jnlsaicombined

Jackson National Separate Account I

Financial Statements

December 31, 2023


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Bond Index Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Emerging Markets Index Fund - Class I			JNL Growth Allocation Fund - Class A
Assets
Investments in Funds, at fair value		$	1,347,296,475		$	14,323,077		$	8,830,741		$	539,310,223		$	7,115,754		$	1,690,885		$	2,803,965,985
Receivables:
	Investments in Fund shares sold		1,253,704			929			94			170,596			162			18			2,031,341
	Investment Division units sold		936,570			—			—			366,544			82			—			2,476,964
Total assets			1,349,486,749			14,324,006			8,830,835			539,847,363			7,115,998			1,690,903			2,808,474,290

Liabilities
Payables:
	Investments in Fund shares purchased		936,570			—			—			366,544			82			—			2,476,964
	Investment Division units redeemed		1,205,946			757			—			153,021			79			—			1,930,199
	Insurance fees due to Jackson		47,758			172			94			17,575			83			18			101,142
Total liabilities			2,190,274			929			94			537,140			244			18			4,508,305
Net assets		$	1,347,296,475		$	14,323,077		$	8,830,741		$	539,310,223		$	7,115,754		$	1,690,885		$	2,803,965,985
Maximum Unit Value			24.330249			23.504354			18.698690			14.191323			13.896546			12.698748			24.579345
Minimum Unit Value			15.655595			18.475948			8.453574			10.539769			13.532989			7.843063			14.653178

Investments in Funds, shares outstanding			72,047,940			751,868			956,743			39,480,983			511,189			205,204			148,593,852
Investments in Funds, at cost		$	982,499,112		$	12,248,226		$	8,653,822		$	513,475,222		$	6,922,871		$	1,652,497		$	2,193,945,080


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Bond Index Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Emerging Markets Index Fund - Class I			JNL Growth Allocation Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		16,731,123			59,942			25,766			6,410,464			30,122			5,219			35,984,818
Total expenses			16,731,123			59,942			25,766			6,410,464			30,122			5,219			35,984,818
Net investment income (loss)			(16,731,123	)		(59,942	)		(25,766	)		(6,410,464	)		(30,122	)		(5,219	)		(35,984,818	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		51,796,332			143,055			(31,206	)		(587,800	)		(44,448	)		(13,425	)		72,548,125
Net change in unrealized appreciation
	(depreciation) on investments in Funds		167,190,596			2,158,841			421,893			48,439,332			676,665			140,269			346,401,659
Net realized and unrealized gain (loss)			218,986,928			2,301,896			390,687			47,851,532			632,217			126,844			418,949,784

Net change in net assets
	from operations	$	202,255,805		$	2,241,954		$	364,921		$	41,441,068		$	602,095		$	121,625		$	382,964,966

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL Growth Allocation Fund - Class I			JNL International Index Fund - Class I		JNL iShares Tactical Growth Fund - Class A			JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A			JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A
Assets
Investments in Funds, at fair value		$	18,785,749		$	6,745,951	$	284,908,687		$	8,046,066		$	174,976,709		$	8,291,574		$	285,786,769
Receivables:
	Investments in Fund shares sold		641			70		440,217			150			47,593			96			65,774
	Investment Division units sold		172			—		40,644			—			778			—			52,022
Total assets			18,786,562			6,746,021		285,389,548			8,046,216			175,025,080			8,291,670			285,904,565

Liabilities
Payables:
	Investments in Fund shares purchased		172			—		40,644			—			778			—			52,022
	Investment Division units redeemed		424			—		431,431			53			42,068			—			56,933
	Insurance fees due to Jackson		217			70		8,786			97			5,525			96			8,841
Total liabilities			813			70		480,861			150			48,371			96			117,796
Net assets		$	18,785,749		$	6,745,951	$	284,908,687		$	8,046,066		$	174,976,709		$	8,291,574		$	285,786,769
Maximum Unit Value			23.753247			32.977468		23.491818			23.014198			16.467957			16.151773			20.135398
Minimum Unit Value			18.681388			9.578227		17.446116			19.643035			12.749767			14.698102			15.497424

Investments in Funds, shares outstanding			976,898			687,661		19,082,966			536,404			14,815,979			697,944			21,455,463
Investments in Funds, at cost		$	16,232,536		$	6,374,290	$	275,391,187		$	8,091,718		$	180,852,774		$	8,927,116		$	284,621,193


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL Growth Allocation Fund - Class I			JNL International Index Fund - Class I		JNL iShares Tactical Growth Fund - Class A			JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A			JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A
Investment Income
Dividends		$	—		$	182,242	$	5,028,791		$	139,081		$	3,939,764		$	210,467		$	5,895,185
Expenses
	Asset-based charges		78,324			18,476		3,005,449			30,706			1,969,862			33,123			3,056,405
Total expenses			78,324			18,476		3,005,449			30,706			1,969,862			33,123			3,056,405
Net investment income (loss)			(78,324	)		163,766		2,023,342			108,375			1,969,902			177,344			2,838,780

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—		4,006,986			95,712			—			—			5,308,450
	Sales of investments in Funds		334,772			6,137		(755,761	)		(167,070	)		(3,123,457	)		(81,182	)		(1,568,127	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,580,284			616,170		27,233,049			839,046			14,814,468			620,862			20,931,419
Net realized and unrealized gain (loss)			2,915,056			622,307		30,484,274			767,688			11,691,011			539,680			24,671,742

Net change in net assets
	from operations	$	2,836,732		$	786,073	$	32,507,616		$	876,063		$	13,660,913		$	717,024		$	27,510,522

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL iShares Tactical Moderate Growth Fund - Class I			JNL Mid Cap Index Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I			JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A
Assets
Investments in Funds, at fair value		$	6,810,071		$	5,977,021		$	1,988,098,666		$	11,784,562		$	3,575,332,081		$	12,892,630		$	188,668,334
Receivables:
	Investments in Fund shares sold		82			62			621,047			139			1,571,608			158			179,777
	Investment Division units sold		—			—			167,262			—			139,792			—			90,044
Total assets			6,810,153			5,977,083			1,988,886,975			11,784,701			3,577,043,481			12,892,788			188,938,155

Liabilities
Payables:
	Investments in Fund shares purchased		—			—			167,262			—			139,792			—			90,044
	Investment Division units redeemed		—			—			550,443			—			1,443,396			—			174,206
	Insurance fees due to Jackson		82			62			70,604			139			128,212			158			5,571
Total liabilities			82			62			788,309			139			1,711,400			158			269,821
Net assets		$	6,810,071		$	5,977,021		$	1,988,098,666		$	11,784,562		$	3,575,332,081		$	12,892,630		$	188,668,334
Maximum Unit Value			19.723984			67.797122			17.614449			17.254939			23.372075			22.589428			11.958682
Minimum Unit Value			17.450221			9.662544			12.774416			16.339297			13.935582			18.040570			9.879734

Investments in Funds, shares outstanding			509,736			566,542			120,490,828			700,628			196,231,179			694,272			16,015,988
Investments in Funds, at cost		$	7,103,488		$	5,387,529		$	1,676,438,099		$	10,638,628		$	2,725,200,173		$	11,619,385		$	172,479,547


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL iShares Tactical Moderate Growth Fund - Class I			JNL Mid Cap Index Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I			JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A
Investment Income
Dividends		$	163,730		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		30,660			15,919			25,783,089			46,538			46,288,659			53,321			2,063,192
Total expenses			30,660			15,919			25,783,089			46,538			46,288,659			53,321			2,063,192
Net investment income (loss)			133,070			(15,919	)		(25,783,089	)		(46,538	)		(46,288,659	)		(53,321	)		(2,063,192	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		128,735			—			—			—			—			—			—
	Sales of investments in Funds		(122,155	)		1,488			36,635,394			69,879			107,278,519			39,423			2,294,042
Net change in unrealized appreciation
	(depreciation) on investments in Funds		622,368			703,455			186,362,724			1,209,961			348,271,085			1,531,547			18,330,270
Net realized and unrealized gain (loss)			628,948			704,943			222,998,118			1,279,840			455,549,604			1,570,970			20,624,312

Net change in net assets
	from operations	$	762,018		$	689,024		$	197,215,029		$	1,233,302		$	409,260,945		$	1,517,649		$	18,561,120

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL Multi-Manager Alternative Fund - Class I			JNL Multi-Manager Emerging Markets Equity Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A			JNL Multi-Manager International Small Cap Fund - Class I			JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I
Assets
Investments in Funds, at fair value		$	4,913,074		$	572,335,990		$	8,850,039		$	398,560,755		$	5,253,178		$	445,936,672		$	15,067,772
Receivables:
	Investments in Fund shares sold		271			533,144			510			107,419			1,136			222,020			1,861
	Investment Division units sold		260			446,788			8,255			104,544			10,000			142,428			312
Total assets			4,913,605			573,315,922			8,858,804			398,772,718			5,264,314			446,301,120			15,069,945

Liabilities
Payables:
	Investments in Fund shares purchased		260			446,788			8,255			104,544			10,000			142,428			312
	Investment Division units redeemed		212			512,737			405			93,161			1,072			206,380			1,676
	Insurance fees due to Jackson		59			20,407			105			14,258			64			15,640			185
Total liabilities			531			979,932			8,765			211,963			11,136			364,448			2,173
Net assets		$	4,913,074		$	572,335,990		$	8,850,039		$	398,560,755		$	5,253,178		$	445,936,672		$	15,067,772
Maximum Unit Value			11.920300			15.587691			15.792691			13.856280			13.816061			20.077905			19.953155
Minimum Unit Value			11.405006			9.681512			14.102309			11.602053			13.485462			16.555406			19.335947

Investments in Funds, shares outstanding			410,106			67,732,070			1,044,869			36,431,513			475,401			23,532,278			782,741
Investments in Funds, at cost		$	4,644,604		$	603,143,453		$	9,838,634		$	485,367,173		$	5,962,132		$	389,468,263		$	13,498,986


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL Multi-Manager Alternative Fund - Class I			JNL Multi-Manager Emerging Markets Equity Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A			JNL Multi-Manager International Small Cap Fund - Class I			JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I
Investment Income
Dividends		$	—		$	8,117,513		$	153,688		$	10,549,811		$	149,053		$	—		$	—
Expenses
	Asset-based charges		19,912			7,465,167			35,424			4,849,165			19,606			5,449,317			63,556
Total expenses			19,912			7,465,167			35,424			4,849,165			19,606			5,449,317			63,556
Net investment income (loss)			(19,912	)		652,346			118,264			5,700,646			129,447			(5,449,317	)		(63,556	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		15,308			(11,699,622	)		(486,463	)		(24,568,866	)		(201,937	)		6,757,682			134,179
Net change in unrealized appreciation
	(depreciation) on investments in Funds		477,110			58,178,491			1,134,640			89,435,427			985,709			42,020,730			1,592,581
Net realized and unrealized gain (loss)			492,418			46,478,869			648,177			64,866,561			783,772			48,778,412			1,726,760

Net change in net assets
	from operations	$	472,506		$	47,131,215		$	766,441		$	70,567,207		$	913,219		$	43,329,095		$	1,663,204

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I			JNL Small Cap Index Fund - Class I			JNL/AB Sustainable Global Thematic Fund - Class A
Assets
Investments in Funds, at fair value		$	1,825,506,098		$	32,540,339		$	1,190,536,694		$	19,984,578		$	357,911,988		$	5,037,377		$	9,387,888
Receivables:
	Investments in Fund shares sold		870,268			57,620			755,504			2,285			75,303			—			1,392
	Investment Division units sold		671,603			139,977			794,812			77,648			100,000			—			—
Total assets			1,827,047,969			32,737,936			1,192,087,010			20,064,511			358,087,291			5,037,377			9,389,280

Liabilities
Payables:
	Investments in Fund shares purchased		671,603			139,977			794,812			77,648			100,000			—			—
	Investment Division units redeemed		804,436			57,229			712,224			2,043			71,081			—			1,089
	Insurance fees due to Jackson		65,832			391			43,280			242			4,222			—			303
Total liabilities			1,541,871			197,597			1,550,316			79,933			175,303			—			1,392
Net assets		$	1,825,506,098		$	32,540,339		$	1,190,536,694		$	19,984,578		$	357,911,988		$	5,037,377		$	9,387,888
Maximum Unit Value			105.853299			110.126748			39.065391			39.902130			20.613383			56.610268			10.800017
Minimum Unit Value			45.216929			90.480360			23.665453			35.132505			20.040604			9.323668			10.364536

Investments in Funds, shares outstanding			47,170,700			786,949			60,525,506			999,729			16,986,805			494,831			869,249
Investments in Funds, at cost		$	1,617,258,902		$	33,273,115		$	969,153,891		$	16,996,155		$	280,438,384		$	4,555,673		$	8,491,890


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I			JNL Small Cap Index Fund - Class I			JNL/AB Sustainable Global Thematic Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		22,637,138			129,775			14,324,941			72,902			1,346,295			12,343			84,275
Total expenses			22,637,138			129,775			14,324,941			72,902			1,346,295			12,343			84,275
Net investment income (loss)			(22,637,138	)		(129,775	)		(14,324,941	)		(72,902	)		(1,346,295	)		(12,343	)		(84,275	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		15,866,661			(663,915	)		20,977,471			218,326			8,745,953			(23,203	)		68,750
Net change in unrealized appreciation
	(depreciation) on investments in Funds		241,982,445			5,226,796			189,118,771			3,111,846			63,908,479			631,900			913,652
Net realized and unrealized gain (loss)			257,849,106			4,562,881			210,096,242			3,330,172			72,654,432			608,697			982,402

Net change in net assets
	from operations	$	235,211,968		$	4,433,106		$	195,771,301		$	3,257,270		$	71,308,137		$	596,354		$	898,127

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/AB Sustainable Global Thematic Fund - Class I			JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Bond Fund of America Fund - Class A			JNL/American Funds Bond Fund of America Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I
Assets
Investments in Funds, at fair value		$	557,771		$	2,601,568,165		$	48,087,611		$	330,476,406		$	12,654,232		$	358,344,765		$	7,860,215
Receivables:
	Investments in Fund shares sold		71			1,944,691			2,388			592,582			338			198,821			292
	Investment Division units sold		—			1,944,643			112			750,240			—			338,694			—
Total assets			557,842			2,605,457,499			48,090,111			331,819,228			12,654,570			358,882,280			7,860,507

Liabilities
Payables:
	Investments in Fund shares purchased		—			1,944,643			112			750,240			—			338,694			—
	Investment Division units redeemed		61			1,853,237			1,802			581,196			189			186,591			198
	Insurance fees due to Jackson		10			91,454			586			11,386			149			12,230			94
Total liabilities			71			3,889,334			2,500			1,342,822			338			537,515			292
Net assets		$	557,771		$	2,601,568,165		$	48,087,611		$	330,476,406		$	12,654,232		$	358,344,765		$	7,860,215
Maximum Unit Value			10.778251			30.238172			31.249641			9.229193			9.203356			13.276400			13.220079
Minimum Unit Value			10.715055			15.961964			26.430119			8.608746			9.102266			11.637356			12.939301

Investments in Funds, shares outstanding			51,360			165,704,979			2,912,636			35,843,428			1,362,135			27,126,780			584,837
Investments in Funds, at cost		$	517,892		$	2,167,976,112		$	41,650,617		$	325,843,361		$	12,366,597		$	318,812,789		$	6,921,004


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/AB Sustainable Global Thematic Fund - Class I			JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Bond Fund of America Fund - Class A			JNL/American Funds Bond Fund of America Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		2,962			31,049,123			202,034			3,037,444			43,577			4,192,774			31,596
Total expenses			2,962			31,049,123			202,034			3,037,444			43,577			4,192,774			31,596
Net investment income (loss)			(2,962	)		(31,049,123	)		(202,034	)		(3,037,444	)		(43,577	)		(4,192,774	)		(31,596	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		23,316			40,151,637			622,675			(2,625,826	)		(66,485	)		4,240,684			101,102
Net change in unrealized appreciation
	(depreciation) on investments in Funds		39,619			278,786,835			5,459,309			14,626,183			534,957			24,003,954			538,648
Net realized and unrealized gain (loss)			62,935			318,938,472			6,081,984			12,000,357			468,472			28,244,638			639,750

Net change in net assets
	from operations	$	59,973		$	287,889,349		$	5,879,950		$	8,962,913		$	424,895		$	24,051,864		$	608,154

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/American Funds Capital World Bond Fund - Class A			JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A
Assets
Investments in Funds, at fair value		$	319,304,387		$	4,288,611		$	832,271,251		$	23,290,757		$	621,857,962		$	11,053,022		$	3,416,869,951
Receivables:
	Investments in Fund shares sold		524,349			167			396,421			2,077			427,853			447			2,376,073
	Investment Division units sold		291,603			13			426,427			—			128,508			—			1,017,251
Total assets			320,120,339			4,288,791			833,094,099			23,292,834			622,414,323			11,053,469			3,420,263,275

Liabilities
Payables:
	Investments in Fund shares purchased		291,603			13			426,427			—			128,508			—			1,017,251
	Investment Division units redeemed		512,681			116			368,684			1,794			405,395			313			2,254,751
	Insurance fees due to Jackson		11,668			51			27,737			283			22,458			134			121,322
Total liabilities			815,952			180			822,848			2,077			556,361			447			3,393,324
Net assets		$	319,304,387		$	4,288,611		$	832,271,251		$	23,290,757		$	621,857,962		$	11,053,022		$	3,416,869,951
Maximum Unit Value			11.264231			11.420280			26.655115			26.231292			23.038291			23.323189			25.731975
Minimum Unit Value			7.789887			10.468386			19.984057			24.469395			15.187568			21.370964			18.778703

Investments in Funds, shares outstanding			31,335,072			411,180			34,505,442			948,321			33,469,212			578,087			138,897,152
Investments in Funds, at cost		$	341,356,183		$	4,554,704		$	683,828,761		$	20,310,866		$	546,158,225		$	11,275,376		$	2,575,205,737


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/American Funds Capital World Bond Fund - Class A			JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		4,261,644			18,392			8,907,731			92,494			7,825,508			44,190			41,534,017
Total expenses			4,261,644			18,392			8,907,731			92,494			7,825,508			44,190			41,534,017
Net investment income (loss)			(4,261,644	)		(18,392	)		(8,907,731	)		(92,494	)		(7,825,508	)		(44,190	)		(41,534,017	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(7,916,229	)		(171,995	)		14,571,710			304,855			6,152,150			(297,956	)		95,620,802
Net change in unrealized appreciation
	(depreciation) on investments in Funds		25,657,913			427,805			131,040,229			3,841,233			81,011,991			1,800,182			415,157,572
Net realized and unrealized gain (loss)			17,741,684			255,810			145,611,939			4,146,088			87,164,141			1,502,226			510,778,374

Net change in net assets
	from operations	$	13,480,040		$	237,418		$	136,704,208		$	4,053,594		$	79,338,633		$	1,458,036		$	469,244,357

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/American Funds Growth Allocation Fund - Class I			JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I
Assets
Investments in Funds, at fair value		$	49,039,692		$	4,660,906,940		$	96,114,467		$	9,601,000,976		$	133,436,391		$	1,347,936,755		$	16,652,789
Receivables:
	Investments in Fund shares sold		4,311			2,624,276			180,903			6,229,194			54,621			964,078			1,741
	Investment Division units sold		—			2,383,048			2,500			4,886,540			2,500			671,203			—
Total assets			49,044,003			4,665,914,264			96,297,870			9,612,116,710			133,493,512			1,349,572,036			16,654,530

Liabilities
Payables:
	Investments in Fund shares purchased		—			2,383,048			2,500			4,886,540			2,500			671,203			—
	Investment Division units redeemed		3,714			2,464,135			179,737			5,892,042			53,024			915,981			1,540
	Insurance fees due to Jackson		597			160,141			1,166			337,152			1,597			48,097			201
Total liabilities			4,311			5,007,324			183,403			11,115,734			57,121			1,635,281			1,741
Net assets		$	49,039,692		$	4,660,906,940		$	96,114,467		$	9,601,000,976		$	133,436,391		$	1,347,936,755		$	16,652,789
Maximum Unit Value			25.225299			51.004423			49.974646			42.972033			43.480764			17.772385			18.009812
Minimum Unit Value			24.074462			34.437805			47.651228			27.379174			39.842012			11.322091			16.503648

Investments in Funds, shares outstanding			1,955,331			94,293,080			1,907,033			240,325,431			3,245,048			85,746,613			1,031,132
Investments in Funds, at cost		$	42,179,288		$	3,545,458,652		$	77,410,807		$	6,067,985,357		$	102,171,250		$	1,211,359,990		$	16,089,670


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/American Funds Growth Allocation Fund - Class I			JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		195,048			48,374,771			357,093			111,003,783			500,939			17,265,782			67,897
Total expenses			195,048			48,374,771			357,093			111,003,783			500,939			17,265,782			67,897
Net investment income (loss)			(195,048	)		(48,374,771	)		(357,093	)		(111,003,783	)		(500,939	)		(17,265,782	)		(67,897	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		531,938			93,402,562			1,947,874			407,824,450			3,489,561			11,259,132			(117,953	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		6,625,690			1,139,541,603			23,998,875			1,589,775,957			23,395,052			177,113,678			2,350,091
Net realized and unrealized gain (loss)			7,157,628			1,232,944,165			25,946,749			1,997,600,407			26,884,613			188,372,810			2,232,138

Net change in net assets
	from operations	$	6,962,580		$	1,184,569,394		$	25,589,656		$	1,886,596,624		$	26,383,674		$	171,107,028		$	2,164,241

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/American Funds Moderate Growth Allocation Fund - Class A			JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/American Funds Washington Mutual Investors Fund - Class A			JNL/American Funds Washington Mutual Investors Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A
Assets
Investments in Funds, at fair value		$	2,324,009,829		$	21,665,066		$	1,318,127,624		$	29,727,927		$	3,441,846,659		$	46,660,074		$	348,926,647
Receivables:
	Investments in Fund shares sold		1,225,024			554			1,088,900			1,609			2,137,074			2,226			104,783
	Investment Division units sold		702,295			—			308,963			3,003			1,923,221			1,250			25,403
Total assets			2,325,937,148			21,665,620			1,319,525,487			29,732,539			3,445,906,954			46,663,550			349,056,833

Liabilities
Payables:
	Investments in Fund shares purchased		702,295			—			308,963			3,003			1,923,221			1,250			25,403
	Investment Division units redeemed		1,142,079			289			1,041,318			1,250			2,012,366			1,668			92,191
	Insurance fees due to Jackson		82,945			265			47,582			359			124,708			558			12,592
Total liabilities			1,927,319			554			1,397,863			4,612			4,060,295			3,476			130,186
Net assets		$	2,324,009,829		$	21,665,066		$	1,318,127,624		$	29,727,927		$	3,441,846,659		$	46,660,074		$	348,926,647
Maximum Unit Value			21.368122			20.947202			19.232598			19.477973			38.267011			38.731107			14.749990
Minimum Unit Value			15.777227			19.991532			12.853934			17.847969			24.377907			35.489843			13.115095

Investments in Funds, shares outstanding			113,421,661			1,037,102			79,501,063			1,748,702			96,140,968			1,266,560			23,656,044
Investments in Funds, at cost		$	1,778,158,674		$	18,685,591		$	1,099,417,368		$	27,512,923		$	2,133,153,310		$	36,736,374		$	307,087,408


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/American Funds Moderate Growth Allocation Fund - Class A			JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/American Funds Washington Mutual Investors Fund - Class A			JNL/American Funds Washington Mutual Investors Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		29,603,294			90,057			16,871,612			119,293			42,730,460			179,630			4,603,401
Total expenses			29,603,294			90,057			16,871,612			119,293			42,730,460			179,630			4,603,401
Net investment income (loss)			(29,603,294	)		(90,057	)		(16,871,612	)		(119,293	)		(42,730,460	)		(179,630	)		(4,603,401	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		71,700,993			267,517			26,827,620			52,068			193,975,475			1,503,775			5,921,671
Net change in unrealized appreciation
	(depreciation) on investments in Funds		222,377,885			2,424,718			156,303,695			3,822,718			316,634,421			5,316,073			29,021,577
Net realized and unrealized gain (loss)			294,078,878			2,692,235			183,131,315			3,874,786			510,609,896			6,819,848			34,943,248

Net change in net assets
	from operations	$	264,475,584		$	2,602,178		$	166,259,703		$	3,755,493		$	467,879,436		$	6,640,218		$	30,339,847

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/Baillie Gifford International Growth Fund - Class A			JNL/Baillie Gifford International Growth Fund - Class I			JNL/Baillie Gifford U.S. Equity Growth Fund - Class A			JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A
Assets
Investments in Funds, at fair value		$	6,775,777		$	673,937,377		$	18,717,999		$	7,858,596		$	2,648,868,853		$	20,079,028		$	839,746,526
Receivables:
	Investments in Fund shares sold		373			914,886			109,625			202			1,225,785			479			571,569
	Investment Division units sold		—			488,147			—			10,782			1,035,697			—			343,381
Total assets			6,776,150			675,340,410			18,827,624			7,869,580			2,651,130,335			20,079,507			840,661,476

Liabilities
Payables:
	Investments in Fund shares purchased		—			488,147			—			10,782			1,035,697			—			343,381
	Investment Division units redeemed		292			891,241			109,397			21			1,130,613			237			541,638
	Insurance fees due to Jackson		81			23,645			228			181			95,172			242			29,931
Total liabilities			373			1,403,033			109,625			10,984			2,261,482			479			914,950
Net assets		$	6,775,777		$	673,937,377		$	18,717,999		$	7,858,596		$	2,648,868,853		$	20,079,028		$	839,746,526
Maximum Unit Value			14.715633			12.185106			12.281067			5.730005			19.806469			20.024039			14.682778
Minimum Unit Value			14.649347			10.501648			12.071279			5.526916			13.234643			18.412786			9.309544

Investments in Funds, shares outstanding			453,229			57,405,228			1,572,941			1,371,483			161,417,968			1,194,469			65,349,924
Investments in Funds, at cost		$	6,066,894		$	763,426,947		$	21,707,158		$	6,832,952		$	2,028,702,345		$	17,275,693		$	707,221,274


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/Baillie Gifford International Growth Fund - Class A			JNL/Baillie Gifford International Growth Fund - Class I			JNL/Baillie Gifford U.S. Equity Growth Fund - Class A			JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		30,283			8,722,248			85,474			50,115			34,295,584			83,693			12,906,211
Total expenses			30,283			8,722,248			85,474			50,115			34,295,584			83,693			12,906,211
Net investment income (loss)			(30,283	)		(8,722,248	)		(85,474	)		(50,115	)		(34,295,584	)		(83,693	)		(12,906,211	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		217,006			(37,659,447	)		(1,430,032	)		344,418			78,785,915			329,838			76,737,621
Net change in unrealized appreciation
	(depreciation) on investments in Funds		475,657			118,553,384			3,837,331			1,477,097			263,061,653			2,252,818			(99,732,848	)
Net realized and unrealized gain (loss)			692,663			80,893,937			2,407,299			1,821,515			341,847,568			2,582,656			(22,995,227	)

Net change in net assets
	from operations	$	662,380		$	72,171,689		$	2,321,825		$	1,771,400		$	307,551,984		$	2,498,963		$	(35,901,438	)

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/BlackRock Global Natural Resources Fund - Class I			JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Causeway International Value Select Fund - Class A		JNL/Causeway International Value Select Fund - Class I		JNL/ClearBridge Large Cap Growth Fund - Class A			JNL/ClearBridge Large Cap Growth Fund - Class I
Assets
Investments in Funds, at fair value		$	10,534,615		$	3,253,509,944		$	47,057,330		$	729,452,393	$	25,479,628	$	587,419,728		$	32,762,466
Receivables:
	Investments in Fund shares sold		636			1,626,953			26,739			542,149		1,376		123,800			79,598
	Investment Division units sold		4,905			903,745			10,000			299,867		7,840		219,969			20,000
Total assets			10,540,156			3,256,040,642			47,094,069			730,294,409		25,488,844		587,763,497			32,862,064

Liabilities
Payables:
	Investments in Fund shares purchased		4,905			903,745			10,000			299,867		7,840		219,969			20,000
	Investment Division units redeemed		511			1,508,767			26,163			515,515		1,069		103,760			79,204
	Insurance fees due to Jackson		125			118,186			576			26,634		307		20,040			394
Total liabilities			5,541			2,530,698			36,739			842,016		9,216		343,769			99,598
Net assets		$	10,534,615		$	3,253,509,944		$	47,057,330		$	729,452,393	$	25,479,628	$	587,419,728		$	32,762,466
Maximum Unit Value			14.395014			162.084765			170.610856			32.523143		30.101308		21.997869			21.924364
Minimum Unit Value			13.338118			36.398647			138.676547			14.048805		25.022919		18.459687			21.314784

Investments in Funds, shares outstanding			801,111			46,658,683			636,943			38,031,929		1,286,850		26,700,897			1,461,957
Investments in Funds, at cost		$	9,768,788		$	2,161,526,660		$	38,379,460		$	615,460,385	$	22,063,019	$	459,033,671		$	26,540,035


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/BlackRock Global Natural Resources Fund - Class I			JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Causeway International Value Select Fund - Class A		JNL/Causeway International Value Select Fund - Class I		JNL/ClearBridge Large Cap Growth Fund - Class A			JNL/ClearBridge Large Cap Growth Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	10,517,515	$	394,609	$	—		$	—
Expenses
	Asset-based charges		58,395			37,189,253			161,398			8,665,422		92,175		5,897,182			119,976
Total expenses			58,395			37,189,253			161,398			8,665,422		92,175		5,897,182			119,976
Net investment income (loss)			(58,395	)		(37,189,253	)		(161,398	)		1,852,093		302,434		(5,897,182	)		(119,976	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—		—		—			—
	Sales of investments in Funds		697,852			122,595,971			612,222			20,824,082		607,015		15,774,651			692,445
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(1,081,948	)		982,064,297			13,762,113			115,760,467		3,811,507		150,046,420			9,418,717
Net realized and unrealized gain (loss)			(384,096	)		1,104,660,268			14,374,335			136,584,549		4,418,522		165,821,071			10,111,162

Net change in net assets
	from operations	$	(442,491	)	$	1,067,471,015		$	14,212,937		$	138,436,642	$	4,720,956	$	159,923,889		$	9,991,186

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I			JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A
Assets
Investments in Funds, at fair value		$	268,256,442		$	17,718,617		$	1,180,915,598		$	32,096,256		$	537,179,499		$	21,256,820		$	1,692,717,906
Receivables:
	Investments in Fund shares sold		106,043			1,207			853,464			1,157			218,533			573			843,279
	Investment Division units sold		225,927			—			181,356			—			592,585			73,321			738,994
Total assets			268,588,412			17,719,824			1,181,950,418			32,097,413			537,990,617			21,330,714			1,694,300,179

Liabilities
Payables:
	Investments in Fund shares purchased		225,927			—			181,356			—			592,585			73,321			738,994
	Investment Division units redeemed		96,872			996			811,828			773			200,050			319			781,696
	Insurance fees due to Jackson		9,171			211			41,636			384			18,483			254			61,583
Total liabilities			331,970			1,207			1,034,820			1,157			811,118			73,894			1,582,273
Net assets		$	268,256,442		$	17,718,617		$	1,180,915,598		$	32,096,256		$	537,179,499		$	21,256,820		$	1,692,717,906
Maximum Unit Value			13.099648			13.098531			83.790731			87.485651			29.956037			29.479027			28.438618
Minimum Unit Value			11.543280			12.834765			30.210950			71.878536			21.829394			15.615187			12.933770

Investments in Funds, shares outstanding			23,887,484			1,568,019			48,778,009			1,227,390			44,727,685			1,745,223			133,600,466
Investments in Funds, at cost		$	263,167,530		$	17,143,862		$	777,077,117		$	25,680,254		$	477,227,121		$	18,806,128		$	1,718,995,272


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I			JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A
Investment Income
Dividends		$	4,540,504		$	330,159		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		2,934,377			66,424			14,491,683			125,365			5,774,201			80,131			22,536,526
Total expenses			2,934,377			66,424			14,491,683			125,365			5,774,201			80,131			22,536,526
Net investment income (loss)			1,606,127			263,735			(14,491,683	)		(125,365	)		(5,774,201	)		(80,131	)		(22,536,526	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(2,884,319	)		(253,321	)		73,748,338			950,203			1,610,442			130,816			(18,663,124	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		31,427,491			2,074,089			152,632,569			4,972,776			69,189,588			2,814,681			116,840,377
Net realized and unrealized gain (loss)			28,543,172			1,820,768			226,380,907			5,922,979			70,800,030			2,945,497			98,177,253

Net change in net assets
	from operations	$	30,149,299		$	2,084,503		$	211,889,224		$	5,797,614		$	65,025,829		$	2,865,366		$	75,640,727

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I
Assets
Investments in Funds, at fair value		$	26,618,425		$	117,644,505		$	3,146,260		$	1,635,337,215		$	28,379,417		$	674,749,202		$	15,732,886
Receivables:
	Investments in Fund shares sold		2,420			104,118			183			595,269			1,840			558,931			121,014
	Investment Division units sold		138,908			8,744			—			847,182			—			293,180			—
Total assets			26,759,753			117,757,367			3,146,443			1,636,779,666			28,381,257			675,601,313			15,853,900

Liabilities
Payables:
	Investments in Fund shares purchased		138,908			8,744			—			847,182			—			293,180			—
	Investment Division units redeemed		2,113			100,073			146			537,935			1,497			535,924			120,824
	Insurance fees due to Jackson		307			4,045			37			57,334			343			23,007			190
Total liabilities			141,328			112,862			183			1,442,451			1,840			852,111			121,014
Net assets		$	26,618,425		$	117,644,505		$	3,146,260		$	1,635,337,215		$	28,379,417		$	674,749,202		$	15,732,886
Maximum Unit Value			29.480729			11.750031			11.641661			28.124992			27.814640			11.553219			11.362928
Minimum Unit Value			24.506328			9.476009			11.498001			21.864853			26.263343			8.750565			10.791067

Investments in Funds, shares outstanding			1,920,521			10,301,620			276,230			70,978,178			1,210,726			64,078,747			1,473,117
Investments in Funds, at cost		$	26,766,835		$	114,268,878		$	3,041,823		$	1,264,986,904		$	23,288,822		$	699,325,459		$	16,000,169


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		105,094			1,462,228			12,714			19,204,179			116,233			8,291,820			64,459
Total expenses			105,094			1,462,228			12,714			19,204,179			116,233			8,291,820			64,459
Net investment income (loss)			(105,094	)		(1,462,228	)		(12,714	)		(19,204,179	)		(116,233	)		(8,291,820	)		(64,459	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(503,416	)		(991,468	)		(36,175	)		45,835,551			577,520			(11,007,801	)		(240,675	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		1,943,669			11,299,257			315,681			317,995,605			5,858,502			44,139,978			999,229
Net realized and unrealized gain (loss)			1,440,253			10,307,789			279,506			363,831,156			6,436,022			33,132,177			758,554

Net change in net assets
	from operations	$	1,335,159		$	8,845,561		$	266,792		$	344,626,977		$	6,319,789		$	24,840,357		$	694,095

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I			JNL/First Sentier Global Infrastructure Fund - Class A			JNL/First Sentier Global Infrastructure Fund - Class I			JNL/Franklin Templeton Income Fund - Class A			JNL/Franklin Templeton Income Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A
Assets
Investments in Funds, at fair value		$	741,525,628		$	11,300,420		$	510,383,235		$	5,824,375		$	1,405,511,197		$	7,128,671		$	4,637,738,717
Receivables:
	Investments in Fund shares sold		572,422			549			263,550			244			331,574			643			3,243,229
	Investment Division units sold		545,723			—			182,463			—			147,524			—			696,426
Total assets			742,643,773			11,300,969			510,829,248			5,824,619			1,405,990,295			7,129,314			4,641,678,372

Liabilities
Payables:
	Investments in Fund shares purchased		545,723			—			182,463			—			147,524			—			696,426
	Investment Division units redeemed		545,606			415			245,552			175			280,745			556			3,076,077
	Insurance fees due to Jackson		26,816			134			17,998			69			50,829			87			167,152
Total liabilities			1,118,145			549			446,013			244			479,098			643			3,939,655
Net assets		$	741,525,628		$	11,300,420		$	510,383,235		$	5,824,375		$	1,405,511,197		$	7,128,671		$	4,637,738,717
Maximum Unit Value			38.473602			40.074899			20.939337			21.108568			24.596213			24.921686			45.289358
Minimum Unit Value			17.140531			32.575081			14.499406			20.561440			14.350945			22.255004			27.740102

Investments in Funds, shares outstanding			62,104,324			918,733			29,656,202			331,684			92,467,842			483,628			134,349,326
Investments in Funds, at cost		$	749,308,109		$	11,223,425		$	448,364,364		$	5,551,366		$	1,135,098,578		$	6,259,204		$	2,731,385,844


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I			JNL/First Sentier Global Infrastructure Fund - Class A			JNL/First Sentier Global Infrastructure Fund - Class I			JNL/Franklin Templeton Income Fund - Class A			JNL/Franklin Templeton Income Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		9,481,402			42,004			6,952,360			25,306			18,729,276			31,560			59,976,169
Total expenses			9,481,402			42,004			6,952,360			25,306			18,729,276			31,560			59,976,169
Net investment income (loss)			(9,481,402	)		(42,004	)		(6,952,360	)		(25,306	)		(18,729,276	)		(31,560	)		(59,976,169	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(8,310,740	)		(131,961	)		13,423,304			34,179			44,049,372			226,190			330,271,730
Net change in unrealized appreciation
	(depreciation) on investments in Funds		55,614,685			796,728			86,980			122,406			66,064,723			350,494			282,959,130
Net realized and unrealized gain (loss)			47,303,945			664,767			13,510,284			156,585			110,114,095			576,684			613,230,860

Net change in net assets
	from operations	$	37,822,543		$	622,763		$	6,557,924		$	131,279		$	91,384,819		$	545,124		$	553,254,691

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I
Assets
Investments in Funds, at fair value		$	29,895,252		$	2,010,783,556		$	11,654,437		$	720,884,930		$	2,268,843		$	4,000,077,522		$	22,320,825
Receivables:
	Investments in Fund shares sold		2,216			590,499			144			1,369,220			28			2,607,999			705
	Investment Division units sold		—			1,026,624			—			5,256			—			355,801			—
Total assets			29,897,468			2,012,400,679			11,654,581			722,259,406			2,268,871			4,003,041,322			22,321,530

Liabilities
Payables:
	Investments in Fund shares purchased		—			1,026,624			—			5,256			—			355,801			—
	Investment Division units redeemed		1,856			515,471			—			1,341,889			—			2,457,029			433
	Insurance fees due to Jackson		360			75,028			144			27,331			28			150,970			272
Total liabilities			2,216			1,617,123			144			1,374,476			28			2,963,800			705
Net assets		$	29,895,252		$	2,010,783,556		$	11,654,437		$	720,884,930		$	2,268,843		$	4,000,077,522		$	22,320,825
Maximum Unit Value			43.856970			53.909695			50.902521			19.851349			19.019682			50.653250			47.833116
Minimum Unit Value			34.193009			27.613179			34.581993			11.427581			15.049949			23.107986			28.126919

Investments in Funds, shares outstanding			850,021			57,599,071			327,648			47,333,219			146,566			140,897,412			771,546
Investments in Funds, at cost		$	23,724,778		$	1,259,348,733		$	9,423,511		$	638,674,289		$	2,257,080		$	2,391,441,982		$	19,397,666


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		127,239			26,131,608			47,995			10,435,191			11,252			53,416,061			90,482
Total expenses			127,239			26,131,608			47,995			10,435,191			11,252			53,416,061			90,482
Net investment income (loss)			(127,239	)		(26,131,608	)		(47,995	)		(10,435,191	)		(11,252	)		(53,416,061	)		(90,482	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		948,161			101,128,458			270,241			12,686,417			(51,816	)		234,788,848			181,607
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,942,924			283,649,036			1,886,527			47,466,252			265,799			475,674,322			3,554,212
Net realized and unrealized gain (loss)			3,891,085			384,777,494			2,156,768			60,152,669			213,983			710,463,170			3,735,819

Net change in net assets
	from operations	$	3,763,846		$	358,645,886		$	2,108,773		$	49,717,478		$	202,731		$	657,047,109		$	3,645,337

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I			JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Assets
Investments in Funds, at fair value		$	1,738,710,848		$	3,134,718		$	3,764,814,209		$	7,371,976		$	333,937,003		$	15,854,694		$	426,262,281
Receivables:
	Investments in Fund shares sold		807,921			39			1,670,735			87			780,782			1,474			604,221
	Investment Division units sold		190,589			—			86,899			—			105,092			79,527			190,135
Total assets			1,739,709,358			3,134,757			3,766,571,843			7,372,063			334,822,877			15,935,695			427,056,637

Liabilities
Payables:
	Investments in Fund shares purchased		190,589			—			86,899			—			105,092			79,527			190,135
	Investment Division units redeemed		742,214			—			1,528,198			—			769,309			1,285			589,635
	Insurance fees due to Jackson		65,707			39			142,537			87			11,473			189			14,586
Total liabilities			998,510			39			1,757,634			87			885,874			81,001			794,356
Net assets		$	1,738,710,848		$	3,134,718		$	3,764,814,209		$	7,371,976		$	333,937,003		$	15,854,694		$	426,262,281
Maximum Unit Value			25.400120			22.594901			41.030371			38.753830			14.179997			14.142336			16.268059
Minimum Unit Value			14.125784			19.045832			18.961571			23.712512			11.899139			13.749604			12.555230

Investments in Funds, shares outstanding			90,463,624			160,016			157,326,127			302,254			23,649,929			1,101,785			31,858,168
Investments in Funds, at cost		$	1,259,683,447		$	2,835,881		$	2,387,864,852		$	6,736,696		$	299,170,043		$	14,226,023		$	389,371,839


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I			JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	5,697,803
Expenses
	Asset-based charges		24,292,768			13,622			51,588,944			29,712			3,543,003			56,455			5,394,513
Total expenses			24,292,768			13,622			51,588,944			29,712			3,543,003			56,455			5,394,513
Net investment income (loss)			(24,292,768	)		(13,622	)		(51,588,944	)		(29,712	)		(3,543,003	)		(56,455	)		303,290

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			3,602,490
	Sales of investments in Funds		73,394,862			20,326			202,154,410			16,047			(2,093,459	)		(68,140	)		6,513,323
Net change in unrealized appreciation
	(depreciation) on investments in Funds		127,894,478			334,433			353,887,913			1,041,927			75,131,202			3,515,840			59,711,103
Net realized and unrealized gain (loss)			201,289,340			354,759			556,042,323			1,057,974			73,037,743			3,447,700			69,826,916

Net change in net assets
	from operations	$	176,996,572		$	341,137		$	504,453,379		$	1,028,262		$	69,494,740		$	3,391,245		$	70,130,206

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Harris Oakmark Global Equity Fund - Class I		JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Assets
Investments in Funds, at fair value		$	8,079,665	$	97,160,087		$	3,474,008		$	348,680,659		$	14,492,206		$	1,304,692,177		$	14,335,194
Receivables:
	Investments in Fund shares sold		153		106,235			92,616			258,300			1,991			920,532			2,820
	Investment Division units sold		—		55,286			—			90,028			428			808,944			—
Total assets			8,079,818		97,321,608			3,566,624			349,028,987			14,494,625			1,306,421,653			14,338,014

Liabilities
Payables:
	Investments in Fund shares purchased		—		55,286			—			90,028			428			808,944			—
	Investment Division units redeemed		57		102,826			92,573			246,078			1,817			871,604			2,650
	Insurance fees due to Jackson		96		3,409			43			12,222			174			48,928			170
Total liabilities			153		161,521			92,616			348,328			2,419			1,729,476			2,820
Net assets		$	8,079,665	$	97,160,087		$	3,474,008		$	348,680,659		$	14,492,206		$	1,304,692,177		$	14,335,194
Maximum Unit Value			16.064925		13.233280			13.186107			15.070074			15.038404			49.690942			51.191459
Minimum Unit Value			15.516911		11.383486			12.870593			12.725339			14.620307			24.889409			43.644237

Investments in Funds, shares outstanding			602,960		10,173,831			360,374			23,849,566			972,631			51,507,784			548,611
Investments in Funds, at cost		$	7,623,115	$	113,501,198		$	3,727,056		$	311,771,070		$	12,957,254		$	902,895,338		$	11,955,804


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Harris Oakmark Global Equity Fund - Class I		JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Investment Income
Dividends		$	132,137	$	1,964,896		$	86,305		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		34,319		1,211,371			13,974			4,618,732			62,438			16,583,558			55,430
Total expenses			34,319		1,211,371			13,974			4,618,732			62,438			16,583,558			55,430
Net investment income (loss)			97,818		753,525			72,331			(4,618,732	)		(62,438	)		(16,583,558	)		(55,430	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		67,896		—			—			—			—			—			—
	Sales of investments in Funds		33,685		(11,208,920	)		(403,857	)		6,663,044			248,399			50,878,689			249,561
Net change in unrealized appreciation
	(depreciation) on investments in Funds		1,205,568		17,670,303			700,472			21,601,579			1,011,063			305,465,590			3,584,555
Net realized and unrealized gain (loss)			1,307,149		6,461,383			296,615			28,264,623			1,259,462			356,344,279			3,834,116

Net change in net assets
	from operations	$	1,404,967	$	7,214,908		$	368,946		$	23,645,891		$	1,197,024		$	339,760,721		$	3,778,686

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A			JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I			JNL/JPMorgan MidCap Growth Fund - Class A
Assets
Investments in Funds, at fair value		$	1,543,824,621		$	19,861,985		$	948,856,932		$	2,507,940		$	691,391,297		$	28,376,381		$	2,709,165,669
Receivables:
	Investments in Fund shares sold		1,046,285			56,153			412,610			215			655,292			1,569			1,130,355
	Investment Division units sold		465,456			87,393			237,313			—			284,905			4,665			1,238,895
Total assets			1,545,336,362			20,005,531			949,506,855			2,508,155			692,331,494			28,382,615			2,711,534,919

Liabilities
Payables:
	Investments in Fund shares purchased		465,456			87,393			237,313			—			284,905			4,665			1,238,895
	Investment Division units redeemed		991,112			55,913			377,249			185			631,520			1,235			1,034,746
	Insurance fees due to Jackson		55,173			240			35,361			30			23,772			334			95,609
Total liabilities			1,511,741			143,546			649,923			215			940,197			6,234			2,369,250
Net assets		$	1,543,824,621		$	19,861,985		$	948,856,932		$	2,507,940		$	691,391,297		$	28,376,381		$	2,709,165,669
Maximum Unit Value			58.330496			59.656192			14.506622			14.474816			14.719331			14.707111			139.898112
Minimum Unit Value			31.705373			51.384038			10.799523			14.300980			12.660663			14.316692			40.344896

Investments in Funds, shares outstanding			47,284,062			575,376			69,058,001			179,395			48,621,048			1,973,323			44,376,178
Investments in Funds, at cost		$	1,388,575,367		$	20,452,046		$	778,535,693		$	2,325,084		$	606,842,626		$	25,027,318		$	2,071,933,710


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A			JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I			JNL/JPMorgan MidCap Growth Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		19,270,417			76,246			12,875,240			11,280			7,815,779			111,602			31,206,255
Total expenses			19,270,417			76,246			12,875,240			11,280			7,815,779			111,602			31,206,255
Net investment income (loss)			(19,270,417	)		(76,246	)		(12,875,240	)		(11,280	)		(7,815,779	)		(111,602	)		(31,206,255	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		11,110,967			(508,457	)		20,328,646			2,893			15,712,685			588,210			66,702,508
Net change in unrealized appreciation
	(depreciation) on investments in Funds		157,709,304			2,507,899			92,129,233			304,101			71,913,744			3,230,656			442,099,967
Net realized and unrealized gain (loss)			168,820,271			1,999,442			112,457,879			306,994			87,626,429			3,818,866			508,802,475

Net change in net assets
	from operations	$	149,549,854		$	1,923,196		$	99,582,639		$	295,714		$	79,810,650		$	3,707,264		$	477,596,220

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/JPMorgan MidCap Growth Fund - Class I			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/JPMorgan U.S. Value Fund - Class A			JNL/JPMorgan U.S. Value Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I
Assets
Investments in Funds, at fair value		$	43,454,787		$	855,781,082		$	21,043,350		$	867,656,705		$	20,529,331		$	118,796,574		$	4,700,130
Receivables:
	Investments in Fund shares sold		47,329			590,453			21,367			429,447			767			32,034			127
	Investment Division units sold		151,881			469,457			—			255,752			1,206			9,009			2,697
Total assets			43,653,997			856,840,992			21,064,717			868,341,904			20,531,304			118,837,617			4,702,954

Liabilities
Payables:
	Investments in Fund shares purchased		151,881			469,457			—			255,752			1,206			9,009			2,697
	Investment Division units redeemed		46,805			560,309			21,119			397,599			518			28,198			71
	Insurance fees due to Jackson		524			30,144			248			31,848			249			3,836			56
Total liabilities			199,210			1,059,910			21,367			685,199			1,973			41,043			2,824
Net assets		$	43,454,787		$	855,781,082		$	21,043,350		$	867,656,705		$	20,529,331		$	118,796,574		$	4,700,130
Maximum Unit Value			144.590038			29.610394			30.843616			23.621187			23.909740			18.488321			18.152036
Minimum Unit Value			117.526383			12.876734			25.070406			14.086029			21.472417			14.309974			16.767077

Investments in Funds, shares outstanding			680,896			65,728,194			1,512,822			53,891,721			1,243,448			7,699,065			303,430
Investments in Funds, at cost		$	38,771,576		$	892,463,736		$	21,161,516		$	667,141,685		$	18,018,498		$	113,198,134		$	4,651,711


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/JPMorgan MidCap Growth Fund - Class I			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/JPMorgan U.S. Value Fund - Class A			JNL/JPMorgan U.S. Value Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	1,410,316		$	67,464
Expenses
	Asset-based charges		160,439			11,167,318			88,266			11,541,821			86,540			1,273,488			19,142
Total expenses			160,439			11,167,318			88,266			11,541,821			86,540			1,273,488			19,142
Net investment income (loss)			(160,439	)		(11,167,318	)		(88,266	)		(11,541,821	)		(86,540	)		136,828			48,322

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		33,987			(19,176,926	)		(486,750	)		37,017,355			402,356			(288,571	)		(70,411	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		7,728,855			52,759,100			1,365,483			36,342,573			1,390,040			15,221,885			676,497
Net realized and unrealized gain (loss)			7,762,842			33,582,174			878,733			73,359,928			1,792,396			14,933,314			606,086

Net change in net assets
	from operations	$	7,602,403		$	22,414,856		$	790,467		$	61,818,107		$	1,705,856		$	15,070,142		$	654,408

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I			JNL/Lord Abbett Short Duration Income Fund - Class A			JNL/Lord Abbett Short Duration Income Fund - Class I			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A
Assets
Investments in Funds, at fair value		$	398,965,316		$	5,127,026		$	394,225,466		$	14,471,631		$	927,121,791		$	18,919,019		$	483,487,364
Receivables:
	Investments in Fund shares sold		229,830			844			113,801			715			869,485			617			371,234
	Investment Division units sold		468,595			—			1,271,319			—			219,742			—			839,716
Total assets			399,663,741			5,127,870			395,610,586			14,472,346			928,211,018			18,919,636			484,698,314

Liabilities
Payables:
	Investments in Fund shares purchased		468,595			—			1,271,319			—			219,742			—			839,716
	Investment Division units redeemed		215,112			782			100,424			542			838,481			390			354,038
	Insurance fees due to Jackson		14,718			62			13,377			173			31,004			227			17,196
Total liabilities			698,425			844			1,385,120			715			1,089,227			617			1,210,950
Net assets		$	398,965,316		$	5,127,026		$	394,225,466		$	14,471,631		$	927,121,791		$	18,919,019		$	483,487,364
Maximum Unit Value			16.560264			16.525645			10.502101			10.480190			18.427400			18.965198			20.701480
Minimum Unit Value			14.054487			16.130075			9.475372			10.308606			9.855390			17.754840			10.639994

Investments in Funds, shares outstanding			25,623,977			324,495			39,032,224			1,424,373			80,900,680			1,570,043			25,622,012
Investments in Funds, at cost		$	322,944,098		$	4,697,525		$	395,796,408		$	14,505,420		$	974,053,726		$	19,659,019		$	415,293,812


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I			JNL/Lord Abbett Short Duration Income Fund - Class A			JNL/Lord Abbett Short Duration Income Fund - Class I			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A
Investment Income
Dividends		$	161,688		$	14,355		$	11,372,216		$	481,526		$	—		$	—		$	—
Expenses
	Asset-based charges		4,840,323			15,814			4,632,379			71,873			11,221,822			79,108			4,394,021
Total expenses			4,840,323			15,814			4,632,379			71,873			11,221,822			79,108			4,394,021
Net investment income (loss)			(4,678,635	)		(1,459	)		6,739,837			409,653			(11,221,822	)		(79,108	)		(4,394,021	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		12,466,075			160,979			—			—			—			—			—
	Sales of investments in Funds		14,925,067			148,793			(1,707,783	)		(71,409	)		(16,173,185	)		(492,397	)		2,983,587
Net change in unrealized appreciation
	(depreciation) on investments in Funds		76,970,350			737,858			10,056,030			466,652			59,695,459			1,449,541			123,164,734
Net realized and unrealized gain (loss)			104,361,492			1,047,630			8,348,247			395,243			43,522,274			957,144			126,148,321

Net change in net assets
	from operations	$	99,682,857		$	1,046,171		$	15,088,084		$	804,896		$	32,300,452		$	878,036		$	121,754,300

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I			JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I
Assets
Investments in Funds, at fair value		$	8,771,373		$	1,434,149,496		$	16,169,880		$	360,756,708		$	8,971,952		$	1,182,507,040		$	25,361,434
Receivables:
	Investments in Fund shares sold		833			565,478			1,639			218,724			2,248			1,232,467			5,159
	Investment Division units sold		952,022			895,583			410,900			519,218			—			354,933			—
Total assets			9,724,228			1,435,610,557			16,582,419			361,494,650			8,974,200			1,184,094,440			25,366,593

Liabilities
Payables:
	Investments in Fund shares purchased		952,022			895,583			410,900			519,218			—			354,933			—
	Investment Division units redeemed		738			514,225			1,448			205,938			2,139			1,189,888			4,858
	Insurance fees due to Jackson		95			51,253			191			12,786			109			42,579			301
Total liabilities			952,855			1,461,061			412,539			737,942			2,248			1,587,400			5,159
Net assets		$	8,771,373		$	1,434,149,496		$	16,169,880		$	360,756,708		$	8,971,952		$	1,182,507,040		$	25,361,434
Maximum Unit Value			20.709146			76.421768			79.239008			15.390009			15.379374			46.220026			46.226393
Minimum Unit Value			17.399438			36.195714			66.576297			13.119442			14.952048			23.284893			43.928035

Investments in Funds, shares outstanding			491,118			35,245,748			382,991			23,440,982			570,735			25,584,315			536,750
Investments in Funds, at cost		$	7,613,612		$	1,051,815,110		$	13,885,677		$	340,206,444		$	8,669,085		$	825,838,526		$	20,453,673


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I			JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		27,689			16,619,959			61,703			5,626,565			48,612			14,708,823			98,041
Total expenses			27,689			16,619,959			61,703			5,626,565			48,612			14,708,823			98,041
Net investment income (loss)			(27,689	)		(16,619,959	)		(61,703	)		(5,626,565	)		(48,612	)		(14,708,823	)		(98,041	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		182,115			60,855,772			254,272			13,616,451			220,304			66,840,154			728,330
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,341,136			337,965,639			4,794,697			(7,239,914	)		(12,050	)		95,255,312			2,712,507
Net realized and unrealized gain (loss)			2,523,251			398,821,411			5,048,969			6,376,537			208,254			162,095,466			3,440,837

Net change in net assets
	from operations	$	2,495,562		$	382,201,452		$	4,987,266		$	749,972		$	159,642		$	147,386,643		$	3,342,796

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Mellon Emerging Markets Index Fund - Class A			JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A			JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A
Assets
Investments in Funds, at fair value		$	757,037,784		$	17,713,104		$	1,790,755,675		$	20,871,436		$	1,146,614,957		$	19,315,203		$	2,999,232,443
Receivables:
	Investments in Fund shares sold		415,281			2,748			4,534,960			54,614			1,049,525			3,378			1,855,991
	Investment Division units sold		109,731			2,094			619,243			—			1,436,782			22,233			646,191
Total assets			757,562,796			17,717,946			1,795,909,878			20,926,050			1,149,101,264			19,340,814			3,001,734,625

Liabilities
Payables:
	Investments in Fund shares purchased		109,731			2,094			619,243			—			1,436,782			22,233			646,191
	Investment Division units redeemed		388,011			2,535			4,470,032			54,365			1,008,388			3,148			1,747,829
	Insurance fees due to Jackson		27,270			213			64,928			249			41,137			230			108,162
Total liabilities			525,012			4,842			5,154,203			54,614			2,486,307			25,611			2,502,182
Net assets		$	757,037,784		$	17,713,104		$	1,790,755,675		$	20,871,436		$	1,146,614,957		$	19,315,203		$	2,999,232,443
Maximum Unit Value			12.502977			12.640260			60.640605			62.911372			31.441659			32.628588			69.523462
Minimum Unit Value			8.960838			11.705504			25.230638			52.857487			14.892282			30.237874			32.928099

Investments in Funds, shares outstanding			69,009,825			1,587,196			50,105,083			564,093			60,032,197			990,523			69,636,230
Investments in Funds, at cost		$	748,691,158		$	18,247,585		$	1,384,679,920		$	17,939,661		$	921,488,643		$	17,051,406		$	2,184,118,013


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Mellon Emerging Markets Index Fund - Class A			JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A			JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		9,958,042			72,725			28,075,868			105,841			14,782,946			78,715			40,285,300
Total expenses			9,958,042			72,725			28,075,868			105,841			14,782,946			78,715			40,285,300
Net investment income (loss)			(9,958,042	)		(72,725	)		(28,075,868	)		(105,841	)		(14,782,946	)		(78,715	)		(40,285,300	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(6,601,106	)		(386,873	)		283,330,342			3,202,740			36,127,152			56,850			173,474,724
Net change in unrealized appreciation
	(depreciation) on investments in Funds		71,600,128			1,888,658			(341,035,983	)		(3,893,007	)		116,984,572			2,582,691			(136,754,094	)
Net realized and unrealized gain (loss)			64,999,022			1,501,785			(57,705,641	)		(690,267	)		153,111,724			2,639,541			36,720,630

Net change in net assets
	from operations	$	55,040,980		$	1,429,060		$	(85,781,509	)	$	(796,108	)	$	138,328,778		$	2,560,826		$	(3,564,670	)

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Mellon Healthcare Sector Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A			JNL/Mellon International Index Fund - Class I
Assets
Investments in Funds, at fair value		$	33,145,128		$	205,568,483		$	5,223,227		$	5,064,675,932		$	83,706,490		$	2,059,612,423		$	53,660,624
Receivables:
	Investments in Fund shares sold		574,107			336,494			17,232			3,545,398			534,948			1,264,575			12,370
	Investment Division units sold		500			327,981			—			1,511,812			137,381			186,210			1,811
Total assets			33,719,735			206,232,958			5,240,459			5,069,733,142			84,378,819			2,061,063,208			53,674,805

Liabilities
Payables:
	Investments in Fund shares purchased		500			327,981			—			1,511,812			137,381			186,210			1,811
	Investment Division units redeemed		573,700			329,291			17,169			3,363,754			533,939			1,191,723			11,729
	Insurance fees due to Jackson		407			7,203			63			181,644			1,009			72,852			641
Total liabilities			574,607			664,475			17,232			5,057,210			672,329			1,450,785			14,181
Net assets		$	33,145,128		$	205,568,483		$	5,223,227		$	5,064,675,932		$	83,706,490		$	2,059,612,423		$	53,660,624
Maximum Unit Value			72.048515			17.870236			17.864291			68.714219			71.288551			32.252611			33.205135
Minimum Unit Value			60.531031			15.328249			17.367792			32.551699			59.895695			16.872059			28.470714

Investments in Funds, shares outstanding			752,102			11,503,553			286,047			109,982,105			1,748,986			133,827,968			3,300,161
Investments in Funds, at cost		$	29,476,074		$	172,616,663		$	4,455,177		$	2,794,905,758		$	58,584,137		$	1,903,223,972		$	49,131,882


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Mellon Healthcare Sector Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A			JNL/Mellon International Index Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		141,396			2,327,652			20,875			54,939,598			301,345			25,588,228			216,658
Total expenses			141,396			2,327,652			20,875			54,939,598			301,345			25,588,228			216,658
Net investment income (loss)			(141,396	)		(2,327,652	)		(20,875	)		(54,939,598	)		(301,345	)		(25,588,228	)		(216,658	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		976,334			7,389,606			196,656			321,858,218			4,385,267			(322,975	)		106,041
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(283,532	)		25,687,343			649,035			1,527,295,826			26,157,874			313,199,999			7,926,979
Net realized and unrealized gain (loss)			692,802			33,076,949			845,691			1,849,154,044			30,543,141			312,877,024			8,033,020

Net change in net assets
	from operations	$	551,406		$	30,749,297		$	824,816		$	1,794,214,446		$	30,241,796		$	287,288,796		$	7,816,362

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon Nasdaq^® 100 Index Fund - Class A			JNL/Mellon Nasdaq^® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A
Assets
Investments in Funds, at fair value		$	161,079,762		$	4,400,982		$	6,614,095,100		$	122,979,219		$	160,926,575		$	11,349,573		$	3,027,253,687
Receivables:
	Investments in Fund shares sold		593,333			594,196			2,316,297			13,721			129,333			3,950			2,050,988
	Investment Division units sold		465,185			—			7,090,002			375,777			309,083			289,516			1,050,415
Total assets			162,138,280			4,995,178			6,623,501,399			123,368,717			161,364,991			11,643,039			3,030,355,090

Liabilities
Payables:
	Investments in Fund shares purchased		465,185			—			7,090,002			375,777			309,083			289,516			1,050,415
	Investment Division units redeemed		587,707			594,136			2,082,182			12,238			123,843			3,816			1,943,316
	Insurance fees due to Jackson		5,626			60			234,115			1,483			5,490			134			107,672
Total liabilities			1,058,518			594,196			9,406,299			389,498			438,416			293,466			3,101,403
Net assets		$	161,079,762		$	4,400,982		$	6,614,095,100		$	122,979,219		$	160,926,575		$	11,349,573		$	3,027,253,687
Maximum Unit Value			16.379997			16.367400			97.293455			94.326541			13.357134			13.305243			67.403470
Minimum Unit Value			13.962831			16.265513			39.107157			77.283052			11.601940			12.935433			32.658976

Investments in Funds, shares outstanding			9,833,929			263,059			109,179,516			3,037,274			12,045,402			834,527			95,890,202
Investments in Funds, at cost		$	145,738,435		$	3,974,949		$	4,268,877,211		$	91,602,778		$	160,592,124		$	10,964,185		$	2,190,293,361


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon Nasdaq^® 100 Index Fund - Class A			JNL/Mellon Nasdaq^® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		2,293,789			20,768			70,236,169			448,973			1,887,964			46,688			36,910,670
Total expenses			2,293,789			20,768			70,236,169			448,973			1,887,964			46,688			36,910,670
Net investment income (loss)			(2,293,789	)		(20,768	)		(70,236,169	)		(448,973	)		(1,887,964	)		(46,688	)		(36,910,670	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		2,303,448			91,833			294,204,027			4,436,801			(6,400,844	)		(371,464	)		113,469,403
Net change in unrealized appreciation
	(depreciation) on investments in Funds		18,753,969			494,122			1,953,335,829			37,889,108			21,713,897			1,445,402			308,838,110
Net realized and unrealized gain (loss)			21,057,417			585,955			2,247,539,856			42,325,909			15,313,053			1,073,938			422,307,513

Net change in net assets
	from operations	$	18,763,628		$	565,187		$	2,177,303,687		$	41,876,936		$	13,425,089		$	1,027,250		$	385,396,843

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon U.S. Stock Market Index Fund - Class A			JNL/Mellon U.S. Stock Market Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A
Assets
Investments in Funds, at fair value		$	69,309,231		$	12,023,974,272		$	2,345,443,068		$	60,123,765		$	4,501,098,608		$	65,096,226		$	365,422,517
Receivables:
	Investments in Fund shares sold		11,705			7,143,390			1,454,463			12,010			2,213,277			4,404			378,681
	Investment Division units sold		24,252			7,108,618			1,028,851			89,138			265,294			3,104			190,549
Total assets			69,345,188			12,038,226,280			2,347,926,382			60,224,913			4,503,577,179			65,103,734			365,991,747

Liabilities
Payables:
	Investments in Fund shares purchased		24,252			7,108,618			1,028,851			89,138			265,294			3,104			190,549
	Investment Division units redeemed		10,875			6,720,254			1,370,888			11,291			2,050,652			3,631			365,946
	Insurance fees due to Jackson		830			423,136			83,575			719			162,625			773			12,735
Total liabilities			35,957			14,252,008			2,483,314			101,148			2,478,571			7,508			569,230
Net assets		$	69,309,231		$	12,023,974,272		$	2,345,443,068		$	60,123,765		$	4,501,098,608		$	65,096,226		$	365,422,517
Maximum Unit Value			69.150862			57.482190			56.267791			57.751705			19.929984			19.981925			20.706998
Minimum Unit Value			59.291786			27.408300			27.263326			49.517371			16.498122			19.366127			14.954434

Investments in Funds, shares outstanding			2,118,900			321,927,022			89,248,214			2,207,997			225,845,389			3,203,555			21,049,684
Investments in Funds, at cost		$	56,589,194		$	8,168,813,331		$	1,829,514,762		$	50,824,412		$	3,846,631,553		$	53,663,278		$	374,439,274


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon U.S. Stock Market Index Fund - Class A			JNL/Mellon U.S. Stock Market Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		284,760			139,242,595			27,808,858			234,821			56,611,055			258,116			5,709,270
Total expenses			284,760			139,242,595			27,808,858			234,821			56,611,055			258,116			5,709,270
Net investment income (loss)			(284,760	)		(139,242,595	)		(27,808,858	)		(234,821	)		(56,611,055	)		(258,116	)		(5,709,270	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		1,909,442			490,358,238			58,171,907			726,347			34,875,566			730,203			(960,905	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		7,760,908			1,990,622,209			260,399,658			7,403,821			953,305,834			13,106,761			(40,793,139	)
Net realized and unrealized gain (loss)			9,670,350			2,480,980,447			318,571,565			8,130,168			988,181,400			13,836,964			(41,754,044	)

Net change in net assets
	from operations	$	9,385,590		$	2,341,737,852		$	290,762,707		$	7,895,347		$	931,570,345		$	13,578,848		$	(47,463,314	)

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Mellon Utilities Sector Fund - Class I			JNL/Mellon World Index Fund - Class A			JNL/Mellon World Index Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A			JNL/Morningstar U.S. Sustainability Index Fund - Class A
Assets
Investments in Funds, at fair value		$	8,217,372		$	376,603,052		$	9,931,088		$	1,746,521,042		$	28,812,469		$	7,818,062		$	274,884,471
Receivables:
	Investments in Fund shares sold		111,275			277,000			12,640			1,279,925			1,676			249			41,944
	Investment Division units sold		500			254,499			—			656,437			25,200			30,626			187,047
Total assets			8,329,147			377,134,551			9,943,728			1,748,457,404			28,839,345			7,848,937			275,113,462

Liabilities
Payables:
	Investments in Fund shares purchased		500			254,499			—			656,437			25,200			30,626			187,047
	Investment Division units redeemed		111,174			263,168			12,523			1,216,302			1,328			75			32,662
	Insurance fees due to Jackson		101			13,832			117			63,623			348			174			9,282
Total liabilities			111,775			531,499			12,640			1,936,362			26,876			30,875			228,991
Net assets		$	8,217,372		$	376,603,052		$	9,931,088		$	1,746,521,042		$	28,812,469		$	7,818,062		$	274,884,471
Maximum Unit Value			20.411829			46.890401			46.949084			44.326065			45.315182			11.180007			22.414493
Minimum Unit Value			18.156297			23.623000			44.615297			17.463120			39.891381			10.787568			18.901523

Investments in Funds, shares outstanding			463,996			10,080,381			262,519			95,595,022			1,543,250			699,290			12,569,020
Investments in Funds, at cost		$	8,467,233		$	277,103,634		$	8,385,129		$	1,305,249,551		$	24,189,789		$	6,599,374		$	230,377,481


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Mellon Utilities Sector Fund - Class I			JNL/Mellon World Index Fund - Class A			JNL/Mellon World Index Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A			JNL/Morningstar U.S. Sustainability Index Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		37,994			4,745,652			36,954			23,132,602			114,983			35,379			2,863,651
Total expenses			37,994			4,745,652			36,954			23,132,602			114,983			35,379			2,863,651
Net investment income (loss)			(37,994	)		(4,745,652	)		(36,954	)		(23,132,602	)		(114,983	)		(35,379	)		(2,863,651	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(253,670	)		16,140,686			133,464			87,498,845			638,127			(254,904	)		5,289,057
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(570,978	)		58,032,214			1,732,436			110,794,786			2,570,248			1,948,242			48,471,219
Net realized and unrealized gain (loss)			(824,648	)		74,172,900			1,865,900			198,293,631			3,208,375			1,693,338			53,760,276

Net change in net assets
	from operations	$	(862,642	)	$	69,427,248		$	1,828,946		$	175,161,029		$	3,093,392		$	1,657,959		$	50,896,625

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Morningstar U.S. Sustainability Index Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A			JNL/Morningstar Wide Moat Index Fund - Class I			JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Gold Plus Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I
Assets
Investments in Funds, at fair value		$	13,517,414		$	839,196,278		$	19,264,349		$	38,020,923		$	26,078,701		$	570,856,219		$	9,788,511
Receivables:
	Investments in Fund shares sold		486			497,479			4,748			67,342			646			365,989			115
	Investment Division units sold		—			1,246,306			109,797			2,868			17,921			317,892			—
Total assets			13,517,900			840,940,063			19,378,894			38,091,133			26,097,268			571,540,100			9,788,626

Liabilities
Payables:
	Investments in Fund shares purchased		—			1,246,306			109,797			2,868			17,921			317,892			—
	Investment Division units redeemed		328			468,160			4,515			66,358			5			345,809			—
	Insurance fees due to Jackson		158			29,319			233			984			641			20,180			115
Total liabilities			486			1,743,785			114,545			70,210			18,567			683,881			115
Net assets		$	13,517,414		$	839,196,278		$	19,264,349		$	38,020,923		$	26,078,701		$	570,856,219		$	9,788,511
Maximum Unit Value			22.382504			20.031281			19.974940			9.918702			10.499976			14.139268			14.258629
Minimum Unit Value			22.242798			17.322178			19.496901			8.495894			10.221481			9.620297			13.909907

Investments in Funds, shares outstanding			606,162			67,189,454			1,521,671			2,407,912			2,483,686			47,100,348			791,951
Investments in Funds, at cost		$	11,517,520		$	810,016,962		$	18,494,409		$	38,131,422		$	24,791,474		$	535,125,489		$	9,300,343


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Morningstar U.S. Sustainability Index Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A			JNL/Morningstar Wide Moat Index Fund - Class I			JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Gold Plus Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I
Investment Income
Dividends		$	—		$	5,241,893		$	141,318		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		47,421			7,809,460			64,326			454,183			148,422			7,020,268			40,148
Total expenses			47,421			7,809,460			64,326			454,183			148,422			7,020,268			40,148
Net investment income (loss)			(47,421	)		(2,567,567	)		76,992			(454,183	)		(148,422	)		(7,020,268	)		(40,148	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			30,830,092			688,344			—			—			—			—
	Sales of investments in Funds		77,590			(7,415,407	)		(434,955	)		571,459			164,229			1,112,209			(20,529	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,518,929			128,094,037			3,414,327			(3,685,880	)		1,139,107			49,755,507			930,843
Net realized and unrealized gain (loss)			2,596,519			151,508,722			3,667,716			(3,114,421	)		1,303,336			50,867,716			910,314

Net change in net assets
	from operations	$	2,549,098		$	148,941,155		$	3,744,708		$	(3,568,604	)	$	1,154,914		$	43,847,448		$	870,166

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Newton Equity Income Fund - Class A			JNL/Newton Equity Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A			JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A
Assets
Investments in Funds, at fair value		$	1,649,484,610		$	43,377,602		$	853,929,135		$	35,075,332		$	446,864,646		$	15,983,292		$	966,680,967
Receivables:
	Investments in Fund shares sold		1,617,452			20,409			282,151			2,973			309,001			2,338			533,876
	Investment Division units sold		1,167,877			84,516			713,283			497			223,044			7,840			574,024
Total assets			1,652,269,939			43,482,527			854,924,569			35,078,802			447,396,691			15,993,470			967,788,867

Liabilities
Payables:
	Investments in Fund shares purchased		1,167,877			84,516			713,283			497			223,044			7,840			574,024
	Investment Division units redeemed		1,560,415			19,900			253,029			2,558			293,817			2,156			498,941
	Insurance fees due to Jackson		57,037			509			29,122			415			15,184			182			34,935
Total liabilities			2,785,329			104,925			995,434			3,470			532,045			10,178			1,107,900
Net assets		$	1,649,484,610		$	43,377,602		$	853,929,135		$	35,075,332		$	446,864,646		$	15,983,292		$	966,680,967
Maximum Unit Value			40.248503			39.414373			11.567522			11.580400			13.860764			13.734738			18.390348
Minimum Unit Value			29.188108			30.817936			9.710775			11.223717			9.359518			12.644636			11.444692

Investments in Funds, shares outstanding			57,593,736			1,488,593			76,175,659			3,071,395			37,300,889			1,315,497			85,698,667
Investments in Funds, at cost		$	1,423,908,987		$	37,921,857		$	806,490,117		$	33,073,745		$	453,522,398		$	16,105,283		$	968,670,560


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Newton Equity Income Fund - Class A			JNL/Newton Equity Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A			JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		20,360,437			182,553			9,465,668			122,311			5,295,615			59,114			13,619,072
Total expenses			20,360,437			182,553			9,465,668			122,311			5,295,615			59,114			13,619,072
Net investment income (loss)			(20,360,437	)		(182,553	)		(9,465,668	)		(122,311	)		(5,295,615	)		(59,114	)		(13,619,072	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		55,016,709			1,453,351			1,030,083			72,490			(9,191,303	)		(213,059	)		(7,223,223	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		98,864,964			2,782,692			62,060,008			2,478,744			40,678,896			1,281,261			46,288,969
Net realized and unrealized gain (loss)			153,881,673			4,236,043			63,090,091			2,551,234			31,487,593			1,068,202			39,065,746

Net change in net assets
	from operations	$	133,521,236		$	4,053,490		$	53,624,423		$	2,428,923		$	26,191,978		$	1,009,088		$	25,446,674

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I
Assets
Investments in Funds, at fair value		$	16,645,341		$	1,107,975,970		$	16,449,693		$	1,116,298,804		$	11,052,573		$	540,431,085		$	10,071,823
Receivables:
	Investments in Fund shares sold		4,353			2,620,687			2,407			593,875			2,270			597,625			378
	Investment Division units sold		655			2,537,186			313			268,748			—			431,218			377
Total assets			16,650,349			1,113,133,843			16,452,413			1,117,161,427			11,054,843			541,459,928			10,072,578

Liabilities
Payables:
	Investments in Fund shares purchased		655			2,537,186			313			268,748			—			431,218			377
	Investment Division units redeemed		4,156			2,581,287			2,211			553,780			2,138			578,957			259
	Insurance fees due to Jackson		197			39,400			196			40,095			132			18,668			119
Total liabilities			5,008			5,157,873			2,720			862,623			2,270			1,028,843			755
Net assets		$	16,645,341		$	1,107,975,970		$	16,449,693		$	1,116,298,804		$	11,052,573		$	540,431,085		$	10,071,823
Maximum Unit Value			18.751073			15.195678			14.826489			34.907628			36.194029			20.532059			19.940461
Minimum Unit Value			17.909599			10.565998			12.565231			17.164443			30.085884			14.004915			12.807177

Investments in Funds, shares outstanding			1,438,664			90,079,347			1,315,975			72,534,035			603,966			42,789,476			787,476
Investments in Funds, at cost		$	16,705,300		$	992,080,303		$	15,201,638		$	1,001,173,555		$	10,110,114		$	547,054,071		$	10,046,323


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		73,386			14,149,868			60,720			14,143,116			43,094			6,504,051			38,188
Total expenses			73,386			14,149,868			60,720			14,143,116			43,094			6,504,051			38,188
Net investment income (loss)			(73,386	)		(14,149,868	)		(60,720	)		(14,143,116	)		(43,094	)		(6,504,051	)		(38,188	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		(176,654	)		16,742,337			304,770			8,668,737			55,834			(7,305,489	)		(125,200	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		874,151			118,162,889			1,471,525			122,312,081			1,150,616			40,837,375			777,085
Net realized and unrealized gain (loss)			697,497			134,905,226			1,776,295			130,980,818			1,206,450			33,531,886			651,885

Net change in net assets
	from operations	$	624,111		$	120,755,358		$	1,715,575		$	116,837,702		$	1,163,356		$	27,027,835		$	613,697

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I			JNL/T. Rowe Price Capital Appreciation Fund - Class A
Assets
Investments in Funds, at fair value		$	398,936,807		$	4,634,684		$	1,954,169,331		$	10,715,737		$	482,415,808		$	4,090,353		$	11,876,871,035
Receivables:
	Investments in Fund shares sold		547,539			1,913			1,630,787			650			130,525			49			9,408,861
	Investment Division units sold		45,819			—			1,331,321			—			95,270			—			7,646,270
Total assets			399,530,165			4,636,597			1,957,131,439			10,716,387			482,641,603			4,090,402			11,893,926,166

Liabilities
Payables:
	Investments in Fund shares purchased		45,819			—			1,331,321			—			95,270			—			7,646,270
	Investment Division units redeemed		533,269			1,856			1,554,563			532			115,664			—			9,005,622
	Insurance fees due to Jackson		14,270			57			76,224			118			14,861			49			403,239
Total liabilities			593,358			1,913			2,962,108			650			225,795			49			17,055,131
Net assets		$	398,936,807		$	4,634,684		$	1,954,169,331		$	10,715,737		$	482,415,808		$	4,090,353		$	11,876,871,035
Maximum Unit Value			28.188699			28.744219			40.636219			41.517546			16.610013			16.543513			27.401644
Minimum Unit Value			18.124009			25.711879			22.383402			39.293225			13.424904			16.344728			20.021497

