# EDGAR Filing Document

**Accession Number:** 0000776991
**File Stem:** 0000776991-26-000007
**Filing Date:** 2026-4
**Character Count:** 492785
**Document Hash:** ae3de92c423c8fb21117dda16ef58c2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000776991-26-000007.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0000776991-26-000007

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**EFFECTIVENESS DATE**: 20260415

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JACKSON SAGE VARIABLE ANNUITY ACCOUNT A
- **CENTRAL INDEX KEY:** 0000776991

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04405
- **FILM NUMBER:** 26863750

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517) 381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SAGE VARIABLE ANNUITY ACCOUNT A
- **DATE OF NAME CHANGE:** 19990603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY STANDARD LIFE SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### JACKSON SAGE VARIABLE ANNUITY ACCOUNT A (Series ID: S000010044)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000124602 | Choice (JNL)             |  |
| C000124604 | Select (JNL)             |  |
| C000124606 | Freedom (JNL)            |  |
| C000124608 | Plus (No Recap) (JNL)    |  |
| C000124610 | Plus (Bonus Recap) (JNL) |  |
| C000124612 | Asset I (JNL)            |  |
| C000124614 | Asset II (JNL)           |  |

![logo.jpg](logo.jpg)

***Jackson Sage Variable Annuity Account A***

*Formerly The Sage Variable Annuity Account A*

*December 31, 2025*

*With Report of Independent Registered Public Accounting Firm Thereon*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Alger Growth & Income Portfolio | Alger Mid Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Columbia Value Portfolio - Dividend Opportunity Fund | Columbia Value Portfolio - Large Cap Growth Fund | Columbia Value Portfolio - Small Cap Value Fund | Invesco V.I. American Franchise Fund Series I |
| **Assets** |  |  |  |  |  |  |  |
| Investments in Funds, at fair value | $68869 | $359764 | $265870 | $21861 | $45533 | $— | $76250 |
| **Total assets**  | 68869 | 359764 | 265870 | 21861 | 45533 |  | 76250 |
| **Liabilities** |  |  |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |  |  |
| **Net assets** | $68869 | $359764 | $265870 | $21861 | $45533 | $— | $76250 |
| Maximum Unit Value | 87.398614  | 84.695428  | 39.466659  | 36.557579  | 75.813344  | N/A | 52.439036  |
| Minimum Unit Value | 52.033770  | 31.706183  | 28.255654  | N/A | N/A | N/A | 51.359992  |
| Investments in Funds, shares outstanding | 1961 | 15103 | 14263 | 417 | 801 |  | 941 |
| Investments in Funds, at cost | $48146 | $298687 | $283609 | $5999 | $6029 | $— | $52848 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |  |  |
|  | Alger Growth & Income Portfolio | Alger Mid Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Columbia Value Portfolio - Dividend Opportunity Fund | Columbia Value Portfolio - Large Cap Growth Fund | Columbia Value Portfolio - Small Cap Value Fund | Invesco V.I. American Franchise Fund Series I |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends | $1011 | $— | $— | $— | $— | $— | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 927 | 4533 | 3787 | 254 | 516 |  | 1019 |
| **Total expenses** | 927 | 4533 | 3787 | 254 | 516 |  | 1019 |
| **Net investment income (loss)** | 84 | (4533) | (3787) | (254) | (516) |  | (1019) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Distributions from Funds | 7767 |  | 3115 |  |  |  | 6879 |
| Sales of investments in Funds | 6460 | (12998) | (55528) | 179 | 440 |  | 1230 |
| Net change in unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (2423) | 63715 | 67573 | 2826 | 5909 |  | (47) |
| **Net realized and unrealized gain (loss)** | 11804 | 50717 | 15160 | 3005 | 6349 |  | 8062 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | $11888 | $46184 | $11373 | $2751 | $5833 | $— | $7043 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. American Franchise Fund Series II | Invesco V.I. American Value Fund Series I | Invesco V.I. Comstock Fund Series I | Invesco V.I. Core Equity Fund Series I | Invesco V.I. Core Equity Fund Series II | Invesco V.I. Core Plus Bond Fund Series I | Invesco V.I. Core Plus Bond Fund Series II |
| **Assets** |  |  |  |  |  |  |  |
| Investments in Funds, at fair value | $6369 | $289633 | $243037 | $521672 | $116403 | $376080 | $97754 |
| **Total assets**  | 6369 | 289633 | 243037 | 521672 | 116403 | 376080 | 97754 |
| **Liabilities** |  |  |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |  |  |
| **Net assets** | $6369 | $289633 | $243037 | $521672 | $116403 | $376080 | $97754 |
| Maximum Unit Value | 59.093597  | 116.218293  | 46.314000  | 50.166639  | 49.679710  | 11.152256  | 10.488565  |
| Minimum Unit Value | N/A | 42.263934  | 37.658459  | 35.386511  | N/A | 10.589200  | N/A |
| Investments in Funds, shares outstanding | 89 | 15958 | 11346 | 14479 | 3255 | 64287 | 16942 |
| Investments in Funds, at cost | $5296 | $229715 | $213521 | $428331 | $96667 | $374468 | $97402 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. American Franchise Fund Series II | Invesco V.I. American Value Fund Series I | Invesco V.I. Comstock Fund Series I | Invesco V.I. Core Equity Fund Series I | Invesco V.I. Core Equity Fund Series II | Invesco V.I. Core Plus Bond Fund Series I | Invesco V.I. Core Plus Bond Fund Series II |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends | $— | $1239 | $3855 | $3197 | $453 | $15465 | $3920 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 92 | 3793 | 3305 | 6769 | 1859 | 5114 | 1354 |
| **Total expenses** | 92 | 3793 | 3305 | 6769 | 1859 | 5114 | 1354 |
| **Net investment income (loss)** | (92) | (2554) | 550 | (3572) | (1406) | 10351 | 2566 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Distributions from Funds | 640 | 41327 | 24305 | 36801 | 8293 |  |  |
| Sales of investments in Funds | 36 | 7846 | 13227 | 3888 | 2532 | (188) | (441) |
| Net change in unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (10) | 2551 | (5455) | 32321 | 5752 | 9354 | 2918 |
| **Net realized and unrealized gain (loss)** | 666 | 51724 | 32077 | 73010 | 16577 | 9166 | 2477 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | $574 | $49170 | $32627 | $69438 | $15171 | $19517 | $5043 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. Discovery Large Cap Fund | Invesco V.I. Diversified Dividend Fund | Invesco V.I. Global Core Equity Fund | Invesco V.I. Global Fund/VA Class 2 | Invesco V.I. Global Health Care Fund | Invesco V.I. Government Securities Fund Series I | Invesco V.I. Government Securities Fund Series II |
| **Assets** |  |  |  |  |  |  |  |
| Investments in Funds, at fair value | $691675 | $299957 | $59225 | $1062 | $30680 | $91797 | $205169 |
| **Total assets**  | 691675 | 299957 | 59225 | 1062 | 30680 | 91797 | 205169 |
| **Liabilities** |  |  |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |  |  |
| **Net assets** | $691675 | $299957 | $59225 | $1062 | $30680 | $91797 | $205169 |
| Maximum Unit Value | 90.904960  | 32.395502  | 29.256010  | 52.198484  | 38.126575  | 23.121398  | 13.146875  |
| Minimum Unit Value | 46.362500  | N/A | 19.026947  | N/A | 33.638782  | 12.266910  | N/A |
| Investments in Funds, shares outstanding | 10936 | 11020 | 5023 | 29 | 1026 | 8619 | 19466 |
| Investments in Funds, at cost | $544727 | $274607 | $46472 | $1086 | $27555 | $96398 | $215800 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. Discovery Large Cap Fund | Invesco V.I. Diversified Dividend Fund | Invesco V.I. Global Core Equity Fund | Invesco V.I. Global Fund/VA Class 2 | Invesco V.I. Global Health Care Fund | Invesco V.I. Government Securities Fund Series I | Invesco V.I. Government Securities Fund Series II |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends | $— | $4665 | $780 | $— | $— | $2768 | $5748 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 9367 | 4043 | 777 | 14 | 475 | 1217 | 3037 |
| **Total expenses** | 9367 | 4043 | 777 | 14 | 475 | 1217 | 3037 |
| **Net investment income (loss)** | (9367) | 622 | 3 | (14) | (475) | 1551 | 2711 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Distributions from Funds | 78845 | 22304 | 3862 | 194 | 1231 |  |  |
| Sales of investments in Funds | 3884 | (325) | 235 | 3 | 385 | (766) | (2995) |
| Net change in unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (3137) | 14447 | 3157 | (58) | 3148 | 4650 | 10425 |
| **Net realized and unrealized gain (loss)** | 79592 | 36426 | 7254 | 139 | 4764 | 3884 | 7430 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | $70225 | $37048 | $7257 | $125 | $4289 | $5435 | $10141 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series II | Invesco V.I. Main Street Small Cap Fund | Invesco V.I. Money Market Fund | Invesco V.I. Technology Fund | MFS/VIT II Core Equity Portfolio |
| **Assets** |  |  |  |  |  |  |  |
| Investments in Funds, at fair value | $128896 | $210014 | $345062 | $260189 | $421599 | $458619 | $110800 |
| **Total assets**  | 128896 | 210014 | 345062 | 260189 | 421599 | 458619 | 110800 |
| **Liabilities** |  |  |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |  |  |
| **Net assets** | $128896 | $210014 | $345062 | $260189 | $421599 | $458619 | $110800 |
| Maximum Unit Value | 49.861788  | 44.092658  | 33.476468  | 116.052031  | 14.037559  | 60.456527  | 35.598991  |
| Minimum Unit Value | N/A | 17.621896  | N/A | 84.338701  | 9.859893  | 36.455844  | 30.586263  |
| Investments in Funds, shares outstanding | 6040 | 5816 | 9750 | 9117 | 421599 | 17852 | 3481 |
| Investments in Funds, at cost | $109862 | $200787 | $334641 | $214120 | $421599 | $311010 | $86855 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series II | Invesco V.I. Main Street Small Cap Fund | Invesco V.I. Money Market Fund | Invesco V.I. Technology Fund | MFS/VIT II Core Equity Portfolio |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends | $1438 | $2871 | $3929 | $1117 | $16260 | $— | $478 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 1803 | 2636 | 5060 | 3312 | 5659 | 6199 | 1377 |
| **Total expenses** | 1803 | 2636 | 5060 | 3312 | 5659 | 6199 | 1377 |
| **Net investment income (loss)** | (365) | 235 | (1131) | (2195) | 10601 | (6199) | (899) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Distributions from Funds | 9361 | 12741 | 21438 | 25065 |  | 47911 | 10644 |
| Sales of investments in Funds | (9) | (440) | (2997) | 934 |  | 47850 | 3121 |
| Net change in unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 6454 | 15513 | 27422 | (6240) |  | (9640) | (1890) |
| **Net realized and unrealized gain (loss)** | 15806 | 27814 | 45863 | 19759 |  | 86121 | 11875 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | $15441 | $28049 | $44732 | $17564 | $10601 | $79922 | $10976 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | MFS/VIT II High Yield Portfolio | MFS/VIT II High Yield Portfolio Service Class | MFS/VIT Investors Trust Series | MFS/VIT Research Series | MFS/VIT Total Return Series | MFS/VIT Utilities Series | Rydex VT Basic Materials Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments in Funds, at fair value | $113076 | $14120 | $133195 | $144651 | $400799 | $28385 | $230 |
| **Total assets**  | 113076 | 14120 | 133195 | 144651 | 400799 | 28385 | 230 |
| **Liabilities** |  |  |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |  |  |
| **Net assets** | $113076 | $14120 | $133195 | $144651 | $400799 | $28385 | $230 |
| Maximum Unit Value | 17.587862  | 14.331238  | 66.299095  | 67.394339  | 51.754282  | 62.986918  | 38.112933  |
| Minimum Unit Value | 14.771608  | N/A | 42.491618  | 45.942116  | 25.183921  | N/A | N/A |
| Investments in Funds, shares outstanding | 22215 | 2813 | 5092 | 4744 | 17180 | 771 | 2 |
| Investments in Funds, at cost | $119150 | $14347 | $153178 | $128888 | $396488 | $25310 | $185 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |  |  |
|  | MFS/VIT II High Yield Portfolio | MFS/VIT II High Yield Portfolio Service Class | MFS/VIT Investors Trust Series | MFS/VIT Research Series | MFS/VIT Total Return Series | MFS/VIT Utilities Series | Rydex VT Basic Materials Fund |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends | $7394 | $882 | $2131 | $1308 | $10396 | $730 | $3 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 1530 | 201 | 1986 | 1815 | 5199 | 385 | 4 |
| **Total expenses** | 1530 | 201 | 1986 | 1815 | 5199 | 385 | 4 |
| **Net investment income (loss)** | 5864 | 681 | 145 | (507) | 5197 | 345 | (1) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Distributions from Funds |  |  | 54544 | 32056 | 27721 | 364 | 18 |
| Sales of investments in Funds | (925) | (177) | 6640 | 4628 | (3514) | 354 | 8 |
| Net change in unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 2512 | 387 | (48691) | (24830) | 5705 | 2257 | 34 |
| **Net realized and unrealized gain (loss)** | 1587 | 210 | 12493 | 11854 | 29912 | 2975 | 60 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | $7451 | $891 | $12638 | $11347 | $35109 | $3320 | $59 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Rydex VT Consumer Products Fund | Rydex VT Energy Fund | Rydex VT Energy Services Fund | Rydex VT Health Care Fund | Rydex VT Leisure Fund | Rydex VT Precious Metal Fund | Rydex VT Retailing Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments in Funds, at fair value | $91545 | $131621 | $— | $218501 | $11556 | $37917 | $229309 |
| **Total assets**  | 91545 | 131621 |  | 218501 | 11556 | 37917 | 229309 |
| **Liabilities** |  |  |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |  |  |
| **Net assets** | $91545 | $131621 | $— | $218501 | $11556 | $37917 | $229309 |
| Maximum Unit Value | 33.324080  | 18.535750  | N/A | 46.007409  | 36.623729  | 31.803025  | 42.563834  |
| Minimum Unit Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investments in Funds, shares outstanding | 1489 | 521 |  | 2736 | 85 | 391 | 1622 |
| Investments in Funds, at cost | $100206 | $91033 | $— | $213077 | $8828 | $15434 | $157067 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |  |  |
|  | Rydex VT Consumer Products Fund | Rydex VT Energy Fund | Rydex VT Energy Services Fund | Rydex VT Health Care Fund | Rydex VT Leisure Fund | Rydex VT Precious Metal Fund | Rydex VT Retailing Fund |
| **Investment Income** |  |  |  |  |  |  |  |
| Dividends | $1229 | $2482 | $— | $— | $— | $846 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 1215 | 1757 |  | 2962 | 161 | 533 | 3118 |
| **Total expenses** | 1215 | 1757 |  | 2962 | 161 | 533 | 3118 |
| **Net investment income (loss)** | 14 | 725 |  | (2962) | (161) | 313 | (3118) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Distributions from Funds | 6884 |  |  | 22810 |  |  | 3902 |
| Sales of investments in Funds | 2494 | 16986 |  | 20339 | 865 | 14579 | 15908 |
| Net change in unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (13529) | (10137) |  | (14101) | (35) | 19893 | 305 |
| **Net realized and unrealized gain (loss)** | (4151) | 6849 |  | 29048 | 830 | 34472 | 20115 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | $(4137) | $7574 | $— | $26086 | $669 | $34785 | $16997 |

---

See Notes to the Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |
|  | Rydex VT Tele-Communications Fund | Rydex VT Transportation Fund | T. Rowe Price Equity Income Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio |
| **Assets** |  |  |  |  |  |
| Investments in Funds, at fair value | $27028 | $91421 | $38025 | $296650 | $19980 |
| **Total assets**  | 27028 | 91421 | 38025 | 296650 | 19980 |
| **Liabilities** |  |  |  |  |  |
| **Total liabilities**  |  |  |  |  |  |
| **Net assets** | $27028 | $91421 | $38025 | $296650 | $19980 |
| Maximum Unit Value | 18.185781  | 37.929022  | 71.968030  | 131.947396  | 55.892351  |
| Minimum Unit Value | N/A | N/A | 31.618783  | N/A | N/A |
| Investments in Funds, shares outstanding | 325 | 909 | 1315 | 11323 | 891 |
| Investments in Funds, at cost | $18783 | $78731 | $32018 | $299812 | $17636 |
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Operations** | **Statements of Operations** |  |  |  |  |
| For the Year Ended December 31, 2025 | For the Year Ended December 31, 2025 |  |  |  |  |
|  | Rydex VT Tele-Communications Fund | Rydex VT Transportation Fund | T. Rowe Price Equity Income Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio |
| **Investment Income** |  |  |  |  |  |
| Dividends | $56 | $— | $588 | $— | $427 |
| **Expenses** |  |  |  |  |  |
| Mortality, expense risk and administrative charges | 366 | 1230 | 477 | 3658 | 272 |
| **Total expenses** | 366 | 1230 | 477 | 3658 | 272 |
| **Net investment income (loss)** | (310) | (1230) | 111 | (3658) | 155 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| Distributions from Funds |  |  | 3614 | 37454 | 853 |
| Sales of investments in Funds | 1209 | 4896 | 124 | (14) | 36 |
| Net change in unrealized appreciation  |  |  |  |  |  |
| (depreciation) on investments in Funds | 5724 | 5399 | 480 | (27291) | 1234 |
| **Net realized and unrealized gain (loss)** | 6933 | 10295 | 4218 | 10149 | 2123 |
| **Net change in net assets** |  |  |  |  |  |
| **from operations** | $6623 | $9065 | $4329 | $6491 | $2278 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Alger Growth & Income Portfolio | Alger Mid Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Columbia Value Portfolio - Dividend Opportunity Fund | Columbia Value Portfolio - Large Cap Growth Fund | Columbia Value Portfolio - Small Cap Value Fund | Invesco V.I. American Franchise Fund Series I |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $84 | $(4533) | $(3787) | $(254) | $(516) | $— | $(1019) |
| Net realized gain (loss) on investments in Funds | 6460 | (12998) | (55528) | 179 | 440 |  | 1230 |
| Net realized gains on distributions | 7767 |  | 3115 |  |  |  | 6879 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (2423) | 63715 | 67573 | 2826 | 5909 |  | (47) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 11888 | 46184 | 11373 | 2751 | 5833 |  | 7043 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  |  | 720 |  |  |  |  |
| Surrenders and terminations | (659) | (13003) | (17241) |  |  |  | (1228) |
| Net transfers between Investment Divisions | (11715) | (2776) | 748 | (1) |  |  |  |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (12374) | (15779) | (15773) | (1) |  |  | (1228) |
| **Net change in net assets** | (486) | 30405 | (4400) | 2750 | 5833 |  | 5815 |
| **Net assets beginning of year** | 69355 | 329359 | 270270 | 19111 | 39700 |  | 70435 |
| **Net assets end of year** | $68869 | $359764 | $265870 | $21861 | $45533 | $— | $76250 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 1414 | 6319 | 9927 | 605 | 608 |  | 1498 |
| Units issued |  |  | 422 |  |  |  |  |
| Units redeemed | (228) | (341) | (1011) | (8) | (8) |  | (26) |
| Units outstanding at end of year | 1186 | 5978 | 9338 | 597 | 600 |  | 1472 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |  |  |
| Cost of purchases | $9085 | $13961 | $34001 | $— | $— | $— | $6879 |
| Proceeds from sales | $13608 | $34273 | $50446 | $255 | $516 | $— | $2247 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. American Franchise Fund Series II | Invesco V.I. American Value Fund Series I | Invesco V.I. Comstock Fund Series I | Invesco V.I. Core Equity Fund Series I | Invesco V.I. Core Equity Fund Series II | Invesco V.I. Core Plus Bond Fund Series I | Invesco V.I. Core Plus Bond Fund Series II |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(92) | $(2554) | $550 | $(3572) | $(1406) | $10351 | $2566 |
| Net realized gain (loss) on investments in Funds | 36 | 7846 | 13227 | 3888 | 2532 | (188) | (441) |
| Net realized gains on distributions | 640 | 41327 | 24305 | 36801 | 8293 |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (10) | 2551 | (5455) | 32321 | 5752 | 9354 | 2918 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 574 | 49170 | 32627 | 69438 | 15171 | 19517 | 5043 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  | 400 |  | 1840 |  | 800 |  |
| Surrenders and terminations | (299) | (81) | (38827) | (14366) | (252) | (7007) | (11635) |
| Net transfers between Investment Divisions | 1 | (18585) | (809) | (21075) | (15083) | 6135 | 2456 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (298) | (18266) | (39636) | (33601) | (15335) | (72) | (9179) |
| **Net change in net assets** | 276 | 30904 | (7009) | 35837 | (164) | 19445 | (4136) |
| **Net assets beginning of year** | 6093 | 258729 | 250046 | 485835 | 116567 | 356635 | 101890 |
| **Net assets end of year** | $6369 | $289633 | $243037 | $521672 | $116403 | $376080 | $97754 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 113 | 4337 | 7567 | 14941 | 2681 | 35526 | 10246 |
| Units issued |  | 11 |  | 56 |  | 1412 | 518 |
| Units redeemed | (5) | (264) | (1245) | (1068) | (338) | (1475) | (1444) |
| Units outstanding at end of year | 108 | 4084 | 6322 | 13929 | 2343 | 35463 | 9320 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |  |  |
| Cost of purchases | $640 | $45359 | $53374 | $47614 | $10476 | $37491 | $15166 |
| Proceeds from sales | $390 | $24852 | $68155 | $47986 | $18924 | $27212 | $21779 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. Discovery Large Cap Fund | Invesco V.I. Diversified Dividend Fund | Invesco V.I. Global Core Equity Fund | Invesco V.I. Global Fund/VA Class 2 | Invesco V.I. Global Health Care Fund | Invesco V.I. Government Securities Fund Series I | Invesco V.I. Government Securities Fund Series II |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(9367) | $622 | $3 | $(14) | $(475) | $1551 | $2711 |
| Net realized gain (loss) on investments in Funds | 3884 | (325) | 235 | 3 | 385 | (766) | (2995) |
| Net realized gains on distributions | 78845 | 22304 | 3862 | 194 | 1231 |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (3137) | 14447 | 3157 | (58) | 3148 | 4650 | 10425 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 70225 | 37048 | 7257 | 125 | 4289 | 5435 | 10141 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  |  |  |  |  | 1120 |  |
| Surrenders and terminations | (273) | (22339) |  |  | (30753) | (10154) | (6635) |
| Net transfers between Investment Divisions | (926) | (6312) |  |  | (240) | 3810 | (312) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (1199) | (28651) |  |  | (30993) | (5224) | (6947) |
| **Net change in net assets** | 69026 | 8397 | 7257 | 125 | (26704) | 211 | 3194 |
| **Net assets beginning of year** | 622649 | 291560 | 51968 | 937 | 57384 | 91586 | 201975 |
| **Net assets end of year** | $691675 | $299957 | $59225 | $1062 | $30680 | $91797 | $205169 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 11034 | 10270 | 2333 | 20 | 1745 | 7514 | 16202 |
| Units issued |  |  |  |  |  | 398 | 576 |
| Units redeemed | (22) | (1013) | (1) |  | (907) | (837) | (1173) |
| Units outstanding at end of year | 11012 | 9257 | 2332 | 20 | 838 | 7075 | 15605 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |  |  |
| Cost of purchases | $82648 | $43615 | $4642 | $194 | $22897 | $11491 | $26207 |
| Proceeds from sales | $14369 | $49340 | $777 | $14 | $53134 | $15164 | $30443 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series II | Invesco V.I. Main Street Small Cap Fund | Invesco V.I. Money Market Fund | Invesco V.I. Technology Fund | MFS/VIT II Core Equity Portfolio |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(365) | $235 | $(1131) | $(2195) | $10601 | $(6199) | $(899) |
| Net realized gain (loss) on investments in Funds | (9) | (440) | (2997) | 934 |  | 47850 | 3121 |
| Net realized gains on distributions | 9361 | 12741 | 21438 | 25065 |  | 47911 | 10644 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 6454 | 15513 | 27422 | (6240) |  | (9640) | (1890) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 15441 | 28049 | 44732 | 17564 | 10601 | 79922 | 10976 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  | 1520 |  |  | 800 |  |  |
| Surrenders and terminations | (749) | (10227) | (17732) | (260) | (170870) | (32251) | (7296) |
| Net transfers between Investment Divisions | (104) | (3435) | (28362) | 1420 | 141047 | (32870) | (157) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (853) | (12142) | (46094) | 1160 | (29023) | (65121) | (7453) |
| **Net change in net assets** | 14588 | 15907 | (1362) | 18724 | (18422) | 14801 | 3523 |
| **Net assets beginning of year** | 114308 | 194107 | 346424 | 241465 | 440021 | 443818 | 107277 |
| **Net assets end of year** | $128896 | $210014 | $345062 | $260189 | $421599 | $458619 | $110800 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 2605 | 11792 | 11859 | 2671 | 30278 | 14303 | 3706 |
| Units issued |  | 93 |  | 18 | 28049 |  |  |
| Units redeemed | (21) | (845) | (1553) | (18) | (16950) | (1877) | (286) |
| Units outstanding at end of year | 2584 | 11040 | 10306 | 2671 | 41377 | 12426 | 3420 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |  |  |
| Cost of purchases | $10800 | $20385 | $38750 | $27413 | $309873 | $140915 | $11271 |
| Proceeds from sales | $2657 | $19551 | $64537 | $3383 | $328295 | $164324 | $8979 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | MFS/VIT II High Yield Portfolio | MFS/VIT II High Yield Portfolio Service Class | MFS/VIT Investors Trust Series | MFS/VIT Research Series | MFS/VIT Total Return Series | MFS/VIT Utilities Series | Rydex VT Basic Materials Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $5864 | $681 | $145 | $(507) | $5197 | $345 | $(1) |
| Net realized gain (loss) on investments in Funds | (925) | (177) | 6640 | 4628 | (3514) | 354 | 8 |
| Net realized gains on distributions |  |  | 54544 | 32056 | 27721 | 364 | 18 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 2512 | 387 | (48691) | (24830) | 5705 | 2257 | 34 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 7451 | 891 | 12638 | 11347 | 35109 | 3320 | 59 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  |  | 800 |  |  |  |  |
| Surrenders and terminations | (3417) | (1043) | (35713) | (31939) | (75950) | (2206) |  |
| Net transfers between Investment Divisions | 3071 | 545 | (247) | 1794 | 2535 | (340) | (38) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (346) | (498) | (35160) | (30145) | (73415) | (2546) | (38) |
| **Net change in net assets** | 7105 | 393 | (22522) | (18798) | (38306) | 774 | 21 |
| **Net assets beginning of year** | 105971 | 13727 | 155717 | 163449 | 439105 | 27611 | 209 |
| **Net assets end of year** | $113076 | $14120 | $133195 | $144651 | $400799 | $28385 | $230 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 7668 | 1025 | 3857 | 3747 | 17099 | 496 | 7 |
| Units issued | 205 | 38 | 20 |  | 22 | 2 |  |
| Units redeemed | (233) | (77) | (920) | (793) | (2249) | (47) | (1) |
| Units outstanding at end of year | 7640 | 986 | 2957 | 2954 | 14872 | 451 | 6 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |  |  |
| Cost of purchases | $11525 | $1770 | $84002 | $62164 | $100311 | $4427 | $43 |
| Proceeds from sales | $6007 | $1587 | $64473 | $60760 | $140808 | $6264 | $64 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Rydex VT Consumer Products Fund | Rydex VT Energy Fund | Rydex VT Energy Services Fund | Rydex VT Health Care Fund | Rydex VT Leisure Fund | Rydex VT Precious Metal Fund | Rydex VT Retailing Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $14 | $725 | $— | $(2962) | $(161) | $313 | $(3118) |
| Net realized gain (loss) on investments in Funds | 2494 | 16986 |  | 20339 | 865 | 14579 | 15908 |
| Net realized gains on distributions | 6884 |  |  | 22810 |  |  | 3902 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | (13529) | (10137) |  | (14101) | (35) | 19893 | 305 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | (4137) | 7574 |  | 26086 | 669 | 34785 | 16997 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Surrenders and terminations | (7030) | (11968) |  | (19831) | (1550) | (4466) | (19914) |
| Net transfers between Investment Divisions | 13120 | 4599 |  | (1718) | 74 | (27800) | 3889 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | 6090 | (7369) |  | (21549) | (1476) | (32266) | (16025) |
| **Net change in net assets** | 1953 | 205 |  | 4537 | (807) | 2519 | 972 |
| **Net assets beginning of year** | 89592 | 131416 |  | 213964 | 12363 | 35398 | 228337 |
| **Net assets end of year** | $91545 | $131621 | $— | $218501 | $11556 | $37917 | $229309 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 2558 | 7516 |  | 5232 | 361 | 2716 | 5828 |
| Units issued | 429 | 454 |  | 54 | 15 |  | 233 |
| Units redeemed | (239) | (869) |  | (536) | (60) | (1523) | (674) |
| Units outstanding at end of year | 2748 | 7101 |  | 4750 | 316 | 1193 | 5387 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |  |  |
| Cost of purchases | $33028 | $20035 | $— | $69506 | $1560 | $6780 | $17667 |
| Proceeds from sales | $20040 | $26679 | $— | $71207 | $3197 | $38733 | $32908 |

---

See Notes to the Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |
| December 31, 2025 | December 31, 2025 |  |  |  |  |
|  | Rydex VT Tele-Communications Fund | Rydex VT Transportation Fund | T. Rowe Price Equity Income Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio |
| **Operations** |  |  |  |  |  |
| Net investment income (loss) | $(310) | $(1230) | $111 | $(3658) | $155 |
| Net realized gain (loss) on investments in Funds | 1209 | 4896 | 124 | (14) | 36 |
| Net realized gains on distributions |  |  | 3614 | 37454 | 853 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments in Funds | 5724 | 5399 | 480 | (27291) | 1234 |
| **Net change in net assets** |  |  |  |  |  |
| **from operations** | 6623 | 9065 | 4329 | 6491 | 2278 |
| **Contract transactions** |  |  |  |  |  |
| Surrenders and terminations | (2205) | (6481) |  |  |  |
| Net transfers between Investment Divisions | (3598) | 121 |  | (1) | (2) |
| **Net change in net assets** |  |  |  |  |  |
| **from contract transactions** | (5803) | (6360) |  | (1) | (2) |
| **Net change in net assets** | 820 | 2705 | 4329 | 6490 | 2276 |
| **Net assets beginning of year** | 26208 | 88716 | 33696 | 290160 | 17704 |
| **Net assets end of year** | $27028 | $91421 | $38025 | $296650 | $19980 |
| **Contract unit transactions** |  |  |  |  |  |
| Units outstanding at beginning of year | 1863 | 2577 | 873 | 2277 | 363 |
| Units issued |  | 80 |  |  |  |
| Units redeemed | (378) | (247) | (4) | (29) | (5) |
| Units outstanding at end of year | 1485 | 2410 | 869 | 2248 | 358 |
| **Cost of purchases and proceeds**  |  |  |  |  |  |
| **from sales of the Investments in Funds** |  |  |  |  |  |
| Cost of purchases | $626 | $12634 | $4202 | $37454 | $1280 |
| Proceeds from sales | $6739 | $20224 | $477 | $3659 | $274 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |  |  |
|  | Alger Growth & Income Portfolio | Alger Mid Cap Growth Portfolio | Alger Small Cap Growth Portfolio | Columbia Value Portfolio - Dividend Opportunity Fund | Columbia Value Portfolio - Large Cap Growth Fund | Columbia Value Portfolio - Small Cap Value Fund | Invesco V.I. American Franchise Fund Series I |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(563) | $(4553) | $(3078) | $(230) | $(451) | $— | $(902) |
| Net realized gain (loss) on investments in Funds | 3172 | (1207) | (11418) | 154 | 374 |  | 430 |
| Net realized gains on distributions | 239 |  |  |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 9779 | 69878 | 34752 | 2421 | 9167 |  | 17941 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 12627 | 64118 | 20256 | 2345 | 9090 |  | 17469 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  |  | 720 |  |  |  |  |
| Surrenders and terminations | (182) | (6246) | (2256) |  |  |  |  |
| Transfers between Investment Divisions | (5466) | (88433) | (52286) |  |  |  |  |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (5648) | (94679) | (53822) |  |  |  |  |
| **Net change in net assets** | 6979 | (30561) | (33566) | 2345 | 9090 |  | 17469 |
| **Net assets beginning of year** | 62376 | 359920 | 303836 | 16766 | 30610 |  | 52966 |
| **Net assets end of year** | $69355 | $329359 | $270270 | $19111 | $39700 | $— | $70435 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 1541 | 8243 | 11916 | 613 | 617 |  | 1499 |
| Units issued |  |  | 51 |  |  |  |  |
| Units redeemed | (127) | (1924) | (2040) | (8) | (9) |  | (1) |
| Units outstanding at end of year | 1414 | 6319 | 9927 | 605 | 608 |  | 1498 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |  |  |
|  | Invesco V.I. American Franchise Fund Series II | Invesco V.I. American Value Fund Series I | Invesco V.I. Comstock Fund Series I | Invesco V.I. Core Equity Fund Series I | Invesco V.I. Core Equity Fund Series II | Invesco V.I. Core Plus Bond Fund Series I | Invesco V.I. Core Plus Bond Fund Series II |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(84) | $(1022) | $1011 | $(3299) | $(1355) | $7957 | $2210 |
| Net realized gain (loss) on investments in Funds | (4) | 3917 | 1444 | (2441) | (1573) | (43) | (309) |
| Net realized gains on distributions |  | 5700 | 17273 | 40418 | 9643 |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 1583 | 51005 | 6411 | 66740 | 17099 | (2146) | (535) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 1495 | 59600 | 26139 | 101418 | 23814 | 5768 | 1366 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  | 400 |  | 1840 |  | 800 |  |
| Surrenders and terminations |  | (956) |  | (17423) | (2958) | (3830) | (9651) |
| Transfers between Investment Divisions |  | (7339) | 54718 | (36758) | (11482) | 29508 | 10484 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** |  | (7895) | 54718 | (52341) | (14440) | 26478 | 833 |
| **Net change in net assets** | 1495 | 51705 | 80857 | 49077 | 9374 | 32246 | 2199 |
| **Net assets beginning of year** | 4598 | 207024 | 169189 | 436758 | 107193 | 324389 | 99691 |
| **Net assets end of year** | $6093 | $258729 | $250046 | $485835 | $116567 | $356635 | $101890 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 113 | 4249 | 5829 | 16742 | 3047 | 32842 | 10153 |
| Units issued |  | 405 | 1747 | 68 |  | 3210 | 1068 |
| Units redeemed |  | (317) | (9) | (1869) | (366) | (526) | (975) |
| Units outstanding at end of year | 113 | 4337 | 7567 | 14941 | 2681 | 35526 | 10246 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |  |  |
|  | Invesco V.I. Discovery Large Cap Fund | Invesco V.I. Diversified Dividend Fund | Invesco V.I. Global Core Equity Fund | Invesco V.I. Global Fund/VA Class 2 | Invesco V.I. Global Health Care Fund | Invesco V.I. Government Securities Fund Series I | Invesco V.I. Government Securities Fund Series II |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(8331) | $1318 | $(135) | $(240) | $(823) | $1252 | $1627 |
| Net realized gain (loss) on investments in Funds | 2713 | (4) | 174 | 1354 | 430 | (1115) | (1152) |
| Net realized gains on distributions |  | 11390 | 494 | 835 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 158495 | 17962 | 6329 | (232) | 1864 | 423 | (440) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 152877 | 30666 | 6862 | 1717 | 1471 | 560 | 35 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  |  |  |  |  | 1120 |  |
| Surrenders and terminations |  | (4479) |  | (13234) |  | (324) | (5486) |
| Transfers between Investment Divisions | (1092) | 908 | 1 |  | 2040 | 1837 | 19164 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (1092) | (3571) | 1 | (13234) | 2040 | 2633 | 13678 |
| **Net change in net assets** | 151785 | 27095 | 6863 | (11517) | 3511 | 3193 | 13713 |
| **Net assets beginning of year** | 470864 | 264465 | 45105 | 12454 | 53873 | 88393 | 188262 |
| **Net assets end of year** | $622649 | $291560 | $51968 | $937 | $57384 | $91586 | $201975 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 11087 | 10398 | 2332 | 309 | 1686 | 6994 | 15109 |
| Units issued | 97 | 35 | 2 |  | 59 | 902 | 1556 |
| Units redeemed | (150) | (163) | (1) | (289) |  | (382) | (463) |
| Units outstanding at end of year | 11034 | 10270 | 2333 | 20 | 1745 | 7514 | 16202 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |  |  |
|  | Invesco V.I. Growth and Income Fund Series II | Invesco V.I. International Growth Fund Series I | Invesco V.I. International Growth Fund Series II | Invesco V.I. Main Street Small Cap Fund | Invesco V.I. Money Market Fund | Invesco V.I. Technology Fund | MFS/VIT II Core Equity Portfolio |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(312) | $912 | $198 | $(3072) | $10268 | $(6190) | $(752) |
| Net realized gain (loss) on investments in Funds | (66) | (618) | 412 | 1067 |  | (51683) | 902 |
| Net realized gains on distributions | 6987 | 1008 | 1824 | 8493 |  | 19077 | 4389 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 7415 | (2737) | (7674) | 17342 |  | 162720 | 12333 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 14024 | (1435) | (5240) | 23830 | 10268 | 123924 | 16872 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  | 1520 |  |  | 800 |  |  |
| Surrenders and terminations |  | (535) | (5086) |  | (34307) | (5622) |  |
| Transfers between Investment Divisions | (143) | 9368 | 52932 | 15456 | 184922 | (82636) | (1643) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | (143) | 10353 | 47846 | 15456 | 151415 | (88258) | (1643) |
| **Net change in net assets** | 13881 | 8918 | 42606 | 39286 | 161683 | 35666 | 15229 |
| **Net assets beginning of year** | 100427 | 185189 | 303818 | 202179 | 278338 | 408152 | 92048 |
| **Net assets end of year** | $114308 | $194107 | $346424 | $241465 | $440021 | $443818 | $107277 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 2612 | 11176 | 10287 | 2474 | 29099 | 17447 | 3787 |
| Units issued |  | 656 | 1750 | 212 | 16907 |  |  |
| Units redeemed | (7) | (40) | (178) | (15) | (15728) | (3144) | (81) |
| Units outstanding at end of year | 2605 | 11792 | 11859 | 2671 | 30278 | 14303 | 3706 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |  |  |
|  | MFS/VIT II High Yield Portfolio | MFS/VIT II High Yield Portfolio Service Class | MFS/VIT Investors Trust Series | MFS/VIT Research Series | MFS/VIT Total Return Series | MFS/VIT Utilities Series | Rydex VT Basic Materials Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $4918 | $1157 | $(1167) | $(1061) | $5147 | $199 | $(36) |
| Net realized gain (loss) on investments in Funds | (288) | (1986) | 4947 | 976 | 1124 | 923 | 1288 |
| Net realized gains on distributions |  |  | 10651 | 9044 | 21183 | 812 |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 719 | 2071 | 10054 | 15208 | (707) | 959 | (1426) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 5349 | 1242 | 24485 | 24167 | 26747 | 2893 | (174) |
| **Contract transactions** |  |  |  |  |  |  |  |
| Purchase payments |  |  | 800 |  |  |  |  |
| Surrenders and terminations | (882) | (15252) | (2884) |  |  | (699) | (3856) |
| Transfers between Investment Divisions | 6279 | 599 | (8579) | (16) | (6856) | (956) | 16 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | 5397 | (14653) | (10663) | (16) | (6856) | (1655) | (3840) |
| **Net change in net assets** | 10746 | (13411) | 13822 | 24151 | 19891 | 1238 | (4014) |
| **Net assets beginning of year** | 95225 | 27138 | 141895 | 139298 | 419214 | 26373 | 4223 |
| **Net assets end of year** | $105971 | $13727 | $155717 | $163449 | $439105 | $27611 | $209 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 7265 | 2128 | 4143 | 3753 | 17418 | 522 | 139 |
| Units issued | 469 | 46 | 23 |  | 47 |  | 1 |
| Units redeemed | (66) | (1149) | (309) | (6) | (366) | (26) | (133) |
| Units outstanding at end of year | 7668 | 1025 | 3857 | 3747 | 17099 | 496 | 7 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |  |  |
|  | Rydex VT Consumer Products Fund | Rydex VT Energy Fund | Rydex VT Energy Services Fund | Rydex VT Health Care Fund | Rydex VT Leisure Fund | Rydex VT Precious Metal Fund | Rydex VT Retailing Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $106 | $1260 | $(17) | $(2918) | $(165) | $6 | $(3135) |
| Net realized gain (loss) on investments in Funds | 784 | 8001 | (848) | 2200 | 471 | 5711 | 12064 |
| Net realized gains on distributions |  |  |  | 5613 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on investments in Funds | 1600 | (11212) | 771 | (7638) | 1406 | (2454) | 22036 |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from operations** | 2490 | (1951) | (94) | (2743) | 1712 | 3263 | 30965 |
| **Contract transactions** |  |  |  |  |  |  |  |
| Surrenders and terminations | (2421) | (8983) | (878) | (3558) | (153) | (10697) | (3303) |
| Transfers between Investment Divisions | 11394 | 29120 | 2 | 29392 | (356) | (1059) | (15331) |
| **Net change in net assets** |  |  |  |  |  |  |  |
| **from contract transactions** | 8973 | 20137 | (876) | 25834 | (509) | (11756) | (18634) |
| **Net change in net assets** | 11463 | 18186 | (970) | 23091 | 1203 | (8493) | 12331 |
| **Net assets beginning of year** | 78129 | 113230 | 970 | 190873 | 11160 | 43891 | 216006 |
| **Net assets end of year** | $89592 | $131416 | $— | $213964 | $12363 | $35398 | $228337 |
| **Contract unit transactions** |  |  |  |  |  |  |  |
| Units outstanding at beginning of year | 2294 | 6389 | 183 | 4608 | 376 | 3588 | 6338 |
| Units issued | 330 | 1641 |  | 706 |  |  |  |
| Units redeemed | (66) | (514) | (183) | (82) | (15) | (872) | (510) |
| Units outstanding at end of year | 2558 | 7516 |  | 5232 | 361 | 2716 | 5828 |

