Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
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December 31, 2025 |
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| JNL Aggressive Growth Allocation Fund - Class A |
| JNL Conservative Allocation Fund - Class A |
| JNL Growth Allocation Fund - Class A |
| JNL Growth ETF Allocation Fund - Class A |
| JNL Moderate Allocation Fund - Class A |
| JNL Moderate ETF Allocation Fund - Class A |
| JNL Moderate Growth Allocation Fund - Class A |
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Assets |
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| ||
Investments in Funds, at fair value | $ | — |
| $ | 93,000 |
| $ | 55,828 |
| $ | — |
| $ | 356,097 |
| $ | — |
| $ | 29,374 |
| ||
Receivables: |
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| Investments in Fund shares sold |
| — |
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| — |
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| 15 |
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| — |
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| 23 |
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| — |
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| 17 |
| |
| Investment Division units sold |
| — |
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| — |
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| — |
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| — |
|
| — |
|
| — |
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| — |
| |
Total assets |
| — |
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| 93,000 |
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| 55,843 |
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| — |
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| 356,120 |
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| — |
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| 29,391 |
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Liabilities |
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Payables: |
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| Investments in Fund shares purchased |
| — |
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| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| 12 |
|
| — |
|
| 8 |
|
| — |
|
| 16 |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| 3 |
|
| — |
|
| 15 |
|
| — |
|
| 1 |
| |
Total liabilities |
| — |
|
| — |
|
| 15 |
|
| — |
|
| 23 |
|
| — |
|
| 17 |
| ||
Net assets | $ | — |
| $ | 93,000 |
| $ | 55,828 |
| $ | — |
| $ | 356,097 |
| $ | — |
| $ | 29,374 |
| ||
Maximum Unit Value |
| N/A |
|
| 13.409702 |
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| 23.485465 |
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| N/A |
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| 18.549970 |
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| N/A |
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| 21.015852 |
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Minimum Unit Value |
| N/A |
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| N/A |
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| 22.826854 |
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| N/A |
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| 18.321479 |
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| N/A |
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| N/A |
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Investments in Funds, shares outstanding |
| — |
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| 5,901 |
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| 2,330 |
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| — |
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| 18,104 |
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| — |
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| 1,311 |
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Investments in Funds, at cost | $ | — |
| $ | 72,993 |
| $ | 35,307 |
| $ | — |
| $ | 255,181 |
| $ | — |
| $ | 20,387 |
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Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
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For the Year Ended December 31, 2025 |
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| JNL Aggressive Growth Allocation Fund - Class A |
| JNL Conservative Allocation Fund - Class A |
| JNL Growth Allocation Fund - Class A |
| JNL Growth ETF Allocation Fund - Class A |
| JNL Moderate Allocation Fund - Class A |
| JNL Moderate ETF Allocation Fund - Class A |
| JNL Moderate Growth Allocation Fund - Class A |
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Investment Income |
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Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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Expenses |
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| Asset-based charges |
| — |
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| 1,347 |
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| 1,482 |
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| — |
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| 5,267 |
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| — |
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| 457 |
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Total expenses |
| — |
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| 1,347 |
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| 1,482 |
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| — |
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| 5,267 |
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| — |
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| 457 |
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Net investment income (loss) |
| — |
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| (1,347 | ) |
| (1,482 | ) |
| — |
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| (5,267 | ) |
| — |
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| (457 | ) | ||
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Realized and unrealized gain (loss) |
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Net realized gain (loss) on: |
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| Distributions from Funds |
| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| Sales of investments in Funds |
| — |
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| 243 |
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| 22,475 |
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| — |
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| 8,487 |
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| — |
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| 613 |
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Net change in unrealized appreciation |
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| (depreciation) on investments in Funds |
| — |
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| 7,725 |
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| (8,471 | ) |
| — |
|
| 27,592 |
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| — |
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| 2,645 |
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Net realized and unrealized gain (loss) |
| — |
|
| 7,968 |
|
| 14,004 |
|
| — |
|
| 36,079 |
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| — |
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| 3,258 |
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Net change in net assets |
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| from operations | $ | — |
| $ | 6,621 |
| $ | 12,522 |
| $ | — |
| $ | 30,812 |
| $ | — |
| $ | 2,801 |
| |
See Notes to the Financial Statements.
1
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
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December 31, 2025 |
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| JNL Moderate Growth ETF Allocation Fund - Class A |
| JNL Multi-Manager Alternative Fund - Class A |
| JNL Multi-Manager Emerging Markets Equity Fund - Class A |
| JNL Multi-Manager Floating Rate Income Fund - Class A |
| JNL Multi-Manager International Small Cap Fund - Class A |
| JNL Multi-Manager Mid Cap Fund - Class A |
| JNL Multi-Manager Small Cap Growth Fund - Class A |
| |||||||
Assets |
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| ||
Investments in Funds, at fair value | $ | — |
| $ | 28,770 |
| $ | 68,259 |
| $ | 11,680 |
| $ | 56,381 |
| $ | 43,738 |
| $ | 34,190 |
| ||
Receivables: |
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| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| — |
|
| 28,770 |
|
| 68,259 |
|
| 11,680 |
|
| 56,381 |
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| 43,738 |
|
| 34,190 |
| ||
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Liabilities |
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| ||
Payables: |
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|
|
|
|
|
|
|
|
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| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | — |
| $ | 28,770 |
| $ | 68,259 |
| $ | 11,680 |
| $ | 56,381 |
| $ | 43,738 |
| $ | 34,190 |
| ||
Maximum Unit Value |
| N/A |
|
| 12.229074 |
|
| 15.081072 |
|
| 13.692117 |
|
| 16.340527 |
|
| 19.026332 |
|
| 45.424420 |
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| 14.642605 |
|
| N/A |
|
| 16.160329 |
|
| 18.763080 |
|
| 43.972746 |
| ||
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|
Investments in Funds, shares outstanding |
| — |
|
| 2,035 |
|
| 6,332 |
|
| 846 |
|
| 4,143 |
|
| 2,119 |
|
| 778 |
| ||
Investments in Funds, at cost | $ | — |
| $ | 22,780 |
| $ | 62,066 |
| $ | 10,612 |
| $ | 52,986 |
| $ | 37,296 |
| $ | 32,017 |
| ||
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Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
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For the Year Ended December 31, 2025 |
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| JNL Moderate Growth ETF Allocation Fund - Class A |
| JNL Multi-Manager Alternative Fund - Class A |
| JNL Multi-Manager Emerging Markets Equity Fund - Class A |
| JNL Multi-Manager Floating Rate Income Fund - Class A |
| JNL Multi-Manager International Small Cap Fund - Class A |
| JNL Multi-Manager Mid Cap Fund - Class A |
| JNL Multi-Manager Small Cap Growth Fund - Class A |
| |||||||
Investment Income |
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|
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|
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|
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| ||
Dividends | $ | — |
| $ | — |
| $ | 507 |
| $ | — |
| $ | 1,072 |
| $ | — |
| $ | — |
| ||
Expenses |
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|
|
|
|
|
|
|
|
|
|
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| ||
| Asset-based charges |
| — |
|
| 423 |
|
| 1,058 |
|
| 273 |
|
| 837 |
|
| 611 |
|
| 684 |
| |
Total expenses |
| — |
|
| 423 |
|
| 1,058 |
|
| 273 |
|
| 837 |
|
| 611 |
|
| 684 |
| ||
Net investment income (loss) |
| — |
|
| (423 | ) |
| (551 | ) |
| (273 | ) |
| 235 |
|
| (611 | ) |
| (684 | ) | ||
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|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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Net realized gain (loss) on: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| — |
|
| 401 |
|
| (193 | ) |
| 2,013 |
|
| (99 | ) |
| 373 |
|
| 2,134 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| — |
|
| 2,166 |
|
| 13,754 |
|
| (1,907 | ) |
| 11,122 |
|
| 137 |
|
| (366 | ) | |
Net realized and unrealized gain (loss) |
| — |
|
| 2,567 |
|
| 13,561 |
|
| 106 |
|
| 11,023 |
|
| 510 |
|
| 1,768 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | — |
| $ | 2,144 |
| $ | 13,010 |
| $ | (167 | ) | $ | 11,258 |
| $ | (101 | ) | $ | 1,084 |
| |
See Notes to the Financial Statements.
2
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
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| ||||
December 31, 2025 |
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| ||||
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|
| JNL Multi-Manager Small Cap Value Fund - Class A |
| JNL Multi-Manager U.S. Select Equity Fund - Class A |
| JNL/AB Sustainable Global Thematic Fund - Class A |
| JNL/American Funds Balanced Fund - Class A |
| JNL/American Funds Bond Fund of America Fund - Class A |
| JNL/American Funds Capital Income Builder Fund - Class A |
| JNL/American Funds Capital World Bond Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 421,374 |
| $ | — |
| $ | — |
| $ | 361,983 |
| $ | 63,423 |
| $ | 123,143 |
| $ | 92,818 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| 23 |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 421,374 |
|
| — |
|
| — |
|
| 362,006 |
|
| 63,423 |
|
| 123,143 |
|
| 92,818 |
| ||
|
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|
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|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| 7 |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| 16 |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| 23 |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 421,374 |
| $ | — |
| $ | — |
| $ | 361,983 |
| $ | 63,423 |
| $ | 123,143 |
| $ | 92,818 |
| ||
Maximum Unit Value |
| 30.326788 |
|
| N/A |
|
| N/A |
|
| 29.564241 |
|
| 9.256505 |
|
| 15.557943 |
|
| 9.377804 |
| ||
Minimum Unit Value |
| 29.933004 |
|
| N/A |
|
| N/A |
|
| 28.618865 |
|
| N/A |
|
| 15.385913 |
|
| 9.160163 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 19,058 |
|
| — |
|
| — |
|
| 17,205 |
|
| 6,387 |
|
| 7,085 |
|
| 8,650 |
| ||
Investments in Funds, at cost | $ | 321,291 |
| $ | — |
| $ | — |
| $ | 240,560 |
| $ | 58,464 |
| $ | 108,525 |
| $ | 93,951 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL Multi-Manager Small Cap Value Fund - Class A |
| JNL Multi-Manager U.S. Select Equity Fund - Class A |
| JNL/AB Sustainable Global Thematic Fund - Class A |
| JNL/American Funds Balanced Fund - Class A |
| JNL/American Funds Bond Fund of America Fund - Class A |
| JNL/American Funds Capital Income Builder Fund - Class A |
| JNL/American Funds Capital World Bond Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 6,019 |
|
| — |
|
| — |
|
| 5,220 |
|
| 910 |
|
| 1,267 |
|
| 1,192 |
| |
Total expenses |
| 6,019 |
|
| — |
|
| — |
|
| 5,220 |
|
| 910 |
|
| 1,267 |
|
| 1,192 |
| ||
Net investment income (loss) |
| (6,019 | ) |
| — |
|
| — |
|
| (5,220 | ) |
| (910 | ) |
| (1,267 | ) |
| (1,192 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 12,501 |
|
| — |
|
| — |
|
| 13,937 |
|
| 264 |
|
| 11,174 |
|
| (310 | ) | |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| (717 | ) |
| — |
|
| — |
|
| 33,573 |
|
| 3,704 |
|
| 3,507 |
|
| 5,871 |
| |
Net realized and unrealized gain (loss) |
| 11,784 |
|
| — |
|
| — |
|
| 47,510 |
|
| 3,968 |
|
| 14,681 |
|
| 5,561 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 5,765 |
| $ | — |
| $ | — |
| $ | 42,290 |
| $ | 3,058 |
| $ | 13,414 |
| $ | 4,369 |
| |
See Notes to the Financial Statements.
3
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Global Growth Fund - Class A |
| JNL/American Funds Global Small Capitalization Fund - Class A |
| JNL/American Funds Growth Allocation Fund - Class A |
| JNL/American Funds Growth Fund - Class A |
| JNL/American Funds Growth-Income Fund - Class A |
| JNL/American Funds International Fund - Class A |
| JNL/American Funds Moderate Allocation Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 789 |
| $ | 14,563 |
| $ | 67,635 |
| $ | 262,149 |
| $ | 159,545 |
| $ | 549,005 |
| $ | — |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 789 |
|
| 14,563 |
|
| 67,635 |
|
| 262,149 |
|
| 159,545 |
|
| 549,005 |
|
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 789 |
| $ | 14,563 |
| $ | 67,635 |
| $ | 262,149 |
| $ | 159,545 |
| $ | 549,005 |
| $ | — |
| ||
Maximum Unit Value |
| 30.425414 |
|
| 21.213812 |
|
| 28.017357 |
|
| 65.140032 |
|
| 49.460553 |
|
| 18.225852 |
|
| N/A |
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| 27.470458 |
|
| 63.794923 |
|
| 48.312121 |
|
| 17.801748 |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 24 |
|
| 673 |
|
| 2,057 |
|
| 3,371 |
|
| 2,743 |
|
| 26,925 |
|
| — |
| ||
Investments in Funds, at cost | $ | 723 |
| $ | 12,365 |
| $ | 57,756 |
| $ | 165,914 |
| $ | 80,522 |
| $ | 378,830 |
| $ | — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Global Growth Fund - Class A |
| JNL/American Funds Global Small Capitalization Fund - Class A |
| JNL/American Funds Growth Allocation Fund - Class A |
| JNL/American Funds Growth Fund - Class A |
| JNL/American Funds Growth-Income Fund - Class A |
| JNL/American Funds International Fund - Class A |
| JNL/American Funds Moderate Allocation Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 5 |
|
| 206 |
|
| 1,625 |
|
| 5,975 |
|
| 2,991 |
|
| 7,628 |
|
| — |
| |
Total expenses |
| 5 |
|
| 206 |
|
| 1,625 |
|
| 5,975 |
|
| 2,991 |
|
| 7,628 |
|
| — |
| ||
Net investment income (loss) |
| (5 | ) |
| (206 | ) |
| (1,625 | ) |
| (5,975 | ) |
| (2,991 | ) |
| (7,628 | ) |
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| — |
|
| 101 |
|
| 35,762 |
|
| 98,116 |
|
| 41,783 |
|
| 10,132 |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 66 |
|
| 1,751 |
|
| (12,473 | ) |
| (30,243 | ) |
| (10,417 | ) |
| 108,931 |
|
| — |
| |
Net realized and unrealized gain (loss) |
| 66 |
|
| 1,852 |
|
| 23,289 |
|
| 67,873 |
|
| 31,366 |
|
| 119,063 |
|
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 61 |
| $ | 1,646 |
| $ | 21,664 |
| $ | 61,898 |
| $ | 28,375 |
| $ | 111,435 |
| $ | — |
| |
See Notes to the Financial Statements.
4
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Moderate Growth Allocation Fund - Class A |
| JNL/American Funds New World Fund - Class A |
| JNL/American Funds Washington Mutual Investors Fund - Class A |
| JNL/AQR Large Cap Defensive Style Fund - Class A |
| JNL/BlackRock Global Allocation Fund - Class A |
| JNL/BlackRock Global Natural Resources Fund - Class A |
| JNL/BlackRock Large Cap Select Growth Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 313,342 |
| $ | 63,055 |
| $ | 129,827 |
| $ | 218,545 |
| $ | 432,508 |
| $ | 136,875 |
| $ | 1,497,995 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 313,342 |
|
| 63,055 |
|
| 129,827 |
|
| 218,545 |
|
| 432,508 |
|
| 136,875 |
|
| 1,497,995 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 313,342 |
| $ | 63,055 |
| $ | 129,827 |
| $ | 218,545 |
| $ | 432,508 |
| $ | 136,875 |
| $ | 1,497,995 |
| ||
Maximum Unit Value |
| 22.215163 |
|
| 20.619175 |
|
| 41.938800 |
|
| 17.438060 |
|
| 20.489351 |
|
| 13.825990 |
|
| 33.827327 |
| ||
Minimum Unit Value |
| 21.747432 |
|
| 20.128446 |
|
| 40.924904 |
|
| 17.268379 |
|
| 20.026661 |
|
| 13.438593 |
|
| 29.919359 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 11,992 |
|
| 2,806 |
|
| 2,619 |
|
| 11,365 |
|
| 20,277 |
|
| 8,512 |
|
| 14,668 |
| ||
Investments in Funds, at cost | $ | 243,925 |
| $ | 50,497 |
| $ | 94,050 |
| $ | 181,928 |
| $ | 240,363 |
| $ | 103,463 |
| $ | 701,469 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Moderate Growth Allocation Fund - Class A |
| JNL/American Funds New World Fund - Class A |
| JNL/American Funds Washington Mutual Investors Fund - Class A |
| JNL/AQR Large Cap Defensive Style Fund - Class A |
| JNL/BlackRock Global Allocation Fund - Class A |
| JNL/BlackRock Global Natural Resources Fund - Class A |
| JNL/BlackRock Large Cap Select Growth Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 4,665 |
|
| 1,189 |
|
| 1,937 |
|
| 3,067 |
|
| 6,611 |
|
| 2,037 |
|
| 23,543 |
| |
Total expenses |
| 4,665 |
|
| 1,189 |
|
| 1,937 |
|
| 3,067 |
|
| 6,611 |
|
| 2,037 |
|
| 23,543 |
| ||
Net investment income (loss) |
| (4,665 | ) |
| (1,189 | ) |
| (1,937 | ) |
| (3,067 | ) |
| (6,611 | ) |
| (2,037 | ) |
| (23,543 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 10,595 |
|
| 18,556 |
|
| 22,864 |
|
| 1,878 |
|
| 6,361 |
|
| 1,983 |
|
| 202,756 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 34,447 |
|
| 3,036 |
|
| (3,338 | ) |
| 19,991 |
|
| 62,824 |
|
| 30,846 |
|
| (38,436 | ) | |
Net realized and unrealized gain (loss) |
| 45,042 |
|
| 21,592 |
|
| 19,526 |
|
| 21,869 |
|
| 69,185 |
|
| 32,829 |
|
| 164,320 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 40,377 |
| $ | 20,403 |
| $ | 17,589 |
| $ | 18,802 |
| $ | 62,574 |
| $ | 30,792 |
| $ | 140,777 |
| |
See Notes to the Financial Statements.
5
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Causeway International Value Select Fund - Class A |
| JNL/ClearBridge Large Cap Growth Fund - Class A |
| JNL/Cohen & Steers U.S. Realty Fund - Class A |
| JNL/DFA International Core Equity Fund - Class A |
| JNL/DFA U.S. Core Equity Fund - Class A |
| JNL/DFA U.S. Small Cap Fund - Class A |
| JNL/DoubleLine Core Fixed Income Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 479,422 |
| $ | 38,461 |
| $ | — |
| $ | 39,021 |
| $ | 977,206 |
| $ | 775 |
| $ | 1,923,086 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 106 |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 479,422 |
|
| 38,461 |
|
| — |
|
| 39,021 |
|
| 977,206 |
|
| 775 |
|
| 1,923,192 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 26 |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 80 |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 106 |
| ||
Net assets | $ | 479,422 |
| $ | 38,461 |
| $ | — |
| $ | 39,021 |
| $ | 977,206 |
| $ | 775 |
| $ | 1,923,086 |
| ||
Maximum Unit Value |
| 22.430704 |
|
| 27.029428 |
|
| N/A |
|
| 16.703661 |
|
| 47.171852 |
|
| 28.685266 |
|
| 20.185282 |
| ||
Minimum Unit Value |
| 21.218916 |
|
| 26.696079 |
|
| N/A |
|
| N/A |
|
| 45.663077 |
|
| N/A |
|
| 19.276337 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 20,127 |
|
| 1,257 |
|
| — |
|
| 2,564 |
|
| 29,127 |
|
| 55 |
|
| 138,451 |
| ||
Investments in Funds, at cost | $ | 410,828 |
| $ | 26,375 |
| $ | — |
| $ | 33,126 |
| $ | 400,620 |
| $ | 723 |
| $ | 1,768,102 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Causeway International Value Select Fund - Class A |
| JNL/ClearBridge Large Cap Growth Fund - Class A |
| JNL/Cohen & Steers U.S. Realty Fund - Class A |
| JNL/DFA International Core Equity Fund - Class A |
| JNL/DFA U.S. Core Equity Fund - Class A |
| JNL/DFA U.S. Small Cap Fund - Class A |
| JNL/DoubleLine Core Fixed Income Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | 12,419 |
| $ | — |
| $ | — |
| $ | 543 |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 7,565 |
|
| 624 |
|
| — |
|
| 673 |
|
| 14,808 |
|
| 5 |
|
| 29,050 |
| |
Total expenses |
| 7,565 |
|
| 624 |
|
| — |
|
| 673 |
|
| 14,808 |
|
| 5 |
|
| 29,050 |
| ||
Net investment income (loss) |
| 4,854 |
|
| (624 | ) |
| — |
|
| (130 | ) |
| (14,808 | ) |
| (5 | ) |
| (29,050 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| 51,920 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 94,711 |
|
| 1,209 |
|
| — |
|
| 11,335 |
|
| 89,661 |
|
| — |
|
| 10,064 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 15,143 |
|
| 1,973 |
|
| — |
|
| 3,411 |
|
| 43,939 |
|
| 52 |
|
| 121,716 |
| |
Net realized and unrealized gain (loss) |
| 161,774 |
|
| 3,182 |
|
| — |
|
| 14,746 |
|
| 133,600 |
|
| 52 |
|
| 131,780 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 166,628 |
| $ | 2,558 |
| $ | — |
| $ | 14,616 |
| $ | 118,792 |
| $ | 47 |
| $ | 102,730 |
| |
See Notes to the Financial Statements.
6
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A |
| JNL/DoubleLine Total Return Fund - Class A |
| JNL/Dreyfus Government Money Market Fund - Class A |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A |
| JNL/First Sentier Global Infrastructure Fund - Class A |
| JNL/Franklin Templeton Income Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 8,301 |
| $ | 21,207 |
| $ | 44,744 |
| $ | 460,846 |
| $ | 584,557 |
| $ | 12,493 |
| $ | 1,032,408 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 8,301 |
|
| 21,207 |
|
| 44,744 |
|
| 460,846 |
|
| 584,557 |
|
| 12,493 |
|
| 1,032,408 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 8,301 |
| $ | 21,207 |
| $ | 44,744 |
| $ | 460,846 |
| $ | 584,557 |
| $ | 12,493 |
| $ | 1,032,408 |
| ||
Maximum Unit Value |
| 11.790152 |
|
| 29.722699 |
|
| 10.938503 |
|
| 10.301483 |
|
| 20.261725 |
|
| 20.619299 |
|
| 21.817634 |
| ||
Minimum Unit Value |
| 11.620143 |
|
| N/A |
|
| 10.764115 |
|
| 9.869680 |
|
| 19.284086 |
|
| N/A |
|
| 21.183279 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 626 |
|
| 747 |
|
| 3,851 |
|
| 460,846 |
|
| 44,759 |
|
| 585 |
|
| 57,008 |
| ||
Investments in Funds, at cost | $ | 6,851 |
| $ | 12,602 |
| $ | 42,251 |
| $ | 460,820 |
| $ | 539,666 |
| $ | 8,740 |
| $ | 707,773 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A |
| JNL/DoubleLine Total Return Fund - Class A |
| JNL/Dreyfus Government Money Market Fund - Class A |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A |
| JNL/First Sentier Global Infrastructure Fund - Class A |
| JNL/Franklin Templeton Income Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | 16,489 |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 128 |
|
| 309 |
|
| 707 |
|
| 7,108 |
|
| 8,801 |
|
| 199 |
|
| 15,494 |
| |
Total expenses |
| 128 |
|
| 309 |
|
| 707 |
|
| 7,108 |
|
| 8,801 |
|
| 199 |
|
| 15,494 |
| ||
Net investment income (loss) |
| (128 | ) |
| (309 | ) |
| (707 | ) |
| 9,381 |
|
| (8,801 | ) |
| (199 | ) |
| (15,494 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 152 |
|
| 134 |
|
| (12 | ) |
| — |
|
| 3,739 |
|
| 490 |
|
| 18,009 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 508 |
|
| 1,631 |
|
| 3,133 |
|
| — |
|
| 37,195 |
|
| 1,455 |
|
| 95,388 |
| |
Net realized and unrealized gain (loss) |
| 660 |
|
| 1,765 |
|
| 3,121 |
|
| — |
|
| 40,934 |
|
| 1,945 |
|
| 113,397 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 532 |
| $ | 1,456 |
| $ | 2,414 |
| $ | 9,381 |
| $ | 32,133 |
| $ | 1,746 |
| $ | 97,903 |
| |
See Notes to the Financial Statements.
7
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Goldman Sachs 4 Fund - Class A |
| JNL/GQG Emerging Markets Equity Fund - Class A |
| JNL/Invesco Diversified Dividend Fund - Class A |
| JNL/Invesco Global Growth Fund - Class A |
| JNL/Invesco Small Cap Growth Fund - Class A |
| JNL/JPMorgan Global Allocation Fund - Class A |
| JNL/JPMorgan Hedged Equity Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 162,912 |
| $ | 4,560 |
| $ | 7,457 |
| $ | 1,215,633 |
| $ | 26,472 |
| $ | 652,971 |
| $ | 85,620 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| 14 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 162,926 |
|
| 4,560 |
|
| 7,457 |
|
| 1,215,633 |
|
| 26,472 |
|
| 652,971 |
|
| 85,620 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| 7 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| 7 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| 14 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 162,912 |
| $ | 4,560 |
| $ | 7,457 |
| $ | 1,215,633 |
| $ | 26,472 |
| $ | 652,971 |
| $ | 85,620 |
| ||
Maximum Unit Value |
| 49.479034 |
|
| 14.504865 |
|
| 17.069889 |
|
| 46.906032 |
|
| 45.686377 |
|
| 15.170406 |
|
| 16.632333 |
| ||
Minimum Unit Value |
| 46.753482 |
|
| N/A |
|
| N/A |
|
| 44.099695 |
|
| 44.224915 |
|
| 14.906909 |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 3,393 |
|
| 279 |
|
| 393 |
|
| 35,912 |
|
| 654 |
|
| 38,141 |
|
| 4,770 |
| ||
Investments in Funds, at cost | $ | 110,678 |
| $ | 3,464 |
| $ | 7,150 |
| $ | 673,610 |
| $ | 22,726 |
| $ | 429,185 |
| $ | 60,683 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Goldman Sachs 4 Fund - Class A |
| JNL/GQG Emerging Markets Equity Fund - Class A |
| JNL/Invesco Diversified Dividend Fund - Class A |
| JNL/Invesco Global Growth Fund - Class A |
| JNL/Invesco Small Cap Growth Fund - Class A |
| JNL/JPMorgan Global Allocation Fund - Class A |
| JNL/JPMorgan Hedged Equity Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 2,348 |
|
| 148 |
|
| 44 |
|
| 18,557 |
|
| 588 |
|
| 9,296 |
|
| 1,342 |
| |
Total expenses |
| 2,348 |
|
| 148 |
|
| 44 |
|
| 18,557 |
|
| 588 |
|
| 9,296 |
|
| 1,342 |
| ||
Net investment income (loss) |
| (2,348 | ) |
| (148 | ) |
| (44 | ) |
| (18,557 | ) |
| (588 | ) |
| (9,296 | ) |
| (1,342 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 5,919 |
|
| 2,087 |
|
| 3 |
|
| 89,534 |
|
| 4,346 |
|
| 8,494 |
|
| 4,780 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 17,736 |
|
| (1,272 | ) |
| 307 |
|
| 78,106 |
|
| (3,222 | ) |
| 77,267 |
|
| (712 | ) | |
Net realized and unrealized gain (loss) |
| 23,655 |
|
| 815 |
|
| 310 |
|
| 167,640 |
|
| 1,124 |
|
| 85,761 |
|
| 4,068 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 21,307 |
| $ | 667 |
| $ | 266 |
| $ | 149,083 |
| $ | 536 |
| $ | 76,465 |
| $ | 2,726 |
| |
See Notes to the Financial Statements.
8
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan Managed Aggressive Growth Fund - Class A |
| JNL/JPMorgan Managed Conservative Fund - Class A |
| JNL/JPMorgan Managed Growth Fund - Class A |
| JNL/JPMorgan Managed Moderate Fund - Class A |
| JNL/JPMorgan Managed Moderate Growth Fund - Class A |
| JNL/JPMorgan MidCap Growth Fund - Class A |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 1,505,928 |
| $ | 25,653 |
| $ | 3,140,262 |
| $ | 258,747 |
| $ | 3,054,420 |
| $ | 531,391 |
| $ | — |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 1,505,928 |
|
| 25,653 |
|
| 3,140,262 |
|
| 258,747 |
|
| 3,054,420 |
|
| 531,391 |
|
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 1,505,928 |
| $ | 25,653 |
| $ | 3,140,262 |
| $ | 258,747 |
| $ | 3,054,420 |
| $ | 531,391 |
| $ | — |
| ||
Maximum Unit Value |
| 40.853277 |
|
| 16.128059 |
|
| 36.685976 |
|
| 21.424024 |
|
| 28.941855 |
|
| 60.679601 |
|
| N/A |
| ||
Minimum Unit Value |
| 39.546716 |
|
| 15.696166 |
|
| 35.512644 |
|
| 20.781345 |
|
| 28.016228 |
|
| 58.734641 |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 33,090 |
|
| 1,473 |
|
| 86,413 |
|
| 11,339 |
|
| 103,610 |
|
| 7,057 |
|
| — |
| ||
Investments in Funds, at cost | $ | 793,804 |
| $ | 20,909 |
| $ | 1,403,735 |
| $ | 154,476 |
| $ | 1,961,604 |
| $ | 293,626 |
| $ | — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan Managed Aggressive Growth Fund - Class A |
| JNL/JPMorgan Managed Conservative Fund - Class A |
| JNL/JPMorgan Managed Growth Fund - Class A |
| JNL/JPMorgan Managed Moderate Fund - Class A |
| JNL/JPMorgan Managed Moderate Growth Fund - Class A |
| JNL/JPMorgan MidCap Growth Fund - Class A |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 24,699 |
|
| 440 |
|
| 48,961 |
|
| 4,204 |
|
| 46,423 |
|
| 10,024 |
|
| 34 |
| |
Total expenses |
| 24,699 |
|
| 440 |
|
| 48,961 |
|
| 4,204 |
|
| 46,423 |
|
| 10,024 |
|
| 34 |
| ||
Net investment income (loss) |
| (24,699 | ) |
| (440 | ) |
| (48,961 | ) |
| (4,204 | ) |
| (46,423 | ) |
| (10,024 | ) |
| (34 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 244,502 |
|
| 1,071 |
|
| 417,271 |
|
| 23,060 |
|
| 107,487 |
|
| 127,512 |
|
| 1,997 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| (32,233 | ) |
| 1,281 |
|
| (3,868 | ) |
| 3,144 |
|
| 243,539 |
|
| (72,157 | ) |
| — |
| |
Net realized and unrealized gain (loss) |
| 212,269 |
|
| 2,352 |
|
| 413,403 |
|
| 26,204 |
|
| 351,026 |
|
| 55,355 |
|
| 1,997 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 187,570 |
| $ | 1,912 |
| $ | 364,442 |
| $ | 22,000 |
| $ | 304,603 |
| $ | 45,331 |
| $ | 1,963 |
| |
See Notes to the Financial Statements.
9
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A |
| JNL/JPMorgan U.S. Value Fund - Class A |
| JNL/Lazard International Quality Growth Fund - Class A |
| JNL/Loomis Sayles Global Growth Fund - Class A |
| JNL/Lord Abbett Short Duration Income Fund - Class A |
| JNL/Mellon Bond Index Fund - Class A |
| JNL/Mellon Communication Services Sector Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 83,170 |
| $ | 205,071 |
| $ | 16,234 |
| $ | 72,651 |
| $ | 218,731 |
| $ | 240,993 |
| $ | 120,074 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 83,170 |
|
| 205,071 |
|
| 16,234 |
|
| 72,651 |
|
| 218,731 |
|
| 240,993 |
|
| 120,074 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 83,170 |
| $ | 205,071 |
| $ | 16,234 |
| $ | 72,651 |
| $ | 218,731 |
| $ | 240,993 |
| $ | 120,074 |
| ||
Maximum Unit Value |
| 13.516223 |
|
| 23.218454 |
|
| 17.122268 |
|
| 21.319305 |
|
| 10.729983 |
|
| 12.819571 |
|
| 67.292528 |
| ||
Minimum Unit Value |
| 13.083947 |
|
| 22.567077 |
|
| 16.799876 |
|
| 21.084593 |
|
| 10.637487 |
|
| 12.409624 |
|
| 59.481421 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 5,924 |
|
| 9,751 |
|
| 1,100 |
|
| 3,522 |
|
| 21,721 |
|
| 19,577 |
|
| 3,458 |
| ||
Investments in Funds, at cost | $ | 79,495 |
| $ | 136,073 |
| $ | 18,406 |
| $ | 52,666 |
| $ | 218,142 |
| $ | 234,633 |
| $ | 99,945 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A |
| JNL/JPMorgan U.S. Value Fund - Class A |
| JNL/Lazard International Quality Growth Fund - Class A |
| JNL/Loomis Sayles Global Growth Fund - Class A |
| JNL/Lord Abbett Short Duration Income Fund - Class A |
| JNL/Mellon Bond Index Fund - Class A |
| JNL/Mellon Communication Services Sector Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | 156 |
| $ | — |
| $ | 9,765 |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 1,368 |
|
| 3,171 |
|
| 156 |
|
| 1,048 |
|
| 3,409 |
|
| 3,870 |
|
| 2,516 |
| |
Total expenses |
| 1,368 |
|
| 3,171 |
|
| 156 |
|
| 1,048 |
|
| 3,409 |
|
| 3,870 |
|
| 2,516 |
| ||
Net investment income (loss) |
| (1,368 | ) |
| (3,171 | ) |
| — |
|
| (1,048 | ) |
| 6,356 |
|
| (3,870 | ) |
| (2,516 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| 1,780 |
|
| 4,393 |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 424 |
|
| 4,132 |
|
| (17 | ) |
| 564 |
|
| 71 |
|
| (919 | ) |
| 40,622 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 5,263 |
|
| 21,216 |
|
| (1,363 | ) |
| 5,161 |
|
| 1,853 |
|
| 16,457 |
|
| 13,030 |
| |
Net realized and unrealized gain (loss) |
| 5,687 |
|
| 25,348 |
|
| 400 |
|
| 10,118 |
|
| 1,924 |
|
| 15,538 |
|
| 53,652 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 4,319 |
| $ | 22,177 |
| $ | 400 |
| $ | 9,070 |
| $ | 8,280 |
| $ | 11,668 |
| $ | 51,136 |
| |
See Notes to the Financial Statements.
