December 31, 2008 •  Pacific Select Fund
•  Separate Account A of
   Pacific Life Insurance Company

Annual
Reports

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
Statements of Cash Flows	D-19
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
Where to Go for More Information	H-14

The 2008 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 (“P SF”). For those policyholders and contract owners, the AFIS Annual Report should be read in conjunction with the PSF Annual Report included herein.

SEPARATE ACCOUNT A
Schedule of Investments	I-1
Financial Statements:
Statements of Assets and Liabilities	J-1
Statements of Operations	J-5
Statements of Changes in Net Assets	J-8
Financial Highlights	K-1
Notes to Financial Statements	L-1
Report of Independent Registered Public Accounting Firm	M-1

The 2008 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

SCHEDULE OF INVESTMENTS
December 31, 2008
(in thousands)

Variable Accounts	Underlying Portfolios/Funds	Shares		Cost		Value
	Pacific Select Fund
Small-Cap Growth	Small-Cap Growth		77,196		$783,238		$492,826
International Value	International Value		220,139		3,064,297		1,920,859
Long/Short Large-Cap (1)	Long/Short Large-Cap		103,957		1,037,801		680,926
International Small-Cap	International Small-Cap		102,099		972,890		550,959
Equity Index	Equity Index		58,467		1,585,261		1,145,372
Small-Cap Index	Small-Cap Index		24,473		216,399		190,934
Diversified Research	Diversified Research		88,836		912,710		603,679
Equity	Equity		6,528		102,628		73,204
American Funds® Growth-Income	American Funds Growth-Income		144,091		1,536,543		1,046,881
American Funds Growth	American Funds Growth		155,977		1,725,846		1,070,818
Large-Cap Value	Large-Cap Value		212,992		2,461,187		1,849,596
Technology	Technology		10,682		34,541		31,857
Short Duration Bond	Short Duration Bond		165,000		1,586,110		1,452,967
Floating Rate Loan	Floating Rate Loan		100,059		944,787		616,267
Diversified Bond	Diversified Bond		202,343		2,008,536		1,750,262
Growth LT	Growth LT		71,186		1,267,748		945,904
Focused 30	Focused 30		38,754		474,765		291,687
Health Sciences	Health Sciences		8,047		62,017		59,394
Mid-Cap Equity (2)	Mid-Cap Equity (2)		280,592		4,182,879		2,440,362
Large-Cap Growth	Large-Cap Growth		128,832		831,476		474,427
International Large-Cap	International Large-Cap		396,959		2,558,407		1,829,671
Small-Cap Value	Small-Cap Value		39,714		460,725		355,592
Multi-Strategy	Multi-Strategy		10,334		143,581		94,979
Main Street® Core	Main Street Core		90,570		1,719,789		1,194,585
Emerging Markets	Emerging Markets		98,204		1,147,932		864,585
Money Market	Money Market		100,461		1,013,833		1,014,505
High Yield Bond	High Yield Bond		114,703		702,465		535,170
Managed Bond	Managed Bond		341,002		3,694,317		3,588,803
Inflation Managed	Inflation Managed		361,814		3,997,762		3,600,873
Comstock	Comstock		229,538		2,168,453		1,363,420
Mid-Cap Growth	Mid-Cap Growth		110,411		835,631		524,145
Real Estate	Real Estate		42,300		535,503		371,242
Small-Cap Equity	Small-Cap Equity		61,637		763,271		569,047
	AllianceBernstein Variable Products Series Fund, Inc.
AllianceBernstein VPS Balanced Wealth	AllianceBernstein VPS Balanced Wealth
Strategy Class B (1)	Strategy Class B		6,197		59,705		53,171
	BlackRock Variable Series Funds, Inc.
BlackRock Global Allocation V.I. Class III (1)	BlackRock Global Allocation V.I. Class III		69,861		910,547		789,426
	Franklin Templeton Variable Insurance Products Trust
Franklin Templeton VIP Founding Funds	Franklin Templeton VIP Founding Funds
Allocation Class 4 (1)	Allocation Class 4		19,413		136,397		109,100
	Prudential Series Fund, Inc.
Jennison	Jennison (Class II)		22		267		320
Value	Value (Class II)		31		438		335
SP International Growth (3)	SP International Growth (Class II) (3)		86		359		290
SP Prudential U.S. Emerging Growth	SP Prudential U.S. Emerging Growth (Class II)		44		278		197
	JPMorgan Insurance Trust
JPMorgan Insurance Trust Core Bond	JPMorgan Insurance Trust Core Bond		86		925		946
JPMorgan Insurance Trust Equity Index	JPMorgan Insurance Trust Equity Index		30		295		236
JPMorgan Insurance Trust Diversified Equity	JPMorgan Insurance Trust Diversified Equity		5,353		93,426		57,493
JPMorgan Insurance Trust Diversified Mid Cap Value	JPMorgan Insurance Trust Diversified Mid Cap Value		30		286		134
JPMorgan Insurance Trust Intrepid Growth	JPMorgan Insurance Trust Intrepid Growth		11		123		104
JPMorgan Insurance Trust Diversified Mid Cap Growth	JPMorgan Insurance Trust Diversified Mid Cap Growth		9		152		88

(1)	Operations commenced during 2008 (See Note 1 to Financial Statements).
(2)	Formerly named Mid-Cap Value Variable Account and Mid-Cap Value Portfolio.
(3)	Formerly named SP William Blair International Growth Variable Account and SP William Blair International Growth Portfolio.

American Funds is a registered trademark of American Funds Distributors, Inc., and Main Street is a registered trademark of OppenheimerFunds, Inc.

See Notes to Financial Statements

I-1

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2008
(in thousands, except accumulation unit values)

	Variable Accounts
	Small-Cap		International		Long/Short		International		Equity		Small-Cap		Diversified
	Growth		Value		Large-Cap		Small-Cap		Index		Index		Research
ASSETS
Investments in portfolios, at value		$492,826		$1,920,859		$680,926		$550,959		$1,145,372		$190,934		$603,679
Receivables:
Due from Pacific Life Insurance Company		529		2,082		467		648		585		63		371
Total Assets		493,355		1,922,941		681,393		551,607		1,145,957		190,997		604,050
LIABILITIES
Payables:
Fund shares purchased		529		2,082		467		648		585		52		371
Other		39		22		85		54		107		—		38
Total Liabilities		568		2,104		552		702		692		52		409
NET ASSETS		$492,787		$1,920,837		$680,841		$550,905		$1,145,265		$190,945		$603,641
NET ASSETS CONSIST OF:
Accumulation units		$492,659		$1,920,380		$680,739		$550,826		$1,144,988		$190,827		$603,502
Contracts in payout (annuitization) period		128		457		102		79		277		118		139
NET ASSETS		$492,787		$1,920,837		$680,841		$550,905		$1,145,265		$190,945		$603,641
Units Outstanding		70,481		231,729		104,216		102,125		110,236		18,261		80,959
Accumulation Unit Value	$	5.82 - $7.64	$	5.29 - $9.59	$	6.44 - $6.58	$	5.21 - $6.05	$	6.30 - $14.58	$	6.05 - $10.83	$	5.90 - $7.71
Cost of Investments		$783,238		$3,064,297		$1,037,801		$972,890		$1,585,261		$216,399		$912,710
			American Funds		American Funds		Large-Cap				Short Duration		Floating
	Equity		Growth-Income		Growth		Value		Technology		Bond		Rate Loan
ASSETS
Investments in portfolios, at value		$73,204		$1,046,881		$1,070,818		$1,849,596		$31,857		$1,452,967		$616,267
Receivables:
Due from Pacific Life Insurance Company		—		722		1,124		460		—		—		385
Fund shares redeemed		—		—		—		—		14		270		—
Total Assets		73,204		1,047,603		1,071,942		1,850,056		31,871		1,453,237		616,652
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		—		—		—		14		270		—
Fund shares purchased		—		722		1,124		460		—		—		385
Other		6		75		71		54		3		15		67
Total Liabilities		6		797		1,195		514		17		285		452
NET ASSETS		$73,198		$1,046,806		$1,070,747		$1,849,542		$31,854		$1,452,952		$616,200
NET ASSETS CONSIST OF:
Accumulation units		$73,089		$1,046,527		$1,070,546		$1,849,056		$31,847		$1,452,562		$616,050
Contracts in payout (annuitization) period		109		279		201		486		7		390		150
NET ASSETS		$73,198		$1,046,806		$1,070,747		$1,849,542		$31,854		$1,452,952		$616,200
Units Outstanding		8,382		138,531		141,837		207,482		8,023		148,056		91,039
Accumulation Unit Value	$	5.90 - $9.25	$	6.19 - $8.05	$	5.73 - $8.09	$	6.45 - $10.08	$	3.22 - $6.65	$	9.34 - $10.49	$	6.71 - $7.42
Cost of Investments		$102,628		$1,536,543		$1,725,846		$2,461,187		$34,541		$1,586,110		$944,787

See Notes to Financial Statements

J-1

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2008
(in thousands, except accumulation unit values)

