December 31, 2006 •  Pacific Select Fund
•  Separate Account A of
   Pacific Life Insurance Company

Annual
Reports

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-7
Statements of Changes in Net Assets	D-13
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-4
Special Meetings of Shareholders	H-9
Where to Go for More Information	H-10

The 2006 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-5
Statements of Changes in Net Assets	I-9
Financial Highlights	J-1
Notes to Financial Statements	K-1
Report of Independent Registered Public Accounting Firm	L-1

The 2006 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, 2006
(In thousands, except accumulation unit values)

	Variable Accounts
	International		International		Equity		Small-Cap		Diversified				American Funds®
	Value		Small-Cap		Index		Index		Research		Equity		Growth-Income
ASSETS
Investments in portfolios, at value		$2,275,237		$707,525		$1,400,317		$697,331		$1,459,144		$159,997		$1,439,770
Receivables:
Due from Pacific Life Insurance Company		66		179		328		282		1,111		—		1,101
Fund shares redeemed		240		—		—		—		—		156		—
Total Assets		2,275,543		707,704		1,400,645		697,613		1,460,255		160,153		1,440,871
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		240		—		—		—		—		156		—
Fund shares purchased		—		179		328		282		1,111		—		1,101
Other		—		79		117		30		135		12		113
Total Liabilities		240		258		445		312		1,246		168		1,214
NET ASSETS		$2,275,303		$707,446		$1,400,200		$697,301		$1,459,009		$159,985		$1,439,657
NET ASSETS CONSIST OF:
Accumulation units		$2,274,566		$707,318		$1,399,732		$697,029		$1,458,659		$159,792		$1,439,234
Contracts in payout (annuitization) period		737		128		468		272		350		193		423
NET ASSETS		$2,275,303		$707,446		$1,400,200		$697,301		$1,459,009		$159,985		$1,439,657
Units Outstanding		138,057		69,301		77,542		40,398		114,405		10,959		117,185
Accumulation Unit Values		$11.34-$17.78		$10.17-$11.47		$11.16-$22.75		$11.37-$17.50		$10.79-$12.82		$9.71-$15.20		$11.09-$12.52
Cost of Investments		$1,360,278		$682,687		$1,111,686		$515,921		$1,229,713		$125,231		$1,290,287

	American Funds		Large-Cap				Short Duration		Concentrated		Diversified		Growth
	Growth		Value		Technology		Bond		Growth		Bond		LT
ASSETS
Investments in portfolios, at value		$1,503,732		$2,260,374		$75,639		$1,785,367		$34,149		$727,430		$1,316,849
Receivables:
Due from Pacific Life Insurance Company		1,675		465		—		1,835		81		889		386
Fund shares redeemed		—		—		208		—		—		—		—
Total Assets		1,505,407		2,260,839		75,847		1,787,202		34,230		728,319		1,317,235
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		—		208		—		—		—		—
Fund shares purchased		1,675		465		—		1,835		81		889		386
Other		109		37		6		71		4		87		71
Total Liabilities		1,784		502		214		1,906		85		976		457
NET ASSETS		$1,503,623		$2,260,337		$75,633		$1,785,296		$34,145		$727,343		$1,316,778
NET ASSETS CONSIST OF:
Accumulation units		$1,503,350		$2,259,552		$75,621		$1,784,696		$34,140		$727,158		$1,316,306
Contracts in payout (annuitization) period		273		785		12		600		5		185		472
NET ASSETS		$1,503,623		$2,260,337		$75,633		$1,785,296		$34,145		$727,343		$1,316,778
Units Outstanding		117,464		158,730		11,188		174,531		6,827		69,865		73,790
Accumulation Unit Values		$10.81-$13.05		$11.01-$15.36		$5.61-$11.58		$10.06-$10.66		$4.45-$11.20		$10.28-$10.49		$10.10-$24.05
Cost of Investments		$1,277,455		$1,842,837		$40,159		$1,809,620		$19,353		$719,194		$1,008,639

See Notes to Financial Statements

I-1

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2006
(In thousands, except accumulation unit values)

	Variable Accounts
	Focused		Health		Mid-Cap		Large-Cap		Capital		International		Fasciano
	30		Sciences		Value		Growth (1)		Opportunities		Large-Cap		Small Equity
ASSETS
Investments in portfolios, at value		$170,159		$99,253		$3,542,674		$1,451,155		$63,745		$3,648,491		$403,780
Receivables:
Due from Pacific Life Insurance Company		—		—		1,721		1,565		20		—		461
Fund shares redeemed		67		55		—		—		31		29,698		—
Total Assets		170,226		99,308		3,544,395		1,452,720		63,796		3,678,189		404,241
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		67		55		—		—		31		29,698		—
Fund shares purchased		—		—		1,721		1,565		—		—		461
Other		12		6		284		42		—		197		19
Total Liabilities		79		61		2,005		1,607		31		29,895		480
NET ASSETS		$170,147		$99,247		$3,542,390		$1,451,113		$63,765		$3,648,294		$403,761
NET ASSETS CONSIST OF:
Accumulation units		$170,122		$99,236		$3,541,342		$1,450,751		$63,755		$3,647,452		$403,582
Contracts in payout (annuitization) period		25		11		1,048		362		10		842		179
NET ASSETS		$170,147		$99,247		$3,542,390		$1,451,113		$63,765		$3,648,294		$403,761
Units Outstanding		13,320		8,341		168,985		190,175		6,581		304,639		33,742
Accumulation Unit Values		$11.17 - $18.00		$10.92-$13.81		$11.30-$23.02		$7.05-$10.98		$9.20-$11.22		$10.36-$16.66		$10.91-$12.98
Cost of Investments		$105,845		$77,227		$3,174,358		$1,349,520		$40,764		$2,433,260		$317,656

	Small-Cap		Multi-		Main		Emerging		Managed		Inflation		Money
	Value		Strategy		Street® Core		Markets		Bond		Managed		Market
ASSETS
Investments in portfolios, at value		$481,477		$281,219		$1,784,277		$1,296,168		$2,938,127		$3,017,532		$654,163
Receivables:
Due from Pacific Life Insurance Company		2		—		161		417		2,714		4,089		29,417
Fund shares redeemed		527		122		—		186		—		—		—
Total Assets		482,006		281,341		1,784,438		1,296,771		2,940,841		3,021,621		683,580
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		527		122		—		186		—		—		—
Fund shares purchased		—		—		161		—		2,714		4,089		29,417
Other		—		17		120		—		185		214		170
Total Liabilities		527		139		281		186		2,899		4,303		29,587
NET ASSETS		$481,479		$281,202		$1,784,157		$1,296,585		$2,937,942		$3,017,318		$653,993
NET ASSETS CONSIST OF:
Accumulation units		$481,190		$280,824		$1,783,367		$1,296,184		$2,936,764		$3,016,177		$652,719
Contracts in payout (annuitization) period		289		378		790		401		1,178		1,141		1,274
NET ASSETS		$481,479		$281,202		$1,784,157		$1,296,585		$2,937,942		$3,017,318		$653,993
Units Outstanding		23,763		15,749		116,743		53,065		195,054		198,553		54,709
Accumulation Unit Values		$10.99-$21.18		$11.07-$19.72		$10.96-$18.94		$12.35-$36.49		$10.27-$16.82		$9.96-$16.92		$10.12-$12.84
Cost of Investments		$401,648		$227,452		$1,429,301		$730,731		$2,918,414		$3,186,720		$653,603

(1) Formerly named Blue Chip Variable Account.

