Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alger Growth & Income Portfolio |
| Alger Mid Cap Growth Portfolio |
| Alger Small Cap Growth Portfolio |
| Columbia Value Portfolio - Dividend Opportunity Fund |
| Columbia Value Portfolio - Large Cap Growth Fund |
| Columbia Value Portfolio - Small Cap Value Fund |
| Invesco V.I. American Franchise Fund Series I |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 62,376 |
| $ | 359,920 |
| $ | 303,836 |
| $ | 16,766 |
| $ | 30,610 |
| $ | — |
| $ | 52,966 |
| ||
Total assets |
| 62,376 |
|
| 359,920 |
|
| 303,836 |
|
| 16,766 |
|
| 30,610 |
|
| — |
|
| 52,966 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 62,376 |
| $ | 359,920 |
| $ | 303,836 |
| $ | 16,766 |
| $ | 30,610 |
| $ | — |
| $ | 52,966 |
| ||
Maximum Unit Value |
| 58.973740 |
|
| 59.912597 |
|
| 34.461765 |
|
| 27.345012 |
|
| 49.706682 |
|
| N/A |
|
| 35.703962 |
| ||
Minimum Unit Value |
| 36.007008 |
|
| 23.001328 |
|
| 25.379863 |
|
| N/A |
|
| N/A |
|
| N/A |
|
| 35.075989 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 2,276 |
|
| 21,360 |
|
| 18,381 |
|
| 427 |
|
| 821 |
|
| — |
|
| 898 |
| ||
Investments in Funds, at cost | $ | 49,008 |
| $ | 432,435 |
| $ | 423,899 |
| $ | 6,148 |
| $ | 6,183 |
| $ | — |
| $ | 47,459 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alger Growth & Income Portfolio |
| Alger Mid Cap Growth Portfolio |
| Alger Small Cap Growth Portfolio |
| Columbia Value Portfolio - Dividend Opportunity Fund |
| Columbia Value Portfolio - Large Cap Growth Fund |
| Columbia Value Portfolio - Small Cap Value Fund |
| Invesco V.I. American Franchise Fund Series I |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | 807 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 828 |
|
| 4,553 |
|
| 4,110 |
|
| 199 |
|
| 331 |
|
| — |
|
| 652 |
| |
Total expenses |
| 828 |
|
| 4,553 |
|
| 4,110 |
|
| 199 |
|
| 331 |
|
| — |
|
| 652 |
| ||
Net investment income (loss) |
| (21 | ) |
| (4,553 | ) |
| (4,110 | ) |
| (199 | ) |
| (331 | ) |
| — |
|
| (652 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| 1,808 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,043 |
| |
| Sales of investments in Funds |
| 5,442 |
|
| 2,717 |
|
| (10,094 | ) |
| 122 |
|
| 253 |
|
| — |
|
| 308 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 4,754 |
|
| 66,722 |
|
| 54,192 |
|
| 688 |
|
| 9,038 |
|
| — |
|
| 14,190 |
| |
Net realized and unrealized gain (loss) |
| 12,004 |
|
| 69,439 |
|
| 44,098 |
|
| 810 |
|
| 9,291 |
|
| — |
|
| 15,541 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 11,983 |
| $ | 64,886 |
| $ | 39,988 |
| $ | 611 |
| $ | 8,960 |
| $ | — |
| $ | 14,889 |
|
See Notes to the Financial Statements.
1
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. American Franchise Fund Series II |
| Invesco V.I. American Value Fund Series I |
| Invesco V.I. Capital Appreciation Fund |
| Invesco V.I. Comstock Fund Series I |
| Invesco V.I. Core Equity Fund Series I |
| Invesco V.I. Core Equity Fund Series II |
| Invesco V.I. Core Plus Bond Fund Series I |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 4,598 |
| $ | 207,024 |
| $ | 470,864 |
| $ | 169,189 |
| $ | 436,758 |
| $ | 107,193 |
| $ | 324,389 |
| ||
Total assets |
| 4,598 |
|
| 207,024 |
|
| 470,864 |
|
| 169,189 |
|
| 436,758 |
|
| 107,193 |
|
| 324,389 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 4,598 |
| $ | 207,024 |
| $ | 470,864 |
| $ | 169,189 |
| $ | 436,758 |
| $ | 107,193 |
| $ | 324,389 |
| ||
Maximum Unit Value |
| 40.556516 |
|
| 73.649104 |
|
| 60.071055 |
|
| 34.238622 |
|
| 34.380983 |
|
| 35.197084 |
|
| 10.104800 |
| ||
Minimum Unit Value |
| N/A |
|
| 27.466905 |
|
| 31.418989 |
|
| 28.637805 |
|
| 24.946621 |
|
| N/A |
|
| 9.869763 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 86 |
|
| 14,809 |
|
| 10,003 |
|
| 8,601 |
|
| 14,912 |
|
| 3,681 |
|
| 56,514 |
| ||
Investments in Funds, at cost | $ | 5,099 |
| $ | 200,663 |
| $ | 479,274 |
| $ | 140,628 |
| $ | 442,478 |
| $ | 110,308 |
| $ | 329,986 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. American Franchise Fund Series II |
| Invesco V.I. American Value Fund Series I |
| Invesco V.I. Capital Appreciation Fund |
| Invesco V.I. Comstock Fund Series I |
| Invesco V.I. Core Equity Fund Series I |
| Invesco V.I. Core Equity Fund Series II |
| Invesco V.I. Core Plus Bond Fund Series I |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | 1,210 |
| $ | — |
| $ | 2,926 |
| $ | 2,983 |
| $ | 480 |
| $ | 8,265 |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 61 |
|
| 2,692 |
|
| 6,036 |
|
| 2,286 |
|
| 5,665 |
|
| 1,658 |
|
| 4,392 |
| |
Total expenses |
| 61 |
|
| 2,692 |
|
| 6,036 |
|
| 2,286 |
|
| 5,665 |
|
| 1,658 |
|
| 4,392 |
| ||
Net investment income (loss) |
| (61 | ) |
| (1,482 | ) |
| (6,036 | ) |
| 640 |
|
| (2,682 | ) |
| (1,178 | ) |
| 3,873 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| 100 |
|
| 39,730 |
|
| — |
|
| 18,011 |
|
| 9,625 |
|
| 2,384 |
|
| — |
| |
| Sales of investments in Funds |
| (79 | ) |
| (1,641 | ) |
| (5,958 | ) |
| 1,752 |
|
| (18,692 | ) |
| (726 | ) |
| (892 | ) | |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 1,326 |
|
| (10,766 | ) |
| 132,120 |
|
| (4,076 | ) |
| 93,812 |
|
| 19,045 |
|
| 11,329 |
| |
Net realized and unrealized gain (loss) |
| 1,347 |
|
| 27,323 |
|
| 126,162 |
|
| 15,687 |
|
| 84,745 |
|
| 20,703 |
|
| 10,437 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 1,286 |
| $ | 25,841 |
| $ | 120,126 |
| $ | 16,327 |
| $ | 82,063 |
| $ | 19,525 |
| $ | 14,310 |
|
See Notes to the Financial Statements.
2
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Core Plus Bond Fund Series II |
| Invesco V.I. Diversified Dividend Fund |
| Invesco V.I. Global Core Equity Fund |
| Invesco V.I. Global Fund/VA Class 2 |
| Invesco V.I. Global Health Care Fund |
| Invesco V.I. Government Securities Fund Series I |
| Invesco V.I. Government Securities Fund Series II |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 99,691 |
| $ | 264,465 |
| $ | 45,105 |
| $ | 12,454 |
| $ | 53,873 |
| $ | 88,393 |
| $ | 188,262 |
| ||
Total assets |
| 99,691 |
|
| 264,465 |
|
| 45,105 |
|
| 12,454 |
|
| 53,873 |
|
| 88,393 |
|
| 188,262 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 99,691 |
| $ | 264,465 |
| $ | 45,105 |
| $ | 12,454 |
| $ | 53,873 |
| $ | 88,393 |
| $ | 188,262 |
| ||
Maximum Unit Value |
| 9.819494 |
|
| 25.431341 |
|
| 22.287396 |
|
| 40.321510 |
|
| 32.646729 |
|
| 21.170328 |
|
| 12.460788 |
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| 14.450734 |
|
| N/A |
|
| 28.716303 |
|
| 11.518735 |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 17,582 |
|
| 10,910 |
|
| 4,664 |
|
| 351 |
|
| 2,079 |
|
| 8,565 |
|
| 18,403 |
| ||
Investments in Funds, at cost | $ | 101,723 |
| $ | 271,524 |
| $ | 41,839 |
| $ | 12,189 |
| $ | 55,761 |
| $ | 98,067 |
| $ | 208,879 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Core Plus Bond Fund Series II |
| Invesco V.I. Diversified Dividend Fund |
| Invesco V.I. Global Core Equity Fund |
| Invesco V.I. Global Fund/VA Class 2 |
| Invesco V.I. Global Health Care Fund |
| Invesco V.I. Government Securities Fund Series I |
| Invesco V.I. Government Securities Fund Series II |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | 2,406 |
| $ | 5,071 |
| $ | 242 |
| $ | — |
| $ | — |
| $ | 1,791 |
| $ | 3,337 |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 1,423 |
|
| 3,521 |
|
| 581 |
|
| 191 |
|
| 730 |
|
| 1,122 |
|
| 2,796 |
| |
Total expenses |
| 1,423 |
|
| 3,521 |
|
| 581 |
|
| 191 |
|
| 730 |
|
| 1,122 |
|
| 2,796 |
| ||
Net investment income (loss) |
| 983 |
|
| 1,550 |
|
| (339 | ) |
| (191 | ) |
| (730 | ) |
| 669 |
|
| 541 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| 20,883 |
|
| 31 |
|
| 1,335 |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| (826 | ) |
| 1,327 |
|
| 59 |
|
| (19 | ) |
| 1,856 |
|
| (1,317 | ) |
| (1,153 | ) | |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 4,064 |
|
| (5,110 | ) |
| 7,781 |
|
| 1,904 |
|
| (407 | ) |
| 3,438 |
|
| 5,724 |
| |
Net realized and unrealized gain (loss) |
| 3,238 |
|
| 17,100 |
|
| 7,871 |
|
| 3,220 |
|
| 1,449 |
|
| 2,121 |
|
| 4,571 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 4,221 |
| $ | 18,650 |
| $ | 7,532 |
| $ | 3,029 |
| $ | 719 |
| $ | 2,790 |
| $ | 5,112 |
|
See Notes to the Financial Statements.
3
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Growth and Income Fund Series II |
| Invesco V.I. International Growth Fund Series I |
| Invesco V.I. International Growth Fund Series II |
| Invesco V.I. Main Street Small Cap Fund |
| Invesco V.I. Money Market Fund |
| Invesco V.I. Technology Fund |
| MFS/VIT II Core Equity Portfolio |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 100,427 |
| $ | 185,189 |
| $ | 303,818 |
| $ | 202,179 |
| $ | 278,338 |
| $ | 408,152 |
| $ | 92,048 |
| ||
Total assets |
| 100,427 |
|
| 185,189 |
|
| 303,818 |
|
| 202,179 |
|
| 278,338 |
|
| 408,152 |
|
| 92,048 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 100,427 |
| $ | 185,189 |
| $ | 303,818 |
| $ | 202,179 |
| $ | 278,338 |
| $ | 408,152 |
| $ | 92,048 |
| ||
Maximum Unit Value |
| 38.442795 |
|
| 37.615397 |
|
| 29.526087 |
|
| 94.745915 |
|
| 12.855763 |
|
| 38.330688 |
|
| 26.344721 |
| ||
Minimum Unit Value |
| N/A |
|
| 15.417242 |
|
| N/A |
|
| 70.828939 |
|
| 9.260455 |
|
| 23.184282 |
|
| 23.283887 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 5,322 |
|
| 5,432 |
|
| 9,077 |
|
| 7,513 |
|
| 278,338 |
|
| 22,062 |
|
| 3,327 |
| ||
Investments in Funds, at cost | $ | 95,262 |
| $ | 188,738 |
| $ | 313,146 |
| $ | 167,214 |
| $ | 278,338 |
| $ | 413,623 |
| $ | 78,546 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Growth and Income Fund Series II |
| Invesco V.I. International Growth Fund Series I |
| Invesco V.I. International Growth Fund Series II |
| Invesco V.I. Main Street Small Cap Fund |
| Invesco V.I. Money Market Fund |
| Invesco V.I. Technology Fund |
| MFS/VIT II Core Equity Portfolio |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | 1,238 |
| $ | 344 |
| $ | — |
| $ | 2,146 |
| $ | 13,277 |
| $ | — |
| $ | 451 |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 1,406 |
|
| 2,209 |
|
| 4,262 |
|
| 2,489 |
|
| 3,803 |
|
| 5,322 |
|
| 1,115 |
| |
Total expenses |
| 1,406 |
|
| 2,209 |
|
| 4,262 |
|
| 2,489 |
|
| 3,803 |
|
| 5,322 |
|
| 1,115 |
| ||
Net investment income (loss) |
| (168 | ) |
| (1,865 | ) |
| (4,262 | ) |
| (343 | ) |
| 9,474 |
|
| (5,322 | ) |
| (664 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| 12,108 |
|
| 129 |
|
| 216 |
|
| — |
|
| — |
|
| — |
|
| 4,022 |
| |
| Sales of investments in Funds |
| (154 | ) |
| (3,908 | ) |
| (3,604 | ) |
| 318 |
|
| — |
|
| (35,300 | ) |
| 252 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| (2,056 | ) |
| 33,704 |
|
| 50,921 |
|
| 28,808 |
|
| — |
|
| 182,675 |
|
| 12,874 |
| |
Net realized and unrealized gain (loss) |
| 9,898 |
|
| 29,925 |
|
| 47,533 |
|
| 29,126 |
|
| — |
|
| 147,375 |
|
| 17,148 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 9,730 |
| $ | 28,060 |
| $ | 43,271 |
| $ | 28,783 |
| $ | 9,474 |
| $ | 142,053 |
| $ | 16,484 |
|
See Notes to the Financial Statements.
