# EDGAR Filing Document

**Accession Number:** 0001049750
**File Stem:** 0001193125-26-173561
**Filing Date:** 2026-4
**Character Count:** 344618
**Document Hash:** 1dd63fa9a365463b3cddc08bbf77d09f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-173561.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001193125-26-173561

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F
- **CENTRAL INDEX KEY:** 0001049750

**ORGANIZATION NAME:**
- **EIN:** 750300900
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08483
- **FILM NUMBER:** 26888247

**BUSINESS ADDRESS:**
- **STREET 1:** 9920 CORPORATE CAMPUS DRIVE
- **STREET 2:** SUITE 1000
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40223
- **BUSINESS PHONE:** 502-587-7626

**MAIL ADDRESS:**
- **STREET 1:** 9920 CORPORATE CAMPUS DRIVE
- **STREET 2:** SUITE 1000
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSECO VARIABLE ANNUITY ACCOUNT F
- **DATE OF NAME CHANGE:** 19990813

## Series and Classes Contracts Data

### JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F (Series ID: S000005241)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000014266 | Advantage Contract No. 22-4061 |  |

## JEFFERSON

## NATIONAL LIFE

## ANNUITY ACCOUNT

## F

## Annual Report

## To

## Contract Owners

## December 31, 2025
![LOGO](g126477page001a.jpg)

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

HOME OFFICE: LOUISVILLE, KENTUCKY

------

---

| | |
|:---|:---|
| ![LOGO](g126477kpmg.jpg) | <br> KPMG LLP<br> Suite 500<br> 191 West Nationwide Blvd.<br> Columbus, OH 43215-2568 |

---

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Jefferson National Life Insurance Company and Contract Owners of Jefferson National Life Annuity Account F:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets, liabilities and contract owners' equity of the subaccounts listed in the Appendix that comprise the Jefferson National Life Annuity Account F (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in contract owners' equity for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their contract owners' equity for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements are the responsibility of the Subaccounts' management. Our responsibility is to express an opinion on these financial statements 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 Subaccounts 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 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, 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. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Jefferson National Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Jefferson National Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 1, 2026

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.

------

**Appendix** 

Statements of assets, liabilities and contract owners' equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners' equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)

ALGER AMERICAN FUNDS

Alger Small Cap Growth Portfolio: Class I-2 Shares (AASCO)

Alger Capital Appreciation Portfolio - Class I2 Shares (ALCAI2)

Alger Large Cap Growth Portfolio: Class I-2 Shares (ALCGI2)

Alger Mid Cap Growth Portfolio: Class I-2 Shares (ALMGI2)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

COLUMBIA FUNDS MANAGEMENT COMPANY

Columbia Funds Variable Insurance Trust II - Columbia Variable Portfolio - Seligman Global Technology: Class 2 (CLVGT2)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes High Income Bond Fund II: Primary Shares (FHIB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - U.S. Government Money Market Fund (GVRUGM)

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

------

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)

Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

INVESCO INVESTMENTS

Invesco - Invesco V.I. Core Equity Fund: Series I Shares (AVGI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. Diversified Dividend Fund: Series I Shares (IVDDI)

Invesco - Invesco V.I. Government Money Market Fund: Series I Shares (IVGMMI)

Invesco - Invesco V.I. Health Care Fund: Series I Shares (IVHS)

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series II Shares (IVMCC2)

Invesco - Invesco V.I. Global Real Estate Fund: Series I Shares (IVRE)

Invesco - Invesco V.I. Technology Fund: Series I Shares (IVT)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Global Research Portfolio: Institutional Shares (JAGRIN)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Institutional Shares (JAIG)

Janus Aspen Series - Janus Henderson Research Portfolio: Institutional Shares (JARIN)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

Lazard Retirement Series, Inc. - Lazard Retirement International Equity Portfolio: Service Shares (LZRIES)

Lazard Retirement Series, Inc. - Lazard Retirement US Small Cap Equity Select Portfolio: Service Shares (LZRUSM)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Growth Portfolio: Class I (LPVCAI)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio: Class I (LPVCII)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Growth Portfolio: Class I (LVCLGI)

Western Asset Variable Global High Yield Bond Portfolio: Class I (SBVHY)

------

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Dividend Growth Portfolio: Class VC (LOVCDG)

Lord Abbett Series Fund, Inc. - Growth and Income Portfolio: Class VC (LOVGI)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class Y (GVEXD)

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares (AMRI)

Neuberger Berman Advisers Management Trust - Quality Equity Portfolio: Class I Shares (AMSRS)<sup>1</sup>

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - Donoghue Forlines Dividend VIT Fund: Class 1 (NOVPDI)

Northern Lights Variable Trust - Donoghue Forlines Momentum VIT Fund: Class 1 (NOVPM)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - Emerging Markets Bond Portfolio: Administrative Class (PMVEBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

Royce Capital Fund - Royce Small-Cap Portfolio: Investment Class (ROCSC)

THIRD AVENUE FUNDS

Third Avenue Variable Series Trust - Third Avenue Value Portfolio (TAVV)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWBF)

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)

VICTORY FUNDS

Victory Variable Insurance Funds II - Victory Pioneer High Yield VCT Portfolio: Class II (PIHYB2)<sup>1</sup>

Victory Variable Insurance Funds II - Victory Pioneer Equity Income VCT Portfolio: Class II (PIVEI2)<sup>1</sup>

Victory Variable Insurance Funds II - Victory Pioneer Fund VCT Portfolio: Class II (PIVF2)<sup>1</sup>

Victory Variable Insurance Funds II - Victory Pioneer Mid Cap Value VCT Portfolio: Class II (PIVMV2)<sup>1</sup>

Statements of assets, liabilities and contract owners' equity as of December 31, 2025, and the related statements of changes in contract owners' equity for each of the years in the two-year period then ended.

1 Year Account (JNMVA1)

5 Year Account (JNMVA5)

------

Statements of assets, liabilities and contract owners' equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners' equity for the year ended December 31, 2025 and the period from April 26, 2024 (inception) to December 31, 2024.

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Balanced Fund: Standard Class II (LACB2)

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II (LACDV2)

Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Standard Class II (LACI2)

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class (LACIPS)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)

Statement of assets, liabilities and contract owners' equity as of December 31, 2025, and the related statements of operations and changes in contract owners' equity for the period February 28, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class Y (NVCBDY)

Statement of assets, liabilities and contract owners' equity as of December 31, 2025, and the related statements of operations and changes in contract owners' equity for the period June 13, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Statements of assets, liabilities and contract owners' equity as of December 31, 2025, and the related statements of operations and changes in contract owners' equity for the period November 14, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

<sup>(1)</sup> See Note 1 to the financial statements for the former name of the subaccount.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY** 

**DECEMBER 31, 2025** 

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount\*,\*\*** | **Shares\*\*\*** | **Cost** | **Cost** | **Investments,<br>at fair value** | **Investments,<br>at fair value** | **Accounts<br>Receivable** | **Accounts<br>Receivable** | **Total Assets** | **Total Assets** | **Accounts<br>Payable** | **Accounts<br>Payable** | **Contract**<br> **Owners'<br>Equity** | **Contract**<br> **Owners'<br>Equity** | **Accumulation<br>Units** | **Accumulation<br>Units** | **Contracts<br>in Payout** | **Contracts<br>in Payout** | **Contract<br>Owners'<br>Equity** | **Contract<br>Owners'<br>Equity** |
|  ALVGIA | 17687 | $— | 556657 | $— | 561377 | $— | 1 | $— | 561378 | $— |  | $— | 561378 | $— | 561378 | $— |  | $— | 561378 |
|  AASCO | 46831 |  | 1069124 |  | 872925 |  |  |  | 872925 |  | 1 |  | 872924 |  | 872924 |  |  |  | 872924 |
|  ALCAI2 | 109479 |  | 10319487 |  | 14106406 |  |  |  | 14106406 |  |  |  | 14106406 |  | 14106406 |  |  |  | 14106406 |
|  ALCGI2 | 59536 |  | 4883846 |  | 6142364 |  |  |  | 6142364 |  | 1 |  | 6142363 |  | 6142363 |  |  |  | 6142363 |
|  ALMGI2 | 106350 |  | 2323133 |  | 2533265 |  |  |  | 2533265 |  |  |  | 2533265 |  | 2530570 |  | 2695 |  | 2533265 |
|  SVDF | 110944 |  | 2831240 |  | 2805763 |  | 1 |  | 2805764 |  |  |  | 2805764 |  | 2805764 |  |  |  | 2805764 |
|  SVOF | 99524 |  | 2551957 |  | 2557779 |  |  |  | 2557779 |  | 1 |  | 2557778 |  | 2557778 |  |  |  | 2557778 |
|  DSIF | 98442 |  | 6147777 |  | 8579244 |  |  |  | 8579244 |  | 1 |  | 8579243 |  | 8575735 |  | 3508 |  | 8579243 |
|  DVSCS | 40736 |  | 774549 |  | 733654 |  | 1 |  | 733655 |  |  |  | 733655 |  | 733655 |  |  |  | 733655 |
|  CLVGT2 | 95730 |  | 2184146 |  | 3251941 |  | 1 |  | 3251942 |  |  |  | 3251942 |  | 3251942 |  |  |  | 3251942 |
|  FHIB | 52659 |  | 307639 |  | 304368 |  |  |  | 304368 |  | 1 |  | 304367 |  | 304367 |  |  |  | 304367 |
|  FVU2 | 58879 |  | 568100 |  | 612345 |  |  |  | 612345 |  |  |  | 612345 |  | 612345 |  |  |  | 612345 |
|  GVRUGM | 243123 |  | 243123 |  | 243123 |  |  |  | 243123 |  |  |  | 243123 |  | 242946 |  | 177 |  | 243123 |
|  RAF | 1 |  | 1068 |  | 63 |  |  |  | 63 |  | 1 |  | 62 |  | 62 |  |  |  | 62 |
|  RBF | 8594 |  | 806586 |  | 796443 |  |  |  | 796443 |  | 1 |  | 796442 |  | 796442 |  |  |  | 796442 |
|  RBKF | 497 |  | 56292 |  | 71086 |  |  |  | 71086 |  | 1 |  | 71085 |  | 71085 |  |  |  | 71085 |
|  RBMF | 748 |  | 76918 |  | 88271 |  |  |  | 88271 |  |  |  | 88271 |  | 88271 |  |  |  | 88271 |
|  RCPF | 1065 |  | 75497 |  | 65438 |  |  |  | 65438 |  |  |  | 65438 |  | 65438 |  |  |  | 65438 |
|  RELF | 416 |  | 90468 |  | 89231 |  |  |  | 89231 |  |  |  | 89231 |  | 89231 |  |  |  | 89231 |
|  RENF | 905 |  | 224107 |  | 228730 |  |  |  | 228730 |  | 1 |  | 228729 |  | 228729 |  |  |  | 228729 |
|  RESF | 340 |  | 96995 |  | 104555 |  | 2 |  | 104557 |  |  |  | 104557 |  | 104557 |  |  |  | 104557 |
|  RFSF | 625 |  | 74403 |  | 77687 |  |  |  | 77687 |  | 1 |  | 77686 |  | 77686 |  |  |  | 77686 |
|  RHCF | 1787 |  | 143294 |  | 142721 |  |  |  | 142721 |  | 1 |  | 142720 |  | 142720 |  |  |  | 142720 |
|  RINF | 279 |  | 20466 |  | 31002 |  |  |  | 31002 |  | 1 |  | 31001 |  | 31001 |  |  |  | 31001 |
|  RLCE | 30 |  | 3755 |  | 4799 |  |  |  | 4799 |  | 1 |  | 4798 |  | 4798 |  |  |  | 4798 |
|  RLCJ | 358 |  | 33612 |  | 39434 |  |  |  | 39434 |  |  |  | 39434 |  | 39434 |  |  |  | 39434 |
|  RMED | 1375 |  | 255158 |  | 339185 |  |  |  | 339185 |  | 2 |  | 339183 |  | 339183 |  |  |  | 339183 |
|  RMEK | 658 |  | 52361 |  | 55674 |  | 1 |  | 55675 |  |  |  | 55675 |  | 55675 |  |  |  | 55675 |
|  RNF | 5926 |  | 785106 |  | 1524928 |  | 1 |  | 1524929 |  |  |  | 1524929 |  | 1524929 |  |  |  | 1524929 |
|  ROF | 25196 |  | 1649871 |  | 2437252 |  |  |  | 2437252 |  |  |  | 2437252 |  | 2437252 |  |  |  | 2437252 |
|  RPMF | 8515 |  | 455900 |  | 826553 |  | 1 |  | 826554 |  |  |  | 826554 |  | 826554 |  |  |  | 826554 |
|  RREF | 1736 |  | 61451 |  | 66235 |  |  |  | 66235 |  |  |  | 66235 |  | 66235 |  |  |  | 66235 |
|  RTEC | 1927 |  | 324623 |  | 468708 |  | 1 |  | 468709 |  |  |  | 468709 |  | 468709 |  |  |  | 468709 |
|  RTEL | 596 |  | 35433 |  | 49592 |  | 1 |  | 49593 |  |  |  | 49593 |  | 49593 |  |  |  | 49593 |
|  RTF | 5565 |  | 1976794 |  | 3368538 |  |  |  | 3368538 |  | 2 |  | 3368536 |  | 3368536 |  |  |  | 3368536 |
|  RTRF | 738 |  | 64772 |  | 74220 |  |  |  | 74220 |  |  |  | 74220 |  | 74220 |  |  |  | 74220 |
|  RUF | 27 |  | 3242 |  | 2487 |  |  |  | 2487 |  |  |  | 2487 |  | 2487 |  |  |  | 2487 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY** 

**DECEMBER 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount\*,\*\*** | **Shares\*\*\*** | **Cost** | **Investments,<br>at fair value** | **Accounts<br>Receivable** | **Total Assets** | **Accounts<br>Payable** | **Contract**<br> **Owners'<br>Equity** | **Accumulation<br>Units** | **Contracts<br>in Payout** | **Contract<br>Owners'<br>Equity** |
|  RUGB | 153 | 28944 | 27293 |  | 27293 |  | 27293 | 27293 |  | 27293 |
|  RUTL | 4798 | 167873 | 207300 | 1 | 207301 |  | 207301 | 207301 |  | 207301 |
|  RVF | 9574 | 1295530 | 2141150 | 1 | 2141151 |  | 2141151 | 2141151 |  | 2141151 |
|  RVIDD |  | 934 | 14 |  | 14 | 1 | 13 | 13 |  | 13 |
|  RVISC |  | 177 | 26 |  | 26 | 2 | 24 | 24 |  | 24 |
|  RVLCG | 6773 | 361190 | 377928 |  | 377928 |  | 377928 | 377928 |  | 377928 |
|  RVLCV | 3316 | 177883 | 218294 |  | 218294 |  | 218294 | 218294 |  | 218294 |
|  RVLDD | 626 | 76874 | 170041 |  | 170041 |  | 170041 | 170041 |  | 170041 |
|  RVMCG | 5535 | 190922 | 214360 |  | 214360 |  | 214360 | 214360 |  | 214360 |
|  RVMCV | 2697 | 111750 | 130010 |  | 130010 | 1 | 130009 | 130009 |  | 130009 |
|  RVSCG | 1316 | 74936 | 75522 |  | 75522 | 1 | 75521 | 75521 |  | 75521 |
|  RVSCV | 2146 | 158247 | 188226 | 1 | 188227 |  | 188227 | 188227 |  | 188227 |
|  AVGI | 23002 | 704175 | 828761 |  | 828761 |  | 828761 | 828761 |  | 828761 |
|  AVHY1 | 167641 | 828919 | 794618 |  | 794618 |  | 794618 | 794618 |  | 794618 |
|  IVGMMI | 6880249 | 6880249 | 6880249 |  | 6880249 |  | 6880249 | 6880249 |  | 6880249 |
|  IVHS | 10880 | 307110 | 325200 |  | 325200 |  | 325200 | 325200 |  | 325200 |
|  IVMCC2 | 35313 | 347600 | 370787 | 1 | 370788 |  | 370788 | 370788 |  | 370788 |
|  IVRE | 20055 | 315800 | 283980 |  | 283980 |  | 283980 | 283980 |  | 283980 |
|  IVT | 6526 | 130869 | 167642 |  | 167642 |  | 167642 | 167642 |  | 167642 |
|  JAEI | 107458 | 8017919 | 8981377 | 1 | 8981378 |  | 8981378 | 8981378 |  | 8981378 |
|  JAGRIN | 70725 | 3977616 | 5634694 |  | 5634694 |  | 5634694 | 5634694 |  | 5634694 |
|  JAIG | 10685 | 407071 | 596431 |  | 596431 | 1 | 596430 | 596430 |  | 596430 |
|  JARIN | 152668 | 6198855 | 9908125 |  | 9908125 | 1 | 9908124 | 9904879 | 3245 | 9908124 |
|  LZREMS | 11546 | 236780 | 344994 |  | 344994 |  | 344994 | 344994 |  | 344994 |
|  LZRUSM | 55430 | 738387 | 717818 |  | 717818 |  | 717818 | 717818 |  | 717818 |
|  LPVCAI | 7572 | 150277 | 106388 |  | 106388 |  | 106388 | 106388 |  | 106388 |
|  LPVCII | 10703 | 235000 | 216734 |  | 216734 |  | 216734 | 216734 |  | 216734 |
|  LVCLGI | 27871 | 977637 | 1340590 |  | 1340590 |  | 1340590 | 1340590 |  | 1340590 |
|  SBVHY | 18 | 107 | 111 |  | 111 |  | 111 | 111 |  | 111 |
|  LACB2 | 215675 | 1702039 | 1950778 | 1 | 1950779 |  | 1950779 | 1950779 |  | 1950779 |
|  LACI2 | 38715 | 418128 | 474060 |  | 474060 |  | 474060 | 474060 |  | 474060 |
|  LACIPS | 15876 | 145510 | 143452 |  | 143452 |  | 143452 | 143452 |  | 143452 |
|  LACV2 | 182550 | 2181185 | 2358364 | 1 | 2358365 |  | 2358365 | 2358365 |  | 2358365 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY** 

**DECEMBER 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount\*,\*\*** | **Shares\*\*\*** | **Cost** | **Investments,<br>at fair value** | **Accounts<br>Receivable** | **Total Assets** | **Accounts<br>Payable** | **Contract**<br> **Owners'<br>Equity** | **Accumulation<br>Units** | **Contracts<br>in Payout** | **Contract<br>Owners'<br>Equity** |
|  LOVCDG | 11307 | 187577 | 224328 | 1 | 224329 |  | 224329 | 224329 |  | 224329 |
|  LOVGI | 61240 | 2260804 | 2569620 |  | 2569620 |  | 2569620 | 2569620 |  | 2569620 |
|  GIG | 20818 | 310319 | 321848 |  | 321848 |  | 321848 | 321848 |  | 321848 |
|  GVEXD | 77572 | 861273 | 1032487 | 1 | 1032488 |  | 1032488 | 1032488 |  | 1032488 |
|  NVAMVX | 123308 | 2213756 | 2282426 |  | 2282426 |  | 2282426 | 2282426 |  | 2282426 |
|  NVCBDY | 24121 | 222644 | 223604 |  | 223604 |  | 223604 | 223604 |  | 223604 |
|  NVOLG1 | 44710 | 1321233 | 1330563 |  | 1330563 |  | 1330563 | 1330563 |  | 1330563 |
|  AMCG | 13742 | 411666 | 398374 | 1 | 398375 |  | 398375 | 398375 |  | 398375 |
|  AMRI | 113913 | 1747945 | 1869314 |  | 1869314 | 1 | 1869313 | 1869313 |  | 1869313 |
|  AMSRS | 25788 | 762636 | 1102700 |  | 1102700 |  | 1102700 | 1102700 |  | 1102700 |
|  AMTB | 98779 | 1018860 | 955196 |  | 955196 |  | 955196 | 955196 |  | 955196 |
|  NOVPDI | 89900 | 1348245 | 1652353 |  | 1652353 | 1 | 1652352 | 1652352 |  | 1652352 |
|  NOVPM | 76618 | 1987779 | 2369791 |  | 2369791 |  | 2369791 | 2367417 | 2374 | 2369791 |
|  PMVAAA | 29797 | 299304 | 285457 |  | 285457 |  | 285457 | 285457 |  | 285457 |
|  PMVEBA | 478 | 5798 | 5456 |  | 5456 | 1 | 5455 | 5455 |  | 5455 |
|  PMVFHA | 342 | 3685 | 3438 |  | 3438 |  | 3438 | 3438 |  | 3438 |
|  PMVGBA | 24878 | 269741 | 247788 |  | 247788 | 1 | 247787 | 247787 |  | 247787 |
|  PMVHYA | 67 | 512 | 498 |  | 498 |  | 498 | 498 |  | 498 |
|  PMVRRA | 78221 | 987149 | 939431 |  | 939431 |  | 939431 | 939431 |  | 939431 |
|  PMVRSA | 2413 | 17993 | 15178 |  | 15178 |  | 15178 | 15178 |  | 15178 |
|  PMVTRA | 258426 | 2681173 | 2442128 |  | 2442128 |  | 2442128 | 2442128 |  | 2442128 |
|  PVSTA | 94638 | 969720 | 977611 | 1 | 977612 |  | 977612 | 977612 |  | 977612 |
|  ROCMC | 33502 | 339593 | 318605 |  | 318605 |  | 318605 | 318605 |  | 318605 |
|  ROCSC | 57140 | 483772 | 538262 |  | 538262 |  | 538262 | 538262 |  | 538262 |
|  TAVV | 23277 | 524092 | 582868 |  | 582868 |  | 582868 | 582868 |  | 582868 |
|  VWBF | 15727 | 118634 | 128648 |  | 128648 |  | 128648 | 128648 |  | 128648 |
|  VWEM | 67014 | 757033 | 792778 |  | 792778 |  | 792778 | 792778 |  | 792778 |
|  VWHA | 11746 | 328979 | 393594 |  | 393594 |  | 393594 | 393594 |  | 393594 |
|  PIHYB2 | 2544 | 22756 | 21777 |  | 21777 | 1 | 21776 | 21776 |  | 21776 |
|  PIVEI2 | 58471 | 842288 | 723285 | 1 | 723286 |  | 723286 | 723286 |  | 723286 |
|  PIVF2 | 10574 | 176372 | 210624 | 1 | 210625 |  | 210625 | 210625 |  | 210625 |
|  PIVMV2 | 14987 | 165381 | 167710 |  | 167710 |  | 167710 | 167710 |  | 167710 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY** 

**DECEMBER 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount\*,\*\*** | **Shares\*\*\*** | **Cost** | **Investments,<br>at fair value** | **Accounts<br>Receivable** | **Total Assets** | **Accounts<br>Payable** | **Contract**<br> **Owners'<br>Equity** | **Accumulation<br>Units** | **Contracts<br>in Payout** | **Contract<br>Owners'<br>Equity** |
|  One Year Interest Adjustment Account (JNMVA1)^ | One Year Interest Adjustment Account (JNMVA1)^ | One Year Interest Adjustment Account (JNMVA1)^ | 1319575 | – | 1319575 | – | 1319575 | 1319575 |  | -<br>1319575 |
|  Three Year Interest Adjustment Account (JNMVA5)^ 1,182,977 | Three Year Interest Adjustment Account (JNMVA5)^ 1,182,977 | Three Year Interest Adjustment Account (JNMVA5)^ 1,182,977 |  | – | 1182977 | – | 1182977 | 1182977 |  | -<br>1182977 |

---

\* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

\*\* For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners' Equity at the end of the period are $0. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable. 

\*\*\* If zero shares are listed, there may be ownership of the fund, however it is less than one full share.

^ Represents an Investment Option of the Separate Account available under the Contract which offers a fixed rate of interest guaranteed by Jefferson National Life Insurance Company for specified guarantee periods.