See Notes to Financial Statements

I-2

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2006
(In thousands, except accumulation unit values)

	Variable Accounts
	High Yield				Mid-Cap				VN Small-Cap
	Bond		Comstock		Growth		Real Estate		Value		Jennison
ASSETS
Investments in portfolios, at value		$682,229		$1,458,557		$961,005		$993,099		$86,843		$554
Receivables:
Due from Pacific Life Insurance Company		747		262		593		—		—		—
Fund shares redeemed		—		—		—		530		54		—
Total Assets		682,976		1,458,819		961,598		993,629		86,897		554
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		—		—		530		54		—
Fund shares purchased		726		262		593		—		—		—
Other		—		100		101		58		8		—
Total Liabilities		726		362		694		588		62		—
NET ASSETS		$682,250		$1,458,457		$960,904		$993,041		$86,835		$554
NET ASSETS CONSIST OF:
Accumulation units		$681,962		$1,458,141		$960,727		$992,592		$86,832		$554
Contracts in payout (annuitization) period		288		316		177		449		3		—
NET ASSETS		$682,250		$1,458,457		$960,904		$993,041		$86,835		$554
Units Outstanding		47,706		121,309		109,244		27,982		6,512		49
Accumulation Unit Values		$10.57-$15.35		$11.07-$13.13		$7.88-$11.27		$11.79-$39.20		$11.13-$13.60		$11.18-$11.39
Cost of Investments		$631,333		$1,284,389		$888,800		$607,950		$78,485		$322

											JPMorgan
			SP William Blair		SP Prudential		JPMorgan		JPMorgan		Insurance Trust
			International		U.S. Emerging		Insurance Trust		Insurance Trust		Diversified
	Value		Growth		Growth		Core Bond (1)		Equity Index (1)		Equity (1)
ASSETS
Investments in portfolios, at value		$794		$619		$314		$56,348		$498		$124
Receivables:
Due from Pacific Life Insurance Company		—		—		—		85		—		—
Total Assets		794		619		314		56,433		498		124
LIABILITIES
Payables:
Fund shares purchased		—		—		—		70		—		—
Total Liabilities		—		—		—		70		—		—
NET ASSETS		$794		$619		$314		$56,363		$498		$124
NET ASSETS CONSIST OF:
Accumulation units		$794		$619		$314		$56,362		$498		$124
Contracts in payout (annuitization) period		—		—		—		1		—		—
NET ASSETS		$794		$619		$314		$56,363		$498		$124
Units Outstanding		52		39		21		5,228		40		10
Accumulation Unit Values		$15.07-$15.35		$15.96-$16.26		$14.55-$14.82		$10.73-$10.79		$12.43-$12.49		$12.13-$12.20
Cost of Investments		$429		$287		$251		$54,763		$404		$102

(1) JPMorgan Insurance Trust Core Bond, JPMorgan Insurance Trust Equity Index, and JPMorgan Insurance Trust Diversified Equity Variable Accounts were formerly named JPMorgan Investment Trust Bond, JPMorgan Investment Trust Equity Index, and JPMorgan Investment Trust Diversified Equity Variable Accounts, respectively.

See Notes to Financial Statements

I-3

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2006
(In thousands, except accumulation unit values)

	Variable Accounts
					JPMorgan
	JPMorgan				Insurance Trust
	Insurance Trust		JPMorgan		Diversified
	Diversified Mid		Insurance Trust		Mid Cap
	Cap Value (1)		Intrepid Growth (1)		Growth (1)
ASSETS
Investments in portfolios, at value		$311		$101,408		$202
Receivables:
Due from Pacific Life Insurance Company		16		109		—
Total Assets		327		101,517		202
LIABILITIES
Payables:
Fund shares purchased		—		109		—
Other		—		2		—
Total Liabilities		—		111		—
NET ASSETS		$327		$101,406		$202
NET ASSETS CONSIST OF:
Accumulation units		$327		$101,405		$202
Contracts in payout (annuitization) period		—		1		—
NET ASSETS		$327		$101,406		$202
Units Outstanding		24		9,029		16
Accumulation Unit Values		$13.66-$13.73		$11.18-$11.24		$12.76-$12.83
Cost of Investments		$253		$89,943		$162

(1) JPMorgan Insurance Trust Diversified Mid Cap Value, JPMorgan Insurance Trust Intrepid Growth, and JPMorgan Insurance Trust Diversified Mid Cap Growth Variable Accounts were formerly named JPMorgan Investment Trust Mid Cap Value, JPMorgan Investment Trust Large Cap Growth, and JPMorgan Investment Trust Mid Cap Growth Variable Accounts, respectively.

See Notes to Financial Statements

I-4

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2006
(In thousands)

	Variable Accounts
	International		International			Equity		Small-Cap			Diversified
	Value		Small-Cap (1)			Index		Index			Research			Equity
INVESTMENT INCOME
Dividends		$32,889		$850			$23,101		$10,117			$9,232			$592
EXPENSES
Mortality and expense risk fees and administrative fees		27,520		5,498			19,155		11,458			18,203			2,447
Charges for Stepped-Up death benefit rider		732		161			484		313			512			61
Charges for Premier death benefit rider		285		33			243		193			201			63
Total Expenses		28,537		5,692			19,882		11,964			18,916			2,571
Net Investment Income (Loss)		4,352		(4,842	)		3,219		(1,847	)		(9,684	)		(1,979	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		68		(523	)		15,609		110,866			(624	)		2,460
Capital gain distributions		—		—			38,747		102,816			31,148			—
Realized Gain (Loss)		68		(523	)		54,356		213,682			30,524			2,460
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		405,088		24,838			118,568		(63,390	)		97,181			11,409
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$409,508		$19,473			$176,143		$148,445			$118,021			$11,890

	American Funds			American Funds			Large-Cap						Short Duration			Concentrated
	Growth-Income			Growth			Value			Technology			Bond			Growth
INVESTMENT INCOME
Dividends		$16,488			$6,564			$25,989			$—			$67,218			$—
EXPENSES
Mortality and expense risk fees and administrative fees		16,288			18,416			28,367			1,401			24,067			505
Charges for Stepped-Up death benefit rider		464			517			789			39			608			11
Charges for Premier death benefit rider		135			132			344			34			194			13
Total Expenses		16,887			19,065			29,500			1,474			24,869			529
Net Investment Income (Loss)		(399	)		(12,501	)		(3,511	)		(1,474	)		42,349			(529	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(539	)		(1,756	)		(927	)		5,044			(5,201	)		2,757
Capital gain distributions		31,240			12,976			197,593			—			—			—
Realized Gain (Loss)		30,701			11,220			196,666			5,044			(5,201	)		2,757
CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS		107,421			102,539			98,555			951			6,599			548
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$137,723			$101,258			$291,710			$4,521			$43,747			$2,776

(1) Operations commenced during 2006 (See Note 1 to Financial Statements).

See Notes to Financial Statements

I-5

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2006
(In thousands)

	Variable Accounts
	Diversified			Growth			Focused			Health			Mid-Cap			Large-Cap
	Bond (1)			LT			30			Sciences			Value			Growth (2)
INVESTMENT INCOME
Dividends		$20,239			$7,515			$100			$—			$22,072			$2,788
EXPENSES
Mortality and expense risk fees and administrative fees		6,401			16,955			2,122			1,613			42,991			18,284
Charges for Stepped-Up death benefit rider		177			455			54			43			1,198			508
Charges for Premier death benefit rider		47			245			42			39			457			181
Total Expenses		6,625			17,655			2,218			1,695			44,646			18,973
Net Investment Income (Loss)		13,614			(10,140	)		(2,118	)		(1,695	)		(22,574	)		(16,185	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(35	)		(1,709	)		(855	)		2,962			(6,663	)		(1,463	)
Capital gain distributions		4,424			—			—			13,264			472,871			—
Realized Gain (Loss)		4,389			(1,709	)		(855	)		16,226			466,208			(1,463	)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		8,236			102,762			29,811			(9,126	)		(66,675	)		(40,813	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$26,239			$90,913			$26,838			$5,405			$376,959			($58,461	)

	Capital			International		Fasciano			Small-Cap			Multi-		Main
	Opportunities			Large-Cap		Small Equity			Value			Strategy		Street Core
INVESTMENT INCOME
Dividends		$330			$90,037		$1,062			$10,460			$7,082		$21,216
EXPENSES
Mortality and expense risk fees and administrative fees		952			46,091		6,265			6,657			4,265		24,375
Charges for Stepped-Up death benefit rider		30			1,272		174			166			104		667
Charges for Premier death benefit rider		28			397		67			77			78		266
Total Expenses		1,010			47,760		6,506			6,900			4,447		25,308
Net Investment Income (Loss)		(680	)		42,277		(5,444	)		3,560			2,635		(4,092	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		5,202			55,590		22,357			5,968			7,096		(14,764	)
Capital gain distributions		41			83,597		—			112,549			6,122		—
Realized Gain (Loss)		5,243			139,187		22,357			118,517			13,218		(14,764	)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		2,525			545,369		11,815			(45,863	)		11,273		238,550
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$7,088			$726,833		$28,728			$76,214			$27,126		$219,694

(1)	Operations commenced during 2006 (See Note 1 to Financial Statements).
(2)	Formerly named Blue Chip Variable Account.