	Variable Accounts
	Diversified		Growth		Focused		Health		Mid-Cap		Large-Cap		International
	Bond		LT		30		Sciences		Equity(1)		Growth		Large-Cap
ASSETS
Investments in portfolios, at value		$1,750,262		$945,904		$291,687		$59,394		$2,440,362		$474,427		$1,829,671
Receivables:
Due from Pacific Life Insurance Company		—		951		318		—		1,899		553		728
Fund shares redeemed		240		—		—		7		—		—		—
Total Assets		1,750,502		946,855		292,005		59,401		2,442,261		474,980		1,830,399
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		240		—		—		7		—		—		—
Fund shares purchased		—		951		318		—		1,899		522		728
Other		194		57		31		2		184		—		27
Total Liabilities		434		1,008		349		9		2,083		522		755
NET ASSETS		$1,750,068		$945,847		$291,656		$59,392		$2,440,178		$474,458		$1,829,644
NET ASSETS CONSIST OF:
Accumulation units		$1,749,688		$945,573		$291,617		$59,373		$2,439,630		$474,357		$1,829,261
Contracts in payout (annuitization) period		380		274		39		19		548		101		383
NET ASSETS		$1,750,068		$945,847		$291,656		$59,392		$2,440,178		$474,458		$1,829,644
Units Outstanding		186,111		89,969		35,531		6,193		223,293		103,892		224,083
Accumulation Unit Value	$	9.10 - $9.72	$	6.10 - $15.96	$	4.94 - $11.74	$	7.61 - $11.18	$	5.58 - $13.36	$	4.10 - $6.39	$	6.41 - $11.67
Cost of Investments		$2,008,536		$1,267,748		$474,765		$62,017		$4,182,879		$831,476		$2,558,407

	Small-Cap		Multi-		Main Street		Emerging		Money		High Yield		Managed
	Value		Strategy		Core		Markets		Market		Bond		Bond
ASSETS
Investments in portfolios, at value		$355,592		$94,979		$1,194,585		$864,585		$1,014,505		$535,170		$3,588,803
Receivables:
Due from Pacific Life Insurance Company		193		34		810		1,267		—		1,267		—
Fund shares redeemed		—		—		—		—		4,319		—		2,065
Total Assets		355,785		95,013		1,195,395		865,852		1,018,824		536,437		3,590,868
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		—		—		—		—		4,319		—		2,065
Fund shares purchased		192		34		810		970		—		1,249		—
Other		—		2		67		—		191		—		248
Total Liabilities		192		36		877		970		4,510		1,249		2,313
NET ASSETS		$355,593		$94,977		$1,194,518		$864,882		$1,014,314		$535,188		$3,588,555
NET ASSETS CONSIST OF:
Accumulation units		$355,435		$94,761		$1,194,125		$864,645		$1,013,902		$534,954		$3,587,390
Contracts in payout (annuitization) period		158		216		393		237		412		234		1,165
NET ASSETS		$355,593		$94,977		$1,194,518		$864,882		$1,014,314		$535,188		$3,588,555
Units Outstanding		26,451		9,618		136,027		57,755		84,229		50,328		242,658
Accumulation Unit Value	$	6.94 - $15.55	$	5.51 - $11.01	$	6.09 - $11.75	$	5.21 - $25.20	$	10.00 - $13.41	$	7.62 - $11.89	$	9.41 - $17.45
Cost of Investments		$460,725		$143,581		$1,719,789		$1,147,932		$1,013,833		$702,465		$3,694,317

(1)	Formerly named Mid-Cap Value Variable Account.
	See Notes to Financial Statements

J-2

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2008
(in thousands, except accumulation unit values)

	Variable Accounts
											AllianceBernstein
											VPS Balanced		BlackRock
	Inflation				Mid-Cap		Real		Small-Cap		Wealth Strategy		Global Allocation
	Managed		Comstock		Growth		Estate		Equity		Class B		V.I. Class III
ASSETS
Investments in portfolios, at value		$3,600,873		$1,363,420		$524,145		$371,242		$569,047		$53,171		$789,426
Receivables:
Due from Pacific Life Insurance Company		—		856		688		453		139		131		4,868
Fund shares redeemed		536		—		—		—		—		—		—
Total Assets		3,601,409		1,364,276		524,833		371,695		569,186		53,302		794,294
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		536		—		—		—		—		—		—
Fund shares purchased		—		856		688		453		139		131		4,868
Other		272		100		50		14		68		3		51
Total Liabilities		808		956		738		467		207		134		4,919
NET ASSETS		$3,600,601		$1,363,320		$524,095		$371,228		$568,979		$53,168		$789,375
NET ASSETS CONSIST OF:
Accumulation units		$3,599,396		$1,363,076		$524,005		$371,010		$568,916		$53,158		$789,374
Contracts in payout (annuitization) period		1,205		244		90		218		63		10		1
NET ASSETS		$3,600,601		$1,363,320		$524,095		$371,228		$568,979		$53,168		$789,375
Units Outstanding		258,506		193,586		95,372		26,092		58,025		7,532		100,003
Accumulation Unit Value	$	8.51 - $16.43	$	5.85 - $7.98	$	4.83 - $6.91	$	4.47 - $19.17	$	7.30 - $10.57	$	7.02 - $7.12	$	7.84 - $7.96
Cost of Investments		$3,997,762		$2,168,453		$835,631		$535,503		$763,271		$59,705		$910,547
	Franklin
	Templeton VIP
	Founding Funds								SP Prudential		JPMorgan		JPMorgan
	Allocation						SP International		U.S. Emerging		Insurance Trust		Insurance Trust
	Class 4		Jennison		Value		Growth(1)		Growth		Core Bond		Equity Index
ASSETS
Investments in portfolios, at value		$109,100		$320		$335		$290		$197		$946		$236
Receivables:
Due from Pacific Life Insurance Company		454		—		—		—		—		24		—
Total Assets		109,554		320		335		290		197		970		236
LIABILITIES
Payables:
Fund shares purchased		454		—		—		—		—		—		—
Other		7		—		1		—		—		—		—
Total Liabilities		461		—		1		—		—		—		—
NET ASSETS		$109,093		$320		$334		$290		$197		$970		$236
NET ASSETS CONSIST OF:
Accumulation units		$109,093		$320		$334		$290		$197		$969		$236
Contracts in payout (annuitization) period		—		—		—		—		—		1		—
NET ASSETS		$109,093		$320		$334		$290		$197		$970		$236
Units Outstanding		16,549		42		38		32		19		86		29
Accumulation Unit Value	$	6.55 - $6.65	$	7.52 - $7.71	$	8.59 - $8.82	$	9.09 - $9.32	$	10.42 - $10.69	$	11.20 - $11.30	$	7.94 - $8.02
Cost of Investments		$136,397		$267		$438		$359		$278		$925		$295

(1)	Formerly named SP William Blair International Growth Variable Account.
	See Notes to Financial Statements

J-3

SEPARATE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
DECEMBER 31, 2008
(in thousands, except accumulation unit values)

	Variable Accounts
			JPMorgan		JPMorgan		JPMorgan
	JPMorgan		Insurance Trust		Insurance Trust		Insurance Trust
	Insurance Trust		Diversified		Intrepid		Diversified
	Diversified Equity		Mid Cap Value		Growth		Mid Cap Growth
ASSETS
Investments in portfolios, at value		$57,493		$134		$104		$88
Receivables:
Due from Pacific Life Insurance Company		—		11		7		—
Fund shares redeemed		8		—		—		—
Total Assets		57,501		145		111		88
LIABILITIES
Payables:
Due to Pacific Life Insurance Company		8		—		—		—
Other		7		—		—		—
Total Liabilities		15		—		—		—
NET ASSETS		$57,486		$145		$111		$88
NET ASSETS CONSIST OF:
Accumulation units		$57,486		$145		$110		$88
Contracts in payout (annuitization) period		—		—		1		—
NET ASSETS		$57,486		$145		$111		$88
Units Outstanding		6,739		17		15		11
Accumulation Unit Value	$	8.46 - $8.54	$	8.61 - $8.69	$	7.34 - $7.41	$	8.14 - $8.22
Cost of Investments		$93,426		$286		$123		$152

See Notes to Financial Statements

J-4

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008
(in thousands)

	Variable Accounts
	Small-Cap			International			Long/Short			International			Equity			Small-Cap
	Growth			Value			Large-Cap(1)			Small-Cap			Index			Index
INVESTMENT INCOME
Dividends		$—			$83,693			$5,233			$17,063			$30,241			$5,474
EXPENSES
Mortality and expense risk, administrative and other fees		9,963			41,757			8,474			12,179			19,802			7,930
Net Investment Income (Loss)		(9,963	)		41,936			(3,241	)		4,884			10,439			(2,456	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized loss from security transactions		(20,205	)		(84,564	)		(8,404	)		(22,373	)		(26,768	)		(38,199	)
Capital gain distributions		71,842			140,838			—			—			72,156			28,364
Realized Gain (Loss)		51,637			56,274			(8,404	)		(22,373	)		45,388			(9,835	)
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(454,349	)		(1,768,123	)		(356,875	)		(459,017	)		(730,734	)		(147,507	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($412,675	)		($1,669,913	)		($368,520	)		($476,506	)		($674,907	)		($159,798	)
	Diversified						American Funds			American Funds			Large-Cap
	Research			Equity			Growth-Income			Growth			Value			Technology
INVESTMENT INCOME
Dividends		$9,668			$564			$19,492			$8,528			$42,791			$66
EXPENSES
Mortality and expense risk, administrative and other fees		14,542			1,769			22,744			21,256			36,292			962
Net Investment Income (Loss)		(4,874	)		(1,205	)		(3,252	)		(12,728	)		6,499			(896	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized loss from security transactions		(3,512	)		(2,042	)		(48,680	)		(41,861	)		(52,615	)		(5,308	)
Capital gain distributions		142,147			16,593			62,103			235,879			100,386			13,561
Realized Gain		138,635			14,551			13,423			194,018			47,771			8,253
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(538,865	)		(71,622	)		(680,005	)		(998,259	)		(1,071,971	)		(50,340	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($405,104	)		($58,276	)		($669,834	)		($816,969	)		($1,017,701	)		($42,983	)
	Short Duration			Floating			Diversified			Growth			Focused			Health
	Bond			Rate Loan			Bond			LT			30			Sciences
INVESTMENT INCOME
Dividends		$58,063			$53,445			$73,171			$6,864			$203			$931
EXPENSES
Mortality and expense risk, administrative and other fees		23,193			11,432			28,650			19,055			5,392			1,292
Net Investment Income (Loss)		34,870			42,013			44,521			(12,191	)		(5,189	)		(361	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized loss from security transactions		(12,703	)		(10,922	)		(30,688	)		(37,914	)		(23,210	)		(3,695	)
Capital gain distributions		—			—			—			190,444			34,507			11,126
Realized Gain (Loss)		(12,703	)		(10,922	)		(30,688	)		152,530			11,297			7,431
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(126,414	)		(287,038	)		(197,745)			(806,493)			(300,819	)		(37,734	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($104,247	)		($255,947	)		($183,912)			($666,154)			($294,711	)		($30,664	)

