Jackson National Life Insurance Company 1Q 2023 statutory statement

QUARTERLY STATEMENT

OF THE

JACKSON NATIONAL LIFE INSURANCE COMPANY

TO THE

Insurance Department

OF THE

STATE OF

Michigan

FOR THE QUARTER ENDED

MARCH 31, 2023

[ X ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2023

.MI

STATEMENT AS OF MARCH 31, 2023 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

ASSETS

						Current Statement Date		4
					1	2		3	December 31
								Net Admitted Assets	Prior Year Net
					Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds			.......... 43,942,121,391	................................. 0	..........	43,942,121,391	.......... 44,080,473,401
2.	Stocks:
	2.1 Preferred stocks		................. 74,443,230	................................. 0	.................	74,443,230	................. 79,449,130
	2.2 Common stocks		................913,139,910	................... 5,895,782	................	907,244,128	............ 1,031,129,305
3.	Mortgage loans on real estate:
	3.1 First liens			.......... 11,378,341,460	................................. 0	..........	11,378,341,460	.......... 11,588,720,421
	3.2 Other than first liens		................................. 0	................................. 0	.................................	0	................................. 0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
	encumbrances)					................	227,716,823	................229,362,023
		................227,716,823	................................. 0
	4.2 Properties held for the production of income (less
	$	0 encumbrances)	................... 7,172,124	................................. 0	...................	7,172,124	................... 7,172,124

	4.3 Properties held for sale (less $	0
	encumbrances)		...................... 447,518	................................. 0	......................	447,518	...................... 306,985
5.	Cash ($	(209,356,913) ), cash equivalents
	($	521,275,721	) and short-term
	investments ($	250,859,394 )	................562,778,202	................................. 0	................	562,778,202	............ 4,158,358,643

6.	Contract loans (including $	................................. 0	premium notes)	............ 4,197,229,027	................... 1,693,596	............	4,195,535,431	............ 4,223,154,438

7.	Derivatives					................	639,234,749	................832,748,828
		................639,234,749	................................. 0
8.	Other invested assets		............ 2,778,079,112	................. 17,765,184	............	2,760,313,928	............ 2,566,654,576
9.	Receivables for securities		................. 56,245,967	................................. 0	.................	56,245,967	................101,546,883
10.	Securities lending reinvested collateral assets		................. 29,054,910	................................. 0	.................	29,054,910	................. 23,315,587

11.	Aggregate write-ins for invested assets		................................. 0	................................. 0	.................................	0	................................. 0

12.	Subtotals, cash and invested assets (Lines 1 to 11)		.......... 64,806,004,423	................. 25,354,562	..........	64,780,649,861	.......... 68,922,392,343

13.	Title plants less $	0 charged off (for Title insurers
	only)			................................. 0	................................. 0	.................................	0	................................. 0
14.	Investment income due and accrued		................633,269,977	................... 2,457,961	................	630,812,016	................633,061,641

15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection			................	178,972,892	................188,314,525
	................181,315,296	................... 2,342,404
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	0
	earned but unbilled premiums)		................. 44,019,022	................................. 0	.................	44,019,022	................. 45,880,101

	15.3 Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	................................. 0	0	.................................	0	................................. 0

16. Reinsurance:

	16.1	Amounts recoverable from reinsurers	323,737,319	0	323,737,319	316,699,985
	16.2	Funds held by or deposited with reinsured companies	0	................................. 0	................................. 0	................................. 0
	16.3	Other amounts receivable under reinsurance contracts	................(97,718,658)	................................. 0	................(97,718,658)	................(92,458,625)
17.	............................................Amounts receivable relating to uninsured plans	................................. 0	................................. 0	................................. 0	................................. 0
18.1	Current federal and foreign income tax recoverable and interest thereon ....	................134,203,213	................................. 0	................134,203,213	............... 128,216,662
18.2	Net deferred tax asset	............ 2,194,463,366	............ 1,638,157,567	................556,305,799	................781,090,094
19.	......................................................Guaranty funds receivable or on deposit	................... 1,041,888	................................. 0	................... 1,041,888	................... 1,123,689
20.	.....................................Electronic data processing equipment and software	.......................165,778	................................. 0	.......................165,778	.......................163,571