---

See Notes to the Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |  |  |
| December 31, 2024 |  |  |  |  |  |
|  | Rydex VT Tele-Communications Fund | Rydex VT Transportation Fund | T. Rowe Price Equity Income Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio |
| **Operations** |  |  |  |  |  |
| Net investment income (loss) | $(111) | $(1089) | $163 | $(3608) | $149 |
| Net realized gain (loss) on investments in Funds | 437 | 1126 | 114 | 608 | 33 |
| Net realized gains on distributions |  |  | 2193 | 26198 | 486 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments in Funds | 3336 | 575 | 654 | (1864) | 715 |
| **Net change in net assets** |  |  |  |  |  |
| **from operations** | 3662 | 612 | 3124 | 21334 | 1383 |
| **Contract transactions** |  |  |  |  |  |
| Surrenders and terminations | (698) | (7690) |  |  |  |
| Transfers between Investment Divisions | (245) | 11637 |  |  |  |
| **Net change in net assets** |  |  |  |  |  |
| **from contract transactions** | (943) | 3947 |  |  |  |
| **Net change in net assets** | 2719 | 4559 | 3124 | 21334 | 1383 |
| **Net assets beginning of year** | 23489 | 84157 | 30572 | 268826 | 16321 |
| **Net assets end of year** | $26208 | $88716 | $33696 | $290160 | $17704 |
| **Contract unit transactions** |  |  |  |  |  |
| Units outstanding at beginning of year | 1905 | 2447 | 877 | 2306 | 367 |
| Units issued | 13 | 358 |  |  |  |
| Units redeemed | (55) | (228) | (4) | (29) | (4) |
| Units outstanding at end of year | 1863 | 2577 | 873 | 2277 | 363 |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** | **Alger Growth & Income Portfolio** |  |  |  |
| 12/31/2025 | 69 | 1186 | 1.55 | 61.853780 | 19.13 | 1.40 | 87.398614 | 20.82 | 0.00 |
| 12/31/2024 | 69 | 1414 | 0.59 | 51.922165 | 20.94 | 1.40 | 72.339243 | 22.66 | 0.00 |
| 12/31/2023 | 62 | 1541 | 1.38 | 42.932980 | 22.20 | 1.40 | 58.973740 | 23.93 | 0.00 |
| 12/31/2022 | 63 | 1927 | 1.37 | 35.133146 | (16.17) | 1.40 | 47.586465 | (14.98) | 0.00 |
| 12/31/2021 | 104 | 2625 | 1.14 | 41.909039 | 29.82 | 1.40 | 55.970680 | 31.66 | 1.25 |
| **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** | **Alger Mid Cap Growth Portfolio** |  |  |  |
| 12/31/2025 | 360 | 5978 | 0.00 | 62.304879 | 15.13 | 1.40 | 84.695428 | 16.76 | 0.00 |
| 12/31/2024 | 329 | 6319 | 0.00 | 54.116452 | 19.36 | 1.40 | 72.535126 | 21.07 | 0.00 |
| 12/31/2023 | 360 | 8243 | 0.00 | 45.337180 | 21.45 | 1.40 | 59.912600 | 23.17 | 0.00 |
| 12/31/2022 | 301 | 8397 | 0.00 | 37.328560 | (36.97) | 1.40 | 48.641208 | (36.07) | 0.00 |
| 12/31/2021 | 480 | 8583 | 0.00 | 59.221358 | 2.74 | 1.40 | 76.088110 | 4.20 | 1.25 |
| **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** | **Alger Small Cap Growth Portfolio** |  |  |  |
| 12/31/2025 | 266 | 9338 | 0.00 | 28.255654 | 4.43 | 1.40 | 39.466659 | 5.91 | 0.00 |
| 12/31/2024 | 270 | 9927 | 0.37 | 27.057202 | 6.61 | 1.40 | 37.263881 | 8.13 | 0.00 |
| 12/31/2023 | 304 | 11916 | 0.00 | 25.379860 | 14.87 | 1.40 | 34.461760 | 16.49 | 0.00 |
| 12/31/2022 | 263 | 11862 | 0.00 | 22.095365 | (38.88) | 1.40 | 29.583334 | (38.01) | 0.00 |
| 12/31/2021 | 435 | 11964 | 0.00 | 36.151754 | (7.38) | 1.40 | 47.725304 | (6.06) | 1.25 |
| **Columbia Value Portfolio - Dividend Opportunity Fund** | **Columbia Value Portfolio - Dividend Opportunity Fund** | **Columbia Value Portfolio - Dividend Opportunity Fund** | **Columbia Value Portfolio - Dividend Opportunity Fund** | **Columbia Value Portfolio - Dividend Opportunity Fund** | **Columbia Value Portfolio - Dividend Opportunity Fund** | **Columbia Value Portfolio - Dividend Opportunity Fund** |  |  |  |
| 12/31/2025 | 22 | 597 | 0.00 | 36.557579 | 15.83 | 0.00 | N/A | N/A | N/A |
| 12/31/2024 | 19 | 605 | 0.00 | 31.561053 | 15.42 | 0.00 | N/A | N/A | N/A |
| 12/31/2023 | 17 | 613 | 0.00 | 27.345010 | 5.09 | 0.00 | N/A | N/A | N/A |
| 12/31/2022 | 16 | 621 | 0.00 | 26.020965 | (1.11) | 0.00 | N/A | N/A | N/A |
| 12/31/2021 | 17 | 629 | 0.00 | 26.313640 | 26.16 | 1.40 | N/A | N/A | N/A |
| **Columbia Value Portfolio - Large Cap Growth Fund** | **Columbia Value Portfolio - Large Cap Growth Fund** | **Columbia Value Portfolio - Large Cap Growth Fund** | **Columbia Value Portfolio - Large Cap Growth Fund** | **Columbia Value Portfolio - Large Cap Growth Fund** | **Columbia Value Portfolio - Large Cap Growth Fund** | **Columbia Value Portfolio - Large Cap Growth Fund** |  |  |  |
| 12/31/2025 | 46 | 600 | 0.00 | 75.813344 | 16.14 | 0.00 | N/A | N/A | N/A |
| 12/31/2024 | 40 | 608 | 0.00 | 65.280012 | 31.33 | 0.00 | N/A | N/A | N/A |
| 12/31/2023 | 31 | 617 | 0.00 | 49.706680 | 43.16 | 0.00 | N/A | N/A | N/A |
| 12/31/2022 | 22 | 624 | 0.00 | 34.720007 | (31.38) | 0.00 | N/A | N/A | N/A |
| 12/31/2021 | 32 | 631 | 0.00 | 50.600009 | 28.73 | 1.40 | N/A | N/A | N/A |
| **Columbia Value Portfolio - Small Cap Value Fund** | **Columbia Value Portfolio - Small Cap Value Fund** | **Columbia Value Portfolio - Small Cap Value Fund** | **Columbia Value Portfolio - Small Cap Value Fund** | **Columbia Value Portfolio - Small Cap Value Fund** | **Columbia Value Portfolio - Small Cap Value Fund** | **Columbia Value Portfolio - Small Cap Value Fund** |  |  |  |
| 12/31/2025 |  |  | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A |
| 12/31/2024 |  |  | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A |
| 12/31/2023 |  |  | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A |
| 12/31/2022 |  |  | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A |
| 12/31/2021 |  |  | 0.00 | 105.110168 | 29.19 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. American Franchise Fund Series I** | **Invesco V.I. American Franchise Fund Series I** | **Invesco V.I. American Franchise Fund Series I** | **Invesco V.I. American Franchise Fund Series I** | **Invesco V.I. American Franchise Fund Series I** | **Invesco V.I. American Franchise Fund Series I** | **Invesco V.I. American Franchise Fund Series I** |  |  |  |
| 12/31/2025 | 76 | 1472 | 0.00 | 51.359992 | 10.10 | 1.40 | 52.439036 | 10.27 | 1.25 |
| 12/31/2024 | 70 | 1498 | 0.00 | 46.647739 | 32.99 | 1.40 | 47.555450 | 33.19 | 1.25 |
| 12/31/2023 | 53 | 1499 | 0.00 | 35.075990 | 38.96 | 1.40 | 35.703960 | 39.17 | 1.25 |
| 12/31/2022 | 39 | 1524 | 0.00 | 25.241641 | (32.08) | 1.40 | 25.654660 | (31.97) | 1.25 |
| 12/31/2021 | 57 | 1525 | 0.00 | 37.161969 | 10.36 | 1.40 | 37.712665 | 10.53 | 1.25 |

---

---

| |
|:---|
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **Invesco V.I. American Franchise Fund Series II** | **Invesco V.I. American Franchise Fund Series II** | **Invesco V.I. American Franchise Fund Series II** | **Invesco V.I. American Franchise Fund Series II** | **Invesco V.I. American Franchise Fund Series II** | **Invesco V.I. American Franchise Fund Series II** | **Invesco V.I. American Franchise Fund Series II** |  |  |  |
| 12/31/2025 | 6 | 108 | 0.00 | 59.093597 | 9.83 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 6 | 113 | 0.00 | 53.805603 | 32.67 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 5 | 113 | 0.00 | 40.556520 | 38.64 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 3 | 116 | 0.00 | 29.253866 | (32.26) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 9 | 196 | 0.00 | 43.183278 | 10.08 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. American Value Fund Series I** | **Invesco V.I. American Value Fund Series I** | **Invesco V.I. American Value Fund Series I** | **Invesco V.I. American Value Fund Series I** | **Invesco V.I. American Value Fund Series I** | **Invesco V.I. American Value Fund Series I** | **Invesco V.I. American Value Fund Series I** |  |  |  |
| 12/31/2025 | 290 | 4084 | 0.47 | 83.537724 | 19.31 | 1.40 | 116.218293 | 21.00 | 0.00 |
| 12/31/2024 | 259 | 4337 | 1.02 | 70.017891 | 28.58 | 1.40 | 96.047076 | 30.41 | 0.00 |
| 12/31/2023 | 207 | 4249 | 0.65 | 54.455970 | 13.99 | 1.40 | 73.649100 | 15.60 | 0.00 |
| 12/31/2022 | 198 | 4777 | 0.68 | 47.774390 | (3.97) | 1.40 | 63.710834 | (2.61) | 0.00 |
| 12/31/2021 | 249 | 5940 | 0.44 | 49.751405 | 26.16 | 1.40 | 65.419974 | 27.95 | 1.25 |
| **Invesco V.I. Comstock Fund Series I** | **Invesco V.I. Comstock Fund Series I** | **Invesco V.I. Comstock Fund Series I** | **Invesco V.I. Comstock Fund Series I** | **Invesco V.I. Comstock Fund Series I** | **Invesco V.I. Comstock Fund Series I** | **Invesco V.I. Comstock Fund Series I** |  |  |  |
| 12/31/2025 | 243 | 6322 | 1.66 | 37.658459 | 15.80 | 1.40 | 46.314000 | 17.44 | 0.00 |
| 12/31/2024 | 250 | 7567 | 1.88 | 32.519819 | 13.56 | 1.40 | 39.434738 | 15.18 | 0.00 |
| 12/31/2023 | 169 | 5829 | 1.88 | 28.637800 | 10.79 | 1.40 | 34.238620 | 12.36 | 0.00 |
| 12/31/2022 | 153 | 5856 | 1.52 | 25.848632 | (0.29) | 1.40 | 30.472693 | 1.12 | 0.00 |
| 12/31/2021 | 172 | 6565 | 1.82 | 25.923608 | 31.49 | 1.40 | 30.134148 | 33.36 | 1.25 |
| **Invesco V.I. Core Equity Fund Series I** | **Invesco V.I. Core Equity Fund Series I** | **Invesco V.I. Core Equity Fund Series I** | **Invesco V.I. Core Equity Fund Series I** | **Invesco V.I. Core Equity Fund Series I** | **Invesco V.I. Core Equity Fund Series I** | **Invesco V.I. Core Equity Fund Series I** |  |  |  |
| 12/31/2025 | 522 | 13929 | 0.65 | 35.386511 | 14.54 | 1.40 | 50.166639 | 16.17 | 0.00 |
| 12/31/2024 | 486 | 14941 | 0.70 | 30.893989 | 23.84 | 1.40 | 43.185069 | 25.61 | 0.00 |
| 12/31/2023 | 437 | 16742 | 0.73 | 24.946620 | 21.64 | 1.40 | 34.380980 | 23.36 | 0.00 |
| 12/31/2022 | 407 | 19101 | 0.87 | 20.508210 | (21.66) | 1.40 | 27.869780 | (20.55) | 0.00 |
| 12/31/2021 | 572 | 21081 | 0.65 | 26.177731 | 25.95 | 1.40 | 35.076968 | 27.74 | 1.25 |
| **Invesco V.I. Core Equity Fund Series II** | **Invesco V.I. Core Equity Fund Series II** | **Invesco V.I. Core Equity Fund Series II** | **Invesco V.I. Core Equity Fund Series II** | **Invesco V.I. Core Equity Fund Series II** | **Invesco V.I. Core Equity Fund Series II** | **Invesco V.I. Core Equity Fund Series II** |  |  |  |
| 12/31/2025 | 116 | 2343 | 0.41 | 49.679710 | 14.26 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 117 | 2681 | 0.48 | 43.477774 | 23.53 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 107 | 3047 | 0.47 | 35.197080 | 21.37 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 95 | 3279 | 0.52 | 29.000249 | (21.86) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 152 | 4092 | 0.45 | 37.113721 | 25.60 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. Core Plus Bond Fund Series I** | **Invesco V.I. Core Plus Bond Fund Series I** | **Invesco V.I. Core Plus Bond Fund Series I** | **Invesco V.I. Core Plus Bond Fund Series I** | **Invesco V.I. Core Plus Bond Fund Series I** | **Invesco V.I. Core Plus Bond Fund Series I** | **Invesco V.I. Core Plus Bond Fund Series I** |  |  |  |
| 12/31/2025 | 376 | 35463 | 4.31 | 10.589200 | 5.59 | 1.40 | 11.152256 | 7.09 | 0.00 |
| 12/31/2024 | 357 | 35526 | 3.75 | 10.028501 | 1.61 | 1.40 | 10.413899 | 3.06 | 0.00 |
| 12/31/2023 | 324 | 32842 | 2.66 | 9.869763 | 4.66 | 1.40 | 10.104800 | 6.14 | 0.00 |
| 12/31/2022+ | 297 | 31501 | 0.82 | 9.430587 | (5.69) | 1.40 | 9.520345 | (4.80) | 0.00 |
| **Invesco V.I. Core Plus Bond Fund Series II** | **Invesco V.I. Core Plus Bond Fund Series II** | **Invesco V.I. Core Plus Bond Fund Series II** | **Invesco V.I. Core Plus Bond Fund Series II** | **Invesco V.I. Core Plus Bond Fund Series II** | **Invesco V.I. Core Plus Bond Fund Series II** | **Invesco V.I. Core Plus Bond Fund Series II** |  |  |  |
| 12/31/2025 | 98 | 9320 | 4.16 | 10.488565 | 5.47 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 102 | 10246 | 3.56 | 9.944872 | 1.28 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 100 | 10153 | 2.48 | 9.819494 | 4.37 | 1.40 | N/A | N/A | N/A |
| 12/31/2022+ | 103 | 10910 | 0.84 | 9.408366 | (5.92) | 1.40 | N/A | N/A | N/A |

---

---

| |
|:---|
| The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: Invesco V.I. Core Plus Bond Fund Series I - April 29, 2022; Invesco V.I. Core Plus Bond Fund Series II - April 29, 2022. |
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **Invesco V.I. Discovery Large Cap Fund** | **Invesco V.I. Discovery Large Cap Fund** | **Invesco V.I. Discovery Large Cap Fund** | **Invesco V.I. Discovery Large Cap Fund** | **Invesco V.I. Discovery Large Cap Fund** | **Invesco V.I. Discovery Large Cap Fund** | **Invesco V.I. Discovery Large Cap Fund** |  |  |  |
| 12/31/2025 | 692 | 11012 | 0.00 | 65.257919 | 11.22 | 1.40 | 90.904960 | 12.80 | 0.00 |
| 12/31/2024 | 623 | 11034 | 0.00 | 58.675671 | 32.27 | 1.40 | 80.592468 | 34.16 | 0.00 |
| 12/31/2023 | 471 | 11087 | 0.00 | 44.359020 | 33.49 | 1.40 | 60.071050 | 35.38 | 0.00 |
| 12/31/2022 | 358 | 11240 | 0.00 | 33.230727 | (31.75) | 1.40 | 44.373715 | (30.78) | 0.00 |
| 12/31/2021 | 535 | 11523 | 0.00 | 48.690362 | 20.85 | 1.40 | 64.107641 | 22.57 | 1.25 |
| **Invesco V.I. Diversified Dividend Fund** | **Invesco V.I. Diversified Dividend Fund** | **Invesco V.I. Diversified Dividend Fund** | **Invesco V.I. Diversified Dividend Fund** | **Invesco V.I. Diversified Dividend Fund** | **Invesco V.I. Diversified Dividend Fund** | **Invesco V.I. Diversified Dividend Fund** |  |  |  |
| 12/31/2025 | 300 | 9257 | 1.64 | 32.395502 | 14.12 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 292 | 10270 | 1.90 | 28.387180 | 11.62 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 264 | 10398 | 2.05 | 25.431340 | 7.52 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 260 | 10992 | 1.82 | 23.652014 | (3.05) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 305 | 12494 | 2.16 | 24.396869 | 17.23 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. Global Core Equity Fund** | **Invesco V.I. Global Core Equity Fund** | **Invesco V.I. Global Core Equity Fund** | **Invesco V.I. Global Core Equity Fund** | **Invesco V.I. Global Core Equity Fund** | **Invesco V.I. Global Core Equity Fund** | **Invesco V.I. Global Core Equity Fund** |  |  |  |
| 12/31/2025 | 59 | 2332 | 1.41 | 29.256010 | 13.94 | 1.40 | 19.026947 | 14.12 | 1.25 |
| 12/31/2024 | 52 | 2333 | 1.14 | 25.675707 | 15.20 | 1.40 | 16.673101 | 15.38 | 1.25 |
| 12/31/2023 | 45 | 2332 | 0.58 | 22.287400 | 20.03 | 1.40 | 30.906310 | 21.73 | 0.00 |
| 12/31/2022 | 38 | 2334 | 0.31 | 18.568524 | (22.97) | 1.40 | 25.390020 | (21.88) | 0.00 |
| 12/31/2021 | 58 | 2887 | 0.98 | 24.104879 | 14.35 | 1.40 | 32.499229 | 15.97 | 1.25 |
| **Invesco V.I. Global Fund/VA Class 2** | **Invesco V.I. Global Fund/VA Class 2** | **Invesco V.I. Global Fund/VA Class 2** | **Invesco V.I. Global Fund/VA Class 2** | **Invesco V.I. Global Fund/VA Class 2** | **Invesco V.I. Global Fund/VA Class 2** | **Invesco V.I. Global Fund/VA Class 2** |  |  |  |
| 12/31/2025 | 1 | 20 | 0.00 | 52.198484 | 13.40 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 1 | 20 | 0.00 | 46.028698 | 14.15 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 12 | 309 | 0.00 | 40.321510 | 32.57 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 9 | 310 | 0.00 | 30.415103 | (32.89) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 14 | 311 | 0.00 | 45.320642 | 13.56 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. Global Health Care Fund** | **Invesco V.I. Global Health Care Fund** | **Invesco V.I. Global Health Care Fund** | **Invesco V.I. Global Health Care Fund** | **Invesco V.I. Global Health Care Fund** | **Invesco V.I. Global Health Care Fund** | **Invesco V.I. Global Health Care Fund** |  |  |  |
| 12/31/2025 | 31 | 838 | 0.00 | 38.126575 | 13.71 | 1.40 | 33.638782 | 13.89 | 1.25 |
| 12/31/2024 | 57 | 1745 | 0.00 | 33.528835 | 2.70 | 1.40 | 29.537314 | 2.86 | 1.25 |
| 12/31/2023 | 54 | 1686 | 0.00 | 32.646730 | 1.58 | 1.40 | 28.716300 | 1.74 | 1.25 |
| 12/31/2022 | 57 | 1813 | 0.00 | 32.137792 | (14.53) | 1.40 | 28.225795 | (14.40) | 1.25 |
| 12/31/2021 | 67 | 1815 | 0.21 | 32.973539 | 10.73 | 1.40 | 37.600636 | 10.90 | 1.25 |
| **Invesco V.I. Government Securities Fund Series I** | **Invesco V.I. Government Securities Fund Series I** | **Invesco V.I. Government Securities Fund Series I** | **Invesco V.I. Government Securities Fund Series I** | **Invesco V.I. Government Securities Fund Series I** | **Invesco V.I. Government Securities Fund Series I** | **Invesco V.I. Government Securities Fund Series I** |  |  |  |
| 12/31/2025 | 92 | 7075 | 3.01 | 12.266910 | 6.03 | 1.25 | 23.121398 | 7.37 | 0.00 |
| 12/31/2024 | 92 | 7514 | 2.64 | 11.569488 | 0.44 | 1.25 | 21.534311 | 1.72 | 0.00 |
| 12/31/2023 | 88 | 6994 | 2.09 | 11.518740 | 3.32 | 1.25 | 21.170330 | 4.62 | 0.00 |
| 12/31/2022 | 87 | 7058 | 1.88 | 11.148956 | (11.41) | 1.25 | 20.235270 | (10.29) | 0.00 |
| 12/31/2021 | 114 | 8308 | 2.35 | 12.585138 | (3.49) | 1.40 | 22.556958 | (2.27) | 1.25 |
| **Invesco V.I. Government Securities Fund Series II** | **Invesco V.I. Government Securities Fund Series II** | **Invesco V.I. Government Securities Fund Series II** | **Invesco V.I. Government Securities Fund Series II** | **Invesco V.I. Government Securities Fund Series II** | **Invesco V.I. Government Securities Fund Series II** | **Invesco V.I. Government Securities Fund Series II** |  |  |  |
| 12/31/2025 | 205 | 15605 | 2.93 | 13.146875 | 5.46 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 202 | 16202 | 2.37 | 12.466549 | 0.05 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 188 | 15109 | 1.83 | 12.460790 | 3.00 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 171 | 14174 | 1.54 | 12.097625 | (11.83) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 235 | 17134 | 2.26 | 13.720306 | (3.80) | 1.40 | N/A | N/A | N/A |

---

---

| |
|:---|
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **Invesco V.I. Growth and Income Fund Series II** | **Invesco V.I. Growth and Income Fund Series II** | **Invesco V.I. Growth and Income Fund Series II** | **Invesco V.I. Growth and Income Fund Series II** | **Invesco V.I. Growth and Income Fund Series II** | **Invesco V.I. Growth and Income Fund Series II** | **Invesco V.I. Growth and Income Fund Series II** |  |  |  |
| 12/31/2025 | 129 | 2584 | 1.21 | 49.861788 | 13.68 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 114 | 2605 | 1.24 | 43.860565 | 14.09 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 100 | 2612 | 1.33 | 38.442790 | 10.84 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 91 | 2635 | 1.23 | 34.684376 | (7.31) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 108 | 2892 | 1.37 | 37.421754 | 26.39 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. International Growth Fund Series I** | **Invesco V.I. International Growth Fund Series I** | **Invesco V.I. International Growth Fund Series I** | **Invesco V.I. International Growth Fund Series I** | **Invesco V.I. International Growth Fund Series I** | **Invesco V.I. International Growth Fund Series I** | **Invesco V.I. International Growth Fund Series I** |  |  |  |
| 12/31/2025 | 210 | 11040 | 1.41 | 17.621896 | 15.04 | 1.25 | 44.092658 | 16.50 | 0.00 |
| 12/31/2024 | 194 | 11792 | 1.78 | 15.317590 | (0.65) | 1.25 | 37.848096 | 0.62 | 0.00 |
| 12/31/2023 | 185 | 11176 | 0.20 | 15.417240 | 16.67 | 1.25 | 37.615400 | 18.15 | 0.00 |
| 12/31/2022 | 182 | 12931 | 1.69 | 13.214046 | (19.33) | 1.25 | 31.838306 | (18.31) | 0.00 |
| 12/31/2021 | 238 | 13719 | 1.27 | 16.379497 | 4.57 | 1.40 | 38.972347 | 5.89 | 1.25 |
| **Invesco V.I. International Growth Fund Series II** | **Invesco V.I. International Growth Fund Series II** | **Invesco V.I. International Growth Fund Series II** | **Invesco V.I. International Growth Fund Series II** | **Invesco V.I. International Growth Fund Series II** | **Invesco V.I. International Growth Fund Series II** | **Invesco V.I. International Growth Fund Series II** |  |  |  |
| 12/31/2025 | 345 | 10306 | 1.19 | 33.476468 | 14.60 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 346 | 11859 | 1.59 | 29.210716 | (1.07) | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 304 | 10287 | 0.00 | 29.526090 | 16.22 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 286 | 11253 | 1.30 | 25.405058 | (19.64) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 393 | 12425 | 1.11 | 31.615666 | 4.13 | 1.40 | N/A | N/A | N/A |
| **Invesco V.I. Main Street Small Cap Fund** | **Invesco V.I. Main Street Small Cap Fund** | **Invesco V.I. Main Street Small Cap Fund** | **Invesco V.I. Main Street Small Cap Fund** | **Invesco V.I. Main Street Small Cap Fund** | **Invesco V.I. Main Street Small Cap Fund** | **Invesco V.I. Main Street Small Cap Fund** |  |  |  |
| 12/31/2025 | 260 | 2671 | 0.46 | 84.338701 | 7.18 | 1.40 | 116.052031 | 8.70 | 0.00 |
| 12/31/2024 | 241 | 2671 | 0.00 | 78.689955 | 11.10 | 1.40 | 106.763882 | 12.68 | 0.00 |
| 12/31/2023 | 202 | 2474 | 1.17 | 70.828940 | 16.48 | 1.40 | 94.745910 | 18.13 | 0.00 |
| 12/31/2022 | 179 | 2579 | 0.52 | 60.807632 | (17.01) | 1.40 | 80.205569 | (15.83) | 0.00 |
| 12/31/2021 | 227 | 2808 | 0.37 | 73.271638 | 20.84 | 1.40 | 95.294294 | 22.55 | 1.25 |
| **Invesco V.I. Money Market Fund** | **Invesco V.I. Money Market Fund** | **Invesco V.I. Money Market Fund** | **Invesco V.I. Money Market Fund** | **Invesco V.I. Money Market Fund** | **Invesco V.I. Money Market Fund** | **Invesco V.I. Money Market Fund** |  |  |  |
| 12/31/2025 | 422 | 41377 | 3.93 | 10.198118 | 2.56 | 1.40 | 14.037559 | 4.01 | 0.00 |
| 12/31/2024 | 440 | 30278 | 4.86 | 9.943777 | 3.50 | 1.40 | 13.495856 | 4.98 | 0.00 |
| 12/31/2023 | 278 | 29099 | 4.76 | 9.607357 | 3.40 | 1.40 | 12.855760 | 4.86 | 0.00 |
| 12/31/2022 | 275 | 29725 | 1.39 | 9.291722 | 0.04 | 1.40 | 12.259843 | 1.45 | 0.00 |
| 12/31/2021 | 308 | 33437 | 0.00 | 9.288205 | (1.39) | 1.40 | 12.084105 | 0.01 | 1.25 |
| **Invesco V.I. Technology Fund** | **Invesco V.I. Technology Fund** | **Invesco V.I. Technology Fund** | **Invesco V.I. Technology Fund** | **Invesco V.I. Technology Fund** | **Invesco V.I. Technology Fund** | **Invesco V.I. Technology Fund** |  |  |  |
| 12/31/2025 | 459 | 12426 | 0.00 | 36.455844 | 18.78 | 1.40 | 60.456527 | 18.96 | 1.25 |
| 12/31/2024 | 444 | 14303 | 0.00 | 30.691472 | 32.38 | 1.40 | 50.819916 | 32.58 | 1.25 |
| 12/31/2023 | 408 | 17447 | 0.00 | 23.184280 | 44.89 | 1.40 | 38.330690 | 45.11 | 1.25 |
| 12/31/2022 | 339 | 21009 | 0.00 | 16.000820 | (40.79) | 1.40 | 26.414196 | (40.70) | 1.25 |
| 12/31/2021 | 470 | 17188 | 0.00 | 27.023903 | 12.81 | 1.40 | 44.543303 | 12.98 | 1.25 |
| **MFS/VIT II Core Equity Portfolio** | **MFS/VIT II Core Equity Portfolio** | **MFS/VIT II Core Equity Portfolio** | **MFS/VIT II Core Equity Portfolio** | **MFS/VIT II Core Equity Portfolio** | **MFS/VIT II Core Equity Portfolio** | **MFS/VIT II Core Equity Portfolio** |  |  |  |
| 12/31/2025 | 111 | 3420 | 0.46 | 30.586263 | 10.93 | 1.40 | 35.598991 | 12.50 | 0.00 |
| 12/31/2024 | 107 | 3706 | 0.60 | 27.572443 | 18.42 | 1.40 | 31.642258 | 20.11 | 0.00 |
| 12/31/2023 | 92 | 3787 | 0.54 | 23.283890 | 21.42 | 1.40 | 26.344720 | 23.14 | 0.00 |
| 12/31/2022 | 77 | 3882 | 0.32 | 19.175921 | (18.43) | 1.40 | 21.394045 | (17.27) | 0.00 |
| 12/31/2021 | 95 | 3925 | 0.43 | 23.507574 | 23.56 | 1.40 | 25.860060 | 25.31 | 1.25 |

---

---

| |
|:---|
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **MFS/VIT II High Yield Portfolio** | **MFS/VIT II High Yield Portfolio** | **MFS/VIT II High Yield Portfolio** | **MFS/VIT II High Yield Portfolio** | **MFS/VIT II High Yield Portfolio** | **MFS/VIT II High Yield Portfolio** | **MFS/VIT II High Yield Portfolio** |  |  |  |
| 12/31/2025 | 113 | 7640 | 6.82 | 14.771608 | 7.12 | 1.40 | 17.587862 | 8.65 | 0.00 |
| 12/31/2024 | 106 | 7668 | 6.31 | 13.789172 | 5.42 | 1.40 | 16.188333 | 6.92 | 0.00 |
| 12/31/2023 | 95 | 7265 | 5.89 | 13.080220 | 10.84 | 1.40 | 15.139920 | 12.41 | 0.00 |
| 12/31/2022 | 86 | 7303 | 5.56 | 11.801122 | (11.77) | 1.40 | 13.468740 | (10.51) | 0.00 |
| 12/31/2021 | 109 | 8088 | 5.06 | 13.374666 | 2.04 | 1.40 | 15.051319 | 3.49 | 1.25 |
| **MFS/VIT II High Yield Portfolio Service Class** | **MFS/VIT II High Yield Portfolio Service Class** | **MFS/VIT II High Yield Portfolio Service Class** | **MFS/VIT II High Yield Portfolio Service Class** | **MFS/VIT II High Yield Portfolio Service Class** | **MFS/VIT II High Yield Portfolio Service Class** | **MFS/VIT II High Yield Portfolio Service Class** |  |  |  |
| 12/31/2025 | 14 | 986 | 6.53 | 14.331238 | 6.95 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 14 | 1025 | 5.97 | 13.399374 | 5.03 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 27 | 2128 | 5.53 | 12.757850 | 10.91 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 32 | 2777 | 5.27 | 11.502647 | (12.03) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 40 | 3070 | 4.81 | 13.075317 | 1.64 | 1.40 | N/A | N/A | N/A |
| **MFS/VIT Investors Trust Series** | **MFS/VIT Investors Trust Series** | **MFS/VIT Investors Trust Series** | **MFS/VIT Investors Trust Series** | **MFS/VIT Investors Trust Series** | **MFS/VIT Investors Trust Series** | **MFS/VIT Investors Trust Series** |  |  |  |
| 12/31/2025 | 133 | 2957 | 1.55 | 46.668841 | 11.98 | 1.40 | 66.299095 | 13.57 | 0.00 |
| 12/31/2024 | 156 | 3857 | 0.69 | 41.675786 | 17.84 | 1.40 | 58.377520 | 19.52 | 0.00 |
| 12/31/2023 | 142 | 4143 | 0.72 | 35.365960 | 17.32 | 1.40 | 48.841950 | 18.98 | 0.00 |
| 12/31/2022 | 125 | 4284 | 0.66 | 30.145189 | (17.66) | 1.40 | 41.050958 | (16.49) | 0.00 |
| 12/31/2021 | 162 | 4580 | 0.62 | 36.608988 | 25.04 | 1.40 | 49.156215 | 26.81 | 1.25 |
| **MFS/VIT Research Series** | **MFS/VIT Research Series** | **MFS/VIT Research Series** | **MFS/VIT Research Series** | **MFS/VIT Research Series** | **MFS/VIT Research Series** | **MFS/VIT Research Series** |  |  |  |
| 12/31/2025 | 145 | 2954 | 0.91 | 47.539206 | 11.27 | 1.40 | 67.394339 | 12.85 | 0.00 |
| 12/31/2024 | 163 | 3747 | 0.61 | 42.723572 | 17.20 | 1.40 | 59.720059 | 18.87 | 0.00 |
| 12/31/2023 | 139 | 3753 | 0.52 | 36.453700 | 20.71 | 1.40 | 50.238870 | 22.42 | 0.00 |
| 12/31/2022 | 115 | 3759 | 0.49 | 30.199281 | (18.37) | 1.40 | 41.038678 | (17.21) | 0.00 |
| 12/31/2021 | 141 | 3765 | 0.54 | 36.994493 | 23.06 | 1.40 | 49.569999 | 24.80 | 1.25 |
| **MFS/VIT Total Return Series** | **MFS/VIT Total Return Series** | **MFS/VIT Total Return Series** | **MFS/VIT Total Return Series** | **MFS/VIT Total Return Series** | **MFS/VIT Total Return Series** | **MFS/VIT Total Return Series** |  |  |  |
| 12/31/2025 | 401 | 14872 | 2.62 | 36.468948 | 9.61 | 1.40 | 51.754282 | 11.16 | 0.00 |
| 12/31/2024 | 439 | 17099 | 2.50 | 33.272152 | 6.24 | 1.40 | 46.556830 | 7.75 | 0.00 |
| 12/31/2023 | 419 | 17418 | 2.06 | 31.319280 | 8.90 | 1.40 | 43.207400 | 10.44 | 0.00 |
| 12/31/2022 | 389 | 17569 | 1.76 | 28.759307 | (10.85) | 1.40 | 39.121889 | (9.58) | 0.00 |
| 12/31/2021 | 470 | 18823 | 1.72 | 32.257940 | 12.52 | 1.40 | 43.267873 | 14.12 | 1.25 |
| **MFS/VIT Utilities Series** | **MFS/VIT Utilities Series** | **MFS/VIT Utilities Series** | **MFS/VIT Utilities Series** | **MFS/VIT Utilities Series** | **MFS/VIT Utilities Series** | **MFS/VIT Utilities Series** |  |  |  |
| 12/31/2025 | 28 | 451 | 2.69 | 62.986918 | 13.15 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 28 | 496 | 2.17 | 55.665673 | 9.78 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 26 | 522 | 3.37 | 50.707850 | (3.69) | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 25 | 471 | 2.06 | 52.653238 | (0.92) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 29 | 545 | 1.59 | 53.144730 | 12.23 | 1.40 | N/A | N/A | N/A |
| **Rydex VT Basic Materials Fund** | **Rydex VT Basic Materials Fund** | **Rydex VT Basic Materials Fund** | **Rydex VT Basic Materials Fund** | **Rydex VT Basic Materials Fund** | **Rydex VT Basic Materials Fund** | **Rydex VT Basic Materials Fund** |  |  |  |
| 12/31/2025 | 0 | 6 | 1.46 | 38.112933 | 31.03 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 0 | 7 | 0.90 | 29.086755 | (3.85) | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 4 | 139 | 0.00 | 30.250490 | 7.45 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 4 | 140 | 0.57 | 28.153311 | (10.91) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 4 | 140 | 0.58 | 31.601119 | 21.22 | 1.40 | N/A | N/A | N/A |

