98		1.39	%		3.01	%		3.01	%
06/10/2004 - 12/31/04		21		226		10.66		10.66		0.00	%		6.55	%		6.55	%
JPMorgan Investment Trust Diversified Equity (7)
2005		16		$169		$10.65		$10.65		1.00	%		0.91	%		0.91	%
06/10/2004 - 12/31/04		7		70		10.55		10.55		0.00	%		5.52	%		5.52	%
JPMorgan Investment Trust Mid Cap Value (7)
2005		8,127		$96,939		$11.89		$11.93		0.25	%		8.23	%		8.23	%
06/10/2004 - 12/31/04		1,148		12,649		11.02		11.02		0.00	%		10.23	%		10.23	%
JPMorgan Investment Trust Large Cap Growth (7)
2005		6,941		$75,038		$10.78		$10.81		0.48	%		3.60	%		3.60	%
06/10/2004 - 12/31/04		2,816		29,388		10.44		10.44		0.00	%		4.38	%		4.38	%
JPMorgan Investment Trust Mid Cap Growth (7)
2005		19		$220		$11.68		$11.68		0.00	%		9.55	%		9.55	%
06/10/2004 - 12/31/04		8		86		10.66		10.66		0.00	%		6.58	%		6.58	%

Explanation of References for Financial Highlights on J-1 through J-4

(1)	The AUV is presented as a range from lowest to highest based on the ending AUV for all product groupings as of December 31 of each year. The lowest and highest AUV may be the same for a Variable Account if there is only one product which has investments during the year.
(2)	The investment income ratios represent the dividends, excluding distributions of capital gains, received by the Variable Accounts from the underlying portfolios, divided by the average daily net assets. These ratios are before the deduction of mortality and expense risk (“M&E”), administrative charges, and additional death benefit rider charges, if any, that are assessed against contract owner accounts. The recognition of investment income by the Variable Accounts is affected by the timing of the declaration of dividends by the underlying portfolios in which the Variable Accounts invest. The ratios for periods of less than one full year are annualized.
(3)	Total returns reflect changes in unit value of the underlying portfolios and deductions for M&E, administrative charges, and additional death benefit rider charges, if any, assessed through the daily AUV calculation. 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 4 to the 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 presented as a range of lowest to highest values based on the product grouping representing the minimum to maximum expense ratio amounts. Total returns for those individual contracts which commenced operations during the year may not be within the ranges presented. Total returns are not annualized for periods of less than one full year.
(4)	Prior year investment income ratios have been restated to conform with current year presentation. This change had no impact on total net assets.
(5)	Operations commenced during 2005 (See Note 1 to Financial Statements).
(6)	Prior to 05/01/2001, Inflation Managed Variable Account was named Government Securities Variable Account; prior to 05/01/2002, Real Estate Variable Account was named REIT Variable Account; prior to 01/01/2003, Main Street Core Variable Account was named Large-Cap Core Variable Account, and prior to 01/01/2002, it was named Equity Income Variable Account; prior to 05/01/2003, Comstock Variable Account was named Strategic Value Variable Account; prior to 05/01/2004, SP William Blair International Growth Variable Account was named SP Jennison International Growth Variable Account; prior to 02/01/2005, Concentrated Growth Variable Account was named I-Net Tollkeeper Variable Account; and prior to 05/01/2005, Fasciano Small Equity Variable Account was named Aggressive Equity Variable Account.
(7)	JPMorgan Investment Trust was formerly named One Group® Investment Trust.

See Notes to Financial Statements

J-4

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, 2005 is comprised of forty-four subaccounts called Variable Accounts. The assets in each of the variable accounts invest in the corresponding portfolios of Pacific Select Fund, Class II shares of the Prudential Series Fund, Inc., and JPMorgan Investment Trust (each, a “Fund” and collectively, the “Funds”) as follows:

     Pacific Select Fund

     Blue Chip (Large-Cap Growth effective January 1, 2006)
     Aggressive Growth
     Financial Services
     Diversified Research
     Equity
     American Funds^® Growth-Income
     American Funds^® Growth
     Technology
     Short Duration Bond
     Concentrated Growth (formerly I-Net Tollkeeper^SM)
     Growth LT
     Focused 30
     Health Sciences
     Mid-Cap Value
     International Value
     Capital Opportunities
     International Large-Cap
     Equity Index
     Small-Cap Index
     Fasciano Small Equity (formerly Aggressive Equity)
     Small-Cap Value
     Multi-Strategy
     Main Street^® Core
     Emerging Markets
     Managed Bond
     Inflation Managed
     Money Market
     High Yield Bond
     Equity Income
     Large-Cap Value
     Comstock
     Mid-Cap Growth
     Real Estate
     VN Small-Cap Value

     Prudential Series Fund, Inc.