21. Furniture and equipment, including health care delivery assets

	($	0 )	15,759,047	15,759,047	0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates	0	0	0	0
23.	.....................................Receivables from parent, subsidiaries and affiliates	0	................................. 0	................................. 0	................................. 0
24.	Health care ($	0 ) and other amounts receivable	................................. 0	................................. 0	................................. 0	................................. 0
25.	........................................Aggregate write-ins for other than invested assets	................. 57,531,662	................. 57,106,145	...................... 425,517	...................... 402,484
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	...........68,293,792,333	............ 1,741,177,686	.......... 66,552,614,647	.......... 70,924,886,470
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	.........192,033,096,086	................................. 0	.........192,033,096,086	.........183,704,207,314
28.	Total (Lines 26 and 27)		260,326,888,419	1,741,177,686	258,585,710,733	254,629,093,784
	DETAILS OF WRITE-INS
1101.	......................................................................................................................	....................................	....................................	....................................	....................................
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	...................Summary of remaining write-ins for Line 11 from overflow page	................................. 0	................................. 0	................................. 0	................................. 0
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	0	0	0	0
2501.	Agents' balances (net)	................. 10,879,486	................. 10,879,486	................................. 0	................................. 0
2502.	...............................................Capitalized software and associated costs	................. 14,351,812	................. 14,351,812	................................. 0	................................. 0
2503.	Prepaid operating expenses	........................................................................	................. 31,874,847	................. 31,874,847	................................. 0	................................. 0
2598.	...................Summary of remaining write-ins for Line 25 from overflow page	...................... 425,517	................................. 0	...................... 425,517	...................... 402,484
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	57,531,662	57,106,145	425,517	402,484

STATEMENT AS OF MARCH 31, 2023 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31
					Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	.......... 27,097,348,559 less $	................................. 0 included in Line 6.3
	(including $	0	Modco Reserve)	27,097,348,559	27,779,493,493
2.	Aggregate reserve for accident and health contracts (including $	0 Modco Reserve)	0	0
3.	Liability for deposit-type contracts (including $	0 Modco Reserve)	9,345,150,637	9,691,716,498

4. Contract claims:

	4.1	Life				814,813,311	857,768,760
	4.2	Accident and health				0	0
5.	Policyholders' dividends/refunds to members $	128,633	and coupons $	0	due
	................................................................................................................................................................................and unpaid				128,633	...................... 193,501
6.	Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated
	amounts:
	6.1	Policyholders' dividends and refunds to members apportioned for payment (including $	0
		Modco)				................... 8,144,782	................... 8,146,667
	6.2	...............................Policyholders' dividends and refunds to members not yet apportioned (including $	0	Modco) ....	........................ 11,828	.......................... 5,921
	6.3	Coupons and similar benefits (including $	0	Modco)		40,478	36,889
7.	Amount provisionally held for deferred dividend policies not included in Line 6		0	0