10
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Consumer Discretionary Sector Fund - Class A |
| JNL/Mellon Consumer Staples Sector Fund - Class A |
| JNL/Mellon Dow Index Fund - Class A |
| JNL/Mellon Emerging Markets Index Fund - Class A |
| JNL/Mellon Energy Sector Fund - Class A |
| JNL/Mellon Financial Sector Fund - Class A |
| JNL/Mellon Healthcare Sector Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 25,340 |
| $ | — |
| $ | — |
| $ | 66,520 |
| $ | 243,739 |
| $ | 136,535 |
| $ | 159,526 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 25,340 |
|
| — |
|
| — |
|
| 66,520 |
|
| 243,739 |
|
| 136,535 |
|
| 159,526 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 25,340 |
| $ | — |
| $ | — |
| $ | 66,520 |
| $ | 243,739 |
| $ | 136,535 |
| $ | 159,526 |
| ||
Maximum Unit Value |
| 68.441949 |
|
| N/A |
|
| N/A |
|
| 13.930205 |
|
| 36.806243 |
|
| 30.279496 |
|
| 52.886628 |
| ||
Minimum Unit Value |
| 67.536823 |
|
| N/A |
|
| N/A |
|
| 13.657509 |
|
| 35.557178 |
|
| 27.353419 |
|
| 51.541407 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 475 |
|
| — |
|
| — |
|
| 4,388 |
|
| 6,024 |
|
| 4,720 |
|
| 3,171 |
| ||
Investments in Funds, at cost | $ | 22,796 |
| $ | — |
| $ | — |
| $ | 53,686 |
| $ | 239,707 |
| $ | 106,282 |
| $ | 99,036 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Consumer Discretionary Sector Fund - Class A |
| JNL/Mellon Consumer Staples Sector Fund - Class A |
| JNL/Mellon Dow Index Fund - Class A |
| JNL/Mellon Emerging Markets Index Fund - Class A |
| JNL/Mellon Energy Sector Fund - Class A |
| JNL/Mellon Financial Sector Fund - Class A |
| JNL/Mellon Healthcare Sector Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 2,745 |
|
| 182 |
|
| — |
|
| 978 |
|
| 7,354 |
|
| 2,634 |
|
| 2,623 |
| |
Total expenses |
| 2,745 |
|
| 182 |
|
| — |
|
| 978 |
|
| 7,354 |
|
| 2,634 |
|
| 2,623 |
| ||
Net investment income (loss) |
| (2,745 | ) |
| (182 | ) |
| — |
|
| (978 | ) |
| (7,354 | ) |
| (2,634 | ) |
| (2,623 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 3,142 |
|
| 8,311 |
|
| — |
|
| 684 |
|
| (29,948 | ) |
| 34,840 |
|
| 21,801 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| (27,884 | ) |
| (6,687 | ) |
| — |
|
| 15,589 |
|
| 30,568 |
|
| (14,967 | ) |
| (599 | ) | |
Net realized and unrealized gain (loss) |
| (24,742 | ) |
| 1,624 |
|
| — |
|
| 16,273 |
|
| 620 |
|
| 19,873 |
|
| 21,202 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | (27,487 | ) | $ | 1,442 |
| $ | — |
| $ | 15,295 |
| $ | (6,734 | ) | $ | 17,239 |
| $ | 18,579 |
| |
See Notes to the Financial Statements.
11
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Industrials Sector Fund - Class A |
| JNL/Mellon Information Technology Sector Fund - Class A |
| JNL/Mellon International Index Fund - Class A |
| JNL/Mellon Materials Sector Fund - Class A |
| JNL/Mellon Nasdaq® 100 Index Fund - Class A |
| JNL/Mellon Real Estate Sector Fund - Class A |
| JNL/Mellon S&P 400 MidCap Index Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | — |
| $ | 155,058 |
| $ | 372,869 |
| $ | — |
| $ | 261,303 |
| $ | — |
| $ | 90,443 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| — |
|
| 155,058 |
|
| 372,869 |
|
| — |
|
| 261,303 |
|
| — |
|
| 90,443 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | — |
| $ | 155,058 |
| $ | 372,869 |
| $ | — |
| $ | 261,303 |
| $ | — |
| $ | 90,443 |
| ||
Maximum Unit Value |
| N/A |
|
| 134.886457 |
|
| 26.311042 |
|
| N/A |
|
| 95.616607 |
|
| N/A |
|
| 50.210274 |
| ||
Minimum Unit Value |
| N/A |
|
| 132.587393 |
|
| 25.469603 |
|
| N/A |
|
| 83.539110 |
|
| N/A |
|
| 48.603891 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| — |
|
| 2,062 |
|
| 17,901 |
|
| — |
|
| 2,867 |
|
| — |
|
| 2,365 |
| ||
Investments in Funds, at cost | $ | — |
| $ | 116,618 |
| $ | 263,983 |
| $ | — |
| $ | 236,065 |
| $ | 3 |
| $ | 72,033 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Industrials Sector Fund - Class A |
| JNL/Mellon Information Technology Sector Fund - Class A |
| JNL/Mellon International Index Fund - Class A |
| JNL/Mellon Materials Sector Fund - Class A |
| JNL/Mellon Nasdaq® 100 Index Fund - Class A |
| JNL/Mellon Real Estate Sector Fund - Class A |
| JNL/Mellon S&P 400 MidCap Index Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 386 |
|
| 3,424 |
|
| 5,458 |
|
| — |
|
| 4,838 |
|
| 104 |
|
| 1,485 |
| |
Total expenses |
| 386 |
|
| 3,424 |
|
| 5,458 |
|
| — |
|
| 4,838 |
|
| 104 |
|
| 1,485 |
| ||
Net investment income (loss) |
| (386 | ) |
| (3,424 | ) |
| (5,458 | ) |
| — |
|
| (4,838 | ) |
| (104 | ) |
| (1,485 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 5,466 |
|
| 26,083 |
|
| 7,055 |
|
| — |
|
| 87,123 |
|
| 1,777 |
|
| 8,279 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| — |
|
| 3,978 |
|
| 83,608 |
|
| — |
|
| (21,090 | ) |
| (1,559 | ) |
| (1,531 | ) | |
Net realized and unrealized gain (loss) |
| 5,466 |
|
| 30,061 |
|
| 90,663 |
|
| — |
|
| 66,033 |
|
| 218 |
|
| 6,748 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 5,080 |
| $ | 26,637 |
| $ | 85,205 |
| $ | — |
| $ | 61,195 |
| $ | 114 |
| $ | 5,263 |
| |
See Notes to the Financial Statements.
12
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon S&P 500 Index Fund - Class A |
| JNL/Mellon Small Cap Index Fund - Class A |
| JNL/Mellon U.S. Stock Market Index Fund - Class A |
| JNL/Mellon Utilities Sector Fund - Class A |
| JNL/Mellon World Index Fund - Class A |
| JNL/MFS Mid Cap Value Fund - Class A |
| JNL/Morningstar SMID Moat Focus Index Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 2,845,289 |
| $ | 945,335 |
| $ | 459,563 |
| $ | 12,689 |
| $ | 75,111 |
| $ | 1,063,319 |
| $ | — |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 2,845,289 |
|
| 945,335 |
|
| 459,563 |
|
| 12,689 |
|
| 75,111 |
|
| 1,063,319 |
|
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| ||
Net assets | $ | 2,845,289 |
| $ | 945,335 |
| $ | 459,563 |
| $ | 12,689 |
| $ | 75,111 |
| $ | 1,063,319 |
| $ | — |
| ||
Maximum Unit Value |
| 60.031751 |
|
| 39.344095 |
|
| 25.326735 |
|
| 25.505720 |
|
| 44.920891 |
|
| 36.508852 |
|
| N/A |
| ||
Minimum Unit Value |
| 58.112017 |
|
| 38.085592 |
|
| 25.014642 |
|
| 25.042188 |
|
| 43.168449 |
|
| 34.639528 |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 52,217 |
|
| 31,543 |
|
| 16,029 |
|
| 490 |
|
| 1,410 |
|
| 48,223 |
|
| — |
| ||
Investments in Funds, at cost | $ | 1,843,032 |
| $ | 800,412 |
| $ | 283,050 |
| $ | 12,637 |
| $ | 54,650 |
| $ | 703,924 |
| $ | — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon S&P 500 Index Fund - Class A |
| JNL/Mellon Small Cap Index Fund - Class A |
| JNL/Mellon U.S. Stock Market Index Fund - Class A |
| JNL/Mellon Utilities Sector Fund - Class A |
| JNL/Mellon World Index Fund - Class A |
| JNL/MFS Mid Cap Value Fund - Class A |
| JNL/Morningstar SMID Moat Focus Index Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 45,852 |
|
| 14,543 |
|
| 13,713 |
|
| 1,040 |
|
| 1,061 |
|
| 16,685 |
|
| — |
| |
Total expenses |
| 45,852 |
|
| 14,543 |
|
| 13,713 |
|
| 1,040 |
|
| 1,061 |
|
| 16,685 |
|
| — |
| ||
Net investment income (loss) |
| (45,852 | ) |
| (14,543 | ) |
| (13,713 | ) |
| (1,040 | ) |
| (1,061 | ) |
| (16,685 | ) |
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 372,128 |
|
| 34,190 |
|
| 244,856 |
|
| 20,679 |
|
| 1,574 |
|
| 65,138 |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 72,311 |
|
| 19,410 |
|
| (107,906 | ) |
| (3,313 | ) |
| 12,304 |
|
| (2,522 | ) |
| — |
| |
Net realized and unrealized gain (loss) |
| 444,439 |
|
| 53,600 |
|
| 136,950 |
|
| 17,366 |
|
| 13,878 |
|
| 62,616 |
|
| — |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 398,587 |
| $ | 39,057 |
| $ | 123,237 |
| $ | 16,326 |
| $ | 12,817 |
| $ | 45,931 |
| $ | — |
| |
See Notes to the Financial Statements.
13
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Morningstar U.S. Sustainability Index Fund - Class A |
| JNL/Morningstar Wide Moat Index Fund - Class A |
| JNL/Neuberger Berman Strategic Income Fund - Class A |
| JNL/Newton Equity Income Fund - Class A |
| JNL/PIMCO Income Fund - Class A |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class A |
| JNL/PIMCO Real Return Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 5,470 |
| $ | 179,024 |
| $ | 411,900 |
| $ | 118,901 |
| $ | 147,158 |
| $ | 14,200 |
| $ | 105,045 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 9 |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 5,470 |
|
| 179,024 |
|
| 411,900 |
|
| 118,901 |
|
| 147,158 |
|
| 14,200 |
|
| 105,054 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 4 |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 5 |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 9 |
| ||
Net assets | $ | 5,470 |
| $ | 179,024 |
| $ | 411,900 |
| $ | 118,901 |
| $ | 147,158 |
| $ | 14,200 |
| $ | 105,045 |
| ||
Maximum Unit Value |
| 26.873035 |
|
| 22.133859 |
|
| 13.291953 |
|
| 49.508891 |
|
| 11.885426 |
|
| 13.233342 |
|
| 15.225168 |
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| N/A |
|
| 48.899008 |
|
| 11.742236 |
|
| N/A |
|
| 14.798085 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 183 |
|
| 17,132 |
|
| 29,464 |
|
| 2,981 |
|
| 11,285 |
|
| 1,064 |
|
| 8,465 |
| ||
Investments in Funds, at cost | $ | 5,428 |
| $ | 201,594 |
| $ | 367,977 |
| $ | 84,537 |
| $ | 132,857 |
| $ | 14,097 |
| $ | 97,396 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Morningstar U.S. Sustainability Index Fund - Class A |
| JNL/Morningstar Wide Moat Index Fund - Class A |
| JNL/Neuberger Berman Strategic Income Fund - Class A |
| JNL/Newton Equity Income Fund - Class A |
| JNL/PIMCO Income Fund - Class A |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class A |
| JNL/PIMCO Real Return Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | 3,549 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 26 |
|
| 2,839 |
|
| 4,649 |
|
| 1,422 |
|
| 2,218 |
|
| 33 |
|
| 1,841 |
| |
Total expenses |
| 26 |
|
| 2,839 |
|
| 4,649 |
|
| 1,422 |
|
| 2,218 |
|
| 33 |
|
| 1,841 |
| ||
Net investment income (loss) |
| (26 | ) |
| 710 |
|
| (4,649 | ) |
| (1,422 | ) |
| (2,218 | ) |
| (33 | ) |
| (1,841 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| 44,372 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 590 |
|
| (517 | ) |
| 638 |
|
| 2,361 |
|
| 6,929 |
|
| — |
|
| 6,559 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 42 |
|
| (28,132 | ) |
| 27,742 |
|
| 13,619 |
|
| 7,593 |
|
| 110 |
|
| 1,931 |
| |
Net realized and unrealized gain (loss) |
| 632 |
|
| 15,723 |
|
| 28,380 |
|
| 15,980 |
|
| 14,522 |
|
| 110 |
|
| 8,490 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 606 |
| $ | 16,433 |
| $ | 23,731 |
| $ | 14,558 |
| $ | 12,304 |
| $ | 77 |
| $ | 6,649 |
| |
See Notes to the Financial Statements.
14
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/PPM America High Yield Bond Fund - Class A |
| JNL/PPM America Investment Grade Credit Fund - Class A |
| JNL/PPM America Total Return Fund - Class A |
| JNL/RAFI Fundamental U.S. Small Cap Fund - Class A |
| JNL/RAFI Multi-Factor U.S. Equity Fund - Class A |
| JNL/T. Rowe Price Balanced Fund - Class A |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 772,091 |
| $ | — |
| $ | 4,634 |
| $ | 14,120 |
| $ | 1,606,987 |
| $ | 17,769 |
| $ | 35,418 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| 52 |
|
| — |
|
| — |
|
| — |
|
| 213 |
|
| — |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 772,143 |
|
| — |
|
| 4,634 |
|
| 14,120 |
|
| 1,607,200 |
|
| 17,769 |
|
| 35,418 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| 19 |
|
| — |
|
| — |
|
| — |
|
| 144 |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| 33 |
|
| — |
|
| — |
|
| — |
|
| 69 |
|
| — |
|
| — |
| |
Total liabilities |
| 52 |
|
| — |
|
| — |
|
| — |
|
| 213 |
|
| — |
|
| — |
| ||
Net assets | $ | 772,091 |
| $ | — |
| $ | 4,634 |
| $ | 14,120 |
| $ | 1,606,987 |
| $ | 17,769 |
| $ | 35,418 |
| ||
Maximum Unit Value |
| 27.903149 |
|
| N/A |
|
| 18.755733 |
|
| 25.189239 |
|
| 41.971933 |
|
| 17.985819 |
|
| 11.158321 |
| ||
Minimum Unit Value |
| 27.167635 |
|
| N/A |
|
| N/A |
|
| N/A |
|
| 36.015237 |
|
| N/A |
|
| N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 42,870 |
|
| — |
|
| 337 |
|
| 1,362 |
|
| 57,026 |
|
| 829 |
|
| 3,118 |
| ||
Investments in Funds, at cost | $ | 594,309 |
| $ | — |
| $ | 4,541 |
| $ | 10,131 |
| $ | 802,173 |
| $ | 12,742 |
| $ | 33,308 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/PPM America High Yield Bond Fund - Class A |
| JNL/PPM America Investment Grade Credit Fund - Class A |
| JNL/PPM America Total Return Fund - Class A |
| JNL/RAFI Fundamental U.S. Small Cap Fund - Class A |
| JNL/RAFI Multi-Factor U.S. Equity Fund - Class A |
| JNL/T. Rowe Price Balanced Fund - Class A |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 12,081 |
|
| — |
|
| 75 |
|
| 333 |
|
| 24,365 |
|
| 264 |
|
| 185 |
| |
Total expenses |
| 12,081 |
|
| — |
|
| 75 |
|
| 333 |
|
| 24,365 |
|
| 264 |
|
| 185 |
| ||
Net investment income (loss) |
| (12,081 | ) |
| — |
|
| (75 | ) |
| (333 | ) |
| (24,365 | ) |
| (264 | ) |
| (185 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 33,203 |
|
| — |
|
| — |
|
| 4,011 |
|
| 191,898 |
|
| 450 |
|
| 307 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 29,691 |
|
| — |
|
| 297 |
|
| (2,626 | ) |
| 45,572 |
|
| 2,087 |
|
| 2,090 |
| |
Net realized and unrealized gain (loss) |
| 62,894 |
|
| — |
|
| 297 |
|
| 1,385 |
|
| 237,470 |
|
| 2,537 |
|
| 2,397 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 50,813 |
| $ | — |
| $ | 222 |
| $ | 1,052 |
| $ | 213,105 |
| $ | 2,273 |
| $ | 2,212 |
| |
See Notes to the Financial Statements.
15
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/T. Rowe Price Capital Appreciation Fund - Class A |
| JNL/T. Rowe Price Growth Stock Fund - Class A |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class A |
| JNL/T. Rowe Price Short-Term Bond Fund - Class A |
| JNL/T. Rowe Price U.S. High Yield Fund - Class A |
| JNL/T. Rowe Price Value Fund - Class A |
| JNL/Vanguard Growth ETF Allocation Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 960,738 |
| $ | 2,813,377 |
| $ | 2,391,401 |
| $ | 391,609 |
| $ | 6,847 |
| $ | 976,684 |
| $ | 266,605 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 12 |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| 960,738 |
|
| 2,813,377 |
|
| 2,391,401 |
|
| 391,609 |
|
| 6,847 |
|
| 976,684 |
|
| 266,617 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 12 |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 12 |
| ||
Net assets | $ | 960,738 |
| $ | 2,813,377 |
| $ | 2,391,401 |
| $ | 391,609 |
| $ | 6,847 |
| $ | 976,684 |
| $ | 266,605 |
| ||
Maximum Unit Value |
| 28.523251 |
|
| 74.212276 |
|
| 64.991242 |
|
| 10.830346 |
|
| 12.575564 |
|
| 48.697078 |
|
| 16.854993 |
| ||
Minimum Unit Value |
| 28.001796 |
|
| 71.839235 |
|
| 62.949050 |
|
| 10.515496 |
|
| 12.392900 |
|
| 47.139440 |
|
| 16.647383 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 30,862 |
|
| 26,534 |
|
| 29,032 |
|
| 33,701 |
|
| 509 |
|
| 30,957 |
|
| 13,973 |
| ||
Investments in Funds, at cost | $ | 682,906 |
| $ | 1,532,621 |
| $ | 1,275,337 |
| $ | 345,945 |
| $ | 6,682 |
| $ | 551,505 |
| $ | 200,243 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/T. Rowe Price Capital Appreciation Fund - Class A |
| JNL/T. Rowe Price Growth Stock Fund - Class A |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class A |
| JNL/T. Rowe Price Short-Term Bond Fund - Class A |
| JNL/T. Rowe Price U.S. High Yield Fund - Class A |
| JNL/T. Rowe Price Value Fund - Class A |
| JNL/Vanguard Growth ETF Allocation Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| 21,995 |
|
| 42,197 |
|
| 39,948 |
|
| 6,000 |
|
| 42 |
|
| 15,117 |
|
| 4,235 |
| |
Total expenses |
| 21,995 |
|
| 42,197 |
|
| 39,948 |
|
| 6,000 |
|
| 42 |
|
| 15,117 |
|
| 4,235 |
| ||
Net investment income (loss) |
| (21,995 | ) |
| (42,197 | ) |
| (39,948 | ) |
| (6,000 | ) |
| (42 | ) |
| (15,117 | ) |
| (4,235 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| 252,296 |
|
| 266,073 |
|
| 238,979 |
|
| 4,225 |
|
| 3 |
|
| 87,364 |
|
| 5,683 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| (97,338 | ) |
| 121,682 |
|
| (165,045 | ) |
| 16,895 |
|
| 165 |
|
| 24,249 |
|
| 33,402 |
| |
Net realized and unrealized gain (loss) |
| 154,958 |
|
| 387,755 |
|
| 73,934 |
|
| 21,120 |
|
| 168 |
|
| 111,613 |
|
| 39,085 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | 132,963 |
| $ | 345,558 |
| $ | 33,986 |
| $ | 15,120 |
| $ | 126 |
| $ | 96,496 |
| $ | 34,850 |
| |
See Notes to the Financial Statements.
16
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Vanguard Moderate ETF Allocation Fund - Class A |
| JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A |
| JNL/WCM Focused International Equity Fund - Class A |
| JNL/Westchester Capital Event Driven Fund - Class A |
| JNL/William Blair International Leaders Fund - Class A |
| JNL/WMC Balanced Fund - Class A |
| JNL/WMC Equity Income Fund - Class A |
| |||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | — |
| $ | — |
| $ | 44,488 |
| $ | 21,639 |
| $ | 625,712 |
| $ | 1,347,665 |
| $ | 1,083 |
| ||
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 73 |
|
| — |
| |
| Investment Division units sold |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Total assets |
| — |
|
| — |
|
| 44,488 |
|
| 21,639 |
|
| 625,712 |
|
| 1,347,738 |
|
| 1,083 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 16 |
|
| — |
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 57 |
|
| — |
| |
Total liabilities |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 73 |
|
| — |
| ||
Net assets | $ | — |
| $ | — |
| $ | 44,488 |
| $ | 21,639 |
| $ | 625,712 |
| $ | 1,347,665 |
| $ | 1,083 |
| ||
Maximum Unit Value |
| N/A |
|
| N/A |
|
| 25.179726 |
|
| 13.024261 |
|
| 16.591094 |
|
| 38.482753 |
|
| 19.666882 |
| ||
Minimum Unit Value |
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
|
| 15.215034 |
|
| 37.251902 |
|
| 19.500058 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| — |
|
| — |
|
| 2,716 |
|
| 1,537 |
|
| 46,800 |
|
| 30,608 |
|
| 48 |
| ||
Investments in Funds, at cost | $ | — |
| $ | — |
| $ | 47,751 |
| $ | 18,481 |
| $ | 543,756 |
| $ | 724,168 |
| $ | 800 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Vanguard Moderate ETF Allocation Fund - Class A |
| JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A |
| JNL/WCM Focused International Equity Fund - Class A |
| JNL/Westchester Capital Event Driven Fund - Class A |
| JNL/William Blair International Leaders Fund - Class A |
| JNL/WMC Balanced Fund - Class A |
| JNL/WMC Equity Income Fund - Class A |
| |||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
| $ | 161 |
| $ | — |
| $ | 3,625 |
| $ | — |
| $ | — |
| ||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-based charges |
| — |
|
| — |
|
| 365 |
|
| 318 |
|
| 9,054 |
|
| 20,652 |
|
| 16 |
| |
Total expenses |
| — |
|
| — |
|
| 365 |
|
| 318 |
|
| 9,054 |
|
| 20,652 |
|
| 16 |
| ||
Net investment income (loss) |
| — |
|
| — |
|
| (204 | ) |
| (318 | ) |
| (5,429 | ) |
| (20,652 | ) |
| (16 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| 2,677 |
|
| — |
|
| — |
|
| — |
|
| — |
| |
| Sales of investments in Funds |
| — |
|
| — |
|
| (8 | ) |
| 196 |
|
| 2,563 |
|
| 135,496 |
|
| 4 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| — |
|
| — |
|
| (3,264 | ) |
| 1,304 |
|
| 117,258 |
|
| 59,347 |
|
| 147 |
| |
Net realized and unrealized gain (loss) |
| — |
|
| — |
|
| (595 | ) |
| 1,500 |
|
| 119,821 |
|
| 194,843 |
|
| 151 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| from operations | $ | — |
| $ | — |
| $ | (799 | ) | $ | 1,182 |
| $ | 114,392 |
| $ | 174,191 |
| $ | 135 |
| |
See Notes to the Financial Statements.
17
Jackson National Separate Account V | |||||||||
Statements of Assets and Liabilities |
|
|
|
|
| ||||
December 31, 2025 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/WMC Global Real Estate Fund - Class A |
| JNL/WMC Value Fund - Class A |
|
| ||
Assets |
|
|
|
|
|
|
| ||
Investments in Funds, at fair value | $ | 84,133 |
| $ | 80,281 |
|
| ||
Receivables: |
|
|
|
|
|
|
| ||
| Investments in Fund shares sold |
| — |
|
| — |
|
| |
| Investment Division units sold |
| — |
|
| — |
|
| |
Total assets |
| 84,133 |
|
| 80,281 |
|
| ||
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
| ||
Payables: |
|
|
|
|
|
|
| ||
| Investments in Fund shares purchased |
| — |
|
| — |
|
| |
| Investment Division units redeemed |
| — |
|
| — |
|
| |
| Insurance fees due to Jackson |
| — |
|
| — |
|
| |
Total liabilities |
| — |
|
| — |
|
| ||
Net assets | $ | 84,133 |
| $ | 80,281 |
|
| ||
Maximum Unit Value |
| 18.312306 |
|
| 45.249560 |
|
| ||
Minimum Unit Value |
| 17.564572 |
|
| 43.906765 |
|
| ||
|
|
|
|
|
|
|
|
|
|
Investments in Funds, shares outstanding |
| 7,593 |
|
| 1,986 |
|
| ||
Investments in Funds, at cost | $ | 73,603 |
| $ | 51,066 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackson National Separate Account V | |||||||||
Statements of Operations |
|
|
|
|
| ||||
For the Year Ended December 31, 2025 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/WMC Global Real Estate Fund - Class A |
| JNL/WMC Value Fund - Class A |
|
| ||
Investment Income |
|
|
|
|
|
|
| ||
Dividends | $ | — |
| $ | — |
|
| ||
Expenses |
|
|
|
|
|
|
| ||
| Asset-based charges |
| 1,345 |
|
| 1,209 |
|
| |
Total expenses |
| 1,345 |
|
| 1,209 |
|
| ||
Net investment income (loss) |
| (1,345 | ) |
| (1,209 | ) |
| ||
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) |
|
|
|
|
|
|
| ||
Net realized gain (loss) on: |
|
|
|
|
|
|
| ||
| Distributions from Funds |
| — |
|
| — |
|
| |
| Sales of investments in Funds |
| 780 |
|
| 7,413 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
| ||
| (depreciation) on investments in Funds |
| 6,246 |
|
| 3,408 |
|
| |
Net realized and unrealized gain (loss) |
| 7,026 |
|
| 10,821 |
|
| ||
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
|
|
|
|
|
|
| ||
| from operations | $ | 5,681 |
| $ | 9,612 |
|
| |
See Notes to the Financial Statements.
18
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL Aggressive Growth Allocation Fund - Class A |
| JNL Conservative Allocation Fund - Class A |
| JNL Growth Allocation Fund - Class A |
| JNL Growth ETF Allocation Fund - Class A |
| JNL Moderate Allocation Fund - Class A |
| JNL Moderate ETF Allocation Fund - Class A |
| JNL Moderate Growth Allocation Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (1,347 | ) | $ | (1,482 | ) | $ | — |
| $ | (5,267 | ) | $ | — |
| $ | (457 | ) | |
Net realized gain (loss) on investments in Funds |
| — |
|
| 243 |
|
| 22,475 |
|
| — |
|
| 8,487 |
|
| — |
|
| 613 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 7,725 |
|
| (8,471 | ) |
| — |
|
| 27,592 |
|
| — |
|
| 2,645 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 6,621 |
|
| 12,522 |
|
| — |
|
| 30,812 |
|
| — |
|
| 2,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| — |
|
| (61,313 | ) |
| — |
|
| (2,593 | ) |
| — |
|
| (1,516 | ) | |
Transfers between Investment Divisions |
| — |
|
| — |
|
| 7,185 |
|
| — |
|
| (13,364 | ) |
| — |
|
| 7,513 |
| |
Contract owner charges |
| — |
|
| — |
|
| (154 | ) |
| — |
|
| (52 | ) |
| — |
|
| (118 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| — |
|
| (54,282 | ) |
| — |
|
| (16,009 | ) |
| — |
|
| 5,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| 6,621 |
|
| (41,760 | ) |
| — |
|
| 14,803 |
|
| — |
|
| 8,680 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 86,379 |
|
| 97,588 |
|
| — |
|
| 341,294 |
|
| — |
|
| 20,694 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 93,000 |
| $ | 55,828 |
| $ | — |
| $ | 356,097 |
| $ | — |
| $ | 29,374 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 6,935 |
|
| 4,758 |
|
| — |
|
| 20,080 |
|
| — |
|
| 1,086 |
| |
Units issued |
| — |
|
| — |
|
| 379 |
|
| — |
|
| 717 |
|
| — |
|
| 393 |
| |
Units redeemed |
| — |
|
| — |
|
| (2,695 | ) |
| — |
|
| (1,594 | ) |
| — |
|
| (86 | ) | |
Units outstanding at end of year |
| — |
|
| 6,935 |
|
| 2,442 |
|
| — |
|
| 19,203 |
|
| — |
|
| 1,393 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | — |
| $ | — |
| $ | 7,755 |
| $ | — |
| $ | 12,398 |
| $ | — |
| $ | 7,513 |
| |
Proceeds from sales | $ | — |
| $ | 1,347 |
| $ | 63,519 |
| $ | — |
| $ | 33,674 |
| $ | — |
| $ | 2,091 |
| |
See Notes to the Financial Statements.
19
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
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| |||
December 31, 2025 |
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| |||
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|
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|
|
|
|
|
|
|
|
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|
|
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|
|
| JNL Moderate Growth ETF Allocation Fund - Class A |
| JNL Multi-Manager Alternative Fund - Class A |
| JNL Multi-Manager Emerging Markets Equity Fund - Class A |
| JNL Multi-Manager Floating Rate Income Fund - Class A |
| JNL Multi-Manager International Small Cap Fund - Class A |
| JNL Multi-Manager Mid Cap Fund - Class A |
| JNL Multi-Manager Small Cap Growth Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (423 | ) | $ | (551 | ) | $ | (273 | ) | $ | 235 |
| $ | (611 | ) | $ | (684 | ) | |
Net realized gain (loss) on investments in Funds |
| — |
|
| 401 |
|
| (193 | ) |
| 2,013 |
|
| (99 | ) |
| 373 |
|
| 2,134 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 2,166 |
|
| 13,754 |
|
| (1,907 | ) |
| 11,122 |
|
| 137 |
|
| (366 | ) |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 2,144 |
|
| 13,010 |
|
| (167 | ) |
| 11,258 |
|
| (101 | ) |
| 1,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (1,437 | ) |
| (5,255 | ) |
| (7,323 | ) |
| (2,222 | ) |
| (1,233 | ) |
| (31,116 | ) | |
Transfers between Investment Divisions |
| — |
|
| 193 |
|
| (484 | ) |
| (8,094 | ) |
| (1,267 | ) |
| 10,358 |
|
| 8,055 |
| |
Contract owner charges |
| — |
|
| — |
|
| (326 | ) |
| — |
|
| (106 | ) |
| (23 | ) |
| (111 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| (1,244 | ) |
| (6,065 | ) |
| (15,417 | ) |
| (3,595 | ) |
| 9,102 |
|
| (23,172 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| 900 |
|
| 6,945 |
|
| (15,584 | ) |
| 7,663 |
|
| 9,001 |
|
| (22,088 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 27,870 |
|
| 61,314 |
|
| 27,264 |
|
| 48,718 |
|
| 34,737 |
|
| 56,278 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 28,770 |
| $ | 68,259 |
| $ | 11,680 |
| $ | 56,381 |
| $ | 43,738 |
| $ | 34,190 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 2,459 |
|
| 5,089 |
|
| 2,043 |
|
| 3,702 |
|
| 1,851 |
|
| 1,268 |
| |
Units issued |
| — |
|
| 50 |
|
| 159 |
|
| 1,221 |
|
| 72 |
|
| 557 |
|
| 179 |
| |
Units redeemed |
| — |
|
| (157 | ) |
| (607 | ) |
| (2,410 | ) |
| (307 | ) |
| (81 | ) |
| (687 | ) | |
Units outstanding at end of year |
| — |
|
| 2,352 |
|
| 4,641 |
|
| 854 |
|
| 3,467 |
|
| 2,327 |
|
| 760 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | — |
| $ | 605 |
| $ | 2,494 |
| $ | 16,275 |
| $ | 2,008 |
| $ | 10,638 |
| $ | 7,954 |
| |
Proceeds from sales | $ | — |
| $ | 2,272 |
| $ | 9,110 |
| $ | 31,965 |
| $ | 5,368 |
| $ | 2,147 |
| $ | 31,810 |
| |
See Notes to the Financial Statements.
20
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
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|
| |||
December 31, 2025 |
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|
|
|
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|
|
| JNL Multi-Manager Small Cap Value Fund - Class A |
| JNL Multi-Manager U.S. Select Equity Fund - Class A |
| JNL/AB Sustainable Global Thematic Fund - Class A |
| JNL/American Funds Balanced Fund - Class A |
| JNL/American Funds Bond Fund of America Fund - Class A |
| JNL/American Funds Capital Income Builder Fund - Class A |
| JNL/American Funds Capital World Bond Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (6,019 | ) | $ | — |
| $ | — |
| $ | (5,220 | ) | $ | (910 | ) | $ | (1,267 | ) | $ | (1,192 | ) | |
Net realized gain (loss) on investments in Funds |
| 12,501 |
|
| — |
|
| — |
|
| 13,937 |
|
| 264 |
|
| 11,174 |
|
| (310 | ) | |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (717 | ) |
| — |
|
| — |
|
| 33,573 |
|
| 3,704 |
|
| 3,507 |
|
| 5,871 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 5,765 |
|
| — |
|
| — |
|
| 42,290 |
|
| 3,058 |
|
| 13,414 |
|
| 4,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (31,297 | ) |
| — |
|
| — |
|
| (17,173 | ) |
| (3,468 | ) |
| (5,135 | ) |
| (892 | ) | |
Transfers between Investment Divisions |
| 5,658 |
|
| — |
|
| — |
|
| 68,573 |
|
| 4,402 |
|
| 72,465 |
|
| 34,549 |
| |
Contract owner charges |
| (8 | ) |
| — |
|
| — |
|
| (1,319 | ) |
| — |
|
| (14 | ) |
| (2 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (25,647 | ) |
| — |
|
| — |
|
| 50,081 |
|
| 934 |
|
| 67,316 |
|
| 33,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (19,882 | ) |
| — |
|
| — |
|
| 92,371 |
|
| 3,992 |
|
| 80,730 |
|
| 38,024 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 441,256 |
|
| — |
|
| — |
|
| 269,612 |
|
| 59,431 |
|
| 42,413 |
|
| 54,794 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 421,374 |
| $ | — |
| $ | — |
| $ | 361,983 |
| $ | 63,423 |
| $ | 123,143 |
| $ | 92,818 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 14,723 |
|
| — |
|
| — |
|
| 10,504 |
|
| 6,754 |
|
| 3,223 |
|
| 6,324 |
| |
Units issued |
| 728 |
|
| — |
|
| — |
|
| 3,754 |
|
| 605 |
|
| 10,260 |
|
| 4,081 |
| |
Units redeemed |
| (1,554 | ) |
| — |
|
| — |
|
| (1,798 | ) |
| (507 | ) |
| (5,564 | ) |
| (450 | ) | |
Units outstanding at end of year |
| 13,897 |
|
| — |
|
| — |
|
| 12,460 |
|
| 6,852 |
|
| 7,919 |
|
| 9,955 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 21,467 |
| $ | — |
| $ | — |
| $ | 96,681 |
| $ | 5,493 |
| $ | 152,039 |
| $ | 37,765 |
| |
Proceeds from sales | $ | 53,133 |
| $ | — |
| $ | — |
| $ | 51,820 |
| $ | 5,469 |
| $ | 85,990 |
| $ | 5,302 |
| |
See Notes to the Financial Statements.