     Jennison (Class II)
     Value (Class II)
     SP William Blair International Growth (Class II)
     SP Prudential U.S. Emerging Growth (Class II)

     JPMorgan Investment Trust (formerly named One Group^® Investment Trust)

     JPMorgan Investment Trust Bond
     JPMorgan Investment Trust Equity Index
     JPMorgan Investment Trust Diversified Equity
     JPMorgan Investment Trust Mid Cap Value
     JPMorgan Investment Trust Large Cap Growth
     JPMorgan Investment Trust Mid Cap Growth

     American Funds is a registered trademark of American Funds Distributors, Inc., I-Net Tollkeeper is a service mark of Goldman, Sachs & Co., and Main Street is a registered trademark of OppenheimerFunds, Inc. 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 (“SEC”) three new Variable Accounts that commenced operations on May 2, 2005: the American Funds Growth-Income, American Funds Growth, and VN Small-Cap Value Variable Accounts.

     The net assets of the Pacific Select Fund’s Small-Cap Equity Portfolio (the “Acquired Portfolio”), the underlying portfolio for the Small-Cap Equity Variable Account, was transferred to the Pacific Select Fund’s Small-Cap Index Portfolio (the “Surviving Portfolio”), the underlying portfolio for the Small-Cap Index Variable Account, in exchange for shares of the Surviving Portfolio (the “Reorganization”). The Reorganization took place on April 30, 2004. In connection with the Reorganization, 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 and the amounts distributed to the Separate Account for its share of

K-1

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

dividends are reinvested in additional full and fractional shares of the related portfolios.

     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. Pacific Life will review periodically the status of this policy in the event of changes in the tax law. A charge may be made in future years for any Federal income taxes that would be attributable to the Contracts.

     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 7.0 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. CHARGES AND EXPENSES

     Contracts funded by the Separate Account currently being sold or administered include the Pacific One, Pacific Portfolios, Pacific Value, Pacific Innovations, Pacific Innovations Select, Pacific One Select and Pacific Odyssey. Pacific Value, Pacific Innovations, Pacific Innovations Select, Pacific One 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. Pacific Portfolios’ Contracts have two different death benefit options: the Standard Death Benefit and the Stepped-Up Death Benefit Rider. The death benefit riders are not available to owners of Pacific One Contracts as of December 31, 2005. 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 Portfolios, Pacific Value, Pacific Innovations, Pacific Innovations Select, Pacific One 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
	Death			Up Death		Death Benefit
Pacific One Contracts	Benefit			Benefit Rider		Rider
M&E 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

	Standard			With Stepped-			With Premier
	Death			Up Death			Death Benefit
Pacific One Contracts	Benefit			Benefit Rider			Rider
M&E Charge		1.25	%		1.25	%		N/A
Administrative Fee		0.15	%		0.15	%		N/A
Death Benefit Rider Charge	None				0.20	%		N/A
Total Annual Expenses		1.40	%		1.60	%		N/A
Pacific Value and Pacific       Innovations Contracts
M&E 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 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 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.

5. SUBSTITUTION AND SUBSEQUENT EVENTS

     An application for an order of approval for the substitution of the Equity Income Portfolio, the underlying portfolio for the Equity Income Variable Account, with shares of the American Funds Growth-Income Portfolio, the underlying portfolio for the American Funds Growth-Income Variable Account, has been filed with the SEC. If the SEC issues an order to permit the substitution, the Equity Income Portfolio will be liquidated and its shares will be exchanged for shares of the American Funds Growth-Income Portfolio. The Equity Income Portfolio will then be closed.

     On November 14, 2005, the Pacific Select Fund’s Board approved plans of reorganization (the “Reorganizations”) subject to approval by the SEC and the shareholders of the Aggressive Growth and Financial Services Portfolios, the underlying portfolios for the Aggressive Growth and Financial Services Variable Accounts, respectively. Under the Reorganizations, the Mid-Cap Growth Portfolio and the Large-Cap Value Portfolio, the underlying portfolios for the Mid-Cap Growth and Large-Cap Value Variable Accounts, will acquire all of the assets and liabilities of the Aggressive Growth Portfolio and Financial Services Portfolio, respectively. The Reorganizations are expected to be effective as of the close of business on April 28, 2006, or on a later date as the parties may agree.