8. Premiums and annuity considerations for life and accident and health contracts received in advance less

	$	................................. 0	discount; including $	0	accident and health premiums	.........................	................... 3,080,710	................... 2,463,037
9.	Contract liabilities not included elsewhere:
	9.1	Surrender values on canceled contracts			.......................335,996	...................... 294,967
	9.2	Provision for experience rating refunds, including the liability of $ ................................. 0 accident and health
		experience rating refunds of which $	0 is for medical loss ratio rebate per the Public Health
		Service Act				................................. 0	................................. 0
	9.3 Other amounts payable on reinsurance, including $	.................(66,281,220) assumed and $
		ceded				................(42,349,566)	................(42,540,807)
	9.4 Interest Maintenance Reserve			............... 195,164,959	................218,794,655
10.	Commissions to agents due or accrued-life and annuity contracts $	98,859,735 , accident and health
	$	................................. 0 and deposit-type contract funds $	0	................. 98,859,735	................102,066,023
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed		................... 7,226,525	................... 7,400,817
12.	............................................................................................................................................General expenses due or accrued			................133,566,271	................187,924,790
13.	Transfers to Separate Accounts due or accrued (net) (including $	(4,880,940,358) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)		.......... (4,838,870,464)	.......... (5,068,708,696)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes		...................... 118,020	................... 3,029,643
15.1 Current federal and foreign income taxes, including $	..............0 on realized capital gains (losses)	................................. 0	................................. 0
15.2	.............................................................................................................................................................Net deferred tax liability				................................. 0	................................. 0
16.	...................................................................................................................................................Unearned investment income			................... 5,877,133	................... 6,163,706
17.	Amounts withheld or retained by reporting entity as agent or trustee		................... 6,294,498	................... 7,654,871
18.	Amounts held for agents' account, including $	7,537,593 agents' credit balances	................... 7,537,593	................... 7,292,694
19.	........................................................................................................................................Remittances and items not allocated			................. 78,720,239	................. 29,333,714
20.	....................................................................................Net adjustment in assets and liabilities due to foreign exchange rates		................................. 0	................................. 0
21.	.......................................................................................Liability for benefits for employees and agents if not included above		................................. 0	................................. 0
22.	Borrowed money $	57,973,689 and interest thereon $	148,757	................. 58,122,446	................. 62,358,201
23.	Dividends to stockholders declared and unpaid			0	0

24. Miscellaneous liabilities:


	24.01	Asset valuation reserve			479,395,333	986,973,575
	.................................24.02 Reinsurance in unauthorized and certified ($	0 ) companies	34,081,844	................. 33,126,116
	.................................24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	............ 3,597,102,639	............ 3,588,451,909
	24.04	..................................................................................................................Payable to parent, subsidiaries and affiliates		............... 119,452,616	................125,417,249
	24.05	Drafts outstanding			................................. 0	................................. 0
	24.06	Liability for amounts held under uninsured plans		................................. 0	................................. 0
	24.07	Funds held under coinsurance			...........21,503,569,377	.......... 22,550,116,564
	24.08	Derivatives			............ 1,157,224,008	............ 1,710,736,937
	24.09	Payable for securities			................376,338,987	................. 44,781,703
	24.10	Payable for securities lending			................. 29,054,910	................. 23,315,587
	.................................24.11 Capital notes $	0 and interest thereon $	...........................................0	................................. 0	................................. 0
25.	Aggregate write-ins for liabilities			2,027,333,247	2,013,659,827
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)		62,302,875,284	64,937,468,811
27.	From Separate Accounts Statement			192,033,096,086	183,704,207,314
28.	Total liabilities (Lines 26 and 27)			254,335,971,370	248,641,676,125
29.	Common capital stock			13,800,000	13,800,000
30.	..............................................................................................................................................................Preferred capital stock			................................. 0	................................. 0
31.	Aggregate write-ins for other than special surplus funds		................................. 0	................................. 0
32.	Surplus notes			................249,780,456	................249,768,871
33.	.......................................................................................................................................Gross paid in and contributed surplus			............ 4,631,054,966	............ 4,781,054,966
34.	...........................................................................................................................Aggregate write-ins for special surplus funds		................................. 0	................................. 0
35.	Unassigned funds (surplus)			(644,896,059)	942,793,822

36. Less treasury stock, at cost:

	36.1	0	shares common (value included in Line 29	$	................................. 0	)	................................. 0	................................. 0
	36.2	0	shares preferred (value included in Line 30	$	................................. 0	)	0	................................. 0
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $	0 in Separate Accounts Statement)	4,235,939,363	5,973,617,659
38.	Totals of Lines 29, 30 and 37	...................................................................................................................................................			4,249,739,363	5,987,417,659
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				258,585,710,733	254,629,093,784
	DETAILS OF WRITE-INS
2501.	Deferred compensation					................293,770,883	................305,248,400
2502.	Deferred rent					................... 8,368,214	................... 8,444,628
2503.	Founders Plan liability					........................ 19,292	........................ 78,603
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page			............ 1,725,174,858	............ 1,699,888,196
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)				2,027,333,247	2,013,659,827
3101	....................................	....................................
3102	....................................	....................................
3103	....................................	....................................
3198.	..............................................................................................Summary of remaining write-ins for Line 31 from overflow page			................................. 0	................................. 0
3199.	Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)
			0	0
3401	....................................	....................................