Investments in Funds, shares outstanding			45,488,803			534,566			95,605,153			516,919			29,043,697			241,890			477,558,144
Investments in Funds, at cost		$	349,104,913		$	4,011,290		$	1,244,734,890		$	9,309,863		$	396,311,803		$	3,783,697		$	9,074,776,857


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I			JNL/T. Rowe Price Capital Appreciation Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		5,003,681			19,631			27,412,316			41,293			4,911,610			15,658			132,310,082
Total expenses			5,003,681			19,631			27,412,316			41,293			4,911,610			15,658			132,310,082
Net investment income (loss)			(5,003,681	)		(19,631	)		(27,412,316	)		(41,293	)		(4,911,610	)		(15,658	)		(132,310,082	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		2,441,026			67,272			104,087,215			154,873			10,616,539			(1,245	)		288,031,060
Net change in unrealized appreciation
	(depreciation) on investments in Funds		57,480,388			677,115			113,813,172			1,041,525			60,535,101			583,307			1,522,419,856
Net realized and unrealized gain (loss)			59,921,414			744,387			217,900,387			1,196,398			71,151,640			582,062			1,810,450,916

Net change in net assets
	from operations	$	54,917,733		$	724,756		$	190,488,071		$	1,155,105		$	66,240,030		$	566,404		$	1,678,140,834

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A			JNL/T. Rowe Price Short-Term Bond Fund - Class I
Assets
Investments in Funds, at fair value		$	245,113,863		$	7,496,902,873		$	95,109,140		$	4,780,135,568		$	51,342,540		$	1,095,211,096		$	32,278,800
Receivables:
	Investments in Fund shares sold		58,638			6,074,318			220,252			3,526,582			210,536			471,406			3,828
	Investment Division units sold		95,574			3,313,479			21,250			2,223,062			1,250			310,748			410,687
Total assets			245,268,075			7,506,290,670			95,350,642			4,785,885,212			51,554,326			1,095,993,250			32,693,315

Liabilities
Payables:
	Investments in Fund shares purchased		95,574			3,313,479			21,250			2,223,062			1,250			310,748			410,687
	Investment Division units redeemed		55,698			5,806,668			219,109			3,351,834			209,910			434,153			3,450
	Insurance fees due to Jackson		2,940			267,650			1,143			174,748			626			37,253			378
Total liabilities			154,212			9,387,797			241,502			5,749,644			211,786			782,154			414,515
Net assets		$	245,113,863		$	7,496,902,873		$	95,109,140		$	4,780,135,568		$	51,342,540		$	1,095,211,096		$	32,278,800
Maximum Unit Value			27.212411			183.089201			190.794989			247.146225			257.636554			13.169919			13.450357
Minimum Unit Value			25.492939			47.518305			155.084395			59.675722			209.417389			8.028851			11.935579

Investments in Funds, shares outstanding			9,688,295			105,903,417			1,279,208			65,347,034			658,829			104,107,519			2,991,548
Investments in Funds, at cost		$	198,328,445		$	5,291,465,917		$	79,374,689		$	3,284,576,828		$	43,084,331		$	1,065,461,342		$	31,339,058


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A			JNL/T. Rowe Price Short-Term Bond Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		962,873			87,112,157			364,787			60,269,709			205,307			14,539,175			131,591
Total expenses			962,873			87,112,157			364,787			60,269,709			205,307			14,539,175			131,591
Net investment income (loss)			(962,873	)		(87,112,157	)		(364,787	)		(60,269,709	)		(205,307	)		(14,539,175	)		(131,591	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		5,121,701			240,872,521			1,028,851			191,154,613			879,788			(467,801	)		294
Net change in unrealized appreciation
	(depreciation) on investments in Funds		32,819,079			2,312,000,415			31,047,569			633,341,211			7,694,207			53,786,667			1,562,173
Net realized and unrealized gain (loss)			37,940,780			2,552,872,936			32,076,420			824,495,824			8,573,995			53,318,866			1,562,467

Net change in net assets
	from operations	$	36,977,907		$	2,465,760,779		$	31,711,633		$	764,226,115		$	8,368,688		$	38,779,691		$	1,430,876

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A
Assets
Investments in Funds, at fair value		$	174,605,629		$	4,437,258		$	2,708,238,374		$	55,836,375		$	1,851,255,646		$	51,994,776		$	495,307,313
Receivables:
	Investments in Fund shares sold		120,690			656			2,010,180			29,716			1,070,008			791			129,768
	Investment Division units sold		36,104			98			409,902			3,750			713,973			—			39,731
Total assets			174,762,423			4,438,012			2,710,658,456			55,869,841			1,853,039,627			51,995,567			495,476,812

Liabilities
Payables:
	Investments in Fund shares purchased		36,104			98			409,902			3,750			713,973			—			39,731
	Investment Division units redeemed		114,819			603			1,914,080			29,043			1,004,264			171			113,325
	Insurance fees due to Jackson		5,871			53			96,100			673			65,744			620			16,443
Total liabilities			156,794			754			2,420,082			33,466			1,783,981			791			169,499
Net assets		$	174,605,629		$	4,437,258		$	2,708,238,374		$	55,836,375		$	1,851,255,646		$	51,994,776		$	495,307,313
Maximum Unit Value			12.506299			12.390183			64.858933			66.886532			14.700000			14.772762			12.470001
Minimum Unit Value			10.281018			12.106328			31.512457			56.570757			12.335316			14.407103			10.865128

Investments in Funds, shares outstanding			15,104,293			381,536			110,360,162			2,140,965			125,935,758			3,443,363			39,719,913
Investments in Funds, at cost		$	163,924,500		$	4,213,393		$	2,107,693,345		$	47,648,028		$	1,717,666,872		$	46,101,298		$	460,829,425


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		1,912,837			16,995			34,273,964			231,620			23,034,955			212,877			5,715,172
Total expenses			1,912,837			16,995			34,273,964			231,620			23,034,955			212,877			5,715,172
Net investment income (loss)			(1,912,837	)		(16,995	)		(34,273,964	)		(231,620	)		(23,034,955	)		(212,877	)		(5,715,172	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		867,520			(25,545	)		94,698,809			1,021,158			(729,374	)		609,274			1,123,832
Net change in unrealized appreciation
	(depreciation) on investments in Funds		19,359,527			519,768			203,227,079			5,167,891			239,447,091			6,311,493			44,115,789
Net realized and unrealized gain (loss)			20,227,047			494,223			297,925,888			6,189,049			238,717,717			6,920,767			45,239,621

Net change in net assets
	from operations	$	18,314,210		$	477,228		$	263,651,924		$	5,957,429		$	215,682,762		$	6,707,890		$	39,524,449

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I			JNL/WCM China Quality Growth Fund - Class A			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I			JNL/Westchester Capital Event Driven Fund - Class A
Assets
Investments in Funds, at fair value		$	17,296,730		$	832,551,814		$	33,110,763		$	771,772		$	622,997,549		$	17,487,719		$	55,789,674
Receivables:
	Investments in Fund shares sold		1,000			285,070			3,590			19			253,863			26,430			78,142
	Investment Division units sold		—			258,942			—			5,031			449,422			20,000			18,562
Total assets			17,297,730			833,095,826			33,114,353			776,822			623,700,834			17,534,149			55,886,378

Liabilities
Payables:
	Investments in Fund shares purchased		—			258,942			—			5,031			449,422			20,000			18,562
	Investment Division units redeemed		794			257,218			3,192			—			232,037			26,219			76,299
	Insurance fees due to Jackson		206			27,852			398			19			21,826			211			1,843
Total liabilities			1,000			544,012			3,590			5,050			703,285			46,430			96,704
Net assets		$	17,296,730		$	832,551,814		$	33,110,763		$	771,772		$	622,997,549		$	17,487,719		$	55,789,674
Maximum Unit Value			12.532409			13.550000			13.608511			8.540076			23.283314			23.074797			13.593762
Minimum Unit Value			12.454159			11.843542			13.230381			8.348512			17.013176			21.979876			10.660576

Investments in Funds, shares outstanding			1,350,252			61,442,938			2,380,357			90,371			45,243,104			1,248,231			4,456,044
Investments in Funds, at cost		$	15,977,298		$	752,659,270		$	29,952,426		$	924,132		$	759,114,651		$	21,267,166		$	52,304,305


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I			JNL/WCM China Quality Growth Fund - Class A			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I			JNL/Westchester Capital Event Driven Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		73,032			9,692,681			154,093			11,483			7,215,743			71,292			696,890
Total expenses			73,032			9,692,681			154,093			11,483			7,215,743			71,292			696,890
Net investment income (loss)			(73,032	)		(9,692,681	)		(154,093	)		(11,483	)		(7,215,743	)		(71,292	)		(696,890	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			83,954,997			2,508,742			—
	Sales of investments in Funds		74,893			4,004,623			331,390			(305,434	)		(25,465,014	)		(1,205,063	)		943,188
Net change in unrealized appreciation
	(depreciation) on investments in Funds		1,611,328			88,026,916			3,751,684			(156,164	)		23,889,623			1,211,874			2,690,623
Net realized and unrealized gain (loss)			1,686,221			92,031,539			4,083,074			(461,598	)		82,379,606			2,515,553			3,633,811

Net change in net assets
	from operations	$	1,613,189		$	82,338,858		$	3,928,981		$	(473,081	)	$	75,163,863		$	2,444,261		$	2,936,921

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/Westchester Capital Event Driven Fund - Class I			JNL/Western Asset Global Multi-Sector Bond Fund - Class A			JNL/Western Asset Global Multi-Sector Bond Fund - Class I			JNL/William Blair International Leaders Fund - Class A			JNL/William Blair International Leaders Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I
Assets
Investments in Funds, at fair value		$	2,524,249		$	355,550,847		$	4,303,695		$	570,608,237		$	11,449,399		$	8,332,727,638		$	77,052,706
Receivables:
	Investments in Fund shares sold		370			182,602			55			471,652			18,600			3,413,965			56,170
	Investment Division units sold		755			108,868			36			246,274			—			2,139,208			—
Total assets			2,525,374			355,842,317			4,303,786			571,326,163			11,467,999			8,338,280,811			77,108,876

Liabilities
Payables:
	Investments in Fund shares purchased		755			108,868			36			246,274			—			2,139,208			—
	Investment Division units redeemed		340			170,105			5			451,258			18,462			3,121,175			55,250
	Insurance fees due to Jackson		30			12,497			50			20,394			138			292,790			920
Total liabilities			1,125			291,470			91			717,926			18,600			5,553,173			56,170
Net assets		$	2,524,249		$	355,550,847		$	4,303,695		$	570,608,237		$	11,449,399		$	8,332,727,638		$	77,052,706
Maximum Unit Value			13.432393			11.709598			11.814775			35.596515			37.855272			96.321281			100.337106
Minimum Unit Value			12.976358			8.406753			10.966809			16.665393			34.505422			33.837627			81.556233

Investments in Funds, shares outstanding			200,020			46,175,435			547,544			51,732,388			962,134			250,985,772			2,212,886
Investments in Funds, at cost		$	2,348,874		$	431,812,851		$	4,443,730		$	640,963,833		$	13,296,263		$	6,225,932,123		$	64,639,498


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/Westchester Capital Event Driven Fund - Class I			JNL/Western Asset Global Multi-Sector Bond Fund - Class A			JNL/Western Asset Global Multi-Sector Bond Fund - Class I			JNL/William Blair International Leaders Fund - Class A			JNL/William Blair International Leaders Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	13,252		$	—		$	—
Expenses
	Asset-based charges		10,862			4,576,347			17,753			7,414,571			46,269			103,618,703			305,104
Total expenses			10,862			4,576,347			17,753			7,414,571			46,269			103,618,703			305,104
Net investment income (loss)			(10,862	)		(4,576,347	)		(17,753	)		(7,414,571	)		(33,017	)		(103,618,703	)		(305,104	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—			—			—
	Sales of investments in Funds		22,108			(22,965,846	)		(174,635	)		(21,969,887	)		(717,797	)		270,449,561			819,103
Net change in unrealized appreciation
	(depreciation) on investments in Funds		138,129			52,283,026			535,579			90,728,267			2,046,271			725,681,597			8,237,264
Net realized and unrealized gain (loss)			160,237			29,317,180			360,944			68,758,380			1,328,474			996,131,158			9,056,367

Net change in net assets
	from operations	$	149,375		$	24,740,833		$	343,191		$	61,343,809		$	1,295,457		$	892,512,455		$	8,751,263

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/WMC Equity Income Fund - Class A			JNL/WMC Equity Income Fund - Class I			JNL/WMC Global Real Estate Fund - Class A			JNL/WMC Global Real Estate Fund - Class I			JNL/WMC Government Money Market Fund - Class A		JNL/WMC Government Money Market Fund - Class I		JNL/WMC Value Fund - Class A
Assets
Investments in Funds, at fair value		$	662,377,837		$	23,878,670		$	619,090,416		$	4,234,857		$	2,592,337,107	$	60,412,070	$	697,995,738
Receivables:
	Investments in Fund shares sold		584,529			133,693			483,584			90			4,127,361		1,508		943,222
	Investment Division units sold		176,000			—			235,806			—			1,451,779		307,536		91,451
Total assets			663,138,366			24,012,363			619,809,806			4,234,947			2,597,916,247		60,721,114		699,030,411

Liabilities
Payables:
	Investments in Fund shares purchased		176,000			—			235,806			—			1,451,779		307,536		91,451
	Investment Division units redeemed		561,658			133,406			461,108			40			4,039,436		804		917,588
	Insurance fees due to Jackson		22,871			287			22,476			50			87,925		704		25,634
Total liabilities			760,529			133,693			719,390			90			5,579,140		309,044		1,034,673
Net assets		$	662,377,837		$	23,878,670		$	619,090,416		$	4,234,857		$	2,592,337,107	$	60,412,070	$	697,995,738
Maximum Unit Value			17.060000			17.069028			21.796602			21.326680			17.495964		17.980243		72.532239
Minimum Unit Value			14.528212			16.542495			10.736794			20.932304			7.662473		14.615025		38.753922

Investments in Funds, shares outstanding			38,826,368			1,371,549			64,421,479			427,332			2,592,337,107		60,412,071		21,956,456
Investments in Funds, at cost		$	533,325,192		$	19,427,692		$	632,687,278		$	4,298,814		$	2,592,337,107	$	60,412,071	$	536,725,916


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/WMC Equity Income Fund - Class A			JNL/WMC Equity Income Fund - Class I			JNL/WMC Global Real Estate Fund - Class A			JNL/WMC Global Real Estate Fund - Class I			JNL/WMC Government Money Market Fund - Class A		JNL/WMC Government Money Market Fund - Class I		JNL/WMC Value Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	116,012,499	$	2,888,669	$	—
Expenses
	Asset-based charges		8,856,175			104,426			8,018,287			16,861			33,544,868		260,719		9,517,154
Total expenses			8,856,175			104,426			8,018,287			16,861			33,544,868		260,719		9,517,154
Net investment income (loss)			(8,856,175	)		(104,426	)		(8,018,287	)		(16,861	)		82,467,631		2,627,950		(9,517,154	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—			—			—			—			—		—		—
	Sales of investments in Funds		39,128,966			1,195,012			(11,710,798	)		(49,784	)		—		—		42,774,444
Net change in unrealized appreciation
	(depreciation) on investments in Funds		485,255			397,013			67,090,624			442,626			—		—		18,091,209
Net realized and unrealized gain (loss)			39,614,221			1,592,025			55,379,826			392,842			—		—		60,865,653

Net change in net assets
	from operations	$	30,758,046		$	1,487,599		$	47,361,539		$	375,981		$	82,467,631	$	2,627,950	$	51,348,499

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2023


		JNL/WMC Value Fund - Class I
Assets
Investments in Funds, at fair value		$	9,989,052
Receivables:
	Investments in Fund shares sold		3,493
	Investment Division units sold		—
Total assets			9,992,545

Liabilities
Payables:
	Investments in Fund shares purchased		—
	Investment Division units redeemed		3,375
	Insurance fees due to Jackson		118
Total liabilities			3,493
Net assets		$	9,989,052
Maximum Unit Value			74.509542
Minimum Unit Value			64.246590

Investments in Funds, shares outstanding			300,513
Investments in Funds, at cost		$	8,642,308


Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2023


		JNL/WMC Value Fund - Class I
Investment Income
Dividends		$	—
Expenses
	Asset-based charges		43,299
Total expenses			43,299
Net investment income (loss)			(43,299	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from Funds		—
	Sales of investments in Funds		367,300
Net change in unrealized appreciation
	(depreciation) on investments in Funds		585,850
Net realized and unrealized gain (loss)			953,150

Net change in net assets
	from operations	$	909,851

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Bond Index Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Emerging Markets Index Fund - Class I			JNL Growth Allocation Fund - Class A
Operations
Net investment income (loss)		$	(16,731,123	)	$	(59,942	)	$	(25,766	)	$	(6,410,464	)	$	(30,122	)	$	(5,219	)	$	(35,984,818	)
Net realized gain (loss) on investments in Funds			51,796,332			143,055			(31,206	)		(587,800	)		(44,448	)		(13,425	)		72,548,125
Net change in unrealized appreciation
	(depreciation) on investments in Funds		167,190,596			2,158,841			421,893			48,439,332			676,665			140,269			346,401,659
Net change in net assets
	from operations		202,255,805			2,241,954			364,921			41,441,068			602,095			121,625			382,964,966

Contract transactions
Purchase payments			46,642,225			248,354			4,266,432			27,034,799			339,643			871,403			61,693,571
Surrenders and terminations			(104,579,187	)		(364,572	)		(554,887	)		(64,499,835	)		(916,391	)		(83,283	)		(232,686,349	)
Transfers between Investment Divisions			(32,024,454	)		(414,631	)		127,690			(1,579,635	)		1,135,995			(98,526	)		(50,310,218	)
Contract owner charges			(18,124,324	)		(238,724	)		(28,127	)		(4,885,521	)		(50,701	)		(6,716	)		(38,628,126	)
Net change in net assets
	from contract transactions		(108,085,740	)		(769,573	)		3,811,108			(43,930,192	)		508,546			682,878			(259,931,122	)

Net change in net assets			94,170,065			1,472,381			4,176,029			(2,489,124	)		1,110,641			804,503			123,033,844

Net assets beginning of year			1,253,126,410			12,850,696			4,654,712			541,799,347			6,005,113			886,382			2,680,932,141

Net assets end of year		$	1,347,296,475		$	14,323,077		$	8,830,741		$	539,310,223		$	7,115,754		$	1,690,885		$	2,803,965,985

Contract unit transactions
Units outstanding at beginning of year			75,008,412			791,432			481,066			47,549,583			481,396			99,978			156,989,039
Units issued			6,504,608			81,366			567,340			7,411,626			178,364			111,071			8,938,658
Units redeemed			(12,562,884	)		(134,515	)		(117,125	)		(11,120,829	)		(140,160	)		(31,773	)		(23,292,387	)
Units outstanding at end of year			68,950,136			738,283			931,281			43,840,380			519,600			179,276			142,635,310
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	118,725,665		$	1,587,617		$	5,011,886		$	86,703,240		$	2,320,634		$	954,409		$	165,608,168
Proceeds from sales		$	243,542,528		$	2,417,131		$	1,226,544		$	137,043,896		$	1,842,211		$	276,750		$	461,524,108

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL Growth Allocation Fund - Class I			JNL International Index Fund - Class I			JNL iShares Tactical Growth Fund - Class A			JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A			JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A
Operations
Net investment income (loss)		$	(78,324	)	$	163,766		$	2,023,342		$	108,375		$	1,969,902		$	177,344		$	2,838,780
Net realized gain (loss) on investments in Funds			334,772			6,137			3,251,225			(71,358	)		(3,123,457	)		(81,182	)		3,740,323
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,580,284			616,170			27,233,049			839,046			14,814,468			620,862			20,931,419
Net change in net assets
	from operations		2,836,732			786,073			32,507,616			876,063			13,660,913			717,024			27,510,522

Contract transactions
Purchase payments			1,876,306			2,931,615			16,535,697			928,453			13,544,769			160,867			16,990,990
Surrenders and terminations			(3,437,730	)		(349,127	)		(19,388,724	)		(114,005	)		(16,639,518	)		(191,280	)		(24,020,042	)
Transfers between Investment Divisions			91,161			(43,645	)		490,816			(557,183	)		(1,190,679	)		304,055			421,607
Contract owner charges			(207,844	)		(26,972	)		(2,045,381	)		(94,448	)		(1,509,738	)		(91,163	)		(1,790,648	)
Net change in net assets
	from contract transactions		(1,678,107	)		2,511,871			(4,407,592	)		162,817			(5,795,166	)		182,479			(8,398,093	)

Net change in net assets			1,158,625			3,297,944			28,100,024			1,038,880			7,865,747			899,503			19,112,429

Net assets beginning of year			17,627,124			3,448,007			256,808,663			7,007,186			167,110,962			7,392,071			266,674,340

Net assets end of year		$	18,785,749		$	6,745,951		$	284,908,687		$	8,046,066		$	174,976,709		$	8,291,574		$	285,786,769

Contract unit transactions
Units outstanding at beginning of year			1,034,755			279,935			14,092,960			401,981			12,724,673			543,843			16,724,990
Units issued			151,638			311,996			2,111,122			112,779			2,292,689			58,440			2,280,004
Units redeemed			(212,002	)		(90,978	)		(2,326,539	)		(116,371	)		(2,716,800	)		(45,269	)		(2,781,737	)
Units outstanding at end of year			974,391			500,953			13,877,543			398,389			12,300,562			557,014			16,223,257
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	2,636,149		$	3,718,410		$	49,046,406		$	2,480,738		$	35,056,473		$	1,026,523		$	48,582,241
Proceeds from sales		$	4,392,580		$	1,042,774		$	47,423,669		$	2,113,834		$	38,881,737		$	666,700		$	48,833,104

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL iShares Tactical Moderate Growth Fund - Class I			JNL Mid Cap Index Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I			JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A
Operations
Net investment income (loss)		$	133,070		$	(15,919	)	$	(25,783,089	)	$	(46,538	)	$	(46,288,659	)	$	(53,321	)	$	(2,063,192	)
Net realized gain (loss) on investments in Funds			6,580			1,488			36,635,394			69,879			107,278,519			39,423			2,294,042
Net change in unrealized appreciation
	(depreciation) on investments in Funds		622,368			703,455			186,362,724			1,209,961			348,271,085			1,531,547			18,330,270
Net change in net assets
	from operations		762,018			689,024			197,215,029			1,233,302			409,260,945			1,517,649			18,561,120

Contract transactions
Purchase payments			637,060			2,672,255			47,321,079			651,304			51,309,473			768,690			4,251,352
Surrenders and terminations			(655,842	)		(156,948	)		(201,098,135	)		(978,017	)		(349,786,651	)		(773,460	)		(22,738,610	)
Transfers between Investment Divisions			(780,598	)		167,169			(24,675,532	)		1,189,816			(39,916,429	)		348,360			(2,290,374	)
Contract owner charges			(101,033	)		(25,382	)		(27,382,162	)		(103,363	)		(49,127,206	)		(164,334	)		(809,730	)
Net change in net assets
	from contract transactions		(900,413	)		2,657,094			(205,834,750	)		759,740			(387,520,813	)		179,256			(21,587,362	)

Net change in net assets			(138,395	)		3,346,118			(8,619,721	)		1,993,042			21,740,132			1,696,905			(3,026,242	)

Net assets beginning of year			6,948,466			2,630,903			1,996,718,387			9,791,520			3,553,591,949			11,195,725			191,694,576

Net assets end of year		$	6,810,071		$	5,977,021		$	1,988,098,666		$	11,784,562		$	3,575,332,081		$	12,892,630		$	188,668,334

Contract unit transactions
Units outstanding at beginning of year			437,865			210,140			146,653,823			660,747			212,660,789			694,701			19,383,730
Units issued			46,167			241,793			8,249,715			158,604			8,191,583			103,731			2,515,990
Units redeemed			(98,193	)		(32,074	)		(22,861,899	)		(111,733	)		(30,358,928	)		(98,003	)		(4,575,117	)
Units outstanding at end of year			385,839			419,859			132,041,639			707,618			190,493,444			700,429			17,324,603
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	1,048,945		$	3,033,561		$	119,613,438		$	2,484,928		$	145,762,506		$	1,828,493		$	26,163,078
Proceeds from sales		$	1,687,554		$	392,386		$	351,231,277		$	1,771,726		$	579,571,978		$	1,702,558		$	49,813,632

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL Multi-Manager Alternative Fund - Class I			JNL Multi-Manager Emerging Markets Equity Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A			JNL Multi-Manager International Small Cap Fund - Class I			JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I
Operations
Net investment income (loss)		$	(19,912	)	$	652,346		$	118,264		$	5,700,646		$	129,447		$	(5,449,317	)	$	(63,556	)
Net realized gain (loss) on investments in Funds			15,308			(11,699,622	)		(486,463	)		(24,568,866	)		(201,937	)		6,757,682			134,179
Net change in unrealized appreciation
	(depreciation) on investments in Funds		477,110			58,178,491			1,134,640			89,435,427			985,709			42,020,730			1,592,581
Net change in net assets
	from operations		472,506			47,131,215			766,441			70,567,207			913,219			43,329,095			1,663,204

Contract transactions
Purchase payments			377,473			11,317,618			302,924			9,856,117			474,459			27,763,517			1,711,459
Surrenders and terminations			(145,699	)		(51,117,686	)		(448,564	)		(28,481,594	)		(213,012	)		(24,736,013	)		(612,839	)
Transfers between Investment Divisions			189,210			(1,225,534	)		495,146			6,745,823			291,916			11,981,521			(782,560	)
Contract owner charges			(70,854	)		(7,555,155	)		(101,683	)		(5,171,281	)		(58,422	)		(6,058,822	)		(182,117	)
Net change in net assets
	from contract transactions		350,130			(48,580,757	)		247,823			(17,050,935	)		494,941			8,950,203			133,943

Net change in net assets			822,636			(1,449,542	)		1,014,264			53,516,272			1,408,160			52,279,298			1,797,147

Net assets beginning of year			4,090,438			573,785,532			7,835,775			345,044,483			3,845,018			393,657,374			13,270,625

Net assets end of year		$	4,913,074		$	572,335,990		$	8,850,039		$	398,560,755		$	5,253,178		$	445,936,672		$	15,067,772

Contract unit transactions
Units outstanding at beginning of year			383,791			50,445,366			550,766			32,292,949			342,069			23,852,745			750,272
Units issued			140,608			4,906,469			183,169			4,182,646			101,998			6,506,325			173,923
Units redeemed			(109,359	)		(9,062,759	)		(165,646	)		(5,615,400	)		(61,916	)		(5,968,300	)		(164,538	)
Units outstanding at end of year			415,040			46,289,076			568,289			30,860,195			382,151			24,390,770			759,657
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	1,585,064		$	66,938,973		$	2,836,686		$	59,086,402		$	1,420,306		$	110,786,326		$	3,188,858
Proceeds from sales		$	1,254,846		$	114,867,384		$	2,470,599		$	70,436,691		$	795,917		$	107,285,440		$	3,118,472

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I			JNL Small Cap Index Fund - Class I			JNL/AB Sustainable Global Thematic Fund - Class A
Operations
Net investment income (loss)		$	(22,637,138	)	$	(129,775	)	$	(14,324,941	)	$	(72,902	)	$	(1,346,295	)	$	(12,343	)	$	(84,275	)
Net realized gain (loss) on investments in Funds			15,866,661			(663,915	)		20,977,471			218,326			8,745,953			(23,203	)		68,750
Net change in unrealized appreciation
	(depreciation) on investments in Funds		241,982,445			5,226,796			189,118,771			3,111,846			63,908,479			631,900			913,652
Net change in net assets
	from operations		235,211,968			4,433,106			195,771,301			3,257,270			71,308,137			596,354			898,127

Contract transactions
Purchase payments			49,335,017			1,325,722			28,089,042			865,629			34,337,869			2,210,748			2,562,238
Surrenders and terminations			(120,961,882	)		(1,100,178	)		(79,721,439	)		(904,567	)		(15,178,353	)		(146,941	)		(336,089	)
Transfers between Investment Divisions			61,495,570			938,803			7,460,549			1,979,353			5,462,150			113,802			2,778,606
Contract owner charges			(26,004,150	)		(440,293	)		(15,865,442	)		(242,557	)		(3,874,048	)		(18,935	)		(81,619	)
Net change in net assets
	from contract transactions		(36,135,445	)		724,054			(60,037,290	)		1,697,858			20,747,618			2,158,674			4,923,136

Net change in net assets			199,076,523			5,157,160			135,734,011			4,955,128			92,055,755			2,755,028			5,821,263

Net assets beginning of year			1,626,429,575			27,383,179			1,054,802,683			15,029,450			265,856,233			2,282,349			3,566,625

Net assets end of year		$	1,825,506,098		$	32,540,339		$	1,190,536,694		$	19,984,578		$	357,911,988		$	5,037,377		$	9,387,888

Contract unit transactions
Units outstanding at beginning of year			25,302,338			295,049			41,378,233			461,342			16,298,158			163,907			385,053
Units issued			3,953,186			63,664			5,944,447			165,711			4,405,024			231,539			724,761
Units redeemed			(4,523,812	)		(56,326	)		(8,247,900	)		(119,221	)		(3,240,720	)		(35,304	)		(223,166	)
Units outstanding at end of year			24,731,712			302,387			39,074,780			507,832			17,462,462			360,142			886,648
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	275,646,921		$	6,353,049		$	163,484,780		$	5,807,377		$	80,382,774		$	2,773,207		$	7,114,067
Proceeds from sales		$	334,419,504		$	5,758,770		$	237,847,011		$	4,182,421		$	60,981,451		$	626,876		$	2,275,206

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/AB Sustainable Global Thematic Fund - Class I			JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Bond Fund of America Fund - Class A			JNL/American Funds Bond Fund of America Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I
Operations
Net investment income (loss)		$	(2,962	)	$	(31,049,123	)	$	(202,034	)	$	(3,037,444	)	$	(43,577	)	$	(4,192,774	)	$	(31,596	)
Net realized gain (loss) on investments in Funds			23,316			40,151,637			622,675			(2,625,826	)		(66,485	)		4,240,684			101,102
Net change in unrealized appreciation
	(depreciation) on investments in Funds		39,619			278,786,835			5,459,309			14,626,183			534,957			24,003,954			538,648
Net change in net assets
	from operations		59,973			287,889,349			5,879,950			8,962,913			424,895			24,051,864			608,154

Contract transactions
Purchase payments			97,021			182,140,637			4,393,390			43,608,873			2,265,958			34,245,390			769,194
Surrenders and terminations			—			(155,223,606	)		(4,049,795	)		(20,425,265	)		(802,341	)		(19,266,013	)		(424,742	)
Transfers between Investment Divisions			180,914			13,396,750			(748,110	)		147,886,178			4,537,786			500,286			32,949
Contract owner charges			(5,027	)		(35,118,800	)		(644,715	)		(3,024,374	)		(77,783	)		(4,441,593	)		(93,614	)
Net change in net assets
	from contract transactions		272,908			5,194,981			(1,049,230	)		168,045,412			5,923,620			11,038,070			283,787

Net change in net assets			332,881			293,084,330			4,830,720			177,008,325			6,348,515			35,089,934			891,941

Net assets beginning of year			224,890			2,308,483,835			43,256,891			153,468,081			6,305,717			323,254,831			6,968,274

Net assets end of year		$	557,771		$	2,601,568,165		$	48,087,611		$	330,476,406		$	12,654,232		$	358,344,765		$	7,860,215

Contract unit transactions
Units outstanding at beginning of year			24,155			116,750,002			1,594,504			17,780,791			716,848			27,962,032			575,405
Units issued			62,948			17,046,576			298,988			27,027,719			1,075,456			6,299,267			134,964
Units redeemed			(35,180	)		(17,021,612	)		(331,500	)		(7,739,511	)		(414,405	)		(5,365,432	)		(112,015	)
Units outstanding at end of year			51,923			116,774,966			1,561,992			37,068,999			1,377,899			28,895,867			598,354
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	645,602		$	356,350,512		$	8,313,292		$	234,919,830		$	9,607,200		$	74,149,557		$	1,668,230
Proceeds from sales		$	375,655		$	382,204,654		$	9,564,555		$	69,911,863		$	3,727,157		$	67,304,261		$	1,416,039

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/American Funds Capital World Bond Fund - Class A			JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A
Operations
Net investment income (loss)		$	(4,261,644	)	$	(18,392	)	$	(8,907,731	)	$	(92,494	)	$	(7,825,508	)	$	(44,190	)	$	(41,534,017	)
Net realized gain (loss) on investments in Funds			(7,916,229	)		(171,995	)		14,571,710			304,855			6,152,150			(297,956	)		95,620,802
Net change in unrealized appreciation
	(depreciation) on investments in Funds		25,657,913			427,805			131,040,229			3,841,233			81,011,991			1,800,182			415,157,572
Net change in net assets
	from operations		13,480,040			237,418			136,704,208			4,053,594			79,338,633			1,458,036			469,244,357

Contract transactions
Purchase payments			4,379,748			319,420			43,042,009			1,781,479			17,987,661			547,193			150,018,590
Surrenders and terminations			(30,541,804	)		(142,264	)		(47,312,418	)		(947,790	)		(42,602,597	)		(358,388	)		(224,168,158	)
Transfers between Investment Divisions			7,697,741			(396,024	)		59,003,575			580,387			9,448,944			234,929			26,829,129
Contract owner charges			(4,902,653	)		(43,234	)		(8,551,066	)		(315,044	)		(9,373,245	)		(142,564	)		(49,085,043	)
Net change in net assets
	from contract transactions		(23,366,968	)		(262,102	)		46,182,100			1,099,032			(24,539,237	)		281,170			(96,405,482	)

Net change in net assets			(9,886,928	)		(24,684	)		182,886,308			5,152,626			54,799,396			1,739,206			372,838,875

Net assets beginning of year			329,191,315			4,313,295			649,384,943			18,138,131			567,058,566			9,313,816			3,044,031,076

Net assets end of year		$	319,304,387		$	4,288,611		$	832,271,251		$	23,290,757		$	621,857,962		$	11,053,022		$	3,416,869,951

Contract unit transactions
Units outstanding at beginning of year			36,600,798			402,598			33,312,579			896,652			33,742,576			466,726			159,257,495
Units issued			3,922,796			102,944			7,739,909			264,191			4,596,009			131,796			17,508,122
Units redeemed			(6,551,403	)		(126,318	)		(5,612,870	)		(216,864	)		(5,997,061	)		(118,457	)		(22,286,110	)
Units outstanding at end of year			33,972,191			379,224			35,439,618			943,979			32,341,524			480,065			154,479,507
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	35,857,413		$	1,106,306		$	167,310,682		$	6,065,718		$	82,997,910		$	2,815,150		$	360,914,028
Proceeds from sales		$	63,486,024		$	1,386,799		$	130,036,313		$	5,059,180		$	115,362,655		$	2,578,170		$	498,853,527

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/American Funds Growth Allocation Fund - Class I			JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I
Operations
Net investment income (loss)		$	(195,048	)	$	(48,374,771	)	$	(357,093	)	$	(111,003,783	)	$	(500,939	)	$	(17,265,782	)	$	(67,897	)
Net realized gain (loss) on investments in Funds			531,938			93,402,562			1,947,874			407,824,450			3,489,561			11,259,132			(117,953	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		6,625,690			1,139,541,603			23,998,875			1,589,775,957			23,395,052			177,113,678			2,350,091
Net change in net assets
	from operations		6,962,580			1,184,569,394			25,589,656			1,886,596,624			26,383,674			171,107,028			2,164,241

Contract transactions
Purchase payments			3,336,819			339,466,372			8,940,573			529,697,832			11,096,185			33,652,404			1,191,374
Surrenders and terminations			(2,221,472	)		(213,965,882	)		(3,606,012	)		(605,667,278	)		(4,692,523	)		(97,964,118	)		(680,972	)
Transfers between Investment Divisions			1,743,107			323,277,129			2,416,113			(54,461,096	)		1,390,006			(17,432,833	)		53,077
Contract owner charges			(630,289	)		(53,881,864	)		(1,167,089	)		(127,583,192	)		(1,832,821	)		(18,845,705	)		(214,087	)
Net change in net assets
	from contract transactions		2,228,165			394,895,755			6,583,585			(258,013,734	)		5,960,847			(100,590,252	)		349,392

Net change in net assets			9,190,745			1,579,465,149			32,173,241			1,628,582,890			32,344,521			70,516,776			2,513,633

Net assets beginning of year			39,848,947			3,081,441,791			63,941,226			7,972,418,086			101,091,870			1,277,419,979			14,139,156

Net assets end of year		$	49,039,692		$	4,660,906,940		$	96,114,467		$	9,601,000,976		$	133,436,391		$	1,347,936,755		$	16,652,789

Contract unit transactions
Units outstanding at beginning of year			1,906,261			95,721,950			1,796,466			274,631,108			2,959,838			97,797,837			914,190
Units issued			425,014			26,429,970			615,796			29,855,398			686,623			8,417,274			231,106
Units redeemed			(329,009	)		(15,955,170	)		(455,460	)		(38,100,443	)		(530,251	)		(15,615,038	)		(210,242	)
Units outstanding at end of year			2,002,266			106,196,750			1,956,802			266,386,063			3,116,210			90,600,073			935,054
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	9,613,598		$	1,006,313,538		$	26,282,228		$	967,612,643		$	26,404,237		$	119,431,129		$	3,872,387
Proceeds from sales		$	7,580,481		$	659,792,555		$	20,055,736		$	1,336,630,160		$	20,944,329		$	237,287,163		$	3,590,892

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/American Funds Moderate Growth Allocation Fund - Class A			JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/American Funds Washington Mutual Investors Fund - Class A			JNL/American Funds Washington Mutual Investors Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A
Operations
Net investment income (loss)		$	(29,603,294	)	$	(90,057	)	$	(16,871,612	)	$	(119,293	)	$	(42,730,460	)	$	(179,630	)	$	(4,603,401	)
Net realized gain (loss) on investments in Funds			71,700,993			267,517			26,827,620			52,068			193,975,475			1,503,775			5,921,671
Net change in unrealized appreciation
	(depreciation) on investments in Funds		222,377,885			2,424,718			156,303,695			3,822,718			316,634,421			5,316,073			29,021,577
Net change in net assets
	from operations		264,475,584			2,602,178			166,259,703			3,755,493			467,879,436			6,640,218			30,339,847

Contract transactions
Purchase payments			73,216,939			1,213,728			40,795,814			2,468,644			105,141,107			3,449,047			8,642,094
Surrenders and terminations			(190,394,793	)		(995,754	)		(86,395,381	)		(930,949	)		(260,046,406	)		(2,145,346	)		(30,287,414	)
Transfers between Investment Divisions			(28,656,966	)		208,923			6,118,519			1,237,487			(25,359,729	)		(691,164	)		(888,306	)
Contract owner charges			(32,327,923	)		(251,817	)		(20,015,329	)		(371,408	)		(47,947,054	)		(561,452	)		(4,861,334	)
Net change in net assets
	from contract transactions		(178,162,743	)		175,080			(59,496,377	)		2,403,774			(228,212,082	)		51,085			(27,394,960	)

Net change in net assets			86,312,841			2,777,258			106,763,326			6,159,267			239,667,354			6,691,303			2,944,887

Net assets beginning of year			2,237,696,988			18,887,808			1,211,364,298			23,568,660			3,202,179,305			39,968,771			345,981,760

Net assets end of year		$	2,324,009,829		$	21,665,066		$	1,318,127,624		$	29,727,927		$	3,441,846,659		$	46,660,074		$	348,926,647

Contract unit transactions
Units outstanding at beginning of year			137,118,750			1,059,789			86,073,092			1,413,141			115,692,511			1,220,198			27,167,464
Units issued			10,179,005			214,341			9,984,493			341,336			10,747,149			298,442			4,283,636
Units redeemed			(20,656,718	)		(206,249	)		(13,963,381	)		(208,330	)		(18,771,909	)		(297,462	)		(6,344,588	)
Units outstanding at end of year			126,641,037			1,067,881			82,094,204			1,546,147			107,667,751			1,221,178			25,106,512
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	177,103,129		$	4,038,745		$	151,945,675		$	6,157,141		$	316,255,665		$	10,273,946		$	56,048,640
Proceeds from sales		$	384,869,166		$	3,953,721		$	228,313,664		$	3,872,660		$	587,198,207		$	10,402,490		$	88,047,000

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/Baillie Gifford International Growth Fund - Class A			JNL/Baillie Gifford International Growth Fund - Class I			JNL/Baillie Gifford U.S. Equity Growth Fund - Class A			JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A
Operations
Net investment income (loss)		$	(30,283	)	$	(8,722,248	)	$	(85,474	)	$	(50,115	)	$	(34,295,584	)	$	(83,693	)	$	(12,906,211	)
Net realized gain (loss) on investments in Funds			217,006			(37,659,447	)		(1,430,032	)		344,418			78,785,915			329,838			76,737,621
Net change in unrealized appreciation
	(depreciation) on investments in Funds		475,657			118,553,384			3,837,331			1,477,097			263,061,653			2,252,818			(99,732,848	)
Net change in net assets
	from operations		662,380			72,171,689			2,321,825			1,771,400			307,551,984			2,498,963			(35,901,438	)

Contract transactions
Purchase payments			884,382			26,950,916			657,678			585,544			32,354,399			1,978,076			27,557,421
Surrenders and terminations			(769,697	)		(38,860,750	)		(1,081,247	)		(316,276	)		(243,583,502	)		(2,024,389	)		(87,880,919	)
Transfers between Investment Divisions			42,948			2,656,802			(1,033,742	)		4,438,241			(47,926,628	)		(264,477	)		(284,977,979	)
Contract owner charges			(78,556	)		(10,455,086	)		(285,477	)		(7,830	)		(39,136,282	)		(264,689	)		(13,265,455	)
Net change in net assets
	from contract transactions		79,077			(19,708,118	)		(1,742,788	)		4,699,679			(298,292,013	)		(575,479	)		(358,566,932	)

Net change in net assets			741,457			52,463,571			579,037			6,471,079			9,259,971			1,923,484			(394,468,370	)

Net assets beginning of year			6,034,320			621,473,806			18,138,962			1,387,517			2,639,608,882			18,155,544			1,234,214,896

Net assets end of year		$	6,775,777		$	673,937,377		$	18,717,999		$	7,858,596		$	2,648,868,853		$	20,079,028		$	839,746,526

Contract unit transactions
Units outstanding at beginning of year			454,653			61,187,801			1,707,505			358,028			178,251,082			1,060,948			102,088,069
Units issued			260,216			14,023,677			342,434			2,776,528			7,051,609			194,277			8,805,862
Units redeemed			(252,624	)		(16,087,081	)		(498,929	)		(1,731,686	)		(26,308,002	)		(225,620	)		(39,517,830	)
Units outstanding at end of year			462,245			59,124,397			1,551,010			1,402,870			158,994,689			1,029,605			71,376,101
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	3,574,590		$	156,521,130		$	3,986,193		$	13,146,365		$	110,875,988		$	3,557,192		$	105,144,855
Proceeds from sales		$	3,525,795		$	184,951,495		$	5,814,455		$	8,496,800		$	443,463,586		$	4,216,363		$	476,617,999

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/BlackRock Global Natural Resources Fund - Class I			JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Causeway International Value Select Fund - Class A			JNL/Causeway International Value Select Fund - Class I			JNL/ClearBridge Large Cap Growth Fund - Class A			JNL/ClearBridge Large Cap Growth Fund - Class I
Operations
Net investment income (loss)		$	(58,395	)	$	(37,189,253	)	$	(161,398	)	$	1,852,093		$	302,434		$	(5,897,182	)	$	(119,976	)
Net realized gain (loss) on investments in Funds			697,852			122,595,971			612,222			20,824,082			607,015			15,774,651			692,445
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(1,081,948	)		982,064,297			13,762,113			115,760,467			3,811,507			150,046,420			9,418,717
Net change in net assets
	from operations		(442,491	)		1,067,471,015			14,212,937			138,436,642			4,720,956			159,923,889			9,991,186

Contract transactions
Purchase payments			626,060			77,300,143			2,671,756			24,417,169			1,089,993			28,762,838			1,533,465
Surrenders and terminations			(988,165	)		(208,228,721	)		(1,759,442	)		(48,450,385	)		(438,809	)		(28,879,254	)		(701,960	)
Transfers between Investment Divisions			(6,328,623	)		100,654,819			5,412,625			156,923,009			6,369,005			99,368,408			(855,703	)
Contract owner charges			(195,180	)		(43,010,298	)		(502,367	)		(8,914,165	)		(284,078	)		(6,791,367	)		(372,989	)
Net change in net assets
	from contract transactions		(6,885,908	)		(73,284,057	)		5,822,572			123,975,628			6,736,111			92,460,625			(397,187	)

Net change in net assets			(7,328,399	)		994,186,958			20,035,509			262,412,270			11,457,067			252,384,514			9,593,999

Net assets beginning of year			17,863,014			2,259,322,986			27,021,821			467,040,123			14,022,561			335,035,214			23,168,467

Net assets end of year		$	10,534,615		$	3,253,509,944		$	47,057,330		$	729,452,393		$	25,479,628		$	587,419,728		$	32,762,466

Contract unit transactions
Units outstanding at beginning of year			1,240,422			30,330,159			245,435			28,833,507			608,214			23,483,383			1,534,487
Units issued			247,497			4,334,083			101,052			16,541,918			538,200			12,109,046			466,157
Units redeemed			(742,325	)		(5,180,324	)		(60,861	)		(9,884,254	)		(279,977	)		(6,753,245	)		(497,980	)
Units outstanding at end of year			745,594			29,483,918			285,626			35,491,171			866,437			28,839,184			1,502,664
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	3,509,820		$	413,124,605		$	14,427,239		$	319,831,082		$	14,558,639		$	212,389,046		$	8,869,363
Proceeds from sales		$	10,454,124		$	523,597,916		$	8,766,066		$	194,003,361		$	7,520,094		$	125,825,602		$	9,386,526

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I			JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A
Operations
Net investment income (loss)		$	1,606,127		$	263,735		$	(14,491,683	)	$	(125,365	)	$	(5,774,201	)	$	(80,131	)	$	(22,536,526	)
Net realized gain (loss) on investments in Funds			(2,884,319	)		(253,321	)		73,748,338			950,203			1,610,442			130,816			(18,663,124	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		31,427,491			2,074,089			152,632,569			4,972,776			69,189,588			2,814,681			116,840,377
Net change in net assets
	from operations		30,149,299			2,084,503			211,889,224			5,797,614			65,025,829			2,865,366			75,640,727

Contract transactions
Purchase payments			22,500,677			2,893,490			27,599,388			3,018,407			33,042,894			2,519,216			35,333,878
Surrenders and terminations			(12,734,018	)		(609,444	)		(97,777,876	)		(1,335,275	)		(28,297,239	)		(1,479,086	)		(173,960,805	)
Transfers between Investment Divisions			42,575,178			180,700			(23,098,573	)		(865,746	)		33,080,248			1,507,523			51,680,572
Contract owner charges			(3,233,842	)		(198,301	)		(14,659,638	)		(365,429	)		(5,869,903	)		(231,955	)		(22,331,155	)
Net change in net assets
	from contract transactions		49,107,995			2,266,445			(107,936,699	)		451,957			31,956,000			2,315,698			(109,277,510	)

Net change in net assets			79,257,294			4,350,948			103,952,525			6,249,571			96,981,829			5,181,064			(33,636,783	)

Net assets beginning of year			188,999,148			13,367,669			1,076,963,073			25,846,685			440,197,670			16,075,756			1,726,354,689

Net assets end of year		$	268,256,442		$	17,718,617		$	1,180,915,598		$	32,096,256		$	537,179,499		$	21,256,820		$	1,692,717,906

Contract unit transactions
Units outstanding at beginning of year			17,435,576			1,182,999			22,118,937			370,601			19,572,212			1,106,626			89,766,129
Units issued			9,207,478			722,739			2,676,184			110,799			7,462,970			460,967			9,123,183
Units redeemed			(4,975,610	)		(547,815	)		(4,722,556	)		(104,280	)		(6,347,430	)		(335,635	)		(14,907,042	)
Units outstanding at end of year			21,667,444			1,357,923			20,072,565			377,120			20,687,752			1,231,958			83,982,270
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	111,050,531		$	9,175,688		$	140,118,371		$	8,360,401		$	178,711,848		$	7,616,108		$	180,958,989
Proceeds from sales		$	60,336,409		$	6,645,509		$	262,546,753		$	8,033,809		$	152,530,049		$	5,380,541		$	312,773,026

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I
Operations
Net investment income (loss)		$	(105,094	)	$	(1,462,228	)	$	(12,714	)	$	(19,204,179	)	$	(116,233	)	$	(8,291,820	)	$	(64,459	)
Net realized gain (loss) on investments in Funds			(503,416	)		(991,468	)		(36,175	)		45,835,551			577,520			(11,007,801	)		(240,675	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		1,943,669			11,299,257			315,681			317,995,605			5,858,502			44,139,978			999,229
Net change in net assets
	from operations		1,335,159			8,845,561			266,792			344,626,977			6,319,789			24,840,357			694,095

Contract transactions
Purchase payments			2,032,508			3,772,782			311,696			56,352,873			1,501,341			24,300,204			1,239,894
Surrenders and terminations			(1,444,702	)		(11,012,370	)		(158,550	)		(92,900,480	)		(1,556,111	)		(62,645,290	)		(1,082,903	)
Transfers between Investment Divisions			3,174,272			588,149			127,747			(32,054,677	)		(969,548	)		20,804,842			1,824,803
Contract owner charges			(255,070	)		(1,348,472	)		(29,622	)		(20,673,138	)		(396,380	)		(7,763,586	)		(219,706	)
Net change in net assets
	from contract transactions		3,507,008			(7,999,911	)		251,271			(89,275,422	)		(1,420,698	)		(25,303,830	)		1,762,088

Net change in net assets			4,842,167			845,650			518,063			255,351,555			4,899,091			(463,473	)		2,456,183

Net assets beginning of year			21,776,258			116,798,855			2,628,197			1,379,985,660			23,480,326			675,212,675			13,276,703

Net assets end of year		$	26,618,425		$	117,644,505		$	3,146,260		$	1,635,337,215		$	28,379,417		$	674,749,202		$	15,732,886

Contract unit transactions
Units outstanding at beginning of year			812,188			11,843,186			250,158			68,658,222			1,131,368			68,961,476			1,281,317
Units issued			417,163			1,821,317			150,048			9,947,780			184,358			10,920,911			520,847
Units redeemed			(291,027	)		(2,629,710	)		(126,504	)		(13,918,557	)		(244,436	)		(13,542,356	)		(361,821	)
Units outstanding at end of year			938,324			11,034,793			273,702			64,687,445			1,071,290			66,340,031			1,440,343
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	11,437,939		$	18,465,018		$	1,635,282		$	224,356,298		$	4,404,568		$	108,393,558		$	5,613,365
Proceeds from sales		$	8,036,025		$	27,927,156		$	1,396,725		$	332,835,899		$	5,941,499		$	141,989,208		$	3,915,736

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I			JNL/First Sentier Global Infrastructure Fund - Class A			JNL/First Sentier Global Infrastructure Fund - Class I			JNL/Franklin Templeton Income Fund - Class A			JNL/Franklin Templeton Income Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A
Operations
Net investment income (loss)		$	(9,481,402	)	$	(42,004	)	$	(6,952,360	)	$	(25,306	)	$	(18,729,276	)	$	(31,560	)	$	(59,976,169	)
Net realized gain (loss) on investments in Funds			(8,310,740	)		(131,961	)		13,423,304			34,179			44,049,372			226,190			330,271,730
Net change in unrealized appreciation
	(depreciation) on investments in Funds		55,614,685			796,728			86,980			122,406			66,064,723			350,494			282,959,130
Net change in net assets
	from operations		37,822,543			622,763			6,557,924			131,279			91,384,819			545,124			553,254,691

Contract transactions
Purchase payments			21,236,496			1,323,238			10,841,935			493,554			41,471,426			242,464			57,412,781
Surrenders and terminations			(69,371,344	)		(1,050,538	)		(48,265,673	)		(515,043	)		(137,779,353	)		(557,086	)		(441,578,642	)
Transfers between Investment Divisions			53,132,262			2,445,975			(30,761,101	)		(36,618	)		(34,875,918	)		(746,748	)		(166,519,622	)
Contract owner charges			(10,306,161	)		(100,109	)		(7,236,388	)		(72,346	)		(18,693,827	)		(94,891	)		(59,032,535	)
Net change in net assets
	from contract transactions		(5,308,747	)		2,618,566			(75,421,227	)		(130,453	)		(149,877,672	)		(1,156,261	)		(609,718,018	)

Net change in net assets			32,513,796			3,241,329			(68,863,303	)		826			(58,492,853	)		(611,137	)		(56,463,327	)

Net assets beginning of year			709,011,832			8,059,091			579,246,538			5,823,549			1,464,004,050			7,739,808			4,694,202,044

Net assets end of year		$	741,525,628		$	11,300,420		$	510,383,235		$	5,824,375		$	1,405,511,197		$	7,128,671		$	4,637,738,717

Contract unit transactions
Units outstanding at beginning of year			28,433,156			218,597			32,768,715			286,009			80,387,915			336,538			144,651,746
Units issued			4,692,546			139,836			3,249,894			100,151			6,354,113			65,751			6,991,959
Units redeemed			(5,006,040	)		(68,391	)		(7,588,642	)		(107,471	)		(14,499,265	)		(115,166	)		(25,144,138	)
Units outstanding at end of year			28,119,662			290,042			28,429,967			278,689			72,242,763			287,123			126,499,567
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	121,325,297		$	5,205,147		$	57,046,771		$	2,046,215		$	119,327,893		$	1,552,454		$	237,305,646
Proceeds from sales		$	136,115,445		$	2,628,585		$	139,420,358		$	2,201,973		$	287,934,840		$	2,740,274		$	906,999,833

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I
Operations
Net investment income (loss)		$	(127,239	)	$	(26,131,608	)	$	(47,995	)	$	(10,435,191	)	$	(11,252	)	$	(53,416,061	)	$	(90,482	)
Net realized gain (loss) on investments in Funds			948,161			101,128,458			270,241			12,686,417			(51,816	)		234,788,848			181,607
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,942,924			283,649,036			1,886,527			47,466,252			265,799			475,674,322			3,554,212
Net change in net assets
	from operations		3,763,846			358,645,886			2,108,773			49,717,478			202,731			657,047,109			3,645,337

Contract transactions
Purchase payments			1,950,265			26,468,990			1,453,276			9,532,533			76,745			34,514,355			496,911
Surrenders and terminations			(1,726,636	)		(140,975,340	)		(288,557	)		(93,910,025	)		(87,051	)		(339,029,762	)		(608,869	)
Transfers between Investment Divisions			(1,593,572	)		(29,388,430	)		(1,159,580	)		(12,861,640	)		(820,321	)		(68,042,757	)		1,006,408
Contract owner charges			(450,920	)		(29,607,232	)		(155,327	)		(12,350,656	)		(28,111	)		(59,234,876	)		(354,216	)
Net change in net assets
	from contract transactions		(1,820,863	)		(173,502,012	)		(150,188	)		(109,589,788	)		(858,738	)		(431,793,040	)		540,234

Net change in net assets			1,942,983			185,143,874			1,958,585			(59,872,310	)		(656,007	)		225,254,069			4,185,571

Net assets beginning of year			27,952,269			1,825,639,682			9,695,852			780,757,240			2,924,850			3,774,823,453			18,135,254

Net assets end of year		$	29,895,252		$	2,010,783,556		$	11,654,437		$	720,884,930		$	2,268,843		$	4,000,077,522		$	22,320,825

Contract unit transactions
Units outstanding at beginning of year			883,393			58,041,911			335,911			54,910,038			208,943			125,919,652			753,968
Units issued			168,624			3,282,184			69,654			4,433,711			15,584			5,481,946			107,114
Units redeemed			(223,700	)		(8,353,747	)		(74,786	)		(12,061,285	)		(75,461	)		(18,776,488	)		(102,100	)
Units outstanding at end of year			828,317			52,970,348			330,779			47,282,464			149,066			112,625,110			758,982
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	5,593,296		$	116,398,438		$	2,258,808		$	64,884,179		$	224,970		$	181,370,870		$	3,254,737
Proceeds from sales		$	7,541,397		$	316,032,059		$	2,456,990		$	184,909,157		$	1,094,960		$	666,579,970		$	2,804,984

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I			JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Operations
Net investment income (loss)		$	(24,292,768	)	$	(13,622	)	$	(51,588,944	)	$	(29,712	)	$	(3,543,003	)	$	(56,455	)	$	303,290
Net realized gain (loss) on investments in Funds			73,394,862			20,326			202,154,410			16,047			(2,093,459	)		(68,140	)		10,115,813
Net change in unrealized appreciation
	(depreciation) on investments in Funds		127,894,478			334,433			353,887,913			1,041,927			75,131,202			3,515,840			59,711,103
Net change in net assets
	from operations		176,996,572			341,137			504,453,379			1,028,262			69,494,740			3,391,245			70,130,206

Contract transactions
Purchase payments			16,398,552			508,479			27,647,738			198,244			18,814,581			979,693			11,144,243
Surrenders and terminations			(196,975,265	)		(62,695	)		(370,648,378	)		(270,799	)		(16,226,607	)		(374,003	)		(35,275,065	)
Transfers between Investment Divisions			(39,124,861	)		(268,240	)		(69,844,797	)		(58,718	)		27,076,716			1,166,441			(2,818,928	)
Contract owner charges			(28,113,207	)		(58,411	)		(56,719,415	)		(92,515	)		(4,028,224	)		(172,404	)		(4,579,126	)
Net change in net assets
	from contract transactions		(247,814,781	)		119,133			(469,564,852	)		(223,788	)		25,636,466			1,599,727			(31,528,876	)

Net change in net assets			(70,818,209	)		460,270			34,888,527			804,474			95,131,206			4,990,972			38,601,330

Net assets beginning of year			1,809,529,057			2,674,448			3,729,925,682			6,567,502			238,805,797			10,863,722			387,660,951

Net assets end of year		$	1,738,710,848		$	3,134,718		$	3,764,814,209		$	7,371,976		$	333,937,003		$	15,854,694		$	426,262,281

Contract unit transactions
Units outstanding at beginning of year			102,853,752			155,403			148,658,513			271,184			23,219,472			994,266			31,487,004
Units issued			2,486,666			39,428			4,104,291			33,336			8,862,478			389,468			6,863,077
Units redeemed			(16,016,766	)		(30,532	)		(21,708,990	)		(42,573	)		(6,605,063	)		(256,579	)		(9,126,220	)
Units outstanding at end of year			89,323,652			164,299			131,053,814			261,947			25,476,887			1,127,155			29,223,861
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	46,500,723		$	697,679		$	112,568,749		$	738,202		$	101,427,440		$	4,771,091		$	103,078,705
Proceeds from sales		$	318,608,272		$	592,168		$	633,722,546		$	991,702		$	79,333,977		$	3,227,819		$	130,701,801

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Harris Oakmark Global Equity Fund - Class I			JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Operations
Net investment income (loss)		$	97,818		$	753,525		$	72,331		$	(4,618,732	)	$	(62,438	)	$	(16,583,558	)	$	(55,430	)
Net realized gain (loss) on investments in Funds			101,581			(11,208,920	)		(403,857	)		6,663,044			248,399			50,878,689			249,561
Net change in unrealized appreciation
	(depreciation) on investments in Funds		1,205,568			17,670,303			700,472			21,601,579			1,011,063			305,465,590			3,584,555
Net change in net assets
	from operations		1,404,967			7,214,908			368,946			23,645,891			1,197,024			339,760,721			3,778,686

Contract transactions
Purchase payments			433,315			5,143,864			407,130			21,452,745			389,807			16,876,938			425,549
Surrenders and terminations			(422,501	)		(5,782,941	)		(153,231	)		(23,814,875	)		(560,408	)		(96,694,169	)		(689,090	)
Transfers between Investment Divisions			(861,624	)		(8,071,692	)		(155,239	)		(59,209,825	)		(2,424,453	)		(30,270,296	)		(198,862	)
Contract owner charges			(113,131	)		(1,270,809	)		(46,458	)		(4,958,814	)		(212,578	)		(17,741,927	)		(188,130	)
Net change in net assets
	from contract transactions		(963,941	)		(9,981,578	)		52,202			(66,530,769	)		(2,807,632	)		(127,829,454	)		(650,533	)

Net change in net assets			441,026			(2,766,670	)		421,148			(42,884,878	)		(1,610,608	)		211,931,267			3,128,153

Net assets beginning of year			7,638,639			99,926,757			3,052,860			391,565,537			16,102,814			1,092,760,910			11,207,041

Net assets end of year		$	8,079,665		$	97,160,087		$	3,474,008		$	348,680,659		$	14,492,206		$	1,304,692,177		$	14,335,194

Contract unit transactions
Units outstanding at beginning of year			585,107			8,762,341			255,302			30,188,186			1,169,989			39,873,490			301,574
Units issued			166,742			2,388,668			212,632			5,472,778			154,642			2,576,275			54,535
Units redeemed			(237,052	)		(3,281,846	)		(202,450	)		(10,590,990	)		(353,331	)		(6,607,485	)		(68,750	)
Units outstanding at end of year			514,797			7,869,163			265,484			25,069,974			971,300			35,842,280			287,359
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	2,674,049		$	29,581,426		$	2,674,696		$	71,861,304		$	2,155,862		$	85,056,672		$	2,442,400
Proceeds from sales		$	3,472,276		$	38,809,480		$	2,550,163		$	143,010,805		$	5,025,932		$	229,469,684		$	3,148,363

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A			JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I			JNL/JPMorgan MidCap Growth Fund - Class A
Operations
Net investment income (loss)		$	(19,270,417	)	$	(76,246	)	$	(12,875,240	)	$	(11,280	)	$	(7,815,779	)	$	(111,602	)	$	(31,206,255	)
Net realized gain (loss) on investments in Funds			11,110,967			(508,457	)		20,328,646			2,893			15,712,685			588,210			66,702,508
Net change in unrealized appreciation
	(depreciation) on investments in Funds		157,709,304			2,507,899			92,129,233			304,101			71,913,744			3,230,656			442,099,967
Net change in net assets
	from operations		149,549,854			1,923,196			99,582,639			295,714			79,810,650			3,707,264			477,596,220

Contract transactions
Purchase payments			46,431,438			1,094,030			8,291,929			15,000			37,356,506			1,317,941			98,704,866
Surrenders and terminations			(114,582,856	)		(598,526	)		(93,757,098	)		(73,121	)		(55,733,740	)		(1,307,269	)		(164,594,220	)
Transfers between Investment Divisions			46,979,825			2,579,745			(14,255,761	)		(213,862	)		78,581,317			1,997,541			136,394,859
Contract owner charges			(21,373,305	)		(262,712	)		(14,454,717	)		(40,234	)		(7,581,327	)		(279,325	)		(32,904,640	)
Net change in net assets
	from contract transactions		(42,544,898	)		2,812,537			(114,175,647	)		(312,217	)		52,622,756			1,728,888			37,600,865

Net change in net assets			107,004,956			4,735,733			(14,593,008	)		(16,503	)		132,433,406			5,436,152			515,197,085

Net assets beginning of year			1,436,819,665			15,126,252			963,449,940			2,524,443			558,957,891			22,940,229			2,193,968,584

Net assets end of year		$	1,543,824,621		$	19,861,985		$	948,856,932		$	2,507,940		$	691,391,297		$	28,376,381		$	2,709,165,669

Contract unit transactions
Units outstanding at beginning of year			36,479,554			287,652			84,188,580			197,633			46,307,719			1,812,347			27,791,225
Units issued			5,150,854			124,860			3,244,972			13,604			16,609,762			588,588			4,795,263
Units redeemed			(6,219,715	)		(74,926	)		(12,807,105	)		(36,890	)		(12,667,637	)		(457,938	)		(4,411,126	)
Units outstanding at end of year			35,410,693			337,586			74,626,447			174,347			50,249,844			1,942,997			28,175,362
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	213,757,511		$	6,908,004		$	38,962,658		$	180,575		$	218,293,233		$	8,133,258		$	420,068,713
Proceeds from sales		$	275,572,825		$	4,171,713		$	166,013,545		$	504,071		$	173,486,256		$	6,515,972		$	413,674,103

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/JPMorgan MidCap Growth Fund - Class I			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/JPMorgan U.S. Value Fund - Class A			JNL/JPMorgan U.S. Value Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I
Operations
Net investment income (loss)		$	(160,439	)	$	(11,167,318	)	$	(88,266	)	$	(11,541,821	)	$	(86,540	)	$	136,828		$	48,322
Net realized gain (loss) on investments in Funds			33,987			(19,176,926	)		(486,750	)		37,017,355			402,356			(288,571	)		(70,411	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		7,728,855			52,759,100			1,365,483			36,342,573			1,390,040			15,221,885			676,497
Net change in net assets
	from operations		7,602,403			22,414,856			790,467			61,818,107			1,705,856			15,070,142			654,408

Contract transactions
Purchase payments			3,735,625			33,897,210			1,859,979			33,406,297			991,040			8,175,323			232,576
Surrenders and terminations			(1,604,136	)		(88,527,196	)		(1,708,725	)		(71,512,750	)		(870,283	)		(6,944,750	)		(192,142	)
Transfers between Investment Divisions			3,078,669			32,465,349			104,907			(35,895,105	)		(1,201,918	)		6,371,082			49,674
Contract owner charges			(488,961	)		(11,828,089	)		(232,693	)		(12,124,248	)		(282,005	)		(1,058,627	)		(57,247	)
Net change in net assets
	from contract transactions		4,721,197			(33,992,726	)		23,468			(86,125,806	)		(1,363,166	)		6,543,028			32,861

Net change in net assets			12,323,600			(11,577,870	)		813,935			(24,307,699	)		342,690			21,613,170			687,269

Net assets beginning of year			31,131,187			867,358,952			20,229,415			891,964,404			20,186,641			97,183,404			4,012,861

Net assets end of year		$	43,454,787		$	855,781,082		$	21,043,350		$	867,656,705		$	20,529,331		$	118,796,574		$	4,700,130

Contract unit transactions
Units outstanding at beginning of year			270,504			43,694,051			705,470			51,052,021			924,562			6,858,264			273,210
Units issued			92,551			9,055,437			377,129			5,621,655			198,608			2,001,485			79,303
Units redeemed			(55,247	)		(10,904,752	)		(376,621	)		(10,561,774	)		(258,864	)		(1,565,732	)		(77,737	)
Units outstanding at end of year			307,808			41,844,736			705,978			46,111,902			864,306			7,294,017			274,776
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	11,624,878		$	184,018,376		$	10,978,502		$	100,741,136		$	4,381,003		$	31,905,047		$	1,329,733
Proceeds from sales		$	7,064,120		$	229,178,420		$	11,043,300		$	198,408,763		$	5,830,709		$	25,225,191		$	1,248,550

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I			JNL/Lord Abbett Short Duration Income Fund - Class A			JNL/Lord Abbett Short Duration Income Fund - Class I			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A
Operations
Net investment income (loss)		$	(4,678,635	)	$	(1,459	)	$	6,739,837		$	409,653		$	(11,221,822	)	$	(79,108	)	$	(4,394,021	)
Net realized gain (loss) on investments in Funds			27,391,142			309,772			(1,707,783	)		(71,409	)		(16,173,185	)		(492,397	)		2,983,587
Net change in unrealized appreciation
	(depreciation) on investments in Funds		76,970,350			737,858			10,056,030			466,652			59,695,459			1,449,541			123,164,734
Net change in net assets
	from operations		99,682,857			1,046,171			15,088,084			804,896			32,300,452			878,036			121,754,300

Contract transactions
Purchase payments			9,083,797			447,947			44,837,967			1,254,190			33,765,680			1,042,935			19,965,273
Surrenders and terminations			(31,011,293	)		(408,891	)		(49,299,203	)		(2,344,713	)		(81,673,728	)		(1,668,082	)		(24,033,704	)
Transfers between Investment Divisions			45,466,329			1,990,971			38,072,884			(1,692,162	)		40,653,316			501,886			221,865,394
Contract owner charges			(5,375,415	)		(52,109	)		(5,022,846	)		(200,211	)		(10,098,092	)		(190,237	)		(4,589,481	)
Net change in net assets
	from contract transactions		18,163,418			1,977,918			28,588,802			(2,982,896	)		(17,352,824	)		(313,498	)		213,207,482

Net change in net assets			117,846,275			3,024,089			43,676,886			(2,178,000	)		14,947,628			564,538			334,961,782

Net assets beginning of year			281,119,041			2,102,937			350,548,580			16,649,631			912,174,163			18,354,481			148,525,582

Net assets end of year		$	398,965,316		$	5,127,026		$	394,225,466		$	14,471,631		$	927,121,791		$	18,919,019		$	483,487,364

Contract unit transactions
Units outstanding at beginning of year			24,582,229			174,207			36,368,390			1,677,026			67,364,188			1,033,158			15,536,077
Units issued			8,848,993			368,681			19,676,514			739,607			10,255,864			280,627			26,254,291
Units redeemed			(7,527,317	)		(231,125	)		(16,753,401	)		(1,031,393	)		(11,712,523	)		(296,436	)		(8,446,695	)
Units outstanding at end of year			25,903,905			311,763			39,291,503			1,385,240			65,907,529			1,017,349			33,343,673
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	133,824,188		$	5,523,562		$	203,716,945		$	7,969,553		$	141,335,268		$	4,985,607		$	320,298,499
Proceeds from sales		$	107,873,330		$	3,386,124		$	168,388,306		$	10,542,796		$	169,909,914		$	5,378,213		$	111,485,037

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I			JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I
Operations
Net investment income (loss)		$	(27,689	)	$	(16,619,959	)	$	(61,703	)	$	(5,626,565	)	$	(48,612	)	$	(14,708,823	)	$	(98,041	)
Net realized gain (loss) on investments in Funds			182,115			60,855,772			254,272			13,616,451			220,304			66,840,154			728,330
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,341,136			337,965,639			4,794,697			(7,239,914	)		(12,050	)		95,255,312			2,712,507
Net change in net assets
	from operations		2,495,562			382,201,452			4,987,266			749,972			159,642			147,386,643			3,342,796

Contract transactions
Purchase payments			308,742			41,936,758			1,180,185			22,475,806			737,154			38,672,580			1,046,826
Surrenders and terminations			(438,676	)		(100,354,285	)		(861,714	)		(34,024,706	)		(1,200,105	)		(88,501,654	)		(957,688	)
Transfers between Investment Divisions			3,426,093			118,482,894			(3,083,557	)		(153,150,909	)		(4,096,037	)		(58,491,753	)		29,958
Contract owner charges			(99,263	)		(17,647,370	)		(188,246	)		(6,152,468	)		(173,535	)		(14,579,918	)		(293,127	)
Net change in net assets
	from contract transactions		3,196,896			42,417,997			(2,953,332	)		(170,852,277	)		(4,732,523	)		(122,900,745	)		(174,031	)

Net change in net assets			5,692,458			424,619,449			2,033,934			(170,102,305	)		(4,572,881	)		24,485,898			3,168,765

Net assets beginning of year			3,078,915			1,009,530,047			14,135,946			530,859,013			13,544,833			1,158,021,142			22,192,669

Net assets end of year		$	8,771,373		$	1,434,149,496		$	16,169,880		$	360,756,708		$	8,971,952		$	1,182,507,040		$	25,361,434

Contract unit transactions
Units outstanding at beginning of year			234,516			24,944,208			251,169			37,587,159			899,797			39,469,567			564,527
Units issued			524,240			7,002,087			140,091			7,245,060			354,645			4,677,351			140,975
Units redeemed			(324,888	)		(6,084,143	)		(183,033	)		(19,388,172	)		(667,508	)		(8,823,135	)		(145,572	)
Units outstanding at end of year			433,868			25,862,152			208,227			25,444,047			586,934			35,323,783			559,930
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	8,846,371		$	343,351,406		$	9,295,870		$	102,132,076		$	5,334,326		$	143,569,937		$	5,782,794
Proceeds from sales		$	5,677,164		$	317,553,368		$	12,310,905		$	278,610,918		$	10,115,461		$	281,179,506		$	6,054,866

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Mellon Emerging Markets Index Fund - Class A			JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A			JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A
Operations
Net investment income (loss)		$	(9,958,042	)	$	(72,725	)	$	(28,075,868	)	$	(105,841	)	$	(14,782,946	)	$	(78,715	)	$	(40,285,300	)
Net realized gain (loss) on investments in Funds			(6,601,106	)		(386,873	)		283,330,342			3,202,740			36,127,152			56,850			173,474,724
Net change in unrealized appreciation
	(depreciation) on investments in Funds		71,600,128			1,888,658			(341,035,983	)		(3,893,007	)		116,984,572			2,582,691			(136,754,094	)
Net change in net assets
	from operations		55,040,980			1,429,060			(85,781,509	)		(796,108	)		138,328,778			2,560,826			(3,564,670	)

Contract transactions
Purchase payments			18,594,080			1,351,868			70,038,594			2,493,080			26,019,418			1,188,555			83,771,845
Surrenders and terminations			(55,633,839	)		(947,086	)		(183,253,908	)		(2,705,819	)		(93,330,534	)		(1,043,353	)		(256,566,744	)
Transfers between Investment Divisions			13,051,074			755,550			(677,972,962	)		(7,544,124	)		(146,333,864	)		(2,558,839	)		(126,075,782	)
Contract owner charges			(10,805,844	)		(248,959	)		(29,083,767	)		(337,600	)		(15,540,352	)		(226,069	)		(41,931,218	)
Net change in net assets
	from contract transactions		(34,794,529	)		911,373			(820,272,043	)		(8,094,463	)		(229,185,332	)		(2,639,706	)		(340,801,899	)

Net change in net assets			20,246,451			2,340,433			(906,053,552	)		(8,890,571	)		(90,856,554	)		(78,880	)		(344,366,569	)

Net assets beginning of year			736,791,333			15,372,671			2,696,809,227			29,762,007			1,237,471,511			19,394,083			3,343,599,012

Net assets end of year		$	757,037,784		$	17,713,104		$	1,790,755,675		$	20,871,436		$	1,146,614,957		$	19,315,203		$	2,999,232,443

Contract unit transactions
Units outstanding at beginning of year			74,806,408			1,343,685			59,993,781			474,679			61,885,786			700,152			66,687,067
Units issued			12,059,591			404,658			7,835,783			181,264			7,162,811			209,067			6,289,367
Units redeemed			(15,606,726	)		(328,943	)		(26,936,200	)		(316,783	)		(18,755,622	)		(300,611	)		(13,374,729	)
Units outstanding at end of year			71,259,273			1,419,400			40,893,364			339,160			50,292,975			608,608			59,601,705
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	124,755,477		$	4,816,646		$	352,646,223		$	11,060,794		$	148,516,457		$	5,877,834		$	307,858,158
Proceeds from sales		$	169,508,048		$	3,977,999		$	1,200,994,135		$	19,261,098		$	392,484,736		$	8,596,255		$	688,945,357

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Mellon Healthcare Sector Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A			JNL/Mellon International Index Fund - Class I
Operations
Net investment income (loss)		$	(141,396	)	$	(2,327,652	)	$	(20,875	)	$	(54,939,598	)	$	(301,345	)	$	(25,588,228	)	$	(216,658	)
Net realized gain (loss) on investments in Funds			976,334			7,389,606			196,656			321,858,218			4,385,267			(322,975	)		106,041
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(283,532	)		25,687,343			649,035			1,527,295,826			26,157,874			313,199,999			7,926,979
Net change in net assets
	from operations		551,406			30,749,297			824,816			1,794,214,446			30,241,796			287,288,796			7,816,362

Contract transactions
Purchase payments			2,479,477			9,657,024			313,288			147,413,737			6,111,373			45,236,043			3,001,796
Surrenders and terminations			(1,859,591	)		(11,865,090	)		(429,557	)		(317,268,097	)		(3,472,999	)		(151,589,222	)		(2,290,811	)
Transfers between Investment Divisions			(1,692,250	)		7,584,671			(423,049	)		352,107,723			633,531			(1,809,531	)		(769,683	)
Contract owner charges			(451,791	)		(2,503,077	)		(68,390	)		(59,439,511	)		(972,132	)		(25,269,194	)		(700,576	)
Net change in net assets
	from contract transactions		(1,524,155	)		2,873,528			(607,708	)		122,813,852			2,299,773			(133,431,904	)		(759,274	)

Net change in net assets			(972,749	)		33,622,825			217,108			1,917,028,298			32,541,569			153,856,892			7,057,088

Net assets beginning of year			34,117,877			171,945,658			5,006,119			3,147,647,634			51,164,921			1,905,755,531			46,603,536

Net assets end of year		$	33,145,128		$	205,568,483		$	5,223,227		$	5,064,675,932		$	83,706,490		$	2,059,612,423		$	53,660,624

Contract unit transactions
Units outstanding at beginning of year			490,523			12,361,666			338,216			98,812,143			1,161,740			90,898,051			1,676,656
Units issued			154,880			6,405,501			167,572			21,373,332			410,631			10,088,604			299,850
Units redeemed			(174,967	)		(6,301,164	)		(211,708	)		(18,530,491	)		(367,886	)		(16,063,625	)		(323,281	)
Units outstanding at end of year			470,436			12,466,003			294,080			101,654,984			1,204,485			84,923,030			1,653,225
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	10,263,100		$	95,478,272		$	2,697,929		$	903,003,559		$	23,672,456		$	229,104,810		$	8,995,444
Proceeds from sales		$	11,928,651		$	94,932,396		$	3,326,512		$	835,129,304		$	21,674,029		$	388,124,943		$	9,971,377

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon Nasdaq^® 100 Index Fund - Class A			JNL/Mellon Nasdaq^® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A
Operations
Net investment income (loss)		$	(2,293,789	)	$	(20,768	)	$	(70,236,169	)	$	(448,973	)	$	(1,887,964	)	$	(46,688	)	$	(36,910,670	)
Net realized gain (loss) on investments in Funds			2,303,448			91,833			294,204,027			4,436,801			(6,400,844	)		(371,464	)		113,469,403
Net change in unrealized appreciation
	(depreciation) on investments in Funds		18,753,969			494,122			1,953,335,829			37,889,108			21,713,897			1,445,402			308,838,110
Net change in net assets
	from operations		18,763,628			565,187			2,177,303,687			41,876,936			13,425,089			1,027,250			385,396,843