21
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Global Growth Fund - Class A |
| JNL/American Funds Global Small Capitalization Fund - Class A |
| JNL/American Funds Growth Allocation Fund - Class A |
| JNL/American Funds Growth Fund - Class A |
| JNL/American Funds Growth-Income Fund - Class A |
| JNL/American Funds International Fund - Class A |
| JNL/American Funds Moderate Allocation Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (5 | ) | $ | (206 | ) | $ | (1,625 | ) | $ | (5,975 | ) | $ | (2,991 | ) | $ | (7,628 | ) | $ | — |
| |
Net realized gain (loss) on investments in Funds |
| — |
|
| 101 |
|
| 35,762 |
|
| 98,116 |
|
| 41,783 |
|
| 10,132 |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 66 |
|
| 1,751 |
|
| (12,473 | ) |
| (30,243 | ) |
| (10,417 | ) |
| 108,931 |
|
| — |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 61 |
|
| 1,646 |
|
| 21,664 |
|
| 61,898 |
|
| 28,375 |
|
| 111,435 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (666 | ) |
| (12,055 | ) |
| (277,377 | ) |
| (82,923 | ) |
| (10,410 | ) |
| — |
| |
Transfers between Investment Divisions |
| 728 |
|
| 491 |
|
| (11,696 | ) |
| 1,043 |
|
| (443 | ) |
| 4,628 |
|
| — |
| |
Contract owner charges |
| — |
|
| — |
|
| (43 | ) |
| (10,878 | ) |
| (3,208 | ) |
| (6 | ) |
| — |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 728 |
|
| (175 | ) |
| (23,794 | ) |
| (287,212 | ) |
| (86,574 | ) |
| (5,788 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 789 |
|
| 1,471 |
|
| (2,130 | ) |
| (225,314 | ) |
| (58,199 | ) |
| 105,647 |
|
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 13,092 |
|
| 69,765 |
|
| 487,463 |
|
| 217,744 |
|
| 443,358 |
|
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 789 |
| $ | 14,563 |
| $ | 67,635 |
| $ | 262,149 |
| $ | 159,545 |
| $ | 549,005 |
| $ | — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 695 |
|
| 2,927 |
|
| 8,987 |
|
| 5,152 |
|
| 30,279 |
|
| — |
| |
Units issued |
| 26 |
|
| 49 |
|
| 8,586 |
|
| 223 |
|
| 45 |
|
| 2,149 |
|
| — |
| |
Units redeemed |
| — |
|
| (56 | ) |
| (9,077 | ) |
| (5,123 | ) |
| (1,959 | ) |
| (2,282 | ) |
| — |
| |
Units outstanding at end of year |
| 26 |
|
| 688 |
|
| 2,436 |
|
| 4,087 |
|
| 3,238 |
|
| 30,146 |
|
| — |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 728 |
| $ | 931 |
| $ | 225,916 |
| $ | 13,398 |
| $ | 1,984 |
| $ | 31,573 |
| $ | — |
| |
Proceeds from sales | $ | 5 |
| $ | 1,312 |
| $ | 251,335 |
| $ | 306,585 |
| $ | 91,549 |
| $ | 44,989 |
| $ | — |
| |
See Notes to the Financial Statements.
22
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Moderate Growth Allocation Fund - Class A |
| JNL/American Funds New World Fund - Class A |
| JNL/American Funds Washington Mutual Investors Fund - Class A |
| JNL/AQR Large Cap Defensive Style Fund - Class A |
| JNL/BlackRock Global Allocation Fund - Class A |
| JNL/BlackRock Global Natural Resources Fund - Class A |
| JNL/BlackRock Large Cap Select Growth Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (4,665 | ) | $ | (1,189 | ) | $ | (1,937 | ) | $ | (3,067 | ) | $ | (6,611 | ) | $ | (2,037 | ) | $ | (23,543 | ) | |
Net realized gain (loss) on investments in Funds |
| 10,595 |
|
| 18,556 |
|
| 22,864 |
|
| 1,878 |
|
| 6,361 |
|
| 1,983 |
|
| 202,756 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 34,447 |
|
| 3,036 |
|
| (3,338 | ) |
| 19,991 |
|
| 62,824 |
|
| 30,846 |
|
| (38,436 | ) |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 40,377 |
|
| 20,403 |
|
| 17,589 |
|
| 18,802 |
|
| 62,574 |
|
| 30,792 |
|
| 140,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,426 |
|
| — |
| |
Surrenders and terminations |
| (11,645 | ) |
| (11,549 | ) |
| (55,424 | ) |
| (860 | ) |
| (4,121 | ) |
| (7,097 | ) |
| (90,424 | ) | |
Transfers between Investment Divisions |
| (617 | ) |
| (10,573 | ) |
| 27,459 |
|
| 50,021 |
|
| (870 | ) |
| (4,958 | ) |
| (197,947 | ) | |
Contract owner charges |
| (1,093 | ) |
| (12 | ) |
| (817 | ) |
| (6 | ) |
| (4,488 | ) |
| (619 | ) |
| (1,002 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (13,355 | ) |
| (22,134 | ) |
| (28,782 | ) |
| 49,155 |
|
| (9,479 | ) |
| (11,248 | ) |
| (289,373 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 27,022 |
|
| (1,731 | ) |
| (11,193 | ) |
| 67,957 |
|
| 53,095 |
|
| 19,544 |
|
| (148,596 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 286,320 |
|
| 64,786 |
|
| 141,020 |
|
| 150,588 |
|
| 379,413 |
|
| 117,331 |
|
| 1,646,591 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 313,342 |
| $ | 63,055 |
| $ | 129,827 |
| $ | 218,545 |
| $ | 432,508 |
| $ | 136,875 |
| $ | 1,497,995 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 14,880 |
|
| 3,990 |
|
| 3,913 |
|
| 9,692 |
|
| 22,091 |
|
| 11,076 |
|
| 55,697 |
| |
Units issued |
| 3,349 |
|
| 4,137 |
|
| 1,205 |
|
| 3,462 |
|
| 45 |
|
| 315 |
|
| 2,993 |
| |
Units redeemed |
| (4,003 | ) |
| (5,048 | ) |
| (2,009 | ) |
| (534 | ) |
| (576 | ) |
| (1,254 | ) |
| (12,709 | ) | |
Units outstanding at end of year |
| 14,226 |
|
| 3,079 |
|
| 3,109 |
|
| 12,620 |
|
| 21,560 |
|
| 10,137 |
|
| 45,981 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 64,322 |
| $ | 77,254 |
| $ | 46,909 |
| $ | 58,020 |
| $ | 824 |
| $ | 3,570 |
| $ | 88,259 |
| |
Proceeds from sales | $ | 82,342 |
| $ | 100,577 |
| $ | 77,628 |
| $ | 11,932 |
| $ | 16,914 |
| $ | 16,855 |
| $ | 401,175 |
| |
See Notes to the Financial Statements.
23
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Causeway International Value Select Fund - Class A |
| JNL/ClearBridge Large Cap Growth Fund - Class A |
| JNL/Cohen & Steers U.S. Realty Fund - Class A |
| JNL/DFA International Core Equity Fund - Class A |
| JNL/DFA U.S. Core Equity Fund - Class A |
| JNL/DFA U.S. Small Cap Fund - Class A |
| JNL/DoubleLine Core Fixed Income Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | 4,854 |
| $ | (624 | ) | $ | — |
| $ | (130 | ) | $ | (14,808 | ) | $ | (5 | ) | $ | (29,050 | ) | |
Net realized gain (loss) on investments in Funds |
| 146,631 |
|
| 1,209 |
|
| — |
|
| 11,335 |
|
| 89,661 |
|
| — |
|
| 10,064 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 15,143 |
|
| 1,973 |
|
| — |
|
| 3,411 |
|
| 43,939 |
|
| 52 |
|
| 121,716 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 166,628 |
|
| 2,558 |
|
| — |
|
| 14,616 |
|
| 118,792 |
|
| 47 |
|
| 102,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| 3,565 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 5,348 |
| |
Surrenders and terminations |
| (107,118 | ) |
| (3,954 | ) |
| — |
|
| (31,600 | ) |
| (44,764 | ) |
| — |
|
| (65,361 | ) | |
Transfers between Investment Divisions |
| 42,272 |
|
| 727 |
|
| — |
|
| 27,978 |
|
| (29,937 | ) |
| 728 |
|
| (3,955 | ) | |
Contract owner charges |
| (608 | ) |
| (23 | ) |
| — |
|
| — |
|
| (780 | ) |
| — |
|
| (1,418 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (61,889 | ) |
| (3,250 | ) |
| — |
|
| (3,622 | ) |
| (75,481 | ) |
| 728 |
|
| (65,386 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 104,739 |
|
| (692 | ) |
| — |
|
| 10,994 |
|
| 43,311 |
|
| 775 |
|
| 37,344 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 374,683 |
|
| 39,153 |
|
| — |
|
| 28,027 |
|
| 933,895 |
|
| — |
|
| 1,885,742 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 479,422 |
| $ | 38,461 |
| $ | — |
| $ | 39,021 |
| $ | 977,206 |
| $ | 775 |
| $ | 1,923,086 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 24,374 |
|
| 1,571 |
|
| — |
|
| 2,237 |
|
| 22,802 |
|
| — |
|
| 99,402 |
| |
Units issued |
| 22,921 |
|
| 28 |
|
| — |
|
| 5,591 |
|
| 1,830 |
|
| 27 |
|
| 7,006 |
| |
Units redeemed |
| (25,191 | ) |
| (160 | ) |
| — |
|
| (5,491 | ) |
| (3,584 | ) |
| — |
|
| (10,403 | ) | |
Units outstanding at end of year |
| 22,104 |
|
| 1,439 |
|
| — |
|
| 2,337 |
|
| 21,048 |
|
| 27 |
|
| 96,005 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 529,447 |
| $ | 728 |
| $ | — |
| $ | 84,300 |
| $ | 72,722 |
| $ | 728 |
| $ | 135,032 |
| |
Proceeds from sales | $ | 534,562 |
| $ | 4,602 |
| $ | — |
| $ | 88,052 |
| $ | 163,011 |
| $ | 5 |
| $ | 229,468 |
| |
See Notes to the Financial Statements.
24
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A |
| JNL/DoubleLine Total Return Fund - Class A |
| JNL/Dreyfus Government Money Market Fund - Class A |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A |
| JNL/First Sentier Global Infrastructure Fund - Class A |
| JNL/Franklin Templeton Income Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (128 | ) | $ | (309 | ) | $ | (707 | ) | $ | 9,381 |
| $ | (8,801 | ) | $ | (199 | ) | $ | (15,494 | ) | |
Net realized gain (loss) on investments in Funds |
| 152 |
|
| 134 |
|
| (12 | ) |
| — |
|
| 3,739 |
|
| 490 |
|
| 18,009 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 508 |
|
| 1,631 |
|
| 3,133 |
|
| — |
|
| 37,195 |
|
| 1,455 |
|
| 95,388 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 532 |
|
| 1,456 |
|
| 2,414 |
|
| 9,381 |
|
| 32,133 |
|
| 1,746 |
|
| 97,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| 31,745 |
|
| — |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (1,098 | ) |
| — |
|
| (1,117 | ) |
| (33,752 | ) |
| (28,964 | ) |
| — |
|
| (23,764 | ) | |
Transfers between Investment Divisions |
| 191 |
|
| — |
|
| 822 |
|
| 55,611 |
|
| 26,738 |
|
| (755 | ) |
| (17,770 | ) | |
Contract owner charges |
| (10 | ) |
| (37 | ) |
| (1 | ) |
| (3,070 | ) |
| (365 | ) |
| — |
|
| (1,695 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (917 | ) |
| (37 | ) |
| (296 | ) |
| 50,534 |
|
| (2,591 | ) |
| (755 | ) |
| (43,229 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (385 | ) |
| 1,419 |
|
| 2,118 |
|
| 59,915 |
|
| 29,542 |
|
| 991 |
|
| 54,674 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 8,686 |
|
| 19,788 |
|
| 42,626 |
|
| 400,931 |
|
| 555,015 |
|
| 11,502 |
|
| 977,734 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 8,301 |
| $ | 21,207 |
| $ | 44,744 |
| $ | 460,846 |
| $ | 584,557 |
| $ | 12,493 |
| $ | 1,032,408 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 794 |
|
| 715 |
|
| 4,192 |
|
| 40,886 |
|
| 29,457 |
|
| 643 |
|
| 49,947 |
| |
Units issued |
| 16 |
|
| — |
|
| 77 |
|
| 10,598 |
|
| 4,287 |
|
| 43 |
|
| 360 |
| |
Units redeemed |
| (101 | ) |
| (1 | ) |
| (111 | ) |
| (5,523 | ) |
| (4,413 | ) |
| (82 | ) |
| (2,484 | ) | |
Units outstanding at end of year |
| 709 |
|
| 714 |
|
| 4,158 |
|
| 45,961 |
|
| 29,331 |
|
| 604 |
|
| 47,823 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 191 |
| $ | — |
| $ | 822 |
| $ | 121,386 |
| $ | 82,261 |
| $ | 856 |
| $ | 7,412 |
| |
Proceeds from sales | $ | 1,236 |
| $ | 346 |
| $ | 1,825 |
| $ | 61,471 |
| $ | 93,653 |
| $ | 1,810 |
| $ | 66,135 |
| |
See Notes to the Financial Statements.
25
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Goldman Sachs 4 Fund - Class A |
| JNL/GQG Emerging Markets Equity Fund - Class A |
| JNL/Invesco Diversified Dividend Fund - Class A |
| JNL/Invesco Global Growth Fund - Class A |
| JNL/Invesco Small Cap Growth Fund - Class A |
| JNL/JPMorgan Global Allocation Fund - Class A |
| JNL/JPMorgan Hedged Equity Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (2,348 | ) | $ | (148 | ) | $ | (44 | ) | $ | (18,557 | ) | $ | (588 | ) | $ | (9,296 | ) | $ | (1,342 | ) | |
Net realized gain (loss) on investments in Funds |
| 5,919 |
|
| 2,087 |
|
| 3 |
|
| 89,534 |
|
| 4,346 |
|
| 8,494 |
|
| 4,780 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 17,736 |
|
| (1,272 | ) |
| 307 |
|
| 78,106 |
|
| (3,222 | ) |
| 77,267 |
|
| (712 | ) |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 21,307 |
|
| 667 |
|
| 266 |
|
| 149,083 |
|
| 536 |
|
| 76,465 |
|
| 2,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| 3,565 |
|
| — |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (19,595 | ) |
| (9,827 | ) |
| (167 | ) |
| (157,639 | ) |
| (26,840 | ) |
| (972 | ) |
| (3,498 | ) | |
Transfers between Investment Divisions |
| 6,464 |
|
| 1,534 |
|
| 7,358 |
|
| (14,765 | ) |
| (24,683 | ) |
| 2,580 |
|
| (18,241 | ) | |
Contract owner charges |
| (837 | ) |
| (2 | ) |
| — |
|
| (377 | ) |
| (10 | ) |
| (16 | ) |
| — |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (13,968 | ) |
| (8,295 | ) |
| 7,191 |
|
| (169,216 | ) |
| (51,533 | ) |
| 1,592 |
|
| (21,739 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 7,339 |
|
| (7,628 | ) |
| 7,457 |
|
| (20,133 | ) |
| (50,997 | ) |
| 78,057 |
|
| (19,013 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 155,573 |
|
| 12,188 |
|
| — |
|
| 1,235,766 |
|
| 77,469 |
|
| 574,914 |
|
| 104,633 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 162,912 |
| $ | 4,560 |
| $ | 7,457 |
| $ | 1,215,633 |
| $ | 26,472 |
| $ | 652,971 |
| $ | 85,620 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 3,720 |
|
| 913 |
|
| — |
|
| 30,591 |
|
| 1,781 |
|
| 42,934 |
|
| 6,638 |
| |
Units issued |
| 136 |
|
| 145 |
|
| 447 |
|
| 1,257 |
|
| 62 |
|
| 1,450 |
|
| 134 |
| |
Units redeemed |
| (480 | ) |
| (743 | ) |
| (10 | ) |
| (5,477 | ) |
| (1,255 | ) |
| (1,288 | ) |
| (1,623 | ) | |
Units outstanding at end of year |
| 3,376 |
|
| 315 |
|
| 437 |
|
| 26,371 |
|
| 588 |
|
| 43,096 |
|
| 5,149 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 6,547 |
| $ | 1,989 |
| $ | 7,357 |
| $ | 48,954 |
| $ | 2,434 |
| $ | 20,154 |
| $ | 2,034 |
| |
Proceeds from sales | $ | 22,863 |
| $ | 10,432 |
| $ | 210 |
| $ | 236,727 |
| $ | 54,555 |
| $ | 27,858 |
| $ | 25,115 |
| |
See Notes to the Financial Statements.
26
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan Managed Aggressive Growth Fund - Class A |
| JNL/JPMorgan Managed Conservative Fund - Class A |
| JNL/JPMorgan Managed Growth Fund - Class A |
| JNL/JPMorgan Managed Moderate Fund - Class A |
| JNL/JPMorgan Managed Moderate Growth Fund - Class A |
| JNL/JPMorgan MidCap Growth Fund - Class A |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (24,699 | ) | $ | (440 | ) | $ | (48,961 | ) | $ | (4,204 | ) | $ | (46,423 | ) | $ | (10,024 | ) | $ | (34 | ) | |
Net realized gain (loss) on investments in Funds |
| 244,502 |
|
| 1,071 |
|
| 417,271 |
|
| 23,060 |
|
| 107,487 |
|
| 127,512 |
|
| 1,997 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (32,233 | ) |
| 1,281 |
|
| (3,868 | ) |
| 3,144 |
|
| 243,539 |
|
| (72,157 | ) |
| — |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 187,570 |
|
| 1,912 |
|
| 364,442 |
|
| 22,000 |
|
| 304,603 |
|
| 45,331 |
|
| 1,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| 8,476 |
|
| — |
|
| 1,186 |
|
| — |
|
| 125 |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (215,332 | ) |
| (7,860 | ) |
| (529,935 | ) |
| (14,013 | ) |
| (175,952 | ) |
| (184,085 | ) |
| — |
| |
Transfers between Investment Divisions |
| (32,731 | ) |
| — |
|
| (8,889 | ) |
| 211 |
|
| (68,525 | ) |
| (55,382 | ) |
| (1,963 | ) | |
Contract owner charges |
| (2,118 | ) |
| (103 | ) |
| (1,088 | ) |
| (118 | ) |
| (588 | ) |
| (561 | ) |
| — |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (241,705 | ) |
| (7,963 | ) |
| (538,726 | ) |
| (13,920 | ) |
| (244,940 | ) |
| (240,028 | ) |
| (1,963 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (54,135 | ) |
| (6,051 | ) |
| (174,284 | ) |
| 8,080 |
|
| 59,663 |
|
| (194,697 | ) |
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 1,560,063 |
|
| 31,704 |
|
| 3,314,546 |
|
| 250,667 |
|
| 2,994,757 |
|
| 726,088 |
|
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 1,505,928 |
| $ | 25,653 |
| $ | 3,140,262 |
| $ | 258,747 |
| $ | 3,054,420 |
| $ | 531,391 |
| $ | — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 43,820 |
|
| 2,171 |
|
| 102,043 |
|
| 13,134 |
|
| 115,243 |
|
| 12,869 |
|
| — |
| |
Units issued |
| 6,801 |
|
| — |
|
| 5,495 |
|
| 2,176 |
|
| 1,543 |
|
| 735 |
|
| 3,467 |
| |
Units redeemed |
| (13,209 | ) |
| (537 | ) |
| (21,313 | ) |
| (2,875 | ) |
| (10,452 | ) |
| (4,752 | ) |
| (3,467 | ) | |
Units outstanding at end of year |
| 37,412 |
|
| 1,634 |
|
| 86,225 |
|
| 12,435 |
|
| 106,334 |
|
| 8,852 |
|
| — |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 253,798 |
| $ | — |
| $ | 184,902 |
| $ | 42,043 |
| $ | 41,521 |
| $ | 39,963 |
| $ | 31,649 |
| |
Proceeds from sales | $ | 520,202 |
| $ | 8,403 |
| $ | 772,589 |
| $ | 60,167 |
| $ | 332,884 |
| $ | 290,015 |
| $ | 33,646 |
| |
See Notes to the Financial Statements.
27
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A |
| JNL/JPMorgan U.S. Value Fund - Class A |
| JNL/Lazard International Quality Growth Fund - Class A |
| JNL/Loomis Sayles Global Growth Fund - Class A |
| JNL/Lord Abbett Short Duration Income Fund - Class A |
| JNL/Mellon Bond Index Fund - Class A |
| JNL/Mellon Communication Services Sector Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (1,368 | ) | $ | (3,171 | ) | $ | — |
| $ | (1,048 | ) | $ | 6,356 |
| $ | (3,870 | ) | $ | (2,516 | ) | |
Net realized gain (loss) on investments in Funds |
| 424 |
|
| 4,132 |
|
| 1,763 |
|
| 4,957 |
|
| 71 |
|
| (919 | ) |
| 40,622 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 5,263 |
|
| 21,216 |
|
| (1,363 | ) |
| 5,161 |
|
| 1,853 |
|
| 16,457 |
|
| 13,030 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 4,319 |
|
| 22,177 |
|
| 400 |
|
| 9,070 |
|
| 8,280 |
|
| 11,668 |
|
| 51,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| 1,783 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (12,940 | ) |
| (3,271 | ) |
| (601 | ) |
| (756 | ) |
| (276 | ) |
| (11,863 | ) |
| (5,507 | ) | |
Transfers between Investment Divisions |
| 1,114 |
|
| 61 |
|
| 10,546 |
|
| 6,168 |
|
| 12,990 |
|
| (1,150 | ) |
| 20,097 |
| |
Contract owner charges |
| (38 | ) |
| (827 | ) |
| — |
|
| — |
|
| — |
|
| (21 | ) |
| (4 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (10,081 | ) |
| (4,037 | ) |
| 9,945 |
|
| 5,412 |
|
| 12,714 |
|
| (13,034 | ) |
| 14,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (5,762 | ) |
| 18,140 |
|
| 10,345 |
|
| 14,482 |
|
| 20,994 |
|
| (1,366 | ) |
| 65,722 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 88,932 |
|
| 186,931 |
|
| 5,889 |
|
| 58,169 |
|
| 197,737 |
|
| 242,359 |
|
| 54,352 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 83,170 |
| $ | 205,071 |
| $ | 16,234 |
| $ | 72,651 |
| $ | 218,731 |
| $ | 240,993 |
| $ | 120,074 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 6,974 |
|
| 9,265 |
|
| 379 |
|
| 3,183 |
|
| 19,352 |
|
| 20,301 |
|
| 1,142 |
| |
Units issued |
| 695 |
|
| 366 |
|
| 616 |
|
| 293 |
|
| 1,235 |
|
| 2,896 |
|
| 7,562 |
| |
Units redeemed |
| (1,451 | ) |
| (556 | ) |
| (35 | ) |
| (38 | ) |
| (26 | ) |
| (3,976 | ) |
| (6,840 | ) | |
Units outstanding at end of year |
| 6,218 |
|
| 9,075 |
|
| 960 |
|
| 3,438 |
|
| 20,561 |
|
| 19,221 |
|
| 1,864 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 8,916 |
| $ | 7,649 |
| $ | 12,482 |
| $ | 10,560 |
| $ | 22,755 |
| $ | 35,442 |
| $ | 425,970 |
| |
Proceeds from sales | $ | 20,365 |
| $ | 14,857 |
| $ | 757 |
| $ | 1,803 |
| $ | 3,685 |
| $ | 52,346 |
| $ | 413,900 |
| |
See Notes to the Financial Statements.
28
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Consumer Discretionary Sector Fund - Class A |
| JNL/Mellon Consumer Staples Sector Fund - Class A |
| JNL/Mellon Dow Index Fund - Class A |
| JNL/Mellon Emerging Markets Index Fund - Class A |
| JNL/Mellon Energy Sector Fund - Class A |
| JNL/Mellon Financial Sector Fund - Class A |
| JNL/Mellon Healthcare Sector Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (2,745 | ) | $ | (182 | ) | $ | — |
| $ | (978 | ) | $ | (7,354 | ) | $ | (2,634 | ) | $ | (2,623 | ) | |
Net realized gain (loss) on investments in Funds |
| 3,142 |
|
| 8,311 |
|
| — |
|
| 684 |
|
| (29,948 | ) |
| 34,840 |
|
| 21,801 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (27,884 | ) |
| (6,687 | ) |
| — |
|
| 15,589 |
|
| 30,568 |
|
| (14,967 | ) |
| (599 | ) |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| (27,487 | ) |
| 1,442 |
|
| — |
|
| 15,295 |
|
| (6,734 | ) |
| 17,239 |
|
| 18,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| 1,070 |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (19,199 | ) |
| (20,353 | ) |
| — |
|
| (1,762 | ) |
| (70,124 | ) |
| (2,824 | ) |
| (7,340 | ) | |
Transfers between Investment Divisions |
| (479,805 | ) |
| (6,735 | ) |
| — |
|
| (451 | ) |
| (281,645 | ) |
| (332,733 | ) |
| (45,898 | ) | |
Contract owner charges |
| (14 | ) |
| — |
|
| — |
|
| (32 | ) |
| (849 | ) |
| (1,233 | ) |
| (23 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (499,018 | ) |
| (27,088 | ) |
| — |
|
| (2,245 | ) |
| (351,548 | ) |
| (336,790 | ) |
| (53,261 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (526,505 | ) |
| (25,646 | ) |
| — |
|
| 13,050 |
|
| (358,282 | ) |
| (319,551 | ) |
| (34,682 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 551,845 |
|
| 25,646 |
|
| — |
|
| 53,470 |
|
| 602,021 |
|
| 456,086 |
|
| 194,208 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 25,340 |
| $ | — |
| $ | — |
| $ | 66,520 |
| $ | 243,739 |
| $ | 136,535 |
| $ | 159,526 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 8,350 |
|
| 1,653 |
|
| — |
|
| 5,027 |
|
| 17,408 |
|
| 17,628 |
|
| 4,145 |
| |
Units issued |
| 6,202 |
|
| — |
|
| — |
|
| 377 |
|
| 13,254 |
|
| 12,667 |
|
| 299 |
| |
Units redeemed |
| (7,980 | ) |
| (1,653 | ) |
| — |
|
| (552 | ) |
| (23,838 | ) |
| (12,806 | ) |
| (1,423 | ) | |
Units outstanding at end of year |
| 6,572 |
|
| — |
|
| — |
|
| 4,852 |
|
| 6,824 |
|
| 17,489 |
|
| 3,021 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 307 |
| $ | — |
| $ | — |
| $ | 4,461 |
| $ | 485,415 |
| $ | 2,176 |
| $ | 14,040 |
| |
Proceeds from sales | $ | 502,070 |
| $ | 27,270 |
| $ | — |
| $ | 7,684 |
| $ | 844,317 |
| $ | 341,600 |
| $ | 69,924 |
| |
See Notes to the Financial Statements.
29
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Industrials Sector Fund - Class A |
| JNL/Mellon Information Technology Sector Fund - Class A |
| JNL/Mellon International Index Fund - Class A |
| JNL/Mellon Materials Sector Fund - Class A |
| JNL/Mellon Nasdaq® 100 Index Fund - Class A |
| JNL/Mellon Real Estate Sector Fund - Class A |
| JNL/Mellon S&P 400 MidCap Index Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (386 | ) | $ | (3,424 | ) | $ | (5,458 | ) | $ | — |
| $ | (4,838 | ) | $ | (104 | ) | $ | (1,485 | ) | |
Net realized gain (loss) on investments in Funds |
| 5,466 |
|
| 26,083 |
|
| 7,055 |
|
| — |
|
| 87,123 |
|
| 1,777 |
|
| 8,279 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 3,978 |
|
| 83,608 |
|
| — |
|
| (21,090 | ) |
| (1,559 | ) |
| (1,531 | ) |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 5,080 |
|
| 26,637 |
|
| 85,205 |
|
| — |
|
| 61,195 |
|
| 114 |
|
| 5,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (364 | ) |
| (115,353 | ) |
| (4,830 | ) |
| — |
|
| (82,616 | ) |
| (11,428 | ) |
| (21,001 | ) | |
Transfers between Investment Divisions |
| (4,716 | ) |
| (10,171 | ) |
| 9,265 |
|
| — |
|
| (2,273 | ) |
| 1,115 |
|
| 6,257 |
| |
Contract owner charges |
| — |
|
| (2,573 | ) |
| (107 | ) |
| — |
|
| (152 | ) |
| — |
|
| (11 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (5,080 | ) |
| (128,097 | ) |
| 4,328 |
|
| — |
|
| (85,041 | ) |
| (10,313 | ) |
| (14,755 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| (101,460 | ) |
| 89,533 |
|
| — |
|
| (23,846 | ) |
| (10,199 | ) |
| (9,492 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 256,518 |
|
| 283,336 |
|
| — |
|
| 285,149 |
|
| 10,199 |
|
| 99,935 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 155,058 |
| $ | 372,869 |
| $ | — |
| $ | 261,303 |
| $ | — |
| $ | 90,443 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 2,271 |
|
| 14,298 |
|
| — |
|
| 3,702 |
|
| 815 |
|
| 2,133 |
| |
Units issued |
| 7,312 |
|
| 1,051 |
|
| 1,627 |
|
| — |
|
| 6,464 |
|
| 160 |
|
| 648 |
| |
Units redeemed |
| (7,312 | ) |
| (2,164 | ) |
| (1,365 | ) |
| — |
|
| (7,349 | ) |
| (975 | ) |
| (954 | ) | |
Units outstanding at end of year |
| — |
|
| 1,158 |
|
| 14,560 |
|
| — |
|
| 2,817 |
|
| — |
|
| 1,827 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 150,611 |
| $ | 114,676 |
| $ | 35,222 |
| $ | — |
| $ | 610,201 |
| $ | 2,016 |
| $ | 29,181 |
| |
Proceeds from sales | $ | 156,077 |
| $ | 246,197 |
| $ | 36,352 |
| $ | — |
| $ | 700,080 |
| $ | 12,433 |
| $ | 45,421 |
| |
See Notes to the Financial Statements.
30
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon S&P 500 Index Fund - Class A |
| JNL/Mellon Small Cap Index Fund - Class A |
| JNL/Mellon U.S. Stock Market Index Fund - Class A |
| JNL/Mellon Utilities Sector Fund - Class A |
| JNL/Mellon World Index Fund - Class A |
| JNL/MFS Mid Cap Value Fund - Class A |
| JNL/Morningstar SMID Moat Focus Index Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (45,852 | ) | $ | (14,543 | ) | $ | (13,713 | ) | $ | (1,040 | ) | $ | (1,061 | ) | $ | (16,685 | ) | $ | — |
| |
Net realized gain (loss) on investments in Funds |
| 372,128 |
|
| 34,190 |
|
| 244,856 |
|
| 20,679 |
|
| 1,574 |
|
| 65,138 |
|
| — |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 72,311 |
|
| 19,410 |
|
| (107,906 | ) |
| (3,313 | ) |
| 12,304 |
|
| (2,522 | ) |
| — |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 398,587 |
|
| 39,057 |
|
| 123,237 |
|
| 16,326 |
|
| 12,817 |
|
| 45,931 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| 1,783 |
|
| 7,130 |
|
| — |
|
| — |
|
| 593 |
|
| — |
| |
Surrenders and terminations |
| (201,009 | ) |
| (56,368 | ) |
| (667,107 | ) |
| (19,624 | ) |
| (1,888 | ) |
| (109,766 | ) |
| — |
| |
Transfers between Investment Divisions |
| (545,382 | ) |
| 4,649 |
|
| (328 | ) |
| (6,688 | ) |
| 9,693 |
|
| (6,694 | ) |
| — |
| |
Contract owner charges |
| (1,486 | ) |
| (273 | ) |
| (2,336 | ) |
| (3 | ) |
| (5 | ) |
| (668 | ) |
| — |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (747,877 | ) |
| (50,209 | ) |
| (662,641 | ) |
| (26,315 | ) |
| 7,800 |
|
| (116,535 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (349,290 | ) |
| (11,152 | ) |
| (539,404 | ) |
| (9,989 | ) |
| 20,617 |
|
| (70,604 | ) |
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 3,194,579 |
|
| 956,487 |
|
| 998,967 |
|
| 22,678 |
|
| 54,494 |
|
| 1,133,923 |
|
| — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 2,845,289 |
| $ | 945,335 |
| $ | 459,563 |
| $ | 12,689 |
| $ | 75,111 |
| $ | 1,063,319 |
| $ | — |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 62,646 |
|
| 25,685 |
|
| 45,743 |
|
| 1,057 |
|
| 1,472 |
|
| 33,104 |
|
| — |
| |
Units issued |
| 6,771 |
|
| 5,096 |
|
| 570 |
|
| 12,245 |
|
| 386 |
|
| 2,397 |
|
| — |
| |
Units redeemed |
| (20,904 | ) |
| (6,357 | ) |
| (27,976 | ) |
| (12,804 | ) |
| (144 | ) |
| (5,745 | ) |
| — |
| |
Units outstanding at end of year |
| 48,513 |
|
| 24,424 |
|
| 18,337 |
|
| 498 |
|
| 1,714 |
|
| 29,756 |
|
| — |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 387,014 |
| $ | 191,501 |
| $ | 11,805 |
| $ | 312,642 |
| $ | 13,849 |
| $ | 78,950 |
| $ | — |
| |
Proceeds from sales | $ | 1,180,743 |
| $ | 256,253 |
| $ | 688,159 |
| $ | 339,997 |
| $ | 7,110 |
| $ | 212,170 |
| $ | — |
| |
See Notes to the Financial Statements.
31
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Morningstar U.S. Sustainability Index Fund - Class A |
| JNL/Morningstar Wide Moat Index Fund - Class A |
| JNL/Neuberger Berman Strategic Income Fund - Class A |
| JNL/Newton Equity Income Fund - Class A |
| JNL/PIMCO Income Fund - Class A |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class A |
| JNL/PIMCO Real Return Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (26 | ) | $ | 710 |
| $ | (4,649 | ) | $ | (1,422 | ) | $ | (2,218 | ) | $ | (33 | ) | $ | (1,841 | ) | |
Net realized gain (loss) on investments in Funds |
| 590 |
|
| 43,855 |
|
| 638 |
|
| 2,361 |
|
| 6,929 |
|
| — |
|
| 6,559 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 42 |
|
| (28,132 | ) |
| 27,742 |
|
| 13,619 |
|
| 7,593 |
|
| 110 |
|
| 1,931 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 606 |
|
| 16,433 |
|
| 23,731 |
|
| 14,558 |
|
| 12,304 |
|
| 77 |
|
| 6,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 3,209 |
| |
Surrenders and terminations |
| — |
|
| (7,974 | ) |
| (2,167 | ) |
| (2,328 | ) |
| (6,734 | ) |
| — |
|
| (10,734 | ) | |
Transfers between Investment Divisions |
| 4,864 |
|
| (14,099 | ) |
| 286,067 |
|
| 18,255 |
|
| 19,612 |
|
| 14,028 |
|
| 9,135 |
| |
Contract owner charges |
| — |
|
| — |
|
| (4 | ) |
| (51 | ) |
| (20 | ) |
| (1 | ) |
| (87 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 4,864 |
|
| (22,073 | ) |
| 283,896 |
|
| 15,876 |
|
| 12,858 |
|
| 14,027 |
|
| 1,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 5,470 |
|
| (5,640 | ) |
| 307,627 |
|
| 30,434 |
|
| 25,162 |
|
| 14,104 |
|
| 8,172 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 184,664 |
|
| 104,273 |
|
| 88,467 |
|
| 121,996 |
|
| 96 |
|
| 96,873 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 5,470 |
| $ | 179,024 |
| $ | 411,900 |
| $ | 118,901 |
| $ | 147,158 |
| $ | 14,200 |
| $ | 105,045 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 9,257 |
|
| 8,442 |
|
| 2,102 |
|
| 11,282 |
|
| 8 |
|
| 6,897 |
| |
Units issued |
| 327 |
|
| 20 |
|
| 22,717 |
|
| 454 |
|
| 8,534 |
|
| 1,065 |
|
| 5,966 |
| |
Units redeemed |
| (123 | ) |
| (1,189 | ) |
| (164 | ) |
| (146 | ) |
| (7,378 | ) |
| — |
|
| (5,830 | ) | |
Units outstanding at end of year |
| 204 |
|
| 8,088 |
|
| 30,995 |
|
| 2,410 |
|
| 12,438 |
|
| 1,073 |
|
| 7,033 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 8,154 |
| $ | 48,313 |
| $ | 286,102 |
| $ | 22,502 |
| $ | 98,567 |
| $ | 14,027 |
| $ | 89,775 |
| |
Proceeds from sales | $ | 3,316 |
| $ | 25,304 |
| $ | 6,855 |
| $ | 8,048 |
| $ | 87,927 |
| $ | 33 |
| $ | 90,093 |
| |
See Notes to the Financial Statements.