K-2

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

6. PURCHASES AND SALES OF INVESTMENTS

     The cost of of purchases and proceeds from sales of investments for the year or period ended December 31, 2005, were as follows (amounts in thousands):

Variable Accounts	Purchases		Sales
Blue Chip		$312,211		$911,934
Aggressive Growth		11,701		26,381
Financial Services		15,600		31,608
Diversified Research		525,938		25,658
Equity		8,749		50,213
American Funds Growth-Income (1)		682,921		2,012
American Funds Growth (1)		876,080		2,148
Technology		43,135		40,284
Short Duration Bond		430,495		264,417
Concentrated Growth (2)		17,993		29,222
Growth LT		102,979		340,237
Focused 30		65,915		43,083
Health Sciences		34,010		33,825
Mid-Cap Value		958,038		117,283
International Value		441,607		622,822
Capital Opportunities		31,755		268,778
International Large-Cap		973,005		100,338
Equity Index		653,847		182,509
Small-Cap Index		131,005		131,754
Fasciano Small Equity (2)		293,031		21,332
Small-Cap Value		128,067		274,400
Multi-Strategy		16,921		67,266
Main Street Core		516,429		23,585
Emerging Markets		332,176		70,020
Managed Bond		437,362		44,591
Inflation Managed		500,834		83,856
Money Market		885,583		919,796
High Yield Bond		267,484		276,668
Equity Income		33,809		112,046
Large-Cap Value		341,935		1,142,285
Comstock		213,567		85,438
Mid-Cap Growth		79,286		67,380
Real Estate		94,290		96,030
VN Small-Cap Value (1)		61,485		3,903
Jennison		4		28
Value		2		124
SP William Blair International Growth		18		164
SP Prudential U.S. Emerging Growth		—		12
JPMorgan Investment Trust Bond (3)		94,259		—
JPMorgan Investment Trust Equity Index (3)		213		12
JPMorgan Investment Trust Diversified Equity (3)		110		16
JPMorgan Investment Trust Mid Cap Value (3)		78,880		—
JPMorgan Investment Trust Large Cap Growth (3)		59,577		17,052
JPMorgan Investment Trust Mid Cap Growth (3)		134		22

(1)	Operations commenced during 2005 (See Note 1 to Financial Statements).
(2)	The Concentrated Growth and Fasciano Small Equity Variable Accounts were formerly named I-Net Tollkeeper and Aggressive Equity Variable Accounts, respectively.
(3)	JPMorgan Investment Trust was formerly named One Group® Investment Trust.

K-3

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

7. CHANGES IN UNITS OUTSTANDING

     The changes in units outstanding for the years or periods ended December 31, 2005 and 2004 were as follows (amounts in thousands):

	2005								2004
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
Blue Chip		66,493		(147,923	)		(81,430	)		113,321		(25,971	)		87,350
Aggressive Growth		1,785		(3,410	)		(1,625	)		3,517		(3,316	)		201
Financial Services		2,038		(3,587	)		(1,549	)		3,167		(3,624	)		(457	)
Diversified Research		58,829		(12,404	)		46,425			20,097		(9,934	)		10,163
Equity		1,527		(4,714	)		(3,187	)		3,037		(7,121	)		(4,084	)
American Funds Growth-Income (1)		71,326		(4,752	)		66,574			—		—			—
American Funds Growth (1)		90,843		(6,992	)		83,851			—		—			—
Technology		10,065		(9,935	)		130			9,362		(14,710	)		(5,348	)
Short Duration Bond		64,421		(47,723	)		16,698			78,397		(29,597	)		48,800
Concentrated Growth (2)		3,908		(6,430	)		(2,522	)		5,465		(7,840	)		(2,375	)
Growth LT		17,840		(32,434	)		(14,594	)		27,558		(23,196	)		4,362
Focused 30		8,441		(6,340	)		2,101			5,948		(5,057	)		891
Health Sciences		4,697		(4,753	)		(56	)		5,732		(5,929	)		(197	)
Mid-Cap Value		77,154		(27,322	)		49,832			38,312		(23,443	)		14,869
International Value		55,270		(69,580	)		(14,310	)		85,346		(59,070	)		26,276
Capital Opportunities		6,281		(35,285	)		(29,004	)		18,396		(9,338	)		9,058
International Large-Cap		147,136		(47,076	)		100,060			99,935		(45,582	)		54,353
Equity Index		56,331		(22,720	)		33,611			14,139		(17,020	)		(2,881	)
Small-Cap Index		21,436		(21,623	)		(187	)		48,089		(24,272	)		23,817
Fasciano Small Equity (2)		30,898		(5,953	)		24,945			6,644		(12,420	)		(5,776	)
Small-Cap Value		15,976		(25,882	)		(9,906	)		22,777		(10,612	)		12,165
Multi-Strategy		2,643		(5,781	)		(3,138	)		4,594		(6,183	)		(1,589	)
Main Street Core		61,635		(20,945	)		40,690			28,612		(12,585	)		16,027
Emerging Markets		32,850		(16,620	)		16,230			29,528		(12,615	)		16,913
Managed Bond		61,958		(33,932	)		28,026			61,998		(38,870	)		23,128
Inflation Managed		59,385		(32,184	)		27,201			64,579		(28,161	)		36,418
Money Market		116,918		(119,992	)		(3,074	)		148,341		(156,595	)		(8,254	)
High Yield Bond		31,283		(31,962	)		(679	)		43,243		(46,565	)		(3,322	)
Equity Income		4,806		(11,634	)		(6,828	)		8,410		(5,831	)		2,579
Large-Cap Value		53,263		(124,433	)		(71,170	)		92,298		(31,095	)		61,203
Comstock		35,465		(22,900	)		12,565			34,433		(10,544	)		23,889
Mid-Cap Growth		15,419		(14,074	)		1,345			13,280		(9,965	)		3,315
Real Estate		9,469		(9,541	)		(72	)		12,415		(8,922	)		3,493
VN Small-Cap Value (1)		6,269		(810	)		5,459			—		—			—
Jennison		1		(3	)		(2	)		1		(18	)		(17	)
Value		—		(11	)		(11	)		1		(24	)		(23	)
SP William Blair International Growth		1		(14	)		(13	)		—		(13	)		(13	)
SP Prudential U.S. Emerging Growth		—		(1	)		(1	)		—		(4	)		(4	)
JPMorgan Investment Trust Bond (3)		9,725		(698	)		9,027			3,121		(29	)		3,092
JPMorgan Investment Trust Equity Index (3)		20		(1	)		19			22		(1	)		21
JPMorgan Investment Trust Diversified Equity (3)		11		(2	)		9			7		—			7
JPMorgan Investment Trust Mid Cap Value (3)		7,301		(322	)		6,979			1,160		(12	)		1,148
JPMorgan Investment Trust Large Cap Growth (3)		6,516		(2,391	)		4,125			2,843		(27	)		2,816
JPMorgan Investment Trust Mid Cap Growth (3)		13		(2	)		11			8		—			8