Contract transactions
Purchase payments			8,091,524			217,235			287,677,771			7,677,828			8,492,309			878,779			87,067,877
Surrenders and terminations			(13,029,928	)		(490,447	)		(354,372,815	)		(6,090,064	)		(8,964,173	)		(643,526	)		(219,640,834	)
Transfers between Investment Divisions			(25,105,064	)		(411,198	)		614,959,816			7,467,479			(8,173,446	)		(752,893	)		52,012,242
Contract owner charges			(2,477,487	)		(63,678	)		(76,722,103	)		(1,445,794	)		(2,080,039	)		(164,823	)		(37,034,015	)
Net change in net assets
	from contract transactions		(32,520,955	)		(748,088	)		471,542,669			7,609,449			(10,725,349	)		(682,463	)		(117,594,730	)

Net change in net assets			(13,757,327	)		(182,901	)		2,648,846,356			49,486,385			2,699,740			344,787			267,802,113

Net assets beginning of year			174,837,089			4,583,883			3,965,248,744			73,492,834			158,226,835			11,004,786			2,759,451,574

Net assets end of year		$	161,079,762		$	4,400,982		$	6,614,095,100		$	122,979,219		$	160,926,575		$	11,349,573		$	3,027,253,687

Contract unit transactions
Units outstanding at beginning of year			13,059,962			321,285			79,689,366			1,406,684			14,076,972			922,216			62,350,078
Units issued			6,536,933			274,364			22,777,082			569,068			3,614,674			266,707			7,762,589
Units redeemed			(8,944,939	)		(325,289	)		(15,201,486	)		(450,100	)		(4,635,913	)		(331,166	)		(10,273,155	)
Units outstanding at end of year			10,651,956			270,360			87,264,962			1,525,652			13,055,733			857,757			59,839,512
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	92,028,144		$	4,111,099		$	1,458,729,347		$	38,423,164		$	41,339,129		$	3,231,636		$	360,785,290
Proceeds from sales		$	126,842,887		$	4,879,955		$	1,057,422,846		$	31,262,687		$	53,952,442		$	3,960,788		$	515,290,690

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon U.S. Stock Market Index Fund - Class A			JNL/Mellon U.S. Stock Market Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A
Operations
Net investment income (loss)		$	(284,760	)	$	(139,242,595	)	$	(27,808,858	)	$	(234,821	)	$	(56,611,055	)	$	(258,116	)	$	(5,709,270	)
Net realized gain (loss) on investments in Funds			1,909,442			490,358,238			58,171,907			726,347			34,875,566			730,203			(960,905	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		7,760,908			1,990,622,209			260,399,658			7,403,821			953,305,834			13,106,761			(40,793,139	)
Net change in net assets
	from operations		9,385,590			2,341,737,852			290,762,707			7,895,347			931,570,345			13,578,848			(47,463,314	)

Contract transactions
Purchase payments			4,601,443			528,873,139			71,696,768			3,674,968			46,819,907			1,338,661			22,600,385
Surrenders and terminations			(3,396,601	)		(797,925,984	)		(158,798,818	)		(2,297,473	)		(398,855,286	)		(2,948,974	)		(37,708,185	)
Transfers between Investment Divisions			(3,261,295	)		356,130,822			69,784,000			1,358,097			(154,915,234	)		(1,767,644	)		(180,728,632	)
Contract owner charges			(852,884	)		(143,921,168	)		(27,401,814	)		(706,194	)		(60,220,774	)		(860,997	)		(5,843,773	)
Net change in net assets
	from contract transactions		(2,909,337	)		(56,843,191	)		(44,719,864	)		2,029,398			(567,171,387	)		(4,238,954	)		(201,680,205	)

Net change in net assets			6,476,253			2,284,894,661			246,042,843			9,924,745			364,398,958			9,339,894			(249,143,519	)

Net assets beginning of year			62,832,978			9,739,079,611			2,099,400,225			50,199,020			4,136,699,650			55,756,332			614,566,036

Net assets end of year		$	69,309,231		$	12,023,974,272		$	2,345,443,068		$	60,123,765		$	4,501,098,608		$	65,096,226		$	365,422,517

Contract unit transactions
Units outstanding at beginning of year			1,073,052			283,502,568			56,718,556			1,025,869			279,586,248			3,539,034			31,096,466
Units issued			224,594			43,372,882			8,561,962			257,379			14,395,364			297,605			4,173,656
Units redeemed			(271,988	)		(45,049,402	)		(9,794,217	)		(217,526	)		(49,036,780	)		(546,800	)		(14,997,454	)
Units outstanding at end of year			1,025,658			281,826,048			55,486,301			1,065,722			244,944,832			3,289,839			20,272,668
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	13,775,189		$	1,673,601,622		$	330,867,671		$	13,037,118		$	239,431,884		$	5,349,420		$	77,345,250
Proceeds from sales		$	16,969,286		$	1,869,687,407		$	403,396,394		$	11,242,541		$	863,214,326		$	9,846,489		$	284,734,725

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Mellon Utilities Sector Fund - Class I			JNL/Mellon World Index Fund - Class A			JNL/Mellon World Index Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A			JNL/Morningstar U.S. Sustainability Index Fund - Class A
Operations
Net investment income (loss)		$	(37,994	)	$	(4,745,652	)	$	(36,954	)	$	(23,132,602	)	$	(114,983	)	$	(35,379	)	$	(2,863,651	)
Net realized gain (loss) on investments in Funds			(253,670	)		16,140,686			133,464			87,498,845			638,127			(254,904	)		5,289,057
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(570,978	)		58,032,214			1,732,436			110,794,786			2,570,248			1,948,242			48,471,219
Net change in net assets
	from operations		(862,642	)		69,427,248			1,828,946			175,161,029			3,093,392			1,657,959			50,896,625

Contract transactions
Purchase payments			382,681			11,668,022			169,801			44,265,904			2,326,043			508,249			12,840,394
Surrenders and terminations			(1,141,848	)		(32,659,184	)		(240,316	)		(133,896,650	)		(1,393,177	)		(322,495	)		(11,950,437	)
Transfers between Investment Divisions			(1,390,163	)		(441,490	)		193,714			(144,962,343	)		(606,714	)		2,741,758			24,588,395
Contract owner charges			(133,013	)		(3,917,589	)		(84,912	)		(24,660,527	)		(337,003	)		(3,799	)		(3,170,810	)
Net change in net assets
	from contract transactions		(2,282,343	)		(25,350,241	)		38,287			(259,253,616	)		(10,851	)		2,923,713			22,307,542

Net change in net assets			(3,144,985	)		44,077,007			1,867,233			(84,092,587	)		3,082,541			4,581,672			73,204,167

Net assets beginning of year			11,362,357			332,526,045			8,063,855			1,830,613,629			25,729,928			3,236,390			201,680,304

Net assets end of year		$	8,217,372		$	376,603,052		$	9,931,088		$	1,746,521,042		$	28,812,469		$	7,818,062		$	274,884,471

Contract unit transactions
Units outstanding at beginning of year			570,809			12,028,714			215,725			58,823,019			650,652			414,040			12,148,778
Units issued			236,743			1,573,363			60,087			5,409,742			165,354			628,386			4,844,588
Units redeemed			(360,085	)		(2,433,107	)		(59,509	)		(13,698,388	)		(165,543	)		(327,744	)		(3,672,458	)
Units outstanding at end of year			447,467			11,168,970			216,303			50,534,373			650,463			714,682			13,320,908
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	4,459,100		$	49,642,521		$	2,459,682		$	175,211,252		$	6,702,565		$	5,683,112		$	89,904,430
Proceeds from sales		$	6,779,437		$	79,738,414		$	2,458,348		$	457,597,469		$	6,828,399		$	2,794,778		$	70,460,539

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Morningstar U.S. Sustainability Index Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A			JNL/Morningstar Wide Moat Index Fund - Class I			JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Gold Plus Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I
Operations
Net investment income (loss)		$	(47,421	)	$	(2,567,567	)	$	76,992		$	(454,183	)	$	(148,422	)	$	(7,020,268	)	$	(40,148	)
Net realized gain (loss) on investments in Funds			77,590			23,414,685			253,389			571,459			164,229			1,112,209			(20,529	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		2,518,929			128,094,037			3,414,327			(3,685,880	)		1,139,107			49,755,507			930,843
Net change in net assets
	from operations		2,549,098			148,941,155			3,744,708			(3,568,604	)		1,154,914			43,847,448			870,166

Contract transactions
Purchase payments			1,482,741			50,752,946			2,123,124			1,751,523			1,125,027			16,189,484			1,048,750
Surrenders and terminations			(417,941	)		(40,890,524	)		(336,729	)		(4,686,273	)		(912,373	)		(49,293,450	)		(1,413,300	)
Transfers between Investment Divisions			905,650			327,370,685			4,771,856			(16,442,768	)		18,121,326			50,994,349			580,877
Contract owner charges			(112,241	)		(8,200,490	)		(199,289	)		(25,341	)		(4,135	)		(7,161,258	)		(90,584	)
Net change in net assets
	from contract transactions		1,858,209			329,032,617			6,358,962			(19,402,859	)		18,329,845			10,729,125			125,743

Net change in net assets			4,407,307			477,973,772			10,103,670			(22,971,463	)		19,484,759			54,576,573			995,909

Net assets beginning of year			9,110,107			361,222,506			9,160,679			60,992,386			6,593,942			516,279,646			8,792,602

Net assets end of year		$	13,517,414		$	839,196,278		$	19,264,349		$	38,020,923		$	26,078,701		$	570,856,219		$	9,788,511

Contract unit transactions
Units outstanding at beginning of year			515,034			25,407,898			606,336			6,287,359			714,446			46,071,317			682,605
Units issued			160,359			30,698,242			742,930			895,559			3,407,200			12,755,010			261,716
Units redeemed			(68,397	)		(10,880,062	)		(378,431	)		(2,991,002	)		(1,600,188	)		(11,879,676	)		(252,317	)
Units outstanding at end of year			606,996			45,226,078			970,835			4,191,916			2,521,458			46,946,651			692,004
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	3,217,256		$	548,650,755		$	13,820,918		$	8,405,479		$	33,981,392		$	147,977,428		$	3,486,518
Proceeds from sales		$	1,406,467		$	191,355,613		$	6,696,620		$	28,262,521		$	15,799,970		$	144,268,571		$	3,400,923

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Newton Equity Income Fund - Class A			JNL/Newton Equity Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A			JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A
Operations
Net investment income (loss)		$	(20,360,437	)	$	(182,553	)	$	(9,465,668	)	$	(122,311	)	$	(5,295,615	)	$	(59,114	)	$	(13,619,072	)
Net realized gain (loss) on investments in Funds			55,016,709			1,453,351			1,030,083			72,490			(9,191,303	)		(213,059	)		(7,223,223	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		98,864,964			2,782,692			62,060,008			2,478,744			40,678,896			1,281,261			46,288,969
Net change in net assets
	from operations		133,521,236			4,053,490			53,624,423			2,428,923			26,191,978			1,009,088			25,446,674

Contract transactions
Purchase payments			137,396,539			4,317,751			43,916,785			2,883,663			20,884,204			802,423			26,528,937
Surrenders and terminations			(106,373,259	)		(2,704,355	)		(61,531,578	)		(2,257,159	)		(37,286,294	)		(809,241	)		(98,535,191	)
Transfers between Investment Divisions			(125,008,278	)		(5,477,056	)		138,734,797			8,231,423			26,153,120			3,133,502			(62,137,761	)
Contract owner charges			(20,247,391	)		(597,477	)		(8,777,398	)		(298,270	)		(5,165,000	)		(139,473	)		(14,148,352	)
Net change in net assets
	from contract transactions		(114,232,389	)		(4,461,137	)		112,342,606			8,559,657			4,586,030			2,987,211			(148,292,367	)

Net change in net assets			19,288,847			(407,647	)		165,967,029			10,988,580			30,778,008			3,996,299			(122,845,693	)

Net assets beginning of year			1,630,195,763			43,785,249			687,962,106			24,086,752			416,086,638			11,986,993			1,089,526,660

Net assets end of year		$	1,649,484,610		$	43,377,602		$	853,929,135		$	35,075,332		$	446,864,646		$	15,983,292		$	966,680,967

Contract unit transactions
Units outstanding at beginning of year			51,416,385			1,477,117			68,880,729			2,275,971			37,038,464			992,509			76,012,464
Units issued			16,249,389			515,300			25,606,801			1,341,990			10,198,386			474,402			6,715,454
Units redeemed			(20,022,316	)		(678,067	)		(14,616,413	)		(559,562	)		(9,874,374	)		(236,483	)		(17,058,399	)
Units outstanding at end of year			47,643,458			1,314,350			79,871,117			3,058,399			37,362,476			1,230,428			65,669,519
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	528,290,242		$	15,969,989		$	261,580,248		$	14,670,163		$	117,657,744		$	5,907,283		$	98,204,203
Proceeds from sales		$	662,883,068		$	20,613,678		$	158,703,310		$	6,232,817		$	118,367,329		$	2,979,185		$	260,115,642

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I
Operations
Net investment income (loss)		$	(73,386	)	$	(14,149,868	)	$	(60,720	)	$	(14,143,116	)	$	(43,094	)	$	(6,504,051	)	$	(38,188	)
Net realized gain (loss) on investments in Funds			(176,654	)		16,742,337			304,770			8,668,737			55,834			(7,305,489	)		(125,200	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		874,151			118,162,889			1,471,525			122,312,081			1,150,616			40,837,375			777,085
Net change in net assets
	from operations		624,111			120,755,358			1,715,575			116,837,702			1,163,356			27,027,835			613,697

Contract transactions
Purchase payments			1,411,605			31,426,121			807,156			25,481,135			1,622,612			22,586,854			1,376,464
Surrenders and terminations			(1,515,270	)		(114,281,987	)		(830,325	)		(104,062,186	)		(889,043	)		(44,877,618	)		(529,821	)
Transfers between Investment Divisions			132,358			(24,270,469	)		(234,722	)		20,990,311			973,308			43,217,880			461,737
Contract owner charges			(193,295	)		(13,437,860	)		(150,867	)		(13,497,743	)		(100,314	)		(6,493,839	)		(86,614	)
Net change in net assets
	from contract transactions		(164,602	)		(120,564,195	)		(408,758	)		(71,088,483	)		1,606,563			14,433,277			1,221,766

Net change in net assets			459,509			191,163			1,306,817			45,749,219			2,769,919			41,461,112			1,835,463

Net assets beginning of year			16,185,832			1,107,784,807			15,142,876			1,070,549,585			8,282,654			498,969,973			8,236,360

Net assets end of year		$	16,645,341		$	1,107,975,970		$	16,449,693		$	1,116,298,804		$	11,052,573		$	540,431,085		$	10,071,823

Contract unit transactions
Units outstanding at beginning of year			912,445			96,408,680			1,322,557			48,094,288			263,191			30,933,751			621,953
Units issued			297,983			15,421,295			658,755			5,819,981			169,979			7,479,336			278,201
Units redeemed			(304,996	)		(25,527,408	)		(724,519	)		(8,921,203	)		(119,798	)		(6,617,725	)		(174,825	)
Units outstanding at end of year			905,432			86,302,567			1,256,793			44,993,066			313,372			31,795,362			725,329
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	5,321,673		$	188,901,003		$	8,627,082		$	136,923,041		$	5,485,411		$	122,695,279		$	3,661,406
Proceeds from sales		$	5,559,661		$	323,615,066		$	9,096,561		$	222,154,640		$	3,921,942		$	114,766,054		$	2,477,827

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I			JNL/T. Rowe Price Capital Appreciation Fund - Class A
Operations
Net investment income (loss)		$	(5,003,681	)	$	(19,631	)	$	(27,412,316	)	$	(41,293	)	$	(4,911,610	)	$	(15,658	)	$	(132,310,082	)
Net realized gain (loss) on investments in Funds			2,441,026			67,272			104,087,215			154,873			10,616,539			(1,245	)		288,031,060
Net change in unrealized appreciation
	(depreciation) on investments in Funds		57,480,388			677,115			113,813,172			1,041,525			60,535,101			583,307			1,522,419,856
Net change in net assets
	from operations		54,917,733			724,756			190,488,071			1,155,105			66,240,030			566,404			1,678,140,834

Contract transactions
Purchase payments			7,993,152			289,006			12,278,093			866,383			25,718,960			700,269			716,569,020
Surrenders and terminations			(34,035,503	)		(334,426	)		(204,465,411	)		(1,335,797	)		(49,034,103	)		(354,856	)		(721,880,313	)
Transfers between Investment Divisions			(5,913,990	)		(478,534	)		(30,960,062	)		(109,915	)		27,449,942			26,842			711,936,905
Contract owner charges			(4,996,501	)		(65,608	)		(18,324,240	)		(73,147	)		(2,304,191	)		(42,325	)		(126,380,526	)
Net change in net assets
	from contract transactions		(36,952,842	)		(589,562	)		(241,471,620	)		(652,476	)		1,830,608			329,930			580,245,086

Net change in net assets			17,964,891			135,194			(50,983,549	)		502,629			68,070,638			896,334			2,258,385,920

Net assets beginning of year			380,971,916			4,499,490			2,005,152,880			10,213,108			414,345,170			3,194,019			9,618,485,115

Net assets end of year		$	398,936,807		$	4,634,684		$	1,954,169,331		$	10,715,737		$	482,415,808		$	4,090,353		$	11,876,871,035

Contract unit transactions
Units outstanding at beginning of year			19,523,401			186,178			71,690,172			277,404			32,200,241			227,981			466,854,274
Units issued			2,588,830			40,340			2,249,636			46,486			6,367,363			103,906			88,248,626
Units redeemed			(4,454,642	)		(62,561	)		(10,747,509	)		(63,027	)		(6,218,858	)		(82,724	)		(62,389,681	)
Units outstanding at end of year			17,657,589			163,957			63,192,299			260,863			32,348,746			249,163			492,713,219
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	54,101,384		$	1,003,530		$	65,257,000		$	1,733,106		$	87,162,901		$	1,580,643		$	1,975,000,328
Proceeds from sales		$	96,057,907		$	1,612,722		$	334,140,937		$	2,426,876		$	90,243,903		$	1,266,371		$	1,527,065,324

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A			JNL/T. Rowe Price Short-Term Bond Fund - Class I
Operations
Net investment income (loss)		$	(962,873	)	$	(87,112,157	)	$	(364,787	)	$	(60,269,709	)	$	(205,307	)	$	(14,539,175	)	$	(131,591	)
Net realized gain (loss) on investments in Funds			5,121,701			240,872,521			1,028,851			191,154,613			879,788			(467,801	)		294
Net change in unrealized appreciation
	(depreciation) on investments in Funds		32,819,079			2,312,000,415			31,047,569			633,341,211			7,694,207			53,786,667			1,562,173
Net change in net assets
	from operations		36,977,907			2,465,760,779			31,711,633			764,226,115			8,368,688			38,779,691			1,430,876

Contract transactions
Purchase payments			21,905,953			184,276,678			2,926,717			136,225,179			3,247,447			53,137,433			2,663,395
Surrenders and terminations			(11,104,832	)		(504,682,104	)		(3,483,906	)		(338,766,047	)		(2,334,760	)		(123,987,148	)		(2,553,751	)
Transfers between Investment Divisions			6,271,344			(28,282,404	)		(2,281,034	)		(30,228,416	)		545,486			(73,478,847	)		270,879
Contract owner charges			(2,800,737	)		(96,623,295	)		(1,197,428	)		(70,302,892	)		(666,942	)		(14,188,790	)		(304,148	)
Net change in net assets
	from contract transactions		14,271,728			(445,311,125	)		(4,035,651	)		(303,072,176	)		791,231			(158,517,352	)		76,375

Net change in net assets			51,249,635			2,020,449,654			27,675,982			461,153,939			9,159,919			(119,737,661	)		1,507,251

Net assets beginning of year			193,864,228			5,476,453,219			67,433,158			4,318,981,629			42,182,621			1,214,948,757			30,771,549

Net assets end of year		$	245,113,863		$	7,496,902,873		$	95,109,140		$	4,780,135,568		$	51,342,540		$	1,095,211,096		$	32,278,800

Contract unit transactions
Units outstanding at beginning of year			8,905,484			63,842,465			539,310			30,496,074			200,604			119,354,480			2,435,701
Units issued			2,140,752			6,790,456			108,596			2,485,091			44,087			21,589,076			1,036,195
Units redeemed			(1,540,674	)		(10,928,739	)		(131,846	)		(4,527,053	)		(39,944	)		(37,281,452	)		(1,030,918	)
Units outstanding at end of year			9,505,562			59,704,182			516,060			28,454,112			204,747			103,662,104			2,440,978
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	50,878,168		$	737,957,431		$	17,270,507		$	389,764,660		$	10,028,335		$	223,615,992		$	13,325,352
Proceeds from sales		$	37,569,313		$	1,270,380,713		$	21,670,945		$	753,106,545		$	9,442,410		$	396,672,520		$	13,380,567

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A
Operations
Net investment income (loss)		$	(1,912,837	)	$	(16,995	)	$	(34,273,964	)	$	(231,620	)	$	(23,034,955	)	$	(212,877	)	$	(5,715,172	)
Net realized gain (loss) on investments in Funds			867,520			(25,545	)		94,698,809			1,021,158			(729,374	)		609,274			1,123,832
Net change in unrealized appreciation
	(depreciation) on investments in Funds		19,359,527			519,768			203,227,079			5,167,891			239,447,091			6,311,493			44,115,789
Net change in net assets
	from operations		18,314,210			477,228			263,651,924			5,957,429			215,682,762			6,707,890			39,524,449

Contract transactions
Purchase payments			11,488,396			223,811			69,897,525			3,166,475			61,581,385			4,183,149			34,597,841
Surrenders and terminations			(12,897,912	)		(234,185	)		(197,242,625	)		(3,122,860	)		(127,934,286	)		(3,218,594	)		(31,402,497	)
Transfers between Investment Divisions			29,748,734			484,167			(139,200,102	)		(1,233,317	)		(18,097,066	)		(2,800,941	)		7,712,369
Contract owner charges			(1,881,876	)		(41,222	)		(34,805,818	)		(662,062	)		(25,545,325	)		(690,413	)		(5,923,389	)
Net change in net assets
	from contract transactions		26,457,342			432,571			(301,351,020	)		(1,851,764	)		(109,995,292	)		(2,526,799	)		4,984,324

Net change in net assets			44,771,552			909,799			(37,699,096	)		4,105,665			105,687,470			4,181,091			44,508,773

Net assets beginning of year			129,834,077			3,527,459			2,745,937,470			51,730,710			1,745,568,176			47,813,685			450,798,540

Net assets end of year		$	174,605,629		$	4,437,258		$	2,708,238,374		$	55,836,375		$	1,851,255,646		$	51,994,776		$	495,307,313

Contract unit transactions
Units outstanding at beginning of year			12,817,531			331,402			63,725,878			882,369			145,407,588			3,717,849			42,458,808
Units issued			9,181,025			107,678			5,775,535			196,613			13,348,957			657,956			7,245,095
Units redeemed			(6,629,403	)		(72,478	)		(12,698,111	)		(226,550	)		(22,121,478	)		(837,380	)		(6,819,922	)
Units outstanding at end of year			15,369,153			366,602			56,803,302			852,432			136,635,067			3,538,425			42,883,981
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	98,341,519		$	1,247,408		$	257,584,403		$	11,659,555		$	169,431,544		$	8,956,002		$	79,505,593
Proceeds from sales		$	73,797,014		$	831,832		$	593,209,387		$	13,742,939		$	302,461,791		$	11,695,679		$	80,236,441

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I			JNL/WCM China Quality Growth Fund - Class A			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I			JNL/Westchester Capital Event Driven Fund - Class A
Operations
Net investment income (loss)		$	(73,032	)	$	(9,692,681	)	$	(154,093	)	$	(11,483	)	$	(7,215,743	)	$	(71,292	)	$	(696,890	)
Net realized gain (loss) on investments in Funds			74,893			4,004,623			331,390			(305,434	)		58,489,983			1,303,679			943,188
Net change in unrealized appreciation
	(depreciation) on investments in Funds		1,611,328			88,026,916			3,751,684			(156,164	)		23,889,623			1,211,874			2,690,623
Net change in net assets
	from operations		1,613,189			82,338,858			3,928,981			(473,081	)		75,163,863			2,444,261			2,936,921

Contract transactions
Purchase payments			1,421,654			47,279,838			2,293,425			101,119			35,396,839			2,147,707			1,606,209
Surrenders and terminations			(993,576	)		(49,951,464	)		(4,418,500	)		(136,185	)		(34,171,810	)		(848,943	)		(3,938,356	)
Transfers between Investment Divisions			(1,568,144	)		(6,191,403	)		(2,913,292	)		839,586			71,411,367			774,640			(2,574,836	)
Contract owner charges			(181,757	)		(10,525,962	)		(394,932	)		(492	)		(7,949,010	)		(208,994	)		(666,101	)
Net change in net assets
	from contract transactions		(1,321,823	)		(19,388,991	)		(5,433,299	)		804,028			64,687,386			1,864,410			(5,573,084	)

Net change in net assets			291,366			62,949,867			(1,504,318	)		330,947			139,851,249			4,308,671			(2,636,163	)

Net assets beginning of year			17,005,364			769,601,947			34,615,081			440,825			483,146,300			13,179,048			58,425,837

Net assets end of year		$	17,296,730		$	832,551,814		$	33,110,763		$	771,772		$	622,997,549		$	17,487,719		$	55,789,674

Contract unit transactions
Units outstanding at beginning of year			1,501,461			68,092,265			2,870,439			42,637			27,222,318			669,079			5,033,016
Units issued			209,428			7,760,225			344,466			378,865			9,692,332			349,992			2,113,731
Units redeemed			(323,396	)		(9,453,783	)		(768,319	)		(329,711	)		(6,385,530	)		(255,842	)		(2,578,475	)
Units outstanding at end of year			1,387,493			66,398,707			2,446,586			91,791			30,529,120			763,229			4,568,272
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	2,475,103		$	91,774,493		$	4,315,539		$	4,177,380		$	271,140,258		$	9,993,254		$	24,674,730
Proceeds from sales		$	3,869,958		$	120,856,165		$	9,902,931		$	3,384,835		$	129,713,618		$	5,691,394		$	30,944,704

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/Westchester Capital Event Driven Fund - Class I			JNL/Western Asset Global Multi-Sector Bond Fund - Class A			JNL/Western Asset Global Multi-Sector Bond Fund - Class I			JNL/William Blair International Leaders Fund - Class A			JNL/William Blair International Leaders Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I
Operations
Net investment income (loss)		$	(10,862	)	$	(4,576,347	)	$	(17,753	)	$	(7,414,571	)	$	(33,017	)	$	(103,618,703	)	$	(305,104	)
Net realized gain (loss) on investments in Funds			22,108			(22,965,846	)		(174,635	)		(21,969,887	)		(717,797	)		270,449,561			819,103
Net change in unrealized appreciation
	(depreciation) on investments in Funds		138,129			52,283,026			535,579			90,728,267			2,046,271			725,681,597			8,237,264
Net change in net assets
	from operations		149,375			24,740,833			343,191			61,343,809			1,295,457			892,512,455			8,751,263

Contract transactions
Purchase payments			130,172			4,868,551			222,104			6,480,792			457,986			363,612,300			6,543,407
Surrenders and terminations			(102,721	)		(36,217,297	)		(250,813	)		(49,324,567	)		(315,248	)		(708,614,362	)		(3,807,936	)
Transfers between Investment Divisions			(55,523	)		(9,104,088	)		92,164			(4,873,309	)		175,836			(69,798,151	)		(886,008	)
Contract owner charges			(22,698	)		(4,337,511	)		(38,339	)		(7,680,861	)		(149,998	)		(112,390,594	)		(958,631	)
Net change in net assets
	from contract transactions		(50,770	)		(44,790,345	)		25,116			(55,397,945	)		168,576			(527,190,807	)		890,832

Net change in net assets			98,605			(20,049,512	)		368,307			5,945,864			1,464,033			365,321,648			9,642,095

Net assets beginning of year			2,425,644			375,600,359			3,935,388			564,662,373			9,985,366			7,967,405,990			67,410,611

Net assets end of year		$	2,524,249		$	355,550,847		$	4,303,695		$	570,608,237		$	11,449,399		$	8,332,727,638		$	77,052,706

Contract unit transactions
Units outstanding at beginning of year			195,626			40,125,504			364,943			25,739,418			303,390			133,762,683			781,514
Units issued			80,916			2,878,528			153,125			2,024,497			79,394			10,916,876			95,095
Units redeemed			(85,223	)		(7,603,768	)		(150,032	)		(4,420,522	)		(73,959	)		(19,512,263	)		(84,470	)
Units outstanding at end of year			191,319			35,400,264			368,036			23,343,393			308,825			125,167,296			792,139
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	1,012,616		$	27,616,234		$	1,686,642		$	47,140,395		$	2,699,688		$	689,601,100		$	8,576,107
Proceeds from sales		$	1,074,248		$	76,982,926		$	1,679,280		$	109,952,912		$	2,564,129		$	1,320,410,609		$	7,990,379

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/WMC Equity Income Fund - Class A			JNL/WMC Equity Income Fund - Class I			JNL/WMC Global Real Estate Fund - Class A			JNL/WMC Global Real Estate Fund - Class I			JNL/WMC Government Money Market Fund - Class A			JNL/WMC Government Money Market Fund - Class I			JNL/WMC Value Fund - Class A
Operations
Net investment income (loss)		$	(8,856,175	)	$	(104,426	)	$	(8,018,287	)	$	(16,861	)	$	82,467,631		$	2,627,950		$	(9,517,154	)
Net realized gain (loss) on investments in Funds			39,128,966			1,195,012			(11,710,798	)		(49,784	)		—			—			42,774,444
Net change in unrealized appreciation
	(depreciation) on investments in Funds		485,255			397,013			67,090,624			442,626			—			—			18,091,209
Net change in net assets
	from operations		30,758,046			1,487,599			47,361,539			375,981			82,467,631			2,627,950			51,348,499

Contract transactions
Purchase payments			28,885,198			1,763,909			5,756,554			290,220			536,722,596			13,556,909			22,791,651
Surrenders and terminations			(42,467,139	)		(1,758,579	)		(58,516,906	)		(270,771	)		(694,449,568	)		(23,791,669	)		(55,370,817	)
Transfers between Investment Divisions			(109,578,207	)		(1,190,823	)		9,307,518			141,296			(192,540,092	)		4,278,242			(93,941,068	)
Contract owner charges			(9,508,911	)		(308,881	)		(8,191,825	)		(45,255	)		(36,260,121	)		(734,033	)		(10,237,409	)
Net change in net assets
	from contract transactions		(132,669,059	)		(1,494,374	)		(51,644,659	)		115,490			(386,527,185	)		(6,690,551	)		(136,757,643	)

Net change in net assets			(101,911,013	)		(6,775	)		(4,283,120	)		491,471			(304,059,554	)		(4,062,601	)		(85,409,144	)

Net assets beginning of year			764,288,850			23,885,445			623,373,536			3,743,386			2,896,396,661			64,474,671			783,404,882

Net assets end of year		$	662,377,837		$	23,878,670		$	619,090,416		$	4,234,857		$	2,592,337,107		$	60,412,070		$	697,995,738

Contract unit transactions
Units outstanding at beginning of year			51,176,961			1,509,415			39,583,370			195,180			244,019,921			3,831,227			15,524,615
Units issued			8,168,116			435,598			3,182,263			35,181			132,154,229			3,975,489			1,753,785
Units redeemed			(17,242,651	)		(528,397	)		(6,419,784	)		(28,566	)		(164,450,356	)		(4,361,514	)		(4,486,495	)
Units outstanding at end of year			42,102,426			1,416,616			36,345,849			201,795			211,723,794			3,445,202			12,791,905
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	122,079,939		$	6,867,454		$	50,540,595		$	682,621		$	1,708,734,383		$	70,239,196		$	89,833,887
Proceeds from sales		$	263,605,173		$	8,466,254		$	110,203,541		$	583,991		$	2,012,793,937		$	74,301,797		$	236,108,684

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2023


		JNL/WMC Value Fund - Class I
Operations
Net investment income (loss)		$	(43,299	)
Net realized gain (loss) on investments in Funds			367,300
Net change in unrealized appreciation
	(depreciation) on investments in Funds		585,850
Net change in net assets
	from operations		909,851

Contract transactions
Purchase payments			458,758
Surrenders and terminations			(211,094	)
Transfers between Investment Divisions			(3,024,260	)
Contract owner charges			(100,598	)
Net change in net assets
	from contract transactions		(2,877,194	)

Net change in net assets			(1,967,343	)

Net assets beginning of year			11,956,395

Net assets end of year		$	9,989,052

Contract unit transactions
Units outstanding at beginning of year			180,004
Units issued			23,246
Units redeemed			(64,842	)
Units outstanding at end of year			138,408
Cost of purchases and proceeds
	from sales of the Investments in Funds
Cost of purchases		$	1,554,008
Proceeds from sales		$	4,474,501

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Bond Index Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Emerging Markets Index Fund - Class I			JNL Growth Allocation Fund - Class A
Operations
Net investment income (loss)		$	(17,607,217	)	$	(60,180	)	$	(9,096	)	$	(7,215,600	)	$	(29,349	)	$	(2,245	)	$	(34,474,505	)
Net realized gain (loss) on investments in Funds			59,938,261			136,829			(21,044	)		(39,811	)		(109,537	)		(10,940	)		85,864,429
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(387,758,293	)		(3,255,164	)		(242,644	)		(91,902,367	)		(863,178	)		(103,366	)		(618,465,342	)
Net change in net assets
	from operations		(345,427,249	)		(3,178,515	)		(272,784	)		(99,157,778	)		(1,002,064	)		(116,551	)		(567,075,418	)

Contract transactions
Purchase payments			68,109,980			1,932,717			4,684,524			57,522,299			1,151,248			548,342			80,936,718
Surrenders and terminations			(87,605,279	)		(343,836	)		(51,910	)		(62,077,220	)		(487,177	)		(17,108	)		(193,580,328	)
Transfers between Investment Divisions			(60,265,478	)		(1,129,870	)		(202,986	)		(66,305,527	)		(938,653	)		41,411			881,011,229
Contract owner charges			(17,964,489	)		(220,180	)		(979	)		(4,942,145	)		(54,751	)		(207	)		(35,267,814	)
Net change in net assets
	from contract transactions		(97,725,266	)		238,831			4,428,649			(75,802,593	)		(329,333	)		572,438			733,099,805

Net change in net assets			(443,152,515	)		(2,939,684	)		4,155,865			(174,960,371	)		(1,331,397	)		455,887			166,024,387

Net assets beginning of year			1,696,278,925			15,790,380			498,847			716,759,718			7,336,510			430,495			2,514,907,754

Net assets end of year		$	1,253,126,410		$	12,850,696		$	4,654,712		$	541,799,347		$	6,005,113		$	886,382		$	2,680,932,141

Contract unit transactions
Units outstanding at beginning of year			80,303,394			777,246			37,687			53,999,621			509,658			32,978			117,796,713
Units issued			8,928,835			222,579			487,997			11,600,027			193,307			76,620			64,907,352
Units redeemed			(14,223,817	)		(208,393	)		(44,618	)		(18,050,065	)		(221,569	)		(9,620	)		(25,715,026	)
Units outstanding at end of year			75,008,412			791,432			481,066			47,549,583			481,396			99,978			156,989,039

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL Growth Allocation Fund - Class I			JNL International Index Fund - Class I			JNL iShares Tactical Growth Fund - Class A			JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A			JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A
Operations
Net investment income (loss)		$	(74,559	)	$	76,123		$	775,560		$	93,496		$	572,671		$	111,292		$	777,945
Net realized gain (loss) on investments in Funds			225,332			(31,612	)		19,221,428			449,832			7,984,159			253,019			15,842,715
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(3,835,670	)		(254,056	)		(69,410,358	)		(1,669,065	)		(35,767,885	)		(1,484,718	)		(66,710,345	)
Net change in net assets
	from operations		(3,684,897	)		(209,545	)		(49,413,370	)		(1,125,737	)		(27,211,055	)		(1,120,407	)		(50,089,685	)

Contract transactions
Purchase payments			1,011,911			2,591,369			18,547,613			832,248			19,627,786			1,096,981			21,015,832
Surrenders and terminations			(1,392,802	)		(29,681	)		(16,432,679	)		(106,846	)		(14,580,727	)		(187,845	)		(22,414,583	)
Transfers between Investment Divisions			3,588,509			217,945			2,812,865			410,762			(4,539,749	)		(339,807	)		(8,799,957	)
Contract owner charges			(205,068	)		(814	)		(1,745,333	)		(91,159	)		(1,240,233	)		(85,323	)		(1,539,578	)
Net change in net assets
	from contract transactions		3,002,550			2,778,819			3,182,466			1,045,005			(732,923	)		484,006			(11,738,286	)

Net change in net assets			(682,347	)		2,569,274			(46,230,904	)		(80,732	)		(27,943,978	)		(636,401	)		(61,827,971	)

Net assets beginning of year			18,309,471			878,733			303,039,567			7,087,918			195,054,940			8,028,472			328,502,311

Net assets end of year		$	17,627,124		$	3,448,007		$	256,808,663		$	7,007,186		$	167,110,962		$	7,392,071		$	266,674,340

Contract unit transactions
Units outstanding at beginning of year			879,006			54,460			13,898,874			341,456			12,751,742			512,998			17,422,082
Units issued			362,103			308,263			2,642,861			131,772			2,983,324			152,231			2,790,208
Units redeemed			(206,354	)		(82,788	)		(2,448,775	)		(71,247	)		(3,010,393	)		(121,386	)		(3,487,300	)
Units outstanding at end of year			1,034,755			279,935			14,092,960			401,981			12,724,673			543,843			16,724,990

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL iShares Tactical Moderate Growth Fund - Class I			JNL Mid Cap Index Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I			JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A
Operations
Net investment income (loss)		$	93,806		$	(7,578	)	$	(28,648,572	)	$	(48,448	)	$	(51,361,145	)	$	(49,394	)	$	(2,226,548	)
Net realized gain (loss) on investments in Funds			347,254			(48,205	)		45,064,155			689,028			127,019,948			26,176			390,393
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(1,560,482	)		(155,557	)		(420,760,939	)		(2,659,662	)		(859,458,948	)		(1,949,081	)		(25,075,347	)
Net change in net assets
	from operations		(1,119,422	)		(211,340	)		(404,345,356	)		(2,019,082	)		(783,800,145	)		(1,972,299	)		(26,911,502	)

Contract transactions
Purchase payments			828,786			1,552,988			71,324,382			900,003			73,000,975			1,354,377			8,148,715
Surrenders and terminations			(232,719	)		(26,529	)		(199,300,078	)		(4,255,742	)		(347,411,819	)		(302,775	)		(19,785,876	)
Transfers between Investment Divisions			565,035			81,681			(43,421,455	)		(1,407,546	)		(90,084,282	)		1,236,891			(1,378,839	)
Contract owner charges			(91,074	)		(807	)		(28,601,069	)		(101,988	)		(51,294,126	)		(135,764	)		(709,189	)
Net change in net assets
	from contract transactions		1,070,028			1,607,333			(199,998,220	)		(4,865,273	)		(415,789,252	)		2,152,729			(13,725,189	)

Net change in net assets			(49,394	)		1,395,993			(604,343,576	)		(6,884,355	)		(1,199,589,397	)		180,430			(40,636,691	)

Net assets beginning of year			6,997,860			1,234,910			2,601,061,963			16,675,875			4,753,181,346			11,015,295			232,331,267

Net assets end of year		$	6,948,466		$	2,630,903		$	1,996,718,387		$	9,791,520		$	3,553,591,949		$	11,195,725		$	191,694,576

Contract unit transactions
Units outstanding at beginning of year			378,963			87,474			160,810,213			948,402			236,460,384			580,091			20,779,331
Units issued			98,179			204,780			13,890,108			181,311			13,455,912			195,492			4,064,024
Units redeemed			(39,277	)		(82,114	)		(28,046,498	)		(468,966	)		(37,255,507	)		(80,882	)		(5,459,625	)
Units outstanding at end of year			437,865			210,140			146,653,823			660,747			212,660,789			694,701			19,383,730

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL Multi-Manager Alternative Fund - Class I			JNL Multi-Manager Emerging Markets Equity Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A			JNL Multi-Manager International Small Cap Fund - Class I			JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I
Operations
Net investment income (loss)		$	(14,802	)	$	(2,850,349	)	$	72,725		$	(607,818	)	$	42,102		$	(5,048,816	)	$	(59,162	)
Net realized gain (loss) on investments in Funds			(74,539	)		47,242,207			252,626			27,597,082			380,480			9,362,917			36,944
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(273,628	)		(248,948,557	)		(2,912,630	)		(187,129,318	)		(1,772,248	)		(84,663,604	)		(2,420,463	)
Net change in net assets
	from operations		(362,969	)		(204,556,699	)		(2,587,279	)		(160,140,054	)		(1,349,666	)		(80,349,503	)		(2,442,681	)

Contract transactions
Purchase payments			1,201,046			12,872,148			632,779			12,341,286			511,407			41,081,201			1,993,668
Surrenders and terminations			(71,959	)		(47,294,049	)		(319,560	)		(24,510,028	)		(92,222	)		(18,089,939	)		(448,970	)
Transfers between Investment Divisions			527,502			(8,932,931	)		(316,984	)		5,570,751			639,067			9,468,950			655,759
Contract owner charges			(50,607	)		(7,826,179	)		(106,627	)		(4,962,982	)		(48,725	)		(5,451,486	)		(166,989	)
Net change in net assets
	from contract transactions		1,605,982			(51,181,011	)		(110,392	)		(11,560,973	)		1,009,527			27,008,726			2,033,468

Net change in net assets			1,243,013			(255,737,710	)		(2,697,671	)		(171,701,027	)		(340,139	)		(53,340,777	)		(409,213	)

Net assets beginning of year			2,847,425			829,523,242			10,533,446			516,745,510			4,185,157			446,998,151			13,679,838

Net assets end of year		$	4,090,438		$	573,785,532		$	7,835,775		$	345,044,483		$	3,845,018		$	393,657,374		$	13,270,625

Contract unit transactions
Units outstanding at beginning of year			238,872			54,570,054			562,362			33,205,585			258,423			22,345,771			645,200
Units issued			274,679			7,219,523			173,584			6,014,577			130,342			7,626,196			347,261
Units redeemed			(129,760	)		(11,344,211	)		(185,180	)		(6,927,213	)		(46,696	)		(6,119,222	)		(242,189	)
Units outstanding at end of year			383,791			50,445,366			550,766			32,292,949			342,069			23,852,745			750,272

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I			JNL Small Cap Index Fund - Class I			JNL/AB Sustainable Global Thematic Fund - Class A(a)
Operations
Net investment income (loss)		$	(24,496,386	)	$	(134,195	)	$	(14,533,561	)	$	(62,124	)	$	(1,145,428	)	$	(5,837	)	$	(15,782	)
Net realized gain (loss) on investments in Funds			41,115,692			(1,521,597	)		14,865,675			71,144			6,493,579			(31,057	)		(19,392	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(838,929,530	)		(10,819,329	)		(167,350,669	)		(1,861,618	)		(60,655,769	)		(164,475	)		(17,655	)
Net change in net assets
	from operations		(822,310,224	)		(12,475,121	)		(167,018,555	)		(1,852,598	)		(55,307,618	)		(201,369	)		(52,829	)

Contract transactions
Purchase payments			66,270,955			2,222,446			35,505,972			1,842,981			42,952,572			1,709,173			1,533,742
Surrenders and terminations			(106,179,875	)		(1,556,115	)		(69,811,342	)		(592,986	)		(8,629,805	)		(59,077	)		(22,342	)
Transfers between Investment Divisions			(116,988,375	)		(722,550	)		5,616,057			632,671			2,388,490			123,177			2,126,028
Contract owner charges			(26,489,469	)		(442,435	)		(15,221,275	)		(201,665	)		(3,135,881	)		(988	)		(17,974	)
Net change in net assets
	from contract transactions		(183,386,764	)		(498,654	)		(43,910,588	)		1,681,001			33,575,376			1,772,285			3,619,454

Net change in net assets			(1,005,696,988	)		(12,973,775	)		(210,929,143	)		(171,597	)		(21,732,242	)		1,570,916			3,566,625

Net assets beginning of year			2,632,126,563			40,356,954			1,265,731,826			15,201,047			287,588,475			711,433			—

Net assets end of year		$	1,626,429,575		$	27,383,179		$	1,054,802,683		$	15,029,450		$	265,856,233		$	2,282,349		$	3,566,625

Contract unit transactions
Units outstanding at beginning of year			27,831,897			301,004			43,047,573			409,438			14,364,181			46,278
Units issued			4,311,037			112,957			7,679,189			183,835			5,246,178			166,476			424,244
Units redeemed			(6,840,596	)		(118,912	)		(9,348,529	)		(131,931	)		(3,312,201	)		(48,847	)		(39,191	)
Units outstanding at end of year			25,302,338			295,049			41,378,233			461,342			16,298,158			163,907			385,053


(a)	The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 25, 2022. The Statement of Changes in Net Assets is from April 25, 2022 through December 31, 2022.

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/AB Sustainable Global Thematic Fund - Class I(a)			JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Bond Fund of America Fund - Class A			JNL/American Funds Bond Fund of America Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I
Operations
Net investment income (loss)		$	(431	)	$	(30,510,835	)	$	(196,191	)	$	(1,376,598	)	$	(12,259	)	$	(3,670,592	)	$	(30,619	)
Net realized gain (loss) on investments in Funds			(22	)		42,572,824			735,857			(3,752,730	)		(69,147	)		2,922,105			175,519
Net change in unrealized appreciation
	(depreciation) on investments in Funds		260			(407,108,999	)		(7,476,845	)		(9,954,318	)		(251,318	)		(24,555,377	)		(709,313	)
Net change in net assets
	from operations		(193	)		(395,047,010	)		(6,937,179	)		(15,083,646	)		(332,724	)		(25,303,864	)		(564,413	)

Contract transactions
Purchase payments			10,288			256,108,173			4,684,857			41,817,649			1,614,880			48,937,139			963,466
Surrenders and terminations			—			(138,674,900	)		(1,964,985	)		(5,433,615	)		(86,960	)		(14,149,855	)		(292,854	)
Transfers between Investment Divisions			215,702			14,242,201			(455,764	)		73,814,508			3,476,589			61,554,434			(38,030	)
Contract owner charges			(907	)		(32,708,883	)		(576,531	)		(1,257,785	)		(21,730	)		(3,717,151	)		(86,965	)
Net change in net assets
	from contract transactions		225,083			98,966,591			1,687,577			108,940,757			4,982,779			92,624,567			545,617

Net change in net assets			224,890			(296,080,419	)		(5,249,602	)		93,857,111			4,650,055			67,320,703			(18,796	)

Net assets beginning of year			—			2,604,564,254			48,506,493			59,610,970			1,655,662			255,934,128			6,987,070

Net assets end of year		$	224,890		$	2,308,483,835		$	43,256,891		$	153,468,081		$	6,305,717		$	323,254,831		$	6,968,274

Contract unit transactions
Units outstanding at beginning of year						112,239,844			1,545,329			5,944,060			163,916			20,223,498			532,410
Units issued			24,254			24,239,661			445,489			17,261,585			675,629			12,370,817			204,157
Units redeemed			(99	)		(19,729,503	)		(396,314	)		(5,424,854	)		(122,697	)		(4,632,283	)		(161,162	)
Units outstanding at end of year			24,155			116,750,002			1,594,504			17,780,791			716,848			27,962,032			575,405


(a)	The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 25, 2022. The Statement of Changes in Net Assets is from April 25, 2022 through December 31, 2022.

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/American Funds Capital World Bond Fund - Class A			JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A
Operations
Net investment income (loss)		$	(4,930,563	)	$	(19,046	)	$	(8,364,380	)	$	(83,695	)	$	(8,338,118	)	$	(43,443	)	$	(41,886,521	)
Net realized gain (loss) on investments in Funds			(8,296,006	)		(138,314	)		14,280,135			(40,625	)		11,137,250			(378,992	)		122,379,705
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(70,773,756	)		(740,943	)		(242,209,298	)		(6,160,951	)		(264,707,497	)		(3,470,024	)		(871,624,637	)
Net change in net assets
	from operations		(84,000,325	)		(898,303	)		(236,293,543	)		(6,285,271	)		(261,908,365	)		(3,892,459	)		(791,131,453	)

Contract transactions
Purchase payments			7,248,819			780,193			52,102,938			2,199,014			26,495,649			1,653,416			204,047,045
Surrenders and terminations			(27,832,543	)		(250,125	)		(35,285,476	)		(487,600	)		(37,006,880	)		(487,739	)		(169,324,135	)
Transfers between Investment Divisions			(15,539,059	)		6,920			(40,457,423	)		(2,164,660	)		(8,939,643	)		(980,045	)		(70,948,976	)
Contract owner charges			(5,232,185	)		(38,234	)		(7,490,258	)		(273,566	)		(9,464,360	)		(135,668	)		(47,025,172	)
Net change in net assets
	from contract transactions		(41,354,968	)		498,754			(31,130,219	)		(726,812	)		(28,915,234	)		49,964			(83,251,238	)

Net change in net assets			(125,355,293	)		(399,549	)		(267,423,762	)		(7,012,083	)		(290,823,599	)		(3,842,495	)		(874,382,691	)

Net assets beginning of year			454,546,608			4,712,844			916,808,705			25,150,214			857,882,165			13,156,311			3,918,413,767

Net assets end of year		$	329,191,315		$	4,313,295		$	649,384,943		$	18,138,131		$	567,058,566		$	9,313,816		$	3,044,031,076

Contract unit transactions
Units outstanding at beginning of year			40,947,849			361,136			34,818,964			925,897			35,357,583			463,631			163,348,519
Units issued			4,509,959			142,729			6,989,008			270,199			5,969,415			181,957			24,726,608
Units redeemed			(8,857,010	)		(101,267	)		(8,495,393	)		(299,444	)		(7,584,422	)		(178,862	)		(28,817,632	)
Units outstanding at end of year			36,600,798			402,598			33,312,579			896,652			33,742,576			466,726			159,257,495

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/American Funds Growth Allocation Fund - Class I			JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I
Operations
Net investment income (loss)		$	(178,621	)	$	(41,401,063	)	$	(298,688	)	$	(107,709,881	)	$	(459,071	)	$	(18,134,614	)	$	(64,544	)
Net realized gain (loss) on investments in Funds			551,542			107,037,003			962,672			435,734,577			3,264,627			3,735,993			(487,528	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(9,360,711	)		(1,388,364,155	)		(26,520,458	)		(2,095,137,106	)		(23,299,095	)		(366,281,681	)		(3,161,557	)
Net change in net assets
	from operations		(8,987,790	)		(1,322,728,215	)		(25,856,474	)		(1,767,112,410	)		(20,493,539	)		(380,680,302	)		(3,713,629	)

Contract transactions
Purchase payments			5,641,820			401,529,737			10,269,506			646,759,274			13,575,894			45,380,197			2,260,513
Surrenders and terminations			(1,430,970	)		(152,924,508	)		(3,192,643	)		(470,488,085	)		(4,488,201	)		(82,838,240	)		(443,045	)
Transfers between Investment Divisions			(1,708,835	)		(1,758,627	)		2,722,981			(224,174,535	)		(7,645,214	)		(9,486,605	)		(390,146	)
Contract owner charges			(560,117	)		(43,920,540	)		(965,363	)		(119,092,438	)		(1,607,191	)		(18,787,559	)		(193,301	)
Net change in net assets
	from contract transactions		1,941,898			202,926,062			8,834,481			(166,995,784	)		(164,712	)		(65,732,207	)		1,234,021

Net change in net assets			(7,045,892	)		(1,119,802,153	)		(17,021,993	)		(1,934,108,194	)		(20,658,251	)		(446,412,509	)		(2,479,608	)

Net assets beginning of year			46,894,839			4,201,243,944			80,963,219			9,906,526,280			121,750,121			1,723,832,488			16,618,764

Net assets end of year		$	39,848,947		$	3,081,441,791		$	63,941,226		$	7,972,418,086		$	101,091,870		$	1,277,419,979		$	14,139,156

Contract unit transactions
Units outstanding at beginning of year			1,805,814			89,946,141			1,584,870			280,142,458			2,966,632			102,771,024			848,257
Units issued			557,608			28,178,802			754,186			40,788,957			775,631			13,736,801			343,864
Units redeemed			(457,161	)		(22,402,993	)		(542,590	)		(46,300,307	)		(782,425	)		(18,709,988	)		(277,931	)
Units outstanding at end of year			1,906,261			95,721,950			1,796,466			274,631,108			2,959,838			97,797,837			914,190

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/American Funds Moderate Growth Allocation Fund - Class A			JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/American Funds Washington Mutual Investors Fund - Class A			JNL/American Funds Washington Mutual Investors Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A
Operations
Net investment income (loss)		$	(31,741,728	)	$	(95,595	)	$	(17,351,134	)	$	(105,262	)	$	(43,830,531	)	$	(165,588	)	$	(4,539,175	)
Net realized gain (loss) on investments in Funds			85,733,468			435,045			28,665,993			(208,973	)		210,244,754			1,131,766			2,981,502
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(583,164,385	)		(4,820,064	)		(396,703,614	)		(6,286,131	)		(539,904,275	)		(4,631,935	)		(34,820,985	)
Net change in net assets
	from operations		(529,172,645	)		(4,480,614	)		(385,388,755	)		(6,600,366	)		(373,490,052	)		(3,665,757	)		(36,378,658	)

Contract transactions
Purchase payments			112,166,363			2,586,737			53,033,455			2,940,922			133,795,062			4,750,905			18,034,193
Surrenders and terminations			(170,030,522	)		(1,947,754	)		(68,934,105	)		(1,318,924	)		(218,115,133	)		(1,215,524	)		(28,259,846	)
Transfers between Investment Divisions			(53,510,349	)		(2,172,358	)		(10,709,657	)		350,423			13,822,811			2,658,451			27,742,906
Contract owner charges			(32,352,057	)		(228,283	)		(19,584,291	)		(333,078	)		(47,430,802	)		(524,633	)		(4,501,178	)
Net change in net assets
	from contract transactions		(143,726,565	)		(1,761,658	)		(46,194,598	)		1,639,343			(117,928,062	)		5,669,199			13,016,075

Net change in net assets			(672,899,210	)		(6,242,272	)		(431,583,353	)		(4,961,023	)		(491,418,114	)		2,003,442			(23,362,583	)

Net assets beginning of year			2,910,596,198			25,130,080			1,642,947,651			28,529,683			3,693,597,419			37,965,329			369,344,343

Net assets end of year		$	2,237,696,988		$	18,887,808		$	1,211,364,298		$	23,568,660		$	3,202,179,305		$	39,968,771		$	345,981,760

Contract unit transactions
Units outstanding at beginning of year			145,684,630			1,162,864			89,362,996			1,326,932			119,992,684			1,054,856			26,173,998
Units issued			16,273,808			295,971			14,803,987			422,661			16,633,173			428,490			7,486,198
Units redeemed			(24,839,688	)		(399,046	)		(18,093,891	)		(336,452	)		(20,933,346	)		(263,148	)		(6,492,732	)
Units outstanding at end of year			137,118,750			1,059,789			86,073,092			1,413,141			115,692,511			1,220,198			27,167,464

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/Baillie Gifford International Growth Fund - Class A			JNL/Baillie Gifford International Growth Fund - Class I			JNL/Baillie Gifford U.S. Equity Growth Fund - Class A			JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A
Operations
Net investment income (loss)		$	(23,946	)	$	(6,319,494	)	$	100,630		$	(9,666	)	$	(38,172,467	)	$	(81,153	)	$	(14,586,349	)
Net realized gain (loss) on investments in Funds			118,341			(20,975,233	)		(1,072,194	)		(612,129	)		91,908,484			443,315			65,692,960
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(517,137	)		(382,386,383	)		(10,178,859	)		(303,629	)		(625,134,847	)		(3,751,151	)		64,451,391
Net change in net assets
	from operations		(422,742	)		(409,681,110	)		(11,150,423	)		(925,424	)		(571,398,830	)		(3,388,989	)		115,558,002

Contract transactions
Purchase payments			726,563			31,865,114			988,637			204,174			55,832,453			1,501,542			55,162,166
Surrenders and terminations			(240,677	)		(33,816,480	)		(575,874	)		(25,689	)		(218,975,511	)		(1,127,300	)		(82,781,876	)
Transfers between Investment Divisions			735,801			(44,061,388	)		(336,000	)		702,584			(83,248,809	)		(702,162	)		367,346,320
Contract owner charges			(62,302	)		(10,434,020	)		(295,380	)		(1,439	)		(41,019,643	)		(262,527	)		(14,101,183	)
Net change in net assets
	from contract transactions		1,159,385			(56,446,774	)		(218,617	)		879,630			(287,411,510	)		(590,447	)		325,625,427

Net change in net assets			736,643			(466,127,884	)		(11,369,040	)		(45,794	)		(858,810,340	)		(3,979,436	)		441,183,429

Net assets beginning of year			5,297,677			1,087,601,690			29,508,002			1,433,311			3,498,419,222			22,134,980			793,031,467

Net assets end of year		$	6,034,320		$	621,473,806		$	18,138,962		$	1,387,517		$	2,639,608,882		$	18,155,544		$	1,234,214,896

Contract unit transactions
Units outstanding at beginning of year			364,382			66,347,173			1,737,685			162,148			196,889,869			1,093,501			76,028,611
Units issued			287,614			13,993,851			579,284			537,192			13,030,438			235,684			61,467,304
Units redeemed			(197,343	)		(19,153,223	)		(609,464	)		(341,312	)		(31,669,225	)		(268,237	)		(35,407,846	)
Units outstanding at end of year			454,653			61,187,801			1,707,505			358,028			178,251,082			1,060,948			102,088,069

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/BlackRock Global Natural Resources Fund - Class I			JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Causeway International Value Select Fund - Class A			JNL/Causeway International Value Select Fund - Class I			JNL/ClearBridge Large Cap Growth Fund - Class A			JNL/ClearBridge Large Cap Growth Fund - Class I
Operations
Net investment income (loss)		$	(66,565	)	$	(37,298,824	)	$	(148,530	)	$	(62,005	)	$	170,244		$	(4,825,245	)	$	(108,487	)
Net realized gain (loss) on investments in Funds			687,026			167,200,657			(350,225	)		(3,695,282	)		(230,224	)		13,897,835			(24,855	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		622,067			(1,651,669,396	)		(16,913,741	)		(43,156,665	)		(771,057	)		(183,429,283	)		(10,419,283	)
Net change in net assets
	from operations		1,242,528			(1,521,767,563	)		(17,412,496	)		(46,913,952	)		(831,037	)		(174,356,693	)		(10,552,625	)

Contract transactions
Purchase payments			1,666,514			109,839,067			3,139,105			16,534,138			1,722,881			31,598,414			1,897,020
Surrenders and terminations			(1,250,636	)		(175,081,937	)		(1,703,800	)		(28,941,316	)		(406,978	)		(16,864,382	)		(880,848	)
Transfers between Investment Divisions			7,486,984			(196,970,356	)		(1,975,163	)		46,121,975			1,146,644			(23,578,790	)		1,374,585
Contract owner charges			(226,524	)		(41,258,177	)		(454,620	)		(6,284,561	)		(189,435	)		(5,401,337	)		(334,345	)
Net change in net assets
	from contract transactions		7,676,338			(303,471,403	)		(994,478	)		27,430,236			2,273,112			(14,246,095	)		2,056,412

Net change in net assets			8,918,866			(1,825,238,966	)		(18,406,974	)		(19,483,716	)		1,442,075			(188,602,788	)		(8,496,213	)

Net assets beginning of year			8,944,148			4,084,561,952			45,428,795			486,523,839			12,580,486			523,638,002			31,664,680

Net assets end of year		$	17,863,014		$	2,259,322,986		$	27,021,821		$	467,040,123		$	14,022,561		$	335,035,214		$	23,168,467

Contract unit transactions
Units outstanding at beginning of year			731,959			33,589,000			256,853			27,526,962			508,622			24,456,442			1,412,948
Units issued			1,329,072			4,678,613			96,280			9,241,781			286,819			7,929,897			437,398
Units redeemed			(820,609	)		(7,937,454	)		(107,698	)		(7,935,236	)		(187,227	)		(8,902,956	)		(315,859	)
Units outstanding at end of year			1,240,422			30,330,159			245,435			28,833,507			608,214			23,483,383			1,534,487

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I			JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A
Operations
Net investment income (loss)		$	273,102		$	132,920		$	(15,072,289	)	$	(106,725	)	$	(5,531,207	)	$	(69,005	)	$	(25,987,297	)
Net realized gain (loss) on investments in Funds			13,096,324			877,366			94,328,223			581,802			1,598,763			6,689			(13,011,367	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(32,100,735	)		(1,866,008	)		(305,442,272	)		(4,601,628	)		(71,794,122	)		(2,463,795	)		(278,423,278	)
Net change in net assets
	from operations		(18,731,309	)		(855,722	)		(226,186,338	)		(4,126,551	)		(75,726,566	)		(2,526,111	)		(317,421,942	)

Contract transactions
Purchase payments			20,649,211			3,596,519			44,356,855			3,826,876			39,872,923			2,627,490			36,767,904
Surrenders and terminations			(7,857,342	)		(201,278	)		(79,054,524	)		(815,573	)		(22,169,071	)		(964,155	)		(180,164,251	)
Transfers between Investment Divisions			84,188,444			4,694,412			(17,010,691	)		1,981,005			(4,113,987	)		(412,999	)		(85,117,806	)
Contract owner charges			(2,161,722	)		(113,132	)		(14,547,969	)		(311,307	)		(5,344,296	)		(197,697	)		(24,031,417	)
Net change in net assets
	from contract transactions		94,818,591			7,976,521			(66,256,329	)		4,681,001			8,245,569			1,052,639			(252,545,570	)

Net change in net assets			76,087,282			7,120,799			(292,442,667	)		554,450			(67,480,997	)		(1,473,472	)		(569,967,512	)

Net assets beginning of year			112,911,866			6,246,870			1,369,405,740			25,292,235			507,678,667			17,549,228			2,296,322,201

Net assets end of year		$	188,999,148		$	13,367,669		$	1,076,963,073		$	25,846,685		$	440,197,670		$	16,075,756		$	1,726,354,689

Contract unit transactions
Units outstanding at beginning of year			9,047,978			486,246			23,416,690			305,952			19,215,505			1,008,457			102,236,076
Units issued			12,540,575			980,849			4,765,283			166,920			7,538,244			601,100			8,269,695
Units redeemed			(4,152,977	)		(284,096	)		(6,063,036	)		(102,271	)		(7,181,537	)		(502,931	)		(20,739,642	)
Units outstanding at end of year			17,435,576			1,182,999			22,118,937			370,601			19,572,212			1,106,626			89,766,129

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I
Operations
Net investment income (loss)		$	(96,200	)	$	(1,600,859	)	$	(11,814	)	$	(21,307,052	)	$	(132,466	)	$	(9,487,061	)	$	(59,234	)
Net realized gain (loss) on investments in Funds			(564,601	)		(1,276,879	)		(104,863	)		73,439,758			825,047			(9,620,158	)		(387,024	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(2,761,706	)		(21,322,680	)		(373,708	)		(549,186,726	)		(9,459,365	)		(100,285,077	)		(1,500,576	)
Net change in net assets
	from operations		(3,422,507	)		(24,200,418	)		(490,385	)		(497,054,020	)		(8,766,784	)		(119,392,296	)		(1,946,834	)

Contract transactions
Purchase payments			2,291,379			4,030,576			276,134			110,730,600			2,583,642			30,174,793			2,643,436
Surrenders and terminations			(1,526,329	)		(10,435,973	)		(117,584	)		(86,416,708	)		(1,557,404	)		(56,383,630	)		(846,978	)
Transfers between Investment Divisions			(1,598,374	)		(2,712,331	)		(276,106	)		(191,683,217	)		(5,549,124	)		(60,381,674	)		(1,310,137	)
Contract owner charges			(196,765	)		(1,374,732	)		(26,089	)		(21,288,399	)		(432,923	)		(8,272,104	)		(173,230	)
Net change in net assets
	from contract transactions		(1,030,089	)		(10,492,460	)		(143,645	)		(188,657,724	)		(4,955,809	)		(94,862,615	)		313,091

Net change in net assets			(4,452,596	)		(34,692,878	)		(634,030	)		(685,711,744	)		(13,722,593	)		(214,254,911	)		(1,633,743	)

Net assets beginning of year			26,228,854			151,491,733			3,262,227			2,065,697,404			37,202,919			889,467,586			14,910,446

Net assets end of year		$	21,776,258		$	116,798,855		$	2,628,197		$	1,379,985,660		$	23,480,326		$	675,212,675		$	13,276,703

Contract unit transactions
Units outstanding at beginning of year			850,428			12,879,507			263,170			77,398,035			1,357,427			78,011,739			1,241,446
Units issued			295,964			1,922,780			95,787			13,631,790			379,449			10,930,760			580,979
Units redeemed			(334,204	)		(2,959,101	)		(108,799	)		(22,371,603	)		(605,508	)		(19,981,023	)		(541,108	)
Units outstanding at end of year			812,188			11,843,186			250,158			68,658,222			1,131,368			68,961,476			1,281,317

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I			JNL/First Sentier Global Infrastructure Fund - Class A			JNL/First Sentier Global Infrastructure Fund - Class I			JNL/Franklin Templeton Income Fund - Class A			JNL/Franklin Templeton Income Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A
Operations
Net investment income (loss)		$	(10,566,938	)	$	(34,329	)	$	(7,814,780	)	$	(22,074	)	$	(19,995,825	)	$	(31,821	)	$	(66,806,055	)
Net realized gain (loss) on investments in Funds			(9,518,375	)		(129,044	)		20,178,282			127,546			48,981,949			175,150			417,836,262
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(113,606,311	)		(1,011,343	)		(47,717,783	)		(328,630	)		(119,869,646	)		(501,408	)		(1,071,172,777	)
Net change in net assets
	from operations		(133,691,624	)		(1,174,716	)		(35,354,281	)		(223,158	)		(90,883,522	)		(358,079	)		(720,142,570	)

Contract transactions
Purchase payments			26,592,401			942,227			16,918,567			888,465			71,646,243			871,663			108,078,031
Surrenders and terminations			(63,886,653	)		(211,165	)		(43,844,101	)		(398,814	)		(127,147,359	)		(190,773	)		(392,568,812	)
Transfers between Investment Divisions			(57,189,651	)		(384,088	)		1,771,941			1,080,417			67,450,556			839,555			(269,744,069	)
Contract owner charges			(10,741,310	)		(72,907	)		(7,685,393	)		(69,182	)		(18,775,087	)		(90,019	)		(62,250,336	)
Net change in net assets
	from contract transactions		(105,225,213	)		274,067			(32,838,986	)		1,500,886			(6,825,647	)		1,430,426			(616,485,186	)

Net change in net assets			(238,916,837	)		(900,649	)		(68,193,267	)		1,277,728			(97,709,169	)		1,072,347			(1,336,627,756	)

Net assets beginning of year			947,928,669			8,959,740			647,439,805			4,545,821			1,561,713,219			6,667,461			6,030,829,800

Net assets end of year		$	709,011,832		$	8,059,091		$	579,246,538		$	5,823,549		$	1,464,004,050		$	7,739,808		$	4,694,202,044

Contract unit transactions
Units outstanding at beginning of year			32,534,815			210,484			34,696,888			214,865			80,948,823			277,745			163,313,915
Units issued			4,008,704			78,227			6,469,711			172,110			15,049,882			136,179			13,504,207
Units redeemed			(8,110,363	)		(70,114	)		(8,397,884	)		(100,966	)		(15,610,790	)		(77,386	)		(32,166,376	)
Units outstanding at end of year			28,433,156			218,597			32,768,715			286,009			80,387,915			336,538			144,651,746

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I
Operations
Net investment income (loss)		$	(123,366	)	$	(27,696,288	)	$	(49,444	)	$	(12,353,049	)	$	(14,187	)	$	(58,095,353	)	$	(83,359	)
Net realized gain (loss) on investments in Funds			1,377,397			127,379,444			722,374			20,222,997			(93,327	)		281,869,289			140,913
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(4,728,315	)		(681,365,057	)		(3,884,681	)		(171,679,733	)		(408,158	)		(1,381,716,422	)		(4,839,540	)
Net change in net assets
	from operations		(3,474,284	)		(581,681,901	)		(3,211,751	)		(163,809,785	)		(515,672	)		(1,157,942,486	)		(4,781,986	)

Contract transactions
Purchase payments			2,992,648			45,065,363			936,399			18,916,183			1,961,890			50,924,556			1,241,586
Surrenders and terminations			(3,029,243	)		(115,162,578	)		(77,854	)		(99,558,073	)		(30,279	)		(307,761,013	)		(626,172	)
Transfers between Investment Divisions			187,783			(51,493,866	)		(4,099,684	)		(23,332,859	)		(722,791	)		(81,301,936	)		378,576
Contract owner charges			(431,707	)		(29,500,628	)		(165,608	)		(13,399,663	)		(38,531	)		(60,941,944	)		(327,904	)
Net change in net assets
	from contract transactions		(280,519	)		(151,091,709	)		(3,406,747	)		(117,374,412	)		1,170,289			(399,080,337	)		666,086

Net change in net assets			(3,754,803	)		(732,773,610	)		(6,618,498	)		(281,184,197	)		654,617			(1,557,022,823	)		(4,115,900	)

Net assets beginning of year			31,707,072			2,558,413,292			16,314,350			1,061,941,437			2,270,233			5,331,846,276			22,251,154

Net assets end of year		$	27,952,269		$	1,825,639,682		$	9,695,852		$	780,757,240		$	2,924,850		$	3,774,823,453		$	18,135,254

Contract unit transactions
Units outstanding at beginning of year			870,445			62,426,884			431,748			62,878,647			137,597			138,159,255			664,165
Units issued			285,171			6,438,281			48,193			7,208,296			157,781			10,445,125			216,863
Units redeemed			(272,223	)		(10,823,254	)		(144,030	)		(15,176,905	)		(86,435	)		(22,684,728	)		(127,060	)
Units outstanding at end of year			883,393			58,041,911			335,911			54,910,038			208,943			125,919,652			753,968

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I			JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Operations
Net investment income (loss)		$	(28,143,457	)	$	(14,300	)	$	(57,829,970	)	$	(29,609	)	$	(3,242,496	)	$	(49,857	)	$	(3,634,212	)
Net realized gain (loss) on investments in Funds			94,809,802			18,161			242,208,746			(12,131	)		(8,607,763	)		(390,300	)		9,075,981
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(494,397,276	)		(688,780	)		(1,201,411,804	)		(1,510,877	)		(57,109,514	)		(2,506,704	)		(94,681,516	)
Net change in net assets
	from operations		(427,730,931	)		(684,919	)		(1,017,033,028	)		(1,552,617	)		(68,959,773	)		(2,946,861	)		(89,239,747	)

Contract transactions
Purchase payments			27,365,188			141,942			36,627,147			374,295			19,438,477			744,836			16,175,662
Surrenders and terminations			(206,167,078	)		(281,436	)		(356,803,890	)		(212,420	)		(11,744,419	)		(273,955	)		(29,221,277	)
Transfers between Investment Divisions			(53,668,726	)		(474,981	)		(92,238,505	)		(89,263	)		7,394,739			854,501			(29,857,153	)
Contract owner charges			(30,038,693	)		(53,858	)		(59,539,461	)		(91,304	)		(3,559,518	)		(151,897	)		(4,230,448	)
Net change in net assets
	from contract transactions		(262,509,309	)		(668,333	)		(471,954,709	)		(18,692	)		11,529,279			1,173,485			(47,133,216	)

Net change in net assets			(690,240,240	)		(1,353,252	)		(1,488,987,737	)		(1,571,309	)		(57,430,494	)		(1,773,376	)		(136,372,963	)

Net assets beginning of year			2,499,769,297			4,027,700			5,218,913,419			8,138,811			296,236,291			12,637,098			524,033,914

Net assets end of year		$	1,809,529,057		$	2,674,448		$	3,729,925,682		$	6,567,502		$	238,805,797		$	10,863,722		$	387,660,951

Contract unit transactions
Units outstanding at beginning of year			116,977,012			195,601			166,158,952			271,040			22,220,590			902,661			35,329,297
Units issued			5,743,785			42,548			8,112,535			37,448			8,801,207			393,320			7,955,184
Units redeemed			(19,867,045	)		(82,746	)		(25,612,974	)		(37,304	)		(7,802,325	)		(301,715	)		(11,797,477	)
Units outstanding at end of year			102,853,752			155,403			148,658,513			271,184			23,219,472			994,266			31,487,004

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Harris Oakmark Global Equity Fund - Class I			JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Operations
Net investment income (loss)		$	26,918		$	(351,621	)	$	36,250		$	(4,023,796	)	$	(56,564	)	$	(17,315,313	)	$	(55,109	)
Net realized gain (loss) on investments in Funds			58,819			11,681,894			312,467			5,852,513			99,453			50,667,678			(94,847	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(1,738,547	)		(55,953,602	)		(1,650,173	)		(13,177,549	)		(279,364	)		(612,912,349	)		(5,654,304	)
Net change in net assets
	from operations		(1,652,810	)		(44,623,329	)		(1,301,456	)		(11,348,832	)		(236,475	)		(579,559,984	)		(5,804,260	)

Contract transactions
Purchase payments			468,209			15,818,810			974,430			38,117,146			1,612,190			20,456,440			1,368,508
Surrenders and terminations			(348,658	)		(7,183,050	)		(92,748	)		(17,352,125	)		(577,888	)		(82,792,507	)		(448,727	)
Transfers between Investment Divisions			(422,456	)		(40,517,470	)		(1,938,645	)		225,427,596			10,386,862			(35,461,293	)		(1,734,375	)
Contract owner charges			(121,634	)		(1,594,925	)		(52,288	)		(4,088,689	)		(181,445	)		(17,618,698	)		(179,013	)
Net change in net assets
	from contract transactions		(424,539	)		(33,476,635	)		(1,109,251	)		242,103,928			11,239,719			(115,416,058	)		(993,607	)

Net change in net assets			(2,077,349	)		(78,099,964	)		(2,410,707	)		230,755,096			11,003,244			(694,976,042	)		(6,797,867	)

Net assets beginning of year			9,715,988			178,026,721			5,463,567			160,810,441			5,099,570			1,787,736,952			18,004,908

Net assets end of year		$	7,638,639		$	99,926,757		$	3,052,860		$	391,565,537		$	16,102,814		$	1,092,760,910		$	11,207,041

Contract unit transactions
Units outstanding at beginning of year			622,225			11,449,936			338,441			11,983,860			364,035			43,570,845			329,635
Units issued			351,919			6,175,212			215,127			27,476,202			1,213,391			4,549,966			78,693
Units redeemed			(389,037	)		(8,862,807	)		(298,266	)		(9,271,876	)		(407,437	)		(8,247,321	)		(106,754	)
Units outstanding at end of year			585,107			8,762,341			255,302			30,188,186			1,169,989			39,873,490			301,574

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A			JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I			JNL/JPMorgan MidCap Growth Fund - Class A
Operations
Net investment income (loss)		$	(20,946,574	)	$	(76,367	)	$	(14,680,598	)	$	(12,585	)	$	(4,550,832	)	$	38,276		$	(31,119,450	)
Net realized gain (loss) on investments in Funds			39,094,492			(1,744,771	)		25,971,152			(73,950	)		5,688,463			143,436			122,224,063
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(848,410,784	)		(7,057,567	)		(274,164,511	)		(543,909	)		(48,874,363	)		(1,875,365	)		(988,527,392	)
Net change in net assets
	from operations		(830,262,866	)		(8,878,705	)		(262,873,957	)		(630,444	)		(47,736,732	)		(1,693,653	)		(897,422,779	)

Contract transactions
Purchase payments			70,926,089			3,053,750			12,147,454			571,287			57,040,290			3,161,097			129,088,701
Surrenders and terminations			(96,659,087	)		(1,092,837	)		(91,967,552	)		(235,295	)		(32,975,295	)		(890,363	)		(143,295,467	)
Transfers between Investment Divisions			6,246,160			(2,200,834	)		(17,603,325	)		(255,630	)		105,301,828			2,120,031			(134,280,646	)
Contract owner charges			(21,931,415	)		(256,438	)		(15,389,374	)		(44,843	)		(5,849,674	)		(214,690	)		(31,048,153	)
Net change in net assets
	from contract transactions		(41,418,253	)		(496,359	)		(112,812,797	)		35,519			123,517,149			4,176,075			(179,535,565	)

Net change in net assets			(871,681,119	)		(9,375,064	)		(375,686,754	)		(594,925	)		75,780,417			2,482,422			(1,076,958,344	)

Net assets beginning of year			2,308,500,784			24,501,316			1,339,136,694			3,119,368			483,177,474			20,457,807			3,270,926,928

Net assets end of year		$	1,436,819,665		$	15,126,252		$	963,449,940		$	2,524,443		$	558,957,891		$	22,940,229		$	2,193,968,584

Contract unit transactions
Units outstanding at beginning of year			37,425,948			302,916			93,439,639			197,306			36,300,121			1,482,237			29,810,535
Units issued			7,977,528			155,300			5,208,226			103,546			22,997,989			865,080			5,536,236
Units redeemed			(8,923,922	)		(170,564	)		(14,459,285	)		(103,219	)		(12,990,391	)		(534,970	)		(7,555,546	)
Units outstanding at end of year			36,479,554			287,652			84,188,580			197,633			46,307,719			1,812,347			27,791,225

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/JPMorgan MidCap Growth Fund - Class I			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/JPMorgan U.S. Value Fund - Class A			JNL/JPMorgan U.S. Value Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I
Operations
Net investment income (loss)		$	(152,270	)	$	(12,593,216	)	$	(69,861	)	$	(11,433,570	)	$	(73,526	)	$	1,408,169		$	94,456
Net realized gain (loss) on investments in Funds			(575,441	)		(23,801,407	)		(514,825	)		42,500,454			257,960			2,182,512			39,655
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(12,042,093	)		(105,029,517	)		(1,510,534	)		(68,642,805	)		(616,334	)		(24,062,815	)		(1,004,386	)
Net change in net assets
	from operations		(12,769,804	)		(141,424,140	)		(2,095,220	)		(37,575,921	)		(431,900	)		(20,472,134	)		(870,275	)

Contract transactions
Purchase payments			4,055,631			44,902,895			3,059,142			50,261,698			2,658,167			10,301,668			530,693
Surrenders and terminations			(2,335,513	)		(89,179,091	)		(1,173,767	)		(58,961,588	)		(684,983	)		(6,087,248	)		(280,838	)
Transfers between Investment Divisions			(6,394,479	)		(103,197,962	)		2,414,838			104,948,622			4,128,495			5,921,079			28,581
Contract owner charges			(442,690	)		(12,439,565	)		(194,076	)		(11,440,197	)		(245,173	)		(840,202	)		(52,543	)
Net change in net assets
	from contract transactions		(5,117,051	)		(159,913,723	)		4,106,137			84,808,535			5,856,506			9,295,297			225,893

