Jackson National Life Insurance Company 2021 annual statutory statement

ANNUAL STATEMENT

OF THE

JACKSON NATIONAL LIFE INSURANCE COMPANY

TO THE

Insurance Department

OF THE

STATE OF

Michigan

FOR THE YEAR ENDED

DECEMBER 31, 2021

[ X ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2021

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

ASSETS

		Current Year		Prior Year
	1	2	3	4
			Net Admitted Assets	Net Admitted
	Assets	Nonadmitted Assets	(Cols. 1 - 2)	Assets
1. Bonds (Schedule D)	47,651,847,145	0	47,651,847,145	52,658,303,777

2. Stocks (Schedule D):

2.1 Preferred stocks	112,747,200	0	112,747,200	40,325,000
2.2 Common stocks	932,976,304	5,619,752	927,356,552	864,508,335

3. Mortgage loans on real estate (Schedule B):

3.1	First liens	11,576,775,228	0	11,576,775,228	10,906,757,382
3.2	Other than first liens	0	0	0	0

4. Real estate (Schedule A):

	4.1 Properties occupied by the company (less $		0
	encumbrances)					235,456,749	0	235,456,749	242,109,683
	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)					698,303	0	698,303	2,186,728
5.	Cash ($	288,194,851	, Schedule E - Part 1), cash equivalents
	($	763,318,861	, Schedule E - Part 2) and short-term
	investments ($		0 , Schedule DA)		1,051,513,712	0	1,051,513,712	1,244,646,085
6.	Contract loans (including $		0	premium notes)		4,352,248,424	1,911,129	4,350,337,295	4,397,119,190
7.	Derivatives (Schedule DB)					1,374,487,516	0	1,374,487,516	2,406,182,341
8.	Other invested assets (Schedule BA)			2,422,578,050	16,703,070	2,405,874,980	1,654,938,583
9.	Receivables for securities					98,027,047	0	98,027,047	149,020,017
10.	Securities lending reinvested collateral assets (Schedule DL)		12,752,650	0	12,752,650	12,304,884
11.	Aggregate write-ins for invested assets			0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)			69,829,280,452	24,233,951	69,805,046,501	74,585,574,129
13.	Title plants less $		0 charged off (for Title insurers
	only)					0	0	0	0
14.	Investment income due and accrued		621,472,581	8,791,822	612,680,759	667,384,859

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	419,595,765	1,731,562	417,864,203	332,544,497
15.2	Deferred premiums and agents' balances and installments booked but
	deferred and not yet due (including $	0
	earned but unbilled premiums)		59,579,171	0	59,579,171	49,034,925
15.3	Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	0	0	0	0

16. Reinsurance:


	16.1	Amounts recoverable from reinsurers	310,694,877	0	310,694,877	287,219,471
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	(260,488,388)	0	(260,488,388)	(26,143,724)
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	95,704,453	0	95,704,453	399,948,076
18.2	Net deferred tax asset		1,885,188,266	1,089,505,134	795,683,132	624,003,212
19.	Guaranty funds receivable or on deposit	1,485,165	0	1,485,165	1,950,128
20.	Electronic data processing equipment and software	558,541	0	558,541	2,870,520
21.	Furniture and equipment, including health care delivery assets
	($	0 )	19,840,085	19,840,085	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	39,734,408
24.	Health care ($	0 ) and other amounts receivable	0	0	0	0
25.	Aggregate write-ins for other than invested assets	74,187,690	41,412,926	32,774,764	81,879,924

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

73,057,098,658

1,185,515,480

71,871,583,178

77,046,000,425

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	231,322,569,671	0	231,322,569,671	203,756,361,329
28.	Total (Lines 26 and 27)	304,379,668,329	1,185,515,480	303,194,152,849	280,802,361,754
	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 thru 1103 plus 1198)(Line 11 above)	0	0	0	0
2501.	Agents' balances (net)	7,607,211	7,607,211	0	0
2502.	Capitalized software and associated costs	12,928,126	12,928,126	0	0
2503.	Goodwill and value of business acquired	32,751,970	0	32,751,970	81,879,924
2598.	Summary of remaining write-ins for Line 25 from overflow page	20,900,383	20,877,589	22,794	0
2599.	Totals (Lines 2501 thru 2503 plus 2598)(Line 25 above)	74,187,690	41,412,926	32,774,764	81,879,924