4
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MFS/VIT II High Yield Portfolio |
| MFS/VIT II High Yield Portfolio Service Class |
| MFS/VIT Investors Trust Series |
| MFS/VIT Research Series |
| MFS/VIT Total Return Series |
| MFS/VIT Utilities Series |
| Morgan Stanley UIF U.S. Real Estate Portfolio |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 95,225 |
| $ | 27,138 |
| $ | 141,895 |
| $ | 139,298 |
| $ | 419,214 |
| $ | 26,373 |
| $ | 131,630 |
| ||
Total assets |
| 95,225 |
|
| 27,138 |
|
| 141,895 |
|
| 139,298 |
|
| 419,214 |
|
| 26,373 |
|
| 131,630 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 95,225 |
| $ | 27,138 |
| $ | 141,895 |
| $ | 139,298 |
| $ | 419,214 |
| $ | 26,373 |
| $ | 131,630 |
| ||
Maximum Unit Value |
| 15.139920 |
|
| 12.757846 |
|
| 48.841950 |
|
| 50.238873 |
|
| 43.207404 |
|
| 50.707851 |
|
| 34.045141 |
| ||
Minimum Unit Value |
| 13.080220 |
|
| N/A |
|
| 32.102447 |
|
| 35.121842 |
|
| 21.561945 |
|
| N/A |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 19,045 |
|
| 5,494 |
|
| 3,943 |
|
| 4,357 |
|
| 18,023 |
|
| 836 |
|
| 9,053 |
| ||
Investments in Funds, at cost | $ | 104,529 |
| $ | 29,824 |
| $ | 123,240 |
| $ | 113,915 |
| $ | 419,901 |
| $ | 26,514 |
| $ | 145,419 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MFS/VIT II High Yield Portfolio |
| MFS/VIT II High Yield Portfolio Service Class |
| MFS/VIT Investors Trust Series |
| MFS/VIT Research Series |
| MFS/VIT Total Return Series |
| MFS/VIT Utilities Series |
| Morgan Stanley UIF U.S. Real Estate Portfolio |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | 5,314 |
| $ | 1,460 |
| $ | 948 |
| $ | 648 |
| $ | 8,129 |
| $ | 807 |
| $ | 2,684 |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 1,265 |
|
| 439 |
|
| 1,893 |
|
| 1,610 |
|
| 5,199 |
|
| 340 |
|
| 1,699 |
| |
Total expenses |
| 1,265 |
|
| 439 |
|
| 1,893 |
|
| 1,610 |
|
| 5,199 |
|
| 340 |
|
| 1,699 |
| ||
Net investment income (loss) |
| 4,049 |
|
| 1,021 |
|
| (945 | ) |
| (962 | ) |
| 2,930 |
|
| 467 |
|
| 985 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| 7,292 |
|
| 6,850 |
|
| 16,930 |
|
| 1,353 |
|
| — |
| |
| Sales of investments in Funds |
| (986 | ) |
| (1,567 | ) |
| 1,632 |
|
| 615 |
|
| 1,353 |
|
| 500 |
|
| (7,330 | ) | |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 6,242 |
|
| 3,353 |
|
| 13,239 |
|
| 17,551 |
|
| 13,398 |
|
| (2,915 | ) |
| 21,451 |
| |
Net realized and unrealized gain (loss) |
| 5,256 |
|
| 1,786 |
|
| 22,163 |
|
| 25,016 |
|
| 31,681 |
|
| (1,062 | ) |
| 14,121 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 9,305 |
| $ | 2,807 |
| $ | 21,218 |
| $ | 24,054 |
| $ | 34,611 |
| $ | (595 | ) | $ | 15,106 |
|
See Notes to the Financial Statements.
5
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Basic Materials Fund |
| Rydex VT Consumer Products Fund |
| Rydex VT Energy Fund |
| Rydex VT Energy Services Fund |
| Rydex VT Health Care Fund |
| Rydex VT Leisure Fund |
| Rydex VT Precious Metal Fund |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 4,223 |
| $ | 78,129 |
| $ | 113,230 |
| $ | 970 |
| $ | 190,873 |
| $ | 11,160 |
| $ | 43,891 |
| ||
Total assets |
| 4,223 |
|
| 78,129 |
|
| 113,230 |
|
| 970 |
|
| 190,873 |
|
| 11,160 |
|
| 43,891 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 4,223 |
| $ | 78,129 |
| $ | 113,230 |
| $ | 970 |
| $ | 190,873 |
| $ | 11,160 |
| $ | 43,891 |
| ||
Maximum Unit Value |
| 30.250487 |
|
| 34.025802 |
|
| 17.723939 |
|
| 5.365347 |
|
| 41.431759 |
|
| 29.812210 |
|
| 12.231827 |
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 42 |
|
| 1,143 |
|
| 461 |
|
| 3 |
|
| 2,353 |
|
| 103 |
|
| 1,163 |
| ||
Investments in Funds, at cost | $ | 2,786 |
| $ | 74,860 |
| $ | 51,293 |
| $ | 1,742 |
| $ | 163,710 |
| $ | 9,803 |
| $ | 38,846 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Basic Materials Fund |
| Rydex VT Consumer Products Fund |
| Rydex VT Energy Fund |
| Rydex VT Energy Services Fund |
| Rydex VT Health Care Fund |
| Rydex VT Leisure Fund |
| Rydex VT Precious Metal Fund |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | 1,049 |
| $ | 5,080 |
| $ | — |
| $ | — |
| $ | — |
| $ | 130 |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 70 |
|
| 1,091 |
|
| 1,732 |
|
| 17 |
|
| 2,569 |
|
| 154 |
|
| 594 |
| |
Total expenses |
| 70 |
|
| 1,091 |
|
| 1,732 |
|
| 17 |
|
| 2,569 |
|
| 154 |
|
| 594 |
| ||
Net investment income (loss) |
| (70 | ) |
| (42 | ) |
| 3,348 |
|
| (17 | ) |
| (2,569 | ) |
| (154 | ) |
| (464 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| 391 |
|
| — |
|
| — |
|
| 7,290 |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 26 |
|
| 1,164 |
|
| 21,721 |
|
| (33 | ) |
| 7,889 |
|
| 341 |
|
| 2,923 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 324 |
|
| (5,214 | ) |
| (24,322 | ) |
| 74 |
|
| (6,127 | ) |
| 1,877 |
|
| (766 | ) | |
Net realized and unrealized gain (loss) |
| 350 |
|
| (3,659 | ) |
| (2,601 | ) |
| 41 |
|
| 9,052 |
|
| 2,218 |
|
| 2,157 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 280 |
| $ | (3,701 | ) | $ | 747 |
| $ | 24 |
| $ | 6,483 |
| $ | 2,064 |
| $ | 1,693 |
|
See Notes to the Financial Statements.
6
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Retailing Fund |
| Rydex VT Tele-Communications Fund |
| Rydex VT Transportation Fund |
| T. Rowe Price Equity Income Portfolio |
| T. Rowe Price Mid-Cap Growth Portfolio |
| T. Rowe Price Personal Strategy Balanced Portfolio |
|
| ||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 216,006 |
| $ | 23,489 |
| $ | 84,157 |
| $ | 30,572 |
| $ | 268,826 |
| $ | 16,321 |
|
| ||
Total assets |
| 216,006 |
|
| 23,489 |
|
| 84,157 |
|
| 30,572 |
|
| 268,826 |
|
| 16,321 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| ||
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| ||
Net assets | $ | 216,006 |
| $ | 23,489 |
| $ | 84,157 |
| $ | 30,572 |
| $ | 268,826 |
| $ | 16,321 |
|
| ||
Maximum Unit Value |
| 34.083184 |
|
| 12.327057 |
|
| 34.373931 |
|
| 56.338241 |
|
| 116.567975 |
|
| 44.351900 |
|
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| N/A |
|
| 25.383920 |
|
| N/A |
|
| N/A |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 1,927 |
|
| 423 |
|
| 947 |
|
| 1,101 |
|
| 9,235 |
|
| 815 |
|
| ||
Investments in Funds, at cost | $ | 166,107 |
| $ | 24,305 |
| $ | 77,441 |
| $ | 25,699 |
| $ | 242,833 |
| $ | 15,926 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Retailing Fund |
| Rydex VT Tele-Communications Fund |
| Rydex VT Transportation Fund |
| T. Rowe Price Equity Income Portfolio |
| T. Rowe Price Mid-Cap Growth Portfolio |
| T. Rowe Price Personal Strategy Balanced Portfolio |
|
| ||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | 192 |
| $ | — |
| $ | 601 |
| $ | — |
| $ | 354 |
|
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Mortality, expense risk and administrative charges |
| 2,771 |
|
| 317 |
|
| 1,194 |
|
| 382 |
|
| 3,142 |
|
| 219 |
|
| |
Total expenses |
| 2,771 |
|
| 317 |
|
| 1,194 |
|
| 382 |
|
| 3,142 |
|
| 219 |
|
| ||
Net investment income (loss) |
| (2,771 | ) |
| (125 | ) |
| (1,194 | ) |
| 219 |
|
| (3,142 | ) |
| 135 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| 1,245 |
|
| 16,086 |
|
| 44 |
|
| |
| Sales of investments in Funds |
| 6,113 |
|
| 48 |
|
| 3,526 |
|
| 51 |
|
| 485 |
|
| (2 | ) |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 25,003 |
|
| 1,154 |
|
| 15,180 |
|
| 771 |
|
| 28,430 |
|
| 1,788 |
|
| |
Net realized and unrealized gain (loss) |
| 31,116 |
|
| 1,202 |
|
| 18,706 |
|
| 2,067 |
|
| 45,001 |
|
| 1,830 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 28,345 |
| $ | 1,077 |
| $ | 17,512 |
| $ | 2,286 |
| $ | 41,859 |
| $ | 1,965 |
|
|
See Notes to the Financial Statements.
7
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alger Growth & Income Portfolio |
| Alger Mid Cap Growth Portfolio |
| Alger Small Cap Growth Portfolio |
| Columbia Value Portfolio - Dividend Opportunity Fund |
| Columbia Value Portfolio - Large Cap Growth Fund |
| Columbia Value Portfolio - Small Cap Value Fund |
| Invesco V.I. American Franchise Fund Series I |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (21 | ) | $ | (4,553 | ) | $ | (4,110 | ) | $ | (199 | ) | $ | (331 | ) | $ | — |
| $ | (652 | ) | |
Net realized gain (loss) on investments in Funds |
| 5,442 |
|
| 2,717 |
|
| (10,094 | ) |
| 122 |
|
| 253 |
|
| — |
|
| 308 |
| |
Net realized gains on distributions |
| 1,808 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,043 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 4,754 |
|
| 66,722 |
|
| 54,192 |
|
| 688 |
|
| 9,038 |
|
| — |
|
| 14,190 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 11,983 |
|
| 64,886 |
|
| 39,988 |
|
| 611 |
|
| 8,960 |
|
| — |
|
| 14,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| 675 |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (8,467 | ) |
| (4,762 | ) |
| (8,691 | ) |
| — |
|
| — |
|
| — |
|
| (647 | ) | |
Net transfers between Investment Divisions |
| (3,934 | ) |
| (1,190 | ) |
| 8,741 |
|
| — |
|
| — |
|
| — |
|
| (13 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (12,401 | ) |
| (5,952 | ) |
| 725 |
|
| — |
|
| — |
|
| — |
|
| (660 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (418 | ) |
| 58,934 |
|
| 40,713 |
|
| 611 |
|
| 8,960 |
|
| — |
|
| 14,229 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 62,794 |
|
| 300,986 |
|
| 263,123 |
|
| 16,155 |
|
| 21,650 |
|
| — |
|
| 38,737 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 62,376 |
| $ | 359,920 |
| $ | 303,836 |
| $ | 16,766 |
| $ | 30,610 |
| $ | — |
| $ | 52,966 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 1,927 |
|
| 8,397 |
|
| 11,862 |
|
| 621 |
|
| 624 |
|
| — |
|
| 1,524 |
| |
Units issued |
| — |
|
| — |
|
| 449 |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Units redeemed |
| (386 | ) |
| (154 | ) |
| (395 | ) |
| (8 | ) |
| (7 | ) |
| — |
|
| (25 | ) | |
Units outstanding at end of year |
| 1,541 |
|
| 8,243 |
|
| 11,916 |
|
| 613 |
|
| 617 |
|
| — |
|
| 1,499 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 2,809 |
| $ | 4,892 |
| $ | 12,470 |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,043 |
| |
Proceeds from sales | $ | 13,423 |
| $ | 15,397 |
| $ | 15,855 |
| $ | 199 |
| $ | 331 |
| $ | — |
| $ | 1,312 |
|
See Notes to the Financial Statements.
8
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. American Franchise Fund Series II |
| Invesco V.I. American Value Fund Series I |
| Invesco V.I. Capital Appreciation Fund |
| Invesco V.I. Comstock Fund Series I |
| Invesco V.I. Core Equity Fund Series I |
| Invesco V.I. Core Equity Fund Series II |
| Invesco V.I. Core Plus Bond Fund Series I |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (61 | ) | $ | (1,482 | ) | $ | (6,036 | ) | $ | 640 |
| $ | (2,682 | ) | $ | (1,178 | ) | $ | 3,873 |
| |
Net realized gain (loss) on investments in Funds |
| (79 | ) |
| (1,641 | ) |
| (5,958 | ) |
| 1,752 |
|
| (18,692 | ) |
| (726 | ) |
| (892 | ) | |
Net realized gains on distributions |
| 100 |
|
| 39,730 |
|
| — |
|
| 18,011 |
|
| 9,625 |
|
| 2,384 |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 1,326 |
|
| (10,766 | ) |
| 132,120 |
|
| (4,076 | ) |
| 93,812 |
|
| 19,045 |
|
| 11,329 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 1,286 |
|
| 25,841 |
|
| 120,126 |
|
| 16,327 |
|
| 82,063 |
|
| 19,525 |
|
| 14,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| 375 |
|
| — |
|
| — |
|
| 1,725 |
|
| — |
|
| 750 |
| |
Surrenders and terminations |
| (93 | ) |
| (7,604 | ) |
| (87 | ) |
| — |
|
| (34,998 | ) |
| (928 | ) |
| (10,246 | ) | |
Net transfers between Investment Divisions |
| — |
|
| (9,226 | ) |
| (6,783 | ) |
| (409 | ) |
| (19,171 | ) |
| (6,493 | ) |
| 22,375 |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (93 | ) |
| (16,455 | ) |
| (6,870 | ) |
| (409 | ) |
| (52,444 | ) |
| (7,421 | ) |
| 12,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 1,193 |
|
| 9,386 |
|
| 113,256 |
|
| 15,918 |
|
| 29,619 |
|
| 12,104 |
|
| 27,189 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 3,405 |
|
| 197,638 |
|
| 357,608 |
|
| 153,271 |
|
| 407,139 |
|
| 95,089 |
|
| 297,200 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 4,598 |
| $ | 207,024 |
| $ | 470,864 |
| $ | 169,189 |
| $ | 436,758 |
| $ | 107,193 |
| $ | 324,389 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 116 |
|
| 4,777 |
|
| 11,240 |
|
| 5,856 |
|
| 19,101 |
|
| 3,279 |
|
| 31,501 |
| |
Units issued |
| — |
|
| 16 |
|
| — |
|
| — |
|
| 74 |
|
| — |
|
| 2,785 |
| |
Units redeemed |
| (3 | ) |
| (544 | ) |
| (153 | ) |
| (27 | ) |
| (2,433 | ) |
| (232 | ) |
| (1,444 | ) | |
Units outstanding at end of year |
| 113 |
|
| 4,249 |
|
| 11,087 |
|
| 5,829 |
|
| 16,742 |
|
| 3,047 |
|
| 32,842 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 100 |
| $ | 48,663 |
| $ | 4,854 |
| $ | 22,896 |
| $ | 15,869 |
| $ | 3,222 |
| $ | 44,588 |
| |
Proceeds from sales | $ | 154 |
| $ | 26,870 |
| $ | 17,760 |
| $ | 4,654 |
| $ | 61,370 |
| $ | 9,437 |
| $ | 27,836 |
|
See Notes to the Financial Statements.