Net change in net assets			(17,886,855	)		(301,337,863	)		2,010,917			47,232,614			5,424,606			(11,176,837	)		(644,382	)

Net assets beginning of year			49,018,042			1,168,696,815			18,218,498			844,731,790			14,762,035			108,360,241			4,657,243

Net assets end of year		$	31,131,187		$	867,358,952		$	20,229,415		$	891,964,404		$	20,186,641		$	97,183,404		$	4,012,861

Contract unit transactions
Units outstanding at beginning of year			312,591			51,271,432			564,922			46,347,748			657,737			6,263,480			262,705
Units issued			106,530			10,582,830			426,378			16,303,420			521,459			2,226,361			69,674
Units redeemed			(148,617	)		(18,160,211	)		(285,830	)		(11,599,147	)		(254,634	)		(1,631,577	)		(59,169	)
Units outstanding at end of year			270,504			43,694,051			705,470			51,052,021			924,562			6,858,264			273,210

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I			JNL/Lord Abbett Short Duration Income Fund - Class A			JNL/Lord Abbett Short Duration Income Fund - Class I			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A
Operations
Net investment income (loss)		$	(4,290,033	)	$	(9,080	)	$	(1,895,566	)	$	66,935		$	(12,426,984	)	$	(85,685	)	$	(2,568,906	)
Net realized gain (loss) on investments in Funds			4,834,778			(29,240	)		(4,256,509	)		(240,369	)		(17,907,070	)		(584,802	)		(3,551,131	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(110,493,223	)		(675,289	)		(11,667,827	)		(451,498	)		(136,990,309	)		(2,356,042	)		(111,339,065	)
Net change in net assets
	from operations		(109,948,478	)		(713,609	)		(17,819,902	)		(624,932	)		(167,324,363	)		(3,026,529	)		(117,459,102	)

Contract transactions
Purchase payments			6,795,314			323,216			64,976,718			2,918,424			44,984,576			1,458,085			11,399,292
Surrenders and terminations			(21,770,060	)		(112,405	)		(29,014,996	)		(730,660	)		(73,350,120	)		(925,428	)		(13,027,197	)
Transfers between Investment Divisions			3,042,069			(47,023	)		86,199,127			2,307,674			(69,844,699	)		(1,335,603	)		(56,400,664	)
Contract owner charges			(4,519,315	)		(31,509	)		(3,777,746	)		(135,840	)		(10,501,066	)		(177,901	)		(2,484,175	)
Net change in net assets
	from contract transactions		(16,451,992	)		132,279			118,383,103			4,359,598			(108,711,309	)		(980,847	)		(60,512,744	)

Net change in net assets			(126,400,470	)		(581,330	)		100,563,201			3,734,666			(276,035,672	)		(4,007,376	)		(177,971,846	)

Net assets beginning of year			407,519,511			2,684,267			249,985,379			12,914,965			1,188,209,835			22,361,857			326,497,428

Net assets end of year		$	281,119,041		$	2,102,937		$	350,548,580		$	16,649,631		$	912,174,163		$	18,354,481		$	148,525,582

Contract unit transactions
Units outstanding at beginning of year			25,923,536			163,915			24,341,076			1,233,926			75,113,794			1,095,026			19,760,392
Units issued			3,295,386			49,731			27,386,683			1,391,414			10,550,076			314,605			4,342,511
Units redeemed			(4,636,693	)		(39,439	)		(15,359,369	)		(948,314	)		(18,299,682	)		(376,473	)		(8,566,826	)
Units outstanding at end of year			24,582,229			174,207			36,368,390			1,677,026			67,364,188			1,033,158			15,536,077

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I			JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I
Operations
Net investment income (loss)		$	(17,970	)	$	(17,175,637	)	$	(56,044	)	$	(5,391,200	)	$	(45,127	)	$	(15,511,111	)	$	(93,344	)
Net realized gain (loss) on investments in Funds			(560,214	)		127,773,575			50,006			10,460,752			163,556			88,586,878			799,172
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(1,775,661	)		(760,695,415	)		(6,107,963	)		(23,045,302	)		(411,804	)		(191,236,541	)		(2,497,056	)
Net change in net assets
	from operations		(2,353,845	)		(650,097,477	)		(6,114,001	)		(17,975,750	)		(293,375	)		(118,160,774	)		(1,791,228	)

Contract transactions
Purchase payments			954,783			49,508,770			1,726,323			43,640,491			2,464,695			58,013,860			2,949,175
Surrenders and terminations			(82,292	)		(82,508,752	)		(665,089	)		(23,124,624	)		(861,515	)		(74,037,156	)		(942,290	)
Transfers between Investment Divisions			(967,314	)		(214,925,830	)		2,388,319			285,896,260			8,166,734			(41,192,937	)		(861,330	)
Contract owner charges			(60,980	)		(17,137,755	)		(145,617	)		(5,533,738	)		(150,308	)		(14,547,115	)		(265,394	)
Net change in net assets
	from contract transactions		(155,803	)		(265,063,567	)		3,303,936			300,878,389			9,619,606			(71,763,348	)		880,161

Net change in net assets			(2,509,648	)		(915,161,044	)		(2,810,065	)		282,902,639			9,326,231			(189,924,122	)		(911,067	)

Net assets beginning of year			5,588,563			1,924,691,091			16,946,011			247,956,374			4,218,602			1,347,945,264			23,103,736

Net assets end of year		$	3,078,915		$	1,009,530,047		$	14,135,946		$	530,859,013		$	13,544,833		$	1,158,021,142		$	22,192,669

Contract unit transactions
Units outstanding at beginning of year			250,742			30,084,786			194,192			16,778,656			271,291			42,026,854			545,477
Units issued			155,081			4,454,898			185,921			32,110,115			1,115,483			9,571,687			219,874
Units redeemed			(171,307	)		(9,595,476	)		(128,944	)		(11,301,612	)		(486,977	)		(12,128,974	)		(200,824	)
Units outstanding at end of year			234,516			24,944,208			251,169			37,587,159			899,797			39,469,567			564,527

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Mellon Emerging Markets Index Fund - Class A			JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A			JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A
Operations
Net investment income (loss)		$	(10,659,423	)	$	(69,835	)	$	(30,436,362	)	$	(107,876	)	$	(17,510,877	)	$	(91,112	)	$	(44,187,538	)
Net realized gain (loss) on investments in Funds			(4,047,665	)		(442,610	)		246,659,219			3,926,216			59,627,314			180,312			231,155,986
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(177,615,455	)		(2,961,613	)		634,455,971			5,027,231			(270,955,940	)		(3,264,728	)		(468,000,177	)
Net change in net assets
	from operations		(192,322,543	)		(3,474,058	)		850,678,828			8,845,571			(228,839,503	)		(3,175,528	)		(281,031,729	)

Contract transactions
Purchase payments			27,584,228			1,487,765			145,728,193			3,236,425			65,611,195			2,734,037			132,309,913
Surrenders and terminations			(47,304,961	)		(578,838	)		(154,132,812	)		(1,125,586	)		(90,145,900	)		(1,417,358	)		(229,321,120	)
Transfers between Investment Divisions			(6,183,164	)		(95,503	)		606,915,353			6,464,878			19,306,672			(1,099,792	)		(116,950,702	)
Contract owner charges			(10,865,689	)		(210,836	)		(29,750,015	)		(327,180	)		(17,441,688	)		(254,892	)		(43,692,886	)
Net change in net assets
	from contract transactions		(36,769,586	)		602,588			568,760,719			8,248,537			(22,669,721	)		(38,005	)		(257,654,795	)

Net change in net assets			(229,092,129	)		(2,871,470	)		1,419,439,547			17,094,108			(251,509,224	)		(3,213,533	)		(538,686,524	)

Net assets beginning of year			965,883,462			18,244,141			1,277,369,680			12,667,899			1,488,980,735			22,607,616			3,882,285,536

Net assets end of year		$	736,791,333		$	15,372,671		$	2,696,809,227		$	29,762,007		$	1,237,471,511		$	19,394,083		$	3,343,599,012

Contract unit transactions
Units outstanding at beginning of year			78,421,247			1,294,329			45,354,002			328,404			64,016,271			714,723			72,015,454
Units issued			12,181,126			414,569			42,715,286			511,231			20,361,935			444,174			10,456,443
Units redeemed			(15,795,965	)		(365,213	)		(28,075,507	)		(364,956	)		(22,492,420	)		(458,745	)		(15,784,830	)
Units outstanding at end of year			74,806,408			1,343,685			59,993,781			474,679			61,885,786			700,152			66,687,067

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Mellon Healthcare Sector Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A			JNL/Mellon International Index Fund - Class I
Operations
Net investment income (loss)		$	(144,321	)	$	(2,164,171	)	$	(21,133	)	$	(49,993,032	)	$	(262,797	)	$	(20,973,172	)	$	48,059
Net realized gain (loss) on investments in Funds			1,599,682			4,887,652			(37,129	)		488,671,913			3,139,227			22,800,546			80,238
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(3,527,298	)		(24,369,726	)		(436,983	)		(2,120,075,340	)		(27,886,437	)		(365,389,106	)		(7,583,839	)
Net change in net assets
	from operations		(2,071,937	)		(21,646,245	)		(495,245	)		(1,681,396,459	)		(25,010,007	)		(363,561,732	)		(7,455,542	)

Contract transactions
Purchase payments			4,077,941			13,575,830			626,583			157,254,885			6,743,054			64,420,330			5,023,367
Surrenders and terminations			(1,584,063	)		(8,498,610	)		(146,440	)		(235,566,242	)		(2,397,711	)		(120,688,870	)		(1,701,367	)
Transfers between Investment Divisions			(399,518	)		(32,666,913	)		385,581			(483,734,040	)		(8,472,377	)		(35,855,097	)		1,031,597
Contract owner charges			(450,137	)		(2,257,630	)		(70,024	)		(51,348,958	)		(816,437	)		(23,896,820	)		(567,085	)
Net change in net assets
	from contract transactions		1,644,223			(29,847,323	)		795,700			(613,394,355	)		(4,943,471	)		(116,020,457	)		3,786,512

Net change in net assets			(427,714	)		(51,493,568	)		300,455			(2,294,790,814	)		(29,953,478	)		(479,582,189	)		(3,669,030	)

Net assets beginning of year			34,545,591			223,439,226			4,705,664			5,442,438,448			81,118,399			2,385,337,720			50,272,566

Net assets end of year		$	34,117,877		$	171,945,658		$	5,006,119		$	3,147,647,634		$	51,164,921		$	1,905,755,531		$	46,603,536

Contract unit transactions
Units outstanding at beginning of year			469,892			14,494,721			290,066			114,684,986			1,260,085			96,355,525			1,554,037
Units issued			240,903			5,969,277			302,552			16,629,237			401,645			12,123,092			544,834
Units redeemed			(220,272	)		(8,102,332	)		(254,402	)		(32,502,080	)		(499,990	)		(17,580,566	)		(422,215	)
Units outstanding at end of year			490,523			12,361,666			338,216			98,812,143			1,161,740			90,898,051			1,676,656

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon Nasdaq^® 100 Index Fund - Class A			JNL/Mellon Nasdaq^® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A
Operations
Net investment income (loss)		$	(2,505,651	)	$	(22,782	)	$	(60,826,862	)	$	(386,043	)	$	(2,408,123	)	$	(54,994	)	$	(38,044,834	)
Net realized gain (loss) on investments in Funds			(4,049,637	)		26,559			400,606,429			2,794,486			1,421,929			211,137			148,027,424
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(29,187,331	)		(882,001	)		(2,412,408,965	)		(40,005,784	)		(62,919,527	)		(4,145,611	)		(615,073,655	)
Net change in net assets
	from operations		(35,742,619	)		(878,224	)		(2,072,629,398	)		(37,597,341	)		(63,905,721	)		(3,989,468	)		(505,091,065	)

Contract transactions
Purchase payments			16,060,577			712,022			292,089,340			8,143,463			20,691,147			1,995,481			120,164,696
Surrenders and terminations			(10,234,619	)		(355,891	)		(243,406,170	)		(2,974,136	)		(9,647,600	)		(747,149	)		(180,767,142	)
Transfers between Investment Divisions			26,763,514			(1,131,782	)		(297,779,596	)		(11,373,592	)		(12,478,727	)		(784,734	)		(120,391,602	)
Contract owner charges			(2,515,861	)		(59,444	)		(64,328,118	)		(1,188,767	)		(2,527,577	)		(153,800	)		(36,065,256	)
Net change in net assets
	from contract transactions		30,073,611			(835,095	)		(313,424,544	)		(7,393,032	)		(3,962,757	)		309,798			(217,059,304	)

Net change in net assets			(5,669,008	)		(1,713,319	)		(2,386,053,942	)		(44,990,373	)		(67,868,478	)		(3,679,670	)		(722,150,369	)

Net assets beginning of year			180,506,097			6,297,202			6,351,302,686			118,483,207			226,095,313			14,684,456			3,481,601,943

Net assets end of year		$	174,837,089		$	4,583,883		$	3,965,248,744		$	73,492,834		$	158,226,835		$	11,004,786		$	2,759,451,574

Contract unit transactions
Units outstanding at beginning of year			11,722,573			388,695			84,690,933			1,494,046			14,677,847			908,696			67,149,284
Units issued			11,700,023			276,062			19,096,140			448,674			8,038,519			488,955			8,936,938
Units redeemed			(10,362,634	)		(343,472	)		(24,097,707	)		(536,036	)		(8,639,394	)		(475,435	)		(13,736,144	)
Units outstanding at end of year			13,059,962			321,285			79,689,366			1,406,684			14,076,972			922,216			62,350,078

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon U.S. Stock Market Index Fund - Class A			JNL/Mellon U.S. Stock Market Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A
Operations
Net investment income (loss)		$	(268,780	)	$	(132,825,496	)	$	(29,648,150	)	$	(226,317	)	$	(62,766,775	)	$	(273,561	)	$	(6,074,309	)
Net realized gain (loss) on investments in Funds			1,565,085			579,704,994			89,281,645			1,353,064			(2,001,338	)		942,045			10,520,318
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(10,527,873	)		(2,807,476,925	)		(528,949,941	)		(11,150,985	)		(1,149,838,060	)		(15,896,226	)		(18,585,113	)
Net change in net assets
	from operations		(9,231,568	)		(2,360,597,427	)		(469,316,446	)		(10,024,238	)		(1,214,606,173	)		(15,227,742	)		(14,139,104	)

Contract transactions
Purchase payments			6,662,565			696,349,282			104,370,465			5,352,064			73,898,782			3,786,349			46,472,544
Surrenders and terminations			(2,178,441	)		(587,318,969	)		(136,044,173	)		(1,916,898	)		(340,251,334	)		(2,475,919	)		(29,831,226	)
Transfers between Investment Divisions			2,124,377			75,454,115			(57,235,451	)		(2,774,898	)		(375,922,612	)		(8,886,107	)		317,921,580
Contract owner charges			(738,668	)		(129,120,729	)		(27,525,870	)		(623,924	)		(62,119,775	)		(868,112	)		(5,697,856	)
Net change in net assets
	from contract transactions		5,869,833			55,363,699			(116,435,029	)		36,344			(704,394,939	)		(8,443,789	)		328,865,042

Net change in net assets			(3,361,735	)		(2,305,233,728	)		(585,751,475	)		(9,987,894	)		(1,919,001,112	)		(23,671,531	)		314,725,938

Net assets beginning of year			66,194,713			12,044,313,339			2,685,151,700			60,186,914			6,055,700,762			79,427,863			299,840,098

Net assets end of year		$	62,832,978		$	9,739,079,611		$	2,099,400,225		$	50,199,020		$	4,136,699,650		$	55,756,332		$	614,566,036

Contract unit transactions
Units outstanding at beginning of year			980,222			282,042,002			59,681,009			1,027,254			323,403,807			4,032,295			15,066,474
Units issued			371,770			56,913,743			9,106,223			292,115			24,522,225			598,445			25,790,848
Units redeemed			(278,940	)		(55,453,177	)		(12,068,676	)		(293,500	)		(68,339,784	)		(1,091,706	)		(9,760,856	)
Units outstanding at end of year			1,073,052			283,502,568			56,718,556			1,025,869			279,586,248			3,539,034			31,096,466

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Mellon Utilities Sector Fund - Class I			JNL/Mellon World Index Fund - Class A			JNL/Mellon World Index Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A			JNL/Morningstar U.S. Sustainability Index Fund - Class A
Operations
Net investment income (loss)		$	(38,357	)	$	(4,725,536	)	$	(32,809	)	$	(25,135,737	)	$	(113,166	)	$	(19,773	)	$	(2,897,772	)
Net realized gain (loss) on investments in Funds			372,620			13,214,989			(70,215	)		94,607,620			1,157,687			(493,929	)		5,847,731
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(436,150	)		(86,918,293	)		(1,457,441	)		(283,802,731	)		(3,582,653	)		(885,367	)		(66,541,013	)
Net change in net assets
	from operations		(101,887	)		(78,428,840	)		(1,560,465	)		(214,330,848	)		(2,538,132	)		(1,399,069	)		(63,591,054	)

Contract transactions
Purchase payments			1,814,126			17,656,832			1,030,312			77,808,068			2,834,500			542,551			17,236,918
Surrenders and terminations			(745,531	)		(24,328,018	)		(304,350	)		(121,381,766	)		(1,222,785	)		(236,107	)		(9,791,783	)
Transfers between Investment Divisions			5,528,078			18,790,375			1,037,122			122,250,153			(50,237	)		526,377			(38,403,045	)
Contract owner charges			(119,542	)		(3,560,017	)		(73,790	)		(25,379,711	)		(296,436	)		(2,089	)		(3,054,559	)
Net change in net assets
	from contract transactions		6,477,131			8,559,172			1,689,294			53,296,744			1,265,042			830,732			(34,012,469	)

Net change in net assets			6,375,244			(69,869,668	)		128,829			(161,034,104	)		(1,273,090	)		(568,337	)		(97,603,523	)

Net assets beginning of year			4,987,113			402,395,713			7,935,026			1,991,647,733			27,003,018			3,804,727			299,283,827

Net assets end of year		$	11,362,357		$	332,526,045		$	8,063,855		$	1,830,613,629		$	25,729,928		$	3,236,390		$	201,680,304

Contract unit transactions
Units outstanding at beginning of year			251,145			11,815,135			174,290			57,435,567			622,557			316,669			14,256,997
Units issued			746,407			2,669,170			93,129			15,036,203			294,236			378,807			4,641,373
Units redeemed			(426,743	)		(2,455,591	)		(51,694	)		(13,648,751	)		(266,141	)		(281,436	)		(6,749,592	)
Units outstanding at end of year			570,809			12,028,714			215,725			58,823,019			650,652			414,040			12,148,778

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Morningstar U.S. Sustainability Index Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A			JNL/Morningstar Wide Moat Index Fund - Class I			JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Gold Plus Strategy Fund - Class A(a)			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I
Operations
Net investment income (loss)		$	(40,810	)	$	288,991		$	101,758		$	(520,521	)	$	(29,031	)	$	(7,326,233	)	$	(38,272	)
Net realized gain (loss) on investments in Funds			(10,788	)		71,687,258			1,452,086			2,879,707			(193,276	)		194,489			(135,986	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(2,282,290	)		(132,141,722	)		(3,092,057	)		646,926			148,119			(69,283,128	)		(910,251	)
Net change in net assets
	from operations		(2,333,888	)		(60,165,473	)		(1,538,213	)		3,006,112			(74,188	)		(76,414,872	)		(1,084,509	)

Contract transactions
Purchase payments			2,032,897			31,597,033			1,644,947			7,557,803			849,723			21,266,070			1,190,064
Surrenders and terminations			(547,866	)		(20,189,346	)		(571,135	)		(5,072,810	)		(321,372	)		(43,532,716	)		(281,142	)
Transfers between Investment Divisions			(410,220	)		43,123,654			(275,481	)		32,081,471			6,140,514			(31,779,296	)		287,897
Contract owner charges			(111,709	)		(4,713,269	)		(125,500	)		(28,859	)		(735	)		(6,960,695	)		(66,715	)
Net change in net assets
	from contract transactions		963,102			49,818,072			672,831			34,537,605			6,668,130			(61,006,637	)		1,130,104

Net change in net assets			(1,370,786	)		(10,347,401	)		(865,382	)		37,543,717			6,593,942			(137,421,509	)		45,595

Net assets beginning of year			10,480,893			371,569,907			10,026,061			23,448,669			—			653,701,155			8,747,007

Net assets end of year		$	9,110,107		$	361,222,506		$	9,160,679		$	60,992,386		$	6,593,942		$	516,279,646		$	8,792,602

Contract unit transactions
Units outstanding at beginning of year			473,903			22,293,861			571,173			2,903,652						51,384,321			605,091
Units issued			338,498			10,825,520			494,694			7,162,924			1,156,178			8,551,877			392,262
Units redeemed			(297,367	)		(7,711,483	)		(459,531	)		(3,779,217	)		(441,732	)		(13,864,881	)		(314,748	)
Units outstanding at end of year			515,034			25,407,898			606,336			6,287,359			714,446			46,071,317			682,605


(a)	The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 25, 2022. The Statement of Changes in Net Assets is from April 25, 2022 through December 31, 2022.

See Notes to the Financial Statements.


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Newton Equity Income Fund - Class A			JNL/Newton Equity Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A			JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A
Operations
Net investment income (loss)		$	(12,765,085	)	$	(106,386	)	$	(8,970,172	)	$	(108,324	)	$	(5,700,511	)	$	(49,917	)	$	(16,087,851	)
Net realized gain (loss) on investments in Funds			18,387,007			350,813			(2,842,155	)		(132,665	)		(12,312,231	)		(276,992	)		5,459,639
Net change in unrealized appreciation
	(depreciation) on investments in Funds		42,556,417			1,419,811			(65,509,209	)		(2,043,197	)		(79,416,970	)		(1,999,874	)		(162,256,613	)
Net change in net assets
	from operations		48,178,339			1,664,238			(77,321,536	)		(2,284,186	)		(97,429,712	)		(2,326,783	)		(172,884,825	)

Contract transactions
Purchase payments			133,450,986			5,025,717			38,836,573			1,943,442			20,506,721			1,245,954			61,440,973
Surrenders and terminations			(65,710,246	)		(1,262,202	)		(52,710,086	)		(1,367,496	)		(34,502,966	)		(319,002	)		(97,787,199	)
Transfers between Investment Divisions			1,015,427,319			29,527,218			(73,309,191	)		(1,990,461	)		(53,800,917	)		(588,907	)		(21,444,115	)
Contract owner charges			(11,766,873	)		(361,900	)		(7,819,231	)		(228,020	)		(5,165,083	)		(105,654	)		(15,511,530	)
Net change in net assets
	from contract transactions		1,071,401,186			32,928,833			(95,001,935	)		(1,642,535	)		(72,962,245	)		232,391			(73,301,871	)

Net change in net assets			1,119,579,525			34,593,071			(172,323,471	)		(3,926,721	)		(170,391,957	)		(2,094,392	)		(246,186,696	)

Net assets beginning of year			510,616,238			9,192,178			860,285,577			28,013,473			586,478,595			14,081,385			1,335,713,356

Net assets end of year		$	1,630,195,763		$	43,785,249		$	687,962,106		$	24,086,752		$	416,086,638		$	11,986,993		$	1,089,526,660

Contract unit transactions
Units outstanding at beginning of year			16,425,315			308,196			78,200,692			2,431,115			43,018,401			971,171			81,151,191
Units issued			43,333,863			1,601,109			16,175,100			535,893			9,356,309			290,977			17,659,379
Units redeemed			(8,342,793	)		(432,188	)		(25,495,063	)		(691,037	)		(15,336,246	)		(269,639	)		(22,798,106	)
Units outstanding at end of year			51,416,385			1,477,117			68,880,729			2,275,971			37,038,464			992,509			76,012,464

See Notes to the Financial Statements.

100


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I
Operations
Net investment income (loss)		$	(67,997	)	$	(15,041,262	)	$	(73,330	)	$	(15,621,664	)	$	(37,542	)	$	(7,103,289	)	$	(39,211	)
Net realized gain (loss) on investments in Funds			(103,514	)		3,098,585			(206,257	)		9,821,504			8,041			(12,559,002	)		(215,007	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(1,864,166	)		(61,662,065	)		(715,555	)		(170,871,991	)		(1,157,535	)		(82,580,835	)		(1,175,806	)
Net change in net assets
	from operations		(2,035,677	)		(73,604,742	)		(995,142	)		(176,672,151	)		(1,187,036	)		(102,243,126	)		(1,430,024	)

Contract transactions
Purchase payments			4,116,776			74,844,186			3,203,605			38,140,248			1,142,774			31,336,786			944,383
Surrenders and terminations			(911,796	)		(97,349,712	)		(2,235,592	)		(93,944,383	)		(391,638	)		(42,691,913	)		(545,475	)
Transfers between Investment Divisions			(105,612	)		115,073,112			4,628,001			(107,176,899	)		(1,755,827	)		(105,911,604	)		(1,153,751	)
Contract owner charges			(136,703	)		(13,576,223	)		(155,078	)		(14,116,103	)		(79,648	)		(6,629,590	)		(74,135	)
Net change in net assets
	from contract transactions		2,962,665			78,991,363			5,440,936			(177,097,137	)		(1,084,339	)		(123,896,321	)		(828,978	)

Net change in net assets			926,988			5,386,621			4,445,794			(353,769,288	)		(2,271,375	)		(226,139,447	)		(2,259,002	)

Net assets beginning of year			15,258,844			1,102,398,186			10,697,082			1,424,318,873			10,554,029			725,109,420			10,495,362

Net assets end of year		$	16,185,832		$	1,107,784,807		$	15,142,876		$	1,070,549,585		$	8,282,654		$	498,969,973		$	8,236,360

Contract unit transactions
Units outstanding at beginning of year			755,537			90,305,200			882,712			55,737,221			298,261			38,120,923			683,869
Units issued			590,528			34,444,977			1,854,210			6,371,686			89,947			6,871,271			176,225
Units redeemed			(433,620	)		(28,341,497	)		(1,414,365	)		(14,014,619	)		(125,017	)		(14,058,443	)		(238,141	)
Units outstanding at end of year			912,445			96,408,680			1,322,557			48,094,288			263,191			30,933,751			621,953

See Notes to the Financial Statements.

101


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I			JNL/T. Rowe Price Capital Appreciation Fund - Class A
Operations
Net investment income (loss)		$	(5,543,981	)	$	(24,090	)	$	(30,822,864	)	$	(42,613	)	$	(4,993,409	)	$	(11,626	)	$	(121,792,529	)
Net realized gain (loss) on investments in Funds			3,126,857			178,451			125,710,648			44,552			11,651,028			(20,801	)		317,383,217
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(72,999,623	)		(1,037,865	)		(325,122,025	)		(945,081	)		(105,266,953	)		(466,200	)		(1,606,628,797	)
Net change in net assets
	from operations		(75,416,747	)		(883,504	)		(230,234,241	)		(943,142	)		(98,609,334	)		(498,627	)		(1,411,038,109	)

Contract transactions
Purchase payments			11,200,259			667,401			19,467,170			535,809			35,391,778			1,237,948			930,422,227
Surrenders and terminations			(28,768,222	)		(159,656	)		(205,537,045	)		(657,309	)		(43,925,074	)		(138,578	)		(575,278,255	)
Transfers between Investment Divisions			(27,233,894	)		(1,559,732	)		(69,164,300	)		130,857			(8,895,404	)		233,622			153,331,358
Contract owner charges			(5,179,308	)		(75,561	)		(18,721,385	)		(68,475	)		(1,842,852	)		(29,100	)		(110,897,031	)
Net change in net assets
	from contract transactions		(49,981,165	)		(1,127,548	)		(273,955,560	)		(59,118	)		(19,271,552	)		1,303,892			397,578,299

Net change in net assets			(125,397,912	)		(2,011,052	)		(504,189,801	)		(1,002,260	)		(117,880,886	)		805,265			(1,013,459,810	)

Net assets beginning of year			506,369,828			6,510,542			2,509,342,681			11,215,368			532,226,056			2,388,754			10,631,944,925

Net assets end of year		$	380,971,916		$	4,499,490		$	2,005,152,880		$	10,213,108		$	414,345,170		$	3,194,019		$	9,618,485,115

Contract unit transactions
Units outstanding at beginning of year			22,025,406			231,391			81,391,361			281,068			33,657,376			140,099			448,597,691
Units issued			4,144,165			137,444			3,596,214			64,361			5,877,573			117,747			98,254,406
Units redeemed			(6,646,170	)		(182,657	)		(13,297,403	)		(68,025	)		(7,334,708	)		(29,865	)		(79,997,823	)
Units outstanding at end of year			19,523,401			186,178			71,690,172			277,404			32,200,241			227,981			466,854,274

See Notes to the Financial Statements.

102


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A			JNL/T. Rowe Price Short-Term Bond Fund - Class I
Operations
Net investment income (loss)		$	(835,794	)	$	(88,534,536	)	$	(357,910	)	$	(63,828,137	)	$	(212,894	)	$	(15,351,666	)	$	(115,350	)
Net realized gain (loss) on investments in Funds			4,532,767			275,293,971			(991,387	)		261,601,360			876,564			(5,339,523	)		(314,733	)
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(28,231,768	)		(3,941,425,220	)		(43,208,992	)		(1,605,090,135	)		(14,565,700	)		(53,449,400	)		(830,991	)
Net change in net assets
	from operations		(24,534,795	)		(3,754,665,785	)		(44,558,289	)		(1,407,316,912	)		(13,902,030	)		(74,140,589	)		(1,261,074	)

Contract transactions
Purchase payments			26,268,404			278,317,045			7,205,207			174,310,863			4,506,100			102,604,236			5,256,815
Surrenders and terminations			(7,564,811	)		(419,536,270	)		(2,613,764	)		(287,579,827	)		(2,166,784	)		(124,005,929	)		(1,906,752	)
Transfers between Investment Divisions			9,175,132			(287,283,629	)		(10,136,290	)		(283,755,944	)		(8,016,514	)		36,401,549			1,429,421
Contract owner charges			(2,343,764	)		(92,722,967	)		(1,115,439	)		(70,752,896	)		(633,535	)		(14,079,212	)		(253,867	)
Net change in net assets
	from contract transactions		25,534,961			(521,225,821	)		(6,660,286	)		(467,777,804	)		(6,310,733	)		920,644			4,525,617

Net change in net assets			1,000,166			(4,275,891,606	)		(51,218,575	)		(1,875,094,716	)		(20,212,763	)		(73,219,945	)		3,264,543

Net assets beginning of year			192,864,062			9,752,344,825			118,651,733			6,194,076,345			62,395,384			1,288,168,702			27,507,006

Net assets end of year		$	193,864,228		$	5,476,453,219		$	67,433,158		$	4,318,981,629		$	42,182,621		$	1,214,948,757		$	30,771,549

Contract unit transactions
Units outstanding at beginning of year			7,777,943			68,611,553			584,613			33,626,254			232,760			118,927,916			2,078,229
Units issued			2,792,970			9,708,261			150,082			3,450,709			57,615			48,416,194			1,597,338
Units redeemed			(1,665,429	)		(14,477,349	)		(195,385	)		(6,580,889	)		(89,771	)		(47,989,630	)		(1,239,866	)
Units outstanding at end of year			8,905,484			63,842,465			539,310			30,496,074			200,604			119,354,480			2,435,701

See Notes to the Financial Statements.

103


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A
Operations
Net investment income (loss)		$	(1,642,730	)	$	(15,591	)	$	(37,344,376	)	$	(231,592	)	$	(24,295,084	)	$	(215,519	)	$	(5,743,445	)
Net realized gain (loss) on investments in Funds			(1,256,530	)		(60,949	)		120,417,336			1,624,395			(5,616,907	)		437,305			2,717,209
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(20,880,978	)		(519,737	)		(490,990,943	)		(8,256,540	)		(355,857,916	)		(9,648,305	)		(78,172,924	)
Net change in net assets
	from operations		(23,780,238	)		(596,277	)		(407,917,983	)		(6,863,737	)		(385,769,907	)		(9,426,519	)		(81,199,160	)

Contract transactions
Purchase payments			10,616,311			611,455			151,060,228			6,976,738			87,645,516			7,017,399			57,429,955
Surrenders and terminations			(10,224,710	)		(89,095	)		(173,014,846	)		(2,100,032	)		(104,264,203	)		(1,621,313	)		(31,226,088	)
Transfers between Investment Divisions			3,496,549			(28,906	)		53,634,976			(957,059	)		(28,559,727	)		(2,501,089	)		(24,285,240	)
Contract owner charges			(1,508,261	)		(35,783	)		(35,705,754	)		(638,319	)		(25,422,812	)		(651,717	)		(5,562,665	)
Net change in net assets
	from contract transactions		2,379,889			457,671			(4,025,396	)		3,281,328			(70,601,226	)		2,243,280			(3,644,038	)

Net change in net assets			(21,400,349	)		(138,606	)		(411,943,379	)		(3,582,409	)		(456,371,133	)		(7,183,239	)		(84,843,198	)

Net assets beginning of year			151,234,426			3,666,065			3,157,880,849			55,313,119			2,201,939,309			54,996,924			535,641,738

Net assets end of year		$	129,834,077		$	3,527,459		$	2,745,937,470		$	51,730,710		$	1,745,568,176		$	47,813,685		$	450,798,540

Contract unit transactions
Units outstanding at beginning of year			12,560,960			293,307			64,031,599			835,968			150,998,186			3,566,162			42,823,346
Units issued			4,588,870			146,508			14,393,433			408,711			17,314,080			1,026,724			10,726,792
Units redeemed			(4,332,299	)		(108,413	)		(14,699,154	)		(362,310	)		(22,904,678	)		(875,037	)		(11,091,330	)
Units outstanding at end of year			12,817,531			331,402			63,725,878			882,369			145,407,588			3,717,849			42,458,808

See Notes to the Financial Statements.

104


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I			JNL/WCM China Quality Growth Fund - Class A(a)			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I			JNL/Westchester Capital Event Driven Fund - Class A
Operations
Net investment income (loss)		$	(74,646	)	$	(9,962,560	)	$	(152,288	)	$	(1,561	)	$	(6,235,655	)	$	(63,940	)	$	(733,080	)
Net realized gain (loss) on investments in Funds			17,169			5,433,795			177,459			(45,026	)		69,239,449			1,018,110			849,767
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(2,595,648	)		(148,309,673	)		(6,085,263	)		3,804			(250,260,651	)		(6,731,923	)		(2,712,685	)
Net change in net assets
	from operations		(2,653,125	)		(152,838,438	)		(6,060,092	)		(42,783	)		(187,256,857	)		(5,777,753	)		(2,595,998	)

Contract transactions
Purchase payments			3,208,014			63,395,075			6,661,253			30,487			46,399,502			2,334,705			3,756,027
Surrenders and terminations			(1,149,588	)		(43,188,517	)		(1,506,227	)		(1,682	)		(22,562,658	)		(408,494	)		(5,160,509	)
Transfers between Investment Divisions			41,409			(16,087,704	)		(1,347,970	)		455,015			38,173,824			(2,695,358	)		10,768,924
Contract owner charges			(179,179	)		(10,238,178	)		(342,317	)		(212	)		(6,478,535	)		(187,060	)		(638,828	)
Net change in net assets
	from contract transactions		1,920,656			(6,119,324	)		3,464,739			483,608			55,532,133			(956,207	)		8,725,614

Net change in net assets			(732,469	)		(158,957,762	)		(2,595,353	)		440,825			(131,724,724	)		(6,733,960	)		6,129,616

Net assets beginning of year			17,737,833			928,559,709			37,210,434			—			614,871,024			19,913,008			52,296,221

Net assets end of year		$	17,005,364		$	769,601,947		$	34,615,081		$	440,825		$	483,146,300		$	13,179,048		$	58,425,837

Contract unit transactions
Units outstanding at beginning of year			1,345,662			68,649,748			2,607,536						24,367,884			719,729			4,295,052
Units issued			375,115			10,911,260			1,068,265			125,161			10,790,966			271,810			3,875,635
Units redeemed			(219,316	)		(11,468,743	)		(805,362	)		(82,524	)		(7,936,532	)		(322,460	)		(3,137,671	)
Units outstanding at end of year			1,501,461			68,092,265			2,870,439			42,637			27,222,318			669,079			5,033,016


(a)	The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 25, 2022. The Statement of Changes in Net Assets is from April 25, 2022 through December 31, 2022.

See Notes to the Financial Statements.

105


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/Westchester Capital Event Driven Fund - Class I			JNL/Western Asset Global Multi-Sector Bond Fund - Class A			JNL/Western Asset Global Multi-Sector Bond Fund - Class I			JNL/William Blair International Leaders Fund - Class A			JNL/William Blair International Leaders Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I
Operations
Net investment income (loss)		$	(7,263	)	$	(5,300,627	)	$	(16,218	)	$	2,592,402		$	176,341		$	(109,089,040	)	$	(298,064	)
Net realized gain (loss) on investments in Funds			13,817			(36,998,193	)		(333,047	)		81,541,920			1,034,139			319,511,678			1,404,680
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(47,720	)		10,847,343			95,420			(294,208,427	)		(4,255,219	)		(1,687,807,330	)		(12,049,526	)
Net change in net assets
	from operations		(41,166	)		(31,451,477	)		(253,845	)		(210,074,105	)		(3,044,739	)		(1,477,384,692	)		(10,942,910	)

Contract transactions
Purchase payments			243,479			8,719,394			459,987			13,859,930			1,236,099			503,406,021			8,339,109
Surrenders and terminations			(52,265	)		(37,437,408	)		(384,905	)		(42,113,305	)		(524,022	)		(604,906,810	)		(3,630,827	)
Transfers between Investment Divisions			1,159,213			(24,680,711	)		488,130			(15,551,475	)		620,228			(237,819,347	)		(3,008,455	)
Contract owner charges			(18,148	)		(4,691,627	)		(29,514	)		(8,063,267	)		(146,484	)		(110,934,790	)		(898,717	)
Net change in net assets
	from contract transactions		1,332,279			(58,090,352	)		533,698			(51,868,117	)		1,185,821			(450,254,926	)		801,110

Net change in net assets			1,291,113			(89,541,829	)		279,853			(261,942,222	)		(1,858,918	)		(1,927,639,618	)		(10,141,800	)

Net assets beginning of year			1,134,531			465,142,188			3,655,535			826,604,595			11,844,284			9,895,045,608			77,552,411

Net assets end of year		$	2,425,644		$	375,600,359		$	3,935,388		$	564,662,373		$	9,985,366		$	7,967,405,990		$	67,410,611

Contract unit transactions
Units outstanding at beginning of year			88,386			46,239,586			319,533			27,866,010			271,017			141,079,265			774,274
Units issued			159,702			4,704,689			189,520			3,690,752			101,021			15,727,310			166,323
Units redeemed			(52,462	)		(10,818,771	)		(144,110	)		(5,817,344	)		(68,648	)		(23,043,892	)		(159,083	)
Units outstanding at end of year			195,626			40,125,504			364,943			25,739,418			303,390			133,762,683			781,514

See Notes to the Financial Statements.

106


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/WMC Equity Income Fund - Class A			JNL/WMC Equity Income Fund - Class I			JNL/WMC Global Real Estate Fund - Class A			JNL/WMC Global Real Estate Fund - Class I			JNL/WMC Government Money Market Fund - Class A			JNL/WMC Government Money Market Fund - Class I			JNL/WMC Value Fund - Class A
Operations
Net investment income (loss)		$	(8,601,545	)	$	(93,117	)	$	(9,727,784	)	$	(17,640	)	$	(6,515,925	)	$	524,764		$	(10,805,054	)
Net realized gain (loss) on investments in Funds			34,651,004			1,078,106			1,013,020			(101,324	)		—			(1	)		39,146,379
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(27,364,467	)		(827,749	)		(252,138,559	)		(1,258,071	)		—			—			(80,150,174	)
Net change in net assets
	from operations		(1,315,008	)		157,240			(260,853,323	)		(1,377,035	)		(6,515,925	)		524,763			(51,808,849	)

Contract transactions
Purchase payments			40,522,248			2,155,938			12,417,035			945,404			813,310,249			37,977,181			35,768,420
Surrenders and terminations			(35,949,711	)		(733,546	)		(57,975,350	)		(282,926	)		(563,533,033	)		(9,505,315	)		(53,604,751	)
Transfers between Investment Divisions			170,052,860			3,047,877			(10,926,405	)		66,500			739,687,031			5,977,479			49,212,854
Contract owner charges			(8,886,965	)		(258,856	)		(9,237,027	)		(47,714	)		(32,644,998	)		(519,471	)		(10,753,761	)
Net change in net assets
	from contract transactions		165,738,432			4,211,413			(65,721,747	)		681,264			956,819,249			33,929,874			20,622,762

Net change in net assets			164,423,424			4,368,653			(326,575,070	)		(695,771	)		950,303,324			34,454,637			(31,186,087	)

Net assets beginning of year			599,865,426			19,516,792			949,948,606			4,439,157			1,946,093,337			30,020,034			814,590,969

Net assets end of year		$	764,288,850		$	23,885,445		$	623,373,536		$	3,743,386		$	2,896,396,661		$	64,474,671		$	783,404,882

Contract unit transactions
Units outstanding at beginning of year			39,843,798			1,238,996			43,093,185			167,379			163,962,352			1,811,118			15,181,932
Units issued			23,947,175			636,698			4,653,650			102,690			274,303,769			5,330,422			3,845,884
Units redeemed			(12,614,012	)		(366,279	)		(8,163,465	)		(74,889	)		(194,246,200	)		(3,310,313	)		(3,503,201	)
Units outstanding at end of year			51,176,961			1,509,415			39,583,370			195,180			244,019,921			3,831,227			15,524,615

See Notes to the Financial Statements.

107


Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2022


		JNL/WMC Value Fund - Class I
Operations
Net investment income (loss)		$	(45,263	)
Net realized gain (loss) on investments in Funds			176,848
Net change in unrealized appreciation
	(depreciation) on investments in Funds		(570,740	)
Net change in net assets
	from operations		(439,155	)

Contract transactions
Purchase payments			1,840,424
Surrenders and terminations			(107,369	)
Transfers between Investment Divisions			1,571,655
Contract owner charges			(99,924	)
Net change in net assets
	from contract transactions		3,204,786

Net change in net assets			2,765,631

Net assets beginning of year			9,190,764

Net assets end of year		$	11,956,395

Contract unit transactions
Units outstanding at beginning of year			132,431
Units issued			82,794
Units redeemed			(35,221	)
Units outstanding at end of year			180,004

See Notes to the Financial Statements.

108


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Aggressive Growth Allocation Fund - Class A
12/31/2023	1,347,296	68,950	0.00	15.523818	15.34		2.65	24.330249	18.43		0.00
12/31/2022	1,253,126	75,008	0.00	13.459100	(21.90	)‡	2.65	20.544099	(19.81	)	0.00
12/31/2021	1,696,279	80,303	0.00	16.004059	11.84		3.15	25.618333	15.42		0.00
12/31/2020	1,535,676	82,886	0.00	14.309447	12.77		3.15	22.196487	16.37		0.00
12/31/2019	1,427,117	88,415	0.00	12.689275	22.15		3.15	19.073887	26.05		0.00
JNL Aggressive Growth Allocation Fund - Class I
12/31/2023	14,323	738	0.00	21.964935	17.83		0.80	18.591981	18.35		0.35
12/31/2022	12,851	791	0.00	18.640777	(20.20	)	0.80	15.709097	(19.84	)	0.35
12/31/2021	15,790	777	0.00	23.358078	2.91	‡	0.80	19.596884	15.32		0.35
12/31/2020	10,274	588	0.00	16.937504	16.21		0.45	16.992917	16.33		0.35
12/31/2019	8,118	525	0.00	14.574877	25.80		0.45	14.607927	25.93		0.35
JNL Bond Index Fund - Class I
12/31/2023	8,831	931	0.00	8.453574	5.07		0.40	18.698690	5.12		0.35
12/31/2022	4,655	481	0.00	8.045986	(13.45	)	0.40	17.788245	(13.41	)	0.35
12/31/2021+	499	38	0.00	9.296795	0.43	‡	0.40	20.543304	(0.01	)‡	0.35
JNL Conservative Allocation Fund - Class A
12/31/2023	539,310	43,840	0.00	10.477040	6.54		2.55	14.191323	9.28		0.00
12/31/2022	541,799	47,550	0.00	9.834280	(15.32	)	2.55	12.986199	(13.13	)	0.00
12/31/2021	716,760	54,000	0.00	11.612840	1.06		2.55	14.949717	3.67		0.00
12/31/2020	743,677	57,455	0.00	11.490582	21.08	‡	2.55	14.419877	7.51		0.00
12/31/2019	427,061	34,935	0.00	11.007148	1.20	‡	2.50	13.412056	12.46		0.00
JNL Conservative Allocation Fund - Class I
12/31/2023	7,116	520	0.00	13.532989	9.12		0.45	13.618293	9.22		0.35
12/31/2022	6,005	481	0.00	12.402440	(13.28	)	0.45	12.468197	(13.20	)	0.35
12/31/2021	7,337	510	0.00	14.302434	3.60		0.45	14.363941	3.70		0.35
12/31/2020	6,094	439	0.00	13.805267	7.37		0.45	13.850793	7.48		0.35
12/31/2019	3,153	245	0.00	12.857867	12.16		0.45	12.887404	12.27		0.35
JNL Emerging Markets Index Fund - Class I
12/31/2023	1,691	179	0.00	7.843063	9.43		0.40	12.698748	9.48		0.35
12/31/2022	886	100	0.00	7.167244	(18.80	)	0.40	11.598740	(18.76	)	0.35
12/31/2021+	430	33	0.00	8.826963	(8.34	)‡	0.40	14.277535	(0.84	)‡	0.35
JNL Growth Allocation Fund - Class A
12/31/2023	2,803,966	142,635	0.00	14.653178	13.06		3.05	24.579334	16.55		0.00
12/31/2022	2,680,932	156,989	0.00	12.960512	(21.08	)‡	3.05	21.088472	(18.64	)	0.00
12/31/2021	2,514,908	117,797	0.00	16.194353	9.63		3.15	25.920981	13.13		0.00
12/31/2020	2,334,912	122,232	0.00	14.771862	11.77		3.15	22.912073	15.34		0.00
12/31/2019	2,261,023	134,805	0.00	13.215952	19.85		3.15	19.864082	23.68		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Bond Index Fund - Class I - April 26, 2021; JNL Emerging Markets Index Fund - Class I - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

109


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Growth Allocation Fund - Class I
12/31/2023	18,786	974	0.00	22.192681	15.96		0.80	18.798761	16.49		0.35
12/31/2022	17,627	1,035	0.00	19.138022	(1.29	)‡	0.80	16.137337	(18.69	)	0.35
12/31/2021	18,309	879	0.00	19.761432	13.00		0.45	19.845966	13.12		0.35
12/31/2020	14,405	756	0.00	17.487397	15.18		0.45	17.544639	15.30		0.35
12/31/2019	11,609	703	0.00	15.182553	23.43		0.45	15.217028	23.56		0.35
JNL International Index Fund - Class I
12/31/2023	6,746	501	3.73	9.578227	17.37		0.40	32.977468	17.42		0.35
12/31/2022	3,448	280	3.72	8.161048	(14.09	)	0.40	28.084191	(14.05	)	0.35
12/31/2021+	879	54	0.00	9.499908	2.72	‡	0.40	32.675232	2.07	‡	0.35
JNL iShares Tactical Growth Fund - Class A
12/31/2023	284,909	13,878	1.88	17.446116	11.21		2.50	23.491818	14.01		0.00
12/31/2022	256,809	14,093	1.40	15.688233	(3.77	)‡	2.50	20.604643	(15.35	)	0.00
12/31/2021	303,040	13,899	1.00	18.446350	11.87		2.80	24.341745	15.04		0.00
12/31/2020	259,653	13,553	1.93	16.489809	9.18		2.80	21.159049	12.28		0.00
12/31/2019	227,774	13,160	1.70	15.103382	16.26	‡	2.80	18.844841	21.65		0.00
JNL iShares Tactical Growth Fund - Class I
12/31/2023	8,046	398	2.00	19.643035	13.84		0.45	23.014198	13.90		0.40
12/31/2022	7,007	402	1.83	17.255126	(15.50	)	0.45	20.206391	(15.46	)‡	0.40
12/31/2021	7,088	341	1.27	20.419996	14.91		0.45	20.506712	15.03		0.35
12/31/2020	4,950	277	2.74	17.770218	12.09		0.45	17.827845	12.20		0.35
12/31/2019	3,075	192	1.94	15.853401	21.47		0.45	15.888917	21.59		0.35
JNL iShares Tactical Moderate Fund - Class A
12/31/2023	174,977	12,301	2.30	12.749767	7.28		2.15	16.467957	9.61		0.00
12/31/2022	167,111	12,725	1.48	11.884671	(0.86	)‡	2.15	15.024773	(13.15	)	0.00
12/31/2021	195,055	12,752	1.30	13.462688	4.95		2.53	17.299921	7.64		0.00
12/31/2020	170,994	11,903	1.93	12.827564	5.96		2.53	16.071635	8.68		0.00
12/31/2019	139,383	10,388	2.01	12.105596	11.52		2.53	14.787860	14.38		0.00
JNL iShares Tactical Moderate Fund - Class I
12/31/2023	8,292	557	2.70	14.698102	9.38		0.45	14.794513	9.49		0.35
12/31/2022	7,392	544	1.86	13.437347	(13.27	)	0.45	13.512012	(13.18	)	0.35
12/31/2021	8,028	513	1.85	15.492938	7.52		0.45	15.563504	7.63		0.35
12/31/2020	4,952	341	2.76	14.408982	8.49		0.45	14.460150	8.60		0.35
12/31/2019	1,911	141	2.55	13.281181	14.22		0.45	13.315026	14.34		0.35
JNL iShares Tactical Moderate Growth Fund - Class A
12/31/2023	285,787	16,223	2.17	15.497424	9.35		2.20	20.135398	11.77		0.00
12/31/2022	266,674	16,725	1.39	14.172511	(16.22	)‡	2.20	18.014388	(14.36	)	0.00
12/31/2021	328,502	17,422	1.17	16.833790	8.85		2.25	21.036193	11.32		0.00
12/31/2020	282,899	16,488	2.07	15.465414	8.67		2.25	18.896230	11.15		0.00
12/31/2019	264,879	16,950	1.93	14.231149	13.80	‡	2.25	17.001281	18.06		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL International Index Fund - Class I - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

110


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL iShares Tactical Moderate Growth Fund - Class I
12/31/2023	6,810	386	2.36	18.806605	11.19		0.80	19.723984	11.64		0.40
12/31/2022	6,948	438	1.76	16.913528	(0.25	)‡	0.80	17.667789	(14.43	)‡	0.40
12/31/2021	6,998	379	1.56	18.285402	11.13		0.45	18.362804	11.24		0.35
12/31/2020	4,797	289	2.73	16.454676	10.92		0.45	16.507812	11.03		0.35
12/31/2019	3,340	223	2.36	14.834523	17.92		0.45	14.867550	18.04		0.35
JNL Mid Cap Index Fund - Class I
12/31/2023	5,977	420	0.00	9.662544	15.85		0.40	67.797122	15.91		0.35
12/31/2022	2,631	210	0.00	8.340247	(13.47	)	0.40	58.490015	(13.43	)	0.35
12/31/2021+	1,235	87	0.00	9.638391	3.60	‡	0.40	67.560192	6.45	‡	0.35
JNL Moderate Allocation Fund - Class A
12/31/2023	1,988,099	132,042	0.00	12.774416	8.97		2.70	17.614449	11.94		0.00
12/31/2022	1,996,718	146,654	0.00	11.722778	(16.97	)	2.70	15.735582	(14.70	)	0.00
12/31/2021	2,601,062	160,810	0.00	14.117984	4.53		2.70	18.447140	7.40		0.00
12/31/2020	2,601,306	170,568	0.00	13.505767	18.49	‡	2.70	17.176766	11.20		0.00
12/31/2019	563,413	40,186	0.00	12.727537	12.87		2.45	15.447353	15.67		0.00
JNL Moderate Allocation Fund - Class I
12/31/2023	11,785	708	0.00	16.452548	11.47		0.80	16.441869	11.97		0.35
12/31/2022	9,792	661	0.00	14.760254	(8.36	)‡	0.80	14.684619	(14.80	)	0.35
12/31/2021	16,676	948	0.00	17.162933	7.27		0.45	17.236273	7.38		0.35
12/31/2020	13,554	825	0.00	15.999750	11.03		0.45	16.052055	11.14		0.35
12/31/2019	5,883	402	0.00	14.410321	15.57		0.45	14.442979	15.69		0.35
JNL Moderate Growth Allocation Fund - Class A
12/31/2023	3,575,332	190,493	0.00	13.935582	10.33		3.05	23.372075	13.73		0.00
12/31/2022	3,553,592	212,661	0.00	12.631311	(18.29	)‡	3.05	20.549974	(15.77	)	0.00
12/31/2021	4,753,181	236,460	0.00	14.039152	6.20		3.70	24.398282	10.20		0.00
12/31/2020	4,732,580	256,429	0.00	13.219630	8.72		3.70	22.140606	12.81		0.00
12/31/2019	2,219,872	132,586	0.00	12.159564	15.19		3.70	19.626383	19.53		0.00
JNL Moderate Growth Allocation Fund - Class I
12/31/2023	12,893	700	0.00	21.107584	3.38	‡	0.80	22.589428	13.61		0.40
12/31/2022	11,196	695	0.00	15.886994	(15.89	)	0.45	19.882915	(15.85	)‡	0.40
12/31/2021	11,015	580	0.00	18.889394	10.06		0.45	18.970112	10.17		0.35
12/31/2020	7,820	453	0.00	17.162768	12.67		0.45	17.218903	12.79		0.35
12/31/2019	3,966	260	0.00	15.232283	19.31		0.45	15.266835	19.43		0.35
JNL Multi-Manager Alternative Fund - Class A
12/31/2023	188,668	17,325	0.00	9.879734	8.92		2.20	11.958682	11.34		0.00
12/31/2022	191,695	19,384	0.00	9.070377	(12.43	)	2.20	10.740478	(10.49	)	0.00
12/31/2021	232,331	20,779	0.00	10.358446	0.55		2.20	11.999295	2.78		0.00
12/31/2020	187,901	17,074	0.00	10.301957	4.00	‡	2.20	11.674444	7.58		0.00
12/31/2019	15,123	1,459	0.00	10.235576	7.73		1.25	10.852152	9.08		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Mid Cap Index Fund - Class I - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

111


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Multi-Manager Alternative Fund - Class I
12/31/2023	4,913	415	0.00	11.405006	10.66		0.80	11.920300	11.16		0.35
12/31/2022	4,090	384	0.00	10.306425	0.76	‡	0.80	10.723842	(10.51	)‡	0.35
12/31/2021	2,847	239	0.00	11.932697	2.73		0.45	11.882644	2.78		0.40
12/31/2020+	837	72	0.00	11.615694	15.20	‡	0.45	11.561195	5.31	‡	0.40
JNL Multi-Manager Emerging Markets Equity Fund - Class A
12/31/2023	572,336	46,289	1.42	9.681512	7.22	‡	2.70	15.587691	10.11		0.00
12/31/2022	573,786	50,445	0.85	8.374070	(26.48	)‡	3.15	14.156581	(24.13	)	0.00
12/31/2021	829,523	54,570	1.22	10.125828	(3.75	)	3.90	18.658804	0.08		0.00
12/31/2020	907,772	59,031	1.56	10.520360	10.45	‡	3.90	18.644076	8.86		0.00
12/31/2019	392,405	27,345	2.02	10.455649	13.67		3.61	17.126720	17.85		0.00
JNL Multi-Manager Emerging Markets Equity Fund - Class I
12/31/2023	8,850	568	1.89	14.102309	9.59		0.80	15.405185	10.14		0.30
12/31/2022	7,836	551	1.28	12.867815	1.02	‡	0.80	13.986667	(24.16	)	0.30
12/31/2021	10,533	562	1.52	17.186131	(5.36	)‡	0.75	18.442623	0.10		0.30
12/31/2020	9,332	497	1.69	18.973504	8.72		0.45	18.425007	8.88		0.30
12/31/2019	5,455	314	2.74	17.451550	17.64		0.45	16.921652	10.06	‡	0.30
JNL Multi-Manager International Small Cap Fund - Class A
12/31/2023	398,561	30,860	2.84	11.602053	18.51		3.30	13.856280	22.47		0.00
12/31/2022	345,044	32,293	1.14	9.790311	(32.69	)	3.30	11.314130	(30.44	)	0.00
12/31/2021	516,746	33,206	0.48	14.544633	0.78	‡	3.30	16.264341	15.62		0.00
12/31/2020	4,018	292	1.71	13.654639	30.54		1.25	14.067615	32.18		0.00
12/31/2019	6,058	577	0.91	10.460508	30.08		1.25	10.643009	31.72		0.00
JNL Multi-Manager International Small Cap Fund - Class I
12/31/2023	5,253	382	3.38	13.485462	21.86		0.80	13.816061	22.41		0.35
12/31/2022	3,845	342	1.60	11.066412	(30.83	)	0.80	11.286978	(30.52	)	0.35
12/31/2021+	4,185	258	0.49	15.998258	0.92	‡	0.80	16.244131	3.09	‡	0.35
JNL Multi-Manager Mid Cap Fund - Class A
12/31/2023	445,937	24,391	0.00	16.555406	5.73	‡	2.65	20.077905	12.33		0.00
12/31/2022	393,657	23,853	0.00	15.229350	(18.54	)‡	2.55	17.874111	(16.44	)	0.00
12/31/2021	446,998	22,346	0.00	18.208647	20.51		3.05	21.391725	24.25		0.00
12/31/2020	256,509	15,741	0.00	15.109196	11.08		3.05	17.217214	14.52		0.00
12/31/2019	192,437	13,360	0.00	13.602444	24.90		3.05	15.034589	28.77		0.00
JNL Multi-Manager Mid Cap Fund - Class I
12/31/2023	15,068	760	0.00	19.335947	11.74		0.80	19.953155	12.25		0.35
12/31/2022	13,271	750	0.00	17.303797	(16.85	)	0.80	17.776245	(16.48	)	0.35
12/31/2021	13,680	645	0.00	20.809734	4.70	‡	0.80	21.282976	24.12		0.35
12/31/2020	5,986	350	0.00	17.090974	14.44		0.45	17.146864	14.56		0.35
12/31/2019	2,784	186	0.00	14.934217	28.52		0.45	14.968076	28.65		0.35


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Multi-Manager Alternative Fund - Class I - April 27, 2020; JNL Multi-Manager International Small Cap Fund - Class I - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

112


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Multi-Manager Small Cap Growth Fund - Class A
12/31/2023	1,825,506	24,732	0.00	46.059273	12.84		3.05	105.853299	16.32		0.00
12/31/2022	1,626,430	25,302	0.00	40.819423	(33.14	)‡	3.05	91.001007	(31.08	)	0.00
12/31/2021	2,632,127	27,832	0.00	49.102548	(1.03	)	3.91	132.029409	2.92		0.00
12/31/2020	2,556,139	27,576	0.00	49.611387	40.81		3.91	128.282149	46.43		0.00
12/31/2019	1,869,735	29,270	0.00	35.232812	30.68		3.91	87.609325	35.89		0.00
JNL Multi-Manager Small Cap Growth Fund - Class I
12/31/2023	32,540	302	0.00	90.480360	15.75		0.80	110.126748	16.27		0.35
12/31/2022	27,383	295	0.00	78.169419	(31.43	)	0.80	94.716631	(31.12	)	0.35
12/31/2021	40,357	301	0.00	113.991339	(1.41	)‡	0.80	137.503405	2.86		0.35
12/31/2020	26,498	202	0.00	133.243460	46.21		0.45	133.679356	46.35		0.35
12/31/2019	11,378	126	0.00	91.133851	35.70		0.45	91.340597	35.84		0.35
JNL Multi-Manager Small Cap Value Fund - Class A
12/31/2023	1,190,537	39,075	0.00	23.842159	17.82		2.65	39.065318	20.97		0.00
12/31/2022	1,054,803	41,378	0.00	20.236707	(14.45	)‡	2.65	32.292942	(12.16	)	0.00
12/31/2021	1,265,732	43,048	0.00	19.159203	18.27		3.91	36.761510	22.99		0.00
12/31/2020	684,398	28,256	0.00	16.199045	1.71		3.91	29.889855	5.76		0.00
12/31/2019	665,294	28,692	0.00	15.927205	20.46		3.91	28.261309	25.26		0.00
JNL Multi-Manager Small Cap Value Fund - Class I
12/31/2023	19,985	508	0.00	35.132505	20.41		0.80	39.902130	20.95		0.35
12/31/2022	15,029	461	0.00	29.177945	(12.62	)	0.80	32.990801	(12.23	)	0.35
12/31/2021	15,201	409	0.00	33.392621	2.27	‡	0.80	37.588690	22.92		0.35
12/31/2020	4,765	157	0.00	30.480090	5.61		0.45	30.579793	5.72		0.35
12/31/2019	3,022	105	0.00	28.860487	25.01		0.45	28.925944	25.13		0.35
JNL S&P 500 Index Fund - Class I
12/31/2023	357,912	17,462	0.00	20.040604	25.17		0.80	20.613383	25.73		0.35
12/31/2022	265,856	16,298	0.00	16.011338	(18.83	)	0.80	16.395208	(18.46	)	0.35
12/31/2021	287,588	14,364	0.00	19.725087	27.50		0.80	20.107559	28.08		0.35
12/31/2020	168,253	10,759	0.00	15.470471	15.57	‡	0.80	15.699539	17.74		0.35
12/31/2019	81,274	6,119	0.00	13.303644	30.66		0.45	13.333817	30.79		0.35
JNL Small Cap Index Fund - Class I
12/31/2023	5,037	360	0.00	9.323668	15.62		0.40	56.610268	15.67		0.35
12/31/2022	2,282	164	0.00	8.064381	(16.57	)	0.40	48.939881	(16.53	)	0.35
12/31/2021+	711	46	0.00	9.666083	3.90	‡	0.40	58.630802	2.84	‡	0.35
JNL/AB Sustainable Global Thematic Fund - Class A
12/31/2023	9,388	887	0.00	10.364536	11.58	‡	2.45	10.800017	15.63		0.00
12/31/2022+	3,567	385	0.00	9.225851	(7.74	)‡	1.80	9.340008	(6.60	)‡	0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Small Cap Index Fund - Class I - April 26, 2021; JNL/AB Sustainable Global Thematic Fund - Class A - April 25, 2022.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

113


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/AB Sustainable Global Thematic Fund - Class I
12/31/2023	558	52	0.00	10.715055	15.10		0.80	10.778251	15.51		0.45
12/31/2022+	225	24	0.00	9.309056	2.59	‡	0.80	9.331317	(6.69	)‡	0.45
JNL/American Funds Balanced Fund - Class A
12/31/2023	2,601,568	116,775	0.00	15.961964	10.83		2.70	30.238172	13.85		0.00
12/31/2022	2,308,484	116,750	0.00	14.402263	(16.05	)‡	2.70	26.559508	(13.76	)	0.00
12/31/2021	2,604,564	112,240	0.00	13.341951	10.36		3.86	30.796705	14.71		0.00
12/31/2020	1,939,635	95,086	0.00	12.089221	7.81		3.86	26.848404	21.11	‡	0.00
12/31/2019	1,466,521	79,873	0.00	11.212971	16.20		3.86	22.809195	20.48		0.25
JNL/American Funds Balanced Fund - Class I
12/31/2023	48,088	1,562	0.00	26.430119	13.27		0.80	31.249641	13.78		0.35
12/31/2022	43,257	1,595	0.00	23.333824	(14.15	)	0.80	27.465156	(13.77	)	0.35
12/31/2021	48,506	1,545	0.00	27.180651	14.17		0.80	31.849733	14.68		0.35
12/31/2020	34,448	1,253	0.00	23.808083	9.46	‡	0.80	27.772578	11.99		0.35
12/31/2019	21,732	885	0.00	24.742636	20.54		0.45	24.798861	20.66		0.35
JNL/American Funds Bond Fund of America Fund - Class A
12/31/2023	330,476	37,069	0.00	8.608746	0.27	‡	2.60	9.219997	4.65		0.00
12/31/2022	153,468	17,781	0.00	8.449173	(7.39	)‡	2.55	8.809997	(12.86	)	0.00
12/31/2021+	59,611	5,944	0.00	9.972763	(0.04	)‡	2.15	10.109997	1.20		0.00
JNL/American Funds Bond Fund of America Fund - Class I
12/31/2023	12,654	1,378	0.00	9.102266	2.74	‡	0.80	9.203356	4.49		0.35
12/31/2022	6,306	717	0.00	8.793302	(12.93	)	0.45	8.808068	(12.84	)	0.35
12/31/2021+	1,656	164	0.00	10.098957	1.09	‡	0.45	10.105847	1.16	‡	0.35
JNL/American Funds Capital Income Builder Fund - Class A
12/31/2023	358,345	28,896	0.00	11.637356	5.93		2.45	13.210020	8.55		0.00
12/31/2022	323,255	27,962	0.00	10.986317	(9.75	)	2.45	12.170020	(7.52	)	0.00
12/31/2021	255,934	20,223	0.00	12.173859	11.76		2.45	13.160022	14.53		0.00
12/31/2020	171,048	15,297	0.00	10.892647	1.46		2.45	11.490023	3.98		0.00
12/31/2019	120,088	11,027	0.00	10.735389	14.59		2.45	11.050029	17.43		0.00
JNL/American Funds Capital Income Builder Fund - Class I
12/31/2023	7,860	598	0.00	12.939301	8.05		0.80	13.189380	8.53		0.35
12/31/2022	6,968	575	0.00	11.975227	0.08	‡	0.80	12.152238	(7.61	)‡	0.35
12/31/2021	6,987	532	0.00	13.108831	14.42		0.45	13.241678	5.80		0.30
12/31/2020	4,440	387	0.00	11.456417	3.76		0.45	11.483819	3.87		0.35
12/31/2019	2,892	262	0.00	11.041009	17.29		0.45	11.056317	17.40		0.35


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/AB Sustainable Global Thematic Fund - Class I - April 25, 2022; JNL/American Funds Bond Fund of America Fund - Class A - April 26, 2021; JNL/American Funds Bond Fund of America Fund - Class I - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

114


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Capital World Bond Fund - Class A
12/31/2023	319,304	33,972	0.00	7.789887	3.00		2.70	11.264231	5.82		0.00
12/31/2022	329,191	36,601	0.00	7.563007	(20.08	)‡	2.70	10.645186	(17.90	)	0.00
12/31/2021	454,547	40,948	0.00	8.970656	(8.27	)	3.16	12.966569	(5.33	)	0.00
12/31/2020	476,909	40,193	0.00	9.779610	6.14		3.16	13.696146	12.13	‡	0.00
12/31/2019	468,666	42,770	0.00	9.213766	4.17		3.16	12.203739	7.24		0.25
JNL/American Funds Capital World Bond Fund - Class I
12/31/2023	4,289	379	0.00	10.468386	5.30		0.80	11.420280	5.73		0.35
12/31/2022	4,313	403	0.00	9.941810	(18.32	)	0.80	10.800955	(17.96	)	0.35
12/31/2021	4,713	361	0.00	12.172165	(5.77	)	0.80	13.165243	(5.34	)	0.35
12/31/2020	3,433	249	0.00	12.917349	9.00		0.80	13.908448	9.49		0.35
12/31/2019	2,181	173	0.00	11.850578	0.25	‡	0.80	12.702509	7.45		0.35
JNL/American Funds Global Growth Fund - Class A
12/31/2023	832,271	35,440	0.00	19.984057	18.70		2.80	26.655115	22.06		0.00
12/31/2022	649,385	33,313	0.00	16.835223	(27.07	)	2.80	21.836861	(25.01	)	0.00
12/31/2021	916,809	34,819	0.00	23.085357	7.98	‡	2.80	29.119510	16.08		0.00
12/31/2020	704,355	30,693	0.00	20.528794	26.56		2.75	25.085881	30.09		0.00
12/31/2019	425,322	23,758	0.00	16.220790	4.22	‡	2.75	19.284083	34.95		0.00
JNL/American Funds Global Growth Fund - Class I
12/31/2023	23,291	944	0.00	25.174105	21.52		0.80	24.622868	22.07		0.35
12/31/2022	18,138	897	0.00	20.715792	(25.42	)	0.80	20.171592	(25.08	)	0.35
12/31/2021	25,150	926	0.00	27.776315	15.54		0.80	26.925582	16.06		0.35
12/31/2020	15,256	652	0.00	24.041448	29.37		0.80	23.200508	29.95		0.35
12/31/2019	6,995	391	0.00	18.583289	14.56	‡	0.80	17.852812	34.92		0.35
JNL/American Funds Global Small Capitalization Fund - Class A
12/31/2023	621,858	32,342	0.00	15.187568	12.36		3.05	23.038291	15.84		0.00
12/31/2022	567,059	33,743	0.00	13.516426	(31.91	)‡	3.05	19.888816	(29.80	)	0.00
12/31/2021	857,882	35,358	0.00	17.972404	2.31		3.90	28.332883	6.38		0.00
12/31/2020	828,062	35,884	0.00	17.566799	12.99	‡	3.90	26.634150	58.76	‡	0.00
12/31/2019	707,894	39,195	0.00	15.323369	27.15		3.06	20.007908	30.70		0.30
JNL/American Funds Global Small Capitalization Fund - Class I
12/31/2023	11,053	480	0.00	21.370964	15.17		0.80	23.323189	15.68		0.35
12/31/2022	9,314	467	0.00	18.556443	(30.15	)	0.80	20.160947	(29.83	)	0.35
12/31/2021	13,156	464	0.00	26.564283	5.86		0.80	28.731844	6.33		0.35
12/31/2020	7,401	276	0.00	25.094692	27.23	‡	0.80	27.020523	29.33		0.35
12/31/2019	4,662	225	0.00	20.845693	30.85		0.45	20.893060	30.98		0.35
JNL/American Funds Growth Allocation Fund - Class A
12/31/2023	3,416,870	154,480	0.00	18.778703	14.08		2.70	25.731975	17.20		0.00
12/31/2022	3,044,031	159,257	0.00	16.460589	(21.41	)‡	2.70	21.955854	(19.27	)	0.00
12/31/2021	3,918,414	163,349	0.00	19.766571	5.49	‡	3.30	27.196386	13.64		0.00
12/31/2020	3,315,196	155,187	0.00	18.531371	16.55		2.95	23.932818	20.04		0.00
12/31/2019	2,668,219	148,120	0.00	15.899604	19.78	‡	2.95	19.937036	23.37		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

115


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Growth Allocation Fund - Class I
12/31/2023	49,040	2,002	0.00	24.074462	16.65		0.80	25.225299	17.11		0.40
12/31/2022	39,849	1,906	0.00	20.638831	(19.69	)	0.80	21.539324	(19.37	)‡	0.40
12/31/2021	46,895	1,806	0.00	25.700452	11.63	‡	0.80	25.960237	13.57		0.35
12/31/2020	31,039	1,358	0.00	22.783455	19.88		0.45	22.857876	20.00		0.35
12/31/2019	16,541	868	0.00	19.005851	23.16		0.45	19.048875	23.28		0.35
JNL/American Funds Growth Fund - Class A
12/31/2023	4,660,907	106,197	0.00	34.437805	33.57		3.30	51.004407	38.03		0.00
12/31/2022	3,081,442	95,722	0.00	25.782993	(32.42	)	3.30	36.950590	(30.15	)	0.00
12/31/2021	4,201,244	89,946	0.00	38.149604	2.98	‡	3.30	52.903002	21.61		0.00
12/31/2020	2,879,864	74,096	0.00	33.156174	47.05		3.05	43.502844	51.60		0.00
12/31/2019	1,108,232	42,510	0.00	22.548230	26.40		3.05	28.695777	30.32		0.00
JNL/American Funds Growth Fund - Class I
12/31/2023	96,114	1,957	0.00	47.651228	37.36		0.80	49.307591	37.98		0.35
12/31/2022	63,941	1,796	0.00	34.690438	(30.50	)	0.80	35.735560	(30.19	)	0.35
12/31/2021	80,963	1,585	0.00	49.916292	21.00		0.80	51.189855	21.55		0.35
12/31/2020	49,948	1,189	0.00	41.253152	25.68	‡	0.80	42.115705	51.50		0.35
12/31/2019	19,893	718	0.00	27.735761	30.16		0.45	27.798682	30.29		0.35
JNL/American Funds Growth-Income Fund - Class A
12/31/2023	9,601,001	266,386	0.00	27.379174	21.60		3.30	42.972033	25.67		0.00
12/31/2022	7,972,418	274,631	0.00	22.516503	(19.52	)‡	3.30	34.194767	(16.82	)	0.00
12/31/2021	9,906,526	280,142	0.00	26.079531	18.92		3.90	41.111164	23.65		0.00
12/31/2020	8,098,565	279,865	0.00	21.930401	8.77		3.90	33.248200	13.10		0.00
12/31/2019	7,349,008	283,739	0.00	20.161626	20.84		3.90	29.397382	25.66		0.00
JNL/American Funds Growth-Income Fund - Class I
12/31/2023	133,436	3,116	0.00	39.842012	25.06		0.80	43.480764	25.62		0.35
12/31/2022	101,092	2,960	0.00	31.859349	(17.24	)	0.80	34.613363	(16.86	)	0.35
12/31/2021	121,750	2,967	0.00	38.494069	23.02		0.80	41.634400	23.58		0.35
12/31/2020	83,624	2,513	0.00	31.290715	12.55		0.80	33.691440	13.06		0.35
12/31/2019	52,427	1,785	0.00	27.800682	11.45	‡	0.80	29.799180	25.59		0.35
JNL/American Funds International Fund - Class A
12/31/2023	1,347,937	90,600	0.00	11.322091	11.60		3.30	17.772385	15.33		0.00
12/31/2022	1,277,420	97,798	0.00	10.145289	(23.63	)‡	3.30	15.409515	(21.08	)	0.00
12/31/2021	1,723,832	102,771	0.00	13.194338	(5.06	)	3.36	19.524749	(1.82	)	0.00
12/31/2020	1,830,899	105,878	0.00	13.898067	9.80		3.36	19.886524	13.56		0.00
12/31/2019	1,826,377	118,439	0.00	12.657059	18.40		3.36	17.512356	22.45		0.00
JNL/American Funds International Fund - Class I
12/31/2023	16,653	935	0.00	16.503648	14.85		0.80	18.009812	15.37		0.35
12/31/2022	14,139	914	0.00	14.369232	(21.50	)	0.80	15.610848	(21.15	)	0.35
12/31/2021	16,619	848	0.00	18.305285	(2.35	)	0.80	19.797962	(1.91	)	0.35
12/31/2020	13,517	675	0.00	18.744941	20.93	‡	0.80	20.183268	13.53		0.35
12/31/2019	9,845	558	0.00	17.737167	22.26		0.45	17.777404	22.38		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

116


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Moderate Growth Allocation Fund - Class A
12/31/2023	2,324,010	126,641	0.00	15.777227	10.92		2.60	21.368122	13.83		0.00
12/31/2022	2,237,697	137,119	0.00	14.223987	(19.36	)‡	2.60	18.771422	(17.24	)	0.00
12/31/2021	2,910,596	145,685	0.00	12.094018	3.04		6.50	22.682135	9.96		0.00
12/31/2020	2,668,914	145,159	0.00	11.737335	9.94		6.50	20.627715	17.32		0.00
12/31/2019	2,294,071	144,592	0.00	10.676599	4.28	‡	6.50	17.582565	18.65		0.00
JNL/American Funds Moderate Growth Allocation Fund - Class I
12/31/2023	21,665	1,068	0.00	19.991532	13.31		0.80	20.947202	13.76		0.40
12/31/2022	18,888	1,060	0.00	17.643550	(2.92	)‡	0.80	18.413397	(17.31	)‡	0.40
12/31/2021	25,130	1,163	0.00	21.611145	9.77		0.45	21.703542	9.88		0.35
12/31/2020	19,610	997	0.00	19.688522	17.14		0.45	19.752929	17.26		0.35
12/31/2019	15,405	918	0.00	16.807751	18.46		0.45	16.845881	18.58		0.35
JNL/American Funds New World Fund - Class A
12/31/2023	1,318,128	82,094	0.00	12.853934	12.11		2.95	19.232598	15.46		0.00
12/31/2022	1,211,364	86,073	0.00	11.465308	(24.67	)‡	2.95	16.657425	(22.42	)	0.00
12/31/2021	1,642,948	89,363	0.00	13.620431	0.46		3.90	21.471374	4.46		0.00
12/31/2020	1,553,489	87,280	0.00	13.557712	18.35		3.90	20.554981	23.06	‡	0.00
12/31/2019	1,390,052	94,944	0.00	11.455749	23.76		3.90	16.304921	28.37		0.25
JNL/American Funds New World Fund - Class I
12/31/2023	29,728	1,546	0.00	17.847969	14.88		0.80	19.477973	15.40		0.35
12/31/2022	23,569	1,413	0.00	15.535691	(22.82	)	0.80	16.878614	(22.48	)	0.35
12/31/2021	28,530	1,327	0.00	20.129890	3.94		0.80	21.772016	4.41		0.35
12/31/2020	20,083	975	0.00	19.366640	19.66	‡	0.80	20.852618	23.01		0.35
12/31/2019	12,214	728	0.00	16.913557	28.42		0.45	16.952068	28.55		0.35
JNL/American Funds Washington Mutual Investors Fund - Class A
12/31/2023	3,441,847	107,668	0.00	24.377907	13.13		3.30	38.267000	16.92		0.00
12/31/2022	3,202,179	115,693	0.00	21.548245	(11.85	)‡	3.30	32.730037	(8.90	)	0.00
12/31/2021	3,693,597	119,993	0.00	16.826246	19.30		6.50	35.926081	27.31		0.00
12/31/2020	3,072,092	125,575	0.00	14.104394	1.60		6.50	28.219237	28.97	‡	0.00
12/31/2019	3,046,358	133,328	0.00	13.882927	7.30	‡	6.50	25.285147	20.60		0.30
JNL/American Funds Washington Mutual Investors Fund - Class I
12/31/2023	46,660	1,221	0.00	35.489843	16.32		0.80	38.731107	16.84		0.35
12/31/2022	39,969	1,220	0.00	30.510912	(9.36	)	0.80	33.148414	(8.95	)	0.35
12/31/2021	37,965	1,055	0.00	33.662513	26.68		0.80	36.408568	27.26		0.35
12/31/2020	21,808	770	0.00	26.571976	7.85		0.80	28.610584	8.34		0.35
12/31/2019	14,079	537	0.00	24.637114	12.79	‡	0.80	26.408076	20.94		0.35
JNL/AQR Large Cap Defensive Style Fund - Class A
12/31/2023	348,927	25,107	0.00	13.115095	7.74		2.60	14.749990	10.57		0.00
12/31/2022	345,982	27,167	0.00	12.173006	(10.91	)‡	2.60	13.339990	(8.57	)	0.00
12/31/2021	369,344	26,174	0.00	13.631113	18.74		2.70	14.589988	21.99		0.00
12/31/2020	51,336	4,376	0.00	11.479776	8.80		2.70	11.959988	11.78		0.00
12/31/2019+	34,342	3,231	0.00	10.550987	4.41	‡	2.70	10.700000	7.00	‡	0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/AQR Large Cap Defensive Style Fund - Class A - June 24, 2019.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