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current Year	Prior Year
1.	Aggregate reserve for life contracts $	27,297,298,086 (Exh. 5, Line 9999999) less $	0
	included in Line 6.3 (including $	0 Modco Reserve)			27,297,298,086	28,641,465,110
2.	Aggregate reserve for accident and health contracts (including $	0 Modco Reserve)	0	0
3.	Liability for deposit-type contracts (Exhibit 7, Line 14, Col. 1) (including $	0	Modco Reserve)	9,558,433,704	11,886,021,839

4. Contract claims:


4.1	Life (Exhibit 8, Part 1, Line 4.4, Col. 1 less sum of Cols. 9, 10 and 11)	864,864,157	903,762,962
4.2	Accident and health (Exhibit 8, Part 1, Line 4.4, sum of Cols. 9, 10 and 11)		0	0
5. Policyholders' dividends/refunds to members $	195,532 and coupons $	0 due
and unpaid (Exhibit 4, Line 10)		195,532	204,888

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)			8,668,635	8,737,702
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0 Modco)	11,950	174,717
6.3	Coupons and similar benefits (including $	0 Modco)		44,334	43,167
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 (Exhibit 1,
Part 1, Col. 1, sum of lines 4 and 14)	2,661,551	2,567,301

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts					301,960	300,467
	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 $	(73,782,374) assumed and $	26,417,630
		ceded						(47,364,744)	(24,919,942)
	9.4 Interest maintenance reserve (IMR, Line 6)					616,940,107	722,493,062
10.	Commissions to agents due or accrued-life and annuity contracts $	125,820,242	accident and health
	$		0 and deposit-type contract funds $	0			125,820,242	122,307,852
11.	Commissions and expense allowances payable on reinsurance assumed				7,500,845	7,723,592
12.	General expenses due or accrued (Exhibit 2, Line 12, Col. 7)					244,669,293	252,144,900
13.	Transfers to Separate Accounts due or accrued (net) (including $	(5,467,586,518)	accrued for expense
	allowances recognized in reserves, net of reinsured allowances)				(5,479,171,744)	(5,287,185,601)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes (Exhibit 3, Line 9, Col. 6)		(2,544,252)	(5,519,216)
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					6,487,120	7,055,148
17.	Amounts withheld or retained by reporting entity as agent or trustee				8,125,211	7,678,578
18.	Amounts held for agents' account, including $	7,074,675	agents' credit balances		7,074,675	6,419,592
19.	Remittances and items not allocated					14,339,175	44,758,224
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 $	67,263,162 and interest thereon $	3,582			67,266,744	452,318,666
23.	Dividends to stockholders declared and unpaid					0	0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve (AVR, Line 16, Col. 7)			514,413,769	469,916,514
	24.02 Reinsurance in unauthorized and certified ($	0 ) companies		37,080,347	33,888,565
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	3,633,815,456	3,619,872,636
	24.04	Payable to parent, subsidiaries and affiliates			201,591,665	253,247,466
	24.05	Drafts outstanding				0	0
	24.06	Liability for amounts held under uninsured plans			0	0
	24.07	Funds held under coinsurance				25,136,578,056	26,993,894,636
	24.08	Derivatives				(132,986,709)	0
	24.09	Payable for securities				52,014,257	247,782,570
	24.10	Payable for securities lending				12,752,650	12,304,884
	24.11 Capital notes $	0 and interest thereon $	0		0	0
25.	Aggregate write-ins for liabilities				3,016,515,659	2,886,029,867
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			65,773,397,730	72,265,490,146
27.	From Separate Accounts Statement				231,322,569,671	203,756,361,329
28.	Total liabilities (Lines 26 and 27)				297,095,967,401	276,021,851,475
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				249,724,499	249,680,279
33.	Gross paid in and contributed surplus (Page 3, Line 33, Col. 2 plus Page 4, Line 51.1, Col. 1)		5,381,054,966	4,006,054,966
34.	Aggregate write-ins for special surplus funds			0	0
35.	Unassigned funds (surplus)				453,605,983	510,975,034