See Notes to Financial Statements

I-6

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2006
(In thousands)

	Variable Accounts
	Emerging			Managed			Inflation			Money			High Yield
	Markets			Bond			Managed			Market			Bond			Comstock
INVESTMENT INCOME
Dividends		$8,670			$112,257			$111,928			$30,466			$49,025			$20,331
EXPENSES
Mortality and expense risk fees and administrative fees		16,599			41,264			40,907			9,556			9,838			16,934
Charges for Stepped-Up death benefit rider		449			1,019			1,030			210			220			459
Charges for Premier death benefit rider		167			479			391			144			122			158
Total Expenses		17,215			42,762			42,328			9,910			10,180			17,551
Net Investment Income (Loss)		(8,545	)		69,495			69,600			20,556			38,845			2,780
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		45,234			(19,638	)		(13,316	)		264			(46	)		(1,018	)
Capital gain distributions		163,865			—			86,275			—			—			114,675
Realized Gain (Loss)		209,099			(19,638	)		72,959			264			(46	)		113,657
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		61,008			36,618			(164,288	)		(251	)		11,860			44,978
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$261,562			$86,475			($21,729	)		$20,569			$50,659			$161,415

																SP William Blair
	Mid-Cap			Real			VN Small-Cap									International
	Growth			Estate			Value			Jennison			Value			Growth
INVESTMENT INCOME
Dividends		$2,022			$26,152			$572			$—			$8			$10
EXPENSES
Mortality and expense risk fees and administrative fees		9,486			12,206			1,124			8			11			9
Charges for Stepped-Up death benefit rider		268			316			33			—			—			—
Charges for Premier death benefit rider		117			150			9			1			1			1
Total Expenses		9,871			12,672			1,166			9			12			10
Net Investment Income (Loss)		(7,849	)		13,480			(594	)		(9	)		(4	)		—
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(3,100	)		(925	)		(602	)		15			43			40
Capital gain distributions		15,101			152,896			6,968			—			28			51
Realized Gain		12,001			151,971			6,366			15			71			91
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(3,781	)		90,871			5,190			(9	)		61			17
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$371			$256,322			$10,962			($3	)		$128			$108

See Notes to Financial Statements

I-7

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2006
(In thousands)

	Variable Accounts
									JPMorgan			JPMorgan
	SP Prudential			JPMorgan			JPMorgan		Insurance Trust			Insurance Trust
	U.S. Emerging			Insurance Trust			Insurance Trust		Diversified			Diversified Mid
	Growth			Core Bond (1)			Equity Index (1)		Equity (1)			Cap Value (1)
INVESTMENT INCOME
Dividends		$—			$5,495			$6		$1			$909
EXPENSES
Mortality and expense risk fees and administrative fees		4			1,159			6		2			562
Charges for Stepped-Up death benefit rider		—			14			—		—			7
Charges for Premier death benefit rider		1			—			—		—			—
Total Expenses		5			1,173			6		2			569
Net Investment Income (Loss)		(5	)		4,322			—		(1	)		340
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		—			(5,911	)		3		7			1,331
Capital gain distributions		24			—			—		—			11,592
Realized Gain (Loss)		24			(5,911	)		3		7			12,923
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		3			1,485			60		13			(5,287	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$22			($104	)		$63		$19			$7,976

				JPMorgan
				Insurance Trust
	JPMorgan			Diversified
	Insurance Trust			Mid Cap
	Intrepid Growth (1)			Growth (1)
INVESTMENT INCOME
Dividends		$62			$—
EXPENSES
Mortality and expense risk fees and administrative fees		1,217			3
Charges for Stepped-Up death benefit rider		16			—
Charges for Premier death benefit rider		—			—
Total Expenses		1,233			3
Net Investment Loss		(1,171	)		(3	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain from security transactions		260			4
Capital gain distributions		—			7
Realized Gain		260			11
CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS		5,203			11
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$4,292			$19

(1)

JPMorgan Insurance Trust Core Bond, JPMorgan Insurance Trust Equity Index, JPMorgan Insurance Trust Diversified Equity, JPMorgan Insurance Trust Diversified Mid Cap Value, JPMorgan Insurance Trust Intrepid Growth, and JPMorgan Insurance Trust Diversified Mid Cap Growth Variable Accounts were formerly named 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, respectively.

See Notes to Financial Statements

I-8

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

	Variable Accounts
	International Value						International Small-Cap			Equity Index
	Year Ended			Year Ended			Period Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006 (1)			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$4,352			$5,952			($4,842	)		$3,219			$2,628
Realized gain (loss)		68			44,526			(523	)		54,356			6,303
Change in unrealized appreciation on investments		405,088			59,879			24,838			118,568			45,280
Net Increase in Net Assets Resulting from Operations		409,508			110,357			19,473			176,143			54,211
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		422,985			329,193			113,435			262,607			150,445
Transfers between variable and fixed accounts, net		69,812			(384,895	)		598,533			(201,909	)		438,818
Transfers—policy charges and deductions		(17,629	)		(13,620	)		(2,880	)		(16,498	)		(13,170	)
Transfers—surrenders		(150,688	)		(111,859	)		(21,046	)		(128,298	)		(104,728	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			1			—			1			—
Transfers—other		(70	)		14			(69	)		(21	)		(95	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		324,411			(181,166	)		687,973			(84,118	)		471,270
NET INCREASE (DECREASE) IN NET ASSETS		733,919			(70,809	)		707,446			92,025			525,481
NET ASSETS
Beginning of Year or Period		1,541,384			1,612,193			—			1,308,175			782,694
End of Year or Period		$2,275,303			$1,541,384			$707,446			$1,400,200			$1,308,175

	Small-Cap Index						Diversified Research						Equity
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($1,847	)		($8,941	)		($9,684	)		($7,133	)		($1,979	)		($2,506	)
Realized gain (loss)		213,682			2,362			30,524			(479	)		2,460			(7,837	)
Change in unrealized appreciation (depreciation) on investments		(63,390	)		29,733			97,181			61,002			11,409			18,530
Net Increase in Net Assets Resulting from Operations		148,445			23,154			118,021			53,390			11,890			8,187
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		134,774			143,827			278,418			147,037			2,953			2,894
Transfers between variable and fixed accounts, net		(440,847	)		(58,138	)		174,137			417,379			(19,077	)		(17,488	)
Transfers—policy charges and deductions		(7,210	)		(13,342	)		(11,641	)		(6,914	)		(2,951	)		(6,978	)
Transfers—surrenders		(75,198	)		(73,091	)		(95,775	)		(57,213	)		(24,453	)		(19,903	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			—			—			—			—			—
Transfers—other		—			(7	)		(63	)		(72	)		(6	)		12
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(388,480	)		(751	)		345,076			500,217			(43,534	)		(41,463	)
NET INCREASE (DECREASE) IN NET ASSETS		(240,035	)		22,403			463,097			553,607			(31,644	)		(33,276	)
NET ASSETS
Beginning of Year		937,336			914,933			995,912			442,305			191,629			224,905
End of Year		$697,301			$937,336			$1,459,009			$995,912			$159,985			$191,629

(1)	Operations commenced during 2006 (See Note 1 to Financial Statements).
	See Notes to Financial Statements

I-9

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

	Variable Accounts
	American Funds Growth-Income						American Funds Growth						Large-Cap Value
	Year Ended			Period Ended			Year Ended			Period Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005 (1)			2006			2005 (1)			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Net investment income (loss)		($399	)		$1,169			($12,501	)		($4,111	)		($3,511	)		($7,458	)
Realized gain (loss)		30,701			(125	)		11,220			(124	)		196,666			(2,205	)
Change in unrealized appreciation on investments		107,421			42,062			102,539			123,737			98,555			35,831
Net Increase in Net Assets Resulting from Operations		137,723			43,106			101,258			119,502			291,710			26,168
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS Transfer of net premiums		315,455			131,737			375,862			166,975			418,934			416,166
Transfers between variable and fixed accounts, net		346,089			575,313			120,550			741,046			98,041			(1,061,347	)
Transfers—policy charges and deductions		(9,002	)		(2,750	)		(9,430	)		(3,551	)		(18,852	)		(22,987	)
Transfers—surrenders		(74,429	)		(23,389	)		(77,862	)		(30,525	)		(154,373	)		(132,164	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			1			1
Transfers—other		(116	)		(80	)		(83	)		(119	)		(66	)		106
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		577,997			680,831			409,037			873,826			343,685			(800,225	)
NET INCREASE (DECREASE) IN NET ASSETS		715,720			723,937			510,295			993,328			635,395			(774,057	)
NET ASSETS
Beginning of Year or Period		723,937			—			993,328			—			1,624,942			2,398,999
End of Year or Period		$1,439,657			$723,937			$1,503,623			$993,328			$2,260,337			$1,624,942