9
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Core Plus Bond Fund Series II |
| Invesco V.I. Diversified Dividend Fund |
| Invesco V.I. Global Core Equity Fund |
| Invesco V.I. Global Fund/VA Class 2 |
| Invesco V.I. Global Health Care Fund |
| Invesco V.I. Government Securities Fund Series I |
| Invesco V.I. Government Securities Fund Series II |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | 983 |
| $ | 1,550 |
| $ | (339 | ) | $ | (191 | ) | $ | (730 | ) | $ | 669 |
| $ | 541 |
| |
Net realized gain (loss) on investments in Funds |
| (826 | ) |
| 1,327 |
|
| 59 |
|
| (19 | ) |
| 1,856 |
|
| (1,317 | ) |
| (1,153 | ) | |
Net realized gains on distributions |
| — |
|
| 20,883 |
|
| 31 |
|
| 1,335 |
|
| — |
|
| — |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 4,064 |
|
| (5,110 | ) |
| 7,781 |
|
| 1,904 |
|
| (407 | ) |
| 3,438 |
|
| 5,724 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 4,221 |
|
| 18,650 |
|
| 7,532 |
|
| 3,029 |
|
| 719 |
|
| 2,790 |
|
| 5,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,050 |
|
| — |
| |
Surrenders and terminations |
| (16,455 | ) |
| (18,486 | ) |
| (16 | ) |
| — |
|
| (4,621 | ) |
| (9,667 | ) |
| (2,375 | ) | |
Net transfers between Investment Divisions |
| 9,276 |
|
| 4,288 |
|
| (6 | ) |
| — |
|
| 657 |
|
| 7,688 |
|
| 14,064 |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (7,179 | ) |
| (14,198 | ) |
| (22 | ) |
| — |
|
| (3,964 | ) |
| (929 | ) |
| 11,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (2,958 | ) |
| 4,452 |
|
| 7,510 |
|
| 3,029 |
|
| (3,245 | ) |
| 1,861 |
|
| 16,801 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 102,649 |
|
| 260,013 |
|
| 37,595 |
|
| 9,425 |
|
| 57,118 |
|
| 86,532 |
|
| 171,461 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 99,691 |
| $ | 264,465 |
| $ | 45,105 |
| $ | 12,454 |
| $ | 53,873 |
| $ | 88,393 |
| $ | 188,262 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 10,910 |
|
| 10,992 |
|
| 2,334 |
|
| 310 |
|
| 1,813 |
|
| 7,058 |
|
| 14,174 |
| |
Units issued |
| 972 |
|
| 186 |
|
| — |
|
| — |
|
| 22 |
|
| 761 |
|
| 1,191 |
| |
Units redeemed |
| (1,729 | ) |
| (780 | ) |
| (2 | ) |
| (1 | ) |
| (149 | ) |
| (825 | ) |
| (256 | ) | |
Units outstanding at end of year |
| 10,153 |
|
| 10,398 |
|
| 2,332 |
|
| 309 |
|
| 1,686 |
|
| 6,994 |
|
| 15,109 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 12,301 |
| $ | 42,337 |
| $ | 273 |
| $ | 1,335 |
| $ | 1,430 |
| $ | 11,614 |
| $ | 19,728 |
| |
Proceeds from sales | $ | 18,497 |
| $ | 34,102 |
| $ | 603 |
| $ | 191 |
| $ | 6,124 |
| $ | 11,874 |
| $ | 7,498 |
|
See Notes to the Financial Statements.
10
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Growth and Income Fund Series II |
| Invesco V.I. International Growth Fund Series I |
| Invesco V.I. International Growth Fund Series II |
| Invesco V.I. Main Street Small Cap Fund |
| Invesco V.I. Money Market Fund |
| Invesco V.I. Technology Fund |
| MFS/VIT II Core Equity Portfolio |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (168 | ) | $ | (1,865 | ) | $ | (4,262 | ) | $ | (343 | ) | $ | 9,474 |
| $ | (5,322 | ) | $ | (664 | ) | |
Net realized gain (loss) on investments in Funds |
| (154 | ) |
| (3,908 | ) |
| (3,604 | ) |
| 318 |
|
| — |
|
| (35,300 | ) |
| 252 |
| |
Net realized gains on distributions |
| 12,108 |
|
| 129 |
|
| 216 |
|
| — |
|
| — |
|
| — |
|
| 4,022 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (2,056 | ) |
| 33,704 |
|
| 50,921 |
|
| 28,808 |
|
| — |
|
| 182,675 |
|
| 12,874 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 9,730 |
|
| 28,060 |
|
| 43,271 |
|
| 28,783 |
|
| 9,474 |
|
| 142,053 |
|
| 16,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| 1,425 |
|
| — |
|
| — |
|
| 750 |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (682 | ) |
| (20,973 | ) |
| (13,227 | ) |
| (4,707 | ) |
| (25,938 | ) |
| (31,318 | ) |
| (251 | ) | |
Net transfers between Investment Divisions |
| (24 | ) |
| (5,310 | ) |
| (12,159 | ) |
| (855 | ) |
| 19,358 |
|
| (41,380 | ) |
| (1,474 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (706 | ) |
| (24,858 | ) |
| (25,386 | ) |
| (5,562 | ) |
| (5,830 | ) |
| (72,698 | ) |
| (1,725 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 9,024 |
|
| 3,202 |
|
| 17,885 |
|
| 23,221 |
|
| 3,644 |
|
| 69,355 |
|
| 14,759 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 91,403 |
|
| 181,987 |
|
| 285,933 |
|
| 178,958 |
|
| 274,694 |
|
| 338,797 |
|
| 77,289 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 100,427 |
| $ | 185,189 |
| $ | 303,818 |
| $ | 202,179 |
| $ | 278,338 |
| $ | 408,152 |
| $ | 92,048 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 2,635 |
|
| 12,931 |
|
| 11,253 |
|
| 2,579 |
|
| 29,725 |
|
| 21,009 |
|
| 3,882 |
| |
Units issued |
| — |
|
| 97 |
|
| — |
|
| — |
|
| 2,025 |
|
| — |
|
| — |
| |
Units redeemed |
| (23 | ) |
| (1,852 | ) |
| (966 | ) |
| (105 | ) |
| (2,651 | ) |
| (3,562 | ) |
| (95 | ) | |
Units outstanding at end of year |
| 2,612 |
|
| 11,176 |
|
| 10,287 |
|
| 2,474 |
|
| 29,099 |
|
| 17,447 |
|
| 3,787 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 13,637 |
| $ | 8,040 |
| $ | 13,392 |
| $ | 2,146 |
| $ | 52,190 |
| $ | 28,462 |
| $ | 4,473 |
| |
Proceeds from sales | $ | 2,403 |
| $ | 34,634 |
| $ | 42,824 |
| $ | 8,051 |
| $ | 48,546 |
| $ | 106,482 |
| $ | 2,840 |
|
See Notes to the Financial Statements.
11
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MFS/VIT II High Yield Portfolio |
| MFS/VIT II High Yield Portfolio Service Class |
| MFS/VIT Investors Trust Series |
| MFS/VIT Research Series |
| MFS/VIT Total Return Series |
| MFS/VIT Utilities Series |
| Morgan Stanley UIF U.S. Real Estate Portfolio |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | 4,049 |
| $ | 1,021 |
| $ | (945 | ) | $ | (962 | ) | $ | 2,930 |
| $ | 467 |
| $ | 985 |
| |
Net realized gain (loss) on investments in Funds |
| (986 | ) |
| (1,567 | ) |
| 1,632 |
|
| 615 |
|
| 1,353 |
|
| 500 |
|
| (7,330 | ) | |
Net realized gains on distributions |
| — |
|
| — |
|
| 7,292 |
|
| 6,850 |
|
| 16,930 |
|
| 1,353 |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 6,242 |
|
| 3,353 |
|
| 13,239 |
|
| 17,551 |
|
| 13,398 |
|
| (2,915 | ) |
| 21,451 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 9,305 |
|
| 2,807 |
|
| 21,218 |
|
| 24,054 |
|
| 34,611 |
|
| (595 | ) |
| 15,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| 750 |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (794 | ) |
| (8,100 | ) |
| (1,527 | ) |
| — |
|
| (3,737 | ) |
| (1,854 | ) |
| (10,407 | ) | |
Net transfers between Investment Divisions |
| 219 |
|
| 497 |
|
| (3,582 | ) |
| (34 | ) |
| (763 | ) |
| 4,042 |
|
| 10,049 |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (575 | ) |
| (7,603 | ) |
| (4,359 | ) |
| (34 | ) |
| (4,500 | ) |
| 2,188 |
|
| (358 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 8,730 |
|
| (4,796 | ) |
| 16,859 |
|
| 24,020 |
|
| 30,111 |
|
| 1,593 |
|
| 14,748 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 86,495 |
|
| 31,934 |
|
| 125,036 |
|
| 115,278 |
|
| 389,103 |
|
| 24,780 |
|
| 116,882 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 95,225 |
| $ | 27,138 |
| $ | 141,895 |
| $ | 139,298 |
| $ | 419,214 |
| $ | 26,373 |
| $ | 131,630 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 7,303 |
|
| 2,777 |
|
| 4,284 |
|
| 3,759 |
|
| 17,569 |
|
| 471 |
|
| 3,877 |
| |
Units issued |
| 108 |
|
| 43 |
|
| 26 |
|
| — |
|
| 22 |
|
| 86 |
|
| 332 |
| |
Units redeemed |
| (146 | ) |
| (692 | ) |
| (167 | ) |
| (6 | ) |
| (173 | ) |
| (35 | ) |
| (342 | ) | |
Units outstanding at end of year |
| 7,265 |
|
| 2,128 |
|
| 4,143 |
|
| 3,753 |
|
| 17,418 |
|
| 522 |
|
| 3,867 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 12,359 |
| $ | 2,347 |
| $ | 10,117 |
| $ | 7,501 |
| $ | 30,169 |
| $ | 6,923 |
| $ | 12,493 |
| |
Proceeds from sales | $ | 8,885 |
| $ | 8,929 |
| $ | 8,129 |
| $ | 1,647 |
| $ | 14,809 |
| $ | 2,915 |
| $ | 11,866 |
|
See Notes to the Financial Statements.
12
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Basic Materials Fund |
| Rydex VT Consumer Products Fund |
| Rydex VT Energy Fund |
| Rydex VT Energy Services Fund |
| Rydex VT Health Care Fund |
| Rydex VT Leisure Fund |
| Rydex VT Precious Metal Fund |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (70 | ) | $ | (42 | ) | $ | 3,348 |
| $ | (17 | ) | $ | (2,569 | ) | $ | (154 | ) | $ | (464 | ) | |
Net realized gain (loss) on investments in Funds |
| 26 |
|
| 1,164 |
|
| 21,721 |
|
| (33 | ) |
| 7,889 |
|
| 341 |
|
| 2,923 |
| |
Net realized gains on distributions |
| — |
|
| 391 |
|
| — |
|
| — |
|
| 7,290 |
|
| — |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 324 |
|
| (5,214 | ) |
| (24,322 | ) |
| 74 |
|
| (6,127 | ) |
| 1,877 |
|
| (766 | ) |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 280 |
|
| (3,701 | ) |
| 747 |
|
| 24 |
|
| 6,483 |
|
| 2,064 |
|
| 1,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (5,884 | ) |
| (9,652 | ) |
| — |
|
| (14,214 | ) |
| (1,352 | ) |
| (2,768 | ) | |
Net transfers between Investment Divisions |
| (5 | ) |
| 5,184 |
|
| (9,223 | ) |
| — |
|
| 6,119 |
|
| (801 | ) |
| 1,744 |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (5 | ) |
| (700 | ) |
| (18,875 | ) |
| — |
|
| (8,095 | ) |
| (2,153 | ) |
| (1,024 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 275 |
|
| (4,401 | ) |
| (18,128 | ) |
| 24 |
|
| (1,612 | ) |
| (89 | ) |
| 669 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 3,948 |
|
| 82,530 |
|
| 131,358 |
|
| 946 |
|
| 192,485 |
|
| 11,249 |
|
| 43,222 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 4,223 |
| $ | 78,129 |
| $ | 113,230 |
| $ | 970 |
| $ | 190,873 |
| $ | 11,160 |
| $ | 43,891 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 140 |
|
| 2,312 |
|
| 7,426 |
|
| 183 |
|
| 4,812 |
|
| 456 |
|
| 3,616 |
| |
Units issued |
| — |
|
| 151 |
|
| — |
|
| — |
|
| 156 |
|
| — |
|
| 202 |
| |
Units redeemed |
| (1 | ) |
| (169 | ) |
| (1,037 | ) |
| — |
|
| (360 | ) |
| (80 | ) |
| (230 | ) | |
Units outstanding at end of year |
| 139 |
|
| 2,294 |
|
| 6,389 |
|
| 183 |
|
| 4,608 |
|
| 376 |
|
| 3,588 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 6 |
| $ | 10,604 |
| $ | 16,251 |
| $ | — |
| $ | 22,068 |
| $ | 151 |
| $ | 6,923 |
| |
Proceeds from sales | $ | 81 |
| $ | 10,955 |
| $ | 31,778 |
| $ | 17 |
| $ | 25,442 |
| $ | 2,458 |
| $ | 8,411 |
|
See Notes to the Financial Statements.
13
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Retailing Fund |
| Rydex VT Tele-Communications Fund |
| Rydex VT Transportation Fund |
| T. Rowe Price Equity Income Portfolio |
| T. Rowe Price Mid-Cap Growth Portfolio |
| T. Rowe Price Personal Strategy Balanced Portfolio |
|
| ||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (2,771 | ) | $ | (125 | ) | $ | (1,194 | ) | $ | 219 |
| $ | (3,142 | ) | $ | 135 |
|
| |
Net realized gain (loss) on investments in Funds |
| 6,113 |
|
| 48 |
|
| 3,526 |
|
| 51 |
|
| 485 |
|
| (2 | ) |
| |
Net realized gains on distributions |
| — |
|
| — |
|
| — |
|
| 1,245 |
|
| 16,086 |
|
| 44 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 25,003 |
|
| 1,154 |
|
| 15,180 |
|
| 771 |
|
| 28,430 |
|
| 1,788 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 28,345 |
|
| 1,077 |
|
| 17,512 |
|
| 2,286 |
|
| 41,859 |
|
| 1,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (15,533 | ) |
| (1,864 | ) |
| (6,029 | ) |
| — |
|
| — |
|
| — |
|
| |
Net transfers between Investment Divisions |
| 7,830 |
|
| 1,371 |
|
| (1,676 | ) |
| — |
|
| — |
|
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (7,703 | ) |
| (493 | ) |
| (7,705 | ) |
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 20,642 |
|
| 584 |
|
| 9,807 |
|
| 2,286 |
|
| 41,859 |
|
| 1,965 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 195,364 |
|
| 22,905 |
|
| 74,350 |
|
| 28,286 |
|
| 226,967 |
|
| 14,356 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 216,006 |
| $ | 23,489 |
| $ | 84,157 |
| $ | 30,572 |
| $ | 268,826 |
| $ | 16,321 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 6,587 |
|
| 1,947 |
|
| 2,654 |
|
| 881 |
|
| 2,336 |
|
| 373 |
|
| |
Units issued |
| 258 |
|
| 113 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| |
Units redeemed |
| (507 | ) |
| (155 | ) |
| (207 | ) |
| (4 | ) |
| (30 | ) |
| (6 | ) |
| |
Units outstanding at end of year |
| 6,338 |
|
| 1,905 |
|
| 2,447 |
|
| 877 |
|
| 2,306 |
|
| 367 |
|
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 9,416 |
| $ | 2,168 |
| $ | 8,750 |
| $ | 1,846 |
| $ | 16,086 |
| $ | 398 |
|
| |
Proceeds from sales | $ | 19,890 |
| $ | 2,786 |
| $ | 17,649 |
| $ | 382 |
| $ | 3,142 |
| $ | 219 |
|
|
See Notes to the Financial Statements.