117


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/AQR Large Cap Defensive Style Fund - Class I
12/31/2023	6,776	462	0.00	14.649347	10.41		0.45	14.715633	10.52		0.35
12/31/2022	6,034	455	0.00	13.268319	(8.71	)‡	0.45	13.315066	(8.62	)	0.35
12/31/2021	5,298	364	0.00	14.406169	8.93	‡	0.80	14.570938	21.97		0.35
12/31/2020	1,642	138	0.00	11.928123	11.63		0.45	11.946258	11.75		0.35
12/31/2019+	570	53	0.00	10.684961	6.85	‡	0.45	10.690511	6.91	‡	0.35
JNL/Baillie Gifford International Growth Fund - Class A
12/31/2023	673,937	59,124	0.00	10.501648	10.74		2.60	12.185106	13.65		0.00
12/31/2022	621,474	61,188	0.41	9.483105	(38.83	)‡	2.60	10.721644	(37.23	)	0.00
12/31/2021	1,087,602	66,347	0.00	15.047053	(11.14	)‡	3.30	17.080002	(6.97	)	0.00
12/31/2020	1,169,440	65,557	0.00	16.882390	52.02		3.00	18.360002	56.66		0.00
12/31/2019	593,931	51,505	0.00	11.105028	26.65		3.00	11.720002	30.51		0.00
JNL/Baillie Gifford International Growth Fund - Class I
12/31/2023	18,718	1,551	0.00	11.977353	13.19		0.80	12.147077	13.70		0.35
12/31/2022	18,139	1,708	0.92	10.581878	(37.56	)	0.80	10.683793	(37.28	)	0.35
12/31/2021	29,508	1,738	0.00	16.947159	(7.44	)	0.80	17.033755	(7.02	)	0.35
12/31/2020	28,847	1,579	0.00	18.308530	55.91		0.80	18.319384	56.62		0.35
12/31/2019	11,324	972	0.00	11.742650	16.29	‡	0.80	11.696871	30.40		0.35
JNL/Baillie Gifford U.S. Equity Growth Fund - Class A
12/31/2023	7,859	1,403	0.00	5.526916	28.03	‡	1.35	5.730005	45.80		0.00
12/31/2022	1,388	358	0.00	3.848284	(56.29	)	1.25	3.930004	(55.74	)	0.00
12/31/2021+	1,433	162	0.00	8.804434	(11.96	)‡	1.25	8.880003	(11.20	)	0.00
JNL/BlackRock Global Allocation Fund - Class A
12/31/2023	2,648,869	158,995	0.00	13.234643	10.54		3.05	19.806469	13.96		0.00
12/31/2022	2,639,609	178,251	0.00	11.972242	(18.07	)‡	3.05	17.380450	(15.54	)	0.00
12/31/2021	3,498,419	196,890	0.00	13.281030	3.20		3.90	20.578933	7.30		0.00
12/31/2020	3,536,425	210,915	0.00	12.869740	14.39		3.90	19.178841	18.94		0.00
12/31/2019	3,409,303	238,754	0.00	11.250996	13.20		3.90	16.125194	17.71		0.00
JNL/BlackRock Global Allocation Fund - Class I
12/31/2023	20,079	1,030	0.00	18.412786	13.45		0.80	20.024039	13.96		0.35
12/31/2022	18,156	1,061	0.00	16.230571	0.06	‡	0.80	17.571798	(15.62	)	0.35
12/31/2021	22,135	1,094	0.00	20.735386	7.21		0.45	20.823987	7.32		0.35
12/31/2020	19,084	1,011	0.00	19.341129	18.70		0.45	19.404352	18.81		0.35
12/31/2019	14,738	928	0.00	16.294753	17.55		0.45	16.331691	17.67		0.35
JNL/BlackRock Global Natural Resources Fund - Class A
12/31/2023	839,747	71,376	0.00	9.133188	(4.32	)	2.80	14.682778	(1.61	)	0.00
12/31/2022	1,234,215	102,088	0.00	9.545488	14.42	‡	2.80	14.922723	17.66		0.00
12/31/2021	793,031	76,029	0.00	7.234511	25.78		3.75	12.683174	30.59		0.00
12/31/2020	634,835	78,502	0.00	5.751640	0.46	‡	3.75	9.712337	4.29		0.00
12/31/2019	601,724	77,001	0.00	5.769469	10.62		3.70	9.312416	14.79		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/AQR Large Cap Defensive Style Fund - Class I - June 24, 2019; JNL/Baillie Gifford U.S. Equity Growth Fund - Class A - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

118


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/BlackRock Global Natural Resources Fund - Class I
12/31/2023	10,535	746	0.00	13.338118	(2.13	)	0.80	14.395014	(1.69	)	0.35
12/31/2022	17,863	1,240	0.00	13.628956	17.23		0.80	14.643083	17.76		0.35
12/31/2021	8,944	732	0.00	11.625406	15.39	‡	0.80	12.434475	30.40		0.35
12/31/2020	2,447	263	0.00	9.403310	4.14		0.45	9.535539	4.25		0.35
12/31/2019	3,030	339	0.00	9.029320	14.57		0.45	9.147146	14.68		0.35
JNL/BlackRock Large Cap Select Growth Fund - Class A
12/31/2023	3,253,510	29,484	0.00	67.678442	45.21		3.05	162.084765	49.70		0.00
12/31/2022	2,259,323	30,330	0.00	46.607121	(39.74	)‡	3.05	108.273464	(37.88	)	0.00
12/31/2021	4,084,562	33,589	0.00	61.648053	15.84		3.90	174.288204	20.45		0.00
12/31/2020	3,903,352	38,276	0.00	53.217372	33.13		3.90	144.697801	41.12	‡	0.00
12/31/2019	2,839,944	38,242	0.00	39.973551	27.24		3.90	98.282505	31.97		0.25
JNL/BlackRock Large Cap Select Growth Fund - Class I
12/31/2023	47,057	286	0.00	138.676547	48.94		0.80	170.610856	49.61		0.35
12/31/2022	27,022	245	0.00	93.109592	(38.18	)	0.80	114.037858	(37.90	)	0.35
12/31/2021	45,429	257	0.00	150.614898	15.30	‡	0.80	183.642650	20.38		0.35
12/31/2020	39,167	265	0.00	127.301307	22.78	‡	0.75	152.549247	38.36		0.35
12/31/2019	19,637	183	0.00	110.002923	32.14		0.45	110.252393	32.27		0.35
JNL/Causeway International Value Select Fund - Class A
12/31/2023	729,452	35,491	1.62	14.048805	24.82	‡	2.80	29.005624	28.35		0.00
12/31/2022	467,040	28,834	1.33	11.703333	(9.47	)‡	2.65	22.598813	(7.05	)	0.00
12/31/2021	486,524	27,527	1.30	9.572503	4.34		3.91	24.312568	8.50		0.00
12/31/2020	454,045	27,603	4.68	9.174631	1.83		3.91	22.408446	5.89		0.00
12/31/2019	463,206	29,491	2.89	9.009448	14.41		3.91	21.161144	18.97		0.00
JNL/Causeway International Value Select Fund - Class I
12/31/2023	25,480	866	1.88	25.022919	27.77		0.80	30.101308	28.34		0.35
12/31/2022	14,023	608	1.78	19.584078	2.12	‡	0.80	23.453570	(7.07	)	0.35
12/31/2021	12,580	509	2.13	25.129489	8.28		0.45	25.236831	8.38		0.35
12/31/2020	3,753	164	5.53	23.208800	5.75		0.45	23.284753	5.86		0.35
12/31/2019	2,138	99	3.45	21.946091	18.76		0.45	21.995888	18.88		0.35
JNL/ClearBridge Large Cap Growth Fund - Class A
12/31/2023	587,420	28,839	0.00	18.459687	40.56	‡	2.80	21.997869	44.55		0.00
12/31/2022	335,035	23,483	0.00	12.961297	(34.53	)	3.05	15.218526	(32.51	)	0.00
12/31/2021	523,638	24,456	0.00	19.796152	17.53		3.05	22.547819	21.17		0.00
12/31/2020	425,031	23,770	0.00	16.843503	26.59		3.05	18.608201	30.50		0.00
12/31/2019	286,978	20,684	0.00	13.306031	27.70		3.05	14.258624	31.66		0.00
JNL/ClearBridge Large Cap Growth Fund - Class I
12/31/2023	32,762	1,503	0.00	21.314784	43.90		0.80	21.924364	44.54		0.35
12/31/2022	23,168	1,534	0.00	14.812647	(32.86	)	0.80	15.168047	(32.56	)	0.35
12/31/2021	31,665	1,413	0.00	22.063561	0.12	‡	0.80	22.491702	21.14		0.35
12/31/2020	17,294	934	0.00	18.506020	30.37		0.45	18.566585	30.50		0.35
12/31/2019	8,308	585	0.00	14.194528	31.33		0.45	14.226744	31.46		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

119


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/DFA International Core Equity Fund - Class A
12/31/2023	268,256	21,667	1.95	11.543280	5.82	‡	2.80	13.099625	15.59		0.00
12/31/2022	188,999	17,436	1.44	10.359778	(6.33	)‡	2.55	11.332793	(12.05	)	0.00
12/31/2021	112,912	9,048	2.16	12.112569	1.28	‡	2.45	12.885069	11.33		0.00
12/31/2020	33,746	2,969	0.86	11.226513	32.92	‡	2.00	11.573397	6.96		0.00
12/31/2019+	8,695	809	0.00	10.716154	6.53	‡	1.85	10.819999	8.20	‡	0.00
JNL/DFA International Core Equity Fund - Class I
12/31/2023	17,719	1,358	2.17	12.834765	15.04		0.80	13.098531	15.55		0.35
12/31/2022	13,368	1,183	1.84	11.157047	(12.36	)	0.80	11.335333	(11.97	)	0.35
12/31/2021	6,247	486	2.68	12.730589	1.75	‡	0.80	12.876112	11.24		0.35
12/31/2020	2,633	228	0.93	11.557318	6.87		0.45	11.574890	6.97		0.35
12/31/2019+	232	21	0.00	10.814660	8.15	‡	0.45	10.820274	8.20	‡	0.35
JNL/DFA U.S. Core Equity Fund - Class A
12/31/2023	1,180,916	20,073	0.00	40.105218	19.03		2.70	83.790731	22.27		0.00
12/31/2022	1,076,963	22,119	0.00	33.694162	(17.84	)‡	2.70	68.527730	(15.60	)	0.00
12/31/2021	1,369,406	23,417	0.00	34.356792	22.64		3.40	81.194972	26.88		0.00
12/31/2020	1,148,587	24,719	0.00	28.014848	11.98		3.40	63.993818	15.85		0.00
12/31/2019	1,167,572	28,782	0.00	25.017909	25.21		3.40	55.237493	29.55		0.00
JNL/DFA U.S. Core Equity Fund - Class I
12/31/2023	32,096	377	0.00	71.878536	21.74		0.80	87.485651	22.28		0.35
12/31/2022	25,847	371	0.00	59.043872	(15.98	)	0.80	71.542550	(15.60	)	0.35
12/31/2021	25,292	306	0.00	70.269547	10.03	‡	0.80	84.763288	26.88		0.35
12/31/2020	13,040	199	0.00	66.586539	15.78		0.45	66.804369	15.90		0.35
12/31/2019	8,425	148	0.00	57.510509	29.41		0.45	57.640981	29.54		0.35
JNL/DFA U.S. Small Cap Fund - Class A
12/31/2023	537,179	20,688	0.00	21.829394	13.50		2.80	29.956037	16.72		0.00
12/31/2022	440,198	19,572	0.00	19.233212	(16.12	)	2.80	25.665907	(13.75	)	0.00
12/31/2021	507,679	19,216	0.00	22.929917	23.95		2.80	29.756497	27.46		0.00
12/31/2020	190,995	9,046	0.00	18.498659	10.04		2.80	23.346254	13.18		0.00
12/31/2019	142,660	7,541	0.51	16.810219	18.02		2.80	20.627519	21.36		0.00
JNL/DFA U.S. Small Cap Fund - Class I
12/31/2023	21,257	1,232	0.00	28.173831	16.18		0.80	15.713206	16.71		0.35
12/31/2022	16,076	1,107	0.00	24.249198	(14.17	)	0.80	13.463775	(13.78	)‡	0.35
12/31/2021	17,549	1,008	0.00	28.250996	3.63	‡	0.80	29.598850	7.42		0.30
12/31/2020	6,908	541	0.00	12.201628	13.03		0.45	12.241535	13.15		0.35
12/31/2019	4,925	412	1.20	10.794735	21.26		0.45	10.819226	21.38		0.35
JNL/DoubleLine Core Fixed Income Fund - Class A
12/31/2023	1,692,718	83,982	0.00	12.933770	2.85		3.05	28.438618	6.03		0.00
12/31/2022	1,726,355	89,766	0.00	12.575237	(15.88	)‡	3.05	26.822528	(13.28	)	0.00
12/31/2021	2,296,322	102,236	0.00	12.177657	(4.25	)	3.91	30.930086	(0.43	)	0.00
12/31/2020	2,472,209	108,253	0.00	12.718398	1.06		3.91	31.064749	5.09		0.00
12/31/2019	2,591,296	117,922	2.66	12.585315	3.68		3.91	29.560896	7.81		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/DFA International Core Equity Fund - Class A - June 24, 2019; JNL/DFA International Core Equity Fund - Class I - June 24, 2019.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

120


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/DoubleLine Core Fixed Income Fund - Class I
12/31/2023	26,618	938	0.00	24.506328	5.53		0.80	29.480729	6.00		0.35
12/31/2022	21,776	812	0.00	23.222908	(13.71	)	0.80	27.812191	(13.32	)	0.35
12/31/2021	26,229	850	0.00	26.912167	(0.32	)‡	0.80	32.086219	(0.48	)	0.35
12/31/2020	21,761	698	0.00	32.136584	4.86		0.45	32.241705	4.97		0.35
12/31/2019	13,754	464	4.10	30.645925	7.75		0.45	30.715423	7.85		0.35
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
12/31/2023	117,645	11,035	0.00	9.476009	6.42		2.80	11.750031	9.39		0.00
12/31/2022	116,799	11,843	0.00	8.904096	(17.39	)	2.80	10.741709	(15.05	)	0.00
12/31/2021	151,492	12,880	0.00	10.778299	(2.05	)	2.80	12.645174	0.74		0.00
12/31/2020	145,977	12,354	0.00	11.003598	0.15		2.80	12.552573	3.02		0.00
12/31/2019	45,279	3,901	0.00	10.986884	1.30	‡	2.80	12.185006	11.38		0.00
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I
12/31/2023	3,146	274	0.00	11.498001	9.24		0.45	11.570449	9.35		0.35
12/31/2022	2,628	250	0.00	10.525552	(15.16	)	0.45	10.581317	(15.08	)	0.35
12/31/2021	3,262	263	0.00	12.406341	0.54		0.45	12.459634	0.64		0.35
12/31/2020	2,539	206	0.00	12.339518	2.88		0.45	12.380149	2.98		0.35
12/31/2019	1,628	136	0.00	11.994598	11.17		0.45	12.021794	11.28		0.35
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A
12/31/2023	1,635,337	64,687	0.00	21.864853	23.55		3.05	28.124992	27.36		0.00
12/31/2022	1,379,986	68,658	0.00	17.697606	(25.99	)‡	3.05	22.082515	(23.70	)	0.00
12/31/2021	2,065,697	77,398	0.00	22.670236	17.45	‡	3.90	28.942868	24.01		0.00
12/31/2020	1,489,202	68,365	0.00	19.880221	11.72		3.05	23.339842	15.18		0.00
12/31/2019	1,411,536	73,675	0.00	17.794401	2.79	‡	3.05	20.263668	33.66		0.00
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I
12/31/2023	28,379	1,071	0.00	26.911214	26.79		0.80	26.428241	27.36		0.35
12/31/2022	23,480	1,131	0.00	21.224442	(24.10	)	0.80	20.750354	(23.75	)	0.35
12/31/2021	37,203	1,357	0.00	27.961997	22.78	‡	0.80	27.215114	23.96		0.35
12/31/2020	22,808	1,036	0.00	21.883987	15.01		0.45	21.955534	15.12		0.35
12/31/2019	14,825	773	0.00	19.028085	33.48		0.45	19.071215	33.62		0.35
JNL/DoubleLine Total Return Fund - Class A
12/31/2023	674,749	66,340	0.00	8.750565	2.30		2.70	11.553219	5.09		0.00
12/31/2022	675,213	68,961	0.00	8.553909	(10.41	)‡	2.70	10.993666	(13.02	)	0.00
12/31/2021	889,468	78,012	0.00	9.145162	(4.24	)	3.90	12.639418	(0.43	)	0.00
12/31/2020	955,655	82,492	0.00	9.550158	(1.27	)	3.90	12.694279	2.66		0.00
12/31/2019	1,012,628	88,653	0.00	9.672524	1.57		3.90	12.365122	5.62		0.00
JNL/DoubleLine Total Return Fund - Class I
12/31/2023	15,733	1,440	0.00	10.904630	4.59		0.80	10.858849	5.06		0.35
12/31/2022	13,277	1,281	0.00	10.425925	(13.44	)	0.80	10.335646	(13.05	)	0.35
12/31/2021	14,910	1,241	0.00	12.044805	0.37	‡	0.80	11.887117	(0.52	)	0.35
12/31/2020	12,877	1,069	0.00	11.910367	2.46		0.45	11.949322	2.56		0.35
12/31/2019	11,643	994	0.00	11.624606	5.53		0.45	11.650971	5.63		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

121


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A
12/31/2023	741,526	28,120	0.00	17.504474	3.91		2.75	38.473602	6.80		0.00
12/31/2022	709,012	28,433	0.00	16.846017	(15.87	)‡	2.75	36.024695	(13.53	)	0.00
12/31/2021	947,929	32,535	0.00	14.702333	(4.50	)	3.91	41.663627	(0.69	)	0.00
12/31/2020	986,280	33,289	0.00	15.395034	4.25		3.91	41.953632	8.41	‡	0.00
12/31/2019	832,361	30,187	1.76	14.767075	5.04		3.91	35.947446	8.90		0.30
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
12/31/2023	11,300	290	0.00	32.575081	6.20	‡	0.80	40.074899	6.68		0.35
12/31/2022	8,059	219	0.00	37.369722	(13.67	)‡	0.45	37.566714	(13.59	)	0.35
12/31/2021	8,960	210	0.00	35.654654	(0.04	)‡	0.80	43.472531	(0.72	)	0.35
12/31/2020	8,116	191	0.00	43.647045	8.17		0.45	43.789685	8.28		0.35
12/31/2019	3,978	100	2.70	40.349576	9.07		0.45	40.441016	9.18		0.35
JNL/First Sentier Global Infrastructure Fund - Class A
12/31/2023	510,383	28,430	0.00	14.499406	(0.27	)	3.05	20.939337	2.81		0.00
12/31/2022	579,247	32,769	0.00	14.539027	(6.89	)‡	3.05	20.367492	(4.01	)	0.00
12/31/2021	647,440	34,697	0.00	14.334410	8.63		3.90	21.219185	12.95		0.00
12/31/2020	577,953	34,570	0.00	13.195292	(7.36	)	3.90	18.785796	(3.68	)	0.00
12/31/2019	714,401	40,642	0.00	14.244384	22.06		3.90	19.503643	26.92		0.00
JNL/First Sentier Global Infrastructure Fund - Class I
12/31/2023	5,824	279	0.00	19.593206	0.08	‡	0.80	21.108568	2.75		0.35
12/31/2022	5,824	286	0.00	19.260328	(4.45	)	0.75	20.543038	(4.07	)	0.35
12/31/2021	4,546	215	0.00	20.156965	5.05	‡	0.75	21.413803	12.92		0.35
12/31/2020	2,413	128	0.00	18.901483	(3.84	)	0.45	18.962893	(3.74	)	0.35
12/31/2019	1,867	95	0.00	19.655704	26.67		0.45	19.699861	26.80		0.35
JNL/Franklin Templeton Income Fund - Class A
12/31/2023	1,405,511	72,243	0.00	14.350945	4.94		3.05	24.595934	8.19		0.00
12/31/2022	1,464,004	80,388	0.00	13.675137	(7.29	)‡	3.05	22.735050	(4.42	)	0.00
12/31/2021	1,561,713	80,949	0.00	13.214739	10.53		3.75	23.786849	14.75		0.00
12/31/2020	1,510,434	88,763	0.00	11.955765	(2.85	)	3.75	20.728542	0.87		0.00
12/31/2019	1,723,947	100,914	0.00	12.306051	11.82		3.75	20.550557	16.09		0.00
JNL/Franklin Templeton Income Fund - Class I
12/31/2023	7,129	287	0.00	22.255004	7.68		0.80	23.884288	8.11		0.40
12/31/2022	7,740	337	0.00	20.667754	(0.66	)‡	0.80	22.092609	(4.61	)‡	0.40
12/31/2021	6,667	278	0.00	24.191020	14.67		0.45	24.294318	14.79		0.35
12/31/2020	4,645	221	0.00	21.095526	0.70		0.45	21.164429	0.80		0.35
12/31/2019	3,182	153	0.00	20.949672	15.83		0.45	20.997095	15.94		0.35
JNL/Goldman Sachs 4 Fund - Class A
12/31/2023	4,637,739	126,500	0.00	27.740102	10.99		3.05	45.289358	14.42		0.00
12/31/2022	4,694,202	144,652	0.00	24.993041	(13.59	)‡	3.05	39.582270	(10.92	)	0.00
12/31/2021	6,030,830	163,314	0.00	26.731054	30.68		3.61	44.436583	35.48		0.00
12/31/2020	5,059,492	183,382	0.00	20.455954	0.81		3.61	32.799370	4.52		0.00
12/31/2019	5,955,743	222,780	0.00	20.291761	20.61		3.61	31.382427	25.04		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

122


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Goldman Sachs 4 Fund - Class I
12/31/2023	29,895	828	0.00	41.125208	13.87		0.80	34.407774	14.38		0.35
12/31/2022	27,952	883	0.00	36.115152	(11.41	)	0.80	30.080757	(11.01	)	0.35
12/31/2021	31,707	870	0.00	40.764879	34.80		0.80	33.801538	35.41		0.35
12/31/2020	16,417	625	0.00	30.241352	4.02		0.80	24.963028	4.49		0.35
12/31/2019	11,173	461	0.00	29.071590	8.73	‡	0.80	23.889796	24.98		0.35
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
12/31/2023	2,010,784	52,970	0.00	27.613179	19.06		2.60	53.909695	22.19		0.00
12/31/2022	1,825,640	58,042	0.00	23.192129	(24.14	)‡	2.60	44.119166	(9.13	)‡	0.00
12/31/2021	2,558,413	62,427	0.00	23.270582	12.04		3.75	53.408383	16.03		0.25
12/31/2020	2,362,131	66,279	0.00	20.769575	15.68		3.75	46.028673	19.80		0.25
12/31/2019	2,152,146	71,619	0.00	17.954577	22.12		3.75	38.421561	26.47		0.25
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I
12/31/2023	11,654	331	0.00	45.921310	21.60		0.80	50.902521	22.08		0.40
12/31/2022	9,696	336	0.00	37.765325	(8.28	)‡	0.80	41.695138	(22.26	)‡	0.40
12/31/2021	16,314	432	0.00	36.473166	16.17		0.45	36.629019	16.29		0.35
12/31/2020	11,611	365	0.00	31.395268	19.91		0.45	31.497906	20.03		0.35
12/31/2019	10,669	387	0.00	26.181736	26.59		0.45	26.241077	26.72		0.35
JNL/Goldman Sachs Managed Conservative Fund - Class A
12/31/2023	720,885	47,282	0.00	11.809919	5.67		2.70	19.851349	8.55	‡	0.00
12/31/2022	780,757	54,910	0.00	11.176291	(16.88	)‡	2.70	17.315158	(14.86	)‡	0.30
12/31/2021	1,061,941	62,879	0.00	11.325103	(0.04	)	3.70	20.511604	3.47		0.25
12/31/2020	1,126,755	68,293	0.00	11.329422	4.84		3.70	19.824531	8.52		0.25
12/31/2019	1,103,850	71,857	0.00	10.805918	7.03		3.70	18.268163	10.78		0.25
JNL/Goldman Sachs Managed Conservative Fund - Class I
12/31/2023	2,269	149	0.00	15.049949	8.37		0.45	15.144440	8.48		0.35
12/31/2022	2,925	209	0.00	13.887134	(14.77	)	0.45	13.960372	(14.69	)	0.35
12/31/2021	2,270	138	0.00	16.294147	3.67		0.45	16.363788	3.77		0.35
12/31/2020	1,976	126	0.00	15.717266	8.61		0.45	15.768739	8.72		0.35
12/31/2019	2,083	144	0.00	14.471648	10.85		0.45	14.504527	10.96		0.35
JNL/Goldman Sachs Managed Growth Fund - Class A
12/31/2023	4,000,078	112,625	0.00	23.107986	16.45		3.05	50.653250	20.04		0.00
12/31/2022	3,774,823	125,920	0.00	19.844304	(23.50	)‡	3.05	42.196125	(21.14	)‡	0.00
12/31/2021	5,331,846	138,159	0.00	21.711732	10.20		3.80	50.424867	14.18		0.25
12/31/2020	5,235,495	153,385	0.00	19.702594	14.29		3.80	44.162671	18.42		0.25
12/31/2019	5,060,005	173,818	0.00	17.239658	19.77		3.80	37.294263	24.10		0.25
JNL/Goldman Sachs Managed Growth Fund - Class I
12/31/2023	22,321	759	0.00	43.152426	19.48		0.80	47.833116	19.96		0.40
12/31/2022	18,135	754	0.00	36.115538	(10.82	)‡	0.80	39.873620	(21.22	)‡	0.40
12/31/2021	22,251	664	0.00	29.793157	14.30		0.45	29.919954	14.42		0.35
12/31/2020	14,269	505	0.00	26.064640	18.50		0.45	26.149409	18.62		0.35
12/31/2019	8,148	362	0.00	21.995024	24.20		0.45	22.044505	24.33		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

123


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Goldman Sachs Managed Moderate Fund - Class A
12/31/2023	1,738,711	89,324	0.00	14.125784	8.78		3.05	25.400120	12.14		0.00
12/31/2022	1,809,529	102,854	0.00	12.986143	(19.01	)‡	3.05	22.651304	(6.64	)‡	0.00
12/31/2021	2,499,769	116,977	0.00	14.347749	2.89		3.70	25.764338	6.44		0.30
12/31/2020	2,619,723	129,169	0.00	13.945120	8.25		3.70	24.205400	11.99		0.30
12/31/2019	2,650,994	144,879	0.00	12.882339	10.73		3.70	21.614229	14.55		0.30
JNL/Goldman Sachs Managed Moderate Fund - Class I
12/31/2023	3,135	164	0.00	22.594901	3.72	‡	0.80	24.403273	12.07		0.40
12/31/2022	2,674	155	0.00	17.002519	(16.63	)	0.45	21.774859	(16.59	)‡	0.40
12/31/2021	4,028	196	0.00	20.394731	6.57		0.45	20.481898	6.68		0.35
12/31/2020	4,289	209	0.00	19.136701	12.20		0.45	19.199283	12.32		0.35
12/31/2019	3,285	167	0.00	17.055228	14.73		0.45	17.093893	14.85		0.35
JNL/Goldman Sachs Managed Moderate Growth Fund - Class A
12/31/2023	3,764,814	131,054	0.00	18.961571	12.63		3.00	41.030371	16.05		0.00
12/31/2022	3,729,926	148,659	0.00	16.835030	(21.34	)‡	3.00	35.354978	(7.74	)‡	0.00
12/31/2021	5,218,913	166,159	0.00	13.954297	5.65		4.80	41.105602	10.57		0.25
12/31/2020	5,342,095	186,063	0.00	13.207512	10.09		4.80	37.175112	15.21		0.25
12/31/2019	5,311,356	210,974	0.00	11.997300	6.80	‡	4.80	32.266611	18.83		0.25
JNL/Goldman Sachs Managed Moderate Growth Fund - Class I
12/31/2023	7,372	262	0.00	23.712512	15.84		0.45	38.753830	15.90		0.40
12/31/2022	6,568	271	0.00	20.469436	(19.06	)	0.45	33.436955	(19.02	)‡	0.40
12/31/2021	8,139	271	0.00	25.289866	10.67		0.45	25.397947	10.78		0.35
12/31/2020	5,498	212	0.00	22.851709	15.37		0.45	22.926431	15.49		0.35
12/31/2019	5,782	244	0.00	19.807035	18.93		0.45	19.851939	19.05		0.35
JNL/GQG Emerging Markets Equity Fund - Class A
12/31/2023	333,937	25,477	0.00	11.899139	25.37		2.80	14.179997	28.95		0.00
12/31/2022	238,806	23,219	0.00	9.491060	(24.05	)	2.80	10.996528	(21.90	)	0.00
12/31/2021	296,236	22,221	0.00	12.495823	(4.98	)	2.80	14.079579	(2.30	)	0.00
12/31/2020	211,657	15,332	0.00	13.150990	29.45		2.80	14.410987	33.12		0.00
12/31/2019	77,123	7,341	0.65	10.159250	17.74		2.80	10.825815	21.09		0.00
JNL/GQG Emerging Markets Equity Fund - Class I
12/31/2023	15,855	1,127	0.00	13.749604	28.26		0.80	14.142336	28.84		0.35
12/31/2022	10,864	994	0.00	10.719862	(22.24	)	0.80	10.976682	(21.89	)	0.35
12/31/2021	12,637	903	0.00	13.786233	(12.42	)‡	0.80	14.053360	(2.34	)	0.35
12/31/2020	8,210	572	0.00	14.343753	32.95		0.45	14.390644	33.08		0.35
12/31/2019	3,198	296	0.56	10.788934	20.83		0.45	10.813376	20.95		0.35
JNL/Harris Oakmark Global Equity Fund - Class A
12/31/2023	426,262	29,224	1.32	12.870320	16.81	‡	2.70	16.268050	19.99		0.00
12/31/2022	387,661	31,487	0.41	11.061049	(18.18	)‡	2.65	13.557308	(15.99	)	0.00
12/31/2021	524,034	35,329	0.97	13.473960	14.71		2.70	16.138005	17.85		0.00
12/31/2020	395,825	31,022	3.28	11.745759	8.29		2.70	13.693337	11.25		0.00
12/31/2019	427,770	36,840	1.52	10.846779	24.24		2.70	12.308644	27.64		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

124


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Harris Oakmark Global Equity Fund - Class I
12/31/2023	8,080	515	1.69	15.516911	19.49		0.80	15.656030	20.03		0.35
12/31/2022	7,639	585	0.75	12.985697	(16.45	)	0.80	13.043449	(16.08	)	0.35
12/31/2021	9,716	622	1.19	15.543232	(0.93	)‡	0.80	15.542433	17.73		0.35
12/31/2020	5,459	412	4.82	13.158668	11.18		0.45	13.201716	11.29		0.35
12/31/2019	3,511	295	2.17	11.835189	27.35		0.45	11.862039	27.48		0.35
JNL/Heitman U.S. Focused Real Estate Fund - Class A
12/31/2023	97,160	7,869	2.08	11.383486	6.64		2.80	13.233280	9.66		0.00
12/31/2022	99,927	8,762	1.02	10.674368	(27.79	)‡	2.80	12.067976	(25.74	)	0.00
12/31/2021	178,027	11,450	1.45	14.241067	34.31	‡	3.90	16.251797	44.13		0.00
12/31/2020	30,400	2,784	1.81	10.546490	8.71	‡	2.80	11.275496	(4.14	)	0.00
12/31/2019	30,838	2,673	1.45	11.330928	1.72	‡	2.70	11.762272	25.26		0.00
JNL/Heitman U.S. Focused Real Estate Fund - Class I
12/31/2023	3,474	265	2.70	12.870593	8.54	‡	0.80	13.186107	9.51		0.35
12/31/2022	3,053	255	1.35	11.988592	(25.88	)	0.45	12.041152	(25.81	)	0.35
12/31/2021	5,464	338	1.72	16.174922	44.00		0.45	16.229694	44.14		0.35
12/31/2020	917	82	2.50	11.232720	(4.32	)	0.45	11.259532	(4.22	)	0.35
12/31/2019	641	55	1.24	11.739713	25.11		0.45	11.755961	25.23		0.35
JNL/Invesco Diversified Dividend Fund - Class A
12/31/2023	348,681	25,070	0.00	12.725339	5.65		2.70	15.070074	8.54		0.00
12/31/2022	391,566	30,188	0.00	12.044447	(6.48	)‡	2.70	13.884675	(1.97	)	0.00
12/31/2021	160,810	11,984	0.00	12.702205	4.00	‡	2.55	14.162991	18.65		0.00
12/31/2020	108,425	9,472	0.00	11.018625	(1.83	)	2.45	11.936491	0.61		0.00
12/31/2019	97,998	8,508	2.54	11.223669	20.85		2.45	11.864344	23.84		0.00
JNL/Invesco Diversified Dividend Fund - Class I
12/31/2023	14,492	971	0.00	14.620307	0.85	‡	0.80	15.038404	8.54		0.35
12/31/2022	16,103	1,170	0.00	13.782584	(2.16	)	0.45	13.855348	(2.07	)	0.35
12/31/2021	5,100	364	0.00	14.087463	18.54		0.45	14.147726	18.66		0.35
12/31/2020	3,298	280	0.00	11.883994	0.41		0.45	11.922882	0.51		0.35
12/31/2019	2,328	199	2.52	11.835473	23.72		0.45	11.862339	23.85		0.35
JNL/Invesco Global Growth Fund - Class A
12/31/2023	1,304,692	35,842	0.00	24.889409	30.49		3.05	49.690942	34.52		0.00
12/31/2022	1,092,761	39,873	0.00	19.074262	(34.22	)‡	3.05	36.939457	(10.33	)‡	0.00
12/31/2021	1,787,737	43,571	0.00	24.317939	10.96		3.90	51.732645	15.08		0.25
12/31/2020	1,759,004	48,862	0.00	21.916334	23.26		3.90	44.952168	27.85		0.25
12/31/2019	1,700,379	59,777	0.60	17.779860	26.26		3.90	35.160564	30.96		0.25
JNL/Invesco Global Growth Fund - Class I
12/31/2023	14,335	287	0.00	43.644237	33.90		0.80	48.884584	34.57		0.30
12/31/2022	11,207	302	0.00	32.595503	(32.56	)	0.80	36.327646	(32.23	)	0.30
12/31/2021	18,005	330	0.00	48.334404	10.34	‡	0.80	53.600787	15.38		0.30
12/31/2020	13,349	281	0.00	48.562809	27.93		0.45	46.456421	28.13		0.30
12/31/2019	9,997	267	1.07	37.959049	31.14		0.45	36.258165	11.66	‡	0.30



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

125


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Invesco Small Cap Growth Fund - Class A
12/31/2023	1,543,825	35,411	0.00	31.705373	9.05	‡	2.75	58.330496	12.08		0.00
12/31/2022	1,436,820	36,480	0.00	27.278734	(37.22	)‡	3.05	52.041884	(35.28	)	0.00
12/31/2021	2,308,501	37,426	0.00	20.379997	0.22		6.80	80.412112	7.27		0.00
12/31/2020	2,328,187	40,070	0.00	20.335993	46.22		6.80	74.963170	56.51		0.00
12/31/2019	1,660,791	44,177	0.00	13.907899	16.23		6.80	47.897107	24.41		0.00
JNL/Invesco Small Cap Growth Fund - Class I
12/31/2023	19,862	338	0.00	51.384038	11.55		0.80	60.030662	12.05		0.35
12/31/2022	15,126	288	0.00	46.063862	(35.61	)	0.80	53.574342	(35.32	)	0.35
12/31/2021	24,501	303	0.00	71.539774	6.74		0.80	82.831409	7.22		0.35
12/31/2020	19,231	254	0.00	67.022308	18.79	‡	0.80	77.252467	56.40		0.35
12/31/2019	8,209	170	0.00	49.283835	24.26		0.45	49.395541	24.39		0.35
JNL/JPMorgan Global Allocation Fund - Class A
12/31/2023	948,857	74,626	0.00	10.799523	9.25		3.05	14.506622	12.62		0.00
12/31/2022	963,450	84,189	0.00	9.885266	(21.47	)	3.05	12.880697	(19.04	)	0.00
12/31/2021	1,339,137	93,440	0.00	12.587895	5.62		3.05	15.910833	8.89		0.00
12/31/2020	1,395,068	104,571	0.00	11.918497	25.15	‡	3.05	14.612194	11.70		0.00
12/31/2019+	33,779	2,745	0.00	11.776556	4.76	‡	1.85	13.081368	17.78	‡	0.00
JNL/JPMorgan Global Allocation Fund - Class I
12/31/2023	2,508	174	0.00	13.757911	12.12		0.80	14.474816	12.62		0.35
12/31/2022	2,524	198	0.00	12.271003	(11.39	)‡	0.80	12.852612	(19.11	)	0.35
12/31/2021	3,119	197	0.00	15.297764	2.00	‡	0.75	15.889953	8.87		0.35
12/31/2020	1,638	113	0.00	14.548434	11.55		0.45	14.595932	11.66		0.35
12/31/2019+	21	2	0.00	13.042651	5.53	‡	0.45	13.072151	5.58	‡	0.35
JNL/JPMorgan Hedged Equity Fund - Class A
12/31/2023	691,391	50,250	0.00	12.660663	12.33		2.80	14.719331	15.52		0.00
12/31/2022	558,958	46,308	0.36	11.270518	(10.69	)	2.80	12.742270	(8.16	)	0.00
12/31/2021	483,177	36,300	0.74	12.619586	8.75		2.80	13.874210	11.84		0.00
12/31/2020	310,398	25,761	0.63	11.604098	5.66	‡	2.80	12.404934	14.31		0.00
12/31/2019	74,525	6,987	0.00	10.518873	7.16	‡	2.25	10.851600	13.00		0.00
JNL/JPMorgan Hedged Equity Fund - Class I
12/31/2023	28,376	1,943	0.00	14.316692	14.95		0.80	14.707111	15.53		0.30
12/31/2022	22,940	1,812	0.62	12.454220	0.89	‡	0.80	12.730313	(8.18	)	0.30
12/31/2021	20,458	1,482	1.00	13.654887	2.47	‡	0.75	13.864665	11.83		0.30
12/31/2020	9,017	730	0.74	12.354062	14.19		0.45	12.398310	14.36		0.30
12/31/2019	3,568	330	0.00	10.818847	12.80		0.45	10.841322	7.79	‡	0.30
JNL/JPMorgan MidCap Growth Fund - Class A
12/31/2023	2,709,166	28,175	0.00	58.416971	19.52		3.05	139.894952	23.21		0.00
12/31/2022	2,193,969	27,791	0.00	48.877770	(29.26	)‡	3.05	113.542911	(27.08	)	0.00
12/31/2021	3,270,927	29,811	0.00	55.071734	6.78		3.90	155.706167	11.03		0.00
12/31/2020	3,166,068	31,760	0.00	51.573717	8.18	‡	3.90	140.238670	47.97		0.00
12/31/2019	1,982,073	29,115	0.00	38.942706	34.96		3.61	94.775677	39.92		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/JPMorgan Global Allocation Fund - Class A - June 24, 2019; JNL/JPMorgan Global Allocation Fund - Class I - June 24, 2019.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

126


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/JPMorgan MidCap Growth Fund - Class I
12/31/2023	43,455	308	0.00	117.526383	22.60		0.80	144.590038	23.16		0.35
12/31/2022	31,131	271	0.00	95.858319	(27.45	)	0.80	117.404253	(27.12	)	0.35
12/31/2021	49,018	313	0.00	132.121703	6.80	‡	0.80	161.094105	10.97		0.35
12/31/2020	34,481	242	0.00	144.701591	47.77		0.45	145.174781	47.91		0.35
12/31/2019	14,394	149	0.00	97.926713	39.71		0.45	98.148836	39.85		0.35
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A
12/31/2023	855,781	41,845	0.00	12.907916	1.19		2.90	29.610394	4.16		0.00
12/31/2022	867,359	43,694	0.00	12.756177	(14.18	)‡	2.90	28.427802	(11.66	)	0.00
12/31/2021	1,168,697	51,271	0.00	11.851579	(5.75	)	3.75	32.180264	(2.14	)	0.00
12/31/2020	1,563,966	66,444	0.00	12.574048	3.02		3.75	32.885271	6.95		0.00
12/31/2019	902,107	40,554	0.00	12.205920	2.54		3.75	30.747501	6.46		0.00
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I
12/31/2023	21,043	706	0.00	25.070406	3.68		0.80	30.843616	4.14		0.35
12/31/2022	20,229	705	0.00	24.181111	(12.09	)	0.80	29.616382	(11.69	)	0.35
12/31/2021	18,218	565	0.00	27.506377	(0.18	)‡	0.80	33.538183	(2.17	)	0.35
12/31/2020	27,071	816	0.00	34.171375	6.74		0.45	34.283171	6.84		0.35
12/31/2019	9,005	289	0.00	32.014692	6.33		0.45	32.087321	6.44		0.35
JNL/JPMorgan U.S. Value Fund - Class A
12/31/2023	867,657	46,112	0.00	14.086029	5.74		3.05	23.621187	9.00		0.00
12/31/2022	891,964	51,052	0.00	13.320763	(5.86	)‡	3.05	21.669873	(2.96	)	0.00
12/31/2021	844,732	46,348	0.00	8.441479	19.35		6.50	22.330089	27.36		0.00
12/31/2020	671,373	46,449	0.00	7.072997	(9.84	)	6.50	17.532489	(3.78	)‡	0.00
12/31/2019	586,357	38,523	0.00	7.844922	6.59	‡	6.50	17.528500	22.60		0.30
JNL/JPMorgan U.S. Value Fund - Class I
12/31/2023	20,529	864	0.00	21.472417	8.47		0.80	22.979845	8.90	‡	0.40
12/31/2022	20,187	925	0.00	19.795745	(3.42	)	0.80	22.082021	(2.98	)	0.35
12/31/2021	14,762	658	0.00	20.496120	6.73	‡	0.80	22.760883	27.31		0.35
12/31/2020	3,383	192	0.00	17.819630	(4.01	)	0.45	17.877875	(3.91	)	0.35
12/31/2019	1,391	77	0.00	18.563506	22.88		0.45	18.605575	23.00		0.35
JNL/Lazard International Strategic Equity Fund - Class A
12/31/2023	118,797	7,294	1.30	13.711875	13.30		2.80	18.488321	16.51		0.00
12/31/2022	97,183	6,858	2.59	12.102224	(5.70	)‡	2.80	15.868505	(17.09	)	0.00
12/31/2021	108,360	6,263	0.43	15.744524	4.05		2.25	19.138700	6.42		0.00
12/31/2020	71,681	4,345	0.51	15.131586	10.51		2.25	17.984371	13.03		0.00
12/31/2019	78,110	5,295	0.22	13.692027	19.20		2.25	15.911339	21.92		0.00
JNL/Lazard International Strategic Equity Fund - Class I
12/31/2023	4,700	275	1.53	16.767077	16.30		0.45	16.872379	16.42		0.35
12/31/2022	4,013	273	2.71	14.417142	(17.22	)	0.45	14.493208	(17.14	)	0.35
12/31/2021	4,657	263	0.76	17.415834	6.24		0.45	17.490273	6.35		0.35
12/31/2020	2,206	133	0.85	16.392355	12.89		0.45	16.445968	13.00		0.35
12/31/2019	1,717	118	0.59	14.520431	21.69		0.45	14.553363	21.81		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

127


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Loomis Sayles Global Growth Fund - Class A
12/31/2023	398,965	25,904	0.05	14.054487	32.33	‡	3.05	16.560264	36.41		0.00
12/31/2022	281,119	24,582	0.00	10.574786	(28.53	)	3.15	12.139878	(26.25	)	0.00
12/31/2021	407,520	25,924	0.00	14.796098	2.34		3.15	16.460852	5.61		0.00
12/31/2020	433,958	28,766	0.31	14.458328	43.26	‡	3.15	15.586247	34.85		0.00
12/31/2019	3,473	304	0.24	11.360121	29.13		1.25	11.558297	30.75		0.00
JNL/Loomis Sayles Global Growth Fund - Class I
12/31/2023	5,127	312	0.40	16.130075	5.30	‡	0.80	16.525645	36.37	‡	0.35
12/31/2022	2,103	174	0.02	12.065533	(26.30	)	0.45	12.091987	(26.27	)	0.40
12/31/2021	2,684	164	0.00	16.371859	5.35		0.45	16.399580	5.40		0.40
12/31/2020+	2,236	144	0.30	15.540517	46.25	‡	0.45	15.559042	46.30	‡	0.40
JNL/Lord Abbett Short Duration Income Fund - Class A
12/31/2023	394,225	39,292	3.05	9.475372	2.48		2.80	10.502101	5.38		0.00
12/31/2022	350,549	36,368	0.61	9.245972	(7.56	)	2.80	9.965618	(4.95	)	0.00
12/31/2021	249,985	24,341	0.26	10.002636	(1.84	)‡	2.80	10.484292	0.33		0.00
12/31/2020+	187,268	18,073	0.00	10.295313	1.76	‡	2.20	10.450015	4.50	‡	0.00
JNL/Lord Abbett Short Duration Income Fund - Class I
12/31/2023	14,472	1,385	2.90	10.308606	4.86		0.80	10.480190	5.33		0.35
12/31/2022	16,650	1,677	0.92	9.830550	(0.46	)‡	0.80	9.949579	(5.06	)	0.35
12/31/2021	12,915	1,234	0.40	10.409723	(0.34	)‡	0.75	10.480008	0.33		0.35
12/31/2020+	4,261	408	0.00	10.438122	4.38	‡	0.45	10.445190	4.45	‡	0.35
JNL/Mellon Bond Index Fund - Class A
12/31/2023	927,122	65,908	0.00	9.855390	2.00		2.85	18.427400	4.95		0.00
12/31/2022	912,174	67,364	0.00	9.661682	(15.96	)‡	2.85	17.559096	(13.54	)	0.00
12/31/2021	1,188,210	75,114	0.00	9.303877	(5.92	)	3.91	20.308734	(2.17	)	0.00
12/31/2020	1,059,818	65,346	0.00	9.889371	2.94		3.91	20.758968	7.05		0.00
12/31/2019	855,249	55,795	2.33	9.606647	3.80		3.91	19.392197	7.93		0.00
JNL/Mellon Bond Index Fund - Class I
12/31/2023	18,919	1,017	0.00	16.261281	4.40		0.80	18.965198	4.87		0.35
12/31/2022	18,354	1,033	0.00	15.575403	(13.95	)	0.80	18.083882	(13.56	)	0.35
12/31/2021	22,362	1,095	0.00	18.099730	0.64	‡	0.80	20.920688	(2.13	)	0.35
12/31/2020	13,881	666	0.00	21.306072	6.78		0.45	21.375770	6.89		0.35
12/31/2019	5,422	278	3.42	19.953057	7.88		0.45	19.998321	7.99		0.35
JNL/Mellon Communication Services Sector Fund - Class A
12/31/2023	483,487	33,344	0.00	10.639994	49.81		2.55	19.955029	53.66		0.00
12/31/2022	148,526	15,536	0.00	7.102479	(42.80	)‡	2.55	12.986105	(41.33	)	0.00
12/31/2021	326,497	19,760	0.00	9.605409	11.42		3.71	22.133481	15.64		0.00
12/31/2020	232,677	16,118	0.00	8.620621	20.70		3.71	19.140756	25.26		0.00
12/31/2019	145,444	12,449	0.00	7.142349	21.82		3.71	15.280879	26.40		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Loomis Sayles Global Growth Fund - Class I - April 27, 2020; JNL/Lord Abbett Short Duration Income Fund - Class A - April 27, 2020; JNL/Lord Abbett Short Duration Income Fund - Class I - April 27, 2020.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

128


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Communication Services Sector Fund - Class I
12/31/2023	8,771	434	0.00	17.399438	53.00		0.80	20.709146	53.69		0.35
12/31/2022	3,079	235	0.00	11.371879	(31.21	)‡	0.80	13.474268	(41.33	)	0.35
12/31/2021	5,589	251	0.00	22.869430	15.46		0.45	22.967635	15.57		0.35
12/31/2020	4,313	224	0.00	19.807567	25.16		0.45	19.872716	25.28		0.35
12/31/2019	1,284	83	0.00	15.826014	26.34		0.45	15.862201	26.46		0.35
JNL/Mellon Consumer Discretionary Sector Fund - Class A
12/31/2023	1,434,149	25,862	0.00	36.195714	34.44		3.05	76.421768	38.59		0.00
12/31/2022	1,009,530	24,944	0.00	26.923778	(37.86	)‡	3.05	55.142376	(35.94	)	0.00
12/31/2021	1,924,691	30,085	0.00	35.769936	10.07	‡	3.90	86.075455	22.54		0.00
12/31/2020	1,670,471	31,652	0.00	32.315250	41.80		3.61	70.242663	47.01		0.00
12/31/2019	1,217,410	33,539	0.00	22.789350	22.38		3.61	47.780042	26.88		0.00
JNL/Mellon Consumer Discretionary Sector Fund - Class I
12/31/2023	16,170	208	0.00	66.576297	37.96		0.80	79.239008	38.58		0.35
12/31/2022	14,136	251	0.00	48.257802	(36.23	)	0.80	57.179225	(35.94	)	0.35
12/31/2021	16,946	194	0.00	75.674407	21.98		0.80	89.262819	22.53		0.35
12/31/2020	12,378	173	0.00	62.036180	24.45	‡	0.80	72.847720	47.04		0.35
12/31/2019	4,509	93	0.00	49.418306	26.71		0.45	49.541118	26.84		0.35
JNL/Mellon Consumer Staples Sector Fund - Class A
12/31/2023	360,757	25,444	0.00	12.955467	(1.10	)	2.75	15.390009	1.65		0.00
12/31/2022	530,859	37,587	0.00	13.099342	(7.73	)‡	2.75	15.140009	(3.20	)	0.00
12/31/2021	247,956	16,779	0.00	13.938322	13.20		2.70	15.640012	16.28		0.00
12/31/2020	206,261	16,030	0.00	12.312825	7.48		2.70	13.450012	10.43		0.00
12/31/2019	143,890	12,191	0.00	11.456012	5.05	‡	2.70	12.180016	26.09		0.00
JNL/Mellon Consumer Staples Sector Fund - Class I
12/31/2023	8,972	587	0.00	14.952048	1.20		0.80	15.379374	1.66		0.35
12/31/2022	13,545	900	0.00	14.774573	(3.61	)	0.80	15.128798	(3.18	)	0.35
12/31/2021	4,219	271	0.00	15.327831	15.77		0.80	15.625025	16.30		0.35
12/31/2020	3,095	231	0.00	13.239552	9.97		0.80	13.435551	10.46		0.35
12/31/2019	1,461	121	0.00	12.039729	4.21	‡	0.80	12.163162	25.95		0.35
JNL/Mellon Dow Index Fund - Class A
12/31/2023	1,182,507	35,324	0.00	23.284893	12.26		2.80	46.219981	15.43		0.00
12/31/2022	1,158,021	39,470	0.00	20.742735	(10.01	)‡	2.80	40.039984	(7.46	)	0.00
12/31/2021	1,347,945	42,027	0.00	17.597069	15.45		4.00	43.269979	20.16		0.00
12/31/2020	1,118,915	41,539	0.00	15.242258	4.68		4.00	36.009985	8.96		0.00
12/31/2019	997,657	40,005	0.00	14.560302	19.60		4.00	33.049985	24.48		0.00
JNL/Mellon Dow Index Fund - Class I
12/31/2023	25,361	560	0.00	39.824723	14.92		0.80	46.226393	15.43		0.35
12/31/2022	22,193	565	0.00	34.655154	(7.88	)	0.80	40.045871	(7.47	)	0.35
12/31/2021	23,104	545	0.00	37.620975	7.86	‡	0.80	43.279371	20.17		0.35
12/31/2020	13,958	394	0.00	35.899097	8.84		0.45	36.016051	8.95		0.35
12/31/2019	6,274	194	0.00	32.982507	24.37		0.45	33.056814	24.50		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

129


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Emerging Markets Index Fund - Class A
12/31/2023	757,038	71,259	0.00	8.960838	6.36		2.70	12.502977	9.26		0.00
12/31/2022	736,791	74,806	0.00	8.424998	(21.12	)‡	2.70	11.443014	(18.97	)	0.00
12/31/2021	965,883	78,421	0.00	9.925345	(6.74	)	3.41	14.121404	(3.50	)	0.00
12/31/2020	1,045,449	80,953	3.20	10.642648	13.18		3.41	14.634284	17.10		0.00
12/31/2019	1,090,072	97,638	2.03	9.403540	13.94		3.41	12.496929	17.89		0.00
JNL/Mellon Emerging Markets Index Fund - Class I
12/31/2023	17,713	1,419	0.00	11.705504	8.76		0.80	12.640260	9.24		0.35
12/31/2022	15,373	1,344	0.00	10.763132	(19.27	)	0.80	11.570584	(18.91	)	0.35
12/31/2021	18,244	1,294	0.00	13.332554	(1.51	)‡	0.80	14.268575	(3.51	)	0.35
12/31/2020	14,184	970	4.40	14.739847	17.03		0.45	14.787935	17.14		0.35
12/31/2019	8,271	662	2.81	12.595444	17.67		0.45	12.623915	17.79		0.35
JNL/Mellon Energy Sector Fund - Class A
12/31/2023	1,790,756	40,893	0.00	28.732785	(4.20	)	3.05	60.640605	(1.24	)	0.00
12/31/2022	2,696,809	59,994	0.00	29.993064	56.51	‡	3.05	61.404124	61.35		0.00
12/31/2021	1,277,370	45,354	0.00	15.786472	48.76		3.91	38.057323	54.69		0.00
12/31/2020	768,163	41,798	0.00	10.612205	(36.27	)	3.91	24.602369	(33.73	)	0.00
12/31/2019	995,708	35,479	0.00	16.652013	4.47		3.91	37.124126	8.64		0.00
JNL/Mellon Energy Sector Fund - Class I
12/31/2023	20,871	339	0.00	52.857487	(1.67	)	0.80	62.911372	(1.23	)	0.35
12/31/2022	29,762	475	0.00	53.756082	60.59		0.80	63.694419	61.32		0.35
12/31/2021	12,668	328	0.00	33.473446	29.30	‡	0.80	39.483781	54.64		0.35
12/31/2020	3,527	141	0.00	25.447890	(33.78	)	0.45	25.532895	(33.71	)	0.35
12/31/2019	3,544	93	0.00	38.430019	8.54		0.45	38.519848	8.65		0.35
JNL/Mellon Financial Sector Fund - Class A
12/31/2023	1,146,615	50,293	0.00	14.892282	11.95	‡	3.05	31.441523	15.41		0.00
12/31/2022	1,237,472	61,886	0.00	12.991949	(15.59	)‡	3.15	27.243838	(12.89	)	0.00
12/31/2021	1,488,981	64,016	0.00	13.880528	24.75		3.61	31.276919	29.34		0.00
12/31/2020	1,018,210	56,049	0.00	11.126354	(6.16	)	3.61	24.181997	(2.72	)	0.00
12/31/2019	1,233,577	65,331	0.00	11.857332	26.43		3.61	24.856916	31.08		0.00
JNL/Mellon Financial Sector Fund - Class I
12/31/2023	19,315	609	0.00	27.426781	14.92		0.80	32.628588	15.39		0.35
12/31/2022	19,394	700	0.00	23.866075	(13.24	)	0.80	28.276254	(12.87	)	0.35
12/31/2021	22,608	715	0.00	27.509578	4.73	‡	0.80	32.452794	29.33		0.35
12/31/2020	9,017	367	0.00	25.009846	(2.81	)	0.45	25.092838	(2.71	)	0.35
12/31/2019	5,262	206	0.00	25.732089	30.90		0.45	25.791678	31.03		0.35
JNL/Mellon Healthcare Sector Fund - Class A
12/31/2023	2,999,232	59,602	0.00	32.928099	(1.46	)	3.05	69.523462	1.58		0.00
12/31/2022	3,343,599	66,687	0.00	33.417075	(8.58	)‡	3.05	68.441956	(5.76	)	0.00
12/31/2021	3,882,286	72,015	0.00	30.179413	15.60		3.90	72.622727	20.20		0.00
12/31/2020	3,427,548	75,637	0.00	26.106802	4.38	‡	3.90	60.419401	17.52		0.00
12/31/2019	3,047,856	78,112	0.00	24.520977	17.08		3.61	51.412186	21.38		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

130


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Healthcare Sector Fund - Class I
12/31/2023	33,145	470	0.00	60.531031	1.13		0.80	72.048515	1.59		0.35
12/31/2022	34,118	491	0.00	59.852891	(6.18	)	0.80	70.922353	(5.76	)	0.35
12/31/2021	34,546	470	0.00	63.793260	19.64		0.80	75.253185	20.19		0.35
12/31/2020	23,100	376	0.00	53.319888	9.48	‡	0.80	62.614336	17.51		0.35
12/31/2019	12,723	244	0.00	53.161176	21.29		0.45	53.284446	21.41		0.35
JNL/Mellon Industrials Sector Fund - Class A
12/31/2023	205,568	12,466	0.00	15.328249	17.25	‡	2.40	17.870236	20.09		0.00
12/31/2022	171,946	12,362	0.00	12.874050	10.61	‡	2.75	14.880205	(8.71	)	0.00
12/31/2021	223,439	14,495	0.00	14.524509	17.70		2.70	16.300228	20.92		0.00
12/31/2020	101,674	7,869	0.00	12.340405	10.53		2.70	13.480187	13.56		0.00
12/31/2019	72,387	6,283	0.00	11.164677	3.53	‡	2.70	11.870136	30.01		0.00
JNL/Mellon Industrials Sector Fund - Class I
12/31/2023	5,223	294	0.00	17.367792	19.57		0.80	17.864291	20.11		0.35
12/31/2022	5,006	338	0.00	14.524998	(9.08	)	0.80	14.873497	(8.67	)	0.35
12/31/2021	4,706	290	0.00	15.975118	5.49	‡	0.80	16.285041	20.94		0.35
12/31/2020	3,239	241	0.00	13.421289	13.37		0.45	13.465221	13.48		0.35
12/31/2019	1,052	89	0.00	11.838664	29.84		0.45	11.865539	29.97		0.35
JNL/Mellon Information Technology Sector Fund - Class A
12/31/2023	5,064,676	101,655	0.00	32.551699	53.45		3.05	68.713858	58.19		0.00
12/31/2022	3,147,648	98,812	0.00	21.212668	(34.02	)‡	3.05	43.436709	(31.99	)	0.00
12/31/2021	5,442,438	114,685	0.00	26.539808	28.11		3.90	63.864342	33.21		0.00
12/31/2020	4,505,629	125,182	0.00	20.715899	7.55	‡	3.90	47.943018	45.12		0.00
12/31/2019	3,166,558	126,284	0.00	15.438628	42.60		3.71	33.036360	47.99		0.00
JNL/Mellon Information Technology Sector Fund - Class I
12/31/2023	83,706	1,204	0.00	59.895695	57.53		0.80	71.288551	58.24		0.35
12/31/2022	51,165	1,162	0.00	38.021680	(32.31	)	0.80	45.051181	(32.00	)	0.35
12/31/2021	81,118	1,260	0.00	56.166860	32.62		0.80	66.253119	33.22		0.35
12/31/2020	54,066	1,112	0.00	42.351388	44.46		0.80	49.732266	45.11		0.35
12/31/2019	21,560	640	0.00	29.318001	13.32	‡	0.80	34.273042	47.98		0.35
JNL/Mellon International Index Fund - Class A
12/31/2023	2,059,612	84,923	0.00	16.872059	13.82		2.95	32.252611	17.21		0.00
12/31/2022	1,905,756	90,898	0.23	14.823961	(16.69	)‡	2.95	27.516357	(14.20	)	0.00
12/31/2021	2,385,338	96,356	0.00	14.738655	6.25		3.90	32.070518	10.47		0.00
12/31/2020	1,348,997	59,681	3.49	13.871614	3.58		3.90	29.030765	7.70		0.00
12/31/2019	1,406,188	66,200	2.67	13.391625	16.58		3.90	26.955530	21.21		0.00
JNL/Mellon International Index Fund - Class I
12/31/2023	53,661	1,653	0.00	28.470714	16.64		0.80	31.776078	17.22		0.30
12/31/2022	46,604	1,677	0.54	24.409860	(14.59	)	0.80	27.108227	(14.16	)	0.30
12/31/2021	50,273	1,554	0.00	28.580088	(0.73	)‡	0.80	31.581593	2.52		0.30
12/31/2020	22,438	763	5.00	29.824276	7.54		0.45	29.921825	7.64		0.35
12/31/2019	11,708	429	3.47	27.734259	21.02		0.45	27.797169	21.14		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

131


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Materials Sector Fund - Class A
12/31/2023	161,080	10,652	0.00	13.962831	11.36	‡	2.55	16.379997	14.23		0.00
12/31/2022	174,837	13,060	0.00	12.406696	(12.98	)‡	2.75	14.339997	(11.92	)	0.00
12/31/2021	180,506	11,723	0.00	14.509007	24.98		2.70	16.279997	28.39		0.00
12/31/2020	72,349	5,954	0.00	11.609468	61.79	‡	2.70	12.679997	18.84		0.00
12/31/2019	23,082	2,229	0.00	10.082365	19.75	‡	2.50	10.669999	22.78		0.00
JNL/Mellon Materials Sector Fund - Class I
12/31/2023	4,401	270	0.00	15.912485	13.68		0.80	16.367400	14.19		0.35
12/31/2022	4,584	321	0.00	13.997287	(12.27	)	0.80	14.333519	(11.88	)	0.35
12/31/2021	6,297	389	0.00	15.955634	4.49	‡	0.80	16.265351	28.43		0.35
12/31/2020	1,968	156	0.00	12.623309	18.74		0.45	12.664430	18.86		0.35
12/31/2019	570	54	0.00	10.631207	22.61		0.45	10.655176	22.73		0.35
JNL/Mellon Nasdaq^® 100 Index Fund - Class A
12/31/2023	6,614,095	87,265	0.00	54.103379	49.57	‡	3.05	97.293171	54.19		0.00
12/31/2022	3,965,249	79,689	0.00	35.524096	(34.88	)‡	3.15	63.100836	(32.80	)	0.00
12/31/2021	6,351,303	84,691	0.00	47.915424	21.85		3.90	93.904442	26.70		0.00
12/31/2020	5,324,343	89,031	0.00	39.323234	6.11	‡	3.90	74.118178	47.96		0.00
12/31/2019	3,171,092	77,643	0.00	28.892903	33.65		3.61	50.092004	38.56		0.00
JNL/Mellon Nasdaq^® 100 Index Fund - Class I
12/31/2023	122,979	1,526	0.00	87.336601	53.49		0.80	77.768498	54.18		0.35
12/31/2022	73,493	1,407	0.00	56.900637	(33.10	)	0.80	50.440025	(32.80	)	0.35
12/31/2021	118,483	1,494	0.00	85.059330	26.15		0.80	75.063861	26.72		0.35
12/31/2020	79,233	1,279	0.00	67.427539	12.81	‡	0.80	59.236828	47.92		0.35
12/31/2019	26,142	624	0.00	39.954548	38.39		0.45	40.045227	38.53		0.35
JNL/Mellon Real Estate Sector Fund - Class A
12/31/2023	160,927	13,056	0.00	11.601940	8.50	‡	2.25	13.357134	10.96		0.00
12/31/2022	158,227	14,077	0.00	10.553980	(27.91	)‡	2.50	12.037423	(26.09	)	0.00
12/31/2021	226,095	14,678	0.00	14.302601	34.59		3.05	16.286522	38.76		0.00
12/31/2020	97,481	8,681	0.00	10.626947	(8.17	)	3.05	11.737482	(5.32	)	0.00
12/31/2019	157,669	13,131	0.00	11.571994	24.12		3.05	12.397342	27.94		0.00
JNL/Mellon Real Estate Sector Fund - Class I
12/31/2023	11,350	858	0.00	12.935433	10.50		0.80	13.305243	11.00		0.35
12/31/2022	11,005	922	0.00	11.706379	(26.41	)	0.80	11.987133	(26.08	)	0.35
12/31/2021	14,684	909	0.00	15.907477	12.76	‡	0.80	16.216055	38.77		0.35
12/31/2020	6,312	542	0.00	11.647544	(5.49	)	0.45	11.685646	(5.39	)	0.35
12/31/2019	4,041	328	0.00	12.323685	27.91		0.45	12.351648	28.03		0.35
JNL/Mellon S&P 400 MidCap Index Fund - Class A
12/31/2023	3,027,254	59,840	0.00	32.658976	12.06		3.30	67.403470	15.81		0.00
12/31/2022	2,759,452	62,350	0.00	29.143765	(16.34	)‡	3.30	58.201419	(13.54	)	0.00
12/31/2021	3,481,602	67,149	0.00	30.938350	19.39		3.90	67.318073	24.13		0.00
12/31/2020	2,901,024	68,750	0.00	25.913344	8.67		3.90	54.230230	12.99		0.00
12/31/2019	2,688,525	71,154	0.00	23.845300	20.79		3.90	47.995879	25.58		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

132


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon S&P 400 MidCap Index Fund - Class I
12/31/2023	69,309	1,026	0.00	59.291786	15.19		0.80	69.150862	15.71		0.35
12/31/2022	62,833	1,073	0.00	51.471351	(13.96	)	0.80	59.761278	(13.57	)	0.35
12/31/2021	66,195	980	0.00	59.821994	4.62	‡	0.80	69.145659	24.10		0.35
12/31/2020	41,612	761	0.00	55.534151	12.83		0.45	55.715551	12.95		0.35
12/31/2019	21,704	448	0.00	49.217947	25.31		0.45	49.329377	25.44		0.35
JNL/Mellon S&P 500 Index Fund - Class A
12/31/2023	12,023,974	281,826	0.00	27.408300	21.60		3.30	56.582898	25.67		0.00
12/31/2022	9,739,080	283,503	0.00	22.538911	(21.17	)‡	3.30	45.023933	(18.53	)	0.00
12/31/2021	12,044,313	282,042	0.00	25.397994	23.20		3.90	55.264911	28.09		0.00
12/31/2020	9,490,834	282,022	0.00	20.615853	13.28		3.90	43.145415	17.78		0.00
12/31/2019	8,185,613	283,310	1.47	18.198455	25.84		3.90	36.631187	30.83		0.00
JNL/Mellon Small Cap Index Fund - Class A
12/31/2023	2,345,443	55,486	0.00	27.263326	11.83		3.30	56.267791	15.57		0.00
12/31/2022	2,099,400	56,719	0.00	24.380216	(19.34	)‡	3.30	48.688344	(16.64	)	0.00
12/31/2021	2,685,152	59,681	0.00	26.842685	21.30		3.90	58.408887	26.12		0.00
12/31/2020	2,202,350	61,108	0.00	22.128644	6.58		3.90	46.311744	10.81		0.00
12/31/2019	2,137,359	64,950	0.00	20.763226	17.56		3.90	41.794051	22.23		0.00
JNL/Mellon Small Cap Index Fund - Class I
12/31/2023	60,124	1,066	0.00	49.517371	15.00		0.80	57.751705	15.52		0.35
12/31/2022	50,199	1,026	0.00	43.058408	(17.04	)	0.80	49.993794	(16.67	)	0.35
12/31/2021	60,187	1,027	0.00	51.902868	17.00	‡	0.80	59.993036	26.03		0.35
12/31/2020	35,209	754	0.00	47.446085	10.66		0.45	47.601171	10.77		0.35
12/31/2019	18,394	436	0.00	42.874754	22.03		0.45	42.971946	22.15		0.35
JNL/Mellon U.S. Stock Market Index Fund - Class A
12/31/2023	4,501,099	244,945	0.00	16.498122	22.05		3.05	19.929984	25.82		0.00
12/31/2022	4,136,700	279,586	0.00	13.517499	(22.32	)	3.05	15.839985	(19.92	)	0.00
12/31/2021	6,055,701	323,404	0.00	17.401378	21.58		3.05	19.779985	25.35		0.00
12/31/2020	788,063	52,103	0.00	14.312325	16.57		3.05	15.779986	20.18		0.00
12/31/2019	517,915	40,677	0.00	12.277636	26.22		3.05	13.129987	30.13		0.00
JNL/Mellon U.S. Stock Market Index Fund - Class I
12/31/2023	65,096	3,290	0.00	19.366127	25.13		0.80	19.981925	25.76		0.30
12/31/2022	55,756	3,539	0.00	15.476497	(20.29	)	0.80	15.889438	(19.89	)	0.30
12/31/2021	79,428	4,032	0.00	19.415773	11.71	‡	0.80	19.834734	25.25		0.30
12/31/2020	23,954	1,521	0.00	15.727130	20.09		0.45	15.836065	20.27		0.30
12/31/2019	13,974	1,066	0.00	13.095762	29.89		0.45	13.166698	12.09	‡	0.30
JNL/Mellon Utilities Sector Fund - Class A
12/31/2023	365,423	20,273	0.00	14.954434	(10.47	)	3.05	20.706998	(7.71	)	0.00
12/31/2022	614,566	31,096	0.00	16.703981	(2.21	)	3.05	22.436557	0.80		0.00
12/31/2021	299,840	15,066	0.00	17.082146	13.26		3.05	22.257638	16.77		0.00
12/31/2020	268,414	15,574	0.00	15.081826	(4.03	)	3.05	19.060932	(1.05	)	0.00
12/31/2019	325,693	18,466	0.91	15.714407	3.20	‡	3.05	19.263704	24.20		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

133


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Utilities Sector Fund - Class I
12/31/2023	8,217	447	0.00	19.558506	(8.11	)	0.80	18.270309	(7.70	)	0.35
12/31/2022	11,362	571	0.00	21.285015	0.41		0.80	19.793893	0.86		0.35
12/31/2021	4,987	251	0.00	21.197301	11.91	‡	0.80	19.624167	16.70		0.35
12/31/2020	3,696	217	0.00	16.760822	(1.12	)	0.45	16.815667	(1.02	)	0.35
12/31/2019	4,444	259	1.06	16.951234	24.13		0.45	16.989693	24.26		0.35
JNL/Mellon World Index Fund - Class A
12/31/2023	376,603	11,169	0.00	23.623000	19.94		2.80	46.890401	23.34		0.00
12/31/2022	332,526	12,029	0.00	19.694939	(20.30	)‡	2.80	38.016849	(18.05	)	0.00
12/31/2021	402,396	11,815	1.23	18.865129	16.42		4.00	46.388332	21.17		0.00
12/31/2020	353,759	12,463	1.96	16.204065	11.08		4.00	38.282490	15.61		0.00
12/31/2019	359,890	14,510	1.80	14.587761	22.28		4.00	33.112516	27.27		0.00
JNL/Mellon World Index Fund - Class I
12/31/2023	9,931	216	0.00	46.655817	23.23		0.45	46.949084	23.36		0.35
12/31/2022	8,064	216	0.00	37.859229	(18.13	)	0.45	38.059250	(18.05	)	0.35
12/31/2021	7,935	174	1.70	46.242694	21.04		0.45	46.440676	21.16		0.35
12/31/2020	4,272	113	2.58	38.203893	15.50		0.45	38.329105	15.62		0.35
12/31/2019	2,827	86	2.43	33.075970	27.19		0.45	33.151210	27.32		0.35
JNL/MFS Mid Cap Value Fund - Class A
12/31/2023	1,746,521	50,534	0.00	26.289879	9.27		2.80	44.326047	12.36		0.00
12/31/2022	1,830,614	58,823	0.00	24.060185	(11.51	)‡	2.80	39.449450	(9.01	)	0.00
12/31/2021	1,991,648	57,436	0.00	22.595383	25.53		3.91	43.355579	30.53		0.00
12/31/2020	1,522,703	56,682	0.00	18.000323	(0.11	)	3.91	33.214211	3.87	‡	0.00
12/31/2019	1,132,600	43,409	0.00	18.020795	25.86		3.91	30.602565	30.49		0.30
JNL/MFS Mid Cap Value Fund - Class I
12/31/2023	28,812	650	0.00	39.891381	11.78		0.80	45.315182	12.28		0.35
12/31/2022	25,730	651	0.00	35.687890	(9.49	)	0.80	40.358758	(9.07	)	0.35
12/31/2021	27,003	623	0.00	39.427930	21.22	‡	0.80	44.386131	30.47		0.35
12/31/2020	11,122	334	0.00	33.683466	3.66		0.45	34.019377	3.77		0.35
12/31/2019	5,865	184	0.00	32.493678	30.77		0.45	32.784913	30.90		0.35
JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A
12/31/2023	7,818	715	0.00	10.787568	39.49		1.35	11.180007	41.34		0.00
12/31/2022	3,236	414	0.00	7.733782	(3.44	)‡	1.35	7.910007	(34.47	)	0.00
12/31/2021+	3,805	317	0.00	11.967521	19.68	‡	1.25	12.070005	20.70		0.00
JNL/Morningstar U.S. Sustainability Index Fund - Class A
12/31/2023	274,884	13,321	0.00	18.901523	22.75		2.55	22.414493	25.91		0.00
12/31/2022	201,680	12,149	0.00	15.398962	(20.54	)‡	2.55	17.802452	(19.99	)	0.00
12/31/2021	299,284	14,257	0.00	19.286056	26.70		3.05	22.250503	30.63		0.00
12/31/2020	132,736	8,158	0.00	15.221630	16.90		3.05	17.033774	20.52		0.00
12/31/2019	59,622	4,360	0.00	13.020872	9.58	‡	3.05	14.133315	30.71		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A - April 26, 2021.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

134


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Morningstar U.S. Sustainability Index Fund - Class I
12/31/2023	13,517	607	0.00	22.242798	25.85	‡	0.45	22.382504	25.98		0.35
12/31/2022	9,110	515	0.00	17.302448	(20.35	)	0.80	17.767173	(19.99	)	0.35
12/31/2021	10,481	474	0.00	21.722110	2.90	‡	0.80	22.205762	30.63		0.35
12/31/2020	4,624	273	0.00	16.943800	20.38		0.45	16.999238	20.50		0.35
12/31/2019	382	27	0.00	14.075197	30.66		0.45	14.107122	30.79		0.35
JNL/Morningstar Wide Moat Index Fund - Class A
12/31/2023	839,196	45,226	0.85	17.322178	27.99	‡	2.70	20.031281	31.48		0.00
12/31/2022	361,223	25,408	1.34	13.654245	(15.92	)‡	2.50	15.234876	(13.80	)	0.00
12/31/2021	371,570	22,294	1.37	16.129056	0.57	‡	2.70	17.673324	23.89		0.00
12/31/2020	231,075	17,045	1.36	13.439708	11.35		2.50	14.265106	14.17		0.00
12/31/2019	141,685	11,898	0.76	12.069673	31.31		2.50	12.494542	34.64		0.00
JNL/Morningstar Wide Moat Index Fund - Class I
12/31/2023	19,264	971	0.98	19.496901	30.73		0.80	19.974940	31.32		0.35
12/31/2022	9,161	606	1.49	14.913530	(8.76	)‡	0.80	15.210774	(13.82	)	0.35
12/31/2021	10,026	571	1.58	17.585082	23.75		0.45	17.650740	23.87		0.35
12/31/2020	5,284	373	2.01	14.210096	13.92		0.45	14.248905	14.07		0.35
12/31/2019	1,816	147	1.08	12.474166	34.51		0.45	12.491442	34.64		0.35
JNL/Neuberger Berman Commodity Strategy Fund - Class A
12/31/2023	38,021	4,192	0.00	8.495894	(7.23	)	1.60	9.918702	(5.73	)	0.00
12/31/2022	60,992	6,287	0.00	9.157547	5.67	‡	1.60	10.521735	21.55		0.00
12/31/2021	23,449	2,904	0.00	7.864204	28.14		1.25	8.656091	29.76		0.00
12/31/2020	11,822	1,881	0.00	6.137041	(4.83	)	1.25	6.671095	(3.63	)	0.00
12/31/2019	16,229	2,470	2.10	6.448292	10.70		1.25	6.922363	12.09		0.00
JNL/Neuberger Berman Gold Plus Strategy Fund - Class A
12/31/2023	26,079	2,521	0.00	10.221481	11.23		1.60	10.499976	13.02		0.00
12/31/2022+	6,594	714	0.00	9.189113	3.61	‡	1.60	9.289978	(7.10	)‡	0.00
JNL/Neuberger Berman Strategic Income Fund - Class A
12/31/2023	570,856	46,947	0.00	9.620297	6.23		3.30	14.139268	9.78		0.00
12/31/2022	516,280	46,071	0.00	9.056255	(13.71	)	3.30	12.879335	(10.82	)	0.00
12/31/2021	653,701	51,384	0.00	10.495271	(0.68	)	3.30	14.442579	2.65		0.00
12/31/2020	592,703	47,287	0.00	10.567012	3.54		3.30	14.069267	7.01		0.00
12/31/2019	624,363	52,652	2.64	10.206136	5.80		3.30	13.147651	9.35		0.00
JNL/Neuberger Berman Strategic Income Fund - Class I
12/31/2023	9,789	692	0.00	14.169683	9.57		0.45	14.258629	9.68		0.35
12/31/2022	8,793	683	0.00	12.932139	(10.99	)	0.45	13.000363	(10.90	)	0.35
12/31/2021	8,747	605	0.00	14.528783	2.57		0.45	14.590860	2.68		0.35
12/31/2020	4,851	344	0.00	14.164385	6.82		0.45	14.210716	6.93		0.35
12/31/2019	3,539	268	3.84	13.259488	9.11		0.45	13.289561	9.22		0.35


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Neuberger Berman Gold Plus Strategy Fund - Class A - April 25, 2022.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