	Technology						Short Duration Bond						Concentrated Growth (2)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($1,474	)		($1,179	)		$42,349			$20,273			($529	)		($649	)
Realized gain (loss)		5,044			1,117			(5,201	)		(7,216	)		2,757			2,570
Change in unrealized appreciation (depreciation) on investments		951			14,661			6,599			(12,331	)		548			(1,989	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,521			14,599			43,747			726			2,776			(68	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		5,327			3,037			367,902			357,945			1,638			1,288
Transfers between variable and fixed accounts, net		(17,564	)		9,436			70,096			(81,679	)		(4,507	)		(7,173	)
Transfers—policy charges and deductions		(818	)		(440	)		(20,017	)		(16,509	)		(380	)		(246	)
Transfers—surrenders		(12,457	)		(9,179	)		(125,228	)		(93,662	)		(4,156	)		(5,098	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		11			(4	)		(47	)		(10	)		(5	)		—
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(25,501	)		2,850			292,706			166,085			(7,410	)		(11,229	)
NET INCREASE (DECREASE) IN NET ASSETS		(20,980	)		17,449			336,453			166,811			(4,634	)		(11,297	)
NET ASSETS
Beginning of Year		96,613			79,164			1,448,843			1,282,032			38,779			50,076
End of Year		$75,633			$96,613			$1,785,296			$1,448,843			$34,145			$38,779

(1)	Operations commenced on May 2, 2005.
(2)	Formerly named I-Net TollkeeperSMVariable Account. I-Net Tollkeeper is a service mark of Goldman, Sachs & Co.
	See Notes to Financial Statements

I-10

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

	Variable Accounts
	Diversified Bond			Growth LT						Focused 30
	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2006 (1)			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$13,614			($10,140	)		($13,240	)		($2,118	)		($448	)
Realized gain (loss)		4,389			(1,709	)		(60,487	)		(855	)		220
Change in unrealized appreciation on investments		8,236			102,762			118,683			29,811			16,509
Net Increase in Net Assets Resulting from Operations		26,239			90,913			44,956			26,838			16,281
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		101,178			195,427			142,071			10,455			5,630
Transfers between variable and fixed accounts, net		634,783			129,027			(274,586	)		35,174			28,688
Transfers—policy charges and deductions		(4,366	)		(12,532	)		(12,681	)		(940	)		(651	)
Transfers—surrenders		(30,393	)		(113,266	)		(92,058	)		(17,837	)		(10,840	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			1			—			—			—
Transfers—other		(98	)		(45	)		24			8			2
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		701,104			198,612			(237,230	)		26,860			22,829
NET INCREASE (DECREASE) IN NET ASSETS		727,343			289,525			(192,274	)		53,698			39,110
NET ASSETS
Beginning of Year or Period		—			1,027,253			1,219,527			116,449			77,339
End of Year or Period		$727,343			$1,316,778			$1,027,253			$170,147			$116,449

	Health Sciences						Mid-Cap Value						Large-Cap Growth (2)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($1,695	)		($1,635	)		($22,574	)		($16,680	)		($16,185	)		($15,171	)
Realized gain (loss)		16,226			2,505			466,208			168,111			(1,463	)		(46,156	)
Change in unrealized appreciation (depreciation) on investments		(9,126	)		12,507			(66,675	)		23,291			(40,813	)		32,972
Net Increase (Decrease) in Net Assets Resulting from Operations		5,405			13,377			376,959			174,722			(58,461	)		(28,355	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		6,202			4,444			712,271			380,929			312,335			303,943
Transfers between variable and fixed accounts, net		(14,852	)		9,397			310,055			627,710			236,154			(810,035	)
Transfers—policy charges and deductions		(1,456	)		(1,087	)		(26,491	)		(24,412	)		(11,284	)		(11,684	)
Transfers—surrenders		(13,840	)		(12,577	)		(217,198	)		(143,449	)		(87,242	)		(81,939	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			1			—			—			—
Transfers—other		2			7			(157	)		(131	)		(27	)		92
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(23,944	)		184			778,481			840,647			449,936			(599,623	)
NET INCREASE (DECREASE) IN NET ASSETS		(18,539	)		13,561			1,155,440			1,015,369			391,475			(627,978	)
NET ASSETS
Beginning of Year		117,786			104,225			2,386,950			1,371,581			1,059,638			1,687,616
End of Year		$99,247			$117,786			$3,542,390			$2,386,950			$1,451,113			$1,059,638

(1)	Operations commenced during 2006 (See Note 1 to Financial Statements).
(2)	Formerly named Blue Chip Variable Account.
	See Notes to Financial Statements

I-11

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

	Variable Accounts
	Capital Opportunities						International Large-Cap						Fasciano Small Equity (1)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($680	)		($1,761	)		$42,277			($11,668	)		($5,444	)		($4,073	)
Realized gain (loss)		5,243			13,287			139,187			(1,933	)		22,357			1,230
Change in unrealized appreciation (depreciation) on investments		2,525			(25,552	)		545,369			270,599			11,815			23,558
Net Increase (Decrease) in Net Assets Resulting from Operations		7,088			(14,026	)		726,833			256,998			28,728			20,715
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		1,403			32,354			821,398			546,083			126,704			79,456
Transfers between variable and fixed accounts, net		(10,294	)		(255,278	)		(342,395	)		480,507			(189,358	)		220,588
Transfers—policy charges and deductions		(690	)		(1,290	)		(26,331	)		(18,500	)		(3,531	)		(2,946	)
Transfers—surrenders		(7,329	)		(12,807	)		(207,921	)		(135,379	)		(31,697	)		(25,391	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			1			—			—			—
Transfers—other		11			31			(152	)		(138	)		13			(41	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(16,899	)		(236,990	)		244,600			872,573			(97,869	)		271,666
NET INCREASE (DECREASE) IN NET ASSETS		(9,811	)		(251,016	)		971,433			1,129,571			(69,141	)		292,381
NET ASSETS
Beginning of Year		73,576			324,592			2,676,861			1,547,290			472,902			180,521
End of Year		$63,765			$73,576			$3,648,294			$2,676,861			$403,761			$472,902

	Small-Cap Value						Multi-Strategy						Main Street Core
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$3,560			($1,879	)		$2,635			$2,031			($4,092	)		($2,981	)
Realized gain (loss)		118,517			30,498			13,218			2,738			(14,764	)		(9,448	)
Change in unrealized appreciation (depreciation) on investments		(45,863	)		9,653			11,273			2,519			238,550			87,407
Net Increase in Net Assets Resulting from Operations		76,214			38,272			27,126			7,288			219,694			74,978
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		70,627			91,910			5,560			8,270			357,048			265,955
Transfers between variable and fixed accounts, net		(40,409	)		(201,608	)		(30,422	)		(17,276	)		(229,341	)		350,540
Transfers—policy charges and deductions		(4,132	)		(3,643	)		(4,769	)		(5,963	)		(18,113	)		(18,683	)
Transfers—surrenders		(38,046	)		(32,983	)		(42,172	)		(35,377	)		(140,292	)		(104,948	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			2			2			1			—
Transfers—other		(8	)		14			4			1			(28	)		(77	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(11,968	)		(146,310	)		(71,797	)		(50,343	)		(30,725	)		492,787
NET INCREASE (DECREASE) IN NET ASSETS		64,246			(108,038	)		(44,671	)		(43,055	)		188,969			567,765
NET ASSETS
Beginning of Year		417,233			525,271			325,873			368,928			1,595,188			1,027,423
End of Year		$481,479			$417,233			$281,202			$325,873			$1,784,157			$1,595,188

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

I-12

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

	Variable Accounts
	Emerging Markets						Managed Bond						Inflation Managed
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($8,545	)		($2,707	)		$69,495			$46,521			$69,600			$32,589
Realized gain (loss)		209,099			(597	)		(19,638	)		74,710			72,959			139,730
Change in unrealized appreciation (depreciation) on investments		61,008			290,166			36,618			(94,582	)		(164,288	)		(149,831	)
Net Increase (Decrease) in Net Assets Resulting from Operations		261,562			286,862			86,475			26,649			(21,729	)		22,488
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		271,511			174,231			524,200			458,027			570,832			467,448
Transfers between variable and fixed accounts, net		(242,155	)		156,920			(108,624	)		181,923			309,250			158,761
Transfers—policy charges and deductions		(9,855	)		(12,729	)		(34,107	)		(33,145	)		(31,634	)		(26,090	)
Transfers—surrenders		(83,825	)		(56,222	)		(252,524	)		(214,013	)		(239,852	)		(183,133	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			1			2			2			7			7
Transfers—other		49			27			(36	)		(50	)		(93	)		(42	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(64,274	)		262,228			128,911			392,744			608,510			416,951
NET INCREASE IN NET ASSETS		197,288			549,090			215,386			419,393			586,781			439,439
NET ASSETS
Beginning of Year		1,099,297			550,207			2,722,556			2,303,163			2,430,537			1,991,098
End of Year		$1,296,585			$1,099,297			$2,937,942			$2,722,556			$3,017,318			$2,430,537