---

---

| |
|:---|
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **Rydex VT Consumer Products Fund** | **Rydex VT Consumer Products Fund** | **Rydex VT Consumer Products Fund** | **Rydex VT Consumer Products Fund** | **Rydex VT Consumer Products Fund** | **Rydex VT Consumer Products Fund** | **Rydex VT Consumer Products Fund** |  |  |  |
| 12/31/2025 | 92 | 2748 | 1.43 | 33.324080 | (4.87) | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 90 | 2558 | 1.55 | 35.029074 | 2.95 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 78 | 2294 | 1.36 | 34.025800 | (4.65) | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 83 | 2312 | 0.64 | 35.685977 | (2.29) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 94 | 2570 | 0.87 | 36.523785 | 9.07 | 1.40 | N/A | N/A | N/A |
| **Rydex VT Energy Fund** | **Rydex VT Energy Fund** | **Rydex VT Energy Fund** | **Rydex VT Energy Fund** | **Rydex VT Energy Fund** | **Rydex VT Energy Fund** | **Rydex VT Energy Fund** |  |  |  |
| 12/31/2025 | 132 | 7101 | 2.00 | 18.535750 | 6.00 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 131 | 7516 | 2.40 | 17.486310 | (1.34) | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 113 | 6389 | 4.24 | 17.723940 | 0.19 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 131 | 7426 | 1.03 | 17.689782 | 46.22 | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 147 | 12144 | 0.59 | 12.098092 | 48.36 | 1.40 | N/A | N/A | N/A |
| **Rydex VT Energy Services Fund** | **Rydex VT Energy Services Fund** | **Rydex VT Energy Services Fund** | **Rydex VT Energy Services Fund** | **Rydex VT Energy Services Fund** | **Rydex VT Energy Services Fund** | **Rydex VT Energy Services Fund** |  |  |  |
| 12/31/2025 |  |  | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A |
| 12/31/2024 |  |  | 0.00 | 4.871803 | (9.20) | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 1 | 183 | 0.00 | 5.365347 | 2.98 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 1 | 183 | 0.00 | 5.210076 | 40.57 | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 1 | 183 | 0.13 | 3.706310 | 15.86 | 1.40 | N/A | N/A | N/A |
| **Rydex VT Health Care Fund** | **Rydex VT Health Care Fund** | **Rydex VT Health Care Fund** | **Rydex VT Health Care Fund** | **Rydex VT Health Care Fund** | **Rydex VT Health Care Fund** | **Rydex VT Health Care Fund** |  |  |  |
| 12/31/2025 | 219 | 4750 | 0.00 | 46.007409 | 12.47 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 214 | 5232 | 0.00 | 40.906142 | (1.27) | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 191 | 4608 | 0.00 | 41.431760 | 3.56 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 192 | 4812 | 0.00 | 40.007779 | (13.23) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 227 | 4911 | 0.00 | 46.109845 | 17.17 | 1.40 | N/A | N/A | N/A |
| **Rydex VT Leisure Fund** | **Rydex VT Leisure Fund** | **Rydex VT Leisure Fund** | **Rydex VT Leisure Fund** | **Rydex VT Leisure Fund** | **Rydex VT Leisure Fund** | **Rydex VT Leisure Fund** |  |  |  |
| 12/31/2025 | 12 | 316 | 0.00 | 36.623729 | 6.96 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 12 | 361 | 0.06 | 34.241048 | 14.86 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 11 | 376 | 0.00 | 29.812210 | 20.78 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 11 | 456 | 0.00 | 24.683188 | (28.58) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 14 | 414 | 0.00 | 34.559787 | (0.49) | 1.40 | N/A | N/A | N/A |
| **Rydex VT Precious Metal Fund** | **Rydex VT Precious Metal Fund** | **Rydex VT Precious Metal Fund** | **Rydex VT Precious Metal Fund** | **Rydex VT Precious Metal Fund** | **Rydex VT Precious Metal Fund** | **Rydex VT Precious Metal Fund** |  |  |  |
| 12/31/2025 | 38 | 1193 | 2.25 | 31.803025 | 143.92 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 35 | 2716 | 1.50 | 13.038284 | 6.59 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 44 | 3588 | 0.33 | 12.231830 | 2.38 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 43 | 3616 | 0.49 | 11.948047 | (12.33) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 48 | 3545 | 3.73 | 13.627922 | (10.46) | 1.40 | N/A | N/A | N/A |
| **Rydex VT Retailing Fund** | **Rydex VT Retailing Fund** | **Rydex VT Retailing Fund** | **Rydex VT Retailing Fund** | **Rydex VT Retailing Fund** | **Rydex VT Retailing Fund** | **Rydex VT Retailing Fund** |  |  |  |
| 12/31/2025 | 229 | 5387 | 0.00 | 42.563834 | 8.63 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 228 | 5828 | 0.00 | 39.180713 | 14.96 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 216 | 6338 | 0.00 | 34.083180 | 14.93 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 195 | 6587 | 0.00 | 29.655354 | (27.55) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 242 | 5887 | 0.00 | 40.931310 | 10.18 | 1.40 | N/A | N/A | N/A |

---

---

| |
|:---|
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** | **Jackson Sage Variable Annuity Account A** |  |  |  |  |  |  |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |  |  |  |  |  |  |
|  | Investment Division Data | Investment Division Data | Investment Division Data | Highest Expense Ratio | Highest Expense Ratio | Highest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio | Lowest Expense Ratio |
|  | Net Assets | Units | Investment Income | Unit | Total | Ratio of | Unit | Total | Ratio of |
| Year ended | (in thousands)($)¥ | Outstanding¥ | Ratio(%)\* | Value($)§ | Return(%)† | Expenses(%)^ | Value($)§ | Return(%)† | Expenses(%)^ |
| **Rydex VT Tele-Communications Fund** | **Rydex VT Tele-Communications Fund** | **Rydex VT Tele-Communications Fund** | **Rydex VT Tele-Communications Fund** | **Rydex VT Tele-Communications Fund** | **Rydex VT Tele-Communications Fund** | **Rydex VT Tele-Communications Fund** |  |  |  |
| 12/31/2025 | 27 | 1485 | 0.22 | 18.185781 | 29.30 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 26 | 1863 | 0.99 | 14.064740 | 14.10 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 23 | 1905 | 0.86 | 12.327060 | 4.81 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 23 | 1947 | 0.58 | 11.760858 | (26.89) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 28 | 1718 | 0.75 | 16.085657 | 7.46 | 1.40 | N/A | N/A | N/A |
| **Rydex VT Transportation Fund** | **Rydex VT Transportation Fund** | **Rydex VT Transportation Fund** | **Rydex VT Transportation Fund** | **Rydex VT Transportation Fund** | **Rydex VT Transportation Fund** | **Rydex VT Transportation Fund** |  |  |  |
| 12/31/2025 | 91 | 2410 | 0.00 | 37.929022 | 10.20 | 1.40 | N/A | N/A | N/A |
| 12/31/2024 | 89 | 2577 | 0.23 | 34.417832 | 0.13 | 1.40 | N/A | N/A | N/A |
| 12/31/2023 | 84 | 2447 | 0.00 | 34.373930 | 22.75 | 1.40 | N/A | N/A | N/A |
| 12/31/2022 | 74 | 2654 | 0.00 | 28.003572 | (35.93) | 1.40 | N/A | N/A | N/A |
| 12/31/2021 | 101 | 2294 | 0.00 | 43.711073 | 20.47 | 1.40 | N/A | N/A | N/A |
| T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio | T. Rowe Price Equity Income Portfolio |  |  |  |
| 12/31/2025 | 38 | 869 | 1.66 | 31.618783 | 12.93 | 1.25 | 71.968030 | 14.36 | 0.00 |
| 12/31/2024 | 34 | 873 | 1.84 | 27.997784 | 10.30 | 1.25 | 62.930268 | 11.70 | 0.00 |
| 12/31/2023 | 31 | 877 | 2.11 | 25.383920 | 8.18 | 1.25 | 56.338240 | 9.54 | 0.00 |
| 12/31/2022 | 28 | 881 | 1.88 | 23.465505 | (4.55) | 1.25 | 51.431426 | (3.34) | 0.00 |
| 12/31/2021 | 30 | 885 | 1.58 | 24.583489 | 23.98 | 1.40 | 53.209671 | 25.55 | 1.25 |
| T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Mid-Cap Growth Portfolio | T. Rowe Price Mid-Cap Growth Portfolio |  |  |  |
| 12/31/2025 | 297 | 2248 | 0.00 | 131.947396 | 3.55 | 0.00 | N/A | N/A | N/A |
| 12/31/2024 | 290 | 2277 | 0.00 | 127.429504 | 9.32 | 0.00 | N/A | N/A | N/A |
| 12/31/2023 | 269 | 2306 | 0.00 | 116.568000 | 19.96 | 0.00 | N/A | N/A | N/A |
| 12/31/2022 | 227 | 2336 | 0.00 | 97.173270 | (22.58) | 0.00 | N/A | N/A | N/A |
| 12/31/2021 | 297 | 2366 | 0.00 | 42.892313 | 13.41 | 1.40 | 125.514278 | 14.85 | 1.25 |
| T. Rowe Price Personal Strategy Balanced Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio | T. Rowe Price Personal Strategy Balanced Portfolio |  |  |  |
| 12/31/2025 | 20 | 358 | 2.28 | 55.892351 | 14.50 | 0.00 | N/A | N/A | N/A |
| 12/31/2024 | 18 | 363 | 2.30 | 48.813402 | 10.06 | 0.00 | N/A | N/A | N/A |
| 12/31/2023 | 16 | 367 | 2.32 | 44.351900 | 15.35 | 0.00 | N/A | N/A | N/A |
| 12/31/2022 | 14 | 373 | 1.56 | 38.450722 | (18.31) | 0.00 | N/A | N/A | N/A |
| 12/31/2021 | 18 | 379 | 0.98 | 47.071738 | 10.06 | 1.40 | 0.000000 | 0.00 | 0.00 |

---

---

| |
|:---|
| These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
| For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
| This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
| ¥Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |

---

See Notes to the Financial Statements.

------

#### Jackson Sage Variable Annuity Account A

#### Notes to Financial Statements

#### December 31, 2025

#### NOTE 1. Organization
The Jackson Sage Variable Annuity Account A (the "Separate Account"), a unit investment trust registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 as amended ("1940 Act"), is a separate investment account of Jackson National Life Insurance Company ("Jackson"). On September 4, 2012, Jackson acquired Reassure America Life Insurance Company ("Realic") as an indirect wholly-owned subsidiary. Following the acquisition and effective December 31, 2012, Realic merged with and into Jackson. The Separate Account was established on December 3, 1997, and began operations on February 23, 1999. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board "FASB" Accounting Standards Codification (ASC) Topic 946 Financial Services – Investment Companies.

The Separate Account contains forty-seven (47) Investment Divisions as of December 31, 2025. These Investment Divisions each invest in the following mutual funds (collectively, the "Funds") in which the contract owners bear all of the investment risk. Each Fund is an open-end diversified management investment company and is managed by an investment advisor ("Investment Advisor") which is registered with the SEC. The Investment Advisors and Funds are as follows:

---

| | | |
|:---|:---|:---|
| **INVESTMENT ADVISOR:**<br>**Fund** | **INVESTMENT ADVISOR:**<br>**Fund** | **INVESTMENT ADVISOR:**<br>**Fund** |
| **FRED ALGER MANAGEMENT, INC:** | **INVESCO ADVISORS, INC:** | **RYDEX INVESTMENTS:** |
| Alger Growth & Income Portfolio | Invesco V.I. Global Fund/VA Class 2 | Rydex VT Basic Materials Fund |
| Alger Mid Cap Growth Portfolio | Invesco V.I. Global Health Care Fund | Rydex VT Consumer Products Fund |
| Alger Small Cap Growth Portfolio | Invesco V.I. Government Securities Fund Series I | Rydex VT Energy Fund |
|  | Invesco V.I. Government Securities Fund Series II | Rydex VT Energy Services Fund |
| **COLUMBIA MANAGEMENT ADVISORS, LLC.:** | Invesco V.I. Growth and Income Fund Series II | Rydex VT Health Care Fund |
|  | Invesco V.I. International Growth Fund Series I | Rydex VT Leisure Fund |
| Columbia Value Portfolio - Dividend Opportunity Fund | Invesco V.I. International Growth Fund Series II | Rydex VT Precious Metal Fund |
| Columbia Value Portfolio - Large Cap Growth Fund | Invesco V.I. Main Street Small Cap Fund | Rydex VT Retailing Fund |
| Columbia Value Portfolio - Small Cap Value Fund | Invesco V.I. Money Market Fund | Rydex VT Telecommunications Fund |
|  | Invesco V.I. Technology Fund | Rydex VT Transportation Fund |
| **INVESCO ADVISORS, INC:** |  |  |
|  | **MASSACHUSETTS FINANCIAL SERVICES COMPANY:** | T. ROWE PRICE ASSOCIATES, INC: |
| Invesco V.I. American Franchise Fund Series I |  |  |
| Invesco V.I. American Franchise Fund Series II | MFS/VIT II Core Equity Portfolio | T. Rowe Price Equity Income Portfolio |
| Invesco V.I. American Value Fund Series I | MFS/VIT II High Yield Portfolio | T. Rowe Price Mid-Cap Growth Portfolio |
| Invesco V.I. Comstock Fund Series I | MFS/VIT II High Yield Portfolio Service Class | T. Rowe Price Personal Strategy Balanced Portfolio |
| Invesco V.I. Core Equity Fund Series I | MFS/VIT Investors Trust Series |  |
| Invesco V.I. Core Equity Fund Series II | MFS/VIT Research Series |  |
| Invesco V.I. Core Plus Bond Fund Series I | MFS/VIT Total Return Series |  |
| Invesco V.I. Core Plus Bond Fund Series II | MFS/VIT Utilities Series |  |
| Invesco V.I. Discovery Large Cap Fund |  |  |
| Invesco V.I. Diversified Dividend Fund |  |  |
| Invesco V.I. Global Core Equity Fund |  |  |

---

During the year ended December 31, 2025, the following Fund changed names:

<br> <u>Prior Fund Name</u> <u>Current Fund Name</u> <u>Reason for Change</u> <br> Invesco V.I. Capital Appreciation Fund Invesco V.I. Discovery Large Cap Fund Name Convention Update

The Net assets are affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses. The accompanying financial statements include only contract owners' purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of Jackson.

As of 2003, variable annuity contracts are no longer offered for sale. However, the Separate Account continues to accept new policy payments and process transactions for existing contracts, including the Asset 1, Asset 2, Choice, Plus, Freedom and Select Variable Annuity Contracts (collectively, the "Contracts"). Under the terms of the Contracts, contract owners select where the net purchase payments of the Contracts are invested. The contract owner may choose to invest in either Fixed Account I, Fixed Account II (collectively, the "Fixed Accounts") or the Separate Account, or both the Separate Account and the Fixed Accounts.

------

#### Jackson Sage Variable Annuity Account A

#### Notes to Financial Statements

#### December 31, 2025
The Fixed Account I, which is part of the General Account, offers a guaranteed fixed interest rate. The Fixed Account II, which is segregated from the General Account, offers various interest rates and time periods. The Fixed Accounts have not been registered under the Securities Act of 1933 nor have the Fixed Accounts been registered as an investment company under the 1940 Act. The accompanying financial statements do not reflect amounts invested in the Fixed Accounts.

The Separate Account is a separate investment account of Jackson. Its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson, but are clearly identified and distinguished from Jackson's other assets and liabilities. The contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct. The contract owner may transfer all or part of any Investment Divisions' value to another Investment Division(s) or to the Fixed Accounts, or transfer all or part of amounts in the Fixed Accounts to any Investment Division(s) (before the maturity date, while the contract owner is still living or the contract is in force).

#### NOTE 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

**Use of Estimates.** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Investments.** The specific identification method is used in determining the cost of the shares sold on withdrawals by the Investment Divisions of the Separate Account. Investment transactions in the Funds are recorded on trade date for financial reporting purposes. Realized gain distributions and dividend income distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as gain or income to the Investment Divisions of the Separate Account on the ex-dividend date.

**Federal Income Taxes.** The operations of the Separate Account are taxed as part of the operations of Jackson, which is taxed as a "life insurance company" under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.

**Fair Value Measurement.** As of December 31, 2025, all of the Separate Account's Investment Divisions' investment in the corresponding Funds are valued at the daily reported net asset value ("NAV") of the applicable underlying Funds. Investments in the underlying Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. On each valuation date, the NAV of the corresponding Funds is generally determined once each day on which the New York Stock Exchange ("NYSE") is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account's Investment Divisions' investment in the corresponding Funds. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

#### NOTE 3. Expenses and Related Party Transactions
Jackson deducts charges and other expenses associated with the Contracts that reduce the return of the investments in the Investment Divisions. These deductions are outlined below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contract** | **Annual Administration Charge** | **Surrender Charges<sup>1</sup>** | **Daily Expense Charge<sup>2</sup>** | **Sales Charges** |
| **Asset 1** | $30 to $40 - year 1-7 \* | 7% - year 1-2 | 1.40% of assets for year 1-7\*\* |  |
| **Asset 1** | $0 - year 8+  | 6% - year 3 | 1.25% of assets for year 8+\*\* |  |
| **Asset 1** |  | 5% - year 4 |  |  |
| **Asset 1** |  | 4% - year 5 |  |  |
| **Asset 1** |  | 3% - year 6 |  |  |
| **Asset 1** |  | 1% - year 7 |  |  |
| **Asset 1** |  | 0% - year 8+ |  |  |
| **Asset 2** | $30 to $40 - year 1-7  |  | 1.40% of assets for year 1-7\*\* |  |
| **Asset 2** | $0 - year 8+ |  | 1.25% of assets for year 8+\*\* |  |
| **Choice** | $30 to $40 - year 1-7 \* | 7% - year 1-2 | 1.40% of assets |  |
| **Choice** | $0 - year 8+ | 6% - year 3 |  |  |
| **Choice** |  | 5% - year 4 |  |  |
| **Choice** |  | 4% - year 5 |  |  |
| **Choice** |  | 3% - year 6 |  |  |
| **Choice** |  | 1% - year 7 |  |  |
| **Choice** |  | 0% - year 8+ |  |  |
| **Freedom** |  |  | 1.40% of assets effective after December 2010 |  |
| **Plus** | $30 to $40 - year 1-7 \* | 8.5% - year 1-2 | 1.60% of assets for year 1-7 |  |
| **Plus** | $0 - year 8+ | 5.5% to 8.5% - year 3 | 1.40% of assets for year 8+ |  |

---

------

#### Jackson Sage Variable Annuity Account A

#### Notes to Financial Statements

#### December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contract** | **Annual Administration Charge** | **Surrender Charges<sup>1</sup>** | **Daily Expense Charge<sup>2</sup>** | **Sales Charges** |
|  |  | 5% to 7% - year 4 |  |  |
|  |  | 4% to 5% - year 5 |  |  |
|  |  | 3% - year 6 |  |  |
|  |  | 1% - year 7 |  |  |
|  |  | 0% - year 8+ |  |  |
| **Select** |  | 8% - year 1 | 1.40% of assets effective after December 2010 |  |
| **Select** |  | 6% - year 2 |  |  |
| **Select** |  | 4% - year 3 |  |  |
| **Select** |  | 0% - year 4+ |  |  |

---

\* For Contracts purchased prior to May 1, 2001, asset-based charges are deducted on a monthly basis during the accumulation phase, which have been charged through the redemption of contract units, but has been presented as expense in the Statements of Operations. For Contracts purchased on or after May 1, 2001, asset-based charges are deductible daily, as a percentage of the assets of the Separate Account.

\*\* Applicable if Contract value is below $50,000.

<sup>1</sup> Surrender Charges are assessed to the contract owner by redemption of contract units as a percentage of the contract value.

<sup>2</sup> Annualized contract expense of Investment Divisions of the Separate Account and are presented on the Statements of Operations.

Jackson permits 12 free transfers, which are subject to certain limitation on dollar amounts and frequency, among and between the Investment Divisions within the Separate Account per contract year. For each additional transfer, Jackson may charge $25 at the time each such transfer is processed.

Additionally, Jackson deducts a monthly charge on account values for optional riders at an annual rate ranging from 0.05% to 0.55% of the contract value. These optional riders are charged as a reduction in contract units.

Jackson and its affiliates may receive fees from the Funds or their Investment Advisors, administrators and distributors for providing distribution, administrative or other services to the Funds.

Contract owners may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in

the accounts of Jackson. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Separate Account to

the fixed account are included in surrenders and terminations, and fund exchanges from the fixed account to the Separate Account are included in

purchase payments, as applicable, on the accompanying Statements of Changes in Net Assets.

#### NOTE 4. Segment Reporting
The Executive Vice President and Chief Financial Officer of Jackson is the Chief Operating Decision Maker ("CODM") for each of the investment divisions of the Separate Accounts. Each investment division is comprised of a single reportable segment, whose assets are invested in a fund with a single investment strategy, which reflects how the CODM monitors and manages the operating results of each investment division. The CODM manages the allocation of resources in accordance with each investment division's objective and the terms of the underlying fund's prospectus. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, net changes in net assets from operations, is consistent with that presented within each investment division's financial statements and financial highlights.

#### NOTE 5. Subsequent Events
Management has evaluated subsequent events for the Separate Account through the date the financial statements were issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the Notes to Financial Statements.

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![](sagevaopinionfy25001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG LLP Aon Center Suite 5500 200 E. Randolph Street Chicago, IL 60601-6436 KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Report of Independent Registered Public Accounting Firm To the Board of Directors of Jackson National Life Insurance Company and Contract Owners of Jackson Sage Variable Annuity Account A: Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities of the Investment Divisions listed in the Appendix that comprise Jackson Sage Variable Annuity Account A (the Separate Account), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Investment Division as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles. Basis for Opinion 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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provides a reasonable basis for our opinion. /s/ KPMG LLP We have served as the auditor of one or more Jackson National Life Insurance Company's separate accounts since 1999. Chicago, Illinois March 27, 2026

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![](sagevaopinionfy25002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson SAGE Variable Annuity Account A Statements of assets and liabilities as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended. Alger Growth & Income Portfolio Alger Mid Cap Growth Portfolio Alger Small Cap Growth Portfolio Columbia Value Portfolio - Dividend Opportunity Fund Columbia Value Portfolio - Large Cap Growth Fund Columbia Value Portfolio - Small Cap Value Fund Invesco V.I. American Franchise Fund Series I Invesco V.I. American Franchise Fund Series II Invesco V.I. American Value Fund Series I Invesco V.I. Comstock Fund Series I Invesco V.I. Core Equity Fund Series I Invesco V.I. Core Equity Fund Series II Invesco V.I. Core Plus Bond Fund Series I Invesco V.I. Core Plus Bond Fund Series II Invesco V.I. Discovery Large Cap Fund Invesco V.I. Diversified Dividend Fund Invesco V.I. Global Core Equity Fund Invesco V.I. Global Fund/VA Class 2 Invesco V.I. Global Health Care Fund Invesco V.I. Government Securities Fund Series I Invesco V.I. Government Securities Fund Series II Invesco V.I. Growth and Income Fund Series II Invesco V.I. International Growth Fund Series I Invesco V.I. International Growth Fund Series II Invesco V.I. Main Street Small Cap Fund Invesco V.I. Money Market Fund Invesco V.I. Technology Fund MFS/VIT II Core Equity Portfolio MFS/VIT II High Yield Portfolio MFS/VIT II High Yield Portfolio Service Class MFS/VIT Investors Trust Series MFS/VIT Research Series MFS/VIT Total Return Series MFS/VIT Utilities Series Rydex VT Basic Materials Fund Rydex VT Consumer Products Fund Rydex VT Energy Fund Rydex VT Energy Services Fund

------

![](sagevaopinionfy25003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rydex VT Health Care Fund Rydex VT Leisure Fund Rydex VT Precious Metal Fund Rydex VT Retailing Fund Rydex VT Telecommunications Fund Rydex VT Transportation Fund T. Rowe Price Equity Income Portfolio T. Rowe Price Mid-Cap Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio

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![image.jpg](image.jpg)

Jackson National Life Insurance Company

Statutory Financial Statements

December 31, 2025

------

**Jackson National Life Insurance Company**

**Index to Statutory Financial Statements**

 **________________________________________________________________**

Independent Auditors' Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1

Statutory Statements of Admitted Assets, Liabilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital and Surplus&nbsp;&nbsp;&nbsp;&nbsp;as of December 31, 2025 and 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

Statutory Statements of Operations&nbsp;&nbsp;&nbsp;&nbsp;for the years ended

December 31, 2025, 2024, and 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

Statutory Statements of Capital and Surplus for the years

ended December 31, 2025, 2024, and 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

Statutory Statements of Cash Flow&nbsp;&nbsp;&nbsp;&nbsp;for the years

ended December 31, 2025, 2024, and 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

Notes to Statutory Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

Supplemental Schedule of Selected Financial Data&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78

Supplemental Investment Risks Interrogatories&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81

Summary Investment Schedule&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84

Reinsurance Risk Interrogatories&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85

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![image_0.jpg](image_0.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG LLP

Suite 600

350 N. 5th Street

Minneapolis, MN 55401

**Independent Auditors' Report**

The Audit and Risk Management Committee of the Board of Directors

Jackson National Life Insurance Company

*Opinions*

We have audited the statutory financial statements of Jackson National Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of operations, capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes to the statutory financial statements.

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying statutory financial statements present fairly, in all material respects, the admitted assets, liabilities, capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025 in accordance with accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services described in Note 2.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the statutory financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the three-year period ended December 31, 2025.

*Basis for Opinions*

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Statutory Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles*

As described in Note 2 to the statutory financial statements, the statutory financial statements are prepared by the Company using accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the statutory financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the statutory financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

------

![image_01.jpg](image_01.jpg)

*Responsibilities of Management for the Statutory Financial Statements*

Management is responsible for the preparation and fair presentation of the statutory financial statements in accordance with accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory financial statements are issued.

*Auditors' Responsibilities for the Audit of the Statutory Financial Statements*

Our objectives are to obtain reasonable assurance about whether the statutory financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the statutory financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

*Supplementary Information*

Our audits were conducted for the purpose of forming an opinion on the statutory financial statements as a whole. The supplementary information included in the supplemental schedule of selected financial data,

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![image_01.jpg](image_01.jpg)

supplemental investment risks interrogatories, summary investment schedule, and reinsurance risk interrogatories is presented for purposes of additional analysis and is not a required part of the statutory financial statements but is supplementary information required by the Michigan Department of Insurance and Financial Services. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the statutory financial statements. The information has been subjected to the auditing procedures applied in the audits of the statutory financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the statutory financial statements or to the statutory financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the statutory financial statements as a whole.

/s/ KPMG LLP

Minneapolis, Minnesota

March 20, 2026

------

**Jackson National Life Insurance Company**

**Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus**

(In thousands, except for share information)

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Admitted Assets** |  |  |
| Bonds | $30298895  | $33162492  |
| Preferred stocks, at statement value (cost: 2025, $156,512; 2024, $175,020) | 129703  | 149164  |
| Common stocks - unaffiliated, at fair value (cost: 2025, $136,169; 2024, $153,315) | 140261  | 157083  |
| Common stocks - affiliated, on equity basis (cost: 2025, $723,509; 2024, $810,906) | 721897  | 809139  |
| Cash, cash equivalents, and short-term investments | 3626373  | 2018084  |
| Mortgage loans | 8675742  | 9329026  |
| Policy loans | 4220100  | 4203690  |
| Limited partnership and limited liability company interests | 2354070  | 2291674  |
| Real estate  | 230509  | 230926  |
| Derivatives | 198623  | (63384) |
| Other invested assets | 390067  | 276442  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 50986240  | 52564336  |
| Investment income due and accrued | 558360  | 569773  |
| Premiums deferred and uncollected | 426760  | 222836  |
| Federal income taxes receivable | 107610  | 134437  |
| Net deferred tax asset  | 622226  | 573926  |
| Amounts due from reinsurers | 5474896  | 5180133  |
| Receivable for derivatives | —  | 69248  |
| Admitted disallowed IMR | 306340  | 328926  |
| Guaranty funds receivable | 32502  | 38076  |
| Other admitted assets | 34277  | 7808  |
| Separate account assets | 234125083  | 221589231  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted assets | $292674294  | $281278730  |
| **Liabilities, Capital and Surplus** |  |  |
| **Liabilities:** |  |  |
| Aggregate reserves for life, accident and health and annuity contracts | $22663082  | $24826824  |
| Liability for deposit-type contracts | 11284868  | 8940589  |
| Policy and contract claims | 699827  | 706918  |
| Other contract liabilities | (129070) | (12217) |
| Remittances in process | 176497  | 152203  |
| Commissions payable and expense allowances on reinsurance assumed | 147832  | 141398  |
| Asset valuation reserve | 727222  | 655302  |
| Funds held under reinsurance treaties with unauthorized reinsurers | 3721372  | 3666057  |
| Funds held under coinsurance | 13467875  | 15697595  |
| General expenses and taxes due and accrued | 247827  | 254516  |
| Accrued transfers to separate accounts | (1264636) | (2799936) |
| Borrowed money and interest thereon | 47192  | 752432  |
| Repurchase agreements | 1001049  | 1540396  |
| Payable for securities lending | 22969  | 12767  |
| Other liabilities | 959580  | 750624  |
| Separate account liabilities | 234125083  | 221589231  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 287898569  | 276874699  |
| **Capital and Surplus:** |  |  |
| Capital stock (par value $1.15 per share; 50,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;12,000 shares issued and outstanding) | 13800  | 13800  |
| Surplus notes | 249926  | 249871  |
| Gross paid-in and contributed surplus | 2711221  | 2711221  |
| Aggregate write-ins for special surplus funds | 306340  | 328926  |
| Unassigned surplus | 1494438  | 1100213  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | 4775725  | 4404031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, capital and surplus | $292674294  | $281278730  |

---

See accompanying Notes to Statutory Financial Statements.

------

**Jackson National Life Insurance Company**

**Statutory Statements of Operations**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums and annuity considerations | $20045040  | $17595754  | $13227578  |
| &nbsp;&nbsp;&nbsp;Considerations for supplementary contracts with life contingencies | 585  | 927  | 1443  |
| &nbsp;&nbsp;&nbsp;Net investment income | 3038080  | 2985426  | 2854547  |
| &nbsp;&nbsp;&nbsp;Amortization of interest maintenance reserve | (30796) | (9869) | (732212) |
| &nbsp;&nbsp;&nbsp;Separate Accounts net gain from operations excluding unrealized gains or losses | 547199  | 212426  | 210502  |
| &nbsp;&nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 107256  | 1332091  | 54250  |
| &nbsp;&nbsp;&nbsp;Fee income  | 2783265  | 2776464  | 5465127  |
| &nbsp;&nbsp;&nbsp;Other income | 678533  | 665687  | 612302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 27169162  | 25558906  | 21693537  |
| **Benefits and other deductions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Death and other benefits | 38305437  | 34218998  | 24334421  |
| &nbsp;&nbsp;&nbsp;Decrease in aggregate reserves | (2163741) | (424051) | (2528619) |
| &nbsp;&nbsp;&nbsp;Commissions | 2298627  | 2070512  | 1752864  |
| &nbsp;&nbsp;&nbsp;General insurance expenses | 813240  | 839669  | 767894  |
| &nbsp;&nbsp;&nbsp;Taxes, licenses and fees | 55801  | 47497  | 40014  |
| &nbsp;&nbsp;&nbsp;Interest on funds withheld treaties | 851583  | 989254  | 1169449  |
| &nbsp;&nbsp;&nbsp;Change in loading and other | (540) | (277) | (1551) |
| &nbsp;&nbsp;&nbsp;Reclassification of initial gain to surplus | 80960  | 1214820  | —  |
| &nbsp;&nbsp;&nbsp;Amortization of gain on reinsured business to income | (255216) | (316130) | (119797) |
| &nbsp;&nbsp;&nbsp;IMR transferred on reinsurance | 81402  | —  | —  |
| &nbsp;&nbsp;&nbsp;Net transfers from separate accounts, net of reinsurance | (14401994) | (14546666) | (6514054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other deductions | 25665559  | 24093626  | 18900621  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from operations before federal income tax expense and net  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; realized capital losses | 1503603  | 1465280  | 2792916  |
| &nbsp;&nbsp;&nbsp;Dividends to policyholders | 6942  | 7393  | 8386  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from operations after dividends to policyholders and before federal income taxes | 1496661  | 1457887  | 2784530  |
| &nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | (121320) | 96185  | 966356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain from operations before net realized capital losses | 1617981  | 1361702  | 1818174  |
| &nbsp;&nbsp;&nbsp;Net realized capital losses, less tax expense of $37,259 in 2025 and benefit of $250,732, and $545,555 in 2024 and 2023, respectively, excluding tax benefit of $15,820, $16,418, and $342,797 in 2025, 2024, and 2023, respectively, transferred to the IMR | (28457) | (1084069) | (1939868) |
| Net income (loss) | $1589524  | $277633  | $(121694) |

---

See accompanying Notes to Statutory Financial Statements.

------

**Jackson National Life Insurance Company**

Statutory Statements of Capital and Surplus

(In thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Surplus** | **Surplus** | **Surplus** | |
| |<br>**Capital** <br>**stock** |<br>**Surplus**<br>**notes** | **Gross paid-in and**<br>**contributed** | **Special**<br>**Funds** |<br>**Unassigned** |<br>**Total** |
| **Balances at December 31, 2022** | $13800  | $249769  | $4781055  | $—  | $942794  | $5987418  |
| Net loss | —  | —  | —  | —  | (121694) | (121694) |
| Change in net unrealized capital gains and losses | —  | —  | —  | —  | (652825) | (652825) |
| Change in net deferred income tax | —  | —  | —  | —  | 398028  | 398028  |
| Change in asset valuation reserve | —  | —  | —  | —  | 497303  | 497303  |
| Change in non-admitted assets | —  | —  | —  | —  | (768985) | (768985) |
| Change in liability for reinsurance in |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;unauthorized companies | —  | —  | —  | —  | 33126  | 33126  |
| Change in surplus in separate accounts | —  | —  | —  | —  | (210502) | (210502) |
| Surplus withdrawn from separate accounts | —  | —  | —  | —  | 210502  | 210502  |
| Surplus notes accretion | —  | 48  | —  | —  | —  | 48  |
| Change in surplus as a result of reinsurance | —  | —  | —  | —  | (119797) | (119797) |
| Dividends to stockholders | —  | —  | —  | —  | (450000) | (450000) |
| Change in special surplus funds | —  | —  | —  | 252977  | (252977) | —  |
| Paid-in surplus | —  | —  | (150000) | —  | —  | (150000) |
| **Balances at December 31, 2023** | 13800  | 249817  | 4631055  | 252977  | (495027) | 4652622  |
| Net income | —  | —  | —  | —  | 277633  | 277633  |
| Change in net unrealized capital gains and losses | —  | —  | —  | —  | 1241045  | 1241045  |
| Change in net deferred income tax | —  | —  | —  | —  | (189128) | (189128) |
| Change in asset valuation reserve | —  | —  | —  | —  | (165633) | (165633) |
| Change in non-admitted assets | —  | —  | —  | —  | 442170  | 442170  |
| Change in liability for reinsurance in  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;unauthorized companies | —  | —  | —  | —  | (3588) | (3588) |
| Change in surplus in separate accounts | —  | —  | —  | —  | (212426) | (212426) |
| Surplus withdrawn from separate accounts | —  | —  | —  | —  | 212426  | 212426  |
| Surplus notes accretion | —  | 54  | —  | —  | —  | 54  |
| Change in surplus as a result of reinsurance | —  | —  | —  | —  | 898690  | 898690  |
| Dividends to stockholders | —  | —  | —  | —  | (830000) | (830000) |
| Change in special surplus funds | —  | —  | —  | 75949  | (75949) | —  |
| Paid-in surplus | —  | —  | (1919834) | —  | —  | (1919834) |
| **Balances at December 31, 2024** | 13800  | 249871  | 2711221  | 328926  | 1100213  | 4404031  |
| Net income | —  | —  | —  | —  | 1589524  | 1589524  |
| Change in net unrealized capital gains and losses | —  | —  | —  | —  | 52432  | 52432  |
| Change in net deferred income tax | —  | —  | —  | —  | (160692) | (160692) |
| Change in asset valuation reserve | —  | —  | —  | —  | (71920) | (71920) |
| Change in non-admitted assets | —  | —  | —  | —  | 252252  | 252252  |
| Change in liability for reinsurance in  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;unauthorized companies | —  | —  | —  | —  | (701) | (701) |
| Change in surplus in separate accounts | —  | —  | —  | —  | (581656) | (581656) |
| Surplus withdrawn from separate accounts | —  | —  | —  | —  | 581656  | 581656  |
| Surplus notes accretion | —  | 55  | —  | —  | —  | 55  |
| Change in surplus as a result of reinsurance | —  | —  | —  | —  | (174256) | (174256) |
| Dividends to stockholders | —  | —  | —  | —  | (1115000) | (1115000) |
| Change in special surplus funds | —  | —  | —  | (22586) | 22586  | —  |
| **Balances at December 31, 2025** | $13800  | $249926  | $2711221  | $306340  | $1494438  | $4775725  |

---

See accompanying Notes to Statutory Financial Statements.

------

**Jackson National Life Insurance Company**

**Statutory Statements of Cash Flow**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating receipts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and annuity considerations | $19854093  | $17621056  | $13259779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2440817  | 2176417  | 2489559  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 6285761  | 7049735  | 6118652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash received from operations | 28580671  | 26847208  | 21867990  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating disbursements: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | 38106212  | 34137141  | 24164287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions, general expenses and taxes | 3707349  | 3385238  | 2951813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers to separate accounts | (16902312) | (15658543) | (6861123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes | (111676) | (20811) | (22120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash disbursed from operations | 24799573  | 21843025  | 20232857  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash from operations** | 3781098  | 5004183  | 1635133  |
| **Cash from investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold, matured, or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 5439894  | 7019697  | 7790462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | 71060  | 327270  | 239491  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 1595267  | 1789952  | 2077633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 3812  | 3227  | 4419  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships and other invested assets | 281441  | (4656407) | (1555962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment proceeds | 7391474  | 4483739  | 8556043  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 5270121  | 2906947  | 2828856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | 34718  | 61087  | 195331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 942632  | 876891  | 837867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 1454  | 3926  | 2263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships and other invested assets | 980419  | 991756  | 2352696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments acquired | 7229344  | 4840607  | 6217013  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in policy loans | (16459) | 37679  | (18278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash from (used in) investments** | 145671  | (319189) | 2320752  |
| **Cash from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided (applied): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in surplus | —  | (1720900) | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowed funds | (705039) | 444961  | 244961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deposits on deposit-type contracts | 2344279  | (421247) | (1143229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to stockholders | 1115000  | 830000  | 450000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (2842720) | (2204051) | (4551649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing and miscellaneous sources** | (2318480) | (4731237) | (6049917) |
| Net change in cash, cash equivalents and short-term investments | 1608289  | (46243) | (2094032) |
| **Cash, cash equivalents and short-term investments at beginning of year** | 2018084  | 2064327  | 4158359  |
| **Cash, cash equivalents and short-term investments at end of year** | $3626373  | $2018084  | $2064327  |
| **Cash flow information for non-cash transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and equity securities acquired from exchange transactions | $193996  | $34639  | $446817  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt and equity securities disposed from exchange transactions | $191238  | $27916  | $437006  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash financial assets transferred to parent | $—  | $198934  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash financial assets transferred to subsidiary | $2546244  | $10845  | $8156  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash financial assets transferred to separate account | $—  | $335962  | $222116  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash financial assets transferred to affiliate | $—  | $419003  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash financial assets transferred from separate account | $—  | $251749  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds transferred from D-1 to BA-1 | $49814  | $—  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets acquired from change in SSAP No. 21 | $33187  | $—  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets disposed from change in SSAP No. 21 | $30473  | $—  | $—  |

---

See accompanying Notes to Statutory Financial Statements.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**<u>Note 1 - Organization</u>**

Jackson National Life Insurance Company (the "Company" or "Jackson") is wholly owned by Brooke Life Insurance Company ("Brooke Life" or the "Parent"), which is wholly owned by Jackson Financial Inc. ("Jackson Financial").

Jackson is licensed to sell group and individual annuity products (including immediate, fixed index, deferred fixed, variable, and registered index-linked annuities ("RILA")) and individual life insurance products in 49 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts ("GICs") and funding agreements. There is no substantial doubt about the Company's ability to continue as a going concern.