14
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alger Growth & Income Portfolio |
| Alger Mid Cap Growth Portfolio |
| Alger Small Cap Growth Portfolio |
| Columbia Value Portfolio - Dividend Opportunity Fund |
| Columbia Value Portfolio - Large Cap Growth Fund |
| Columbia Value Portfolio - Small Cap Value Fund |
| Invesco V.I. American Franchise Fund Series I |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (29 | ) | $ | (4,773 | ) | $ | (4,608 | ) | $ | (200 | ) | $ | (306 | ) | $ | — |
| $ | (632 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 10,404 |
|
| 6,422 |
|
| (5,451 | ) |
| 121 |
|
| 227 |
|
| — |
|
| 268 |
|
| |
Net realized gains on distributions |
| 4,189 |
|
| 10,806 |
|
| 48,541 |
|
| — |
|
| — |
|
| — |
|
| 11,848 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (31,683 | ) |
| (188,690 | ) |
| (207,275 | ) |
| (309 | ) |
| (10,220 | ) |
| — |
|
| (29,807 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (17,119 | ) |
| (176,235 | ) |
| (168,793 | ) |
| (388 | ) |
| (10,299 | ) |
| — |
|
| (18,323 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (21,292 | ) |
| (15,326 | ) |
| (37,379 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| |
Transfers between Investment Divisions |
| (2,788 | ) |
| 12,271 |
|
| 34,639 |
|
| — |
|
| — |
|
| — |
|
| (32 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (24,080 | ) |
| (3,055 | ) |
| (2,740 | ) |
| — |
|
| — |
|
| — |
|
| (32 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (41,199 | ) |
| (179,290 | ) |
| (171,533 | ) |
| (388 | ) |
| (10,299 | ) |
| — |
|
| (18,355 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 103,993 |
|
| 480,276 |
|
| 434,656 |
|
| 16,543 |
|
| 31,949 |
|
| — |
|
| 57,092 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 62,794 |
| $ | 300,986 |
| $ | 263,123 |
| $ | 16,155 |
| $ | 21,650 |
| $ | — |
| $ | 38,737 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 2,625 |
|
| 8,583 |
|
| 11,964 |
|
| 629 |
|
| 631 |
|
| — |
|
| 1,525 |
|
| |
Units issued |
| — |
|
| 329 |
|
| 1,418 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| |
Units redeemed |
| (698 | ) |
| (515 | ) |
| (1,520 | ) |
| (8 | ) |
| (7 | ) |
| — |
|
| (1 | ) |
| |
Units outstanding at end of year |
| 1,927 |
|
| 8,397 |
|
| 11,862 |
|
| 621 |
|
| 624 |
|
| — |
|
| 1,524 |
|
|
See Notes to the Financial Statements.
15
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. American Franchise Fund Series II |
| Invesco V.I. American Value Fund Series I |
| Invesco V.I. Capital Appreciation Fund |
| Invesco V.I. Comstock Fund Series I |
| Invesco V.I. Core Equity Fund Series I |
| Invesco V.I. Core Equity Fund Series II |
| Invesco V.I. Core Plus Bond Fund Series I(a) |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (72 | ) | $ | (1,619 | ) | $ | (6,088 | ) | $ | 74 |
| $ | (2,281 | ) | $ | (1,319 | ) | $ | (1,293 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 665 |
|
| 3,490 |
|
| 2,120 |
|
| 5,543 |
|
| (7,918 | ) |
| (4,691 | ) |
| (2,192 | ) |
| |
Net realized gains on distributions |
| 1,115 |
|
| 36,134 |
|
| 143,356 |
|
| 4,730 |
|
| 69,122 |
|
| 16,283 |
|
| 192 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (3,635 | ) |
| (50,007 | ) |
| (308,413 | ) |
| (11,961 | ) |
| (179,833 | ) |
| (44,594 | ) |
| (16,925 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (1,927 | ) |
| (12,002 | ) |
| (169,025 | ) |
| (1,614 | ) |
| (120,910 | ) |
| (34,321 | ) |
| (20,218 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (3,165 | ) |
| (27,608 | ) |
| (15,863 | ) |
| (11,708 | ) |
| (54,153 | ) |
| (26,217 | ) |
| (16,488 | ) |
| |
Transfers between Investment Divisions |
| (25 | ) |
| (11,553 | ) |
| 7,196 |
|
| (5,586 | ) |
| 10,543 |
|
| 3,327 |
|
| 333,906 |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (3,190 | ) |
| (39,161 | ) |
| (8,667 | ) |
| (17,294 | ) |
| (43,610 | ) |
| (22,890 | ) |
| 317,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (5,117 | ) |
| (51,163 | ) |
| (177,692 | ) |
| (18,908 | ) |
| (164,520 | ) |
| (57,211 | ) |
| 297,200 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 8,522 |
|
| 248,801 |
|
| 535,300 |
|
| 172,179 |
|
| 571,659 |
|
| 152,300 |
|
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 3,405 |
| $ | 197,638 |
| $ | 357,608 |
| $ | 153,271 |
| $ | 407,139 |
| $ | 95,089 |
| $ | 297,200 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 196 |
|
| 5,940 |
|
| 11,523 |
|
| 6,565 |
|
| 21,081 |
|
| 4,092 |
|
|
|
|
| |
Units issued |
| — |
|
| — |
|
| 227 |
|
| — |
|
| 692 |
|
| 169 |
|
| 35,367 |
|
| |
Units redeemed |
| (80 | ) |
| (1,163 | ) |
| (510 | ) |
| (709 | ) |
| (2,672 | ) |
| (982 | ) |
| (3,866 | ) |
| |
Units outstanding at end of year |
| 116 |
|
| 4,777 |
|
| 11,240 |
|
| 5,856 |
|
| 19,101 |
|
| 3,279 |
|
| 31,501 |
|
|
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 29, 2022. The Statement of Changes in Net Assets is from April 29, 2022 through December 31, 2022. |
See Notes to the Financial Statements.
16
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Core Plus Bond Fund Series II(a) |
| Invesco V.I. Diversified Dividend Fund |
| Invesco V.I. Global Core Equity Fund |
| Invesco V.I. Global Fund/VA Class 2 |
| Invesco V.I. Global Health Care Fund |
| Invesco V.I. Government Securities Fund Series I |
| Invesco V.I. Government Securities Fund Series II |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (473 | ) | $ | 1,043 |
| $ | (496 | ) | $ | (182 | ) | $ | (787 | ) | $ | 555 |
| $ | 40 |
|
| |
Net realized gain (loss) on investments in Funds |
| (279 | ) |
| 13,252 |
|
| 1,523 |
|
| 16 |
|
| 426 |
|
| (803 | ) |
| (4,750 | ) |
| |
Net realized gains on distributions |
| 67 |
|
| 32,567 |
|
| 2,706 |
|
| 1,847 |
|
| 7,896 |
|
| — |
|
| — |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (6,097 | ) |
| (55,748 | ) |
| (17,020 | ) |
| (6,342 | ) |
| (17,296 | ) |
| (12,068 | ) |
| (22,766 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (6,782 | ) |
| (8,886 | ) |
| (13,287 | ) |
| (4,661 | ) |
| (9,761 | ) |
| (12,316 | ) |
| (27,476 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (968 | ) |
| (8,792 | ) |
| (7,254 | ) |
| — |
|
| — |
|
| (4,812 | ) |
| (15,999 | ) |
| |
Transfers between Investment Divisions |
| 110,399 |
|
| (27,606 | ) |
| 19 |
|
| 7 |
|
| (129 | ) |
| (9,927 | ) |
| (20,203 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 109,431 |
|
| (36,398 | ) |
| (7,235 | ) |
| 7 |
|
| (129 | ) |
| (14,739 | ) |
| (36,202 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 102,649 |
|
| (45,284 | ) |
| (20,522 | ) |
| (4,654 | ) |
| (9,890 | ) |
| (27,055 | ) |
| (63,678 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 305,297 |
|
| 58,117 |
|
| 14,079 |
|
| 67,008 |
|
| 113,587 |
|
| 235,139 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 102,649 |
| $ | 260,013 |
| $ | 37,595 |
| $ | 9,425 |
| $ | 57,118 |
| $ | 86,532 |
| $ | 171,461 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
|
|
|
| 12,494 |
|
| 2,887 |
|
| 311 |
|
| 1,815 |
|
| 8,308 |
|
| 17,134 |
|
| |
Units issued |
| 11,861 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| |
Units redeemed |
| (951 | ) |
| (1,502 | ) |
| (553 | ) |
| (1 | ) |
| (2 | ) |
| (1,250 | ) |
| (2,960 | ) |
| |
Units outstanding at end of year |
| 10,910 |
|
| 10,992 |
|
| 2,334 |
|
| 310 |
|
| 1,813 |
|
| 7,058 |
|
| 14,174 |
|
|
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 29, 2022. The Statement of Changes in Net Assets is from April 29, 2022 through December 31, 2022. |
See Notes to the Financial Statements.
17
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco V.I. Growth and Income Fund Series II |
| Invesco V.I. International Growth Fund Series I |
| Invesco V.I. International Growth Fund Series II |
| Invesco V.I. Main Street Small Cap Fund |
| Invesco V.I. Money Market Fund |
| Invesco V.I. Technology Fund |
| MFS/VIT II Core Equity Portfolio |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (298 | ) | $ | 784 |
| $ | (690 | ) | $ | (1,643 | ) | $ | 41 |
| $ | (5,435 | ) | $ | (830 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 409 |
|
| 860 |
|
| (4,952 | ) |
| 1,767 |
|
| — |
|
| 4,707 |
|
| 160 |
|
| |
Net realized gains on distributions |
| 8,825 |
|
| 20,759 |
|
| 33,232 |
|
| 21,912 |
|
| — |
|
| 157,363 |
|
| 9,203 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (17,015 | ) |
| (67,924 | ) |
| (110,662 | ) |
| (60,588 | ) |
| — |
|
| (362,889 | ) |
| (26,038 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (8,079 | ) |
| (45,521 | ) |
| (83,072 | ) |
| (38,552 | ) |
| 41 |
|
| (206,254 | ) |
| (17,505 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (7,846 | ) |
| (18,342 | ) |
| (43,319 | ) |
| (9,441 | ) |
| (7,527 | ) |
| (11,356 | ) |
| (300 | ) |
| |
Transfers between Investment Divisions |
| (1,119 | ) |
| 7,551 |
|
| 18,999 |
|
| (392 | ) |
| (26,213 | ) |
| 86,008 |
|
| (257 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (8,965 | ) |
| (10,791 | ) |
| (24,320 | ) |
| (9,833 | ) |
| (33,740 | ) |
| 74,652 |
|
| (557 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (17,044 | ) |
| (56,312 | ) |
| (107,392 | ) |
| (48,385 | ) |
| (33,699 | ) |
| (131,602 | ) |
| (18,062 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 108,447 |
|
| 238,299 |
|
| 393,325 |
|
| 227,343 |
|
| 308,393 |
|
| 470,399 |
|
| 95,351 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 91,403 |
| $ | 181,987 |
| $ | 285,933 |
| $ | 178,958 |
| $ | 274,694 |
| $ | 338,797 |
| $ | 77,289 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 2,892 |
|
| 13,719 |
|
| 12,425 |
|
| 2,808 |
|
| 33,437 |
|
| 17,188 |
|
| 3,925 |
|
| |
Units issued |
| — |
|
| 650 |
|
| 807 |
|
| 4 |
|
| 5,035 |
|
| 4,431 |
|
| — |
|
| |
Units redeemed |
| (257 | ) |
| (1,438 | ) |
| (1,979 | ) |
| (233 | ) |
| (8,747 | ) |
| (610 | ) |
| (43 | ) |
| |
Units outstanding at end of year |
| 2,635 |
|
| 12,931 |
|
| 11,253 |
|
| 2,579 |
|
| 29,725 |
|
| 21,009 |
|
| 3,882 |
|
|
See Notes to the Financial Statements.
18
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MFS/VIT II High Yield Portfolio |
| MFS/VIT II High Yield Portfolio Service Class |
| MFS/VIT Investors Trust Series |
| MFS/VIT Research Series |
| MFS/VIT Total Return Series |
| MFS/VIT Utilities Series |
| Morgan Stanley UIF U.S. Real Estate Portfolio |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | 3,943 |
| $ | 1,244 |
| $ | (1,043 | ) | $ | (964 | ) | $ | 1,778 |
| $ | 161 |
| $ | (248 | ) |
| |
Net realized gain (loss) on investments in Funds |
| (2,214 | ) |
| (1,046 | ) |
| 4,364 |
|
| 667 |
|
| 1,451 |
|
| 1,476 |
|
| (1,837 | ) |
| |
Net realized gains on distributions |
| — |
|
| — |
|
| 16,922 |
|
| 15,521 |
|
| 36,794 |
|
| 934 |
|
| 27,627 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (14,647 | ) |
| (5,027 | ) |
| (47,669 | ) |
| (41,017 | ) |
| (91,183 | ) |
| (2,792 | ) |
| (66,930 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (12,918 | ) |
| (4,829 | ) |
| (27,426 | ) |
| (25,793 | ) |
| (51,160 | ) |
| (221 | ) |
| (41,388 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (3,869 | ) |
| (2,250 | ) |
| (10,960 | ) |
| — |
|
| (27,089 | ) |
| (932 | ) |
| (3,790 | ) |
| |
Transfers between Investment Divisions |
| (5,282 | ) |
| (1,122 | ) |
| 1,618 |
|
| (68 | ) |
| (2,749 | ) |
| (3,132 | ) |
| 12,645 |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (9,151 | ) |
| (3,372 | ) |
| (9,342 | ) |
| (68 | ) |
| (29,838 | ) |
| (4,064 | ) |
| 8,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (22,069 | ) |
| (8,201 | ) |
| (36,768 | ) |
| (25,861 | ) |
| (80,998 | ) |
| (4,285 | ) |
| (32,533 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 108,564 |
|
| 40,135 |
|
| 161,804 |
|
| 141,139 |
|
| 470,101 |
|
| 29,065 |
|
| 149,415 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 86,495 |
| $ | 31,934 |
| $ | 125,036 |
| $ | 115,278 |
| $ | 389,103 |
| $ | 24,780 |
| $ | 116,882 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 8,088 |
|
| 3,070 |
|
| 4,580 |
|
| 3,765 |
|
| 18,823 |
|
| 545 |
|
| 3,560 |
|
| |
Units issued |
| — |
|
| — |
|
| 98 |
|
| — |
|
| — |
|
| — |
|
| 429 |
|
| |
Units redeemed |
| (785 | ) |
| (293 | ) |
| (394 | ) |
| (6 | ) |
| (1,254 | ) |
| (74 | ) |
| (112 | ) |
| |
Units outstanding at end of year |
| 7,303 |
|
| 2,777 |
|
| 4,284 |
|
| 3,759 |
|
| 17,569 |
|
| 471 |
|
| 3,877 |
|
|
See Notes to the Financial Statements.