32
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/PPM America High Yield Bond Fund - Class A |
| JNL/PPM America Investment Grade Credit Fund - Class A |
| JNL/PPM America Total Return Fund - Class A |
| JNL/RAFI Fundamental U.S. Small Cap Fund - Class A |
| JNL/RAFI Multi-Factor U.S. Equity Fund - Class A |
| JNL/T. Rowe Price Balanced Fund - Class A |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (12,081 | ) | $ | — |
| $ | (75 | ) | $ | (333 | ) | $ | (24,365 | ) | $ | (264 | ) | $ | (185 | ) | |
Net realized gain (loss) on investments in Funds |
| 33,203 |
|
| — |
|
| — |
|
| 4,011 |
|
| 191,898 |
|
| 450 |
|
| 307 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 29,691 |
|
| — |
|
| 297 |
|
| (2,626 | ) |
| 45,572 |
|
| 2,087 |
|
| 2,090 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 50,813 |
|
| — |
|
| 222 |
|
| 1,052 |
|
| 213,105 |
|
| 2,273 |
|
| 2,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| 142,148 |
|
| — |
|
| — |
| |
Surrenders and terminations |
| (58,329 | ) |
| — |
|
| — |
|
| (14,568 | ) |
| (197,631 | ) |
| (1,172 | ) |
| (666 | ) | |
Transfers between Investment Divisions |
| (13,301 | ) |
| — |
|
| — |
|
| 723 |
|
| (110,039 | ) |
| (520 | ) |
| 27,013 |
| |
Contract owner charges |
| (835 | ) |
| — |
|
| (4 | ) |
| — |
|
| (4,858 | ) |
| (7 | ) |
| (17 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (72,465 | ) |
| — |
|
| (4 | ) |
| (13,845 | ) |
| (170,380 | ) |
| (1,699 | ) |
| 26,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (21,652 | ) |
| — |
|
| 218 |
|
| (12,793 | ) |
| 42,725 |
|
| 574 |
|
| 28,542 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 793,743 |
|
| — |
|
| 4,416 |
|
| 26,913 |
|
| 1,564,262 |
|
| 17,195 |
|
| 6,876 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 772,091 |
| $ | — |
| $ | 4,634 |
| $ | 14,120 |
| $ | 1,606,987 |
| $ | 17,769 |
| $ | 35,418 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 30,640 |
|
| — |
|
| 248 |
|
| 1,124 |
|
| 45,158 |
|
| 1,089 |
|
| 696 |
| |
Units issued |
| 3,194 |
|
| — |
|
| — |
|
| 71 |
|
| 4,720 |
|
| 1 |
|
| 2,681 |
| |
Units redeemed |
| (5,938 | ) |
| — |
|
| — |
|
| (634 | ) |
| (8,961 | ) |
| (102 | ) |
| (203 | ) | |
Units outstanding at end of year |
| 27,896 |
|
| — |
|
| 248 |
|
| 561 |
|
| 40,917 |
|
| 988 |
|
| 3,174 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 84,341 |
| $ | — |
| $ | — |
| $ | 1,614 |
| $ | 173,611 |
| $ | 16 |
| $ | 28,540 |
| |
Proceeds from sales | $ | 168,887 |
| $ | — |
| $ | 79 |
| $ | 15,792 |
| $ | 368,356 |
| $ | 1,979 |
| $ | 2,395 |
| |
See Notes to the Financial Statements.
33
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/T. Rowe Price Capital Appreciation Fund - Class A |
| JNL/T. Rowe Price Growth Stock Fund - Class A |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class A |
| JNL/T. Rowe Price Short-Term Bond Fund - Class A |
| JNL/T. Rowe Price U.S. High Yield Fund - Class A |
| JNL/T. Rowe Price Value Fund - Class A |
| JNL/Vanguard Growth ETF Allocation Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (21,995 | ) | $ | (42,197 | ) | $ | (39,948 | ) | $ | (6,000 | ) | $ | (42 | ) | $ | (15,117 | ) | $ | (4,235 | ) | |
Net realized gain (loss) on investments in Funds |
| 252,296 |
|
| 266,073 |
|
| 238,979 |
|
| 4,225 |
|
| 3 |
|
| 87,364 |
|
| 5,683 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (97,338 | ) |
| 121,682 |
|
| (165,045 | ) |
| 16,895 |
|
| 165 |
|
| 24,249 |
|
| 33,402 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 132,963 |
|
| 345,558 |
|
| 33,986 |
|
| 15,120 |
|
| 126 |
|
| 96,496 |
|
| 34,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (935,169 | ) |
| (212,868 | ) |
| (309,664 | ) |
| (30,449 | ) |
| (138 | ) |
| (108,827 | ) |
| (24,864 | ) | |
Transfers between Investment Divisions |
| 24,557 |
|
| (115,877 | ) |
| (122,663 | ) |
| 9,567 |
|
| 6,859 |
|
| (17,354 | ) |
| 134 |
| |
Contract owner charges |
| (36,893 | ) |
| (1,618 | ) |
| (479 | ) |
| (147 | ) |
| — |
|
| (127 | ) |
| (121 | ) | |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (947,505 | ) |
| (330,363 | ) |
| (432,806 | ) |
| (21,029 | ) |
| 6,721 |
|
| (126,308 | ) |
| (24,851 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (814,542 | ) |
| 15,195 |
|
| (398,820 | ) |
| (5,909 | ) |
| 6,847 |
|
| (29,812 | ) |
| 9,999 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 1,775,280 |
|
| 2,798,182 |
|
| 2,790,221 |
|
| 397,518 |
|
| — |
|
| 1,006,496 |
|
| 256,606 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 960,738 |
| $ | 2,813,377 |
| $ | 2,391,401 |
| $ | 391,609 |
| $ | 6,847 |
| $ | 976,684 |
| $ | 266,605 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 69,197 |
|
| 43,215 |
|
| 44,196 |
|
| 38,201 |
|
| — |
|
| 22,963 |
|
| 17,562 |
| |
Units issued |
| 1,166 |
|
| 4,848 |
|
| 836 |
|
| 1,487 |
|
| 563 |
|
| 1,612 |
|
| 8 |
| |
Units redeemed |
| (36,387 | ) |
| (9,802 | ) |
| (7,686 | ) |
| (3,500 | ) |
| (11 | ) |
| (4,412 | ) |
| (1,595 | ) | |
Units outstanding at end of year |
| 33,976 |
|
| 38,261 |
|
| 37,346 |
|
| 36,188 |
|
| 552 |
|
| 20,163 |
|
| 15,975 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | 29,600 |
| $ | 300,026 |
| $ | 52,340 |
| $ | 15,802 |
| $ | 6,859 |
| $ | 71,910 |
| $ | 135 |
| |
Proceeds from sales | $ | 999,100 |
| $ | 672,586 |
| $ | 525,094 |
| $ | 42,831 |
| $ | 180 |
| $ | 213,335 |
| $ | 29,221 |
| |
See Notes to the Financial Statements.
34
Jackson National Separate Account V | ||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Vanguard Moderate ETF Allocation Fund - Class A |
| JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A |
| JNL/WCM Focused International Equity Fund - Class A |
| JNL/Westchester Capital Event Driven Fund - Class A |
| JNL/William Blair International Leaders Fund - Class A |
| JNL/WMC Balanced Fund - Class A |
| JNL/WMC Equity Income Fund - Class A |
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | — |
| $ | (204 | ) | $ | (318 | ) | $ | (5,429 | ) | $ | (20,652 | ) | $ | (16 | ) | |
Net realized gain (loss) on investments in Funds |
| — |
|
| — |
|
| 2,669 |
|
| 196 |
|
| 2,563 |
|
| 135,496 |
|
| 4 |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| — |
|
| (3,264 | ) |
| 1,304 |
|
| 117,258 |
|
| 59,347 |
|
| 147 |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| — |
|
| (799 | ) |
| 1,182 |
|
| 114,392 |
|
| 174,191 |
|
| 135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| — |
|
| (283 | ) |
| (1,081 | ) |
| (27,001 | ) |
| (69,323 | ) |
| — |
| |
Transfers between Investment Divisions |
| — |
|
| — |
|
| 45,570 |
|
| 377 |
|
| (3,306 | ) |
| (90,646 | ) |
| 184 |
| |
Contract owner charges |
| — |
|
| — |
|
| — |
|
| — |
|
| (891 | ) |
| (1,300 | ) |
| — |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| — |
|
| 45,287 |
|
| (704 | ) |
| (31,198 | ) |
| (161,269 | ) |
| 184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| — |
|
| 44,488 |
|
| 478 |
|
| 83,194 |
|
| 12,922 |
|
| 319 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| — |
|
| — |
|
| 21,161 |
|
| 542,518 |
|
| 1,334,743 |
|
| 764 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | — |
| $ | 44,488 |
| $ | 21,639 |
| $ | 625,712 |
| $ | 1,347,665 |
| $ | 1,083 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| — |
|
| — |
|
| 1,717 |
|
| 40,595 |
|
| 39,984 |
|
| 45 |
| |
Units issued |
| — |
|
| — |
|
| 1,778 |
|
| 53 |
|
| 9,816 |
|
| 4,286 |
|
| 10 |
| |
Units redeemed |
| — |
|
| — |
|
| (11 | ) |
| (109 | ) |
| (11,946 | ) |
| (8,833 | ) |
| — |
| |
Units outstanding at end of year |
| — |
|
| — |
|
| 1,767 |
|
| 1,661 |
|
| 38,465 |
|
| 35,437 |
|
| 55 |
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of purchases | $ | — |
| $ | — |
| $ | 48,408 |
| $ | 677 |
| $ | 145,016 |
| $ | 143,216 |
| $ | 184 |
| |
Proceeds from sales | $ | — |
| $ | — |
| $ | 648 |
| $ | 1,699 |
| $ | 181,643 |
| $ | 325,137 |
| $ | 16 |
| |
See Notes to the Financial Statements.
35
Jackson National Separate Account V | ||||||||
Statements of Changes in Net Assets |
|
|
|
|
| |||
December 31, 2025 |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/WMC Global Real Estate Fund - Class A |
| JNL/WMC Value Fund - Class A |
|
| ||
Operations |
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (1,345 | ) | $ | (1,209 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 780 |
|
| 7,413 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 6,246 |
|
| 3,408 |
|
|
Net change in net assets |
|
|
|
|
|
|
| |
| from operations |
| 5,681 |
|
| 9,612 |
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
| |
Purchase payments |
| 1,426 |
|
| — |
|
| |
Surrenders and terminations |
| (4,914 | ) |
| (13,749 | ) |
| |
Transfers between Investment Divisions |
| (7,796 | ) |
| 1,023 |
|
| |
Contract owner charges |
| (31 | ) |
| (80 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
| |
| from contract transactions |
| (11,315 | ) |
| (12,806 | ) |
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (5,634 | ) |
| (3,194 | ) |
| |
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 89,767 |
|
| 83,475 |
|
| |
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 84,133 |
| $ | 80,281 |
|
| |
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 5,400 |
|
| 2,108 |
|
| |
Units issued |
| 260 |
|
| 228 |
|
| |
Units redeemed |
| (939 | ) |
| (546 | ) |
| |
Units outstanding at end of year |
| 4,721 |
|
| 1,790 |
|
| |
Cost of purchases and proceeds |
|
|
|
|
|
|
| |
| from sales of the Investments in Funds |
|
|
|
|
|
|
|
Cost of purchases | $ | 4,371 |
| $ | 9,252 |
|
| |
Proceeds from sales | $ | 17,031 |
| $ | 23,267 |
|
| |
See Notes to the Financial Statements.
36
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL Aggressive Growth Allocation Fund - Class A |
| JNL Conservative Allocation Fund - Class A |
| JNL Growth Allocation Fund - Class A |
| JNL Growth ETF Allocation Fund - Class A |
| JNL Moderate Allocation Fund - Class A |
| JNL Moderate ETF Allocation Fund - Class A |
| JNL Moderate Growth Allocation Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (1,284 | ) | $ | (1,517 | ) | $ | — |
| $ | (5,490 | ) | $ | — |
| $ | (331 | ) |
| |
Net realized gain (loss) on investments in Funds |
| — |
|
| 157 |
|
| 1,185 |
|
| — |
|
| 11,921 |
|
| — |
|
| 554 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 4,435 |
|
| 8,382 |
|
| — |
|
| 14,989 |
|
| — |
|
| 1,146 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 3,308 |
|
| 8,050 |
|
| — |
|
| 21,420 |
|
| — |
|
| 1,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| — |
|
| (2,138 | ) |
| — |
|
| (2,606 | ) |
| — |
|
| (1,595 | ) |
| |
Transfers between Investment Divisions |
| — |
|
| — |
|
| 274 |
|
| — |
|
| (32,433 | ) |
| — |
|
| 769 |
|
| |
Contract owner charges |
| — |
|
| — |
|
| (143 | ) |
| — |
|
| (72 | ) |
| — |
|
| (131 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| — |
|
| (2,007 | ) |
| — |
|
| (35,111 | ) |
| — |
|
| (957 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| 3,308 |
|
| 6,043 |
|
| — |
|
| (13,691 | ) |
| — |
|
| 412 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 83,071 |
|
| 91,545 |
|
| — |
|
| 354,985 |
|
| — |
|
| 20,282 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 86,379 |
| $ | 97,588 |
| $ | — |
| $ | 341,294 |
| $ | — |
| $ | 20,694 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 6,935 |
|
| 4,860 |
|
| — |
|
| 22,142 |
|
| — |
|
| 1,143 |
|
| |
Units issued |
| — |
|
| — |
|
| 42 |
|
| — |
|
| 995 |
|
| — |
|
| 40 |
|
| |
Units redeemed |
| — |
|
| — |
|
| (144 | ) |
| — |
|
| (3,057 | ) |
| — |
|
| (97 | ) |
| |
Units outstanding at end of year |
| — |
|
| 6,935 |
|
| 4,758 |
|
| — |
|
| 20,080 |
|
| — |
|
| 1,086 |
|
| |
See Notes to the Financial Statements.
37
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL Moderate Growth ETF Allocation Fund - Class A |
| JNL Multi-Manager Alternative Fund - Class A |
| JNL Multi-Manager Emerging Markets Equity Fund - Class A |
| JNL Multi-Manager Floating Rate Income Fund - Class A |
| JNL Multi-Manager International Small Cap Fund - Class A |
| JNL Multi-Manager Mid Cap Fund - Class A |
| JNL Multi-Manager Small Cap Growth Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (424 | ) | $ | (351 | ) | $ | (490 | ) | $ | 1,082 |
| $ | (572 | ) | $ | (869 | ) |
| |
Net realized gain (loss) on investments in Funds |
| — |
|
| 303 |
|
| (748 | ) |
| 1,983 |
|
| (3,324 | ) |
| 4,464 |
|
| (301 | ) |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 2,284 |
|
| 2,980 |
|
| 558 |
|
| 3,574 |
|
| (2,393 | ) |
| 5,383 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 2,163 |
|
| 1,881 |
|
| 2,051 |
|
| 1,332 |
|
| 1,499 |
|
| 4,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (1,442 | ) |
| (4,042 | ) |
| (4,592 | ) |
| (16,411 | ) |
| (32,374 | ) |
| (7,198 | ) |
| |
Transfers between Investment Divisions |
| — |
|
| (504 | ) |
| 177 |
|
| (3,779 | ) |
| 566 |
|
| 2,632 |
|
| 1,416 |
|
| |
Contract owner charges |
| — |
|
| — |
|
| (344 | ) |
| (13 | ) |
| (105 | ) |
| (21 | ) |
| (117 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| (1,946 | ) |
| (4,209 | ) |
| (8,384 | ) |
| (15,950 | ) |
| (29,763 | ) |
| (5,899 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| 217 |
|
| (2,328 | ) |
| (6,333 | ) |
| (14,618 | ) |
| (28,264 | ) |
| (1,686 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 27,653 |
|
| 63,642 |
|
| 33,597 |
|
| 63,336 |
|
| 63,001 |
|
| 57,964 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 27,870 |
| $ | 61,314 |
| $ | 27,264 |
| $ | 48,718 |
| $ | 34,737 |
| $ | 56,278 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 2,634 |
|
| 5,429 |
|
| 2,680 |
|
| 4,969 |
|
| 3,517 |
|
| 1,410 |
|
| |
Units issued |
| — |
|
| 33 |
|
| 78 |
|
| 855 |
|
| 45 |
|
| 143 |
|
| 48 |
|
| |
Units redeemed |
| — |
|
| (208 | ) |
| (418 | ) |
| (1,492 | ) |
| (1,312 | ) |
| (1,809 | ) |
| (190 | ) |
| |
Units outstanding at end of year |
| — |
|
| 2,459 |
|
| 5,089 |
|
| 2,043 |
|
| 3,702 |
|
| 1,851 |
|
| 1,268 |
|
| |
See Notes to the Financial Statements.
38
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL Multi-Manager Small Cap Value Fund - Class A |
| JNL Multi-Manager U.S. Select Equity Fund - Class A(a) |
| JNL/AB Sustainable Global Thematic Fund - Class A |
| JNL/American Funds Balanced Fund - Class A |
| JNL/American Funds Bond Fund of America Fund - Class A |
| JNL/American Funds Capital Income Builder Fund - Class A |
| JNL/American Funds Capital World Bond Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (6,369 | ) | $ | — |
| $ | — |
| $ | (4,507 | ) | $ | (857 | ) | $ | (669 | ) | $ | (882 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 4,756 |
|
| — |
|
| — |
|
| 15,876 |
|
| 90 |
|
| 1,350 |
|
| (739 | ) |
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 33,680 |
|
| — |
|
| — |
|
| 26,973 |
|
| 683 |
|
| 2,792 |
|
| (1,207 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 32,067 |
|
| — |
|
| — |
|
| 38,342 |
|
| (84 | ) |
| 3,473 |
|
| (2,828 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| 1,040 |
|
| — |
|
| — |
|
| — |
|
| |
Surrenders and terminations |
| (3,465 | ) |
| — |
|
| — |
|
| (42,837 | ) |
| (3,370 | ) |
| (4,561 | ) |
| (2,869 | ) |
| |
Transfers between Investment Divisions |
| 3,332 |
|
| — |
|
| — |
|
| (2,917 | ) |
| 21,339 |
|
| 38 |
|
| 2,656 |
|
| |
Contract owner charges |
| (11 | ) |
| — |
|
| — |
|
| (1,362 | ) |
| — |
|
| (14 | ) |
| (21 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (144 | ) |
| — |
|
| — |
|
| (46,076 | ) |
| 17,969 |
|
| (4,537 | ) |
| (234 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 31,923 |
|
| — |
|
| — |
|
| (7,734 | ) |
| 17,885 |
|
| (1,064 | ) |
| (3,062 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 409,333 |
|
| — |
|
| — |
|
| 277,346 |
|
| 41,546 |
|
| 43,477 |
|
| 57,856 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 441,256 |
| $ | — |
| $ | — |
| $ | 269,612 |
| $ | 59,431 |
| $ | 42,413 |
| $ | 54,794 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 14,726 |
|
|
|
|
| — |
|
| 12,328 |
|
| 4,691 |
|
| 3,571 |
|
| 6,354 |
|
| |
Units issued |
| 738 |
|
| — |
|
| — |
|
| 73 |
|
| 2,551 |
|
| 20 |
|
| 534 |
|
| |
Units redeemed |
| (741 | ) |
| — |
|
| — |
|
| (1,897 | ) |
| (488 | ) |
| (368 | ) |
| (564 | ) |
| |
Units outstanding at end of year |
| 14,723 |
|
| — |
|
| — |
|
| 10,504 |
|
| 6,754 |
|
| 3,223 |
|
| 6,324 |
|
| |
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on October 21, 2024. The Statement of Changes in Net Assets is from October 21, 2024 through December 31, 2024. |
See Notes to the Financial Statements.
39
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Global Growth Fund - Class A |
| JNL/American Funds Global Small Capitalization Fund - Class A |
| JNL/American Funds Growth Allocation Fund - Class A |
| JNL/American Funds Growth Fund - Class A |
| JNL/American Funds Growth-Income Fund - Class A |
| JNL/American Funds International Fund - Class A |
| JNL/American Funds Moderate Allocation Fund - Class A(a) |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (206 | ) | $ | (1,090 | ) | $ | (7,193 | ) | $ | (3,259 | ) | $ | (7,024 | ) | $ | — |
|
| |
Net realized gain (loss) on investments in Funds |
| — |
|
| 24 |
|
| 1,835 |
|
| 31,598 |
|
| 7,198 |
|
| 2,039 |
|
| — |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 496 |
|
| 6,536 |
|
| 83,565 |
|
| 35,422 |
|
| 10,625 |
|
| — |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 314 |
|
| 7,281 |
|
| 107,970 |
|
| 39,361 |
|
| 5,640 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (2,700 | ) |
| (5,213 | ) |
| (65,393 | ) |
| (12,005 | ) |
| (1,157 | ) |
| — |
|
| |
Transfers between Investment Divisions |
| — |
|
| 8,637 |
|
| (14 | ) |
| 57,229 |
|
| 42,650 |
|
| 10,596 |
|
| — |
|
| |
Contract owner charges |
| — |
|
| (5 | ) |
| (59 | ) |
| (35 | ) |
| (850 | ) |
| (7 | ) |
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| 5,932 |
|
| (5,286 | ) |
| (8,199 | ) |
| 29,795 |
|
| 9,432 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| 6,246 |
|
| 1,995 |
|
| 99,771 |
|
| 69,156 |
|
| 15,072 |
|
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 6,846 |
|
| 67,770 |
|
| 387,692 |
|
| 148,588 |
|
| 428,286 |
|
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 13,092 |
| $ | 69,765 |
| $ | 487,463 |
| $ | 217,744 |
| $ | 443,358 |
| $ | — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 365 |
|
| 3,156 |
|
| 9,221 |
|
| 4,284 |
|
| 29,598 |
|
|
|
|
| |
Units issued |
| — |
|
| 513 |
|
| — |
|
| 4,049 |
|
| 1,288 |
|
| 1,005 |
|
| — |
|
| |
Units redeemed |
| — |
|
| (183 | ) |
| (229 | ) |
| (4,283 | ) |
| (420 | ) |
| (324 | ) |
| — |
|
| |
Units outstanding at end of year |
| — |
|
| 695 |
|
| 2,927 |
|
| 8,987 |
|
| 5,152 |
|
| 30,279 |
|
| — |
|
| |
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on October 21, 2024. The Statement of Changes in Net Assets is from October 21, 2024 through December 31, 2024. |
See Notes to the Financial Statements.
40
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/American Funds Moderate Growth Allocation Fund - Class A |
| JNL/American Funds New World Fund - Class A |
| JNL/American Funds Washington Mutual Investors Fund - Class A |
| JNL/AQR Large Cap Defensive Style Fund - Class A |
| JNL/BlackRock Global Allocation Fund - Class A |
| JNL/BlackRock Global Natural Resources Fund - Class A |
| JNL/BlackRock Large Cap Select Growth Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (4,738 | ) | $ | (1,000 | ) | $ | (2,638 | ) | $ | (2,239 | ) | $ | (6,596 | ) | $ | (2,123 | ) | $ | (24,941 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 45,494 |
|
| 848 |
|
| 12,327 |
|
| 9,767 |
|
| 15,212 |
|
| 909 |
|
| 363,558 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (16,967 | ) |
| 2,893 |
|
| 15,629 |
|
| 7,058 |
|
| 20,899 |
|
| (5,913 | ) |
| 79,009 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 23,789 |
|
| 2,741 |
|
| 25,318 |
|
| 14,586 |
|
| 29,515 |
|
| (7,127 | ) |
| 417,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 210,376 |
|
| |
Surrenders and terminations |
| (9,184 | ) |
| (2,027 | ) |
| (37,658 | ) |
| (2,496 | ) |
| (6,781 | ) |
| (11,761 | ) |
| (561,517 | ) |
| |
Transfers between Investment Divisions |
| (115,965 | ) |
| 9,258 |
|
| (3,282 | ) |
| 51,572 |
|
| (25,806 | ) |
| 5,903 |
|
| (199,479 | ) |
| |
Contract owner charges |
| (1,173 | ) |
| (12 | ) |
| (754 | ) |
| (10 | ) |
| (4,523 | ) |
| (689 | ) |
| (1,144 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (126,322 | ) |
| 7,219 |
|
| (41,694 | ) |
| 49,066 |
|
| (37,110 | ) |
| (6,547 | ) |
| (551,764 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (102,533 | ) |
| 9,960 |
|
| (16,376 | ) |
| 63,652 |
|
| (7,595 | ) |
| (13,674 | ) |
| (134,138 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 388,853 |
|
| 54,826 |
|
| 157,396 |
|
| 86,936 |
|
| 387,008 |
|
| 131,005 |
|
| 1,780,729 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 286,320 |
| $ | 64,786 |
| $ | 141,020 |
| $ | 150,588 |
| $ | 379,413 |
| $ | 117,331 |
| $ | 1,646,591 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 21,887 |
|
| 3,531 |
|
| 5,105 |
|
| 6,344 |
|
| 24,224 |
|
| 11,737 |
|
| 77,793 |
|
| |
Units issued |
| 7,195 |
|
| 759 |
|
| 156 |
|
| 10,750 |
|
| 112 |
|
| 1,079 |
|
| 8,851 |
|
| |
Units redeemed |
| (14,202 | ) |
| (300 | ) |
| (1,348 | ) |
| (7,402 | ) |
| (2,245 | ) |
| (1,740 | ) |
| (30,947 | ) |
| |
Units outstanding at end of year |
| 14,880 |
|
| 3,990 |
|
| 3,913 |
|
| 9,692 |
|
| 22,091 |
|
| 11,076 |
|
| 55,697 |
|
| |
See Notes to the Financial Statements.
41
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Causeway International Value Select Fund - Class A |
| JNL/ClearBridge Large Cap Growth Fund - Class A |
| JNL/Cohen & Steers U.S. Realty Fund - Class A |
| JNL/DFA International Core Equity Fund - Class A |
| JNL/DFA U.S. Core Equity Fund - Class A |
| JNL/DFA U.S. Small Cap Fund - Class A |
| JNL/DoubleLine Core Fixed Income Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | 816 |
| $ | (634 | ) | $ | — |
| $ | 193 |
| $ | (16,936 | ) | $ | — |
| $ | (29,219 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 39,154 |
|
| 7,264 |
|
| — |
|
| 483 |
|
| 223,091 |
|
| — |
|
| 2,488 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (30,356 | ) |
| 1,369 |
|
| — |
|
| 92 |
|
| (16,203 | ) |
| — |
|
| 41,753 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 9,614 |
|
| 7,999 |
|
| — |
|
| 768 |
|
| 189,952 |
|
| — |
|
| 15,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 21,293 |
|
| |
Surrenders and terminations |
| (25,834 | ) |
| (50,524 | ) |
| — |
|
| (1,434 | ) |
| (383,828 | ) |
| — |
|
| (121,200 | ) |
| |
Transfers between Investment Divisions |
| (15,906 | ) |
| 1,057 |
|
| — |
|
| 717 |
|
| (5,311 | ) |
| — |
|
| 20,101 |
|
| |
Contract owner charges |
| (605 | ) |
| (16 | ) |
| — |
|
| (3 | ) |
| (2,953 | ) |
| — |
|
| (1,470 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (42,345 | ) |
| (49,483 | ) |
| — |
|
| (720 | ) |
| (392,092 | ) |
| — |
|
| (81,276 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (32,731 | ) |
| (41,484 | ) |
| — |
|
| 48 |
|
| (202,140 | ) |
| — |
|
| (66,254 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 407,414 |
|
| 80,637 |
|
| — |
|
| 27,979 |
|
| 1,136,035 |
|
| — |
|
| 1,951,996 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 374,683 |
| $ | 39,153 |
| $ | — |
| $ | 28,027 |
| $ | 933,895 |
| $ | — |
| $ | 1,885,742 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 27,172 |
|
| 4,063 |
|
| — |
|
| 2,286 |
|
| 32,848 |
|
| — |
|
| 103,693 |
|
| |
Units issued |
| 392 |
|
| 236 |
|
| — |
|
| 188 |
|
| 22 |
|
| — |
|
| 8,582 |
|
| |
Units redeemed |
| (3,190 | ) |
| (2,728 | ) |
| — |
|
| (237 | ) |
| (10,068 | ) |
| — |
|
| (12,873 | ) |
| |
Units outstanding at end of year |
| 24,374 |
|
| 1,571 |
|
| — |
|
| 2,237 |
|
| 22,802 |
|
| — |
|
| 99,402 |
|
| |
See Notes to the Financial Statements.
42
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A |
| JNL/DoubleLine Total Return Fund - Class A |
| JNL/Dreyfus Government Money Market Fund - Class A |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A |
| JNL/First Sentier Global Infrastructure Fund - Class A |
| JNL/Franklin Templeton Income Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (145 | ) | $ | (368 | ) | $ | (662 | ) | $ | 12,539 |
| $ | (8,741 | ) | $ | (199 | ) | $ | (15,737 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 113 |
|
| 2,919 |
|
| (76 | ) |
| — |
|
| 326 |
|
| 803 |
|
| 80,710 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 502 |
|
| 254 |
|
| 1,066 |
|
| — |
|
| 9,248 |
|
| (245 | ) |
| (19,374 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 470 |
|
| 2,805 |
|
| 328 |
|
| 12,539 |
|
| 833 |
|
| 359 |
|
| 45,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| 29,660 |
|
| — |
|
| — |
|
| 17,744 |
|
| |
Surrenders and terminations |
| (935 | ) |
| (76 | ) |
| (1,132 | ) |
| (57,303 | ) |
| (45,699 | ) |
| (4,220 | ) |
| (114,370 | ) |
| |
Transfers between Investment Divisions |
| 95 |
|
| (8,012 | ) |
| 2,754 |
|
| 45,756 |
|
| 15,516 |
|
| 914 |
|
| (65,766 | ) |
| |
Contract owner charges |
| (12 | ) |
| (41 | ) |
| (1 | ) |
| (3,221 | ) |
| (347 | ) |
| (7 | ) |
| (1,734 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (852 | ) |
| (8,129 | ) |
| 1,621 |
|
| 14,892 |
|
| (30,530 | ) |
| (3,313 | ) |
| (164,126 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (382 | ) |
| (5,324 | ) |
| 1,949 |
|
| 27,431 |
|
| (29,697 | ) |
| (2,954 | ) |
| (118,527 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 9,068 |
|
| 25,112 |
|
| 40,677 |
|
| 373,500 |
|
| 584,712 |
|
| 14,456 |
|
| 1,096,261 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 8,686 |
| $ | 19,788 |
| $ | 42,626 |
| $ | 400,931 |
| $ | 555,015 |
| $ | 11,502 |
| $ | 977,734 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 872 |
|
| 1,011 |
|
| 4,035 |
|
| 39,215 |
|
| 31,066 |
|
| 836 |
|
| 58,677 |
|
| |
Units issued |
| 19 |
|
| — |
|
| 270 |
|
| 12,109 |
|
| 2,198 |
|
| 78 |
|
| 9,166 |
|
| |
Units redeemed |
| (97 | ) |
| (296 | ) |
| (113 | ) |
| (10,438 | ) |
| (3,807 | ) |
| (271 | ) |
| (17,896 | ) |
| |
Units outstanding at end of year |
| 794 |
|
| 715 |
|
| 4,192 |
|
| 40,886 |
|
| 29,457 |
|
| 643 |
|
| 49,947 |
|
| |
See Notes to the Financial Statements.
43
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Goldman Sachs 4 Fund - Class A |
| JNL/GQG Emerging Markets Equity Fund - Class A |
| JNL/Invesco Diversified Dividend Fund - Class A |
| JNL/Invesco Global Growth Fund - Class A |
| JNL/Invesco Small Cap Growth Fund - Class A |
| JNL/JPMorgan Global Allocation Fund - Class A |
| JNL/JPMorgan Hedged Equity Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (2,534 | ) | $ | (191 | ) | $ | — |
| $ | (20,947 | ) | $ | (1,084 | ) | $ | (8,637 | ) | $ | (1,493 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 4,340 |
|
| 325 |
|
| — |
|
| 188,597 |
|
| 767 |
|
| 2,466 |
|
| 2,340 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 23,500 |
|
| 290 |
|
| — |
|
| 16,499 |
|
| 10,109 |
|
| 42,961 |
|
| 13,894 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 25,306 |
|
| 424 |
|
| — |
|
| 184,149 |
|
| 9,792 |
|
| 36,790 |
|
| 14,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| — |
|
| — |
|
| 105,188 |
|
| — |
|
| — |
|
| — |
|
| |
Surrenders and terminations |
| (19,846 | ) |
| (213 | ) |
| — |
|
| (324,993 | ) |
| (5,422 | ) |
| (134 | ) |
| (4,293 | ) |
| |
Transfers between Investment Divisions |
| (949 | ) |
| 107 |
|
| — |
|
| (59,791 | ) |
| 7,046 |
|
| 4,292 |
|
| 711 |
|
| |
Contract owner charges |
| (910 | ) |
| (2 | ) |
| — |
|
| (2,332 | ) |
| (19 | ) |
| (16 | ) |
| (3 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (21,705 | ) |
| (108 | ) |
| — |
|
| (281,928 | ) |
| 1,605 |
|
| 4,142 |
|
| (3,585 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 3,601 |
|
| 316 |
|
| — |
|
| (97,779 | ) |
| 11,397 |
|
| 40,932 |
|
| 11,156 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 151,972 |
|
| 11,872 |
|
| — |
|
| 1,333,545 |
|
| 66,072 |
|
| 533,982 |
|
| 93,477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 155,573 |
| $ | 12,188 |
| $ | — |
| $ | 1,235,766 |
| $ | 77,469 |
| $ | 574,914 |
| $ | 104,633 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 4,261 |
|
| 920 |
|
| — |
|
| 37,554 |
|
| 1,749 |
|
| 42,595 |
|
| 6,885 |
|
| |
Units issued |
| 2 |
|
| 69 |
|
| — |
|
| 5,012 |
|
| 311 |
|
| 462 |
|
| 347 |
|
| |
Units redeemed |
| (543 | ) |
| (76 | ) |
| — |
|
| (11,975 | ) |
| (279 | ) |
| (123 | ) |
| (594 | ) |
| |
Units outstanding at end of year |
| 3,720 |
|
| 913 |
|
| — |
|
| 30,591 |
|
| 1,781 |
|
| 42,934 |
|
| 6,638 |
|
| |
See Notes to the Financial Statements.