(1)	Operations commenced during 2008 (See Note 1 to Financial Statements).
	See Notes to Financial Statements

J-5

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2008
(in thousands)

	Variable Accounts
	Mid-Cap			Large-Cap			International			Small-Cap			Multi-			Main Street
	Equity(1)			Growth			Large-Cap			Value			Strategy			Core
INVESTMENT INCOME
Dividends		$54,412			$—			$52,750			$11,267			$259			$23,136
EXPENSES
Mortality and expense risk, administrative and other fees		51,622			10,801			36,555			6,891			2,633			25,653
Net Investment Income (Loss)		2,790			(10,801	)		16,195			4,376			(2,374	)		(2,517	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized loss from security transactions		(125,047	)		(26,859	)		(123,113	)		(16,841	)		(959	)		(34,317	)
Capital gain distributions		536,668			167,731			586,740			51,509			12,550			202,471
Realized Gain		411,621			140,872			463,627			34,668			11,591			168,154
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(1,977,830	)		(609,429	)		(1,506,420	)		(189,859	)		(98,972	)		(933,384	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($1,563,419	)		($479,358	)		($1,026,598	)		($150,815	)		($89,755	)		($767,747	)

	Emerging			Money		High Yield			Managed			Inflation
	Markets			Market		Bond			Bond			Managed			Comstock
INVESTMENT INCOME
Dividends		$21,148			$17,393		$52,329			$169,920			$116,703			$38,910
EXPENSES
Mortality and expense risk, administrative and other fees		20,484			11,642		9,409			58,714			64,320			29,197
Net Investment Income		664			5,751		42,920			111,206			52,383			9,713
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		(16,439	)		143		(12,695	)		(13,848	)		(66,235	)		(109,961	)
Capital gain distributions		250,016			—		—			36,918			21,432			95,396
Realized Gain (Loss)		233,577			143		(12,695	)		23,070			(44,803	)		(14,565	)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(1,013,720	)		106		(185,055	)		(262,846	)		(459,442	)		(813,372	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($779,479	)		$6,000		($154,830	)		($128,570	)		($451,862	)		($818,224	)

																Franklin
										AllianceBernstein						Templeton VIP
										VPS Balanced			BlackRock			Founding Funds
	Mid-Cap			Real			Small-Cap			Wealth Strategy			Global Allocation			Allocation
	Growth			Estate			Equity			Class B(2)			V.I. Class III(2)			Class 4(2)
INVESTMENT INCOME
Dividends		$1,010			$20,923			$3,536			$398			$20,782			$2,936
EXPENSES
Mortality and expense risk, administrative and other fees		13,566			9,544			8,993			237			4,896			574
Net Investment Income (Loss)		(12,556	)		11,379			(5,457	)		161			15,886			2,362
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		7,818			(24,269	)		(12,865	)		(820	)		(13,450	)		(2,504	)
Capital gain distributions		113,597			169,872			13,142			—			3,900			2,837
Realized Gain (Loss)		121,415			145,603			277			(820	)		(9,550	)		333
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(609,238	)		(388,879	)		(207,238	)		(6,533	)		(121,121	)		(27,298	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($500,379	)		($231,897	)		($212,418	)		($7,192	)		($114,785	)		($24,603	)

(1)	Formerly named Mid-Cap Value Variable Account.
(2)	Operations commenced during 2008 (See Note 1 to Financial Statements).
	See Notes to Financial Statements

J-6

SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2008
(in thousands)

	Variable Accounts
										SP Prudential			JPMorgan			JPMorgan
							SP International			U.S. Emerging			Insurance Trust			Insurance Trust
	Jennison			Value			Growth(1)			Growth			Core Bond			Equity Index
INVESTMENT INCOME
Dividends (2)		$—			$8			$7			$—			$64			$8
EXPENSES
Mortality and expense risk, administrative and other fees		8			9			8			5			16			5
Net Investment Income (Loss)		(8	)		(1	)		(1	)		(5	)		48			3
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) from security transactions		12			(23	)		(26	)		(9	)		(1	)		4
Capital gain distributions		—			126			107			49			—			—
Realized Gain (Loss)		12			103			81			40			(1	)		4
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(219	)		(377	)		(401	)		(160	)		(47	)		(160	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		($215	)		($275	)		($321	)		($125	)		$—			($153	)

				JPMorgan			JPMorgan			JPMorgan
	JPMorgan			Insurance Trust			Insurance Trust			Insurance Trust
	Insurance Trust			Diversified			Intrepid			Diversified
	Diversified Equity			Mid Cap Value			Growth			Mid Cap Growth
INVESTMENT INCOME
Dividends		$1,552			$3			$1			$—
EXPENSES
Mortality and expense risk, administrative and other fees		1,424			3			2			2
Net Investment Income (Loss)		128			—			(1	)		(2	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized loss from security transactions		(10,342	)		(43	)		(4	)		(2	)
Capital gain distributions		13,396			48			—			28
Realized Gain (Loss)		3,054			5			(4	)		26
CHANGE IN UNREALIZED DEPRECIATION ON INVESTMENTS		(38,401	)		(90	)		(65	)		(99	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		($35,219	)		($85	)		($70	)		($75	)

(1)	Formerly named SP William Blair International Growth Variable Account.
(2)	Jennison Portfolio declared dividends during the year ended December 31, 2008. The amount received by the Jennison Variable Account in full dollars was $309 for the year and is not shown on the above Statement of Operations due to rounding.
	See Notes to Financial Statements

J-7

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS
(in thousands)

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Small-Cap Growth(1)						International Value						Long/Short Large-Cap(2)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($9,963	)		($9,269	)		$41,936			$21,560			($3,241	)
Realized gain (loss)		51,637			(986	)		56,274			336,885			(8,404	)
Change in unrealized appreciation (depreciation) on investments		(454,349	)		77,813			(1,768,123	)		(290,274	)		(356,875	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(412,675	)		67,558			(1,669,913	)		68,171			(368,520	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		77,591			118,405			335,265			547,775			63,596
Transfers between variable and fixed accounts, net		143,934			202,530			130,072			737,247			1,028,708
Transfers—contract charges and deductions		(7,379	)		(5,611	)		(32,002	)		(29,503	)		(6,712	)
Transfers—surrenders		(47,018	)		(48,333	)		(203,511	)		(238,066	)		(36,173	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			1			—
Transfers—other		67			(43	)		143			(145	)		(58	)
Net Increase in Net Assets Derived from Contract Owner Transactions		167,195			266,948			229,967			1,017,309			1,049,361
NET INCREASE (DECREASE) IN NET ASSETS		(245,480	)		334,506			(1,439,946	)		1,085,480			680,841
NET ASSETS
Beginning of Year or Period		738,267			403,761			3,360,783			2,275,303			—
End of Year or Period		$492,787			$738,267			$1,920,837			$3,360,783			$680,841

	International Small-Cap					Equity Index					Small-Cap Index
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$4,884		($3,118	)		$10,439		$2,166			($2,456	)	($80	)
Realized gain (loss)		(22,373	)	(3,008	)		45,388		54,724			(9,835	)	(4,731	)
Change in unrealized appreciation (depreciation) on investments		(459,017	)	12,248			(730,734	)	2,214			(147,507	)	(59,368	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(476,506	)	6,122			(674,907	)	59,104			(159,798	)	(64,179	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		107,196		194,948			126,053		176,755			50,072		153,368
Transfers between variable and fixed accounts, net		5,073		132,058			689,929		(349,685	)		(751,468	)	430,744
Transfers—contract charges and deductions		(8,880	)	(7,983	)		(18,686	)	(13,387	)		(6,316	)	(10,476	)
Transfers—surrenders		(50,696	)	(57,942	)		(112,346	)	(137,799	)		(49,519	)	(98,851	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—		—			—		1			—		1
Transfers—other		103		(34	)		14		19			114		(48	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		52,796		261,047			684,964		(324,096	)		(757,117	)	474,738
NET INCREASE (DECREASE) IN NET ASSETS		(423,710	)	267,169			10,057		(264,992	)		(916,915	)	410,559
NET ASSETS
Beginning of Year		974,615		707,446			1,135,208		1,400,200			1,107,860		697,301
End of Year		$550,905		$974,615			$1,145,265		$1,135,208			$190,945		$1,107,860