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **ALVGIA** | **AASCO** | **ALCAI2** | **ALCGI2** | **ALMGI2** | **SVDF** | **SVOF** | **DSIF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 5425 |  |  |  |  |  | 1313 | 84010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (5976) | (10611) | (162888) | (73509) | (31756) | (35229) | (31594) | (102531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (551) | (10611) | (162888) | (73509) | (31756) | (35229) | (30281) | (18521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (6) | (84339) | 1323435 | 758427 | (129504) | (116474) | 5496 | 447793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 2308 | 118783 | 127788 | 124478 | 530842 | 230031 | (103031) | 303329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 2302 | 34444 | 1451223 | 882905 | 401338 | 113557 | (97535) | 751122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 39529 | 10120 | 2230402 | 660921 |  | 20117 | 264599 | 472160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 41280 | 33953 | 3518737 | 1470317 | 369582 | 98445 | 136783 | 1204761 |
| **Investment Activity\*:** | **DSRG** | **DVSCS** | **CLVGT2** | **FHIB** | **FVU2** | **GVRUGM** | **RAF** | **RBF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 3164 | 8680 |  | 18358 | 17224 | 6954 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (13423) | (8593) | (35672) | (3893) | (7443) | (3104) | (1) | (8355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (10259) | 87 | (35672) | 14465 | 9781 | 3850 | 2 | (8355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 495901 | 6623 | (34516) | (2420) | 568 |  | (188) | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (431692) | (43148) | 608140 | 8692 | 11880 |  | 172 | 154154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 64209 | (36525) | 573624 | 6272 | 12448 |  | (16) | 155386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 101092 | 66072 | 294769 |  | 10508 |  |  | 30856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 155042 | 29634 | 832721 | 20737 | 32737 | 3850 | (14) | 177887 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **RBKF** | **RBMF** | **RCPF** | **RELF** | **RENF** | **RESF** | **RFSF** | **RHCF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 265 | 1171 | 1063 |  | 6251 | 70 | 425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (606) | (1053) | (935) | (881) | (3748) | (1239) | (950) | (1970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (341) | 118 | 128 | (881) | 2503 | (1169) | (525) | (1970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 2621 | 4142 | (1707) | (218) | (1533) | 140 | 16748 | (2575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 7068 | 12240 | (8775) | (321) | 15154 | 1124 | (11037) | 5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 9689 | 16382 | (10482) | (539) | 13621 | 1264 | 5711 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  | 6514 | 5952 | 25873 |  |  | 1701 | 15111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 9348 | 23014 | (4402) | 24453 | 16124 | 95 | 6887 | 16267 |
| **Investment Activity\*:** | **RINF** | **RLCE** | **RLCJ** | **RMED** | **RMEK** | **RNF** | **ROF** | **RPMF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends |  | 58 | 1318 | 1543 | 892 |  | 694 | 9711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (385) | (62) | (395) | (4012) | (667) | (17815) | (28002) | (5960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (385) | (4) | 923 | (2469) | 225 | (17815) | (27308) | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 1211 | 187 | (167) | 923 | (1284) | 76256 | 124243 | 49525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 632 | 1288 | 12408 | 12652 | 5679 | 201594 | 133897 | 364084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 1843 | 1475 | 12241 | 13575 | 4395 | 277850 | 258140 | 413609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 3336 |  |  | 1062 |  |  | 126130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 4794 | 1471 | 13164 | 12168 | 4620 | 260035 | 356962 | 417360 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **RREF** | **RRF** | **RTEC** | **RTEL** | **RTF** | **RTRF** | **RUF** | **RUGB** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 1037 |  |  | 95 | 2945 |  | 250 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (841) | (3) | (5178) | (534) | (36724) | (928) | (44) | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 196 | (3) | (5178) | (439) | (33779) | (928) | 206 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (2229) | 92 | 6209 | 230 | 69910 | (582) | (1200) | (5860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 2698 |  | 50450 | 11584 | 637586 | 9410 | 706 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 469 | 92 | 56659 | 11814 | 707496 | 8828 | (494) | (1074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 38315 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 665 | 89 | 89796 | 11375 | 673717 | 7900 | (288) | (403) |
| **Investment Activity\*:** | **RUTL** | **RVF** | **RVIDD** | **RVISC** | **RVLCG** | **RVLCV** | **RVLDD** | **RVMCG** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 2843 |  | 1 | 1 |  | 2552 | 1422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (2523) | (24102) |  |  | (6530) | (2609) | (1873) | (2727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 320 | (24102) | 1 | 1 | (6530) | (57) | (451) | (2727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 2157 | 322397 | (90) |  | 15194 | 10954 | 1884 | (11469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 26086 | 77793 | 85 | (4) | (13190) | 6712 | 24526 | 9675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 28243 | 400190 | (5) | (4) | 2004 | 17666 | 26410 | (1794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  | 140633 |  |  | 60933 | 10001 |  | 11299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 28563 | 516721 | (4) | (3) | 56407 | 27610 | 25959 | 6778 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **RVMCV** | **RVSCG** | **RVSCV** | **AVGI** | **AVHY1** | **IVDDI** | **IVGMMI** | **IVHS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 160 |  |  | 5115 | 54252 | 7449 | 268391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (1615) | (1009) | (2290) | (9733) | (9948) | (4827) | (85149) | (3748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (1455) | (1009) | (2290) | (4618) | 44304 | 2622 | 183242 | (3748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 2518 | (13533) | 17829 | 89 | (14415) | 15481 |  | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (9301) | 17550 | (12141) | 53367 | 10328 | (8815) |  | 28358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (6783) | 4017 | 5688 | 53456 | (4087) | 6666 |  | 30800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 13073 |  | 5680 | 58885 |  | 35618 |  | 12615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 4835 | 3008 | 9078 | 107723 | 40217 | 44906 | 183242 | 39667 |
| **Investment Activity\*:** | **IVMCC2** | **IVRE** | **IVT** | **JAEI** | **JAGRIN** | **JAIG** | **JARIN** | **LZREMS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 377 | 5683 |  | 28607 | 39973 | 8070 | 11657 | 8150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (4441) | (3349) | (2030) | (113492) | (68070) | (7078) | (119255) | (3706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (4064) | 2334 | (2030) | (84885) | (28097) | 992 | (107598) | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (4663) | (10036) | 20669 | 453732 | 656745 | 38293 | 906386 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (874) | 24073 | (11143) | (497999) | (124317) | 97502 | (8690) | 95633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (5537) | 14037 | 9526 | (44267) | 532428 | 135795 | 897696 | 95644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 36129 |  | 17651 | 676912 | 462143 |  | 716836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 26528 | 16371 | 25147 | 547760 | 966474 | 136787 | 1506934 | 100088 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **LZRIES** | **LZRUSM** | **LPVCAI** | **LPVCII** | **LVCLGI** | **SBVHY** | **LACB2** | **LACDV2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 5869 |  |  | 4550 |  | 7 | 35167 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (3156) | (9386) | (1279) | (2603) | (16405) | (1) | (25268) | (18638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2713 | (9386) | (1279) | 1947 | (16405) | 6 | 9899 | (18576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 56770 | (43810) | (4416) | (1220) | 42880 |  | 41331 | 268246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (393) | (39486) | 1183 | (7292) | (25816) | 3 | 110647 | (90078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 56377 | (83296) | (3233) | (8512) | 17064 | 3 | 151978 | 178168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 10722 | 94150 | 16012 | 28826 | 89943 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 69812 | 1468 | 11500 | 22261 | 90602 | 9 | 161877 | 159592 |
| **Investment Activity\*:** | **LACI2** | **LACIPS** | **LACV2** | **LOVCDG** | **LOVGI** | **GIG** | **GVEXD** | **NVAMVX** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 5583 | 10420 | 36531 | 1259 | 13852 | 635 | 9049 | 18899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (5984) | (1780) | (31376) | (2598) | (30749) | (506) | (10585) | (3845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (401) | 8640 | 5155 | (1339) | (16897) | 129 | (1536) | 15054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 4209 | 159 | 44663 | 9535 | 38359 | 32 | 5659 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 59295 | (1886) | 101457 | 3903 | 81578 | 11529 | 124732 | 68670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 63504 | (1727) | 146120 | 13438 | 119937 | 11561 | 130391 | 69732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 189669 | 16657 | 258160 |  | 1348 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 63103 | 6913 | 340944 | 28756 | 361200 | 11690 | 130203 | 88140 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **NVCBDY** | **NVOLG1** | **AMCG** | **AMRI** | **AMSRS** | **AMTB** | **NOVPDI** | **NOVPM** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 7705 | 10442 |  | 7996 |  | 50029 | 20102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (2267) | (2139) | (5185) | (21280) | (13060) | (11605) | (20271) | (27360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5438 | 8303 | (5185) | (13284) | (13060) | 38424 | (169) | (27360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (147) | 44 | 8069 | 7072 | 29923 | (4120) | 12582 | 49490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 960 | 9330 | (40333) | (8723) | 42256 | 5665 | 220048 | 29716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 813 | 9374 | (32264) | (1651) | 72179 | 1545 | 232630 | 79206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 51606 | 187633 | 63019 |  |  | 386939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 6251 | 17677 | 14157 | 172698 | 122138 | 39969 | 232461 | 438785 |
| **Investment Activity\*:** | **PMVAAA** | **PMVEBA** | **PMVFHA** | **PMVGBA** | **PMVHYA** | **PMVRRA** | **PMVRSA** | **PMVTRA** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 12707 | 360 | 118 | 10536 | 30 | 30536 | 427 | 95623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (3375) | (65) | (43) | (2914) | (7) | (11466) | (181) | (29171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 9332 | 295 | 75 | 7622 | 23 | 19070 | 246 | 66452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (1506) | (33) | (4) | (3583) |  | (2682) | (2324) | (34274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 24758 | 407 | 18 | 20791 | 11 | 40624 | 4391 | 136878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 23252 | 374 | 14 | 17208 | 11 | 37942 | 2067 | 102604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 32584 | 669 | 89 | 24830 | 34 | 57012 | 2313 | 169056 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF OPERATIONS** 

**YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
| **Investment Activity\*:** | **PVSTA** | **ROCMC** | **ROCSC** | **TAVV** | **VWBF** | **VWEM** | **VWHA** | **PIHYB2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 48882 |  | 9517 | 11636 | 6599 | 5225 | 8641 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (13634) | (3573) | (6201) | (6400) | (1535) | (9007) | (4292) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 35248 | (3573) | 3316 | 5236 | 5064 | (3782) | 4349 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (3621) | 489 | (5237) | (2172) | 467 | (11688) | (310) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 4325 | (7517) | 1400 | 108693 | 13787 | 195344 | 100088 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 704 | (7028) | (3837) | 106521 | 14254 | 183656 | 99778 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  | 47623 | 36574 | 37772 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 35952 | 37022 | 36053 | 149529 | 19318 | 179874 | 104127 | 1349 |
| **Investment Activity\*:** | **PIVEI2** | **PIVF2** | **PIVMV2** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | 14571 | 416 | 2910 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges (note 2) | (9228) | (2376) | (1994) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5343 | (1960) | 916 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (32806) | 1175 | (1691) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (11309) | 12978 | (259) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (44115) | 14153 | (1950) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 108594 | 24770 | 12952 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 69822 | 36963 | 11918 |  |  |  |  |  |