44
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan Managed Aggressive Growth Fund - Class A |
| JNL/JPMorgan Managed Conservative Fund - Class A |
| JNL/JPMorgan Managed Growth Fund - Class A |
| JNL/JPMorgan Managed Moderate Fund - Class A |
| JNL/JPMorgan Managed Moderate Growth Fund - Class A |
| JNL/JPMorgan MidCap Growth Fund - Class A |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A(a) |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (26,551 | ) | $ | (544 | ) | $ | (53,362 | ) | $ | (4,305 | ) | $ | (48,683 | ) | $ | (11,545 | ) | $ | — |
|
| |
Net realized gain (loss) on investments in Funds |
| 140,663 |
|
| 861 |
|
| 481,819 |
|
| 13,433 |
|
| 381,044 |
|
| 63,208 |
|
| — |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 79,257 |
|
| 608 |
|
| (66,237 | ) |
| 4,337 |
|
| (88,997 | ) |
| 36,310 |
|
| — |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 193,369 |
|
| 925 |
|
| 362,220 |
|
| 13,465 |
|
| 243,364 |
|
| 87,973 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| 14,980 |
|
| — |
|
| 1,435 |
|
| — |
|
| 250 |
|
| — |
|
| — |
|
| |
Surrenders and terminations |
| (266,522 | ) |
| (5,599 | ) |
| (375,264 | ) |
| (30,784 | ) |
| (512,578 | ) |
| (123,043 | ) |
| — |
|
| |
Transfers between Investment Divisions |
| 3,327 |
|
| (26 | ) |
| (149,256 | ) |
| (81 | ) |
| (1,009,512 | ) |
| (692 | ) |
| — |
|
| |
Contract owner charges |
| (1,605 | ) |
| (156 | ) |
| (906 | ) |
| (117 | ) |
| (484 | ) |
| (396 | ) |
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (249,820 | ) |
| (5,781 | ) |
| (523,991 | ) |
| (30,982 | ) |
| (1,522,324 | ) |
| (124,131 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (56,451 | ) |
| (4,856 | ) |
| (161,771 | ) |
| (17,517 | ) |
| (1,278,960 | ) |
| (36,158 | ) |
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 1,616,514 |
|
| 36,560 |
|
| 3,476,317 |
|
| 268,184 |
|
| 4,273,717 |
|
| 762,246 |
|
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 1,560,063 |
| $ | 31,704 |
| $ | 3,314,546 |
| $ | 250,667 |
| $ | 2,994,757 |
| $ | 726,088 |
| $ | — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 50,741 |
|
| 2,566 |
|
| 118,542 |
|
| 14,808 |
|
| 177,741 |
|
| 15,199 |
|
|
|
|
| |
Units issued |
| 542 |
|
| 389 |
|
| 10,489 |
|
| — |
|
| 2,442 |
|
| 425 |
|
| — |
|
| |
Units redeemed |
| (7,463 | ) |
| (784 | ) |
| (26,988 | ) |
| (1,674 | ) |
| (64,940 | ) |
| (2,755 | ) |
| — |
|
| |
Units outstanding at end of year |
| 43,820 |
|
| 2,171 |
|
| 102,043 |
|
| 13,134 |
|
| 115,243 |
|
| 12,869 |
|
| — |
|
| |
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on October 21, 2024. The Statement of Changes in Net Assets is from October 21, 2024 through December 31, 2024. |
See Notes to the Financial Statements.
45
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A |
| JNL/JPMorgan U.S. Value Fund - Class A |
| JNL/Lazard International Quality Growth Fund - Class A |
| JNL/Loomis Sayles Global Growth Fund - Class A |
| JNL/Lord Abbett Short Duration Income Fund - Class A |
| JNL/Mellon Bond Index Fund - Class A |
| JNL/Mellon Communication Services Sector Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (1,635 | ) | $ | (3,614 | ) | $ | 89 |
| $ | (1,142 | ) | $ | 8,969 |
| $ | (3,879 | ) | $ | (2,442 | ) |
| |
Net realized gain (loss) on investments in Funds |
| (403 | ) |
| 109,685 |
|
| (30 | ) |
| 16,088 |
|
| 82 |
|
| (308 | ) |
| 72,264 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 2,214 |
|
| (74,414 | ) |
| (137 | ) |
| (2,770 | ) |
| (2,607 | ) |
| 2,047 |
|
| (2,627 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 176 |
|
| 31,657 |
|
| (78 | ) |
| 12,176 |
|
| 6,444 |
|
| (2,140 | ) |
| 67,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| 7,098 |
|
| — |
|
| — |
|
| 7,098 |
|
| — |
|
| — |
|
| — |
|
| |
Surrenders and terminations |
| (13,512 | ) |
| (54,524 | ) |
| (309 | ) |
| (48,684 | ) |
| — |
|
| (2,059 | ) |
| (54,151 | ) |
| |
Transfers between Investment Divisions |
| (28,220 | ) |
| (151,961 | ) |
| 499 |
|
| (46,399 | ) |
| — |
|
| 7,966 |
|
| (411,698 | ) |
| |
Contract owner charges |
| (45 | ) |
| (855 | ) |
| — |
|
| (10 | ) |
| — |
|
| (13 | ) |
| (11 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (34,679 | ) |
| (207,340 | ) |
| 190 |
|
| (87,995 | ) |
| — |
|
| 5,894 |
|
| (465,860 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (34,503 | ) |
| (175,683 | ) |
| 112 |
|
| (75,819 | ) |
| 6,444 |
|
| 3,754 |
|
| (398,665 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 123,435 |
|
| 362,614 |
|
| 5,777 |
|
| 133,988 |
|
| 191,293 |
|
| 238,605 |
|
| 453,017 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 88,932 |
| $ | 186,931 |
| $ | 5,889 |
| $ | 58,169 |
| $ | 197,737 |
| $ | 242,359 |
| $ | 54,352 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 9,615 |
|
| 20,162 |
|
| 368 |
|
| 8,819 |
|
| 19,352 |
|
| 19,813 |
|
| 12,277 |
|
| |
Units issued |
| 1,539 |
|
| 5,753 |
|
| 30 |
|
| 439 |
|
| — |
|
| 755 |
|
| 7,593 |
|
| |
Units redeemed |
| (4,180 | ) |
| (16,650 | ) |
| (19 | ) |
| (6,075 | ) |
| — |
|
| (267 | ) |
| (18,728 | ) |
| |
Units outstanding at end of year |
| 6,974 |
|
| 9,265 |
|
| 379 |
|
| 3,183 |
|
| 19,352 |
|
| 20,301 |
|
| 1,142 |
|
| |
See Notes to the Financial Statements.
46
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Consumer Discretionary Sector Fund - Class A |
| JNL/Mellon Consumer Staples Sector Fund - Class A |
| JNL/Mellon Dow Index Fund - Class A |
| JNL/Mellon Emerging Markets Index Fund - Class A |
| JNL/Mellon Energy Sector Fund - Class A |
| JNL/Mellon Financial Sector Fund - Class A |
| JNL/Mellon Healthcare Sector Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (2,126 | ) | $ | (427 | ) | $ | — |
| $ | (914 | ) | $ | (6,907 | ) | $ | (2,462 | ) | $ | (3,282 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 14,805 |
|
| 450 |
|
| — |
|
| (4,635 | ) |
| 32,005 |
|
| 2,085 |
|
| 9,136 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 8,680 |
|
| 2,769 |
|
| — |
|
| 7,021 |
|
| (37,219 | ) |
| 15,244 |
|
| (4,113 | ) |
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 21,359 |
|
| 2,792 |
|
| — |
|
| 1,472 |
|
| (12,121 | ) |
| 14,867 |
|
| 1,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (108,066 | ) |
| (1,512 | ) |
| — |
|
| (31,867 | ) |
| (14,976 | ) |
| (2,045 | ) |
| (15,979 | ) |
| |
Transfers between Investment Divisions |
| 523,485 |
|
| — |
|
| — |
|
| 2,426 |
|
| (5,155 | ) |
| 348,564 |
|
| (4,023 | ) |
| |
Contract owner charges |
| (27 | ) |
| — |
|
| — |
|
| (42 | ) |
| (934 | ) |
| (1,130 | ) |
| (63 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 415,392 |
|
| (1,512 | ) |
| — |
|
| (29,483 | ) |
| (21,065 | ) |
| 345,389 |
|
| (20,065 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 436,751 |
|
| 1,280 |
|
| — |
|
| (28,011 | ) |
| (33,186 | ) |
| 360,256 |
|
| (18,324 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 115,094 |
|
| 24,366 |
|
| — |
|
| 81,481 |
|
| 635,207 |
|
| 95,830 |
|
| 212,532 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 551,845 |
| $ | 25,646 |
| $ | — |
| $ | 53,470 |
| $ | 602,021 |
| $ | 456,086 |
| $ | 194,208 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 2,153 |
|
| 1,754 |
|
| — |
|
| 7,915 |
|
| 19,150 |
|
| 5,040 |
|
| 4,558 |
|
| |
Units issued |
| 8,037 |
|
| — |
|
| — |
|
| 361 |
|
| 19,179 |
|
| 12,767 |
|
| 72 |
|
| |
Units redeemed |
| (1,840 | ) |
| (101 | ) |
| — |
|
| (3,249 | ) |
| (20,921 | ) |
| (179 | ) |
| (485 | ) |
| |
Units outstanding at end of year |
| 8,350 |
|
| 1,653 |
|
| — |
|
| 5,027 |
|
| 17,408 |
|
| 17,628 |
|
| 4,145 |
|
| |
See Notes to the Financial Statements.
47
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon Industrials Sector Fund - Class A |
| JNL/Mellon Information Technology Sector Fund - Class A |
| JNL/Mellon International Index Fund - Class A |
| JNL/Mellon Materials Sector Fund - Class A |
| JNL/Mellon Nasdaq® 100 Index Fund - Class A |
| JNL/Mellon Real Estate Sector Fund - Class A |
| JNL/Mellon S&P 400 MidCap Index Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (20 | ) | $ | (6,394 | ) | $ | (4,864 | ) | $ | (18 | ) | $ | (5,505 | ) | $ | (158 | ) | $ | (1,610 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 519 |
|
| 136,764 |
|
| 5,886 |
|
| 131 |
|
| 65,300 |
|
| 417 |
|
| 2,276 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| (379 | ) |
| (39,189 | ) |
| 2,391 |
|
| (103 | ) |
| 2,009 |
|
| 205 |
|
| 10,337 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 120 |
|
| 91,181 |
|
| 3,413 |
|
| 10 |
|
| 61,804 |
|
| 464 |
|
| 11,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (2,328 | ) |
| (71,255 | ) |
| (76,253 | ) |
| (2,043 | ) |
| (129,304 | ) |
| — |
|
| (10,615 | ) |
| |
Transfers between Investment Divisions |
| 1 |
|
| (371,862 | ) |
| 4,633 |
|
| 1 |
|
| (6,522 | ) |
| (710 | ) |
| (1,951 | ) |
| |
Contract owner charges |
| — |
|
| (136 | ) |
| (120 | ) |
| — |
|
| (218 | ) |
| — |
|
| (30 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (2,327 | ) |
| (443,253 | ) |
| (71,740 | ) |
| (2,042 | ) |
| (136,044 | ) |
| (710 | ) |
| (12,596 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (2,207 | ) |
| (352,072 | ) |
| (68,327 | ) |
| (2,032 | ) |
| (74,240 | ) |
| (246 | ) |
| (1,593 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 2,207 |
|
| 608,590 |
|
| 351,663 |
|
| 2,032 |
|
| 359,389 |
|
| 10,445 |
|
| 101,528 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 256,518 |
| $ | 283,336 |
| $ | — |
| $ | 285,149 |
| $ | 10,199 |
| $ | 99,935 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 136 |
|
| 7,231 |
|
| 17,889 |
|
| 137 |
|
| 5,827 |
|
| 858 |
|
| 2,414 |
|
| |
Units issued |
| — |
|
| 6,797 |
|
| 332 |
|
| — |
|
| 4,601 |
|
| 121 |
|
| 24 |
|
| |
Units redeemed |
| (136 | ) |
| (11,757 | ) |
| (3,923 | ) |
| (137 | ) |
| (6,726 | ) |
| (164 | ) |
| (305 | ) |
| |
Units outstanding at end of year |
| — |
|
| 2,271 |
|
| 14,298 |
|
| — |
|
| 3,702 |
|
| 815 |
|
| 2,133 |
|
| |
See Notes to the Financial Statements.
48
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Mellon S&P 500 Index Fund - Class A |
| JNL/Mellon Small Cap Index Fund - Class A |
| JNL/Mellon U.S. Stock Market Index Fund - Class A |
| JNL/Mellon Utilities Sector Fund - Class A |
| JNL/Mellon World Index Fund - Class A |
| JNL/MFS Mid Cap Value Fund - Class A |
| JNL/Morningstar SMID Moat Focus Index Fund - Class A(a) |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (47,988 | ) | $ | (15,710 | ) | $ | (15,449 | ) | $ | (378 | ) | $ | (1,160 | ) | $ | (17,743 | ) | $ | — |
|
| |
Net realized gain (loss) on investments in Funds |
| 500,593 |
|
| 31,482 |
|
| 12,731 |
|
| 1,153 |
|
| 11,825 |
|
| 56,503 |
|
| — |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 156,758 |
|
| 23,717 |
|
| 182,969 |
|
| 3,271 |
|
| (505 | ) |
| 89,892 |
|
| — |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 609,363 |
|
| 39,489 |
|
| 180,251 |
|
| 4,046 |
|
| 10,160 |
|
| 128,652 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| 17,744 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 718 |
|
| — |
|
| |
Surrenders and terminations |
| (657,556 | ) |
| (62,689 | ) |
| (26,816 | ) |
| (1,983 | ) |
| (1,446 | ) |
| (130,639 | ) |
| — |
|
| |
Transfers between Investment Divisions |
| 425,050 |
|
| (518,173 | ) |
| (12,038 | ) |
| 775 |
|
| (8,046 | ) |
| (7,418 | ) |
| — |
|
| |
Contract owner charges |
| (4,245 | ) |
| (278 | ) |
| (2,093 | ) |
| — |
|
| (4 | ) |
| (559 | ) |
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (219,007 | ) |
| (581,140 | ) |
| (40,947 | ) |
| (1,208 | ) |
| (9,496 | ) |
| (137,898 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 390,356 |
|
| (541,651 | ) |
| 139,304 |
|
| 2,838 |
|
| 664 |
|
| (9,246 | ) |
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 2,804,223 |
|
| 1,498,138 |
|
| 859,663 |
|
| 19,840 |
|
| 53,830 |
|
| 1,143,169 |
|
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 3,194,579 |
| $ | 956,487 |
| $ | 998,967 |
| $ | 22,678 |
| $ | 54,494 |
| $ | 1,133,923 |
| $ | — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 67,380 |
|
| 42,525 |
|
| 47,751 |
|
| 1,142 |
|
| 1,659 |
|
| 37,432 |
|
|
|
|
| |
Units issued |
| 25,109 |
|
| 1,546 |
|
| 44 |
|
| 374 |
|
| 2,215 |
|
| 1,253 |
|
| — |
|
| |
Units redeemed |
| (29,843 | ) |
| (18,386 | ) |
| (2,052 | ) |
| (459 | ) |
| (2,402 | ) |
| (5,581 | ) |
| — |
|
| |
Units outstanding at end of year |
| 62,646 |
|
| 25,685 |
|
| 45,743 |
|
| 1,057 |
|
| 1,472 |
|
| 33,104 |
|
| — |
|
| |
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on October 21, 2024. The Statement of Changes in Net Assets is from October 21, 2024 through December 31, 2024. |
See Notes to the Financial Statements.
49
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Morningstar U.S. Sustainability Index Fund - Class A |
| JNL/Morningstar Wide Moat Index Fund - Class A |
| JNL/Neuberger Berman Strategic Income Fund - Class A |
| JNL/Newton Equity Income Fund - Class A |
| JNL/PIMCO Income Fund - Class A |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class A |
| JNL/PIMCO Real Return Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (1,626 | ) | $ | (1,540 | ) | $ | (1,391 | ) | $ | (1,740 | ) | $ | (1 | ) | $ | (1,616 | ) |
| |
Net realized gain (loss) on investments in Funds |
| — |
|
| 15,060 |
|
| 203 |
|
| 5,848 |
|
| 2,188 |
|
| (2 | ) |
| 707 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 1,057 |
|
| 5,377 |
|
| 8,081 |
|
| 3,129 |
|
| 2 |
|
| 1,290 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 14,491 |
|
| 4,040 |
|
| 12,538 |
|
| 3,577 |
|
| (1 | ) |
| 381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| (48,058 | ) |
| — |
|
| (41,564 | ) |
| (5,654 | ) |
| — |
|
| (8,728 | ) |
| |
Transfers between Investment Divisions |
| — |
|
| (563 | ) |
| (1 | ) |
| (2,810 | ) |
| 51,516 |
|
| 14 |
|
| 2,901 |
|
| |
Contract owner charges |
| — |
|
| (10 | ) |
| (2 | ) |
| (51 | ) |
| (17 | ) |
| (1 | ) |
| (110 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| (48,631 | ) |
| (3 | ) |
| (44,425 | ) |
| 45,845 |
|
| 13 |
|
| (5,937 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| (34,140 | ) |
| 4,037 |
|
| (31,887 | ) |
| 49,422 |
|
| 12 |
|
| (5,556 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 218,804 |
|
| 100,236 |
|
| 120,354 |
|
| 72,574 |
|
| 84 |
|
| 102,429 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | 184,664 |
| $ | 104,273 |
| $ | 88,467 |
| $ | 121,996 |
| $ | 96 |
| $ | 96,873 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 11,926 |
|
| 8,442 |
|
| 3,292 |
|
| 6,912 |
|
| 7 |
|
| 7,319 |
|
| |
Units issued |
| — |
|
| 38 |
|
| — |
|
| 12 |
|
| 10,296 |
|
| 1 |
|
| 581 |
|
| |
Units redeemed |
| — |
|
| (2,707 | ) |
| — |
|
| (1,202 | ) |
| (5,926 | ) |
| — |
|
| (1,003 | ) |
| |
Units outstanding at end of year |
| — |
|
| 9,257 |
|
| 8,442 |
|
| 2,102 |
|
| 11,282 |
|
| 8 |
|
| 6,897 |
|
| |
See Notes to the Financial Statements.
50
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/PPM America High Yield Bond Fund - Class A |
| JNL/PPM America Investment Grade Credit Fund - Class A(a) |
| JNL/PPM America Total Return Fund - Class A |
| JNL/RAFI Fundamental U.S. Small Cap Fund - Class A |
| JNL/RAFI Multi-Factor U.S. Equity Fund - Class A |
| JNL/T. Rowe Price Balanced Fund - Class A |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A(a) |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (12,475 | ) | $ | — |
| $ | (73 | ) | $ | (399 | ) | $ | (24,238 | ) | $ | (267 | ) | $ | (3 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 13,124 |
|
| — |
|
| (3 | ) |
| 671 |
|
| 81,285 |
|
| 326 |
|
| — |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 47,914 |
|
| — |
|
| 94 |
|
| 2,108 |
|
| 179,329 |
|
| 1,624 |
|
| 20 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 48,563 |
|
| — |
|
| 18 |
|
| 2,380 |
|
| 236,376 |
|
| 1,683 |
|
| 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| (62,419 | ) |
| — |
|
| — |
|
| (721 | ) |
| (86,967 | ) |
| (1,054 | ) |
| — |
|
| |
Transfers between Investment Divisions |
| 7,334 |
|
| — |
|
| (1 | ) |
| (318 | ) |
| (6,055 | ) |
| (392 | ) |
| 6,859 |
|
| |
Contract owner charges |
| (844 | ) |
| — |
|
| (4 | ) |
| (3 | ) |
| (4,948 | ) |
| (7 | ) |
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| (55,929 | ) |
| — |
|
| (5 | ) |
| (1,042 | ) |
| (97,970 | ) |
| (1,453 | ) |
| 6,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (7,366 | ) |
| — |
|
| 13 |
|
| 1,338 |
|
| 138,406 |
|
| 230 |
|
| 6,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 801,109 |
|
| — |
|
| 4,403 |
|
| 25,575 |
|
| 1,425,856 |
|
| 16,965 |
|
| — |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 793,743 |
| $ | — |
| $ | 4,416 |
| $ | 26,913 |
| $ | 1,564,262 |
| $ | 17,195 |
| $ | 6,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 32,865 |
|
|
|
|
| 248 |
|
| 1,165 |
|
| 48,128 |
|
| 1,181 |
|
|
|
|
| |
Units issued |
| 622 |
|
| — |
|
| — |
|
| 72 |
|
| 1,732 |
|
| 14 |
|
| 696 |
|
| |
Units redeemed |
| (2,847 | ) |
| — |
|
| — |
|
| (113 | ) |
| (4,702 | ) |
| (106 | ) |
| — |
|
| |
Units outstanding at end of year |
| 30,640 |
|
| — |
|
| 248 |
|
| 1,124 |
|
| 45,158 |
|
| 1,089 |
|
| 696 |
|
| |
(a) | The mutual fund's shares, as applicable, became available for investment by the Investment Division on October 21, 2024. The Statement of Changes in Net Assets is from October 21, 2024 through December 31, 2024. |
See Notes to the Financial Statements.
51
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/T. Rowe Price Capital Appreciation Fund - Class A |
| JNL/T. Rowe Price Growth Stock Fund - Class A |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class A |
| JNL/T. Rowe Price Short-Term Bond Fund - Class A |
| JNL/T. Rowe Price U.S. High Yield Fund - Class A |
| JNL/T. Rowe Price Value Fund - Class A |
| JNL/Vanguard Growth ETF Allocation Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (26,096 | ) | $ | (43,938 | ) | $ | (45,489 | ) | $ | (6,357 | ) | $ | — |
| $ | (15,441 | ) | $ | (4,106 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 9,332 |
|
| 398,076 |
|
| 338,887 |
|
| 6,543 |
|
| — |
|
| 60,409 |
|
| 1,125 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 172,156 |
|
| 352,412 |
|
| (64,934 | ) |
| 12,642 |
|
| — |
|
| 73,836 |
|
| 26,799 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| 155,392 |
|
| 706,550 |
|
| 228,464 |
|
| 12,828 |
|
| — |
|
| 118,804 |
|
| 23,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Purchase payments |
| — |
|
| 105,188 |
|
| 105,188 |
|
| — |
|
| — |
|
| — |
|
| 268 |
|
| |
Surrenders and terminations |
| (13,992 | ) |
| (690,962 | ) |
| (670,095 | ) |
| (142,264 | ) |
| — |
|
| (7,627 | ) |
| (9,388 | ) |
| |
Transfers between Investment Divisions |
| 226,214 |
|
| (138,440 | ) |
| 15,241 |
|
| 11,405 |
|
| — |
|
| (26,510 | ) |
| 32 |
|
| |
Contract owner charges |
| (137 | ) |
| (4,576 | ) |
| (590 | ) |
| (155 | ) |
| — |
|
| (132 | ) |
| (125 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| 212,085 |
|
| (728,790 | ) |
| (550,256 | ) |
| (131,014 | ) |
| — |
|
| (34,269 | ) |
| (9,213 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| 367,477 |
|
| (22,240 | ) |
| (321,792 | ) |
| (118,186 | ) |
| — |
|
| 84,535 |
|
| 14,605 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 1,407,803 |
|
| 2,820,422 |
|
| 3,112,013 |
|
| 515,704 |
|
| — |
|
| 921,961 |
|
| 242,001 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 1,775,280 |
| $ | 2,798,182 |
| $ | 2,790,221 |
| $ | 397,518 |
| $ | — |
| $ | 1,006,496 |
| $ | 256,606 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 60,688 |
|
| 55,677 |
|
| 53,084 |
|
| 51,130 |
|
| — |
|
| 23,775 |
|
| 18,224 |
|
| |
Units issued |
| 9,509 |
|
| 5,274 |
|
| 2,394 |
|
| 2,826 |
|
| — |
|
| 2,026 |
|
| 20 |
|
| |
Units redeemed |
| (1,000 | ) |
| (17,736 | ) |
| (11,282 | ) |
| (15,755 | ) |
| — |
|
| (2,838 | ) |
| (682 | ) |
| |
Units outstanding at end of year |
| 69,197 |
|
| 43,215 |
|
| 44,196 |
|
| 38,201 |
|
| — |
|
| 22,963 |
|
| 17,562 |
|
| |
See Notes to the Financial Statements.
52
Jackson National Separate Account V | |||||||||||||||||||||||
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/Vanguard Moderate ETF Allocation Fund - Class A |
| JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A |
| JNL/WCM Focused International Equity Fund - Class A |
| JNL/Westchester Capital Event Driven Fund - Class A |
| JNL/William Blair International Leaders Fund - Class A |
| JNL/WMC Balanced Fund - Class A |
| JNL/WMC Equity Income Fund - Class A |
|
| |||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income (loss) | $ | — |
| $ | (385 | ) | $ | — |
| $ | (317 | ) | $ | (7,240 | ) | $ | (20,201 | ) | $ | (12 | ) |
| |
Net realized gain (loss) on investments in Funds |
| — |
|
| 2,185 |
|
| 2 |
|
| 101 |
|
| 227 |
|
| 59,823 |
|
| 2 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| — |
|
| 151 |
|
| 5 |
|
| 887 |
|
| (1,811 | ) |
| 115,786 |
|
| 84 |
|
|
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from operations |
| — |
|
| 1,951 |
|
| 7 |
|
| 671 |
|
| (8,824 | ) |
| 155,408 |
|
| 74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Surrenders and terminations |
| — |
|
| — |
|
| — |
|
| (1,081 | ) |
| (109,088 | ) |
| (82,763 | ) |
| — |
|
| |
Transfers between Investment Divisions |
| — |
|
| (26,165 | ) |
| (77 | ) |
| 800 |
|
| 27,168 |
|
| 2,497 |
|
| — |
|
| |
Contract owner charges |
| — |
|
| — |
|
| (2 | ) |
| — |
|
| (810 | ) |
| (1,352 | ) |
| — |
|
| |
Net change in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| from contract transactions |
| — |
|
| (26,165 | ) |
| (79 | ) |
| (281 | ) |
| (82,730 | ) |
| (81,618 | ) |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| — |
|
| (24,214 | ) |
| (72 | ) |
| 390 |
|
| (91,554 | ) |
| 73,790 |
|
| 74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| — |
|
| 24,214 |
|
| 72 |
|
| 20,771 |
|
| 634,072 |
|
| 1,260,953 |
|
| 690 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | — |
| $ | — |
| $ | — |
| $ | 21,161 |
| $ | 542,518 |
| $ | 1,334,743 |
| $ | 764 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| — |
|
| 1,963 |
|
| 5 |
|
| 1,740 |
|
| 46,546 |
|
| 42,645 |
|
| 45 |
|
| |
Units issued |
| — |
|
| 110 |
|
| — |
|
| 71 |
|
| 3,072 |
|
| 1,729 |
|
| — |
|
| |
Units redeemed |
| — |
|
| (2,073 | ) |
| (5 | ) |
| (94 | ) |
| (9,023 | ) |
| (4,390 | ) |
| — |
|
| |
Units outstanding at end of year |
| — |
|
| — |
|
| — |
|
| 1,717 |
|
| 40,595 |
|
| 39,984 |
|
| 45 |
|
| |
See Notes to the Financial Statements.
53
Jackson National Separate Account V | ||||||||
Statements of Changes in Net Assets |
|
|
|
| ||||
December 31, 2024 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JNL/WMC Global Real Estate Fund - Class A |
| JNL/WMC Value Fund - Class A |
|
| ||
Operations |
|
|
|
|
|
|
| |
Net investment income (loss) | $ | (1,463 | ) | $ | (1,217 | ) |
| |
Net realized gain (loss) on investments in Funds |
| 278 |
|
| 2,298 |
|
| |
Net change in unrealized appreciation |
|
|
|
|
|
|
| |
| (depreciation) on investments in Funds |
| 4,709 |
|
| 5,543 |
|
|
Net change in net assets |
|
|
|
|
|
|
| |
| from operations |
| 3,524 |
|
| 6,624 |
|
|
|
|
|
|
|
|
|
|
|
Contract transactions |
|
|
|
|
|
|
| |
Surrenders and terminations |
| (5,475 | ) |
| (1,144 | ) |
| |
Transfers between Investment Divisions |
| (148 | ) |
| 4,663 |
|
| |
Contract owner charges |
| (44 | ) |
| (78 | ) |
| |
Net change in net assets |
|
|
|
|
|
|
| |
| from contract transactions |
| (5,667 | ) |
| 3,441 |
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets |
| (2,143 | ) |
| 10,065 |
|
| |
|
|
|
|
|
|
|
|
|
Net assets beginning of year |
| 91,910 |
|
| 73,410 |
|
| |
|
|
|
|
|
|
|
|
|
Net assets end of year | $ | 89,767 |
| $ | 83,475 |
|
| |
|
|
|
|
|
|
|
|
|
Contract unit transactions |
|
|
|
|
|
|
| |
Units outstanding at beginning of year |
| 5,741 |
|
| 2,021 |
|
| |
Units issued |
| 160 |
|
| 262 |
|
| |
Units redeemed |
| (501 | ) |
| (175 | ) |
| |
Units outstanding at end of year |
| 5,400 |
|
| 2,108 |
|
| |
See Notes to the Financial Statements.