**<u>Note 2 - Summary of Significant Accounting Policies</u>**

**Basis of Presentation**

The accompanying financial statements have been prepared in accordance with accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services ("statutory"). Certain of these statutory accounting practices vary from U.S. generally accepted accounting principles ("GAAP"), including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The costs related to acquiring business, principally commissions, bonus interest on certain products and certain policy issue and underwriting costs, are charged to income in the year incurred and, thus, are not capitalized and amortized over the periods benefited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Assets must be included in the statement of admitted assets, liabilities, capital and surplus at "admitted asset value," with "non-admitted assets" excluded through a charge to surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Bonds are generally carried at amortized cost and, for investments carried at fair value, changes in investment valuations are recorded in surplus (under GAAP, investments are generally carried at fair value, amortized cost for mortgage loans and policy loans, with changes in valuation recorded in other comprehensive income);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Investments in subsidiaries or companies where Jackson has a controlling interest or is the primary beneficiary of a variable interest entity are reported as investments, but are consolidated under GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Liabilities for the indexed portion of RILA contracts, as well as the assets supporting those liabilities, are included in separate accounts for statutory reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Current expected credit losses ("CECL") on certain financial assets are not recognized herein, but are required for GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.A net deferred tax asset ("DTA"), for the tax effect of timing differences between book and tax assets and liabilities, is only reported as an admitted asset to the extent that it is realizable within three years and represents less than 15% of capital and surplus (adjusted to exclude any net DTAs, electronic data processing ("EDP") equipment and operating system software and any net positive goodwill), subject to limits set by Statement of Statutory Accounting Principles ("SSAP") No. 101, with the change in net deferred tax asset or liability being recorded directly to surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.For derivative instruments carried at fair value, changes in fair value are recorded directly to surplus (under GAAP, derivative instruments are carried at fair value with changes in fair value generally recorded in income);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Future policy benefit reserves for life insurance are based on statutory mortality and interest requirements without the consideration of withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.The Commissioners' Annuity Reserve Valuation Method ("CARVM") expense allowance associated with statutory reserving practices for deferred variable annuities held in the separate accounts is reported in the general account as a negative liability;

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Reserve credits for reinsurance ceded are netted against the reserve liability, but are reported as assets under GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Surplus notes issued by the Company are recorded as surplus rather than as a liability under GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.An asset valuation reserve ("AVR") is established by a direct charge to surplus to offset future potential credit-related investment losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Realized gains and losses, net of tax, resulting from changes in interest rates on fixed income investments are deferred in the interest maintenance reserve ("IMR") and amortized into investment income over the approximate remaining life of the investment sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Gains or losses resulting from market value adjustments ("MVA") on policies and contracts backed by assets that are valued at book/adjusted carrying value ("BACV") are deferred in the IMR and amortized in a manner consistent with the determination of the MVA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Premiums for any contract, including annuities, under which the Company assumes mortality or morbidity risk are recognized as revenues. Under GAAP, premiums for contracts under which the Company does not assume significant mortality or morbidity risk are generally accounted for as deposits to policyholders' accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Net after tax gains on reinsurance transactions comprised of contracts in force at the date of the transaction are excluded from net income and recorded directly to surplus, and amortized into income as earnings emerge from the business reinsured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Statements of cash flow are prepared under a prescribed format, which differs from the indirect format under GAAP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.There is no presentation of comprehensive income.

The effects on the financial statements of the variances between statutory accounting practices and GAAP, although not reasonably determinable, are presumed to be material and pervasive.

Certain amounts in the 2024 and 2023 statutory financial statements have been reclassified to conform to the 2025 presentation.

The Michigan Department of Insurance and Financial Services ("DIFS") recognizes statutory accounting practices prescribed or permitted by the state of Michigan for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under Michigan Insurance Law. The DIFS has adopted the National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") to the extent that the accounting practices, procedures, and reporting standards are not modified by the Michigan Insurance Code. The state of Michigan has adopted certain prescribed accounting practices that differ from those defined in NAIC SAP. The commissioner of insurance also has the right to permit other specific practices that deviate from prescribed practices.

The Valuation of Life Insurance Policies Model Regulation ("Model 830", also known as Regulation XXX), was effective for NAIC SAP in 2000. The state of Michigan did not permit Model 830 for reserve calculations until January 1, 2002. Thus, reserves for life business issued in calendar years 2000-2001 are not valued according to Model 830 and NAIC SAP, but rather, are valued under the prior method of the Standard Valuation Law, referred to as the 'unitary' method.

Actuarial Guideline XXXV ("Actuarial Guideline 35") was adopted by the NAIC in December 1998. The purpose of Actuarial Guideline 35 is to interpret the standards for the valuation of statutory reserves for fixed index annuities. NAIC SAP requires application of Actuarial Guideline 35 for all fixed index annuities issued after December 31, 2000. Michigan law prescribes the valuation of fixed index annuities without consideration of Actuarial Guideline 35. As a result, and as demonstrated in the Company's reconciliation of net income and capital and surplus between NAIC SAP and practices prescribed or permitted by the state of Michigan below, Actuarial Guideline 35 is not reflected in the Company's accounts as of December 31, 2025 and 2024.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Reconciliation to NAIC SAP**

A reconciliation of the Company's net income and capital and surplus between NAIC SAP and practices prescribed or permitted by the state of Michigan is shown below (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income (loss), as stated herein | $1589.5  | $277.6  | $(121.7) |
| Adjustments - prescribed practices: |  |  |  |
| &nbsp;&nbsp;Valuation of Life Insurance Policies Model Regulation (XXX): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in aggregate reserves for life and accident |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and health policies and contracts | 0.9  | 0.4  | 0.4  |
| &nbsp;&nbsp;Actuarial Guideline 35: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease/(increase) in aggregate reserves for life and  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accident and health policies and contracts | 33.8  | (16.1) | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prescribed practices adjustment | 34.7  | (15.7) | (10.7) |
| &nbsp;&nbsp;Tax effect of prescribed practice differences | —  | —  | —  |
| Net income (loss), NAIC SAP | $1624.2  | $261.9  | $(132.4) |

---

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Statutory Capital and Surplus, as stated herein | $4775.7  | $4404.0  |
| Adjustments - prescribed practices: |  |  |
| &nbsp;&nbsp;Aggregate reserve for life policies and contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation of Life Insurance Policies Model Regulation (XXX): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve per Michigan basis | 5.2  | 5.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve per NAIC SAP | 13.7  | 15.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model Regulation (XXX) adjustment | (8.5) | (9.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial Guideline 35: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve per Michigan basis | 675.3  | 567.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve per NAIC SAP | 695.0  | 621.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial Guideline 35 adjustment | (19.7) | (53.5) |
| &nbsp;&nbsp;Tax effect of prescribed practice differences | 5.4  | 0.2  |
| &nbsp;&nbsp;Net impact of prescribed practices | (22.8) | (62.7) |
| Statutory capital and surplus, NAIC SAP | $4752.9  | $4341.3  |

---

**New and Pending Accounting Pronouncements** 

In August 2023, the NAIC adopted revisions to SSAP No 26 – Bonds; SSAP No 43 – Loan-Backed and Structured Securities; and other SSAPs (e.g., SSAP No. 21 – Other Admitted Assets, and SSAP No., 86 – Derivatives) to incorporate the principles-based bond definition into statutory accounting guidance and amend the accounting for certain asset-backed securities and investments not classified as bonds. In December 2023, SSAP No. 2 – Cash, Cash Equivalents, Drafts and Short-Term Investments, was also revised to exclude certain securities from being reported as cash equivalents or short-term investments. In March 2024, the NAIC adopted revisions prescribing accounting guidance (measurement method) for all residual interests regardless of legal form. Collectively, these amendments are related to the NAIC Bond Project and became effective January 1, 2025. The Company adopted the amendments prospectively on January 1, 2025 and the adoption did not result in a material impact on the Company's financial position or investment classifications. The required disclosures under the NAIC Bond Project are included in Note 3 – *Fair Value of Financial Instruments* and Note 4 *– Investments*.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The following represents the transition impact for the principles based bond guidance included in the revisions to SSAP No. 26 (in thousands):

---

| | | |
|:---|:---|:---|
| | BACV at 12/31/2024 | BACV at 12/31/2024 |
| | General Account | Separate Account |
| Securities reclassified off Schedule D-1 | $49814  | $8014  |
| Securities reclassified off Schedule D-1 that resulted in a change in measurement basis |  |  |
| BACV at 12/31/24 | 19105  | —  |
| BACV after transition | 16921  | —  |
| Aggregate surplus impact | (2184) | —  |
| Securities reclassified off Schedule DA | $—  | $44011  |

---

In August 2025, the NAIC adopted changes to the statutory reserve framework for non-variable annuities, including immediate annuities, fixed deferred annuities, and fixed indexed annuities. The new principles-based reserve framework is included in VM-22: *Requirements for Principle-Based Reserves for Non-Variable Annuities* ("VM-22") within the NAIC's Valuation Manual. The new VM-22 framework includes a three-year transition period, with an optional effective date of January 1, 2026, and a mandatory effective date of January 1, 2029, and is applied prospectively to contracts issued after the effective date. Once the new framework is applied to the valuation of reserves for a contract, it is required to be applied to all future valuations for that contract. The Company plans to adopt the new VM-22 framework for all applicable contracts no later than January 1, 2029.

**Estimates** 

The preparation of the accompanying financial statements and notes requires the use of estimates and assumptions about future events that affect the amounts reported in the financial statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: 1) valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is other-than-temporary; 2) assumptions used in calculating policy reserves and liabilities, including, but not limited to mortality rates, policyholder behavior, expenses, investment returns, policy crediting rates and future hedging activity; 3) assumptions as to future earnings levels being sufficient to realize deferred tax benefits and whether or not certain deferred tax assets will reverse within three years; 4) estimates related to liabilities for lawsuits and establishment of liability for state guaranty fund assessments; and 5) assumptions and estimates associated with the Company's tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company. These estimates and assumptions are based on management's best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors as deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the financial statements in the periods the estimates are changed.

**Investments** 

Bonds, excluding asset-backed securities, are stated at amortized cost except those with an NAIC designation of "6," which are stated at the lower of amortized cost or fair value. Acquisition premiums and discounts are amortized into investment income through call or maturity dates using the effective interest method.

Jackson recognizes an other-than-temporary impairment ("OTTI") for non-asset-backed securities when the Company does not expect full recovery of amortized cost. These impairment losses are recognized in net realized capital losses for the full difference between fair value and amortized cost.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Asset-backed securities are stated at amortized cost except those with an NAIC designation of "6," which are carried at the lower of amortized cost or fair value. The retrospective adjustment method is used to value asset-backed securities that are reported with NAIC designations that are of high credit quality at the time of acquisition and continues to apply this method unless the security is other-than-temporarily impaired. The prospective adjustment method is applied for all other asset-backed securities.

Investments are reduced to estimated fair value (discounted cash flows for asset-backed securities) for declines in value that are determined to be other-than-temporary. In determining whether an other-than-temporary impairment has occurred, the Company considers a security's forecasted cash flows as well as the severity and duration of depressed fair values.

If the Company intends to sell an impaired asset-backed security or does not have the intent and ability to retain the impaired asset-backed security for a period of time sufficient to recover the amortized cost basis, an other-than-temporary impairment has occurred. In these situations, the other-than-temporary impairment loss recognized is the difference between the amortized cost basis and fair value. For asset-backed securities, the credit portion of the recognized loss is recorded to the AVR and the non-credit portion is recorded to the IMR. If the Company does not expect to recover the entire amortized cost basis when compared to the present value of cash flows expected to be collected, it cannot assert that it has the ability to recover the asset-backed security's amortized cost basis even though it has no intent to sell and has the intent and ability to retain the asset-backed security. Therefore, an other-than-temporary impairment has occurred and a realized loss is recognized for the non-interest related decline, which is calculated as the difference between the asset-backed security's amortized cost basis and the present value of cash flows expected to be collected. For situations where an other-than-temporary impairment is recognized, the previous amortized cost basis less the other-than-temporary impairment recognized as a realized loss becomes the new amortized cost basis of the asset-backed security. The new amortized cost basis is not adjusted for subsequent recoveries in fair value. Therefore, the prospective adjustment method is used for periods subsequent to other-than-temporary impairment loss recognition.

Unaffiliated common stocks are stated at fair value. The Company's investments in subsidiaries are recorded based on the equity method. Insurance subsidiaries are reported at their audited statutory capital and surplus and non-insurance subsidiaries are carried at their audited equity as determined under GAAP. The Company has non-admitted $1.6 million of the unaudited equity of five subsidiaries in 2025. The Company had non-admitted $1.8 million of the unaudited equity of five subsidiaries in 2024. Included in common stocks is the Company's 100% interest in the common stock of Jackson National Life Insurance Company of New York ("Jackson New York"). Jackson New York's financial statements are presented on the basis of accounting practices prescribed or permitted by the New York State Department of Financial Services. The State of New York has adopted certain prescribed practices that differ from those found in NAIC SAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserves for fixed deferred annuities are valued under Continuous CARVM according to New York insurance law, rather than Curtate CARVM according to NAIC SAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For variable annuity and RILA reserves, New York insurance law incorporates Valuation Manual-21 ("VM-21") but also includes an additional floor calculation. Jackson New York reserves are not valued solely under VM-21 according to NAIC SAP, but rather, are valued with the additional floor calculation according to New York insurance law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For payout business, New York insurance law requires an adapted version of VM-22 for purposes of defining minimum reserve standards, thus, reserves for payout business are not valued according to VM-22 as defined by the NAIC SAP, but rather, are valued per New York regulation.

The effect of the prescribed practices is a decrease to income of $11.2 million and a decrease to surplus of $29.8 million. The risk based capital of Jackson New York would not have triggered a regulatory event had it not used these prescribed practices according to New York insurance law.

Preferred stocks are stated at amortized cost, except those with an NAIC designation of "4" to "6," which are reported at the lower of cost or fair value.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Limited partnership interests, including limited liability company interests, are carried at fair value. Distributions of earnings from these entities are recorded as investment income and unrealized gains and losses are credited or charged directly to surplus. Included in limited partnership interests was $82.4 million and $79.4 million at December 31, 2025 and 2024, respectively, of the Company's 100% ownership of member interests in the following entities: Jackson National Asset Management, LLC, a registered investment advisor and transfer agent; and Jackson National Life Distributors, LLC, a registered broker-dealer. The Company has non-admitted its 100% ownership interests totaling $2.3 million at both December 31, 2025 and 2024, in PGDS (US One), LLC, which provided certain services to Jackson and certain former affiliates; and Hermitage Management, LLC, which holds and manages certain real estate related investments.

Residual tranche investments are measured under the practical expedient. With this approach, no interest or investment income is recognized until the residual tranche has a BACV of zero. An OTTI is recorded if the fair value of the residual is less than the BACV with the fair value becoming the new BACV. The OTTI is reported as a realized loss.

Capital notes and surplus notes are stated at amortized cost, except those with an NAIC designation of "3" to "6," which are reported at the lower of cost or fair value.

Debt securities that do not qualify as bonds are carried at the lower of cost or market value. Changes in fair value are recorded as unrealized gains or losses.

The Company also acquires controlling ownership interests in companies through troubled debt restructuring arrangements. These investments are held for sale and are not operated as subsidiaries. These equity investments are carried at fair value.

Derivative instruments afforded hedge accounting treatment are accounted for in a manner consistent with the hedged items. Derivative instruments not afforded hedge accounting treatment are stated at fair value. See Note 5 for more information on derivative instruments. The Company generally does not account for derivative instruments as either fair value or cash flow hedges as might be permitted if specific hedging documentation requirements were followed.

Cash, cash equivalents, and short-term investments, are carried at amortized cost. Cash equivalents include high quality money market instruments and bonds with maturities that are less than three months from purchase date and short-term investments include bonds with maturities that are less than twelve months from purchase date.

Mortgage loans are carried at aggregate unpaid principal balances, net of unamortized discounts and premiums, impairments and any allowance for loan losses.

On a periodic basis, Jackson assesses the mortgage loan portfolio for the need for an allowance for loan losses. In determining its allowance for loan losses, the Company evaluates each loan to determine if it is probable that amounts due according to the contractual terms of the loan agreement will not be collected. The allowance includes loan specific reserves for loans that are determined to be non-performing as a result of this loan review process. The loan specific portion of the loss allowance is based on the Company's assessment as to ultimate collectability of loan principal and interest, or other value expected in lieu of loan principal and interest. This review contemplates a variety of factors which may include, but are not limited to, current economic conditions, the physical condition of the property, the financial condition of the borrower, and the near and long-term prospects for change in these conditions. Changes in the allowance for loan losses are recorded in surplus.

Separately, Jackson also reviews individual loans in the portfolio for impairment charge-off based on an assessment of the factors identified above. Impairments deemed other-than-temporary requiring charge-off are recorded initially against the established loan loss allowance if any, and, if necessary, any additional amounts are recorded as realized losses. As deemed necessary based on cash flow expectations and other factors, Jackson may place loans on non-accrual status. In this case, all cash received is applied against the carrying value of the loan.

Policy loans are loans the Company issues to contract holders that use the cash surrender value of their life insurance policy or annuity contract as collateral. Policy loans are carried at unpaid principal balances.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Real estate is carried at depreciated cost, net of encumbrances. Buildings are depreciated over their estimated useful life, up to 40 years.

Realized capital gains and losses are recorded at the date of sale and are calculated on a specific cost identification basis.

**Life and Annuity Reserves**

Aggregate reserves for life insurance policies are based on statutory mortality and interest requirements without consideration for withdrawals. With respect to ordinary policies, the mortality assumptions range from the American Experience Table to the 1980/2017 Commissioners' Standard Ordinary Tables with interest assumptions ranging from 1.00% to 7.00%. With respect to older industrial policies, the mortality assumptions range from the American Experience Table to the 1961 Commissioners' Standard Industrial Table with interest assumptions ranging from 2.50% to 6.00%. As of both December 31, 2025 and 2024, 32% of the life reserves were calculated on a net level reserve basis and 68% were calculated on a modified reserve basis.

As it relates to VM-20, the Company meets the conditions for exemption under Subsection 1.G.2.b. of the Valuation Manual and filed the statement of exemption required by Subsection 1.G.1. of the Valuation Manual with the State of Michigan DIFS in a letter dated April 26, 2022. Because all conditions outlined in Subsection 1.G.1. have been met for continued use, all policies issued since 2022 are also covered by this statement of exemption and follow reserving standards mentioned above.

Reserves for variable annuity and RILA products and related guarantees are determined using Actuarial Guideline 43 and VM-21. Reserves are set equal to the stochastic reserve plus the additional standard projection amount. The stochastic reserve uses prudent estimate assumptions for items such as expenses, mortality and policyholder behavior, as well as "real world" stochastically generated equity and interest rate scenarios. The additional standard projection amount is based on assumptions prescribed by the regulation. Both the additional standard projection amount and stochastic reserve are adjusted to reflect the impact of hedge instruments owned on the valuation date, and the stochastic reserve is adjusted to reflect future assumed hedging activity.

As previously described in Note 2, Michigan law prescribes the valuation of fixed index annuities without consideration of Actuarial Guideline 35.

The majority of all other annuity reserves and GIC deposits are established with an interest rate assumption ranging from 2.25% to 8.75% and are carried at the greater of the cash surrender value or the greatest present value of the guaranteed benefits discounted at statutory valuation interest rates.

Jackson and Jackson National Life Global Funding have established a $32.0 billion aggregate Global Medium Term Note program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The liability for the outstanding balances at December 31, 2025 and 2024 totaled $8.0 billion and $6.0 billion, respectively, and these liabilities are included in liability for deposit-type contracts. Issued instruments representing obligations denominated in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps.

In February 2025, the Company established a Funding Agreement Backed Commercial Paper ("FABCP") program. Under the program, commercial paper notes ("FABCP Notes") are issued by Jackson National Life Short Term Funding, LLC ("the Issuer"), which deposits the proceeds from the sale of the FABCP Notes under a funding agreement between the Issuer and the Company. The liability for the outstanding balance at December 31, 2025 totaled $626.4 million and is included in liability for deposit-type contracts. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP program is $3.0 billion.

Jackson is a member of the Federal Home Loan Bank of Indianapolis ("FHLBI") primarily for the purpose of participating in the bank's mortgage-collateralized loan advance program with short-term and long-term funding facilities. Members are required to purchase and hold a minimum amount of FHLBI capital stock, plus additional stock based on outstanding advances. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI and held in the general account.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Short-term debt is generally used for liquidity and long-term debt is used to fund qualifying construction projects. Debt is reported in borrowed money in the financial statements. Funding agreements are reported in liability for deposit-type contracts in the financial statements. The Company calculated the maximum borrowing capacity in accordance with current FHLB capital stock and limitations in the FHLB credit policy. Short-term debt and funding agreements are subject to prepayment obligations.

The following table summarizes the amount of FHLB capital stock held in aggregate and classified as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Membership Stock - Class A | $—  | $—  |
| Membership Stock - Class B | $5000  | $5000  |
| Activity Stock | $79784  | $115785  |
| Excess Stock | $33786  | $6583  |
| Aggregate Total | $118570  | $127368  |
| Actual or estimated borrowing capacity as determined by the insurer | $2634869  | $2830411  |

---

Membership Stock eligible and not eligible for redemption are as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Eligible for Redemption** | **Eligible for Redemption** | **Eligible for Redemption** | **Eligible for Redemption** |
|<br>**Membership**<br>**Stock** |<br>**Current Year**<br>**Total** |<br>**Not Eligible**<br>**For**<br>**Redemption** | **Less**<br>**Than**<br>**6 Months** | **6 Months**<br>**to Less Than**<br>**1 Year** | **1 to Less**<br>**Than**<br>**3 Years** |<br>**3 to 5**<br>**Years** |
| Class A | $—  | $—  | $—  | $—  | $—  | $—  |
| Class B | $5000  | $—  | $—  | $—  | $—  | $5000  |
| Total Stock | $5000  | $—  | $—  | $—  | $—  | $5000  |

---

The amount of collateral pledged to the FHLB are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Collateral Pledged to FHLB** | **Collateral Pledged to FHLB** | **Collateral Pledged to FHLB** | |
| | **Fair Value** | **Carrying Value** |<br>**Aggregate Total Borrowing** |
| **December 31, 2025** | $2746437  | $2850615  | $1884080  |
| **December 31, 2024** | $4006833  | $4316724  | $2684120  |
| **Maximum Amount Pledged During Reporting Period** | **Maximum Amount Pledged During Reporting Period** | **Maximum Amount Pledged During Reporting Period** |  |
|  |  |  | **Aggregate Total** |
|  | **Fair Value** | **Carrying Value** | **Borrowing** |
| **Period ended December 31, 2025** | $3710937  | $3992826  | $2764120  |
| **Period ended December 31, 2024** | $4006833  | $4316724  | $2684120  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Aggregate amount of borrowings from the FHLB were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **General Account** | **Funding Agreements Reserves Established** |
| **December 31, 2025** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term | $—  | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term | 47105  | XXX |
| Funding Agreements | 1836975  | $1836975  |
| Aggregate Total | $1884080  | $1836975  |
| **December 31, 2024** |  |  |
| Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term | $700000  | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term | 52145  | XXX |
| Funding Agreements | 1931975  | $1931975  |
| &nbsp;&nbsp;&nbsp;Aggregate Total | $2684120  | $1931975  |

---

The maximum amount borrowed during the reporting period was as follows (in thousands):

---

| | |
|:---|:---|
| | **General Account** |
| Debt | $832145  |
| Funding Agreements | 1931975  |
| Aggregate Total  | $2764120  |

---

**Interest Maintenance Reserve**

The Company is required to maintain an IMR, which is a reserve for the net, after tax, accumulated unamortized realized gains and losses on sales of fixed income investments primarily attributable to changes in interest rates. Net realized gains and losses charged or credited to the IMR are amortized into investment income over the approximate remaining life of the investment sold using the grouped method.

Gains or losses resulting from MVA on policies and contracts backed by assets that are valued at BACV are deferred in the IMR and amortized in a manner consistent with the determination of the MVA using the grouped method.

Realized gains and losses included in IMR on sales of fixed income investments subject to a funds withheld arrangement are released from the IMR and transferred to the liability for funds held under coinsurance with no impact to income.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The following table provides the adjusted capital and surplus as of the most recently filed statement, the amount of net negative (disallowed) IMR in aggregate and allocated between the general account, insulated separate accounts and non-insulated separate accounts, and the percentage of adjusted capital and surplus for which the admitted net negative (disallowed) IMR represents (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (1) | Net negative (disallowed) IMR | Net negative (disallowed) IMR |  |  |  |
|  |  | **Total** | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
|  | **2025** | $312236  | $306340  | $—  | $5896  |
|  | **2024** | $344022  | $341903  | $—  | $2119  |
| (2) | Negative (disallowed) IMR admitted | Negative (disallowed) IMR admitted | Negative (disallowed) IMR admitted |  |  |
|  |  | **Total** | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
|  | **2025** | $312236  | $306340  | $—  | $5896  |
|  | **2024** | $328926  | $328926  | $—  | $—  |

---

---

| | | | |
|:---|:---|:---|:---|
| (3) | Calculated adjusted capital and surplus | **Total** | **Total** |
|  |  | **2025** | **2024** |
|  | Prior period general account capital & surplus from 9/30 SAP financials | $4860038  | $4154150  |
|  | EDP equipment & operating system software (admitted) | 5888  | 3038  |
|  | Net DTAs (admitted) | 633150  | 541449  |
|  | Net negative (disallowed) IMR (admitted) | 325558  | 320407  |
|  | Adjusted capital & surplus | $3895442  | $3289256  |
| (4) | Percentage of adjusted capital and surplus | **Total** | **Total** |
|  |  | **2025** | **2024** |
|  | Percentage of total net negative (disallowed) IMR admitted in general account or recognized in separate account to adjusted capital surplus | 8.0% | 10.0% |

---

The Company allocated gains and losses to IMR from derivatives that were reported at fair value prior to the termination of the derivatives. The balances in IMR from these derivatives were unamortized gains of $42.5 million and $43.9 million and unamortized losses of $257.4 million and $294.2 million at December 31, 2025 and 2024, respectively.

Fixed income investments generating IMR losses comply with the Company's documented investment or liability management policies. Any deviation was either because of a temporary and transitory timing issue or related to a specific event that mechanically made the cause of IMR losses not reflective of reinvestment activities.

IMR losses for fixed income related derivatives are all in accordance with prudent and documented risk management procedures, in accordance with the Company's derivative use plans and reflect symmetry with historical treatment in which unrealized derivative gains were reversed to IMR and amortized in lieu of being recognized as realized gains upon derivative termination. Asset sales were not compelled by liquidity pressures.

**Asset Valuation Reserve**

The Company is required to maintain an AVR, which is computed in accordance with a formula prescribed by the NAIC and represents a provision for potential credit-related investment losses. Changes in the AVR are recorded directly to surplus.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Revenue and Expense Recognition**

Premiums for traditional life insurance are recognized as revenue when due. Annuity considerations are recognized as revenue when collected. Premiums for GICs and deposit-type contracts are recorded directly to policy reserves. Interest credited to deposit-type contracts is recorded as an expense in the statement of operations when earned. Payments that represent a return of policyholder balances are not recorded as expenses. To the extent such payments differ from the recorded reserve, the difference is recorded in the statement of operations as a benefit expense. Fee income is recognized as revenue when earned. Commission and expense allowances, which are commission and expense reimbursements related to reinsurance ceded to other companies, are recognized as revenue when due. The CARVM allowance represents the excess of separate account contract values over statutory separate account reserves for variable annuities and variable life and is reported in accrued transfers to separate accounts. Benefits, claims and expenses (including the change in CARVM allowance) are recognized when incurred. Commissions, general expenses, and taxes, licenses and fees, including costs of acquiring new business, are charged to operations as incurred.

**Investment Income**

Income due and accrued was excluded from surplus on the following basis:

Bonds - securities in default and otherwise where collection is uncertain.

Mortgage loans - loans in foreclosure deemed in default, delinquent for greater than one year or where collection of interest is uncertain.

Real estate - properties where rent is in arrears for more than three months.

Income due and accrued on investments where collection is not likely has been excluded from net investment income. For the years ended December 31, 2025, 2024, and 2023, the amounts excluded from investment income were $5.2 million, $1.1 million, and $0.9 million, respectively.

The following table provides the gross, nonadmitted and admitted amounts for interest income due and accrued (in thousands):

---

| | |
|:---|:---|
| **<u>Interest Income Due and Accrued</u>** | **<u>Amount</u>** |
| Gross | $559155  |
| Nonadmitted | $795  |
| Admitted | $558360  |

---

At December 31, 2025 and 2024, the Company had $1.1 million and $363 thousand, respectively, in aggregate deferred interest.

At December 31, 2025, 2024, and 2023, the Company had $13.2 million, $17.4 million, and $10.0 million cumulative amounts of paid-in-kind interest, respectively.

**Furniture and Equipment**

Furniture and equipment are carried at cost less accumulated depreciation, which is charged to operations on a straight-line basis over the estimated useful lives of the related assets. Furniture and EDP equipment and software are depreciated over three to seven years. Furniture and equipment, except for certain EDP equipment and software reported in other admitted assets, is non-admitted. Depreciation expense on admitted assets totaled $2.8 million, $1.2 million, and $0.2 million for 2025, 2024, and 2023, respectively, while depreciation expense on non-admitted assets totaled $16.5 million, $14.7 million, and $14.4 million in 2025, 2024, and 2023, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Federal Income Taxes**

Federal income taxes are charged to operations based on current taxable income. Current year federal income tax expense is based on financial reporting income or loss adjusted for certain differences, which are the result of dissimilar financial reporting and tax basis accounting methods, and the corporate alternative minimum tax ("CAMT"). A net DTA, for the tax effect of timing differences between financial reporting and the tax basis of assets and liabilities, is allowed to be reported as an admitted asset only to the extent that it is realizable within three years up to 15% of capital and surplus (adjusted to exclude any net DTAs, EDP equipment and operating system software and any net positive goodwill), with the change in net deferred tax asset or liability being recorded directly to surplus. See Note 8 - Federal Income Taxes, for additional information on these accounting policies.

**Non-admitted Assets**

Certain assets designated as "non-admitted assets" (principally net deferred tax assets not realizable within three years, agents' debit balances, furniture, equipment, computer software, prepaid expenses, certain other receivables, and investments in certain common stocks and limited liability corporations) have been excluded from the statutory statements of admitted assets, liabilities, capital and surplus by a direct charge to surplus.

**Separate Account Assets and Liabilities**

The assets and liabilities associated with variable life and variable annuity contracts, which aggregated $218.8 billion and $212.0 billion at December 31, 2025 and 2024, respectively, are segregated in insulated separate accounts. The Company receives fees for assuming mortality and certain expense risks and for providing guaranteed benefits under the variable annuity contracts. These fees are recorded as earned.

The Company previously had a group variable annuity contract designed for use in connection with and issued to the Company's Defined Contribution Retirement Plan, which was liquidated October 1, 2025. The deposits were previously allocated to the non-guaranteed, insulated Jackson National Separate Account – II and aggregated $208.3 million at December 31, 2024.

The assets and liabilities associated with RILA are allocated to a non-insulated separate account and aggregated $15.3 billion and $9.4 billion at December 31, 2025 and 2024, respectively.

**Subsequent Events**

On February 11, 2026, Jackson Financial entered into a non-exclusive investment management arrangement with TPG Inc ("TPG") with a 10-year initial term with automatic 1-year renewals through year 15, subject to various termination provisions, with TPG providing Investment Grade Asset Based Finance and Direct Lending investment capabilities to complement the asset management capabilities of PPM America, Inc. ("PPM"), an affiliate of Jackson. Under the agreement, PPM will continue to manage the majority of Jackson's investment portfolio and both Jackson and PPM will retain oversight of Jackson's investment portfolio.

The Company has evaluated events through March 20, 2026, which is the date the financial statements were available to be issued.

**<u>Note 3 - Fair Value of Financial Instruments</u>**

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's view of market assumptions in the absence of observable market information. Jackson utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All financial assets and liabilities are required to be classified into one of the following categories:

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include government securities and exchange traded equity securities and derivative instruments.

Level 2&nbsp;&nbsp;&nbsp;&nbsp;Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most debt securities that are priced using observable inputs and freestanding derivative instruments that are priced using models with observable market inputs are included in Level 2.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Level 3&nbsp;&nbsp;&nbsp;&nbsp;Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Level 3 includes limited partnership interests and less liquid securities such as certain highly structured or lower quality asset-backed securities. Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment may be used to determine the Level 3 fair values. Level 3 fair values represent the Company's best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Company determines the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Company has classified within Level 3.

The Company determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Company may also determine fair value based on estimated future cash flows discounted at the appropriate current market rate. When appropriate, fair values reflect adjustments for counterparty credit quality, the Company's credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument. At times, illiquid market conditions may result in inactive markets for certain of the Company's financial instruments. In such instances, there may be no or limited observable market data for these assets and liabilities. Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors. These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ materially from the values that would have been used had an active market existed. As a result of market inactivity, such calculated fair value estimates may not be realizable in an immediate sale or settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

The following is a discussion of the methodologies used to determine the fair values of the financial instruments.

**Bonds and Equity Securities**

The fair values for bonds and equity securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, credit spreads, liquidity premiums, and/or estimated cash flows based on default and prepayment assumptions.

As a result of typical trading volumes and the lack of specific quoted market prices for most debt securities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates. Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding and are classified as Level 3.

Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These fair value estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs.

The Company performs a monthly analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include, but are not limited to, initial and ongoing review of third party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.

For those securities that were internally valued at December 31, 2025 and 2024, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value.

On an ongoing basis, the Company reviews the independent pricing services' valuation methodologies and related inputs, and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services are classified into Level 2 due to their use of market observable inputs.

At December 31, 2025 and 2024, bonds valued internally, including matrix-priced securities, had a BACV of $5.3 billion and $5.5 billion, respectively, and an estimated fair value of $4.9 billion and $5.0 billion at 2025 and 2024, respectively.

**Mortgage Loans** 

Fair values are generally determined by discounting expected future cash flows at current market interest rates, inclusive of a credit spread, for similar quality loans. For loans whose value is dependent on the underlying property, fair value is the estimated value of the collateral. Certain characteristics considered significant in determining the spread or collateral value may be based on internally developed estimates. As a result, these investments have been classified as Level 3 within the fair value hierarchy.

Mortgage loans held under the funds withheld reinsurance agreement are valued using third-party pricing services, which may use economic inputs, geographical information, and property specific assumptions in deriving the fair value price. The Company reviews the valuations from these pricing providers to ensure they are reasonable. Due to lack of observable inputs, these investments have been classified as Level 3 within the fair value hierarchy.

**Policy Loans**

Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Derivative Instruments**

Fair values for derivatives priced using valuation models incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include, but are not limited to, interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

Derivative instruments classified as Level 1 include futures, which are traded on active exchanges.

Derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, cross currency total return swaps, cross currency forwards, credit default swaps, put swaptions and equity index call and put options, and bond forwards. The derivative valuations are determined by third party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data.

Derivative instruments classified as Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs.

**Limited Partnership Interests**

Fair values for limited partnership interests are generally determined using the proportion of the Company's investment in the value of the net assets of each fund ("NAV equivalent") as a practical expedient for fair value, and generally, are recorded on a three-month lag. No material adjustments were deemed necessary at December 31, 2025 or 2024.

The Company's limited partnership interests are not redeemable, and distributions received are generally the result of liquidation of the underlying assets of the partnerships. The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner. In cases when the Company expects to sell the limited partnership interest, the estimated sales price is used to determine the fair value rather than the practical expedient. These limited partnership interests are classified as Level 2 in the fair value hierarchy.

In cases when a limited partnership's financial statements are unavailable and a NAV equivalent is not available or practical, the fair value may be based on an internally developed model or provided by the general partner as determined using private transactions, information obtained from the primary co-investor or underlying company, or financial metrics provided by the lead sponsor. These investments are classified as Level 3 in the fair value hierarchy.

**Separate Account Assets**

For the insulated separate account, assets are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and are categorized as Level 2 assets. For the non-insulated separate account, assets include bonds (refer to fair value discussion above), commercial and residential mortgage loans and cash equivalents.

**Reserves for Guaranteed Investment Contracts**

Fair value is based on the present value of future cash flows discounted at current market interest rates.

**Payable for Securities Lending** 

The Company's payable for securities lending is set equal to the cash collateral received. Due to the short-term nature of the loans, carrying value is a reasonable estimate of fair value and is classified as Level 2.

**Funds Held Under Reinsurance Treaties**

The fair value of the funds held is equal to the fair value of the assets held as collateral, which primarily consist of policy loans, debt securities, and mortgage loans.

**Repurchase Agreements**

Carrying value of the Company's repurchase agreements is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Separate Account Liabilities**

For the insulated separate account, separate account liabilities are carried at the fair value of the separate account assets, which are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and, are categorized as Level 2. For the non-insulated separate account, fair values for RILA are determined using projected future cash flows discounted at current market interest rates and are allocated between the separate and general accounts in accordance with admitted reserves.

**Borrowed Money and Interest Thereon**

Carrying value of the short-term borrowings is considered a reasonable estimate for fair value due to their short-term maturity. Fair value of surplus notes is based on the present value of future cash flows discounted at current market interest rates.