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)	6,084,385,448	4,766,710,279
38.	Totals of Lines 29, 30 and 37 (Page 4, Line 55)				6,098,185,448	4,780,510,279
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				303,194,152,849	280,802,361,754
	DETAILS OF WRITE-INS
2501.	Deferred compensation
				352,537,755	359,569,468
2502.	Deferred rent					8,700,554	9,621,253
2503.	Founders Plan liability					83,650	90,351
2598.	Summary of remaining write-ins for Line 25 from overflow page				2,655,193,700	2,516,748,795
2599.	Totals (Lines 2501 thru 2503 plus 2598)(Line 25 above)				3,016,515,659	2,886,029,867
3101.
3102.

3103.
3198.	Summary of remaining write-ins for Line 31 from overflow page				0	0
3199.	Totals (Lines 3101 thru 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 thru 3403 plus 3498)(Line 34 above)				0	0

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE JACKSON NATIONAL LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

		1	2
		Current Year	Prior Year
1.	Premiums and annuity considerations for life and accident and health contracts (Exhibit 1, Part 1, Line 20.4, Col. 1, less
	Col. 11)	19,845,300,537	(8,369,874,070)
2.	Considerations for supplementary contracts with life contingencies	7,009,766	7,441,318
3.	Net investment income (Exhibit of Net Investment Income, Line 17)	3,491,801,163	3,550,551,701
4.	Amortization of Interest Maintenance Reserve (IMR, Line 5)	182,272,815	208,971,544
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	6,292,937	0
6.	Commissions and expense allowances on reinsurance ceded (Exhibit 1, Part 2, Line 26.1, Col. 1)	67,992,664	1,236,332,511
7.	Reserve adjustments on reinsurance ceded	0	0

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract guarantees from Separate
	Accounts	5,472,640,792	4,638,415,231
	8.2 Charges and fees for deposit-type contracts	0	0
	8.3 Aggregate write-ins for miscellaneous income	781,910,675	641,554,797
9.	Total (Lines 1 to 8.3)	29,855,221,349	1,913,393,032
10.	Death benefits	1,069,891,387	1,079,022,004
11.	Matured endowments (excluding guaranteed annual pure endowments)	5,138,631	6,058,163
12.	Annuity benefits (Exhibit 8, Part 2, Line 6.4, Cols. 4 + 8)	3,490,409,388	3,281,538,269
13.	Disability benefits and benefits under accident and health contracts	12,306,610	12,153,033
14.	Coupons, guaranteed annual pure endowments and similar benefits	71,868	75,126
15.	Surrender benefits and withdrawals for life contracts	20,238,649,566	16,120,092,073
16.	Group conversions	0	0
17.	Interest and adjustments on contract or deposit-type contract funds	186,986,143	268,726,483
18.	Payments on supplementary contracts with life contingencies	8,308,989	8,610,126
19.	Increase in aggregate reserves for life and accident and health contracts	(1,344,167,023)	(24,140,388,373)
20.	Totals (Lines 10 to 19)	23,667,595,559	(3,364,113,096)

21. Commissions on premiums, annuity considerations, and deposit-type contract funds (direct business only) (Exhibit 1, Part