54
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL Aggressive Growth Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| 15.800126 |
| (21.12 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 32 |
| 2 |
| 0.00 |
|
| 20.029520 |
| 13.53 |
| 1.65 |
|
| 20.470342 |
| 13.70 |
| 1.50 |
| |
JNL Conservative Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 93 |
| 7 |
| 0.00 |
|
| 13.409702 |
| 7.67 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 86 |
| 7 |
| 0.00 |
|
| 12.454992 |
| 3.98 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 83 |
| 7 |
| 0.00 |
|
| 11.776503 |
| 7.50 |
| 1.65 |
|
| 11.977854 |
| 7.66 |
| 1.50 |
| |
12/31/2022 |
| 294 |
| 27 |
| 0.00 |
|
| 10.955244 |
| (14.55 | ) | 1.65 |
|
| 11.125872 |
| (14.42 | ) | 1.50 |
| |
12/31/2021 |
| 253 |
| 20 |
| 0.00 |
|
| 12.820931 |
| 1.98 |
| 1.65 |
|
| 13.001164 |
| 2.13 |
| 1.50 |
| |
JNL Growth Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 56 |
| 2 |
| 0.00 |
|
| 22.826854 |
| 12.93 |
| 1.65 |
|
| 23.485465 |
| 13.10 |
| 1.50 |
| |
12/31/2024 |
| 98 |
| 5 |
| 0.00 |
|
| 20.213794 |
| 8.78 |
| 1.65 |
|
| 20.765365 |
| 8.94 |
| 1.50 |
| |
12/31/2023 |
| 92 |
| 5 |
| 0.00 |
|
| 18.582392 |
| 14.65 |
| 1.65 |
|
| 19.060707 |
| 14.82 |
| 1.50 |
| |
12/31/2022 |
| 82 |
| 5 |
| 0.00 |
|
| 16.207732 |
| (19.97 | ) | 1.65 |
|
| 16.600117 |
| (19.85 | ) | 1.50 |
| |
12/31/2021 |
| 51 |
| 2 |
| 0.00 |
|
| 20.252330 |
| 11.28 |
| 1.65 |
|
| 20.711630 |
| 11.45 |
| 1.50 |
| |
JNL Growth ETF Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 20.671877 |
| 13.16 |
| 1.65 |
|
| 20.980988 |
| 13.33 |
| 1.50 |
| |
JNL Moderate Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 356 |
| 19 |
| 0.00 |
|
| 18.321479 |
| 8.94 |
| 1.65 |
|
| 18.549970 |
| 9.11 |
| 1.50 |
| |
12/31/2024 |
| 341 |
| 20 |
| 0.00 |
|
| 16.817625 |
| 5.87 |
| 1.65 |
|
| 17.001845 |
| 6.03 |
| 1.50 |
| |
12/31/2023 |
| 355 |
| 22 |
| 0.00 |
|
| 15.885892 |
| 10.11 |
| 1.65 |
|
| 16.035667 |
| 10.28 |
| 1.50 |
| |
12/31/2022 |
| 452 |
| 31 |
| 0.00 |
|
| 14.426753 |
| (16.09 | ) | 1.65 |
|
| 14.541107 |
| (15.97 | ) | 1.50 |
| |
12/31/2021 |
| 493 |
| 29 |
| 0.00 |
|
| 17.193378 |
| 5.64 |
| 1.65 |
|
| 17.303760 |
| 5.80 |
| 1.50 |
| |
JNL Moderate ETF Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| 13.532360 |
| 7.82 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 115 |
| 9 |
| 1.38 |
|
| 12.551280 |
| (14.57 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 148 |
| 10 |
| 1.20 |
|
| 14.691641 |
| 5.88 |
| 1.65 |
|
| 14.911365 |
| 6.04 |
| 1.50 |
| |
JNL Moderate Growth Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 29 |
| 1 |
| 0.00 |
|
| 21.015852 |
| 10.78 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 21 |
| 1 |
| 0.00 |
|
| 18.971424 |
| 7.37 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 20 |
| 1 |
| 0.00 |
|
| 17.669331 |
| 11.88 |
| 1.65 |
|
| 18.126212 |
| 12.05 |
| 1.50 |
| |
12/31/2022 |
| 32 |
| 2 |
| 0.00 |
|
| 15.793644 |
| (17.15 | ) | 1.65 |
|
| 16.176322 |
| (17.02 | ) | 1.50 |
| |
12/31/2021 |
| 39 |
| 2 |
| 0.00 |
|
| 19.062387 |
| 8.39 |
| 1.65 |
|
| 19.495128 |
| 8.57 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
55
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL Moderate Growth ETF Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 17.864631 |
| 9.50 |
| 1.65 |
|
| 18.131777 |
| 9.67 |
| 1.50 |
| |
JNL Multi-Manager Alternative Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 29 |
| 2 |
| 0.00 |
|
| 12.229081 |
| 7.90 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 28 |
| 2 |
| 0.00 |
|
| 11.334049 |
| 7.95 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 28 |
| 3 |
| 0.00 |
|
| 10.499157 |
| 9.69 |
| 1.50 |
|
| 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 |
|
| 10.854761 |
| 1.25 |
| 1.50 |
|
| 10.854761 |
| 1.25 |
| 1.50 |
| |
JNL Multi-Manager Emerging Markets Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 68 |
| 5 |
| 0.78 |
|
| 14.642605 |
| 22.23 |
| 1.65 |
|
| 15.081072 |
| 22.42 |
| 1.50 |
| |
12/31/2024 |
| 61 |
| 5 |
| 1.08 |
|
| 11.979356 |
| 2.86 |
| 1.65 |
|
| 12.319606 |
| 3.01 |
| 1.50 |
| |
12/31/2023 |
| 64 |
| 5 |
| 1.27 |
|
| 11.646787 |
| 8.31 |
| 1.65 |
|
| 11.959632 |
| 8.47 |
| 1.50 |
| |
12/31/2022 |
| 76 |
| 7 |
| 0.80 |
|
| 10.752990 |
| (25.37 | ) | 1.65 |
|
| 11.025349 |
| (25.26 | ) | 1.50 |
| |
12/31/2021 |
| 124 |
| 9 |
| 1.31 |
|
| 14.407895 |
| (1.56 | ) | 1.65 |
|
| 14.750726 |
| (1.41 | ) | 1.50 |
| |
JNL Multi-Manager Floating Rate Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 12 |
| 1 |
| 0.00 |
|
| 13.393474 |
| 2.13 |
| 1.65 |
|
| 13.692117 |
| 2.29 |
| 1.50 |
| |
12/31/2024 |
| 27 |
| 2 |
| 0.00 |
|
| 13.113638 |
| 6.35 |
| 1.65 |
|
| 13.385961 |
| 6.51 |
| 1.50 |
| |
12/31/2023 |
| 34 |
| 3 |
| 0.00 |
|
| 12.330310 |
| 11.30 |
| 1.65 |
|
| 12.567593 |
| 11.48 |
| 1.50 |
| |
12/31/2022 |
| 20 |
| 2 |
| 0.00 |
|
| 11.078280 |
| (6.21 | ) | 1.65 |
|
| 11.273802 |
| (6.07 | ) | 1.50 |
| |
12/31/2021 |
| 25 |
| 2 |
| 0.00 |
|
| 11.811288 |
| 2.03 |
| 1.65 |
|
| 12.002147 |
| 2.19 |
| 1.50 |
| |
JNL Multi-Manager International Small Cap Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 56 |
| 3 |
| 2.01 |
|
| 16.160329 |
| 23.44 |
| 1.65 |
|
| 16.340527 |
| 23.62 |
| 1.50 |
| |
12/31/2024 |
| 49 |
| 4 |
| 3.78 |
|
| 13.091702 |
| 3.25 |
| 1.65 |
|
| 13.217840 |
| 3.41 |
| 1.50 |
| |
12/31/2023 |
| 63 |
| 5 |
| 2.93 |
|
| 12.679110 |
| 20.47 |
| 1.65 |
|
| 12.781923 |
| 20.65 |
| 1.50 |
| |
12/31/2022 |
| 40 |
| 4 |
| 0.65 |
|
| 10.524663 |
| (31.57 | ) | 1.65 |
|
| 10.594150 |
| (31.47 | ) | 1.50 |
| |
12/31/2021+ |
| 111 |
| 7 |
| 0.48 |
|
| 15.380470 |
| 1.93 | ‡ | 1.65 |
|
| 15.458816 |
| 2.04 | ‡ | 1.50 |
| |
JNL Multi-Manager Mid Cap Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 44 |
| 2 |
| 0.00 |
|
| 18.763080 |
| 0.16 |
| 1.65 |
|
| 19.026332 |
| 0.31 |
| 1.50 |
| |
12/31/2024 |
| 35 |
| 2 |
| 0.00 |
|
| 18.733290 |
| 5.21 |
| 1.65 |
|
| 18.967505 |
| 5.36 |
| 1.50 |
| |
12/31/2023 |
| 63 |
| 4 |
| 0.00 |
|
| 17.806348 |
| 10.50 |
| 1.65 |
|
| 18.002115 |
| 10.66 |
| 1.50 |
| |
12/31/2022 |
| 62 |
| 4 |
| 0.00 |
|
| 16.114895 |
| (17.81 | ) | 1.65 |
|
| 16.267812 |
| (17.68 | ) | 1.50 |
| |
12/31/2021 |
| 22 |
| 1 |
| 0.00 |
|
| 19.606361 |
| 22.21 |
| 1.65 |
|
| 19.762370 |
| 22.40 |
| 1.50 |
| |
JNL Multi-Manager Small Cap Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 34 |
| 1 |
| 0.00 |
|
| 43.972746 |
| 1.86 |
| 1.65 |
|
| 45.424420 |
| 2.02 |
| 1.50 |
| |
12/31/2024 |
| 56 |
| 1 |
| 0.00 |
|
| 43.168824 |
| 7.86 |
| 1.65 |
|
| 44.526760 |
| 8.02 |
| 1.50 |
| |
12/31/2023 |
| 58 |
| 1 |
| 0.00 |
|
| 40.022859 |
| 14.42 |
| 1.65 |
|
| 41.219877 |
| 14.59 |
| 1.50 |
| |
12/31/2022 |
| 150 |
| 4 |
| 0.00 |
|
| 34.978071 |
| (32.20 | ) | 1.65 |
|
| 35.970375 |
| (32.10 | ) | 1.50 |
| |
12/31/2021 |
| 293 |
| 6 |
| 0.00 |
|
| 51.589735 |
| 1.24 |
| 1.65 |
|
| 52.974446 |
| 1.39 |
| 1.50 |
| |
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Multi-Manager International Small Cap Fund - Class A - April 26, 2021. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
56
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL Multi-Manager Small Cap Value Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 421 |
| 14 |
| 0.00 |
|
| 29.933004 |
| 1.01 |
| 1.65 |
|
| 30.326788 |
| 1.16 |
| 1.50 |
| |
12/31/2024 |
| 441 |
| 15 |
| 0.00 |
|
| 29.632796 |
| 7.66 |
| 1.65 |
|
| 29.977558 |
| 7.82 |
| 1.50 |
| |
12/31/2023 |
| 409 |
| 15 |
| 0.00 |
|
| 27.525484 |
| 19.00 |
| 1.65 |
|
| 27.803972 |
| 19.18 |
| 1.50 |
| |
12/31/2022 |
| 437 |
| 19 |
| 0.00 |
|
| 23.130843 |
| (13.59 | ) | 1.65 |
|
| 23.330268 |
| (13.46 | ) | 1.50 |
| |
12/31/2021 |
| 546 |
| 20 |
| 0.00 |
|
| 26.768563 |
| 20.98 |
| 1.65 |
|
| 26.958900 |
| 21.16 |
| 1.50 |
| |
JNL Multi-Manager U.S. Select Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024+ |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
JNL/AB Sustainable Global Thematic Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022+ |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
JNL/American Funds Balanced Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 362 |
| 12 |
| 0.00 |
|
| 28.618865 |
| 13.59 |
| 1.65 |
|
| 29.564241 |
| 13.76 |
| 1.50 |
| |
12/31/2024 |
| 270 |
| 11 |
| 0.00 |
|
| 25.195388 |
| 14.14 |
| 1.65 |
|
| 25.988660 |
| 14.31 |
| 1.50 |
| |
12/31/2023 |
| 277 |
| 12 |
| 0.00 |
|
| 22.073815 |
| 11.99 |
| 1.65 |
|
| 22.734503 |
| 12.16 |
| 1.50 |
| |
12/31/2022 |
| 249 |
| 12 |
| 0.00 |
|
| 19.710052 |
| (15.17 | ) | 1.65 |
|
| 20.269665 |
| (15.04 | ) | 1.50 |
| |
12/31/2021 |
| 295 |
| 12 |
| 0.00 |
|
| 23.233690 |
| 12.83 |
| 1.65 |
|
| 23.857644 |
| 13.00 |
| 1.50 |
| |
JNL/American Funds Bond Fund of America Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 63 |
| 7 |
| 0.00 |
|
| 9.256499 |
| 5.18 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 59 |
| 7 |
| 0.00 |
|
| 8.800256 |
| (0.64 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 42 |
| 5 |
| 0.00 |
|
| 8.857140 |
| 3.10 |
| 1.50 |
|
| 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 |
|
| 10.007072 |
| 0.17 | ‡ | 1.50 |
|
| 10.007072 |
| 0.17 | ‡ | 1.50 |
| |
JNL/American Funds Capital Income Builder Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 123 |
| 8 |
| 0.00 |
|
| 15.385913 |
| 17.90 |
| 1.65 |
|
| 15.557943 |
| 18.08 |
| 1.50 |
| |
12/31/2024 |
| 42 |
| 3 |
| 0.00 |
|
| 13.049756 |
| 7.96 |
| 1.65 |
|
| 13.176025 |
| 8.12 |
| 1.50 |
| |
12/31/2023 |
| 43 |
| 4 |
| 0.00 |
|
| 12.087820 |
| 6.77 |
| 1.65 |
|
| 12.186205 |
| 6.93 |
| 1.50 |
| |
12/31/2022 |
| 44 |
| 4 |
| 0.00 |
|
| 11.320945 |
| (9.03 | ) | 1.65 |
|
| 11.395983 |
| (8.90 | ) | 1.50 |
| |
12/31/2021 |
| 57 |
| 5 |
| 0.00 |
|
| 12.445022 |
| 12.66 |
| 1.65 |
|
| 12.508744 |
| 12.83 |
| 1.50 |
| |
JNL/American Funds Capital World Bond Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 93 |
| 10 |
| 0.00 |
|
| 9.160163 |
| 7.15 |
| 1.65 |
|
| 9.377804 |
| 7.31 |
| 1.50 |
| |
12/31/2024 |
| 55 |
| 6 |
| 0.00 |
|
| 8.548840 |
| (4.93 | ) | 1.65 |
|
| 8.738803 |
| (4.78 | ) | 1.50 |
| |
12/31/2023 |
| 58 |
| 6 |
| 0.00 |
|
| 8.991868 |
| 4.09 |
| 1.65 |
|
| 9.177855 |
| 4.24 |
| 1.50 |
| |
12/31/2022 |
| 54 |
| 6 |
| 0.00 |
|
| 8.638697 |
| (19.24 | ) | 1.65 |
|
| 8.804219 |
| (19.12 | ) | 1.50 |
| |
12/31/2021 |
| 85 |
| 8 |
| 0.00 |
|
| 10.697181 |
| (6.88 | ) | 1.65 |
|
| 10.885762 |
| (6.74 | ) | 1.50 |
| |
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Multi-Manager U.S. Select Equity Fund - Class A - October 21, 2024; JNL/AB Sustainable Global Thematic Fund - Class A - April 25, 2022; JNL/American Funds Bond Fund of America Fund - Class A - April 26, 2021. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
57
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/American Funds Global Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1 |
| 0 |
| 0.00 |
|
| 30.421399 |
| 19.40 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| 18.997630 |
| (26.12 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 27 |
| 1 |
| 0.00 |
|
| 25.397516 |
| 14.18 |
| 1.65 |
|
| 25.715190 |
| 14.35 |
| 1.50 |
| |
JNL/American Funds Global Small Capitalization Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 15 |
| 1 |
| 0.00 |
|
| 21.213812 |
| 12.50 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 13 |
| 1 |
| 0.00 |
|
| 18.857443 |
| 0.46 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 7 |
| 0 |
| 0.00 |
|
| 18.770224 |
| 14.11 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 6 |
| 0 |
| 0.00 |
|
| 16.448546 |
| (30.85 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 31 |
| 1 |
| 0.00 |
|
| 23.380750 |
| 4.64 |
| 1.65 |
|
| 23.785098 |
| 4.79 |
| 1.50 |
| |
JNL/American Funds Growth Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 68 |
| 2 |
| 0.00 |
|
| 27.470458 |
| 16.55 |
| 1.65 |
|
| 28.017357 |
| 16.72 |
| 1.50 |
| |
12/31/2024 |
| 70 |
| 3 |
| 0.00 |
|
| 23.570220 |
| 10.95 |
| 1.65 |
|
| 24.003415 |
| 11.12 |
| 1.50 |
| |
12/31/2023 |
| 68 |
| 3 |
| 0.00 |
|
| 21.244113 |
| 15.29 |
| 1.65 |
|
| 21.602064 |
| 15.46 |
| 1.50 |
| |
12/31/2022 |
| 62 |
| 3 |
| 0.00 |
|
| 18.427309 |
| (20.60 | ) | 1.65 |
|
| 18.709789 |
| (20.47 | ) | 1.50 |
| |
12/31/2021 |
| 61 |
| 3 |
| 0.00 |
|
| 23.207277 |
| 11.94 |
| 1.65 |
|
| 23.524854 |
| 11.94 |
| 1.50 |
| |
JNL/American Funds Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 262 |
| 4 |
| 0.00 |
|
| 63.794923 |
| 17.91 |
| 1.65 |
|
| 65.140032 |
| 18.08 |
| 1.50 |
| |
12/31/2024 |
| 487 |
| 9 |
| 0.00 |
|
| 54.106669 |
| 29.10 |
| 1.65 |
|
| 55.164654 |
| 29.29 |
| 1.50 |
| |
12/31/2023 |
| 388 |
| 9 |
| 0.00 |
|
| 41.911745 |
| 35.78 |
| 1.65 |
|
| 42.666933 |
| 35.98 |
| 1.50 |
| |
12/31/2022 |
| 124 |
| 4 |
| 0.00 |
|
| 30.867105 |
| (31.29 | ) | 1.65 |
|
| 31.376331 |
| (31.19 | ) | 1.50 |
| |
12/31/2021 |
| 455 |
| 10 |
| 0.00 |
|
| 44.926394 |
| 19.62 |
| 1.65 |
|
| 45.599441 |
| 19.80 |
| 1.50 |
| |
JNL/American Funds Growth-Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 160 |
| 3 |
| 0.00 |
|
| 48.312121 |
| 15.71 |
| 1.65 |
|
| 49.460553 |
| 15.89 |
| 1.50 |
| |
12/31/2024 |
| 218 |
| 5 |
| 0.00 |
|
| 41.751852 |
| 21.72 |
| 1.65 |
|
| 42.680342 |
| 21.90 |
| 1.50 |
| |
12/31/2023 |
| 149 |
| 4 |
| 0.00 |
|
| 34.301985 |
| 23.62 |
| 1.65 |
|
| 35.011968 |
| 23.80 |
| 1.50 |
| |
12/31/2022 |
| 123 |
| 4 |
| 0.00 |
|
| 27.748487 |
| (18.18 | ) | 1.65 |
|
| 28.280529 |
| (18.06 | ) | 1.50 |
| |
12/31/2021 |
| 216 |
| 6 |
| 0.00 |
|
| 33.914438 |
| 21.63 |
| 1.65 |
|
| 34.513207 |
| 21.81 |
| 1.50 |
| |
JNL/American Funds International Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 549 |
| 30 |
| 0.00 |
|
| 17.801748 |
| 24.19 |
| 1.65 |
|
| 18.225852 |
| 24.37 |
| 1.50 |
| |
12/31/2024 |
| 443 |
| 30 |
| 0.00 |
|
| 14.334622 |
| 1.05 |
| 1.65 |
|
| 14.654046 |
| 1.20 |
| 1.50 |
| |
12/31/2023 |
| 428 |
| 30 |
| 0.00 |
|
| 14.186329 |
| 13.45 |
| 1.65 |
|
| 14.480633 |
| 13.62 |
| 1.50 |
| |
12/31/2022 |
| 468 |
| 37 |
| 0.00 |
|
| 12.504300 |
| (22.36 | ) | 1.65 |
|
| 12.744642 |
| (22.25 | ) | 1.50 |
| |
12/31/2021 |
| 569 |
| 35 |
| 0.00 |
|
| 16.106484 |
| (3.43 | ) | 1.65 |
|
| 16.391580 |
| (3.28 | ) | 1.50 |
| |
JNL/American Funds Moderate Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024+ |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/American Funds Moderate Allocation Fund - Class A - October 21, 2024. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
58
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/American Funds Moderate Growth Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 313 |
| 14 |
| 0.00 |
|
| 21.747432 |
| 14.39 |
| 1.65 |
|
| 22.215163 |
| 14.56 |
| 1.50 |
| |
12/31/2024 |
| 286 |
| 15 |
| 0.00 |
|
| 19.012422 |
| 7.86 |
| 1.65 |
|
| 19.392225 |
| 8.02 |
| 1.50 |
| |
12/31/2023 |
| 389 |
| 22 |
| 0.00 |
|
| 17.627112 |
| 11.98 |
| 1.65 |
|
| 17.952145 |
| 12.14 |
| 1.50 |
| |
12/31/2022 |
| 376 |
| 24 |
| 0.00 |
|
| 15.741933 |
| (18.59 | ) | 1.65 |
|
| 16.008239 |
| (18.47 | ) | 1.50 |
| |
12/31/2021 |
| 521 |
| 27 |
| 0.00 |
|
| 19.337108 |
| 8.16 |
| 1.65 |
|
| 19.634804 |
| 8.32 |
| 1.50 |
| |
JNL/American Funds New World Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 63 |
| 3 |
| 0.00 |
|
| 20.128446 |
| 25.65 |
| 1.65 |
|
| 20.619175 |
| 25.84 |
| 1.50 |
| |
12/31/2024 |
| 65 |
| 4 |
| 0.00 |
|
| 16.019135 |
| 4.35 |
| 1.65 |
|
| 16.385085 |
| 4.50 |
| 1.50 |
| |
12/31/2023 |
| 55 |
| 4 |
| 0.00 |
|
| 15.351948 |
| 13.58 |
| 1.65 |
|
| 15.678927 |
| 13.75 |
| 1.50 |
| |
12/31/2022 |
| 191 |
| 14 |
| 0.00 |
|
| 13.516975 |
| (23.69 | ) | 1.65 |
|
| 13.784231 |
| (23.57 | ) | 1.50 |
| |
12/31/2021 |
| 168 |
| 9 |
| 0.00 |
|
| 17.712412 |
| 2.75 |
| 1.65 |
|
| 18.035628 |
| 2.90 |
| 1.50 |
| |
JNL/American Funds Washington Mutual Investors Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 130 |
| 3 |
| 0.00 |
|
| 40.924904 |
| 14.83 |
| 1.65 |
|
| 41.938800 |
| 15.01 |
| 1.50 |
| |
12/31/2024 |
| 141 |
| 4 |
| 0.00 |
|
| 35.638230 |
| 16.65 |
| 1.65 |
|
| 36.466247 |
| 16.83 |
| 1.50 |
| |
12/31/2023 |
| 157 |
| 5 |
| 0.00 |
|
| 30.550913 |
| 15.01 |
| 1.65 |
|
| 31.213645 |
| 15.18 |
| 1.50 |
| |
12/31/2022 |
| 140 |
| 5 |
| 0.00 |
|
| 26.563950 |
| (10.38 | ) | 1.65 |
|
| 27.099642 |
| (10.25 | ) | 1.50 |
| |
12/31/2021 |
| 192 |
| 6 |
| 0.00 |
|
| 29.641642 |
| 25.23 |
| 1.65 |
|
| 30.194238 |
| 25.42 |
| 1.50 |
| |
JNL/AQR Large Cap Defensive Style Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 219 |
| 13 |
| 0.00 |
|
| 17.268379 |
| 11.20 |
| 1.65 |
|
| 17.438060 |
| 11.37 |
| 1.50 |
| |
12/31/2024 |
| 151 |
| 10 |
| 0.00 |
|
| 15.528965 |
| 13.42 |
| 1.65 |
|
| 15.658044 |
| 13.60 |
| 1.50 |
| |
12/31/2023 |
| 87 |
| 6 |
| 0.00 |
|
| 13.691011 |
| 8.77 |
| 1.65 |
|
| 13.784046 |
| 8.93 |
| 1.50 |
| |
12/31/2022 |
| 80 |
| 6 |
| 0.00 |
|
| 12.587691 |
| (10.06 | ) | 1.65 |
|
| 12.654221 |
| (9.93 | ) | 1.50 |
| |
12/31/2021 |
| 65 |
| 5 |
| 0.00 |
|
| 13.995639 |
| 19.99 |
| 1.65 |
|
| 14.048558 |
| 20.17 |
| 1.50 |
| |
JNL/BlackRock Global Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 433 |
| 22 |
| 0.00 |
|
| 20.026661 |
| 16.82 |
| 1.65 |
|
| 20.489351 |
| 17.00 |
| 1.50 |
| |
12/31/2024 |
| 379 |
| 22 |
| 0.00 |
|
| 17.143125 |
| 7.64 |
| 1.65 |
|
| 17.512867 |
| 7.81 |
| 1.50 |
| |
12/31/2023 |
| 387 |
| 24 |
| 0.00 |
|
| 15.925657 |
| 12.10 |
| 1.65 |
|
| 16.244620 |
| 12.27 |
| 1.50 |
| |
12/31/2022 |
| 352 |
| 25 |
| 0.00 |
|
| 14.206841 |
| (16.92 | ) | 1.65 |
|
| 14.469750 |
| (16.80 | ) | 1.50 |
| |
12/31/2021 |
| 447 |
| 26 |
| 0.00 |
|
| 17.100376 |
| 5.54 |
| 1.65 |
|
| 17.390786 |
| 5.70 |
| 1.50 |
| |
JNL/BlackRock Global Natural Resources Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 137 |
| 10 |
| 0.00 |
|
| 13.438593 |
| 27.66 |
| 1.65 |
|
| 13.825990 |
| 27.85 |
| 1.50 |
| |
12/31/2024 |
| 117 |
| 11 |
| 0.00 |
|
| 10.527002 |
| (5.17 | ) | 1.65 |
|
| 10.814267 |
| (5.02 | ) | 1.50 |
| |
12/31/2023 |
| 131 |
| 12 |
| 0.00 |
|
| 11.100474 |
| (3.21 | ) | 1.65 |
|
| 11.386185 |
| (3.07 | ) | 1.50 |
| |
12/31/2022 |
| 285 |
| 25 |
| 0.00 |
|
| 11.469072 |
| 15.74 |
| 1.65 |
|
| 11.746682 |
| 15.91 |
| 1.50 |
| |
12/31/2021 |
| 89 |
| 9 |
| 0.00 |
|
| 9.909560 |
| 28.45 |
| 1.65 |
|
| 10.134266 |
| 28.65 |
| 1.50 |
| |
JNL/BlackRock Large Cap Select Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,498 |
| 46 |
| 0.00 |
|
| 29.919359 |
| 9.59 |
| 1.65 |
|
| 33.827327 |
| 9.75 |
| 1.50 |
| |
12/31/2024 |
| 1,647 |
| 56 |
| 0.00 |
|
| 27.301858 |
| 29.30 |
| 1.65 |
|
| 30.821668 |
| 29.50 |
| 1.50 |
| |
12/31/2023 |
| 1,781 |
| 78 |
| 0.00 |
|
| 21.114937 |
| 47.26 |
| 1.65 |
|
| 23.801193 |
| 47.48 |
| 1.50 |
| |
12/31/2022 |
| 1,275 |
| 82 |
| 0.00 |
|
| 14.338908 |
| (38.89 | ) | 1.65 |
|
| 16.138951 |
| (38.80 | ) | 1.50 |
| |
12/31/2021 |
| 2,724 |
| 107 |
| 0.00 |
|
| 23.464338 |
| 18.48 |
| 1.65 |
|
| 26.370488 |
| 18.66 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
59
Jackson National Separate Account V |
|
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|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Causeway International Value Select Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 479 |
| 22 |
| 2.61 |
|
| 21.218916 |
| 40.75 |
| 1.65 |
|
| 22.430704 |
| 40.97 |
| 1.50 |
| |
12/31/2024 |
| 375 |
| 24 |
| 1.82 |
|
| 15.075119 |
| 2.77 |
| 1.65 |
|
| 15.912146 |
| 2.93 |
| 1.50 |
| |
12/31/2023 |
| 407 |
| 27 |
| 1.46 |
|
| 14.668695 |
| 26.26 |
| 1.65 |
|
| 15.459804 |
| 26.44 |
| 1.50 |
| |
12/31/2022 |
| 400 |
| 34 |
| 1.33 |
|
| 11.618272 |
| (8.57 | ) | 1.65 |
|
| 12.226549 |
| (8.43 | ) | 1.50 |
| |
12/31/2021 |
| 472 |
| 36 |
| 1.27 |
|
| 12.706721 |
| 6.72 |
| 1.65 |
|
| 13.351986 |
| 6.88 |
| 1.50 |
| |
JNL/ClearBridge Large Cap Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 38 |
| 1 |
| 0.00 |
|
| 26.696079 |
| 7.27 |
| 1.65 |
|
| 27.029428 |
| 7.43 |
| 1.50 |
| |
12/31/2024 |
| 39 |
| 2 |
| 0.00 |
|
| 24.887402 |
| 25.45 |
| 1.65 |
|
| 25.160560 |
| 25.64 |
| 1.50 |
| |
12/31/2023 |
| 81 |
| 4 |
| 0.00 |
|
| 19.838979 |
| 42.19 |
| 1.65 |
|
| 20.026071 |
| 42.41 |
| 1.50 |
| |
12/31/2022 |
| 12 |
| 1 |
| 0.00 |
|
| 13.952672 |
| (33.61 | ) | 1.65 |
|
| 14.062382 |
| (33.50 | ) | 1.50 |
| |
12/31/2021 |
| 15 |
| 1 |
| 0.00 |
|
| 21.015274 |
| 19.19 |
| 1.65 |
|
| 21.147957 |
| 19.37 |
| 1.50 |
| |
JNL/Cohen & Steers U.S. Realty Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 15.369297 |
| 41.78 |
| 1.65 |
|
| 15.447510 |
| 41.99 |
| 1.50 |
| |
JNL/DFA International Core Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 39 |
| 2 |
| 1.21 |
|
| 16.703661 |
| 33.27 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 28 |
| 2 |
| 2.20 |
|
| 12.533604 |
| 2.38 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 28 |
| 2 |
| 2.00 |
|
| 12.159146 |
| 13.70 |
| 1.65 |
|
| 12.241768 |
| 13.87 |
| 1.50 |
| |
12/31/2022 |
| 48 |
| 4 |
| 5.86 |
|
| 10.693698 |
| (13.48 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 12.360166 |
| 9.51 |
| 1.65 |
|
| 12.406983 |
| 9.68 |
| 1.50 |
| |
JNL/DFA U.S. Core Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 977 |
| 21 |
| 0.00 |
|
| 45.663077 |
| 13.21 |
| 1.65 |
|
| 47.171852 |
| 13.38 |
| 1.50 |
| |
12/31/2024 |
| 934 |
| 23 |
| 0.00 |
|
| 40.334544 |
| 18.42 |
| 1.65 |
|
| 41.604804 |
| 18.60 |
| 1.50 |
| |
12/31/2023 |
| 1,136 |
| 33 |
| 0.00 |
|
| 34.059527 |
| 20.28 |
| 1.65 |
|
| 35.079222 |
| 20.46 |
| 1.50 |
| |
12/31/2022 |
| 1,046 |
| 36 |
| 0.00 |
|
| 28.317537 |
| (16.98 | ) | 1.65 |
|
| 29.121722 |
| (16.85 | ) | 1.50 |
| |
12/31/2021 |
| 1,453 |
| 42 |
| 0.00 |
|
| 34.108667 |
| 24.80 |
| 1.65 |
|
| 35.024870 |
| 24.99 |
| 1.50 |
| |
JNL/DFA U.S. Small Cap Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1 |
| 0 |
| 0.00 |
|
| 28.680648 |
| 5.42 |
| N/A |
|
| N/A |
| N/A | ‡ | 1.50 |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| 24.858341 |
| 14.81 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 76 |
| 4 |
| 0.00 |
|
| 21.651630 |
| (15.15 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 25.518905 |
| 25.37 |
| 1.65 |
|
| 25.877404 |
| 25.56 |
| 1.50 |
| |
JNL/DoubleLine Core Fixed Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,923 |
| 96 |
| 0.00 |
|
| 19.276337 |
| 5.42 |
| 1.65 |
|
| 20.185282 |
| 5.58 |
| 1.50 |
| |
12/31/2024 |
| 1,886 |
| 99 |
| 0.00 |
|
| 18.284930 |
| 0.61 |
| 1.65 |
|
| 19.118426 |
| 0.76 |
| 1.50 |
| |
12/31/2023 |
| 1,952 |
| 104 |
| 0.00 |
|
| 18.174816 |
| 4.29 |
| 1.65 |
|
| 18.974649 |
| 4.45 |
| 1.50 |
| |
12/31/2022 |
| 2,023 |
| 112 |
| 0.00 |
|
| 17.426394 |
| (14.70 | ) | 1.65 |
|
| 18.166099 |
| (14.57 | ) | 1.50 |
| |
12/31/2021 |
| 2,582 |
| 122 |
| 0.00 |
|
| 20.428430 |
| (2.06 | ) | 1.65 |
|
| 21.263744 |
| (1.92 | ) | 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
60
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 8 |
| 1 |
| 0.00 |
|
| 11.620143 |
| 6.74 |
| 1.65 |
|
| 11.792211 |
| 6.90 |
| 1.50 |
| |
12/31/2024 |
| 9 |
| 1 |
| 0.00 |
|
| 10.886312 |
| 5.16 |
| 1.65 |
|
| 11.030866 |
| 5.32 |
| 1.50 |
| |
12/31/2023 |
| 9 |
| 1 |
| 0.00 |
|
| 10.351863 |
| 7.60 |
| 1.65 |
|
| 10.473935 |
| 7.76 |
| 1.50 |
| |
12/31/2022 |
| 8 |
| 1 |
| 0.00 |
|
| 9.620614 |
| (16.44 | ) | 1.65 |
|
| 9.719434 |
| (16.31 | ) | 1.50 |
| |
12/31/2021 |
| 12 |
| 1 |
| 0.00 |
|
| 11.513338 |
| (0.91 | ) | 1.65 |
|
| 11.614187 |
| (0.76 | ) | 1.50 |
| |
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 21 |
| 1 |
| 0.00 |
|
| 29.722699 |
| 7.36 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 20 |
| 1 |
| 0.00 |
|
| 27.685898 |
| 11.41 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 25 |
| 1 |
| 0.00 |
|
| 24.849511 |
| 25.47 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 15 |
| 1 |
| 0.00 |
|
| 19.591216 |
| (24.95 | ) | 1.65 |
|
| 19.804882 |
| (24.84 | ) | 1.50 |
| |
12/31/2021 |
| 24 |
| 1 |
| 0.00 |
|
| 26.102919 |
| 21.98 |
| 1.65 |
|
| 26.348834 |
| 22.16 |
| 1.50 |
| |
JNL/DoubleLine Total Return Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 45 |
| 4 |
| 0.00 |
|
| 10.764115 |
| 5.83 |
| 1.65 |
|
| 10.938503 |
| 6.02 |
| 1.50 |
| |
12/31/2024 |
| 43 |
| 4 |
| 0.00 |
|
| 10.170947 |
| 0.88 |
| 1.65 |
|
| 10.317359 |
| 1.08 |
| 1.50 |
| |
12/31/2023 |
| 41 |
| 4 |
| 0.00 |
|
| 10.082556 |
| 3.37 |
| 1.65 |
|
| 10.207538 |
| 3.55 |
| 1.50 |
| |
12/31/2022 |
| 38 |
| 4 |
| 0.00 |
|
| 9.753416 |
| (14.44 | ) | 1.65 |
|
| 9.857813 |
| (14.30 | ) | 1.50 |
| |
12/31/2021 |
| 47 |
| 4 |
| 0.00 |
|
| 11.399601 |
| (2.06 | ) | 1.65 |
|
| 11.503284 |
| (1.95 | ) | 1.50 |
| |
JNL/Dreyfus Government Money Market Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 461 |
| 46 |
| 3.72 |
|
| 9.869680 |
| 2.09 |
| 1.65 |
|
| 10.301483 |
| 2.25 |
| 1.50 |
| |
12/31/2024 |
| 401 |
| 41 |
| 4.68 |
|
| 9.667383 |
| 3.02 |
| 1.65 |
|
| 10.075220 |
| 3.18 |
| 1.50 |
| |
12/31/2023 |
| 374 |
| 39 |
| 4.27 |
|
| 9.383954 |
| 2.67 |
| 1.65 |
|
| 9.765103 |
| 2.82 |
| 1.50 |
| |
12/31/2022 |
| 413 |
| 44 |
| 0.88 |
|
| 9.140244 |
| (0.70 | ) | 1.65 |
|
| 9.497274 |
| (0.55 | ) | 1.50 |
| |
12/31/2021 |
| 386 |
| 41 |
| 0.00 |
|
| 9.204249 |
| (1.64 | ) | 1.65 |
|
| 9.549477 |
| (1.49 | ) | 1.50 |
| |
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 585 |
| 29 |
| 0.00 |
|
| 19.284086 |
| 5.73 |
| 1.65 |
|
| 20.261725 |
| 5.89 |
| 1.50 |
| |
12/31/2024 |
| 555 |
| 29 |
| 0.00 |
|
| 18.238876 |
| 0.08 |
| 1.65 |
|
| 19.134807 |
| 0.24 |
| 1.50 |
| |
12/31/2023 |
| 585 |
| 31 |
| 0.00 |
|
| 18.223478 |
| 5.05 |
| 1.65 |
|
| 19.089840 |
| 5.21 |
| 1.50 |
| |
12/31/2022 |
| 562 |
| 31 |
| 0.00 |
|
| 17.346631 |
| (14.95 | ) | 1.65 |
|
| 18.144145 |
| (14.82 | ) | 1.50 |
| |
12/31/2021 |
| 721 |
| 34 |
| 0.00 |
|
| 20.394742 |
| (2.32 | ) | 1.65 |
|
| 21.300512 |
| (2.17 | ) | 1.50 |
| |
JNL/First Sentier Global Infrastructure Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 12 |
| 1 |
| 0.00 |
|
| 20.619299 |
| 15.62 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 12 |
| 1 |
| 0.00 |
|
| 17.833295 |
| 3.90 |
| 1.65 |
|
| 18.186826 |
| 4.06 |
| 1.50 |
| |
12/31/2023 |
| 14 |
| 1 |
| 0.00 |
|
| 17.164076 |
| 1.13 |
| 1.65 |
|
| 17.477935 |
| 1.28 |
| 1.50 |
| |
12/31/2022 |
| 13 |
| 1 |
| 0.00 |
|
| 16.972676 |
| (5.58 | ) | 1.65 |
|
| 17.256825 |
| (5.44 | ) | 1.50 |
| |
12/31/2021 |
| 17 |
| 1 |
| 0.00 |
|
| 17.975841 |
| 11.10 |
| 1.65 |
|
| 18.249210 |
| 11.27 |
| 1.50 |
| |
JNL/Franklin Templeton Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,032 |
| 48 |
| 0.00 |
|
| 21.183279 |
| 10.16 |
| 1.65 |
|
| 21.817634 |
| 10.33 |
| 1.50 |
| |
12/31/2024 |
| 978 |
| 50 |
| 0.00 |
|
| 19.228736 |
| 4.63 |
| 1.65 |
|
| 19.774872 |
| 4.79 |
| 1.50 |
| |
12/31/2023 |
| 1,096 |
| 59 |
| 0.00 |
|
| 18.377622 |
| 6.42 |
| 1.65 |
|
| 18.871111 |
| 6.58 |
| 1.50 |
| |
12/31/2022 |
| 1,081 |
| 62 |
| 0.00 |
|
| 17.269057 |
| (5.98 | ) | 1.65 |
|
| 17.706274 |
| (5.84 | ) | 1.50 |