(1)	Formerly named Fasciano Small Equity Variable Account.
(2)	Operations commenced during 2008 (See Note 1 to Financial Statements).
	See Notes to Financial Statements

J-8

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

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Diversified Research						Equity						American Funds Growth-Income
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($4,874	)		($11,564	)		($1,205	)		($2,244	)		($3,252	)		($3,124	)
Realized gain (loss)		138,635			15,110			14,551			2,317			13,423			(2,247	)
Change in unrealized appreciation (depreciation) on investments		(538,865	)		403			(71,622	)		7,432			(680,005	)		40,860
Net Increase (Decrease) in Net Assets Resulting from Operations		(405,104	)		3,949			(58,276	)		7,505			(669,834	)		35,489
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		106,587			246,956			1,947			2,838			182,365			353,023
Transfers between variable and fixed accounts, net		(346,614	)		(242,258	)		(8,127	)		23,220			(232,602	)		202,440
Transfers—contract charges and deductions		(11,792	)		(15,098	)		(2,100	)		(3,407	)		(17,379	)		(16,500	)
Transfers—surrenders		(75,341	)		(116,777	)		(17,062	)		(33,325	)		(103,172	)		(126,764	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		99			25			5			(5	)		137			(54	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(327,061	)		(127,152	)		(25,337	)		(10,679	)		(170,651	)		412,145
NET INCREASE (DECREASE) IN NET ASSETS		(732,165	)		(123,203	)		(83,613	)		(3,174	)		(840,485	)		447,634
NET ASSETS
Beginning of Year		1,335,806			1,459,009			156,811			159,985			1,887,291			1,439,657
End of Year		$603,641			$1,335,806			$73,198			$156,811			$1,046,806			$1,887,291
	American Funds Growth						Large-Cap Value						Technology
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		($12,728	)		($16,068	)		$6,499			($6,774	)		($896	)		($1,302	)
Realized gain (loss)		194,018			45,365			47,771			(2,740	)		8,253			3,507
Change in unrealized appreciation (depreciation) on investments		(998,259	)		116,954			(1,071,971	)		42,844			(50,340	)		12,176
Net Increase (Decrease) in Net Assets Resulting from Operations		(816,969	)		146,251			(1,017,701	)		33,330			(42,983	)		14,381
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		165,397			301,833			263,813			439,811			2,954			3,749
Transfers between variable and fixed accounts, net		426,510			(422,445	)		98,570			230,154			(20,339	)		19,181
Transfers—contract charges and deductions		(16,135	)		(13,240	)		(29,986	)		(29,384	)		(565	)		(611	)
Transfers—surrenders		(100,256	)		(103,922	)		(185,516	)		(213,918	)		(8,486	)		(11,074	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			1			1			—			—
Transfers—other		72			28			79			(49	)		9			5
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		475,588			(237,746	)		146,961			426,615			(26,427	)		11,250
NET INCREASE (DECREASE) IN NET ASSETS		(341,381	)		(91,495	)		(870,740	)		459,945			(69,410	)		25,631
NET ASSETS
Beginning of Year		1,412,128			1,503,623			2,720,282			2,260,337			101,264			75,633
End of Year		$1,070,747			$1,412,128			$1,849,542			$2,720,282			$31,854			$101,264

See Notes to Financial Statements

J-9

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

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Short Duration Bond						Floating Rate Loan(1)						Diversified Bond
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income		$34,870			$44,785			$42,013			$22,715			$44,521			$49,816
Realized gain (loss)		(12,703	)		(18,236	)		(10,922	)		(1,795	)		(30,688	)		2,224
Change in unrealized appreciation (depreciation) on investments		(126,414	)		17,525			(287,038	)		(41,482	)		(197,745	)		(68,765	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(104,247	)		44,074			(255,947	)		(20,562	)		(183,912	)		(16,725	)
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		152,042			252,185			78,056			71,173			198,888			255,906
Transfers between variable and fixed accounts, net		119,959			(497,331	)		145,389			718,545			13,839			1,058,810
Transfers—contract charges and deductions		(22,354	)		(20,460	)		(11,531	)		(6,548	)		(27,088	)		(17,719	)
Transfers—surrenders		(133,369	)		(122,869	)		(66,367	)		(35,942	)		(153,169	)		(105,975	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			—			—			—			1			—
Transfers—other		(25	)		50			24			(90	)		7			(138	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		116,254			(388,425	)		145,571			747,138			32,478			1,190,884
NET INCREASE (DECREASE) IN NET ASSETS		12,007			(344,351	)		(110,376	)		726,576			(151,434	)		1,174,159
NET ASSETS
Beginning of Year or Period		1,440,945			1,785,296			726,576			—			1,901,502			727,343
End of Year or Period		$1,452,952			$1,440,945			$616,200			$726,576			$1,750,068			$1,901,502
	Growth LT						Focused 30						Health Sciences
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment loss		($12,191	)		($14,838	)		($5,189	)		($2,329	)		($361	)		($1,588	)
Realized gain		152,530			15,888			11,297			32			7,431			1,627
Change in unrealized appreciation (depreciation) on investments		(806,493	)		176,438			(300,819	)		53,427			(37,734	)		13,086
Net Increase (Decrease) in Net Assets Resulting from Operations		(666,154	)		177,488			(294,711	)		51,130			(30,664	)		13,125
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		120,393			196,963			32,454			12,234			3,841			4,444
Transfers between variable and fixed accounts, net		221,428			(133,478	)		339,694			49,499			(6,640	)		2,983
Transfers—contract charges and deductions		(16,388	)		(15,273	)		(3,928	)		(1,562	)		(1,007	)		(856	)
Transfers—surrenders		(110,495	)		(145,444	)		(35,534	)		(27,713	)		(11,114	)		(13,931	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			1			—			—			—			—
Transfers—other		48			(21	)		(44	)		(10	)		(33	)		(3	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		214,987			(97,252	)		332,642			32,448			(14,953	)		(7,363	)
NET INCREASE (DECREASE) IN NET ASSETS		(451,167	)		80,236			37,931			83,578			(45,617	)		5,762
NET ASSETS
Beginning of Year		1,397,014			1,316,778			253,725			170,147			105,009			99,247
End of Year		$945,847			$1,397,014			$291,656			$253,725			$59,392			$105,009

(1) Operations commenced on May 2, 2007.

            See Notes to Financial Statements

J-10

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

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Mid-Cap Equity(1)						Large-Cap Growth						International Large-Cap
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)		$2,790			($30,096	)		($10,801	)		($16,650	)		$16,195			($3,975	)
Realized gain (loss)		411,621			(8,487	)		140,872			63,149			463,627			730,990
Change in unrealized appreciation (depreciation) on investments		(1,977,830	)		(133,002	)		(609,429	)		150,746			(1,506,420	)		(437,546	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,563,419	)		(171,585	)		(479,358	)		197,245			(1,026,598	)		289,469
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		404,059			752,011			79,904			198,269			273,935			595,917
Transfers between variable and fixed accounts, net		(46,851	)		165,526			23,474			(839,273	)		(34,851	)		(1,445,806	)
Transfers—contract charges and deductions		(40,087	)		(39,824	)		(8,136	)		(10,894	)		(26,898	)		(29,823	)
Transfers—surrenders		(248,983	)		(313,266	)		(55,772	)		(82,203	)		(177,494	)		(236,738	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			—			—			—			1			—
Transfers—other		263			(57	)		2			87			121			115
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		68,402			564,390			39,472			(734,014	)		34,814			(1,116,335	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,495,017	)		392,805			(439,886	)		(536,769	)		(991,784	)		(826,866	)
NET ASSETS
Beginning of Year		3,935,195			3,542,390			914,344			1,451,113			2,821,428			3,648,294
End of Year		$2,440,178			$3,935,195			$474,458			$914,344			$1,829,644			$2,821,428
	Small-Cap Value						Multi-Strategy						Main Street Core
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)		$4,376			$2,162			($2,374	)		$2,933			($2,517	)		($5,735	)
Realized gain (loss)		34,668			855			11,591			8,890			168,154			(1,538	)
Change in unrealized appreciation (depreciation) on investments		(189,859	)		4,897			(98,972	)		(3,398	)		(933,384	)		53,204
Net Increase (Decrease) in Net Assets Resulting from Operations		(150,815	)		7,914			(89,755	)		8,425			(767,747	)		45,931
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		44,764			64,659			2,833			7,631			194,946			341,106
Transfers between variable and fixed accounts, net		25,050			(20,672	)		(21,142	)		(9,834	)		(211,823	)		171,979
Transfers—contract charges and deductions		(5,432	)		(5,673	)		(3,948	)		(5,023	)		(22,118	)		(23,952	)
Transfers—surrenders		(39,162	)		(46,538	)		(27,659	)		(47,766	)		(136,107	)		(181,933	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			2			2			—			—
Transfers—other		26			(7	)		16			(7	)		130			(51	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		25,246			(8,231	)		(49,898	)		(54,997	)		(174,972	)		307,149
NET INCREASE (DECREASE) IN NET ASSETS		(125,569	)		(317	)		(139,653	)		(46,572	)		(942,719	)		353,080
NET ASSETS
Beginning of Year		481,162			481,479			234,630			281,202			2,137,237			1,784,157
End of Year		$355,593			$481,162			$94,977			$234,630			$1,194,518			$2,137,237

(1) Formerly named Mid-Cap Value Variable Account.