---

\* For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **ALVGIA** | **ALVGIA** | **AASCO** | **AASCO** | **ALCAI2** | **ALCAI2** | **ALCGI2** | **ALCGI2** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (551) | 1220 | (10611) | (8808) | (162888) | (142882) | (73509) | (65770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (6) | 19111 | (84339) | (16970) | 1323435 | 353082 | 758427 | 170486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 2308 | 24568 | 118783 | 92765 | 127788 | 4057585 | 124478 | 1678773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 39529 | 19572 | 10120 |  | 2230402 |  | 660921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 41280 | 64471 | 33953 | 66987 | 3518737 | 4267785 | 1470317 | 1783489 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) |  | 43 | 609 | 3659 | 974161 | 29341 | 11789 | 9119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 79770 | (52518) | 13006 | 11149 | (472008) | (15807) | (306826) | (5968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (9114) | (16215) | (120230) | (129975) | (2618531) | (1128475) | (878631) | (466611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  |  |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | 70656 | (68690) | (106615) | (115167) | (2116380) | (1114941) | (1173668) | (463460) |
|  **Net change in contract owners' equity** | 111936 | (4219) | (72662) | (48180) | 1402357 | 3152844 | 296649 | 1320029 |
|  **Contract owners' equity at beginning of period** | 449442 | 453661 | 945586 | 993766 | 12704049 | 9551205 | 5845714 | 4525685 |
|  **Contract owners' equity at end of period** | 561378 | 449442 | 872924 | 945586 | 14106406 | 12704049 | 6142363 | 5845714 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 10881 | 12228 | 27266 | 30521 | 86473 | 94865 | 83058 | 90505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 1789 | 12758 | 1428 | 2526 | 11276 | 7906 | 9232 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (181) | (14105) | (4569) | (5781) | (24393) | (16298) | (24285) | (12900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 12489 | 10881 | 24125 | 27266 | 73356 | 86473 | 68005 | 83058 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **ALMGI2** | **ALMGI2** | **SVDF** | **SVDF** | **SVOF** | **SVOF** | **DSIF** | **DSIF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (31756) | (32545) | (35229) | (37375) | (30281) | (32561) | (18521) | (8801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (129504) | (48194) | (116474) | (136465) | 5496 | 32155 | 447793 | 567592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 530842 | 544305 | 230031 | 634002 | (103031) | 67370 | 303329 | 620126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 20117 |  | 264599 | 274152 | 472160 | 527610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 369582 | 463566 | 98445 | 460162 | 136783 | 341116 | 1204761 | 1706527 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 82733 | 877 | 90417 | (8081) | 3138 | 5216 | 125765 | 32184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (12029) | (37513) | (3996) | (145188) | 8319 | (80690) | (20069) | (319261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (471506) | (381152) | (357552) | (181960) | (241390) | (322553) | (1141820) | (730899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  | 1 | 2 |  |  | (1) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (400802) | (417787) | (271129) | (335229) | (229933) | (398028) | (1036125) | (1017978) |
|  **Net change in contract owners' equity** | (31220) | 45779 | (172684) | 124933 | (93150) | (56912) | 168636 | 688549 |
|  **Contract owners' equity at beginning of period** | 2564485 | 2518706 | 2978448 | 2853515 | 2650928 | 2707840 | 8410607 | 7722058 |
|  **Contract owners' equity at end of period** | 2533265 | 2564485 | 2805764 | 2978448 | 2557778 | 2650928 | 8579243 | 8410607 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 39811 | 46629 | 56663 | 63170 | 34823 | 40311 | 139319 | 157073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 3783 | 3427 | 3059 | 2285 | 1443 | 1221 | 6169 | 10722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (9406) | (10245) | (8307) | (8792) | (4304) | (6709) | (22748) | (28476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 34188 | 39811 | 51415 | 56663 | 31962 | 34823 | 122740 | 139319 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **DSRG** | **DSRG** | **DVSCS** | **DVSCS** | **CLVGT2** | **CLVGT2** | **FHIB** | **FHIB** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (10259) | (9329) | 87 | (561) | (35672) | (35847) | 14465 | 14384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 495901 | 53348 | 6623 | 41034 | (34516) | (54678) | (2420) | (7482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (431692) | 214725 | (43148) | (9520) | 608140 | 508333 | 8692 | 9240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 101092 | 8272 | 66072 | 17001 | 294769 | 217031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 155042 | 267016 | 29634 | 47954 | 832721 | 634839 | 20737 | 16142 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 77444 | 7721 | 6443 | 1420 | 2736 | (1974) |  | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1318619) | (41006) | 6333 | (21550) | (2188) | (66656) |  | (18117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (187829) | (111164) | (20361) | (48822) | (518756) | (323146) | (20776) | (28776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | (1) |  | 1 | 1 | 3 | (2) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (1429005) | (144449) | (7584) | (68951) | (518205) | (391778) | (20776) | (47087) |
|  **Net change in contract owners' equity** | (1273963) | 122567 | 22050 | (20997) | 314516 | 243061 | (39) | (30945) |
|  **Contract owners' equity at beginning of period** | 1273963 | 1151396 | 711605 | 732602 | 2937426 | 2694365 | 304406 | 335351 |
|  **Contract owners' equity at end of period** |  | 1273963 | 733655 | 711605 | 3251942 | 2937426 | 304367 | 304406 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 28178 | 31330 | 17255 | 18891 | 50661 | 57941 | 11033 | 12724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 2280 | 1600 | 832 | 2553 | 8700 | 1906 | 28 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (30458) | (4752) | (947) | (4189) | (16991) | (9186) | (714) | (2402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units |  | 28178 | 17140 | 17255 | 42370 | 50661 | 10347 | 11033 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **FVU2** | **FVU2** | **GVRUGM** | **GVRUGM** | **RAF** | **RAF** | **RBF** | **RBF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 9781 | 5447 | 3850 | 6890 | 2 | 10 | (8355) | (9856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 568 | (928) |  |  | (188) | (170) | 1232 | (4420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 11880 | 71142 |  |  | 172 | 140 | 154154 | (64388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 10508 |  |  | 66 |  |  | 30856 | 70548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 32737 | 75661 | 3850 | 6956 | (14) | (20) | 177887 | (8116) |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 39 | 4 | 866 | 3489 | (2) |  | 200 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 9174 | 11999 |  |  |  |  | (1543) | (141759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (25770) | (34862) | (19451) | (50830) | (8) | (10) | (9076) | (58112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  | (1) |  | (1) | 2 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (16557) | (22860) | (18585) | (47342) | (8) | (9) | (10419) | (199591) |
|  **Net change in contract owners' equity** | 16180 | 52801 | (14735) | (40386) | (22) | (29) | 167468 | (207707) |
|  **Contract owners' equity at beginning of period** | 596165 | 543364 | 257858 | 298244 | 84 | 113 | 628974 | 836681 |
|  **Contract owners' equity at end of period** | 612345 | 596165 | 243123 | 257858 | 62 | 84 | 796442 | 628974 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 25590 | 26548 | 28979 | 34303 | 337 | 375 | 16196 | 20924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 982 | 3018 | 3934 | 4767 |  |  | 34 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1644) | (3976) | (5942) | (10091) | (37) | (38) | (231) | (5478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 24928 | 25590 | 26971 | 28979 | 300 | 337 | 15999 | 16196 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RBKF** | **RBKF** | **RBMF** | **RBMF** | **RCPF** | **RCPF** | **RELF** | **RELF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (341) | 671 | 118 | (337) | 128 | (190) | (881) | (888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 2621 | 3346 | 4142 | 1826 | (1707) | (3428) | (218) | 12549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 7068 | 5565 | 12240 | (5565) | (8775) | 9910 | (321) | (10709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 6514 |  | 5952 |  | 25873 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 9348 | 9582 | 23014 | (4076) | (4402) | 6292 | 24453 | 1733 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 1 |  | 4389 | (4800) |  |  | (2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 19668 | (9397) | (3583) | 11020 | (3042) | (66707) | 13564 | 7643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (3192) | (548) | (14101) | (6482) | (52617) | (4607) | (874) | (1085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | (1) |  |  | 1 | (1) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | 16476 | (9945) | (13295) | (261) | (55660) | (71314) | 12688 | 6563 |
|  **Net change in contract owners' equity** | 25824 | (363) | 9719 | (4337) | (60062) | (65022) | 37141 | 8296 |
|  **Contract owners' equity at beginning of period** | 45261 | 45624 | 78552 | 82889 | 125500 | 190522 | 52090 | 43794 |
|  **Contract owners' equity at end of period** | 71085 | 45261 | 88271 | 78552 | 65438 | 125500 | 89231 | 52090 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 4403 | 5383 | 2706 | 2743 | 4051 | 6325 | 923 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 3025 | 2964 | 497 | 1282 | 2301 | 1964 | 223 | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1755) | (3944) | (880) | (1319) | (4130) | (4238) | (12) | (3662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 5673 | 4403 | 2323 | 2706 | 2222 | 4051 | 1134 | 923 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RENF** | **RENF** | **RESF** | **RESF** | **RFSF** | **RFSF** | **RHCF** | **RHCF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2503 | 3730 | (1169) | (1585) | (525) | (308) | (1970) | (2649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (1533) | 4427 | 140 | 1311 | 16748 | 3492 | (2575) | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 15154 | (6690) | 1124 | (10896) | (11037) | 8922 | 5701 | (7574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  | 1701 | 260 | 15111 | 5393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 16124 | 1467 | 95 | (11170) | 6887 | 12366 | 16267 | (666) |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 135286 | 823 | 3600 | (702) | 199 | 200 | 490 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 24129 | (21998) | (1075) | 782 | (1263) | (10148) | (49583) | (18182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (264244) | (61114) | (9026) | (7554) | (2551) | (1531) | (8283) | (18956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 1 |  | 3 |  | 1 | 1 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (104828) | (82289) | (6498) | (7474) | (3614) | (11478) | (57378) | (36695) |
|  **Net change in contract owners' equity** | (88704) | (80822) | (6403) | (18644) | 3273 | 888 | (41111) | (37361) |
|  **Contract owners' equity at beginning of period** | 317433 | 398255 | 110960 | 129604 | 74413 | 73525 | 183831 | 221192 |
|  **Contract owners' equity at end of period** | 228729 | 317433 | 104557 | 110960 | 77686 | 74413 | 142720 | 183831 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 19302 | 23870 | 20954 | 22203 | 3734 | 4443 | 4867 | 5777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 9604 | 705 | 1452 | 150 | 2965 | 531 | 188 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (15773) | (5273) | (2706) | (1399) | (3126) | (1240) | (1692) | (2889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 13133 | 19302 | 19700 | 20954 | 3573 | 3734 | 3363 | 4867 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RINF** | **RINF** | **RJNF** | **RJNF** | **RLCE** | **RLCE** | **RLCJ** | **RLCJ** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (385) | (614) |  | 3 | (4) | 361 | 923 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 1211 | (5160) |  | (48) | 187 | 535 | (167) | (1672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 632 | 13328 |  | 49 | 1288 | (1048) | 12408 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 3336 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 4794 | 7554 |  | 4 | 1471 | (152) | 13164 | 1073 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) |  |  |  | (3) | 4 | (4) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (44875) |  |  |  | (1532) |  | (6413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (2618) | (1269) |  | (61) | (1496) | (934) | (306) | (1185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  |  | 1 | (1) | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (2618) | (46144) |  | (63) | (1493) | (2469) | (304) | (7598) |
|  **Net change in contract owners' equity** | 2176 | (38590) |  | (59) | (22) | (2621) | 12860 | (6525) |
|  **Contract owners' equity at beginning of period** | 28825 | 67415 |  | 59 | 4820 | 7441 | 26574 | 33099 |
|  **Contract owners' equity at end of period** | 31001 | 28825 |  |  | 4798 | 4820 | 39434 | 26574 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 571 | 1624 |  | 23 | 398 | 587 | 1548 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased |  |  |  | 112 | 8 | 2140 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (45) | (1053) |  | (135) | (111) | (2329) | (15) | (370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 526 | 571 |  |  | 295 | 398 | 1538 | 1548 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RMED** | **RMED** | **RMEK** | **RMEK** | **RNF** | **RNF** | **ROF** | **ROF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (2469) | (2100) | 225 | (208) | (17815) | (16639) | (27308) | (22062) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 923 | 4845 | (1284) | (11660) | 76256 | 67905 | 124243 | 130419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 12652 | 39514 | 5679 | (8051) | 201594 | 300097 | 133897 | 270297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 1062 |  |  |  |  |  | 126130 | 39910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 12168 | 42259 | 4620 | (19919) | 260035 | 351363 | 356962 | 418564 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 1 |  | 1 |  | 3 | 241 | 1114 | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (24328) |  | 25134 | (14) | (24629) | (14094) | (7176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (1083) | (2223) | (8158) | (310) | (133723) | (77070) | (122770) | (120979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | (2) | (1) | 1 |  |  | 3 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (1084) | (26552) | (8156) | 24824 | (133734) | (101455) | (135750) | (128598) |
|  **Net change in contract owners' equity** | 11084 | 15707 | (3536) | 4905 | 126301 | 249908 | 221212 | 289966 |
|  **Contract owners' equity at beginning of period** | 328099 | 312392 | 59211 | 54306 | 1398628 | 1148720 | 2216040 | 1926074 |
|  **Contract owners' equity at end of period** | 339183 | 328099 | 55675 | 59211 | 1524929 | 1398628 | 2437252 | 2216040 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 3971 | 4292 | 1116 | 1119 | 20031 | 21514 | 18403 | 19522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased |  |  |  | 3821 | 3604 | 536 | 1172 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (4) | (321) | (169) | (3824) | (5293) | (2019) | (2315) | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 3967 | 3971 | 947 | 1116 | 18342 | 20031 | 17260 | 18403 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RPMF** | **RPMF** | **RREF** | **RREF** | **RRF** | **RRF** | **RTEC** | **RTEC** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3751 | 189 | 196 | 91 | (3) |  | (5178) | (4556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 49525 | (824) | (2229) | (4520) | 92 |  | 6209 | 23924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 364084 | 5443 | 2698 | 7996 |  |  | 50450 | 38905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  |  |  | 38315 | 15474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 417360 | 4808 | 665 | 3567 | 89 |  | 89796 | 73747 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 25 | 357 | 160 | 160 |  |  | 12760 | 3489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 347210 | 985 |  | (9625) | (89) |  | 19902 | (18580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (22494) | (5283) | (18621) | (2064) | (1) |  | (29926) | (33977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  | (1) |  | 1 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | 324741 | (3942) | (18461) | (11528) | (89) |  | 2737 | (49068) |
|  **Net change in contract owners' equity** | 742101 | 866 | (17796) | (7961) |  |  | 92533 | 24679 |
|  **Contract owners' equity at beginning of period** | 84453 | 83587 | 84031 | 91992 |  |  | 376176 | 351497 |
|  **Contract owners' equity at end of period** | 826554 | 84453 | 66235 | 84031 |  |  | 468709 | 376176 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 7183 | 7571 | 3805 | 4310 |  |  | 6359 | 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 47923 | 711 | 2313 | 1374 | 253 |  | 607 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (26260) | (1099) | (3158) | (1879) | (253) |  | (567) | (1646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 28846 | 7183 | 2960 | 3805 |  |  | 6399 | 6359 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RTEL** | **RTEL** | **RTF** | **RTF** | **RTRF** | **RTRF** | **RUF** | **RUF** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (439) | (112) | (33779) | (15038) | (928) | (555) | 206 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 230 | 61 | 69910 | 248311 | (582) | (367) | (1200) | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 11584 | 4622 | 637586 | 576279 | 9410 | 3048 | 706 | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 11375 | 4571 | 673717 | 809552 | 7900 | 2126 | (288) | (669) |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 14 |  | 3 |  | (1) | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | 4152 | (133230) | (46765) | (5029) | 27572 | (22) | (1432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (533) | (1491) | (34958) | (24606) | (4238) | (482) | (530) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  | 1 | (2) |  | 2 | (3) | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (519) | 2662 | (168187) | (71371) | (9266) | 27089 | (551) | (1501) |
|  **Net change in contract owners' equity** | 10856 | 7233 | 505530 | 738181 | (1366) | 29215 | (839) | (2170) |
|  **Contract owners' equity at beginning of period** | 38737 | 31504 | 2863006 | 2124825 | 75586 | 46371 | 3326 | 5496 |
|  **Contract owners' equity at end of period** | 49593 | 38737 | 3368536 | 2863006 | 74220 | 75586 | 2487 | 3326 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 3073 | 2849 | 30872 | 32106 | 2154 | 1322 | 6260 | 8855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 1 | 601 | 3934 | 7256 | 221 | 1179 | 41767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (29) | (377) | (5374) | (8490) | (454) | (347) | (42642) | (2595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 3045 | 3073 | 29432 | 30872 | 1921 | 2154 | 5385 | 6260 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RUGB** | **RUGB** | **RUTL** | **RUTL** | **RVF** | **RVF** | **RVIDD** | **RVIDD** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 671 | 1085 | 320 | 165 | (24102) | (27875) | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (5860) | (11578) | 2157 | 3814 | 322397 | 728462 | (90) | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 4786 | 3706 | 26086 | 23751 | 77793 | 3350 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  | 140633 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | (403) | (6787) | 28563 | 27730 | 516721 | 703937 | (4) | (4) |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 69 |  |  | (137) | (1) | 1579 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 562 | (26128) | (5978) | 16447 | (133077) | (682100) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (1833) | (2332) | (3645) | (3979) | (195772) | (45671) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 2 | 1 | 1 | 1 | 1 |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (1200) | (28459) | (9622) | 12332 | (328849) | (726192) | (2) | (1) |
|  **Net change in contract owners' equity** | (1603) | (35246) | 18941 | 40062 | 187872 | (22255) | (6) | (5) |
|  **Contract owners' equity at beginning of period** | 28896 | 64142 | 188360 | 148298 | 1953279 | 1975534 | 19 | 24 |
|  **Contract owners' equity at end of period** | 27293 | 28896 | 207301 | 188360 | 2141151 | 1953279 | 13 | 19 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 2807 | 5373 | 5699 | 5297 | 5171 | 7311 | 397 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 3448 |  | 653 | 2480 | 667 | 1757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (3608) | (2566) | (914) | (2078) | (1386) | (3897) | (33) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 2647 | 2807 | 5438 | 5699 | 4452 | 5171 | 364 | 397 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RVISC** | **RVISC** | **RVLCG** | **RVLCG** | **RVLCV** | **RVLCV** | **RVLDD** | **RVLDD** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1 | 2 | (6530) | (6087) | (57) | 72 | (451) | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments |  |  | 15194 | 993 | 10954 | 19101 | 1884 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (4) | (4) | (13190) | 116990 | 6712 | 1778 | 24526 | 21890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 60933 | 2182 | 10001 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | (3) | (2) | 56407 | 114078 | 27610 | 20951 | 25959 | 23412 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) |  |  | 32054 | 3708 | 40363 | 3581 | 38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  |  | (194500) | (6489) | (1917) | (3482) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) |  |  | (60074) | (25898) | (64139) | (33485) | (1225) | (1260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  |  | 1 | (1) | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions |  |  | (222520) | (28678) | (25694) | (33388) | (1187) | (1262) |
|  **Net change in contract owners' equity** | (3) | (2) | (166113) | 85400 | 1916 | (12437) | 24772 | 22150 |
|  **Contract owners' equity at beginning of period** | 27 | 29 | 544041 | 458641 | 216378 | 228815 | 145269 | 123119 |
|  **Contract owners' equity at end of period** | 24 | 27 | 377928 | 544041 | 218294 | 216378 | 170041 | 145269 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 49 | 49 | 12918 | 13589 | 7003 | 8086 | 1921 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased |  |  | 1054 | 1362 | 1570 | 2038 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed |  |  | (5820) | (2033) | (2392) | (3121) | (12) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 49 | 49 | 8152 | 12918 | 6181 | 7003 | 1910 | 1921 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **RVMCG** | **RVMCG** | **RVMCV** | **RVMCV** | **RVSCG** | **RVSCG** | **RVSCV** | **RVSCV** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (2727) | (3291) | (1455) | (1794) | (1009) | (1406) | (2290) | (2595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (11469) | 6646 | 2518 | 7255 | (13533) | 2947 | 17829 | 7374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 9675 | 31772 | (9301) | (6822) | 17550 | 7085 | (12141) | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 11299 | 20 | 13073 | 7302 |  |  | 5680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 6778 | 35147 | 4835 | 5941 | 3008 | 8626 | 9078 | 5711 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 14787 | 1375 | 17034 | 2026 | 41358 | 1086 | 23381 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (15351) | 14408 | (1556) | (4584) | (10552) | (3930) | (2521) | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (38154) | (46361) | (28838) | (24404) | (56623) | (15898) | (47875) | (17105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  | (1) | (1) | (2) |  | 2 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (38718) | (30578) | (13361) | (26963) | (25819) | (18742) | (27013) | (13947) |
|  **Net change in contract owners' equity** | (31940) | 4569 | (8526) | (21022) | (22811) | (10116) | (17935) | (8236) |
|  **Contract owners' equity at beginning of period** | 246300 | 241731 | 138535 | 159557 | 98332 | 108448 | 206162 | 214398 |
|  **Contract owners' equity at end of period** | 214360 | 246300 | 130009 | 138535 | 75521 | 98332 | 188227 | 206162 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 6452 | 7245 | 3603 | 4268 | 3236 | 3803 | 7962 | 8462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 1055 | 1992 | 604 | 369 | 1736 | 448 | 1145 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (2189) | (2785) | (973) | (1034) | (2649) | (1015) | (2196) | (1170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 5318 | 6452 | 3234 | 3603 | 2323 | 3236 | 6911 | 7962 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **AVGI** | **AVGI** | **AVHY1** | **AVHY1** | **IVDDI** | **IVDDI** | **IVGMMI** | **IVGMMI** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (4618) | (3967) | 44304 | 36219 | 2622 | 2685 | 183242 | 240818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 89 | (2392) | (14415) | (11030) | 15481 | (313) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 53367 | 97556 | 10328 | 25598 | (8815) | 22969 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 58885 | 58428 |  |  | 35618 | 16094 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 107723 | 149625 | 40217 | 50787 | 44906 | 41435 | 183242 | 240818 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 12577 | (227) | 5475 | 58 | 5433 |  | 23940 | 176165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 19358 | (2290) | 6470 | 35971 | (444008) | 31466 | 749412 | 1551068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (44442) | (54652) | (78470) | (52238) | (32113) | (13092) | (905300) | (1471887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 1 | (1) |  | (1) | 1 | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (12506) | (57170) | (66525) | (16210) | (470687) | 18373 | (131949) | 255346 |
|  **Net change in contract owners' equity** | 95217 | 92455 | (26308) | 34577 | (425781) | 59808 | 51293 | 496164 |
|  **Contract owners' equity at beginning of period** | 733544 | 641089 | 820926 | 786349 | 425781 | 365973 | 6828956 | 6332792 |
|  **Contract owners' equity at end of period** | 828761 | 733544 | 794618 | 820926 |  | 425781 | 6880249 | 6828956 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 21140 | 22859 | 36670 | 37274 | 15138 | 14511 | 705757 | 676785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 1092 | 424 | 5217 | 5951 | 2039 | 2061 | 292378 | 362532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (1362) | (2143) | (8126) | (6555) | (17177) | (1434) | (304185) | (333560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 20870 | 21140 | 33761 | 36670 |  | 15138 | 693950 | 705757 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **IVHS** | **IVHS** | **IVMCC2** | **IVMCC2** | **IVRE** | **IVRE** | **IVT** | **IVT** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (3748) | (4694) | (4064) | (3791) | 2334 | 3755 | (2030) | (2063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 2442 | 4875 | (4663) | (4022) | (10036) | (8056) | 20669 | (26259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 28358 | 13686 | (874) | 46769 | 24073 | (4875) | (11143) | 65355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 12615 |  | 36129 | 8527 |  |  | 17651 | 8700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 39667 | 13867 | 26528 | 47483 | 16371 | (9176) | 25147 | 45733 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 2737 | 174 | 605 | 513 | 4110 | 1363 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 11249 | (11129) | (513) | (3442) | 27660 | (17494) | (11923) | 38609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (38660) | (64541) | (9427) | (3008) | (41571) | (11230) | (24953) | (24447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  |  |  |  |  | 2 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (24674) | (75496) | (9335) | (5937) | (9801) | (27361) | (36875) | 14161 |
|  **Net change in contract owners' equity** | 14993 | (61629) | 17193 | 41546 | 6570 | (36537) | (11728) | 59894 |
|  **Contract owners' equity at beginning of period** | 310207 | 371836 | 353595 | 312049 | 277410 | 313947 | 179370 | 119476 |
|  **Contract owners' equity at end of period** | 325200 | 310207 | 370788 | 353595 | 283980 | 277410 | 167642 | 179370 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 9329 | 11475 | 8562 | 8693 | 8794 | 9626 | 5893 | 5192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 1366 | 1840 | 333 | 79 | 2966 | 149 | 269 | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (2086) | (3986) | (531) | (210) | (3287) | (981) | (1521) | (2507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 8609 | 9329 | 8364 | 8562 | 8473 | 8794 | 4641 | 5893 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **JAEI** | **JAEI** | **JAGRIN** | **JAGRIN** | **JAIG** | **JAIG** | **JARIN** | **JARIN** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (84885) | (48796) | (28097) | (28096) | 992 | 889 | (107598) | (112227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 453732 | 274863 | 656745 | 486654 | 38293 | 10629 | 906386 | 492482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (497999) | 640423 | (124317) | 436119 | 97502 | 7528 | (8690) | 1955027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 676912 | 370665 | 462143 | 172671 |  |  | 716836 | 260713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 547760 | 1237155 | 966474 | 1067348 | 136787 | 19046 | 1506934 | 2595995 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 26668 | 8419 | 13267 | 10157 | 119670 | (7780) | 372214 | 11150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 17095 | (4643) | 20232 | (58489) | 25197 | 71729 | (94242) | (77519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (1205557) | (598892) | (789163) | (613374) | (196316) | (21719) | (1598465) | (827833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 3 | 2 |  | (3) | 1 | (2) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (1161791) | (595114) | (755664) | (661709) | (51448) | 42228 | (1320496) | (894202) |
|  **Net change in contract owners' equity** | (614031) | 642041 | 210810 | 405639 | 85339 | 61274 | 186438 | 1701793 |
|  **Contract owners' equity at beginning of period** | 9595409 | 8953368 | 5423884 | 5018245 | 511091 | 449817 | 9721686 | 8019893 |
|  **Contract owners' equity at end of period** | 8981378 | 9595409 | 5634694 | 5423884 | 596430 | 511091 | 9908124 | 9721686 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 112028 | 119037 | 135146 | 152214 | 11256 | 10328 | 147438 | 162117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 7460 | 6143 | 15045 | 7941 | 3598 | 1639 | 12825 | 8761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (20629) | (13152) | (32326) | (25009) | (4508) | (711) | (31419) | (23440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 98859 | 112028 | 117865 | 135146 | 10346 | 11256 | 128844 | 147438 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **LZREMS** | **LZREMS** | **LZRIES** | **LZRIES** | **LZRUSM** | **LZRUSM** | **LPVCAI** | **LPVCAI** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4444 | 5874 | 2713 | 3981 | (9386) | (10853) | (1279) | (1103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 11 | (5238) | 56770 | (6073) | (43810) | (8717) | (4416) | (4417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 95633 | 17235 | (393) | 14296 | (39486) | 68770 | 1183 | (10342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 10722 | 608 | 94150 | 31174 | 16012 | 26169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 100088 | 17871 | 69812 | 12812 | 1468 | 80374 | 11500 | 10307 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 3500 | 1396 | 428 | (267) | 7935 | (10949) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3544) | (24285) | (322802) | (4841) | 1602 | 1342 |  | (1214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (11395) | (21437) | (5415) | (29694) | (137251) | (93265) | (3535) | (5185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 1 | (1) | (1) | (1) | (1) | 1 | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (11438) | (44327) | (327790) | (34803) | (127715) | (102871) | (3536) | (6398) |
|  **Net change in contract owners' equity** | 88650 | (26456) | (257978) | (21991) | (126247) | (22497) | 7964 | 3909 |
|  **Contract owners' equity at beginning of period** | 256344 | 282800 | 257978 | 279969 | 844065 | 866562 | 98424 | 94515 |
|  **Contract owners' equity at end of period** | 344994 | 256344 |  | 257978 | 717818 | 844065 | 106388 | 98424 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 8000 | 9340 | 12967 | 14642 | 17334 | 19478 | 3414 | 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 223 | 355 | 286 | 1634 | 731 | 641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (514) | (1695) | (13253) | (3309) | (3421) | (2785) | (108) | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 7709 | 8000 |  | 12967 | 14644 | 17334 | 3306 | 3414 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **LPVCII** | **LPVCII** | **LVCLGI** | **LVCLGI** | **SBVHY** | **SBVHY** | **LACB2** | **LACB2** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1947 | 102 | (16405) | (16305) | 6 | 6 | 9899 | 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (1220) | 2345 | 42880 | 81639 |  |  | 41331 | 10901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (7292) | 4678 | (25816) | 174070 | 3 |  | 110647 | 138092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 28826 | 21374 | 89943 | 55697 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 22261 | 28499 | 90602 | 295101 | 9 | 6 | 161877 | 162779 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) |  | 1 | 6828 |  | (2) |  | 64963 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (2541) | 8905 | 38913 | (68572) |  |  | (6749) | 2098034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (8248) | (6176) | (94994) | (106306) |  |  | (399067) | (131058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  |  | 1 | 2 | (1) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (10789) | 2730 | (49253) | (174877) |  | (1) | (340853) | 1966976 |
|  **Net change in contract owners' equity** | 11472 | 31229 | 41349 | 120224 | 9 | 5 | (178976) | 2129755 |
|  **Contract owners' equity at beginning of period** | 205262 | 174033 | 1299241 | 1179017 | 102 | 97 | 2129755 |  |
|  **Contract owners' equity at end of period** | 216734 | 205262 | 1340590 | 1299241 | 111 | 102 | 1950779 | 2129755 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 6050 | 5904 | 23370 | 26716 | 5 | 5 | 197823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 8 | 470 | 2539 | 522 |  |  | 8674 | 214121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (300) | (324) | (3373) | (3868) |  |  | (38696) | (16298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 5758 | 6050 | 22536 | 23370 | 5 | 5 | 167801 | 197823 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **LACDV2** | **LACDV2** | **LACI2** | **LACI2** | **LACIPS** | **LACIPS** | **LACV2** | **LACV2** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (18576) | 1247 | (401) | (1307) | 8640 | 3311 | 5155 | 34577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 268246 | 10843 | 4209 | 6504 | 159 | 812 | 44663 | 22589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (90078) | 90078 | 59295 | (3363) | (1886) | (172) | 101457 | 75722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  |  |  | 189669 | 23477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 159592 | 102168 | 63103 | 1834 | 6913 | 3951 | 340944 | 156365 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 943 | 27569 | 6067 | 21718 | 859 | 537 | 1496 | 11032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1747472) | 1813109 | 865 | 543612 |  | 142045 | (12312) | 2622075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (162887) | (193020) | (65286) | (97854) | (2110) | (8743) | (484700) | (276535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  | (2) |  | 1 | 1 | (1) | 2 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (1909416) | 1647656 | (58354) | 467477 | (1250) | 133838 | (495514) | 2356570 |
|  **Net change in contract owners' equity** | (1749824) | 1749824 | 4749 | 469311 | 5663 | 137789 | (154570) | 2512935 |
|  **Contract owners' equity at beginning of period** | 1749824 |  | 469311 |  | 137789 |  | 2512935 |  |
|  **Contract owners' equity at end of period** |  | 1749824 | 474060 | 469311 | 143452 | 137789 | 2358365 | 2512935 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 165860 |  | 47306 |  | 13476 |  | 238108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 3554 | 187898 | 1553 | 60577 | 81 | 15355 | 34958 | 281949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (169414) | (22038) | (7038) | (13271) | (163) | (1879) | (77552) | (43841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units |  | 165860 | 41821 | 47306 | 13394 | 13476 | 195514 | 238108 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **LOVCDG** | **LOVCDG** | **LOVGI** | **LOVGI** | **GIG** | **GIG** | **GVEXD** | **GVEXD** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (1339) | (1360) | (16897) | (9707) | 129 |  | (1536) | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 9535 | 1722 | 38359 | 27131 | 32 |  | 5659 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 3903 | 24285 | 81578 | 218002 | 11529 |  | 124732 | 43006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 16657 | 11469 | 258160 | 181675 |  |  | 1348 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 28756 | 36116 | 361200 | 417101 | 11690 |  | 130203 | 47611 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 54 |  | 30968 | (5898) | 538 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  |  | (39423) | (31338) | 311137 |  | 195802 | 618458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (9761) | (10738) | (249766) | (157622) | (1516) |  | (13788) | (3590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  | (17048) | (4) | (1) |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (9707) | (10738) | (275269) | (194862) | 310158 |  | 182014 | 614869 |
|  **Net change in contract owners' equity** | 19049 | 25378 | 85931 | 222239 | 321848 |  | 312217 | 662480 |
|  **Contract owners' equity at beginning of period** | 205280 | 179902 | 2483689 | 2261450 |  |  | 720271 | 57791 |
|  **Contract owners' equity at end of period** | 224329 | 205280 | 2569620 | 2483689 | 321848 |  | 1032488 | 720271 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 3295 | 3475 | 53827 | 58225 |  |  | 51167 | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 365 |  | 2166 | 3075 | 26077 |  | 14106 | 46385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (508) | (180) | (7794) | (7473) | (158) |  | (2016) | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 3152 | 3295 | 48199 | 53827 | 25919 |  | 63257 | 51167 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **NVAMVX** | **NVAMVX** | **NVCBDY** | **NVCBDY** | **NVOLG1** | **NVOLG1** | **AMCG** | **AMCG** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 15054 |  | 5438 |  | 8303 |  | (5185) | (5096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 1062 |  | (147) |  | 44 |  | 8069 | (2089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 68670 |  | 960 |  | 9330 |  | (40333) | 62961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 3354 |  |  |  |  |  | 51606 | 23820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 88140 |  | 6251 |  | 17677 |  | 14157 | 79596 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 156 |  |  |  | 218 |  | 1645 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2225951 |  | 226293 |  | 1317657 |  | (2590) | 64941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (31820) |  | (8939) |  | (4989) |  | (64006) | (29627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | (1) |  | (1) |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | 2194286 |  | 217353 |  | 1312886 |  | (64952) | 36507 |
|  **Net change in contract owners' equity** | 2282426 |  | 223604 |  | 1330563 |  | (50795) | 116103 |
|  **Contract owners' equity at beginning of period** |  |  |  |  |  |  | 449170 | 333067 |
|  **Contract owners' equity at end of period** | 2282426 |  | 223604 |  | 1330563 |  | 398375 | 449170 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units |  |  |  |  |  |  | 10262 | 9296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 200465 |  | 26074 |  | 110472 |  | 247 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (7085) |  | (4340) |  | (528) |  | (1747) | (1220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 193380 |  | 21734 |  | 109944 |  | 8762 | 10262 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **AMRI** | **AMRI** | **AMSRS** | **AMSRS** | **AMTB** | **AMTB** | **NOVPDI** | **NOVPDI** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (13284) | (8777) | (13060) | (10337) | 38424 | 37628 | (169) | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 7072 | 7589 | 29923 | 46087 | (4120) | (12527) | 12582 | (24386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | (8723) | 65669 | 42256 | 129699 | 5665 | 18669 | 220048 | 194802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 187633 | 53901 | 63019 | 47209 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 172698 | 118382 | 122138 | 212658 | 39969 | 43770 | 232461 | 175228 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 1031 | 1027 | 213 | (10280) | 6973 | 69 | 9709 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 72 | 5445 | (1144) | (10374) | 38812 | (37876) | (1089) | (2767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (5899) | (6370) | (35274) | (91505) | (31838) | (71341) | (214410) | (118178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | (1) | 2 |  | (1) |  |  | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (4797) | 104 | (36205) | (112160) | 13947 | (109148) | (205791) | (120555) |
|  **Net change in contract owners' equity** | 167901 | 118486 | 85933 | 100498 | 53916 | (65378) | 26670 | 54673 |
|  **Contract owners' equity at beginning of period** | 1701412 | 1582926 | 1016767 | 916269 | 901280 | 966658 | 1625682 | 1571009 |
|  **Contract owners' equity at end of period** | 1869313 | 1701412 | 1102700 | 1016767 | 955196 | 901280 | 1652352 | 1625682 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 38437 | 38332 | 19505 | 21789 | 69173 | 77535 | 117638 | 126267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 25 | 188 | 677 | 722 | 6472 | 10855 | 6366 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (35) | (83) | (1303) | (3006) | (5247) | (19217) | (20437) | (12071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 38427 | 38437 | 18879 | 19505 | 70398 | 69173 | 103567 | 117638 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **NOVPM** | **NOVPM** | **PMVAAA** | **PMVAAA** | **PMVEBA** | **PMVEBA** | **PMVFHA** | **PMVFHA** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (27360) | (27215) | 9332 | 14166 | 295 | 264 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | 49490 | 39044 | (1506) | (17398) | (33) | (92) | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 29716 | 402122 | 24758 | 7814 | 407 | 146 | 18 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 386939 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 438785 | 413951 | 32584 | 4582 | 669 | 318 | 89 | 134 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 12857 | (2521) | (18) | 2003 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (26260) | (13076) |  | (19624) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (172478) | (245888) | (3605) | (4273) | (162) | (426) | (8) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 1 | (1) | (1) |  |  | 1 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (185880) | (261486) | (3624) | (21894) | (162) | (425) | (8) | (9) |
|  **Net change in contract owners' equity** | 252905 | 152465 | 28960 | (17312) | 507 | (107) | 81 | 125 |
|  **Contract owners' equity at beginning of period** | 2116886 | 1964421 | 256497 | 273809 | 4948 | 5055 | 3357 | 3232 |
|  **Contract owners' equity at end of period** | 2369791 | 2116886 | 285457 | 256497 | 5455 | 4948 | 3438 | 3357 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 92290 | 103789 | 14153 | 15440 | 275 | 297 | 198 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 8273 | 4493 | 77 | 4213 |  | 74 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (15656) | (15992) | (229) | (5500) | (8) | (96) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 84907 | 92290 | 14001 | 14153 | 267 | 275 | 198 | 198 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **PMVGBA** | **PMVGBA** | **PMVHYA** | **PMVHYA** | **PMVRRA** | **PMVRRA** | **PMVRSA** | **PMVRSA** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 7622 | 5337 | 23 | 19 | 19070 | 12433 | 246 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (3583) | (11678) |  |  | (2682) | (10298) | (2324) | (1392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 20791 | 2620 | 11 | 4 | 40624 | 6212 | 4391 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 24830 | (3721) | 34 | 23 | 57012 | 8347 | 2313 | 424 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 3580 | 3347 |  |  | 13061 | 1318 | 1657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 6235 | (20372) |  |  | 67165 | (34870) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (3085) | (22585) | (1) | (1) | (37114) | (71116) | (2472) | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  | 1 | 1 | (2) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | 6730 | (39610) |  |  | 43110 | (104668) | (816) | (726) |
|  **Net change in contract owners' equity** | 31560 | (43331) | 34 | 23 | 100122 | (96321) | 1497 | (302) |
|  **Contract owners' equity at beginning of period** | 216227 | 259558 | 464 | 441 | 839309 | 935630 | 13681 | 13983 |
|  **Contract owners' equity at end of period** | 247787 | 216227 | 498 | 464 | 939431 | 839309 | 15178 | 13681 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 16698 | 19645 | 23 | 22 | 52212 | 58553 | 1918 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 1395 | 1132 |  | 1 | 6252 | 3597 | 218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (865) | (4079) |  |  | (3455) | (9938) | (318) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 17228 | 16698 | 23 | 23 | 55009 | 52212 | 1818 | 1918 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **PMVTRA** | **PMVTRA** | **PVSTA** | **PVSTA** | **ROCMC** | **ROCMC** | **ROCSC** | **ROCSC** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 66452 | 66589 | 35248 | 43385 | (3573) | (3442) | 3316 | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (34274) | (92931) | (3621) | (3037) | 489 | (1605) | (5237) | 13792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 136878 | 58484 | 4325 | 13262 | (7517) | 18000 | 1400 | (26224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  | 47623 | 19370 | 36574 | 20504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 169056 | 32142 | 35952 | 53610 | 37022 | 32323 | 36053 | 7411 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 17705 | 14799 | 4779 | 6358 |  | 1492 | 17076 | (4324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 93169 | 10382 | (267273) | 225946 | 4975 | (1064) | 29820 | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (109143) | (271995) | (41241) | (172981) | (12251) | (12235) | (46694) | (111938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 1 | (1) | 1 |  | (1) | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | 1732 | (246815) | (303734) | 59323 | (7277) | (11806) | 203 | (110892) |
|  **Net change in contract owners' equity** | 170788 | (214673) | (267782) | 112933 | 29745 | 20517 | 36256 | (103481) |
|  **Contract owners' equity at beginning of period** | 2271340 | 2486013 | 1245394 | 1132461 | 288860 | 268343 | 502006 | 605487 |
|  **Contract owners' equity at end of period** | 2442128 | 2271340 | 977612 | 1245394 | 318605 | 288860 | 538262 | 502006 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 143775 | 158932 | 102358 | 97233 | 6391 | 6647 | 10257 | 12601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 10573 | 25687 | 4933 | 32840 | 241 | 147 | 1456 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (10236) | (40844) | (29369) | (27715) | (350) | (403) | (1464) | (4229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 144112 | 143775 | 77922 | 102358 | 6282 | 6391 | 10249 | 10257 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **TAVV** | **TAVV** | **VWBF** | **VWBF** | **VWEM** | **VWEM** | **VWHA** | **VWHA** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5236 | 8474 | 5064 | 7788 | (3782) | 2906 | 4349 | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (2172) | (9760) | 467 | (715) | (11688) | (32866) | (310) | (1863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 108693 | (60851) | 13787 | (5224) | 195344 | 32120 | 100088 | (14923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains | 37772 | 50170 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 149529 | (11967) | 19318 | 1849 | 179874 | 2160 | 104127 | (12376) |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) | 18061 | 4208 | 1593 | 3496 |  | 1823 | 26462 | (529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (26398) | (95800) | 1118 | 902 |  | (13817) | (1188) | (14101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (46381) | (47194) | (11264) | (21998) | (47599) | (56430) | (48740) | (22618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  |  |  | (1) |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (54718) | (138786) | (8553) | (17601) | (47599) | (68423) | (23466) | (37247) |
|  **Net change in contract owners' equity** | 94811 | (150753) | 10765 | (15752) | 132275 | (66263) | 80661 | (49623) |
|  **Contract owners' equity at beginning of period** | 488057 | 638810 | 117883 | 133635 | 660503 | 726766 | 312933 | 362556 |
|  **Contract owners' equity at end of period** | 582868 | 488057 | 128648 | 117883 | 792778 | 660503 | 393594 | 312933 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 16095 | 20280 | 6511 | 7472 | 22618 | 24811 | 12117 | 13437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased | 751 | 732 | 643 | 1501 |  | 511 | 1112 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (2376) | (4917) | (1067) | (2462) | (1407) | (2704) | (1894) | (1847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 14470 | 16095 | 6087 | 6511 | 21211 | 22618 | 11335 | 12117 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— | $— | $— | $— |
|  | **PIHYB2** | **PIHYB2** | **PIVEI2** | **PIVEI2** | **PIVF2** | **PIVF2** | **PIVMV2** | **PIVMV2** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 948 | 845 | 5343 | 5120 | (1960) | (1631) | 916 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments | (38) | (35) | (32806) | (3554) | 1175 | 4219 | (1691) | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments | 439 | 558 | (11309) | (69662) | 12978 | 23982 | (259) | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  | 108594 | 138743 | 24770 | 9256 | 12952 | 10466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations | 1349 | 1368 | 69822 | 70647 | 36963 | 35826 | 11918 | 16118 |
|  **Equity transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) |  |  | 1348 | 1373 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  |  | (16649) | (1283) | (8798) | 11214 | 2734 | (27197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (113) | (50) | (79223) | (51893) | (3807) | (30286) | (3750) | (3630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves | 1 | (1) |  | (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (112) | (51) | (94524) | (51804) | (12605) | (19072) | (1016) | (30827) |
|  **Net change in contract owners' equity** | 1237 | 1317 | (24702) | 18843 | 24358 | 16754 | 10902 | (14709) |
|  **Contract owners' equity at beginning of period** | 20539 | 19222 | 747988 | 729145 | 186267 | 169513 | 156808 | 171517 |
|  **Contract owners' equity at end of period** | 21776 | 20539 | 723286 | 747988 | 210625 | 186267 | 167710 | 156808 |
|  **CHANGE IN UNITS:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units | 1009 | 1009 | 21455 | 22862 | 4148 | 4548 | 5284 | 6299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased |  |  | 1073 | 245 | 148 | 373 | 779 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed | (2) |  | (3578) | (1652) | (428) | (773) | (888) | (1138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units | 1007 | 1009 | 18950 | 21455 | 3868 | 4148 | 5175 | 5284 |

---

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY** 

**YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **JNMVA1** | **JNMVA1** | **JNMVA5** | **JNMVA5** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Investment activity\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized gain (loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in contract owners' equity resulting from operations |  |  |  |  |
|  **Equity transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase payments received from contract owners (note 4) |  | 260655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (303145) |  | 935377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions (notes 2, 3, and 4) | (119435) | (424209) | (22023) | (13711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to maintain reserves |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net equity transactions | (119435) | (466700) | (22023) | 921666 |
|  **Net change in contract owners' equity** | (119435) | (466700) | (22023) | 921666 |
|  **Contract owners' equity at beginning of period** | 1439010 | 1905710 | 1205000 | 283334 |
|  **Contract owners' equity at end of period** | 1319575 | 1439010 | 1182977 | 1205000 |
|  **CHANGE IN UNITS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending units |  |  |  |  |

---

\* For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

**(1)** **Background and Summary of Significant Accounting Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Organization and Nature of Operations*** 

The Jefferson National Life Annuity Account F (the Separate Account) was established pursuant to a resolution of the Board of Directors of Jefferson National Life Insurance Company (f/k/a Conseco Variable Insurance Company f/k/a Great American Reserve Insurance Company) (the Company) in 1997. The Separate Account comprises two separate accounts. One account, also named Jefferson National Life Annuity Account F, services the variable annuity portion of the contract and is registered under the Investment Company Act of 1940 as a unit investment trust. The other account, Jefferson National Life Interest Adjustment Account (IAA), offers interest adjustment account investment options that pay fixed rates of interest as declared by the Company for specified periods (one, three and five years) from the date the amounts are allocated to the IAA. The IAA is not registered as an investment company under the Investment Company Act of 1940. 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 Company offers tax qualified and non-tax qualified Individual Deferred Variable Annuity Contracts through the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***The Contracts*** 

The Separate Account offers variable annuity insurance benefits intended to serve the long-term saving needs of investors. The primary distribution for the contracts is through the brokerage community; however, other distributors are utilized. Contract features are described in the applicable prospectus.