19
Jackson Sage Variable Annuity Account A | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Basic Materials Fund |
| Rydex VT Consumer Products Fund |
| Rydex VT Energy Fund |
| Rydex VT Energy Services Fund |
| Rydex VT Health Care Fund |
| Rydex VT Leisure Fund |
| Rydex VT Precious Metal Fund |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (48 | ) | $ | (666 | ) | $ | (626 | ) | $ | (15 | ) | $ | (2,803 | ) | $ | (177 | ) | $ | (427 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 27 |
|
| 2,499 |
|
| 47,974 |
|
| (42 | ) |
| 6,176 |
|
| 54 |
|
| 3,834 |
|
| |
Net realized gains on distributions |
| 77 |
|
| 4,381 |
|
| — |
|
| — |
|
| 10,020 |
|
| — |
|
| — |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (548 | ) |
| (8,043 | ) |
| 11,844 |
|
| 327 |
|
| (43,726 | ) |
| (4,092 | ) |
| (6,319 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (492 | ) |
| (1,829 | ) |
| 59,192 |
|
| 270 |
|
| (30,333 | ) |
| (4,215 | ) |
| (2,912 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (3,127 | ) |
| (4,807 | ) |
| — |
|
| (6,422 | ) |
| (664 | ) |
| (2,127 | ) |
| |
Transfers between Investment Divisions |
| 15 |
|
| (6,491 | ) |
| (69,909 | ) |
| 4 |
|
| 2,172 |
|
| 1,790 |
|
| 31 |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 15 |
|
| (9,618 | ) |
| (74,716 | ) |
| 4 |
|
| (4,250 | ) |
| 1,126 |
|
| (2,096 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (477 | ) |
| (11,447 | ) |
| (15,524 | ) |
| 274 |
|
| (34,583 | ) |
| (3,089 | ) |
| (5,008 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 4,425 |
|
| 93,977 |
|
| 146,882 |
|
| 672 |
|
| 227,068 |
|
| 14,338 |
|
| 48,230 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 3,948 |
| $ | 82,530 |
| $ | 131,358 |
| $ | 946 |
| $ | 192,485 |
| $ | 11,249 |
| $ | 43,222 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 140 |
|
| 2,570 |
|
| 12,144 |
|
| 183 |
|
| 4,911 |
|
| 414 |
|
| 3,545 |
|
| |
Units issued |
| — |
|
| — |
|
| — |
|
| — |
|
| 64 |
|
| 67 |
|
| 236 |
|
| |
Units redeemed |
| — |
|
| (258 | ) |
| (4,718 | ) |
| — |
|
| (163 | ) |
| (25 | ) |
| (165 | ) |
| |
Units outstanding at end of year |
| 140 |
|
| 2,312 |
|
| 7,426 |
|
| 183 |
|
| 4,812 |
|
| 456 |
|
| 3,616 |
|
|
See Notes to the Financial Statements.
20
Jackson Sage Variable Annuity Account A | ||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rydex VT Retailing Fund |
| Rydex VT Tele-Communications Fund |
| Rydex VT Transportation Fund |
| T. Rowe Price Equity Income Portfolio |
| T. Rowe Price Mid-Cap Growth Portfolio |
| T. Rowe Price Personal Strategy Balanced Portfolio |
|
| ||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (2,972 | ) | $ | (202 | ) | $ | (1,232 | ) | $ | 155 |
| $ | (3,020 | ) | $ | 21 |
|
| |
Net realized gain (loss) on investments in Funds |
| 3,163 |
|
| 139 |
|
| 1,267 |
|
| 72 |
|
| 412 |
|
| 6 |
|
| |
Net realized gains on distributions |
| 5,274 |
|
| — |
|
| 10,115 |
|
| 1,464 |
|
| 7,082 |
|
| 295 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (75,177 | ) |
| (7,297 | ) |
| (47,950 | ) |
| (3,065 | ) |
| (74,457 | ) |
| (3,797 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (69,712 | ) |
| (7,360 | ) |
| (37,800 | ) |
| (1,374 | ) |
| (69,983 | ) |
| (3,475 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (6,236 | ) |
| (900 | ) |
| (2,993 | ) |
| — |
|
| — |
|
| — |
|
| |
Transfers between Investment Divisions |
| 29,705 |
|
| 3,529 |
|
| 14,602 |
|
| (12 | ) |
| (95 | ) |
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 23,469 |
|
| 2,629 |
|
| 11,609 |
|
| (12 | ) |
| (95 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (46,243 | ) |
| (4,731 | ) |
| (26,191 | ) |
| (1,386 | ) |
| (70,078 | ) |
| (3,475 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 241,607 |
|
| 27,636 |
|
| 100,541 |
|
| 29,672 |
|
| 297,045 |
|
| 17,831 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 195,364 |
| $ | 22,905 |
| $ | 74,350 |
| $ | 28,286 |
| $ | 226,967 |
| $ | 14,356 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 5,887 |
|
| 1,718 |
|
| 2,294 |
|
| 885 |
|
| 2,366 |
|
| 379 |
|
| |
Units issued |
| 905 |
|
| 298 |
|
| 451 |
|
| — |
|
| — |
|
| — |
|
| |
Units redeemed |
| (205 | ) |
| (69 | ) |
| (91 | ) |
| (4 | ) |
| (30 | ) |
| (6 | ) |
| |
Units outstanding at end of year |
| 6,587 |
|
| 1,947 |
|
| 2,654 |
|
| 881 |
|
| 2,336 |
|
| 373 |
|
|
See Notes to the Financial Statements.
21
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
Alger Growth & Income Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 62 |
| 1,541 |
| 1.38 |
|
| 42.932980 |
| 22.20 |
| 1.40 |
|
| 58.973740 |
| 23.93 |
| 0.00 |
| |
12/31/2022 |
| 63 |
| 1,927 |
| 1.37 |
|
| 35.133146 |
| (16.17 | ) | 1.40 |
|
| 47.586465 |
| (14.98 | ) | 0.00 |
| |
12/31/2021 |
| 104 |
| 2,625 |
| 1.14 |
|
| 41.909039 |
| 29.82 |
| 1.40 |
|
| 55.970680 |
| 31.66 |
| 1.25 |
| |
12/31/2020 |
| 102 |
| 3,351 |
| 1.40 |
|
| 32.282357 |
| 13.27 |
| 1.40 |
|
| 42.510931 |
| 14.88 |
| 1.25 |
| |
12/31/2019 |
| 92 |
| 3,423 |
| 1.58 |
|
| 23.757803 |
| 27.66 |
| 1.40 |
|
| 37.005044 |
| 29.47 |
| 1.25 |
| |
Alger Mid Cap Growth Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 360 |
| 8,243 |
| 0.00 |
|
| 45.337180 |
| 21.45 |
| 1.40 |
|
| 59.912600 |
| 23.17 |
| 0.00 |
| |
12/31/2022 |
| 301 |
| 8,397 |
| 0.00 |
|
| 37.328560 |
| (36.97 | ) | 1.40 |
|
| 48.641208 |
| (36.07 | ) | 0.00 |
| |
12/31/2021 |
| 480 |
| 8,583 |
| 0.00 |
|
| 59.221358 |
| 2.74 |
| 1.40 |
|
| 76.088110 |
| 4.20 |
| 1.25 |
| |
12/31/2020 |
| 471 |
| 8,746 |
| 0.00 |
|
| 57.639317 |
| 62.33 |
| 1.40 |
|
| 73.017838 |
| 64.63 |
| 1.25 |
| |
12/31/2019 |
| 342 |
| 10,266 |
| 0.00 |
|
| 17.905588 |
| 28.43 |
| 1.40 |
|
| 44.353193 |
| 30.26 |
| 1.25 |
| |
Alger Small Cap Growth Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 304 |
| 11,916 |
| 0.00 |
|
| 25.379860 |
| 14.87 |
| 1.40 |
|
| 34.461760 |
| 16.49 |
| 0.00 |
| |
12/31/2022 |
| 263 |
| 11,862 |
| 0.00 |
|
| 22.095365 |
| (38.88 | ) | 1.40 |
|
| 29.583334 |
| (38.01 | ) | 0.00 |
| |
12/31/2021 |
| 435 |
| 11,964 |
| 0.00 |
|
| 36.151754 |
| (7.38 | ) | 1.40 |
|
| 47.725304 |
| (6.06 | ) | 1.25 |
| |
12/31/2020 |
| 461 |
| 11,760 |
| 0.97 |
|
| 39.030866 |
| 64.81 |
| 1.40 |
|
| 50.803868 |
| 67.15 |
| 1.25 |
| |
12/31/2019 |
| 399 |
| 16,201 |
| 0.00 |
|
| 23.628867 |
| 27.53 |
| 1.40 |
|
| 30.393993 |
| 29.34 |
| 1.25 |
| |
Columbia Value Portfolio - Dividend Opportunity Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 17 |
| 613 |
| 0.00 |
|
| 27.345010 |
| 5.09 |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 16 |
| 621 |
| 0.00 |
|
| 26.020965 |
| (1.11 | ) | 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 17 |
| 629 |
| 0.00 |
|
| 26.313640 |
| 26.16 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 13 |
| 637 |
| 0.00 |
|
| 20.857185 |
| 1.15 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 40 |
| 1,917 |
| 0.00 |
|
| 20.620247 |
| 24.07 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Columbia Value Portfolio - Large Cap Growth Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 31 |
| 617 |
| 0.00 |
|
| 49.706680 |
| 43.16 |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 22 |
| 624 |
| 0.00 |
|
| 34.720007 |
| (31.38 | ) | 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 32 |
| 631 |
| 0.00 |
|
| 50.600009 |
| 28.73 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 25 |
| 640 |
| 0.00 |
|
| 39.306673 |
| 34.73 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 19 |
| 648 |
| 0.00 |
|
| 29.173333 |
| 35.90 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Columbia Value Portfolio - Small Cap Value Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 105.110168 |
| 29.19 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| — |
| — |
| 0.00 |
|
| 81.362820 |
| 8.80 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 9 |
| 118 |
| 0.49 |
|
| 74.783680 |
| 21.34 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. American Franchise Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 53 |
| 1,499 |
| 0.00 |
|
| 35.075990 |
| 38.96 |
| 1.40 |
|
| 35.703960 |
| 39.17 |
| 1.25 |
| |
12/31/2022 |
| 39 |
| 1,524 |
| 0.00 |
|
| 25.241641 |
| (32.08 | ) | 1.40 |
|
| 25.654660 |
| (31.97 | ) | 1.25 |
| |
12/31/2021 |
| 57 |
| 1,525 |
| 0.00 |
|
| 37.161969 |
| 10.36 |
| 1.40 |
|
| 37.712665 |
| 10.53 |
| 1.25 |
| |
12/31/2020 |
| 52 |
| 1,533 |
| 0.07 |
|
| 33.673536 |
| 40.36 |
| 1.40 |
|
| 34.120600 |
| 40.58 |
| 1.25 |
| |
12/31/2019 |
| 38 |
| 1,587 |
| 0.00 |
|
| 23.990401 |
| 34.84 |
| 1.40 |
|
| 24.272031 |
| 35.05 |
| 1.25 |
|
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
22
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
Invesco V.I. American Franchise Fund Series II |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 5 |
| 113 |
| 0.00 |
|
| 40.556520 |
| 38.64 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 3 |
| 116 |
| 0.00 |
|
| 29.253866 |
| (32.26 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 9 |
| 196 |
| 0.00 |
|
| 43.183278 |
| 10.08 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 8 |
| 204 |
| 0.00 |
|
| 39.227217 |
| 40.01 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 8 |
| 281 |
| 0.00 |
|
| 28.017412 |
| 34.52 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. American Value Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 207 |
| 4,249 |
| 0.65 |
|
| 54.455970 |
| 13.99 |
| 1.40 |
|
| 73.649100 |
| 15.60 |
| 0.00 |
| |
12/31/2022 |
| 198 |
| 4,777 |
| 0.68 |
|
| 47.774390 |
| (3.97 | ) | 1.40 |
|
| 63.710834 |
| (2.61 | ) | 0.00 |
| |
12/31/2021 |
| 249 |
| 5,940 |
| 0.44 |
|
| 49.751405 |
| 26.16 |
| 1.40 |
|
| 65.419974 |
| 27.95 |
| 1.25 |
| |
12/31/2020 |
| 226 |
| 6,906 |
| 0.84 |
|
| 39.435216 |
| (0.29 | ) | 1.40 |
|
| 51.129407 |
| 1.12 |
| 1.25 |
| |
12/31/2019 |
| 290 |
| 8,138 |
| 0.67 |
|
| 19.828395 |
| 23.28 |
| 1.40 |
|
| 50.561814 |
| 25.03 |
| 1.25 |
| |
Invesco V.I. Capital Appreciation Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 471 |
| 11,087 |
| 0.00 |
|
| 44.359020 |
| 33.49 |
| 1.40 |
|
| 60.071050 |
| 35.38 |
| 0.00 |
| |
12/31/2022 |
| 358 |
| 11,240 |
| 0.00 |
|
| 33.230727 |
| (31.75 | ) | 1.40 |
|
| 44.373715 |
| (30.78 | ) | 0.00 |
| |
12/31/2021 |
| 535 |
| 11,523 |
| 0.00 |
|
| 48.690362 |
| 20.85 |
| 1.40 |
|
| 64.107641 |
| 22.57 |
| 1.25 |
| |
12/31/2020 |
| 485 |
| 12,862 |
| 0.00 |
|
| 40.288904 |
| 34.68 |
| 1.40 |
|
| 52.303629 |
| 36.59 |
| 1.25 |
| |
12/31/2019 |
| 459 |
| 16,430 |
| 0.06 |
|
| 21.060379 |
| 34.29 |
| 1.40 |
|
| 38.293264 |
| 36.20 |
| 1.25 |
| |
Invesco V.I. Comstock Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 169 |
| 5,829 |
| 1.88 |
|
| 28.637800 |
| 10.79 |
| 1.40 |
|
| 34.238620 |
| 12.36 |
| 0.00 |
| |
12/31/2022 |
| 153 |
| 5,856 |
| 1.52 |
|
| 25.848632 |
| (0.29 | ) | 1.40 |
|
| 30.472693 |
| 1.12 |
| 0.00 |
| |
12/31/2021 |
| 172 |
| 6,565 |
| 1.82 |
|
| 25.923608 |
| 31.49 |
| 1.40 |
|
| 30.134148 |
| 33.36 |
| 1.25 |
| |
12/31/2020 |
| 138 |
| 6,918 |
| 2.53 |
|
| 19.714567 |
| (2.24 | ) | 1.40 |
|
| 22.596142 |
| (0.85 | ) | 1.25 |
| |
12/31/2019 |
| 136 |
| 6,680 |
| 2.00 |
|
| 20.166478 |
| 23.55 |
| 1.40 |
|
| 22.790321 |
| 25.30 |
| 1.25 |
| |
Invesco V.I. Core Equity Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 437 |
| 16,742 |
| 0.73 |
|
| 24.946620 |
| 21.64 |
| 1.40 |
|
| 34.380980 |
| 23.36 |
| 0.00 |
| |
12/31/2022 |
| 407 |
| 19,101 |
| 0.87 |
|
| 20.508210 |
| (21.66 | ) | 1.40 |
|
| 27.869780 |
| (20.55 | ) | 0.00 |
| |
12/31/2021 |
| 572 |
| 21,081 |
| 0.65 |
|
| 26.177731 |
| 25.95 |
| 1.40 |
|
| 35.076968 |
| 27.74 |
| 1.25 |
| |
12/31/2020 |
| 547 |
| 25,556 |
| 1.36 |
|
| 20.783935 |
| 12.26 |
| 1.40 |
|
| 27.459920 |
| 13.85 |
| 1.25 |
| |
12/31/2019 |
| 491 |
| 25,722 |
| 0.86 |
|
| 18.514644 |
| 27.16 |
| 1.40 |
|
| 24.119211 |
| 28.96 |
| 1.25 |
| |
Invesco V.I. Core Equity Fund Series II |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 107 |
| 3,047 |
| 0.47 |
|
| 35.197080 |
| 21.37 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 95 |
| 3,279 |
| 0.52 |
|
| 29.000249 |
| (21.86 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 152 |
| 4,092 |
| 0.45 |
|
| 37.113721 |
| 25.60 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 150 |