	Money Market						High Yield Bond						Comstock
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income		$20,556			$8,039			$38,845			$37,057			$2,780			$771
Realized gain (loss)		264			11			(46	)		(1,032	)		113,657			25,000
Change in unrealized appreciation (depreciation) on investments		(251	)		(53	)		11,860			(29,762	)		44,978			(2,944	)
Net Increase in Net Assets Resulting from Operations		20,569			7,997			50,659			6,263			161,415			22,827
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		191,867			181,131			89,812			97,888			270,924			172,674
Transfers between variable and fixed accounts, net		140,552			(15,031	)		(84,523	)		(29,723	)		299,936			17,325
Transfers—policy charges and deductions		(22,297	)		(19,750	)		(9,234	)		(8,958	)		(10,355	)		(6,270	)
Transfers—surrenders		(229,129	)		(180,548	)		(71,892	)		(68,384	)		(84,411	)		(55,600	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			1			1			1			—			—
Transfers—other		(66	)		(15	)		—			(9	)		(84	)		(6	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		80,928			(34,212	)		(75,836	)		(9,185	)		476,010			128,123
NET INCREASE (DECREASE) IN NET ASSETS		101,497			(26,215	)		(25,177	)		(2,922	)		637,425			150,950
NET ASSETS
Beginning of Year		552,496			578,711			707,427			710,349			821,032			670,082
End of Year		$653,993			$552,496			$682,250			$707,427			$1,458,457			$821,032

See Notes to Financial Statements

I-13

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

	Variable Accounts
	Mid-Cap Growth						Real Estate						VN Small-Cap Value
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005 (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($7,849	)		($2,992	)		$13,480			($3,729	)		($594	)		($209	)
Realized gain		12,001			524			151,971			23,134			6,366			1,790
Change in unrealized appreciation (depreciation) on investments		(3,781	)		31,206			90,871			66,402			5,190			3,167
Net Increase in Net Assets Resulting from Operations		371			28,738			256,322			85,807			10,962			4,748
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		127,854			7,848			161,777			99,811			19,018			7,827
Transfers between variable and fixed accounts, net		661,367			26,581			(21,372	)		(47,197	)		594			52,373
Transfers—policy charges and deductions		(4,897	)		(1,771	)		(6,940	)		(5,290	)		(486	)		(137	)
Transfers—surrenders		(55,399	)		(20,766	)		(71,251	)		(49,059	)		(5,578	)		(2,490	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			3			2			—			—
Transfers—other		(90	)		11			(43	)		(11	)		1			3
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		728,835			11,903			62,174			(1,744	)		13,549			57,576
NET INCREASE IN NET ASSETS		729,206			40,641			318,496			84,063			24,511			62,324
NET ASSETS
Beginning of Year or Period		231,698			191,057			674,545			590,482			62,324			—
End of Year or Period		$960,904			$231,698			$993,041			$674,545			$86,835			$62,324

													SP William Blair
	Jennison						Value						International Growth
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($9	)		($9	)		($4	)		($6	)		$—			($8	)
Realized gain		15			11			71			20			91			81
Change in unrealized appreciation (depreciation) on investments		(9	)		62			61			90			17			1
Net Increase (Decrease) in Net Assets Resulting from Operations		(3	)		64			128			104			108			74
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		2			2			—			—			—			—
Transfers between variable and fixed accounts, net		(19	)		(5	)		(55	)		(25	)		(5	)		(90	)
Transfers—policy charges and deductions		(4	)		(1	)		(1	)		(40	)		(1	)		(26	)
Transfers—surrenders		(8	)		(20	)		(96	)		(58	)		(125	)		(30	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		—			—			(1	)		1			—			—
Net Decrease in Net Assets Derived from Contract Owner Transactions		(29	)		(24	)		(153	)		(122	)		(131	)		(146	)
NET INCREASE (DECREASE) IN NET ASSETS		(32	)		40			(25	)		(18	)		(23	)		(72	)
NET ASSETS
Beginning of Year		586			546			819			837			642			714
End of Year		$554			$586			$794			$819			$619			$642

(1)	Operations commenced on May 2, 2005.
	See Notes to Financial Statements

I-14

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

	Variable Accounts
	SP Prudential						JPMorgan Insurance Trust						JPMorgan Insurance Trust
	U.S. Emerging Growth						Core Bond (1)						Equity Index (1)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($5	)		($4	)		$4,322			$1,013			$—			$—
Realized gain (loss)		24			46			(5,911	)		—			3			—
Change in unrealized appreciation (depreciation) on investments		3			(2	)		1,485			(174	)		60			17
Net Increase (Decrease) in Net Assets Resulting from Operations		22			40			(104	)		839			63			17
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		—			—			29,405			68,316			6			178
Transfers between variable and fixed accounts, net		(2	)		(5	)		(95,391	)		30,570			16			36
Transfers—policy charges and deductions		—			—			(1,126	)		(1,022	)		—			—
Transfers—surrenders		(4	)		(7	)		(3,708	)		(3,593	)		(31	)		(14	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		—			—			11			(7	)		—			1
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(6	)		(12	)		(70,809	)		94,264			(9	)		201
NET INCREASE (DECREASE) IN NET ASSETS		16			28			(70,913	)		95,103			54			218
NET ASSETS
Beginning of Year		298			270			127,276			32,173			444			226
End of Year		$314			$298			$56,363			$127,276			$498			$444

	JPMorgan Insurance Trust						JPMorgan Insurance Trust						JPMorgan Insurance Trust
	Diversified Equity (1)						Diversified Mid Cap Value (1)						Intrepid Growth (1)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2006			2005			2006			2005			2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($1	)		($1	)		$340			($622	)		($1,171	)		($469	)
Realized gain (loss)		7			—			12,923			1,607			260			(904	)
Change in unrealized appreciation (depreciation) on investments		13			6			(5,287	)		4,423			5,203			4,498
Net Increase in Net Assets Resulting from Operations		19			5			7,976			5,408			4,292			3,125
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		18			108			18,748			41,680			28,698			47,227
Transfers between variable and fixed accounts, net		(56	)		2			(121,132	)		40,158			(1,881	)		(1,988	)
Transfers—policy charges and deductions		—			—			(424	)		(635	)		(1,113	)		(575	)
Transfers—surrenders		(26	)		(15	)		(1,786	)		(2,313	)		(3,622	)		(2,136	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		—			(1	)		6			(8	)		(6	)		(3	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(64	)		94			(104,588	)		78,882			22,076			42,525
NET INCREASE (DECREASE) IN NET ASSETS		(45	)		99			(96,612	)		84,290			26,368			45,650
NET ASSETS
Beginning of Year		169			70			96,939			12,649			75,038			29,388
End of Year		$124			$169			$327			$96,939			$101,406			$75,038

(1)

JPMorgan Insurance Trust Core Bond, JPMorgan Insurance Trust Equity Index, JPMorgan Insurance Trust Diversified Equity, JPMorgan Insurance Trust Diversified Mid Cap Value, and JPMorgan Insurance Trust Intrepid Growth Variable Accounts were formerly named JPMorgan Investment Trust Bond, JPMorgan Investment Trust Equity Index, JPMorgan Investment Trust Diversified Equity, JPMorgan Investment Trust Mid Cap Value, and JPMorgan Investment Trust Large Cap Growth Variable Accounts, respectively.