A contract owner may choose from among a number of different underlying mutual fund options or the interest adjustment option. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

With certain exceptions, contract owners in either the accumulation or payout phase may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)

ALGER AMERICAN FUNDS

Alger Small Cap Growth Portfolio: Class I-2 Shares (AASCO)

Alger Capital Appreciation Portfolio - Class I2 Shares (ALCAI2)

Alger Large Cap Growth Portfolio: Class I-2 Shares (ALCGI2)

Alger Mid Cap Growth Portfolio: Class I-2 Shares (ALMGI2)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)\*

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

COLUMBIA FUNDS MANAGEMENT COMPANY

Columbia Funds Variable Insurance Trust II - Columbia Variable Portfolio - Seligman Global Technology: Class 2 (CLVGT2)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes High Income Bond Fund II: Primary Shares (FHIB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - U.S. Government Money Market Fund (GVRUGM)

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)\*

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Leisure Fund (RLF)\*

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)\*

Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Mid-Cap Strategy Fund (RVIMC)\*

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

INVESCO INVESTMENTS

Invesco - Invesco V.I. Core Equity Fund: Series I Shares (AVGI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. Diversified Dividend Fund: Series I Shares (IVDDI)\*

Invesco - Invesco V.I. Government Money Market Fund: Series I Shares (IVGMMI)

Invesco - Invesco V.I. Health Care Fund: Series I Shares (IVHS)

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series II Shares (IVMCC2)

Invesco - Invesco V.I. Global Real Estate Fund: Series I Shares (IVRE)

Invesco - Invesco V.I. Technology Fund: Series I Shares (IVT)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Global Research Portfolio: Institutional Shares (JAGRIN)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Institutional Shares (JAIG)

Janus Aspen Series - Janus Henderson Research Portfolio: Institutional Shares (JARIN)

LAZARD FUNDS

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

Lazard Retirement Series, Inc. - Lazard Retirement International Equity Portfolio: Service Shares (LZRIES)\*

Lazard Retirement Series, Inc. - Lazard Retirement US Small Cap Equity Select Portfolio: Service Shares (LZRUSM)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Growth Portfolio: Class I (LPVCAI)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio: Class I (LPVCII)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Growth Portfolio: Class I (LVCLGI)

Western Asset Variable Global High Yield Bond Portfolio: Class I (SBVHY)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Balanced Fund: Standard Class II (LACB2)

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II

(LACDV2)\*

Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Standard Class II (LACI2)

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class (LACIPS)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Dividend Growth Portfolio: Class VC (LOVCDG)

Lord Abbett Series Fund, Inc. - Growth and Income Portfolio: Class VC (LOVGI)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class I (GEM)\*

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class Y (GVEXD)

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth & Income Fund: Class I (NCPGI)\*

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Inflation Managed Fund: Class II (NJMIM2)\*

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class Y (NVCBDY)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)\*

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)\*

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares (AMRI)

Neuberger Berman Advisers Management Trust - Quality Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - Donoghue Forlines Dividend VIT Fund: Class 1 (NOVPDI)

Northern Lights Variable Trust - Donoghue Forlines Momentum VIT Fund: Class 1 (NOVPM)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - Emerging Markets Bond Portfolio: Administrative Class (PMVEBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

Royce Capital Fund - Royce Small-Cap Portfolio: Investment Class (ROCSC)

THIRD AVENUE FUNDS

Third Avenue Variable Series Trust - Third Avenue Value Portfolio (TAVV)

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWBF)

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)

VICTORY FUNDS

Victory Variable Insurance Funds II - Victory Pioneer High Yield VCT Portfolio: Class II (PIHYB2)

Victory Variable Insurance Funds II - Victory Pioneer Equity Income VCT Portfolio: Class II (PIVEI2)

Victory Variable Insurance Funds II - Victory Pioneer Fund VCT Portfolio: Class II (PIVF2)

Victory Variable Insurance Funds II - Victory Pioneer Mid Cap Value VCT Portfolio: Class II (PIVMV2)

1 Year Account (JNMVA1)

3 Year Account (JNMVA3)\*

5 Year Account (JNMVA5)

\* At December 31, 2025, contract owners were not invested in this fund.

Unless listed below, the financial statements presented are as of December 31, 2025 and for each of the years in the two-year period ended December 31, 2025. For the subaccounts listed below with inception dates in 2025, the financial statements are as of December 31, 2025 and for the period from the inception date to December 31, 2025. For the subaccounts listed below with inception dates in 2024, the prior year financial statements reflect the period from inception date to December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **Inception Date** | **Liquidation Date** |
| Lincoln Variable Insurance Products Trust - LVIP American Century Balanced Fund: Standard Class II (LACB2) | 4/26/2024 |  |
| Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II (LACDV2) | 4/26/2024 |  |
| Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Standard Class II (LACI2) | 4/26/2024 |  |
| Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class (LACIPS) | 4/26/2024 |  |
| Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2) | 4/26/2024 |  |
| Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class Y (NVCBDY) | 2/28/2025 |  |
| Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX) | 6/13/2025 |  |
| Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG) | 11/14/2025 |  |
| Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1) | 11/14/2025 |  |
| Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class Y (NVLCPY) |  | 2/28/2025 |

---

The following underlying mutual fund mergers occurred. The subaccounts associated with the acquired underlying mutual funds are no longer available as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Acquired Underlying Mutual Fund** | **Acquiring Underlying Mutual Fund** | **Effective Date** |
| Nationwide Variable Insurance Trust - NVIT BNY<br> Mellon Core Plus Bond Fund: Class Y (NVLCPY) | Nationwide Variable Insurance Trust - NVIT Loomis<br> Core Bond Fund: Class Y (NVCBDY) | 2/28/2025 |

---

For the one-year period ended December 31, 2025, the following subaccount name changes occurred:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Subaccount</u>**<br> **Abbreviation** | **Current Legal Name** | **Prior Legal Name** | **Effective Date** |
|  NCPGI | Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth & Income Fund: Class I | Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I | 5/1/2025 |
|  AMSRS | Neuberger Berman Advisers Management Trust - Quality Equity Portfolio: Class I Shares | Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares | 7/28/2025 |
|  PIHYB2 | Victory Variable Insurance Funds II - Victory Pioneer High Yield VCT Portfolio: Class II | Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class II | 3/31/2025 |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  PIVEI2 | Victory Variable Insurance Funds II - Victory Pioneer Equity Income VCT Portfolio: Class II | Pioneer Variable Contracts Trust - Pioneer Equity Income VCT Portfolio: Class II | 3/31/2025 |
|  PIVF2 | Victory Variable Insurance Funds II - Victory Pioneer Fund VCT Portfolio: Class II | Pioneer Variable Contracts Trust - Pioneer Fund VCT Portfolio: Class II | 3/31/2025 |
|  PIVMV2 | Victory Variable Insurance Funds II - Victory Pioneer Mid Cap Value VCT Portfolio: Class II | Pioneer Variable Contracts Trust - Pioneer Mid Cap Value VCT Portfolio: Class II | 3/31/2025 |

---

The contract owners' equity is affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses (see note 2). 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 the Company.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners' Equity if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period.

The Company allocates purchase payments to subaccounts and/or the fixed account as instructed by the contract owner. Shares of the subaccounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Security Valuation, Transactions and Related Investment Income***

Investments in underlying mutual funds are valued at the closing Net Asset Value per share at December 31, 2025 of such funds. The cost of investments sold is determined on a specific identification basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Federal Income Taxes***

Operations of the Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) Use of Estimates in the Preparation of Financial Statements***

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Calculation of Annuity Reserves***

At each financial reporting date, the Separate Account financial statements include an aggregate amount of net assets allocated to future contract benefits for the contracts in the payout (annuitization) period. The payout (annuitization) period begins when amounts accumulated under the contract (the contract value) are applied according to the payment method selected by the contract owner.

Annuity reserves are computed for contracts in the variable payout stage according to industry standard mortality tables. The assumed investment return is 3.5% unless the annuitant elects otherwise, in which case the rate may vary from 3.5% to 6%, as regulated by the laws of the respective states. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if reserves exceed amounts required, transfers may be made to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g) Adjustments to Maintain reserves (ATM)***

Adjustments to Maintain reserves primarily represent timing related adjustments absorbed by the general account in order to maintain appropriate contract owner account balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h) Segment Disclosures***

The subaccounts have acted as single reportable segments and the public entity's chief operating decision maker ("CODM") is Product Development. The CODM assesses subaccount performance including investment results reflected in the net increase (decrease) in contract owners' equity resulting from operations as reported in the Statements of Operations as well as investment income ratios, and total return, within the financial highlights of the notes to the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Subsequent Events***

The Company evaluated subsequent events through the date the financial statements were issued, and no subsequent events have occurred requiring accrual or disclosure.

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

**(2)** **Expenses** 

Although periodic retirement payments to contract owners vary according to the investment performance of the portfolios, such payments are not affected by mortality or expense experience because the Company assumes the mortality and expense risks under the contracts.

The mortality risk assumed by the Company results from the life annuity payment option in the contracts in which the Company agrees to make annuity payments regardless of expenses. This charge excludes the optional guaranteed minimum income benefit rider. For contracts with guaranteed minimum income benefit ride, the fee is an additional .30 percent to the base rate. The expense risk assumed by the Company is the risk that the deductions for sales and administrative expenses may prove insufficient to cover the actual sales and administrative expenses. The total mortality and expense fees were $1,501,078 and $1,485,043 for the years ended December 31, 2025 and 2024, respectively. The administrative fees were $300,299 and $297,006 for the years ended December 31, 2025 and 2024, respectively.

Pursuant to an agreement between the Separate Account and the Company (which may be terminated by the Company at any time), the Company provides sales and administrative services to the Separate Account, as well as a minimum death benefit prior to retirement for the contracts. The Company may deduct a percentage of amounts surrendered to cover sales expenses. The percentage varies up to 7 percent based upon the number of years the contract has been held. In addition, the Company deducts units from individual contracts annually and upon full surrender to cover an administrative fee of $60, unless the value of the contract is $50,000 or greater. This fee is recorded as a redemption in the accompanying Statements of Changes in Contract Owners' Equity. Sales and administrative charges were $81,942 and $94,287 for the years ended December 31, 2025 and 2024, respectively. The Interest Adjustment Account is subject to an interest adjustment if the amounts are withdrawn prior to the end of the guarantee period (with certain exceptions). The adjustment can be positive or negative. There were adjustments of $0 and $0 for the years ended December 31, 2025 and 2024, respectively.

**(3)** **Annuity Benefits** 

Annuity benefit proceeds result in a redemption of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. For last survivor flexible premium policies, the proceeds are payable on the death of the last surviving insured. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company's general account.

**(4)** **Related Party Transactions** 

The Company performs various services on behalf of the mutual fund companies in which the Separate Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company.

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 the Company. The fixed account assets are not reflected in the accompanying financial statements. In addition, the Separate Account portion of contract owner loans is transferred to the accounts of the Company for administration and collection. Loan repayments are transferred to the Separate Account at the direction of the contract owner. For the years ended December 31, 2025 and 2024, total transfers to the Separate Account from the fixed account were $202,178 and $1,126,846, respectively, and total transfers from the Separate Account to the fixed account were $167,715 and $1,013,140, respectively. Transfers from the Separate Account to the fixed account are included in redemptions, and transfers to the Separate Account from the fixed account are included in purchase payments received from contract owners, as applicable, on the accompanying Statements of Changes in Contract Owners' Equity.

**(5)** **Fair Value Measurement** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Separate Account's view of market assumptions in the absence of observable market information. The Separate Account uses valuation techniques that maximize the use of observable inputs and minimizes the use of unobservable inputs. In determining fair value, the Separate Account generally uses the market approach as its valuation technique.

The Separate Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest-priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Separate Account categorizes assets and liabilities held at fair value as follows:

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

\* Level 1 – Unadjusted quoted prices accessible in active markets for identical assets or liabilities at the measurement date and mutual funds, where the value per share (unit) is determined and published daily and is the basis for current transactions.

\* Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, Secured Overnight Financing Rate, prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values. 

\* Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimate of the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs. 

The Company reviews its fair value hierarchy classifications for assets and liabilities. Changes in the observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the reporting period in which the change occurs.

The investments used by all subaccounts are mutual funds and are valued using daily Net Asset Values (NAVs), which are deemed to approximate fair values. As such, all funds are classified as Level 1 investments.

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Purchases of**<br> **Investments** | **Sales of**<br> **Investments** |
|  ALVGIA | $124380 | $14746 |
|  AASCO | 46931 | 154037 |
|  ALCAI2 | 2955871 | 3004736 |
|  ALCGI2 | 1139063 | 1725319 |
|  ALMGI2 | 122243 | 554802 |
|  SVDF | 53445 | 339686 |
|  SVOF | 279875 | 275490 |
|  DSIF | 792557 | 1375041 |
|  DSRG | 125772 | 1463944 |
|  DVSCS | 99414 | 40840 |
|  CLVGT2 | 460959 | 720069 |
|  FHIB | 18358 | 24669 |
|  FVU2 | 50272 | 46540 |
|  GVRUGM | 41099 | 55835 |
|  RAF | 3 | 10 |
|  RBF | 32168 | 20085 |
|  RBKF | 24949 | 8813 |
|  RBMF | 19686 | 26349 |
|  RCPF | 13593 | 63172 |
|  RELF | 39427 | 1747 |
|  RENF | 28634 | 130959 |
|  RESF | 3594 | 11262 |
|  RFSF | 62476 | 64915 |
|  RHCF | 21392 | 65628 |
|  RINF | 3336 | 3004 |
|  RLCE | 173 | 1669 |
|  RLCJ | 1409 | 792 |
|  RMED | 2606 | 5094 |
|  RMEK | 892 | 8824 |
|  RNF | 19 | 151568 |
|  ROF | 269950 | 306878 |
|  RPMF | 723523 | 395031 |
|  RREF | 1116 | 19380 |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  RRF | 9859 | 9951 |
|  RTEC | 54970 | 19097 |
|  RTEL | 95 | 1054 |
|  RTF | 326669 | 528634 |
|  RTRF | 7288 | 17482 |
|  RUF | 23795 | 24138 |
|  RUGB | 28131 | 28661 |
|  RUTL | 23339 | 32642 |
|  RVF | 341344 | 553663 |
|  RVIDD | 1 | 1 |
|  RVLCG | 72757 | 240875 |
|  RVLCV | 16061 | 31811 |
|  RVLDD | 1422 | 3061 |
|  RVMCG | 33502 | 63648 |
|  RVMCV | 16300 | 18043 |
|  RVSCG | 4640 | 31466 |
|  RVSCV | 11832 | 35457 |
|  AVGI | 91519 | 49758 |
|  AVHY1 | 99445 | 121667 |
|  IVDDI | 91670 | 524118 |
|  IVGMMI | 2684931 | 2633637 |
|  IVHS | 34625 | 50432 |
|  IVMCC2 | 50349 | 27618 |
|  IVRE | 36712 | 44180 |
|  IVT | 25349 | 46605 |
|  JAEI | 898882 | 1468648 |
|  JAGRIN | 818931 | 1140549 |
|  JAIG | 55882 | 106338 |
|  JARIN | 1123521 | 1834777 |
|  LZREMS | 15464 | 22458 |
|  LZRIES | 21709 | 336065 |
|  LZRUSM | 111639 | 154590 |
|  LPVCAI | 16012 | 4815 |
|  LPVCII | 33645 | 13662 |
|  LVCLGI | 134828 | 110543 |
|  SBVHY | 7 | 2 |
|  LACB2 | 63607 | 394561 |
|  LACDV2 | 6424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934416 |
|  LACI2 | 21092 | 79847 |
|  LACIPS | 10844 | 3454 |
|  LACV2 | 228602 | 529294 |
|  LOVCDG | 42039 | 36428 |
|  LOVGI | 296595 | 330602 |
|  GIG | 312712 | 2425 |
|  GVEXD | 204860 | 23034 |
|  NVAMVX | 2268867 | 56173 |
|  NVCBDY | 268631 | 45840 |
|  NVOLG1 | 1329898 | 8709 |
|  AMCG | 60742 | 79273 |
|  AMRI | 195630 | 26077 |
|  AMSRS | 97716 | 83962 |
|  AMTB | 110708 | 58338 |
|  NOVPDI | 39576 | 245535 |
|  NOVPM | 410473 | 236774 |
|  PMVAAA | 14046 | 8337 |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  PMVEBA | 360 | 227 |
|  PMVFHA | 118 | 51 |
|  PMVGBA | 29107 | 14755 |
|  PMVHYA | 30 | 7 |
|  PMVRRA | 119540 | 57359 |
|  PMVRSA | 1014 | 1584 |
|  PMVTRA | 225054 | 156872 |
|  PVSTA | 102106 | 370592 |
|  ROCMC | 56941 | 20168 |
|  ROCSC | 94119 | 54026 |
|  TAVV | 54454 | 66164 |
|  VWBF | 17642 | 21131 |
|  VWEM | 5225 | 56606 |
|  VWHA | 12163 | 31280 |
|  PIHYB2 | 1212 | 377 |
|  PIVEI2 | &nbsp;&nbsp;&nbsp;&nbsp;123488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104075 |
|  PIVF2 | 32881 | 22676 |
|  PIVMV2 | 38973 | 26120 |