| |
12/31/2021 |
| 1,108 |
| 60 |
| 0.00 |
|
| 18.367755 |
| 12.88 |
| 1.65 |
|
| 18.804634 |
| 13.05 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
61
Jackson National Separate Account V |
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| |||||||
Financial Highlights |
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| |||||||
December 31, 2025 |
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| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Goldman Sachs 4 Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 163 |
| 3 |
| 0.00 |
|
| 46.753482 |
| 14.79 |
| 1.65 |
|
| 49.479034 |
| 14.96 |
| 1.50 |
| |
12/31/2024 |
| 156 |
| 4 |
| 0.00 |
|
| 40.731183 |
| 17.24 |
| 1.65 |
|
| 43.041067 |
| 17.42 |
| 1.50 |
| |
12/31/2023 |
| 152 |
| 4 |
| 0.00 |
|
| 34.740275 |
| 12.55 |
| 1.65 |
|
| 36.655104 |
| 12.72 |
| 1.50 |
| |
12/31/2022 |
| 185 |
| 6 |
| 0.00 |
|
| 30.866267 |
| (12.38 | ) | 1.65 |
|
| 32.518845 |
| (12.25 | ) | 1.50 |
| |
12/31/2021 |
| 386 |
| 11 |
| 0.00 |
|
| 35.226524 |
| 33.26 |
| 1.65 |
|
| 37.057140 |
| 33.46 |
| 1.50 |
| |
JNL/GQG Emerging Markets Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 5 |
| 0 |
| 0.00 |
|
| 14.504725 |
| 8.61 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 12 |
| 1 |
| 0.00 |
|
| 13.355110 |
| 3.46 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 12 |
| 1 |
| 0.00 |
|
| 12.789486 |
| 26.85 |
| 1.65 |
|
| 12.908957 |
| 27.04 |
| 1.50 |
| |
12/31/2022 |
| 8 |
| 1 |
| 0.00 |
|
| 10.082564 |
| (23.17 | ) | 1.65 |
|
| 10.161725 |
| (23.06 | ) | 1.50 |
| |
12/31/2021 |
| 8 |
| 1 |
| 0.00 |
|
| 13.122613 |
| (3.90 | ) | 1.65 |
|
| 13.206818 |
| (3.75 | ) | 1.50 |
| |
JNL/Invesco Diversified Dividend Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 7 |
| 0 |
| 0.00 |
|
| 17.069889 |
| 13.42 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| 13.591126 |
| 6.77 |
| 1.65 |
|
| 13.719324 |
| 6.93 |
| 1.50 |
| |
12/31/2022 |
| 656 |
| 51 |
| 0.00 |
|
| 12.729839 |
| (3.57 | ) | 1.65 |
|
| 12.830685 |
| (3.42 | ) | 1.50 |
| |
12/31/2021 |
| 11 |
| 1 |
| 0.00 |
|
| 13.200448 |
| 16.71 |
| 1.65 |
|
| 13.285125 |
| 16.89 |
| 1.50 |
| |
JNL/Invesco Global Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,216 |
| 26 |
| 0.00 |
|
| 44.099695 |
| 13.48 |
| 1.65 |
|
| 46.906032 |
| 13.65 |
| 1.50 |
| |
12/31/2024 |
| 1,236 |
| 31 |
| 0.00 |
|
| 38.860019 |
| 13.93 |
| 1.65 |
|
| 41.270974 |
| 14.10 |
| 1.50 |
| |
12/31/2023 |
| 1,334 |
| 38 |
| 0.00 |
|
| 34.110105 |
| 32.32 |
| 1.65 |
|
| 36.171781 |
| 32.52 |
| 1.50 |
| |
12/31/2022 |
| 1,133 |
| 42 |
| 0.00 |
|
| 25.777727 |
| (33.30 | ) | 1.65 |
|
| 27.294918 |
| (33.20 | ) | 1.50 |
| |
12/31/2021 |
| 1,971 |
| 49 |
| 0.00 |
|
| 38.647073 |
| 13.48 |
| 1.65 |
|
| 40.860541 |
| 13.65 |
| 1.50 |
| |
JNL/Invesco Small Cap Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 26 |
| 1 |
| 0.00 |
|
| 44.224915 |
| 4.43 |
| 1.65 |
|
| 45.686377 |
| 4.59 |
| 1.50 |
| |
12/31/2024 |
| 77 |
| 2 |
| 0.00 |
|
| 42.348889 |
| 14.80 |
| 1.65 |
|
| 43.683353 |
| 14.98 |
| 1.50 |
| |
12/31/2023 |
| 66 |
| 2 |
| 0.00 |
|
| 36.888817 |
| 10.26 |
| 1.65 |
|
| 37.993532 |
| 10.42 |
| 1.50 |
| |
12/31/2022 |
| 137 |
| 4 |
| 0.00 |
|
| 33.457674 |
| (36.34 | ) | 1.65 |
|
| 34.408349 |
| (36.24 | ) | 1.50 |
| |
12/31/2021 |
| 392 |
| 7 |
| 0.00 |
|
| 52.554611 |
| 5.51 |
| 1.65 |
|
| 53.967054 |
| 5.67 |
| 1.50 |
| |
JNL/JPMorgan Global Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 653 |
| 43 |
| 0.00 |
|
| 14.906909 |
| 13.02 |
| 1.65 |
|
| 15.170406 |
| 13.19 |
| 1.50 |
| |
12/31/2024 |
| 575 |
| 43 |
| 0.00 |
|
| 13.189733 |
| 6.66 |
| 1.65 |
|
| 13.402751 |
| 6.82 |
| 1.50 |
| |
12/31/2023 |
| 534 |
| 43 |
| 0.00 |
|
| 12.366383 |
| 10.78 |
| 1.65 |
|
| 12.547139 |
| 10.95 |
| 1.50 |
| |
12/31/2022 |
| 456 |
| 40 |
| 0.00 |
|
| 11.162519 |
| (20.37 | ) | 1.65 |
|
| 11.308749 |
| (20.25 | ) | 1.50 |
| |
12/31/2021 |
| 566 |
| 40 |
| 0.00 |
|
| 14.017227 |
| 7.11 |
| 1.65 |
|
| 14.179617 |
| 7.27 |
| 1.50 |
| |
JNL/JPMorgan Hedged Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 86 |
| 5 |
| 0.00 |
|
| 16.632333 |
| 5.51 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 105 |
| 7 |
| 0.00 |
|
| 15.764396 |
| 16.10 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 93 |
| 7 |
| 0.00 |
|
| 13.578555 |
| 13.80 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 63 |
| 5 |
| 0.33 |
|
| 11.931865 |
| (9.52 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 73 |
| 6 |
| 0.63 |
|
| 13.120859 |
| 10.01 |
| 1.65 |
|
| 13.187637 |
| 10.18 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
62
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/JPMorgan Managed Aggressive Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,506 |
| 37 |
| 0.00 |
|
| 39.546716 |
| 12.84 |
| 1.65 |
|
| 40.853277 |
| 13.01 |
| 1.50 |
| |
12/31/2024 |
| 1,560 |
| 44 |
| 0.00 |
|
| 35.045466 |
| 11.77 |
| 1.65 |
|
| 36.149040 |
| 11.93 |
| 1.50 |
| |
12/31/2023 |
| 1,617 |
| 51 |
| 0.00 |
|
| 31.356281 |
| 20.20 |
| 1.65 |
|
| 32.294944 |
| 20.38 |
| 1.50 |
| |
12/31/2022 |
| 1,672 |
| 63 |
| 0.00 |
|
| 26.087443 |
| (23.42 | ) | 1.65 |
|
| 26.828207 |
| (23.31 | ) | 1.50 |
| |
12/31/2021 |
| 2,519 |
| 73 |
| 0.00 |
|
| 34.066987 |
| 14.42 |
| 1.65 |
|
| 34.981971 |
| 14.59 |
| 1.50 |
| |
JNL/JPMorgan Managed Conservative Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 26 |
| 2 |
| 0.00 |
|
| 15.696166 |
| 7.50 |
| 1.65 |
|
| 16.128059 |
| 7.29 |
| 1.50 |
| |
12/31/2024 |
| 32 |
| 2 |
| 0.00 |
|
| 14.601583 |
| 2.94 |
| 1.65 |
|
| 15.032697 |
| 2.97 |
| 1.50 |
| |
12/31/2023 |
| 37 |
| 3 |
| 0.00 |
|
| 14.184556 |
| 6.78 |
| 1.65 |
|
| 14.598978 |
| 6.95 |
| 1.50 |
| |
12/31/2022 |
| 23 |
| 2 |
| 0.00 |
|
| 13.283717 |
| (16.00 | ) | 1.65 |
|
| 13.650656 |
| (15.88 | ) | 1.50 |
| |
12/31/2021 |
| 36 |
| 2 |
| 0.00 |
|
| 15.814221 |
| 2.03 |
| 1.65 |
|
| 16.226839 |
| 2.18 |
| 1.50 |
| |
JNL/JPMorgan Managed Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 3,140 |
| 86 |
| 0.00 |
|
| 35.512644 |
| 12.05 |
| 1.65 |
|
| 36.685976 |
| 12.22 |
| 1.50 |
| |
12/31/2024 |
| 3,315 |
| 102 |
| 0.00 |
|
| 31.692373 |
| 10.51 |
| 1.65 |
|
| 32.690406 |
| 10.68 |
| 1.50 |
| |
12/31/2023 |
| 3,476 |
| 119 |
| 0.00 |
|
| 28.677070 |
| 18.08 |
| 1.65 |
|
| 29.535560 |
| 18.26 |
| 1.50 |
| |
12/31/2022 |
| 3,230 |
| 130 |
| 0.00 |
|
| 24.285489 |
| (22.43 | ) | 1.65 |
|
| 24.975130 |
| (22.31 | ) | 1.50 |
| |
12/31/2021 |
| 4,371 |
| 137 |
| 0.00 |
|
| 31.306797 |
| 12.59 |
| 1.65 |
|
| 32.147690 |
| 12.76 |
| 1.50 |
| |
JNL/JPMorgan Managed Moderate Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 259 |
| 12 |
| 0.00 |
|
| 20.781345 |
| 9.02 |
| 1.65 |
|
| 21.424024 |
| 9.18 |
| 1.50 |
| |
12/31/2024 |
| 251 |
| 13 |
| 0.00 |
|
| 19.062523 |
| 5.37 |
| 1.65 |
|
| 19.622594 |
| 5.52 |
| 1.50 |
| |
12/31/2023 |
| 268 |
| 15 |
| 0.00 |
|
| 18.091829 |
| 10.31 |
| 1.65 |
|
| 18.595309 |
| 10.47 |
| 1.50 |
| |
12/31/2022 |
| 345 |
| 21 |
| 0.00 |
|
| 16.401612 |
| (17.87 | ) | 1.65 |
|
| 16.832861 |
| (17.75 | ) | 1.50 |
| |
12/31/2021 |
| 456 |
| 23 |
| 0.00 |
|
| 19.971507 |
| 5.01 |
| 1.65 |
|
| 20.465993 |
| 5.17 |
| 1.50 |
| |
JNL/JPMorgan Managed Moderate Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 3,054 |
| 106 |
| 0.00 |
|
| 28.016228 |
| 10.42 |
| 1.65 |
|
| 28.941855 |
| 10.59 |
| 1.50 |
| |
12/31/2024 |
| 2,995 |
| 115 |
| 0.00 |
|
| 25.371316 |
| 7.93 |
| 1.65 |
|
| 26.170266 |
| 8.09 |
| 1.50 |
| |
12/31/2023 |
| 4,274 |
| 178 |
| 0.00 |
|
| 23.506939 |
| 14.16 |
| 1.65 |
|
| 24.210633 |
| 14.33 |
| 1.50 |
| |
12/31/2022 |
| 4,016 |
| 191 |
| 0.00 |
|
| 20.591527 |
| (20.27 | ) | 1.65 |
|
| 21.176242 |
| (20.15 | ) | 1.50 |
| |
12/31/2021 |
| 5,937 |
| 226 |
| 0.00 |
|
| 25.826373 |
| 9.04 |
| 1.65 |
|
| 26.520045 |
| 9.20 |
| 1.50 |
| |
JNL/JPMorgan MidCap Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 531 |
| 9 |
| 0.00 |
|
| 58.734641 |
| 6.31 |
| 1.65 |
|
| 60.679601 |
| 6.47 |
| 1.50 |
| |
12/31/2024 |
| 726 |
| 13 |
| 0.00 |
|
| 55.247328 |
| 12.24 |
| 1.65 |
|
| 56.991245 |
| 12.41 |
| 1.50 |
| |
12/31/2023 |
| 762 |
| 15 |
| 0.00 |
|
| 49.221665 |
| 21.20 |
| 1.65 |
|
| 50.698850 |
| 21.38 |
| 1.50 |
| |
12/31/2022 |
| 828 |
| 20 |
| 0.00 |
|
| 40.612599 |
| (28.27 | ) | 1.65 |
|
| 41.768885 |
| (28.16 | ) | 1.50 |
| |
12/31/2021 |
| 1,171 |
| 20 |
| 0.00 |
|
| 56.617806 |
| 9.21 |
| 1.65 |
|
| 58.142735 |
| 9.38 |
| 1.50 |
| |
JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| 11.011017 |
| 7.21 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024+ |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A - October 21, 2024. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
63
Jackson National Separate Account V |
|
|
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|
|
|
|
|
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|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 83 |
| 6 |
| 0.00 |
|
| 13.083947 |
| 4.86 |
| 1.65 |
|
| 13.516223 |
| 5.02 |
| 1.50 |
| |
12/31/2024 |
| 89 |
| 7 |
| 0.00 |
|
| 12.477363 |
| (0.51 | ) | 1.65 |
|
| 12.870293 |
| (0.36 | ) | 1.50 |
| |
12/31/2023 |
| 123 |
| 10 |
| 0.00 |
|
| 12.541597 |
| 2.46 |
| 1.65 |
|
| 12.917073 |
| 2.61 |
| 1.50 |
| |
12/31/2022 |
| 94 |
| 8 |
| 0.00 |
|
| 12.240477 |
| (13.10 | ) | 1.65 |
|
| 12.588097 |
| (12.97 | ) | 1.50 |
| |
12/31/2021 |
| 136 |
| 9 |
| 0.00 |
|
| 14.086090 |
| (3.75 | ) | 1.65 |
|
| 14.464486 |
| (3.60 | ) | 1.50 |
| |
JNL/JPMorgan U.S. Value Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 205 |
| 9 |
| 0.00 |
|
| 22.567077 |
| 12.00 |
| 1.65 |
|
| 23.218454 |
| 12.17 |
| 1.50 |
| |
12/31/2024 |
| 187 |
| 9 |
| 0.00 |
|
| 20.149717 |
| 12.83 |
| 1.65 |
|
| 20.699970 |
| 13.00 |
| 1.50 |
| |
12/31/2023 |
| 363 |
| 20 |
| 0.00 |
|
| 17.858003 |
| 7.23 |
| 1.65 |
|
| 18.317857 |
| 7.39 |
| 1.50 |
| |
12/31/2022 |
| 346 |
| 21 |
| 0.00 |
|
| 16.654574 |
| (4.54 | ) | 1.65 |
|
| 17.057928 |
| (4.40 | ) | 1.50 |
| |
12/31/2021 |
| 328 |
| 19 |
| 0.00 |
|
| 17.446728 |
| 25.28 |
| 1.65 |
|
| 17.842564 |
| 25.47 |
| 1.50 |
| |
JNL/Lazard International Quality Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 16 |
| 1 |
| 1.56 |
|
| 16.799876 |
| 9.52 | ‡ | 1.65 |
|
| 17.122353 |
| 9.69 | ‡ | 1.50 |
| |
12/31/2024 |
| 6 |
| 0 |
| 2.95 |
|
| 15.609867 |
| (0.91 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 6 |
| 0 |
| 1.22 |
|
| 15.753424 |
| 14.78 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 5 |
| 0 |
| 2.46 |
|
| 13.724922 |
| (18.32 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 7 |
| 0 |
| 1.24 |
|
| 16.585747 |
| 4.68 |
| 1.65 |
|
| 16.802847 |
| 4.83 |
| 1.50 |
| |
JNL/Loomis Sayles Global Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 73 |
| 3 |
| 0.00 |
|
| 21.084593 |
| 15.53 |
| 1.65 |
|
| 21.319464 |
| 15.70 |
| 1.50 |
| |
12/31/2024 |
| 58 |
| 3 |
| 0.03 |
|
| 18.250934 |
| 20.44 |
| 1.65 |
|
| 18.426572 |
| 20.62 |
| 1.50 |
| |
12/31/2023 |
| 134 |
| 9 |
| 0.06 |
|
| 15.153913 |
| 34.19 |
| 1.65 |
|
| 15.276717 |
| 34.39 |
| 1.50 |
| |
12/31/2022 |
| 53 |
| 5 |
| 0.00 |
|
| 11.293182 |
| (27.45 | ) | 1.65 |
|
| 11.367722 |
| (27.34 | ) | 1.50 |
| |
12/31/2021 |
| 65 |
| 4 |
| 0.00 |
|
| 15.566895 |
| 3.88 |
| 1.65 |
|
| 15.646110 |
| 4.04 |
| 1.50 |
| |
JNL/Lord Abbett Short Duration Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 219 |
| 21 |
| 4.74 |
|
| 10.637487 |
| 4.11 |
| 1.65 |
|
| 10.729983 |
| 4.28 | ‡ | 1.50 |
| |
12/31/2024 |
| 198 |
| 19 |
| 6.29 |
|
| 10.217713 |
| 3.37 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 191 |
| 19 |
| 5.46 |
|
| 9.884645 |
| 3.66 |
| 1.65 |
|
| 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 |
|
| 10.198034 |
| (1.31 | ) | 1.65 |
|
| 10.223726 |
| (1.17 | ) | 1.50 |
| |
JNL/Mellon Bond Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 241 |
| 19 |
| 0.00 |
|
| 12.409624 |
| 4.93 |
| 1.65 |
|
| 12.819571 |
| 5.08 |
| 1.50 |
| |
12/31/2024 |
| 242 |
| 20 |
| 0.00 |
|
| 11.826934 |
| (0.96 | ) | 1.65 |
|
| 12.199310 |
| (0.81 | ) | 1.50 |
| |
12/31/2023 |
| 239 |
| 20 |
| 0.00 |
|
| 11.941431 |
| 3.23 |
| 1.65 |
|
| 12.298851 |
| 3.39 |
| 1.50 |
| |
12/31/2022 |
| 228 |
| 20 |
| 0.00 |
|
| 11.567529 |
| (14.95 | ) | 1.65 |
|
| 11.895942 |
| (14.82 | ) | 1.50 |
| |
12/31/2021 |
| 219 |
| 16 |
| 0.00 |
|
| 13.600900 |
| (3.77 | ) | 1.65 |
|
| 13.966149 |
| (3.63 | ) | 1.50 |
| |
JNL/Mellon Communication Services Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 120 |
| 2 |
| 0.00 |
|
| 59.481421 |
| 30.80 |
| 1.65 |
|
| 67.292528 |
| 31.00 |
| 1.50 |
| |
12/31/2024 |
| 54 |
| 1 |
| 0.00 |
|
| 45.475329 |
| 36.09 |
| 1.65 |
|
| 51.369860 |
| 36.30 |
| 1.50 |
| |
12/31/2023 |
| 453 |
| 12 |
| 0.00 |
|
| 33.415409 |
| 51.16 |
| 1.65 |
|
| 37.689669 |
| 51.38 |
| 1.50 |
| |
12/31/2022 |
| 18 |
| 1 |
| 0.00 |
|
| 22.106438 |
| (42.29 | ) | 1.65 |
|
| 24.896791 |
| (42.20 | ) | 1.50 |
| |
12/31/2021 |
| 33 |
| 1 |
| 0.00 |
|
| 38.303254 |
| 13.74 |
| 1.65 |
|
| 43.073982 |
| 13.91 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
64
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Mellon Consumer Discretionary Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 25 |
| 7 |
| 0.00 |
|
| 67.536823 |
| 3.35 |
| 1.65 |
|
| 68.441949 |
| 3.50 |
| 1.50 |
| |
12/31/2024 |
| 552 |
| 8 |
| 0.00 |
|
| 65.350298 |
| 22.65 |
| 1.65 |
|
| 66.127010 |
| 22.83 |
| 1.50 |
| |
12/31/2023 |
| 115 |
| 2 |
| 0.00 |
|
| 53.283390 |
| 36.33 |
| 1.65 |
|
| 53.835135 |
| 36.53 |
| 1.50 |
| |
12/31/2022 |
| 223 |
| 6 |
| 0.00 |
|
| 39.084665 |
| (36.98 | ) | 1.65 |
|
| 39.430265 |
| (36.89 | ) | 1.50 |
| |
12/31/2021 |
| 382 |
| 6 |
| 0.00 |
|
| 62.022128 |
| 20.53 |
| 1.65 |
|
| 62.476987 |
| 20.72 |
| 1.50 |
| |
JNL/Mellon Consumer Staples Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| 15.303710 |
| (1.24 | )‡ | N/A |
|
| N/A |
| N/A | ‡ | 1.65 |
| |
12/31/2024 |
| 26 |
| 2 |
| 0.00 |
|
| 15.496260 |
| 11.65 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 24 |
| 2 |
| 0.00 |
|
| 13.879670 |
| (0.01 | ) | 1.65 |
|
| 14.010604 |
| 0.14 |
| 1.50 |
| |
12/31/2022 |
| 25 |
| 2 |
| 0.00 |
|
| 13.880776 |
| (4.78 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 39 |
| 3 |
| 0.00 |
|
| 14.577068 |
| 14.38 |
| 1.65 |
|
| 14.670560 |
| 14.55 |
| 1.50 |
| |
JNL/Mellon Dow Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 29.855590 |
| 18.19 |
| 1.65 |
|
| 30.879607 |
| 18.37 |
| 1.50 |
| |
JNL/Mellon Emerging Markets Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 67 |
| 5 |
| 0.00 |
|
| 13.657509 |
| 28.77 |
| 1.65 |
|
| 13.930205 |
| 28.97 |
| 1.50 |
| |
12/31/2024 |
| 53 |
| 5 |
| 0.00 |
|
| 10.605881 |
| 3.82 |
| 1.65 |
|
| 10.801462 |
| 3.98 |
| 1.50 |
| |
12/31/2023 |
| 81 |
| 8 |
| 0.00 |
|
| 10.215284 |
| 7.48 |
| 1.65 |
|
| 10.388043 |
| 7.64 |
| 1.50 |
| |
12/31/2022 |
| 92 |
| 10 |
| 0.00 |
|
| 9.504357 |
| (20.29 | ) | 1.65 |
|
| 9.650660 |
| (20.17 | ) | 1.50 |
| |
12/31/2021 |
| 123 |
| 10 |
| 0.00 |
|
| 11.923593 |
| (5.08 | ) | 1.65 |
|
| 12.088998 |
| (4.94 | ) | 1.50 |
| |
JNL/Mellon Energy Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 244 |
| 7 |
| 0.00 |
|
| 35.557178 |
| 5.09 |
| 1.65 |
|
| 36.806243 |
| 5.25 |
| 1.50 |
| |
12/31/2024 |
| 602 |
| 17 |
| 0.00 |
|
| 33.834754 |
| 4.22 |
| 1.65 |
|
| 34.970776 |
| 4.37 |
| 1.50 |
| |
12/31/2023 |
| 635 |
| 19 |
| 0.00 |
|
| 32.465894 |
| (2.86 | ) | 1.65 |
|
| 33.505421 |
| (2.71 | ) | 1.50 |
| |
12/31/2022 |
| 1,044 |
| 31 |
| 0.00 |
|
| 33.420089 |
| 58.71 |
| 1.65 |
|
| 34.438608 |
| 58.95 |
| 1.50 |
| |
12/31/2021 |
| 269 |
| 13 |
| 0.00 |
|
| 21.056910 |
| 52.16 |
| 1.65 |
|
| 21.666222 |
| 52.39 |
| 1.50 |
| |
JNL/Mellon Financial Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 137 |
| 17 |
| 0.00 |
|
| 27.353419 |
| 14.28 |
| 1.65 |
|
| 30.279496 |
| 14.45 |
| 1.50 |
| |
12/31/2024 |
| 456 |
| 18 |
| 0.00 |
|
| 23.934704 |
| 28.22 |
| 1.65 |
|
| 26.455431 |
| 28.42 |
| 1.50 |
| |
12/31/2023 |
| 96 |
| 5 |
| 0.00 |
|
| 18.666689 |
| 13.52 |
| 1.65 |
|
| 20.601476 |
| 13.69 |
| 1.50 |
| |
12/31/2022 |
| 102 |
| 6 |
| 0.00 |
|
| 16.442884 |
| (14.32 | ) | 1.65 |
|
| 18.119984 |
| (14.19 | ) | 1.50 |
| |
12/31/2021 |
| 112 |
| 6 |
| 0.00 |
|
| 19.190209 |
| 27.22 |
| 1.65 |
|
| 21.115785 |
| 27.41 |
| 1.50 |
| |
JNL/Mellon Healthcare Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 160 |
| 3 |
| 0.00 |
|
| 51.541407 |
| 12.60 |
| 1.65 |
|
| 52.886628 |
| 12.77 |
| 1.50 |
| |
12/31/2024 |
| 194 |
| 4 |
| 0.00 |
|
| 45.773235 |
| 0.34 |
| 1.65 |
|
| 46.897812 |
| 0.49 |
| 1.50 |
| |
12/31/2023 |
| 213 |
| 5 |
| 0.00 |
|
| 45.617865 |
| (0.08 | ) | 1.65 |
|
| 46.667822 |
| 0.07 |
| 1.50 |
| |
12/31/2022 |
| 220 |
| 5 |
| 0.00 |
|
| 45.653370 |
| (7.29 | ) | 1.65 |
|
| 46.634298 |
| (7.16 | ) | 1.50 |
| |
12/31/2021 |
| 301 |
| 6 |
| 0.00 |
|
| 49.245810 |
| 18.23 |
| 1.65 |
|
| 50.228755 |
| 18.41 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
65
Jackson National Separate Account V |
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Financial Highlights |
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| |||||||
December 31, 2025 |
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| |||||||
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| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Mellon Industrials Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| 21.420538 |
| 16.33 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| 18.340103 |
| 13.81 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 2 |
| 0 |
| 0.00 |
|
| 16.114532 |
| 18.13 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 2 |
| 0 |
| 0.00 |
|
| 13.641782 |
| (10.21 | ) | 1.65 |
|
| 13.653650 |
| (10.36 | ) | 1.50 |
| |
12/31/2021 |
| 0 |
| 0 |
| 0.00 |
|
| 15.192151 |
| 18.94 |
| 1.65 |
|
| 15.232363 |
| 18.64 |
| 1.50 |
| |
JNL/Mellon Information Technology Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 155 |
| 1 |
| 0.00 |
|
| 134.886457 |
| 18.75 |
| 1.65 |
|
| 132.587393 |
| 18.93 |
| 1.50 |
| |
12/31/2024 |
| 257 |
| 2 |
| 0.00 |
|
| 113.588992 |
| 33.04 |
| 1.65 |
|
| 111.485337 |
| 33.24 |
| 1.50 |
| |
12/31/2023 |
| 609 |
| 7 |
| 0.00 |
|
| 85.379354 |
| 55.61 |
| 1.65 |
|
| 83.671726 |
| 55.84 |
| 1.50 |
| |
12/31/2022 |
| 194 |
| 4 |
| 0.00 |
|
| 54.867007 |
| (33.10 | ) | 1.65 |
|
| 53.689287 |
| (33.00 | ) | 1.50 |
| |
12/31/2021 |
| 472 |
| 6 |
| 0.00 |
|
| 82.008526 |
| 31.03 |
| 1.65 |
|
| 80.128311 |
| 31.23 |
| 1.50 |
| |
JNL/Mellon International Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 373 |
| 15 |
| 0.00 |
|
| 25.469603 |
| 29.35 |
| 1.65 |
|
| 26.311042 |
| 29.54 |
| 1.50 |
| |
12/31/2024 |
| 283 |
| 14 |
| 0.00 |
|
| 19.690388 |
| 1.23 |
| 1.65 |
|
| 20.310378 |
| 1.38 |
| 1.50 |
| |
12/31/2023 |
| 352 |
| 18 |
| 0.00 |
|
| 19.451040 |
| 15.30 |
| 1.65 |
|
| 20.033271 |
| 15.47 |
| 1.50 |
| |
12/31/2022 |
| 320 |
| 19 |
| 0.23 |
|
| 16.869999 |
| (15.60 | ) | 1.65 |
|
| 17.349012 |
| (15.47 | ) | 1.50 |
| |
12/31/2021 |
| 354 |
| 17 |
| 0.00 |
|
| 19.988337 |
| 8.66 |
| 1.65 |
|
| 20.525148 |
| 8.83 |
| 1.50 |
| |
JNL/Mellon Materials Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| 14.192136 |
| (3.93 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 2 |
| 0 |
| 0.00 |
|
| 14.771987 |
| 12.36 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 75 |
| 6 |
| 0.00 |
|
| 13.147185 |
| (13.35 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 15.173486 |
| 26.29 |
| 1.65 |
|
| 15.270914 |
| 26.48 |
| 1.50 |
| |
JNL/Mellon Nasdaq® 100 Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 261 |
| 3 |
| 0.00 |
|
| 83.539110 |
| 18.31 |
| 1.65 |
|
| 95.616607 |
| 18.49 |
| 1.50 |
| |
12/31/2024 |
| 285 |
| 4 |
| 0.00 |
|
| 70.608032 |
| 23.03 |
| 1.65 |
|
| 80.694835 |
| 23.22 |
| 1.50 |
| |
12/31/2023 |
| 359 |
| 6 |
| 0.00 |
|
| 57.389658 |
| 51.67 |
| 1.65 |
|
| 65.489341 |
| 51.90 |
| 1.50 |
| |
12/31/2022 |
| 281 |
| 7 |
| 0.00 |
|
| 37.838407 |
| (33.90 | ) | 1.65 |
|
| 43.114163 |
| (33.80 | ) | 1.50 |
| |
12/31/2021 |
| 365 |
| 6 |
| 0.00 |
|
| 57.243993 |
| 24.62 |
| 1.65 |
|
| 65.127994 |
| 24.81 |
| 1.50 |
| |
JNL/Mellon Real Estate Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| 12.729384 |
| 1.83 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 10 |
| 1 |
| 0.00 |
|
| 12.500331 |
| 2.78 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 10 |
| 1 |
| 0.00 |
|
| 12.162389 |
| 9.32 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 8 |
| 1 |
| 0.00 |
|
| 11.125862 |
| (27.19 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 11 |
| 1 |
| 0.00 |
|
| 15.179625 |
| 36.49 |
| 1.65 |
|
| 15.280057 |
| 36.69 |
| 1.50 |
| |
JNL/Mellon S&P 400 MidCap Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 90 |
| 2 |
| 0.00 |
|
| 48.603891 |
| 5.15 |
| 1.65 |
|
| 50.210274 |
| 5.31 |
| 1.50 |
| |
12/31/2024 |
| 100 |
| 2 |
| 0.00 |
|
| 46.221834 |
| 11.47 |
| 1.65 |
|
| 47.677633 |
| 11.64 |
| 1.50 |
| |
12/31/2023 |
| 102 |
| 2 |
| 0.00 |
|
| 41.465521 |
| 13.92 |
| 1.65 |
|
| 42.706883 |
| 14.09 |
| 1.50 |
| |
12/31/2022 |
| 145 |
| 4 |
| 0.00 |
|
| 36.398620 |
| (14.95 | ) | 1.65 |
|
| 37.432225 |
| (14.83 | ) | 1.50 |
| |
12/31/2021 |
| 225 |
| 5 |
| 0.00 |
|
| 42.798653 |
| 22.10 |
| 1.65 |
|
| 43.948124 |
| 22.29 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
66
Jackson National Separate Account V |
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|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
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|
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|
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|
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|
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| |||||||
December 31, 2025 |
|
|
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|
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|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Mellon S&P 500 Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 2,845 |
| 49 |
| 0.00 |
|
| 58.112017 |
| 15.36 |
| 1.65 |
|
| 60.031751 |
| 15.54 |
| 1.50 |
| |
12/31/2024 |
| 3,195 |
| 63 |
| 0.00 |
|
| 50.372594 |
| 22.34 |
| 1.65 |
|
| 51.958671 |
| 22.53 |
| 1.50 |
| |
12/31/2023 |
| 2,804 |
| 67 |
| 0.00 |
|
| 41.172844 |
| 23.62 |
| 1.65 |
|
| 42.405238 |
| 23.81 |
| 1.50 |
| |
12/31/2022 |
| 3,005 |
| 89 |
| 0.00 |
|
| 33.305461 |
| (19.86 | ) | 1.65 |
|
| 34.251098 |
| (19.74 | ) | 1.50 |
| |
12/31/2021 |
| 3,540 |
| 84 |
| 0.00 |
|
| 41.559282 |
| 25.99 |
| 1.65 |
|
| 42.675362 |
| 26.18 |
| 1.50 |
| |
JNL/Mellon Small Cap Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 945 |
| 24 |
| 0.00 |
|
| 38.085592 |
| 3.84 |
| 1.65 |
|
| 39.344095 |
| 3.99 |
| 1.50 |
| |
12/31/2024 |
| 956 |
| 26 |
| 0.00 |
|
| 36.677975 |
| 6.25 |
| 1.65 |
|
| 37.833176 |
| 6.41 |
| 1.50 |
| |
12/31/2023 |
| 1,498 |
| 43 |
| 0.00 |
|
| 34.519967 |
| 13.68 |
| 1.65 |
|
| 35.553537 |
| 13.85 |
| 1.50 |
| |
12/31/2022 |
| 1,339 |
| 43 |
| 0.00 |
|
| 30.365608 |
| (18.00 | ) | 1.65 |
|
| 31.228035 |
| (17.88 | ) | 1.50 |
| |
12/31/2021 |
| 1,281 |
| 34 |
| 0.00 |
|
| 37.032446 |
| 24.06 |
| 1.65 |
|
| 38.027284 |
| 24.24 |
| 1.50 |
| |
JNL/Mellon U.S. Stock Market Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 460 |
| 18 |
| 0.00 |
|
| 25.014642 |
| 14.73 |
| 1.65 |
|
| 25.326735 |
| 14.90 |
| 1.50 |
| |
12/31/2024 |
| 999 |
| 46 |
| 0.00 |
|
| 21.802912 |
| 21.30 |
| 1.65 |
|
| 22.041852 |
| 21.49 |
| 1.50 |
| |
12/31/2023 |
| 860 |
| 48 |
| 0.00 |
|
| 17.974015 |
| 23.77 |
| 1.65 |
|
| 18.143622 |
| 23.95 |
| 1.50 |
| |
12/31/2022 |
| 773 |
| 53 |
| 0.00 |
|
| 14.522428 |
| (21.23 | ) | 1.65 |
|
| 14.637561 |
| (21.11 | ) | 1.50 |
| |
12/31/2021 |
| 1,096 |
| 59 |
| 0.00 |
|
| 18.435581 |
| 23.30 |
| 1.65 |
|
| 18.553953 |
| 23.48 |
| 1.50 |
| |
JNL/Mellon Utilities Sector Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 13 |
| 0 |
| 0.00 |
|
| 25.042188 |
| 16.66 |
| 1.65 |
|
| 25.505720 |
| 16.84 |
| 1.50 |
| |
12/31/2024 |
| 23 |
| 1 |
| 0.00 |
|
| 21.465787 |
| 23.62 |
| 1.65 |
|
| 21.844916 |
| 23.81 |
| 1.50 |
| |
12/31/2023 |
| 20 |
| 1 |
| 0.00 |
|
| 17.363965 |
| (9.22 | ) | 1.65 |
|
| 17.643941 |
| (9.08 | ) | 1.50 |
| |
12/31/2022 |
| 41 |
| 2 |
| 0.00 |
|
| 19.126495 |
| (0.84 | ) | 1.65 |
|
| 19.405790 |
| (0.69 | ) | 1.50 |
| |
12/31/2021 |
| 23 |
| 1 |
| 0.00 |
|
| 19.288788 |
| 14.86 |
| 1.65 |
|
| 19.541183 |
| 15.03 |
| 1.50 |
| |
JNL/Mellon World Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 75 |
| 2 |
| 0.00 |
|
| 43.168449 |
| 18.82 |
| 1.65 |
|
| 44.920891 |
| 19.00 |
| 1.50 |
| |
12/31/2024 |
| 54 |
| 1 |
| 0.00 |
|
| 36.332017 |
| 16.10 | ‡ | 1.65 |
|
| 37.750188 |
| 16.27 | ‡ | 1.50 |
| |
12/31/2023 |
| 54 |
| 2 |
| 0.00 |
|
| 32.466616 |
| 21.51 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 22 |
| 1 |
| 0.00 |
|
| 26.719325 |
| (19.26 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 27 |
| 1 |
| 1.22 |
|
| 31.994930 |
| 19.19 |
| 1.65 |
|
| 33.094440 |
| 19.37 |
| 1.50 |
| |
JNL/MFS Mid Cap Value Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,063 |
| 30 |
| 0.00 |
|
| 34.639528 |
| 4.27 |
| 1.65 |
|
| 36.508852 |
| 4.43 |
| 1.50 |
| |
12/31/2024 |
| 1,134 |
| 33 |
| 0.00 |
|
| 33.219476 |
| 11.97 |
| 1.65 |
|
| 34.959674 |
| 12.14 |
| 1.50 |
| |
12/31/2023 |
| 1,143 |
| 37 |
| 0.00 |
|
| 29.666964 |
| 10.53 |
| 1.65 |
|
| 31.174005 |
| 10.69 |
| 1.50 |
| |
12/31/2022 |
| 1,167 |
| 42 |
| 0.00 |
|
| 26.841168 |
| (10.49 | ) | 1.65 |
|
| 28.162505 |
| (10.36 | ) | 1.50 |
| |
12/31/2021 |
| 1,359 |
| 44 |
| 0.00 |
|
| 29.988286 |
| 28.40 |
| 1.65 |
|
| 31.417540 |
| 28.59 |
| 1.50 |
| |
JNL/Morningstar SMID Moat Focus Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024+ |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Morningstar SMID Moat Focus Index Fund - Class A - October 21, 2024. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
67
Jackson National Separate Account V |
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| |||||||
Financial Highlights |
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|
|
|
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|
|
| |||||||
December 31, 2025 |
|
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|
|
|
|
|
|
|
|
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|
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| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Morningstar U.S. Sustainability Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 5 |
| 0 |
| 0.00 |
|
| 26.873035 |
| 11.71 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| 20.276612 |
| 24.04 |
| 1.50 |
|
| 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 |
|
| 20.594380 |
| 28.49 |
| 1.65 |
|
| 20.739714 |
| 28.68 |
| 1.50 |
| |
JNL/Morningstar Wide Moat Index Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 179 |
| 8 |
| 2.06 |
|
| 22.133859 |
| 11.10 |
| 1.65 |
|
| 22.380615 |
| 11.26 |
| 1.50 |
| |
12/31/2024 |