See Notes to Financial Statements

I-15

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

	Variable Account
	JPMorgan Insurance Trust
	Diversified Mid Cap Growth (1)
	Year Ended			Year Ended
	December 31,			December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($3	)		($3	)
Realized gain		11			—
Change in unrealized appreciation on investments		11			25
Net Increase in Net Assets Resulting from Operations		19			22
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		30			118
Transfers between variable and fixed accounts, net		(34	)		16
Transfers—policy charges and deductions		—			—
Transfers—surrenders		(33	)		(23	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—
Transfers—other		—			1
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(37	)		112
NET INCREASE (DECREASE) IN NET ASSETS		(18	)		134
NET ASSETS
Beginning of Year		220			86
End of Year		$202			$220

(1)	JPMorgan Insurance Trust Diversified Mid Cap Growth Variable Account was formerly named JPMorgan Investment Trust Mid Cap Growth Variable Account.
	See Notes to Financial Statements

I-16

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
Variable Accounts	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
For the Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Ratio (2)			Lowest			Highest
International Value
2006		138,057		$2,275,303		$11.34		$17.78		1.76	%		23.21	%		25.19	%
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	%)
International Small-Cap (4)
05/01/2006 - 12/31/2006		69,301		$707,446		$10.17		$11.47		0.23	%		2.14	%		2.14	%
Equity Index
2006		77,542		$1,400,200		$11.16		$22.75		1.76	%		13.24	%		15.06	%
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		58,669		731,684		7.17		14.02		1.32	%		(23.88	%)		(22.65	%)
Small-Cap Index
2006		40,398		$697,301		$11.37		$17.50		1.30	%		15.46	%		17.32	%
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	%)
Diversified Research
2006		114,405		$1,459,009		$10.79		$12.82		0.75	%		9.76	%		11.53	%
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	%)
Equity
2006		10,959		$159,985		$9.71		$15.20		0.34	%		6.51	%		8.22	%
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	%)
American Funds Growth-Income
2006		117,185		$1,439,657		$11.09		$12.52		1.49	%		12.51	%		14.32	%
05/02/2005 - 12/31/2005		66,574		723,937		10.84		10.96		1.81	%		7.28	%		8.84	%
American Funds Growth
2006		117,464		$1,503,623		$10.81		$13.05		0.53	%		7.64	%		9.37	%
05/02/2005 - 12/31/2005		83,851		993,328		11.81		11.94		0.72	%		16.32	%		18.57	%
Large-Cap Value
2006		158,730		$2,260,337		$11.01		$15.36		1.35	%		15.26	%		17.11	%
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	%)
Technology
2006		11,188		$75,633		$5.61		$11.58		0.00	%		7.18	%		8.91	%
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	%)
Short Duration Bond
2006		174,531		$1,785,296		$10.06		$10.66		4.13	%		2.21	%		3.85	%
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 (5)
2006		6,827		$34,145		$4.45		$11.20		0.00	%		7.85	%		9.58	%
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	%)
Diversified Bond  (4)
05/01/2006 - 12/31/2006		69,865		$727,343		$10.28		$10.49		4.64	%		4.22	%		4.22	%

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
Variable Accounts	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
For the Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Ratio (2)			Lowest			Highest
Growth LT
2006		73,790		$1,316,778		$10.10		$24.05		0.64	%		7.55	%		9.28	%
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	%)
Focused 30
2006		13,320		$170,147		$11.17		$18.00		0.07	%		21.27	%		23.22	%
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	%)
Health Sciences
2006		8,341		$99,247		$10.92		$13.81		0.00	%		5.97	%		7.68	%
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	%)
Mid-Cap Value
2006		168,985		$3,542,390		$11.30		$23.02		0.76	%		12.70	%		14.51	%
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		48,654		554,894		8.70		12.05		0.43	%		(16.15	%)		(14.80	%)
Large-Cap Growth (5)
2006		190,175		$1,451,113		$ 7.05		$10.98		0.23	%		(5.72	%)		(4.20	%)
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	%)
Capital Opportunities
2006		6,581		$63,765		$ 9.20		$11.22		0.51	%		10.99	%		12.78	%
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	%)
International Large-Cap
2006		304,639		$3,648,294		$10.36		$16.66		2.89	%		24.50	%		26.50	%
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	%)
Fasciano Small Equity (5)
2006		33,742		$403,761		$10.91		$12.98		0.25	%		2.99	%		4.65	%
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	%)
Small-Cap Value
2006		23,763		$481,479		$10.99		$21.18		2.32	%		17.39	%		19.28	%
2005		24,219		417,233		17.02		17.76		1.11	%		11.41	%		13.20	%
2004		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
2006		15,749		$281,202		$11.07		$19.72		2.40	%		9.48	%		11.24	%
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		23,835		295,652		8.49		13.29		2.00	%		(14.79	%)		(14.27	%)
Main Street Core (5)
2006		116,743		$1,784,157		$10.96		$18.94		1.28	%		12.90	%		14.72	%
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	%)

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
Variable Accounts	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
For the Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Ratio (2)			Lowest			Highest
Emerging Markets
2006		53,065		$1,296,585		$12.35		$36.49		0.77	%		21.94	%		23.90	%
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	%)
Managed Bond
2006		195,054		$2,937,942		$10.27		$16.82		4.01	%		2.74	%		4.39	%
2005		186,046		2,722,556		12.09		16.27		3.40	%		0.61	%		2.23	%
2004		158,020		2,303,163		12.01		16.08		2.99	%		3.29	%		4.96	%
2003		134,892		1,907,366		11.63		15.47		4.35	%		4.13	%		5.81	%
2002		131,496		1,807,539		11.17		14.77		4.66	%		8.74	%		10.49	%
Inflation Managed
2006		198,553		$3,017,318		$9.96		$16.92		4.04	%		(1.47	%)		0.12	%
2005		157,433		2,430,537		12.93		17.07		3.01	%		0.52	%		2.13	%
2004		130,232		1,991,098		12.86		16.88		0.88	%		6.74	%		8.46	%
2003		93,814		1,343,374		12.05		15.72		0.09	%		6.10	%		7.81	%
2002		70,941		969,025		11.35		14.73		1.08	%		13.16	%		14.99	%
Money Market
2006		54,709		$653,993		$10.12		$12.84		4.60	%		2.62	%		4.27	%
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	%
High Yield Bond
2006		47,706		$682,250		$10.57		$15.35		7.33	%		7.26	%		8.99	%
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	%)
Comstock (5)
2006		121,309		$1,458,457		$11.07		$13.13		1.77	%		14.04	%		15.87	%
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	%)
Mid-Cap Growth
2006		109,244		$960,904		$7.88		$11.27		0.31	%		6.78	%		8.50	%
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	%)
Real Estate (5)
2006		27,982		$993,041		$11.79		$39.20		3.14	%		35.34	%		37.51	%
2005		25,484		674,545		21.58		28.79		0.91	%		14.48	%		16.32	%
2004		25,556		590,482		18.62		25.00		2.73	%		34.89	%		37.07	%
2003		22,063		378,106		13.63		18.42		3.47	%		34.80	%		36.97	%
2002		17,472		223,697		9.99		13.58		2.78	%		(2.29	%)		(0.72	%)
VN Small-Cap Value
2006		6,512		$86,835		$11.13		$13.60		0.75	%		16.34	%		18.21	%
05/02/2005 - 12/31/2005		5,459		62,324		11.38		11.50		0.84	%		12.09	%		14.27	%
Jennison
2006		49		$554		$11.18		$11.39		0.00	%		(0.39	%)		(0.04	%)
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	%)
Value
2006		52		$794		$15.07		$15.35		0.97	%		17.37	%		17.78	%
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	%)
SP William Blair International Growth(5)
2006		39		$619		$15.96		$16.26		1.60	%		18.33	%		18.75	%
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	%)