	2, Line 31, Col. 1)			1,991,155,354	1,763,715,876
22.	Commissions and expense allowances on reinsurance assumed (Exhibit 1, Part 2, Line 26.2, Col. 1)	177,605,847	185,145,601
23.	General insurance expenses and fraternal expenses (Exhibit 2, Line 10, Cols. 1, 2, 3, 4 and 6)	722,125,122	688,276,009
24.	Insurance taxes, licenses and fees, excluding federal income taxes (Exhibit 3, Line 7, Cols. 1 + 2 + 3 + 5)	44,784,135	45,623,235
25.	Increase in loading on deferred and uncollected premiums			208,047	(2,498,839)
26.	Net transfers to or (from) Separate Accounts net of reinsurance		(2,926,855,571)	(2,600,259,511)
27.	Aggregate write-ins for deductions			1,073,325,495	1,716,830,717
28.	Totals (Lines 20 to 27)			24,749,943,988	(1,567,280,008)
29.	Net gain from operations before dividends to policyholders, refunds to members and federal income taxes (Line 9 minus
	Line 28)				5,105,277,361	3,480,673,040
30.	Dividends to policyholders and refunds to members			8,835,613	11,984,812
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal income taxes (Line 29
	minus Line 30)			5,096,441,748	3,468,688,228
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)		883,789,896	949,924,814
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)			4,212,651,852	2,518,763,414
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital gains tax of
	$	(1,008,920,874) (excluding taxes of $	135,159,459	transferred to the IMR)	(4,076,745,388)	(4,452,236,387)
35.	Net income (Line 33 plus Line 34)			135,906,464	(1,933,472,973)
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year (Page 3, Line 38, Col. 2)		4,780,510,279	4,759,577,738
37.	Net income (Line 35)			135,906,464	(1,933,472,973)
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	(36,309,586)	(95,219,882)	453,210,266
39.	Change in net unrealized foreign exchange capital gain (loss)		4,127,437	5,393,835
40.	Change in net deferred income tax			148,050,639	317,135,572
41.	Change in nonadmitted assets			(28,332,557)	(152,807,988)
42.	Change in liability for reinsurance in unauthorized and certified companies		(3,191,783)	31,060,411
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	0	0
44.	Change in asset valuation reserve			(44,497,255)	(21,474,836)
45.	Change in treasury stock (Page 3, Lines 36.1 and 36.2, Col. 2 minus Col. 1)	0	0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period		6,292,937	0
47.	Other changes in surplus in Separate Accounts Statement			(6,292,937)	0
48.	Change in surplus notes			44,221	68,809
49.	Cumulative effect of changes in accounting principles			0	0

50. Capital changes:

50.1	Paid in	0	0
50.2	Transferred from surplus (Stock Dividend)	0	0
50.3	Transferred to surplus	0	0

51. Surplus adjustment:

	51.1 Paid in	1,375,000,000	500,000,000
	51.2 Transferred to capital (Stock Dividend)	0	0
	51.3 Transferred from capital	0	0
	51.4 Change in surplus as a result of reinsurance	(174,212,115)	905,073,982
52.	Dividends to stockholders	0	0
53.	Aggregate write-ins for gains and losses in surplus	0	(83,254,537)
54.	Net change in capital and surplus for the year (Lines 37 through 53)	1,317,675,169	20,932,540
55.	Capital and surplus, December 31, current year (Lines 36 + 54) (Page 3, Line 38)	6,098,185,448	4,780,510,279
	DETAILS OF WRITE-INS
08.301. General account policy fees	82,890,232	75,259,135
08.302. Marketing fees	696,187,398	562,455,640
08.303. Miscellaneous income	2,302,668	1,575,867
08.398. Summary of remaining write-ins for Line 8.3 from overflow page	530,377	2,264,155
08.399. Totals (Lines 08.301 thru 08.303 plus 08.398)(Line 8.3 above)	781,910,675	641,554,797
2701.	Additional contract benefits to Founders Plan policyholders	81,095	88,573
2702.	Amortization of goodwill and value of business acquired	49,127,954	49,127,954
2703.	Interest on funds withheld treaties	1,198,328,570	822,170,459
2798.	Summary of remaining write-ins for Line 27 from overflow page	(174,212,124)	845,443,731
2799.	Totals (Lines 2701 thru 2703 plus 2798)(Line 27 above)	1,073,325,495	1,716,830,717
5301.	VM-21 impact due to CDHS model change	0	(83,254,537)
5302.
5303.
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	0
5399.	Totals (Lines 5301 thru 5303 plus 5398)(Line 53 above)	0	(83,254,537)

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Disclaimer

Jackson Financial Inc. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 15:55:52 UTC.

Jackson National Life Insurance Company 2021 annual statutory statement

Advisor News

Annuity News

Health/Employee Benefits News

Life Insurance News

Jackson National Life Insurance Company 2021 annual statutory statement

Advisor News

Annuity News

Health/Employee Benefits News

Life Insurance News

Sign in with your Insider Pro Account