            See Notes to Financial Statements

J-11

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

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Emerging Markets						Money Market						High Yield Bond
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)		$664			($6,382	)		$5,751			$21,594			$42,920			$40,400
Realized gain (loss)		233,577			254,986			143			175			(12,695	)		(100	)
Change in unrealized appreciation (depreciation) on investments		(1,013,720	)		164,936			106			6			(185,055	)		(33,136	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(779,479	)		413,540			6,000			21,775			(154,830	)		7,164
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		151,212			269,097			123,339			193,414			52,839			73,521
Transfers between variable and fixed accounts, net		(188,485	)		(42,163	)		701,304			153,889			70,539			(38,539	)
Transfers—contract charges and deductions		(14,614	)		(14,665	)		(30,641	)		(29,210	)		(10,553	)		(10,269	)
Transfers—surrenders		(104,313	)		(121,731	)		(412,533	)		(366,868	)		(64,843	)		(72,087	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		1			1			1			2			1			2
Transfers—other		(192	)		88			(50	)		(101	)		(6	)		(1	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(156,391	)		90,627			381,420			(48,874	)		47,977			(47,373	)
NET INCREASE (DECREASE) IN NET ASSETS		(935,870	)		504,167			387,420			(27,099	)		(106,853	)		(40,209	)
NET ASSETS
Beginning of Year		1,800,752			1,296,585			626,894			653,993			642,041			682,250
End of Year		$864,882			$1,800,752			$1,014,314			$626,894			$535,188			$642,041
	Managed Bond						Inflation Managed						Comstock
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income		$111,206			$100,703			$52,383			$101,229			$9,713			$1,541
Realized gain (loss)		23,070			(17	)		(44,803	)		(16,600	)		(14,565	)		(2,835	)
Change in unrealized appreciation (depreciation) on investments		(262,846	)		137,618			(459,442	)		231,741			(813,372	)		(165,829	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(128,570	)		238,304			(451,862	)		316,370			(818,224	)		(167,123	)
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		353,006			487,450			415,201			602,000			236,787			405,244
Transfers between variable and fixed accounts, net		(79,866	)		553,454			(244,895	)		707,210			(314,925	)		894,929
Transfers—contract charges and deductions		(58,159	)		(47,740	)		(60,394	)		(47,051	)		(22,719	)		(21,534	)
Transfers—surrenders		(358,314	)		(308,794	)		(356,442	)		(296,746	)		(133,135	)		(154,502	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		3			3			6			9			—			—
Transfers—other		(42	)		(122	)		33			(156	)		169			(104	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(143,372	)		684,251			(246,491	)		965,266			(233,823	)		1,124,033
NET INCREASE (DECREASE) IN NET ASSETS		(271,942	)		922,555			(698,353	)		1,281,636			(1,052,047	)		956,910
NET ASSETS
Beginning of Year		3,860,497			2,937,942			4,298,954			3,017,318			2,415,367			1,458,457
End of Year		$3,588,555			$3,860,497			$3,600,601			$4,298,954			$1,363,320			$2,415,367

            See Notes to Financial Statements

J-12

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

	Variable Accounts
	Year/Period Ended			Year Ended			Year/Period Ended			Year Ended			Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Mid-Cap Growth						Real Estate						Small-Cap Equity(1)
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)		($12,556	)		($12,491	)		$11,379			($4,242	)		($5,457	)		($3,609	)
Realized gain (loss)		121,415			(2,468	)		145,603			(2,681	)		277			(804	)
Change in unrealized appreciation (depreciation) on investments		(609,238	)		225,547			(388,879	)		(160,531	)		(207,238	)		4,656
Net Increase (Decrease) in Net Assets Resulting from Operations		(500,379	)		210,588			(231,897	)		(167,454	)		(212,418	)		243
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		98,162			196,769			68,667			165,254			69,889			65,551
Transfers between variable and fixed accounts, net		(299,711	)		42,163			(218,500	)		(84,817	)		346,825			272,971
Transfers—contract charges and deductions		(10,000	)		(10,768	)		(6,152	)		(8,622	)		(6,138	)		(2,162	)
Transfers—surrenders		(71,222	)		(92,493	)		(52,109	)		(86,285	)		(34,911	)		(17,664	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			2			4			—			—
Transfers—other		137			(55	)		52			44			1			(43	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(282,634	)		135,616			(208,040	)		(14,422	)		375,666			318,653
NET INCREASE (DECREASE) IN NET ASSETS		(783,013	)		346,204			(439,937	)		(181,876	)		163,248			318,896
NET ASSETS
Beginning of Year		1,307,108			960,904			811,165			993,041			405,731			86,835
End of Year		$524,095			$1,307,108			$371,228			$811,165			$568,979			$405,731
	AllianceBernstein VPS						BlackRock						Franklin Templeton VIP
	Balanced Wealth Strategy						Global Allocation						Founding Funds Allocation
	Class B(2)						V.I. Class III(2)						Class 4(2)
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income		$161						$15,886						$2,362
Realized gain (loss)		(820	)					(9,550	)					333
Change in unrealized depreciation on investments		(6,533	)					(121,121	)					(27,298	)
Net Decrease in Net Assets Resulting from Operations		(7,192	)					(114,785	)					(24,603	)
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		30,950						229,582						61,413
Transfers between variable and fixed accounts, net		30,213						691,601						73,963
Transfers—contract charges and deductions		(66	)					(1,453	)					(261	)
Transfers—surrenders		(734	)					(15,570	)					(1,405	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—						—						—
Transfers—other		(3	)					—						(14	)
Net Increase in Net Assets Derived from Contract Owner Transactions		60,360						904,160						133,696
NET INCREASE IN NET ASSETS		53,168						789,375						109,093
NET ASSETS
Beginning of Period		—						—						—
End of Period		$53,168						$789,375						$109,093

(1)	Formerly named VN Small-Cap Value Variable Account.
(2)	Operations commenced during 2008 (See Note 1 to Financial Statements).

            See Notes to Financial Statements

J-13

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

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	Jennison						Value						SP International Growth(1)
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment loss		($8	)		($10	)		($1	)		($5	)		($1	)		($9	)
Realized gain		12			24			103			107			81			114
Change in unrealized appreciation (depreciation) on investments		(219	)		40			(377	)		(92	)		(401	)		1
Net Increase (Decrease) in Net Assets Resulting from Operations		(215	)		54			(275	)		10			(321	)		106
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		—			2			1			—			—			—
Transfers between variable and fixed accounts, net		(8	)		(12	)		(113	)		—			(81	)		(3	)
Transfers—contract charges and deductions		(-	)		(3	)		(41	)		(6	)		(-	)		(1	)
Transfers—surrenders		(26	)		(27	)		(8	)		(28	)		(12	)		(16	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		1			—			(1	)		1			—			(1	)
Net Decrease in Net Assets Derived from Contract Owner Transactions		(33	)		(40	)		(162	)		(33	)		(93	)		(21	)
NET INCREASE (DECREASE) IN NET ASSETS		(248	)		14			(437	)		(23	)		(414	)		85
NET ASSETS
Beginning of Year		568			554			771			794			704			619
End of Year		$320			$568			$334			$771			$290			$704

	SP Prudential					JPMorgan Insurance Trust					JPMorgan Insurance Trust
	U.S. Emerging Growth					Core Bond					Equity Index
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)		($5	)	($6	)		$48		$2,653			$3		$—
Realized gain (loss)		40		36			(1	)	(166	)		4		11
Change in unrealized appreciation (depreciation) on investments		(160	)	15			(47	)	(1,519	)		(160	)	7
Net Increase (Decrease) in Net Assets Resulting from Operations		(125	)	45			—		968			(153	)	18
INCREASE (DECREASE) IN NET ASSETS
FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		—		—			16		3,185			—		7
Transfers between variable and fixed accounts, net		(19	)	—			6		(57,968	)		(33	)	(10	)
Transfers—contract charges and deductions		(-	)	(1	)		(41	)	(426	)		(1	)	(3	)
Transfers—surrenders		(16	)	(1	)		(177	)	(966	)		(28	)	(57	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—		—			—		—			—		—
Transfers—other		—		—			2		8			(1	)	(1	)
Net Decrease in Net Assets Derived from Contract Owner Transactions		(35	)	(2	)		(194	)	(56,167	)		(63	)	(64	)
NET INCREASE (DECREASE) IN NET ASSETS		(160	)	43			(194	)	(55,199	)		(216	)	(46	)
NET ASSETS
Beginning of Year		357		314			1,164		56,363			452		498
End of Year		$197		$357			$970		$1,164			$236		$452

(1) Formerly named SP William Blair International Growth Variable Account.