(1)	Operations commenced during 2005 (See Note 1 to Financial Statements).
(2)	The Concentrated Growth and Fasciano Small Equity Variable Accounts were formerly named I-Net Tollkeeper and Aggressive Equity Variable Accounts, respectively.
(3)	Operations commenced on June 10, 2004. JPMorgan Investment Trust was formerly named One Group® Investment Trust.

K-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, Financial Services, Diversified Research, Equity, American Funds^® Growth-Income, American Funds^® Growth, Technology, Short Duration Bond, Concentrated Growth (formerly I-Net Tollkeeper^SM), Growth LT, Focused 30, Health Sciences, Mid-Cap Value, International Value, Capital Opportunities, International Large-Cap, Equity Index, Small-Cap Index, Fasciano Small Equity (formerly Aggressive Equity), Small-Cap Value, Multi-Strategy, Main Street^® Core, Emerging Markets, Managed Bond, Inflation Managed, Money Market, High Yield Bond, Equity Income, Large-Cap Value, Comstock, Mid-Cap Growth, Real Estate, VN Small-Cap Value, Jennison, Value, SP William Blair International Growth, SP Prudential U.S. Emerging Growth, JPMorgan Investment Trust Bond, JPMorgan Investment Trust Equity Index, JPMorgan Investment Trust Diversified Equity, JPMorgan Investment Trust Mid Cap Value, JPMorgan Investment Trust Large Cap Growth, and JPMorgan Investment Trust Mid Cap Growth (JPMorgan Investment Trust was formerly named One Group Investment Trust) Variable Accounts — collectively, the “Variable Accounts”) as of December 31, 2005, the related statements of operations for the year then ended (as to the American Funds Growth-Income, American Funds Growth, and VN Small-Cap Value Variable Accounts, for the period from commencement of operations through December 31, 2005 ), the statements of changes in net assets for each of the two years in the period then ended (as to the JPMorgan Investment Trust Bond, JPMorgan Investment Trust Equity Index, JPMorgan Investment Trust Diversified Equity, JPMorgan Investment Trust Mid Cap Value, JPMorgan Investment Trust Large Cap Growth, and JPMorgan Investment Trust Mid Cap Growth Variable Accounts, for the year ended December 31, 2005, and for the period from commencement of operations through December 31, 2004, and as to the American Funds Growth-Income, American Funds Growth, and VN Small-Cap Value Variable Accounts, for the period from commencement of operations through December 31, 2005), and the financial highlights for each of the periods presented. 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. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. 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 statement presentation. Our procedures included confirmation of securities owned as of December 31, 2005. 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, 2005, the results of their operations, the changes in their net assets, and the related financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Costa Mesa, California
March 1, 2006

L-1

Annual Reports
as of December 31, 2005

• 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. 2143-6A