| 5,055 |
| 1.03 |
|
| 29.549721 |
| 11.98 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 186 |
| 7,031 |
| 0.17 |
|
| 26.388082 |
| 26.86 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. Core Plus Bond Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 324 |
| 32,842 |
| 2.66 |
|
| 9.869763 |
| 4.66 |
| 1.40 |
|
| 10.104800 |
| 6.14 |
| 0.00 |
| |
12/31/2022+ |
| 297 |
| 31,501 |
| 0.82 |
|
| 9.430587 |
| (5.69 | ) | 1.40 |
|
| 9.520345 |
| (4.80 | ) | 0.00 |
|
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: Invesco V.I. Core Plus Bond Fund Series I - April 29, 2022. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
23
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
Invesco V.I. Core Plus Bond Fund Series II |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 100 |
| 10,153 |
| 2.48 |
|
| 9.819494 |
| 4.37 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022+ |
| 103 |
| 10,910 |
| 0.84 |
|
| 9.408366 |
| (5.92 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. Diversified Dividend Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 264 |
| 10,398 |
| 2.05 |
|
| 25.431340 |
| 7.52 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 260 |
| 10,992 |
| 1.82 |
|
| 23.652014 |
| (3.05 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 305 |
| 12,494 |
| 2.16 |
|
| 24.396869 |
| 17.23 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 284 |
| 13,640 |
| 3.35 |
|
| 20.811184 |
| (1.26 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 258 |
| 12,202 |
| 2.81 |
|
| 21.076836 |
| 23.34 |
| 1.40 |
|
| 21.356608 |
| 23.53 |
| 1.25 |
| |
Invesco V.I. Global Core Equity Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 45 |
| 2,332 |
| 0.58 |
|
| 22.287400 |
| 20.03 |
| 1.40 |
|
| 30.906310 |
| 21.73 |
| 0.00 |
| |
12/31/2022 |
| 38 |
| 2,334 |
| 0.31 |
|
| 18.568524 |
| (22.97 | ) | 1.40 |
|
| 25.390020 |
| (21.88 | ) | 0.00 |
| |
12/31/2021 |
| 58 |
| 2,887 |
| 0.98 |
|
| 24.104879 |
| 14.35 |
| 1.40 |
|
| 32.499229 |
| 15.97 |
| 1.25 |
| |
12/31/2020 |
| 51 |
| 2,876 |
| 1.38 |
|
| 21.079980 |
| 11.64 |
| 1.40 |
|
| 28.023253 |
| 13.23 |
| 1.25 |
| |
12/31/2019 |
| 54 |
| 3,215 |
| 1.39 |
|
| 12.168306 |
| 23.44 |
| 1.40 |
|
| 24.749338 |
| 25.20 |
| 1.25 |
| |
Invesco V.I. Global Fund/VA Class 2 |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 12 |
| 309 |
| 0.00 |
|
| 40.321510 |
| 32.57 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 9 |
| 310 |
| 0.00 |
|
| 30.415103 |
| (32.89 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 14 |
| 311 |
| 0.00 |
|
| 45.320642 |
| 13.56 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 12 |
| 312 |
| 0.46 |
|
| 39.909489 |
| 25.55 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 10 |
| 313 |
| 0.64 |
|
| 31.786518 |
| 29.61 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. Global Health Care Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 54 |
| 1,686 |
| 0.00 |
|
| 32.646730 |
| 1.58 |
| 1.40 |
|
| 28.716300 |
| 1.74 |
| 1.25 |
| |
12/31/2022 |
| 57 |
| 1,813 |
| 0.00 |
|
| 32.137792 |
| (14.53 | ) | 1.40 |
|
| 28.225795 |
| (14.40 | ) | 1.25 |
| |
12/31/2021 |
| 67 |
| 1,815 |
| 0.21 |
|
| 32.973539 |
| 10.73 |
| 1.40 |
|
| 37.600636 |
| 10.90 |
| 1.25 |
| |
12/31/2020 |
| 61 |
| 1,824 |
| 0.32 |
|
| 33.958138 |
| 12.86 |
| 1.40 |
|
| 29.734004 |
| 13.03 |
| 1.25 |
| |
12/31/2019 |
| 53 |
| 1,806 |
| 0.04 |
|
| 26.306538 |
| 30.65 |
| 1.40 |
|
| 38.952069 |
| 32.50 |
| 1.25 |
| |
Invesco V.I. Government Securities Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 88 |
| 6,994 |
| 2.09 |
|
| 11.518740 |
| 3.32 |
| 1.25 |
|
| 21.170330 |
| 4.62 |
| 0.00 |
| |
12/31/2022 |
| 87 |
| 7,058 |
| 1.88 |
|
| 11.148956 |
| (11.41 | ) | 1.25 |
|
| 20.235270 |
| (10.29 | ) | 0.00 |
| |
12/31/2021 |
| 114 |
| 8,308 |
| 2.35 |
|
| 12.585138 |
| (3.49 | ) | 1.40 |
|
| 22.556958 |
| (2.27 | ) | 1.25 |
| |
12/31/2020 |
| 119 |
| 8,384 |
| 2.53 |
|
| 13.040090 |
| 4.94 |
| 1.40 |
|
| 23.080193 |
| 6.27 |
| 1.25 |
| |
12/31/2019 |
| 128 |
| 8,832 |
| 2.52 |
|
| 12.425722 |
| 4.59 |
| 1.40 |
|
| 21.717942 |
| 6.07 |
| 1.25 |
| |
Invesco V.I. Government Securities Fund Series II |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 188 |
| 15,109 |
| 1.83 |
|
| 12.460790 |
| 3.00 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 171 |
| 14,174 |
| 1.54 |
|
| 12.097625 |
| (11.83 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 235 |
| 17,134 |
| 2.26 |
|
| 13.720306 |
| (3.80 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 242 |
| 16,946 |
| 2.29 |
|
| 14.262307 |
| 4.49 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 220 |
| 16,077 |
| 2.10 |
|
| 13.649766 |
| 4.27 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
|
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: Invesco V.I. Core Plus Bond Fund Series II - April 29, 2022. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
24
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
Invesco V.I. Growth and Income Fund Series II |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 100 |
| 2,612 |
| 1.33 |
|
| 38.442790 |
| 10.84 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 91 |
| 2,635 |
| 1.23 |
|
| 34.684376 |
| (7.31 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 108 |
| 2,892 |
| 1.37 |
|
| 37.421754 |
| 26.39 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 88 |
| 2,971 |
| 1.73 |
|
| 29.607164 |
| 0.42 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 131 |
| 4,452 |
| 1.23 |
|
| 29.482278 |
| 23.10 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. International Growth Fund Series I |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 185 |
| 11,176 |
| 0.20 |
|
| 15.417240 |
| 16.67 |
| 1.25 |
|
| 37.615400 |
| 18.15 |
| 0.00 |
| |
12/31/2022 |
| 182 |
| 12,931 |
| 1.69 |
|
| 13.214046 |
| (19.33 | ) | 1.25 |
|
| 31.838306 |
| (18.31 | ) | 0.00 |
| |
12/31/2021 |
| 238 |
| 13,719 |
| 1.27 |
|
| 16.379497 |
| 4.57 |
| 1.40 |
|
| 38.972347 |
| 5.89 |
| 1.25 |
| |
12/31/2020 |
| 253 |
| 15,329 |
| 2.44 |
|
| 15.664360 |
| 12.57 |
| 1.40 |
|
| 36.804956 |
| 14.00 |
| 1.25 |
| |
12/31/2019 |
| 249 |
| 15,998 |
| 1.56 |
|
| 13.915178 |
| 26.77 |
| 1.40 |
|
| 32.286409 |
| 28.57 |
| 1.25 |
| |
Invesco V.I. International Growth Fund Series II |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 304 |
| 10,287 |
| 0.00 |
|
| 29.526090 |
| 16.22 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 286 |
| 11,253 |
| 1.30 |
|
| 25.405058 |
| (19.64 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 393 |
| 12,425 |
| 1.11 |
|
| 31.615666 |
| 4.13 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 379 |
| 12,456 |
| 2.18 |
|
| 30.362387 |
| 12.15 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 379 |
| 13,979 |
| 1.21 |
|
| 27.073625 |
| 26.44 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Invesco V.I. Main Street Small Cap Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 202 |
| 2,474 |
| 1.17 |
|
| 70.828940 |
| 16.48 |
| 1.40 |
|
| 94.745910 |
| 18.13 |
| 0.00 |
| |
12/31/2022 |
| 179 |
| 2,579 |
| 0.52 |
|
| 60.807632 |
| (17.01 | ) | 1.40 |
|
| 80.205569 |
| (15.83 | ) | 0.00 |
| |
12/31/2021 |
| 227 |
| 2,808 |
| 0.37 |
|
| 73.271638 |
| 20.84 |
| 1.40 |
|
| 95.294294 |
| 22.55 |
| 1.25 |
| |
12/31/2020 |
| 202 |
| 3,257 |
| 0.64 |
|
| 60.636254 |
| 18.25 |
| 1.40 |
|
| 77.757717 |
| 19.93 |
| 1.25 |
| |
12/31/2019 |
| 188 |
| 3,898 |
| 0.21 |
|
| 24.169010 |
| 24.70 |
| 1.40 |
|
| 64.836960 |
| 26.47 |
| 1.25 |
| |
Invesco V.I. Money Market Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 278 |
| 29,099 |
| 4.76 |
|
| 9.607357 |
| 3.40 |
| 1.40 |
|
| 12.855760 |
| 4.86 |
| 0.00 |
| |
12/31/2022 |
| 275 |
| 29,725 |
| 1.39 |
|
| 9.291722 |
| 0.04 |
| 1.40 |
|
| 12.259843 |
| 1.45 |
| 0.00 |
| |
12/31/2021 |
| 308 |
| 33,437 |
| 0.00 |
|
| 9.288205 |
| (1.39 | ) | 1.40 |
|
| 12.084105 |
| 0.01 |
| 1.25 |
| |
12/31/2020 |
| 310 |
| 33,175 |
| 0.29 |
|
| 9.419449 |
| (1.11 | ) | 1.40 |
|
| 12.083257 |
| 0.29 |
| 1.25 |
| |
12/31/2019 |
| 305 |
| 32,285 |
| 1.88 |
|
| 9.125635 |
| 0.47 |
| 1.40 |
|
| 12.047849 |
| 1.90 |
| 1.25 |
| |
Invesco V.I. Technology Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 408 |
| 17,447 |
| 0.00 |
|
| 23.184280 |
| 44.89 |
| 1.40 |
|
| 38.330690 |
| 45.11 |
| 1.25 |
| |
12/31/2022 |
| 339 |
| 21,009 |
| 0.00 |
|
| 16.000820 |
| (40.79 | ) | 1.40 |
|
| 26.414196 |
| (40.70 | ) | 1.25 |
| |
12/31/2021 |
| 470 |
| 17,188 |
| 0.00 |
|
| 27.023903 |
| 12.81 |
| 1.40 |
|
| 44.543303 |
| 12.98 |
| 1.25 |
| |
12/31/2020 |
| 431 |
| 17,762 |
| 0.00 |
|
| 23.955375 |
| 44.07 |
| 1.40 |
|
| 39.425466 |
| 44.29 |
| 1.25 |
| |
12/31/2019 |
| 378 |
| 22,522 |
| 0.00 |
|
| 16.627377 |
| 33.98 |
| 1.40 |
|
| 27.323643 |
| 35.88 |
| 1.25 |
| |
MFS/VIT II Core Equity Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 92 |
| 3,787 |
| 0.54 |
|
| 23.283890 |
| 21.42 |
| 1.40 |
|
| 26.344720 |
| 23.14 |
| 0.00 |
| |
12/31/2022 |
| 77 |
| 3,882 |
| 0.32 |
|
| 19.175921 |
| (18.43 | ) | 1.40 |
|
| 21.394045 |
| (17.27 | ) | 0.00 |
| |
12/31/2021 |
| 95 |
| 3,925 |
| 0.43 |
|
| 23.507574 |
| 23.56 |
| 1.40 |
|
| 25.860060 |
| 25.31 |
| 1.25 |
| |
12/31/2020 |
| 81 |
| 4,144 |
| 0.74 |
|
| 19.025514 |
| 17.05 |
| 1.40 |
|
| 20.636642 |
| 18.71 |
| 1.25 |
| |
12/31/2019 |
| 69 |
| 4,122 |
| 0.63 |
|
| 16.254659 |
| 31.33 |
| 1.40 |
|
| 17.384389 |
| 33.19 |
| 1.25 |
|
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
25
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
MFS/VIT II High Yield Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 95 |
| 7,265 |
| 5.89 |
|
| 13.080220 |
| 10.84 |
| 1.40 |
|
| 15.139920 |
| 12.41 |
| 0.00 |
| |
12/31/2022 |
| 86 |
| 7,303 |
| 5.56 |
|
| 11.801122 |
| (11.77 | ) | 1.40 |
|
| 13.468740 |
| (10.51 | ) | 0.00 |
| |
12/31/2021 |
| 109 |
| 8,088 |
| 5.06 |
|
| 13.374666 |
| 2.04 |
| 1.40 |
|
| 15.051319 |
| 3.49 |
| 1.25 |
| |
12/31/2020 |
| 101 |
| 7,673 |
| 5.36 |
|
| 13.107537 |
| 3.61 |
| 1.40 |
|
| 14.544203 |
| 5.09 |
| 1.25 |
| |
12/31/2019 |
| 111 |
| 8,772 |
| 5.04 |
|
| 12.650281 |
| 13.20 |
| 1.40 |
|
| 13.840313 |
| 14.81 |
| 1.25 |
| |
MFS/VIT II High Yield Portfolio Service Class |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 27 |
| 2,128 |
| 5.53 |
|
| 12.757850 |
| 10.91 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 32 |
| 2,777 |
| 5.27 |
|
| 11.502647 |
| (12.03 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 40 |
| 3,070 |
| 4.81 |
|
| 13.075317 |
| 1.64 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 39 |
| 3,030 |
| 5.43 |
|
| 12.864363 |
| 3.38 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 38 |
| 3,023 |
| 5.48 |
|
| 12.443427 |
| 12.83 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
MFS/VIT Investors Trust Series |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 142 |
| 4,143 |
| 0.72 |
|
| 35.365960 |
| 17.32 |
| 1.40 |
|
| 48.841950 |
| 18.98 |
| 0.00 |
| |
12/31/2022 |
| 125 |
| 4,284 |
| 0.66 |
|
| 30.145189 |
| (17.66 | ) | 1.40 |
|
| 41.050958 |
| (16.49 | ) | 0.00 |
| |
12/31/2021 |
| 162 |
| 4,580 |
| 0.62 |
|
| 36.608988 |
| 25.04 |
| 1.40 |
|
| 49.156215 |
| 26.81 |
| 1.25 |
| |
12/31/2020 |
| 152 |
| 5,372 |
| 0.64 |
|
| 29.278182 |
| 12.27 |
| 1.40 |
|
| 38.762831 |
| 13.87 |
| 1.25 |
| |
12/31/2019 |
| 163 |
| 6,175 |
| 0.67 |
|
| 23.527597 |
| 29.74 |
| 1.40 |
|
| 34.041699 |
| 31.58 |
| 1.25 |
| |
MFS/VIT Research Series |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 139 |
| 3,753 |
| 0.52 |
|
| 36.453700 |
| 20.71 |
| 1.40 |
|
| 50.238870 |
| 22.42 |
| 0.00 |
| |
12/31/2022 |
| 115 |
| 3,759 |
| 0.49 |
|
| 30.199281 |
| (18.37 | ) | 1.40 |
|
| 41.038678 |
| (17.21 | ) | 0.00 |
| |
12/31/2021 |
| 141 |
| 3,765 |
| 0.54 |
|
| 36.994493 |
| 23.06 |
| 1.40 |
|
| 49.569999 |
| 24.80 |
| 1.25 |
| |
12/31/2020 |
| 125 |
| 4,140 |
| 0.73 |
|
| 30.063208 |
| 14.96 |
| 1.40 |
|
| 39.718963 |
| 16.59 |
| 1.25 |
| |
12/31/2019 |
| 109 |
| 4,162 |
| 0.80 |
|
| 25.042683 |
| 31.09 |
| 1.40 |
|
| 34.066222 |
| 32.95 |
| 1.25 |
| |
MFS/VIT Total Return Series |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 419 |
| 17,418 |
| 2.06 |
|
| 31.319280 |
| 8.90 |
| 1.40 |
|
| 43.207400 |
| 10.44 |
| 0.00 |
| |
12/31/2022 |
| 389 |
| 17,569 |
| 1.76 |