            See Notes to Financial Statements

J-14

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

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007			2008			2007
	JPMorgan Insurance Trust						JPMorgan Insurance Trust						JPMorgan Insurance Trust
	Diversified Equity						Diversified Mid Cap Value						Intrepid Growth
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)		$128			($1,475	)		$—			$1			($1	)		($360	)
Realized gain (loss)		3,054			(5	)		5			119			(4	)		20,867
Change in unrealized appreciation (depreciation) on investments		(38,401	)		2,446			(90	)		(120	)		(65	)		(11,419	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(35,219	)		966			(85	)		—			(70	)		9,088
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		1,310			9,035			—			2			5			5,952
Transfers between variable and fixed accounts, net		(63,588	)		158,618			(8	)		(13	)		26			(113,858	)
Transfers—contract charges and deductions		(1,704	)		(1,671	)		(1	)		(3	)		(9	)		(728	)
Transfers—surrenders		(5,841	)		(4,545	)		(20	)		(49	)		(11	)		(1,698	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—			—			—			—			—
Transfers—other		18			(17	)		(6	)		1			(4	)		12
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(69,805	)		161,420			(35	)		(62	)		7			(110,320	)
NET INCREASE (DECREASE) IN NET ASSETS		(105,024	)		162,386			(120	)		(62	)		(63	)		(101,232	)
NET ASSETS
Beginning of Year		162,510			124			265			327			174			101,406
End of Year	$	57,486		$	162,510		$	145		$	265		$	111			$174

	JPMorgan Insurance Trust
	Diversified Mid Cap Growth
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss		($2	)		($3	)
Realized gain		26			38
Change in unrealized depreciation on investments		(99	)		(5	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(75	)		30
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Transfer of net premiums		16			15
Transfers between variable and fixed accounts, net		(22	)		(17	)
Transfers—contract charges and deductions		(13	)		(-	)
Transfers—surrenders		(12	)		(36	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		—			—
Transfers—other		—			—
Net Decrease in Net Assets Derived from Contract Owner Transactions		(31	)		(38	)
NET DECREASE IN NET ASSETS		(106	)		(8	)
NET ASSETS
Beginning of Year		194			202
End of Year		$88		$	194

See Notes to Financial Statements

J-15

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 annualized ratios of expenses to average daily net assets for each of the Variable Accounts are discussed in Note 4 to Financial Statements.

	At the End of Each Year or Period								Ratios of
									Investment
	Total Units								Income to
Variable Accounts	Outstanding		Total Net Assets		AUV (1)				Average Net			Total Returns (3)
For Each Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Assets (2)			Lowest			Highest
Small-Cap Growth (4)
2008		70,481	$	492,787	$	5.82	$	7.64		0.00	%		(48.16	%)		(47.32	%)
2007		54,546		738,267		11.16		14.69		0.00	%		12.81	%		14.64	%
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	%
International Value
2008		231,729	$	1,920,837	$	5.29	$	9.59		3.07	%		(48.82	%)		(47.99	%)
2007		201,230		3,360,783		10.31		18.63		2.26	%		4.13	%		5.82	%
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	%
Long/Short Large-Cap (5)
05/02/2008 - 12/31/2008		104,216	$	680,841	$	6.44	$	6.58		0.95	%		(35.90	%)		(35.21	%)
International Small-Cap
2008		102,125	$	550,905	$	5.21	$	6.05		2.15	%		(48.88	%)		(48.05	%)
2007		92,643		974,615		10.12		11.80		1.20	%		2.65	%		4.31	%
05/01/2006 - 12/31/2006		69,301		707,446		10.17		11.47		0.23	%		2.14	%		2.14	%
Equity Index
2008		110,236	$	1,145,265	$	6.30	$	14.58		2.33	%		(38.59	%)		(37.60	%)
2007		62,460		1,135,208		10.19		23.61		1.71	%		3.13	%		4.81	%
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	%
Small-Cap Index
2008		18,261	$	190,945	$	6.05	$	10.83		1.06	%		(36.32	%)		(35.29	%)
2007		68,229		1,107,860		9.43		16.91		1.53	%		(3.97	%)		(2.41	%)
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	%
Diversified Research
2008		80,959	$	603,641	$	5.90	$	7.71		1.02	%		(40.28	%)		(39.31	%)
2007		106,191		1,335,806		9.81		12.77		0.72	%		(0.82	%)		0.79	%
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	%
Equity
2008		8,382	$	73,198	$	5.90	$	9.25		0.48	%		(42.29	%)		(41.36	%)
2007		10,394		156,811		10.16		15.93		0.21	%		4.15	%		5.84	%
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	%
American Funds Growth-Income
2008		138,531	$	1,046,806	$	6.19	$	8.05		1.32	%		(39.31	%)		(38.33	%)
2007		150,512		1,887,291		10.13		13.06		1.37	%		2.57	%		4.24	%
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
2008		141,837	$	1,070,747	$	5.73	$	8.09		0.62	%		(45.30	%)		(44.41	%)
2007		101,316		1,412,128		10.82		14.55		0.43	%		9.70	%		11.48	%
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
2008		207,482	$	1,849,542	$	6.45	$	10.08		1.81	%		(36.09	%)		(35.06	%)
2007		191,383		2,720,282		10.03		15.68		1.28	%		1.48	%		3.12	%
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	%
Technology
2008		8,023	$	31,854	$	3.22	$	6.65		0.11	%		(52.60	%)		(51.83	%)
2007		11,998		101,264		6.78		14.00		0.05	%		20.59	%		22.54	%
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	%

See Notes to Financial Statements See explanation of references on page K-5

K-1

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Ratios of
									Investment
	Total Units								Income to
Variable Accounts	Outstanding		Total Net Assets		AUV (1)				Average Net			Total Returns (3)
For Each Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Assets (2)			Lowest			Highest
Short Duration Bond
2008		148,056	$	1,452,952	$	9.34	$	10.49		3.83	%		(6.97	%)		(5.47	%)
2007		137,060		1,440,945		10.29		11.10		4.47	%		2.39	%		4.05	%
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	%
Floating Rate Loan
2008		91,039	$	616,200	$	6.71	$	7.42		7.16	%		(30.68	%)		(29.56	%)
05/02/2007 - 12/31/2007		74,807		726,576		9.68		9.79		6.52	%		(3.03	%)		(2.87	%)
Diversified Bond
2008		186,111	$	1,750,068	$	9.10	$	9.72		3.91	%		(9.63	%)		(8.17	%)
2007		183,313		1,901,502		10.01		10.59		5.01	%		(0.70	%)		0.91	%
05/01/2006 - 12/31/2006		69,865		727,343		10.28		10.49		4.64	%		4.22	%		4.22	%
Growth LT
2008		89,969	$	945,847	$	6.10	$	15.96		0.55	%		(42.13	%)		(41.19	%)
2007		72,629		1,397,014		11.07		27.42		0.44	%		13.33	%		15.16	%
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	%
Focused 30
2008		35,531	$	291,656	$	4.94	$	11.74		0.06	%		(51.13	%)		(50.34	%)
2007		15,077		253,725		12.31		23.64		0.41	%		29.22	%		31.31	%
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	%
Health Sciences
2008		6,193	$	59,392	$	7.61	$	11.18		1.12	%		(29.59	%)		(28.45	%)
2007		7,692		105,009		10.81		15.82		0.00	%		14.15	%		16.00	%
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	%
Mid-Cap Equity (4)
2008		223,293	$	2,440,178	$	5.58	$	13.36		1.62	%		(40.21	%)		(39.24	%)
2007		204,995		3,935,195		9.28		22.21		0.79	%		(4.10	%)		(2.54	%)
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	%
Large-Cap Growth (4)
2008		103,892	$	474,458	$	4.10	$	6.39		0.00	%		(51.46	%)		(50.67	%)
2007		98,533		914,344		8.43		13.13		0.00	%		19.21	%		21.14	%
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	%
International Large-Cap
2008		224,083	$	1,829,644	$	6.41	$	11.67		2.21	%		(36.64	%)		(35.61	%)
2007		219,222		2,821,428		10.46		18.13		1.42	%		7.09	%		8.82	%
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	%
Small-Cap Value
2008		26,451	$	355,593	$	6.94	$	15.55		2.51	%		(29.65	%)		(28.51	%)
2007		24,163		481,162		9.86		21.76		1.97	%		1.08	%		2.72	%
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	%
Multi-Strategy
2008		9,618	$	94,977	$	5.51	$	11.01		0.15	%		(46.07	%)		(45.20	%)
2007		12,855		234,630		10.15		20.29		2.62	%		2.27	%		3.92	%
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	%
Main Street Core
2008		136,027	$	1,194,518	$	6.09	$	11.75		1.39	%		(40.08	%)		(39.11	%)
2007		141,484		2,137,237		10.10		19.50		1.27	%		2.32	%		3.98	%
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	%