**Fair Value Measurements at Reporting Date**

The following tables provide information about the Company's financial assets and liabilities that are carried at fair value by hierarchy levels (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Net Asset**<br>**Value (NAV)** |<br>**Total** |
| Assets at fair value: |  |  |  |  |  |
| Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $—  | $797  | $716  | $—  | $1513  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | —  | 5663  | 31896  | —  | 37559  |
| Preferred stock | —  | 129703  | —  | —  | 129703  |
| Common stock | 118586  | 20536  | 1139  | —  | 140261  |
| Subtotal | 118586  | 156699  | 33751  | —  | 309036  |
| Limited partnership interests | —  | —  | 11081  | 2260617  | 2271698  |
| Other invested assets | —  | 3628  | 15520  | —  | 19148  |
| Derivatives | —  | 198623  | —  | —  | 198623  |
| Separate account assets | —  | 218806543  | —  | —  | 218806543  |
| &nbsp;&nbsp;&nbsp;Total assets at fair value | $118586  | $219165493  | $60352  | $2260617  | $221605048  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Net Asset**<br>**Value (NAV)** |<br>**Total** |
| Assets at fair value: |  |  |  |  |  |
| Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $—  | $1831  | $947  | $—  | $2778  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | —  | 14  | —  | —  | 14  |
| Preferred stock | —  | 149141  | —  | —  | 149141  |
| Common stock | 127381  | 28566  | 1136  | —  | 157083  |
| Subtotal | 127381  | 179552  | 2083  | —  | 309016  |
| Limited partnership interests | —  | —  | 10147  | 2212228  | 2222375  |
| Other invested assets | —  | —  | 30473  | —  | 30473  |
| Derivatives | —  | (63384) | —  | —  | (63384) |
| Separate account assets | —  | 212215798  | —  | —  | 212215798  |
| &nbsp;&nbsp;&nbsp;Total assets at fair value | $127381  | $212331966  | $42703  | $2212228  | $214714278  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Changes in Level 3 Assets Measured at Fair Value**

The following tables summarize the changes in assets measured at fair value classified in Level 3 (in thousands). Gains and losses reported in these tables may include changes in fair value that are attributable to both observable and unobservable inputs.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Balance**<br>**as of**<br>**January 1,**<br>**2025** |<br>**Transfers**<br>**in** <br>**Level 3** |<br>**Transfers**<br>**out**<br>**Level 3** | **Total gains**<br>**and (losses)**<br>**included in**<br>**net**<br>**income** |<br>**Total gains**<br>**and (losses)**<br>**included in**<br>**surplus** | **Purchases,** <br>**issuances,**<br>**sales**<br>**and**<br>**settlements** |<br>**Balance**<br>**as of**<br>**December 31,**<br>**2025** |
| **Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuer credit obligations | $947  | $—  | $—  | $—  | $—  | $(231) | $716  |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | —  | 49000  | —  | —  | (17104) | —  | 31896  |
| &nbsp;&nbsp;&nbsp;Common stock | 1136  | —  | —  | —  | 3  | —  | 1139  |
| &nbsp;&nbsp;&nbsp;Limited partnership interests | 10147  | —  | —  | —  | 934  | —  | 11081  |
| &nbsp;&nbsp;&nbsp;Other invested assets | 30473  | —  | —  | —  | (1090) | (13863) | 15520  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $42703  | $49000  | $—  | $—  | $(17257) | $(14094) | $60352  |
|  |  |  |  | **Total gains** |  | **Purchases,** |  |
|  | **Balance** |  |  | **and (losses)** | **Total gains** | **issuances,** | **Balance** |
|  | **as of** | **Transfers** | **Transfers** | **included in** | **and (losses)** | **sales** | **as of** |
|  | **January 1,** | **in** | **out** | **net** | **included in** | **and** | **December 31,** |
|  | **2024** | **Level 3** | **Level 3** | **income** | **surplus** | **settlements** | **2024** |
| **Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds | $947  | $—  | $—  | $—  | $—  | $—  | $947  |
| &nbsp;&nbsp;&nbsp;Common stock | 1129  | —  | —  | —  | 7  | —  | 1136  |
| &nbsp;&nbsp;&nbsp;Limited partnership interests | 7278  | —  | —  | —  | 2869  | —  | 10147  |
| &nbsp;&nbsp;&nbsp;Other invested assets | 8398  | 24554  | (8398) | —  | (2768) | 8687  | 30473  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $17752  | $24554  | $(8398) | $—  | $108  | $8687  | $42703  |

---

The components of the amounts included in purchases, sales, issuances and settlements shown above are as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Purchases** | **Sales** | **Issuances** | **Settlements** | **Total** |
| **Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Issuer credit obligations | $716  | $(947) | $—  | $—  | $(231) |
| &nbsp;&nbsp;&nbsp;Other invested assets | 16610  | (30473) | —  | —  | (13863) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $17326  | $(31420) | $—  | $—  | $(14094) |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Purchases** | **Sales** | **Issuances** | **Settlements** | **Total** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other invested assets | $10334  | $(1647) | $—  | $—  | $8687  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $10334  | $(1647) | $—  | $—  | $8687  |

---

For both of the years ended December 31, 2025 and 2024, there were no invested assets transferred into Level 3 related to investments that no longer use NAV as a practical expedient for fair value.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Aggregate Fair Value of the Company's Financial Instruments**

The following tables detail the aggregate fair value of the Company's financial instruments (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Description** | **Fair Value** | **Admitted Value** | **Level 1** | **Level 2** | **Level 3** | **NAV** |
| Assets at fair value: |  |  |  |  |  |  |
| Issuer credit obligations | $22988553  | $25866319  | $2455849  | $20239769  | $292935  | $—  |
| Asset-backed securities | 4313168  | 4432576  | —  | 4145235  | 167933  | —  |
| Preferred stock | 129703  | 129703  | —  | 129703  | —  | —  |
| Common stock | 140261  | 140261  | 118586  | 20536  | 1139  | —  |
| Mortgage loans | 8262450  | 8675742  | —  | —  | 8262450  | —  |
| Cash and cash equivalents | 3622805  | 3622374  | 3622805  | —  | —  | —  |
| Short-term investments | 4000  | 3999  | —  | 4000  | —  | —  |
| Policy loans | 4220100  | 4220100  | —  | —  | 4220100  | —  |
| Derivatives | 198623  | 198623  | —  | 198623  | —  | —  |
| Limited partnership interests | 2271698  | 2271698  | —  | —  | 11081  | 2260617  |
| Other invested assets | 312065  | 355198  | —  | 195892  | 68476  | 47697  |
| Securities lending assets | 22969  | 22969  | 22969  | —  | —  | —  |
| Separate account assets | 234333389  | 234125083  | —  | 234333389  | —  | —  |
| Total assets at fair value | $280819784  | $284064645  | $6220209  | $259267147  | $13024114  | $2308314  |
| Liabilities at fair value: |  |  |  |  |  |  |
| Liability for deposit-type contracts | $11313902  | $11284868  | $—  | $—  | $11313902  | $—  |
| Payable for securities lending  | 22969  | 22969  | —  | 22969  | —  | —  |
| Funds held under reinsurance treaties with unauthorized reinsurers | 3721905  | 3721372  | —  | —  | 3721905  | —  |
| Funds held under coinsurance | 11639545  | 13467875  | —  | —  | 11639545  | —  |
| Separate account liabilities | 235808216  | 234125083  | —  | 235808216  | —  | —  |
| Repurchase agreements | 1001049  | 1001049  | —  | 1001049  | —  | —  |
| Borrowed money and interest thereon | 47192  | 47192  | —  | 47192  | —  | —  |
| Total liabilities at fair value | $263554778  | $263670408  | $—  | $236879426  | $26675352  | $—  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Description** | **Fair Value** | **Admitted Value** | **Level 1** | **Level 2** | **Level 3** | **NAV** |
| Assets at fair value: |  |  |  |  |  |  |
| Bonds | $29057718  | $33162492  | $2563134  | $25657792  | $836792  | $—  |
| Preferred stock | 149258  | 149164  | —  | 149258  | —  | —  |
| Common stock | 157083  | 157083  | 127381  | 28566  | 1136  | —  |
| Mortgage loans | 8646717  | 9329026  | —  | —  | 8646717  | —  |
| Cash and cash equivalents | 1965198  | 1964737  | 1965198  | —  | —  | —  |
| Short-term investments | 53365  | 53347  | 50193  | —  | 3172  | —  |
| Policy loans | 4203690  | 4203690  | —  | —  | 4203690  | —  |
| Derivatives | (63384) | (63384) | —  | (63384) | —  | —  |
| Limited partnership interests | 2222375  | 2212228  | —  | —  | 10147  | 2212228  |
| Other invested assets | 181787  | 234203  | —  | 151314  | 30473  | —  |
| Securities lending assets | 12767  | 12767  | 12767  | —  | —  | —  |
| Separate account assets | 221505865  | 221589231  | —  | 221505865  | —  | —  |
| Total assets at fair value | $268092439  | $273004584  | $4718673  | $247429411  | $13732127  | $2212228  |
| Liabilities at fair value: |  |  |  |  |  |  |
| Liability for deposit-type contracts | $8562670  | $8940589  | $—  | $—  | $8562670  | $—  |
| Payable for securities lending | 12767  | 12767  | —  | 12767  | —  | —  |
| Funds held under reinsurance treaties with unauthorized reinsurers | 3665682  | 3666057  | —  | —  | 3665682  | —  |
| Funds held under coinsurance | 13423703  | 15697595  | —  | —  | 13423703  | —  |
| Separate account liabilities | 222079702  | 221589231  | —  | 222079702  | —  | —  |
| Repurchase agreements | 1540396  | 1540396  | —  | 1540396  | —  | —  |
| Borrowed money and interest thereon | 752432  | 752432  | —  | 752432  | —  | —  |
| Total liabilities at fair value | $250037352  | $252199067  | $—  | $224385297  | $25652055  | $—  |

---

There were no financial instruments for which it was not practicable to estimate fair value.

**<u>Note 4 - Investments</u>**

Investments are comprised primarily of debt securities and mortgage loans. Debt securities primarily include publicly traded industrial, asset-backed, utility and government bonds. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive annuity contracts, life insurance products and GICs on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

With the Company's primarily fixed-rate securities portfolio, it is exposed to interest rate risk, which is the risk that interest rates will change and cause a change in the value of its investments. Additionally, changes in interest rates may cause certain interest-sensitive products to become uncompetitive or may cause disintermediation. The Company mitigates this risk by charging fees for surrenders in early policy years, by offering products that transfer this risk to the purchaser and/or by attempting to match the maturity schedule of its assets with the expected payouts of its liabilities. To the extent that liabilities come due more quickly than assets mature, the Company could potentially have to borrow funds or sell assets prior to maturity and potentially recognize a gain or loss.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Assets withheld by the Company related to funds withheld coinsurance are included on the balance sheet and within the respective footnotes; however, the economic risk of these assets is borne by the reinsurance company. In addition, the reinsurance company is required to provide additional assets should the value of assets fall below the respective liability values. The following table summarizes the types of assets held under funds withheld coinsurance arrangements (in thousands):

---

| | |
|:---|:---|
| | **December 31,**<br>**2025** |
| U.S. government obligations | $107789  |
| Other U.S. government obligations | 20323  |
| Non-U.S. sovereign jurisdiction | 334077  |
| Municipal bonds - special revenues | 116473  |
| Project finance bonds issued by operating entities | 240353  |
| Corporate bonds | 6401756  |
| Mandatory convertible bonds | 716  |
| Single entity backed obligations | 467801  |
| Bonds issued by funds representing operating entities | 702782  |
| Bank loans - acquired | 623  |
| Agency RMBS - guaranteed | 1563  |
| Agency RMBS - not guaranteed | 7497  |
| Agency CMBS - guaranteed | 11541  |
| Non-agency CMBS | 296485  |
| Non-agency RMBS | 243609  |
| Non-agency CLOs/CBOs/CDOs | 214864  |
| Other financial asset-backed securities | 258931  |
| Other non-financial asset-backed securities - practical expedient | 69898  |
| Other non-financial asset-backed securities - full analysis | 155574  |
| Lease-backed securities - full analysis | 19890  |
| Lease-backed securities - practical expedient | 100546  |
| &nbsp;&nbsp;**Debt Securities\*** | **9773091**  |
| Common stocks | 188  |
| Preferred stocks | 88005  |
| &nbsp;&nbsp;**Equity securities** | **88193**  |
| Limited partnerships | 692197  |
| Other invested assets | 256824  |
| Commercial mortgage loans | 1798689  |
| Residential mortgage loans | 643997  |
| &nbsp;&nbsp;**Mortgage loans** | **2442686**  |
| Policy loans | 3547564  |
| Cross currency swaps | 9992  |
| Cross currency forwards | (14166) |
| &nbsp;&nbsp;**Derivative instruments, net** | **(4174)** |
| Cash, cash equivalents and short-term | 281401  |
| Accrued investment income | 95250  |
| Other assets and liabilities, net | 16215  |
| &nbsp;&nbsp;**Total funds withheld assets** | $**17189247**  |
| \*Includes $109.0 million of debt securities which are included in cash, cash equivalents and short-term investments on the balance sheet to be consistent with the following debt securities table. | \*Includes $109.0 million of debt securities which are included in cash, cash equivalents and short-term investments on the balance sheet to be consistent with the following debt securities table. |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | |
|:---|:---|
| | **December 31,**<br>**2024** |
| Government | $670838  |
| Special revenue | 68078  |
| Industrial and miscellaneous | 8783258  |
| Residential mortgage-backed | 115224  |
| Commercial mortgage-backed | 288704  |
| Other asset-backed | 1402266  |
| &nbsp;&nbsp;**Debt Securities\*** | **11328368**  |
| Common stocks | 186  |
| Preferred stocks | 125057  |
| &nbsp;&nbsp;**Equity securities** | **125243**  |
| Limited partnerships | 763249  |
| Other invested assets | 172572  |
| Commercial mortgage loans | 2195170  |
| Residential mortgage loans | 888822  |
| &nbsp;&nbsp;**Mortgage loans** | **3083992**  |
| Policy loans | 3501298  |
| Cross currency swaps | 17470  |
| Cross currency forwards | 27983  |
| &nbsp;&nbsp;**Derivative instruments, net** | **45453**  |
| Cash, cash equivalents and short-term | 233717  |
| Accrued investment income | 116947  |
| Other assets and liabilities, net | (7187) |
| &nbsp;&nbsp;**Total funds withheld assets** | $**19363652**  |
| \*Includes $99.0 million of debt securities which are included in cash, cash equivalents and short-term investments on the balance sheet to be consistent with the following debt securities table. | \*Includes $99.0 million of debt securities which are included in cash, cash equivalents and short-term investments on the balance sheet to be consistent with the following debt securities table. |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Debt Securities, Common and Preferred Stock**

Cost or amortized cost, gross unrealized gains and losses, estimated fair value and BACV of the Company's debt securities and unaffiliated equity investments are as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Cost or**<br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Book/Adjusted**<br>**Carrying**<br>**Value** |
| U.S. government obligations | $4738369  | $4744  | $772037  | $3971076  | $4738369  |
| Other U.S. government obligations | 117150  | 1701  | 4021  | 114830  | 117150  |
| Non-U.S. sovereign jurisdiction | 463270  | 1357  | 101273  | 363354  | 462978  |
| Municipal bonds - general obligation | 85384  | —  | 6098  | 79286  | 85384  |
| Municipal bonds - special revenues | 411457  | 132  | 58474  | 353115  | 411457  |
| Project finance bonds issued by operating entities | 995239  | 10139  | 95469  | 909909  | 999889  |
| Corporate bonds | 18036787  | 186606  | 1859427  | 16363966  | 18008527  |
| Mandatory convertible bonds | 731  | —  | 15  | 716  | 716  |
| Single entity backed obligations | 1342869  | 4471  | 143027  | 1204313  | 1342913  |
| Bonds issued by funds representing operating entities | 1213460  | 6709  | 75565  | 1144604  | 1215112  |
| Bank loans - acquired | 623  | —  | 11  | 612  | 623  |
| Other issuer credit obligations | 1996  | 4  | —  | 2000  | 1996  |
| &nbsp;&nbsp;&nbsp;Total issuer credit obligations | 27407335  | 215863  | 3115417  | 24507781  | 27385114  |
| Agency RMBS - guaranteed | 35079  | 224  | 2236  | 33067  | 35079  |
| Agency RMBS - not guaranteed | 98143  | 1312  | 5772  | 93683  | 98143  |
| Agency CMBS - guaranteed | 17752  | —  | 1038  | 16714  | 17752  |
| Non-agency RMBS | 263521  | 21815  | 13584  | 271752  | 261510  |
| Non-agency CMBS | 1259098  | 4928  | 46031  | 1217995  | 1259098  |
| Non-agency CLOs/CBOs/CDOs  | 618151  | 656  | 7298  | 611509  | 616489  |
| Non-agency CLOs/CBOs/CDOs - affiliated | 11652  | 4  | 33  | 11623  | 11652  |
| Other financial asset-backed securities | 981669  | 3283  | 66397  | 918555  | 978778  |
| Other non-financial asset-backed securities - practical expedient | 246873  | 1437  | 18566  | 229744  | 237801  |
| Other non-financial asset-backed securities - full analysis | 476121  | 5403  | 5637  | 475887  | 476121  |
| Leased-backed securities - practical expedient | 175981  | 353  | 9514  | 166820  | 175981  |
| Leased-backed securities - full analysis | 264172  | 2943  | 1296  | 265819  | 264172  |
| &nbsp;&nbsp;&nbsp;Total asset-backed securities | 4448212  | 42358  | 177402  | 4313168  | 4432576  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt securities | 31855547  | 258221  | 3292819  | 28820949  | 31817690  |
| Common and preferred stock | 292681  | 4937  | 27654  | 269964  | 269964  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | $32148228  | $263158  | $3320473  | $29090913  | $32087654  |
| Total debt securities are reported on the balance sheet as: | Total debt securities are reported on the balance sheet as: | Total debt securities are reported on the balance sheet as: |  |  |  |
| Bonds | Bonds |  |  |  | $30298895  |
| Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments |  |  |  | $1518795  |
|  |  |  |  |  | $31817690  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Cost or**<br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Book/Adjusted**<br>**Carrying**<br>**Value** |
| Governments | $5919657  | $4581  | $1098616  | $4825622  | $5919027  |
| Special revenue and special assessment | 120873  | 507  | 10523  | 110857  | 120873  |
| Industrial and miscellaneous | 23900086  | 108109  | 2939882  | 21068313  | 23816884  |
| Residential mortgage-backed | 295454  | 25967  | 30205  | 291216  | 294853  |
| Commercial mortgage-backed | 1326874  | 2013  | 87547  | 1241340  | 1326874  |
| Other asset-backed | 2991972  | 3399  | 183839  | 2811532  | 2974664  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total debt securities | 34554916  | 144576  | 4350612  | 30348880  | 34453175  |
| Common and preferred stock | 328335  | 4828  | 26822  | 306341  | 306247  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total securities | $34883251  | $149404  | $4377434  | $30655221  | $34759422  |
| Total debt securities are reported on the balance sheet as: | Total debt securities are reported on the balance sheet as: |  |  |  |  |
| Bonds |  |  |  |  | $33162492  |
| Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments |  |  |  | $1290683  |
|  |  |  |  |  | $34453175  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The amount of gross unrealized losses and the associated estimated fair value of debt securities and stocks (excluding wholly-owned subsidiaries) are as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
| **December 31, 2025** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** |
| U.S. government obligations | $2106  | $114571  | $769931  | $2059723  | $772037  | $2174294  |
| Other U.S. government obligations | 548  | 27724  | 3473  | 36127  | 4021  | 63851  |
| Non-U.S. sovereign jurisdiction | 319  | 27294  | 100954  | 271217  | 101273  | 298511  |
| Municipal bonds - general obligations | —  | —  | 6098  | 79286  | 6098  | 79286  |
| Municipal bonds - special revenues | 921  | 12875  | 57553  | 331302  | 58474  | 344177  |
| Project finance bonds issued by operating entities | 131  | 22150  | 95338  | 604177  | 95469  | 626327  |
| Corporate bonds | 7860  | 544805  | 1851567  | 10405130  | 1859427  | 10949935  |
| Mandatory convertible bonds | 15  | 716  | —  | —  | 15  | 716  |
| Single entity backed obligations | —  | —  | 143027  | 1052529  | 143027  | 1052529  |
| Bonds issued by funds representing operating entities | 70  | 22758  | 75495  | 750797  | 75565  | 773555  |
| Bank loans - acquired  | —  | —  | 11  | 612  | 11  | 612  |
| &nbsp;&nbsp;&nbsp;Total issuer credit obligations | 11970  | 772893  | 3103447  | 15590900  | 3115417  | 16363793  |
| Agency RMBS - guaranteed | 2  | 1493  | 2234  | 17508  | 2236  | 19001  |
| Agency RMBS - not guaranteed | —  | 2015  | 5772  | 42869  | 5772  | 44884  |
| Agency CMBS - guaranteed | —  | —  | 1038  | 16714  | 1038  | 16714  |
| Non-Agency RMBS | 1855  | 38728  | 11729  | 68145  | 13584  | 106873  |
| Non-Agency CMBS | 499  | 107510  | 45532  | 639822  | 46031  | 747332  |
| Non-Agency CLOs/CBOs/CDOs | 321  | 91907  | 6977  | 163934  | 7298  | 255841  |
| Non-Agency CLOs/CBOs/CDOs - affiliated | 33  | 1197  | —  | —  | 33  | 1197  |
| Other financial asset backed securities | 846  | 69201  | 65551  | 505502  | 66397  | 574703  |
| Other non-financial asset-backed securities - practical expedient | 9107  | 41173  | 9459  | 93900  | 18566  | 135073  |
| Other non-financial asset-backed securities - full analysis | 138  | 39646  | 5499  | 127397  | 5637  | 167043  |
| Lease-backed securities - practical expedient | —  | —  | 9514  | 134465  | 9514  | 134465  |
| Lease-backed securities - full analysis | 206  | 31193  | 1090  | 30756  | 1296  | 61949  |
| &nbsp;&nbsp;&nbsp;Total asset-backed securities | 13007  | 424063  | 164395  | 1841012  | 177402  | 2265075  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt securities | 24977  | 1196956  | 3267842  | 17431912  | 3292819  | 18628868  |
| Common and preferred stock | 219  | 17781  | 27435  | 106406  | 27654  | 124187  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | $25196  | $1214737  | $3295277  | $17538318  | $3320473  | $18753055  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
| **December 31, 2024** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** |
| Governments | $14093  | $400269  | $1084523  | $2823437  | $1098616  | $3223706  |
| Special revenue | 71  | 8498  | 10452  | 90267  | 10523  | 98765  |
| Industrial and miscellaneous | 86548  | 2869737  | 2853334  | 15563339  | 2939882  | 18433076  |
| Residential mortgage-backed | 1067  | 66157  | 29138  | 152375  | 30205  | 218532  |
| Commercial mortgage-backed | 12040  | 154259  | 75507  | 901187  | 87547  | 1055446  |
| Other asset-backed | 5014  | 349691  | 178825  | 1551827  | 183839  | 1901518  |
| Total debt securities | 118833  | 3848611  | 4231779  | 21082432  | 4350612  | 24931043  |
| Common and preferred stock | 750  | 20261  | 26072  | 128283  | 26822  | 148544  |
| Total temporarily impaired |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; securities | $119583  | $3868872  | $4257851  | $21210715  | $4377434  | $25079587  |

---

Debt securities include investments in mortgage-backed securities, which are collateralized by residential mortgage loans ("RMBS") and are neither explicitly nor implicitly guaranteed by U.S. government agencies. The Company's non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** |<br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Book/Adjusted**<br>**Carrying**<br>**Value** |
| &nbsp;&nbsp;&nbsp;Prime | $237229  | $2203  | $11766  | $227666  | $236348  |
| &nbsp;&nbsp;&nbsp;Alt-A | 21210  | 14955  | 1797  | 34368  | 20080  |
| &nbsp;&nbsp;&nbsp;Subprime | 5082  | 4657  | 21  | 9718  | 5082  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-agency RMBS | $263521  | $21815  | $13584  | $271752  | $261510  |
|  |  | **Gross** | **Gross** | **Estimated** | **Book/Adjusted** |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Fair** | **Carrying** |
| **December 31, 2024** | **Cost** | **Gains** | **Losses** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Prime | $94843  | $2199  | $13994  | $83048  | $94554  |
| &nbsp;&nbsp;&nbsp;Alt-A | 28586  | 18888  | 1754  | 45720  | 28274  |
| &nbsp;&nbsp;&nbsp;Subprime | 3125  | 4440  | 19  | 7546  | 3125  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-agency RMBS | $126554  | $25527  | $15767  | $136314  | $125953  |

---

The Company defines its exposure to non-agency RMBS as follows. Prime asset-backed securities are collateralized by mortgage loans made to the highest rated borrowers. Alt-A asset-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. Subprime asset-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower. 70% of the Company's investments in Alt-A related mortgage-backed securities and 53% of the Company's investments in subprime related mortgage-backed securities are rated investment grade by the NAIC.

Debt securities also include investments in securities, which are collateralized by commercial mortgage loans ("CMBS"). Of these investments, 99% are rated investment grade by the NAIC.

Corporate securities include direct investments in below investment grade syndicated bank loans. Unlike most corporate debentures, syndicated bank loans are collateralized by specific tangible assets of the borrowers. As such, investors in these securities that become impaired have historically experienced less severe losses than corporate bonds. At December 31, 2025, the carrying value and estimated fair value of the Company's direct investments in bank loans are $0.6 million and $0.6 million, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

At December 31, 2025, of the total carrying value for bonds in an unrealized loss position, 99% were investment grade and 1% were below investment grade based on NAIC designation. Unrealized losses on bonds that were below investment grade comprised approximately 1% of the aggregate gross unrealized losses on debt securities.

Issuer credit obligations, excluding government securities, in an unrealized loss position were diversified across industries. As of December 31, 2025, the industries comprising the larger proportion of unrealized losses included utilities (19% of issuer credit obligations gross unrealized losses) and healthcare (13%). The largest unrealized loss related to a single corporate obligor was $54.8 million at December 31, 2025.

The amortized cost, gross unrealized gains and losses, estimated fair value and BACV of debt securities at December 31, 2025, by contractual maturity, including those debt securities reported as cash, cash equivalents, and short-term investments, are shown below (in thousands). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br><br>**Maturity distribution** |<br>**Amortized**<br>**Cost** |<br>**Gross**<br>**Unrealized**<br>**Gains** |<br>**Gross**<br>**Unrealized**<br>**Losses** |<br>**Estimated**<br>**Fair**<br>**Value** | **Book/**<br>**Adjusted**<br>**Carrying**<br>**Value** |
| Due in 1 year or less | $2602085  | $1746  | $3261  | $2600570  | $2602075  |
| Due after 1 year through 5 years | 7695065  | 65190  | 267481  | 7492774  | 7663449  |
| Due after 5 years through 10 years | 4391199  | 75552  | 229582  | 4237169  | 4403083  |
| Due after 10 years through 20 years | 7594849  | 67640  | 1205959  | 6456530  | 7592166  |
| Due after 20 years | 5124137  | 5735  | 1409134  | 3720738  | 5124341  |
| Asset-backed securities | 4448212  | 42358  | 177402  | 4313168  | 4432576  |
| Total debt securities | $31855547  | $258221  | $3292819  | $28820949  | $31817690  |

---

Effective yields, which are used to calculate amortization, are adjusted periodically to reflect actual payments to date and anticipated future payments. Other than as discussed below for certain asset-backed securities, resultant adjustments to carrying values are included in investment income using the retrospective method. Prepayment assumptions for asset-backed securities were obtained from independent providers of broker-dealer estimates.

With regard to certain asset-backed securities deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis. The BACV of securities changing from the retrospective to the prospective methodology in 2025 and 2024 was $50.6 million and $77.5 million, respectively.

Debt securities are classified into six NAIC quality categories. These categories range from Class 1 (the highest) to Class 6 (the lowest). Performing securities are designated Classes 1 - 5. Securities in or near default are designated Class 6. Securities designated as Class 3, 4, 5, and 6 are non-investment grade securities. If a designation is not currently available from the NAIC, the Company's investment advisor provides the designation. At December 31, 2025, the Company's investment advisor provided the designation for debt securities with carrying values and estimated fair values of $346.4 million and $317.7 million, respectively.

The NAIC approved guidance to adjust the ratings (NAIC 1 through NAIC 6) for CMBS, RMBS and certain asset-backed securities. For CMBS and RMBS, the guidance replaces nationally recognized statistical rating organizations ("NRSRO") ratings with a two-step process based upon the book and/or carrying values of each security and prices derived from models developed by an independent third party contracted by the NAIC. For certain asset-backed securities, the guidance replaces NRSRO ratings with a two-step process based upon the book and/or carrying values of each security and prices derived from generic models. This method acknowledges that securities which have a lower comparative carrying value would have a lower risk of further loss and, therefore, a higher rating.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The Company's debt securities by NAIC designation are as follows at December 31, 2025 (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Quality category per**<br>**&nbsp;&nbsp;&nbsp;&nbsp; NAIC designation** |<br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Estimated**<br>**Fair**<br>**Value** | **Book/Adjusted**<br>**Carrying**<br>**Value** |
| Class 1 | $19914446  | $144803  | $2165253  | $17893996  | $19875201  |
| Class 2 | 11495513  | 109170  | 1087809  | 10516874  | 11506001  |
| Class 3 | 330606  | 3261  | 24721  | 309146  | 330606  |
| Class 4 | 31293  | 692  | 1917  | 30068  | 31293  |
| Class 5 | 23293  | 273  | 4019  | 19547  | 23293  |
| Class 6 | 60396  | 22  | 9100  | 51318  | 51296  |
| Total debt securities | $31855547  | $258221  | $3292819  | $28820949  | $31817690  |

---

The BACV and fair value of debt securities in default that were anticipated to be income producing when purchased were $17.7 million and $17.7 million at December 31, 2025, respectively, and $1.9 million and $2.1 million at December 31, 2024, respectively. The BACV and fair value of debt securities in default that were non-income producing for the 12 months preceding December 31, 2025 were $79 thousand and $91 thousand, respectively, and $1.3 million and 1.3 million at December 31, 2024, respectively.

Debt securities with a BACV of $71.9 million and $101.3 million at December 31, 2025 and 2024, respectively, were on deposit with regulatory authorities as required by law in various states in which business is conducted.

At December 31, 2025 and 2024, debt securities with a BACV of $110.2 million and $165.9 million, respectively, were held in trust pursuant to the 100% coinsurance transactions ("retro treaties") with Swiss Reinsurance Company Ltd ("Swiss Re") as discussed in Note 7.

At December 31, 2025 and 2024, debt securities with a BACV of $273.1 million and $235.4 million, respectively, were held pursuant to the Squire Reassurance Company II, Inc. ("Squire Re II") reinsurance treaty as discussed in Note 7.

At December 31, 2025 and 2024, debt securities with a BACV of $1,091.8 million and $1,233.0 million, respectively, were held in trust pursuant to the Jackson New York reinsurance treaty as discussed in Note 7.

At December 31, 2025 and 2024, debt securities with a BACV of $9,258.6 million and $10,827.9 million, respectively, were held pursuant to the Athene reinsurance treaty as discussed in Note 7.

At December 31, 2025 and 2024, debt securities with a BACV of $131.2 million and $99.1 million, respectively, were held pursuant to the Brooke Re reinsurance treaty for certain guaranteed benefits under variable annuity contracts as discussed in Note 7.

**Other-Than-Temporary Impairment**

The Company periodically reviews its debt securities and equities on a case-by-case basis to determine if any decline in fair value to below cost or amortized cost is other-than-temporary. Factors considered in determining whether a decline is other-than-temporary include the length of time a security has been in an unrealized loss position, the severity of the unrealized loss and the reasons for the decline in value and expectations for the amount and timing of a recovery in fair value, and the Company's intent and ability not to sell a security prior to a recovery in fair value. If it is determined that a decline in fair value of an investment is temporary, an impairment loss is not recorded. If the decline is considered to be other-than-temporary, a realized loss is recorded in the statement of operations. The AVR is also charged for the realized loss, with an offsetting credit to surplus.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Securities the Company determines are underperforming or potential problem securities are subject to regular review. To facilitate the review, securities with significant declines in value, or where other objective criteria evidencing credit deterioration have been met, are included on a watch list. Among the criteria for securities to be included on a watch list are: credit deterioration that has led to a significant decline in fair value of the security; a significant covenant related to the security has been breached; or an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness.

In performing these reviews, the Company considers the relevant facts and circumstances relating to each investment and exercises considerable judgment in determining whether a security is other-than-temporarily impaired. Assessment factors include judgments about an obligor's current and projected financial position, an issuer's current and projected ability to service and repay its debt obligations, the existence of, and realizable value of, any collateral backing the obligations and the macro-economic and micro-economic outlooks for specific industries and issuers. This assessment may also involve assumptions regarding underlying collateral such as prepayment rates, default and recovery rates, and third-party servicing capabilities.

Among the specific factors considered are whether the decline in fair value results from a change in the credit quality of the security itself, or from a downward movement in the market as a whole, and the likelihood of recovering the carrying value based on the near-term prospects of the issuer. Unrealized losses that are considered to be primarily the result of market conditions (e.g., changes in interest rates, temporary market illiquidity or volatility, or industry-related events) and where the Company also believes there exists a reasonable expectation for recovery in the near term are usually determined to be temporary. To the extent that factors contributing to impairment losses recognized affect other investments, such investments are also reviewed for other-than-temporary impairment and losses are recorded when appropriate.

In addition to the review procedures described above, investments in asset-backed securities where market prices are depressed are subject to a review of their future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against third-party sources.

Even in the case of severely depressed market values on asset-backed securities, the Company places significant reliance on the results of its cash flow testing and its lack of an intent to sell these securities until their fair values recover when reaching other-than-temporary impairment conclusions with regard to these securities. Other-than-temporary impairment charges are recorded on asset-backed securities when the Company forecasts a contractual payment shortfall.

For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment speeds, default rates and loss severity.

Specifically for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. At both December 31, 2025 and 2024, assumed default rates for delinquent loans ranged from 10% to 100%. At both December 31, 2025 and 2024, assumed loss severities were applied to generate and analyze cash flows of each bond and ranged from 10% to 45%.

Management develops specific assumptions using available market data, including internal estimates and references to data published by rating agencies and other third-party sources. These estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The Company currently intends to hold securities with unrealized losses not considered other-than-temporary until they mature or for sufficient time to recover the amortized cost. However, if there are changes in the specific facts and circumstances surrounding a security, or the outlook for its industry sector, the Company may sell the security and realize a loss.

In 2025, 2024, and 2023, the Company recognized other-than-temporary impairments on asset-backed securities where the Company has either the intent to sell the securities or may be forced to sell the securities prior to a recovery in value as of the statement date of $1.4 million, $1.0 million, and $8.7 million, respectively.

In 2025, 2024, and 2023, the Company recognized other-than-temporary impairments of $56.7 million, $29.7 million, and $11.3 million, respectively, related to asset-backed securities. See Note 17 for a table detailing securities with recognized other-than-temporary impairment charges during 2025.

The following table summarizes other-than-temporary impairment charges recorded for the years ended (in thousands):

---

| | |
|:---|:---|
| | **2025** |
| Corporate bonds | $233  |
| Non-agency RMBS | 1309  |
| Non-agency CMBS | 1394  |
| Other financial asset-backed securities | 47562  |
| Other non-financial asset-backed securities - practical expedient | 6455  |
| Limited partnership interests | 11041  |
| Mortgage loans | 13671  |
| Real estate | 6751  |
| Residual tranches | 26680  |
| &nbsp;&nbsp;&nbsp;Total other-than-temporary impairment charges | $115096  |

---

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Residential mortgage-backed securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime | $1183  | $1193  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alt-A | 1325  | 1194  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subprime | 117  | 126  |
| Industrial and miscellaneous | 1306  | 53097  |
| Governments | —  | 2076  |
| Commercial mortgage backed securities | —  | 8773  |
| Asset-backed securities | 27116  | 41  |
| Common stock | —  | 5006  |
| Limited partnership interests | 3228  | 10632  |
| Mortgage loans | 13278  | 66000  |
| Other | 691  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other-than-temporary impairment charges | $48244  | $148138  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Realized Gains and Losses on Investments**

Net realized gains and losses on investments are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Sales of bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross gains | $47435  | $33056  | $78348  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross losses | (185285) | (198190) | (553444) |
| Sales of stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross gains | 1020  | 2068  | 387  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross losses  | (332) | (9427) | (28547) |
| Derivative instruments | 18739  | (1312857) | (3816256) |
| Mortgage loans on real estate | (2149) | (11486) | (29238) |
| Other assets | 167936  | 110307  | 493064  |
| Other-than-temporary impairment losses | (115096) | (48244) | (148138) |
| Net realized losses | $(67732) | $(1434773) | $(4003824) |
| Net losses allocated to IMR | $(76534) | $(99972) | $(1518401) |
| Net losses allocated to AVR | (16493) | (380537) | (2485423) |
| Net losses unallocated | 25295  | (954264) | —  |
| Net realized losses | $(67732) | $(1434773) | $(4003824) |
| Net losses allocated to AVR | $(16493) | $(380537) | $(2485423) |
| Net losses unallocated | 25295  | (954264) | —  |
| Tax benefit  | (37259) | 250732  | 545555  |
| Reported net realized losses | $(28457) | $(1084069) | $(1939868) |

---

Proceeds from the sale of bonds totaled $2.3 billion, $3.7 billion, and $5.8 billion in 2025, 2024, and 2023, respectively.

**Asset-Backed Securities**

The Company has no significant concentrations as defined in SSAP No. 27, *Off-Balance Sheet and Credit Risk Disclosures*, arising from its investment in asset-backed securities.

**Mortgage Loans on Real Estate**

At December 31, 2025, commercial mortgage loans were collateralized by properties located in 34 states, the District of Columbia, and Europe. The minimum and maximum lending rates for loans issued in 2025 were 4.7% and 7.5%. The maximum percentage of any one loan to the value of the security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 96.7%.

At December 31, 2025, residential mortgage loans were collateralized by properties located in 49 states, the District of Columbia, Europe, and Mexico. The minimum and maximum lending rates for loans issued in 2025 were 7.7% and 11.8%. The maximum percentage of any one loan to the value of the security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 329.2%.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The age analysis of mortgage loans and identification of the mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement are as follows (in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Residential** | **Residential** | **Commercial** | **Commercial** | | |
| |<br>**Farm** | **Insured** | **All Other** | **Insured** | **All Other** |<br>**Mezzanine** |<br>**Total** |
| **2025** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1. Recorded investment (All) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Current | $—  | $56  | $728  | $—  | $7523  | $108  | $8416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30-59 days past due | —  | 12  | 34  | —  | —  | —  | 46  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 60-89 days past due | —  | 8  | 15  | —  | —  | —  | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 90-179 days past due | —  | 8  | 11  | —  | —  | —  | 19  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 180+ days past due | —  | 8  | 55  | —  | 109  | —  | 172  |
| &nbsp;&nbsp;&nbsp;2. Accruing interest 90-179 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days past due |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $8  | $—  | $—  | $—  | $—  | $8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest accrued | —  | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;3. Accruing interest 180+ |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days past due |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $8  | $—  | $—  | $—  | $—  | $8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest accrued | —  | 1  | —  | —  | —  | —  | 1  |
| &nbsp;&nbsp;&nbsp;4. Interest reduced |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $—  | $175  | $—  | $—  | $—  | $175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Number of loans | —  | —  | 319  | —  | —  | —  | 319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Percent reduced | — % | — % | 100% | — % | — % | — % | — % |
| &nbsp;&nbsp;&nbsp;5. Participant or Co-lender in a |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loan Agreement |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $92  | $536  | $—  | $297  | $55  | $980  |
| **2024** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1. Recorded investment (All) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Current | $—  | $60  | $736  | $—  | $8118  | $156  | $9070  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30-59 days past due | —  | 16  | 111  | —  | —  | —  | 128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 60-89 days past due | —  | 8  | 19  | —  | —  | —  | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 90-179 days past due | —  | 12  | 20  | —  | —  | —  | 32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 180+ days past due | —  | 12  | 61  | —  | —  | —  | 73  |
| &nbsp;&nbsp;&nbsp;2. Accruing interest 90-179 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days past due |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $12  | $—  | $—  | $—  | $—  | $12  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest accrued | —  | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;3. Accruing interest 180+ |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days past due |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $12  | $—  | $—  | $—  | $—  | $12  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest accrued | —  | 1  | —  | —  | —  | —  | 1  |
| &nbsp;&nbsp;&nbsp;4. Interest reduced |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $—  | $81  | $—  | $—  | $—  | $81  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Number of loans | —  | —  | 452  | —  | —  | —  | 452  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Percent reduced | — % | — % | 100% | — % | — % | — % | — % |
| &nbsp;&nbsp;&nbsp;5. Participant or Co-lender in a |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loan Agreement |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recorded investment | $—  | $108  | $781  | $—  | $554  | $84  | $1526  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The allowance for loan losses is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Balance at beginning of period | $2505  | $14809  |
| Additions charged to operations | 22452  | 10674  |
| Direct write-downs charged against the allowances | 20422  | 8409  |
| Recoveries of amounts previously charged off | 2029  | 14569  |
| Balance at end of period | $2506  | $2505  |

---

As of December 31, 2025 and 2024, the Company's mortgage loan portfolio, exclusive of loans with a government guarantee or insurance, had $136.9 million and $53.7 million, respectively, of loans greater than 90 days past due and $38.1 million and $27.8 million, respectively, of loans in the process of foreclosure that were not accruing interest. Interest deemed uncollectible and written off totaled $2.6 million, $1.2 million, and $2.0 million in 2025, 2024, and 2023, respectively. Included in real estate are $17.2 million and $13.5 million of foreclosed properties as of December 31, 2025 and 2024, respectively. The remaining balance of the 2025 and 2024 mortgage loan portfolio is current and accruing interest. Delinquency status is determined from the date of the first missed contractual payment.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Under Jackson's policy for monitoring mortgage loans, all impaired mortgage loans are closely evaluated subsequent to impairment.

Impaired loans are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Recorded Investment** | **Related Loan Allowance** | **Average Recorded Investment** | **Investment Income Recognized** |
| Impaired loans with a valuation allowance |  |  |  |  |
| Commercial | $—  | $—  | $—  | $—  |
| Residential (All Other) | 5056  | 2506  | 7088  | (11) |
| Total | $5056  | $2506  | $7088  | $(11) |
| Impaired loans without a valuation allowance |  |  |  |  |
| Commercial | $40402  | $—  | $46496  | $1517  |
| Residential (Insured) | 4496  | —  | 3569  | 155  |
| Residential (All Other) | 33718  | —  | 19856  | 365  |
| Total | $78616  | $—  | $69921  | $2037  |
| Commercial | $40402  | $—  | $46496  | $1517  |
| Residential (Insured) | 4496  | —  | 3569  | 155  |
| Residential (All Other) | 38774  | 2506  | 26944  | 354  |
| Total | $83672  | $2506  | $77009  | $2026  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Recorded Investment** | **Related Loan Allowance** | **Average Recorded Investment** | **Investment Income Recognized** |
| Impaired loans with a valuation allowance |  |  |  |  |
| Commercial | $—  | $—  | $11352  | $—  |
| Residential (All Other) | 9987  | 2505  | 7998  | 308  |
| Total | $9987  | $2505  | $19350  | $308  |
| Impaired loans without a valuation allowance | Impaired loans without a valuation allowance |  |  |  |
| Commercial | $23655  | $—  | $32684  | $1309  |
| Residential (Insured) | 2198  | —  | 3126  | 83  |
| Residential (All Other) | 17836  | —  | 20521  | 173  |
| Total | $43689  | $—  | $56331  | $1565  |
| Commercial | $23655  | $—  | $44036  | $1309  |
| Residential (Insured) | 2198  | —  | 3126  | 83  |
| Residential (All Other) | 27823  | 2505  | 28519  | 481  |
| Total | $53676  | $2505  | $75681  | $1873  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The following tables provide information about the credit quality of mortgage loans (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **In Good Standing** <sup>(1)</sup> | **Restructured** | **Greater than 90 Days Delinquent** | **In the Process of Foreclosure** | **Total Carrying Value** |
| Apartment | $2484516  | $—  | $—  | $—  | $2484516  |
| Hotel | 743733  | —  | —  | —  | 743733  |
| Office | 996330  | 40802  | 109340  | —  | 1146472  |
| Retail | 1456098  | —  | —  | —  | 1456098  |
| Warehouse | 1566616  | —  | —  | —  | 1566616  |
| Other  | 343159  | —  | —  | —  | 343159  |
| Total commercial mortgage loans | $7590452  | $40802  | $109340  | $—  | $7740594  |
| Residential <sup>(3)</sup> | 865976  | —  | 26613  | 42559  | 935148  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total  | $8456428  | $40802  | $135953  | $42559  | $8675742  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **In Good Standing** <sup>(2)</sup> | **Restructured** | **Greater than 90 Days Delinquent** | **In the Process of Foreclosure** | **Total Carrying Value** |
| Apartment | $2347818  | $—  | $—  | $—  | $2347818  |
| Hotel | 789083  | —  | —  | —  | 789083  |
| Office | 1237207  | 40925  | —  | —  | 1278132  |
| Retail | 1541810  | —  | —  | —  | 1541810  |
| Warehouse | 1821248  | —  | —  | —  | 1821248  |
| Other | 496446  | —  | —  | —  | 496446  |
| Total commercial mortgage loans | $8233612  | $40925  | $—  | $—  | $8274537  |
| Residential <sup>(4)</sup> | 953460  | —  | 71008  | 30021  | 1054489  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total  | $9187072  | $40925  | $71008  | $30021  | $9329026  |
| (1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. | (1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. | (1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. | (1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. | (1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. | (1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. |
| (2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. | (2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. | (2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. | (2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. | (2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. | (2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. |
| (3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. | (3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. | (3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. | (3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. | (3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. | (3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. |
| (4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. | (4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. | (4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. | (4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. | (4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. | (4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. |

---

During 2025 and 2024, there were two mortgage loans for $40.8 million and two mortgage loans for $40.9 million, respectively, involved in troubled debt restructuring.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Limited Partnership and Limited Liability Interests**

The unaffiliated limited partnerships and limited liability companies in which the Company has an interest primarily invest in securities. Income recognized by the Company on all limited partnerships and limited liability companies was $754.1 million, $731.4 million, and $690.3 million in 2025, 2024, and 2023, respectively, including $672.0 million, $651.5 million, and $607.0 million, respectively, of dividends and membership distributions from subsidiaries. In 2025 and 2024, $82.6 million and $100.9 million, respectively, of net unrealized gains were credited directly to surplus. In 2025, 2024, and 2023, the realized gain on partnership sales were $9.9 million, $2.2 million, and $383.4 million, respectively, including $10.2 million, nil and $292.4 million, respectively, of realized gains on sales to affiliates. The Company recognized impairment writedowns of $11.0 million, $3.2 million, and $10.6 million on limited partnerships and limited liability companies during 2025, 2024, and 2023, respectively.