---

\* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

**(6) Financial Highlights** 

The Company offers several variable annuity products through the Separate Account that have unique combinations of features and fees that are assessed to the contract owner. Differences in fee structures result in a variety of contract expense rates, unit fair values and total returns. The following tabular presentation is a summary of units, unit fair values, contract owners' equity outstanding and contract expense rates for variable annuity contracts as of December 31, 2025, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2025. The information is presented as a value or range of minimum to maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate, unit fair value, and total return for contracts with units outstanding as of the balance sheet date. Accordingly, some individual contract amounts may not be within the ranges presented. Total return and investment income ratio for periods with no ending Contract Owners' Equity were considered to be irrelevant, and therefore are not presented. Contract Owners' Equity presented below may not agree to the Contract Owners' Equity presented in the Statements of Changes in Contract Owners' Equity due to reserves for annuity contracts in payout.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** | **Total Return\*\*\*\*** |
|  **ALVGIA** |  |  |  |  |  |  |  |  |  |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | % | 12489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.95 |  | $561378 | 1.13% | 8.83 | % |
| 2024 | 1.50 | % | 10881 | 41.30 |  | 449442 | 1.47% | 11.33 | % |
| 2023 | 1.50 | % | 12228 | 37.10 |  | 453661 | 1.47% | 10.36 | % |
| 2022 | 1.50 | % | 13246 | 33.62 |  | 445266 | 1.29% | -5.62 | % |
| 2021 | 1.50 | % | 14657 | 35.62 |  | 522033 | 0.74% | 26.25 | % |
|  **AASCO** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 24125 | 36.18 |  | 872924 | 0.00% | 4.34 | % |
| 2024 | 1.50 | % | 27266 | 34.68 |  | 945586 | 0.37% | 6.51 | % |
| 2023 | 1.50 | % | 30521 | 32.56 |  | 993766 | 0.00% | 14.76 | % |
| 2022 | 1.50 | % | 34791 | 28.37 |  | 987083 | 0.00% | -38.94 | % |
| 2021 | 1.50 | % to 1.80% | 38285 | 46.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to 55.26 | 1779036 | 0.00% | -7.74 | % to -7.46% |
|  **ALCAI2** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 73356 | 192.30 |  | 14106406 | 0.00% | 30.89 | % |
| 2024 | 1.50 | % | 86473 | 146.91 |  | 12679096 | 0.00% | 45.92 | % |
| 2023 | 1.50 | % | 94865 | 100.68 |  | 9551205 | 0.00% | 41.01 | % |
| 2022 | 1.50 | % | 98325 | 71.40 |  | 7020633 | 0.00% | -37.47 | % |
| 2021 | 1.50 | % | 108873 | 114.18 |  | 12416587 | 0.00% | 17.35 | % |
|  **ALCGI2** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 68005 | 90.32 |  | 6142363 | 0.00% | 28.33 | % |
| 2024 | 1.50 | % | 83058 | 70.38 |  | 5845714 | 0.00% | 40.75 | % |
| 2023 | 1.50 | % | 90505 | 50.00 |  | 4525685 | 0.00% | 30.70 | % |
| 2022 | 1.50 | % | 91669 | 38.26 |  | 3507169 | 0.00% | -39.57 | % |
| 2021 | 1.50 | % | 99759 | 63.31 |  | 6315610 | 0.00% | 10.18 | % |
|  **ALMGI2** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 34188 | 74.10 |  | 2530570 | 0.00% | 15.03 | % |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** | **Total Return\*\*\*\*** |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | % | 39811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.42 |  | 2564485 | 0.00% | 19.26 | % |
| 2023 | 1.50 | % | 46629 | 54.02 |  | 2518706 | 0.00% | 21.35 | % |
| 2022 | 1.50 | % | 53136 | 44.51 |  | 2365295 | 0.00% | -37.02 | % |
| 2021 | 1.50 | % to 1.80% | 61507 | 41.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to 70.68 | 4347150 | 0.00% | 2.34 | % to 2.65% |
|  **SVDF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 51415 | 54.57 |  | 2805764 | 0.00% | 3.82 | % |
| 2024 | 1.50 | % | 56663 | 52.56 |  | 2978448 | 0.00% | 16.36 | % |
| 2023 | 1.50 | % | 63170 | 45.17 |  | 2837882 | 0.00% | 18.36 | % |
| 2022 | 1.50 | % | 74391 | 38.17 |  | 2839146 | 0.00% | -38.77 | % |
| 2021 | 1.50 | % | 76843 | 62.33 |  | 4790026 | 0.00% | -6.46 | % |
|  **SVOF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 31962 | 80.03 |  | 2557778 | 0.05% | 5.12 | % |
| 2024 | 1.50 | % | 34823 | 76.13 |  | 2650928 | 0.05% | 13.33 | % |
| 2023 | 1.50 | % | 40311 | 67.17 |  | 2707840 | 0.00% | 24.62 | % |
| 2022 | 1.50 | % | 43871 | 53.90 |  | 2364760 | 0.00% | -21.98 | % |
| 2021 | 1.50 | % | 47849 | 69.09 |  | 3304197 | 0.04% | 22.92 | % |
|  **DSIF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 122740 | 69.90 |  | 8575735 | 1.02% | 15.78 | % |
| 2024 | 1.50 | % | 139319 | 60.37 |  | 8391190 | 1.15% | 22.80 | % |
| 2023 | 1.50 | % | 157073 | 49.16 |  | 7722058 | 1.41% | 24.06 | % |
| 2022 | 1.50 | % | 190015 | 39.63 |  | 7529887 | 1.32% | -19.53 | % |
| 2021 | 1.50 | % | 217574 | 49.25 |  | 10714884 | 1.13% | 26.50 | % |
|  **DSRG** |  |  |  |  |  |  |  |  |  |
| 2024 | 1.50 | % | 28178 | 45.21 |  | 1267191 | 0.54% | 23.02 | % |
| 2023 | 1.50 | % | 31330 | 36.75 |  | 1151396 | 0.78% | 21.98 | % |
| 2022 | 1.50 | % | 41684 | 30.13 |  | 1255834 | 0.53% | -24.02 | % |
| 2021 | 1.50 | % | 44709 | 39.65 |  | 1772813 | 0.76% | 25.11 | % |
|  **DVSCS** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 17140 | 42.80 |  | 733655 | 1.26% | 3.79 | % |
| 2024 | 1.50 | % | 17255 | 41.24 |  | 711605 | 1.18% | 6.34 | % |
| 2023 | 1.50 | % | 18891 | 38.78 |  | 732602 | 1.06% | 13.67 | % |
| 2022 | 1.50 | % | 20271 | 34.12 |  | 691579 | 0.93% | -17.89 | % |
| 2021 | 1.50 | % | 24913 | 41.55 |  | 1035091 | 0.69% | 24.27 | % |
|  **CLVGT2** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 42370 | 76.75 |  | 3251942 | 0.00% | 32.37 | % |
| 2024 | 1.50 | % | 50661 | 57.98 |  | 2937426 | 0.00% | 24.69 | % |
| 2023 | 1.50 | % | 57941 | 46.50 |  | 2694365 | 0.00% | 42.72 | % |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2022 | 1.50% | 64598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.58 | 2104777 | 0.00% | -32.87% |
| 2021 | 1.50% | 78799 | 48.54 | 3824793 | 0.28% | 36.62% |
|  **FHIB** |  |  |  |  |  |  |
| 2025 | 1.50% | 10347 | 29.42 | 304367 | 5.89% | 6.62% |
| 2024 | 1.50% | 11033 | 27.59 | 304406 | 5.67% | 4.68% |
| 2023 | 1.50% | 12724 | 26.36 | 335175 | 5.86% | 11.04% |
| 2022 | 1.50% | 13129 | 23.74 | 311468 | 5.74% | -13.09% |
| 2021 | 1.50% | 17460 | 27.31 | 476839 | 5.13% | 3.29% |
|  **FVU2** |  |  |  |  |  |  |
| 2025 | 1.50% | 24928 | 24.56 | 612345 | 2.89% | 5.44% |
| 2024 | 1.50% | 25590 | 23.30 | 596165 | 2.20% | 13.83% |
| 2023 | 1.50% | 26548 | 20.47 | 543364 | 2.09% | 7.07% |
| 2022 | 1.50% | 34245 | 19.12 | 654627 | 1.91% | -15.04% |
| 2021 | 1.50% | 35640 | 22.50 | 801874 | 1.81% | 16.75% |
|  **GVRUGM** |  |  |  |  |  |  |
| 2025 | 1.50% | 26971 | 9.01 | 242946 | 2.80% | 1.31% |
| 2024 | 1.50% | 28979 | 8.90 | 254225 | 3.81% | 2.34% |
| 2023 | 1.50% | 34303 | 8.69 | 298244 | 3.62% | 2.15% |
| 2022 | 1.50% | 35814 | 8.51 | 304820 | 0.71% | -0.76% |
| 2021 | 1.50% | 37998 | 8.58 | 325889 | 0.00% | -1.49% |
|  **RAF** |  |  |  |  |  |  |
| 2025 | 1.50% | 300 | 0.21 | 62 | 3.44% | -17.42% |
| 2024 | 1.50% | 337 | 0.25 | 84 | 10.84% | -17.05% |
| 2023 | 1.50% | 375 | 0.30 | 113 | 0.68% | -32.87% |
| 2022 | 1.50% | 415 | 0.45 | 187 | 0.00% | 32.84% |
| 2021 | 1.50% | 455 | 0.34 | 154 | 0.00% | -26.57% |
|  **RBF** |  |  |  |  |  |  |
| 2025 | 1.50% | 15999 | 49.78 | 796442 | 0.00% | 28.19% |
| 2024 | 1.50% | 16196 | 38.84 | 628974 | 0.00% | -2.88% |
| 2023 | 1.50% | 20924 | 39.99 | 836681 | 0.00% | 3.97% |
| 2022 | 1.50% | 24351 | 38.46 | 936552 | 0.00% | -14.60% |
| 2021 | 1.50% | 25381 | 45.04 | 1143089 | 0.00% | -0.09% |
|  **RBKF** |  |  |  |  |  |  |
| 2025 | 1.50% | 5673 | 12.53 | 71085 | 0.55% | 21.90% |
| 2024 | 1.50% | 4403 | 10.28 | 45261 | 2.69% | 21.27% |
| 2023 | 1.50% | 5383 | 8.48 | 45624 | 1.07% | 1.44% |
| 2022 | 1.50% | 6051 | 8.36 | 50558 | 1.52% | -18.25% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2021 | 1.50% | 5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | 54988 | 1.10% | 31.51% |
|  **RBMF** |  |  |  |  |  |  |
| 2025 | 1.50% | 2323 | 38.00 | 88271 | 1.39% | 30.91% |
| 2024 | 1.50% | 2706 | 29.03 | 78552 | 0.85% | -3.93% |
| 2023 | 1.50% | 2743 | 30.22 | 72609 | 0.00% | 7.35% |
| 2022 | 1.50% | 3832 | 28.15 | 107842 | 0.55% | -10.99% |
| 2021 | 1.50% | 2717 | 31.62 | 85926 | 0.60% | 21.11% |
|  **RCPF** |  |  |  |  |  |  |
| 2025 | 1.50% | 2222 | 29.45 | 65438 | 1.43% | -4.95% |
| 2024 | 1.50% | 4051 | 30.98 | 125500 | 1.14% | 2.86% |
| 2023 | 1.50% | 6325 | 30.12 | 190522 | 1.43% | -4.74% |
| 2022 | 1.50% | 8764 | 31.62 | 277121 | 0.66% | -2.38% |
| 2021 | 1.50% | 6994 | 32.39 | 226557 | 0.78% | 8.97% |
|  **RELF** |  |  |  |  |  |  |
| 2025 | 1.50% | 1134 | 78.66 | 89231 | 0.00% | 39.39% |
| 2024 | 1.50% | 923 | 56.43 | 52090 | 0.00% | 14.40% |
| 2023 | 1.50% | 888 | 49.33 | 43794 | 0.00% | 52.45% |
| 2022 | 1.50% | 609 | 32.36 | 19705 | 0.00% | -33.70% |
| 2021 | 1.50% | 611 | 48.81 | 29844 | 0.00% | 36.20% |
|  **RENF** |  |  |  |  |  |  |
| 2025 | 1.50% | 13133 | 17.42 | 228729 | 2.09% | 5.91% |
| 2024 | 1.50% | 19302 | 16.45 | 316731 | 2.29% | -1.43% |
| 2023 | 1.50% | 23870 | 16.68 | 398255 | 3.44% | 0.10% |
| 2022 | 1.50% | 68523 | 16.67 | 1142091 | 1.37% | 46.09% |
| 2021 | 1.50% | 33281 | 11.41 | 378930 | 0.54% | 48.22% |
|  **RESF** |  |  |  |  |  |  |
| 2025 | 1.50% | 19700 | 5.31 | 104557 | 0.07% | 0.23% |
| 2024 | 1.50% | 20954 | 5.30 | 110960 | 0.00% | -9.28% |
| 2023 | 1.50% | 22203 | 5.84 | 128046 | 0.00% | 2.89% |
| 2022 | 1.50% | 21818 | 5.67 | 123781 | 0.00% | 40.45% |
| 2021 | 1.50% | 4726 | 4.04 | 19092 | 0.25% | 15.76% |
|  **RFSF** |  |  |  |  |  |  |
| 2025 | 1.50% | 3573 | 21.75 | 77686 | 0.56% | 9.11% |
| 2024 | 1.50% | 3734 | 19.93 | 74413 | 0.83% | 20.43% |
| 2023 | 1.50% | 4443 | 16.55 | 73525 | 0.00% | 12.21% |
| 2022 | 1.50% | 5174 | 14.75 | 76296 | 0.27% | -19.33% |
| 2021 | 1.50% | 30081 | 18.28 | 549922 | 0.22% | 33.25% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
|  **RHCF** |  |  |  |  |  |  |
| 2025 | 1.50% | 3363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.44 | 142720 | 0.00% | 12.37% |
| 2024 | 1.50% | 4867 | 37.77 | 183831 | 0.00% | -1.36% |
| 2023 | 1.50% | 5777 | 38.29 | 221192 | 0.00% | 3.47% |
| 2022 | 1.50% | 6023 | 37.01 | 222889 | 0.00% | -13.31% |
| 2021 | 1.50% | 6862 | 42.69 | 292937 | 0.00% | 17.07% |
|  **RINF** |  |  |  |  |  |  |
| 2025 | 1.50% | 526 | 58.89 | 31001 | 0.00% | 16.73% |
| 2024 | 1.50% | 571 | 50.45 | 28825 | 0.00% | 21.56% |
| 2023 | 1.50% | 1624 | 41.50 | 67415 | 0.00% | 45.20% |
| 2022 | 1.50% | 1585 | 28.58 | 45311 | 0.00% | -45.66% |
| 2021 | 1.50% | 1722 | 52.60 | 90607 | 0.00% | -6.08% |
|  **RJNF** |  |  |  |  |  |  |
| 2023 | 1.50% | 23 | 2.52 | 59 | 0.00% | 2.69% |
| 2022 | 1.50% | 23 | 2.45 | 58 | 0.00% | 44.04% |
| 2021 | 1.50% | 23 | 1.70 | 40 | 0.00% | -0.53% |
|  **RLCE** |  |  |  |  |  |  |
| 2025 | 1.50% | 295 | 16.28 | 4798 | 1.17% | 34.43% |
| 2024 | 1.50% | 398 | 12.11 | 4820 | 6.60% | -4.46% |
| 2023 | 1.50% | 587 | 12.68 | 7441 | 0.34% | 18.31% |
| 2022 | 1.50% | 848 | 10.72 | 9083 | 0.00% | -14.37% |
| 2021 | 1.50% | 899 | 12.51 | 11249 | 0.22% | 16.95% |
|  **RLCJ** |  |  |  |  |  |  |
| 2025 | 1.50% | 1538 | 25.63 | 39434 | 4.16% | 49.28% |
| 2024 | 1.50% | 1548 | 17.17 | 26574 | 3.29% | -0.50% |
| 2023 | 1.50% | 1918 | 17.26 | 33099 | 0.05% | 32.47% |
| 2022 | 1.50% | 2042 | 13.03 | 26603 | 0.00% | -43.84% |
| 2021 | 1.50% | 2063 | 23.20 | 47859 | 0.00% | -15.37% |
|  **RMED** |  |  |  |  |  |  |
| 2025 | 1.50% | 3967 | 85.50 | 339183 | 0.48% | 3.47% |
| 2024 | 1.50% | 3971 | 82.63 | 328099 | 0.61% | 13.54% |
| 2023 | 1.50% | 4292 | 72.78 | 312392 | 0.00% | 17.07% |
| 2022 | 1.50% | 4333 | 62.16 | 269347 | 0.00% | -24.34% |
| 2021 | 1.50% | 4881 | 82.16 | 401030 | 0.00% | 33.24% |
|  **RMEK** |  |  |  |  |  |  |
| 2025 | 1.50% | 947 | 58.78 | 55675 | 1.67% | 10.80% |
| 2024 | 1.50% | 1116 | 53.05 | 59211 | 0.95% | 9.29% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** | **Total Return\*\*\*\*** |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | % | 1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.54 |  | 54306 | 0.00% | 18.00 | % |
| 2022 | 1.50 | % | 1123 | 41.13 |  | 46202 | 0.00% | -34.45 | % |
| 2021 | 1.50 | % to 1.80% | 1271 | 38.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to 62.75 | 78984 | 0.05% | 16.88 | % to 17.23% |
|  **RNF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 18342 | 83.14 |  | 1524929 | 0.00% | 19.07 | % |
| 2024 | 1.50 | % | 20031 | 69.82 |  | 1398628 | 0.00% | 30.77 | % |
| 2023 | 1.50 | % | 21514 | 53.39 |  | 1148720 | 0.00% | 33.07 | % |
| 2022 | 1.50 | % | 23134 | 40.13 |  | 928249 | 0.43% | -31.30 | % |
| 2021 | 1.50 | % | 23609 | 58.41 |  | 1378973 | 0.36% | 40.07 | % |
|  **ROF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 17260 | 141.21 |  | 2437252 | 0.03% | 17.27 | % |
| 2024 | 1.50 | % | 18403 | 120.42 |  | 2216040 | 0.21% | 22.05 | % |
| 2023 | 1.50 | % | 19522 | 98.66 |  | 1926074 | 0.00% | 50.95 | % |
| 2022 | 1.50 | % | 18928 | 65.36 |  | 1237132 | 0.00% | -35.12 | % |
| 2021 | 1.50 | % | 21542 | 100.74 |  | 2170195 | 0.00% | 23.67 | % |
|  **RPMF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 28846 | 28.65 |  | 826554 | 2.02% | 143.70 | % |
| 2024 | 1.50 | % | 7183 | 11.76 |  | 84103 | 1.47% | 6.50 | % |
| 2023 | 1.50 | % | 7571 | 11.04 |  | 83587 | 0.33% | 2.28 | % |
| 2022 | 1.50 | % | 6684 | 10.79 |  | 72148 | 0.54% | -12.41 | % |
| 2021 | 1.50 | % | 4925 | 12.32 |  | 60688 | 1.63% | -10.54 | % |
|  **RREF** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 2960 | 22.38 |  | 66235 | 1.54% | 1.35 | % |
| 2024 | 1.50 | % | 3805 | 22.08 |  | 84031 | 1.36% | 3.46 | % |
| 2023 | 1.50 | % | 4310 | 21.34 |  | 91992 | 1.53% | 8.68 | % |
| 2022 | 1.50 | % | 7726 | 19.64 |  | 151724 | 0.71% | -28.48 | % |
| 2021 | 1.50 | % | 7039 | 27.46 |  | 193261 | 0.58% | 32.08 | % |
|  RRF |  |  |  |  |  |  |  |  |  |
| 2022 | 1.50 | % | 371 | 29.05 |  | 10775 | 0.00% | -27.61 | % |
| 2021 | 1.50 | % | 403 | 40.14 |  | 16162 | 0.00% | 10.09 | % |
|  **RTEC** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 6399 | 73.25 |  | 468709 | 0.00% | 23.83 | % |
| 2024 | 1.50 | % | 6359 | 59.15 |  | 371762 | 0.00% | 22.11 | % |
| 2023 | 1.50 | % | 7256 | 48.44 |  | 351497 | 0.00% | 46.80 | % |
| 2022 | 1.50 | % | 5167 | 33.00 |  | 170509 | 0.00% | -37.20 | % |
| 2021 | 1.50 | % | 5802 | 52.54 |  | 304873 | 0.00% | 18.71 | % |
|  **RTEL** |  |  |  |  |  |  |  |  |  |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2025 | 1.50% | 3045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | 49593 | 0.22% | 29.18% |
| 2024 | 1.50% | 3073 | 12.61 | 38737 | 0.92% | 13.99% |
| 2023 | 1.50% | 2849 | 11.06 | 31504 | 0.88% | 4.72% |
| 2022 | 1.50% | 2947 | 10.56 | 31117 | 0.62% | -26.95% |
| 2021 | 1.50% | 3355 | 14.46 | 48501 | 0.73% | 7.36% |
|  **RTF** |  |  |  |  |  |  |
| 2025 | 1.50% | 29432 | 114.45 | 3368536 | 0.10% | 23.41% |
| 2024 | 1.50% | 30872 | 92.74 | 2863006 | 0.66% | 40.13% |
| 2023 | 1.50% | 32106 | 66.18 | 2124825 | 0.09% | 42.89% |
| 2022 | 1.50% | 28723 | 46.32 | 1330365 | 0.00% | -40.67% |
| 2021 | 1.50% | 32559 | 78.07 | 2541705 | 0.00% | 55.93% |
|  **RTRF** |  |  |  |  |  |  |
| 2025 | 1.50% | 1921 | 38.63 | 74220 | 0.00% | 10.10% |
| 2024 | 1.50% | 2154 | 35.09 | 75586 | 0.26% | 0.04% |
| 2023 | 1.50% | 1322 | 35.07 | 46371 | 0.00% | 22.64% |
| 2022 | 1.50% | 1324 | 28.60 | 37863 | 0.00% | -35.99% |
| 2021 | 1.50% | 1353 | 44.68 | 60431 | 0.00% | 20.36% |
|  **RUF** |  |  |  |  |  |  |
| 2025 | 1.50% | 5385 | 0.46 | 2487 | 7.07% | -13.08% |
| 2024 | 1.50% | 6260 | 0.53 | 3326 | 10.95% | -14.41% |
| 2023 | 1.50% | 8855 | 0.62 | 5496 | 0.60% | -16.22% |
| 2022 | 1.50% | 423959 | 0.74 | 314068 | 0.00% | 14.86% |
| 2021 | 1.50% | 9030 | 0.64 | 5824 | 0.00% | -25.57% |
|  **RUGB** |  |  |  |  |  |  |
| 2025 | 1.50% | 2647 | 10.31 | 27293 | 3.28% | 0.16% |
| 2024 | 1.50% | 2807 | 10.29 | 28896 | 3.25% | -13.77% |
| 2023 | 1.50% | 5373 | 11.94 | 64142 | 2.88% | -2.51% |
| 2022 | 1.50% | 6376 | 12.25 | 78069 | 1.92% | -41.71% |
| 2021 | 1.50% | 7040 | 21.01 | 147903 | 0.36% | -8.87% |
|  **RUTL** |  |  |  |  |  |  |
| 2025 | 1.50% | 5438 | 38.12 | 207301 | 1.41% | 15.33% |
| 2024 | 1.50% | 5699 | 33.05 | 188360 | 1.35% | 18.07% |
| 2023 | 1.50% | 5297 | 28.00 | 148163 | 1.58% | -8.51% |
| 2022 | 1.50% | 6477 | 30.60 | 188438 | 0.92% | -0.46% |
| 2021 | 1.50% | 7560 | 30.74 | 232406 | 1.52% | 12.82% |
|  **RVF** |  |  |  |  |  |  |
| 2025 | 1.50% | 4452 | 480.90 | 2141151 | 0.00% | 27.32% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2024 | 1.50% | 5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377.71 | 1953279 | 0.00% | 39.78% |
| 2023 | 1.50% | 7311 | 270.22 | 1975534 | 0.00% | 112.93% |
| 2022 | 1.50% | 7307 | 126.91 | 927325 | 0.00% | -61.62% |
| 2021 | 1.50% | 10261 | 330.68 | 3393066 | 0.00% | 51.17% |
|  **RVIDD** |  |  |  |  |  |  |
| 2025 | 1.50% | 364 | 0.04 | 13 | 5.99% | -21.88% |
| 2024 | 1.50% | 397 | 0.05 | 19 | 7.13% | -17.19% |
| 2023 | 1.50% | 430 | 0.06 | 24 | 0.19% | -19.47% |
| 2022 | 1.50% | 460 | 0.07 | 32 | 0.00% | 3.51% |
| 2021 | 1.50% | 491 | 0.07 | 33 | 0.00% | -36.29% |
|  **RVISC** |  |  |  |  |  |  |
| 2025 | 1.50% | 49 | 0.49 | 24 | 3.03% | -10.92% |
| 2024 | 1.50% | 49 | 0.55 | 27 | 7.56% | -7.05% |
| 2023 | 1.50% | 49 | 0.60 | 29 | 0.00% | -12.55% |
| 2022 | 1.50% | 49 | 0.68 | 34 | 0.00% | 15.62% |
| 2021 | 1.50% | 49 | 0.59 | 29 | 0.00% | -19.70% |
|  **RVLCG** |  |  |  |  |  |  |
| 2025 | 1.50% | 8152 | 46.36 | 377928 | 0.00% | 10.09% |
| 2024 | 1.50% | 12918 | 42.11 | 539455 | 0.06% | 24.77% |
| 2023 | 1.50% | 13589 | 33.75 | 458641 | 0.00% | 4.89% |
| 2022 | 1.50% | 16532 | 32.18 | 532011 | 0.00% | -29.42% |
| 2021 | 1.50% | 16949 | 45.59 | 772753 | 0.00% | 25.69% |
|  **RVLCV** |  |  |  |  |  |  |
| 2025 | 1.50% | 6181 | 35.32 | 218294 | 1.22% | 14.30% |
| 2024 | 1.50% | 7003 | 30.90 | 212497 | 1.29% | 9.19% |
| 2023 | 1.50% | 8086 | 28.30 | 228815 | 1.57% | 4.71% |
| 2022 | 1.50% | 9414 | 27.03 | 254422 | 0.96% | -4.00% |
| 2021 | 1.50% | 8958 | 28.15 | 252192 | 0.63% | 30.35% |
|  **RVLDD** |  |  |  |  |  |  |
| 2025 | 1.50% | 1910 | 89.03 | 170041 | 0.95% | 17.72% |
| 2024 | 1.50% | 1921 | 75.63 | 145269 | 1.13% | 18.83% |
| 2023 | 1.50% | 1934 | 63.65 | 123119 | 0.31% | 21.73% |
| 2022 | 1.50% | 2255 | 52.28 | 117906 | 0.00% | -21.67% |
| 2021 | 1.50% | 2263 | 66.75 | 151084 | 0.00% | 38.51% |
|  **RVMCG** |  |  |  |  |  |  |
| 2025 | 1.50% | 5318 | 40.31 | 214360 | 0.00% | 5.59% |
| 2024 | 1.50% | 6452 | 38.17 | 244812 | 0.00% | 14.42% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2023 | 1.50% | 7245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.36 | 241731 | 0.00% | 12.98% |
| 2022 | 1.50% | 7717 | 29.53 | 227889 | 0.00% | -23.77% |
| 2021 | 1.50% | 8725 | 38.74 | 338031 | 0.00% | 10.54% |
|  **RVMCV** |  |  |  |  |  |  |
| 2025 | 1.50% | 3234 | 40.20 | 130009 | 0.12% | 4.54% |
| 2024 | 1.50% | 3603 | 38.45 | 136572 | 0.08% | 2.85% |
| 2023 | 1.50% | 4268 | 37.38 | 159557 | 0.00% | 25.93% |
| 2022 | 1.50% | 4881 | 29.69 | 144906 | 0.88% | -6.63% |
| 2021 | 1.50% | 8817 | 31.79 | 280341 | 0.07% | 29.30% |
|  **RVSCG** |  |  |  |  |  |  |
| 2025 | 1.50% | 2323 | 32.51 | 75521 | 0.00% | 6.97% |
| 2024 | 1.50% | 3236 | 30.39 | 97199 | 0.00% | 6.57% |
| 2023 | 1.50% | 3803 | 28.51 | 108448 | 0.08% | 15.73% |
| 2022 | 1.50% | 5135 | 24.64 | 126529 | 0.00% | -30.94% |
| 2021 | 1.50% | 5525 | 35.68 | 197113 | 0.00% | 17.39% |
|  **RVSCV** |  |  |  |  |  |  |
| 2025 | 1.50% | 6911 | 27.24 | 188227 | 0.00% | 5.19% |
| 2024 | 1.50% | 7962 | 25.89 | 205011 | 0.00% | 2.19% |
| 2023 | 1.50% | 8462 | 25.34 | 214398 | 0.00% | 19.27% |
| 2022 | 1.50% | 8642 | 21.24 | 183591 | 0.00% | -9.60% |
| 2021 | 1.50% | 8984 | 23.50 | 211141 | 0.00% | 41.28% |
|  AVGI |  |  |  |  |  |  |
| 2025 | 1.50% | 20870 | 39.71 | 828761 | 0.66% | 14.44% |
| 2024 | 1.50% | 21140 | 34.70 | 733544 | 0.69% | 23.73% |
| 2023 | 1.50% | 22859 | 28.05 | 641089 | 0.70% | 21.53% |
| 2022 | 1.50% | 25308 | 23.08 | 584001 | 0.86% | -21.73% |
| 2021 | 1.50% | 29701 | 29.48 | 875640 | 0.66% | 25.84% |
|  **AVHY1** |  |  |  |  |  |  |
| 2025 | 1.50% | 33761 | 23.54 | 794618 | 6.82% | 5.14% |
| 2024 | 1.50% | 36670 | 22.39 | 820926 | 5.68% | 6.12% |
| 2023 | 1.50% | 37274 | 21.10 | 786349 | 5.23% | 8.54% |
| 2022 | 1.50% | 39735 | 19.44 | 772311 | 4.33% | -10.90% |
| 2021 | 1.50% | 53346 | 21.81 | 1163703 | 4.92% | 2.83% |
|  **IVDDI** |  |  |  |  |  |  |
| 2024 | 1.50% | 15138 | 28.13 | 425781 | 1.95% | 11.52% |
| 2023 | 1.50% | 14511 | 25.22 | 365973 | 1.87% | 7.43% |
| 2022 | 1.50% | 18466 | 23.48 | 433530 | 1.95% | -3.14% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** | **Total Return\*\*\*\*** |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | % | 14549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.24 |  | 352653 | 2.08% | 17.12 | % |
|  **IVGMMI** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 693950 | 9.91 |  | 6880249 | 3.95% | 2.47 | % |
| 2024 | 1.50 | % | 705757 | 9.68 |  | 6821729 | 4.86% | 3.41 | % |
| 2023 | 1.50 | % | 676785 | 9.36 |  | 6322878 | 4.75% | 3.30 | % |
| 2022 | 1.50 | % | 741671 | 9.06 |  | 6679598 | 1.45% | -0.05 | % |
| 2021 | 1.50 | % to 1.80% | 658076 | 8.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to 9.06 | 5961834 | 0.01% | -1.78 | % to -1.48% |
|  **IVHS** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 8609 | 37.78 |  | 325200 | 0.00% | 13.61 | % |
| 2024 | 1.50 | % | 9329 | 33.25 |  | 310207 | 0.00% | 2.61 | % |
| 2023 | 1.50 | % | 11475 | 32.41 |  | 371836 | 0.00% | 1.49 | % |
| 2022 | 1.50 | % | 13869 | 31.93 |  | 442814 | 0.00% | -14.61 | % |
| 2021 | 1.50 | % | 14332 | 37.39 |  | 535862 | 0.21% | 10.63 | % |
|  **IVMCC2** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 8364 | 44.33 |  | 370788 | 0.11% | 7.34 | % |
| 2024 | 1.50 | % | 8562 | 41.30 |  | 353595 | 0.13% | 15.05 | % |
| 2023 | 1.50 | % | 8693 | 35.90 |  | 312049 | 0.04% | 12.45 | % |
| 2022 | 1.50 | % | 9337 | 31.92 |  | 298086 | 0.07% | -15.73 | % |
| 2021 | 1.50 | % | 10683 | 37.88 |  | 404694 | 0.26% | 21.04 | % |
|  **IVRE** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 8473 | 33.52 |  | 283980 | 2.12% | 6.24 | % |
| 2024 | 1.50 | % | 8794 | 31.55 |  | 277410 | 2.53% | -3.27 | % |
| 2023 | 1.50 | % | 9626 | 32.61 |  | 313947 | 1.48% | 7.43 | % |
| 2022 | 1.50 | % | 11532 | 30.36 |  | 350100 | 2.73% | -26.05 | % |
| 2021 | 1.50 | % | 14088 | 41.05 |  | 577044 | 2.75% | 23.84 | % |
|  **IVT** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 4641 | 36.12 |  | 167642 | 0.00% | 18.67 | % |
| 2024 | 1.50 | % | 5893 | 30.44 |  | 179370 | 0.00% | 32.26 | % |
| 2023 | 1.50 | % | 5192 | 23.01 |  | 119476 | 0.00% | 44.76 | % |
| 2022 | 1.50 | % | 4923 | 15.90 |  | 78256 | 0.00% | -40.84 | % |
| 2021 | 1.50 | % | 5829 | 26.87 |  | 156650 | 0.00% | 12.71 | % |
|  **JAEI** |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 98859 | 90.85 |  | 8981378 | 0.32% | 6.07 | % |
| 2024 | 1.50 | % | 112028 | 85.65 |  | 9595409 | 0.74% | 13.88 | % |
| 2023 | 1.50 | % | 119037 | 75.21 |  | 8953368 | 0.16% | 16.32 | % |
| 2022 | 1.50 | % | 129784 | 64.66 |  | 8366458 | 0.20% | -17.19 | % |
| 2021 | 1.50 | % | 143353 | 78.09 |  | 11185573 | 0.32% | 15.09 | % |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
|  **JAGRIN** |  |  |  |  |  |  |
| 2025 | 1.50% | 117865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.81 | 5634694 | 0.73% | 19.12% |
| 2024 | 1.50% | 135146 | 40.13 | 5415165 | 0.74% | 21.73% |
| 2023 | 1.50% | 152214 | 32.97 | 5018245 | 0.92% | 24.90% |
| 2022 | 1.50% | 164694 | 26.40 | 4341889 | 1.04% | -20.61% |
| 2021 | 1.50% | 180933 | 33.25 | 6015860 | 0.52% | 16.33% |
|  **JAIG** |  |  |  |  |  |  |
| 2025 | 1.50% | 10346 | 57.65 | 596430 | 1.42% | 26.96% |
| 2024 | 1.50% | 11256 | 45.41 | 511091 | 1.44% | 4.25% |
| 2023 | 1.50% | 10328 | 43.55 | 434032 | 1.52% | 9.23% |
| 2022 | 1.50% | 11116 | 39.88 | 443247 | 1.76% | -9.96% |
| 2021 | 1.50% | 12471 | 44.29 | 552316 | 1.13% | 11.89% |
|  **JARIN** |  |  |  |  |  |  |
| 2025 | 1.50% | 128844 | 76.90 | 9904879 | 0.12% | 16.63% |
| 2024 | 1.50% | 147438 | 65.94 | 9708852 | 0.03% | 33.29% |
| 2023 | 1.50% | 162117 | 49.47 | 8019893 | 0.14% | 41.05% |
| 2022 | 1.50% | 181817 | 35.07 | 6362573 | 0.15% | -30.93% |
| 2021 | 1.50% | 201045 | 50.78 | 10209380 | 0.10% | 18.54% |
|  **LZREMS** |  |  |  |  |  |  |
| 2025 | 1.50% | 7709 | 44.75 | 344994 | 2.75% | 39.66% |
| 2024 | 1.50% | 8000 | 32.04 | 255507 | 3.31% | 5.83% |
| 2023 | 1.50% | 9340 | 30.28 | 282800 | 4.85% | 20.46% |
| 2022 | 1.50% | 10681 | 25.14 | 268493 | 3.33% | -16.38% |
| 2021 | 1.50% | 11622 | 30.06 | 349344 | 1.85% | 3.90% |
|  **LZRIES** |  |  |  |  |  |  |
| 2024 | 1.50% | 12967 | 19.89 | 257978 | 2.67% | 4.04% |
| 2023 | 1.50% | 14642 | 19.12 | 279172 | 1.29% | 14.16% |
| 2022 | 1.50% | 16102 | 16.75 | 269698 | 3.37% | -16.27% |
| 2021 | 1.50% | 20271 | 20.01 | 405527 | 0.95% | 4.26% |
|  **LZRUSM** |  |  |  |  |  |  |
| 2025 | 1.50% | 14644 | 49.02 | 717818 | 0.00% | 0.66% |
| 2024 | 1.50% | 17334 | 48.70 | 844065 | 0.00% | 9.45% |
| 2023 | 1.50% | 19478 | 44.49 | 854896 | 0.00% | 8.39% |
| 2022 | 1.50% | 23056 | 41.05 | 905831 | 0.00% | -16.77% |
| 2021 | 1.50% | 25798 | 49.32 | 1272269 | 0.05% | 18.09% |
|  **LPVCAI** |  |  |  |  |  |  |
| 2025 | 1.50% | 3306 | 32.18 | 106388 | 0.00% | 11.63% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |  |
| 2024 | 1.50% | 3414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.83 | 98424 | 0.11% | 11.11% |  |
| 2023 | 1.50% | 3643 | 25.94 | 94515 | 0.31% | 22.58% |  |
| 2022 | 1.50% | 3734 | 21.16 | 79039 | 0.44% | -27.51% |  |
| 2021 | 1.50% | 5356 | 29.20 | 156389 | 0.17% | 8.66% |  |
|  **LPVCII** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 5758 | 37.64 | 216734 | 2.18% | 10.94% |  |
| 2024 | 1.50% | 6050 | 33.93 | 205262 | 1.31% | 15.10% |  |
| 2023 | 1.50% | 5904 | 29.48 | 174033 | 1.69% | 12.50% |  |
| 2022 | 1.50% | 10972 | 26.20 | 287474 | 1.47% | -9.47% |  |
| 2021 | 1.50% | 10579 | 28.94 | 306186 | 1.44% | 24.91% |  |
|  **LVCLGI** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 22536 | 59.49 | 1340590 | 0.00% | 7.00% |  |
| 2024 | 1.50% | 23370 | 55.59 | 1299241 | 0.00% | 25.97% |  |
| 2023 | 1.50% | 26716 | 44.13 | 1179017 | 0.00% | 41.89% |  |
| 2022 | 1.50% | 26869 | 31.10 | 835707 | 0.00% | -33.25% |  |
| 2021 | 1.50% | 28564 | 46.60 | 1331062 | 0.00% | 20.13% |  |
|  **SBVHY** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 5 | 21.57 | 111 | 6.93% | 8.32% |  |
| 2024 | 1.50% | 5 | 19.91 | 102 | 6.58% | 5.46% |  |
| 2023 | 1.50% | 5 | 18.88 | 97 | 5.73% | 8.62% |  |
| 2022 | 1.50% | 5 | 17.38 | 89 | 6.63% | -15.01% |  |
| 2021 | 1.50% | 88 | 20.45 | 1791 | 4.35% | -0.18% |  |
|  **LACB2** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 167801 | 11.63 | 1950779 | 1.74% | 7.98% |  |
| 2024 | 1.50% | 197823 | 10.77 | 2129755 | 1.49% | 7.66% | \*\*\*\*\* |
|  **LACDV2** |  |  |  |  |  |  |  |
| 2024 | 1.50% | 165860 | 10.55 | 1749824 | 0.92% | 5.50% | \*\*\*\*\* |
|  **LACI2** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 41821 | 11.34 | 474060 | 1.17% | 14.26% |  |
| 2024 | 1.50% | 47306 | 9.92 | 469311 | 0.61% | -0.79% | \*\*\*\*\* |
|  **LACIPS** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 13394 | 10.71 | 143452 | 7.32% | 4.75% |  |
| 2024 | 1.50% | 13476 | 10.22 | 137789 | 3.11% | 2.25% | \*\*\*\*\* |
|  **LACV2** |  |  |  |  |  |  |  |
| 2025 | 1.50% | 195514 | 12.06 | 2358365 | 1.45% | 14.29% |  |
| 2024 | 1.50% | 238108 | 10.55 | 2512935 | 2.13% | 5.54% | \*\*\*\*\* |
|  **LOVCDG** |  |  |  |  |  |  |  |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** | **Total Return\*\*\*\*** |  |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | % | 3152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.17 |  | 224329 | 0.61% | 14.25 | % |  |
| 2024 | 1.50 | % | 3295 | 62.29 |  | 205280 | 0.57% | 20.31 | % |  |
| 2023 | 1.50 | % | 3475 | 51.78 |  | 179902 | 0.84% | 14.60 | % |  |
| 2022 | 1.50 | % | 3516 | 45.18 |  | 158851 | 0.85% | -14.84 | % |  |
| 2021 | 1.50 | % | 3871 | 53.05 |  | 203721 | 0.70% | 23.75 | % |  |
|  **LOVGI** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 48199 | 53.31 |  | 2569620 | 0.56% | 15.54 | % |  |
| 2024 | 1.50 | % | 53827 | 46.14 |  | 2480470 | 0.86% | 18.80 | % |  |
| 2023 | 1.50 | % | 58225 | 38.84 |  | 2249910 | 0.94% | 11.51 | % |  |
| 2022 | 1.50 | % | 63880 | 34.83 |  | 2183681 | 1.27% | -10.79 | % |  |
| 2021 | 1.50 | % | 72568 | 39.04 |  | 2833274 | 0.95% | 27.10 | % |  |
|  GIG |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 25919 | 12.42 |  | 321848 | 0.21% | 24.17 | % | \*\*\*\*\* |
|  **GVEXD** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 63257 | 16.32 |  | 1032488 | 1.07% | 15.95 | % |  |
| 2024 | 1.50 | % | 51167 | 14.08 |  | 720271 | 2.08% | 23.01 | % |  |
| 2023 | 1.50 | % | 5050 | 11.44 |  | 57791 | 1.83% | 14.44 | % | \*\*\*\*\* |
|  **NVAMVX** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 193380 | 11.80 |  | 2282426 | 3.54% | 18.03 | % | \*\*\*\*\* |
|  **NVCBDY** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 21734 | 10.29 |  | 223604 | 3.58% | 2.88 | % | \*\*\*\*\* |
|  **NVOLG1** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 109944 | 12.10 |  | 1330563 | 0.81% | 21.02 | % | \*\*\*\*\* |
|  AMCG |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 8762 | 45.47 |  | 398375 | 0.00% | 3.88 | % |  |
| 2024 | 1.50 | % | 10262 | 43.77 |  | 449170 | 0.00% | 22.16 | % |  |
| 2023 | 1.50 | % | 9296 | 35.83 |  | 333067 | 0.00% | 16.39 | % |  |
| 2022 | 1.50 | % | 10346 | 30.78 |  | 318465 | 0.00% | -29.79 | % |  |
| 2021 | 1.50 | % to 1.80% | 12430 | 43.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to 55.48 | 545304 | 0.00% | 10.98 | % to 11.31% |  |
|  **AMRI** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 38427 | 48.65 |  | 1869313 | 0.47% | 9.90 | % |  |
| 2024 | 1.50 | % | 38437 | 44.26 |  | 1701412 | 0.73% | 7.19 | % |  |
| 2023 | 1.50 | % | 38332 | 41.30 |  | 1582926 | 1.06% | 9.35 | % |  |
| 2022 | 1.50 | % | 41158 | 37.76 |  | 1554254 | 0.60% | -11.10 | % |  |
| 2021 | 1.50 | % | 41380 | 42.48 |  | 1756464 | 0.61% | 30.82 | % |  |
|  **AMSRS** |  |  |  |  |  |  |  |  |  |  |
| 2025 | 1.50 | % | 18879 | 58.41 |  | 1102700 | 0.00% | 12.05 | % |  |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | 19505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.13 | 1016767 | 0.22% | 23.96% |
| 2023 | 1.50% | 21789 | 42.05 | 894440 | 0.34% | 25.02% |
| 2022 | 1.50% | 25163 | 33.64 | 846402 | 0.42% | -19.66% |
| 2021 | 1.50% | 29988 | 41.87 | 1250996 | 0.37% | 21.64% |
|  **AMTB** |  |  |  |  |  |  |
| 2025 | 1.50% | 70398 | 13.57 | 955196 | 5.39% | 4.14% |
| 2024 | 1.50% | 69173 | 13.03 | 901280 | 5.29% | 4.51% |
| 2023 | 1.50% | 77535 | 12.47 | 966658 | 4.51% | 4.33% |
| 2022 | 1.50% | 81243 | 11.95 | 970868 | 3.35% | -6.59% |
| 2021 | 1.50% | 122909 | 12.79 | 1572472 | 2.84% | -0.76% |
|  **NOVPDI** |  |  |  |  |  |  |
| 2025 | 1.50% | 103567 | 15.95 | 1652352 | 1.24% | 15.45% |
| 2024 | 1.50% | 117638 | 13.82 | 1625682 | 1.55% | 11.07% |
| 2023 | 1.50% | 126267 | 12.44 | 1571009 | 1.70% | -3.05% |
| 2022 | 1.50% | 144663 | 12.83 | 1850316 | 1.40% | -11.68% |
| 2021 | 1.50% | 161798 | 14.53 | 2351042 | 1.26% | 28.36% |
|  **NOVPM** |  |  |  |  |  |  |
| 2025 | 1.50% | 84907 | 27.91 | 2367417 | 0.00% | 21.68% |
| 2024 | 1.50% | 92290 | 22.94 | 2109981 | 0.00% | 21.19% |
| 2023 | 1.50% | 103789 | 18.93 | 1953857 | 0.00% | 18.04% |
| 2022 | 1.50% | 110888 | 16.03 | 1742265 | 0.00% | -23.71% |
| 2021 | 1.50% | 119921 | 21.02 | 2520527 | 0.00% | 27.74% |
|  **PMVAAA** |  |  |  |  |  |  |
| 2025 | 1.50% | 14001 | 20.39 | 285457 | 4.70% | 12.50% |
| 2024 | 1.50% | 14153 | 18.12 | 256497 | 6.70% | 2.19% |
| 2023 | 1.50% | 15440 | 17.73 | 273809 | 2.86% | 6.54% |
| 2022 | 1.50% | 19360 | 16.65 | 322261 | 7.63% | -13.15% |
| 2021 | 1.50% | 25803 | 19.17 | 494572 | 11.10% | 14.50% |
|  **PMVEBA** |  |  |  |  |  |  |
| 2025 | 1.50% | 267 | 20.39 | 5455 | 6.91% | 13.27% |
| 2024 | 1.50% | 275 | 18.00 | 4948 | 6.43% | 5.92% |
| 2023 | 1.50% | 297 | 17.00 | 5055 | 5.70% | 9.45% |
| 2022 | 1.50% | 297 | 15.53 | 4619 | 4.80% | -16.97% |
| 2021 | 1.50% | 356 | 18.70 | 6658 | 4.50% | -4.01% |
|  **PMVFHA** |  |  |  |  |  |  |
| 2025 | 1.50% | 198 | 17.32 | 3438 | 3.48% | 2.40% |
| 2024 | 1.50% | 198 | 16.92 | 3357 | 3.61% | 3.88% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | 3232 | 2.57% | 7.39% |
| 2022 | 1.50% | 246 | 15.16 | 3726 | 1.35% | -11.49% |
| 2021 | 1.50% | 924 | 17.13 | 15828 | 1.59% | -3.42% |
|  **PMVGBA** |  |  |  |  |  |  |
| 2025 | 1.50% | 17228 | 14.38 | 247787 | 4.53% | 11.07% |
| 2024 | 1.50% | 16698 | 12.95 | 216227 | 3.51% | -1.99% |
| 2023 | 1.50% | 19645 | 13.21 | 259351 | 2.25% | 3.69% |
| 2022 | 1.50% | 19371 | 12.74 | 246823 | 1.49% | -12.33% |
| 2021 | 1.50% | 19744 | 14.53 | 286953 | 4.99% | -5.59% |
|  **PMVHYA** |  |  |  |  |  |  |
| 2025 | 1.50% | 23 | 22.14 | 498 | 6.26% | 7.33% |
| 2024 | 1.50% | 23 | 20.62 | 464 | 5.84% | 5.28% |
| 2023 | 1.50% | 22 | 19.59 | 441 | 5.66% | 10.54% |
| 2022 | 1.50% | 22 | 17.72 | 399 | 5.04% | -11.62% |
| 2021 | 1.50% | 112 | 20.05 | 2249 | 4.51% | 2.09% |
|  **PMVRRA** |  |  |  |  |  |  |
| 2025 | 1.50% | 55009 | 17.08 | 939431 | 3.33% | 6.24% |
| 2024 | 1.50% | 52212 | 16.08 | 836619 | 2.63% | 0.60% |
| 2023 | 1.50% | 58553 | 15.98 | 925921 | 2.98% | 2.13% |
| 2022 | 1.50% | 65112 | 15.65 | 1018749 | 7.09% | -13.21% |
| 2021 | 1.50% | 76222 | 18.03 | 1374145 | 4.98% | 4.01% |
|  **PMVRSA** |  |  |  |  |  |  |
| 2025 | 1.50% | 1818 | 8.35 | 15178 | 2.94% | 17.03% |
| 2024 | 1.50% | 1918 | 7.13 | 13681 | 2.19% | 2.60% |
| 2023 | 1.50% | 2011 | 6.95 | 13983 | 16.07% | -9.22% |
| 2022 | 1.50% | 2042 | 7.66 | 15638 | 20.57% | 7.00% |
| 2021 | 1.50% | 2403 | 7.16 | 17200 | 4.24% | 31.36% |
|  **PMVTRA** |  |  |  |  |  |  |
| 2025 | 1.50% | 144112 | 16.95 | 2442128 | 4.10% | 7.27% |
| 2024 | 1.50% | 143775 | 15.80 | 2258408 | 4.04% | 1.00% |
| 2023 | 1.50% | 158932 | 15.64 | 2485888 | 3.56% | 4.35% |
| 2022 | 1.50% | 155785 | 14.99 | 2335058 | 2.59% | -15.57% |
| 2021 | 1.50% | 193450 | 17.75 | 3434690 | 1.82% | -2.74% |
|  **PVSTA** |  |  |  |  |  |  |
| 2025 | 1.50% | 77922 | 12.55 | 977612 | 4.49% | 3.11% |
| 2024 | 1.50% | 102358 | 12.17 | 1236692 | 5.01% | 4.47% |
| 2023 | 1.50% | 97233 | 11.65 | 1121844 | 4.47% | 4.32% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | 97331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | 1086674 | 1.59% | -1.63% |
| 2021 | 1.50% | 115924 | 11.35 | 1315762 | 1.14% | -1.54% |
|  **ROCMC** |  |  |  |  |  |  |
| 2025 | 1.50% | 6282 | 50.71 | 318605 | 0.00% | 12.20% |
| 2024 | 1.50% | 6391 | 45.20 | 287389 | 0.00% | 11.97% |
| 2023 | 1.50% | 6647 | 40.37 | 268343 | 0.00% | 17.02% |
| 2022 | 1.50% | 6972 | 34.50 | 240526 | 0.00% | -23.59% |
| 2021 | 1.50% | 8233 | 45.15 | 371720 | 0.00% | 28.05% |
|  **ROCSC** |  |  |  |  |  |  |
| 2025 | 1.50% | 10249 | 52.52 | 538262 | 1.92% | 7.31% |
| 2024 | 1.50% | 10257 | 48.94 | 502006 | 1.13% | 1.86% |
| 2023 | 1.50% | 12601 | 48.05 | 593592 | 0.89% | 24.06% |
| 2022 | 1.50% | 13008 | 38.73 | 503841 | 0.38% | -10.54% |
| 2021 | 1.50% | 15061 | 43.30 | 649591 | 1.30% | 26.90% |
|  **TAVV** |  |  |  |  |  |  |
| 2025 | 1.50% | 14470 | 40.28 | 582868 | 2.27% | 32.84% |
| 2024 | 1.50% | 16095 | 30.32 | 483987 | 2.60% | -3.73% |
| 2023 | 1.50% | 20280 | 31.50 | 638810 | 2.07% | 19.02% |
| 2022 | 1.50% | 22175 | 26.47 | 586886 | 1.36% | 14.38% |
| 2021 | 1.50% | 21860 | 23.14 | 504666 | 0.70% | 20.25% |
|  **VWBF** |  |  |  |  |  |  |
| 2025 | 1.50% | 6087 | 21.13 | 128648 | 5.37% | 16.73% |
| 2024 | 1.50% | 6511 | 18.10 | 114335 | 7.21% | 1.23% |
| 2023 | 1.50% | 7472 | 17.88 | 133635 | 4.24% | 9.75% |
| 2022 | 1.50% | 8768 | 16.30 | 142884 | 3.95% | -8.31% |
| 2021 | 1.50% | 13861 | 17.77 | 246357 | 5.15% | -5.48% |
|  **VWEM** |  |  |  |  |  |  |
| 2025 | 1.50% | 21211 | 37.38 | 792778 | 0.72% | 27.99% |
| 2024 | 1.50% | 22618 | 29.20 | 658916 | 1.66% | -0.31% |
| 2023 | 1.50% | 24811 | 29.29 | 726766 | 3.54% | 8.14% |
| 2022 | 1.50% | 32367 | 27.09 | 876720 | 0.28% | -25.50% |
| 2021 | 1.50% | 33209 | 36.36 | 1207411 | 0.91% | -13.18% |
|  **VWHA** |  |  |  |  |  |  |
| 2025 | 1.50% | 11335 | 34.72 | 393594 | 2.52% | 34.45% |
| 2024 | 1.50% | 12117 | 25.83 | 312454 | 2.51% | -4.29% |
| 2023 | 1.50% | 13437 | 26.98 | 359256 | 2.82% | -5.02% |
| 2022 | 1.50% | 15267 | 28.41 | 429168 | 1.70% | 6.78% |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount**<br> **Abbreviation\*** | **Contract Expense <br>Rate\*\*** | **Units** | **Unit Fair Value** | **Contract Owners'<br>Equity** | **Investment<br>Income<br>Ratio\*\*\*** | **Total Return\*\*\*\*** |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | 12522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.60 | 333127 | 0.44% | 17.15% |
|  **PIHYB2** |  |  |  |  |  |  |
| 2025 | 1.50% | 1007 | 21.63 | 21776 | 5.76% | 6.31% |
| 2024 | 1.50% | 1009 | 20.35 | 20539 | 5.51% | 6.85% |
| 2023 | 1.50% | 1009 | 19.04 | 19222 | 5.33% | 9.36% |
| 2022 | 1.50% | 1013 | 17.41 | 17634 | 4.83% | -12.75% |
| 2021 | 1.50% | 1377 | 19.96 | 27470 | 4.87% | 3.88% |
|  **PIVEI2** |  |  |  |  |  |  |
| 2025 | 1.50% | 18950 | 38.17 | 723286 | 1.97% | 9.48% |
| 2024 | 1.50% | 21455 | 34.86 | 747988 | 1.93% | 9.31% |
| 2023 | 1.50% | 22862 | 31.89 | 729145 | 1.65% | 5.58% |
| 2022 | 1.50% | 25168 | 30.21 | 760259 | 1.49% | -9.31% |
| 2021 | 1.50% | 30818 | 33.31 | 1026479 | 1.23% | 23.47% |
|  **PIVF2** |  |  |  |  |  |  |
| 2025 | 1.50% | 3868 | 54.45 | 210625 | 0.22% | 21.24% |
| 2024 | 1.50% | 4148 | 44.91 | 186267 | 0.42% | 20.48% |
| 2023 | 1.50% | 4548 | 37.27 | 169513 | 0.57% | 26.67% |
| 2022 | 1.50% | 6122 | 29.42 | 180148 | 0.37% | -20.87% |
| 2021 | 1.50% | 8695 | 37.19 | 323322 | 0.09% | 25.75% |
|  **PIVMV2** |  |  |  |  |  |  |
| 2025 | 1.50% | 5175 | 32.41 | 167710 | 1.82% | 9.21% |
| 2024 | 1.50% | 5284 | 29.68 | 156808 | 1.74% | 8.99% |
| 2023 | 1.50% | 6299 | 27.23 | 171517 | 1.96% | 10.54% |
| 2022 | 1.50% | 7495 | 24.63 | 184641 | 1.38% | -7.28% |
| 2021 | 1.50% | 5776 | 26.57 | 153482 | 0.75% | 27.45% |

