Jackson National Life Insurance Company 3Q 2022 statutory statement

QUARTERLY STATEMENT

OF THE

JACKSON NATIONAL LIFE INSURANCE COMPANY

TO THE

Insurance Department

OF THE

STATE OF

Michigan

FOR THE QUARTER ENDED

SEPTEMBER 30, 2022

[ X ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2022

.MI

STATEMENT AS OF SEPTEMBER 30, 2022 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	45,396,420,658	0	45,396,420,658	47,651,847,145
2.	Stocks:
	2.1 Preferred stocks	86,362,485	0	86,362,485	112,747,200
	2.2 Common stocks	947,977,131	6,043,795	941,933,336	927,356,552

3. Mortgage loans on real estate:

3.1	First liens	11,798,371,671	0	11,798,371,671	11,576,775,228
3.2	Other than first liens	0	0	0	0

4. Real estate:

	4.1 Properties occupied by the company (less $	0
	encumbrances)				230,303,720	0	230,303,720	235,456,749
	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)				306,985	0	306,985	698,303
5.	Cash ($	392,069,986	), cash equivalents
	($	3,784,469,066	) and short-term
	investments ($	245,982,234 )		4,422,521,286	0	4,422,521,286	1,051,513,712
6.	Contract loans (including $		0	premium notes)	4,216,424,504	2,030,587	4,214,393,917	4,350,337,295
7.	Derivatives					1,414,607,945	0	1,414,607,945	1,374,487,516
8.	Other invested assets				2,647,773,217	17,327,712	2,630,445,505	2,405,874,980
9.	Receivables for securities				403,165,549	0	403,165,549	98,027,047
10.	Securities lending reinvested collateral assets		18,414,829	0	18,414,829	12,752,650
11.	Aggregate write-ins for invested assets		0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)		71,589,822,104	25,402,094	71,564,420,010	69,805,046,501
13.	Title plants less $		0 charged off (for Title insurers
	only)					0	0	0	0
14.	Investment income due and accrued		712,693,370	3,127,705	709,565,665	612,680,759
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	219,499,157	2,526,787	216,972,370	417,864,203
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	0
	earned but unbilled premiums)		46,665,587	0	46,665,587	59,579,171
	15.3 Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	0	0	0	0

16. Reinsurance:

	16.1	Amounts recoverable from reinsurers	303,385,997	0	303,385,997	310,694,877
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	(123,431,726)	0	(123,431,726)	(260,488,388)
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	115,072,829	0	115,072,829	95,704,453
18.2	Net deferred tax asset	1,343,868,308	288,563,606	1,055,304,702	795,683,132
19.	Guaranty funds receivable or on deposit	1,175,952	0	1,175,952	1,485,165
20.	Electronic data processing equipment and software	172,440	0	172,440	558,541

21. Furniture and equipment, including health care delivery assets

	($	0 )	15,628,473	15,628,473	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	655,529,705	46,289,164	609,240,541	32,774,764

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

74,880,082,196

381,537,829

74,498,544,367

71,871,583,178

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	173,017,905,831	0	173,017,905,831	231,322,569,671
28.	Total (Lines 26 and 27)	247,897,988,027	381,537,829	247,516,450,198	303,194,152,849
	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)	7,074,602	7,074,602	0	0
2502.	Capitalized software and associated costs	12,048,170	12,048,170	0	0
2503.	Goodwill and value of business acquired	0	0	0	32,751,970
2598.	Summary of remaining write-ins for Line 25 from overflow page	636,406,933	27,166,392	609,240,541	22,794
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	655,529,705	46,289,164	609,240,541	32,774,764

STATEMENT AS OF SEPTEMBER 30, 2022 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 $	28,956,896,844 less $	0 included in Line 6.3
	(including $	0	Modco Reserve)		28,956,896,844	27,297,298,086
2.	Aggregate reserve for accident and health contracts (including $	0 Modco Reserve)	0	0
3.	Liability for deposit-type contracts (including $	0 Modco Reserve)	9,044,677,292	9,558,433,704

4. Contract claims:

4.1	Life		821,900,552	864,864,157
4.2	Accident and health		0	0
5. Policyholders' dividends/refunds to members $	187,739 and coupons $	0 due
and unpaid			187,739	195,532

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)			8,661,852	8,668,635
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0 Modco)	5,945	11,950
6.3	Coupons and similar benefits (including $	0 Modco)		40,315	44,334
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