3402	....................................	....................................
3403	....................................	....................................
3498.	Summary of remaining write-ins for Line 34 from overflow page	................................. 0	................................. 0
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)	0	0

STATEMENT AS OF MARCH 31, 2023 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	............ 3,261,966,110	............ 4,923,670,570	.......... 16,204,649,433
2.	Considerations for supplementary contracts with life contingencies	...................... 100,558	................... 1,159,638	................... 4,942,494
3.	Net investment income	................807,580,394	................819,981,578	............ 3,259,909,259
4.	Amortization of Interest Maintenance Reserve (IMR)	................. 23,989,300	................. 31,517,682	................108,459,287
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	................. 47,509,760	................. 28,610,150	................152,510,977
6.	Commissions and expense allowances on reinsurance ceded	................. 13,474,259	................. 12,201,320	................. 56,511,484
7.	Reserve adjustments on reinsurance ceded	................................. 0	................................. 0	................................. 0
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	............ 1,318,671,956	............ 1,388,715,465	............ 5,364,789,635
	8.2 Charges and fees for deposit-type contracts	................................. 0	................................. 0	................................. 0
	8.3 Aggregate write-ins for miscellaneous income	168,247,802	189,369,709	715,425,361
9.	Totals (Lines 1 to 8.3)	5,641,540,139	7,395,226,112	25,867,197,930
10.	Death benefits	................251,825,935	................302,276,903	............ 1,017,100,725
11.	Matured endowments (excluding guaranteed annual pure endowments)	................... 1,936,743	................... 2,054,999	................... 5,629,931
12.	Annuity benefits	................870,193,560	................951,736,985	............ 3,421,406,029
13.	Disability benefits and benefits under accident and health contracts	................... 3,108,180	................... 3,038,607	................. 13,446,300
14.	Coupons, guaranteed annual pure endowments and similar benefits	........................ 18,784	........................ 12,144	........................ 60,587
15.	Surrender benefits and withdrawals for life contracts	............ 4,422,160,305	............ 4,601,713,141	.......... 16,545,762,968
16.	Group conversions	................................. 0	................................. 0	................................. 0
17.	Interest and adjustments on contract or deposit-type contract funds	................. 77,434,697	................. 40,033,856	............... 201,561,904
18.	Payments on supplementary contracts with life contingencies	................... 3,865,898	................... 1,951,110	................... 8,912,205
19.	Increase in aggregate reserves for life and accident and health contracts	(682,144,934)	182,747,890	482,195,406
20.	Totals (Lines 10 to 19)	............ 4,948,399,168	............ 6,085,565,635	.......... 21,696,076,055
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	................392,079,645	................471,903,827	............ 1,701,012,516
22.	Commissions and expense allowances on reinsurance assumed	................. 34,230,207	................. 44,814,064	................164,639,855
23.	General insurance expenses and fraternal expenses	................177,463,749	................184,178,608	................637,102,691
24.	Insurance taxes, licenses and fees, excluding federal income taxes	................... 9,993,890	................. 16,229,376	................. 56,744,501
25.	Increase in loading on deferred and uncollected premiums	.....................(509,991)	..................... (893,719)	..................... (233,615)
26.	Net transfers to or (from) Separate Accounts net of reinsurance	...........(1,372,863,543)	..............(662,886,148)	.......... (3,495,688,864)
27.	Aggregate write-ins for deductions	273,140,547	254,397,638	981,276,411
28.	Totals (Lines 20 to 27)	4,461,933,672	6,393,309,281	21,740,929,550
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	1,179,606,467	1,001,916,831	4,126,268,381
30.	Dividends to policyholders and refunds to members	2,237,399	2,159,016	7,673,929
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	1,177,369,068	999,757,815	4,118,594,452
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	441,106,664	(156,998,134)	96,261,286