**Securities Lending**

The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms. At 2025 and 2024, the estimated fair value of loaned securities was $22.2 million and $12.3 million, respectively. The agreements require a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis. To further minimize the credit risks related to these programs, the financial condition of the counterparties is monitored on a regular basis. At 2025 and 2024, unrestricted cash collateral received in the amount of $23.0 million and $12.8 million, respectively, was included in other invested assets of the Company. In 2025 and 2024, an offsetting liability for the overnight and continuous loan of $23.0 million and $12.8 million, respectively, is included in payable for securities lending in the accompanying statutory statements of admitted assets, liabilities, capital and surplus.

**Other Invested Assets**

The Company's other invested assets at December 31, 2025 and 2024 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Capital and surplus notes | $233679  | $203730  |
| Residual tranche investments | 60910  | 30473  |
| Debt securities that do not qualify as bonds | 60609  | —  |
| Receivable for securities | 11900  | 29471  |
| Securities lending | 22969  | 12767  |
| &nbsp;&nbsp;&nbsp;Total | $390067  | $276441  |

---

Income recognized by the Company on other invested assets was $12.3 million in 2025. In 2025, $48.5 million of net unrealized losses were credited directly to surplus. The realized gain on sales was $48.5 million in 2025, including $14.8 million of realized gains on sales to affiliates. The Company recognized impairment writedowns of $26.7 million on other invested assets during 2025.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Restricted Assets**

At December 31, 2025, the Company has the following assets pledged to others as collateral or otherwise restricted (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Restricted** | **Gross Restricted** | **Gross Restricted** | **Gross Restricted** | | **Percentage** | **Percentage** |
|<br>**Restricted Asset Category** | **Total General Account** | **Total Separate Account** | **Total Prior Year** | **Increase/ (Decrease)** |<br>**Total Current Year Admitted Restricted** | **Gross Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Repurchase agreements | $2705405  | $—  | $3374085  | $(668680) | $2705405  | 0.92% | 0.92% |
| FHLB capital stock | 118569  | —  | 127369  | (8800) | 118569  | 0.04% | 0.04% |
| On deposit with state | 71902  | —  | 101265  | (29363) | 71902  | 0.02% | 0.02% |
| Pledged as collateral to FHLB | 2850615  | —  | 4316724  | (1466109) | 2850615  | 0.97% | 0.97% |
| Pledged as collateral for cleared and OTC derivatives | 1321227  | —  | 1194669  | 126558  | 1321227  | 0.45% | 0.45% |
| Cleared interest rate swaps | 70084  | —  | —  | 70084  | 70084  | 0.02% | 0.02% |
| Securities loaned for securities lending agreements | 22969  | 11504  | 12685  | 21788  | 34473  | 0.01% | 0.01% |
| Collateral assets received and on balance sheet | 65214  | —  | —  | 65214  | 65214  | 0.02% | 0.02% |
| Assets held under modco reinsurance agreements | —  | 60942  | —  | 60942  | 60942  | 0.02% | 0.02% |
| Assets held under funds withheld reinsurance agreements | 17197060  | —  | —  | 17197060  | 17197060  | 5.85% | 5.88% |
| Total restricted assets | $24423045  | $72446  | $9126797  | $15368694  | $24495491  | 8.32% | 8.37% |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The Company's collateral received and assets held under modco/funds withheld ("FWH") reinsurance agreements reflected as assets within the Company's financial statements as of December 31, 2025 (in thousands):

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Collateral Assets** | **BACV Collateral** | **BACV Modco** | **BACV FWH** | **Fair Value Collateral** | **Fair Value Modco** | **Fair Value FWH** | **% of BACV to Total Assets and Nonadmitted** | **% of BACV to Total Admitted Assets** | | | | | | |
| **Collateral Assets** | **BACV Collateral** | **BACV Modco** | **BACV FWH** | **Fair Value Collateral** | **Fair Value Modco** | **Fair Value FWH** | **% of BACV to Total Assets and Nonadmitted** | **% of BACV to Total Admitted Assets** | General Account: |  |  |  |  |  |
| **Collateral Assets** | **BACV Collateral** | **BACV Modco** | **BACV FWH** | **Fair Value Collateral** | **Fair Value Modco** | **Fair Value FWH** | **% of BACV to Total Assets and Nonadmitted** | **% of BACV to Total Admitted Assets** | Cash, Cash Equivalents and Short-Term Investments | $| $390163  | $390164  | 0.65% | 0.67% |
| Issuer credit obligations | —  | —  | 8283930  | —  | —  | 6818394  | 13.85% | 14.15% |  |  |  |  |  |  |
| Asset-backed securities | —  | —  | 1380399  | —  | —  | 1316271  | 2.31% | 2.36% |  |  |  |  |  |  |
| Preferred stocks | —  | —  | 88005  | —  | —  | 88005  | 0.15% | 0.15% |  |  |  |  |  |  |
| Common stocks | —  | —  | 188  | —  | —  | 203  | — % | — % |  |  |  |  |  |  |
| Mortgage loans | —  | —  | 2442685  | —  | —  | 2200493  | 4.08% | 4.17% |  |  |  |  |  |  |
| Real estate | —  | —  | 19682  | —  | —  | 19682  | 0.03% | 0.03% |  |  |  |  |  |  |
| Other invest assets | —  | —  | 949020  | —  | —  | 902354  | 1.59% | 1.62% |  |  |  |  |  |  |
| Securities lending | 22969  | —  | —  | 22969  | —  | —  | 0.04% | 0.04% |  |  |  |  |  |  |
| Other | 65214  | —  | 3642987  | 65214  | —  | 3642987  | 6.20% | 6.33% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Assets | $88183  | $—  | $17197059  | $88183  | $—  | $15378553  | 28.90% | 29.52% |  |  |  |  |  |  |
| Separate Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuer credit obligations | $—  | $60942  | $—  | $—  | $60942  | $—  | 0.03% | 0.03% |  |  |  |  |  |  |
| Securities lending | 11504  | —  | —  | 11504  | —  | —  | — % | — % |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Assets | $11504  | $60942  | $—  | $11504  | $60942  | $—  | 0.03% | 0.03% |  |  |  |  |  |  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **BACV FWH Including Modco** | **BACV FWH Including Modco** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** |  |
| | | **BACV FWH Including Modco** | **BACV FWH Including Modco** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** |  |
| **Assets** | **Assets** | **BACV FWH Including Modco** | **BACV FWH Including Modco** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** | **Related Party Code\*** |  |
| **Assets** | **Assets** | **BACV FWH Including Modco** | **BACV FWH Including Modco** | **1** | **1** | **2** | **2** | **3** | **3** | **4** | **4** | **5** | **5** | **6** | **6** |  |
| **Assets** | **Assets** | **BACV FWH Including Modco** | **BACV FWH Including Modco** | **1** | **1** | **2** | **2** | **3** | **3** | **4** | **4** | **5** | **5** | **6** | **6** | General Account: |
|  | Cash, Cash Equivalents and Short-Term Investments | $| 390163  | $| —  | $| —  | $| —  | $| —  | $| —  | $| 390163  |  |
|  | Issuer credit obligations | 8283930  | 8283930  | —  | —  | —  | —  | —  | —  | —  | —  | 166500  | 166500  | 8117430  | 8117430  |  |
|  | Asset-backed securities | 1380399  | 1380399  | —  | —  | —  | —  | —  | —  | —  | —  | 304336  | 304336  | 1076063  | 1076063  |  |
|  | Preferred stocks | 88005  | 88005  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | 88005  | 88005  |  |
|  | Common stocks | 188  | 188  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | 188  | 188  |  |
|  | Mortgage loans | 2442685  | 2442685  | —  | —  | —  | —  | —  | —  | —  | —  | 231604  | 231604  | 2211081  | 2211081  |  |
|  | Real estate | 19682  | 19682  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | 19682  | 19682  |  |
|  | Other invested assets | 949020  | 949020  | —  | —  | —  | —  | —  | —  | —  | —  | 295638  | 295638  | 653383  | 653383  |  |
|  | Other | 3642987  | 3642987  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | 3642987  | 3642987  |  |
|  | &nbsp;&nbsp;&nbsp;Total assets | $ | 17197059  | $ | —  | $ | —  | $ | —  | $ | —  | $ | 998078  | $ | 16198982  |  |
|  | Percentage to Total FWH Assets (including Modco) | 100.00  | 100.00% | —  | — % | —  | — % | —  | — % | —  | — % | 5.80  | 5.80% | 94.20  | 94.20% |  |
| Separate Account: | Separate Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Issuer credit obligations | 60942  | 60942  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | 60942  | 60942  |  |
|  | &nbsp;&nbsp;&nbsp;Total assets | $ | 60942  | $ | —  | $ | —  | $ | —  | $ | —  | $ | —  | $ | 60942  |  |
|  | Percentage to Total FWH Assets (including Modco) | 100.00  | 100.00% | —  | — % | —  | — % | —  | — % | —  | — % | —  | — % | 100.00  | 100.00% |  |
| \* | Related party code 1 | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. |  |
|  | Related party code 2 | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. |  |
|  | Related party code 3 | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. |  |
|  | Related party code 4 | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. |  |
|  | Related party code 5 | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. |  |
|  | Related party code 6 | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. | The investment is not related/affiliated to the reinsurer. |  |

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| | | |
|:---|:---|:---|
| | **Amount** | **% of Liability to Total Liabilities** |
| | **Amount** | **% of Liability to Total Liabilities** |
| Recognized Obligation to Return Collateral Asset (General Account) | $88183  | 0.16% |
| Recognized Obligation to Return Collateral Asset (Separate Account) | $11504  | — % |
| Recognized Obligation for Modco assets (General Account) | $—  | — % |
| Recognized Obligation for Modco assets (Separate Account) | $60942  | 0.03% |
| Recognized Obligation FWH (excluding Modco) assets (General Account) | $17197060  | 31.98% |
| Recognized Obligation FWH (excluding Modco) assets (Separate Account) | $—  | — % |

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**5GI Securities**

The assignment of a 5GI designation to a debt security occurs when the necessary documentation for a full credit analysis does not exist but the security is current on all contractual payments and the Company expects the security to make full payment of all contractual principal and interest. At December 31, 2025 and 2024, the Company had no debt securities with a 5GI designation.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**<u>Note 5 – Derivative Instruments</u>**

The Company enters into financial derivative transactions, including, but not limited to, swaps, put-swaptions, futures, forwards and options to reduce and manage business risks. These transactions manage the risk of a change in the value, yield, price, cash flows, credit quality or degree of exposure with respect to assets, liabilities or future cash flows, which the Company has acquired or incurred.

Derivative instruments are held primarily for hedging purposes. Derivative instruments afforded hedge accounting treatment are stated at either amortized cost or fair value and are accounted for in a manner consistent with the hedged items. Derivative instruments not afforded hedge accounting treatment are stated at fair value. Hedge accounting practices are supported by cash flow matching, duration matching and/or scenario testing.

During the third quarter of 2025, the Company began utilizing derivative instruments to economically hedge the equity market exposure related to the Company's non-qualified voluntary deferred compensation plans. These derivative instruments are not designated as accounting hedges and are carried at fair value.

Fair values for derivative instruments are based on quoted market prices, estimates received from independent pricing services, or valuation pricing models, and generally reflect the estimated amounts that the Company would receive or pay upon sale or termination of the contracts as of the reporting date.

Cash requirements for derivative instrument activities are limited to settlements, payment commitments on swaps, margin requirements on exchange-traded and cleared derivatives, and collateral posting requirements in accordance with derivatives' counterparty agreements.

The Company manages the potential credit exposure for over-the-counter derivative contracts through careful evaluation of the counterparty credit standing, collateral agreements, and master netting agreements. The Company is exposed to credit-related losses in the event of non-performance by counterparties; however, it does not anticipate non-performance. There were no charges incurred related to derivative counterparty non-performance during 2025, 2024, and 2023.

All of the Company's significant over-the-counter financial derivative counterparty master agreements contain netting provisions allowing for the offset of contractual payments either due from or due to counterparties. To the extent that the net market value of aggregate contracts with individual counterparties exceeds established threshold amounts, collateral posting in favor of the exposed party is required. Collateral must be high quality liquid securities or cash as directed by the agreements.

All of these master agreements also contain downgrade triggers that allow the party potentially harmed by the downgrade to, at its option, cause the related transactions to be unwound at market value or to be assigned to a different counterparty. All of these triggers are set in the BBB range and refer to Jackson's claims paying rating and the counterparties' senior debt rating. The intent of the triggers is to provide for a more orderly unwind of positions than might otherwise take place in the event of a bankruptcy. During 2025 and 2024, no counterparties triggered an event.

Interest rate swap agreements used for hedging purposes generally involve the exchange of fixed and floating payments based on a notional contract amount over the period for which the agreement remains outstanding, without an exchange of the underlying notional amount.

Put-swaption contracts provide the purchaser with the right, but not the obligation, to require the writer to pay the present value of a long-term interest rate swap at future exercise dates. The Company purchases and writes put-swaptions for hedging purposes with original maturities of up to 10 years. Put-swaptions hedge against movements in interest rates. Written put-swaptions may be entered into in conjunction with associated put-swaptions purchased from the same counterparties ("linked put-swaptions"). Linked put-swaptions have identical notional amounts and strike prices, but have different underlying swap terms. Linked put-swaptions are presented at the fair value of the net position for each pair of contracts.

Put-swaption contracts and written put-swaption contracts are included in the related assets and liabilities for derivatives at fair value. Changes in fair value are recorded as unrealized capital gains or losses.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Equity index futures contracts, total return swaps and equity index options (including various call and put options, interest rate-contingent options, currency-contingent options, and put spreads) are used to hedge the Company's overall net exposure to equities. Interest rate futures contracts and bond forward contracts are used to hedge movements in interest rates. Equity index options (including various call and put options), total return swaps and bond forwards are recorded in derivatives at fair value with changes in fair value recorded as unrealized capital gains or losses. Futures contracts are executed on regulated exchanges through brokers. Variation margin is recorded in cash, cash equivalents and short-term investments, with changes in variation margin recorded as unrealized capital gains or losses.

Cross-currency total return swaps, which embody spot and forward currency swaps and, in some cases, interest rate and equity index swaps, are entered into for the purpose of hedging the Company issued foreign currency denominated trust instruments supported by funding agreements. Cross-currency total return swaps serve to hedge foreign currency exchange risk embedded in the funding agreements. Cross-currency total return swaps are carried at fair value. The fair value of derivatives embedded in funding agreements, including unrealized foreign currency translation gains and losses, are included in the carrying value of the trust instruments supported by funding agreements. Amounts paid or received are netted with amounts paid or received on the hedged foreign currency denominated trust agreements supported by funding agreements. Foreign currency translation gains and losses associated with funding agreement hedging activities are included in unrealized foreign exchange capital gains and losses and realized capital gains and losses.

Cross-currency swaps are over-the-counter agreements to exchange interest and principal payments denominated in different currencies. Cross-currency forwards are over-the-counter agreements to exchange payments denominated in different currencies. Cross-currency swaps and cross-currency forwards are entered into for the purpose of hedging the foreign currency exposure on certain debt securities and mortgage loans held in the investment portfolio. Cross-currency swaps are carried at fair value.

Credit default swaps, with maturities up to five years, are agreements where the Company has purchased default protection on certain underlying corporate bonds held in its portfolio. These contracts allow the Company to sell the protected bonds at par value to the counterparty if a defined "default event" occurs, in exchange for periodic payments made by the Company for the life of the agreement. Credit default swaps are carried at fair value and included in derivatives. Changes in fair value are recorded as unrealized capital gains or losses. The Company does not currently sell default protection using credit default swaps or other similar derivative instruments.

The fair value of derivatives reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. With respect to swaps and put-swaptions, the notional amount represents the stated principal balance used as a basis for calculating payments. With respect to futures and options, the contractual amount represents the market exposure of outstanding positions.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

A summary of the aggregate contractual or notional amounts, carrying values and fair values for derivative instruments outstanding is as follows (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | **Assets** | **Liabilities** | **Liabilities** | |
| |<br>**Contractual/**<br>**Notional**<br>**Amount** |<br>**Fair**<br>**Value** |<br>**Carrying**<br>**Value** |<br>**Fair**<br>**Value** |<br>**Net**<br>**Fair**<br>**Value** |
| Cross-currency swaps | $783850  | $43519  | $—  | $—  | $43519  |
| Cross-currency total return swaps | 753462  | (14726) | —  | —  | (14726) |
| Equity index put options | 16500000  | 114368  | —  | —  | 114368  |
| Equity futures | 39291538  | —  | —  | —  | —  |
| Interest rate futures | 22050800  | —  | —  | —  | —  |
| Cross-currency forwards | 1133371  | (14166) | —  | —  | (14166) |
| Bond forwards | 8143125  | 83312  | —  | —  | 83312  |
| Total return swaps | 3543811  | (21471) | —  | —  | (21471) |
| Interest rate swaps | 2485000  | 7787  | —  | —  | 7787  |
| Total | $94684957  | $198623  | $—  | $—  | $198623  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | **Assets** | **Liabilities** | **Liabilities** | |
| |<br>**Contractual/**<br>**Notional**<br>**Amount** |<br>**Fair**<br>**Value** |<br>**Carrying**<br>**Value** |<br>**Fair**<br>**Value** |<br>**Net**<br>**Fair**<br>**Value** |
| Cross-currency swaps | $845201  | $74514  | $—  | $—  | $74514  |
| Cross-currency total return swaps | 1037318  | (86842) | —  | —  | (86842) |
| Equity index put options | 10000000  | 77070  | —  | —  | 77070  |
| Equity futures | 30489730  | —  | —  | —  | —  |
| Interest rate futures | 21246980  | —  | —  | —  | —  |
| Cross-currency forwards | 1017088  | 27983  | —  | —  | 27983  |
| Bond forwards | 609131  | (20546) | —  | —  | (20546) |
| Total return swaps | 2064603  | 38606  | —  | —  | 38606  |
| Interest rate swaps | 5978135  | (174169) | —  | —  | (174169) |
| Total | $73288186  | $(63384) | $—  | $—  | $(63384) |

---

All of Jackson's master swap agreements contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty's credit rating declines below an established limit. At December 31, 2025 and 2024, the fair value of Jackson's net derivative assets by counterparty was $158.8 million and $203.1 million, respectively, and held collateral was $137.8 million and $252.2 million, respectively, related to these agreements. At December 31, 2025 and 2024, the fair value of Jackson's net derivative liabilities by counterparty was $237.2 million and $266.5 million, respectively, and provided collateral was $296.7 million and $301.7 million, respectively, related to these agreements. If all of the downgrade provisions had been triggered at December 31, 2025 or 2024, in aggregate, Jackson would have had to disburse nil and $49.1 million, respectively, and would have been allowed to claim $80.6 million and $35.2 million, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

At December 31, 2025 the premium cost due in each of the following four years, and thereafter are as follows (in thousands):

---

| | |
|:---|:---|
| **Fiscal Year** | **Derivative Premium Payments Due** |
| 2026 | $279637  |
| 2027 | —  |
| 2028 | —  |
| 2029 | —  |
| Thereafter | —  |
| Total Financing Premiums (Sum of 1 through 5) | $279637  |

---

At December 31, 2025 the aggregate, non-discounted total premium cost for these contracts and the aggregate fair value of derivative instruments with financing premiums excluding the impact of the deferred or financing premiums were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Undiscounted Future Premium Commitments** | **Derivative Fair Value with Premium Commitments (Reported on DB)** | **Derivative Fair Value Excluding Impact of Financing Premiums** |
| Prior Year | $—  | $—  | $—  |
| Current Year | $279637  | $114369  | $114369  |

---

Cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flow. The Company reported interest in Net investment income, settlement of the principal financed in Other cash provided (applied), and proceeds from the settlement of the derivatives in Miscellaneous applications.

During 2025, the Company purchased equity options for which discounted option premium payments totaling $389.0 million were deferred until contract termination.

**<u>Note 6 - Investment Income</u>**

The sources of net investment income by major category are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | $1289458  | $1389248  | $1685186  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 185809  | 87852  | (338037) |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnership and limited liability company interests | 754119  | 731365  | 690271  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 12333  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 433863  | 484408  | 544686  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 400136  | 394942  | 389979  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment income | 308405  | 230919  | 137191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3384123  | 3318734  | 3109276  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less investment expenses | 242237  | 211532  | 206086  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less interest expenses | 103806  | 121776  | 48643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3038080  | $2985426  | $2854547  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

During 2025, the Company sold, redeemed, or otherwise disposed of 29 securities due to the exercise of a callable or tender offer feature, generating investment expense of $3.5 million as a result of the associated prepayment penalty and/or acceleration fee. During 2024, the Company sold, redeemed, or otherwise disposed of 31 securities due to the exercise of a callable or tender offer feature, generating investment expense of $1.4 million as a result of the associated prepayment penalty and/or acceleration fee. During 2023, the Company sold, redeemed, or otherwise disposed of 13 securities due to the exercise of a callable or tender offer feature, generating investment income of $2.0 million as a result of the associated prepayment penalty and/or acceleration fee.

**<u>Note 7 - Reinsurance</u>**

The Company assumes and cedes reinsurance from and to other insurance companies in order to limit losses from large exposures. However, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company reinsures certain of its risks to other reinsurers under a yearly renewable term, coinsurance or modified coinsurance basis. The Company regularly monitors the financial strength rating of its reinsurers.

**Brooke Life Reinsurance Company**

Effective January 1, 2024, Jackson entered into a 100% coinsurance funds withheld reinsurance transaction with Brooke Life Reinsurance Company ("Brooke Re"), an affiliated Michigan captive reinsurer regulated by the Michigan Department of Insurance and Financial Services created in the first quarter of 2024 for the express purpose of serving as the counterparty to the reinsurance transaction. The transaction provides for the cession from Jackson to Brooke Re of liabilities associated with certain guaranteed benefits under our variable annuity contracts and similar products of Jackson, both in-force on the effective date of the reinsurance agreement and written in the future (i.e., on a "flow" basis) as well as related future fees, claims and other benefits, and maintenance expenses in exchange for a ceding commission for the in-force business. Brooke Re paid a ceding commission of $1.2 billion to Jackson in connection with the execution of the reinsurance transaction, which was reported direct to surplus and will be amortized into income over the life of the business. Jackson retains the variable annuity base contract, the annuity contract administration of the ceded business, and responsibility for investment management of the assets in the funds withheld account supporting the ceded liabilities. The transaction mitigates the impact of the cash surrender value floor on Jackson's total adjusted capital, statutory required capital, and risk-based capital ratio, and enables more efficient economic hedging of the underlying risks of Jackson's business. This outcome serves the interests of policyholders by protecting statutory capital through diminished non-economic hedging and related costs. Overall, this transaction allows us to optimize our hedging, stabilize capital generation, and produce more predictable financial results going forward.

As part of the funds withheld coinsurance agreement, Jackson administers the hedging program to manage the economic risks of the ceded liabilities. Jackson enters into any hedges as principal and makes any payments to counterparties, including any required hedge collateral, from its own accounts. As principal, Jackson reflects the hedging instruments and associated activity, including realized and unrealized gains (losses), in its financial statements with a corresponding reinsurance receivable or payable consistent with the impacts to its pre-tax income and other changes to capital and surplus resulting from the underlying hedging activity. Jackson's pre-tax income and capital and surplus are not impacted by the hedging performed on behalf of Brooke Re under the funds withheld coinsurance agreement.

The funds withheld coinsurance agreement includes settlement provisions for net hedge results between Jackson and Brooke Re over a twelve quarter period with the first quarterly net hedge result amount being allocated to the current quarterly settlement period and each of the remaining eleven quarterly net hedge result amounts being deferred and allocated to subsequent quarterly settlement periods. Future settlement amounts may be accelerated, in whole or in part, by mutual agreement of both parties. The deferred amount is reported in amounts due from reinsurers.

Effective December 1, 2025, the reinsurance agreement with Brooke Re was amended to expand the scope of reinsurance liabilities both in force and for future new business. No ceding commission was paid upon execution of the amendment.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Effective December 1, 2025, Jackson entered into a 100% coinsurance reinsurance transaction with Brooke Re. The transaction provides for the cession from Jackson to Brooke Re of certain liabilities related to organic payout annuity contracts in force as of the effective date. Jackson paid Brooke Re an initial ceding commission of $107.6 million. Jackson retains the annuity contract administration of the ceded business.

The reserve credits reflected in Jackson's financial statements related to these transactions with Brooke Re as of December 31, 2025 and 2024 totaled $1,418.8 million and $133.0 million, respectively.

**Hickory Brooke Reinsurance Company**

Effective December 1, 2025, Jackson entered into an indemnity reinsurance agreement with Hickory Brooke Reinsurance Company ('Hickory Re'), a wholly owned subsidiary of Brooke Life Reinsurance Company and captive reinsurer regulated by the Michigan Department of Insurance and Financial Services which was created in the fourth quarter of 2025 for the express purpose of serving as the counterparty to the reinsurance transaction. The transaction provides for the cession from Jackson to Hickory Re, on a quota-share coinsurance basis, certain deferred fixed annuities and deferred fixed indexed annuities issued by Jackson, including annuitization of these contracts, both in-force on the effective date of the reinsurance agreement and written in the future (i.e., on a "flow" basis). Hickory Re paid Jackson an initial ceding commission of $93.8 million. Jackson retains the annuity contract administration of the ceded business.

Under the terms of the agreement, Jackson will perform hedging services on behalf of, and in accordance with the risk management strategy of, Hickory Re. Jackson will enter into derivative contracts as principal and will be responsible for posting of required collateral with derivative counterparties. With sufficient notice, either party may elect to end this hedging program arrangement.

**New Reinsurance Company**

Effective December 31, 2024, Jackson entered into a quota-share coinsurance agreement with New Reinsurance Company, a Switzerland-domiciled subsidiary of Munich Re, to reinsure liabilities related to certain in-force deferred fixed annuity contracts. The quota-share percentage is defined based upon the guaranteed term of the policy. Per the agreement, Jackson received a $43.9 million ceding commission, which was reported direct to surplus and will be amortized into income as earnings emerge. At December 31, 2025 and 2024, the reserve credit related to this transaction with New Reinsurance Company was $45.1 million and $43.9 million, respectively.

**Jackson New York**

Effective December 31, 2024, the Company amended its reinsurance agreement with Jackson New York. Prior to the amendment, the agreement ceded 90% of the total contract risk associated with the variable annuities issued by Jackson New York to Jackson on a coinsurance basis (modified coinsurance for separate account liabilities). As a result of the amendment, the Company will also assume 90% of the total RILA contract risk on a coinsurance basis (modified coinsurance for separate account liabilities) for better alignment with risk mitigation strategies employed at the parent company level. This treaty covers all existing and future variable annuity and RILA contracts issued by Jackson New York. Premiums assumed from Jackson New York were $1,680.3 million, $821.2 million, and $716.1 million in 2025, 2024, and 2023, respectively. At December 31, 2025 and 2024, the liability for the reserves assumed from Jackson New York totaled $1,042.4 million and $1,151.3 million, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Athene Life Re Ltd.**

The Company entered into a funds withheld coinsurance agreement with Athene Life Re Ltd. effective June 1, 2020 to reinsure on a 100% quota share basis, a block of Jackson's in-force fixed and fixed index annuity product liabilities in exchange for a $1,196.3 million ceding commission. The $981.5 million ceding commission, net of tax, was reported direct to surplus and will be amortized into income over the life of the business. In addition, $59.6 million of the IMR reserve was released from the IMR reserve and transferred to Athene under the reinsurance arrangement.

Pursuant to the Athene reinsurance agreement, the Company holds certain assets, primarily debt securities and mortgage loans, as collateral with a corresponding liability reported as funds held under coinsurance on the statements of admitted assets, liabilities, capital and surplus. The income and realized gains on these assets are reported in income with a corresponding offset reported in interest on funds withheld treaties, with no impact on net income.

To further support its obligations under the reinsurance agreements, Athene procured letters of credit for Jackson's benefit and established a trust account for Jackson's benefit, which had a book value of approximately $109.7 million and $85.5 million as of December 31, 2025 and 2024, respectively.

**John Hancock Life Insurance Company**

The Company has agreements with John Hancock Life Insurance Company ("John Hancock") and John Hancock Life Insurance Company of New York ("John Hancock New York") to reinsure Group Payout Annuities. On December 31, 2025 and 2024, the Company included $360.7 million and $216.1 million, respectively, of miscellaneous group annuity reserves initially established by John Hancock and John Hancock New York. The additional reserves are in excess of those required under minimum statutory standards.

**Squire Re II**

In 2016, the Company executed a reserve financing transaction with Squire Re II, a captive reinsurance entity domiciled in Michigan. At December 31, 2025 and 2024, the Company ceded $337.2 million, $350.1 million, respectively, of level premium term reserves under a funds withheld 100% coinsurance treaty. The Company holds certain assets, primarily debt securities, as collateral. This collateral is reported as funds held under coinsurance on the statements of admitted assets, liabilities, capital and surplus. The income and realized gains on these assets are reported in income and with a corresponding offset reported in interest on funds withheld treaties, with no impact on net income.

**Swiss Re**

The Company has three retro treaties with Swiss Re. Pursuant to these retro treaties, the Company ceded to Swiss Re on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties, certain blocks of business. These blocks of business include disability income and accident and health business, a mix of life and annuity insurance business, and corporate owned life insurance business.

Pursuant to the retro treaties, the Company holds certain assets, primarily policy loans and debt securities, as collateral. This collateral is reported as funds held under reinsurance treaties with unauthorized reinsurers on the statements of admitted assets, liabilities, capital and surplus. The income and realized gains on these assets are reported in income with a corresponding offset reported in interest on funds withheld treaties, with no impact on net income.

The Company has also acquired certain lines of business that are wholly ceded to non-affiliates. These include direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities.

At December 31, 2025 and 2024, assets of $1,007.9 million and $1,092.2 million, respectively, were held in trust pursuant to the 100% coinsurance transactions with Swiss Re.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Other Reinsurance**

On May 29, 2019, the Michigan Department of Insurance and Financial Services revoked the status of an accredited reinsurer in Michigan. In July 2023, the reinsurer was ordered into liquidation. During the fourth quarter of 2023, the liability for reinsurance in authorized companies was recognized as a loss, with no impact to capital and surplus.

For reinsurance of in force liabilities that resulted in a gain, the impact of the transactions, net of tax, was excluded from net income and recorded directly to surplus, and will be amortized into income as earnings emerge from the business reinsured.

The effect of reinsurance on premiums are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Direct premiums and annuity considerations | $21245131  | $17076545  | $12645332  |
| Reinsurance assumed | 1767254  | 914030  | 819805  |
| Reinsurance ceded | (2967345) | (394821) | (237559) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total premiums and annuity considerations | $20045040  | $17595754  | $13227578  |

---

Fee income is stated net of reinsurance ceded to Brooke Re. During 2025 and 2024, fee income ceded to Brooke Re was $2.9 billion and $2.9 billion, respectively.

Policy reserves and liabilities are stated net of reinsurance ceded to other companies. At December 31, 2025 and 2024, reserves ceded were $21.6 billion and $21.1 billion, respectively, which included reserves ceded to Brooke Life of $21.2 million and $22.8 million, respectively, reserves ceded to Squire Re II of $337.2 million and $350.1 million, respectively, reserves ceded to Brooke Re of $1,418.8 million and $133.0 million, respectively, and reserves ceded to Hickory Re of $1,599.7 million and nil, respectively.

**<u>Note 8 - Federal Income Taxes</u>**

The Company is subject to federal income taxation as a life insurance company and files a consolidated federal income tax return with Brooke Life, Jackson New York, Brooke Re, Hickory Re, and Squire Re II. The Company has entered into written tax sharing agreements that are based on separate return calculations with benefits for credits and losses. The Company's portion of any CAMT incurred or the benefit from CAMT credits is based on its share of the impact of CAMT for the consolidated group.

The Company is subject to examination by the Internal Revenue Service and other state and local tax authorities in jurisdictions in which the Company operates. The Company is not currently under examination with respect to federal income taxes. The IRS completed an examination of the 2019-2023 Brooke Life Insurance Company and Subsidiaries federal consolidated returns during 2025 that resulted in no changes. Tax years from 2022 to 2025 remain open under the statute of limitations.

The One Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025 and includes a broad range of tax reform provisions that impact corporations and are effective starting with the 2025 tax year. At December 31, 2025, the OBBBA did not impact the Company's current income tax liability. At December 31, 2025, the Company recorded a $2.1 million valuation allowance expense related to an OBBBA provision that affected the Company's ability to utilize the deferred tax asset for the charitable contributions carryover.

At December 31, 2025 and December 31, 2024, the CAMT current tax impact was nil and a benefit of $163.0 million, respectively. At December 31, 2025 and December 31, 2024, the CAMT impact on net capital and surplus was nil and a benefit of $187.4 million, respectively. The U.S. Treasury Department is expected to issue additional guidance after December 31, 2025 that may materially change the estimated provision of the CAMT.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Net Deferred Tax Asset**

The components of the net DTA at December 31 are as follows (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
| | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Total gross DTA | $1985876  | $128391  | $2114267  | $2219287  | $110134  | $2329421  | $(233411) | $18257  | $(215154) |
| Statutory valuation allowance | 2056  | —  | 2056  | —  | —  | —  | 2056  | —  | 2056  |
| Adjusted gross DTA | 1983820  | 128391  | 2112211  | 2219287  | 110134  | 2329421  | (235467) | 18257  | (217210) |
| DTA nonadmitted | 1151516  | —  | 1151516  | 1396832  | —  | 1396832  | (245316) | —  | (245316) |
| Subtotal net admitted DTA | 832304  | 128391  | 960695  | 822455  | 110134  | 932589  | 9849  | 18257  | 28106  |
| Deferred tax liabilities | (167137) | (171332) | (338469) | (203875) | (154788) | (358663) | 36738  | (16544) | 20194  |
| Net admitted DTA | $665167  | $(42941) | $622226  | $618580  | $(44654) | $573926  | $46587  | $1713  | $48300  |

---

Admission calculation components for SSAP No. 101 are as follows (in thousands):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
| | | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| (a) | Federal income taxes |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Paid in prior years |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;recoverable through |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;loss carrybacks | $—  | $—  | $—  | $—  | $—  | $—  | $—  | $—  | $—  |
| (b) | Adjusted gross DTA |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expected to be realized |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;after application of the |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;threshold limitation |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Lesser of (b)1 or |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(b)2 below) | 622226  | —  | 622226  | 573926  | —  | 573926  | 48300  | —  | 48300  |
|  | 1. Adjusted gross DTA |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expected to be realized  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;following the balance |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;sheet date |  |  | 1782606  |  |  | 1192503  |  |  | 590103  |
|  | 2. Adjusted gross DTA |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Allowed per limitation |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;threshold |  |  | 622226  |  |  | 573926  |  |  | 48300  |
| (c) | Adjusted gross DTA |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Excluding the amount of  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;DTA from (a) and (b)  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;above) offset by |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;gross DTL | 210078  | 128391  | 338469  | 248529  | 110134  | 358663  | (38451) | 18257  | (20194) |
| (d) | DTA admitted as the |  |  |  |  |  |  |  |  |  |
|  | result of application of |  |  |  |  |  |  |  |  |  |
|  | SSAP No. 101  | $832304  | $128391  | $960695  | $822455  | $110134  | $932589  | $9849  | $18257  | $28106  |

---

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Ratio Percentage Used to Determine Recovery |  |  |
| Period and Threshold Limitation Amount | 1006.7% | 1015.3% |
| Amount of Adjusted Capital and Surplus Used to |  |  |
| Determine Recovery Period and Threshold |  |  |
| Limitation Amount (in thousands) | $4148172  | $3826174  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The impact of tax planning strategies was as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** |
| | **Ordinary** | **Capital** | **Ordinary** | **Capital** | **Ordinary** | **Capital** |
| Determination of Adjusted Gross DTA and |  |  |  |  |  |  |
| Net Admitted DTA, by tax character as a percentage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1. Adjusted gross DTAs | $1983820  | $128391  | $2219287  | $110134  | $(235467) | $18257  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2. Percentage of adjusted gross DTAs by |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by tax character attributable to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the impact of tax planning  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;strategies | — % | — % | — % | — % | — % | — % |
| &nbsp;&nbsp;&nbsp;&nbsp; 3. Net admitted adjusted gross DTAs | $832304  | $128391  | $822455  | $110134  | $9849  | $18257  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4. Percentage of net admitted adjusted |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gross DTAs by tax character |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; admitted because of the impact  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of tax planning strategies | — % | — % | — % | — % | — % | — % |

---

At December 31, 2025 and 2024, the Company did not consider tax planning strategies for the determination of the amount of adjusted gross CAMT credit DTA. At December 31, 2025 and 2024, the consideration of tax planning strategies did not impact the determination of the amount of admitted CAMT credit DTA.