---

\* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

\*\* This represents the annual contract expense rate or range of annual contract expense rates of the variable account at the period end indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to contract owner accounts through the redemption of units. 

\*\*\* This represents the ratio of dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the contract owner accounts through reductions in unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. 

---

| | |
|:---|:---|
| \*\*\*\* | This represents the total return or range of minimum and maximum total returns for the period indicated, including changes in the value of the underlying mutual fund, which reflects the reduction of unit values for expenses assessed. The total returns do 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. Total return is not  |

---

------

**JEFFERSON NATIONAL LIFE ANNUITY ACCOUNT F** 

**NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** 

annualized if the underlying mutual fund option was initially added and funded during the period presented. Minimum and maximum ranges are not shown for underlying mutual fund options for which a single contract expense rate (product option) exists. In such cases, the total return presented is representative of all units issued and outstanding at period end. <br>

\*\*\*\*\* Subaccounts denoted indicate the underlying mutual fund option was initially added and funded during the period presented.

------

![LOGO](g99057dsp001.jpg)

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

(A Wholly Owned Subsidiary of Nationwide Life Insurance Company)

2025 Statutory Financial Statements and Supplemental Schedules

------

FOR THE YEAR ENDED December 31, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [Independent Auditors' Report](#jnlic99057_1) | 1 |
| [Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus](#jnlic99057_2) | 4 |
| [Statutory Statements of Operations](#jnlic99057_3) | 5 |
| [Statutory Statements of Changes in Capital and Surplus](#jnlic99057_4) | 6 |
| [Statutory Statements of Cash Flow](#jnlic99057_5) | 7 |
| [Notes to Statutory Financial Statements](#jnlic99057_6) | 8 |
| [Schedule I – Summary of Investments – Other Than Investments in Related Parties](#jnlic99057_7) | 31 |
| [Schedule IV – Reinsurance](#jnlic99057_8) | 32 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g99057g86i42.jpg)  | <br>KPMG LLP<br> Suite 500<br> 191 West Nationwide Blvd.<br> Columbus, OH 43215-2568 |

---

**Independent Auditors' Report** 

Audit Committee of the Board of Directors

Jefferson National Life Insurance Company:

*Opinions*

We have audited the financial statements of Jefferson 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, changes in capital and surplus, and cash flow for the each of the years in the three-year period ended December 31, 2025, and the related notes to the financial statements.

*Unmodified Opinion on Statutory Basis of Accounting* 

In our opinion, the accompanying 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 Texas Department of Insurance 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 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 each of the years in 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 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 financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Texas Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the 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.

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

&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the KPMG global organization of independent member firms affiliated with KPMG

&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Limited, a private English company limited by guarantee.

------

![LOGO](g99057snap2.jpg)

*Responsibilities of Management for the Financial Statements* 

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

In preparing the 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 financial statements are issued.

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

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Identify and assess the risks of material misstatement of the 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 financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 financial statements as a whole. The supplementary information included in Schedule I Summary of Investments - Other Than Investments in Related Parties and Schedule IV Reinsurance is presented for purposes of additional analysis and is not a

------

![LOGO](g99057snap2.jpg)

required part of the financial statements but is supplementary information required by the Securities and Exchange Commission's Regulations S-X. 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 financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the 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 financial statements as a whole.

/s/ KPMG LLP

Columbus, Ohio

April 22, 2026

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

(a wholly owned subsidiary of Nationwide Life Insurance Company)

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| *(in thousands, except share amounts)* | 2025 | 2024 |
|  **Admitted assets** |  |  |
|  **Invested assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | $544537 | $538081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks | 1990 | 9991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans, net of allowance | 669 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 3560 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and short-term investments | 32486 | 19645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 1968 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total invested assets** | $585210 | $572532 |
|  Accrued investment income | 5420 | 5773 |
|  Deferred federal income tax assets, net | 8836 | 9561 |
|  Other assets | 12792 | 8309 |
|  Separate account assets | 14305570 | 12061568 |
| &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; **Total admitted assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14917828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12657743 |
|  **Liabilities, capital and surplus** |  |  |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits and claims | $249644 | $258023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld and other payables on reinsurance | 107151 | 114593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset valuation reserve | 5199 | 5029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance in unauthorized company | 7421 | 9218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 35262 | 35591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | 14305570 | 12061568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $14710247 | $12484022 |
|  **Capital and surplus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares ($4.80 par value; authorized - 1,065,000 shares, issued and outstanding -1,043,565 shares) | $5009 | $5009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special surplus funds | 894 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 42165 | 42165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unassigned surplus | 159513 | 125713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total capital and surplus** | $207581 | $173721 |
| &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; **Total liabilities, capital and surplus** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14917828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12657743 |

---

*See accompanying notes to statutory financial statements.*

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

(a wholly owned subsidiary of Nationwide Life Insurance Company)

Statutory Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | Years ended December 31, | Years ended December 31, | Years ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
|  **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and annuity considerations | $1574624 | $1348190 | $901655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 26295 | 24325 | 22311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder fee income | 29455 | 26482 | 23241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues | 1251 | 2150 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues** | $1631625 | $1401147 | $949061 |
|  **Benefits and expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefits to policyholders and beneficiaries | $1095078 | $926596 | $817326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in reserves for future policy benefits and claims | (13408) | (13935) | (9017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers to separate accounts | 503301 | 445603 | 104692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in funds withheld | 5524 | 5901 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 954 | 2384 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total benefits and expenses** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before federal income tax (benefit) expense and net realized capital gains (losses) on investments** | $40176 | $34598 | $26688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal income tax (benefit) expense | (735) | 3068 | (9917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before net capital gains (losses) on investments** | $40911 | $31530 | $36605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized capital gains (losses) on investments, net of federal income tax expense (benefit) of $11, $(65) and $(174) in 2025, 2024 and 2023, respectively, and excluding $(1012), $(258) and $(1248) of net realized capital losses transferred to the interest maintenance reserve in 2025, 2024 and 2023, respectively | 40 | 242 | (935) |
| &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; **Net income** | $40951 | $31772 | $35670 |

---

*See accompanying notes to statutory financial statements.*

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

(a wholly owned subsidiary of Nationwide Life Insurance Company)

Statutory Statements of Changes in Capital and Surplus

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | Capital<br>shares | Special<br>surplus funds | Additional<br>paid-in<br>capital | Unassigned<br>surplus | Capital and<br>surplus |
| &nbsp;&nbsp; **Balance as of December 31, 2022** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118909 |
| &nbsp;&nbsp; Net income |  |  |  | 35670 | 35670 |
| &nbsp;&nbsp; Change in asset valuation reserve |  |  |  | (176) | (176) |
| &nbsp;&nbsp; Change in net unrealized capital gains and losses net of tax expense of $49 |  |  |  | 1001 | 1001 |
| &nbsp;&nbsp; Change in deferred income taxes |  |  |  | (6435) | (6435) |
| &nbsp;&nbsp; Change in nonadmitted assets, including admitted disallowed interest maintenance reserve |  | 503 |  | 2324 | 2827 |
| &nbsp;&nbsp; Change in liability for reinsurance in unauthorized company | - | - | - | (9928) | (9928) |
| &nbsp;&nbsp; **Balance as of December 31, 2023** | $5009 | $503 | $42165 | $94191 | $141868 |
| &nbsp;&nbsp; Net income |  |  |  | 31772 | 31772 |
| &nbsp;&nbsp; Change in asset valuation reserve |  |  |  | (1020) | (1020) |
| &nbsp;&nbsp; Change in net unrealized capital gains and losses net of tax expense of $14 |  |  |  | 503 | 503 |
| &nbsp;&nbsp; Change in deferred income taxes |  |  |  | 1377 | 1377 |
| &nbsp;&nbsp; Change in nonadmitted assets |  |  |  | (1489) | (1489) |
| &nbsp;&nbsp; Change in liability for reinsurance in unauthorized company |  |  |  | 710 | 710 |
| &nbsp;&nbsp; Other, net | - | 331 | - | (331) | - |
| &nbsp;&nbsp; **Balance as of December 31, 2024** | $5009 | $834 | $42165 | $125713 | $173721 |
| &nbsp;&nbsp; Net income |  |  |  | 40951 | 40951 |
| &nbsp;&nbsp; Change in asset valuation reserve |  |  |  | (170) | (170) |
| &nbsp;&nbsp; Change in net unrealized capital gains and losses net of tax expense of $7 |  |  |  | (359) | (359) |
| &nbsp;&nbsp; Change in deferred income taxes |  |  |  | 1010 | 1010 |
| &nbsp;&nbsp; Change in nonadmitted assets |  |  |  | (1719) | (1719) |
| &nbsp;&nbsp; Change in liability for reinsurance in unauthorized company |  |  |  | 1796 | 1796 |
| &nbsp;&nbsp; Dividends to Nationwide Life Insurance Company |  |  |  | (7649) | (7649) |
| &nbsp;&nbsp; Other, net | - | 60 | - | (60) | - |
| &nbsp;&nbsp; **Balance as of December 31, 2025** | $5009 | $894 | $42165 | $159513 | $207581 |

---

*See accompanying notes to statutory financial statements.*

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

(a wholly owned subsidiary of Nationwide Life Insurance Company)

Statutory Statements of Cash Flow

---

| | | | |
|:---|:---|:---|:---|
| | Years ended December 31, | Years ended December 31, | Years ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| &nbsp;&nbsp; **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums collected, net of reinsurance | $1574624 | $1348190 | $901655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 25342 | 22898 | 21055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other revenue | 30447 | 27212 | 24983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy benefits and claims paid | (1094740) | (925524) | (817922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions, operating expenses and taxes, other than federal income tax paid | (5490) | (8338) | (8291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers to separate accounts | (503279) | (445576) | (104668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal income taxes (paid) recovered | (749) | 9192 | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | $26155 | $28054 | $16690 |
| &nbsp;&nbsp; **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from investments sold, matured or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and stocks | $114957 | $61685 | $43820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 315 | 818 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | - | - | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment proceeds** | $115272 | $62503 | $46374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and stocks | $(123038) | $(83480) | $(111362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | - | (2) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investments acquired** | $(123038) | $(83482) | $(111362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in policy loans | 269 | 469 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | $(7497) | $(20510) | $(64693) |
| &nbsp;&nbsp; **Cash flows from financing activities and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in deposits on deposit-type contract funds and other insurance liabilities | $5042 | $(6271) | $5745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other cash (used) provided | (10859) | 7845 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used in) provided by financing activities and miscellaneous sources** | $(5817) | $1574 | $6330 |
| &nbsp;&nbsp; **Net increase (decrease) in cash, cash equivalents and short-term investments** | $12841 | $9118 | $(41673) |
| &nbsp;&nbsp; **Cash, cash equivalents and short-term investments at beginning of year** | 19645 | 10527 | 52200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash, cash equivalents and short-term investments at end of year** | $32486 | $19645 | $10527 |
| &nbsp;&nbsp; **Supplemental disclosure of non-cash activities:** |  |  |  |
| &nbsp;&nbsp; Dividend of subsidiary common stock to stockholder | $7649 | $- | $- |
| &nbsp;&nbsp; Exchange of bond investment to bond investment | $7299 | $2004 | $26508 |

---

*See accompanying notes to statutory financial statements.*

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(1)** **Nature of Operations** 

Jefferson National Life Insurance Company ("JNL" or "the Company") is a Texas domiciled stock life insurance company. The Company is a member of the Nationwide group of companies, which is comprised of Nationwide Mutual Insurance Company ("NMIC") and all of its subsidiaries and affiliates.