33. Net gain from operations after dividends to policyholders, refunds to members and federal income

	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)	.....................................	736,262,404	1,156,755,949	4,022,333,166
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	(446,771,921) (excluding taxes of $	(3,463,876)
	transferred to the IMR)		(1,698,961,986)	542,093,223	(334,730,587)
35.	Net income (Line 33 plus Line 34)	(962,699,582)	1,698,849,172	3,687,602,579
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	5,987,417,659	6,098,185,448	6,098,185,448
37.	Net income (Line 35)		(962,699,582)	............ 1,698,849,172	............ 3,687,602,579
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	............ (94,170,114)	.............. (327,421,638)	...........(1,689,972,703)	.......... (1,960,366,408)
39.	Change in net unrealized foreign exchange capital gain (loss)	................................. 0	................. (6,510,453)	................................. 0
40.	......................................................................................................Change in net deferred income tax	................239,272,444	.............. (303,698,216)	.............. (529,550,399)
41.	Change in nonadmitted assets	.............. (563,241,062)	.............. (319,504,227)	................... 7,578,856
42.	Change in liability for reinsurance in unauthorized and certified companies	.....................(955,728)	.....................(186,309)	................... 3,954,231
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	................................. 0	................................. 0	................................. 0
44.	.......................................................................................................Change in asset valuation reserve	................507,578,241	................. 30,961,009	.............. (472,559,806)
45.	Change in treasury stock		................................. 0	................................. 0	................................. 0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period	................. 47,509,760	................. 34,903,087	................152,510,977
47.	Other changes in surplus in Separate Accounts Statement	................(47,509,760)	................(34,903,087)	.............. (152,510,977)
48.	Change in surplus notes		........................ 11,584	........................ 10,692	........................ 44,372
49.	........................................................................Cumulative effect of changes in accounting principles	................................. 0	................................. 0	................................. 0
50.	Capital changes:
	50.1 Paid in		................................. 0	................................. 0	................................. 0
	50.2 Transferred from surplus (Stock Dividend)	................................. 0	................................. 0	................................. 0
	..................................................................................................................50.3 Transferred to surplus	................................. 0	................................. 0	................................. 0
51.	Surplus adjustment:
	51.1 Paid in		..............(150,000,000)	..............(600,000,000)	..............(600,000,000)
	51.2 Transferred to capital (Stock Dividend)	................................. 0	................................. 0	................................. 0
	51.3 Transferred from capital	................................. 0	................................. 0	................................. 0
	...............................................................................51.4 Change in surplus as a result of reinsurance	................(30,222,555)	................(40,479,042)	.............. (247,471,214)
52.	Dividends to stockholders	....................................................................................................................	..............(450,000,000)	................................. 0	................................. 0
53.	Aggregate write-ins for gains and losses in surplus	0	0	0
54.	Net change in capital and surplus for the year (Lines 37 through 53)	(1,737,678,296)	(1,230,530,077)	(110,767,789)
55.	Capital and surplus, as of statement date (Lines 36 + 54)		4,249,739,363	4,867,655,371	5,987,417,659
	DETAILS OF WRITE-INS
..............................................................................................................08.301. General account policy fees	................. 23,468,299	................. 20,001,480	................. 87,032,622
08.302. Marketing fees		............... 146,628,889	................167,823,993	............... 619,258,615
..........................................................................................................................08.303. Miscellaneous income		.......................637,478	.......................455,373	................... 5,270,885
........................................................08.398. Summary of remaining write-ins for Line 8.3 from overflow page	................. (2,486,864)	................... 1,088,863	................... 3,863,240
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)		168,247,802	189,369,709	715,425,361
2701.	Additional contract benefits to Founders Plan policyholders	18,826	........................ 20,224	........................ 78,714
2702.	................................................................................................Amortization of goodwill and value of business acquired	0	................. 25,761,345	................. 32,751,970
2703.	Interest on funds withheld treaties	303,344,278	............... 269,095,112	............ 1,195,916,938
2798.	.........................................................Summary of remaining write-ins for Line 27 from overflow page	................(30,222,557)	................(40,479,043)	.............. (247,471,211)
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)		273,140,547	254,397,638	981,276,411
5301	....................................	....................................	....................................

5302
5303
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	................................. 0	................................. 0
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	0	0	0

Attachments

Disclaimer

Jackson Financial Inc. published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 20:33:52 UTC.