The Company's tax planning strategies do not include the use of reinsurance.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The main components of the deferred tax assets and liabilities are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Change** |
| Deferred tax assets resulting from book/tax differences in: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | $191597  | $192280  | $(683) |
| &nbsp;&nbsp;&nbsp;Insurance reserves | 230945  | 224972  | 5973  |
| &nbsp;&nbsp;&nbsp;Investments | 570904  | 1148578  | (577674) |
| &nbsp;&nbsp;&nbsp;Employee benefits | 109260  | 117180  | (7920) |
| &nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 1090  | 1314  | (224) |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforward | 680466  | 394554  | 285912  |
| &nbsp;&nbsp;&nbsp;Tax credit carryforward | 173364  | 89224  | 84140  |
| &nbsp;&nbsp;&nbsp;Other | 28250  | 51185  | (22935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ordinary gross & adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gross deferred tax assets | 1985876  | 2219287  | (233411) |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment | (2056) | —  | (2056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets nonadmitted | (1151516) | (1396832) | 245316  |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary gross deferred |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; tax assets per NAIC SAP | 832304  | 822455  | 9849  |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 60340  | 33480  | 26860  |
| &nbsp;&nbsp;&nbsp;Unrealized capital losses | 35949  | 55508  | (19559) |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward | 32102  | 21146  | 10956  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital gross & adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gross deferred tax assets | 128391  | 110134  | 18257  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets nonadmitted | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted capital gross deferred |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; tax assets per NAIC SAP | 128391  | 110134  | 18257  |
| &nbsp;&nbsp;&nbsp;Total admitted deferred tax assets | $960695  | $932589  | $28106  |
| Deferred tax liabilities resulting from book/tax differences in: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred ceding commission | $144257  | $159361  | $(15104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 2713  | 22837  | (20124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 13245  | 10640  | 2605  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance reserves | —  | 3473  | (3473) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due and deferred premium | 6921  | 7513  | (592) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1  | 51  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary deferred tax liabilities | 167137  | 203875  | (36738) |
| Capital:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership investments | $147191  | $122858  | $24333  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 24141  | 31930  | (7789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital deferred tax liabilities | 171332  | 154788  | 16544  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | 338469  | 358663  | (20194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net admitted deferred tax asset | $622226  | $573926  | $48300  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The application of SSAP No. 101, requires a company to evaluate the recoverability of deferred tax assets and to establish a valuation allowance if necessary, to reduce the deferred tax asset to an amount which is more likely than not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversal; (4) taxable income in prior carry back years as well as projected taxable earnings, exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and, (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. The Company has adopted an accounting policy to analyze the ability to recover the CAMT credit carryover deferred tax asset separately from the deferred tax assets generated under the regular tax system. There were no material modifications to the methodology used to project CAMT.

Although the realization is not assured, management believes it is more likely than not that the deferred tax assets under the regular tax system and the CAMT credit deferred tax asset will be realized, except for a portion of the charitable contributions carryover deferred tax asset. As of December 31, 2025, based on available evidence, the Company established a valuation allowance in the amount of $2.1 million on a portion of the charitable contributions carryover deferred tax asset which was impacted by the OBBBA and is not more likely than not to be realized. As of December 31, 2025, the Company had $6.2 million of CAMT credit carryforwards with an indefinite carryforward period and are limited pursuant to IRC Section 383. No adjustments were made to the CAMT credit carryforward gross deferred tax asset because of a change in circumstances that causes a change in judgment about its realizability.

The change in the net deferred income taxes is comprised of the following (this analysis is exclusive of the non-admitted DTAs as the Change in Non-admitted Assets is reported separately from the Change in Net Deferred Income Taxes in the Statutory Statements of Capital and Surplus) (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Change** |
| Total deferred tax assets | $2114267  | $2329421  | $(215154) |
| Total deferred tax liabilities | (338469) | (358663) | 20194  |
| &nbsp;&nbsp;&nbsp;Net deferred tax assets/liabilities | 1775798  | 1970758  | (194960) |
| Statutory valuation allowance adjustment | (2056) | —  | (2056) |
| &nbsp;&nbsp;&nbsp;Net DTA after statutory valuation adjustment | 1773742  | 1970758  | (197016) |
| Tax effect of unrealized gains | (191212) | (227536) | 36324  |
| &nbsp;&nbsp;&nbsp;Change in net deferred income tax | $1582530  | $1743222  | $(160692) |

---

There are no temporary differences for which deferred tax liabilities have not been recognized. Accordingly, there are no events that would cause unrecognized temporary differences to become taxable. There are no unrecognized deferred tax liabilities in foreign subsidiaries and foreign corporate joint ventures that are permanent in duration.

**Taxes Incurred**

Current income taxes incurred consist of the following major components (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Operations |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal taxes from operations | $(95534) | $239623  | $960869  |
| &nbsp;&nbsp;&nbsp;Foreign tax expense | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | (95534) | 239623  | 960869  |
| &nbsp;&nbsp;&nbsp;Federal tax benefit on capital losses | 35747  | (245369) | (850652) |
| &nbsp;&nbsp;&nbsp;Other | (25062) | (150223) | (3399) |
| &nbsp;&nbsp;&nbsp;Total federal current taxes incurred | $(84849) | $(155969) | $106818  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Federal current taxes incurred are reflected in the accompanying statements as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Federal taxes incurred | $(121320) | $96185  | $966356  |
| Capital gains tax, excluding IMR taxes | 37259  | (250732) | (545555) |
| Taxes transferred to IMR | (15820) | (16418) | (342797) |
| Taxes on liability gains released from the IMR | 15032  | 14996  | 28814  |
| Total federal current taxes incurred | $(84849) | $(155969) | $106818  |

---

A reconciliation of the more significant permanent book to tax differences and the related tax effects (at a 21% statutory rate) is as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | | **2024** | | **2023** | |
| &nbsp;&nbsp;&nbsp;Income before taxes | $1428929  |  | $23113  |  | $(1220210) |  |
| &nbsp;&nbsp;&nbsp;Income taxes at statutory rate | 300075  | 21% | 4854  | 21% | (256244) | 21% |
| &nbsp;&nbsp;&nbsp;Dividends received deduction | (128122) | (9)% | (123967) | (536)% | (123641) | 10% |
| &nbsp;&nbsp;&nbsp;Interest maintenance reserve | 23640  | 2% | 2073  | 9% | 153867  | (13)% |
| &nbsp;&nbsp;&nbsp;Tax credits | (65780) | (5)% | (34909) | (151)% | (44668) | 4% |
| &nbsp;&nbsp;&nbsp;Gain on reinsurance of inforce business | (36594) | (2)% | 188725  | 817% | (25157) | 2% |
| &nbsp;&nbsp;&nbsp;Interest  | (11314) | (1)% | (9278) | (40)% | 324  | — % |
| &nbsp;&nbsp;&nbsp;Nonadmitted assets | (1291) | — % | (4427) | (19)% | 1336  | — % |
| &nbsp;&nbsp;&nbsp;Incentive compensation | (1771) | — % | (2725) | (12)% | (4132) | — % |
| &nbsp;&nbsp;&nbsp;Statutory valuation allowance | 2056  | — % | —  | — % | —  | — % |
| &nbsp;&nbsp;&nbsp;SMLLC income | (15154) | (1)% | 2007  | 9% | (1175) | — % |
| &nbsp;&nbsp;&nbsp;Officer compensation | 5742  | — % | 9245  | 40% | 4793  | — % |
| &nbsp;&nbsp;&nbsp;Other | 4357  | — % | 1562  | 7% | 3487  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable income and current tax on operations | $75844  | 5% | $33160  | 145% | $(291210) | 24% |
| Federal and foreign taxes incurred | $(121320) |  | $96185  |  | $966356  |  |
| Tax on capital losses | 36472  |  | (252154) |  | (859539) |  |
| Change in net deferred taxes | 160692  |  | 189129  |  | (398027) |  |
| &nbsp;&nbsp;&nbsp;Total statutory taxes | $75844  |  | $33160  |  | $(291210) |  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The following table sets forth the amount and expiration dates of Federal operating loss, capital loss, and tax credit carryforwards for the tax periods indicated.

---

| | | |
|:---|:---|:---|
| Carryforwards (in thousands): |  |  |
|  | **2025** | **2024** |
| Federal net operating loss carryforwards<sup>(1)</sup> | $3187297  | $1825810  |
| Section 382 net operating loss from previous acquisition<sup>(2)</sup> | 53019  | 53019  |
| Federal capital loss carryforwards<sup>(3)</sup> | 152868  | 100698  |
| Foreign Tax Credits<sup>(4)</sup> | 166082  | 82092  |
| General Business Tax Credits<sup>(5)</sup> | 1059  | 909  |
| Alternative Minimum Credits<sup>(6)</sup> | 6224  | 6224  |
| Total | $3566549  | $2068751  |
| <sup>(1)</sup> Unlimited carryforward. |  |  |
| <sup>(2)</sup> Subject to annual limitation. $43.0 million expires in 2026 and $10.0 million expires in 2027. | <sup>(2)</sup> Subject to annual limitation. $43.0 million expires in 2026 and $10.0 million expires in 2027. | <sup>(2)</sup> Subject to annual limitation. $43.0 million expires in 2026 and $10.0 million expires in 2027. |
| <sup>(3)</sup> 5 year carryforward and begins to expire in 2029. | <sup>(3)</sup> 5 year carryforward and begins to expire in 2029. | <sup>(3)</sup> 5 year carryforward and begins to expire in 2029. |
| <sup>(4)</sup> 10 year carryforward and begins to expire in 2032. | <sup>(4)</sup> 10 year carryforward and begins to expire in 2032. | <sup>(4)</sup> 10 year carryforward and begins to expire in 2032. |
| <sup>(5)</sup> 20 year carryforward and begins to expire in 2041. | <sup>(5)</sup> 20 year carryforward and begins to expire in 2041. | <sup>(5)</sup> 20 year carryforward and begins to expire in 2041. |
| <sup>(6)</sup> Subject to 383 limitations. | <sup>(6)</sup> Subject to 383 limitations. | <sup>(6)</sup> Subject to 383 limitations. |

---

The Company has no capital gains taxes paid in prior years that is available for recoupment.

The Company has no deposits under Internal Revenue Code Section 6603.

The Company does not owe any Repatriation Transition Tax ("RTT") and has made no payment or expect to make any future payments to satisfy the RTT liability.

The Company does not believe that it is reasonably possible that the liability related to any federal or foreign tax loss contingencies will significantly increase within the next 12 months.

**<u>Note 9 - Capital, Surplus and Dividend Restrictions</u>**

Under the Michigan Insurance Code of 1956, the Company must notify the Michigan Director of Insurance prior to payment of any dividend or any other capital distribution. Ordinary dividends on capital stock are subject to a capacity calculation and may only be distributed out of earned surplus. Ordinary dividend capacity is limited to the greater of 10% of statutory surplus as of the preceding year end, excluding any increase arising from the application of permitted practices, or the statutory net income, excluding any net realized investment gains, for the twelve month period ended on the preceding December 31, the result of which is reduced by cumulative dividends and other capital distributions occurring in the preceding twelve-month period. Earned surplus is reported unassigned surplus on the preceding December 31, reduced by any unrealized capital gains and effect of increase from the application of permitted practices, if any. The Michigan Director of Insurance may approve payment of dividends in excess of these amounts, which would be deemed an extraordinary dividend. As a result of cumulative dividends and other capital distributions occurring in the preceding 12 months as of December 31, 2025, future dividends from the Company are generally expected to be classified as extraordinary. The Company has received approval in the past for payments of extraordinary dividends.

The Company paid extraordinary dividends of $240.0 million, $325.0 million, $250.0 million, and $300.0 million on March 17, 2025, June 12, 2025, September 10, 2025, and December 10, 2025, respectively, to its parent, Brooke Life Insurance Company.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

On March 31, 2025, the Company received an ordinary dividend of $75.0 million from its wholly owned subsidiary, Jackson New York.

During the first quarter of 2024, the Company remitted a $1,919.8 million return of capital to Brooke Life Insurance Company.

The Company paid extraordinary dividends of $250.0 million, $300.0 million, and $280.0 million on June 20, 2024, September 12, 2024, and December 10, 2024, respectively, to its parent, Brooke Life Insurance Company.

During 2023, the Company remitted a $450.0 million ordinary dividend and a $150.0 million return of capital to Brooke Life.

During 2025 and 2024, changes in the balance of special surplus funds from the prior year are due to the admittance of net negative (disallowed) IMR of $306.3 million and $328.9 million, respectively.

The NAIC has developed certain RBC requirements for life insurance companies. Under those requirements, compliance is determined by a ratio of a company's total adjusted capital ("TAC"), calculated in a manner prescribed by the NAIC, to its authorized control level RBC ("ACL RBC"), calculated in a manner prescribed by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC ("company action level RBC"). At December 31, 2025, 2024, and 2023 the Company's TAC remained well in excess of the company action level RBC.

**<u>Note 10 - Debt</u>**

**Surplus Notes**

Under Michigan insurance law, the surplus notes are not part of the legal liabilities of the Company and are considered capital and surplus for statutory reporting purposes. Payments of interest or principal may only be made with the prior approval of the Michigan Director of Insurance and only out of surplus earnings which the director determines to be available for such payments under Michigan insurance law.

On March 15, 1997, the Company issued 8.15% surplus notes in the principal amount of $250.0 million due March 15, 2027. These surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933 as amended, underwritten by a syndicate that included Goldman Sachs & Co., and Morgan Stanley & Co., and are administered by Citibank, N.A. as fiscal agent. The surplus notes are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims may not be redeemed at the option of the Company or any holder prior to maturity. Upon approval from DIFS, interest is payable semi-annually on March 15th and September 15th of each year. Interest paid on surplus notes was $20.4 million in 2025, 2024, and 2023, respectively.

As of December 31, 2025, life to date interest expense on surplus notes was $580.9 million.

**Federal Home Loan Bank Loans**

The Company received loans of $50.0 million from the FHLBI under its community investment program in both 2015 and 2014, which amortize on a straight-line basis over the loan term. The weighted average interest rate on these loans was 4.19% in 2025 and 5.13% in 2024. The outstanding balance on these loans was $47.2 million and $52.1 million at December 31, 2025 and 2024, respectively. During 2025, 2024, and 2023, interest expense for these loans totaled $2.0 million, $2.9 million, and $2.9 million, respectively. At December 31, 2025 and 2024, the loans were collateralized by mortgage-related securities and commercial mortgage loans with a carrying value of $71.4 million and $83.9 million, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Federal Home Loan Bank Advances**

The Company entered into an advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. Advances averaged $483.0 million during 2025, with a weighted average interest rate of 4.5%. Advances of nil and $700.2 were outstanding at December 31, 2025 and 2024, respectively, and were recorded in other liabilities. The Company paid interest of $6.6 million, $6.0 million, and $6.6 million on such advances in 2025, 2024, and 2023, respectively. The largest outstanding balance at any month end during 2025 and 2024 was $500.3 million and $700.2 million, respectively.

**Repurchase Agreements**

The Company routinely enters into repurchase agreements whereby the Company agrees to sell and repurchase securities. Repurchase agreements are accounted for as collateralized borrowings. Collateral securities sold under such agreements continue to be included in invested assets. Cash proceeds received from the sale of securities subject to repurchase agreements are included in liabilities.

During 2024, Jackson executed certain paired repurchase and reverse repurchase transactions totaling $1.5 billion pursuant to master repurchase agreements with participating bank counterparties. Under these transactions, the Company lends securities (e.g., corporate debt securities) to bank counterparties in exchange for U.S. Treasury securities that the Company then uses to provide as collateral. The paired repurchase and reverse repurchase transactions are settled on a net basis. As a result, there was no cash exchanged at initiation of these agreements. The paired transactions are offset within the financial statements and are not included in the following disclosures. These transactions are evergreened and require at least 150-days notice prior to termination.

The maturity time for borrowings are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Maximum Amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overnight | $28000  | $1823322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Days to 1 Week | $2516723  | $1881207  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;>1 Week to 1 Month | $—  | $1389220  |
| Ending Balance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overnight | $—  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Days to 1 Week | $250293  | $151040  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;>1 Week to 1 Month | $750755  | $1389356  |

---

Short-term borrowings under such agreements averaged $1,023.9 million and $1,385.2 million during 2025 and 2024, respectively, with weighted average interest rates of 4.45% in 2025 and 5.07% in 2024. The highest level of short-term borrowings at any month end was $1,868.7 million in 2025 and $1,903.9 million in 2024. At December 31, 2025 and 2024, the outstanding repurchase agreement balance was $1,001.0 million and $1,540.4 million, respectively, collateralized with U.S. Treasury notes and maturing within 30 days, and was included within repurchase agreements in the balance sheet. In the event of a decline in the fair value of the pledged collateral under these agreements, the Company may be required to transfer cash or additional securities as pledged collateral.

Collateral received on secured borrowings is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Maximum Amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $2544723  | $2323381  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities (FV) | $—  | $—  |
| Ending Balance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $1001048  | $1540396  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities (FV) | $—  | $—  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The liability to return collateral on secured borrowings is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Maximum Amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash (Collateral - All) | $2544723  | $2323381  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Collateral (FV) | $—  | $—  |
| Ending Balance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash (Collateral - All) | $1001048  | $1540396  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Collateral (FV) | $—  | $—  |

---

Interest paid totaled $44.9 million, $69.3 million, and $49.1 million in 2025, 2024, and 2023, respectively.

**<u>Note 11 - Life and Annuity Reserves</u>**

The Company waives deductions of deferred fractional premiums upon death of the insured and returns premiums paid and due beyond the date of death. A reserve is held where a surrender value is promised in excess of the minimum required basic reserves.

At December 31, 2025 and 2024, 92% and 90%, respectively, of annuity reserves and deposit liabilities were subject to surrender charges of at least 5% or at market value in the event of discretionary withdrawal by policyholders.

For policies issued on substandard lives, either the gross premiums are calculated on a rated age basis, or an extra premium is charged in addition to the standard premium at the true issue age. Mean reserves are calculated as the regular mean reserve for the plan at the rated age, the regular mean reserve for the plan at the true issue age plus one-half of the extra premium charged, or a substandard reserve based on the appropriate multiple of the standard.

The Company had insurance in force, for which the gross premiums are less than the net premiums of approximately $9.6 billion and $10.0 billion, at December 31, 2025 and 2024, respectively, according to the valuation standard set by the state of Michigan.

The Company's incurred but not reported claim provision is based on the Company's historical experience. The provision was $107.9 million and $106.4 million at December 31, 2025 and 2024, respectively.

The Company issues traditional variable annuity contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder. The Company issues RILA contracts through its separate accounts for which investment risk is borne by the Company. The Company also issues variable and RILA contracts through separate accounts where the Company contractually guarantees to the contract holder either a) return of no less than total deposits made to the contract adjusted for any partial withdrawals, b) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, or c) the highest contract value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (guaranteed minimum death benefit ("GMDB")), at annuitization (guaranteed minimum income benefit ("GMIB")), upon depletion of funds (guaranteed minimum withdrawal benefits ("GMWB")), or at the end of a specified period (guaranteed minimum accumulation benefit ("GMAB")).

GMIB benefits are reinsured, subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. Reinsurance credits of $0.5 million and $0.7 million were taken in 2025 and 2024, respectively. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Account balances of contracts were invested in variable separate accounts as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Fund type: |  |  |
| &nbsp;&nbsp;&nbsp;Equity | $157775  | $151327  |
| &nbsp;&nbsp;&nbsp;Bond | 18306  | 18083  |
| &nbsp;&nbsp;&nbsp;Balanced | 40425  | 40081  |
| &nbsp;&nbsp;&nbsp;Money market | 2210  | 2432  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $218716  | $211923  |

---

Reserves for associated guarantees for RILA and variable annuities are calculated using Actuarial Guideline 43 and VM-21. Required reserves associated with guaranteed benefits were nil at both December 31, 2025 and 2024 due to the reinsuring of GMDB, GMWB, and GMAB to Brooke Re.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Analysis of annuity reserves and deposit type contract liabilities by withdrawal characteristics is as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
| |<br>**General**<br>**Account** | **Guaranteed**<br>**Separate**<br>**Account** | **Non-guaranteed**<br>**Separate**<br>**Account** |<br>**Total** |<br>**% of** <br>**Total** |
| Individual Annuities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $7028698  | $985308  | $—  | $8014006  | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge of 5% or more | 897516  | 17300350  | —  | 18197866  | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | 196183634  | 196183634  | 82.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge less than 5% | 14933314  | —  | —  | 14933314  | 6.2% |
| Total subject to discretionary withdrawal | 22859528  | 18285658  | 196183634  | 237328820  | 99.2% |
| Not subject to discretionary withdrawal | 1586921  | —  | 262485  | 1849406  | 0.8% |
| Total gross | 24446449  | 18285658  | 196446119  | 239178226  | 100.0% |
| Reinsurance ceded | 14648981  | —  | —  | 14648981  |  |
| Total, net of reinsurance | $9797468  | $18285658  | $196446119  | $224529245  |  |
| Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the year subsequent | $330867  | $—  | $—  | $330867  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
| |<br>**General**<br>**Account** | **Guaranteed**<br>**Separate**<br>**Account** | **Non-guaranteed**<br>**Separate**<br>**Account** |<br>**Total** |<br>**% of** <br>**Total** |
| Individual Annuities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $2900220  | $480358  | $—  | $3380578  | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge of 5% or more | 2053530  | 10330385  | —  | 12383915  | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | 188271182  | 188271182  | 83.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge less than 5% | 19191303  | —  | —  | 19191303  | 8.5% |
| Total subject to discretionary withdrawal | 24145053  | 10810743  | 188271182  | 223226978  | 99.2% |
| Not subject to discretionary withdrawal | 1520432  | —  | 224392  | 1744824  | 0.8% |
| Total gross | 25665485  | 10810743  | 188495574  | 224971802  | 100.0% |
| Reinsurance ceded | 14215879  | —  | —  | 14215879  |  |
| Total, net of reinsurance | $11449606  | $10810743  | $188495574  | $210755923  |  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
| |<br>**General**<br>**Account** | **Guaranteed**<br>**Separate**<br>**Account** | **Non-guaranteed**<br>**Separate**<br>**Account** |<br>**Total** |<br>**% of** <br>**Total** |
| Group Annuities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $99562  | $1559  | $—  | $101121  | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge of 5% or more | 10240  | —  | —  | 10240  | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | 18178006  | 18178006  | 79.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge less than 5% | 1369897  | 193  | —  | 1370090  | 6.0% |
| Total subject to discretionary withdrawal | 1479699  | 1752  | 18178006  | 19659457  | 86.1% |
| Not subject to discretionary withdrawal | 3158825  | —  | 25237  | 3184062  | 13.9% |
| Total gross | 4638524  | 1752  | 18203243  | 22843519  | 100.0% |
| Reinsurance ceded | 1061826  | —  | —  | 1061826  |  |
| Total, net of reinsurance | $3576698  | $1752  | $18203243  | $21781693  |  |
| Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the year subsequent | $5685  | $—  | $—  | $5685  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
| |<br>**General**<br>**Account** | **Guaranteed**<br>**Separate**<br>**Account** | **Non-guaranteed**<br>**Separate**<br>**Account** |<br>**Total** |<br>**% of** <br>**Total** |
| Group Annuities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $128508  | $1852  | $—  | $130360  | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge of 5% or more | 18484  | —  | —  | 18484  | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | 19503228  | 19503228  | 79.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge less than 5% | 1604952  | 191  | —  | 1605143  | 6.5% |
| Total subject to discretionary withdrawal | 1751944  | 2043  | 19503228  | 21257215  | 86.3% |
| Not subject to discretionary withdrawal | 3354126  | —  | 23334  | 3377460  | 13.7% |
| Total gross | 5106070  | 2043  | 19526562  | 24634675  | 100.0% |
| Reinsurance ceded | 1183510  | —  | —  | 1183510  |  |
| Total, net of reinsurance | $3922560  | $2043  | $19526562  | $23451165  |  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
| |<br>**General**<br>**Account** | **Guaranteed**<br>**Separate**<br>**Account** | **Non-guaranteed**<br>**Separate**<br>**Account** |<br>**Total** |<br>**% of** <br>**Total** |
| Deposit-type contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $—  | $—  | $—  | $—  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge of 5% or more | —  | —  | —  | —  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | —  | —  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge less than 5% | 1420069  | —  | —  | 1420069  | 12.0% |
| Total subject to discretionary withdrawal | 1420069  | —  | —  | 1420069  | 12.0% |
| Not subject to discretionary withdrawal | 10289350  | —  | 103911  | 10393261  | 88.0% |
| Total gross | 11709419  | —  | 103911  | 11813330  | 100.0% |
| Reinsurance ceded | 424551  | —  | —  | 424551  |  |
| Total, net of reinsurance | $11284868  | $—  | $103911  | $11388779  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
| |<br>**General**<br>**Account** | **Guaranteed**<br>**Separate**<br>**Account** | **Non-guaranteed**<br>**Separate**<br>**Account** |<br>**Total** |<br>**% of** <br>**Total** |
| Deposit-type contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $—  | $—  | $—  | $—  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge of 5% or more | —  | —  | —  | —  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | —  | —  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment and with current |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surrender charge less than 5% | 1363162  | —  | —  | 1363162  | 15.0% |
| Total subject to discretionary withdrawal | 1363162  | —  | —  | 1363162  | 15.0% |
| Not subject to discretionary withdrawal | 7614938  | —  | 93963  | 7708901  | 85.0% |
| Total gross | 8978100  | —  | 93963  | 9072063  | 100.0% |
| Reinsurance ceded | 37511  | —  | —  | 37511  |  |
| Total, net of reinsurance | $8940589  | $—  | $93963  | $9034552  |  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Analysis of life reserves by withdrawal characteristics is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **General Account&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **General Account&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **General Account&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, |  |  |  |
| surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | $—  | $136803  | $436171  |
| &nbsp;&nbsp;&nbsp;Universal Life | 7569094  | 7909673  | 8380590  |
| &nbsp;&nbsp;&nbsp;Universal Life with Secondary Guarantees | 1111925  | 1075829  | 1554775  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life with Secondary Guarantees | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Life | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Other Permanent Cash Value Life Insurance | —  | 2439289  | 2618168  |
| &nbsp;&nbsp;&nbsp;Variable Life | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Variable Universal Life | 18789  | 18788  | 18720  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | 60591  | 64491  | 72382  |
| Not subject to discretionary withdrawal, or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | XXX | XXX | 980450  |
| &nbsp;&nbsp;&nbsp;Accidental Death Benefits | XXX | XXX | 8502  |
| &nbsp;&nbsp;&nbsp;Disability - Active Lives | XXX | XXX | 8414  |
| &nbsp;&nbsp;&nbsp;Disability - Disabled Lives | XXX | XXX | 177864  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | XXX | XXX | 559960  |
| Total (gross: direct + assumed) | 8760399  | 11644873  | 14815996  |
| Reinsurance Ceded | 3997436  | 4344883  | 5527080  |
| Total (net) | $4762963  | $7299990  | $9288916  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Separate Account - Guaranteed** | **Separate Account - Guaranteed** | **Separate Account - Guaranteed** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** | **Separate Account - Nonguaranteed** |
| | **Account Value** | **Cash Value** | **Reserve** | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, |  |  |  |  |  |  |
| surrender values, or policy loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | $—  | $—  | $—  | $—  | $—  | $—  |
| &nbsp;&nbsp;&nbsp;Universal Life | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Universal Life with Secondary Guarantees | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life with Secondary Guarantees | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Life | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Other Permanent Cash Value Life Insurance | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Variable Life | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Variable Universal Life | 306  | 306  | 306  | 121945  | 121942  | 122101  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | —  | —  | —  | —  | —  | —  |
| Not subject to discretionary withdrawal, or no cash values: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | XXX | XXX | —  | XXX | XXX | —  |
| &nbsp;&nbsp;&nbsp;Accidental Death Benefits | XXX | XXX | —  | XXX | XXX | —  |
| &nbsp;&nbsp;&nbsp;Disability - Active Lives | XXX | XXX | —  | XXX | XXX | —  |
| &nbsp;&nbsp;&nbsp;Disability - Disabled Lives | XXX | XXX | —  | XXX | XXX | —  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | XXX | XXX | —  | XXX | XXX | —  |
| Total (gross: direct + assumed) | 306  | 306  | 306  | 121945  | 121942  | 122101  |
| Reinsurance Ceded | —  | —  | —  | —  | —  | —  |
| Total (net) | $306  | $306  | $306  | $121945  | $121942  | $122101  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **General Account** | **General Account** | **General Account** |
| | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, |  |  |  |
| surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | $—  | $120864  | $482914  |
| &nbsp;&nbsp;&nbsp;Universal Life | 7727922  | 8066221  | 8524978  |
| &nbsp;&nbsp;&nbsp;Universal Life with Secondary Guarantees | 1156505  | 1116891  | 1588147  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life with Secondary Guarantees | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Life | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Other Permanent Cash Value Life Insurance | —  | 2522877  | 2721262  |
| &nbsp;&nbsp;&nbsp;Variable Life | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;Variable Universal Life | 17616  | 17615  | 18003  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | 64548  | 68555  | 79050  |
| Not subject to discretionary withdrawal, or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | XXX | XXX | 1011217  |
| &nbsp;&nbsp;&nbsp;Accidental Death Benefits | XXX | XXX | 8879  |
| &nbsp;&nbsp;&nbsp;Disability - Active Lives | XXX | XXX | 9350  |
| &nbsp;&nbsp;&nbsp;Disability - Disabled Lives | XXX | XXX | 179979  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | XXX | XXX | 413480  |
| Total (gross: direct + assumed) | 8966591  | 11913023  | 15037259  |
| Reinsurance Ceded | 3991357  | 4334064  | 5582601  |
| Total (net) | $4975234  | $7578959  | $9454658  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Separate Account - Guaranteed** | **Separate Account - Guaranteed** | **Separate Account - Guaranteed** | **Separate Account - Guaranteed** | **Separate Account - Non-guaranteed** | **Separate Account - Non-guaranteed** | **Separate Account - Non-guaranteed** | **Separate Account - Non-guaranteed** |
| | **Account Value** | | **Cash Value** | **Reserve** | **Account Value** | | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, |  |  |  |  |  |  |  |  |
| surrender values, or policy loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | $—  |  | $—  | $—  | $—  |  | $—  | $—  |
| &nbsp;&nbsp;&nbsp;Universal Life | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Universal Life with Secondary Guarantees | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Universal Life with Secondary Guarantees | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Indexed Life | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Other Permanent Cash Value Life Insurance | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Variable Life | —  |  | —  | —  | —  |  | —  | —  |
| &nbsp;&nbsp;&nbsp;Variable Universal Life | 301  |  | 301  | 301  | 113245  |  | 112673  | 112691  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | —  |  | —  | —  | —  |  | —  | —  |
| Not subject to discretionary withdrawal, or no cash values: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Policies with Cash Value | XXX |  | XXX | —  | XXX |  | XXX | —  |
| &nbsp;&nbsp;&nbsp;Accidental Death Benefits | XXX | 0 | XXX | —  | XXX | 0 | XXX | —  |
| &nbsp;&nbsp;&nbsp;Disability - Active Lives | XXX |  | XXX | —  | XXX |  | XXX | —  |
| &nbsp;&nbsp;&nbsp;Disability - Disabled Lives | XXX |  | XXX | —  | XXX |  | XXX | —  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Reserves | XXX |  | XXX | —  | XXX |  | XXX | —  |
| Total (gross: direct + assumed) | 301  |  | 301  | 301  | 113245  |  | 112673  | 112691  |
| Reinsurance Ceded | —  |  | —  | —  | —  |  | —  | —  |
| Total (net) | $301  |  | $301  | $301  | $113245  |  | $112673  | $112691  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**Universal Life Insurance Secondary Guarantees**

The Company previously issued universal life contracts with secondary guarantees, also called "no-lapse" guarantees. No-lapse guarantees are offered in the form of minimum premium guarantees or no-lapse account values. Reserves are calculated according to the Standard Valuation Law, Universal Life Insurance Model Regulation, Valuation of Life Insurance Policies Model Regulation, and Actuarial Guideline 38. Reserve balances were $930.1 million and $938.9 million at December 31, 2025 and 2024, respectively.

Reserves for variable universal life contracts are calculated according to the Standard Valuation Law, Universal Life Insurance Model Regulation, Variable Life Insurance Model Regulation and Actuarial Guideline 37. Reserve balances were $138.4 million and $128.2 million at December 31, 2025 and 2024, respectively.

**Fixed Interest Rate Annuity**

At December 31, 2025 and 2024, approximately 92% and 94%, respectively, of the Company's fixed interest rate annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following tables show the distribution of the fixed interest rate annuities' account values, net of reinsurance, within the presented ranges of minimum guaranteed interest rates at December 31 (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| **Minimum Guaranteed Interest Rate** | **At Guaranteed Minimum** | **1-50bps Above** | **51-150bps Above** | **150+bps Above** | **Total** |
| **Variable Annuities** |  |  |  |  |  |
| 0.0%-1.50% | $—  | $—  | $—  | $—  | $—  |
| 1.51%-2.50% | 0.7  | —  | —  | —  | 0.7  |
| >2.50% | 5223.5  | 91.6  | —  | —  | 5315.1  |
| Total | $5224.2  | $91.6  | $—  | $—  | $5315.8  |
| **Fixed Annuities** |  |  |  |  |  |
| 0.0%-1.50% | $20.2  | $32.3  | $—  | $27.8  | $80.3  |
| 1.51%-2.50% | 0.3  | 0.1  | 0.6  | 11.1  | 12.1  |
| >2.50% | 3149.6  | 17.7  | 24.0  | 278.4  | 3469.7  |
| Total | $3170.1  | $50.1  | $24.6  | $317.3  | $3562.1  |
| **Fixed Indexed Annuities** |  |  |  |  |  |
| 0.0%-1.50% | $3.3  | $11.4  | $2.1  | $28.1  | $44.9  |
| 1.51%-2.50% | 0.1  | 0.2  | 0.1  | —  | 0.4  |
| >2.50% | 36.0  | —  | 86.5  | 53.3  | 175.8  |
| Total | $39.4  | $11.6  | $88.7  | $81.4  | $221.1  |
| **RILA** |  |  |  |  |  |
| 0.0%-1.50% | $5.4  | $—  | $3.2  | $3.3  | $11.9  |
| 1.51%-2.50% | —  | —  | —  | —  | —  |
| >2.50% | 117.2  | 92.6  | —  | —  | 209.8  |
| Total | $122.6  | $92.6  | $3.2  | $3.3  | $221.7  |

---

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** |
| **Minimum Guaranteed Interest Rate** | **At Guaranteed Minimum** | **1-50bps Above** | **51-150bps Above** | **150+bps Above** | **Total** |
| **Variable Annuities** |  |  |  |  |  |
| 0.0%-1.50% | $—  | $—  | $—  | $—  | $—  |
| 1.51%-2.50% | 0.4  | —  | —  | —  | 0.4  |
| >2.50% | 6013.2  | —  | —  | —  | 6013.2  |
| Total | $6013.6  | $—  | $—  | $—  | $6013.6  |
| **Fixed Annuities** |  |  |  |  |  |
| 0.0%-1.50% | $28.2  | $37.0  | $15.7  | $—  | $80.9  |
| 1.51%-2.50% | 0.4  | 0.1  | 0.6  | 11.4  | 12.5  |
| >2.50% | 2634.5  | 19.0  | 24.8  | 265.0  | 2943.3  |
| Total | $2663.1  | $56.1  | $41.1  | $276.4  | $3036.7  |
| **Fixed Indexed Annuities** |  |  |  |  |  |
| 0.0%-1.50% | $2.7  | $7.7  | $2.0  | $37.6  | $50.0  |
| 1.51%-2.50% | 0.1  | 0.1  | 0.2  | —  | 0.4  |
| >2.50% | 17.4  | —  | 94.2  | 28.2  | 139.8  |
| Total | $20.2  | $7.8  | $96.4  | $65.8  | $190.2  |
| **RILA** |  |  |  |  |  |
| 0.0%-1.50% | $6.3  | $—  | $3.3  | $3.6  | $13.2  |
| 1.51%-2.50% | —  | —  | —  | —  | —  |
| >2.50% | 81.8  | 10.4  | —  | —  | 92.2  |
| Total | $88.1  | $10.4  | $3.3  | $3.6  | $105.4  |

---

**Deferred Premiums and Considerations**

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2025 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Type** | **Gross** | **Net of Loading** |
| Industrial | $3  | $1  |
| Ordinary new business | 366145  | 366025  |
| Ordinary renewal | 55656  | 50605  |
| Group Life | (1762) | (1780) |
| Totals | $420042  | $414851  |

---

**<u>Note 12 – Separate Accounts</u>**

The assets of the non-guaranteed insulated separate account support variable life and variable annuity products and are carried at fair value. The assets of the guaranteed non-insulated separate account support RILA and are carried at book value, which refers to the value at which those assets would be carried if held in the general account. Reserves of the non-guaranteed separate accounts are subject to discretionary withdrawal at fair value. Reserves for minimum guaranteed death benefits on variable life, variable annuity, and RILA contracts, as well as minimum guaranteed living benefits on variable annuity and RILA contracts, are held in the general account.

The Company has entered into securities lending agreements with agent banks, for the purpose of earning fees, whereby blocks of securities are loaned to third parties, primarily major brokerage firms. The agreements require collateral with a minimum fair value of 102 percent of the fair value of the loaned securities, calculated on a daily basis. To further minimize the credit risks related to these programs, the financial condition of the counterparties is monitored by the agent banks on a regular basis. Cash collateral received is invested by the agent banks for the benefit of the Company and is included on the balance sheet.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

For the year ended December 31, 2025 the Company loaned securities in the amount of $10.6 million attributable to RILA products in accordance with securities lending transactions.

A reconciliation of net transfers to separate accounts for the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Transfers as reported in the Summary of Operations of the Separate  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers to separate accounts | $19644460  | $14952419  | $12322649  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers from separate accounts | 29324140  | 25173110  | 15763006  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from separate accounts | (9679680) | (10220691) | (3440357) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit (guaranteed minimum income/withdrawal) and other fees | (2609155) | (2628573) | (2625142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modified coinsurance | (493671) | (1028362) | (496296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income on reinsurance receivable from affiliate | (1680871) | (742117) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 61383  | 73077  | 47741  |
| Transfers as reported in the accompanying Statements of Operations | $(14401994) | $(14546666) | $(6514054) |

---

For the insulated separate account, the difference between the CARVM reserve and the fair value of assets is recognized as an expense allowance in the general account. The CARVM allowance reduced the general account liability by $3.9 billion and $4.0 billion for December 31, 2025 and 2024, respectively.

The amount of risk charges paid by the separate account to the general account for the past five years as compensation for the risk taken by the general account are as follows (in millions):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2025 | $2892  |
| 2024 | $2950  |
| 2023 | $2946  |
| 2022 | $2901  |
| 2021 | $2693  |

---

Premiums, considerations, or deposits to separate accounts for 2025, 2024, and 2023 are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-indexed**<br>**Guarantee**<br>**Less than/equal**<br>**to 4%** |<br>**Non-indexed**<br>**Guarantee**<br>**More than 4%** |<br>**Non-guaranteed**<br>**Separate**<br>**Accounts** |<br><br>**Total** |
| **Premiums, considerations or** | | | | |
| **deposits for year ended** | | | | |
| December 31, 2025 | $6015005  | —  | 12278614  | $18293619  |
| December 31, 2024 | $5176835  | —  | 9047582  | $14224417  |
| December 31, 2023 | $2803576  | —  | 7910010  | $10713586  |

---

Reserves in the separate accounts totaled $233.2 billion and $219.0 billion at December 31, 2025 and 2024, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

Withdrawal characteristics of separate account reserves for 2025 are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-indexed**<br>**Guarantee**<br>**Less than/equal**<br>**to 4%** |<br>**Non-indexed**<br>**Guarantee**<br>**More than 4%** |<br>**Non-guaranteed**<br>**Separate**<br>**Accounts** |<br><br>**Total** |
| For accounts with assets at: |  |  |  |  |
| Fair value | $2265  | $804  | $214875375  | $214878444  |
| Amortized cost | 18284647  | —  | —  | 18284647  |
| Total reserves | $18286912  | $804  | $214875375  | $233163091  |
| By withdrawal characteristics: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $986562  | $804  | $—  | $987366  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;value adjustment and with |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;current surrender charge of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% or more | 17300350  | —  | —  | 17300350  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | —  | —  | 214483742  | 214483742  |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without market |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;value adjustment and with |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;current surrender charge less |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;than 5% | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $18286912  | $804  | $214483742  | $232771458  |
| Not subject to discretionary |  |  |  |  |
| &nbsp;&nbsp;&nbsp;withdrawal | —  | —  | 391633  | 391633  |
| Total | $18286912  | $804  | $214875375  | $233163091  |

---

**<u>Note 13 - Employee Retirement Plans</u>**

The Company has a defined contribution retirement plan covering substantially all associates. Associates are immediately eligible to participate in the Company's matching contribution. To be eligible to participate in the Company's profit sharing contribution, an associate must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary. In addition, the associate must be employed on the applicable January 1 or July 1 entry date. The Company's annual profit sharing contributions, as declared by the Company's Board of Directors, are based on a percentage of eligible compensation paid to participating associates during the year. In addition, the Company matches a participant's elective contribution, up to 6 percent of eligible compensation, to the plan during the year. The Company's expense related to this plan was $22.6 million, $21.2 million, and $18.6 million in 2025, 2024, and 2023, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for independent agents and certain associates of Jackson and certain affiliates. At December 31, 2025 and 2024, the liability for such plans totaled $316.9 million and $308.5 million, respectively. The Company's expense related to these plans, for the change in market value of plan liabilities for participant elected deferrals, was $42.7 million, $47.2 million, and $56.5 million in 2025, 2024, and 2023, respectively.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**<u>Note 14 – Other Related Party Transactions</u>**

The Company's investment portfolio is managed by PPM, a registered investment advisor. PPM is ultimately a wholly owned subsidiary of Jackson Financial. The Company paid $48.1 million, $47.7 million, and $53.8 million to PPM for investment advisory services in 2025, 2024, and 2023, respectively.