|
| 28.759307 |
| (10.85 | ) | 1.40 |
|
| 39.121889 |
| (9.58 | ) | 0.00 |
| |
12/31/2021 |
| 470 |
| 18,823 |
| 1.72 |
|
| 32.257940 |
| 12.52 |
| 1.40 |
|
| 43.267873 |
| 14.12 |
| 1.25 |
| |
12/31/2020 |
| 477 |
| 20,996 |
| 2.25 |
|
| 28.668940 |
| 8.28 |
| 1.40 |
|
| 37.915743 |
| 9.81 |
| 1.25 |
| |
12/31/2019 |
| 475 |
| 22,336 |
| 2.28 |
|
| 18.118307 |
| 18.70 |
| 1.40 |
|
| 34.527543 |
| 20.38 |
| 1.25 |
| |
MFS/VIT Utilities Series |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 26 |
| 522 |
| 3.37 |
|
| 50.707850 |
| (3.69 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 25 |
| 471 |
| 2.06 |
|
| 52.653238 |
| (0.92 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 29 |
| 545 |
| 1.59 |
|
| 53.144730 |
| 12.23 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 27 |
| 574 |
| 2.29 |
|
| 47.353387 |
| 4.14 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 25 |
| 553 |
| 1.90 |
|
| 45.469792 |
| 23.05 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Morgan Stanley UIF U.S. Real Estate Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 132 |
| 3,867 |
| 2.25 |
|
| 34.045140 |
| 12.92 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 117 |
| 3,877 |
| 1.25 |
|
| 30.150368 |
| (28.07 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 149 |
| 3,560 |
| 2.01 |
|
| 41.919036 |
| 37.85 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 133 |
| 4,383 |
| 2.99 |
|
| 30.410062 |
| (18.02 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 121 |
| 3,245 |
| 2.01 |
|
| 37.093170 |
| 17.27 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
|
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
26
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
Rydex VT Basic Materials Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 4 |
| 139 |
| 0.00 |
|
| 30.250490 |
| 7.45 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 4 |
| 140 |
| 0.57 |
|
| 28.153311 |
| (10.91 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 4 |
| 140 |
| 0.58 |
|
| 31.601119 |
| 21.22 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 4 |
| 142 |
| 1.34 |
|
| 26.069791 |
| 18.08 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 3 |
| 142 |
| 0.00 |
|
| 22.078868 |
| 19.73 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Consumer Products Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 78 |
| 2,294 |
| 1.36 |
|
| 34.025800 |
| (4.65 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 83 |
| 2,312 |
| 0.64 |
|
| 35.685977 |
| (2.29 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 94 |
| 2,570 |
| 0.87 |
|
| 36.523785 |
| 9.07 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 88 |
| 2,619 |
| 0.91 |
|
| 33.486684 |
| 6.07 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 82 |
| 2,588 |
| 0.94 |
|
| 31.570663 |
| 20.62 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Energy Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 113 |
| 6,389 |
| 4.24 |
|
| 17.723940 |
| 0.19 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 131 |
| 7,426 |
| 1.03 |
|
| 17.689782 |
| 46.22 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 147 |
| 12,144 |
| 0.59 |
|
| 12.098092 |
| 48.36 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 137 |
| 16,803 |
| 1.26 |
|
| 8.154818 |
| (35.10 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 125 |
| 9,926 |
| 0.21 |
|
| 12.564888 |
| 5.32 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Energy Services Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 1 |
| 183 |
| 0.00 |
|
| 5.365347 |
| 2.98 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 1 |
| 183 |
| 0.00 |
|
| 5.210076 |
| 40.57 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 1 |
| 183 |
| 0.13 |
|
| 3.706310 |
| 15.86 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 1 |
| 184 |
| 0.81 |
|
| 3.198911 |
| (38.21 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 1 |
| 184 |
| 0.00 |
|
| 5.177391 |
| (1.46 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Health Care Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 191 |
| 4,608 |
| 0.00 |
|
| 41.431760 |
| 3.56 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 192 |
| 4,812 |
| 0.00 |
|
| 40.007779 |
| (13.23 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 227 |
| 4,911 |
| 0.00 |
|
| 46.109845 |
| 17.17 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 209 |
| 5,305 |
| 0.00 |
|
| 39.351509 |
| 17.02 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 190 |
| 5,626 |
| 0.00 |
|
| 33.628383 |
| 20.85 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Leisure Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 11 |
| 376 |
| 0.00 |
|
| 29.812210 |
| 20.78 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 11 |
| 456 |
| 0.00 |
|
| 24.683188 |
| (28.58 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 14 |
| 414 |
| 0.00 |
|
| 34.559787 |
| (0.49 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 13 |
| 365 |
| 0.00 |
|
| 34.729824 |
| 19.32 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 11 |
| 388 |
| 0.21 |
|
| 29.106883 |
| 27.47 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Precious Metal Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 44 |
| 3,588 |
| 0.33 |
|
| 12.231830 |
| 2.38 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 43 |
| 3,616 |
| 0.49 |
|
| 11.948047 |
| (12.33 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 48 |
| 3,545 |
| 3.73 |
|
| 13.627922 |
| (10.46 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 45 |
| 2,992 |
| 4.60 |
|
| 15.220616 |
| 32.42 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 42 |
| 3,626 |
| 0.00 |
|
| 11.494076 |
| 50.07 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
|
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
27
Jackson Sage Variable Annuity Account A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| Outstanding¥ |
| Ratio(%)* |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
|
| Value($) |
| Return(%)† |
| Expenses(%)^ |
| |
Rydex VT Retailing Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 216 |
| 6,338 |
| 0.00 |
|
| 34.083180 |
| 14.93 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 195 |
| 6,587 |
| 0.00 |
|
| 29.655354 |
| (27.55 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 242 |
| 5,887 |
| 0.00 |
|
| 40.931310 |
| 10.18 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 223 |
| 6,000 |
| 0.00 |
|
| 37.147839 |
| 41.66 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 201 |
| 7,646 |
| 0.00 |
|
| 26.223073 |
| 22.73 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Tele-Communications Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 23 |
| 1,905 |
| 0.86 |
|
| 12.327060 |
| 4.81 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 23 |
| 1,947 |
| 0.58 |
|
| 11.760858 |
| (26.89 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 28 |
| 1,718 |
| 0.75 |
|
| 16.085657 |
| 7.46 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 25 |
| 1,683 |
| 0.93 |
|
| 14.969308 |
| 7.96 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 23 |
| 1,689 |
| 0.00 |
|
| 13.865360 |
| 11.63 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
Rydex VT Transportation Fund |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 84 |
| 2,447 |
| 0.00 |
|
| 34.373930 |
| 22.75 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 74 |
| 2,654 |
| 0.00 |
|
| 28.003572 |
| (35.93 | ) | 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 101 |
| 2,294 |
| 0.00 |
|
| 43.711073 |
| 20.47 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2020 |
| 93 |
| 2,557 |
| 0.18 |
|
| 36.285274 |
| 38.66 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2019 |
| 85 |
| 3,236 |
| 0.00 |
|
| 26.168878 |
| 20.53 |
| 1.40 |
|
| N/A |
| N/A |
| N/A |
| |
T. Rowe Price Equity Income Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 31 |
| 877 |
| 2.11 |
|
| 25.383920 |
| 8.18 |
| 1.25 |
|
| 56.338240 |
| 9.54 |
| 0.00 |
| |
12/31/2022 |
| 28 |
| 881 |
| 1.88 |
|
| 23.465505 |
| (4.55 | ) | 1.25 |
|
| 51.431426 |
| (3.34 | ) | 0.00 |
| |
12/31/2021 |
| 30 |
| 885 |
| 1.58 |
|
| 24.583489 |
| 23.98 |
| 1.40 |
|
| 53.209671 |
| 25.55 |
| 1.25 |
| |
12/31/2020 |
| 24 |
| 888 |
| 2.12 |
|
| 19.828412 |
| (0.08 | ) | 1.40 |
|
| 42.381576 |
| 1.18 |
| 1.25 |
| |
12/31/2019 |
| 38 |
| 1,593 |
| 2.33 |
|
| 19.844658 |
| 24.63 |
| 1.40 |
|
| 41.885907 |
| 26.40 |
| 1.25 |
| |
T. Rowe Price Mid-Cap Growth Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 269 |
| 2,306 |
| 0.00 |
|
| 116.568000 |
| 19.96 |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 227 |
| 2,336 |
| 0.00 |
|
| 97.173270 |
| (22.58 | ) | 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 297 |
| 2,366 |
| 0.00 |
|
| 42.892313 |
| 13.41 |
| 1.40 |
|
| 125.514278 |
| 14.85 |
| 1.25 |
| |
12/31/2020 |
| 273 |
| 2,678 |
| 0.00 |
|
| 37.819126 |
| 22.26 |
| 1.40 |
|
| 109.285791 |
| 23.80 |
| 1.25 |
| |
12/31/2019 |
| 241 |
| 3,290 |
| 0.14 |
|
| 30.933954 |
| 29.45 |
| 1.40 |
|
| 88.272779 |
| 31.29 |
| 1.25 |
| |
T. Rowe Price Personal Strategy Balanced Portfolio |
|
|
|
|
|
|
| |||||||||||||||
12/31/2023 |
| 16 |
| 367 |
| 2.32 |
|
| 44.351900 |
| 15.35 |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 14 |
| 373 |
| 1.56 |
|
| 38.450722 |
| (18.31 | ) | 0.00 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 18 |
| 379 |
| 0.98 |
|
| 47.071738 |
| 10.06 |
| 1.40 |
|
| 0.000000 |
| 0.00 |
| 0.00 |
| |
12/31/2020 |
| 16 |
| 383 |
| 1.39 |
|
| 42.768270 |
| 14.54 |
| 1.40 |
|
| 0.000000 |
| 0.00 |
| 0.00 |
| |
12/31/2019 |
| 15 |
| 389 |
| 1.97 |
|
| 18.801889 |
| 18.12 |
| 1.40 |
|
| 37.339198 |
| 19.80 |
| 1.25 |
|
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund, divided by the average net assets of the Investment Division. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. For periods less than one year, ratios have not been annualized. |
† | This represents the total return for the period and reflects those expenses that result in direct reductions in the accumulation unit values. The total return is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For periods less than one year, ratios have not been annualized. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
^ | The ratio of expenses is indicative of what a policyholder would have experienced assuming they had been in the division for the corresponding period. For the Asset 1 and Asset 2 Contracts that utilize a monthly deduction, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period which have been charged through the redemption of units, and do not reduce the accumulation unit value. For all other Contracts, the expense ratio represents the annualized asset-based mortality and expense charges of the Investment Divisions of the Separate Account for the period, including only those expenses that are charged through a reduction in the accumulation unit values, and excludes other charges made directly to contract owner accounts through the redemption of units. For all Contracts, the expense ratio excludes expenses of the underlying Funds, including investment management fees as well as additional rider charges, if applicable, which range from 0.00% - 0.55%. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
28
Jackson Sage Variable Annuity Account A
Notes to Financial Statements
December 31, 2023
NOTE 1. Organization
The Jackson Sage Variable Annuity Account A (the “Separate Account”), a unit investment trust registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 as amended (“1940 Act”), is a separate investment account of Jackson National Life Insurance Company (“Jackson”). On September 4, 2012, Jackson acquired Reassure America Life Insurance Company (“Realic”) as an indirect wholly-owned subsidiary. Following the acquisition and effective December 31, 2012, Realic merged with and into Jackson. The Separate Account was established on December 3, 1997, and began operations on February 23, 1999. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board “FASB” Accounting Standards Codification (ASC) Topic 946 Financial Services – Investment Companies.
The Net assets are affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses. The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of JNAM.