135


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Newton Equity Income Fund - Class A
12/31/2023	1,649,485	47,643	0.00	29.188108	7.43	‡	2.70	40.248503	10.37		0.00
12/31/2022	1,630,196	51,416	0.00	27.019942	0.99		2.75	36.468176	3.80		0.00
12/31/2021	510,616	16,425	0.00	26.753845	15.59	‡	2.75	35.133115	32.77		0.00
12/31/2020	187,709	7,841	0.00	21.561672	0.12		2.30	26.462257	2.45		0.00
12/31/2019	214,116	9,045	0.00	21.536093	25.70		2.30	25.829861	28.62		0.00
JNL/Newton Equity Income Fund - Class I
12/31/2023	43,378	1,314	0.00	37.581115	9.79		0.80	31.011472	10.29		0.35
12/31/2022	43,785	1,477	0.00	34.229174	3.28		0.80	28.118985	3.75		0.35
12/31/2021	9,192	308	0.00	33.140646	8.04	‡	0.80	27.102759	32.71		0.35
12/31/2020	2,925	141	0.00	20.355950	2.30		0.45	20.422536	2.40		0.35
12/31/2019	2,461	123	0.00	19.898608	28.38		0.45	19.943749	28.51		0.35
JNL/PIMCO Income Fund - Class A
12/31/2023	853,929	79,871	0.00	9.710775	5.42		2.80	11.567522	8.41		0.00
12/31/2022	687,962	68,881	0.00	9.211748	(10.62	)‡	2.80	10.669777	(8.09	)	0.00
12/31/2021	860,286	78,201	0.00	10.084254	(1.31	)	3.30	11.608801	1.99		0.00
12/31/2020	749,074	68,634	0.00	10.217749	1.53		3.30	11.381782	4.95		0.00
12/31/2019	644,539	61,255	3.08	10.064075	(0.04	)‡	3.30	10.845418	7.82		0.00
JNL/PIMCO Income Fund - Class I
12/31/2023	35,075	3,058	0.00	11.223717	7.90		0.80	11.580400	8.44		0.30
12/31/2022	24,087	2,276	0.00	10.401864	3.84	‡	0.80	10.679373	(8.01	)	0.30
12/31/2021	28,013	2,431	0.00	11.535039	1.79		0.45	11.609088	1.94		0.30
12/31/2020	23,286	2,058	0.00	11.332516	4.82		0.45	11.388181	4.98		0.30
12/31/2019	17,136	1,589	3.73	10.810904	7.65		0.45	10.847720	3.21	‡	0.30
JNL/PIMCO Investment Grade Credit Bond Fund - Class A
12/31/2023	446,865	37,362	0.00	9.359518	4.25		3.30	13.860764	7.73		0.00
12/31/2022	416,087	37,038	0.00	8.978300	(19.28	)	3.30	12.865744	(16.58	)	0.00
12/31/2021	586,479	43,018	0.00	11.122763	(4.82	)	3.30	15.422708	(1.62	)	0.00
12/31/2020	668,210	47,738	0.00	11.685655	6.93		3.30	15.677249	10.52		0.00
12/31/2019	461,898	36,018	2.96	10.927919	10.76		3.30	14.184723	14.47		0.00
JNL/PIMCO Investment Grade Credit Bond Fund - Class I
12/31/2023	15,983	1,230	0.00	12.941042	7.14		0.80	13.734738	7.68		0.30
12/31/2022	11,987	993	0.00	12.078307	(16.90	)	0.80	12.755450	(16.48	)	0.30
12/31/2021	14,081	971	0.00	14.534379	(0.13	)‡	0.80	15.272797	(1.69	)	0.30
12/31/2020	12,303	833	0.00	14.366779	10.41		0.45	15.535400	10.58		0.30
12/31/2019	5,838	437	3.93	13.011729	14.24		0.45	14.049037	7.76	‡	0.30
JNL/PIMCO Real Return Fund - Class A
12/31/2023	966,681	65,670	0.00	11.444692	1.09	‡	2.80	18.390348	3.96		0.00
12/31/2022	1,089,527	76,012	0.00	11.497633	(14.13	)‡	2.70	17.689297	(11.79	)	0.00
12/31/2021	1,335,713	81,151	0.00	11.686395	1.66		3.61	20.053302	5.40		0.00
12/31/2020	1,150,818	72,918	0.00	11.495434	7.51		3.61	19.026178	11.46		0.00
12/31/2019	950,319	66,272	0.00	10.692520	4.54		3.61	17.069754	8.38		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

136


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/PIMCO Real Return Fund - Class I
12/31/2023	16,645	905	0.00	16.733363	3.50		0.80	18.751073	3.96		0.35
12/31/2022	16,186	912	0.00	16.167586	(12.34	)	0.80	18.036004	(11.94	)	0.35
12/31/2021	15,259	756	0.00	18.442672	4.71	‡	0.80	20.481812	5.45		0.35
12/31/2020	8,341	433	0.00	19.360474	11.28		0.45	19.423593	11.39		0.35
12/31/2019	3,068	177	0.00	17.398068	8.22		0.45	17.437504	8.33		0.35
JNL/PPM America Floating Rate Income Fund - Class A
12/31/2023	1,107,976	86,303	0.00	10.565998	10.05		2.80	15.195678	13.16		0.00
12/31/2022	1,107,785	96,409	0.00	9.600708	(7.27	)‡	2.80	13.429044	(4.65	)	0.00
12/31/2021	1,102,398	90,305	0.00	9.168476	(0.24	)	3.90	14.083822	3.73		0.00
12/31/2020	996,247	83,685	0.00	9.190267	(3.39	)	3.90	13.577305	0.46		0.00
12/31/2019	1,312,217	109,366	0.00	9.512316	4.07		3.90	13.515535	8.21		0.00
JNL/PPM America Floating Rate Income Fund - Class I
12/31/2023	16,450	1,257	0.00	14.073688	12.53		0.80	12.644091	13.03		0.35
12/31/2022	15,143	1,323	0.00	12.506782	(4.23	)‡	0.80	11.186006	(4.67	)	0.35
12/31/2021	10,697	883	0.00	11.684516	3.60		0.45	11.734430	3.70		0.35
12/31/2020	5,324	467	0.00	11.278731	0.28		0.45	11.315621	0.38		0.35
12/31/2019	5,676	500	0.00	11.247724	8.11		0.45	11.273238	8.22		0.35
JNL/PPM America High Yield Bond Fund - Class A
12/31/2023	1,116,299	44,993	0.00	16.948671	9.72		2.80	34.907628	12.83		0.00
12/31/2022	1,070,550	48,094	0.00	15.446810	(14.15	)‡	2.80	30.938277	(11.72	)	0.00
12/31/2021	1,424,319	55,737	0.00	14.820526	2.00		3.61	35.043720	5.75		0.00
12/31/2020	1,310,104	53,674	0.00	14.529948	1.38		3.61	33.138432	5.11		0.00
12/31/2019	1,469,608	62,574	0.00	14.332013	10.53		3.61	31.528015	14.59		0.00
JNL/PPM America High Yield Bond Fund - Class I
12/31/2023	11,053	313	0.00	30.085884	12.20		0.80	34.235941	12.76		0.30
12/31/2022	8,283	263	0.00	26.813623	(12.14	)	0.80	30.360512	(11.70	)	0.30
12/31/2021	10,554	298	0.00	30.518909	0.70	‡	0.80	34.384956	5.78		0.30
12/31/2020	7,031	210	0.00	34.304419	4.98		0.45	32.506182	5.13		0.30
12/31/2019	10,658	334	0.00	32.678149	14.40		0.45	30.918754	3.91	‡	0.30
JNL/PPM America Total Return Fund - Class A
12/31/2023	540,431	31,795	0.00	14.004915	3.99		2.55	20.532059	6.67		0.00
12/31/2022	498,970	30,934	0.00	13.467086	(16.24	)‡	2.55	19.247804	(14.08	)	0.00
12/31/2021	725,109	38,121	0.00	15.764944	(3.78	)	2.70	22.401569	(1.15	)	0.00
12/31/2020	760,691	39,194	0.00	16.384387	0.88	‡	2.70	22.661668	9.85		0.00
12/31/2019	419,541	23,401	0.00	15.580798	7.29		2.55	20.629599	10.06		0.00
JNL/PPM America Total Return Fund - Class I
12/31/2023	10,072	725	0.00	18.777307	6.09	‡	0.80	12.887608	6.57	‡	0.35
12/31/2022	8,236	622	0.00	12.029927	(14.16	)‡	0.45	18.720965	(14.11	)‡	0.40
12/31/2021	10,495	684	0.00	20.690770	0.73	‡	0.80	14.073760	(1.20	)	0.35
12/31/2020	9,017	566	0.00	14.198838	9.75		0.45	14.245294	9.86		0.35
12/31/2019	3,864	260	0.00	12.937519	9.85		0.45	12.966877	9.96		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

137


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/RAFI Fundamental U.S. Small Cap Fund - Class A
12/31/2023	398,937	17,658	0.00	17.677890	14.02		2.80	28.188699	17.25		0.00
12/31/2022	380,972	19,523	0.00	15.504352	(16.39	)‡	2.80	24.042357	(14.02	)	0.00
12/31/2021	506,370	22,025	0.00	16.463669	25.62		3.61	27.963704	30.24		0.00
12/31/2020	388,632	21,769	0.00	13.105775	4.77		3.61	21.470986	8.62		0.00
12/31/2019+	398,125	23,942	1.88	12.509504	9.58		3.61	19.767458	13.61		0.00
JNL/RAFI Fundamental U.S. Small Cap Fund - Class I
12/31/2023	4,635	164	0.00	25.711879	16.70		0.80	28.744219	17.23		0.35
12/31/2022	4,499	186	0.00	22.031641	(14.38	)	0.80	24.519688	(14.00	)‡	0.35
12/31/2021	6,511	231	0.00	25.733383	23.88	‡	0.80	27.693418	8.70		0.30
12/31/2020	2,155	99	0.00	21.806361	8.53		0.45	21.877451	8.63		0.35
12/31/2019+	1,179	59	1.89	20.093294	13.52		0.45	20.138668	13.64		0.35
JNL/RAFI Multi-Factor U.S. Equity Fund - Class A
12/31/2023	1,954,169	63,192	0.00	22.383402	8.65		3.10	40.636219	12.06		0.00
12/31/2022	2,005,153	71,690	0.00	20.601422	(10.82	)‡	3.10	36.262460	(8.02	)	0.00
12/31/2021	2,509,343	81,391	0.00	12.847284	18.43		6.50	39.423498	26.39		0.00
12/31/2020	2,356,466	95,265	0.00	10.847843	3.03		6.50	31.192876	9.95		0.00
12/31/2019+	2,563,416	112,356	2.60	10.528729	5.34	‡	6.50	28.369809	8.27	‡	0.00
JNL/RAFI Multi-Factor U.S. Equity Fund - Class I
12/31/2023	10,716	261	0.00	41.258437	11.92		0.45	41.517546	12.03		0.35
12/31/2022	10,213	277	0.00	36.865775	(8.17	)	0.45	37.060320	(8.08	)	0.35
12/31/2021	11,215	281	0.00	40.144335	26.19		0.45	40.315946	26.32		0.35
12/31/2020	5,230	165	0.00	31.812477	9.78		0.45	31.916543	9.89		0.35
12/31/2019+	5,712	199	3.19	28.977185	19.22		0.45	29.042917	19.34		0.35
JNL/T. Rowe Price Balanced Fund - Class A
12/31/2023	482,416	32,349	0.00	13.424904	14.84		2.20	16.610013	17.39		0.00
12/31/2022	414,345	32,200	0.00	11.690281	(19.42	)‡	2.20	14.150013	(17.64	)	0.00
12/31/2021	532,226	33,657	0.00	14.452833	6.66	‡	2.25	17.180011	12.73		0.00
12/31/2020	474,608	33,426	0.00	13.203351	15.89	‡	2.15	15.240011	11.98		0.00
12/31/2019	481,521	37,499	0.00	12.677727	21.53		1.25	13.610013	23.06		0.00
JNL/T. Rowe Price Balanced Fund - Class I
12/31/2023	4,090	249	0.00	16.440251	17.23		0.45	16.543513	17.35		0.35
12/31/2022	3,194	228	0.00	14.023883	(17.79	)	0.45	14.097881	(17.71	)	0.35
12/31/2021	2,389	140	0.00	17.059345	12.56		0.45	17.132276	13.04		0.35
12/31/2020+	659	44	0.00	15.155609	26.30	‡	0.45	15.155609	26.30	‡	0.45
JNL/T. Rowe Price Capital Appreciation Fund - Class A
12/31/2023	11,876,871	492,713	0.00	20.021497	14.88		3.05	27.401644	18.43		0.00
12/31/2022	9,618,485	466,854	0.00	17.428038	(14.59	)	3.05	23.137698	(11.95	)	0.00
12/31/2021	10,631,945	448,598	0.00	20.404644	14.35		3.05	26.277812	17.89		0.00
12/31/2020	7,864,909	386,758	0.00	17.844003	13.95		3.05	22.289308	17.48		0.00
12/31/2019	5,451,154	310,960	0.00	15.659223	1.71	‡	3.05	18.972909	24.06		0.00


+	On June 24, 2019, JNL/RAFI Fundamental U.S. Small Cap Fund and JNL/RAFI Multi-Factor U.S. Equity Fund completed the acquisition of JNL/MC S&P SMid 60 Fund and JNL/MC JNL 5 Fund, respectively, each a separate series in JNL Variable Fund LLC. JNL/MC S&P SMid 60 Fund and JNL/MC JNL 5 Fund, respectively, are considered the accounting survivors for financial reporting purposes, and as a result, the Financial Highlights reflects activity of the funds formerly in JNL Variable Fund LLC for periods prior to June 24, 2019. The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/T. Rowe Price Balanced Fund - Class I - April 27, 2020.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

138


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/T. Rowe Price Capital Appreciation Fund - Class I
12/31/2023	245,114	9,506	0.00	25.847634	17.84		0.80	27.212411	18.42		0.30
12/31/2022	193,864	8,905	0.00	21.935358	(6.80	)‡	0.80	22.978695	(11.92	)	0.30
12/31/2021	192,864	7,778	0.00	25.132376	17.30		0.75	26.088068	6.01		0.30
12/31/2020	134,641	6,402	0.00	21.425142	15.71	‡	0.75	20.902577	17.44		0.35
12/31/2019	72,860	4,063	0.00	17.758371	23.88		0.45	17.798638	24.01		0.35
JNL/T. Rowe Price Established Growth Fund - Class A
12/31/2023	7,496,903	59,704	0.00	71.161278	43.21		3.30	183.089201	48.00		0.00
12/31/2022	5,476,453	63,842	0.00	49.689220	(40.79	)‡	3.30	123.706126	(38.81	)	0.00
12/31/2021	9,752,345	68,612	0.00	33.016416	6.91		6.80	202.176621	14.43		0.00
12/31/2020	8,695,652	69,365	0.00	30.882244	28.07		6.80	176.675010	37.09		0.00
12/31/2019	6,861,910	74,219	0.00	24.112941	22.51		6.80	128.878871	31.13		0.00
JNL/T. Rowe Price Established Growth Fund - Class I
12/31/2023	95,109	516	0.00	155.084395	47.28		0.80	190.794989	47.95		0.35
12/31/2022	67,433	539	0.00	105.297074	(39.12	)	0.80	128.963273	(38.85	)	0.35
12/31/2021	118,652	585	0.00	172.965764	13.87		0.80	210.892417	14.38		0.35
12/31/2020	89,079	500	0.00	151.901013	11.76	‡	0.80	184.377199	37.02		0.35
12/31/2019	44,956	345	0.00	134.261335	30.95		0.45	134.564873	31.08		0.35
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A
12/31/2023	4,780,136	28,454	0.00	96.059274	16.07		3.30	247.146225	19.96		0.00
12/31/2022	4,318,982	30,496	0.00	82.757460	(24.59	)‡	3.30	206.028400	(7.01	)‡	0.00
12/31/2021	6,194,076	33,626	0.00	93.291204	8.58		3.91	247.337375	12.63		0.25
12/31/2020	5,961,539	36,176	0.00	85.915479	18.81		3.91	219.596031	23.24		0.25
12/31/2019	5,518,630	40,942	0.00	72.311173	26.44		3.91	178.181452	31.15		0.25
JNL/T. Rowe Price Mid-Cap Growth Fund - Class I
12/31/2023	51,343	205	0.00	209.417389	19.36		0.80	257.636554	19.90		0.35
12/31/2022	42,183	201	0.00	175.447376	(22.45	)	0.80	214.878290	(22.10	)	0.35
12/31/2021	62,395	233	0.00	226.246947	12.34		0.80	275.854185	12.85		0.35
12/31/2020	48,931	205	0.00	201.393395	22.95		0.80	244.448851	23.50		0.35
12/31/2019	33,387	172	0.00	163.807059	10.38	‡	0.80	197.934141	31.38		0.35
JNL/T. Rowe Price Short-Term Bond Fund - Class A
12/31/2023	1,095,211	103,662	0.00	8.028851	1.90		2.80	13.169919	4.78		0.00
12/31/2022	1,214,949	119,354	0.00	7.879527	(7.28	)‡	2.80	12.569007	(4.65	)	0.00
12/31/2021	1,288,169	118,928	0.00	7.486123	(3.91	)	3.61	13.182438	(0.38	)	0.00
12/31/2020	1,406,984	128,092	0.00	7.790801	0.25		3.61	13.232514	3.93		0.00
12/31/2019	1,089,492	101,965	0.00	7.771538	0.40		3.61	12.731754	4.09		0.00
JNL/T. Rowe Price Short-Term Bond Fund - Class I
12/31/2023	32,279	2,441	0.00	11.935579	4.23		0.80	13.038455	4.75		0.30
12/31/2022	30,772	2,436	0.00	11.451363	(5.05	)	0.80	12.447276	(4.57	)	0.30
12/31/2021	27,507	2,078	0.00	12.060117	(0.81	)‡	0.80	13.043759	(0.39	)	0.30
12/31/2020	18,059	1,353	0.00	13.484949	3.80		0.45	13.095143	3.96		0.30
12/31/2019	11,448	889	0.00	12.990821	3.89		0.45	12.596392	2.29	‡	0.30



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

139


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/T. Rowe Price U.S. High Yield Fund - Class A
12/31/2023	174,606	15,369	0.00	10.242593	10.65	‡	2.60	12.506299	13.56		0.00
12/31/2022	129,834	12,818	0.00	9.194761	(17.08	)‡	2.70	11.013330	(14.81	)	0.00
12/31/2021	151,234	12,561	0.00	10.870095	1.68		3.05	12.928229	4.82		0.00
12/31/2020	138,409	11,904	0.00	10.690965	0.34		3.05	12.333205	3.45		0.00
12/31/2019	127,011	11,171	0.00	10.654667	2.98	‡	3.05	11.922097	10.20		0.00
JNL/T. Rowe Price U.S. High Yield Fund - Class I
12/31/2023	4,437	367	0.00	12.015224	13.00		0.80	12.182426	13.51		0.35
12/31/2022	3,527	331	0.00	10.632564	(11.28	)‡	0.80	10.732351	(14.86	)	0.35
12/31/2021	3,666	293	0.00	12.551584	4.63		0.45	12.605290	4.73		0.35
12/31/2020	2,057	173	0.00	11.996249	3.37		0.45	12.035531	3.47		0.35
12/31/2019	1,453	127	0.00	11.605222	10.00		0.45	11.631552	10.11		0.35
JNL/T. Rowe Price Value Fund - Class A
12/31/2023	2,708,238	56,803	0.00	31.512457	8.60		3.05	64.858933	11.95		0.00
12/31/2022	2,745,937	63,726	0.00	29.016559	(14.16	)‡	3.05	57.934308	(11.51	)	0.00
12/31/2021	3,157,881	64,032	0.00	28.054112	24.58		3.91	65.466835	29.55		0.00
12/31/2020	2,111,055	54,809	0.00	22.518536	6.04		3.91	50.533951	10.27		0.00
12/31/2019	1,961,880	55,559	0.00	21.236513	21.27		3.91	45.829426	26.11		0.00
JNL/T. Rowe Price Value Fund - Class I
12/31/2023	55,836	852	0.00	56.570757	11.38		0.80	66.886532	11.88		0.35
12/31/2022	51,731	882	0.00	50.792312	(11.97	)	0.80	59.785537	(11.58	)	0.35
12/31/2021	55,313	836	0.00	57.701146	24.28	‡	0.80	67.613374	29.47		0.35
12/31/2020	22,274	435	0.00	52.052238	10.10		0.45	52.222483	10.21		0.35
12/31/2019	12,740	273	0.00	47.278868	25.96		0.45	47.386162	26.09		0.35
JNL/Vanguard Growth ETF Allocation Fund - Class A
12/31/2023	1,851,256	136,635	0.00	12.335316	7.19	‡	2.80	14.700000	14.31		0.00
12/31/2022	1,745,568	145,408	0.00	11.245022	(18.70	)	2.55	12.860000	(16.60	)	0.00
12/31/2021	2,201,939	150,998	0.00	13.830879	11.43		2.55	15.420000	14.31		0.00
12/31/2020	589,736	45,597	0.00	12.412129	10.79		2.55	13.490000	13.65		0.00
12/31/2019	392,365	34,069	0.00	11.203537	19.78		2.55	11.870000	22.88		0.00
JNL/Vanguard Growth ETF Allocation Fund - Class I
12/31/2023	51,995	3,538	0.00	14.362347	13.83		0.80	14.772762	14.34		0.35
12/31/2022	47,814	3,718	0.00	12.617383	(16.90	)	0.80	12.919827	(16.52	)	0.35
12/31/2021	54,997	3,566	0.00	15.182998	13.92		0.80	15.477204	14.44		0.35
12/31/2020	29,326	2,175	0.00	13.327286	13.19		0.80	13.524546	13.70		0.35
12/31/2019	20,134	1,696	0.00	11.774642	9.00	‡	0.80	11.895307	22.92		0.35
JNL/Vanguard Moderate ETF Allocation Fund - Class A
12/31/2023	495,307	42,884	0.00	10.629399	7.30		2.55	12.470001	10.06		0.00
12/31/2022	450,799	42,459	0.00	9.906414	(16.19	)‡	2.55	11.330001	(14.04	)	0.00
12/31/2021	535,642	42,823	0.00	11.746344	3.54		2.70	13.180001	6.38		0.00
12/31/2020	444,533	37,363	0.00	11.344495	6.73		2.70	12.390001	9.65		0.00
12/31/2019	299,395	27,289	0.00	10.629522	10.34	‡	2.70	11.300001	15.78		0.00



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

140


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Vanguard Moderate ETF Allocation Fund - Class I
12/31/2023	17,297	1,387	0.00	12.454159	10.03		0.45	12.532409	10.14		0.35
12/31/2022	17,005	1,501	0.00	11.318729	(14.09	)	0.45	11.378495	(14.00	)‡	0.35
12/31/2021	17,738	1,346	0.00	13.174655	6.45		0.45	13.259120	1.58		0.30
12/31/2020	13,906	1,123	0.00	12.376768	9.58		0.45	12.417254	9.69		0.35
12/31/2019	10,627	941	0.00	11.294255	15.67		0.45	11.319872	15.79		0.35
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A
12/31/2023	832,552	66,399	0.00	11.370255	9.17		2.80	13.550000	12.26		0.00
12/31/2022	769,602	68,092	0.00	10.415369	(17.75	)	2.80	12.070000	(15.42	)	0.00
12/31/2021	928,560	68,650	0.00	12.662773	7.32		2.80	14.270000	10.36		0.00
12/31/2020	570,137	45,961	0.00	11.799541	8.80	‡	2.80	12.930000	11.66		0.00
12/31/2019	362,388	32,245	0.00	10.930017	16.38	‡	2.55	11.580000	19.38		0.00
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
12/31/2023	33,111	2,447	0.00	13.230381	11.83		0.80	13.608511	12.33		0.35
12/31/2022	34,615	2,870	0.00	11.830994	(15.81	)	0.80	12.114745	(15.43	)	0.35
12/31/2021	37,210	2,608	0.00	14.052032	2.80	‡	0.80	14.324473	10.52		0.35
12/31/2020	20,270	1,569	0.00	12.918747	11.55		0.45	12.960975	11.66		0.35
12/31/2019	14,593	1,260	0.00	11.581316	19.46		0.45	11.607568	19.58		0.35
JNL/WCM China Quality Growth Fund - Class A
12/31/2023	772	92	0.00	8.348512	(28.47	)‡	1.35	8.540076	(17.96	)	0.00
12/31/2022+	441	43	0.00	10.321552	3.22	‡	1.25	10.410082	4.10	‡	0.00
JNL/WCM Focused International Equity Fund - Class A
12/31/2023	622,998	30,529	0.00	17.013176	12.97		3.05	23.283227	16.46		0.00
12/31/2022	483,146	27,222	0.00	15.060068	(30.83	)‡	3.05	19.993065	(28.69	)	0.00
12/31/2021	614,871	24,368	0.00	20.287231	8.44	‡	3.90	28.037680	17.08		0.00
12/31/2020	387,246	17,756	0.29	19.171359	28.05		3.05	23.947193	32.01		0.00
12/31/2019	235,077	14,044	0.73	14.971998	3.71	‡	3.05	18.140222	35.48		0.00
JNL/WCM Focused International Equity Fund - Class I
12/31/2023	17,488	763	0.00	21.979876	15.92		0.80	23.074797	16.45		0.35
12/31/2022	13,179	669	0.00	18.960637	(11.32	)‡	0.80	19.816046	(28.75	)	0.35
12/31/2021	19,913	720	0.00	27.694263	16.92		0.45	27.812465	17.03		0.35
12/31/2020	9,556	404	0.47	23.687400	31.82		0.45	23.764720	31.95		0.35
12/31/2019	4,231	236	0.73	17.969816	35.21		0.45	18.010454	35.35		0.35
JNL/Westchester Capital Event Driven Fund - Class A
12/31/2023	55,790	4,568	0.00	10.660576	3.54		2.80	13.593762	6.46		0.00
12/31/2022	58,426	5,033	0.00	10.295937	(5.96	)	2.80	12.768576	(3.29	)	0.00
12/31/2021	52,296	4,295	0.00	10.948210	0.12		2.80	13.202880	2.96		0.00
12/31/2020	38,756	3,242	0.00	10.935486	3.37		2.80	12.822860	6.30		0.00
12/31/2019	45,929	4,043	0.00	10.579063	7.97	‡	2.80	12.062833	11.77		0.00


+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/WCM China Quality Growth Fund - Class A - April 25, 2022.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

141


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Westchester Capital Event Driven Fund - Class I
12/31/2023	2,524	191	0.00	12.976358	5.92		0.80	13.187152	6.40		0.35
12/31/2022	2,426	196	0.00	12.250691	0.25	‡	0.80	12.394385	(3.37	)	0.35
12/31/2021	1,135	88	0.00	12.772375	2.84		0.45	12.827040	2.94		0.35
12/31/2020	743	59	0.00	12.419508	6.12		0.45	12.460198	6.22		0.35
12/31/2019	668	57	0.00	11.703731	11.65		0.45	11.730339	11.77		0.35
JNL/Western Asset Global Multi-Sector Bond Fund - Class A
12/31/2023	355,551	35,400	0.00	8.406753	5.67		2.75	11.709598	8.60		0.00
12/31/2022	375,600	40,126	0.00	7.955936	(8.27	)‡	2.75	10.781952	(5.72	)	0.00
12/31/2021	465,142	46,240	0.00	8.240640	(7.39	)	3.26	11.435876	(4.33	)	0.00
12/31/2020	508,280	47,747	13.90	8.898652	(9.69	)	3.26	11.952922	(6.71	)	0.00
12/31/2019	579,355	50,196	9.19	9.853594	(2.28	)	3.26	12.812706	0.95		0.00
JNL/Western Asset Global Multi-Sector Bond Fund - Class I
12/31/2023	4,304	368	0.00	10.966809	8.15		0.80	11.642582	8.69		0.30
12/31/2022	3,935	365	0.00	10.139999	(0.15	)‡	0.80	10.711779	(5.79	)	0.30
12/31/2021	3,656	320	0.00	11.495236	(4.46	)	0.45	11.369730	(4.31	)	0.30
12/31/2020	3,588	299	16.18	12.031366	(6.86	)	0.45	11.882160	(6.72	)	0.30
12/31/2019	2,787	216	12.13	12.917240	0.84		0.45	12.737921	(1.87	)‡	0.30
JNL/William Blair International Leaders Fund - Class A
12/31/2023	570,608	23,343	0.00	16.665393	9.84		2.65	35.596515	12.78		0.00
12/31/2022	564,662	25,739	1.71	15.172487	(26.98	)‡	2.65	31.562456	(25.02	)	0.00
12/31/2021	826,605	27,866	1.16	14.854276	2.12		3.91	42.096750	6.20		0.00
12/31/2020	841,336	29,822	2.08	14.545456	9.42		3.91	39.640830	13.78		0.00
12/31/2019	855,463	34,100	1.70	13.293411	23.23		3.91	34.839332	28.15		0.00
JNL/William Blair International Leaders Fund - Class I
12/31/2023	11,449	309	0.13	37.619020	12.75	‡	0.45	37.855272	12.86	‡	0.35
12/31/2022	9,985	303	2.17	27.766924	(25.38	)	0.75	30.588414	(25.12	)‡	0.40
12/31/2021	11,844	271	1.90	37.213333	0.62	‡	0.75	44.773153	6.11		0.35
12/31/2020	4,548	111	2.75	42.057705	13.63		0.45	42.195289	13.75		0.35
12/31/2019	2,825	78	2.06	37.011704	27.94		0.45	37.095673	28.07		0.35
JNL/WMC Balanced Fund - Class A
12/31/2023	8,332,728	125,167	0.00	40.216037	9.69		3.05	96.321281	13.08		0.00
12/31/2022	7,967,406	133,763	0.00	36.662925	(16.53	)‡	3.05	85.180504	(13.95	)	0.00
12/31/2021	9,895,046	141,079	0.00	16.166244	10.88		6.80	98.990420	18.68		0.00
12/31/2020	8,613,751	144,262	0.00	14.580507	1.21		6.80	83.410741	8.33		0.00
12/31/2019	8,382,356	150,402	0.00	14.406893	13.48		6.80	76.998991	21.46		0.00
JNL/WMC Balanced Fund - Class I
12/31/2023	77,053	792	0.00	81.556233	12.52		0.80	94.114790	13.08		0.30
12/31/2022	67,411	782	0.00	72.482313	(0.04	)‡	0.80	83.227483	(13.95	)	0.30
12/31/2021	77,552	774	0.00	102.776839	18.51		0.45	96.718929	6.85		0.30
12/31/2020	49,119	580	0.00	86.725403	8.17		0.45	87.009200	8.27		0.35
12/31/2019	34,219	438	0.00	80.177550	21.30		0.45	80.359519	21.42		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

142


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/WMC Equity Income Fund - Class A
12/31/2023	662,378	42,102	0.00	14.346651	3.74		2.75	17.060000	6.62		0.00
12/31/2022	764,289	51,177	0.00	13.829371	5.37	‡	2.75	16.000000	0.50		0.00
12/31/2021	599,865	39,844	0.00	14.234635	22.43		2.60	15.920000	25.65		0.00
12/31/2020	500,705	41,297	0.00	11.627116	(0.04	)	2.60	12.670000	2.59		0.00
12/31/2019	327,446	27,374	0.00	11.631875	0.97	‡	2.60	12.350000	23.75		0.00
JNL/WMC Equity Income Fund - Class I
12/31/2023	23,879	1,417	0.00	16.542495	6.16		0.80	17.069028	6.69		0.30
12/31/2022	23,885	1,509	0.00	15.583157	0.01		0.80	15.999140	0.50		0.30
12/31/2021	19,517	1,239	0.00	15.582321	24.99		0.80	15.918848	25.62		0.30
12/31/2020	14,029	1,118	0.00	12.467187	2.15		0.80	12.672443	2.67		0.30
12/31/2019	9,094	745	0.00	12.204333	9.98	‡	0.80	12.343388	10.76	‡	0.30
JNL/WMC Global Real Estate Fund - Class A
12/31/2023	619,090	36,346	0.00	13.051726	6.61	‡	2.75	21.796602	9.58		0.00
12/31/2022	623,374	39,583	0.00	11.386469	(29.82	)‡	3.15	19.891380	(27.58	)	0.00
12/31/2021	949,949	43,093	0.00	14.333805	21.83		3.90	27.466876	26.67		0.00
12/31/2020	839,871	47,691	0.00	11.765583	(15.49	)	3.90	21.683182	(12.13	)	0.00
12/31/2019	1,111,643	54,791	0.00	13.922679	17.83		3.90	24.677093	22.52		0.00
JNL/WMC Global Real Estate Fund - Class I
12/31/2023	4,235	202	0.00	20.932304	9.38	‡	0.45	21.326680	9.48		0.35
12/31/2022	3,743	195	0.00	17.989943	(27.95	)	0.80	19.479251	(27.63	)	0.35
12/31/2021	4,439	167	0.00	24.969442	4.02	‡	0.80	26.915512	26.68		0.35
12/31/2020	2,660	127	0.00	20.916564	(12.30	)	0.45	21.246899	(12.21	)	0.35
12/31/2019	2,437	102	0.00	23.849631	22.40		0.45	24.202180	22.52		0.35
JNL/WMC Government Money Market Fund - Class A
12/31/2023	2,592,337	211,724	4.30	7.662473	1.00		2.90	17.493112	4.37		0.00
12/31/2022	2,896,397	244,020	1.00	7.586855	(2.08	)‡	2.90	16.760718	0.95		0.00
12/31/2021	1,946,093	163,962	0.00	2.711276	(6.57	)	6.80	16.602607	0.00		0.00
12/31/2020	2,259,747	188,938	0.19	2.902069	(6.38	)	6.80	16.602591	0.21		0.00
12/31/2019	1,190,470	98,667	1.53	3.099812	(5.11	)‡	6.80	16.567918	1.54		0.00
JNL/WMC Government Money Market Fund - Class I
12/31/2023	60,412	3,445	4.77	14.615025	4.00		0.80	17.980243	4.46		0.35
12/31/2022	64,475	3,831	1.55	14.053420	0.51		0.80	17.211906	0.96		0.35
12/31/2021	30,020	1,811	0.04	13.982471	(0.57	)‡	0.80	17.048370	(0.31	)	0.35
12/31/2020	40,752	2,466	0.27	17.046237	(0.14	)	0.45	17.102154	(0.04	)	0.35
12/31/2019	13,001	781	1.97	17.070022	1.54		0.45	17.108767	1.64		0.35
JNL/WMC Value Fund - Class A
12/31/2023	697,996	12,792	0.00	38.753922	6.04		2.95	72.532239	9.21		0.00
12/31/2022	783,405	15,525	0.00	36.546145	(7.60	)‡	2.95	66.417535	(2.02	)‡	0.00
12/31/2021	814,591	15,182	0.00	34.231404	22.37		3.70	65.883511	26.60		0.30
12/31/2020	692,118	16,185	0.00	27.973819	(2.17	)	3.70	52.039966	1.21		0.30
12/31/2019	766,540	17,994	0.00	28.594485	22.88		3.70	51.416321	27.13		0.30



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

143


Jackson National Separate Account I
Financial Highlights
December 31, 2023
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/WMC Value Fund - Class I
12/31/2023	9,989	138	0.00	64.246590	8.69		0.80	74.509542	9.18		0.35
12/31/2022	11,956	180	0.00	59.111213	(1.26	)‡	0.80	68.246818	(4.89	)	0.35
12/31/2021	9,191	132	0.00	71.451280	26.79		0.45	71.756687	26.92		0.35
12/31/2020	3,973	72	0.00	56.353178	1.38		0.45	56.537483	1.48		0.35
12/31/2019	2,333	43	0.00	55.586775	27.28		0.45	55.712831	27.41		0.35



*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio.
¥	Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

144

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2023

NOTE 1. Organization

Jackson National Life Insurance Company (“Jackson”) established Jackson National Separate Account I (the “Separate Account”) on June 14, 1993. The Separate Account commenced operations on October 16, 1995, and is a unit investment trust registered with the Securities Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board “FASB” Accounting Standards Codification (ASC) Topic 946 Financial Services – Investment Companies.

The Separate Account is a separate investment account of Jackson. Its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson but are clearly identified and distinguished from Jackson's other assets and liabilities. The contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct.

The Separate Account receives and invests, based on the directions of the contract owners, net premiums for individual flexible premium variable annuity contracts issued by Jackson. The contracts can be purchased on a non-tax qualified basis or in connection with certain plans qualifying for favorable federal income tax treatment. The Separate Account currently contains two-hundred forty-six (246) Investment Divisions as of December 31, 2023. These two-hundred forty-six (246) Investment Divisions each invested in shares of the following mutual funds (each a "Fund" and collectively the “Funds”) as of and during the year ended December 31, 2023:


JNL^® Series Trust
JNL Aggressive Growth Allocation Fund - Class A⁽¹⁾	JNL/JPMorgan Hedged Equity Fund - Class A
JNL Aggressive Growth Allocation Fund - Class I⁽¹⁾	JNL/JPMorgan Hedged Equity Fund - Class I
JNL Bond Index Fund - Class I	JNL/JPMorgan MidCap Growth Fund - Class A
JNL Conservative Allocation Fund - Class A⁽¹⁾	JNL/JPMorgan MidCap Growth Fund - Class I
JNL Conservative Allocation Fund - Class I⁽¹⁾	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A
JNL Emerging Markets Index Fund - Class I	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I
JNL Growth Allocation Fund - Class A⁽¹⁾	JNL/JPMorgan U.S. Value Fund - Class A
JNL Growth Allocation Fund - Class I⁽¹⁾	JNL/JPMorgan U.S. Value Fund - Class I
JNL International Index Fund - Class I	JNL/Lazard International Strategic Equity Fund - Class A
JNL iShares Tactical Growth Fund - Class A	JNL/Lazard International Strategic Equity Fund - Class I
JNL iShares Tactical Growth Fund - Class I	JNL/Loomis Sayles Global Growth Fund - Class A
JNL iShares Tactical Moderate Fund - Class A	JNL/Loomis Sayles Global Growth Fund - Class I
JNL iShares Tactical Moderate Fund - Class I	JNL/Lord Abbett Short Duration Income Fund - Class A
JNL iShares Tactical Moderate Growth Fund - Class A	JNL/Lord Abbett Short Duration Income Fund - Class I
JNL iShares Tactical Moderate Growth Fund - Class I	JNL/Mellon Bond Index Fund - Class A
JNL Mid Cap Index Fund - Class I	JNL/Mellon Bond Index Fund - Class I
JNL Moderate Allocation Fund - Class A⁽¹⁾	JNL/Mellon Communication Services Sector Fund - Class A
JNL Moderate Allocation Fund - Class I⁽¹⁾	JNL/Mellon Communication Services Sector Fund - Class I
JNL Moderate Growth Allocation Fund - Class A⁽¹⁾	JNL/Mellon Consumer Discretionary Sector Fund - Class A
JNL Moderate Growth Allocation Fund - Class I⁽¹⁾	JNL/Mellon Consumer Discretionary Sector Fund - Class I
JNL Multi-Manager Alternative Fund - Class A	JNL/Mellon Consumer Staples Sector Fund - Class A
JNL Multi-Manager Alternative Fund - Class I	JNL/Mellon Consumer Staples Sector Fund - Class I
JNL Multi-Manager Emerging Markets Equity Fund - Class A	JNL/Mellon Dow Index Fund - Class A
JNL Multi-Manager Emerging Markets Equity Fund - Class I	JNL/Mellon Dow Index Fund - Class I
JNL Multi-Manager International Small Cap Fund - Class A	JNL/Mellon Emerging Markets Index Fund - Class A
JNL Multi-Manager International Small Cap Fund - Class I	JNL/Mellon Emerging Markets Index Fund - Class I
JNL Multi-Manager Mid Cap Fund - Class A	JNL/Mellon Energy Sector Fund - Class A
JNL Multi-Manager Mid Cap Fund - Class I	JNL/Mellon Energy Sector Fund - Class I
JNL Multi-Manager Small Cap Growth Fund - Class A	JNL/Mellon Financial Sector Fund - Class A
JNL Multi-Manager Small Cap Growth Fund - Class I	JNL/Mellon Financial Sector Fund - Class I
JNL Multi-Manager Small Cap Value Fund - Class A	JNL/Mellon Healthcare Sector Fund - Class A
JNL Multi-Manager Small Cap Value Fund - Class I	JNL/Mellon Healthcare Sector Fund - Class I
JNL S&P 500 Index Fund - Class I	JNL/Mellon Industrials Sector Fund - Class A
JNL Small Cap Index Fund - Class I	JNL/Mellon Industrials Sector Fund - Class I
JNL/AB Sustainable Global Thematic Fund - Class A	JNL/Mellon Information Technology Sector Fund - Class A
JNL/AB Sustainable Global Thematic Fund - Class I	JNL/Mellon Information Technology Sector Fund - Class I
JNL/American Funds Balanced Fund - Class A	JNL/Mellon International Index Fund - Class A
JNL/American Funds Balanced Fund - Class I	JNL/Mellon International Index Fund - Class I
JNL/American Funds Bond Fund of America Fund - Class A	JNL/Mellon Materials Sector Fund - Class A
JNL/American Funds Bond Fund of America Fund - Class I	JNL/Mellon Materials Sector Fund - Class I

145

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2023


JNL^® Series Trust
JNL/American Funds Capital Income Builder Fund - Class A	JNL/Mellon Nasdaq^® 100 Index Fund - Class A
JNL/American Funds Capital Income Builder Fund - Class I	JNL/Mellon Nasdaq^® 100 Index Fund - Class I
JNL/American Funds Capital World Bond Fund - Class A	JNL/Mellon Real Estate Sector Fund - Class A
JNL/American Funds Capital World Bond Fund - Class I	JNL/Mellon Real Estate Sector Fund - Class I
JNL/American Funds Global Growth Fund - Class A	JNL/Mellon S&P 400 MidCap Index Fund - Class A
JNL/American Funds Global Growth Fund - Class I	JNL/Mellon S&P 400 MidCap Index Fund - Class I
JNL/American Funds Global Small Capitalization Fund - Class A	JNL/Mellon S&P 500 Index Fund - Class A
JNL/American Funds Global Small Capitalization Fund - Class I	JNL/Mellon Small Cap Index Fund - Class A
JNL/American Funds Growth Allocation Fund - Class A⁽¹⁾	JNL/Mellon Small Cap Index Fund - Class I
JNL/American Funds Growth Allocation Fund - Class I⁽¹⁾	JNL/Mellon U.S. Stock Market Index Fund - Class A
JNL/American Funds Growth Fund - Class A	JNL/Mellon U.S. Stock Market Index Fund - Class I
JNL/American Funds Growth Fund - Class I	JNL/Mellon Utilities Sector Fund - Class A
JNL/American Funds Growth-Income Fund - Class A	JNL/Mellon Utilities Sector Fund - Class I
JNL/American Funds Growth-Income Fund - Class I	JNL/Mellon World Index Fund - Class A
JNL/American Funds International Fund - Class A	JNL/Mellon World Index Fund - Class I
JNL/American Funds International Fund - Class I	JNL/MFS Mid Cap Value Fund - Class A
JNL/American Funds Moderate Growth Allocation Fund - Class A⁽¹⁾	JNL/MFS Mid Cap Value Fund - Class I
JNL/American Funds Moderate Growth Allocation Fund - Class I⁽¹⁾	JNL/Morningstar PitchBook Listed Private Equity Index Fund - Class A
JNL/American Funds New World Fund - Class A	JNL/Morningstar U.S. Sustainability Index Fund - Class A
JNL/American Funds New World Fund - Class I	JNL/Morningstar U.S. Sustainability Index Fund - Class I
JNL/American Funds Washington Mutual Investors Fund - Class A	JNL/Morningstar Wide Moat Index Fund - Class A
JNL/American Funds Washington Mutual Investors Fund - Class I	JNL/Morningstar Wide Moat Index Fund - Class I
JNL/AQR Large Cap Defensive Style Fund - Class A	JNL/Neuberger Berman Commodity Strategy Fund - Class A
JNL/AQR Large Cap Defensive Style Fund - Class I	JNL/Neuberger Berman Gold Plus Strategy Fund - Class A
JNL/Baillie Gifford International Growth Fund - Class A	JNL/Neuberger Berman Strategic Income Fund - Class A
JNL/Baillie Gifford International Growth Fund - Class I	JNL/Neuberger Berman Strategic Income Fund - Class I
JNL/Baillie Gifford U.S. Equity Growth Fund - Class A	JNL/Newton Equity Income Fund - Class A
JNL/BlackRock Global Allocation Fund - Class A	JNL/Newton Equity Income Fund - Class I
JNL/BlackRock Global Allocation Fund - Class I	JNL/PIMCO Income Fund - Class A
JNL/BlackRock Global Natural Resources Fund - Class A	JNL/PIMCO Income Fund - Class I
JNL/BlackRock Global Natural Resources Fund - Class I	JNL/PIMCO Investment Grade Credit Bond Fund - Class A
JNL/BlackRock Large Cap Select Growth Fund - Class A	JNL/PIMCO Investment Grade Credit Bond Fund - Class I
JNL/BlackRock Large Cap Select Growth Fund - Class I	JNL/PIMCO Real Return Fund - Class A
JNL/Causeway International Value Select Fund - Class A	JNL/PIMCO Real Return Fund - Class I
JNL/Causeway International Value Select Fund - Class I	JNL/PPM America Floating Rate Income Fund - Class A
JNL/ClearBridge Large Cap Growth Fund - Class A	JNL/PPM America Floating Rate Income Fund - Class I
JNL/ClearBridge Large Cap Growth Fund - Class I	JNL/PPM America High Yield Bond Fund - Class A
JNL/DFA International Core Equity Fund - Class A	JNL/PPM America High Yield Bond Fund - Class I
JNL/DFA International Core Equity Fund - Class I	JNL/PPM America Total Return Fund - Class A
JNL/DFA U.S. Core Equity Fund - Class A	JNL/PPM America Total Return Fund - Class I
JNL/DFA U.S. Core Equity Fund - Class I	JNL/RAFI Fundamental U.S. Small Cap Fund - Class A
JNL/DFA U.S. Small Cap Fund - Class A	JNL/RAFI Fundamental U.S. Small Cap Fund - Class I
JNL/DFA U.S. Small Cap Fund - Class I	JNL/RAFI Multi-Factor U.S. Equity Fund - Class A
JNL/DoubleLine Core Fixed Income Fund - Class A	JNL/RAFI Multi-Factor U.S. Equity Fund - Class I
JNL/DoubleLine Core Fixed Income Fund - Class I	JNL/T. Rowe Price Balanced Fund - Class A
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A	JNL/T. Rowe Price Balanced Fund - Class I
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	JNL/T. Rowe Price Capital Appreciation Fund - Class A
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A	JNL/T. Rowe Price Capital Appreciation Fund - Class I
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	JNL/T. Rowe Price Established Growth Fund - Class A
JNL/DoubleLine Total Return Fund - Class A	JNL/T. Rowe Price Established Growth Fund - Class I
JNL/DoubleLine Total Return Fund - Class I	JNL/T. Rowe Price Mid-Cap Growth Fund - Class A
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A	JNL/T. Rowe Price Mid-Cap Growth Fund - Class I
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I	JNL/T. Rowe Price Short-Term Bond Fund - Class A
JNL/First Sentier Global Infrastructure Fund - Class A	JNL/T. Rowe Price Short-Term Bond Fund - Class I
JNL/First Sentier Global Infrastructure Fund - Class I	JNL/T. Rowe Price U.S. High Yield Fund - Class A

146

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2023


JNL^® Series Trust
JNL/Franklin Templeton Income Fund - Class A	JNL/T. Rowe Price U.S. High Yield Fund - Class I
JNL/Franklin Templeton Income Fund - Class I	JNL/T. Rowe Price Value Fund - Class A
JNL/Goldman Sachs 4 Fund - Class A	JNL/T. Rowe Price Value Fund - Class I
JNL/Goldman Sachs 4 Fund - Class I	JNL/Vanguard Growth ETF Allocation Fund - Class A
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A	JNL/Vanguard Growth ETF Allocation Fund - Class I
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I	JNL/Vanguard Moderate ETF Allocation Fund - Class A
JNL/Goldman Sachs Managed Conservative Fund - Class A	JNL/Vanguard Moderate ETF Allocation Fund - Class I
JNL/Goldman Sachs Managed Conservative Fund - Class I	JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A
JNL/Goldman Sachs Managed Growth Fund - Class A	JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
JNL/Goldman Sachs Managed Growth Fund - Class I	JNL/WCM China Quality Growth Fund - Class A
JNL/Goldman Sachs Managed Moderate Fund - Class A	JNL/WCM Focused International Equity Fund - Class A
JNL/Goldman Sachs Managed Moderate Fund - Class I	JNL/WCM Focused International Equity Fund - Class I
JNL/Goldman Sachs Managed Moderate Growth Fund - Class A	JNL/Westchester Capital Event Driven Fund - Class A
JNL/Goldman Sachs Managed Moderate Growth Fund - Class I	JNL/Westchester Capital Event Driven Fund - Class I
JNL/GQG Emerging Markets Equity Fund - Class A	JNL/Western Asset Global Multi-Sector Bond Fund - Class A
JNL/GQG Emerging Markets Equity Fund - Class I	JNL/Western Asset Global Multi-Sector Bond Fund - Class I
JNL/Harris Oakmark Global Equity Fund - Class A	JNL/William Blair International Leaders Fund - Class A
JNL/Harris Oakmark Global Equity Fund - Class I	JNL/William Blair International Leaders Fund - Class I
JNL/Heitman U.S. Focused Real Estate Fund - Class A	JNL/WMC Balanced Fund - Class A
JNL/Heitman U.S. Focused Real Estate Fund - Class I	JNL/WMC Balanced Fund - Class I
JNL/Invesco Diversified Dividend Fund - Class A	JNL/WMC Equity Income Fund - Class A
JNL/Invesco Diversified Dividend Fund - Class I	JNL/WMC Equity Income Fund - Class I
JNL/Invesco Global Growth Fund - Class A	JNL/WMC Global Real Estate Fund - Class A
JNL/Invesco Global Growth Fund - Class I	JNL/WMC Global Real Estate Fund - Class I
JNL/Invesco Small Cap Growth Fund - Class A	JNL/WMC Government Money Market Fund - Class A
JNL/Invesco Small Cap Growth Fund - Class I	JNL/WMC Government Money Market Fund - Class I
JNL/JPMorgan Global Allocation Fund - Class A	JNL/WMC Value Fund - Class A
JNL/JPMorgan Global Allocation Fund - Class I	JNL/WMC Value Fund - Class I

⁽¹⁾ The Fund is a Fund of Funds advised by Jackson National Asset Management, LLC (“JNAM”), an affiliate of Jackson and has no sub-adviser.

JNAM serves as investment adviser for the Funds comprising the JNL Series Trust. JNAM is a wholly-owned subsidiary of Jackson and received fees for its services from each Fund.

The following Funds were sub-advised by an affiliate of Jackson during the year: JNL/PPM America Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund and JNL/PPM America Total Return Fund.

The net assets are affected by the investment results of each underlying mutual fund, and contract transactions are affected by contract owner directions and certain contract expenses. The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits.

A contract owner may choose from a number of different underlying mutual fund options. 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.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Net Assets 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.

JNAM allocates purchase payments to Investment Divisions as instructed by the contract owner. Shares of the Investment Divisions 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.

147

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2023

NOTE 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).

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

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

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

Fair Value Measurement. As of December 31, 2023, all of the Separate Account’s Investment Divisions’ investment in each of the corresponding Funds are valued at the daily reported net asset value (“NAV”) of the applicable underlying Fund. Investments in the underlying Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. On each valuation date, the NAV of each corresponding Fund is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account’s Investment Divisions’ investment in the corresponding Funds. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

NOTE 3. Contract Charges

Under the term of the contracts, certain charges are allocated to the contract owner to compensate Jackson for providing the insurance benefits set forth in the contracts, administering the contracts, distributing the contracts, and assuming certain risks in connection with the contracts. These charges result in a reduction in contract unit value or redemptions of contract units.

Contract Owner Charges. The following charges are assessed to the contract owner by redemption of contract units:

Contract Maintenance Charge. An annual contract maintenance charge of $35 - $240 is charged against each contract to reimburse Jackson for expenses incurred in establishing and maintaining records relating to the contract. The contract maintenance charge is assessed on each anniversary of the contract date that occurs prior to the annuity date, on contract monthly anniversary or in conjunction with a total withdrawal, as applicable. This charge is specifically imposed to a contract if the contract value is less than $50,000 on the date when the charge is assessed.

Transfer Charge. A transfer charge of $25 will apply to transfers made by contract owners between the Investment Divisions in excess of 15 transfers in a contract year. Contract year is defined as the succeeding twelve months from the contract issue date. Jackson may waive the transfer charge in connection with pre-authorized automatic transfer programs, or in those states where a lesser charge is required. This charge will be deducted from the amount transferred prior to the allocation to a different Investment Division.

Surrender or Contingent Deferred Sales Charge. During the first three to nine contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract. The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contract. The amount, if any, is determined based on a number of factors, including the amount withdrawn, the contract year of surrender, or the number and amount of withdrawals in a calendar year. The surrender charges are assessed by Jackson and withheld from the proceeds of the withdrawals.

Guaranteed Minimum Optional Benefit Charges. The following contract owner charges are guaranteed minimum optional benefit charges:

Guaranteed Minimum Income Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.40% to 0.87%, depending on the contract, of the guaranteed minimum income benefit base. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Accumulation Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 1.00% to 1.02% of the guaranteed value. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Withdrawal Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.35% to 3.00%, depending on the contract, of the guaranteed withdrawal balance. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

148

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2023

Guaranteed Minimum Death Benefit Charge. If any of the optional death benefits are selected that are available under the contract, Jackson will assess an annual charge of 0.20% to 2.50%, depending on the contract, of the death benefit base. The charge will be deducted each contract quarter from the contract value by redemption of contract units.

Asset-based Charges. The following charges are assessed to the contract owner by a reduction in contract unit value:

Insurance Charges. Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%. In designated products, this expense is waived for contracts valued greater than $1 million, refer to the product prospectus for eligibility. The administration charge is designed to reimburse Jackson for expenses incurred in administering the Separate Account and its contracts and reduces the contract unit value.

Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 0.00% to 1.65% for the assumption of mortality and expense risks. The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson. The expense risk assumed by Jackson is that the actual cost of administering the contracts of the Separate Account may exceed the amount received from the administration charge and the contract maintenance charge.

Optional Benefit Charges. The following contract owner charges are optional benefit charges:

Earnings Protection Benefit Charge. If this benefit option has been selected, Jackson will make an additional deduction of 0.20% to 0.70%, depending on the contract chosen, on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions. This charge is assessed through a redemption of contract units.

Contract Enhancement Charge. If one of the contract enhancement benefits is selected, then for a period of five to nine contract years, Jackson will make an additional deduction based upon the average daily net assets of the contract owner’s allocations to the Investment Divisions. The annualized charges depend upon the contract enhancements selected and range from 0.395% to 0.832%. This charge is assessed through a redemption of contract units.

Withdrawal Charge Period. If the optional three, four, or five-year withdrawal charge period feature is selected, Jackson will deduct 0.45%, 0.40%, or 0.30%, respectively, on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions. This charge is assessed through a redemption of contract units.

20% Additional Free Withdrawal Charge. If a contract owner selects the optional feature that permits you to withdraw up to 20% of premiums that are still subject to a withdrawal charge minus earnings during a contract year without withdrawal charge, Jackson will deduct 0.30% to 0.40% on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions. This charge is assessed through a redemption of contract units.

Optional Death Benefit Charges. If any of the optional death benefits are selected that are available under the contract, Jackson will make an additional deduction of 0.15% to 0.80% on an annual basis of the average daily net assets the contract owner’s allocations to the Investment Divisions, based on the optional death benefit selected. This charge is assessed through a redemption of contract units or as a reduction of contract value, depending on the optional death benefit selected.

Advisory Fees. Some of the contracts are designed for contract owners who have hired a third party investment adviser to manage their contract value for a fee. In some circumstances, and pursuant to specific administrative rules developed to comply with a Private Letter Ruling Jackson obtained from the Internal Revenue Service on the topic, Jackson will facilitate the direct deduction of these fees from the contract with direct payment to the third party investment adviser. The amount of these fees vary and are set pursuant to written agreements between the contract owner and their third party investment adviser. Pursuant to its administrative rules and the Private Letter Ruling, Jackson caps the amount of advisory fees that may be directly deducted in this manner at an annual amount of either 1.25% or 1.50% of the contract’s cash value depending upon whether add-on benefits have been elected by the contract owner. When advisory fees are deducted from the contract pursuant to Jackson’s administrative rules, Jackson does not treat the deduction of such fees as a taxable distribution.

Premium Taxes. Some states and other governmental entities charge premium taxes or other similar taxes. Jackson pays these taxes and may make a deduction from the value of the contract for them. Premium taxes generally range from 0% to 3.5% of the contract value depending on the state.

NOTE 4. Related Party Transactions

For contract enhancement benefits related to the optional benefits offered, Jackson contributed $334,770 and $448,643 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2023 and 2022, respectively. These amounts are included in purchase payments from contract transactions.

Contract owners may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of Jackson. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in transfers between investment divisions, and fund exchanges from the fixed account to the Separate Account are included in purchase payments, as applicable, on the accompanying Statements of Changes in Net Assets.

149

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2023

NOTE 5. Subsequent Events

Management has evaluated subsequent events for the Separate Account through the date the financial statements were issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the notes.

150

KPMG LLP

Aon Center Suite 5500

200 E. Randolph Street Chicago, IL 60601-6436

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Jackson National Life Insurance Company and Contract Owners of Jackson National Separate Account I:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Investment Divisions listed in the Appendix that comprise Jackson National Separate Account I (the Separate Account), as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Investment Division as of December 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Jackson National Life Insurance Company’s Separate Accounts since 1999.

Chicago, Illinois March 28, 2024

Appendix

Statements of assets and liabilities as of December 31, 2023, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.


JNL Aggressive Growth Allocation Fund - Class A
JNL Aggressive Growth Allocation Fund - Class I
JNL Conservative Allocation Fund - Class A
JNL Conservative Allocation Fund - Class I
JNL Growth Allocation Fund - Class A
JNL Growth Allocation Fund - Class I
JNL iShares Tactical Growth Fund - Class A
JNL iShares Tactical Growth Fund - Class I
JNL iShares Tactical Moderate Fund - Class A
JNL iShares Tactical Moderate Fund - Class I
JNL iShares Tactical Moderate Growth Fund - Class A
JNL iShares Tactical Moderate Growth Fund - Class I
JNL Moderate Allocation Fund - Class A
JNL Moderate Allocation Fund - Class I
JNL Moderate Growth Allocation Fund - Class A
JNL Moderate Growth Allocation Fund - Class I
JNL Multi-Manager Alternative Fund - Class A
JNL Multi-Manager Alternative Fund - Class I
JNL Multi-Manager Emerging Markets Equity Fund - Class A
JNL Multi-Manager Emerging Markets Equity Fund - Class I
JNL Multi-Manager International Small Cap Fund - Class A
JNL Multi-Manager Mid Cap Fund - Class A
JNL Multi-Manager Mid Cap Fund - Class I
JNL Multi-Manager Small Cap Growth Fund - Class A
JNL Multi-Manager Small Cap Growth Fund - Class I
JNL Multi-Manager Small Cap Value Fund - Class A
JNL Multi-Manager Small Cap Value Fund - Class I
JNL S&P 500 Index Fund - Class I
JNL/American Funds Balanced Fund - Class A
JNL/American Funds Balanced Fund - Class I
JNL/American Funds Capital Income Builder Fund - Class A
JNL/American Funds Capital Income Builder Fund - Class I
JNL/American Funds Capital World Bond Fund - Class A
JNL/American Funds Capital World Bond Fund - Class I
JNL/American Funds Global Growth Fund - Class A
JNL/American Funds Global Growth Fund - Class I
JNL/American Funds Global Small Capitalization Fund - Class A
JNL/American Funds Global Small Capitalization Fund - Class I
JNL/American Funds Growth Allocation Fund - Class A
JNL/American Funds Growth Allocation Fund - Class I
JNL/American Funds Growth Fund - Class A


JNL/American Funds Growth Fund - Class I
JNL/American Funds Growth-Income Fund - Class A
JNL/American Funds Growth-Income Fund - Class I
JNL/American Funds International Fund - Class A
JNL/American Funds International Fund - Class I
JNL/American Funds Moderate Growth Allocation Fund - Class A
JNL/American Funds Moderate Growth Allocation Fund - Class I
JNL/American Funds New World Fund - Class A
JNL/American Funds New World Fund - Class I
JNL/American Funds Washington Mutual Investors Fund - Class A
JNL/American Funds Washington Mutual Investors Fund - Class I
JNL/AQR Large Cap Defensive Style Fund - Class A
JNL/AQR Large Cap Defensive Style Fund - Class I
JNL/Baillie Gifford International Growth Fund - Class A
JNL/Baillie Gifford International Growth Fund - Class I
JNL/BlackRock Global Allocation Fund - Class A
JNL/BlackRock Global Allocation Fund - Class I
JNL/BlackRock Global Natural Resources Fund - Class A
JNL/BlackRock Global Natural Resources Fund - Class I
JNL/BlackRock Large Cap Select Growth Fund - Class A
JNL/BlackRock Large Cap Select Growth Fund - Class I
JNL/Causeway International Value Select Fund - Class A
JNL/Causeway International Value Select Fund - Class I
JNL/ClearBridge Large Cap Growth Fund - Class A
JNL/ClearBridge Large Cap Growth Fund - Class I
JNL/DFA International Core Equity Fund - Class A
JNL/DFA International Core Equity Fund - Class I
JNL/DFA U.S. Core Equity Fund - Class A
JNL/DFA U.S. Core Equity Fund - Class I
JNL/DFA U.S. Small Cap Fund - Class A
JNL/DFA U.S. Small Cap Fund - Class I
JNL/DoubleLine Core Fixed Income Fund - Class A
JNL/DoubleLine Core Fixed Income Fund - Class I
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I
JNL/DoubleLine Total Return Fund - Class A
JNL/DoubleLine Total Return Fund - Class I
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
JNL/First Sentier Global Infrastructure Fund - Class A
JNL/First Sentier Global Infrastructure Fund - Class I
JNL/Franklin Templeton Income Fund - Class A
JNL/Franklin Templeton Income Fund - Class I
JNL/Goldman Sachs 4 Fund - Class A


JNL/Goldman Sachs 4 Fund - Class I
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I
JNL/Goldman Sachs Managed Conservative Fund - Class A
JNL/Goldman Sachs Managed Conservative Fund - Class I
JNL/Goldman Sachs Managed Growth Fund - Class A
JNL/Goldman Sachs Managed Growth Fund - Class I
JNL/Goldman Sachs Managed Moderate Fund - Class A
JNL/Goldman Sachs Managed Moderate Fund - Class I
JNL/Goldman Sachs Managed Moderate Growth Fund - Class A
JNL/Goldman Sachs Managed Moderate Growth Fund - Class I
JNL/GQG Emerging Markets Equity Fund - Class A
JNL/GQG Emerging Markets Equity Fund - Class I
JNL/Harris Oakmark Global Equity Fund - Class A
JNL/Harris Oakmark Global Equity Fund - Class I
JNL/Heitman U.S. Focused Real Estate Fund - Class A
JNL/Heitman U.S. Focused Real Estate Fund - Class I
JNL/Invesco Diversified Dividend Fund - Class A
JNL/Invesco Diversified Dividend Fund - Class I
JNL/Invesco Global Growth Fund - Class A
JNL/Invesco Global Growth Fund - Class I
JNL/Invesco Small Cap Growth Fund - Class A
JNL/Invesco Small Cap Growth Fund - Class I
JNL/JPMorgan Global Allocation Fund - Class A
JNL/JPMorgan Global Allocation Fund - Class I
JNL/JPMorgan Hedged Equity Fund - Class A
JNL/JPMorgan Hedged Equity Fund - Class I
JNL/JPMorgan MidCap Growth Fund - Class A
JNL/JPMorgan MidCap Growth Fund - Class I
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I
JNL/JPMorgan U.S. Value Fund - Class A
JNL/JPMorgan U.S. Value Fund - Class I
JNL/Lazard International Strategic Equity Fund - Class A
JNL/Lazard International Strategic Equity Fund - Class I
JNL/Loomis Sayles Global Growth Fund - Class A
JNL/Loomis Sayles Global Growth Fund - Class I
JNL/Lord Abbett Short Duration Income Fund - Class A
JNL/Lord Abbett Short Duration Income Fund - Class I
JNL/Mellon Bond Index Fund - Class A
JNL/Mellon Bond Index Fund - Class I
JNL/Mellon Communication Services Sector Fund - Class A
JNL/Mellon Communication Services Sector Fund - Class I
JNL/Mellon Consumer Discretionary Sector Fund - Class A
JNL/Mellon Consumer Discretionary Sector Fund - Class I
JNL/Mellon Consumer Staples Sector Fund - Class A


JNL/Mellon Consumer Staples Sector Fund - Class I
JNL/Mellon Dow Index Fund - Class A
JNL/Mellon Dow Index Fund - Class I
JNL/Mellon Emerging Markets Index Fund - Class A
JNL/Mellon Emerging Markets Index Fund - Class I
JNL/Mellon Energy Sector Fund - Class A
JNL/Mellon Energy Sector Fund - Class I
JNL/Mellon Financial Sector Fund - Class A
JNL/Mellon Financial Sector Fund - Class I
JNL/Mellon Healthcare Sector Fund - Class A
JNL/Mellon Healthcare Sector Fund - Class I
JNL/Mellon Industrials Sector Fund - Class A
JNL/Mellon Industrials Sector Fund - Class I
JNL/Mellon Information Technology Sector Fund - Class A
JNL/Mellon Information Technology Sector Fund - Class I
JNL/Mellon International Index Fund - Class A
JNL/Mellon International Index Fund - Class I
JNL/Mellon Materials Sector Fund - Class A
JNL/Mellon Materials Sector Fund - Class I
JNL/Mellon Nasdaq® 100 Index Fund - Class A
JNL/Mellon Nasdaq® 100 Index Fund - Class I
JNL/Mellon Real Estate Sector Fund - Class A
JNL/Mellon Real Estate Sector Fund - Class I
JNL/Mellon S&P 400 MidCap Index Fund - Class A
JNL/Mellon S&P 400 MidCap Index Fund - Class I
JNL/Mellon S&P 500 Index Fund - Class A
JNL/Mellon Small Cap Index Fund - Class A
JNL/Mellon Small Cap Index Fund - Class I
JNL/Mellon U.S. Stock Market Index Fund - Class A
JNL/Mellon U.S. Stock Market Index Fund - Class I
JNL/Mellon Utilities Sector Fund - Class A
JNL/Mellon Utilities Sector Fund - Class I
JNL/Mellon World Index Fund - Class A
JNL/Mellon World Index Fund - Class I
JNL/MFS Mid Cap Value Fund - Class A
JNL/MFS Mid Cap Value Fund - Class I
JNL/Morningstar U.S. Sustainability Index Fund - Class A
JNL/Morningstar U.S. Sustainability Index Fund - Class I
JNL/Morningstar Wide Moat Index Fund - Class A
JNL/Morningstar Wide Moat Index Fund - Class I
JNL/Neuberger Berman Commodity Strategy Fund - Class A
JNL/Neuberger Berman Strategic Income Fund - Class A
JNL/Neuberger Berman Strategic Income Fund - Class I
JNL/Newton Equity Income Fund - Class A
JNL/Newton Equity Income Fund - Class I
JNL/PIMCO Income Fund - Class A


JNL/PIMCO Income Fund - Class I
JNL/PIMCO Investment Grade Credit Bond Fund - Class A
JNL/PIMCO Investment Grade Credit Bond Fund - Class I
JNL/PIMCO Real Return Fund - Class A
JNL/PIMCO Real Return Fund - Class I
JNL/PPM America Floating Rate Income Fund - Class A
JNL/PPM America Floating Rate Income Fund - Class I
JNL/PPM America High Yield Bond Fund - Class A
JNL/PPM America High Yield Bond Fund - Class I
JNL/PPM America Total Return Fund - Class A
JNL/PPM America Total Return Fund - Class I
JNL/RAFI Fundamental U.S. Small Cap Fund - Class A
JNL/RAFI Fundamental U.S. Small Cap Fund - Class I
JNL/RAFI Multi-Factor U.S. Equity Fund - Class A
JNL/RAFI Multi-Factor U.S. Equity Fund - Class I
JNL/T. Rowe Price Balanced Fund - Class A
JNL/T. Rowe Price Balanced Fund - Class I
JNL/T. Rowe Price Capital Appreciation Fund - Class A
JNL/T. Rowe Price Capital Appreciation Fund - Class I
JNL/T. Rowe Price Established Growth Fund - Class A
JNL/T. Rowe Price Established Growth Fund - Class I
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A
JNL/T. Rowe Price Mid-Cap Growth Fund - Class I
JNL/T. Rowe Price Short-Term Bond Fund - Class A
JNL/T. Rowe Price Short-Term Bond Fund - Class I
JNL/T. Rowe Price U.S. High Yield Fund - Class A
JNL/T. Rowe Price U.S. High Yield Fund - Class I
JNL/T. Rowe Price Value Fund - Class A
JNL/T. Rowe Price Value Fund - Class I
JNL/Vanguard Growth ETF Allocation Fund - Class A
JNL/Vanguard Growth ETF Allocation Fund - Class I
JNL/Vanguard Moderate ETF Allocation Fund - Class A
JNL/Vanguard Moderate ETF Allocation Fund - Class I
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
JNL/WCM Focused International Equity Fund - Class A
JNL/WCM Focused International Equity Fund - Class I
JNL/Westchester Capital Event Driven Fund - Class A
JNL/Westchester Capital Event Driven Fund - Class I
JNL/Western Asset Global Multi-Sector Bond Fund - Class A
JNL/Western Asset Global Multi-Sector Bond Fund - Class I
JNL/William Blair International Leaders Fund - Class A
JNL/William Blair International Leaders Fund - Class I
JNL/WMC Balanced Fund - Class A
JNL/WMC Balanced Fund - Class I
JNL/WMC Equity Income Fund - Class A


JNL/WMC Equity Income Fund - Class I
JNL/WMC Global Real Estate Fund - Class A
JNL/WMC Global Real Estate Fund - Class I
JNL/WMC Government Money Market Fund - Class A
JNL/WMC Government Money Market Fund - Class I
JNL/WMC Value Fund - Class A JNL/WMC Value Fund - Class I
JNL Bond Index Fund - Class I
JNL Emerging Markets Index Fund - Class I
JNL International Index Fund - Class I
JNL Mid Cap Index Fund - Class I
JNL Multi-Manager International Small Cap Fund - Class I
JNL Small Cap Index Fund - Class I
JNL/American Funds Bond Fund of America Fund - Class A
JNL/American Funds Bond Fund of America Fund - Class I
JNL/Baillie Gifford U.S. Equity Growth Fund - Class A JNL/Morningstar Pitchbook Listed Private Equity Index Fund – Class A

Statements of assets and liabilities as of December 31, 2023, and the related statements of operations for the year then ended and the statements of changes in net assets for the year then ended and for the period from April 25, 2022 (inception) to December 31, 2022


JNL/AB Sustainable Global Thematic Fund – Class A
JNL/AB Sustainable Global Thematic Fund - Class I
JNL/Neuberger Berman Gold Plus Strategy Fund - Class A
JNL/WCM China Quality Growth Fund - Class A

Jackson National Life Insurance Company

Statutory Financial Statements

December 31, 2023

Jackson National Life Insurance Company

Index to Statutory Financial Statements

________________________________________________________________________________________________


Independent Auditors’ Report			3

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus as of December 31, 2023 and 2022			89

Statutory Statements of Operations for the years ended December 31, 2023, 2022, and 2021			90

Statutory Statements of Capital and Surplus for the years ended December 31, 2023, 2022, and 2021			91

Statutory Statements of Cash Flow for the years ended December 31, 2023, 2022, and 2021			92

Notes to Statutory Financial Statements			93

Supplemental Schedule of Selected Financial Data			151

Supplemental Investment Risks Interrogatories			154

Summary Investment Schedule			157

Reinsurance Risk Interrogatories			158

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

Independent Auditors' Report

The Audit and Risk Management Committee of the Board of Directors

Jackson National Life Insurance Company:

Opinions

We have audited the financial statements of Jackson National Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2023 and 2022, and the related statutory statements of operations, capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2023, and the related notes to the statutory 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, 2023 and 2022, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2023 in accordance with accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the 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, 2023 and 2022, or the results of its operations or its cash flows for the three-year period ended December 31, 2023.

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 Michigan Department of Insurance and Financial Services, 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.

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 Michigan Department of Insurance and Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of 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:

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

● 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.

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

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

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

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

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the supplemental schedule of selected financial data, supplemental investment risks interrogatories, summary investment schedule, and reinsurance risk interrogatories is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Michigan Department of Insurance and Financial Services. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 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

Chicago, Illinois

March 22, 2024

Jackson National Life Insurance Company

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

(In thousands, except for share information)


	December 31,
	2023		2022
Admitted Assets
Bonds	$	38,257,780	$	44,080,473
Preferred stocks, at statement value (cost: 2023, $202,132; 2022, $113,825)	172,812		79,449
Common stocks - unaffiliated, at fair value (cost: 2023, $391,632; 2022, $450,764)	384,287		428,001
Common stocks - affiliated, on equity basis (cost: 2023, $726,278; 2022, $609,179)	721,254		603,128
Cash, cash equivalents, and short-term investments	2,064,327		4,158,359
Mortgage loans	10,278,312		11,588,720
Policy loans	4,241,716		4,223,154
Limited partnership interests	1,981,198		2,433,042
Real estate	226,592		236,841
Derivatives	84,816		832,749
Other invested assets	163,941		258,476
Total cash and invested assets	58,577,035		68,922,392

Investment income due and accrued	585,905		633,062
Premiums deferred and uncollected	203,084		234,195
Federal income taxes receivable	—		128,217
Net deferred tax asset	606,942		781,090

Amounts due from reinsurers	139,989		224,241

Receivable for derivatives	757,312		—
Admitted disallowed IMR	252,977		—
Other admitted assets	4,688		1,690
Separate account assets	208,449,179		183,704,207
Total admitted assets	$	269,577,111	$	254,629,094

Liabilities, Capital and Surplus
Liabilities:
Aggregate reserves for life, accident and health and annuity contracts	$	25,250,874	$	27,779,493
Liability for deposit-type contracts	9,011,732		9,691,716
Policy and contract claims	760,037		857,769
Other contract liabilities	(31,727)		(31,400)
Remittances in process	40,834		29,334
Interest maintenance reserve	—		218,795
Commissions payable and expense allowances on reinsurance assumed	126,297		109,467
Asset valuation reserve	489,670		986,974
Funds held under reinsurance treaties with unauthorized reinsurers	3,628,585		3,588,452
Funds held under coinsurance	18,856,107		22,550,117
General expenses and taxes due and accrued	210,509		190,954
Accrued transfers to separate accounts	(4,499,524)		(5,068,709)
Borrowed money and interest thereon	307,618		62,358
Repurchase agreements	—		1,011,762
Payable for securities lending	13,050		23,316
Derivatives	904,691		1,710,737
Federal income tax payable	721		—
Other liabilities	1,405,836		1,226,334
Separate account liabilities	208,449,179		183,704,207
Total liabilities	264,924,489		248,641,676
Capital and Surplus:
Capital stock (par value $1.15 per share; 50,000 shares authorized;
12,000 shares issued and outstanding)	13,800		13,800
Surplus notes	249,817		249,769
Gross paid-in and contributed surplus	4,631,055		4,781,055
Aggregate write-ins for special surplus funds	252,977		—
Unassigned surplus	(495,027)		942,794
Total capital and surplus	4,652,622		5,987,418
Total liabilities, capital and surplus	$	269,577,111	$	254,629,094

See accompanying Notes to Statutory Financial Statements.

Jackson National Life Insurance Company

Statutory Statements of Operations

(In thousands)


	Years Ended December 31,
	2023		2022		2021
Income:
Premiums and annuity considerations	$	13,227,578	$	16,204,649	$	19,845,301
Considerations for supplementary contracts with life contingencies	1,443		4,942		7,010
Net investment income	2,854,547		3,259,909		3,491,801
Amortization of interest maintenance reserve	(732,212)		108,459		182,273
Separate Accounts net gain from operations excluding unrealized gains or losses	210,502		152,511		6,293
Commissions and expense allowances on reinsurance ceded	54,250		56,511		67,993
Fee income	5,465,127		5,451,822		5,555,531
Other income	612,302		628,393		699,019
Total income	21,693,537		25,867,196		29,855,221
Benefits and other deductions:
Death and other benefits	24,334,421		21,213,881		25,011,763
Increase (decrease) in aggregate reserves	(2,528,619)		482,195		(1,344,167)
Commissions	1,752,864		1,865,652		2,168,761
General insurance expenses	767,894		637,103		722,125
Taxes, licenses and fees	40,014		56,745		44,784
Amortization of value of business acquired and goodwill	—		32,752		49,128
Interest on funds withheld treaties	1,169,449		1,195,917		1,198,329
Change in loading and other	(1,551)		(156)		289
Reinsurance on in-force business	(10,186)		(162,654)		(96,352)
Reinsurance on in-force business - Athene	(109,611)		(84,818)		(77,860)
Net transfers from separate accounts	(6,514,054)		(3,495,689)		(2,926,856)
Total benefits and other deductions	18,900,621		21,740,928		24,749,944
Gain from operations before federal income tax expense and net
realized capital losses	2,792,916		4,126,268		5,105,277
Dividends to policyholders	8,386		7,674		8,835
Gain from operations after dividends to policyholders and before federal income taxes	2,784,530		4,118,594		5,096,442
Federal income tax expense	966,356		96,261		883,790
Gain from operations before net realized capital losses	1,818,174		4,022,333		4,212,652

Net realized capital losses, less tax benefit of $545,555, $69,775, and $1,008,921 in 2023, 2022, and 2021, respectively, excluding tax benefit of $342,797 in 2023, tax benefit of $68,678 in 2022, and tax expense of $135,159 in 2021 transferred to the IMR	(1,939,868)		(334,731)		(4,076,745)
Net income	$	(121,694)	$	3,687,602	$	135,907

See accompanying Notes to Statutory Financial Statements.