The Company has entered into shared services and administrative agreements with certain affiliates. Under the agreements, Jackson allocated $110.3 million, $107.5 million, and $104.2 million of certain management and administrative services expenses to affiliates in 2025, 2024, and 2023, respectively.

The Company has a Master Repurchase Agreement with Jackson Financial Inc., which allows for repurchase agreement transactions between the companies. There were no such borrowings during 2025 and 2024. There was no outstanding balance at both December 31, 2025 and 2024. There was no interest paid during 2025, 2024, and 2023.

The Company has an Administrative Services agreement with Jackson National Asset Management, LLC ("JNAM"). JNAM guarantees to annually pay at least 95% of its net operating earnings to Jackson as sole member of JNAM which will be payable monthly. In 2025, 2024, and 2023, the Company received membership distributions of $747.0 million, $651.5 million, and $607.0 million, respectively, from JNAM.

The Company provides a $100.0 million revolving credit facility to Jackson Financial, an upstream holding company. The loan is unsecured and matures in December 2026, accrues interest at Secured Overnight Financial Rate ("SOFR") plus 2% plus 0.12% spread adjustment, and has a commitment fee of 0.10% per annum. There was no outstanding balance at both December 31, 2025 and 2024. The highest outstanding loan balance during 2025 and 2024 was nil, respectively. Interest and commitment fees totaled $100 thousand during 2025, 2024, and 2023, respectively.

The Company provides a $35.0 million revolving credit facility to PPM. The loan was amended on September 30, 2023, is unsecured, matures in September 2028, accrues interest at SOFR plus 2% plus 0.12% spread adjustment, and has a commitment fee of 0.10% per annum. At both December 31, 2025 and 2024, the outstanding balance was nil. The highest outstanding loan balance during 2025 and 2024 was nil and $32.0 million, respectively. Interest and commitment fees totaled $35.0 thousand, $1.1 million, and $0.9 million during 2025, 2024, and 2023, respectively.

The Company provided a $20.0 million revolving credit facility to Jackson Holdings, LLC, an upstream holding company, which terminated June 30, 2023. The loan was unsecured, accrued interest at LIBOR plus 2% per annum and had a commitment fee of 0.25% per annum. Interest and commitment fees totaled $25 thousand during 2023.

During 2025, 2024, and 2023, the Company recognized impairment write downs of nil, $0.9 million, and $4.2 million, respectively, on subsidiary investments.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**<u>Note 15 – Commitments and Contingent Liabilities</u>**

The Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse effect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers, including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable. At December 31, 2025 and 2024, Jackson recorded accruals totaling $566 thousand and $207 thousand, respectively.

The Company has provided an unlimited guarantee for the policyholder obligations of its wholly owned life insurance subsidiary, Jackson New York. The maximum potential amount of future payments cannot be estimated as Jackson New York continues to write new business. This guarantee is not expected to result in future required payments by the Company and is not considered to result in a material contingent exposure of the Company's assets to liability because the Company and Jackson New York share the same management and Jackson New York is subject to regulatory supervision of the state of New York. Accordingly, the Company has not accrued any liability for this guarantee (exception allowed under SSAP No. 5, paragraph 19f).

The Company is a party to an Uncommitted Money Market Line Credit Agreement dated April 6, 2023 among Jackson, Jackson Financial, and Société Générale. This agreement is an uncommitted short-term cash advance facility that provides an additional form of liquidity to Jackson and to Jackson Financial. The aggregate borrowing capacity under the agreement is $500.0 million and each cash advance request must be at least $100 thousand. The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance. Jackson and Jackson Financial are jointly and severally liable to repay any advance under the agreement, which must be repaid prior to the last day of the quarter in which the advance was drawn.

At December 31, 2025 and 2024, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $677.7 million and $928.8 million, respectively, including $64.3 million and $27.7 million, respectively, to limited partnerships and limited liability companies on which the Company has recognized an impairment charge. At December 31, 2025 and 2024, the Company had funded commitments related to fixed-rate mortgage loans and other debt securities totaling $319.0 million and $499.0 million, respectively. Lines of credit available to affiliates totaled $135.0 million at both December 31, 2025 and 2024.

At December 31, 2025 and 2024, the Company had pledged mortgage related securities and commercial mortgage loans with a fair value of $2.7 billion and $4.0 billion, respectively, in connection with funding agreements issued to and borrowed money from the FHLBI. Securities for which all or a portion of Jackson's holdings have been pledged continue to be reported as invested assets.

In connection with the reinsurance treaty with Jackson New York described in Note 7, Jackson placed high quality securities with a carrying value and fair value of $1,091.8 million and $1,056.3 million, respectively, at December 31, 2025, in a trust for the benefit of Jackson New York. Securities in the trust had a carrying value and fair value at December 31, 2024 of $1,233.0 million and $1,170.4 million, respectively. The trust is required in order for Jackson New York to record a credit for the reserves ceded to Jackson. The securities are reported as invested assets.

In connection with other life business ceded to non-affiliates, Jackson placed high quality securities in a trust for the benefit of the assuming company. These securities had a carrying value and fair value of $273.1 million and $275.3 million, respectively, at December 31, 2025. These securities had a carrying value and fair value at December 31, 2024 of $235.4 million and $229.8 million, respectively. The securities are reported as invested assets.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

The Company leases office space and equipment under several operating leases that expire at various dates through 2051. Certain leases include escalating lease rates and, as a result, at December 31, 2025, Jackson recorded a liability of $4.3 million for future lease payments. Lease expense was $45.1 million, $41.6 million, and $39.7 million in 2025, 2024, and 2023, respectively.

At December 31, 2025, future minimum payments under noncancellable operating leases were as follows (in thousands):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;2026 | $10923  |
| &nbsp;&nbsp;&nbsp;2027 | 8759  |
| &nbsp;&nbsp;&nbsp;2028 | 7852  |
| &nbsp;&nbsp;&nbsp;2029 | 6973  |
| &nbsp;&nbsp;&nbsp;2030 | 6671  |
| &nbsp;&nbsp;&nbsp;Thereafter | 36417  |
| &nbsp;&nbsp;&nbsp;Total | $77595  |

---

The Company has separate service agreements with third party administrators to provide policyholder administrative services. The agreements, subject to certain termination provisions, have ten and twelve-year terms and expire in 2030.

**<u>Note 16 – Share-Based Compensation</u>**

**2021 Omnibus Incentive Plan**

In April 2021, the Jackson Financial's Board of Directors adopted, and Jackson Financial's shareholders approved, the 2021 Omnibus Incentive Plan (the "2021 OIP"). The 2021 OIP became effective upon Jackson Financial becoming an independent public company. The Company participates in the 2021 OIP.

The 2021 OIP allows for stock-based awards including stock options, stock appreciation rights, restricted share awards, performance share awards, and deferred share units. The 2021 OIP has a ten-year term, expiring in September 2031. Jackson Financial currently has Restricted Share Unit and Performance Share Unit equity-based compensation awards outstanding. Dividend equivalents are generally accrued on restricted share units and performance share units outstanding as of the record date. These dividend equivalents are paid only on restricted share units and performance share units that ultimately vest. Generally, the requisite service period is the vesting period. In the case of retirement (eligibility for which is based on the associate's age and years of service as provided in the relevant award agreement), awards vest in full, but are subject to the satisfaction of any applicable performance criteria and paid in line with the original vesting date.

Cash settled awards issued under the 2021 OIP are liability-classified awards. These liability-classified awards are carried at fair value as of the reporting date and are recognized in other liabilities along with any accrued compensation expense. At December 31, 2025 and 2024, the Company had $100.6 million and $102.5 million accrued for future payments under this plan, respectively. Share settled awards issued under the 2021 OIP are equity-classified awards. Jackson Financial allocates a portion of the compensation expense associated with the share-settled awards to Jackson, which the Company settles with Jackson Financial monthly, on a one-month lag.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

*Restricted Share Units ("RSU"s)*

Jackson Financial grants RSUs to certain associates and non-employee directors. The majority of associate RSUs are expected to vest in three equal installments on the first through third anniversaries of the grant date over a 3-year service period, subject to forfeiture and transfer restrictions, and are payable in cash or shares of Jackson Financial common stock at Jackson Financial's discretion. RSUs have immediate dividend rights and voting rights upon issuance of underlying shares when the share units vest. In lieu of cash dividend payments, the dividends on unvested RSUs are awarded in additional units equal to the value of the dividends, and are subject to the same vesting and distribution conditions as the underlying RSU.

At December 31, 2025 and 2024, there were 1,144,427 and 1,460,535, respectively, non-vested RSUs, with a weighted average grant price of $66.05 and $48.90.

*Performance Share Units ("PSU"s)*

Jackson Financial grants PSUs to certain associates. PSU vesting is contingent on meeting a specified service requirement and the level of achievement of performance conditions. The PSU awards entitle recipients to receive, upon vesting, a number of units that ranges from 0% to 200% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. For PSUs granted in 2025 and 2024, the awards also include a vesting modifier based on Jackson Financial's performance relative to a defined peer group. The awards are generally expected to vest after a period of three years, subject to forfeiture and transfer restrictions, and are payable in cash or shares of Jackson Financial common stock, generally at the discretion of Jackson Financial. Award recipients have immediate dividend rights and voting rights upon issuance of underlying shares when the share units vest. The dividends on unvested PSUs are awarded in additional units equal to the value of the dividends, and are subject to the same vesting and distribution conditions as the underlying PSUs.

At December 31, 2025 and 2024, there were 141,466 and 297,693, respectively, non-vested PSUs, with a weighted average grant price of $49.39 and $40.85.

*Compensation Cost*

Jackson Financial charges the fair value of the RSUs and PSUs to expense over the requisite service period. The fair value of equity-classified RSUs and PSUs is based on the price of Jackson Financial's common stock on the grant date. The fair value of liability-classified RSUs and PSUs is based on the price of Jackson Financial's common stock as of the reporting date. For performance-based awards, Jackson Financial estimates the number of shares expected to vest at the end of the performance period based on the probable achievement of the performance objectives. RSUs have graded vesting features and the Company recognizes expense for those awards on a straight-line basis over the requisite service period. Jackson Financial recognizes forfeitures as they occur when recognizing share-based compensation expense.

For most of the equity-classified RSUs and PSUs, the fair value is based on the price of Jackson Financial's common stock on the grant date. For PSU equity awards granted in 2025 and 2024, the Company measures fair value using a Monte Carlo simulation that considers the Company's projected total shareholder return ("TSR") relative to a defined group of peers as well as other inputs to estimate the grant date fair value of awards.

For liability-classified RSUs and most liability-classified PSUs, the fair value is based on the price of Jackson Financial's common stock as of the reporting date. For PSU liability awards granted in 2023, the Company uses a Monte Carlo simulation that considers the Company's projected TSR relative to a defined group of peers as well as other inputs to estimate the grant date fair value of awards.

Total compensation expense recognized under the plans was $102.3 million, $131.6 million, and $85.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Unrecognized compensation cost for RSUs and PSUs under the 2021 OIP as of December 31, 2025, 2024, and 2023, was $54.4 million, $52.1 million, and $39.8 million, respectively, with a weighted average recognition period of 1.02 years, 1.09 years, and 1.19 years.

------

**Jackson National Life Insurance Company**

**Notes to Statutory Financial Statements**

______________________________________________________________________________

**<u>Note 17 – Asset-Backed Securities' Other-Than-Temporary Impairments</u>**

The following table (shown in dollars) details asset-backed securities with a recognized other-than-temporary impairment recorded in 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CUSIP** | **Book/Adj Carrying Value Amortized cost before current period OTTI** | **Projected Cash Flows** | **Recognized other-than-temporary impairment** | **Amortized cost after other-than-temporary impairment** | **Fair Value** | **Financial Statement Reporting Period** |
| 00442JAD6 | $280839  | $278981  | $1858  | $278981  | $251411  | Q1-2025 |
| 12669FZZ9 | 1156646 | 1097175 | 59471 | 1097175 | 1029818 | Q1-2025 |
| 36185MEV0 | 2632700 | 2629449 | 3251 | 2629449 | 2442042 | Q1-2025 |
| 36262TAJ2 | 11000000 | 9606398 | 1393602 | 9606398 | 9606398 | Q1-2025 |
| 41161PVF7 | 1690024 | 1336496 | 353528 | 1336496 | 1336496 | Q1-2025 |
| 41161UAC6 | 955921  | 904762  | 51159  | 904762  | 841910  | Q1-2025 |
| 466247ER0 | 47005  | 45928  | 1076  | 45928  | 45375  | Q1-2025 |
| 57643MJV7 | 445348  | 62614  | 382733  | 62614  | 62614  | Q1-2025 |
| 81743QAJ3 | 2916709  | 2862269  | 54440  | 2862269  | 2801000  | Q1-2025 |
| 81744LAN4 | 1171361  | 1167760  | 3601  | 1167760  | 1059564  | Q1-2025 |
| 91863\*AA3 | 56147041  | 55468069  | 678972  | 55468069  | 45159917  | Q1-2025 |
| 91863\*AB1 | 7770996  | 6630560  | 1140435  | 6630560  | 1979272  | Q1-2025 |
| 00442JAD6 | 280782  | 277927  | 2855  | 277927  | 256441  | Q2-2025 |
| 36185MEV0 | 2612679  | 2558289  | 54390  | 2558289  | 2411357  | Q2-2025 |
| 41161UAC6 | 900726  | 845441  | 55285  | 845441  | 800528  | Q2-2025 |
| 466247ER0 | 46899  | 46083  | 815  | 46083  | 45720  | Q2-2025 |
| 81744LAN4 | 1163471  | 1159823  | 3647  | 1159823  | 1062577  | Q2-2025 |
| 91863\*AA3 | 56176399  | 36477437  | 19698962  | 36477437  | 26214576  | Q2-2025 |
| 91863\*AB1 | 7207090  | 82216  | 7124874  | 82216  | 82216  | Q2-2025 |
| 12669FZZ9 | 751217  | 640077  | 111140  | 640077  | 599545  | Q3-2025 |
| 36185MEV0 | 2561983  | 2499826  | 62157  | 2499826  | 2409912  | Q3-2025 |
| 466247ER0 | 47052  | 45948  | 1104  | 45948  | 45782  | Q3-2025 |
| 91863\*AA3 | 36473074  | 24094421  | 12378653  | 24094421  | 17602785  | Q3-2025 |
| 00442JAD6 | 274921  | 269298  | 5623  | 269298  | 248004  | Q4-2025 |
| 12669FZZ9 | 597482  | 591498  | 5984  | 591498  | 591498  | Q4-2025 |
| 36185MEV0 | 2515603  | 2459367  | 56236  | 2459367  | 2382384  | Q4-2025 |
| 41161PVF7 | 1267910  | 1259706  | 8204  | 1259706  | 1259706  | Q4-2025 |
| 466247ER0 | 46788  | 45735  | 1053  | 45735  | 45623  | Q4-2025 |
| 81744LAN4 | 1150165  | 1119906  | 30260  | 1119906  | 1053733  | Q4-2025 |
| 872660AA3 | 47422275  | 40967678  | 6454597  | 40967678  | 31896222  | Q4-2025 |
| 91863\*AA3 | 24094421  | 17602785  | 6491637  | 17602785  | 17602785  | Q4-2025 |
| 91863\*AB1 | 82216  | 33495  | 48721  | 33495  | 33495  | Q4-2025 |
| **Total** |  |  | $**56720323**  |  |  |  |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1**

**Additional Information**

**Jackson National Life Insurance Company** 

**Supplemental Schedule of Selected Financial Data**

**December 31, 2025**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| **Investment income earned** | |
| U.S. government bonds | $64278074  |
| Other bonds (unaffiliated) | 1222998471  |
| Bonds exempt from U.S. tax | —  |
| Bonds of affiliates | 2181413  |
| Preferred stocks (unaffiliated) | 7757130  |
| Preferred stocks of affiliates | —  |
| Common stocks (unaffiliated) | 10084084  |
| Common stocks of affiliates | 75000000  |
| Mortgage loans | 433863271  |
| Real estate | 37809539  |
| Contract loans | 400136276  |
| Cash, cash equivalents and short-term investments | 169477522  |
| Derivative instruments | 185808987  |
| Other invested assets | 766499713  |
| Aggregate write-ins for investment income | 8229064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $3384123544  |
| Real estate owned - book value less encumbrances | $230509086  |
| Mortgage loans by type - book value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farm mortgages | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgages | 937653692  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgages | 7740594700  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $8678248392  |
| Mortgage loans by standing - book value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good standing | $8456427932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good standing with restructured loans | $40802349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest overdue more than 90 days, not in foreclosure | $135953122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreclosure in process | $45064989  |
| Other long term assets - statement value | $2709268742  |
| Contract loans | $4220099858  |
| Bonds & stocks of parents, subsidiaries and affiliates - book value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | $11651614  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks | $723508587  |

---

**(**Continued**)**

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1**

**Additional Information**

**Jackson National Life Insurance Company** 

**Supplemental Schedule of Selected Financial Data**

**December 31, 2025**

---

| | |
|:---|:---|
| Bonds and short-term investments by class and maturity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds by maturity - statement value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due within one year or less | $3354228344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 1 year through 5 years | 10708876561  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 5 years through 10 years | 5512571098  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 10 years through 20 years | 7333323951  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over 20 years | 4908689901  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total by maturity | $31817689855  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds by class - statement value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | $19875201242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2 | 11506001291  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 3 | 330605999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 4 | 31293079  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 5 | 23292600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 6 | 51295644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total by class | $31817689855  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds publicly traded | $17961191155  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds privately placed | $13856498700  |
| Preferred stocks - statement value | $129703058  |
| Common stocks - market value | $862158584  |
| Short-term investments - book value | $3999421  |
| Options, caps and floors owned - statement value | $114368392  |
| Options, caps and floors written & in force - statement value | $—  |
| Collar, swap and forward agreements open - statement value | $84254483  |
| Futures contracts open - current value | $—  |
| Cash on deposit | $(53512780) |
| Cash equivalents | $3675886304  |
| Life insurance in force |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | $202808000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary | $37520236000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit life | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group life | $726320000  |
| Amount of accidental death benefits in force under ordinary policies | $1187386000  |

---

(Continued)

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1**

**Additional Information**

**Jackson National Life Insurance Company** 

**Supplemental Schedule of Selected Financial Data**

**December 31, 2025**

---

| | |
|:---|:---|
| Life insurance policies with disability provisions in force |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | $52000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary | $2731183000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit life | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group life | $127861000  |
| Supplementary contracts in force: |  |
| &nbsp;&nbsp;&nbsp;Ordinary - not involving life contingencies- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $153509417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income payable | $9061760  |
| &nbsp;&nbsp;&nbsp;Ordinary - involving life contingencies- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $12671720  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income payable | $4680708  |
| &nbsp;&nbsp;&nbsp;Group - not involving life contingencies- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $207419  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income payable | $62624  |
| &nbsp;&nbsp;&nbsp;Group - involving life contingencies- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount on deposit | $13872006  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income payable | $1870030  |
| Annuities: |  |
| &nbsp;&nbsp;&nbsp;Ordinary- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediate - amount of income payable | $15218378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred - fully paid account balance | $2848838403  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred - not fully paid - account balance | $6799723317  |
| &nbsp;&nbsp;&nbsp;Group- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $406473505  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully paid account balance | $5835953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not fully paid - account balance | $508067774  |
| Accident and health insurance - premiums in force: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit | $—  |
| Deposit funds and dividend accumulations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit funds - account balance | $647484483  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend accumulations - account balance | $45950554  |

---

See accompanying independent auditors' report.**&nbsp;&nbsp;&nbsp;&nbsp;**

------

**Schedule 2**

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

**Supplemental Investment Risks Interrogatories**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1) | Total admitted assets (excluding Separate Accounts): |  |  | $58549211357  |
| 2) | 10 largest exposures to a single issuer/borrower/investment (excluding US Government): | 10 largest exposures to a single issuer/borrower/investment (excluding US Government): | 10 largest exposures to a single issuer/borrower/investment (excluding US Government): |  |
|  | **Issuer** | **Category** | **Amount** | **Percentage** |
|  | JACKSON NATIONAL LIFE INS OF NEW YORK | AFFILIATED DOMESTIC SECURITIES | $721897145  | 1.2% |
|  | PPM AMERICA PRIVATE EQUITY FUND VIII-A, L.P. | AFFILIATED DOMESTIC PARTNERSHIP | $354025152  | 0.6% |
|  | AP TUNDRA | UNAFFILIATED DOMESTIC SECURITIES/PARTNERSHIP | $271723796  | 0.5% |
|  | DUKE ENERGY | UNAFFILIATED DOMESTIC SECURITIES | $249732458  | 0.4% |
|  | LPF - 1000 JEFFERSON | UNAFFILIATED COMMERCIAL MORTGAGE | $174220000  | 0.3% |
|  | ALDAR INVESTMENTS HYBRID LIMIT | UNAFFILIATED DOMESTIC SECURITIES | $166500000  | 0.3% |
|  | SOUTHERN CO GAS CAPITAL | UNAFFILIATED DOMESTIC SECURITIES | $165770998  | 0.3% |
|  | MORGAN STANLEY BANK NA | UNAFFILIATED DOMESTIC SECURITIES | $158287659  | 0.3% |
|  | LPF - PARK 5940 MED DIST APTS | UNAFFILIATED COMMERCIAL MORTGAGE | $154861595  | 0.3% |
|  | NNN AGP OPP II VARIOUS | UNAFFILIATED COMMERCIAL MORTGAGE | $151955996  | 0.3% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 3) | Amounts and percentages of total admitted assets held in bonds and preferred stocks by NAIC rating. | Amounts and percentages of total admitted assets held in bonds and preferred stocks by NAIC rating. | Amounts and percentages of total admitted assets held in bonds and preferred stocks by NAIC rating. | Amounts and percentages of total admitted assets held in bonds and preferred stocks by NAIC rating. | Amounts and percentages of total admitted assets held in bonds and preferred stocks by NAIC rating. |  |
|  | **Bonds** | **Amount** | **Percentage** | **Preferred Stock** | **Amount** | **Percentage** |
|  | NAIC-1 | $19875201242  | 33.9% | P/RP-1 | $22217193  | 0.0% |
|  | NAIC-2 | $11506001291  | 19.7% | P/RP-2 | $75055978  | 0.1% |
|  | NAIC-3 | $330605999  | 0.6% | P/RP-3 | $31815637  | 0.1% |
|  | NAIC-4 | $31293079  | 0.1% | P/RP-4 | $—  | 0.0% |
|  | NAIC-5 | $23292600  | 0.0% | P/RP-5 | $—  | 0.0% |
|  | NAIC-6 | $51295644  | 0.1% | P/RP-6 | $614250  | 0.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| 4) | Assets held in foreign investments: |  |  |
|  |  | **Amount** | **Percentage** |
|  | Total admitted assets held in foreign investments | $3689579630  | 6.3% |
|  | Foreign-currency-denominated investments | $1011276397  | 1.7% |
|  | Insurance liabilities denominated in that same foreign currency | $—  | 0.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| 5) | Aggregate foreign investment exposure categorized by NAIC sovereign rating: |  |  |
|  |  | **Amount** | **Percentage** |
|  | Countries rated NAIC-1 | $3437014711  | 5.9% |
|  | Countries rated NAIC-2 | $221253206  | 0.4% |
|  | Countries rated NAIC-3 or below | $31311714  | 0.1% |

---

---

| | | | |
|:---|:---|:---|:---|
| 6) | Two largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: | Two largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: | Two largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: |
|  |  | **Amount** | **Percentage** |
|  | Countries rated NAIC-1: |  |  |
|  | UNITED KINGDOM | $894942365  | 1.5% |
|  | CAYMAN ISLANDS | $494165715  | 0.8% |
|  | Countries rated NAIC-2: |  |  |
|  | MEXICO | $72906814  | 0.1% |
|  | INDONESIA | $43497319  | 0.1% |
|  | Countries rated NAIC-3 or below: |  |  |
|  | COLOMBIA | $16454378  | 0.0% |
|  | MOROCCO | $7824169  | 0.0% |

---

(Continued)

------

**Schedule 2, Continued**

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

**Supplemental Investment Risks Interrogatories**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| 7) | There is no unhedged foreign currency exposure. | There is no unhedged foreign currency exposure. |  |  |
| 8) | There is no unhedged foreign currency exposure. | There is no unhedged foreign currency exposure. |  |  |
| 9) | There is no unhedged foreign currency exposure | There is no unhedged foreign currency exposure |  |  |
| 10) | Ten largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: | Ten largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: | Ten largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: | Ten largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: |
|  | **Issuer** | **NAIC Rating** | **Amount** | **Percentage** |
|  | EMBASSY DEVELOPMENT E S. A. R.L.; | MORTGAGE LOAN | $89178481  | 0.2% |
|  | UBS GROUP AG | 2 | $87406730  | 0.1% |
|  | DYSON FINANCE LIMITED | 1 | $71140940  | 0.1% |
|  | TAKEDA PHARMACEUTICAL CO LTD | 2 | $70082839  | 0.1% |
|  | BROOKFIELD UTILITIES UK LTD | 2 | $66017700  | 0.1% |
|  | PATRIZIA INDUSTRIAL PLATFORM | MORTGAGE LOAN | $64996182  | 0.1% |
|  | 1887 CO LTD | 2 | $55239300  | 0.1% |
|  | EVOS FINANCE BV | 2 | $55000000  | 0.1% |
|  | ELLEVIO HOLDING 1 AB | 2 | $54000000  | 0.1% |
|  | SAFRAN | 1 | $50000000  | 0.1% |

---

11) There were no assets held in Canadian investments that exceeded 2.5% of the Company's total admitted assets.

12) There were no assets held in investments with contractual sales restrictions that exceeded 2.5% of the Company's total admitted assets.

---

| | | | |
|:---|:---|:---|:---|
| 13) | Amounts and percentages of admitted assets held in the ten largest equity interests: | Amounts and percentages of admitted assets held in the ten largest equity interests: | Amounts and percentages of admitted assets held in the ten largest equity interests: |
|  | **Issuer** | **Amount** | **Percentage** |
|  | JACKSON NATIONAL LIFE INS OF NEW YORK | $721897145  | 1.2% |
|  | PPM AMERICA PRIVATE EQUITY FUND VIII-A, L.P. | $354025152  | 0.6% |
|  | SFR DELOS PARTNERS, L.P. | $126496124  | 0.2% |
|  | FHLBI | $118569200  | 0.2% |
|  | MOTIVE CAPITAL FUND II-A, L.P. | $106084950  | 0.2% |
|  | PRETIUM OLYMPUS JV, L.P. | $105708236  | 0.2% |
|  | JNAM LLC/JNFS LLC | $64493096  | 0.1% |
|  | BLUE OWL DIGITAL INFRASTRUCTURE FUND II, L.P. | $59110765  | 0.1% |
|  | AA GP SOLUTIONS FUND, L.P. | $57638827  | 0.1% |
|  | NNN AGP OPPORTUNITIES FUND II, L.P. | $55232258  | 0.1% |

---

14) There were no assets held in nonaffiliated, privately placed equities, exceeding 2.5% of the Company's total admitted assets.

15) There were no assets held in general partnership interests that exceeded 2.5% of the Company's total admitted assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 16) | Amounts and percentages of total admitted assets held in the ten largest mortgage loans: | Amounts and percentages of total admitted assets held in the ten largest mortgage loans: | Amounts and percentages of total admitted assets held in the ten largest mortgage loans: | Amounts and percentages of total admitted assets held in the ten largest mortgage loans: |
|  | **Type** | **Type** | **Amount** | **Percentage** |
|  | COMMERCIAL | COMMERCIAL | $174220000  | 0.3% |
|  | COMMERCIAL | COMMERCIAL | $154861595  | 0.3% |
|  | COMMERCIAL | COMMERCIAL | $151955996  | 0.3% |
|  | COMMERCIAL | COMMERCIAL | $101297822  | 0.2% |
|  | COMMERCIAL | COMMERCIAL | $100965126  | 0.2% |
|  | COMMERCIAL | COMMERCIAL | $93101365  | 0.2% |
|  | COMMERCIAL | COMMERCIAL | $92592887  | 0.2% |
|  | COMMERCIAL | COMMERCIAL | $89178481  | 0.2% |
|  | COMMERCIAL | COMMERCIAL | $83214224  | 0.1% |
|  | COMMERCIAL | COMMERCIAL | $82500000  | 0.1% |
|  | Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans: | Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans: | Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans: | Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans: |
|  | 16.12 | Construction loans | $—  | 0.0% |
|  | 16.13 | Mortgage loans over 90 days past due | $135953125  | 0.2% |
|  | 16.14 | Mortgage loans in the process of foreclosure | $42558688  | 0.1% |
|  | 16.15 | Mortgage loans foreclosed | $17181579  | 0.0% |
|  | 16.16 | Restructured mortgage loans | $40802349  | 0.1% |

---

(Continued)

------

**Schedule 2, Continued**

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

**Supplemental Investment Risks Interrogatories**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| 17) | Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date: | Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date: | Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date: |
|  |  | **Commercial** | **Commercial** |
|  | **Loan to Value** | **Amount** | **Percentage** |
|  | above 95% | $178029258  | 0.3% |
|  | 91 to 95% | $91605706  | 0.2% |
|  | 81 to 90% | $118569171  | 0.2% |
|  | 71 to 80% | $1108817133  | 1.9% |
|  | below 70% | $6243573454  | 10.7% |
|  |  | **Residential** | **Residential** |
|  | **Loan to Value** | **Amount** | **Percentage** |
|  | above 95% | $60684483  | 0.1% |
|  | 91 to 95% | $9701334  | 0.0% |
|  | 81 to 90% | $42176795  | 0.1% |
|  | 71 to 80% | $69064420  | 0.1% |
|  | below 70% | $753520347  | 1.3% |

---

18) There were no assets held in real estate that exceeded 2.5% of the Company's total admitted assets.

19) There were no assets held in mezzanine real estate loans that exceeded 2.5% of the Company's total admitted assets.

20) Amounts and percentages of total admitted assets subject to the following types of agreements:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **At year end** | **At year end** | **At end of each quarter** | **At end of each quarter** | **At end of each quarter** |
|<br>**Agreement type** | **Amount** | **Percentage** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** |
| Securities lending | $22968710  | 0.0% | $54845429  | $26261801  | $20425192  |
| Repurchase | 2705404741 | 4.6% | 2866795821  | 2837874019  | 2723034644 |
| Reverse repurchase |  | 0.0% |  |  |  |
| Dollar repurchase |  | 0.0% |  |  |  |
| Dollar reverse repurchase |  | 0.0% |  |  |  |

---

21) Amounts and percentages of total admitted assets for warrants not attached to other financial instruments, options, caps and floors:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Owned** | **Owned** | **Written** | **Written** |
|<br>**Type** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| Hedging | $114368392  | 0.2% | $—  | — % |

---

22) Amounts and percentages of total admitted assets of potential exposure for collars, swaps and forwards:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **At year end** | **At year end** | **At end of each quarter** | **At end of each quarter** | **At end of each quarter** |
|<br>**Type** | **Amount** | **Percentage** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** |
| Hedging | $104606094  | 0.2% | $76575369  | $87727741  | $91797592  |

---

23) Amounts and percentages of total admitted assets of potential exposure for futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **At year end** | **At year end** | **At end of each quarter** | **At end of each quarter** | **At end of each quarter** |
|<br>**Type** | **Amount** | **Percentage** | **1st Qtr** | **2nd Qtr** | **3rd Qtr** |
| Hedging | $958166644  | 1.6% | $1030754979  | $893641265  | $997063193  |

---

See accompanying independent auditors' report.**&nbsp;&nbsp;&nbsp;&nbsp;**

------

**Schedule 3**

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

**Summary Investment Schedule**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Investment Holdings** | **Gross Investment Holdings** | **Admitted Assets as Reported in the Annual Statement** | **Admitted Assets as Reported in the Annual Statement** | **Admitted Assets as Reported in the Annual Statement** | **Admitted Assets as Reported in the Annual Statement** |
|<br>**Investment Categories** | **Amount** | **Percentage** | **Amount** | **Securities Lending Reinvested Collateral Amount** | **Total Amount** | **Percentage** |
| Issuer credit obligations: |  |  |  |  |  |  |
| U.S. government obligations | 3223572456  | 6.32% | 3223572456  | —  | 3223572456  | 6.32% |
| Other U.S. government obligations | 117150473  | 0.23% | 117150473  | —  | 117150473  | 0.23% |
| Non-U.S. sovereign jurisdiction securities | 462978447  | 0.91% | 462978447  | —  | 462978447  | 0.91% |
| Municipal bonds - general obligations | 85384095  | 0.17% | 85384095  | —  | 85384095  | 0.17% |
| Municipal bonds - special revenue  | 411457331  | 0.81% | 411457331  | —  | 411457331  | 0.81% |
| Project finance bonds issued by operating entities | 999889245  | 1.96% | 743157607  | —  | 743157607  | 1.46% |
| Corporate bonds | 18008527049  | 35.32% | 18287889933  | —  | 18287889933  | 35.87% |
| Mandatory convertible bonds | 715676  | — % | 715676  | —  | 715676  | — % |
| Single entity backed obligations | 1342913055  | 2.63% | 1338400113  | —  | 1338400113  | 2.63% |
| Bonds issued by funds representing operating entities | 1211112101  | 2.38% | 1192993797  | —  | 1192993797  | 2.34% |
| Bank loans - acquired | 622902  | — % | 622902  | —  | 622902  | — % |
| Other issuer credit obligations | 1996010  | — % | 1996010  | —  | 1996010  | — % |
| Asset-backed securities: |  |  |  |  |  |  |
| Financial asset-backed securities - self liquidating | 3278501009  | 6.43% | 3253501009  | —  | 3253501009  | 6.38% |
| Non financial asset-backed securities  | 1154074314  | 2.26% | 1179074313  | —  | 1179074313  | 2.31% |
| Preferred Stocks: |  |  |  |  |  |  |
| Industrial and miscellaneous (unaffiliated) | 129703058  | 0.25% | 129703058  | —  | 129703058  | 0.25% |
| Common Stocks: |  |  |  |  |  |  |
| Industrial and miscellaneous publicly traded (unaffiliated)  | 16854  | — % | 16854  | —  | 16854  | — % |
| Industrial and miscellaneous Other (unaffiliated)  | 119711176  | 0.23% | 119711176  | —  | 119711176  | 0.23% |
| Parent, subsidiaries and affiliates other | 723508587  | 1.42% | 721897145  | —  | 721897145  | 1.42% |
| Mutual funds | 20533409  | 0.04% | 20533409  | —  | 20533409  | 0.04% |
| Mortgage loans: |  |  |  |  |  |  |
| Residential mortgages | 937653692  | 1.84% | 937653692  | —  | 937653692  | 1.84% |
| Commercial loans | 7632307455  | 14.97% | 7632307455  | —  | 7632307455  | 14.97% |
| Mezzanine real estate loans | 108287245  | 0.21% | 108287245  |  | 108287245  | 0.21% |
| Total valuation allowance | (2506295) | — % | (2506295) |  | (2506295) |  |
| Real estate: |  |  |  |  |  |  |
| Property occupied by the company | 203654612  | 0.40% | 203654612  | —  | 203654612  | 0.40% |
| Property held for the production of income  | 7172124  | 0.01% | 7172124  |  | 7172124  | 0.01% |
| Property held for sale | 19682350  | 0.04% | 19682350  | —  | 19682350  | 0.04% |
| Cash, cash equivalents and short-term investments |  |  |  |  |  |  |
| Cash equivalents - short term | (53512780) | (0.10)% | (53512780) | —  | (53512780) | (0.10)% |
| Cash | 3675886304  | 7.21% | 3675886304  | 22968710  | 3698855014  | 7.25% |
| Cash equivalents | 3999421  | 0.01% | 3999421  | —  | 3999421  | 0.01% |
| Contract loans | 4222372722  | 8.28% | 4220099858  | —  | 4220099858  | 8.28% |
| Derivatives | 198622875  | 0.39% | 198622875  | —  | 198622875  | 0.39% |
| Other invested assets | 2712315865  | 5.32% | 2709268742  | —  | 2709268742  | 5.31% |
| Receivables for securities | 11899848  | 0.02% | 11899848  | —  | 11899848  | 0.02% |
| Securities lending | 22968710  | 0.05% | 22968710  | XXX | &nbsp;&nbsp;&nbsp;&nbsp; XXX | XXX |
|  | $50993171395  | 100.00% | $50986239965  | $22968710  | $50986239965  | 100.00% |

---

See accompanying independent auditors' report.

------

**Schedule 4**

**JACKSON NATIONAL LIFE INSURANCE COMPANY**

**Reinsurance Risk Interrogatories**

**December 31, 2025**

---

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|:---|:---|:---|:---|
| 1. | Does the reporting entity have any reinsurance contracts subject to A-791 that include a provision, which limits the reinsurer's assumption of significant risks identified as in A-791? | Does the reporting entity have any reinsurance contracts subject to A-791 that include a provision, which limits the reinsurer's assumption of significant risks identified as in A-791? |  |
|  | Does the reporting entity have any reinsurance contracts subject to A-791 that include a provision, which limits the reinsurer's assumption of significant risks identified as in A-791? | Does the reporting entity have any reinsurance contracts subject to A-791 that include a provision, which limits the reinsurer's assumption of significant risks identified as in A-791? | Yes |
|  | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. |  |
|  | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. |  |
|  | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. |  |
|  | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. |  |
|  | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. |  |
|  | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. | The Company's Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty's risk limiting factors. |  |
| 2. | Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk? | Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk? |  |
|  | Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk? | Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk? | No |
| 3. | Does the reporting entity have any reinsurance contracts that contain features described below which result in delays in payment in form or in fact: | Does the reporting entity have any reinsurance contracts that contain features described below which result in delays in payment in form or in fact: |  |
|  | Does the reporting entity have any reinsurance contracts that contain features described below which result in delays in payment in form or in fact: | Does the reporting entity have any reinsurance contracts that contain features described below which result in delays in payment in form or in fact: |  |
|  | a. | Provisions which permit the reporting of losses, or settlements are made, less frequently than quarterly or payments due from the reinsurer are not made in cash within ninety days of the settlement date? |  |
|  |  | Provisions which permit the reporting of losses, or settlements are made, less frequently than quarterly or payments due from the reinsurer are not made in cash within ninety days of the settlement date? | No |
|  | b. | Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity? |  |
|  |  | Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity? | No |
| 4. | Does the reporting entity reflect a reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP No. 61 for the following? | Does the reporting entity reflect a reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP No. 61 for the following? |  |
|  | Does the reporting entity reflect a reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP No. 61 for the following? | Does the reporting entity reflect a reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP No. 61 for the following? |  |
|  | a. | Assumption Reinsurance? | No |
|  | b. | Non-proportional reinsurance, which does not result in significant surplus relief? | No |
| 5. | Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either: | Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either: |  |
|  | Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either: | Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either: |  |
|  | a. | Accounted for that contract as reinsurance under SAP and as a deposit under GAAP; or | No |
|  | b. | Accounted for that contract as reinsurance under GAAP and as a deposit under SAP? | No |

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See accompanying independent auditors' report.

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