The Separate Account contains forty-eight (48) Investment Divisions as of December 31, 2023. These Investment Divisions each invest in the following mutual funds (collectively, the “Funds”) in which the contract owners bear all of the investment risk. Each Fund is an open-end diversified management investment company and is managed by an investment advisor ("Investment Advisor") which is registered with the SEC. The Investment Advisors and Funds are as follows:
INVESTMENT ADVISOR: | INVESTMENT ADVISOR: | INVESTMENT ADVISOR: |
Fund | Fund | Fund |
FRED ALGER MANAGEMENT, INC: | INVESCO ADVISORS, INC: | MORGAN STANLEY INVESTMENT MANAGEMENT, INC: |
| ||
Alger Growth & Income Portfolio | Invesco V.I. Global Fund/VA Class 2 | Morgan Stanley VIF U.S. Real Estate Portfolio |
Alger Mid Cap Growth Portfolio | Invesco V.I. Global Health Care Fund | |
Alger Small Cap Growth Portfolio | Invesco V.I. Government Securities Fund Series I | RYDEX INVESTMENTS: |
Invesco V.I. Government Securities Fund Series II | ||
COLUMBIA MANAGEMENT ADVISORS, LLC.: | Invesco V.I. Growth and Income Fund Series II | Rydex VT Basic Materials Fund |
Invesco V.I. International Growth Fund Series I | Rydex VT Consumer Products Fund | |
Columbia Value Portfolio - Dividend Opportunity Fund | Invesco V.I. International Growth Fund Series II | Rydex VT Energy Fund |
Columbia Value Portfolio - Large Cap Growth Fund | Invesco V.I. Main Street Small Cap Fund | Rydex VT Energy Services Fund |
Columbia Value Portfolio - Small Cap Value Fund | Invesco V.I. Money Market Fund | Rydex VT Health Care Fund |
Invesco V.I. Technology Fund | Rydex VT Leisure Fund | |
INVESCO ADVISORS, INC: |
| Rydex VT Precious Metal Fund |
MASSACHUSETTS FINANCIAL SERVICES COMPANY: | Rydex VT Retailing Fund | |
Invesco V.I. American Franchise Fund Series I |
| Rydex VT Telecommunications Fund |
Invesco V.I. American Franchise Fund Series II | MFS/VIT II Core Equity Portfolio | Rydex VT Transportation Fund |
Invesco V.I. American Value Fund Series I | MFS/VIT II High Yield Portfolio | |
Invesco V.I. Capital Appreciation Fund | MFS/VIT II High Yield Portfolio Service Class | T. ROWE PRICE ASSOCIATES, INC: |
Invesco V.I. Comstock Fund Series I | MFS/VIT Investors Trust Series | |
Invesco V.I. Core Equity Fund Series I | MFS/VIT Research Series | T. Rowe Price Equity Income Portfolio |
Invesco V.I. Core Equity Fund Series II | MFS/VIT Total Return Series | T. Rowe Price Mid-Cap Growth Portfolio |
Invesco V.I. Core Plus Bond Fund Series I | MFS/VIT Utilities Series | T. Rowe Price Personal Strategy Balanced Portfolio |
Invesco V.I. Core Plus Bond Fund Series II | ||
Invesco V.I. Diversified Dividend Fund | ||
Invesco V.I. Global Core Equity Fund | ||
As of 2003, variable annuity contracts are no longer offered for sale. However, the Separate Account continues to accept new policy payments and process transactions for existing contracts, including the Asset 1, Asset 2, Choice, Plus, Freedom and Select Variable Annuity Contracts (collectively, the "Contracts"). Under the terms of the Contracts, contract owners select where the net purchase payments of the Contracts are invested. The contract owner may choose to invest in either Fixed Account I, Fixed Account II (collectively, the “Fixed Accounts”) or the Separate Account, or both the Separate Account and the Fixed Accounts.
The Fixed Account I, which is part of the General Account, offers a guaranteed fixed interest rate. The Fixed Account II, which is segregated from the General Account, offers various interest rates and time periods. The Fixed Accounts have not been registered under the Securities Act of 1933 nor have the Fixed Accounts been registered as an investment company under the 1940 Act. The accompanying financial statements do not reflect amounts invested in the Fixed Accounts.
The Separate Account is a separate investment account of Jackson. Its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson, but are clearly identified and distinguished from Jackson's other assets and liabilities. The contract assets in the Separate Account
29
Jackson Sage Variable Annuity Account A
Notes to Financial Statements
December 31, 2023
are not chargeable with liabilities arising out of any other business Jackson may conduct. The contract owner may transfer all or part of any Investment Divisions’ value to another Investment Division(s) or to the Fixed Accounts, or transfer all or part of amounts in the Fixed Accounts to any Investment Division(s) (before the maturity date, while the contract owner is still living or the contract is in force).
NOTE 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.
Investments. The specific identification method is used in determining the cost of the shares sold on withdrawals by the Investment Divisions of the Separate Account. Investment transactions in the Funds are recorded on trade date for financial reporting purposes. Realized gain distributions and dividend income distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as gain or income to the Investment Divisions of the Separate Account on the ex-dividend date.
Federal Income Taxes. The operations of the Separate Account are taxed as part of the operations of Jackson, which is taxed as a “life insurance company” under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.
FASB ASC Topic 820, “Fair Value Measurement”. As of December 31, 2023, all of the Separate Account’s Investment Divisions’ investment in the corresponding Funds are valued at the daily reported net asset value (“NAV”) of the applicable underlying Funds. Investments in the underlying Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. On each valuation date, the NAV of the corresponding Funds is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account’s Investment Divisions’ investment in the corresponding Funds. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.
NOTE 3. Expenses and Related Party Transactions
Jackson deducts charges and other expenses associated with the Contracts that reduce the return of the investments in the Investment Divisions. These deductions are outlined below.
Contract | Annual Administration Charge | Surrender Charges1 | Daily Expense Charge2 | Sales Charges |
Asset 1 | $30 to $40 - year 1-7 * | 7% - year 1-2 | 1.40% of assets for year 1-7** | None |
$0 - year 8+ | 6% - year 3 | 1.25% of assets for year 8+** |
| |
| 5% - year 4 |
|
| |
| 4% - year 5 |
|
| |
| 3% - year 6 |
|
| |
| 1% - year 7 |
|
| |
| 0% - year 8+ |
|
| |
Asset 2 | $30 to $40 - year 1-7 | None | 1.40% of assets for year 1-7** | None |
$0 - year 8+ |
| 1.25% of assets for year 8+** |
| |
Choice | $30 to $40 - year 1-7 * | 7% - year 1-2 | 1.40% of assets | None |
$0 - year 8+ | 6% - year 3 |
|
| |
| 5% - year 4 |
|
| |
| 4% - year 5 |
|
| |
| 3% - year 6 |
|
| |
| 1% - year 7 |
|
| |
| 0% - year 8+ |
|
| |
Freedom | None | None | 1.40% of assets effective after December 2010 | None |
Plus | $30 to $40 - year 1-7 * | 8.5% - year 1-2 | 1.60% of assets for year 1-7 | None |
$0 - year 8+ | 5.5% to 8.5% - year 3 | 1.40% of assets for year 8+ |
| |
| 5% to 7% - year 4 |
|
| |
| 4% to 5% - year 5 |
|
| |
| 3% - year 6 |
|
| |
| 1% - year 7 |
|
| |
| 0% - year 8+ |
|
|
30
Jackson Sage Variable Annuity Account A
Notes to Financial Statements
December 31, 2023
Contract | Annual Administration Charge | Surrender Charges1 | Daily Expense Charge2 | Sales Charges |
Select | None | 8% - year 1 | 1.40% of assets effective after December 2010 | None |
| 6% - year 2 |
| ||
| 4% - year 3 |
|
| |
| 0% - year 4+ |
|
|
* For Contracts purchased prior to May 1, 2001, asset-based charges are deducted on a monthly basis during the accumulation phase, which have been charged through the redemption of contract units, but has been presented as expense in the Statements of Operations. For Contracts purchased on or after May 1, 2001, asset-based charges are deductible daily, as a percentage of the assets of the Separate Account.
** Applicable if Contract value is below $50,000.
1 Surrender Charges are assessed to the contract owner by redemption of contract units as a percentage of the contract value.
2 Annualized contract expense of Investment Divisions of the Separate Account and are presented on the Statements of Operations.
Jackson permits 12 free transfers, which are subject to certain limitation on dollar amounts and frequency, among and between the Investment Divisions within the Separate Account per contract year. For each additional transfer, Jackson may charge $25 at the time each such transfer is processed.
Additionally, Jackson deducts a monthly charge on account values for optional riders at an annual rate ranging from 0.05% to 0.55% of the contract value. These optional riders are charged as a reduction in contract units.
Jackson and its affiliates may receive fees from the Funds or their Investment Advisors, administrators and distributors for providing distribution, administrative or other services to the Funds.
Contract owners may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in
the accounts of Jackson. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Separate Account to
the fixed account are included in surrenders and terminations, and fund exchanges from the fixed account to the Separate Account are included in
purchase payments, as applicable, on the accompanying Statements of Changes in Net Assets.
NOTE 4. Subsequent Events
Management evaluated subsequent events for the Separate Account through the date the financial statements were issued, and has concluded there are no events that would require financial statement disclosure or adjustments to the financial statements.
31
Alger Growth & Income Portfolio | ||
Alger Mid Cap Growth Portfolio | ||
Alger Small Cap Growth Portfolio | ||
Columbia Value Portfolio - Dividend Opportunity Fund | ||
Columbia Value Portfolio - Large Cap Growth Fund | ||
Columbia Value Portfolio - Small Cap Value Fund | ||
Invesco V.I. American Franchise Fund Series I | ||
Invesco V.I. American Franchise Fund Series II | ||
Invesco V.I. American Value Fund Series I | ||
Invesco V.I. Capital Appreciation Fund | ||
Invesco V.I. Comstock Fund Series I | ||
Invesco V.I. Core Equity Fund Series I | ||
Invesco V.I. Core Equity Fund Series II | ||
Invesco V.I. Diversified Dividend Fund | ||
Invesco V.I. Global Core Equity Fund | ||
Invesco V.I. Global Fund/VA Class 2 | ||
Invesco V.I. Global Health Care Fund | ||
Invesco V.I. Government Securities Fund Series I | ||
Invesco V.I. Government Securities Fund Series II | ||
Invesco V.I. Growth and Income Fund Series II | ||
Invesco V.I. International Growth Fund Series I | ||
Invesco V.I. International Growth Fund Series II | ||
Invesco V.I. Main Street Small Cap Fund | ||
Invesco V.I. Money Market Fund | ||
Invesco V.I. Technology Fund | ||
MFS/VIT II Core Equity Portfolio | ||
MFS/VIT II High Yield Portfolio | ||
MFS/VIT II High Yield Portfolio Service Class | ||
MFS/VIT Investors Trust Series | ||
MFS/VIT Research Series | ||
MFS/VIT Total Return Series | ||
MFS/VIT Utilities Series | ||
Morgan Stanley VIF U.S. Real Estate Portfolio | ||
Rydex VT Basic Materials Fund | ||
Rydex VT Consumer Products Fund | ||
Rydex VT Energy Fund | ||
Rydex VT Energy Services Fund | ||
Rydex VT Health Care Fund | ||
Rydex VT Leisure Fund |
Rydex VT Precious Metal Fund | ||
Rydex VT Retailing Fund | ||
Rydex VT Tele-Communications Fund | ||
Rydex VT Transportation Fund | ||
T. Rowe Price Equity Income Portfolio | ||
T. Rowe Price Mid-Cap Growth Portfolio | ||
T. Rowe Price Personal Strategy Balanced Portfolio |
Invesco V.I. Core Plus Bond Fund Series I | ||
Invesco V.I. Core Plus Bond Fund Series II |
Capital and Surplus as of December 31, 2023 and 2022 | |||||
December 31, 2023, 2022, and 2021 | |||||
ended December 31, 2023, 2022, and 2021 | |||||
ended December 31, 2023, 2022, and 2021 | |||||
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 | ||||||||||
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 |
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 | |||||||||||||||||||||||||||||
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 | $ | — | $ | — | ||||||||||||||
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 | |||||||||||||
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 |
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 |
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 |
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 |
General Account | |||||
Debt | $ | 57,974 | |||
Funding Agreements | 2,750,000 | ||||
Aggregate Total | $ | 2,807,974 |
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 | % |
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) |
Interest Income Due and Accrued | Amount | |||||||
1. Gross | $ | 587,242 | ||||||
2. Nonadmitted | $ | 1,337 | ||||||
3. Admitted | $ | 585,905 |
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 |
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 |
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 |
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 |
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. |
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. |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
Total | <12 Months | 12+ Months | ||||||||||||||||||
Fair value | $ | 5,125,465 | $ | 604,929 | $ | 4,520,536 | ||||||||||||||
Unrealized loss | 473,256 | 27,287 | 445,969 |
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
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 |
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 |
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 |
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. |
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 | % |
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) |
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 |
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 |
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) |
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 |
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 | % |
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) |
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 |
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) |
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) |
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) |
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 |
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 |
2023 | 2022 | ||||||||||
Maximum Amount: | |||||||||||
Cash | $ | 2,243,022 | $ | 1,333,772 | |||||||
Securities (FV) | — | — | |||||||||
Ending Balance: | |||||||||||
Cash | $ | — | $ | 1,011,762 | |||||||
Securities (FV) | — | — |
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) | — | — |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | |||||||
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) |
Year | Amount | |||||||
2023 | $ | 2,946 | ||||||
2022 | 2,901 | |||||||
2021 | 2,693 | |||||||
2020 | 2,369 | |||||||
2019 | 2,248 |
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 | |||||||||
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 |
2024 | $ | 5,311 | |||
2025 | 3,653 | ||||
2026 | 3,641 | ||||
2027 | 1,467 | ||||
2028 | 549 | ||||
Thereafter | 1,250 | ||||
Total | $ | 15,871 |
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 |
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 | ||||||
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 |
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 | ||||||
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 | % |
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 | % |
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 |
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 | % | ||||||||||||||||||||||||||||||||||||||||||
1. | Does the reporting entity have any reinsurance contracts subject to A-791 that include a provision, which limits the reinsurer's assumption of significant risks identified as in A-791? | |||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
2. | Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk? | |||||||||||||||||||||||||||||||
No | ||||||||||||||||||||||||||||||||
3. | Does the reporting entity have any reinsurance contracts that contain features described below which result in delays in payment in form or in fact: | |||||||||||||||||||||||||||||||
a. | Provisions which permit the reporting of losses, or settlements are made, less frequently than quarterly or payments due from the reinsurer are not made in cash within ninety days of the settlement date? | |||||||||||||||||||||||||||||||
No | ||||||||||||||||||||||||||||||||
b. | Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity? | |||||||||||||||||||||||||||||||
No | ||||||||||||||||||||||||||||||||
4. | Does the reporting entity reflect a reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP No. 61R for the following? | |||||||||||||||||||||||||||||||
a. | Assumption Reinsurance? | No | ||||||||||||||||||||||||||||||
b. | Non-proportional reinsurance, which does not result in significant surplus relief? | No | ||||||||||||||||||||||||||||||
5. | Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either: | |||||||||||||||||||||||||||||||
a. | Accounted for that contract as reinsurance under SAP and as a deposit under GAAP; or | No | ||||||||||||||||||||||||||||||
b. | Accounted for that contract as reinsurance under GAAP and as a deposit under SAP? | No |
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. |
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 |
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 |
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 |