See Notes to Financial Statements See explanation of references on page K-5

K-2

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Ratios of
									Investment
	Total Units								Income to
Variable Accounts	Outstanding		Total Net Assets		AUV (1)				Average Net			Total Returns (3)
For Each Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Assets (2)			Lowest			Highest
Emerging Markets
2008		57,755	$	864,882	$	5.21	$	25.20		1.58	%		(48.72	%)		(47.89	%)
2007		58,327		1,800,752		13.07		48.37		1.13	%		30.45	%		32.56	%
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	%
Money Market
2008		84,229	$	1,014,314	$	10.00	$	13.41		2.26	%		0.33	%		1.95	%
2007		51,227		626,894		10.32		13.29		4.84	%		2.90	%		4.57	%
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	%
High Yield Bond
2008		50,328	$	535,188	$	7.62	$	11.89		8.49	%		(23.74	%)		(22.51	%)
2007		45,260		642,041		10.00		15.50		7.59	%		0.40	%		2.03	%
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	%
Managed Bond
2008		242,658	$	3,588,555	$	9.41	$	17.45		4.42	%		(3.65	%)		(2.10	%)
2007		245,486		3,860,497		10.76		18.00		4.50	%		6.37	%		8.10	%
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	%
Inflation Managed
2008		258,506	$	3,600,601	$	8.51	$	16.43		2.78	%		(11.14	%)		(9.70	%)
2007		267,549		4,298,954		10.76		18.37		4.30	%		7.95	%		9.70	%
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	%
Comstock
2008		193,586	$	1,363,320	$	5.85	$	7.98		2.05	%		(38.05	%)		(37.04	%)
2007		211,667		2,415,367		9.38		12.68		1.62	%		(4.94	%)		(3.40	%)
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	%
Mid-Cap Growth
2008		95,372	$	524,095	$	4.83	$	6.91		0.11	%		(49.39	%)		(48.57	%)
2007		121,631		1,307,108		9.52		13.61		0.46	%		20.47	%		22.42	%
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	%
Real Estate
2008		26,092	$	371,228	$	4.47	$	19.17		3.37	%		(41.18	%)		(40.23	%)
2007		30,703		811,165		7.55		32.40		1.10	%		(17.83	%)		(16.50	%)
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	%
Small-Cap Equity (4)
2008		58,025	$	568,979	$	7.30	$	10.57		0.60	%		(27.58	%)		(26.41	%)
2007		29,618		405,731		10.25		14.36		0.28	%		3.93	%		5.61	%
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	%
AllianceBernstein VPS Balanced Wealth Strategy Class B (5)
05/01/2008 - 12/31/2008		7,532	$	53,168	$	7.02	$	7.12		2.60	%		(29.31	%)		(29.31	%)
BlackRock Global Allocation V.I. Class III (5)
05/01/2008 - 12/31/2008		100,003	$	789,375	$	7.84	$	7.96		6.64	%		(21.26	%)		(20.97	%)
Franklin Templeton VIP Founding Funds Allocation Class 4 (5)
05/01/2008 - 12/31/2008		16,549	$	109,093	$	6.55	$	6.65		7.92	%		(34.08	%)		(33.97	%)

See Notes to Financial Statements See explanation of references on page K-5

K-3

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Ratios of
									Investment
	Total Units								Income to
Variable Accounts	Outstanding		Total Net Assets		AUV (1)				Average Net			Total Returns (3)
For Each Year or Period Ended	(in 000's)		(in $000's)		Lowest		Highest		Assets (2)			Lowest			Highest
Jennison
2008		42	$	320	$	7.52	$	7.71		0.07	%		(38.64	%)		(38.43	%)
2007		46		568		12.25		12.52		0.00	%		9.61	%		10.00	%
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	%
Value
2008		38	$	334	$	8.59	$	8.82		1.46	%		(43.56	%)		(43.36	%)
2007		50		771		15.22		15.56		0.99	%		1.03	%		1.39	%
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	%
SP International Growth (4)
2008		32	$	290	$	9.09	$	9.32		1.37	%		(51.35	%)		(51.18	%)
2007		37		704		18.68		19.10		0.37	%		17.05	%		17.46	%
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	%
SP Prudential U.S. Emerging Growth
2008		19	$	197	$	10.42	$	10.69		0.00	%		(37.35	%)		(37.13	%)
2007		21		357		16.63		17.01		0.00	%		14.31	%		14.72	%
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	%
JPMorgan Insurance Trust Core Bond (4)
2008		86	$	970	$	11.20	$	11.30		5.64	%		(0.22	%)		(0.02	%)
2007		103		1,164		11.23		11.31		14.08	%		4.61	%		4.82	%
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 (4)
2008		29	$	236	$	7.94	$	8.02		2.18	%		(38.20	%)		(38.08	%)
2007		35		452		12.85		12.95		1.48	%		3.63	%		3.63	%
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 (4)
2008		6,739	$	57,486	$	8.46	$	8.54		1.55	%		(35.84	%)		(35.71	%)
2007		12,245		162,510		13.19		13.28	See Note (6)				8.91	%		8.91	%
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 (4)
2008		17	$	145	$	8.61	$	8.69		1.47	%		(36.51	%)		(36.38	%)
2007		19		265		13.57		13.66		1.79	%		(0.69	%)		(0.49	%)
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 (4)
2008		15	$	111	$	7.34	$	7.41		0.87	%		(40.19	%)		(40.07	%)
2007		14		174		12.27		12.36		0.49	%		9.77	%		9.99	%
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 (4)
2008		11	$	88	$	8.14	$	8.22		0.00	%		(44.68	%)		(44.57	%)
2007		13		194		14.72		14.83		0.00	%		15.37	%		15.60	%
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	%

See Notes to Financial Statements See explanation of references on page K-5

K-4

SEPARATE ACCOUNT A
FINANCIAL HIGHLIGHTS (Continued)

Explanation of References for Financial Highlights on K-1 through K-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 at the end of the year.
(2)	The investment income ratios represent the dividends, excluding distributions of capital gains, received by the variable accounts from the underlying portfolios/funds, divided by the average daily net assets. These ratios are before the deduction of mortality and expense risk (“M&E”) fees, administrative fees, 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/funds 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/funds and deductions for M&E fees, administrative fees, and additional death benefit rider charges, if any, assessed through the daily AUV calculation. These fees and 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)	Prior to May 1, 2004, SP International Growth Variable Account was named SP Jennison International Growth Variable Account, and prior to May 1, 2007, it was named SP William Blair International Growth 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; prior to May 1, 2007, Small-Cap Growth Variable Account was named Fasciano Small Equity Variable Account, and prior to May 1, 2005, it was named Aggressive Equity Variable Account; prior to May 1, 2007, Small-Cap Equity Variable Account was named VN Small-Cap Value Variable Account; prior to May 1, 2008, Mid-Cap Equity Variable Account was named Mid-Cap Value Variable Account.
(5)	Operations commenced during 2008 (See Note 1 to Financial Statements).
(6)	Amount represents less than 0.005%.

See Notes to Financial Statements

K-5

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, 2008 is comprised of forty-six subaccounts called Variable Accounts. The assets in each of the Variable Accounts invest in the corresponding portfolios or funds (each, a “Portfolio” and collectively, the “Portfolios”) of Pacific Select Fund, AllianceBernstein Variable Products Series Fund, Inc., BlackRock Variable Series Funds, Inc., Franklin Templeton Variable Insurance Products Trust, Prudential Series Fund, Inc. (Class II shares), and JPMorgan Insurance Trust (collectively, the “Funds”) as presented in the Schedule of Investments in Section I of this brochure.

     Each Portfolio pursues different investment objectives and policies. The financial statements of the Funds, including the schedules of investments, are either included in Sections A through H 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”) four new Variable Accounts listed in the following table:

	Commenced		Commenced
Variable Accounts	Operations on	Variable Accounts	Operations on
Long/Short Large-Cap	May 2, 2008	BlackRock Global Allocation V.I. Class III		May 1, 2008
AllianceBernstein VPS Balanced Wealth Strategy Class B	May 1, 2008	Franklin Templeton VIP Founding Funds Allocation Class 4		May 1, 2008

     The net assets of the Pacific Select Fund’s Concentrated Growth and Capital Opportunities Portfolios, the underlying portfolios for the Concentrated Growth and Capital Opportunities Variable Accounts, respectively, were transferred to the Pacific Select Fund’s Equity and Main Street Core Portfolios (the “Surviving Portfolios”), the underlying portfolios for the Equity and Main Street Core Variable Accounts, respectively, in exchange for shares of the Surviving Portfolios (the “Reorganization”). The Reorganization took place on April 30, 2007. In connection with the Reorganization, a total of 6,163,071 outstanding accumulation units (valued at $32,559,412) of the Concentrated Growth Variable Account were exchanged for 2,205,668 accumulation units with equal value of the Equity Variable Account; and a total of 5,898,018 outstanding accumulation units (valued at $61,582,163) of the Capital Opportunities Variable Account were exchanged for 3,828,190 accumulation units with equal value of the Main Street Core 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 annuity contracts, 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.

2. SIGNIFICANT ACCOUNTING POLICIES

     The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 and Fair Value Measurements

     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 financial statements.

     The Separate Account adopted Statement of Financial Accounting Standards No. 157 (“SFAS 157”), Fair Value Measurements, issued by the Financial Accounting Standards Board as of January 1, 2008. SFAS 157 clarifies the definition of fair value for financial reporting under U.S. GAAP, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Under SFAS 157, the Separate Account is required to characterize the value of its holdings as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the holdings. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

     Level 1 — Quoted prices in active markets for identical holdings

Level 2 — Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

Level 3 — Significant unobservable inputs that are not corroborated by observable market data

     The inputs or methodologies used for valuing the Separate Account’s holdings are not necessarily an indication of risks associated with investing in those holdings. As of December 31, 2008, all of the Separate Account’s holdings as presented in the Schedule of Investments in Section I of this brochure were characterized as Level 1 as defined in SFAS 157.