All of the outstanding shares of JNL's common stock are owned by Nationwide Life Insurance Company ("NLIC"), an Ohio domiciled stock life insurance company. All of the outstanding shares of NLIC's common stock are owned by Nationwide Financial Services, Inc., a holding company formed by Nationwide Corporation, a wholly-owned subsidiary of NMIC.

The Company is licensed in 49 states and the District of Columbia. The Company primarily markets variable annuities, including a flat insurance fee-based variable annuity called Monument Advisor. Monument Advisor is primarily sold by independent registered investment advisors and other fee-based advisors.

The Company is subject to regulation by the insurance departments of states in which it is domiciled and/or transacts business and undergoes periodic examinations by those departments.

As of December 31, 2025 and 2024, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact on the Company's financial position after considering insurance risk that has been transferred to external reinsurers.

**(2)** **Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of the statutory financial statements requires the Company to make estimates and assumptions that affect the amounts reported in the statutory financial statements and accompanying notes. Significant estimates include certain investment valuations and future policy benefits and claims. Actual results could differ significantly from those estimates.

***Basis of Presentation***

The statutory financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Texas Department of Insurance ("the Department"). Prescribed statutory accounting practices are those practices incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state but allowed by the domiciliary state regulatory authority. The Company has no statutory accounting practices that differ from those of the Department or the National Association of Insurance Commissioners ("NAIC").

Statutory accounting practices vary in some respects from United States ("U.S.") generally accepted accounting principles ("GAAP"), including the following practices:

***Financial Statements***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statutory financial statements are prepared using language and groupings substantially the same as the annual statements
of the Company filed with the NAIC and state regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assets must be included in the statutory statements of admitted assets, liabilities, capital and surplus at net admitted
asset value and nonadmitted assets are excluded through a charge to capital and surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an asset valuation reserve ("AVR") is established in accordance with the NAIC Annual Statement Instructions
for Life and Accident and Health Insurance Companies and is reported as a liability, and changes in the AVR are reported directly in capital and surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an interest maintenance reserve ("IMR") is established in accordance with the NAIC Annual Statement
Instructions for Life and Accident and Health Insurance Companies and is reported as a liability or other asset, and the amortization of the IMR is reported as revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expense allowance associated with statutory reserving practices for investment contracts held in the separate
accounts is reported in the general account as a negative liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounting for contingencies requires recording a liability at the midpoint of a range of estimated possible outcomes
when no better estimate in the range exists;

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to successful policy acquisitions are charged to operations in the year incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative cash balances are reported as negative assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain income and expense items are charged or credited directly to capital and surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts on deposit in internal qualified cash pools are reported as cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory statements of cash flow are presented on the basis prescribed by the NAIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory financial statements do not include accumulated other comprehensive income.

***Future Policy Benefits and Claims***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deposits to universal life contracts, investment contracts and limited payment contracts are included in revenue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future policy benefit reserves are based on statutory requirements.

***Reinsurance Ceded***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain assets and liabilities are reported net of ceded reinsurance balances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provision is made for amounts receivable and outstanding for more than 90 days through a charge to capital and surplus.

***Investments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in bonds are generally stated at amortized cost, except those with an NAIC designation of "6",
which are stated at the lower of amortized cost or fair value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in preferred stocks are generally stated at amortized cost, except those with an NAIC designation of
"4" through "6", which are stated at the lower of amortized cost or fair value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other-than-temporary impairments on bonds, excluding asset-backed securities, are measured based on fair value and are
not reversible; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gains on sales of investments between affiliated companies representing economic transactions are deferred at the parent
level until the related assets are paid down or an external sale occurs.

***Federal Income Taxes***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount
of deferred tax assets that can be reflected as an admitted asset (15% of adjusted capital and surplus); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unrecognized tax positions are subject to a "more likely than not" standard for federal and foreign income
tax loss contingencies only.

***Nonadmitted Assets***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to the nonadmitted assets described above, certain other assets are nonadmitted and charged directly to
capital and surplus. These include prepaid assets, certain software and other receivables outstanding for more than 90 days.

The financial information included herein is prepared and presented in accordance with statutory accounting principles ("SAP") prescribed or permitted by the Department. Certain differences exist between SAP and GAAP, which are presumed to be material.

***Revenues and Benefits***

Life insurance premiums are recognized as revenue over the premium paying period of the related policies when due. Annuity considerations are recognized as revenue when received. Health insurance premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Policy benefits and claims that are expensed include interest credited to policy account balances, benefits and claims incurred in the period in excess of related policy reserves and other changes in future policy benefits.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

***Future Policy Benefits and Claims***

Future policy benefits for traditional products are based on statutory mortality and interest requirements without consideration of withdrawals. The principal statutory mortality tables and interest assumptions used on policies in force are the 1958 Commissioner's Standard Ordinary ("CSO") table at interest rates of 2.5%, 3.0%, 3.5%, 4.0% and 4.5%, the 1941 CSO table at an interest rate of 2.5%, the 1980 CSO table at interest rates of 4.0%, 4.5%, 5.0% and 5.5%, the 2001 CSO table at an interest rate of 3.5% and 4.0% and the 2017 CSO table at an interest rates of 3.5% and 4.5%.

Future policy benefits for universal life and variable universal life contracts have been calculated based on participants' contributions plus interest credited on any funds in the fixed account less applicable contract charges. These policies have been adjusted for possible future surrender charges in accordance with the Commissioner's Reserve Valuation Method.

Future policy benefits for annuity products have been established based on contract term, interest rates and various contract provisions. Individual deferred annuity contracts issued in 1990 and after have been adjusted for possible future surrender charges in accordance with the Commissioner's Annuity Reserve Valuation Method ("CARVM").

The Company calculated its reserves for variable annuities using a stochastic reserve, which is floored at the cash surrender value, per Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities.

The aggregate reserves for individual accident and health policies consist of active life reserves, disabled life reserves and unearned premium reserves. The active life reserves for disability income are reserved for on the net level basis, at a 3.0% interest rate, using either the 1964 Commissioner's Disability Table (for policies issued prior to 1982) or the 1985 Commissioner's Individual Disability Table A (for policies issued after 1981). The active life reserves for major medical insurance (both scheduled and unscheduled benefits) are based on the benefit ratio method for policies issued after 1981.

The active life reserves for accident and health policies are reserved for on the net level basis, at a 3.0% interest rate, using either the 1956 Inter-Company Hospital-Surgical tables, the 1974 Medical Expense tables or the 1959 Accidental Death Benefits table.

The disabled life reserves for accident and health policies are calculated using the 1985 Commissioner's Individual Disability Table A at a 3.0% interest rate. Unearned premium reserves are based on the actual gross premiums and actual days.

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability Valuation Table, at varying interest rates of 2.75% - 6.0%, for group policies and the 1987 Commissioner's Group Disability Table, at varying interest rates of 2.75% - 10.25%, for franchise policies.

Future policy benefits and claims for group long-term disability policies are the present value (discounted between 2.75% and 6.00%) of amounts not yet due on reported claims and an estimate of amounts to be paid on incurred but unreported claims. Future policy benefits and claims on other group health policies are not discounted.

***Separate Accounts***

Separate account assets represent contractholders' funds that have been legally segregated into accounts with specific investment objectives. Separate account assets are recorded at fair value, with the value of separate account liabilities set to equal the fair value of separate account assets. Separate account assets are primarily comprised of public mutual funds, whose fair value is primarily based on the funds' net asset value. Other separate account assets are recorded at fair value based on the methodology that is applicable to the underlying assets.

Separate account liabilities, in conjunction with accrued transfers to/from separate accounts, represent contractholders' funds adjusted for possible future surrender charges in accordance with the CARVM. The difference between full account value and CARVM is reflected in accrued transfers to/from separate accounts, as prescribed by the NAIC, within other liabilities in the statutory statements of admitted assets, liabilities, capital and surplus. The annual change in the difference between full account value and CARVM and its applicable federal income tax is reflected in the statutory statements of operations as part of the net transfers to/from separate accounts and federal income tax, respectively.

***Investments***

***Bonds and stocks of unaffiliated companies.*** Bonds are generally stated at amortized cost, except those with an NAIC designation of "6", which are stated at the lower of amortized cost or fair value. Redeemable preferred stocks are generally stated at amortized cost, except those with an NAIC designation of "4" through "6", which are stated at the lower of amortized cost or fair value. Common stocks and perpetual preferred stocks are stated at fair value. Changes in the fair value of bonds and stocks stated at fair value are charged to capital and surplus.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

Asset-backed securities, which are included in bonds in the statutory financial statements, are stated in a manner consistent with the bond guidelines, but with additional consideration given to the special valuation rules implemented by the NAIC applicable to residential mortgage-backed securities that are not backed by U.S. government agencies, commercial mortgage-backed securities and certain other structured securities. Under these guidelines, an initial and adjusted NAIC designation is determined for each security. The initial NAIC designation, which takes into consideration the security's amortized cost relative to an NAIC-prescribed valuation matrix, is used to determine the reporting basis (i.e., amortized cost or lower of amortized cost or fair value).

Interest income is recognized when earned, while dividends are recognized when declared. The Company nonadmits investment income due and accrued when amounts are over 90 days past due.

For investments in asset-backed securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method based on prepayment assumptions, generally obtained using a model provided by a third-party vendor, and the estimated economic life of the securities. When actual prepayments differ significantly from estimated prepayments, the effective-yield is recalculated to reflect actual payments to date and anticipated future payments. Any resulting adjustment is included in net investment income in the period the estimates are revised. All other investment income is recorded using the effective-yield method without anticipating the impact of prepayments.

Purchases and sales of bonds and stocks are recorded on the trade date, with the exception of private placement bonds, which are recorded on the funding date. Realized gains and losses are determined on a specific identification method on the trade date.

Independent pricing services are most often utilized to determine the fair value of bonds and stocks for which market quotations, quotations on comparable securities or models are used. These are compared to pricing from additional sources when available. Pricing may also be received directly from third-party managers who utilize various methodologies, primarily discounted cash flow models using market-based interest rates and spreads, adjusted for borrower-specific factors. For these bonds and stocks, the Company obtains the pricing services' and managers' methodologies and classifies the investments accordingly in the fair value hierarchy.

Corporate pricing matrices are used in valuing certain bonds. The corporate pricing matrices were developed using publicly and privately available spreads segmented by various weighted average lives and credit quality ratings. Certain private placement bonds have adjusted spreads to capture the impacts of liquidity premium based on industry sector. The weighted average life and credit quality rating of a particular bond to be priced using those matrices are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate industry sector or U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

Non-binding broker quotes are also utilized to determine the fair value of certain bonds when deemed appropriate or when valuations are not available from independent pricing services or corporate pricing matrices. These bonds are classified with the lowest priority in the fair value hierarchy as only one broker quote is ordinarily obtained, the investment is not traded on an exchange, the pricing is not available to other entities and/or the transaction volume in the same or similar investments has decreased. Inputs used in the development of prices are not provided to the Company by the brokers, as the brokers often do not provide the necessary transparency into their quotes and methodologies. At least annually, the Company performs reviews and tests to ensure that quotes are a reasonable estimate of the investment's fair value. Price movements of broker quotes are subject to validation and require approval from the Company's management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment's fair value.

For all bonds, the Company considers its ability and intent to hold the security for a period of time sufficient to allow for the anticipated recovery in value, the expected recovery of principal and interest and extent to which the fair value has been less than amortized cost. If the decline in fair value to below amortized cost is determined to be other-than-temporary, a realized loss is recorded equal to the difference between the amortized cost of the investment and its fair value.

The Company periodically reviews asset-backed securities in an unrealized loss position by comparing the present value of cash flows, including estimated prepayments, expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected, discounted at the security's effective interest rate, is less than the amortized cost basis of the security, the impairment is considered other-than-temporary and a realized loss is recorded.

All other bonds in an unrealized loss position are periodically reviewed to determine if a decline in fair value to below amortized cost is other-than-temporary. Factors considered during this review include timing and amount of expected cash flows, ability of the issuer to meet its obligations, financial condition and future prospects of the issuer, amount and quality of any underlying collateral and current economic and industry conditions that may impact an issuer.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

Stocks may experience other-than-temporary impairment based on the prospects for full recovery in value in a reasonable period of time and the Company's ability and intent to hold the stock to recovery. If a stock is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the investment and its fair value.

***Mortgage loans, net of allowance.*** The Company primarily holds commercial mortgage loans that are collateralized by properties throughout the U.S. Mortgage loans are held at unpaid principal balance adjusted for premiums and discounts, less an allowance for credit losses.

Interest income on performing mortgage loans is recognized in net investment income over the life of the loan using the effective-yield method.

***Policy loans.*** Policy loans, which are collateralized by the related insurance policy, are held at the outstanding principal balance and do not exceed the net cash surrender value of the policy. As such, no valuation allowance for policy loans is required.

***Cash and cash equivalents.*** Cash and cash equivalents include highly liquid investments with original maturities of less than three months and amounts on deposit in internal qualified cash pools. The Company and various affiliates maintain agreements with Nationwide Cash Management Company ("NCMC"), an affiliate, under which NCMC acts as a common agent in handling the purchase and sale of short-term securities for the respective accounts of the participants in the internal qualified cash pool.

***Short-term investments***. Short-term investments primarily consist of government agency discount notes with maturities of twelve months or less at acquisition. The Company carries short-term investments at amortized cost, which approximates fair value.

***Other invested assets***. Other invested assets consist of surplus notes. Surplus notes are generally stated at amortized cost, except those with a NAIC designation of "3" through "6" which are stated at the lower of amortized cost or fair value.

***Fair Value Measurements***

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market, income and cost approaches.

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Company categorizes assets and liabilities held at fair value in the statutory statements of admitted assets, liabilities, capital and surplus as follows:  ****

***Level 1*.** Unadjusted quoted prices accessible in active markets for identical assets or liabilities at the measurement date and mutual funds where the value per share (unit) is determined and published daily and is the basis for current transactions.

***Level 2*.** Unadjusted quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, Secured Overnight Financing Rate prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

***Level 3*.** Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimates of the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs. Primary inputs to this valuation technique include broker quotes and comparative trades.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the reporting period in which the change occurs.

***Asset Valuation Reserve***

The Company maintains an AVR as prescribed by the NAIC for the purpose of offsetting potential credit related investment losses on each invested asset category, excluding cash, policy loans and income receivable. The AVR contains a separate component for each category of invested assets. The change in AVR is charged or credited directly to capital and surplus.

***Interest Maintenance Reserve***

The Company records an IMR as prescribed by the NAIC, which represents the net deferral for interest-related gains or losses arising from the sale of certain investments, such as bonds, mortgage loans and asset-backed securities sold. The IMR is applied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for bonds, the designation from the NAIC Capital Markets and Investments Analysis Office must not have changed more than
one designation between the beginning of the holding period and the date of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the bond must never have been classified as a default security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for mortgage loans, during the prior two years, they must not have had interest more than 90 days past due, been in the
process of foreclosure or in the course of voluntary conveyance, nor had restructured terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for asset-backed securities, all interest-related other-than-temporary impairments and interest-related realized gains
or losses on sales of the securities.

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as the IMR. The IMR is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified to an asset and evaluated for admittance under INT 23-01, Net Negative (Disallowed) Interest Maintenance Reserve ("INT 23-01"). The Company utilizes the grouped method for amortization. Under the grouped method, the IMR is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands. Refer to Recently Adopted Accounting Standards for additional discussion of IMR.

***Federal Income Taxes***

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets, net of any nonadmitted portion and statutory valuation allowance, and deferred tax liabilities, are recognized for the expected future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The change in deferred taxes is recognized directly in surplus, with the impact of taxes on unrealized capital gains or losses and nonadmitted assets reported separately in the statutory statements of changes in capital and surplus. Valuation allowances are recorded to reduce a deferred tax asset to the amount expected to be realized.

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to change the provision for federal income taxes recorded in the statutory financial statements, which could be significant.

Tax reserves are reviewed regularly and are adjusted as events occur that the Company believes impact its liability for additional taxes, such as lapsing of applicable statutes of limitations, conclusion of tax audits or substantial agreement with taxing authorities on the deductibility/nondeductibility of uncertain items, additional exposure based on current calculations, identification of new issues, release of administrative guidance or rendering of a court decision affecting a particular tax issue. The Company believes its tax reserves reasonably provide for potential assessments that may result from Internal Revenue Service ("IRS") examinations and other tax-related matters for all open tax years.

The Company is included in the NMIC consolidated federal income tax return.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

***Reinsurance Ceded***

The Company cedes insurance to other companies in order to limit potential losses and to diversify its exposures. Such agreements do not relieve the Company of its primary obligation to the policyholder in the event the reinsurer is unable to meet the obligations it has assumed. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Assets and liabilities related to reinsurance ceded are reported in the statutory statements of admitted assets, liabilities, capital and surplus on a net basis within the related future policy benefits and claims of the Company.

***Recently Adopted Accounting Standards***

Effective January 1, 2025, the Company adopted revisions to Statutory Statement of Accounting Principles ("SSAP") No. 26 – Bonds, SSAP No. 43 – Asset-Backed Securities, and SSAP No. 21 – Other Admitted Assets, in conformity with the NAIC's revised guidance to develop a principles-based definition for debt securities qualifying for reporting as a bond. The adopted revisions require the assessment of securities to focus on their substance rather than legal form, updated the accounting and reporting guidance for debt securities that qualify for reporting as a bond, updated the accounting and reporting guidance for debt securities that do not qualify for reporting as a bond and updated guidance for the accounting and reporting of residual interests. The adoption of this guidance did not have a material impact on the Company's statutory financial statements.

Effective September 30, 2023, the Company adopted INT 23-01, a short-term solution related to the accounting treatment of an insurer's negative IMR balance. INT 23-01 allows an insurer with an authorized control level risk-based capital ("RBC") greater than 300%, after an adjustment to total adjusted capital, to admit negative IMR up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. There is no admitted disallowed IMR in the separate accounts. Fixed income investments generating IMR losses comply with the Company's investment policies. There are no deviations from the investment policies and sales were not compelled by liquidity pressures. The Company does not have derivative investments. As of December 31, 2025 and 2024, the Company has $894 and $834, respectively, of admitted disallowed IMR in capital and surplus in the general account.

***Reconciliation to Annual Statutory Financial Statements***

Subsequent to the filing of the Company's annual statutory financial statements, the Company identified an understatement in its disclosure of separate account reserves presented within Note 32D of the annual statutory financial statements. This resulted in a difference of $33,576 between the annual statutory financial statements and these audited statutory financial statements in the disclosure of annuity reserves within the separate accounts, net, in Note 3 as of December 31, 2025.

***Subsequent Events***

The Company evaluated subsequent events through April 22, 2026, the date the statutory financial statements were issued.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(3)** **Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics** 

The following table summarizes the analysis of individual annuity actuarial reserves by withdrawal characteristics, as of the dates indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands) | General<br>account | Separate<br>account with<br>guarantees | Separate<br>account non-<br>guaranteed | Total | % of<br>Total |
|  December 31, 2025 |  |  |  |  |  |
|  Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; With market value adjustment | $- | $2503 | $- | $2503 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp; At book value less current surrender charge of 5% or more | 113 |  |  | 113 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp; At fair value | - | - | 14266505 | 14266505 | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total with market value adjustment or at fair value** | $113 | $2503 | $14266505 | $14269121 | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | 246769 |  |  | 246769 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | 11781 | - | 414 | 12195 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $258663 | $2503 | $14266919 | $14528085 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (111510) | - | - | (111510) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | $14266919 | $14416575 |  |
| Amount included in 'Subject to discretionary withdrawal at book value less current surrender charge of 5% or more' that will move to 'Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)' | $28 | $- | $- | $28 |  |
|  December 31, 2024 |  |  |  |  |  |
|  Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; With market value adjustment | $- | $2581 | $- | $2581 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp; At book value less current surrender charge of 5% or more | 150 |  |  | 150 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp; At fair value | - | - | 12026525 | 12026525 | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total with market value adjustment or at fair value** | $150 | $2581 | $12026525 | $12029256 | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | 260047 |  |  | 260047 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | 13047 | - | 187 | 13234 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $273244 | $2581 | $12026712 | $12302537 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (118674) | - | - | (118674) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $154570 | $2581 | $12026712 | $12183863 |  |
| Amount included in 'Subject to discretionary withdrawal at book value less current surrender charge of 5% or more' that will move to 'Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)' | $7 | $- | $- | $7 |  |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The following table summarizes the analysis of group annuity actuarial reserves by withdrawal characteristics, as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | General account | Separate account<br>non-guaranteed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | % of<br> Total |
|  December 31, 2025 |  |  |  |  |
|  Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; At fair value | $- | $33576 | $33576 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total with market value adjustment or at fair value** | $- | $33576 | $33576 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | 38916 | - | 38916 | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $38916 | $33576 | $72492 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (1081) | - | (1081) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $37835 | $33576 | $71411 |  |
|  December 31, 2024 |  |  |  |  |
|  Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; At fair value | $- | $32182 | $32182 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total with market value adjustment or at fair value** | $- | $32182 | $32182 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | 44915 | $- | $44915 | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $44915 | $32182 | $77097 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (1076) | - | (1076) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $43839 | $32182 | $76021 |  |

---

The following table summarizes the analysis of deposit-type contracts and other liabilities without life or disability contingencies by withdrawal characteristics, as of the dates indicated:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | General account | % of<br>Total |
|  December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; At book value without adjustment (minimal or no charge or adjustment) | $58153 | 78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | 16255 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $74408 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (9752) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $64656 |  |
|  December 31, 2024 |  |  |
|  At book value without adjustment (minimal or no charge or adjustment) | $56136 | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | 13324 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $69460 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (9846) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $59614 |  |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| *(in thousands)* | 2025 | 2024 |
|  Life, accident and health annual statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities, net (excluding supplemental contracts with life contingencies) | $173676 | $185754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplemental contracts with life contingencies, net | 11312 | 12655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit-type contracts | 64656 | 59614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $249644 | $258023 |
|  Separate accounts annual statement: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities, net (excluding supplemental contracts with life contingencies) | 14302998 | 12061475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14302998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total annuity actuarial reserves and deposit fund liabilities, net** | $14552642 | $12319498 |

---

The following table summarizes the analysis of life insurance actuarial reserves by withdrawal characteristics, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | General account | General account | General account |
| *(in thousands)* | Account value | Cash value | Reserve |
|  December 31, 2025 |  |  |  |
|  Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies with cash value | $74080 | $130324 | $133150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $74080 | $130324 | $133150 |
|  Not subject to discretionary withdrawal or no cash value: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies without cash value |  |  | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives |  |  | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves | - | - | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $74080 | $130324 | $138825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (74080) | (130324) | (138825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $- | $- | $- |
|  | General account | General account | General account |
| *(in thousands)* | Account value | Cash value | Reserve |
|  December 31, 2024 |  |  |  |
|  Subject to discretionary withdrawal, surrender values or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies with cash value | $79437 | $139873 | $140920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $79437 | $139873 | $140920 |
|  Not subject to discretionary withdrawal or no cash value: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term policies without cash value |  |  | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accidental death benefits |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - active lives |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disability - disabled lives |  |  | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reserves | - | - | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, gross** | $79437 | $139873 | $148981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reinsurance ceded | (79437) | (139873) | (148981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total, net** | $- | $- | $- |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(4)** **Separate Accounts** 

The Company's separate account statement includes assets legally insulated from the general account as of the dates indicated, attributed to the following product lines:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| *(in thousands)* | Legally<br>insulated<br>assets | Separate<br>account assets<br>(not legally<br>insulated) | Legally<br>insulated<br>assets | Separate<br>account assets<br>(not legally<br>insulated) |
|  Product / Transaction: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable annuities | $14305570 | $- | $12061568 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14305570 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061568 | $- |

---

No amounts have been paid towards separate account guarantees by the general account and no related risk charges have been paid by the separate account for the last 5 years.

The Company does not engage in securities lending transactions within its separate accounts.

Separate accounts held by the Company primarily relate to individual variable annuity contracts with non-guaranteed returns. The net investment experience of the separate accounts is credited directly to the contractholder and can be positive or negative. However, the Company also has minimal guarantee riders on certain separate account variable annuity contracts that are subject to a market value adjustment.

Guaranteed minimum income benefit – Riders available on certain variable products of the Company provide an annuitization benefit equal to the largest contract value on any contract anniversary less any adjusted (proportional) partial withdrawals.

Guaranteed minimum withdrawal benefit – Riders available on certain variable products of the Company provide a withdrawal benefit that permits the policyholder to withdraw up to 7% of the premium base annually without incurring a surrender charge, after either a 2-year or 5-year waiting period from issue, and subject to a lifetime maximum of the total premium base.

Guaranteed minimum death benefit – Riders available on certain variable products of the Company generally provide an incidental death benefit of the greater of account value or premiums paid net of withdrawals. On some policy forms, the Company also provides an incidental death benefit equal to the greater of account value and premiums net of withdrawals accumulated at 5% ("5% roll-up benefit"), the greatest account value on any contract anniversary ("1-year ratchet") and on the account value reset every 7th anniversary ("7-year lookback").