Jackson National Life Insurance Company

Statutory Statements of Capital and Surplus

(In thousands)


					Surplus
	Capital		Surplus		Gross paid-in and		Special
	stock		notes		contributed		Funds		Unassigned		Total

Balances at December 31, 2020	$	13,800	$	249,680	$	4,006,055	$	—	$	510,975	$	4,780,510
Net income	—								135,907		135,907
Change in net unrealized capital gains and losses	—		—		—		—		(95,220)		(95,220)
Change in net unrealized foreign exchange capital gains and losses	—		—		—		—		4,127		4,127
Change in net deferred income tax	—		—		—		—		148,051		148,051
Change in asset valuation reserve	—		—		—		—		(44,497)		(44,497)
Change in non-admitted assets	—		—		—		—		(28,333)		(28,333)
Change in liability for reinsurance in											—
unauthorized companies	—		—		—		—		(3,192)		(3,192)
Change in surplus in separate accounts	—		—		—		—		(6,293)		(6,293)
Surplus withdrawn from separate accounts	—		—		—		—		6,293		6,293
Surplus notes accretion	—		44		—		—		—		44
Change in surplus as a result of reinsurance	—		—		—		—		(174,212)		(174,212)
Paid-in surplus	—		—		1,375,000		—		—		1,375,000

Balances at December 31, 2021	$	13,800	$	249,724	$	5,381,055	$	—	$	453,606	$	6,098,185
Net income	—		—		—		—		3,687,602		3,687,602
Change in net unrealized capital gains and losses	—		—		—		—		(1,960,366)		(1,960,366)


Change in net deferred income tax	—		—		—		—		(529,550)		(529,550)
Change in asset valuation reserve	—		—		—		—		(472,560)		(472,560)
Change in non-admitted assets	—		—		—		—		7,579		7,579
Change in liability for reinsurance in
unauthorized companies	—		—		—		—		3,954		3,954
Change in surplus in separate accounts	—		—		—		—		(152,511)		(152,511)
Surplus withdrawn from separate accounts	—		—		—		—		152,511		152,511
Surplus notes accretion	—		45		—		—		—		45
Change in surplus as a result of reinsurance	—		—		—		—		(247,471)		(247,471)
Paid-in surplus	—		—		(600,000)		—		—		(600,000)

December 31, 2022	13,800		249,769		4,781,055		—		942,794		5,987,418

Net income	—		—		—		—		(121,694)		(121,694)
Change in net unrealized capital gains and losses	—		—		—		—		(652,825)		(652,825)


Change in net deferred income tax	—		—		—		—		398,028		398,028
Change in asset valuation reserve	—		—		—		—		497,303		497,303
Change in non-admitted assets	—		—		—		—		(768,985)		(768,985)
Change in liability for reinsurance in
unauthorized companies	—		—		—		—		33,126		33,126
Change in surplus in separate accounts	—		—		—		—		(210,502)		(210,502)
Surplus withdrawn from separate accounts	—		—		—		—		210,502		210,502
Surplus notes accretion	—		48		—		—		—		48
Change in surplus as a result of reinsurance	—		—		—		—		(119,797)		(119,797)
Dividends to stockholders	—		—		—		—		(450,000)		(450,000)
Change in special surplus funds	—		—		—		252,977		(252,977)		—
Paid-in surplus	—		—		(150,000)		—		—		(150,000)
Balances at December 31, 2023	$	13,800	$	249,817	$	4,631,055	$	252,977	$	(495,027)	$	4,652,622

See accompanying Notes to Statutory Financial Statements.

Jackson National Life Insurance Company

Statutory Statements of Cash Flow

(In thousands)


	Years Ended December 31,
	2023		2022		2021
Cash from operations:
Operating receipts:
Premiums and annuity considerations	$	13,259,779	$	16,199,182	$	19,748,533
Net investment income	2,489,559		2,775,799		2,571,941
Other	6,118,652		6,134,568		6,296,909
Total cash received from operations	21,867,990		25,109,549		28,617,383
Operating disbursements:
Benefit payments	24,164,287		20,952,875		24,450,073
Commissions, general expenses and taxes	2,951,813		2,529,558		2,828,019
Net transfers to separate accounts	(6,861,123)		(3,906,152)		(2,734,870)
Federal income taxes	(22,120)		(11,679)		(396,456)
Total cash disbursed from operations	20,232,857		19,564,602		24,146,766
Net cash from operations	1,635,133		5,544,947		4,470,617
Cash from investments:
Proceeds from investments sold, matured, or repaid:
Bonds	7,790,462		10,958,764		18,659,461
Stocks	239,491		44,234		35,144
Mortgage loans	2,077,633		1,682,161		1,739,701
Real estate	4,419		200		1,397
Limited partnerships and other invested assets	(1,555,962)		3,823,308		(2,006,481)
Total investment proceeds	8,556,043		16,508,667		18,429,222
Cost of investments acquired:
Bonds	2,828,856		7,850,163		13,216,280
Stocks	195,331		219,890		122,894
Mortgage loans	837,867		1,750,467		2,415,893
Real estate	2,263		1,800		1,280
Limited partnerships and other invested assets	2,352,696		4,362,433		3,598,286
Total investments acquired	6,217,013		14,184,753		19,354,633
Net (increase) decrease in policy loans	(18,278)		126,933		46,782
Net cash from (used in) investments	2,320,752		2,450,847		(878,629)
Cash from financing and miscellaneous sources:
Cash provided (applied):
Paid in surplus	(150,000)		(600,000)		1,375,000
Borrowed funds	244,961		(5,039)		(385,040)
Net deposits on deposit-type contracts	(1,143,229)		(113,792)		(2,585,805)
Other	(4,551,649)		(4,170,118)		(2,189,275)
Net cash used in financing and miscellaneous sources	(6,049,917)		(4,888,949)		(3,785,120)

Net change in cash, cash equivalents and short-term investments	(2,094,032)		3,106,845		(193,132)

Cash, cash equivalents and short-term investments at beginning of year	4,158,359		1,051,514		1,244,646

Cash, cash equivalents and short-term investments at end of year	$	2,064,327	$	4,158,359	$	1,051,514

Cash flow information for non-cash transactions:
Debt and equity securities acquired from exchange transactions	$	446,817	$	402,464	$	—
Debt and equity securities disposed from exchange transactions	$	437,006	$	—	$	—
Transfer of debt securities for other invested assets	$	—	$	104,427	$	457,657
Non-cash financial assets acquired from subsidiary	$	—	$	80,370	$	—
Non-cash exchange of financial assets with parent	$	—	$	24,582	$	—
Non-cash financial assets transferred to subsidiary	$	8,156	$	14,412	$	—
Non-cash financial assets transferred to separate account	$	222,116	$	—	$	—

See accompanying Notes to Statutory Financial Statements.

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Note 1 - Organization

Jackson National Life Insurance Company (the “Company” or “Jackson”) is wholly owned by Brooke Life Insurance Company (“Brooke Life” or the “Parent”), which is wholly owned by Jackson Financial Inc. (“Jackson Financial”). Jackson Financial was a majority-owned subsidiary of Prudential plc (“Prudential”), London, England. Jackson Financial's demerger from Prudential was completed on September 13, 2021 ("Demerger"), and Jackson Financial is a stand-alone U.S. public company. Prudential retained an equity interest in Jackson Financial after the Demerger. As a result of sales subsequent to the Demerger, Prudential has no remaining equity interest in the Company as of June 30, 2023.

Jackson is licensed to sell group and individual annuity products (including immediate, fixed index, deferred fixed, variable, and registered index-linked annuities) and individual life insurance products in 49 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts (“GICs”), funding agreements and medium-term note funding agreements. There is not substantial doubt about the Company’s ability to continue as a going concern.

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting practices prescribed or permitted by the Michigan Department of Insurance and Financial Services (“statutory”), which vary in some respects from U.S. generally accepted accounting principles (“GAAP”) and include the following:

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

2.recognition of the value of business acquired (“VOBA”) and goodwill is limited and is amortized over the life of the business acquired, up to ten years;

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

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

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

6.the indexed portion of registered index-linked annuities are included in separate accounts for statutory reporting;

7.current expected credit losses (“CECL”) on certain financial assets are not included herein, but are required for GAAP;

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

9.assets and liabilities for certain derivative contracts are reported net for statutory, but are reported gross under GAAP;

10.for derivative instruments carried at fair value, changes in fair value are recorded directly to surplus (under GAAP, derivative instruments are carried at fair value with changes in fair value generally recorded in income);

11.future policy benefit reserves for life insurance are based on statutory mortality and interest requirements without the consideration of withdrawals;

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

12.the Commissioners’ Annuity Reserve Valuation Method (“CARVM”) expense allowance associated with statutory reserving practices for deferred variable annuities held in the separate accounts is reported in the general account as a negative liability;

13.reserve credits for reinsurance ceded are netted against the reserve liability, but are reported as assets under GAAP;

14.surplus notes issued by the Company are recorded as surplus rather than as a liability under GAAP;

15.an asset valuation reserve (“AVR”) is established by a direct charge to surplus to offset future potential credit related investment losses;

16.realized gains and losses, net of tax, resulting from changes in interest rates on fixed income investments are deferred in the interest maintenance reserve (“IMR”) and amortized into investment income over the approximate remaining life of the investment sold;

17.gains or losses resulting from market value adjustments (“MVA”) on policies and contracts backed by assets that are valued at book/adjusted carrying value are deferred in the IMR and amortized in a manner consistent with the determination of the MVA;

18.premiums for universal life and investment-type products, other than GICs and annuities certain, are recognized as income, but are accounted for as deposits to policyholders' accounts under GAAP;

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

20.statements of cash flow are prepared under a prescribed format, which differs from the indirect format under GAAP; and

21.there is no presentation of comprehensive income.

The effects on the financial statements of the variances between the statutory accounting practices described above and US generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

Certain amounts in the 2022 and 2021 statutory financial statements have been reclassified to conform to the 2023 presentation.

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

Under Michigan law, the value of the book of business arising from the acquisition of a subsidiary or through reinsurance may be recognized as an admitted asset if certain criteria are met. In NAIC SAP, goodwill may be admitted in amounts not to exceed 10% of an insurer’s capital and surplus, as adjusted, and is eliminated in the event of a merger.

As a result of an acquisition accounted for as a statutory purchase in accordance with SSAP No. 68, the Company had goodwill attributed to the VOBA, with the remaining VOBA balance fully amortized as of August 31, 2022.

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

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Actuarial Guideline XXXV (“Actuarial Guideline 35”) was adopted by the NAIC in December 1998. The purpose of Actuarial Guideline 35 is to interpret the standards for the valuation of statutory reserves for fixed index annuities. NAIC SAP requires application of Actuarial Guideline 35 for all fixed index annuities issued after December 31, 2000. Michigan law prescribes the valuation of fixed index annuities without consideration of Actuarial Guideline 35. As a result, and as demonstrated in the Company’s reconciliation of net income and capital and surplus between NAIC SAP and practices prescribed or permitted by the state of Michigan below, Actuarial Guideline 35 is not reflected in the Company’s accounts as of December 31, 2023 and 2022.

Reconciliation to NAIC SAP

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


	Years Ended December 31,
	2023		2022		2021

Net income (loss), as stated herein	$	(121.7)	$	3,687.6	$	135.9
Adjustments - prescribed practices:
Valuation of Life Insurance Policies Model Regulation (XXX):
Decrease in aggregate reserves for life and accident
and health policies and contracts	0.4		0.8		0.2
Actuarial Guideline 35:
Decrease/(increase) in aggregate reserves for life and
accident and health policies and contracts	(11.1)		3.8		(29.5)
Amortization of value of business acquired	—		32.8		49.1
Prescribed practices adjustment	(10.7)		37.4		19.8
Tax effect of prescribed practice differences	—		—		6.2
Net income, NAIC SAP	$	(132.4)	$	3,725.0	$	161.9


	December 31,
	2023		2022

Statutory Capital and Surplus, as stated herein	$	4,652.6	$	5,987.4
Adjustments - prescribed practices:
Aggregate reserve for life policies and contracts
Valuation of Life Insurance Policies Model Regulation (XXX):
Reserve per Michigan basis	6.1		6.4
Reserve per NAIC SAP	16.0		16.7
Model Regulation (XXX) adjustment	(9.9)		(10.3)

Actuarial Guideline 35:
Reserve per Michigan basis	437.9		293.2
Reserve per NAIC SAP	475.2		319.4
Actuarial Guideline 35 adjustment	(37.3)		(26.2)

Tax effect of prescribed practice differences	2.6		4.2
Net impact of prescribed practices	(44.6)		(32.3)






Statutory capital and surplus, NAIC SAP	$	4,608.0	$	5,955.1

Cybersecurity Event

In 2023, Jackson determined that Jackson’s information at one of our third-party vendors, Pension Benefit Information, LLC (“PBI”), was impacted by a cybersecurity breach involving Progress Software Corporation’s MOVEit Transfer software. The PBI service helps Jackson to identify possible beneficiaries for death benefits. According to PBI, an unknown actor exploited a MOVEit software flaw to access PBI’s systems and download certain data. Our assessment indicated that personally identifiable information relating to approximately 850,000 of Jackson’s customers was obtained by that unknown actor from PBI’s systems. PBI informed Jackson that it rectified the MOVEit vulnerability.

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Separately, Jackson experienced unauthorized access to two servers as a result of the MOVEit flaw; however, the scope and nature of the data accessed on those servers was significantly less than the PBI impact. Our assessment was that a subset of information relating to certain partner organizations and individuals, including certain customers of Jackson, was obtained from the two affected servers.

At this time, we do not believe the incident or related litigation will have a material adverse effect on the business, operations, or financial results of the Company.

New and Pending Accounting Pronouncements

In August 2023, the NAIC adopted revisions to SSAP No. 26R - Bonds; SSAP No. 43R - Loan-Backed and Structured Securities; and other SSAPs (e.g., SSAP No. 21R - Other Admitted Assets, and SSAP No. 86 - Derivatives) to incorporate the principles-based bond definition into statutory accounting guidance and amend the accounting for certain asset-backed securities and investments not classified as bonds. In December 2023, SSAP No. 2R - Cash, Cash Equivalents, Drafts, and Short-Term Investments, was also revised to exclude certain securities from being reported as a cash equivalents or short-term investments. The amendments are effective January 1, 2025. The Company is currently in the process of evaluating the impact of the new guidance.

Estimates

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

Investments

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

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

Loan-backed and structured securities, hereafter collectively referred to as “loan-backed securities,” are also stated at amortized cost except those with an NAIC carry rating of “6,” which are carried at the lower of amortized cost or fair value. The retrospective adjustment method is used to value loan-backed securities where the collection of all contractual cash flows is probable. For loan-backed securities where the collection of all contractual cash flows is not probable, the Company:

•Recognizes the accretable yield over the life of the loan-backed security as determined at the acquisition or transaction date;

•Continues to estimate cash flows expected to be collected at least quarterly; and

•Recognizes an other-than-temporary impairment loss if the loan-backed security is impaired (i.e., the fair value is less than the amortized cost basis) and if the Company does not expect to recover the entire amortized cost basis when compared to the present value of cash flows expected to be collected.

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

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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

Unaffiliated common stocks are stated at fair value. The Company’s investments in subsidiaries are recorded based on the equity method. Insurance subsidiaries are reported at their audited statutory capital and surplus and non-insurance subsidiaries are carried at their audited equity as determined under GAAP. The Company has non-admitted $5.0 million of the unaudited equity of five subsidiaries in 2023. The Company had non-admitted $6.1 million of the unaudited equity of seven subsidiaries in 2022. Included in common stocks is the Company’s 100% interest in the common stock of Jackson National Life Insurance Company of New York (“Jackson New York”). Jackson New York's financial statements are presented on the basis of accounting practices prescribed or permitted by the New York State Department of Financial Services. The State of New York has adopted certain prescribed practices that differ from those found in NAIC SAP:

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

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

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

The effect of the prescribed practice is an increase to income of $6.3 million and a decrease to surplus of $23.0 million. The risk based capital of Jackson New York would not have triggered a regulatory event had it not used these prescribed practices according to New York insurance law.

Preferred stocks are stated at cost, except those with an NAIC Securities Valuation Office rating of “4” to “6,” which are reported at the lower of cost or fair value.

Limited partnership interests, including limited liability company interests, are carried at fair value.

Distributions of earnings from these entities are recorded as investment income and unrealized gains and losses are credited or charged directly to surplus. Included in limited partnership interests was $69.0 million and $71.3 million at December 31, 2023 and 2022, respectively, of the Company’s 100% ownership of member interests in the following entities: Jackson National Asset Management, LLC, a registered investment advisor and transfer agent; and Jackson National Life Distributors, LLC, a registered broker-dealer. The Company has non-admitted its 100% ownership interests totaling $17.9 million and $16.8 million at December 31, 2023 and 2022, respectively, in Squire Reassurance Company LLC, a captive reinsurance company; PGDS (US One), LLC, which provided certain services to Jackson and certain former affiliates; and Hermitage Management, LLC (“Hermitage”), which holds and manages certain real estate related investments.

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

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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

Cash and short-term investments, which primarily include high quality money market instruments, are carried at amortized cost. These investments have original maturities of twelve months or less, and are considered cash equivalents for reporting cash flow.

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

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

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

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

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

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

Life and Annuity Reserves

Aggregate reserves for life insurance policies are based on statutory mortality and interest requirements without consideration for withdrawals. With respect to ordinary policies, the mortality assumptions range from the American Experience Table to the 1980/2017 Commissioners’ Standard Ordinary Tables with interest assumptions ranging from 1.00% to 7.00%. With respect to older industrial policies, the mortality assumptions range from the American Experience Table to the 1961 Commissioners’ Standard Industrial Table with interest assumptions ranging from 2.50% to 6.00%. As of December 31, 2023 and 2022, 30% and 31%, respectively, of the life reserves were calculated on a net level reserve basis and 70% and 69%, respectively, were calculated on a modified reserve basis.

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

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

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

As previously described in Note 1, Michigan law prescribes the valuation of fixed index annuities without consideration of Actuarial Guideline 35.

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

Jackson and Jackson National Life Global Funding have established a $27.0 billion aggregate Global Medium Term Note program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The liability for the outstanding balances at December 31, 2023 and 2022 totaled $5.7 billion and $5.9, respectively and these liabilities are included in liability for deposit-type contracts. Issued instruments representing obligations denominated in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps.

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

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

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


	December 31,
	2023		2022
Membership Stock - Class A	$	—	$	—
Membership Stock - Class B	5,000		5,000
Activity Stock	96,338		87,800
Excess Stock	6,680		53,664
Aggregate Total	$	108,019	$	146,464

Actual or estimated borrowing capacity as determined by the insurer	$	2,400,413	$	3,254,764

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


					Eligible for Redemption
			Not Eligible		Less		6 Months		1 to Less
Membership	Current Year		For		Than		to Less Than		Than		3 to 5
Stock	Total		Redemption		6 Months		1 Year		3 Years		Years
Class A	$	—	$	—	$	—	$	—	$	—	$	—
Class B	5,000		—		—		—		—		5,000
Total Stock	$	5,000	$	—	$	—	$	—	$	—	$	5,000

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


Collateral Pledged to FHLB
	Fair Value		Carrying Value		Aggregate Total Borrowing
December 31, 2023	$	3,284,330	$	3,525,096	$	2,251,959
December 31, 2022	$	2,904,495	$	3,172,535	$	2,062,224

Maximum Amount Pledged During Reporting Period
					Aggregate Total
	Fair Value		Carrying Value		Borrowing
Period ended December 31, 2023	$	4,030,626	$	4,350,767	$	2,807,974
Period ended December 31, 2022	$	3,781,315	$	3,831,594	$	2,563,013

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


	General Account		Funding Agreements Reserves Established
December 31, 2023
(a) Debt
Short-term	$	250,000	XXX
Long-term	57,184		XXX
(b) Funding Agreements	1,944,775		1,944,775
(d) Aggregate Total (a+b+c)	$	2,251,959	$	1,944,775

December 31, 2022
(a) Debt
Short-term	$	—	XXX
Long-term	62,224		XXX
(b) Funding Agreements	2,000,000		2,000,000
(d) Aggregate Total (a+b+c)	$	2,062,224	$	2,000,000

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


	General Account
Debt	$	57,974
Funding Agreements	2,750,000
Aggregate Total	$	2,807,974

Interest Maintenance Reserve

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

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

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

100

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


Capital and surplus of most recently filed statement					$	3,988,895
Less:
Goodwill					—
EDP equipment and operating system software					(248)
Net deferred tax asset					(520,698)
Admitted net negative disallowed IMR					—
Adjusted capital & surplus					$	3,467,949

	Net negative (disallowed IMR)		Negative IMR admitted		Percentage of adjusted capital and surplus
General account	$	252,977	$	252,977	7.3		%
Insulated separate account	—		—		—		%
Non-insulated separate account	5,555		5,555		0.2		%
	$	258,532	$	258,532	7.5		%

The following table summarizes the unamortized balances in IMR from derivatives that were reported at fair value prior to the termination of the derivative (in thousands):


	December 31, 2023 balance of:
Description	Unamortized gain		Unamortized loss
Swaps	$	24	$	(332,907)
Options	46,317		—
Interest rate futures	46,889		(52,015)
	$	93,230	$	(384,922)

As of December 31, 2022, the Company had no net negative (disallowed) IMR.

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

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

Asset Valuation Reserve

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

101

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Revenue and Expense Recognition

Premiums for traditional life insurance are recognized as revenue when due. Annuity considerations are recognized as revenue when collected. GICs and other investment products with no mortality risk are accounted for using deposit accounting. Accordingly, premiums and withdrawals for GICs and other investment products are not reflected in the statement of operations, but are credited or charged directly to policyholders’ accounts, while interest credited to the policyholders’ accounts is reflected in the statement of operations. Fee income is recognized as revenue when earned. Commission and expense allowances, which are commission and expense reimbursements related to reinsurance ceded to other companies, are recognized as revenue when due. The CARVM allowance represents the excess of separate account contract values over statutory separate account reserves for variable annuities and variable life and is reported in accrued transfers to separate accounts. Benefits, claims and expenses (including the change in CARVM allowance) are recognized when incurred. Commissions, general expenses, and taxes, licenses and fees, including costs of acquiring new business, are charged to operations as incurred.

Investment Income

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

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

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

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

Income due and accrued on investments where collection is not likely has been excluded from net investment income. For the years ended December 31, 2023, 2022, and 2021, the amounts excluded from investment income were $859 thousand, $113 thousand, $4.2 million, respectively.

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


Interest Income Due and Accrued	Amount
1. Gross	$	587,242
2. Nonadmitted	$	1,337
3. Admitted	$	585,905

At December 31, 2023 and 2022, the Company had $31.4 thousand and nil, respectively in aggregate deferred interest.

At December 31, 2023, 2022, and 2021, the Company had $10.0 million, 2.8 million, and 9.4 million cumulative amounts of paid-in-kind interest, respectively.

Furniture and Equipment

Furniture and equipment are carried at cost less accumulated depreciation, which is charged to operations on a straight line basis over the estimated useful lives of the related assets. Furniture and EDP equipment and software are depreciated over three to seven years. Furniture and equipment, except for certain EDP equipment and software reported in other admitted assets, is non-admitted. Depreciation expense on admitted assets totaled $0.2 million, $0.5 million, and $2.4 million for 2023, 2022, and 2021 respectively, while depreciation expense on non-admitted assets totaled $14.4 million, $15.4 million, and $18.0 million in 2023, 2022, and 2021, respectively.

Federal Income Taxes

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

102

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Non-admitted Assets

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

Separate Account Assets and Liabilities

The assets and liabilities associated with variable life and annuity contracts, which aggregated $203.6 billion and $181.7 billion at December 31, 2023 and 2022, respectively, are segregated in insulated separate accounts. The Company receives fees for assuming mortality and certain expense risks and for providing guaranteed benefits under the variable annuity contracts. These fees are recorded as earned.

The Company has issued a group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan. These deposits are allocated to the non-guaranteed, insulated Jackson National Separate Account – II and aggregated $198.1 million and $284.3 million at December 31, 2023 and 2022, respectively.

The assets and liabilities associated with registered index-linked annuities are allocated to a non-insulated separate account and aggregated $4,664.5 million and $1,746.9 million at December 31, 2023 and 2022, respectively.

Value of Business Acquired

The value of business acquired relates to the acquisition of Reassure America Life Insurance Company (“REALIC”) in 2012. During 2023, 2022, and 2021, the Company recorded amortization expense of nil, $32.8 million, and $49.1 million, respectively. In 2022, the remaining VOBA balance was fully amortized. As a result, the balance at December 31, 2023 and 2022, totaled nil.

Subsequent Events

Reinsurance Transaction

During the first quarter of 2024, Jackson entered into a 100% coinsurance funds withheld reinsurance transaction with Brooke Life Reinsurance Company (“Brooke Re”), a Michigan captive insurer regulated by the Michigan Department of Insurance and Financial Services created in the first quarter of 2024 for the express purpose of serving as the counterparty to this new reinsurance transaction. Jackson and Brooke Re are both direct subsidiaries of Brooke Life Insurance Company (“Brooke Life”). Brooke Re was capitalized with assets contributed from Brooke Life of approximately $1.9 billion, originating from Jackson as a return of capital of approximately $1.95 billion to Brooke Life in January 2024. Of the $1.9 billion contributed to Brooke Re, approximately $1.2 billion was paid to Jackson into unassigned surplus by Brooke Re as a ceding commission in connection with the execution of the reinsurance transaction.

All economics of the reinsurance transaction are effective as of January 1, 2024. The reinsurance transaction provides for the cession from Jackson to Brooke Re of liabilities associated with certain guaranteed benefits under our variable annuity contracts and similar products of Jackson, both in-force on the effective date of the reinsurance agreement and written in the future (i.e., on a “flow” basis) as well as related future fees, claims and other benefits, and maintenance expenses in exchange for a ceding commission for the in-force business. Brooke Re paid a ceding commission of approximately $1.2 billion to Jackson in connection with the execution of the reinsurance transaction. Jackson retains the variable annuity base contract, the annuity contract administration of the ceded business, and responsibility for investment management of the assets in the funds withheld account supporting the ceded liabilities. The reinsurance transaction allows us to mitigate the impact of the cash surrender value floor on Jackson’s total adjusted capital, statutory required capital, and risk-based capital ratio, as well as to allow for more efficient economic hedging of the underlying risks of Jackson’s business. This outcome will serve the interests of policyholders by protecting statutory capital through avoidance of non-economic hedging costs. Overall, this allows us to optimize our hedging, stabilize capital generation, and produce more predictable financial results going forward.

Collateral Upgrade Transaction

During the first quarter of 2024, Jackson executed certain paired repurchase and reverse repurchase transactions (“Collateral Upgrade” transactions) totaling $1.5 billion pursuant to master repurchase agreements with participating bank counterparties. Under these transactions, the Company lends securities (e.g., corporate debt securities or other securities agreed upon between the parties) to one or more bank counterparties in exchange for cash (repurchase agreement) and exchange that cash for an equal value of U.S. Treasury securities (reverse repurchase agreement) to provide as a collateral as part of our hedging program. The transactions are paired as two legs of a Collateral Upgrade trade.

103

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

The Company has evaluated events through March 22, 2024, which is the date the financial statements were available to be issued.

Note 3 - Fair Value of Financial Instruments

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

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

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

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

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

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

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

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

Bonds and Equity Securities

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

104

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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

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

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

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

For those securities that were internally valued at December 31, 2023 and 2022, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value.

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

At December 31, 2023 and 2022, bonds valued internally, including matrix-priced securities, had a book/adjusted carrying value of $6.6 billion and $7.4 billion, respectively, and an estimated fair value of $6.0 billion and $6.5 billion at 2023 and 2022, respectively.

Mortgage Loans

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

105

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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

Policy Loans

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

Derivative Instruments

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

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

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

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

Limited Partnership Interests

Fair values for limited partnership interests, which are included in other invested assets, are generally determined using the proportion of the Company's investment in the value of the net assets of each fund (“NAV equivalent”) as a practical expedient for fair value, and generally, are recorded on a three-month lag. No material adjustments were deemed necessary at December 31, 2023 or 2022.

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

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

Separate Account Assets

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

106

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Annuity Reserves

Fair values for immediate annuities, without mortality features, are derived by discounting the future estimated cash flows using current market interest rates for similar maturities. Fair values for deferred annuities, including fixed index annuities, are determined using projected future cash flows discounted at current market interest rates. Fair values for registered index-linked annuities are allocated between the separate and general accounts in accordance to admitted reserves.

Reserves for Guaranteed Investment Contracts

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

Payable for Securities Lending

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

Funds Held Under Reinsurance Treaties

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

Repurchase Agreements

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

Separate Account Liabilities

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

Debt

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

Fair Value Measurements at Reporting Date

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


	December 31, 2023
							Net Asset
	Level 1		Level 2		Level 3		Value (NAV)		Total
Assets at fair value:
Bonds:
Corporate	$	—	$	2,036	$	947	$	—	$	2,983
Residential mortgage-backed securities	—		15		—		—		15
Other asset backed securities	—		1,306		—		—		1,306
Preferred stock	—		172,812		—		—		172,812
Common stock	290,064		93,094		1,129		—		384,287
Subtotal	290,064		269,263		2,076		—		561,403
Limited partnership interests	—		—		7,278		1,939,235		1,946,513
Other invested assets	—		—		8,398		—		8,398
Derivatives	—		84,816		—		—		84,816
Separate account assets	—		203,784,653		—		—		203,784,653
Total assets at fair value	$	290,064	$	204,138,732	$	17,752	$	1,939,235	$	206,385,783

Liabilities at fair value:
Derivatives	$	—	$	904,691	$	—	$	—	$	904,691
Total liabilities at fair value	$	—	$	904,691	$	—	$	—	$	904,691

107

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2022
							Net Asset
	Level 1		Level 2		Level 3		Value (NAV)		Total
Assets at fair value:
Bonds:
Corporate	$	—	$	2,619	$	—	$	—	$	2,619
Residential mortgage-backed securities	—		28		—		—		28
Preferred stock	12,565		64,466		—		—		77,031
Common stock	296,656		130,392		953		—		428,001
Subtotal	309,221		197,505		953		—		507,679
Limited partnership interests	—		—		14,375		2,418,667		2,433,042
Other invested assets	—		21,676		—		—		21,676
Derivatives	—		832,749		—		—		832,749
Separate account assets			181,957,315						$	181,957,315
Total assets at fair value	$	309,221	$	183,009,245	$	15,328	$	2,418,667	$	185,752,461

Liabilities at fair value:
Derivatives	$	—	$	1,710,737	$	—	$	—	$	1,710,737
Total liabilities at fair value	$	—	$	1,710,737	$	—	$	—	$	1,710,737

During the current year, management determined that the fair value measurements for certain bonds and other invested assets, primarily comprised of asset-backed and other debt securities included in funds withheld accounts, which were classified as Level 2 measurements within the fair value hierarchy in prior reporting periods, should be classified as Level 3 fair value measurements. The fair value of these securities is primarily obtained from external sources which may use unobservable inputs, proprietary inputs and models, or inputs or values that cannot be corroborated by market transactions, and should be classified as externally priced Level 3 fair value measurements. In 2023, securities totaling $1,345.0 million were reclassified as Level 3, which is disclosed in the Aggregate Fair Value of the Company’s Financial Instruments table. Included in this amount is $24.9 million of assets carried at fair value, which is included in the Fair Value Measurements table and disclosed as “transfers in Level 3” on the Changes in Level 3 Assets Measured at Fair Value table. The change in classification did not change the fair value of these securities and did not impact the Statutory Financial Statements.

108

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Changes in Level 3 Assets Measured at Fair Value

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


							Total gains				Purchases,
	Balance						and (losses)		Total gains		issuances,		Balance
	as of		Transfers		Transfers		included in		and (losses)		sales		as of
	January 1,		in		out		net		included in		and		December 31,
	2023		Level 3		Level 3		income		surplus		settlements		2023
Assets
Corporate bonds	$	—	$	947	$	—	$	—	$	—	$	—	$	947
Common stock	953		—		(2)		—		178		—		1,129
Limited partnerships	14,375		—		(8,455)		—		1,358		—		7,278
Other invested assets	—		24,915		(16,197)		—		514		(834)		8,398

							Total gains				Purchases,
	Balance						and (losses)		Total gains		issuances,		Balance
	as of		Transfers		Transfers		included in		and (losses)		sales		as of
	January 1,		in		out		net		included in		and		December 31,
	2022		Level 3		Level 3		income		surplus		settlements		2022
Assets
Common stock	$	1,186	$	—	$	—	$	(235)	$	—	$	2	$	953
Limited partnerships	723		14,546		—		4,452		(5,346)		—		14,375

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


	December 31, 2023
	Purchases		Sales		Issuances		Settlements		Total
Assets
Other invested assets	$	—	$	(834)	$	—	$	—	$	(834)
Total	$	—	$	(834)	$	—	$	—	$	(834)

	December 31, 2022
Assets
Common stock	$	2	$	—	$	—	$	—	$	2
Total	$	2	$	—	$	—	$	—	$	2

For both of the years ended December 31, 2023 and 2022, other invested assets with a fair value of nil, were transferred into Level 3 related to investments that no longer use NAV as a practical expedient for fair value.

109

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Aggregate Fair Value of the Company’s Financial Instruments

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


December 31, 2023
Description	Fair Value		Admitted Value		Level 1		Level 2		Level 3		NAV
Assets at fair value:
Bonds	$	34,250,549	$	38,257,780	$	3,432,736	$	29,624,623	$	1,193,190	$	—
Preferred stock	172,812		172,812		—		172,812		—		—
Common stock	384,287		384,287		290,064		93,094		1,129		—
Mortgage loans	9,547,811		10,278,312		—		—		9,547,811		—
Cash and cash equivalents	945,915		945,915		945,915		—		—		—
Short-term investments	1,118,835		1,118,412		841,967		276,868		—		—
Policy loans	4,241,716		4,241,716		—		—		4,241,716		—
Derivatives	84,816		84,816		—		84,816		—		—
Limited partnership interests	1,946,513		1,981,198		—		—		7,278		1,939,235
Other invested assets	34,685		32,906		—		—		34,685		—
Securities lending assets	13,050		13,050		13,050		—		—		—
Separate account assets	208,478,267		208,449,179		—		208,478,267		—		—
Total assets at fair value	$	261,219,256	$	265,960,383	$	5,523,732	$	238,730,480	$	15,025,809	$	1,939,235

Liabilities at fair value:
Reserves for life insurance and annuities (1)	$	15,890,306	$	14,339,825	$	—	$	73,517	$	15,816,789	$	—
Liability for deposit-type contracts	8,592,897		9,011,732		—		—		8,592,897		—
Payable for securities lending	13,050		13,050		—		13,050		—		—
Funds held under reinsurance treaties with unauthorized reinsurers	3,625,564		3,628,585		—		—		3,625,564		—
Funds held under coinsurance	16,606,120		18,856,107		—		—		16,606,120
Separate account liabilities	208,479,580		208,449,179		—		208,479,580		—		—
Repurchase agreements	—		—		—		—		—		—
Derivatives	904,691		904,691				904,691		—		—
Borrowed money and interest thereon	307,618		307,618		—		307,618		—		—
Total liabilities at fair value	$	254,419,826	$	255,510,787	$	—	$	209,778,456	$	44,641,370	$	—

(1) Annuity reserves represent only the components of deposits on investment contracts that are considered to be financial instruments.

110

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


December 31, 2022
Description	Fair Value		Admitted Value		Level 1		Level 2		Level 3		NAV
Assets at fair value:
Bonds	$	38,390,527	$	44,080,473	$	3,444,261	$	34,946,224	$	42	$	—
Preferred stock	77,031		79,449		12,565		64,466		—		—
Common stock	428,001		428,001		296,656		130,392		953		—
Mortgage loans	10,783,562		11,588,720		—		—		10,783,562		—
Cash and cash equivalents	2,903,130		2,902,437		2,903,130		—		—		—
Short-term investments	1,255,229		1,255,922		1,255,229		—		—		—
Policy loans	4,223,154		4,223,154		—		—		4,223,154		—
Derivatives	832,749		832,749		—		832,749		—		—
Limited partnership interests	2,433,042		2,433,042		—		—		14,375		2,418,667
Other invested assets	42,996		42,275		—		42,996		—		—
Securities lending assets	23,316		23,316		23,316		—		—		—
Separate account assets	183,630,877		183,704,207		—		183,630,877		—		—
Total assets at fair value	$	245,023,614	$	251,593,745	$	7,935,157	$	219,647,704	$	15,022,086	$	2,418,667

Liabilities at fair value:
Reserves for life insurance and annuities (1)	$	15,023,924	$	16,540,478	$	—	$	54,046	$	14,969,878	$	—
Liability for deposit-type contracts	9,438,847		9,691,716		—				9,438,847		—
Payable for securities lending	23,316		23,316		—		23,316		—		—
Funds held under reinsurance treaties with unauthorized reinsurers	3,590,479		3,588,452		—				3,590,479		—
Funds held under coinsurance	19,700,416		22,550,117		—		—		19,700,416		—
Separate account liabilities	183,609,783		183,704,207		—		183,609,783		—		—
Repurchase agreements	1,011,762		1,011,762		—		1,011,762		—		—
Derivatives	1,710,737		1,710,737		—		1,710,737		—		—
Borrowed money and interest thereon	62,358		62,358		—		62,358		—		—
Total liabilities at fair value	$	234,171,622	$	238,883,143	$	—	$	186,472,002	$	47,699,620	$	—

(1) Annuity reserves represent only the components of deposits on investment contracts that are considered to be financial instruments.

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

Note 4 - Investments

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

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

111

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	December 31,
	2023		2022
Government	$	848,440	$	954,998
Special revenue	25,373		25,412
Industrial and miscellaneous	9,671,764		10,787,771
Residential mortgage-backed	138,430		218,734
Commercial mortgage-backed	404,806		508,996
Other asset-backed	2,801,727		4,158,327
Debt Securities	13,890,540		16,654,238
Common stocks	178		—
Preferred stocks	150,870		79,449
Equity securities	151,048		79,449
Limited partnerships	709,494		793,085
Other invested assets	—		10,676
Commercial mortgage loans	2,569,815		3,406,362
Residential mortgage loans	1,012,728		1,314,861
Mortgage loans	3,582,543		4,721,223
Policy loans	3,470,648		3,434,759
Cross currency swaps	13,288		21,717
Cross currency forwards	1,706		56,631
Derivative instruments, net	14,994		78,348
Cash, cash equivalents and short-term	549,005		288,346
Accrued investment income	147,890		168,113
Other assets and liabilities, net	(31,470)		(89,668)
Total funds withheld assets	$	22,484,692	$	26,138,569

Debt Securities, Common and Preferred Stock

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


	Cost or		Gross		Gross		Estimated		Book/Adjusted
	Amortized		Unrealized		Unrealized		Fair		Carrying
December 31, 2023	Cost		Gains		Losses		Value		Value
Governments	$	6,493,828	$	22,843	$	966,706	$	5,549,965	$	6,493,804
Special revenue and special assessment	133,131		379		9,002		124,508		133,131
Industrial and miscellaneous	26,689,280		190,367		2,857,844		24,021,803		26,647,901
Residential mortgage-backed	357,560		25,959		33,510		350,009		357,340
Commercial mortgage-backed	1,376,755		432		137,822		1,239,365		1,376,755
Other asset-backed	4,382,641		3,017		301,924		4,083,734		4,367,261
Total debt securities	39,433,195		242,997		4,306,808		35,369,384		39,376,192
Common and preferred stock	593,764		2,784		39,449		557,099		557,099
Total securities	$	40,026,959	$	245,781	$	4,346,257	$	35,926,483	$	39,933,291

Total debt securities are reported on the balance sheet as:

Bonds									$	38,257,780
Cash, cash equivalents and short-term investments									1,118,412
									$	39,376,192

112

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	Cost or		Gross		Gross		Estimated		Book/Adjusted
	Amortized		Unrealized		Unrealized		Fair		Carrying
December 31, 2022	Cost		Gains		Losses		Value		Value
Governments	$	7,171,582	$	20,392	$	1,165,358	$	6,026,617	$	7,171,582
Special revenue and special assessment	139,219		3,722		4,281		138,660		139,219
Industrial and miscellaneous	30,048,935		127,184		4,098,367		26,077,753		29,970,210
Residential mortgage-backed	456,295		31,814		50,593		437,517		456,287
Commercial mortgage-backed	1,651,354		166		171,259		1,480,261		1,651,354
Other asset-backed	5,964,915		14,884		494,850		5,484,949		5,947,743
Total debt securities	45,432,300		198,162		5,984,708		39,645,755		45,336,395
Common and preferred stock	564,589		396		59,953		505,032		507,450
Total securities	$	45,996,889	$	198,559	$	6,044,661	$	40,150,788	$	45,843,847

Total debt securities are reported on the balance sheet as:

Bonds									$	44,080,473
Cash, Cash equivalents and short-term investments									1,255,922
									$	45,336,395

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


	Less than 12 months				12 months or longer				Total
	Gross		Estimated		Gross		Estimated		Gross		Estimated
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
December 31, 2023	Losses		Value		Losses		Value		Losses		Value
Governments	$	61,969	$	607,028	$	904,737	$	3,497,944	$	966,706	$	4,104,972
Special revenue	10		5,666		8,992		105,429		9,002		111,095
Industrial and miscellaneous	31,120		1,035,398		2,826,724		19,462,684		2,857,844		20,498,082
Residential mortgage-backed	866		38,413		32,644		217,683		33,510		256,096
Commercial mortgage-backed	211		11,593		137,611		1,194,753		137,822		1,206,346
Other asset-backed	26,210		554,923		275,714		3,108,100		301,924		3,663,023
Total debt securities	120,386		2,253,021		4,186,422		27,586,593		4,306,808		29,839,614
Common and preferred stock	9,165		90,897		30,284		123,412		39,449		214,309
Total temporarily impaired
securities	$	129,551	$	2,343,918	$	4,216,706	$	27,710,005	$	4,346,257	$	30,053,923


	Less than 12 months				12 months or longer				Total
	Gross		Estimated		Gross		Estimated		Gross		Estimated
	Unrealized		Fair		Unrealized		Fair		Unrealized		Fair
December 31, 2022	Losses		Value		Losses		Value		Losses		Value
Governments	$	411,885	$	3,566,336	$	753,474	$	1,682,488	$	1,165,359	$	5,248,824
Special revenue	4,281		56,916		—		—		4,281		56,916
Industrial and miscellaneous	2,362,173		19,156,031		1,736,194		4,857,204		4,098,367		24,013,235
Residential mortgage-backed	36,865		260,908		13,727		67,293		50,592		328,201
Commercial mortgage-backed	126,937		1,283,619		44,322		185,899		171,259		1,469,518
Other asset-backed	275,962		3,406,918		218,888		1,544,869		494,850		4,951,787
Total debt securities	3,218,103		27,730,728		2,766,605		8,337,753		5,984,708		36,068,481
Common and preferred stock	44,562		147,781		15,390		54,581		59,952		202,362
Total temporarily impaired
securities	$	3,262,665	$	27,878,509	$	2,781,995	$	8,392,334	$	6,044,660	$	36,270,843

113

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


			Gross		Gross		Estimated		Book/Adjusted
	Amortized		Unrealized		Unrealized		Fair		Carrying
December 31, 2023	Cost		Gains		Losses		Value		Value

Prime	$	148,373	$	1,856	$	18,131	$	132,098	$	148,153
Alt-A	37,036		17,914		2,649		52,301		37,036
Subprime	4,692		4,297		114		8,875		4,692
Total non-agency RMBS	$	190,101	$	24,067	$	20,894	$	193,274	$	189,881

			Gross		Gross		Estimated		Book/Adjusted
	Amortized		Unrealized		Unrealized		Fair		Carrying
December 31, 2022	Cost		Gains		Losses		Value		Value

Prime	$	186,727	$	4,135	$	28,890	$	161,972	$	186,727
Alt-A	64,611		18,240		4,418		78,433		64,603
Subprime	25,205		9,142		275		34,072		25,205
Total non-agency RMBS	$	276,543	$	31,517	$	33,583	$	274,477	$	276,535

The Company defines its exposure to non-agency RMBS as follows. Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower. 76% of the Company’s investments in Alt-A related mortgage-backed securities and 100% of the Company’s investments in subprime related mortgage-backed securities are rated investment grade by the NAIC.

Debt securities also include investments in securities, which are collateralized by commercial mortgage loans (“CMBS”). The carrying value and estimated fair value of the Company’s investment in CMBS are $1.4 billion and $1.2 billion, respectively, at December 31, 2023. Of these investments, 98% are rated investment grade by the NAIC.

Corporate securities include direct investments in below investment grade syndicated bank loans. Unlike most corporate debentures, syndicated bank loans are collateralized by specific tangible assets of the borrowers. As such, investors in these securities that become impaired have historically experienced less severe losses than corporate bonds. At December 31, 2023, the carrying value and estimated fair value of the Company’s direct investments in bank loans are $58.3 million and $54.4 million, respectively.

At December 31, 2023, of the total carrying value for bonds in an unrealized loss position, 98% were investment grade and 2% were below investment grade based on NAIC designation. Unrealized losses on bonds that were below investment grade comprised approximately 2% of the aggregate gross unrealized losses on debt securities.

Corporate bonds in an unrealized loss position were diversified across industries. As of December 31, 2023, the industries comprising the larger proportion of unrealized losses included utilities (17% of corporate bonds gross unrealized losses) and financial services (14%). The largest unrealized loss related to a single corporate obligor was $50.3 million at December 31, 2023.

The amortized cost, gross unrealized gains and losses, estimated fair value and book/adjusted carrying value of debt securities at December 31, 2023, by contractual maturity, are shown below (in thousands). Actual maturities may differ from contractual maturities where securities can be called or pre-paid with or without early redemption penalties.

114

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


									Book/
			Gross		Gross		Estimated		Adjusted
	Amortized		Unrealized		Unrealized		Fair		Carrying
Maturity distribution	Cost		Gains		Losses		Value		Value

Due in 1 year or less	$	2,930,395	$	581	$	20,125	$	2,910,851	$	2,930,327
Due after 1 year through 5 years	6,939,756		23,222		251,867		6,711,111		6,939,680
Due after 5 years through 10 years	8,833,447		69,674		859,693		8,043,428		8,799,679
Due after 10 years through 20 years	8,067,320		107,782		1,163,599		7,011,503		8,059,997
Due after 20 years	6,545,321		12,330		1,538,268		5,019,383		6,545,153
Residential mortgage-backed	357,560		25,959		33,510		350,009		357,340
Commercial mortgage-backed	1,376,755		432		137,822		1,239,365		1,376,755
Other asset-backed	4,382,641		3,017		301,924		4,083,734		4,367,261
Total debt securities	$	39,433,195	$	242,997	$	4,306,808	$	35,369,384	$	39,376,192

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

With regard to certain loan-backed securities deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis. The book/adjusted carrying value of securities changing from the retrospective to the prospective methodology in 2023 and 2022 was $25.6 million and $38.9 million, respectively.

Debt securities are classified into six NAIC quality categories. These categories range from Class 1 (the highest) to Class 6 (the lowest). Performing securities are designated Classes 1 - 5. Securities in or near default are designated Class 6. Securities designated as Class 3, 4, 5, and 6 are non-investment grade securities. If a designation is not currently available from the NAIC, the Company’s investment advisor provides the designation. At December 31, 2023, the Company’s investment advisor provided the designation for debt securities with carrying values and estimated fair values of $512.2 million and $473.2 million, respectively.

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

115

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

The Company's debt securities by NAIC designation are as follows at December 31, 2023 (in thousands):


			Gross		Gross		Estimated		Book/Adjusted
Quality category per	Amortized		Unrealized		Unrealized		Fair		Carrying
NAIC designation	Cost		Gains		Losses		Value		Value


Class 1	$	23,475,365	$	145,804	$	2,581,615	$	21,039,554	$	23,437,490
Class 2	15,052,853		93,474		1,644,400		13,501,927		15,037,150
Class 3	739,836		2,536		66,936		675,436		739,836
Class 4	147,541		847		9,417		138,971		147,541
Class 5	6,739		65		1,016		5,788		6,739
Class 6	10,861		271		3,424		7,708		7,436
Total debt securities	$	39,433,195	$	242,997	$	4,306,808	$	35,369,384	$	39,376,192

The book/adjusted carrying value and fair value of debt securities in default that were anticipated to be income producing when purchased were $3,227 thousand and $3,399 thousand at December 31, 2023, respectively, and $735 thousand and $1,414 thousand at December 31, 2022, respectively. There were no debt securities that were non-income producing for the 12 months preceding December 31, 2023 and 2022.

Debt securities with a book/adjusted carrying value of $101.4 million and $99.4 million at December 31, 2023 and 2022, respectively, were on deposit with regulatory authorities as required by law in various states in which business is conducted.

At December 31, 2023 and 2022, debt securities with a book/adjusted carrying value of $118.8 million and $161.6 million, respectively, were held in trust pursuant to the 100% coinsurance transactions (“retro treaties”) with Swiss Reinsurance Company Ltd (“Swiss Re”) discussed in Note 7.

At December 31, 2023 and 2022, debt securities with a book/adjusted carrying value of $278.9 million and $302.1 million, respectively, were held pursuant to the Squire Reassurance Company II, Inc. (“Squire Re II”) reinsurance treaty.

At December 31, 2023 and 2022, debt securities with a book/adjusted carrying value of $1,849.9 million and $1,828.2 million, respectively, were held in trust pursuant to the Jackson New York reinsurance treaty.

At December 31, 2023 and 2022, debt securities with a book/adjusted carrying value of $13,492.8 million and $16,190.5 million, respectively, were held pursuant to the Athene reinsurance treaty.

Other-Than-Temporary Impairment

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

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

In performing these reviews, the Company considers the relevant facts and circumstances relating to each investment and exercises considerable judgment in determining whether a security is other-than-temporarily impaired. Assessment factors include judgments about an obligor’s current and projected financial position, an issuer’s current and projected ability to service

116

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

and repay its debt obligations, the existence of, and realizable value of, any collateral backing the obligations and the macro-economic and micro-economic outlooks for specific industries and issuers. This assessment may also involve assumptions regarding underlying collateral such as prepayment rates, default and recovery rates, and third-party servicing capabilities.

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

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

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

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

Specifically for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. At both December 31, 2023 and 2022, assumed default rates for delinquent loans ranged from 10% to 100%. At December 31, 2023 and 2022, assumed loss severities were applied to generate and analyze cash flows of each bond and ranged from 10% to 40% and 15% to 35%, respectively.

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

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

There were no loan-backed securities with a recognized other-than-temporary impairment where the Company has either the intent to sell the securities or may be forced to sell the securities prior to a recovery in value as of the statement date.

In 2023, 2022, and 2021, the Company recognized other-than-temporary impairments of $11.3 million, $4.2 million, and $11.9 million, respectively, related to loan-backed and structured securities. See Note 17 for a table detailing securities with recognized other-than-temporary impairment charges during 2023, where the Company has (or had at the quarterly reporting date) the intent and ability to hold the securities for sufficient time to recover the amortized cost.

117

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	2023		2022		2021
Residential mortgage-backed securities:
Prime	$	1,193	$	2,112	$	2,641
Alt-A	1,194		2,027		233
Subprime	126		23		—
Industrial and miscellaneous	53,097		48,139		127
Governments	2,076		6,084		—
Commercial mortgage backed securities	8,773				—
Asset-backed securities	41		86		8,979
Common stock	5,006		—		50
Limited partnership interests	10,632		11,107		15,163
Mortgage loans	66,000		—		—

Total other-than-temporary impairment charges	$	148,138	$	69,578	$	27,193

Realized Gains and Losses on Investments

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


	Years Ended December 31,
	2023		2022		2021
Sales of bonds:
Gross gains	$	78,348	$	81,354	$	693,858
Gross losses	(553,444)		(465,791)		(149,401)
Sales of stocks:
Gross gains	387		2,868		2,213
Gross losses	(28,547)		(73)		(175)
Derivative instruments	(3,816,256)		(362,518)		(5,142,870)
Mortgage loans on real estate	(29,238)		(5,130)		4,108
Other assets	493,064		53,977		(356,568)
Other-than-temporary impairment losses	(148,138)		(69,578)		(27,193)
Net realized losses	$	(4,003,824)	$	(764,891)	$	(4,976,028)

Net (losses) gains allocated to IMR	$	(1,518,401)	$	(360,385)	$	109,638
Net losses allocated to AVR	(2,485,423)		(72,592)		(4,039,055)
Net losses unallocated	—		(331,914)		(1,046,611)
Net realized losses	$	(4,003,824)	$	(764,891)	$	(4,976,028)

Net losses allocated to AVR	$	(2,485,423)	$	(72,592)	$	(4,039,055)
Net losses unallocated	—		(331,914)		(1,046,611)
Tax benefit	545,555		69,775		1,008,921
Reported net realized losses	$	(1,939,868)	$	(334,731)	$	(4,076,745)

Proceeds from the sale of bonds totaled $5.8 billion, $8.5 billion, and $15.0 billion in 2023, 2022, and 2021, respectively.

Loan-Backed and Structured Securities

The Company has no significant concentrations as defined in SSAP No. 27, Disclosure of Information about Financial Instruments with Off-Balance-Sheet Risk, Financial Instruments with Concentrations of Credit Risk and Disclosures about Fair Value of Financial Instruments, arising from its investment in loan-backed securities.

118

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

The following table summarizes loan-backed and structured securities in an unrealized loss position as of December 31, 2023 (in thousands):


	Total		<12 Months		12+ Months
Fair value	$	5,125,465	$	604,929	$	4,520,536
Unrealized loss	473,256		27,287		445,969

At December 31, 2023, the carrying value and fair value of all loan-backed and structured securities, regardless of whether the security was in an unrealized loss position, were $6.1 billion and $5.7 billion, respectively.

Commercial Mortgage Loan Concessions

In response to the adverse economic impact of the COVID-19 pandemic, the Company granted concessions to certain of its commercial mortgage loan borrowers, including payment deferrals and other loan modifications. Following the guidance in INT 20-03: Troubled Debt Restructuring Due to COVID-19 and INT 20-07: Troubled Debt Restructuring of Certain Instruments Due to COVID-19, the Company does not account for or report qualifying concessions as troubled debt restructurings and does not classify such loans as past due during the payment deferral period. The Company continues to accrue interest income on such loans that have deferred payment. For some commercial mortgage loan borrowers (principally in the hotel and retail sectors), the Company granted concessions which were primarily interest and/or principal payment deferrals generally ranging from 6 to 14 months and, to a much lesser extent, maturity date extensions. Repayment periods are generally within one year but may extend until maturity date. Deferred commercial mortgage loan interest and principal payments were $8.1 million and $10.3 million at December 31, 2023 and 2022, respectively. The concessions granted had no impact on the Company’s results of operations or financial position as the Company has not granted concessions related to COVID-19 that would have been disclosed and accounted for as troubled debt restructurings.

Mortgage Loans on Real Estate

At December 31, 2023, commercial mortgage loans were collateralized by properties located in 36 states, the District of Columbia, and Europe. The minimum and maximum lending rates for loans issued in 2023 were 5.5% and 8.8%. The maximum percentage of any one loan to the value of the security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 79.7%.

At December 31, 2023, residential mortgage loans were collateralized by properties located in 50 states, the District of Columbia, Europe, and Mexico. The minimum and maximum lending rates for loans issued in 2023 were 6.1% and 10.4%. The maximum percentage of any one loan to the value of the security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 354.6%.

119

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


				Residential						Commercial
	Farm			Insured			All Other			Insured			All Other			Mezzanine			Total
2023
1. Recorded investment (All)
(a) Current	$	—		$	72		$	654		$	—		$	8,410		$	860		$	9,996
(b) 30-59 days past due	—			18			123			—			—			3			144
(c) 60-89 days past due	—			11			34			—			—			1			46
(d) 90-179 days past due	—			12			30			—			—			1			43
(e) 180+ days past due	—			15			32			—			—			1			48
2. Accruing interest 90-179
days past due
(a) Recorded investment	$	—		$	12		$	—		$	—		$	—		$	—		$	12
(b) Interest accrued	—			—			—			—			—			—			—
3. Accruing interest 180+
days past due
(a) Recorded investment	$	—		$	15		$	—		$	—		$	—		$	—		$	15
(b) Interest accrued	—			1			—			—			—			—			1
4. Interest reduced
(a) Recorded investment	$	—		$	—		$	62		$	—		$	—		$	3		$	65
(b) Number of loans	—			—			349			—			—			18			367
(c) Percent reduced	—		%	—		%	100		%	—		%	—		%	100		%	—		%
5. Participant or Co-lender in a
Mortgage Loan Agreement
(a) Recorded investment	$	—		$	128		$	873		$	—		$	644		$	240		$	1,886

2022
1. Recorded investment (All)
(a) Current	$	—		$	96		$	815		$	—		$	9,386		$	848		$	11,144
(b) 30-59 days past due	—			28			192			—			43			5			268
(c) 60-89 days past due	—			16			81			—			—			1			98
(d) 90-179 days past due	—			16			19			—			—			1			35
(e) 180+ days past due	—			36			9			—			—			—			44
2. Accruing interest 90-179
days past due
(a) Recorded investment	$	—		$	16		$	—		$	—		$	—		$	—		$	16
(b) Interest accrued	—			—			—			—			—			—			—
3. Accruing interest 180+
days past due
(a) Recorded investment	$	—		$	36		$	—		$	—		$	—		$	—		$	36
(b) Interest accrued	—			2			—			—			—			—			2
4. Interest reduced
(a) Recorded investment	$	—		$	—		$	27		$	—		$	—		$	1		$	28
(b) Number of loans	—			—			155			—			—			3			158
(c) Percent reduced	—		%	—		%	100		%	—		%	—		%	100		%	—		%
5. Participant or Co-lender in a
Mortgage Loan Agreement
(a) Recorded investment	$	—		$	—		$	—		$	—		$	—		$	—		$	—

120

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	2023		2022
Balance at beginning of period	$	31	$	64
Additions charged to operations	80,809		31
Direct write-downs charged against the allowances	66,000		—
Recoveries of amounts previously charged off	31		64
Balance at end of period (a+b-c-d)	$	14,809	$	31

As of December 31, 2023 and 2022, the Company's mortgage loan portfolio, exclusive of loans with a government guarantee or insurance, had $45.9 million and $23.1 million, respectively, of loans greater than 90 days past due and $20.1 million and $3.9 million, respectively, of loans in the process of foreclosure that were not accruing interest. Interest deemed uncollectible and written off totaled $2.0 million, $256 thousand, and $205 thousand in 2023, 2022, and 2021, respectively. Included in real estate are $5.5 million and nil of foreclosed properties as of December 31, 2023 and 2022, respectively. The remaining balance of the 2023 and 2022 mortgage loan portfolio is current and accruing interest. Delinquency status is determined from the date of the first missed contractual payment.

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

Impaired loans are as follows (in thousands):


December 31, 2023	Recorded Investment		Related Loan Allowance		Average Recorded Investment		Investment Income Recognized
Impaired loans with a valuation allowance
Commercial	$	2,600	$	13,877	$	3,302	$	636
Residential (Insured)	—		—		—		—
Residential (All Other)	4,676		932		3,683		167
Total	7,276		14,809		6,985		803

Impaired loans without a valuation allowance
Commercial	—		—		—		—
Residential (Insured)	5,538		—		8,249		526
Residential (All Other)	15,387		—		7,567		363
Total	20,925		—		15,816		889

Commercial	2,600		13,877		3,302		636
Residential (Insured)	5,538		—		8,249		526
Residential (All Other)	20,063		932		11,250		530
Total	$	28,201	$	14,809	$	22,801	$	1,692

121

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


December 31, 2022	Recorded Investment		Related Loan Allowance		Average Recorded Investment		Investment Income Recognized
Impaired loans with a valuation allowance
Residential (Insured)	$	—	$	—	$	—	$	—
Residential (All Other)	226		31		376		37
Total	226		31		376		37

Impaired loans without a valuation allowance
Residential (Insured)	11,851		—		14,510		1,044
Residential (All Other)	3,714		—		3,039		—
Total	15,565		—		17,549		1,044

Residential (Insured)	11,851		—		14,510		1,044
Residential (All Other)	3,940		31		3,415		37
Total	$	15,791	$	31	$	17,925	$	1,081

122

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	December 31, 2023
	In Good Standing (1)		Restructured		Greater than 90 Days Delinquent		In the Process of Foreclosure		Total Carrying Value
Apartment	$	3,157,475	$	—	$	—	$	—	$	3,157,475
Hotel	864,672		—		—		—		864,672
Office	1,451,778		17,770		—		—		1,469,548
Retail	1,925,162		—		—		—		1,925,162
Warehouse	1,848,726		—		—		—		1,848,726
Total commercial mortgage loans	$	9,247,813	$	17,770	$	—	$	—	$	9,265,583
Residential (3)	919,521		—		67,607		25,601		1,012,729
Total	$	10,167,334	$	17,770	$	67,607	$	25,601	$	10,278,312

	December 31, 2022
	In Good Standing (2)		Restructured		Greater than 90 Days Delinquent		In the Process of Foreclosure		Total Carrying Value
Apartment	$	3,553,508	$	—	$	—	$	—	$	3,553,508
Hotel	1,035,431		—		—		—		1,035,431
Office	1,810,306		—		—		—		1,810,306
Retail	2,102,051		—		—		—		2,102,051
Warehouse	1,772,564		—		—		—		1,772,564
Total commercial mortgage loans	$	10,273,860	—		—		—		$	10,273,860
Residential (4)	1,235,492		—		63,577		15,791		1,314,860
Total	$	11,509,352	$	—	$	63,577	$	15,791	$	11,588,720

(1) Includes mortgage loans which the Company is a participant or co-lender of $263.6 million, $127.2 million, $239.6 million, $96.6 million, $146.0 million, and $$1,012.6 million in the categories of apartment, hotel, office, retail, warehouse, and residential, respectively. Also includes mezzanine and bridge loans of $396.5 million, $21.6 million, $176.3 million, $28.3 million, and $244.6 million in the categories of apartment, hotel, office, retail, and warehouse, respectively.

(2) Includes mortgage loans which the Company is a participant or co-lender of $360.2 million, $228.2 million, $504.6 million, $175.8 million, $176.2 million, and $740.2 million in the categories of apartment, hotel, office, retail, warehouse, and residential, respectively. Also includes mezzanine and bridge loans of $413.6 million, $41.6 million, $239.0 million, $39.7 million, and $120.6 million in the categories of apartment, hotel, office, retail, and warehouse, respectively.

(3) Includes $21.7 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $5.5 million of loans in process of foreclosure.

(4) Includes $40.5 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $11.9 million of loans in process of foreclosure.

During 2023 and 2022, there were no mortgage loans involved in troubled debt restructuring.

Limited Partnership and Limited Liability Interests

The unaffiliated limited partnerships and limited liability companies in which the Company has an interest primarily invest in securities. Income recognized by the Company on all limited partnerships and limited liability companies was $690.3 million, $747.2 million, and $822.9 million in 2023, 2022, and 2021, respectively, including $607.0 million, $636.0 million, and $684.2 million, respectively, of dividends and membership distributions from subsidiaries. In 2023 and 2022, $(380.6) million and $87.4 million, respectively, of net unrealized gains (losses) were credited directly to surplus. In 2023, 2022, and 2021, the realized gain on partnership sales were $383.4 million, $29.5 million, and $133.2 million, respectively, including $292.4 million, $25.0 million and nil, respectively, of realized gains on sales to affiliates. The Company recognized impairment writedowns of $10.6 million, $11.1 million, and $14.6 million on limited partnerships and limited liability companies during 2023, 2022, and 2021, respectively.

Securities Lending

The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms. At 2023 and 2022, the estimated fair value of loaned securities was $12.6 million and $22.5 million, respectively. The agreements require a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis. To further minimize the credit risks related to these programs, the financial condition of the counterparties is monitored on a regular basis. At 2023 and 2022, unrestricted cash collateral received in the amount of $13.0 million and $23.3 million, respectively, was included in other invested assets of the Company. In 2023 and

123

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

2022, an offsetting liability for the overnight and continuous loan of $13.0 million and $23.3 million, respectively, is included in payable for securities lending in the accompanying statutory statements of admitted assets, liabilities, capital and surplus.

Restricted Assets

At December 31, 2023, the Company has the following assets pledged to others as collateral or otherwise restricted (in thousands):


	Gross Restricted								Percentage
Restricted Asset Category	Total General Account		Total Prior Year		Increase/ (Decrease)		Total Current Year Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
Repurchase agreements	$	—	$	1,141,872	$	(1,141,872)	$	—	0.00	%	0.00	%
FHLB capital stock	108,018		146,464		(38,446)		108,018		0.04	%	0.04	%
On deposit with state	101,388		99,408		1,980		101,388		0.04	%	0.04	%
Pledged as collateral to FHLB	3,525,096		3,172,535		352,561		3,525,096		1.30	%	1.31	%
Pledged as collateral for cleared and OTC derivatives	4,013,879		4,102,208		(88,329)		4,013,879		1.48	%	1.49	%
Cleared interest rate swaps	—		150,648		(150,648)		—		0.00	%	0.00	%
Securities loaned for sec. lending agreements	13,030		25,144		(12,114)		13,030		0.00	%	0.00	%
Total restricted assets	$	7,761,411	$	8,838,279	$	(1,076,868)	$	7,761,411	2.86	%	2.88	%

5GI Securities

The assignment of a 5GI designation to a debt security occurs when the necessary documentation for a full credit analysis does not exist but the security is current on all contractual payments and the Company expects the security to make full payment of all contractual principal and interest. At December 31, 2023, the Company had nil debt securities with a 5GI designation, At December 31, 2022, the Company had 3 debt securities with a 5GI designation, with a carrying value and fair value of $8.5 million and $4.7 million, respectively.

Note 5 – Derivative Instruments

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

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

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

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

The Company manages the potential credit exposure for over-the-counter derivative contracts through careful evaluation of the counterparty credit standing, collateral agreements, and master netting agreements. The Company is exposed to credit-related losses in the event of non-performance by counterparties; however, it does not anticipate non-performance. There were no charges incurred related to derivative counterparty non-performance during 2023, 2022 or 2021.

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

124

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

All of these master agreements also contain downgrade triggers that allow the party potentially harmed by the downgrade to, at its option, cause the related transactions to be unwound at market value or to be assigned to a different counterparty. All of these triggers are set in the BBB range and refer to Jackson’s claims paying rating and the counterparty’s senior debt rating. The intent of the triggers is to provide for a more orderly unwind of positions than might otherwise take place in the event of a bankruptcy. During 2023 and 2022, no counterparties triggered an event.

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

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

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

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

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

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

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

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

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

125

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2023
			Assets				Liabilities
	Contractual/										Net
	Notional		Carrying		Fair		Carrying		Fair		Fair
	Amount		Value		Value		Value		Value		Value
Cross-currency swaps	$	785,914	$	38,577	$	38,577	$	—	$	—	$	38,577
Cross-currency total return swaps	1,037,318		(18,317)		(18,317)		—		—		(18,317)

Equity index put options	26,000,000		58,705		58,705		—		—		58,705
Put-swaptions	23,500,000		152,680		152,680		904,691		904,691		(752,011)
Equity futures	23,377,218		—		—		—		—		—
Interest rate futures	33,043,167		—		—		—		—		—
Forwards	1,410,194		1,707		1,707		—		—		1,707
Total return swaps	1,598,595		(21,947)		(21,947)		—		—		(21,947)
Interest rate swaps	6,228,135		(126,589)		(126,589)		—		—		(126,589)
Total	$	116,980,541	$	84,816	$	84,816	$	904,691	$	904,691	$	(819,875)


	December 31, 2022
			Assets				Liabilities
	Contractual/										Net
	Notional		Carrying		Fair		Carrying		Fair		Fair
	Amount		Value		Value		Value		Value		Value
Cross-currency swaps	$	742,808	$	67,448	$	67,448	$	—	$	—	$	67,448
Cross-currency total return swaps	1,239,850		(76,958)		(76,958)		—		—		(76,958)
Equity index call options	17,500,000		106,123		106,123		—		—		106,123
Equity index put options	30,500,000		957,646		957,646		—		—		957,646
Put-swaptions	25,000,000		—		—		1,710,737		1,710,737		(1,710,737)
Equity futures	20,626,295		—		—		—		—		—
Interest rate futures	105,941,948		—		—		—		—		—
Forwards	1,489,577		56,631		56,631		—		—		56,631
Total return swaps	739,409		31,166		31,166		—		—		31,166
Interest rate swaps	9,228,135		(309,307)		(309,307)		—		—		(309,307)
Total	$	213,008,022	$	832,749	$	832,749	$	1,710,737	$	1,710,737	$	(877,988)

All of Jackson’s master swap agreements contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. At December 31, 2023 and 2022, the fair value of Jackson’s net derivative assets by counterparty were $116.8 million and $885.1 million, respectively, and held collateral was $840.5 million and $858.0 million, respectively, related to these agreements. At December 31, 2023 and 2022, the fair value of Jackson’s net derivative liabilities by counterparty was $936.7 million and $1,763.1 million, respectively, and provided collateral was $896.8 million and $1,732.5 million, respectively, related to these agreements. If all of the downgrade provisions had been triggered at December 31, 2023 or 2022, in aggregate, Jackson would have had to disburse $763.6 million and $30.7 million, respectively, and would have been allowed to claim nil and $27.0 million, respectively.

126

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Note 6 - Investment Income

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


	Years Ended December 31,
	2023		2022		2021
Debt securities	$	1,685,186	$	1,696,734	$	1,837,320
Derivative instruments	(338,037)		15,787		154,706
Limited partnership interests	690,271		747,189		822,617
Mortgage loans	544,686		528,122		503,623
Policy loans	389,979		381,221		387,170
Other investment income	137,191		105,655		48,822
Total investment income	3,109,276		3,474,708		3,754,258
Less investment expenses	206,086		185,516		232,705
Less interest expenses	48,643		29,283		29,752
Net investment income	$	2,854,547	$	3,259,909	$	3,491,801

During 2023, the Company sold, redeemed, or otherwise disposed of 13 securities due to the exercise of a callable or tender offer feature, generating investment income of $2.0 million as a result of the associated prepayment penalty and/or acceleration fee. During 2022, the Company sold, redeemed, or otherwise disposed of 28 securities due to the exercise of a callable or tender offer feature, generating investment income of $12.1 million as a result of the associated prepayment penalty and/or acceleration fee. During 2021, the Company sold, redeemed, or otherwise disposed of 80 securities due to the exercise of a callable or tender offer feature, generating investment income of $43.2 million as a result of the associated prepayment penalty and/or acceleration fee.

Note 7 - Reinsurance

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

During the first quarter of 2024, Jackson entered into a 100% coinsurance funds withheld reinsurance transaction with Brooke Re, a Michigan captive insurer regulated by the Michigan Department of Insurance and Financial Services created in the first quarter of 2024 for the express purpose of serving as the counterparty to this new reinsurance transaction. All economics of the reinsurance transaction are effective as of January 1, 2024. The reinsurance transaction provides for the cession from Jackson to Brooke Re of liabilities associated with certain guaranteed benefit under our variable annuity contracts and similar products of Jackson, both in-force on the effective date of the reinsurance agreement and written in the future (i.e., on a “flow” basis) as well as related future fees, claims and other benefits, and maintenance expenses in exchange for a ceding commission for the in-force business. Brooke Re paid a ceding commission of approximately $1.2 billion to Jackson in connection with the execution of the reinsurance transaction. Jackson retains the variable annuity base contract, the annuity contract administration of the ceded business, and responsibility for investment management of the assets in the funds withheld account supporting the ceded liabilities. The reinsurance transaction allows us to mitigate the impact of the cash surrender value floor on Jackson’s total adjusted capital, statutory required capital, and risk-based capital ratio, as well as to allow for more efficient economic hedging of the underlying risks of Jackson’s business. This outcome will serve the interests of policyholders by protecting statutory capital through avoidance of non-economic hedging costs. Overall, this allows us to optimize our hedging, stabilize capital generation, and produce more predictable financial results going forward.

The Company entered into a funds withheld coinsurance agreement with Athene Life Re Ltd. effective June 1, 2020 to reinsure on a 100% quota share basis, a block of Jackson's in-force fixed and fixed index annuity product liabilities in exchange for a $1,231.1 million ceding commission. The $1,016.3 million ceding commission, net of tax, was reported direct to surplus and will be amortized into income over the life of the business. In addition, $59.6 million of the IMR reserve was released from the IMR reserve and transferred to Athene under the reinsurance arrangement. The release of the reserve was recorded in income. In September 2021, the post closing settlement resulted in ceded premium of $6.3 million and a $28.5 million decrease in ceding commission.

127

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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

To further support its obligations under the reinsurance agreements, Athene procured $1.2 billion in letters of credit for Jackson’s benefit and established a trust account for Jackson’s benefit, which had a book value of approximately $82.6 million and $212.8 million as of December 31, 2023 and 2022, respectively.

On May 29, 2019, the Michigan Department of Insurance and Financial Services revoked the status of an accredited reinsurer in Michigan. As of December 31, 2022, a liability for reinsurance in unauthorized companies of $33.1 million was established for the ceded reserve. In July 2023, the reinsurer was ordered into liquidation. During the fourth quarter of 2023, the liability for reinsurance in authorized companies was recognized as a loss, with no impact to capital and surplus.

The Company has agreements with John Hancock Life Insurance Company ("John Hancock") and John Hancock Life Insurance Company of New York (“John Hancock New York”) to reinsure Group Payout Annuities. On December 31, 2023 and 2022, the Company included $230.1 million and $512.8 million, respectively, of miscellaneous group annuity reserves initially established by John Hancock and John Hancock New York. The additional reserves are in excess of those required under minimum statutory standards.

In 2016, the Company executed a reserve financing transaction with Squire Re II. At December 31, 2023 and 2022, the Company ceded $376.5 million, $445.7 million, respectively, of level premium term reserves under a funds withheld 100% coinsurance treaty. The Company holds certain assets, primarily debt securities, as collateral. This collateral is reported as funds held under coinsurance on the statements of admitted assets, liabilities, capital and surplus. The income and realized gains on these assets are reported in income and with a corresponding offset reported in interest on funds withheld treaties, with no impact on net income.

The Company assumes 90% of the risk associated with the variable annuities from its subsidiary, Jackson New York, on a coinsurance/modified coinsurance basis. Premiums assumed from Jackson New York were $716.1 million, $980.1 million, and $1,320.3 million in 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, the liability for the reserves assumed from Jackson New York totaled $1,250.6 million and $1,389.6 million, respectively.

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

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

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

At December 31, 2023 and 2022, assets of $1,216.2 million and $1,265.0 million, respectively, were held in trust pursuant to the 100% coinsurance transactions with Swiss Re.

As the previously mentioned reinsurance transactions resulted in gains and were comprised of contracts inforce at the date of the transaction, the net, after tax, impact of the transactions was excluded from net income and recorded directly to surplus, and will be amortized into income as earnings emerge from the business reinsured.

128

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

The effect of reinsurance on premiums and benefits was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Direct premiums and annuity considerations	$	12,645,332	$	15,406,040	$	18,799,480
Reinsurance assumed	819,805		1,096,807		1,446,936
Reinsurance ceded	(237,559)		(298,198)		(401,115)
Total premiums and annuity considerations	$	13,227,578	$	16,204,649	$	19,845,301

Direct benefits to policyholders and beneficiaries	$	22,002,447	$	18,487,705	$	22,292,257
Reinsurance assumed	1,082,026		1,173,141		1,161,442
Reinsurance ceded	1,249,948		1,553,035		1,558,064
Total benefits to policyholders and beneficiaries	$	24,334,421	$	21,213,881	$	25,011,763

Policy reserves and liabilities are stated net of reinsurance ceded to other companies. At December 31, 2023 and 2022, reserves ceded were $24.4 billion and $28.1 billion, respectively, which included reserves ceded to Brooke Life of $24.0 million and $26.0 million, respectively, and also included reserves ceded to Squire Re II of $376.5 million and $445.7 million, respectively.

Note 8 - Federal Income Taxes

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

The Company is no longer subject to U.S. federal tax examinations by tax authorities for years prior to 2019. Tax years from 2019 to 2023 remain open under the statute of limitations.

Inflation Reduction Act

The Inflation Reduction Act (“IRA”), enacted on August 16, 2022, includes the CAMT, which was effective January 1, 2023. The Company is an applicable reporting entity that is part of a controlled group of corporations that is subject to the CAMT in 2023. At December 31, 2023 and 2022, the CAMT current tax was $163.0 million and nil, respectively. At December 31, 2023 and 2022, the CAMT reduced net capital and surplus by $187 million and nil, respectively. The CAMT was not applicable to the year ended December 31, 2021.

Net Deferred Tax Asset

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


	December 31, 2023						December 31, 2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total

Total gross DTA	$	2,553,775	$	62,035	$	2,615,810	$	1,995,078	$	99,786	$	2,094,864	$	558,697	$	(37,751)	$	520,946
Statutory valuation allowance	—		—		—		—		—		—		—		—		—
Adjusted gross DTA	2,553,775		62,035		2,615,810		1,995,078		99,786		2,094,864		558,697		(37,751)		520,946
DTA nonadmitted	1,856,172		—		1,856,172		1,079,931		—		1,079,931		776,241		—		776,241
Subtotal net admitted DTA	697,603		62,035		759,638		915,147		99,786		1,014,933		(217,544)		(37,751)		(255,295)
Deferred tax liabilities	(42,745)		(109,951)		(152,696)		(40,711)		(193,132)		(233,843)		(2,034)		83,181		81,147

Net admitted DTA	$	654,858	$	(47,916)	$	606,942	$	874,436	$	(93,346)	$	781,090	$	(219,578)	$	45,430	$	(174,148)

129

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


		December 31, 2023						December 31, 2022						Change
		Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total
(a)	Federal income taxes
	Paid in prior years
	recoverable through
	loss carrybacks	$	—	$	476	$	476	$	—	$	166	$	166	$	—	$	310	$	310
(b)	Adjusted gross DTA
	Expected to be realized
	after application of the
	threshold limitation
	(Lesser of (b)1 or
	(b)2 below)	606,466		—		606,466		780,924		—		780,924		(174,458)		—		(174,458)
	1. Adjusted gross DTA
	Expected to be realized
	following the balance
	sheet date					1,868,854						1,503,003						365,851
	2. Adjusted gross DTA
	Allowed per limitation
	threshold					606,466						780,924						(174,458)
(c)	Adjusted gross DTA
	(Excluding the amount of
	DTA from (a) and (b)
	above) offset by
	gross DTL	91,137		61,559		152,696		134,223		99,620		233,843		(43,086)		(38,061)		(81,147)
(d)	DTA admitted as the
	result of application of
	SSAP No. 101	$	697,603	$	62,035	$	759,638	$	915,147	$	99,786	$	1,014,933	$	(217,544)	$	(37,751)	$	(255,295)


	2023			2022
Ratio Percentage Used to Determine Recovery
Period and Threshold Limitation Amount	1,102.0		%	965.8		%

Amount of Adjusted Capital and Surplus Used to
Determine Recovery Period and Threshold
Limitation Amount (in thousands)	$	4,043,109		$	5,206,164

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


	December 31, 2023						December 31, 2022						Change
	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
Determination of Adjusted Gross DTA and
Net Admitted DTA, by tax character as a percentage
1. Adjusted gross DTAs	$	2,553,775		$	62,035		$	1,995,078		$	99,786		$	558,697		$	(37,751)
2. Percentage of adjusted gross DTAs by
by tax character attributable to
the impact of tax planning
strategies	0		%	0		%	0		%	0		%	0		%	0		%
3. Net admitted adjusted gross DTAs	$	697,603		$	62,035		$	915,147		$	99,786		$	(217,544)		$	(37,751)
4. Percentage of net admitted adjusted
gross DTAs by tax character
admitted because of the impact
of tax planning strategies	0		%	0		%	0		%	0		%	0		%	0		%

130

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

At December 31, 2023 and December 31, 2022, the Company did not consider tax planning strategies for the determination of the amount of adjusted gross CAMT credit DTA. At December 31, 2023 and December 31, 2022, the consideration of tax planning strategies did not impact the determination of the amount of admitted CAMT credit DTA.