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
Variable Accounts	Outstanding		Total Net Assets		at December 31 (1)				Income			Total Return (3)
For the Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Ratio (2)			Lowest			Highest
SP Prudential U.S. Emerging Growth
2006		21		$314		$14.55		$14.82		0.00	%		7.21	%		7.58	%
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	%)
JPMorgan Insurance Trust Core Bond (5)
2006		5,228		$56,363		$10.73		$10.79		6.69	%		2.49	%		2.69	%
2005		12,119		127,276		10.50		10.50		2.65	%		0.97	%		0.97	%
06/10/2004 - 12/31/2004		3,092		32,173		10.40		10.40		0.00	%		4.04	%		4.04	%
JPMorgan Insurance Trust Equity Index (5)
2006		40		$498		$12.43		$12.49		1.32	%		13.82	%		13.82	%
2005		40		444		10.98		10.98		1.39	%		3.01	%		3.01	%
06/10/2004 - 12/31/2004		21		226		10.66		10.66		0.00	%		6.55	%		6.55	%
JPMorgan Insurance Trust Diversified Equity (5)
2006		10		$124		$12.13		$12.20		0.96	%		14.54	%		14.54	%
2005		16		169		10.65		10.65		1.00	%		0.91	%		0.91	%
06/10/2004 - 12/31/2004		7		70		10.55		10.55		0.00	%		5.52	%		5.52	%
JPMorgan Insurance Trust Diversified Mid Cap Value (5)
2006		24		$327		$13.66		$13.73		2.33	%		14.87	%		15.10	%
2005		8,127		96,939		11.89		11.93		0.25	%		8.23	%		8.23	%
06/10/2004 - 12/31/2004		1,148		12,649		11.02		11.02		0.00	%		10.23	%		10.23	%
JPMorgan Insurance Trust Intrepid Growth (5)
2006		9,029		$101,406		$11.18		$11.24		0.07	%		3.71	%		3.91	%
2005		6,941		75,038		10.78		10.81		0.48	%		3.60	%		3.60	%
06/10/2004 - 12/31/2004		2,816		29,388		10.44		10.44		0.00	%		4.38	%		4.38	%
JPMorgan Insurance Trust Diversified Mid Cap Growth (5)
2006		16		$202		$12.76		$12.83		0.00	%		9.84	%		9.84	%
2005		19		220		11.68		11.68		0.00	%		9.55	%		9.55	%
06/10/2004 - 12/31/2004		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% based on 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 be incurred 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)	Operations commenced during 2006 (See Note 1 to Financial Statements).
(5)	Prior to May 1, 2002, Real Estate Variable Account was named REIT Variable Account; prior to January 1, 2003, Main Street Core Variable Account was named Large-Cap Core Variable Account; prior to May 1, 2003, Comstock Variable Account was named Strategic Value Variable Account; prior to May 1, 2004, SP William Blair International Growth Variable Account was named SP Jennison International Growth Variable Account; prior to February 1, 2005, Concentrated Growth Variable Account was named I-Net Tollkeeper Variable Account; prior to May 1, 2005, Fasciano Small Equity Variable Account was named Aggressive Equity Variable Account; prior to January 1, 2006, Large-Cap Growth Variable Account was named Blue Chip Variable Account; prior to May 1, 2006, JPMorgan Insurance Trust Core Bond, JPMorgan Insurance Trust Equity Index, JPMorgan Insurance Trust Diversified Equity, JPMorgan Insurance Trust Diversified Mid Cap Value, and JPMorgan Insurance Trust Diversified Mid Cap Growth Variable Accounts were named JPMorgan Investment Trust Bond, JPMorgan Investment Trust Equity Index, JPMorgan Investment Trust Diversified Equity, JPMorgan Investment Trust Mid Cap Value, and JPMorgan Investment Trust Mid Cap Growth Variable Accounts, respectively; prior to November 1, 2006, JPMorgan Insurance Trust Intrepid Growth Variable Account was named JPMorgan Insurance Trust Large Cap Growth Variable Account, and prior to May 1, 2006, it was named JPMorgan Investment Trust Large Cap Growth Variable Account.

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, 2006 is comprised of forty-three subaccounts called Variable Accounts. The assets in each of the Variable Accounts invest in the corresponding portfolios (each, a “Portfolio” and collectively, the “Portfolios”) of Pacific Select Fund, Class II shares of the Prudential Series Fund, Inc., and JPMorgan Insurance Trust (formerly JPMorgan Investment Trust) (collectively, the “Funds”) as follows:

Pacific Select Fund
International Value
International Small-Cap
Equity Index
Small-Cap Index
Diversified Research
Equity
American Funds^® Growth-Income
American Funds Growth
Large-Cap Value
Technology
Short Duration Bond
Concentrated Growth
Diversified Bond
Growth LT
Focused 30
Health Sciences
Mid-Cap Value
Large-Cap Growth (formerly Blue Chip)
Capital Opportunities
International Large-Cap
Fasciano Small Equity
Small-Cap Value
Multi-Strategy
Main Street^® Core
Emerging Markets
Managed Bond
Inflation Managed
Money Market
High Yield Bond
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 Insurance Trust

JPMorgan Insurance Trust Core Bond (formerly JPMorgan
Investment Trust Bond)
JPMorgan Insurance Trust Equity Index (formerly JPMorgan
Investment Trust Equity Index)
JPMorgan Insurance Trust Diversified Equity (formerly JPMorgan
Investment Trust Diversified Equity)
JPMorgan Insurance Trust Diversified Mid Cap Value
(formerly JPMorgan Investment Trust Mid Cap Value)
JPMorgan Insurance Trust Intrepid Growth (formerly JPMorgan
Investment Trust Large Cap Growth)
JPMorgan Insurance Trust Diversified Mid Cap Growth
(formerly JPMorgan Investment Trust Mid Cap Growth)

     American Funds is a registered trademark of American Funds Distributors, Inc. and Main Street is a registered trademark of OppenheimerFunds, Inc. Each of the Portfolios 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”) two new Variable Accounts that commenced operations on May 1, 2006: the International Small-Cap and Diversified Bond Variable Accounts.

     The net assets of the Pacific Select Fund’s Aggressive Growth and Financial Services Portfolios (the “Acquired Portfolios”), the underlying portfolios for the Aggressive Growth and Financial Services Variable Accounts, were transferred to the Pacific Select Fund’s Mid-Cap Growth and Large-Cap Value Portfolios (the “Surviving Portfolios”), the underlying portfolios for the Mid-Cap Growth and Large-Cap Value Variable Accounts, respectively, in exchange for shares of the Surviving Portfolios (the “Reorganization”). The Reorganization took place on April 28, 2006. In connection with the Reorganization, a total of 5,990,977 outstanding accumulation units (valued at $59,728,135) of the Aggressive Growth Variable Account were exchanged for 6,769,094 accumulation units with equal value of the Mid-Cap Growth Variable Account; and a total of 5,358,266 outstanding accumulation units (valued at $62,861,745) of the Financial Services Variable Account were exchanged for 4,819,985 accumulation units with equal value of the Large-Cap Value Variable Account.

     The net assets of the Pacific Select Fund’s Equity Income Portfolio, the underlying Portfolio for Equity Income Variable Account, was substituted by the Pacific Select Fund’s American Funds Growth-Income Portfolio, the underlying Portfolio of American Funds Growth-Income Variable Account (the “Substitution”). The Substitution took place on April 28, 2006. In connection with the Substitution, a total of 9,647,312 outstanding accumulation units (valued at $123,810,211) of the Equity Income Variable Account were substituted by 10,861,801 accumulation units with equal value of the American Funds Growth-Income 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 funds individual flexible premium variable accumulation deferred annuity contracts (the “Contracts”). The assets of the Separate Account are carried at market value.

K-1

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

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 are discussed in the notes to their respective 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 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, on a current basis, according to the Annuity 2000 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 the 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 One and Pacific Portfolios’ Contracts have two different death benefit options: the Standard Death Benefit and the Stepped-Up Death Benefit Rider. 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 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 One and Pacific	Death			Up Death			Death
Portfolios Contracts	Benefit			Benefit Rider			Benefit 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 One Select (issued prior
to 8/1/2006) and Pacific
Innovations 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 One Select Contracts
(issued on or after 8/1/2006)
M&E Charge		1.50	%		1.50	%		N/A
Administrative Fee		0.25	%		0.25	%		N/A
Death Benefit Rider Charge	None				0.20	%		N/A
Total Annual Expenses		1.75	%		1.95	%		N/A
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.

K-2

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

5. PURCHASES AND SALES OF INVESTMENTS

     The cost of purchases and proceeds from sales of investments for the year or period ended December 31, 2006, were as follows (amounts in thousands):

Variable Accounts	Purchases		Sales
International Value		$442,795		$146,917
International Small-Cap (1)		686,997		4,637
Equity Index		219,680		323,684
Small-Cap Index		150,684		551,169
Diversified Research		359,918		33,717
Equity		10,665		56,772
American Funds Growth-Income		582,827		21,681
American Funds Growth		438,177		48,202
Large-Cap Value		449,597		135,389
Technology		46,875		73,851
Short Duration Bond		408,926		141,075
Concentrated Growth		8,592		16,531
Diversified Bond (1)		704,411		9,844
Growth LT		277,169		96,185
Focused 30		96,564		71,917
Health Sciences		32,846		58,487
Mid-Cap Value		832,475		98,548
Large-Cap Growth (2)		447,752		16,756
Capital Opportunities		12,738		30,650
International Large-Cap		975,121		778,252
Fasciano Small Equity		129,650		234,042
Small-Cap Value		92,016		110,889
Multi-Strategy		11,453		87,698
Main Street Core		284,119		340,155
Emerging Markets		276,869		358,454
Managed Bond		538,015		451,874
Inflation Managed		675,235		109,004
Money Market		928,898		857,868
High Yield Bond		153,813		239,842
Comstock		493,378		34,862
Mid-Cap Growth		794,738		75,687
Real Estate		143,353		93,831
VN Small-Cap Value		38,732		26,347
Jennison		2		40
Value		2		167
SP William Blair International Growth		1		142
SP Prudential U.S. Emerging Growth		—		11
JPMorgan Insurance Trust Core Bond (2)		39,666		111,661
JPMorgan Insurance Trust Equity Index (2)		74		90
JPMorgan Insurance Trust Diversified Equity (2)		18		84
JPMorgan Insurance Trust Diversified Mid Cap Value (2)		24,080		129,251
JPMorgan Insurance Trust Intrepid Growth (2)		36,674		15,830
JPMorgan Insurance Trust Diversified Mid Cap Growth (2)		53		93

(1)

Operations commenced during 2006 (See Note 1 to Financial Statements).