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The following tables summarize the separate account reserves of the Company, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | Nonindexed<br>guarantee less<br>than or equal to<br>4% | Nonguaranteed<br>separate<br>accounts | Total |
| &nbsp;&nbsp; December 31, 2025 |  |  |  |
| &nbsp;&nbsp; Premiums, considerations or deposits | $- | $1580201 | $1580201 |
| &nbsp;&nbsp; Reserves |  |  |  |
| &nbsp;&nbsp; For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value | $2503 | $14300495 | $14302998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total reserves**<sup>1</sup>  | $2503 | $14300495 | $14302998 |
| &nbsp;&nbsp; By withdrawal characteristics: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With market value adjustment | $2503 | $- | $2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At fair value | - | 14300081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $2503 | $14300081 | $14302584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | - | 414 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total reserves**<sup>1</sup>  | $2503 | $14300495 | $14302998 |

---

---

| | |
|:---|:---|
| 1 | The total reserves balance does not equal the liabilities related to separate accounts of $14,305,570 in the statutory statements of admitted assets, liabilities, capital and surplus by $2,572, due to an adjustment for CARVM reserves that have not been allocated to the categories outlined above.  |

---

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | Nonindexed<br>guarantee less<br>than or equal to<br>4% | Nonguaranteed<br>separate<br>accounts | Total |
| &nbsp;&nbsp; December 31, 2024 |  |  |  |
| &nbsp;&nbsp; Premiums, considerations or deposits | $- | $1350060 | $1350060 |
| &nbsp;&nbsp; Reserves |  |  |  |
| &nbsp;&nbsp; For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value | $2581 | $12058894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total reserves<sup>1</sup>**  | $2581 | $12058894 | $12061475 |
| &nbsp;&nbsp; By withdrawal characteristics: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With market value adjustment | $2581 | $- | $2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At fair value | - | 12058707 | 12058707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $2581 | $12058707 | $12061288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not subject to discretionary withdrawal | - | 187 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total reserves<sup>1</sup>**  | $2581 | $12058894 | $12061475 |

---

---

| | |
|:---|:---|
| 1 | The total reserves balance does not equal the liabilities related to separate accounts of $12,061,568 in the statutory statements of admitted assets, liabilities, capital and surplus by $93, due to an adjustment for CARVM reserves that have not been allocated to the categories outlined above.  |

---

The following table is a reconciliation of net transfers to separate accounts, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| &nbsp;&nbsp; Net transfers as reported in the statutory statements of operations of the separate accounts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers to separate accounts | $1580201 | $1350060 | $897590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers from separate accounts | (1070881) | (903226) | (795025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net transfers to separate accounts** | $509320 | $446834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange accounts and fees not included in the general account transfers | (5854) | (978) | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other miscellaneous adjustments not included in the general account balance | (165) | (253) | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net transfers as reported in the statutory statements of operations** | $503301 | $445603 | $104692 |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(5)** **Investments** 

***Bonds and stocks***

The following table summarizes the carrying value, the excess of fair value over carrying value, the excess of carrying value over fair value and the fair value of bonds and stocks, as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | Carrying<br>value | Fair value<br>in excess<br>of carrying<br>value | Carrying<br>value in<br>excess of<br>fair value | Fair value |
|  December 31, 2025 |  |  |  |  |
|  **Bonds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Issuer credit obligations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government obligations | $16006 | $55 | $194 | $15867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Sovereign jurisdiction securities | 1505 |  | 145 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal bonds – special revenue | 10538 | 14 | 734 | 9818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds (unaffiliated) | 391263 | 5770 | 9735 | 387298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single entity backed obligations (unaffiliated) | 4710 |  | 749 | 3961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds issued by funds representing operating entities | 7061 | 19 | 43 | 7037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total issuer credit obligations** | $431083 | $5858 | $11600 | $425341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset backed-securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial – self-liquidating agency residential mortgage-backed securities – guaranteed | 2723 | 41 |  | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency residential mortgage-backed securities – not/partially guaranteed | 54734 | 148 | 1391 | 53491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency residential mortgage-backed securities (unaffiliated) | 16118 | 388 | 259 | 16247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency commercial mortgage-backed securities (unaffiliated) | 31906 | 49 | 2691 | 29264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-agency – CLOs/CBOs/CDOs (unaffiliated) | 4087 | 10 | 2 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial – self-liquidating (unaffiliated) | 2489 | 6 | 52 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-financial – practical expedient lease-backed securities (unaffiliated) | 1397 |  | 34 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total asset-backed securities** | $113454 | $642 | $4429 | $109667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds** | $544537 | $6500 | $16029 | $535008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks unaffiliated | $1990 | $— | $— | $1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total unaffiliated stocks** | $1990 | $— | $— | $1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds and unaffiliated stocks** | $546527 | $6500 | $16029 | $536998 |
|  December 31, 2024 |  |  |  |  |
|  **Bonds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $7833 | $— | $434 | $7399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; States, territories and possessions | 993 |  | 139 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Political subdivisions and special revenues | 12396 | 1 | 842 | 11555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous | 439272 | 1732 | 17783 | 423221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan-backed and structured securities | 77587 | 451 | 5518 | 72520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds** | $538081 | $2184 | $24716 | $515549 |
|  Preferred stocks unaffiliated | $1956 | $— | $— | $1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total unaffiliated stocks**<sup>1</sup>  | $1956 | $— | $— | $1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds and unaffiliated stocks** | $540037 | $2184 | $24716 | $517505 |

---

---

| | |
|:---|:---|
| 1 | Excludes affiliated common stocks with a carrying value of $8,035 as of December 31, 2024. Affiliated common stocks represents the investment in JNLNY.  |

---

The carrying value of bonds on deposit with various states as required by law was $10,379 and $10,271 as of December 31, 2025 and 2024, respectively.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2025. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | Carrying value | Fair value |
|  **Bonds:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due in one year or less | $37643 | $37623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after one year through five years | 185460 | 188133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after five years through ten years | 108242 | 108822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after ten years through twenty years | 121886 | 115498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due after twenty years | 91306 | 84932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535008 |

---

The following table summarizes the fair value and unrealized losses on bonds and stocks (amount by which cost or amortized cost exceeds fair value), for which other-than-temporary declines in value have not been recognized, based on the amount of time each type of bond or stock has been in an unrealized loss position, as of the dates indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Less than or equal to<br>one year | Less than or equal to<br>one year | More than one year | More than one year | Total | Total |
| *(in thousands)* | Fair<br>value | Unrealized<br>losses | Fair<br>value | Unrealized<br>losses | Fair<br>value | Unrealized<br>losses |
|  December 31, 2025 |  |  |  |  |  |  |
|  **Bonds:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuer credit obligations | $31965 | $200 | $159382 | $11400 | $191347 | $11600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | 26492 | 208 | 37045 | 4221 | 63537 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds** | $58457 | $408 | $196427 | $15621 | $254884 | $16029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks unaffiliated | $- | $- | $976 | $24 | $976 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds and unaffiliated stocks** | $58457 | $408 | $197403 | $15645 | $255860 | $16053 |
|  December 31, 2024 |  |  |  |  |  |  |
|  **Bonds:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $- | $- | $7399 | $434 | $7399 | $434 |
| &nbsp;&nbsp;&nbsp;&nbsp; States, territories and possessions |  |  | 854 | 139 | 854 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Political subdivisions | 2237 | 63 | 7717 | 779 | 9954 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous | 164679 | 2099 | 169215 | 15684 | 333894 | 17783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan-backed and structured securities | 13584 | 167 | 47511 | 5351 | 61095 | 5518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds** | $180500 | $2329 | $232696 | $22387 | $413196 | $24716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks unaffiliated | $- | $- | $946 | $54 | $946 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bonds and unaffiliated stocks** | $180500 | $2329 | $233642 | $22441 | $414142 | $24770 |

---

As of December 31, 2025, management evaluated securities in an unrealized loss position for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

As of December 31, 2025 and 2024, the Company had no intent to sell asset-backed securities that have been identified as having other-than-temporary impairments.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

***Net Investment Income***

The following table summarizes net investment income by investment type, for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
|  Bonds | $24400 | $23151 | $19917 |
|  Preferred stocks | 113 | 218 | 339 |
|  Common stocks |  | 51 | 222 |
|  Mortgage loans | 50 | 71 | 169 |
|  Policy loans | 217 | 247 | 270 |
|  Other | 2043 | 1124 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross investment income** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment expenses | (528) | (537) | (473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | $26295 | $24325 | $22311 |

---

There was no investment income due and accrued that was nonadmitted as of December 31, 2025 and 2024. Investment income due and accrued as of December 31, 2025 and 2024 that was admitted was $5,420 and $5,773, respectively.

***Net Realized Capital Gains and Losses***

The following table summarizes net realized capital gains and losses for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
|  Net realized capital losses on sales and maturities | $(961) | $(81) | $(1282) |
|  Other-than-temporary impairments and other | - | - | (1075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net realized capital losses** | $(961) | $(81) | $(2357) |
|  Tax expense (benefit) on realized losses | 11 | (65) | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized capital losses, net of tax** | $(972) | $(16) | $(2183) |
|  Less: Net realized losses transferred to the IMR | (1012) | (258) | (1248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized capital gains (losses), net of tax and transfers to the IMR** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(935) |

---

For the year ended December 31, 2025, the gross realized gains and gross realized losses on sales of bonds were $89 and $1,150, respectively. For the year ended December 31, 2024, gross realized gains and gross realized losses on sales of bonds were $268 and $437 , respectively. For the year ended December 31, 2023, gross realized gains and gross realized losses on sales of bonds were $38 and $1,320 , respectively.

The Company did not enter into any repurchase transactions that would be considered wash sales during the years ended December 31, 2025, 2024 and 2023.

***Restricted Assets***

The following table summarizes the total admitted restricted assets for the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | Total admitted restricted assets | Total admitted restricted assets |
| *(in thousands)* | 2025 | 2024 |
|  On deposit with states | $&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;10379 | $&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;10271 |
|  Assets held under funds withheld reinsurance agreements | 106538 | 114018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total restricted assets** | $116917 | $124289 |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(6)** **Fair Value Measurements** 

The following table summarizes assets and liabilities held at fair value as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | Level 1 | Level 2 | Level 3 | Total |
|  December 31, 2025 |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Preferred stocks unaffiliated | $- | $1990 | $- | $1990 |
|  Separate account assets | 14305570 | - | - | 14305570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets at fair value** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14305570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14307560 |
| *(in thousands)* | Level 1 | Level 2 | Level 3 | Total |
|  December 31, 2024 |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Preferred stocks unaffiliated | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
|  Separate account assets | 12061568 | - | - | 12061568 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets at fair value** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | $&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;12063524 |

---

The following table summarizes the carrying value and fair value of the Company's assets not held at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below or in Note 2.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Fair Value | Fair Value | | |
| *(in thousands)* | Level 1 | Level 2 | Level 3 | Total fair<br>value | Carrying<br>value |
|  December 31, 2025 |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Issuer credit obligations<sup>1</sup>  | $15867 | $401297 | $8177 | $425341 | $431083 |
|  Asset-backed securities | - | 109667 | - | 109667 | 113454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total bonds** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544537 |
|  Mortgage loans, net of allowance |  |  | 669 | 669 | 669 |
|  Policy loans |  |  | 3560 | 3560 | 3560 |
|  Cash, cash equivalents and short-term investments | (2965) | 35451 |  | 32486 | 32486 |
|  Other invested assets | - | 1851 | - | 1851 | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $12902 | $548266 | $12406 | $573574 | $583220 |
|  |  | Fair Value | Fair Value |  |  |
| (in thousands) | Level 1 | Level 2 | Level 3 | Total fair<br>value | Carrying<br>value |
|  December 31, 2024 |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Bonds<sup>1</sup>  | $7398 | $499091 | $9060 | $515549 | $538081 |
|  Mortgage loans, net of allowance |  |  | 984 | 984 | 984 |
|  Policy loans |  |  | 3831 | 3831 | 3831 |
|  Cash, cash equivalents and short-term investments | 4036 | 15609 | - | 19645 | 19645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562541 |

---

1 Level 3 is primarily composed of bonds subject to Athene Life Re Ltd. ("Athene") reinsurance agreement, as disclosed in Note 8, and lottery receivable bonds.

*Mortgage loans, net of allowance.* The fair values of mortgage loans are primarily estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings. 

*Policy loans.* The carrying amount reported in the statutory statements of admitted assets, liabilities, capital and surplus approximates fair value as policy loans are fully collateralized by the cash surrender value of underlying insurance policies.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(7)** **Federal Income Taxes** 

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| (in thousands) | Ordinary | Capital | Total |
|  Total gross deferred tax assets | $30108 | $2 | $30110 |
|  Statutory valuation allowance adjustment | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; **Adjusted gross deferred tax assets** | $30108 | $2 | $30110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Deferred tax assets nonadmitted | 20640 | - | 20640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net admitted deferred tax assets** | $9468 | $2 | $9470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Deferred tax liabilities | 30 | 604 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net admitted deferred tax assets (liabilities)** | $9438 | $(602) | $8836 |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (in thousands) | Ordinary | Capital | Total |
|  Total gross deferred tax assets | $28944 | $73 | $29017 |
|  Statutory valuation allowance adjustment | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; **Adjusted gross deferred tax assets** | $&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;28944 | $&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;73 | $&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;29017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Deferred tax assets nonadmitted | 18912 | - | 18912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net admitted deferred tax assets** | $10032 | $73 | $10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Deferred tax liabilities | 38 | 506 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net admitted deferred tax assets (liabilities)** | $9994 | $(433) | $9561 |

---

The following table summarizes components of the change in deferred income taxes reported in capital and surplus before consideration of nonadmitted assets and changes from the prior year, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | |
| *(in thousands)* | 2025 | 2024 | Change |
|  Adjusted gross deferred tax assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29017 | $&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;1093 |
|  Total deferred tax liabilities | 634 | 544 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net deferred tax assets** | $29476 | $28473 | $1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Tax effect of unrealized gains and losses |  |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Change in deferred income tax** |  |  | $1010 |

---

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| *(in thousands)* | Ordinary | Capital | Total |
|  Adjusted gross deferred tax assets expected to be realized<sup>1</sup>  | $&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;8835 | $&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;1 | $&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;8836 |
|  Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities | 633 | 1 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Admitted deferred tax assets** | $9468 | $2 | $9470 |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| *(in thousands)* | Ordinary | Capital | Total |
|  Adjusted gross deferred tax assets expected to be realized<sup>1</sup>  | $9561 | $- | $9561 |
|  Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities | 471 | 73 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Admitted deferred tax assets** | $10032 | $73 | $10105 |

---

---

| | |
|:---|:---|
| 1 | Note that this amount is calculated as the lesser of the adjusted gross deferred tax assets expected to be realized following the balance sheet date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2025 and 2024, the threshold limitation for adjusted capital and surplus was $29,812 and $24,624, respectively.  |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The adjusted capital and surplus used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was $198,745 and $164,159 as of December 31, 2025 and 2024, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 2,530% and 2,049% as of December 31, 2025 and 2024, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Ordinary | Capital | Total |
|  Adjusted gross deferred tax assets | 0.00% | 0.00% | 0.00% |
|  Net admitted adjusted gross deferred tax assets | 0.00% | 0.00% | 0.00% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Ordinary | Capital | Total |
|  Adjusted gross deferred tax assets | 1.39% | 0.00% | 1.39% |
|  Net admitted adjusted gross deferred tax assets | 3.99% | 0.00% | 3.99% |

---

The Company's tax planning strategies did not include the use of reinsurance for the years ended December 31, 2025 and 2024.

There were no temporary differences for which deferred tax liabilities were not recognized for the years ended December 31, 2025 and 2024.

The following table summarizes the tax effects of temporary differences and the change from the prior year, for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | |
| *(in thousands)* | 2025 | 2024 | Change |
|  **Deferred tax assets** |  |  |  |
|  **Ordinary:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future policy benefits and claims | $195 | $295 | $(100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 29853 | 27753 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss carry-forward |  | 431 | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit carry-forward |  | 403 | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 60 | 62 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonadmitted | $(20640) | $(18912) | $(1728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Admitted ordinary deferred tax assets** | $9468 | $10032 | $(564) |
|  **Capital:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | $2 | $73 | $(71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $2 | $73 | $(71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Admitted capital deferred tax assets** | $2 | $73 | $(71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Admitted deferred tax assets** | $9470 | $10105 | $(635) |
|  **Deferred tax liabilities** |  |  |  |
|  **Ordinary:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | $(3) | $(3) | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (27) | (35) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $(30) | $(38) | $8 |
|  **Capital:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | $(604) | $(506) | $(98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** | $(604) | $(506) | $(98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Deferred tax liabilities** | $(634) | $(544) | $(90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net deferred tax assets** | $8836 | $9561 | $(725) |

---

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce the deferred tax assets to amounts expected to be realized. Based on the Company's analysis, it is more likely than not that the results of future operations and the implementation of tax planning strategies will generate sufficient taxable income to enable the Company to realize all deferred tax assets. Therefore, no valuation allowances have been established as of December 31, 2025 and 2024.

The following table summarizes the Company's income tax incurred and change in deferred income tax. The total income tax and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income before tax as follows, for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
|  Current income tax (benefit) expense | $(725) | $3003 | $(10091) |
|  Change in deferred income tax (without tax on unrealized gains and losses) | (1010) | (1377) | 6435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total income tax (benefit) expense reported** | $(1735) | $1626 | $(3656) |
|  Income before income and capital gains taxes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25579 |
|  Federal statutory tax rate | 21% | 21% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expected income tax expense at statutory tax rate** | $8448 | $7303 | $5372 |
|  Decrease in actual tax reported resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax credits | $(4610) | $(2118) | $(2030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | (4370) | (3372) | (6645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of interest maintenance reserve | (232) | (100) | (353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (971) | (87) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total income tax (benefit) expense reported** | $(1735) | $1626 | $(3656) |

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There were no federal income taxes incurred that are available for recoupment in the event of future net losses as of December 31, 2025.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

The Company is included in the NMIC consolidated federal income tax return which includes the following entities:

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| | |
|:---|:---|
| Nationwide Mutual Insurance Company<br> Allied Insurance Company of America<br> Allied Property & Casualty Insurance Company<br> Allied Texas Agency, Inc.<br> AMCO Insurance Company<br> American Marine Underwriters<br> Crestbrook Insurance Company<br> Depositors Insurance Company<br> DVM Insurance Agency, Inc.<br> Eagle Captive Reinsurance, LLC<br> Freedom Specialty Insurance Company<br> Harleysville Insurance Company of New York<br> Harleysville Insurance Company<br> Harleysville Insurance Company of New Jersey<br> Harleysville Preferred Insurance Company<br> Harleysville Worcester Insurance Company<br> Jefferson National Life Insurance Company<br> Jefferson National Life Insurance Company of New York<br> Lone Star General Agency, Inc.<br> National Casualty Company<br> Nationwide Advantage Mortgage Company<br> Nationwide Affinity Insurance Company of America<br> Nationwide Agent Risk Purchasing Group. Inc.<br> Nationwide Agribusiness Insurance Company<br> Nationwide Assurance Company<br> Nationwide Cash Management Company<br> Nationwide Corporation<br> Nationwide Financial Assignment Company<br> Nationwide Financial General Agency, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Financial Services, Inc.<br> Nationwide General Insurance Company<br> Nationwide GSC Holdings, Inc.<br> Nationwide Indemnity Company<br> Nationwide Insurance Company of America<br> Nationwide Insurance Company of Florida<br> Nationwide Investment Services Corporation<br> Nationwide Life and Annuity Insurance Company<br> Nationwide Life and Benefits Insurance Company<br> Nationwide Life Insurance Company<br> Nationwide Property & Casualty Insurance Company<br> Nationwide Retirement Solutions, Inc.<br> Nationwide Sales Solutions, Inc.<br> Nationwide Trust Company, FSB<br> NBS Insurance Agency, Inc.<br> NFS Distributors, Inc.<br> NSM Sales Corporation<br> Registered Investment Advisors Services, Inc.<br> Retention Alternatives, Ltd.<br> Retention Alternatives Ltd. In Respect of Cell No. 1<br> Segregated Account<br> Scottsdale Indemnity Company<br> Scottsdale Insurance Company<br> Scottsdale Surplus Lines Insurance Company<br> Titan Insurance Company<br> Titan Insurance Services, Inc.<br> Veterinary Pet Insurance Company<br> Victoria Fire & Casualty Company<br> Victoria Select Insurance Company<br> VPI Services, Inc. |

---

The method of allocation among the companies is subject to the resolution approved by the Company's Board of Directors. Allocation is based upon separate return or sub-group aggregated separate return calculations with the Company being reimbursed for the actual Federal income tax benefit of its net operating losses which are actually used to reduce the taxable income of other companies in the consolidated return.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2025 and 2024.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

Beginning in 2023, the controlled-group of entities of which the Company is a member, has determined that it is an Applicable Reporting Entity for purposes of the Federal corporate alternative minimum tax ("CAMT"). Applicable Reporting Entities are reporting entities that reasonably expect to be Applicable Corporations for the taxable year, either individually as an unaffiliated corporation or as a member of a tax-controlled group of corporations. An entity is an Applicable Corporation if its rolling average pre-tax adjusted financial statement income over three prior years is greater than $1 billion. Except under limited circumstances, once an entity is an Applicable Corporation, it is an Applicable Corporation in all future years.

The Company has made an accounting policy election to disregard CAMT when evaluating the need for a valuation allowance for its non-CAMT deferred tax assets.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA includes various provisions that impact the timing and magnitude of certain tax deductions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others in later years. The Company has incorporated the provisions that were effective in the financial statements for the period ended December 31, 2025 and assessed that the impacts did not have a material impact on total tax. The Company will continue to assess any future impacts on the Company's statutory financial statements and will recognize the income tax effects beginning in the period in which they are effective.

**(8)** **Reinsurance** 

The Company reinsures 100% of its life and accident and health business to Protective Life Insurance Company ("Protective"), Washington National Insurance Company ("WNIC") and Conseco Life Insurance Co. of Texas ("Conseco"). The total reserves transferred under these agreements were $138,860 and $150,047 as of December 31, 2025 and 2024, respectively. Protective, WNIC and Conseco provide for full servicing of these policies.

The Company previously issued simplified-issue term life business. The risk is reinsured on both a coinsurance and modified coinsurance basis. The Company ceded the remaining risk related to the simplified-issue term life business to Wilton Re U.S. Holdings, Inc. ("Wilton Re"). Wilton Re provides for full servicing of these policies. With the completion of this transaction, the Company retains no traditional life insurance risk.

The Company reinsures 100% of a closed fixed only annuity block originated by the Company prior to 2003 to Athene on a coinsurance with funds withheld basis. The total reserves ceded under this agreement were $106,607 and $113,558 as of December 31, 2025 and 2024, respectively. The Company retains the servicing of these policies in exchange for a per policy expense allowance from Athene.

The Company retains the primary obligation to the policyholder for reinsured policies. Failure of reinsurers to honor their obligations could result in losses to the Company, consequently, the Company evaluates the financial condition of its reinsurers in order to minimize its exposure to losses from reinsurer insolvencies.

**(9)** **Transactions with Affiliates** 

The Company has entered into significant, recurring transactions and agreements with NMIC and other affiliates as part of its ongoing operations. The Company and various affiliates share a home office, other facilities, equipment, common management and administrative services. Pursuant to a cost sharing agreement between the companies, the amounts associated with these services are subject to allocation based on standard allocation techniques and procedures acceptable under general cost accounting techniques and procedures in conformity with NAIC statutory accounting principles. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, pro rata share of employees or their salaries and other methods agreed to by the participating companies. The Company does not believe amounts recognized under the intercompany agreement are materially different than what would have been recognized had the Company operated on a stand-alone basis. During 2025, 2024 and 2023, the Company's operating expenses allocated under these agreements were $21,187, $22,192 and $21,696, respectively.

Affiliate receivables and payables are the result of cost sharing and intercompany service agreements between the Company and its affiliates for which settlement has not yet occurred. Affiliate receivables are presented net of affiliate payables when the Company has the right to offset. The net amounts due from affiliates were immaterial as of December 31, 2025 and 2024 and are included in other assets in the Company's statutory statements of admitted assets, liabilities, capital and surplus. The net amounts due to affiliates were $18,174 and $17,493 as of December 31, 2025 and 2024, respectively, and are included in other liabilities in the Company's statutory statements of admitted assets, liabilities, capital and surplus. These arrangements are subject to written agreements which require that intercompany balances be settled within a certain time period, generally 30 to 60 days.

The Company has entered into two servicing agreements with its affiliate, Nationwide Investment Services Corporation ("NISC") as successor to Jefferson National Securities Corporation. The Paymaster Agreement stipulates that the Company will pay all commissions associated with the issuance of variable annuity contracts through NISC and the Company agrees to reimburse NISC for all variable annuity commissions paid. The Distribution Agreement stipulates that NISC agrees to be the distributor of variable annuity contracts for the Company and the Company agrees that it will reimburse NISC for the costs it incurs to distribute these contracts. The total amounts reimbursed in 2025, 2024 and 2023 under these agreements were immaterial.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

Amounts on deposit with NCMC for the benefit of the Company were $35,450 and $15,609 as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, amounts on deposit with NCMC were comprised of $27,410 and $13,968, respectively, of cash and cash equivalents, with the remaining amounts in short-term investments.

On July 1, 2025, the Company paid a dividend distribution to NLIC that was declared on June 4, 2025. The distribution, which was recorded at a cost of $7,649, consisted of the outstanding common stock of JNLNY.

Pursuant to a financial support agreement, NLIC agrees to provide the Company with the minimum capital and surplus required by each state in which the Company does business. This agreement does not constitute NLIC as guarantor of any obligation or indebtedness of the Company or provide any creditor of JNL with recourse to or against any of the assets of NLIC.

The Company has not made any other guarantees or undertakings for the benefit of an affiliate which would result in a material contingent exposure of the Company's or any affiliated insurer's assets or liabilities.

**(10)** **Contingencies** 

**Legal and Regulatory Matters** 

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company's financial condition.

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the IRS, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

**Indemnifications** 

In the normal course of business, the Company provides standard indemnifications to contractual counterparties. The types of indemnifications typically provided include breaches of representations and warranties, taxes and certain other liabilities, such as third-party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated, and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations.

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

**Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements (in thousands)** 

**(11)** **Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus** 

The NAIC RBC model law requires every insurer to calculate its total adjusted capital and RBC requirement to ensure insurer solvency. Regulatory guidelines provide for an insurance commissioner to intervene if the insurer experiences financial difficulty, as evidenced by a company's total adjusted capital falling below established relationships to required RBC. The model includes components for asset risk, liability risk, interest rate exposure and other factors. The State of Texas, where the Company is domiciled, imposes minimum RBC requirements that are developed by the NAIC. The formulas in the model for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, all of which require specified corrective action. The Company exceeded the minimum RBC requirements for all periods presented.

The maximum amount of dividends which can be paid to shareholders by a State of Texas domiciled insurance company without prior approval of the Insurance Commissioner is limited to, together with that of other dividends or distributions made within the preceding twelve months, the greater of either 10% of surplus as regards policyholders as of the preceding December 31, or the net gain from operations for the twelve month period ending December 31 of the previous calendar year. Subject to applicable regulatory approval(s), dividends are paid as determined by the insurer's board of directors. The Company's statutory surplus as of December 31, 2025 was $202,572 and statutory net gain from operations before realized capital gains or losses for 2025 was $40,911. As of January 1, 2026, the Company had the ability to pay dividends of $40,911 without obtaining prior regulatory approval.

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**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

---

| | |
|:---|:---|
| **Schedule I** | **Summary of Investments - Other Than Investments in Related Parties**  |

---

As of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | Column A | Column B | Column C | Column D |
|  | Type of investment | Cost | Fair value | Amount at which is<br>shown in the statutory<br>statements of admitted<br>assets, liabilities, capital<br>and surplus |
|  Fixed maturities: | Fixed maturities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government and agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government and agencies | $16006 | $15867 | $16006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of states and political subdivisions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of states and political subdivisions | 9737 | 9136 | 9737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign governments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign governments | 994 | 908 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public utilities | 60612 | 60137 | 60612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other corporate, mortgage-backed and asset-backed securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other corporate, mortgage-backed and asset-backed securities | 457188 | 448960 | 457188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total fixed maturities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total fixed maturities** | $&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;544537 | $&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;535008 | $&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;544537 |
|  Equity securities: | Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonredeemable preferred stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonredeemable preferred stocks | $1990 | $1990 | $1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity securities** | $1990 | $1990 | $1990 |
|  Mortgage loans | Mortgage loans | $669 |  | $669 |
|  Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments | 32486 |  | 32486 |
|  Policy loans<sup>1</sup>  | Policy loans<sup>1</sup>  | 3828 |  | 3560 |
|  Other long-term investments | Other long-term investments | 1968 |  | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total invested assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total invested assets** | $585478 |  | $585210 |

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| | |
|:---|:---|
| 1 | Difference from Column B is due to $268 of policy loans classified as nonadmitted assets.  |

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*See accompanying notes to statutory financial statements and report of independent registered public accounting firm.* 

------

**JEFFERSON NATIONAL LIFE INSURANCE COMPANY** 

**(a wholly owned subsidiary of Nationwide Life Insurance Company)** 

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| | |
|:---|:---|
| **Schedule IV** | **Reinsurance**  |

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As of December 31, 2025, 2024 and 2023 and for each of the years then ended:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands) |  |  |  |  |  |
| Column A | Column B | Column C | Column D | Column E | Column F |
|  | Gross<br>amount | Ceded to<br>other<br>companies | Assumed<br>from other<br>companies | Net<br>amount | Percentage<br>of amount<br>assumed to<br>net |
| 2025 |  |  |  |  |  |
|  Life insurance in force | $710347 | $(710347) | $- | $- | 0% |
|  Life insurance premiums<sup>1</sup>  | $9275 | $(9275) | $- | $- | 0% |
| 2024 |  |  |  |  |  |
|  Life insurance in force | $781802 | $(781802) | $- | $- | 0% |
|  Life insurance premiums<sup>1</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9902) | $&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;- | 0% |
| 2023 |  |  |  |  |  |
|  Life insurance in force | $862903 | $(862903) | $- | $- | 0% |
|  Life insurance premiums<sup>1</sup>  | $10457 | $(10457) | $- | $- | 0% |

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1 Includes life-contingent immediate annuities.

*See accompanying notes to statutory financial statements and report of independent registered public accounting firm.*