2,726,427

2,661,551

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts				458,983	301,960
	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 $	(67,832,038) assumed and $	10,418,841
		ceded					(57,413,197)	(47,364,744)
	9.4 Interest Maintenance Reserve				329,044,255	616,940,107
10.	Commissions to agents due or accrued-life and annuity contracts $	94,990,496 , accident and health
	$		0 and deposit-type contract funds $	0		94,990,496	125,820,242
11.	Commissions and expense allowances payable on reinsurance assumed			7,491,642	7,500,845
12.	General expenses due or accrued				160,514,073	244,669,293
13.	Transfers to Separate Accounts due or accrued (net) (including $	(5,103,086,742) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			(5,139,128,911)	(5,479,171,744)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes			3,532,153	(2,544,252)
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				6,231,198	6,487,120
17.	Amounts withheld or retained by reporting entity as agent or trustee			9,833,854	8,125,211
18.	Amounts held for agents' account, including $	7,366,847 agents' credit balances		7,366,847	7,074,675
19.	Remittances and items not allocated				61,053,624	14,339,175
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 $	62,223,689 and interest thereon $	79,797		62,303,486	67,266,744
23.	Dividends to stockholders declared and unpaid				0	0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve				980,728,878	514,413,769
	24.02 Reinsurance in unauthorized and certified ($	0 ) companies		30,733,468	37,080,347
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	3,653,559,985	3,633,815,456
	24.04	Payable to parent, subsidiaries and affiliates			141,143,553	201,591,665
	24.05	Drafts outstanding				0	0
	24.06	Liability for amounts held under uninsured plans			0	0
	24.07	Funds held under coinsurance				23,551,422,292	25,136,578,056
	24.08	Derivatives				1,780,339,986	(132,986,709)
	24.09	Payable for securities				116,016,494	52,014,257
	24.10	Payable for securities lending				18,414,829	12,752,650
	24.11 Capital notes $	0 and interest thereon $	0		0	0
25.	Aggregate write-ins for liabilities				1,343,638,865	3,016,515,659
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			65,997,373,819	65,773,397,730
27.	From Separate Accounts Statement				173,017,905,831	231,322,569,671
28.	Total liabilities (Lines 26 and 27)				239,015,279,650	297,095,967,401
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				249,757,370	249,724,499
33.	Gross paid in and contributed surplus				4,781,054,966	5,381,054,966
34.	Aggregate write-ins for special surplus funds			0	0
35.	Unassigned funds (surplus)				3,456,558,212	453,605,983

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)	8,487,370,548	6,084,385,448
38.	Totals of Lines 29, 30 and 37					8,501,170,548	6,098,185,448
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				247,516,450,198	303,194,152,849
	DETAILS OF WRITE-INS
2501.	Deferred compensation						296,102,649	352,537,755
2502.	Deferred rent						8,500,956	8,700,554
2503.	Founders Plan liability						60,645	83,650
2598.	Summary of remaining write-ins for Line 25 from overflow page				1,038,974,615	2,655,193,700
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)
			1,343,638,865	3,016,515,659
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 SEPTEMBER 30, 2022 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	12,862,075,864	14,675,055,043	19,845,300,537
2.	Considerations for supplementary contracts with life contingencies	3,871,282	4,171,337	7,009,766
3.	Net investment income	2,450,653,439	2,591,322,528	3,491,801,163
4.	Amortization of Interest Maintenance Reserve (IMR)	86,327,114	105,230,704	182,272,815
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	145,789,202	0	6,292,937
6.	Commissions and expense allowances on reinsurance ceded	40,903,086	49,002,071	67,992,664
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	4,054,862,319	4,045,856,135	5,472,640,792
	8.2 Charges and fees for deposit-type contracts	0	0	0
	8.3 Aggregate write-ins for miscellaneous income	543,110,160	575,037,063	781,910,675
9.	Totals (Lines 1 to 8.3)	20,187,592,466	22,045,674,881	29,855,221,349
10.	Death benefits	750,252,199	807,861,648	1,069,891,387
11.	Matured endowments (excluding guaranteed annual pure endowments)	4,697,458	4,113,565	5,138,631
12.	Annuity benefits	2,624,762,948	2,590,886,720	3,490,409,388
13.	Disability benefits and benefits under accident and health contracts	9,775,527	10,492,318	12,306,610
14.	Coupons, guaranteed annual pure endowments and similar benefits	42,188	47,728	71,868
15.	Surrender benefits and withdrawals for life contracts	12,386,197,193	15,062,376,748	20,238,649,566
16.	Group conversions	0	0	0
17.	Interest and adjustments on contract or deposit-type contract funds	136,311,333	145,895,940	186,986,143
18.	Payments on supplementary contracts with life contingencies	6,286,204	6,221,991	8,308,989
19.	Increase in aggregate reserves for life and accident and health contracts	1,659,598,758	(859,619,796)	(1,344,167,023)
20.	Totals (Lines 10 to 19)	17,577,923,808	17,768,276,862	23,667,595,559