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

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


	2023		2022		Change
Deferred tax assets resulting from book/tax differences in:
Ordinary:
Deferred acquisition costs	$	191,494	$	202,018	$	(10,524)
Insurance reserves	207,853		276,299		(68,446)
Investments	863,269		773,792		89,477
Employee benefits	111,921		128,826		(16,905)
Deferred and uncollected premium	1,562		1,889		(327)
Net operating loss carryforward	863,316		527,316		336,000
Tax credit carryforward	274,165		43,043		231,122
Other	40,195		41,895		(1,700)
Total ordinary gross & adjusted
gross deferred tax assets	2,553,775		1,995,078		558,697
Deferred tax assets nonadmitted	(1,856,172)		(1,079,931)		(776,241)
Admitted ordinary gross deferred
tax assets per NAIC SAP	697,603		915,147		(217,544)

Capital:
Investments	27,422		37,470		(10,048)
Unrealized capital losses	34,613		62,316		(27,703)
Total capital gross & adjusted
gross deferred tax assets	62,035		99,786		(37,751)
Deferred tax assets nonadmitted	—		—		—
Admitted capital gross deferred
tax assets per NAIC SAP	62,035		99,786		(37,751)
Total admitted deferred tax assets	$	759,638	$	1,014,933	$	(255,295)

Deferred tax liabilities resulting from book/tax differences in:
Ordinary:
Investments	$	14,937	$	9,754	$	5,183
Fixed assets	12,151		11,309		842
Insurance reserves	6,947		10,420		(3,473)
Due and deferred premium	8,705		9,227		(522)
Other	5		1		4
Total ordinary deferred tax liabilities	42,745		40,711		2,034
Total capital deferred tax liabilities	109,951		193,132		(83,181)
Total deferred tax liabilities	152,696		233,843		(81,147)

Total net admitted deferred tax asset	$	606,942	$	781,090	$	(174,148)

131

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

The application of SSAP No. 101, requires a company to evaluate the recoverability of deferred tax assets and to establish a valuation allowance if necessary, to reduce the deferred tax asset to an amount which is more likely than not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversal; (4) taxable income in prior carry back years as well as projected taxable earnings, exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and, (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although the realization is not assured, management believes it is more likely than not that the deferred tax assets under the regular tax system or for the CAMT credit deferred tax assets will be realized. The Company has not recorded a valuation allowance against deferred tax assets under the regular tax system or for the CAMT credit deferred tax assets as of December 31, 2023 and December 31, 2022. All reporting entities of the controlled group have made an accounting policy election to disregard the effect of the CAMT system in determining the valuation allowance for deferred tax assets under the regular tax system. There were no material modifications to the methodology used to project CAMT.

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


	2023		2022		Change

Total deferred tax assets	$	2,615,810	$	2,094,864	$	520,946
Total deferred tax liabilities	(152,696)		(233,843)		81,147
Net deferred tax assets/liabilities	2,463,114		1,861,021		602,093
Tax effect of unrealized gains	(530,763)		(326,697)		(204,066)
Change in net deferred income tax	$	1,932,351	$	1,534,324	$	398,027

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

Taxes Incurred

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


	2023		2022		2021
Operations
Federal taxes from operations	$	960,869	$	73,645	$	959,485
Foreign tax expense	—		—		—
Subtotal	960,869		73,645		959,485
Federal tax benefit on capital losses	(850,652)		(140,453)		(976,002)
Utilization of operating loss carryforwards	—		—		—
Other	(3,399)		22,616		(75,695)
Total federal current taxes incurred	$	106,818	$	(44,192)	$	(92,212)

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


	2023		2022		2021

Federal taxes incurred	$	966,356	$	96,261	$	883,790
Capital gains tax, excluding IMR taxes	(545,555)		(69,775)		(1,008,921)
Taxes transferred to IMR	(342,797)		(68,678)		135,159
Taxes on liability gains released from the IMR	28,814		(2,000)		(102,240)
Total federal current taxes incurred	$	106,818	$	(44,192)	$	(92,212)

132

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	2023				2022				2021

Income before taxes	$	(1,220,210)			$3,353,705				$120,414

Income taxes at statutory rate	(256,244)		21	%	704,278		21	%	25,287		21	%
Dividends received deduction	(123,641)		10	%	(131,507)		(4)	%	(135,678)		(113)	%
Effect of tax sharing agreement	—		—	%	—		—	%	(9,162)		(8)	%
Interest maintenance reserve	153,867		(13)	%	(22,744)		(1)	%	(38,266)		(32)	%
Amortization of value of business acquired and goodwill	—		—	%	6,878		—	%	10,317		9	%
Tax credits	(44,668)		4	%	(22,990)		(1)	%	(43,148)		(36)	%
Gain on reinsurance of inforce business	(25,157)		2	%	(51,969)		(2)	%	(36,585)		(30)	%
Net IRS audit interest	—		—	%	—		—	%	(19,126)		(16)	%
Other	4,633		—	%	3,412		—	%	6,098		5	%
Taxable income and current tax on operations	$	(291,210)	24	%	$	485,358	14	%	$	(240,263)	(200)	%

Federal and foreign taxes incurred	$966,356				$96,261				$883,790
Tax on capital losses	(859,539)				(140,453)				(976,002)
Change in net deferred taxes	(398,027)				529,550				(148,051)
Total statutory taxes	$	(291,210)			$	485,358			$	(240,263)

At December 31, 2023, the Company had ordinary loss carryforwards of $4.0 billion which may be carried forward indefinitely and used to offset up to 80% of taxable income in future periods and $137.0 million of ordinary loss carryforwards limited pursuant to section 382 that will begin to expire beginning in 2026.

Loss carryforwards (in thousands):


Tax Year Generated	Amount of Carryforward
2012	$	137,020
2021	1,201,272
2022	1,160,449
2023	1,612,287
Total	$	4,111,028

There are no capital loss carryforwards available. The Company had a foreign tax credit carryforward in the amount of $104.4 million originating from 2022 and 2023 which expire as follows: 2032: $52.2 million; 2033: $52.2 million. The Company had a general business tax credit carryforward in the amount of $573 thousand originating from 2022 and 2023 which expires as follows: 2042: $423 thousand; 2043: $150 thousand.

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

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

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

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

At December 31, 2023 and 2022, the Company had alternative minimum tax credit deferred tax assets of $169.2 million and $6.2 million, respectively. As of December 31, 2023, the $169.2 million, consisting of $163.0 million originating from the 2023 tax year, and $6.2 million from prior tax years that is limited pursuant to section 383, may be carried forward indefinitely. At December 31, 2023 and 2022, the Company's net admitted DTAs were limited by 15% of adjusted capital and surplus.

133

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Note 9 - Capital, Surplus and Dividend Restrictions

Under the Michigan Insurance Code of 1956, Jackson must notify the Michigan Director of Insurance prior to payment of any dividend. Ordinary dividends on capital stock may only be distributed out of earned surplus, excluding any unrealized capital gains and the effect of permitted practices (referred to as adjusted earned surplus). At December 31, 2023, Jackson had no adjusted surplus. Ordinary dividends in any twelve month period are also limited to the greater of 10% of statutory surplus as of the preceding year-end, excluding any increase arising from the application of permitted practices, or the statutory net income, excluding any net realized investment gains, for the twelve month period ended on the preceding December 31. The Michigan Director of Insurance may approve payment of dividends in excess of these amounts, which would be deemed an extraordinary dividend. The maximum dividend that can be paid to Brooke Life in 2024, subject to the availability of earned surplus, with approval of the director is approximately $463.9 million.

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

During 2022, the Company remitted a $600.0 million return of capital to Brooke Life.

During 2021, the Company received a capital contribution of $1.4 billion from Brooke Life.

During 2023, changes in the balance of special surplus funds from the prior year are due to the admittance of net negative (disallowed) IMR of $253.0 million.

The NAIC has developed certain RBC requirements for life insurance companies. Under those requirements, compliance is determined by a ratio of a company’s total adjusted capital (“TAC”), calculated in a manner prescribed by the NAIC, to its authorized control level RBC (“ACL RBC”), calculated in a manner prescribed by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC (“company action level RBC”). At December 31, 2023, 2022, and 2021 the Company’s TAC remained well in excess of the company action level RBC.

Note 10 - Debt

Surplus Notes

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

On March 15, 1997, the Company issued 8.15% surplus notes in the principal amount of $250.0 million due March 15, 2027. These surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933 as amended, underwritten by a syndicate that included Goldman Sachs & Co., and Morgan Stanley & Co., and are administered by Citibank, N.A. as fiscal agent. The surplus notes are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims may not be redeemed at the option of the Company or any holder prior to maturity. Upon approval from DIFS, interest is payable semi-annually on March 15th and September 15th of each year. Interest paid on surplus notes was $20.4 million in 2023, 2022, and 2021, respectively.

As of December 31, 2023, life to date interest expense on surplus notes were $534.1 million.

134

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Federal Home Loan Bank Loans

The Company received loans of $50.0 million from the FHLBI under its community investment program in both 2015 and 2014, which amortize on a straight-line basis over the loan term. The weighted average interest rate on these loans was 5.12% in 2023 and 1.71% in 2022. The outstanding balance on these loans was $57.2 million and $62.2 million at December 31, 2023 and 2022, respectively. During 2023, 2022, and 2021, interest expense for these loans totaled $2.9 million, $0.9 million, and $0.1 million, respectively. At December 31, 2023 and 2022, the loans were collateralized by mortgage-related securities and commercial mortgage loans with a carrying value of $89.5 million and $95.7 million, respectively.

Federal Home Loan Bank Advances

The Company entered into an advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. Advances averaged $373.1 million during 2023, with a weighted average interest rate of 5.15%. Advances of $250.2 million and nil were outstanding at December 31, 2023 and 2022, respectively, and were recorded in other liabilities. The Company paid interest of $6.6 million, $0.1 million, $0.2 million on such advances in 2023, 2022, and 2021, respectively. The largest outstanding balance at any month end during 2023 was $650.1 million.

Repurchase Agreements

The Company routinely enters into repurchase agreements whereby the Company agrees to sell and repurchase securities. These agreements are bilateral and accounted for as financing transactions, with the assets and associated liabilities included in the balance sheet.

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


	2023		2022
Maximum Amount:
Overnight	$	915,058	$	1,080,027
2 Days to 1 Week	1,690,301		625,504
>1 Week to 1 Month	1,561,085		1,011,762

Ending Balance:
Overnight	$	—	$	—
2 Days to 1 Week	—		—
>1 Week to 1 Month	—		1,011,762

Short-term borrowings under such agreements averaged $969.8 million and $310.8 million during 2023 and 2022, respectively, with weighted average interest rates of 4.59% in 2023 and 2.54% in 2022. The highest level of short-term borrowings at any month end was $1,660.0 million in 2023 and $1,011.8 million in 2022. At December 31, 2023 and 2022, the outstanding repurchase agreement balance was nil and $1,011.8 million, respectively, collateralized with U.S. Treasury notes and maturing within 30 days, and was included within repurchase agreements in the balance sheet. In the event of a decline in the fair value of the pledged collateral under these agreements, the Company may be required to transfer cash or additional securities as pledged collateral.

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


	2023		2022
Maximum Amount:
Cash	$	2,243,022	$	1,333,772
Securities (FV)	—		—

Ending Balance:
Cash	$	—	$	1,011,762
Securities (FV)	—		—

135

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	2023		2022
Maximum Amount:
Cash (Collateral - All)	$	2,243,022	$	1,333,772
Securities Collateral (FV)	—		—

Ending Balance:
Cash (Collateral - All)	$	—	$	1,011,762
Securities Collateral (FV)	—		—

Interest paid totaled $49.1 million, $7.9 million, $1.1 million in 2023, 2022, and 2021, respectively.

Note 11 - Life and Annuity Reserves

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

At December 31, 2023 and 2022, 90% and 87%, respectively, of annuity reserves and deposit liabilities were subject to surrender charges of at least 5% or at market value in the event of discretionary withdrawal by policyholders.

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

The Company had insurance in force, for which the gross premiums are less than the net premiums of approximately $11.1 billion and $14.6 billion, at December 31, 2023 and 2022, respectively, according to the valuation standard set by the state of Michigan.

The Company’s incurred but not reported claim provision is based on the Company’s historical experience. The provision was $117.9 million and $118.0 million at December 31, 2023 and 2022, respectively.

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

GMIB benefits are reinsured, subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. Reinsurance credits of $1.1 million and $20.4 million were taken in 2023 and 2022, respectively. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

136

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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


	December 31,
	2023		2022
Fund type:
Equity	$	142,464	$	122,744
Bond	18,385		17,775
Balanced	40,055		38,177
Money market	2,606		2,911
Total	$	203,510	$	181,607

Reserves for registered index-linked and variable annuities and associated guarantees are calculated using Actuarial Guideline 43 and VM-21. Required reserves associated with guaranteed benefits were $17.4 million and $209.8 million at December 31, 2023 and 2022, respectively.

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


	December 31, 2023
			Guaranteed		Nonguaranteed
	General		Separate		Separate				% of
	Account		Account		Account		Total		Total
Individual Annuities:
Subject to discretionary withdrawal:
With market value adjustment	$	1,986,003	$	210,279	$	—	$	2,196,282	1.0	%
At book value without market value adjustment and
adjustment and with current
surrender charge of 5% or more	4,823,408		4,629,816		—		9,453,224		4.4	%
At fair value	—		—		179,151,105		179,151,105		84.3	%
At book value without market value
adjustment and with current
surrender charge less than 5%	20,049,698		—		—		20,049,698		9.4	%
Total subject to discretionary withdrawal	26,859,109		4,840,095		179,151,105		210,850,309		99.2	%
Not subject to discretionary withdrawal	1,472,714		—		185,385		1,658,099		0.8	%
Total gross	28,331,823		4,840,095		179,336,490		212,508,408		100.0	%
Reinsurance ceded	17,129,925		—		—		17,129,925
Total, net of reinsurance	$	11,201,898	$	4,840,095	$	179,336,490	$	195,378,483

137

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2022
			Guaranteed		Nonguaranteed
	General		Separate		Separate				% of
	Account		Account		Account		Total		Total
Individual Annuities:
Subject to discretionary withdrawal:
With market value adjustment	$	2,561,508	$	91,139	$	—	$	2,652,647	1.4	%
At book value without market value adjustment and
adjustment and with current
surrender charge of 5% or more	6,054,138		1,623,150		—		7,677,288		4.0	%
At fair value	—		—		158,246,819		158,246,819		82.0	%
At book value without market value
adjustment and with current
surrender charge less than 5%	22,823,051		—		—		22,823,051		11.8	%
Total subject to discretionary withdrawal	31,438,697		1,714,289		158,246,819		191,399,805		99.2	%
Not subject to discretionary withdrawal	1,468,023		—		158,571		1,626,594		0.8	%
Total gross	32,906,720		1,714,289		158,405,390		193,026,399		100.0	%
Reinsurance ceded	20,288,936		—		—		20,288,936
Total, net of reinsurance	$	12,617,784	$	1,714,289	$	158,405,390	$	172,737,463


	December 31, 2023
			Guaranteed		Nonguaranteed
	General		Separate		Separate				% of
	Account		Account		Account		Total		Total
Group Annuities:
Subject to discretionary withdrawal:
With market value adjustment	$	167,459	$	1,994	$	—	$	169,453	0.7	%
At book value without market value adjustment and
adjustment and with current
surrender charge of 5% or more	35,445		—		—		35,445		0.1	%
At fair value	—		—		19,908,315		19,908,315		77.8	%
At book value without market value
adjustment and with current
surrender charge less than 5%	1,898,103		190		—		1,898,293		7.4	%
Total subject to discretionary withdrawal	2,101,007		2,184		19,908,315		22,011,506		86.0	%
Not subject to discretionary withdrawal	3,562,320		—		22,235		3,584,555		14.0	%
Total gross	5,663,327		2,184		19,930,550		25,596,061		100.0	%
Reinsurance ceded	1,413,260		—		—		1,413,260
Total, net of reinsurance	$	4,250,067	$	2,184	$	19,930,550	$	24,182,801

138

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2022
			Guaranteed		Nonguaranteed
	General		Separate		Separate				% of
	Account		Account		Account		Total		Total
Group Annuities:
Subject to discretionary withdrawal:
With market value adjustment	$	233,246	$	2,095	$	—	$	235,341	0.9	%
At book value without market value adjustment and
adjustment and with current
surrender charge of 5% or more	84,508		—		—		84,508		0.3	%
At fair value	—		—		18,685,370		18,685,370		74.6	%
At book value without market value
adjustment and with current
surrender charge less than 5%	2,265,549		—		—		2,265,549		9.0	%
Total subject to discretionary withdrawal	2,583,303		2,095		18,685,370		21,270,768		85.0	%
Not subject to discretionary withdrawal	3,753,770		189		13,536		3,767,495		15.0	%
Total gross	6,337,073		2,284		18,698,906		25,038,263		100.0	%
Reinsurance ceded	1,749,295		—		—		1,749,295
Total, net of reinsurance	$	4,587,778	$	2,284	$	18,698,906	$	23,288,968


	December 31, 2023
			Guaranteed		Nonguaranteed
	General		Separate		Separate				% of
	Account		Account		Account		Total		Total
Deposit-type contracts:
Subject to discretionary withdrawal:
With market value adjustment	$	—	$	—	$	—	$	—	0.0	%
At book value without market value adjustment and
adjustment and with current
surrender charge of 5% or more	—		—		—		—		0.0	%
At fair value	—		—		79,570		79,570		0.9	%
At book value without market value
adjustment and with current
surrender charge less than 5%	1,454,272		—		—		1,454,272		15.9	%
Total subject to discretionary withdrawal	1,454,272		—		79,570		1,533,842		16.8	%
Not subject to discretionary withdrawal	7,596,763		—		—		7,596,763		83.2	%
Total gross	9,051,035		—		79,570		9,130,605		100.0	%
Reinsurance ceded	39,303		—		—		39,303
Total, net of reinsurance	$	9,011,732	$	—	$	79,570	$	9,091,302

139

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2022
			Guaranteed		Nonguaranteed
	General		Separate		Separate				% of
	Account		Account		Account		Total		Total
Deposit-type contracts:
Subject to discretionary withdrawal:
With market value adjustment	$	—	$	—	$	—	$	—	0.0	%
At book value without market value adjustment and
adjustment and with current
surrender charge of 5% or more	—		—		—		—		0.0	%
At fair value	—		—		60,740		60,740		0.6	%
At book value without market value
adjustment and with current
surrender charge less than 5%	1,479,384		—		—		1,479,384		15.1	%
Total subject to discretionary withdrawal	1,479,384		—		60,740		1,540,124		15.7	%
Not subject to discretionary withdrawal	8,251,489		—		—		8,251,489		84.3	%
Total gross	9,730,873		—		60,740		9,791,613		100.0	%
Reinsurance ceded	39,157		—		—		39,157
Total, net of reinsurance	$	9,691,716	$	—	$	60,740	$	9,752,456

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


	December 31, 2023
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal,
surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	123,657	$	559,111
Universal Life	7,934,886		8,267,711		8,724,048
Universal Life with Secondary Guarantees	1,203,614		1,160,024		1,624,975
Indexed Universal Life	—		—		—
Indexed Universal Life with Secondary Guarantees	—		—		—
Indexed Life	—		—		—
Other Permanent Cash Value Life Insurance	—		2,675,469		2,847,432
Variable Life	—		—		—
Variable Universal Life	18,183		18,182		18,495
Miscellaneous Reserves	67,249		71,411		89,950
Not subject to discretionary withdrawal, or no cash values:
Term Policies with Cash Value	XXX		XXX		1,018,589
Accidental Death Benefits	XXX		XXX		9,222
Disability - Active Lives	XXX		XXX		10,600
Disability - Disabled Lives	XXX		XXX		186,011
Miscellaneous Reserves	XXX		XXX		415,411
Total (gross: direct + assumed)	9,223,932		12,316,454		15,503,844
Reinsurance Ceded	4,031,317		4,390,186		5,704,935
Total (net)	$	5,192,615	$	7,926,268	$	9,798,909

140

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2023
	Separate Account -Guaranteed							Separate Account - Nonguaranteed
	Account Value			Cash Value		Reserve		Account Value			Cash Value		Reserve
Subject to discretionary withdrawal,
surrender values, or policy loans:
Term Policies with Cash Value	$	—		$	—	$	—	$	—		$	—	$	—
Universal Life	—			—		—		—			—		—
Universal Life with Secondary Guarantees	—			—		—		—			—		—
Indexed Universal Life	—			—		—		—			—		—
Indexed Universal Life with Secondary Guarantees	—			—		—		—			—		—
Indexed Life	—			—		—		—			—		—
Other Permanent Cash Value Life Insurance	—			—		—		—			—		—
Variable Life	—			—		—		—			—		—
Variable Universal Life	291			291		291		103,148			103,171		103,501
Miscellaneous Reserves	—			—		—		—			—		—
Not subject to discretionary withdrawal, or no cash values:
Term Policies with Cash Value	XXX			XXX		—		XXX			XXX		—
Accidental Death Benefits	XXX		$—	XXX		—		XXX		—	XXX		—
Disability - Active Lives	XXX			XXX		—		XXX			XXX		—
Disability - Disabled Lives	XXX			XXX		—		XXX			XXX		—
Miscellaneous Reserves	XXX			XXX		—		XXX			XXX		—
Total (gross: direct + assumed)	291			291		291		103,148			103,171		103,501
Reinsurance Ceded	—			—		—		—			—		—
Total (net)	$	291		$	291	$	291	$	103,148		$	103,171	$	103,501


	December 31, 2022
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal,
surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	177,720	$	629,291
Universal Life	8,047,633		8,365,526		8,883,419
Universal Life with Secondary Guarantees	1,245,130		1,197,565		1,643,288
Indexed Universal Life	—		—		—
Indexed Universal Life with Secondary Guarantees	—		—		—
Indexed Life	—		—		—
Other Permanent Cash Value Life Insurance	—		2,739,639		2,965,395
Variable Life	—		—		—
Variable Universal Life	17,439		17,438		17,439
Miscellaneous Reserves	70,776		75,575		305,768
Not subject to discretionary withdrawal, or no cash values:
Term Policies with Cash Value	XXX		XXX		1,119,107
Accidental Death Benefits	XXX		XXX		9,763
Disability - Active Lives	XXX		XXX		12,187
Disability - Disabled Lives	XXX		XXX		193,798
Miscellaneous Reserves	XXX		XXX		704,532
Total (gross: direct + assumed)	9,380,978		12,573,463		16,483,987
Reinsurance Ceded	4,032,764		4,449,637		5,910,056
Total (net)	$	5,348,214	$	8,123,826	$	10,573,931

141

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	December 31, 2022
	Separate Account - Guaranteed							Separate Account - Nonguaranteed
	Account Value			Cash Value		Reserve		Account Value			Cash Value		Reserve
Subject to discretionary withdrawal,
surrender values, or policy loans:
Term Policies with Cash Value	$	—		$	—	$	—	$	—		$	—	$	—
Universal Life	—			—		—		—			—		—
Universal Life with Secondary Guarantees	—			—		—		—			—		—
Indexed Universal Life	—			—		—		—			—		—
Indexed Universal Life with Secondary Guarantees	—			—		—		—			—		—
Indexed Life	—			—		—		—			—		—
Other Permanent Cash Value Life Insurance	—			—		—		—			—		—
Variable Life	—			—		—		—			—		—
Variable Universal Life	285			285		285		93,133			93,149		93,293
Miscellaneous Reserves	—			—		—		—			—		—
Not subject to discretionary withdrawal, or no cash values:
Term Policies with Cash Value	XXX			XXX		—		XXX			XXX		—
Accidental Death Benefits	XXX		0	XXX		—		XXX		0	XXX		—
Disability - Active Lives	XXX			XXX		—		XXX			XXX		—
Disability - Disabled Lives	XXX			XXX		—		XXX			XXX		—
Miscellaneous Reserves	XXX			XXX		—		XXX			XXX		—
Total (gross: direct + assumed)	285			285		285		93,133			93,149		93,293
Reinsurance Ceded	—			—		—		—			—		—
Total (net)	$	285		$	285	$	285	$	93,133		$	93,149	$	93,293

Universal Life Insurance Secondary Guarantees

The Company previously issued universal life contracts with secondary guarantees, also called “no-lapse” guarantees. No-lapse guarantees are offered in the form of minimum premium guarantees or no-lapse account values. Reserves are calculated according to the Standard Valuation Law, Universal Life Insurance Model Regulation, Valuation of Life Insurance Policies Model Regulation, and Actuarial Guideline 38. Reserve balances were $936.6 million and $928.8 million at December 31, 2023 and 2022, respectively.

Reserves for variable universal life contracts are calculated according to the Standard Valuation Law, Universal Life Insurance Model Regulation, Variable Life Insurance Model Regulation and Actuarial Guideline 37. Reserve balances were $118.5 million and $106.0 million at December 31, 2023 and 2022, respectively.

142

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Fixed Interest Rate Annuity

At December 31, 2023 and 2022, approximately 92% and 93%, respectively, of the Company’s fixed interest rate annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following tables show the distribution of the fixed interest rate annuities’ account values within the presented ranges of minimum guaranteed interest rates at December 31 (in millions):


	2023

Minimum Guaranteed Interest Rate	At Guaranteed Minimum		1-50bps Above		51-150bps Above		150+bps Above		Total

Variable Annuities
0.0%-1.50%	$	—	$	—	$	—	$	—	$	—
1.51%-2.50%	0.9		—		—		—		0.9
>2.50%	7,058.4		—		—		18.4		7,076.8
Total	$	7,059.3	$	—	$	—	$	18.4	$	7,077.7

Fixed Annuities + Closed Block Annuities
0.0%-1.50%	$	11.1	$	46.8	$	55.5	$	—	$	113.4
1.51%-2.50%	0.4		0.1		0.7		11.7		12.9
>2.50%	1,236.9		168.6		23.2		273.1		1,701.8
Total	$	1,248.4	$	215.5	$	79.4	$	284.8	$	1,828.1

Fixed Indexed Annuities
0.0%-1.50%	$	4.2	$	9.1	$	3.0	$	43.4	$	59.7
1.51%-2.50%	—		0.4		0.2		—		0.6
>2.50%	20.9		0.1		61.5		9.8		92.3
Total	$	25.1	$	9.6	$	64.7	$	53.2	$	152.6

RILA
0.0%-1.50%	$	6.9	$	—	$	3.9	$	0.7	$	11.5
1.51%-2.50%	—		—		—		—		—
>2.50%	39.1		11.9		—		—		51.0
Total	$	46.0	$	11.9	$	3.9	$	0.7	$	62.5

143

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________


	2022

Minimum Guaranteed Interest Rate	At Guaranteed Minimum		1-50bps Above		51-150bps Above		150+bps Above		Total

Variable Annuities
0.0%-1.50%	$	5,717.4	$	16.0	$	1.1	$	71.7	$	5,806.2
1.51%-2.50%	1.6		—		—		—		1.6
>2.50%	2,978.2		—		—		0.1		2,978.3
Total	$	8,697.2	$	16.0	$	1.1	$	71.8	$	8,786.1

Fixed Annuities + Closed Block Annuities
0.0%-1.50%	$	11.9	$	63.5	$	77.9	$	—	$	153.3
1.51%-2.50%	0.6		0.2		0.8		10.2		11.8
>2.50%	1,131.0		159.0		364.9		—		1,654.9
Total	$	1,143.5	$	222.7	$	443.6	$	10.2	$	1,820.0

Fixed Indexed Annuities
0.0%-1.50%	$	6.4	$	17.0	$	5.4	$	39.8	$	68.6
1.51%-2.50%	—		0.3		0.1		—		0.4
>2.50%	23.9		—		—		—		23.9
Total	$	30.3	$	17.3	$	5.5	$	39.8	$	92.9

RILA
0.0%-1.50%	$	9.9	$	—	$	6.8	$	—	$	16.7
1.51%-2.50%	—		—		—		—		—
>2.50%	—		—		—		—		—
Total	$	9.9	$	—	$	6.8	$	—	$	16.7

Deferred Premiums and Considerations

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2023 were as follows (in thousands):



Type	Gross		Net of Loading
Industrial	$	4	$	2
Ordinary new business	129,371		129,219
Ordinary renewal	77,812		70,544

Group Life	3,339		3,320

Totals	$	210,526	$	203,084

Note 12 – Separate Accounts

Reserves of the non-guaranteed separate accounts are subject to discretionary withdrawal at fair value. Reserves for minimum guaranteed death benefits on variable life, variable annuity, and registered index-linked annuity contracts, as well as minimum guaranteed living benefits on variable annuity contracts, are held in the general account. Assets of the insulated separate accounts are carried at fair value. All assets of the non-insulated separate accounts are carried at book value.

144

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

A reconciliation of net transfers to separate accounts for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands):


	2023		2022		2021
Transfers as reported in the Summary of Operations of the Separate
Accounts Statement:
Transfers to separate accounts	$	12,322,649	$	12,457,523	$	16,765,050
Transfers from separate accounts	15,763,006		13,167,324		17,459,230
Net transfers from separate accounts	(3,440,357)		(709,801)		(694,180)
Reconciling adjustments:
Benefit (guaranteed minimum income/withdrawal) and other fees	(2,625,142)		(2,552,656)		(2,300,771)
Other	(448,555)		(233,232)		68,095
Transfers as reported in the accompanying Statements of Operations	$	(6,514,054)	$	(3,495,689)	$	(2,926,856)

For the insulated separate account, the difference between the CARVM reserve and the fair value of assets is recognized as an expense allowance in the general account. The CARVM allowance reduced the general account liability by $4.3 billion and $4.7 billion, for December 31, 2023 and 2022, respectively.

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


Year	Amount
2023	$	2,946
2022	2,901
2021	2,693
2020	2,369
2019	2,248

Premiums, considerations or deposits totaled $10.7 billion, $13.2 billion, $16.5 billion for 2023, 2022, and 2021, respectively.

145

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Premiums, considerations, or deposits of separate accounts for 2023 are as follows (in thousands):

Nonindexed

Guarantee

Nonindexed

Nonguaranteed

Less than/equal

Guarantee

Separate

to 4%

More than 4%

Accounts

Total

Premiums, considerations or

deposits for year ended

December 31, 2023

2,803,576

—

7,910,010

10,713,586

Reserves in the separate accounts totaled $204.3 billion and $178.9 billion at December 31, 2023 and 2022, respectively.

Withdrawal characteristics of separate account reserves for 2023 are as follows (in thousands):


	Nonindexed
	Guarantee		Nonindexed		Nonguaranteed
	Less than/equal		Guarantee		Separate
	to 4%		More than 4%		Accounts		Total
For accounts with assets at:
Fair value	$	3,183	$	1,060	$	199,450,111	$	199,454,354
Amortized cost	4,838,327		—		—		4,838,327
Total reserves	$	4,841,510	$	1,060	$	199,450,111	$	204,292,681
By withdrawal characteristics:
With market value adjustment	$	211,695	$	1,060	$	—	$	212,755
At book value without market
value adjustment and with
current surrender charge of
5% or more	4,629,816		—		—		4,629,816
At fair value	$	—	$	—	$	199,242,491	$	199,242,491
At book value without market
value adjustment and with
current surrender charge less
than 5%	—		—				—
Subtotal	$	4,841,510	$	1,060	$	199,242,491	$	204,085,062
Not subject to discretionary
withdrawal	—		—		$	207,620	207,620
Total	$	4,841,510	$	1,060	$	199,450,111	$	204,292,681

At December 31, 2023, reserves for asset default risk in lieu of AVR was nil.

Note 13 - Employee Retirement Plans

The Company has a defined contribution retirement plan covering substantially all associates. Effective January 1, 2020 associates are immediately eligible to participate in the Company's matching contribution. To be eligible to participate in the Company’s profit sharing contribution, an associate must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary. In addition, the associate must be employed on the applicable January 1 or July 1 entry date. The Company's annual profit sharing contributions, as declared by the Company's Board of Directors, are based on a percentage of eligible compensation paid to participating associates during the year. In addition, the Company matches a participant’s elective contribution, up to 6 percent of eligible compensation, to the plan during the year. The Company’s expense related to this plan was $18.6 million, $16.3 million, and $17.3 million in 2023, 2022, and 2021, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for independent agents and certain associates of Jackson and certain affiliates. At December 31, 2023 and 2022, the liability for such plans totaled $302.1 million and $297.1 million, respectively. The Company’s expense/(benefit) related to these plans, for the change in market value of plan liabilities for participant elected deferrals, was $56.5 million, $(45.5) million, and $52.1 million in 2023, 2022, and 2021, respectively.

146

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Note 14 – Other Related Party Transactions

The Company’s investment portfolio is managed by PPM America, Inc. (“PPMA”), a registered investment advisor. PPMA is ultimately a wholly owned subsidiary of Jackson Financial. The Company paid $53.8 million, $55.1 million, and $54.7 million to PPMA for investment advisory services in 2023, 2022, and 2021, respectively.

The Company has entered into shared services and administrative agreements with certain affiliates. Under the agreements, Jackson allocated $104.2 million, $108.0 million, and $89.5 million of certain management and administrative services expenses to affiliates in 2023, 2022, and 2021, respectively.

The Company has a Master Repurchase Agreement with Jackson Financial Inc., which allows for repurchase agreement transactions between the companies. There were no such borrowings during 2023 and 2022. There was no outstanding balance at both December 31, 2023 and 2022. Interest paid during 2023, 2022, and 2021 was nil.

The Company has an Administrative Services agreement with Jackson National Asset Management, LLC (“JNAM”). JNAM guarantees to annually pay at least 95% of its net operating earnings to Jackson as sole member of JNAM which will be payable monthly. In 2023, 2022, and 2021, the Company received membership distributions of $607.0 million, $636.0 million, and $684.2 respectively, from JNAM.

The Company provides a $100.0 million revolving credit facility to Jackson Financial, an upstream holding company. The loan was amended on December 14, 2021, is unsecured and matures in December 2026, accrues interest at Secured Overnight Financial Rate ("SOFR") plus 2% plus 0.12% spread adjustment, and has a commitment fee of 0.10% per annum. There was no outstanding balance at both December 31, 2023 and 2022. The highest outstanding loan balance was nil at both December 31, 2023 and 2022, respectively. Interest and commitment fees totaled $100 thousand, $100 thousand, and $160 thousand during 2023, 2022, and 2021, respectively.

The Company provides a $35.0 million revolving credit facility to PPMA. The loan was amended on September 30, 2023, is unsecured, matures in September 2028, accrues interest at SOFR plus 2% plus 0.12% spread adjustment, and has a commitment fee of 0.10% per annum. At both December 31, 2023 and 2022, the outstanding balance was nil. The highest outstanding loan balance during both 2023 and 2022 was $34.0 and $20.0 million, respectively. Interest and commitment fees totaled $949 thousand, $778 thousand, and $342 thousand during 2023, 2022, and 2021, respectively.

The Company provided a $20.0 million revolving credit facility to Jackson Holdings, LLC, an upstream holding company, which terminated June 30, 2023. The loan was unsecured, accrued interest at LIBOR plus 2% per annum and had a commitment fee of 0.25% per annum. Interest and commitment fees totaled $25 thousand, $50 thousand, and $50 thousand during 2023, 2022, and 2021, respectively.

During 2023, The Company made a capital contribution of $5.0 million to National Planning Holdings, LLC ("NPH").

During 2023, 2022, and 2021, the Company recognized impairment write downs of $4.2 million, nil, and $3.9 million, respectively, on subsidiary investments.

Note 15 – Commitments and Contingent Liabilities

The Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse affect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers, including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable. At December 31, 2023 and 2022, Jackson recorded accruals totaling nil and $131 thousand, respectively.

The Company has provided an unlimited guarantee for the policyholder obligations of its wholly owned life insurance subsidiary, Jackson New York. The maximum potential amount of future payments cannot be estimated as Jackson New York continues to write new business. This guarantee is not expected to result in future required payments by the Company and is not considered to result in a material contingent exposure of the Company’s assets to liability because the Company and Jackson New York share the same management and Jackson New York is subject to regulatory supervision of the state of New York. Accordingly, the Company has not accrued any liability for this guarantee (exception allowed under SSAP No. 5R, paragraph 18f).

147

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

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

At December 31, 2023 and 2022, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $810.8 million and $1,398.3 million, respectively, including $47.8 million and $86.3 million, respectively, to limited partnerships and limited liability companies on which the Company has recognized an impairment charge. At December 31, 2023 and 2022, the Company had funded commitments related to fixed-rate mortgage loans and other debt securities totaled $854.2 million and $1,133.1 million, respectively. Line of credits to affiliates totaled $135.0 million and $195.0 million, respectively, at December 31, 2023 and 2022.

At December 31, 2023 and 2022, the Company had pledged mortgage related securities and commercial mortgage loans with a fair value of $3.3 billion and $2.9 billion, respectively, in connection with funding agreements issued to and borrowed money from the FHLBI. Securities for which all or a portion of Jackson’s holdings have been pledged continue to be reported as invested assets.

In connection with the reinsurance treaty with Jackson New York described in Note 7, Jackson placed high quality securities with a carrying value and fair value of $1,849.9 million and $1,782.6 million, respectively, at December 31, 2023, in a trust for the benefit of Jackson New York. Securities in the trust had a carrying value and fair value at December 31, 2022 of $1,828.2 million and $1,721.3 million, respectively. The trust is required in order for Jackson New York to record a credit for the reserves ceded to Jackson. The securities are reported as invested assets.

In connection with other life business ceded to non-affiliates, Jackson placed high quality securities in a trust for the benefit of the assuming company. These securities had a carrying value and fair value of $278.9 million and $276.2 million, respectively, at December 31, 2023. These securities had a carrying value and fair value at December 31, 2022 of $289.9 million and $261.9 million, respectively. The securities are reported as invested assets.

The Company leases office space and equipment under several operating leases that expire at various dates through 2051. Certain leases include escalating lease rates and, as a result, at December 31, 2023, Jackson recorded a liability of $5.2 million for future lease payments. Lease expense was $39.7 million, $41.9 million, and $29.9 million in 2023, 2022, and 2021, respectively.

At December 31, 2023, future minimum payments under noncancellable operating leases were as follows (in thousands):


2024	$	5,311
2025	3,653
2026	3,641
2027	1,467
2028	549
Thereafter	1,250
Total	$	15,871

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

148

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Note 16 – Share-Based Compensation

Omnibus Incentive Plan

In April 2021, the Jackson Financial’s Board of Directors adopted, and Jackson Financial’s shareholders approved, the Incentive Plan. This Incentive Plan became effective following the completion of the Demerger and replaced the Prudential Share Plans. The outstanding unvested awards previously issued under the Prudential Share Plans were exchanged for equivalent awards of shares of Jackson Financial’s Class A Common Stock under the Incentive Plan, with a grant date of October 4, 2021. The performance conditions of the awards were modified to be based on U.S. GAAP based metrics, rather than International Financial Reporting Standards ("IFRS"). The incremental compensation cost resulting from the modifications will be recognized ratably over the remaining requisite service period of each award.

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

The Company reflects the cash settled awards of the above plan as a liability classified plan and, therefore, reports the accrued compensation expense and the value of the cash settled awards within other liabilities. At December 31, 2023 and 2022, the Company had $69.3 million and $64.4 million accrued for future payments under this plan, respectively. Jackson Financial allocates a portion of the compensation expense associated with the share-settled awards to Jackson, which the Company settles with Jackson Financial monthly, on a one-month lag.

Restricted Share Units ("RSU"s)

Jackson Financial grants RSUs to certain associates and non-employee directors. The majority of associate RSUs are expected to vest in three equal installments on the first through third anniversaries of the grant date over a 3-year service period, subject to forfeiture and transfer restrictions, and are payable in cash or shares of Jackson Financial common stock at Jackson Financial’s discretion. The associate awards granted in 2021 will have a shortened, 30-month vesting period. In addition, 1 and 2-year awards were issued in connection with Jackson Financial's Demerger. RSUs have immediate dividend rights and voting rights upon issuance of underlying shares when the share units vest. In lieu of cash dividend payments, the dividends on unvested RSUs are awarded in additional units equal to the value of the dividends, and are subject to the same vesting and distribution conditions as the underlying RSU.

At December 31, 2023 and 2022, there were 1,658,795 and 1,712,791, respectively, non-vested RSUs, with a weighted average grant price of $36.86 and $32.76.

Performance Share Units ("PSU"s)

Jackson Financial grants PSUs to certain associates. PSU vesting is contingent on meeting a specified service requirement and the level of achievement of performance conditions. The PSU awards entitle recipients to receive, upon vesting, a number of units that ranges from 0% to 200% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. The awards are generally expected to vest after a period of three years, subject to forfeiture and transfer restrictions, and are payable in cash or shares of Jackson Financial common stock at Jackson Financial’s discretion. However, the awards granted in 2021 will have a shortened, 30-month vesting period. Award recipients have immediate dividend rights and voting rights upon issuance of underlying shares when the share units vest. The dividends on unvested PSUs are awarded in additional units equal to the value of the dividends, and are subject to the same vesting and distribution conditions as the underlying PSUs. The modified PSU awards retained their vesting and performance conditions, modified to be based on U.S. GAAP based metrics, rather than IFRS.

At December 31, 2023 and 2022, there were 517,050 and 1,124,372, respectively, non-vested PSUs, with a weighted average grant price of $35.27 and $28.68.

149

Jackson National Life Insurance Company

Notes to Statutory Financial Statements

______________________________________________________________________________________________________

Compensation Cost

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

Total compensation expense recognized under the plans was $85.1 million, $110.4 million, and $93.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Unrecognized compensation cost for RSUs and PSUs under the Incentive Plan as of December 31, 2023, 2022, and 2021, was $39.8 million, $40.8 million, and $113.1 million respectively, with a weighted average recognition period of 1.19 years, 1.08 years, and 1.44 years.

Note 17 – Loan Backed Securities’ Other-Than-Temporary Impairments

The following table (shown in dollars) details loan-backed and structured securities with a recognized other-than-temporary impairment recorded in 2023.


1	2	3	4	5	6	7
CUSIP	Book/Adj Carrying Value Amortized cost before current period OTTI	Projected Cash Flows	Recognized other-than-temporary impairment	Amortized cost after other-than-temporary impairment	Fair Value	Financial Statement Reporting Period
05493AAQ3	14,631,000	5,901,695	8,729,305	5,901,695	5,901,695	Q1-2023
12666UAE3	1,374,910	1,333,650	41,260	1,333,650	1,333,650	Q1-2023
00442JAD6	424,803	299,104	125,699	299,104	299,104	Q2-2023
02149JAU0	655,298	622,284	33,014	622,284	622,284	Q2-2023
058930AD0	1,740,048	1,737,917	2,131	1,737,917	1,737,917	Q2-2023
073871BL8	302,006	291,305	10,701	291,305	291,305	Q2-2023
12669FZZ9	1,215,284	1,194,691	20,593	1,194,691	1,194,691	Q2-2023
36185MEV0	2,750,465	2,745,914	4,551	2,745,914	2,745,914	Q2-2023
41161PVF7	1,755,932	1,469,928	286,004	1,469,928	1,469,928	Q2-2023
41161PWC3	1,318,823	1,069,881	248,942	1,069,881	1,069,881	Q2-2023
41161UAC6	1,132,948	1,066,882	66,066	1,066,882	1,066,882	Q2-2023
57643MJV7	297,815	124,999	172,816	124,999	124,999	Q2-2023
59023MAD2	1,967,602	1,530,640	436,963	1,530,640	1,530,640	Q2-2023
61760CAN5	1,071,306	1,063,879	7,427	1,063,879	1,063,879	Q2-2023
81743QAG9	1,058,139	955,046	103,093	955,046	955,046	Q2-2023
81743QAJ3	3,489,570	3,160,128	329,442	3,160,128	3,160,128	Q2-2023
94984NAA0	1,129,911	1,111,647	18,265	1,111,647	1,111,647	Q2-2023
12659JAG2	15,504,429	15,461,179	43,250	15,461,179	15,461,179	Q3-2023
12669FZZ9	1,255,224	1,178,379	76,844	1,178,379	1,178,379	Q3-2023
17313FAA0	1,157,364	793,030	364,334	793,030	793,030	Q3-2023
41161UAC6	1,149,202	1,044,703	104,499	1,044,703	1,044,703	Q3-2023
12669FZL0	1,363,982	1,360,441	3,541	1,360,441	1,360,441	Q4-2023
12669FZZ9	1,288,712	1,191,780	96,932	1,191,780	1,191,780	Q4-2023








Total			11,325,672

150

Schedule 1

Additional Information

Jackson National Life Insurance Company

Supplemental Schedule of Selected Financial Data

December 31, 2023


Investment income earned

U.S. government bonds	$	89,351,814
Other bonds (unaffiliated)	1,595,834,196
Bonds exempt from U.S. tax	—
Bonds of affiliates	—
Preferred stocks (unaffiliated)	8,366,743
Preferred stocks of affiliates	—
Common stocks (unaffiliated)	16,018,961
Common stocks of affiliates	—
Mortgage loans	544,686,269
Real estate	39,029,351
Contract loans	389,978,901
Cash, cash equivalents and short-term investments	75,900,937
Derivative instruments	(346,579,577)
Other invested assets	687,890,688
Aggregate write-ins for investment income	255,131
Total investment income	$	3,100,733,414

Real estate owned - book value less encumbrances	$	226,591,548

Mortgage loans by type - book value
Farm mortgages	$	—
Residential mortgages	1,012,728,287
Commercial mortgages	9,265,583,270
Total mortgage loans	$	10,278,311,557

Mortgage loans by standing - book value
Good standing	$	10,185,103,706
Good standing with restructured loans	$	—
Interest overdue more than 90 days, not in foreclosure	$	67,606,898
Foreclosure in process	$	25,600,953

Other long term assets - statement value	$	2,083,122,612

Contract loans	$	4,241,715,886

Bonds & stocks of parents, subsidiaries and affiliates - book value
Bonds	$	—
Preferred stocks	$	—
Common stocks	$	726,277,726

(Continued)

151

Schedule 1

Additional Information

Jackson National Life Insurance Company

Supplemental Schedule of Selected Financial Data

December 31, 2023


Bonds and short-term investments by class and maturity:
Bonds by maturity - statement value
Due within one year or less	$	3,692,752,787
Over 1 year through 5 years	10,484,691,905
Over 5 years through 10 years	11,224,789,657
Over 10 years through 20 years	7,829,490,315
Over 20 years	6,144,467,181
Total by maturity	$	39,376,191,845

Bonds by class - statement value
Class 1	$	23,437,489,353
Class 2	15,037,149,680
Class 3	739,836,528
Class 4	147,540,768
Class 5	6,739,297
Class 6	7,436,219
Total by class	$	39,376,191,845

Total bonds publicly traded	$	21,428,589,805
Total bonds privately placed	$	17,947,602,041

Preferred stocks - statement value	$	172,812,053
Common stocks - market value	$	1,105,540,606
Short-term investments - book value	$	1,118,412,043
Options, caps and floors owned - statement value	$	211,384,642
Options, caps and floors written & in force - statement value	$	(904,690,873)
Collar, swap and forward agreements open - statement value	$	(126,568,354)
Futures contracts open - current value	$	—
Cash on deposit	$	192,715,787
Cash equivalents	$	753,199,633

Life insurance in force
Industrial	$	220,516,000
Ordinary	$	42,686,987,000
Credit life	$	—
Group life	$	759,201,000

Amount of accidental death benefits in force under ordinary policies	$	1,444,961,000

(Continued)

152

Schedule 1

Additional Information

Jackson National Life Insurance Company

Supplemental Schedule of Selected Financial Data

December 31, 2023


Life insurance policies with disability provisions in force
Industrial	$	71,000
Ordinary	$	3,638,074,000
Credit life	$	—
Group life	$	159,019,000

Supplementary contracts in force:
Ordinary - not involving life contingencies-
Amount on deposit	$	191,027,115
Income payable	$	8,554,822

Ordinary - involving life contingencies-
Amount on deposit	$	14,195,623
Income payable	$	5,011,762

Group - not involving life contingencies-
Amount on deposit	$	414,563
Income payable	$	178,788

Group - involving life contingencies-
Amount on deposit	$	15,189,029
Income payable	$	1,918,448

Annuities:
Ordinary-
Immediate - amount of income payable	$	224,562,471
Deferred - fully paid account balance	$	1,272,268,647
Deferred - not fully paid - account balance	$	8,862,721,713

Group-
Amount of income payable	$	462,009,455
Fully paid account balance	$	6,815,568
Not fully paid - account balance	$	715,332,066

Accident and health insurance - premiums in force:
Ordinary	$	—
Group	$	—
Credit	$	—

Deposit funds and dividend accumulations:
Deposit funds - account balance	$	20,807,872
Dividend accumulations - account balance	$	44,180,104

See accompanying independent auditors' report.

153

Schedule 2

JACKSON NATIONAL LIFE INSURANCE COMPANY

Supplemental Investment Risks Interrogatories

December 31, 2023


1)	Total admitted assets (excluding Separate Accounts):				$	61,127,932,391

2)	10 largest exposures to a single issuer/borrower/investment (excluding US Government):

	Issuer	Category	Amount			Percentage
	JACKSON NATIONAL LIFE INS OF NEW YORK	AFFILIATED DOMESTIC SECURITIES	$	720,061,326		1.2	%
	AP TUNDRA	UNAFFILIATED DOMESTIC SECURITIES/PARTNERSHIP	278,536,897			0.5	%
	CAYMAN UNIVERSE HOLDINGS	UNAFFILIATED FOREIGN SECURITIES/PARTNERSHIP	260,878,063			0.4	%
	DUKE ENERGY	UNAFFILIATED DOMESTIC SECURITIES	242,173,952			0.4	%
	PPM America Private Equity Fund VIII-A, L.P.	AFFILIATED DOMESTIC PARTNERSHIP	209,053,153			0.3	%
	AMERICAN ELECTRIC POWER CO INC TEXAS	UNAFFILIATED DOMESTIC SECURITIES	196,666,583			0.3	%
	WEC ENERGY GROUP INC	UNAFFILIATED DOMESTIC SECURITIES	173,148,844			0.3	%
	SOUTHERN CO GAS CAPITAL	UNAFFILIATED DOMESTIC SECURITIES	168,649,879			0.3	%
	ALDAR INVESTMENTS HYBRID LIMIT	UNAFFILIATED FOREIGN SECURITIES	166,500,000			0.3	%
	PROLOGIS	UNAFFILIATED DOMESTIC SECURITIES	166,409,304			0.3	%


3)	Amounts and percentages of total admitted assets held in bonds and preferred stocks by NAIC rating.

	Bonds	Amount		Percentage		Preferred Stock	Amount		Percentage
	NAIC-1	$	23,437,489,352	38.3	%	P/RP-1	$	3,539,888	0.0	%
	NAIC-2	$	15,037,149,680	24.6	%	P/RP-2	$	118,760,313	0.2	%
	NAIC-3	$	739,836,528	1.2	%	P/RP-3	$	50,343,430	0.1	%
	NAIC-4	$	147,540,769	0.2	%	P/RP-4	$	—	0.0	%
	NAIC-5	$	6,739,296	0.0	%	P/RP-5	$	—	0.0	%
	NAIC-6	$	7,436,219	0.0	%	P/RP-6	$	168,422	0.0	%


4)	Assets held in foreign investments:
		Amount		Percentage
	Total admitted assets held in foreign investments	$	8,372,512,899	13.7	%
	Foreign-currency-denominated investments	$	1,422,376,337	2.3	%
	Insurance liabilities denominated in that same foreign currency	$	—	0.0	%


5)	Aggregate foreign investment exposure categorized by NAIC sovereign rating:
		Amount		Percentage
	Countries rated NAIC-1	$	7,400,469,617	12.1	%
	Countries rated NAIC-2	$	694,086,825	1.1	%
	Countries rated NAIC-3 or below	$	277,956,457	0.5	%


6)	Two largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating:
		Amount		Percentage
	Countries rated NAIC-1:
	UNITED KINGDOM	$	1,688,720,683	2.8	%
	CAYMAN ISLANDS	$	1,405,614,280	2.3	%
	Countries rated NAIC-2:
	MEXICO	$	240,122,343	0.4	%
	INDONESIA	$	138,172,592	0.2	%
	Countries rated NAIC-3 or below:
	BRAZIL	$	64,674,273	0.1	%
	COLUMBIA	$	44,641,031	0.1	%

(Continued)

154

Schedule 2

JACKSON NATIONAL LIFE INSURANCE COMPANY

Supplemental Investment Risks Interrogatories

December 31, 2023


7)	There is no unhedged foreign currency exposure.
8)	There is no unhedged foreign currency exposure.
9)	There is no unhedged foreign currency exposure
10)	Two largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating:
	Issuer	NAIC Rating		Amount		Percentage
	CAYMAN UNIVERSE HOLDINGS		1	$	260,878,063	0.4	%
	TAKEDA PHARMACEUTICAL CO LTD		2	$	107,384,487	0.2	%
	ANHEUSER-BUSCH		1	$	107,093,493	0.2	%
	BARD BIDCO LIMITED		MORTGAGE LOAN	$	102,715,190	0.2	%
	UBS		1	$	97,845,483	0.2	%
	CODELCO		2	$	93,641,868	0.2	%
	BRITISH AMERICAN TOBACCO PLC		2	$	92,263,240	0.2	%
	AIRBUS SE		1	$	89,539,817	0.1	%
	CSL LIMITED		1	$	81,179,790	0.1	%
	DYSON FINANCE		1	$	78,913,783	0.1	%


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


13)	Amounts and percentages of admitted assets held in the ten largest equity interests:
	Issuer	Amount		Percentage
	JACKSON NATIONAL LIFE INS OF NEW YORK	$	720,061,326	1.2	%
	PPM America Private Equity Fund VIII-A, L.P.	$	209,053,153	0.3	%
	FIDELITY CONSERVATIVE INCOME	$	181,818,183	0.3	%
	SFR Delos Partners, L.P.	$	145,187,296	0.2	%
	Pretium Olympus JV, L.P.	$	116,332,424	0.2	%
	FHLBICLASS B-1	$	90,000,000	0.1	%
	Motive Capital Fund II-A, L.P.	$	79,434,243	0.1	%
	AOP Finance Partners, L.P.	$	56,738,825	0.1	%
	AA GP Solutions Fund, L.P.	$	52,513,695	0.1	%
	NNN AGP Opportunities Fund II, L.P.	$	50,429,419	0.1	%


14)			There were no assets held in nonaffiliated, privately placed equities, exceeding 2.5% of the Company’s total admitted assets.
15)			There were no assets held in general partnership interests that exceeded 2.5% of the Company’s total admitted assets.


16)	Amounts and percentages of total admitted assets held in the ten largest mortgage loans:
	Type		Amount		Percentage
	COMMERCIAL		$	230,000,000	0.4	%
	COMMERCIAL		$	200,000,000	0.3	%
	COMMERCIAL		$	151,955,996	0.2	%
	COMMERCIAL		$	110,000,000	0.2	%
	COMMERCIAL		$	108,328,570	0.2	%
	COMMERCIAL		$	105,475,053	0.2	%
	COMMERCIAL		$	102,715,190	0.2	%
	COMMERCIAL		$	96,574,752	0.2	%
	RESIDENTIAL		$	95,000,000	0.2	%
	COMMERCIAL		$	85,000,000	0.1	%

	Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans:
	16.12	Construction loans	$	—	0.0	%
	16.13	Mortgage loans over 90 days past due	$	67,606,898	0.1	%
	16.14	Mortgage loans in the process of foreclosure	$	25,600,953	0.0	%
	16.15	Mortgage loans foreclosed	$	—	0.0	%
	16.16	Restructured mortgage loans	$	—	0.0	%

(Continued)

155

Schedule 2

JACKSON NATIONAL LIFE INSURANCE COMPANY

Supplemental Investment Risks Interrogatories

December 31, 2023


17)	Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:
		Commercial
	Loan to Value	Amount		Percentage
	above 95%	$	107,547,554	0.2	%
	91 to 95%	$	25,000,000	0.0	%
	81 to 90%	$	127,347,705	0.2	%
	71 to 80%	$	700,269,016	1.1	%
	below 70%	$	8,305,418,995	13.6	%

		Residential
	Loan to Value	Amount		Percentage
	above 95%	$	40,723,908	0.1	%
	91 to 95%	$	33,429,544	0.1	%
	81 to 90%	$	44,909,024	0.1	%
	71 to 80%	$	110,248,087	0.2	%
	below 70%	$	783,417,723	1.3	%


18)			There were no assets held in real estate that exceeded 2.5% of the Company's total admitted assets.
19)			There were no assets held in mezzanine real estate loans that exceeded 2.5% of the Company’s total admitted assets.
20)			Amounts and percentages of total admitted assets subject to the following types of agreements:


	At year end				At end of each quarter
Agreement type	Amount		Percentage		1st Qtr		2nd Qtr		3rd Qtr
Securities lending	$	13,029,678	0.0	%	$	29,719,700	$	48,611,367	$	21,898,794
Repurchase	—		0.0	%	1,191,220,851		1,849,033,970		—
Reverse repurchase	—		0.0	%	—		—		—
Dollar repurchase	—		0.0	%	—		—		—
Dollar reverse repurchase	—		0.0	%	—		—		—


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


	Owned				Written
Type	Amount		Percentage		Amount		Percentage
Hedging	$	211,384,642	0.3	%	$	904,690,873	1.5	%


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


	At year end				At end of each quarter
Type	Amount		Percentage		1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	70,440,427	0.1	%	$	105,046,098	$	87,330,712	$	84,465,235


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


	At year end				At end of each quarter
Type	Amount		Percentage		1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	1,948,415,606	3.2	%	$	1,151,311,984	$	749,662,240	$	716,847,768

See accompanying independent auditors' report.

156

Schedule 3

JACKSON NATIONAL LIFE INSURANCE COMPANY

Summary Investment Schedule

December 31, 2023



			Gross Investment Holdings				Admitted Assets as Reported in the Annual Statement
	Investment Categories		Amount	Percentage			Amount		Securities Lending Reinvested Collateral Amount		Total Amount	Percentage
Bonds:
	U.S. governments		4,246,462,599	7.25	%		4,246,462,599		—		4,246,462,599	7.25	%
	All other governments		653,341,951	1.11	%		653,341,951		—		653,341,951	1.12	%
	U.S. states, territories and possessions, guaranteed		277,358,421	0.47	%		277,358,421		—		277,358,421	0.47	%
	U.S. political subdivisions of states, territories		52,206,094	0.09	%		52,206,094		—		52,206,094	0.09	%
	U.S. special revenue and special assessment obligations		829,634,914	1.42	%		829,634,914		—		829,634,914	1.42	%
	Industrial and miscellaneous		32,114,040,806	54.80	%		32,114,040,806		—		32,114,040,806	54.82	%
	Hybrid securities		26,454,377	0.05	%		26,454,377		—		26,454,377	0.05	%
	Unaffiliated bank loans		58,280,640	0.10	%		58,280,640		—		58,280,640	0.10	%
Preferred Stocks:
	Industrial and miscellaneous (unaffiliated)		172,812,053	0.29	%		172,812,053		—		172,812,053	0.30	%

Common Stocks:
	Industrial and miscellaneous publicly traded (unaffiliated)		227,575	—	%		227,575		—		227,575	—	%
	Industrial and miscellaneous Other (unaffiliated)		117,303,995	0.20	%		117,303,995		—		117,303,995	0.20	%
	Parent, subsidiaries and affiliates other		726,277,725	1.24	%		721,253,660		—		721,253,660	1.23	%
	Mutual funds		266,755,376	0.46	%		266,755,376		—		266,755,376	0.46	%
Mortgage loans:
	Residential mortgages		1,002,349,209	1.71	%		1,002,349,209		—		1,002,349,209	1.71	%
	Commercial loans		8,423,390,541	14.37	%		8,423,390,541		—		8,423,390,541	14.38	%
	Mezzanine real estate loans		867,380,778	1.48	%		867,380,778				867,380,778	1.48	%
	Total valuation allowance		(14,808,971)	(0.03)	%		(14,808,971)				(14,808,971)
Real estate:
	Property occupied by the company		213,878,328	0.36	%		213,878,327		—		213,878,327	0.37	%
	Property held for the production of income		7,172,124	0.01	%		7,172,124				7,172,124	0.01	%
	Property held for sale		5,541,097	0.01	%		5,541,097		—		5,541,097	0.01	%
Cash, cash equivalents and short-term investments
	Cash equivalents - short term		1,118,412,043	1.91	%		1,118,412,043		—		1,118,412,043	1.91	%
	Cash		192,715,787	0.33	%		192,715,787		—		192,715,787	0.33	%
	Cash equivalents		753,199,633	1.29	%		753,199,633		13,049,799		766,249,432	1.31	%
Contract loans			4,243,593,375	7.24	%		4,241,715,886		—		4,241,715,886	7.24	%
Derivatives			84,816,291	0.14	%		84,816,291		—		84,816,291	0.14	%
Other invested assets			2,101,790,972	3.59	%		2,083,122,612				2,083,122,612	3.56	%
Receivables for securities			48,966,740	0.08	%		48,966,740		—		48,966,740	0.08	%
Securities lending			13,049,799	0.02	%		13,049,799		XXX		XXX	XXX
		$	58,602,604,272	100.00	%	$	58,577,034,357	$	13,049,799	$	58,577,034,357	100.00	%

See accompanying independent auditors' report.

157

Schedule 4

JACKSON NATIONAL LIFE INSURANCE COMPANY

Reinsurance Risk Interrogatories

December 31, 2023

Does the reporting entity have any reinsurance contracts subject to A-791 that include a provision, which limits the reinsurer's assumption of significant risks identified as in A-791?

Yes

The Company’s Guaranteed Minimum Income Benefits on Variable Annuities (GMIBs) are reinsured with Chubb Tempest Life Reinsurance LTD. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. At December 31, 2023, the Company recorded a $1,146,443 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty’s risk limiting factors.

Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk?

Does the reporting entity have any reinsurance contracts that contain features described below which result in delays in payment in form or in fact:

Provisions which permit the reporting of losses, or settlements are made, less frequently than quarterly or payments due from the reinsurer are not made in cash within ninety days of the settlement date?

Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity?

Does the reporting entity reflect a reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP No. 61R for the following?

Assumption Reinsurance?

Non-proportional reinsurance, which does not result in significant surplus relief?

Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either:

Accounted for that contract as reinsurance under SAP and as a deposit under GAAP; or

Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

See accompanying independent auditors' report.

158

APPENDIX A

JFI Definitions and Non-GAAP Financial Measures Utilized for Executive Compensation

As used in this Appendix A, the terms: “Company,” “JFI,” “we,” “our” and “us” refer to Jackson Financial Inc.; “Compensation Committee” refers to the Compensation Committee of the JFI Board of Directors; and “U.S. GAAP” refers to generally accepted accounting principles in the United States. The various financial measures discussed in this Appendix A refer to JFI financial measures determined on a consolidated basis.

Jackson’s executive compensation is based on target metrics for JFI. Certain of the target metrics used in our incentive programs are based upon financial measures that are not determined in accordance with U.S. GAAP. These target metrics may include additional limited adjustments, as described below, to maintain the pay-for-performance link and preserve the original economic intent of the incentives as reasonably determined by the JFI Compensation Committee. Although these non-GAAP financial measures should not be considered substitutes for U.S. GAAP measures, our management and JFI Board consider them important performance indicators and have employed them as well as other factors in determining senior management and associate incentive compensation.

The non-GAAP financial measures listed below that we use in evaluating performance under our incentive programs described in this prospectus. Management believes that the use of these non-GAAP financial measures, together with relevant U.S. GAAP financial measures, provides a better understanding of our results of operations, financial condition and the underlying performance drivers of our business. The definitions for these non-GAAP financial measures and how they may be calculated from the most directly comparable U.S. GAAP financial measures are as follows:

Adjusted Book Value Attributable to Common Shareholders and Adjusted Operating ROE Attributable to Common Shareholders We use Adjusted Operating Return on Equity ("ROE") Attributable to Common Shareholders to manage our business and evaluate our financial performance that: (i) excludes items that vary from period to period due to accounting treatment under U.S. GAAP or that are non-recurring in nature, as such items may distort the underlying performance of our business; and (ii) is calculated by dividing our Adjusted Operating Earnings by average Adjusted Book Value Attributable to Common Shareholders.

Adjusted Book Value Attributable to Common Shareholders excludes JFI Preferred Stock and AOCI attributable to Jackson Financial, which does not include AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction.

We exclude AOCI attributable to Jackson Financial from Adjusted Book Value Attributable to Common Shareholders because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duration in nature, and, therefore we believe period-to-period fair market value fluctuations in AOCI to be inconsistent with this objective. We believe excluding AOCI attributable to Jackson Financial is more useful to investors in analyzing trends in our business. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non-operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on Adjusted Book Value of Jackson Financial.

Adjusted Book Value Attributable to Common Shareholders and Adjusted Operating ROE Attributable to Common Shareholders should not be used as substitutes for total shareholders’ equity and ROE as calculated using annualized net income and average equity in accordance with U.S. GAAP. However, we believe the adjustments to equity and earnings are useful to gaining an understanding of our overall results of operations.

159

The following is a reconciliation of JFI Adjusted Book Value Attributable to Common Shareholders to JFI total shareholders’ equity and a comparison of JFI Adjusted Operating ROE Attributable to Common Shareholders to ROE Attributable to Common Shareholders, the most comparable U.S. GAAP measure:


	Years Ended December 31,
	2023			2022			2021
	(in millions)
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$	899		$	6,186		$	3,417
Adjusted Operating Earnings	1,073			1,454			2,179

Total shareholders' equity	$	10,170		$	8,646		$	7,641
Less: Preferred stock	533			—			—
Total common shareholders' equity	9,637			8,646			7,641

Adjustments to total common shareholders’ equity:


Exclude AOCI attributable to Jackson Financial Inc. (1)	1,196			1,272			(1,073)
Adjusted Book Value Attributable to Common Shareholders	$	10,833		$	9,918		$	6,568

ROE Attributable to Common Shareholders	10.3		%	69.7		%	44.1		%
Adjusted Operating ROE Attributable to Common Shareholders on average equity	10.6		%	16.2		%	32.8		%

(1) Excludes $(1,612) million, $(2,106) million and $287 million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of December 31, 2023, 2022 and 2021, respectively, which are not attributable to Jackson Financial Inc. and are therefore not included as an adjustment to total shareholders’ equity in the reconciliation of Adjusted Book Value Attributable to Common Shareholders to total shareholders’ equity.

Adjusted Operating Earnings Adjusted Operating Earnings is an after-tax non-GAAP financial measure, which we believe should be used to evaluate our financial performance on a consolidated basis by excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP or that are non-recurring in nature, as well as certain other revenues and expenses that we do not view as driving our underlying performance. Adjusted Operating Earnings should not be used as a substitute for net income as calculated in accordance with U.S. GAAP. However, we believe the adjustments to net income are useful for gaining an understanding of our overall results of operations.

Adjusted Operating Earnings equals our Net income (loss) attributable to Jackson Financial Inc.'s common shareholders (which excludes income attributable to non-controlling interest and dividends on preferred stock) adjusted to eliminate the impact of the items described in the following numbered paragraphs. These items are excluded as they may vary significantly from period to period due to near-term market conditions or are otherwise not directly comparable or reflective of the underlying performance of our business. We believe these exclusions provide investors a better picture of the drivers of our underlying performance.

1.Net Hedging Results: Comprised of: (i) fees attributed to guaranteed benefits; (ii) changes in the fair value of freestanding derivatives used to manage the risk associated with market risk benefits and other guaranteed benefit features, excluding earned income (periodic settlements and changes in settlement accruals); (iii) the movements in reserves, market risk benefits, guaranteed benefit features accounted for as embedded derivative instruments, and related claims and benefit payments; (iv) amortization of the balance of unamortized deferred acquisition costs at the date of transition to current accounting guidance on January 1, 2021 associated with items excluded from adjusted operating earnings prior to transition; and (v) the impact on the valuation of Guaranteed Benefits and Net Hedging Results arising from changes in underlying actuarial assumptions. We believe excluding these items removes the impact to both revenue and related expenses associated with Guaranteed Benefits and Net Hedging Results.

2.Net Realized Investment Gains and Losses: Comprised of: (i) realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held within our trading portfolio, and (ii) impairments of securities, after adjustment for the non-credit component of the impairment charges.

3.Change in Value of Funds Withheld Embedded Derivative and Net investment income on funds withheld assets: Composed of: (i) the change in fair value of funds withheld embedded derivatives, and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions.

160

4.Other items: Comprised of: (i) the impact of investments that are consolidated in our financial statements due to U.S. GAAP accounting requirements, such as our investments in collateralized loan obligations (“CLOs”), but for which the consolidation effects are not consistent with our economic interest or exposure to those entities, and (ii) one-time or other non-recurring items, such as costs relating to our separation from Prudential.

Operating income taxes are calculated using the prevailing corporate federal income tax rate of 21% while taking into account any items recognized differently in our financial statements and federal income tax returns, including the dividends received deduction and other tax credits. For interim reporting periods, the Company uses an estimated annual effective tax rate (“ETR”) in computing its tax provision including consideration of discrete items.

The following is a reconciliation of JFI Adjusted Operating Earnings to net income (loss) attributable to Jackson Financial common shareholders, the most comparable U.S. GAAP measure:


	Years Ended December 31,
	2023		2022		2021
	(in millions)
Net income (loss) attributable to Jackson Financial Inc common shareholders	$	899	$	6,186	$	3,417
Add: dividends on preferred stock	35		—		—
Add: income tax expense (benefit)	4		1,505		666
Pretax income (loss) attributable to Jackson Financial Inc	938		7,691		4,083
Non-operating adjustments (income) loss:
Guaranteed benefits and hedging results:
Fees attributable to guarantee benefit reserves	(3,125)		(3,077)		(2,855)
Net movement in freestanding derivatives	4,651		2,744		5,674
Market risk benefits (gains) losses, net	(3,897)		(3,536)		(3,966)
Net reserve and embedded derivative movements	787		222		141
Amortization of DAC associated with non-operating items at date of transition to LDTI	591		658		737

Total guaranteed benefits and net hedging results	(993)		(2,989)		(269)
Net realized investment (gains) losses	554		359		(182)
Net realized investment (gains) losses on funds withheld assets	1,801		(2,186)		21
Net investment income on funds withheld assets	(1,174)		(1,254)		(1,188)

Other items	39		22		36
Total non-operating adjustments	227		(6,048)		(1,582)
Pretax adjusted operating earnings	1,165		1,643		2,501
Less: operating income tax expense (benefit)	57		189		322
Adjusted operating earnings before dividends on preferred stock	1,108		1,454		2,179
Less: dividends on preferred stock	35		—		—
Adjusted operating earnings	$	1,073	$	1,454	$	2,179

The prospectus also references other financial measures that our management and the JFI Board consider important performance indicators and have employed, along with other factors, in determining senior management and associate incentive compensation. The following discussion explains how financial measures are calculated and how they are, or may be, adjusted.

2023 Short-Term Incentive Performance Metrics

Pretax Adjusted Operating Earnings begins with the amount calculated as described above. The JFI Compensation Committee is empowered to make additional adjustments in order to enable the evaluation of actual performance on a basis relatively consistent with the assumptions underlying the projected performance used to set the original target. Those additional adjustments may exclude the following:

•the net impact of equity market total returns over the period outside a corridor of 7% above or below the equity market total return assumption under our business plan;

•the impact on spread earnings resulting from movement in the 10-year Treasury rate, relative to the beginning of year rate, of more than 2%; and

•the impact on net investment income resulting from increases (or decreases) in general account assets resulting from net freestanding derivatives gains (or losses) in excess of $2 billion.

161

Other examples include the impact of significant events not contemplated in setting the original target, including new business investment, business continuity disruptions, restructuring initiatives, mergers and acquisitions, guarantee fund assessments in the event of insurance company liquidations, material litigation and regulatory matters, and legislative, regulatory, or accounting changes.

Pretax Adjusted Operating Income, adjusted as described above, is measured relative to the plan projection of Pretax Adjusted Operating Income for the year (with interest rates as implied by the forward rate curve as of the beginning of the year). For the actual short-term incentives for 2023 metric, the Pretax Adjusted Operating Income measure described above was further adjusted as follows:



	Years Ended December 31,
	2023
	(in millions)
Pretax adjusted operating earnings (1)	$	1,165
Net impact of equity market total returns in 2023 outside of a pre-defined corridor	13
Net impact of the Company's annual actuarial assumption review	60
Pretax adjusted operating earnings, adjusted as described above	$	1,238

(1) See Adjusted Operating Earnings above for information regarding our non-GAAP financial measures and reconciliations to the most comparable U.S. GAAP measures.

Controllable Costs represents general and administrative expenses, adjusted to exclude the following items which may vary significantly during a period based on factors outside of management control or overall incentive funding levels:

a.Costs related to nonqualified deferred compensation plans, which vary based on performance of underlying notional investments selected by participants;

b.Costs of PPM related to investment management fees paid by third parties, which vary based on the value of assets under management; and

c.Compensation expense related to annual bonuses and long-term incentive awards, the inclusion of which could cause misalignment between overall Company performance and funding outcomes for this metric.

Other examples include adjustments for unplanned costs relating to significant events including new business investment, business continuity disruptions, restructuring initiatives, mergers and acquisitions, guarantee fund assessment in the event of insurance company liquidations, material litigation and regulatory matters, and legislative, regulatory, or accounting changes.

Controllable Costs is general and administrative expenses, adjusted as described above, measured relative to the plan projection of Controllable Costs for the year, as shown in the table below:



	Years Ended December 31,
	2023
	(in millions)
General and administrative expenses per 10-K	$	1,007
Costs related to nonqualified deferred compensation plans	(58)
Costs of PPM related to investment management fees paid by third parties	(59)
Compensation expense related to annual bonuses and long-term incentive award	(188)
Other	12
Total Controllable costs	$	714

Risk-Based Capital requirements are insurance company statutory capital requirements based on rules published by the National Association of Insurance Commissioners (NAIC). The NAIC has developed certain RBC requirements for life insurance companies. Under the NAIC requirements, compliance is determined by a ratio of a company’s TAC, calculated in a manner prescribed by the NAIC to its authorized control level RBC, calculated in a manner prescribed by the NAIC.

RBC measures the Company’s balance sheet health by achieving operating company RBC levels within our targeted range, appropriately managed within our risk framework.

2023 Long-Term Incentive Performance Metrics

Generation of Net Cash Flow Available to JFI is a financial measure that the Company uses to facilitate an understanding of its ability to generate cash for reinvestment into its business or use in non-mandatory capital actions, such as dividends. We

162

define net cash flow as the sum of cash flows, to or available to, Jackson Financial Inc. from its operating subsidiaries in the form of (i) dividends, (ii) return of capital distributions, (iii) interest payments on intercompany surplus notes, (iv) payments related to expense or tax sharing arrangements, (v) other similar payments, and (vi) unremitted cash in excess of the upper end of the stated target RBC range, less capital contributions to the operating subsidiaries. This measure considers cash flows related to performance in calendar year periods that may take place in the following calendar year (i.e., dividends from operating companies pertain to excess capital development over a calendar year period but are likely to be remitted in the first quarter of the following year to allow for the regulatory approval process). Net Cash Flow Available to JFI is distinct from any JFI capital actions, such as common stock dividends and repurchases, debt reduction payments and mergers and acquisitions.

As provided under the long-term incentive (“LTI”) program, Net Cash Flow Available to JFI may, at the Committee’s discretion, be adjusted to include, or not be limited to, situations such as the following:

For material movements in interest rates or equity levels during the three-year period, the plan sensitivities for impacts on net cash flow available to JFI can be used to adjust the planned level for the period. For example, in the event of a down 20% equity movement during the period, the down 20% sensitivity could be applied and the change in net cash flow available to JFI could be adjusted accordingly.

For significant movements arising from the interaction of path dependent rate or equity movements and the risk framework in place during the period, the JFI Compensation Committee may assess the performance of the hedging program to adjust the final outcome.

Other examples could include events not contemplated in setting the original target, such as new business investment, business continuity disruptions, restructuring initiatives, mergers and acquisitions, guarantee fund assessments in the event of insurance company liquidations, material litigation and regulatory matters, and legislative, regulatory, or accounting changes.

Net Cash Flow Available to JFI, adjusted as described above, is measured relative to the plan projections of Net Cash Flow Available to JFI for the period.

Adjusted Operating ROE Attributable to Common Shareholders begins with the amount calculated as described above. The JFI Compensation Committee is empowered to adjust that amount further to include, or not be limited to, situations such as the following:

a.The actual Adjusted Operating Earnings for each of the three years that is used in the calculation of Adjusted Operating ROE Attributable to Common Shareholders may be adjusted to exclude:

i.the net impact of equity market total returns over the period outside a corridor of 7% above or below the equity market total return assumption under our business plan;

ii.the impact on spread earnings resulting from movement in the 10-year Treasury rate, relative to the beginning of year rate, of more than 2%; and

iii.the impact on net investment income resulting from increases (or decreases) in general account assets resulting from net freestanding derivatives gains (or losses) in excess of $2 billion.

b.For significant movements arising from the interaction of path dependent rate or equity movements and the risk framework in place during the period, the JFI Compensation Committee may assess the performance of the hedging program and adjust the average Adjusted Book Value Attributable to Common Shareholders outcome used in the calculation.

Adjusted Operating ROE Attributable to Common Shareholders is measured relative to the plan projections of Adjusted Operating ROE Attributable to Common Shareholders for the period (with interest rates as implied by the forward rate curve as of the beginning of the period). For the period covered for the actual 2023 long-term incentive metric, there were no further adjustments made to the Adjusted Operating ROE Attributable to Common Shareholders, as described above.

163