(2)

Large-Cap Growth, JPMorgan Insurance Trust Core Bond, JPMorgan Insurance Trust Equity Index, JPMorgan Insurance Trust Diversified Equity, JPMorgan Insurance Trust Diversified Mid Cap Value, JPMorgan Insurance Trust Intrepid Growth, and JPMorgan Insurance Trust Diversified Mid Cap Growth Variable Accounts were formerly named Blue Chip, 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, respectively.

K-3

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

6. CHANGES IN UNITS OUTSTANDING

     The changes in units outstanding for the years or periods ended December 31, 2006 and 2005 were as follows (amounts in thousands):

	2006								2005
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
International Value		57,748		(34,371	)		23,377			55,270		(69,580	)		(14,310	)
International Small-Cap (1)		74,582		(5,281	)		69,301
Equity Index		30,385		(32,893	)		(2,508	)		56,331		(22,720	)		33,611
Small-Cap Index		18,366		(40,885	)		(22,519	)		21,436		(21,623	)		(187	)
Diversified Research		44,941		(16,609	)		28,332			58,829		(12,404	)		46,425
Equity		1,447		(4,578	)		(3,131	)		1,527		(4,714	)		(3,187	)
American Funds Growth-Income (2)		66,856		(16,245	)		50,611			71,326		(4,752	)		66,574
American Funds Growth (2)		57,845		(24,232	)		33,613			90,843		(6,992	)		83,851
Large-Cap Value		59,259		(31,756	)		27,503			53,263		(124,433	)		(71,170	)
Technology		9,271		(13,212	)		(3,941	)		10,065		(9,935	)		130
Short Duration Bond		84,309		(55,200	)		29,109			64,421		(47,723	)		16,698
Concentrated Growth (3)		2,086		(3,734	)		(1,648	)		3,908		(6,430	)		(2,522	)
Diversified Bond (1)		76,912		(7,047	)		69,865
Growth LT		33,737		(18,450	)		15,287			17,840		(32,434	)		(14,594	)
Focused 30		11,129		(8,840	)		2,289			8,441		(6,340	)		2,101
Health Sciences		4,092		(6,232	)		(2,140	)		4,697		(4,753	)		(56	)
Mid-Cap Value		69,987		(28,839	)		41,148			77,154		(27,322	)		49,832
Large-Cap Growth (3)		86,261		(28,248	)		58,013			66,493		(147,923	)		(81,430	)
Capital Opportunities		1,645		(3,522	)		(1,877	)		6,281		(35,285	)		(29,004	)
International Large-Cap		135,872		(113,622	)		22,250			147,136		(47,076	)		100,060
Fasciano Small Equity (3)		16,666		(23,945	)		(7,279	)		30,898		(5,953	)		24,945
Small-Cap Value		10,062		(10,518	)		(456	)		15,976		(25,882	)		(9,906	)
Multi-Strategy		1,721		(6,056	)		(4,335	)		2,643		(5,781	)		(3,138	)
Main Street Core		40,384		(39,330	)		1,054			61,635		(20,945	)		40,690
Emerging Markets		25,903		(28,796	)		(2,893	)		32,850		(16,620	)		16,230
Managed Bond		76,693		(67,685	)		9,008			61,958		(33,932	)		28,026
Inflation Managed		79,450		(38,330	)		41,120			59,385		(32,184	)		27,201
Money Market		123,102		(116,275	)		6,827			116,918		(119,992	)		(3,074	)
High Yield Bond		21,151		(26,528	)		(5,377	)		31,283		(31,962	)		(679	)
Comstock		61,934		(18,993	)		42,941			35,465		(22,900	)		12,565
Mid-Cap Growth		103,709		(22,961	)		80,748			15,419		(14,074	)		1,345
Real Estate		11,486		(8,988	)		2,498			9,469		(9,541	)		(72	)
VN Small-Cap Value (2)		4,451		(3,398	)		1,053			6,269		(810	)		5,459
Jennison		—		(3	)		(3	)		1		(3	)		(2	)
Value		—		(11	)		(11	)		—		(11	)		(11	)
SP William Blair International Growth		—		(8	)		(8	)		1		(14	)		(13	)
SP Prudential U.S. Emerging Growth		—		(1	)		(1	)		—		(1	)		(1	)
JPMorgan Insurance Trust Core Bond (3)		4,478		(11,369	)		(6,891	)		9,725		(698	)		9,027
JPMorgan Insurance Trust Equity Index (3)		7		(7	)		—			20		(1	)		19
JPMorgan Insurance Trust Diversified Equity (3)		2		(8	)		(6	)		11		(2	)		9
JPMorgan Insurance Trust Diversified Mid Cap Value (3)		2,184		(10,287	)		(8,103	)		7,301		(322	)		6,979
JPMorgan Insurance Trust Intrepid Growth (3)		4,043		(1,955	)		2,088			6,516		(2,391	)		4,125
JPMorgan Insurance Trust Diversified Mid Cap Growth (3)		4		(7	)		(3	)		13		(2	)		11

(1)	Operations commenced during 2006 (See Note 1 to Financial Statements).
(2)	Operations commenced on May 2, 2005.
(3)	The Concentrated Growth, Large-Cap Growth, Fasciano Small Equity, JPMorgan Insurance Trust Core Bond, JPMorgan Insurance Trust Equity Index, JPMorgan Insurance Trust Diversified Equity, JPMorgan Insurance Trust Diversified Mid Cap Value, JPMorgan Insurance Trust Intrepid Growth, and JPMorgan Insurance Trust Diversified Mid Cap Growth Variable Accounts were formerly named I-Net Tollkeeper, Blue Chip, Aggressive Equity, 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, respectively.

7. SUBSEQUENT EVENTS

     On November 30, 2006, the Pacific Select Fund’s Board of Trustees approved plans of reorganization (the “2007 Reorganizations”) subject to approval by the shareholders of the Concentrated Growth and Capital Opportunities Portfolios, the underlying portfolios for the Concentrated Growth and Capital Opportunities Variable Accounts, respectively. Under the 2007 Reorganizations, the Equity and Main Street Core Portfolios, the underlying portfolios for the Equity and Main Street Core Variable Accounts, will acquire all of the assets and liabilities of the Concentrated Growth and Capital Opportunities Portfolios, respectively. The 2007 Reorganizations are expected to be effective as of the close of business on April 30, 2007, or on a later date as the parties may agree.

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 International Value, International Small-Cap, Equity Index, Small-Cap Index, Diversified Research, Equity, American Funds^® Growth-Income, American Funds Growth, Large-Cap Value, Technology, Short Duration Bond, Concentrated Growth, Diversified Bond, Growth LT, Focused 30, Health Sciences, Mid-Cap Value, Large-Cap Growth (formerly Blue Chip), Capital Opportunities, International Large-Cap, Fasciano Small Equity, Small-Cap Value, Multi-Strategy, Main Street^® Core, Emerging Markets, Managed Bond, Inflation Managed, Money Market, High Yield Bond, Comstock, Mid-Cap Growth, Real Estate, VN Small-Cap Value, Jennison, Value, SP William Blair International Growth, SP Prudential U.S. Emerging Growth, JPMorgan Insurance Trust Core Bond (formerly JPMorgan Investment Trust Bond), JPMorgan Insurance Trust Equity Index (formerly JPMorgan Investment Trust Equity Index), JPMorgan Insurance Trust Diversified Equity (formerly JPMorgan Investment Trust Diversified Equity), JPMorgan Insurance Trust Diversified Mid Cap Value (formerly JPMorgan Investment Trust Mid Cap Value), JPMorgan Insurance Trust Intrepid Growth (formerly JPMorgan Investment Trust Large Cap Growth), and JPMorgan Insurance Trust Diversified Mid Cap Growth (formerly JPMorgan Investment Trust Mid Cap Growth) Variable Accounts (collectively, the “Variable Accounts”) as of December 31, 2006, the related statements of operations for the periods presented, the statements of changes in net assets for each of the periods presented, 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. Our audits included 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, 2006. 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, 2006, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
 

Costa Mesa, California
February 27, 2007

L-1

Annual Reports
as of December 31, 2006

• Pacific Select Fund

• Separate Account A of
Pacific Life Insurance Company

Pacific Life Insurance Company

P.O. Box 7187

Pasadena, California 91109-7187

ADDRESS SERVICE REQUESTED

Form No. 2143-07A