L-1

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

     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 periodically review 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, Pacific Odyssey, Pacific Voyages, Pacific Journey, and Pacific Value Edge. Pacific Value, Pacific Innovations, Pacific Innovations Select, Pacific One Select (issued prior to August 1, 2006), and Pacific Odyssey Contracts have three different death benefit options: the Standard Death Benefit Rider, the Stepped-Up Death Benefit Rider, and for Contracts issued before May 1, 2003, the Premier Death Benefit Rider. Pacific One, Pacific Portfolios, Pacific One Select (issued on or after August 1, 2006), Pacific Voyages, Pacific Journey, and Pacific Value Edge Contracts have two different death benefit options: the Standard Death Benefit Rider 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 charges 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
				With			With
	Standard			Stepped-Up			Premier
Pacific One and Pacific	Death			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 (issued on or after 8/1/2006) and Pacific Value Edge Contracts
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

L-2

SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (Continued)

	Death Benefit Options
				With			With
	Standard			Stepped-Up			Premier
	Death			Death			Death
Pacific Odyssey Contracts	Benefit			Benefit Rider			Benefit Rider
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	%
Pacific Voyages Contracts
M&E Charge		1.00	%		1.00	%		N/A
Administrative Fee		0.15	%		0.15	%		N/A
Death Benefit Rider Charge	None				0.20	%		N/A
Total Annual Expenses		1.15	%		1.35	%		N/A
Pacific Journey Contracts
M&E Charge		0.90	%		0.90	%		N/A
Administrative Fee		0.15	%		0.15	%		N/A
Death Benefit Rider Charge	None				0.20	%		N/A
Total Annual Expenses		1.05	%		1.25	%		N/A

     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. PURCHASES AND SALES OF INVESTMENTS

     The cost of purchases (excluding reinvestments of distributions) and proceeds from sales of investments for the year or periods ended December 31, 2008, were as follows (amounts in thousands):

Variable Accounts	Purchases		Sales
Small-Cap Growth	$	228,318	$	71,100
International Value		404,613		216,407
Long/Short Large-Cap (1)		1,076,128		35,156
International Small-Cap		139,353		98,785
Equity Index		811,069		145,883
Small-Cap Index		58,514		823,654
Diversified Research		106,022		447,695
Equity		8,164		35,276
American Funds Growth-Income		167,610		361,078
American Funds Growth		582,086		127,754
Large-Cap Value		276,010		165,357
Technology		24,270		51,665
Short Duration Bond		297,026		203,956
Floating Rate Loan		195,442		61,320
Diversified Bond		288,830		285,024
Growth LT		368,699		172,776
Focused 30		458,884		131,622
Health Sciences		34,285		50,534
Mid-Cap Equity (formerly named Mid-Cap Value)		398,005		381,349
Large-Cap Growth		131,180		102,473
International Large-Cap		447,704		449,458
Small-Cap Value		106,023		87,665
Multi-Strategy		5,514		58,058
Main Street Core		204,774		405,474
Emerging Markets		167,021		343,643
Money Market		1,150,030		780,226
High Yield Bond		149,347		110,771
Managed Bond		393,536		595,639
Inflation Managed		386,601		697,469
Comstock		240,261		503,383
Mid-Cap Growth		129,925		426,207
Real Estate		85,763		303,381
Small-Cap Equity		446,526		79,831
AllianceBernstein VPS Balanced Wealth Strategy Class B (1)		64,594		4,467
BlackRock Global Allocation V.I. Class III (1)		969,833		70,518
Franklin Templeton VIP Founding Funds Allocation Class 4 (1)		142,163		9,035
Jennison		1		43
Value		5		175
SP International Growth (formerly named SP William Blair International Growth)		1		101
SP Prudential U.S. Emerging Growth		—		40
JPMorgan Insurance Trust Core Bond		210		421
JPMorgan Insurance Trust Equity Index		3		70
JPMorgan Insurance Trust Diversified Equity		603		71,844
JPMorgan Insurance Trust Diversified Mid Cap Value		—		32
JPMorgan Insurance Trust Intrepid Growth		38		28
JPMorgan Insurance Trust Diversified Mid Cap Growth		21		54

(1) Operations commenced during 2008 (See Note 1 to Financial Statements).

L-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, 2008 and 2007 were as follows (amounts in thousands):

	2008								2007
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
Small-Cap Growth (formerly named Fasciano Small Equity)		34,308		(18,373	)		15,935			30,357		(9,553	)		20,804
International Value		78,748		(48,249	)		30,499			95,990		(32,817	)		63,173
Long/Short Large-Cap (1)		116,647		(12,431	)		104,216
International Small-Cap		37,656		(28,174	)		9,482			42,196		(18,854	)		23,342
Equity Index		69,108		(21,332	)		47,776			21,513		(36,595	)		(15,082	)
Small-Cap Index		9,938		(59,906	)		(49,968	)		42,148		(14,317	)		27,831
Diversified Research		22,874		(48,106	)		(25,232	)		31,344		(39,558	)		(8,214	)
Equity		1,141		(3,153	)		(2,012	)		4,427		(4,992	)		(565	)
American Funds Growth-Income		39,704		(51,685	)		(11,981	)		59,098		(25,771	)		33,327
American Funds Growth		71,203		(30,682	)		40,521			42,476		(58,624	)		(16,148	)
Large-Cap Value		54,759		(38,660	)		16,099			63,702		(31,049	)		32,653
Technology		5,351		(9,326	)		(3,975	)		8,189		(7,379	)		810
Short Duration Bond		61,613		(50,617	)		10,996			59,029		(96,500	)		(37,471	)
Floating Rate Loan (2)		40,445		(24,213	)		16,232			87,623		(12,816	)		74,807
Diversified Bond		71,829		(69,031	)		2,798			135,194		(21,746	)		113,448
Growth LT		39,091		(21,751	)		17,340			23,831		(24,992	)		(1,161	)
Focused 30		35,120		(14,666	)		20,454			10,216		(8,459	)		1,757
Health Sciences		3,750		(5,249	)		(1,499	)		3,481		(4,130	)		(649	)
Mid-Cap Equity (formerly named Mid-Cap Value)		73,937		(55,639	)		18,298			72,159		(36,149	)		36,010
Large-Cap Growth		35,347		(29,988	)		5,359			41,878		(133,520	)		(91,642	)
International Large-Cap		86,369		(81,508	)		4,861			98,458		(183,875	)		(85,417	)
Small-Cap Value		20,600		(18,312	)		2,288			9,009		(8,609	)		400
Multi-Strategy		1,032		(4,269	)		(3,237	)		2,232		(5,126	)		(2,894	)
Main Street Core		45,642		(51,099	)		(5,457	)		55,105		(30,364	)		24,741
Emerging Markets		20,504		(21,076	)		(572	)		22,726		(17,464	)		5,262
Money Market		141,510		(108,508	)		33,002			149,077		(152,559	)		(3,482	)
High Yield Bond		22,393		(17,325	)		5,068			19,816		(22,262	)		(2,446	)
Managed Bond		84,207		(87,035	)		(2,828	)		97,259		(46,827	)		50,432
Inflation Managed		83,837		(92,880	)		(9,043	)		111,778		(42,782	)		68,996
Comstock		59,477		(77,558	)		(18,081	)		116,440		(26,082	)		90,358
Mid-Cap Growth		33,650		(59,909	)		(26,259	)		41,410		(29,023	)		12,387
Real Estate		11,382		(15,993	)		(4,611	)		13,078		(10,357	)		2,721
Small-Cap Equity (formerly named VN Small-Cap Value)		41,964		(13,557	)		28,407			27,671		(4,565	)		23,106
AllianceBernstein VPS Balanced Wealth Strategy Class B (1)		8,345		(813	)		7,532
BlackRock Global Allocation V.I. Class III (1)		116,477		(16,474	)		100,003
Franklin Templeton VIP Founding Funds Allocation Class 4 (1)		18,398		(1,849	)		16,549
Jennison		—		(4	)		(4	)		—		(3	)		(3	)
Value		—		(12	)		(12	)		—		(2	)		(2	)
SP International Growth (formerly named SP William Blair International Growth)		—		(5	)		(5	)		—		(2	)		(2	)
SP Prudential U.S. Emerging Growth		—		(2	)		(2	)		—		—			—
JPMorgan Insurance Trust Core Bond		15		(32	)		(17	)		542		(5,667	)		(5,125	)
JPMorgan Insurance Trust Equity Index		—		(6	)		(6	)		1		(6	)		(5	)
JPMorgan Insurance Trust Diversified Equity		471		(5,977	)		(5,506	)		12,789		(554	)		12,235
JPMorgan Insurance Trust Diversified Mid Cap Value		—		(2	)		(2	)		—		(5	)		(5	)
JPMorgan Insurance Trust Intrepid Growth		4		(3	)		1			887		(9,902	)		(9,015	)
JPMorgan Insurance Trust Diversified Mid Cap Growth		2		(4	)		(2	)		2		(5	)		(3	)

(1)	Operations commenced during 2008 (See Note 1 to Financial Statements).
(2)	Operations commenced on May 2, 2007.

L-4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors
Pacific Life Insurance Company:

     We have audited the accompanying statements of assets and liabilities, including schedule of investments, of Separate Account A (the “Separate Account”) comprised of Small-Cap Growth, International Value, Long/Short Large-Cap, 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, Floating Rate Loan, Diversified Bond, Growth LT, Focused 30, Health Sciences, Mid-Cap Equity (formerly named Mid-Cap Value), Large-Cap Growth, International Large-Cap, Small-Cap Value, Multi-Strategy, Main Street^® Core, Emerging Markets, Money Market, High Yield Bond, Managed Bond, Inflation Managed, Comstock, Mid-Cap Growth, Real Estate, Small-Cap Equity, AllianceBernstein VPS Balanced Wealth Strategy Class B, BlackRock Global Allocation V.I. Class III, Franklin Templeton VIP Founding Funds Allocation Class 4, Jennison, Value, SP International Growth (formerly named SP William Blair International Growth), SP Prudential U.S. Emerging 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 (collectively, the “Variable Accounts”) as of December 31, 2008, 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, 2008. 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, 2008, 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, 2009

M-1

Pacific Life Insurance Company
P.O. Box 2378
Omaha, NE 68103-2378

CHANGE SERVICE REQUESTED

Annual Reports
as of December 31, 2008

• Pacific Select Fund

• Separate Account A of
Pacific Life Insurance Company

Form No. 2143-09A