21. Commissions on premiums, annuity considerations, and deposit-type contract funds (direct

	business only)	1,310,518,228	1,491,551,637	1,991,155,354
22.	Commissions and expense allowances on reinsurance assumed	126,514,853	134,149,638	177,605,847
23.	General insurance expenses and fraternal expenses	439,526,403	488,765,732	722,125,122
24.	Insurance taxes, licenses and fees, excluding federal income taxes	47,062,386	39,647,295	44,784,135
25.	Increase in loading on deferred and uncollected premiums	(893,891)	180,851	208,047
26.	Net transfers to or (from) Separate Accounts net of reinsurance	(2,319,664,143)	(2,305,683,935)	(2,926,855,571)
27.	Aggregate write-ins for deductions	780,197,872	808,714,873	1,073,325,495
28.	Totals (Lines 20 to 27)	17,961,185,516	18,425,602,953	24,749,943,988

29. Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus

Line 28)	2,226,406,950	3,620,071,928	5,105,277,361
30. Dividends to policyholders and refunds to members	6,148,045	6,655,107	8,835,613

31. Net gain from operations after dividends to policyholders, refunds to members and before federal

income taxes (Line 29 minus Line 30)	2,220,258,905	3,613,416,821	5,096,441,748
32. Federal and foreign income taxes incurred (excluding tax on capital gains)	17,122,078	737,018,460	883,789,896

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)	2,203,136,827	2,876,398,361	4,212,651,852
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	9,621,255 (excluding taxes of $	(38,005,948)
	transferred to the IMR)			(43,096,287)	(3,227,514,554)	(4,076,745,388)
35.	Net income (Line 33 plus Line 34)		2,160,040,540	(351,116,193)	135,906,464
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year		6,098,185,448	4,780,510,279	4,780,510,279
37.	Net income (Line 35)			2,160,040,540	(351,116,193)	135,906,464
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	258,792,922	966,382,462	384,956,388	(95,219,882)
39.	Change in net unrealized foreign exchange capital gain (loss)		(42,800,851)	7,510,410	4,127,437
40.	Change in net deferred income tax		(282,527,037)	203,349,974	148,050,639
41.	Change in nonadmitted assets		803,977,649	67,669,766	(28,332,557)
42.	Change in liability for reinsurance in unauthorized and certified companies		6,346,879	(2,181,760)	(3,191,783)
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	0	0	0
44.	Change in asset valuation reserve		(466,315,112)	(34,322,180)	(44,497,255)
45.	Change in treasury stock			0	0	0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period		145,789,202	0	6,292,937
47.	Other changes in surplus in Separate Accounts Statement		(145,789,202)	0	(6,292,937)
48.	Change in surplus notes			32,871	33,605	44,221
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	(600,000,000)	1,375,000,000	1,375,000,000
	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	(142,152,301)	(124,438,557)	(174,212,115)
52.	Dividends to stockholders	0	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)	2,402,985,100	1,526,461,453	1,317,675,169
55.	Capital and surplus, as of statement date (Lines 36 + 54)	8,501,170,548	6,306,971,732	6,098,185,448
	DETAILS OF WRITE-INS
08.301. General account policy fees	64,661,605	55,650,719	82,890,232
08.302. Marketing fees	474,122,173	514,450,606	696,187,398
08.303. Miscellaneous income	1,467,705	1,359,992	2,302,668
08.398. Summary of remaining write-ins for Line 8.3 from overflow page	2,858,677	3,575,746	530,377
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)	543,110,160	575,037,063	781,910,675
2701.	Additional contract benefits to Founders Plan policyholders	60,501	83,621	81,095
2702.	Amortization of goodwill and value of business acquired	32,751,970	36,845,966	49,127,954
2703.	Interest on funds withheld treaties	889,537,703	896,223,851	1,198,328,570
2798.	Summary of remaining write-ins for Line 27 from overflow page	(142,152,302)	(124,438,565)	(174,212,124)
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	780,197,872	808,714,873	1,073,325,495
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

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 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 21:25:38 UTC.

Jackson National Life Insurance Company 3Q 2022 statutory statement

Advisor News

Annuity News

Health/Employee Benefits News

Life Insurance News

Jackson National Life Insurance Company 3Q 2022 statutory statement

Advisor News

Annuity News

Health/Employee Benefits News

Life Insurance News

Sign in with your Insider Pro Account