| 185 |
| 9 |
| 0.76 |
|
| 19.923056 |
| 8.69 |
| 1.65 |
|
| 20.115141 |
| 8.85 |
| 1.50 |
| |
12/31/2023 |
| 219 |
| 12 |
| 0.59 |
|
| 18.330277 |
| 29.34 | ‡ | 1.65 |
|
| 18.479144 |
| 29.53 |
| 1.50 |
| |
12/31/2022 |
| 5 |
| 0 |
| 1.24 |
|
| 14.266286 |
| (15.08 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 7 |
| 0 |
| 1.20 |
|
| 16.713654 |
| 21.86 |
| 1.65 |
|
| 16.799403 |
| 22.05 |
| 1.50 |
| |
JNL/Neuberger Berman Strategic Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 412 |
| 31 |
| 0.00 |
|
| 13.027806 |
| 7.43 | ‡ | 1.65 |
|
| 13.291953 |
| 7.59 | ‡ | 1.50 |
| |
12/31/2024 |
| 104 |
| 8 |
| 0.00 |
|
| 12.353949 |
| 4.03 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 100 |
| 8 |
| 0.00 |
|
| 11.875410 |
| 8.15 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 93 |
| 8 |
| 0.00 |
|
| 10.980252 |
| (12.15 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 106 |
| 8 |
| 0.00 |
|
| 12.323914 |
| 0.97 |
| 1.65 |
|
| 12.498575 |
| 1.13 |
| 1.50 |
| |
JNL/Newton Equity Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 119 |
| 2 |
| 0.00 |
|
| 48.899008 |
| 17.03 |
| 1.65 |
|
| 49.508891 |
| 17.20 |
| 1.50 |
| |
12/31/2024 |
| 88 |
| 2 |
| 0.00 |
|
| 41.784468 |
| 15.11 |
| 1.65 |
|
| 42.242180 |
| 15.29 |
| 1.50 |
| |
12/31/2023 |
| 120 |
| 3 |
| 0.00 |
|
| 36.298664 |
| 8.56 |
| 1.65 |
|
| 36.640878 |
| 8.73 |
| 1.50 |
| |
12/31/2022 |
| 67 |
| 2 |
| 0.00 |
|
| 33.434979 |
| 2.11 |
| 1.65 |
|
| 33.699756 |
| 2.26 |
| 1.50 |
| |
12/31/2021 |
| 29 |
| 1 |
| 0.00 |
|
| 32.745219 |
| 30.59 |
| 1.65 |
|
| 32.955435 |
| 30.79 |
| 1.50 |
| |
JNL/PIMCO Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 147 |
| 12 |
| 0.00 |
|
| 11.742236 |
| 9.26 |
| 1.65 |
|
| 11.885426 |
| 9.42 |
| 1.50 |
| |
12/31/2024 |
| 122 |
| 11 |
| 0.00 |
|
| 10.747506 |
| 3.00 |
| 1.65 |
|
| 10.862250 |
| 3.16 |
| 1.50 |
| |
12/31/2023 |
| 73 |
| 7 |
| 0.00 |
|
| 10.434006 |
| 6.64 |
| 1.65 |
|
| 10.529491 |
| 6.80 |
| 1.50 |
| |
12/31/2022 |
| 71 |
| 7 |
| 0.00 |
|
| 9.783961 |
| (9.59 | ) | 1.65 |
|
| 9.858674 |
| (9.45 | ) | 1.50 |
| |
12/31/2021 |
| 115 |
| 11 |
| 0.00 |
|
| 10.821636 |
| 0.33 |
| 1.65 |
|
| 10.887928 |
| 0.48 |
| 1.50 |
| |
JNL/PIMCO Investment Grade Credit Bond Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 14 |
| 1 |
| 0.00 |
|
| 13.233342 |
| 6.76 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 0 |
| 0 |
| 0.00 |
|
| 12.395220 |
| 1.22 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 0 |
| 0 |
| 0.00 |
|
| 12.246255 |
| 6.13 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 0 |
| 0 |
| 0.00 |
|
| 11.538468 |
| (17.82 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 28 |
| 2 |
| 0.00 |
|
| 13.909710 |
| (3.23 | ) | 1.65 |
|
| 14.040004 |
| (3.09 | ) | 1.50 |
| |
JNL/PIMCO Real Return Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 105 |
| 7 |
| 0.00 |
|
| 14.798085 |
| 6.05 |
| 1.65 |
|
| 15.225168 |
| 6.21 |
| 1.50 |
| |
12/31/2024 |
| 97 |
| 7 |
| 0.00 |
|
| 13.953232 |
| 0.36 |
| 1.65 |
|
| 14.334449 |
| 0.51 |
| 1.50 |
| |
12/31/2023 |
| 102 |
| 7 |
| 0.00 |
|
| 13.903164 |
| 2.27 |
| 1.65 |
|
| 14.261473 |
| 2.42 |
| 1.50 |
| |
12/31/2022 |
| 103 |
| 8 |
| 0.00 |
|
| 13.595044 |
| (13.23 | ) | 1.65 |
|
| 13.924486 |
| (13.10 | ) | 1.50 |
| |
12/31/2021 |
| 141 |
| 9 |
| 0.00 |
|
| 15.667590 |
| 3.67 |
| 1.65 |
|
| 16.023259 |
| 3.83 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
68
Jackson National Separate Account V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/PPM America High Yield Bond Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 772 |
| 28 |
| 0.00 |
|
| 27.167635 |
| 6.65 |
| 1.65 |
|
| 27.903149 |
| 6.81 |
| 1.50 |
| |
12/31/2024 |
| 794 |
| 31 |
| 0.00 |
|
| 25.472634 |
| 6.15 |
| 1.65 |
|
| 26.123042 |
| 6.31 |
| 1.50 |
| |
12/31/2023 |
| 801 |
| 33 |
| 0.00 |
|
| 23.996521 |
| 10.99 |
| 1.65 |
|
| 24.572127 |
| 11.15 |
| 1.50 |
| |
12/31/2022 |
| 736 |
| 34 |
| 0.00 |
|
| 21.620735 |
| (13.16 | ) | 1.65 |
|
| 22.106262 |
| (13.03 | ) | 1.50 |
| |
12/31/2021 |
| 1,101 |
| 44 |
| 0.00 |
|
| 24.896064 |
| 4.02 |
| 1.65 |
|
| 25.417111 |
| 4.18 |
| 1.50 |
| |
JNL/PPM America Investment Grade Credit Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024+ |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
JNL/PPM America Total Return Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 5 |
| 0 |
| 0.00 |
|
| 18.755733 |
| 5.00 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 4 |
| 0 |
| 0.00 |
|
| 17.861837 |
| 0.38 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 4 |
| 0 |
| 0.00 |
|
| 17.795009 |
| 4.94 |
| 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 4 |
| 0 |
| 0.00 |
|
| 16.957859 |
| (15.48 | ) | 1.65 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 5 |
| 0 |
| 0.00 |
|
| 20.063357 |
| (2.77 | ) | 1.65 |
|
| 20.264766 |
| (2.62 | ) | 1.50 |
| |
JNL/RAFI Fundamental U.S. Small Cap Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 14 |
| 1 |
| 0.00 |
|
| 25.189239 |
| 5.21 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 27 |
| 1 |
| 0.00 |
|
| 23.942415 |
| 9.06 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 26 |
| 1 |
| 0.00 |
|
| 21.413426 |
| 15.33 |
| 1.65 |
|
| 21.953262 |
| 15.51 |
| 1.50 |
| |
12/31/2022 |
| 41 |
| 2 |
| 0.00 |
|
| 18.566654 |
| (15.43 | ) | 1.65 |
|
| 19.006329 |
| (15.30 | ) | 1.50 |
| |
12/31/2021 |
| 69 |
| 3 |
| 0.00 |
|
| 21.953201 |
| 28.11 |
| 1.65 |
|
| 22.439361 |
| 28.30 |
| 1.50 |
| |
JNL/RAFI Multi-Factor U.S. Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,607 |
| 41 |
| 0.00 |
|
| 36.015237 |
| 14.30 |
| 1.65 |
|
| 41.971933 |
| 14.48 |
| 1.50 |
| |
12/31/2024 |
| 1,564 |
| 45 |
| 0.00 |
|
| 31.508156 |
| 16.69 |
| 1.65 |
|
| 36.664379 |
| 16.86 |
| 1.50 |
| |
12/31/2023 |
| 1,426 |
| 48 |
| 0.00 |
|
| 27.002055 |
| 10.23 |
| 1.65 |
|
| 31.373516 |
| 10.40 |
| 1.50 |
| |
12/31/2022 |
| 1,385 |
| 52 |
| 0.00 |
|
| 24.495546 |
| (9.52 | ) | 1.65 |
|
| 28.418681 |
| (9.38 | ) | 1.50 |
| |
12/31/2021 |
| 1,707 |
| 58 |
| 0.00 |
|
| 27.072686 |
| 24.32 |
| 1.65 |
|
| 31.361617 |
| 24.50 |
| 1.50 |
| |
JNL/T. Rowe Price Balanced Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 18 |
| 1 |
| 0.00 |
|
| 17.985890 |
| 13.93 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 17 |
| 1 |
| 0.00 |
|
| 15.787008 |
| 9.89 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 17 |
| 1 |
| 0.00 |
|
| 14.366273 |
| 15.64 |
| 1.50 |
|
| 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 |
|
| 15.310561 |
| 11.05 |
| 1.50 |
|
| 15.310561 |
| 11.05 |
| 1.50 |
| |
JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 35 |
| 3 |
| 0.00 |
|
| 11.158343 |
| 12.92 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024+ |
| 7 |
| 1 |
| 0.00 |
|
| 9.881202 |
| (0.18 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
+ | The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/PPM America Investment Grade Credit Fund - Class A - October 21, 2024; JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A - October 21, 2024. |
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
69
Jackson National Separate Account V |
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| |||||||
Financial Highlights |
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|
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|
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| |||||||
December 31, 2025 |
|
|
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|
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| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/T. Rowe Price Capital Appreciation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 961 |
| 34 |
| 0.00 |
|
| 28.001796 |
| 9.63 |
| 1.65 |
|
| 28.523251 |
| 9.80 |
| 1.50 |
| |
12/31/2024 |
| 1,775 |
| 69 |
| 0.00 |
|
| 25.541342 |
| 10.46 |
| 1.65 |
|
| 25.977976 |
| 10.62 |
| 1.50 |
| |
12/31/2023 |
| 1,408 |
| 61 |
| 0.00 |
|
| 23.123505 |
| 16.50 |
| 1.65 |
|
| 23.483365 |
| 16.67 |
| 1.50 |
| |
12/31/2022 |
| 656 |
| 33 |
| 0.00 |
|
| 19.849224 |
| (13.39 | ) | 1.65 |
|
| 20.127988 |
| (13.26 | ) | 1.50 |
| |
12/31/2021 |
| 788 |
| 34 |
| 0.00 |
|
| 22.917069 |
| 15.96 |
| 1.65 |
|
| 23.204186 |
| 16.14 |
| 1.50 |
| |
JNL/T. Rowe Price Growth Stock Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 2,813 |
| 38 |
| 0.00 |
|
| 71.839235 |
| 13.38 |
| 1.65 |
|
| 74.212276 |
| 13.55 |
| 1.50 |
| |
12/31/2024 |
| 2,798 |
| 43 |
| 0.00 |
|
| 63.363558 |
| 27.81 |
| 1.65 |
|
| 65.358515 |
| 28.00 |
| 1.50 |
| |
12/31/2023 |
| 2,820 |
| 56 |
| 0.00 |
|
| 49.576515 |
| 45.59 |
| 1.65 |
|
| 51.060328 |
| 45.81 |
| 1.50 |
| |
12/31/2022 |
| 2,378 |
| 68 |
| 0.00 |
|
| 34.052645 |
| (39.81 | ) | 1.65 |
|
| 35.019411 |
| (39.72 | ) | 1.50 |
| |
12/31/2021 |
| 4,255 |
| 74 |
| 0.00 |
|
| 56.576615 |
| 12.56 |
| 1.65 |
|
| 58.095886 |
| 12.73 |
| 1.50 |
| |
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 2,391 |
| 37 |
| 0.00 |
|
| 62.949050 |
| 1.46 |
| 1.65 |
|
| 64.991242 |
| 1.61 |
| 1.50 |
| |
12/31/2024 |
| 2,790 |
| 44 |
| 0.00 |
|
| 62.046236 |
| 7.38 |
| 1.65 |
|
| 63.963118 |
| 7.54 |
| 1.50 |
| |
12/31/2023 |
| 3,112 |
| 53 |
| 0.00 |
|
| 57.783745 |
| 18.00 |
| 1.65 |
|
| 59.479153 |
| 18.18 |
| 1.50 |
| |
12/31/2022 |
| 2,817 |
| 57 |
| 0.00 |
|
| 48.969434 |
| (23.34 | ) | 1.65 |
|
| 50.330892 |
| (23.23 | ) | 1.50 |
| |
12/31/2021 |
| 4,271 |
| 66 |
| 0.00 |
|
| 63.880511 |
| 11.07 |
| 1.65 |
|
| 65.558377 |
| 11.23 |
| 1.50 |
| |
JNL/T. Rowe Price Short-Term Bond Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 392 |
| 36 |
| 0.00 |
|
| 10.515496 |
| 3.72 |
| 1.65 |
|
| 10.830346 |
| 3.87 |
| 1.50 |
| |
12/31/2024 |
| 398 |
| 38 |
| 0.00 |
|
| 10.138472 |
| 3.03 |
| 1.65 |
|
| 10.426352 |
| 3.18 |
| 1.50 |
| |
12/31/2023 |
| 516 |
| 51 |
| 0.00 |
|
| 9.840333 |
| 3.07 |
| 1.65 |
|
| 10.104549 |
| 3.23 |
| 1.50 |
| |
12/31/2022 |
| 488 |
| 50 |
| 0.00 |
|
| 9.547149 |
| (6.21 | ) | 1.65 |
|
| 9.788847 |
| (6.07 | ) | 1.50 |
| |
12/31/2021 |
| 446 |
| 43 |
| 0.00 |
|
| 10.179212 |
| (2.01 | ) | 1.65 |
|
| 10.421317 |
| (1.86 | ) | 1.50 |
| |
JNL/T. Rowe Price U.S. High Yield Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 7 |
| 1 |
| 0.00 |
|
| 12.392900 |
| 5.76 | ‡ | 1.65 |
|
| 12.575564 |
| 5.93 | ‡ | 1.50 |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 11.770992 |
| 3.11 |
| 1.65 |
|
| 11.871726 |
| 3.26 |
| 1.50 |
| |
JNL/T. Rowe Price Value Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 977 |
| 20 |
| 0.00 |
|
| 47.139440 |
| 10.17 |
| 1.65 |
|
| 48.697078 |
| 10.33 |
| 1.50 |
| |
12/31/2024 |
| 1,006 |
| 23 |
| 0.00 |
|
| 42.789577 |
| 12.90 |
| 1.65 |
|
| 44.137228 |
| 13.07 |
| 1.50 |
| |
12/31/2023 |
| 922 |
| 24 |
| 0.00 |
|
| 37.899283 |
| 10.13 |
| 1.65 |
|
| 39.033978 |
| 10.29 |
| 1.50 |
| |
12/31/2022 |
| 832 |
| 24 |
| 0.00 |
|
| 34.414643 |
| (12.95 | ) | 1.65 |
|
| 35.392035 |
| (12.82 | ) | 1.50 |
| |
12/31/2021 |
| 1,102 |
| 27 |
| 0.00 |
|
| 39.534382 |
| 27.43 |
| 1.65 |
|
| 40.596418 |
| 27.62 |
| 1.50 |
| |
JNL/Vanguard Growth ETF Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 267 |
| 16 |
| 0.00 |
|
| 16.647383 |
| 14.16 |
| 1.65 |
|
| 16.854993 |
| 14.33 |
| 1.50 |
| |
12/31/2024 |
| 257 |
| 18 |
| 0.00 |
|
| 14.582615 |
| 10.00 |
| 1.65 |
|
| 14.742344 |
| 10.16 |
| 1.50 |
| |
12/31/2023 |
| 242 |
| 18 |
| 0.00 |
|
| 13.257334 |
| 12.44 |
| 1.65 |
|
| 13.382341 |
| 12.61 |
| 1.50 |
| |
12/31/2022 |
| 224 |
| 19 |
| 0.00 |
|
| 11.790332 |
| (17.96 | ) | 1.65 |
|
| 11.883724 |
| (17.84 | ) | 1.50 |
| |
12/31/2021 |
| 294 |
| 20 |
| 0.00 |
|
| 14.371946 |
| 12.44 |
| 1.65 |
|
| 14.464149 |
| 12.60 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
‡ | Total return is calculated from the effective date through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner. |
See Notes to the Financial Statements.
70
Jackson National Separate Account V |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Financial Highlights |
|
|
|
|
|
|
|
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|
|
|
|
|
|
| |||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
| Investment Division Data |
|
| Highest Expense Ratio |
|
| Lowest Expense Ratio |
| ||||||||||||
|
|
| Net Assets |
| Units Outstanding |
| Investment Income |
|
| Unit |
| Total |
| Ratio of |
|
| Unit |
| Total |
| Ratio of |
|
Year ended |
| (in thousands)($)¥ |
| (in thousands)¥ |
| Ratio(%)* |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
|
| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
| |
JNL/Vanguard Moderate ETF Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| — |
| — |
| 0.00 |
|
| 10.469894 |
| (15.31 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 30 |
| 2 |
| 0.00 |
|
| 12.284193 |
| 4.64 |
| 1.65 |
|
| 12.362984 |
| 4.79 |
| 1.50 |
| |
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| — |
| — |
| 0.00 |
|
| N/A |
| N/A |
| N/A |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| 13.316566 |
| 7.95 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 24 |
| 2 |
| 0.00 |
|
| 12.335471 |
| 10.60 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2022 |
| 22 |
| 2 |
| 0.00 |
|
| 11.153723 |
| (16.67 | ) | 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2021 |
| 26 |
| 2 |
| 0.00 |
|
| 13.300117 |
| 8.56 |
| 1.65 |
|
| 13.385492 |
| 8.72 |
| 1.50 |
| |
JNL/WCM Focused International Equity Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 44 |
| 2 |
| 0.66 |
|
| 25.178466 |
| 19.61 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| — |
| — |
| 0.00 |
|
| 21.051056 |
| 5.50 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 0 |
| 0 |
| 0.00 |
|
| 19.648275 |
| 14.56 |
| 1.65 |
|
| 19.953459 |
| 14.73 |
| 1.50 |
| |
12/31/2022 |
| 54 |
| 3 |
| 0.00 |
|
| 17.151700 |
| (29.86 | ) | 1.65 |
|
| 17.392062 |
| (29.75 | ) | 1.50 |
| |
12/31/2021 |
| 9 |
| 0 |
| 0.00 |
|
| 24.451895 |
| 15.17 |
| 1.65 |
|
| 24.757712 |
| 15.34 |
| 1.50 |
| |
JNL/Westchester Capital Event Driven Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 22 |
| 2 |
| 0.00 |
|
| 13.024053 |
| 5.72 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2024 |
| 21 |
| 2 |
| 0.00 |
|
| 12.319463 |
| 3.22 |
| 1.50 |
|
| N/A |
| N/A |
| N/A |
| |
12/31/2023 |
| 21 |
| 2 |
| 0.00 |
|
| 11.934722 |
| 4.88 |
| 1.50 |
|
| 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 |
|
| 11.824568 |
| 1.28 |
| 1.65 |
|
| 11.943605 |
| 1.43 |
| 1.50 |
| |
JNL/William Blair International Leaders Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 626 |
| 38 |
| 0.62 |
|
| 15.215034 |
| 21.48 |
| 1.65 |
|
| 16.591094 |
| 21.66 |
| 1.50 |
| |
12/31/2024 |
| 543 |
| 41 |
| 0.31 |
|
| 12.524677 |
| (2.58 | ) | 1.65 |
|
| 13.636951 |
| (2.43 | ) | 1.50 |
| |
12/31/2023 |
| 634 |
| 47 |
| 0.00 |
|
| 12.856032 |
| 10.94 |
| 1.65 |
|
| 13.976642 |
| 11.11 |
| 1.50 |
| |
12/31/2022 |
| 590 |
| 48 |
| 1.65 |
|
| 11.588217 |
| (26.25 | ) | 1.65 |
|
| 12.579486 |
| (26.14 | ) | 1.50 |
| |
12/31/2021 |
| 890 |
| 54 |
| 1.19 |
|
| 15.712326 |
| 4.46 |
| 1.65 |
|
| 17.030894 |
| 4.61 |
| 1.50 |
| |
JNL/WMC Balanced Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1,348 |
| 35 |
| 0.00 |
|
| 37.251902 |
| 13.79 |
| 1.65 |
|
| 38.482753 |
| 13.96 |
| 1.50 |
| |
12/31/2024 |
| 1,335 |
| 40 |
| 0.00 |
|
| 32.736669 |
| 12.75 |
| 1.65 |
|
| 33.767651 |
| 12.92 |
| 1.50 |
| |
12/31/2023 |
| 1,261 |
| 43 |
| 0.00 |
|
| 29.034144 |
| 11.23 |
| 1.65 |
|
| 29.903378 |
| 11.40 |
| 1.50 |
| |
12/31/2022 |
| 1,242 |
| 47 |
| 0.00 |
|
| 26.101984 |
| (15.36 | ) | 1.65 |
|
| 26.843240 |
| (15.23 | ) | 1.50 |
| |
12/31/2021 |
| 2,094 |
| 67 |
| 0.00 |
|
| 30.837054 |
| 16.74 |
| 1.65 |
|
| 31.665381 |
| 16.91 |
| 1.50 |
| |
JNL/WMC Equity Income Fund - Class A |
|
|
|
|
|
|
| |||||||||||||||
12/31/2025 |
| 1 |
| 0 |
| 0.00 |
|
| 19.500058 |
| 14.71 |
| 1.65 |
|
| 19.666882 |
| 14.84 |
| 1.50 |
| |
12/31/2024 |
| 1 |
| 0 |
| 0.00 |
|
| 16.999737 |
| 10.76 |
| 1.65 |
|
| 17.125534 |
| 10.66 |
| 1.50 |
| |
12/31/2023 |
| 1 |
| 0 |
| 0.00 |
|
| 15.348881 |
| 4.95 |
| 1.65 |
|
| 15.475569 |
| 4.84 |
| 1.50 |
| |
12/31/2022 |
| 1 |
| 0 |
| 0.00 |
|
| 14.625580 |
| (1.12 | ) | 1.65 |
|
| 14.761563 |
| (1.15 | ) | 1.50 |
| |
12/31/2021 |
| — |
| — |
| 0.00 |
|
| 14.791424 |
| 23.59 |
| 1.65 |
|
| 14.933224 |
| 23.78 |
| 1.50 |
| |
|
|
* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
71
Jackson National Separate Account V |
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Financial Highlights |
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December 31, 2025 |
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| Investment Income |
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| Total |
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| Total |
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Year ended |
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| Ratio(%)* |
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| Value($)§ |
| Return(%)† |
| Expenses(%)^ |
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| Return(%)† |
| Expenses(%)^ |
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JNL/WMC Global Real Estate Fund - Class A |
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12/31/2025 |
| 84 |
| 5 |
| 0.00 |
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| 17.564572 |
| 7.48 |
| 1.65 |
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| 18.312306 |
| 7.64 |
| 1.50 |
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12/31/2024 |
| 90 |
| 5 |
| 0.00 |
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| 16.341899 |
| 3.78 |
| 1.65 |
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| 17.012009 |
| 3.94 |
| 1.50 |
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12/31/2023 |
| 92 |
| 6 |
| 0.00 |
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| 15.746814 |
| 7.79 |
| 1.65 |
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| 16.367848 |
| 7.95 |
| 1.50 |
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12/31/2022 |
| 84 |
| 6 |
| 0.00 |
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| 14.608842 |
| (28.76 | ) | 1.65 |
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| 15.162245 |
| (28.66 | ) | 1.50 |
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12/31/2021 |
| 109 |
| 5 |
| 0.00 |
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| 20.507241 |
| 24.60 |
| 1.65 |
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| 21.252218 |
| 24.79 |
| 1.50 |
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JNL/WMC Value Fund - Class A |
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12/31/2025 |
| 80 |
| 2 |
| 0.00 |
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| 43.906765 |
| 12.79 |
| 1.65 |
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| 45.249560 |
| 12.96 |
| 1.50 |
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12/31/2024 |
| 83 |
| 2 |
| 0.00 |
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| 38.927955 |
| 9.06 |
| 1.65 |
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| 40.058339 |
| 9.22 |
| 1.50 |
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12/31/2023 |
| 73 |
| 2 |
| 0.00 |
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| 35.694087 |
| 7.42 |
| 1.65 |
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| 36.675406 |
| 7.58 |
| 1.50 |
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12/31/2022 |
| 189 |
| 6 |
| 0.00 |
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| 33.227299 |
| (6.39 | ) | 1.65 |
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| 34.089727 |
| (6.25 | ) | 1.50 |
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12/31/2021 |
| 326 |
| 9 |
| 0.00 |
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| 35.495999 |
| 24.90 |
| 1.65 |
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| 36.362837 |
| 25.09 |
| 1.50 |
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* | These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized. |
§ | For an Investment Division where no contract owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of the respective period end. |
† | Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the period less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the Investment Division was initially added and funded or if the Investment Division was closed during the year. |
^ | Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios. Expense Ratios for the years ended 12/31/2022 and after include only contract expense levels that had units issued or outstanding during the reporting period. For contracts with only one expense ratio, the ratio is presented only under the Highest Expense Ratio. |
¥ | Some investments have a net asset and ending units outstanding balance of less than one thousand due to rounding it is displayed as a zero. |
See Notes to the Financial Statements.
72
Jackson National Separate Account V
Notes to Financial Statements
December 31, 2025
NOTE 1. Organization
Jackson National Life Insurance Company (“Jackson”) established Jackson National Separate Account V (the “Separate Account”) on September 25, 1998. The Separate Account commenced operations on January 2, 2000, and is a unit investment trust registered with the Securities Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board “FASB” Accounting Standards Codification (ASC) Topic 946 Financial Services – Investment Companies.
The Separate Account is a separate investment account of Jackson. Its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson but are clearly identified and distinguished from Jackson's other assets and liabilities. The contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct.
The Separate Account receives and invests, based on the directions of the contract owners, net premiums for individual flexible premium variable annuity contracts issued by Jackson. The contracts can be purchased on a non-tax qualified basis or in connection with certain plans qualifying for favorable federal income tax treatment. The Separate Account currently contains one hundred twenty-one (121) Investment Divisions as of December 31, 2025. These one hundred twenty-one (121) Investment Divisions each invested in shares of the following mutual funds (each a "Fund" and collectively the “Funds”) as of and during the year ended December 31, 2025:
JNL® Series Trust | |
JNL Aggressive Growth Allocation Fund - Class A(1) | JNL/JPMorgan MidCap Growth Fund - Class A |
JNL Conservative Allocation Fund - Class A(1) | JNL/JPMorgan Nasdaq® Hedged Equity Fund - Class A |
JNL Growth Allocation Fund - Class A(1) | JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A |
JNL Growth ETF Allocation Fund - Class A | JNL/JPMorgan U.S. Value Fund - Class A |
JNL Moderate Allocation Fund - Class A(1) | JNL/Lazard International Quality Growth Fund - Class A |
JNL Moderate ETF Allocation Fund - Class A | JNL/Loomis Sayles Global Growth Fund - Class A |
JNL Moderate Growth Allocation Fund - Class A(1) | JNL/Lord Abbett Short Duration Income Fund - Class A |
JNL Moderate Growth ETF Allocation Fund - Class A | JNL/Mellon Bond Index Fund - Class A |
JNL Multi-Manager Alternative Fund - Class A | JNL/Mellon Communication Services Sector Fund - Class A |
JNL Multi-Manager Emerging Markets Equity Fund - Class A | JNL/Mellon Consumer Discretionary Sector Fund - Class A |
JNL Multi-Manager Floating Rate Income Fund - Class A | JNL/Mellon Consumer Staples Sector Fund - Class A |
JNL Multi-Manager International Small Cap Fund - Class A | JNL/Mellon Dow Index Fund - Class A |
JNL Multi-Manager Mid Cap Fund - Class A | JNL/Mellon Emerging Markets Index Fund - Class A |
JNL Multi-Manager Small Cap Growth Fund - Class A | JNL/Mellon Energy Sector Fund - Class A |
JNL Multi-Manager Small Cap Value Fund - Class A | JNL/Mellon Financial Sector Fund - Class A |
JNL Multi-Manager U.S. Select Equity Fund - Class A | JNL/Mellon Healthcare Sector Fund - Class A |
JNL/AB Sustainable Global Thematic Fund - Class A | JNL/Mellon Industrials Sector Fund - Class A |
JNL/American Funds Balanced Fund - Class A | JNL/Mellon Information Technology Sector Fund - Class A |
JNL/American Funds Bond Fund of America Fund - Class A | JNL/Mellon International Index Fund - Class A |
JNL/American Funds Capital Income Builder Fund - Class A | JNL/Mellon Materials Sector Fund - Class A |
JNL/American Funds Capital World Bond Fund - Class A | JNL/Mellon Nasdaq® 100 Index Fund - Class A |
JNL/American Funds Global Growth Fund - Class A | JNL/Mellon Real Estate Sector Fund - Class A |
JNL/American Funds Global Small Capitalization Fund - Class A | JNL/Mellon S&P 400 MidCap Index Fund - Class A |
JNL/American Funds Growth Allocation Fund - Class A(1) | JNL/Mellon S&P 500 Index Fund - Class A |
JNL/American Funds Growth Fund - Class A | JNL/Mellon Small Cap Index Fund - Class A |
JNL/American Funds Growth-Income Fund - Class A | JNL/Mellon U.S. Stock Market Index Fund - Class A |
JNL/American Funds International Fund - Class A | JNL/Mellon Utilities Sector Fund - Class A |
JNL/American Funds Moderate Allocation Fund - Class A(1) | JNL/Mellon World Index Fund - Class A |
JNL/American Funds Moderate Growth Allocation Fund - Class A(1) | JNL/MFS Mid Cap Value Fund - Class A |
JNL/American Funds New World Fund - Class A | JNL/Morningstar SMID Moat Focus Index Fund - Class A |
JNL/American Funds Washington Mutual Investors Fund - Class A | JNL/Morningstar U.S. Sustainability Index Fund - Class A |
JNL/AQR Large Cap Defensive Style Fund - Class A | JNL/Morningstar Wide Moat Index Fund - Class A |
JNL/BlackRock Global Allocation Fund - Class A | JNL/Neuberger Berman Strategic Income Fund - Class A |
JNL/BlackRock Global Natural Resources Fund - Class A | JNL/Newton Equity Income Fund - Class A |
JNL/BlackRock Large Cap Select Growth Fund - Class A | JNL/PIMCO Income Fund - Class A |
JNL/Causeway International Value Select Fund - Class A | JNL/PIMCO Investment Grade Credit Bond Fund - Class A |
JNL/ClearBridge Large Cap Growth Fund - Class A | JNL/PIMCO Real Return Fund - Class A |
73
Jackson National Separate Account V
Notes to Financial Statements
December 31, 2025
JNL/Cohen & Steers U.S. Realty Fund - Class A | JNL/PPM America High Yield Bond Fund - Class A |
JNL/DFA International Core Equity Fund - Class A | JNL/PPM America Investment Grade Credit Fund - Class A |
JNL/DFA U.S. Core Equity Fund - Class A | JNL/PPM America Total Return Fund - Class A |
JNL/DFA U.S. Small Cap Fund - Class A | JNL/RAFI Fundamental U.S. Small Cap Fund - Class A |
JNL/DoubleLine Core Fixed Income Fund - Class A | JNL/RAFI Multi-Factor U.S. Equity Fund - Class A |
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A | JNL/T. Rowe Price Balanced Fund - Class A |
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A | JNL/T. Rowe Price Capital Appreciation Equity Fund - Class A |
JNL/DoubleLine Total Return Fund - Class A | JNL/T. Rowe Price Capital Appreciation Fund - Class A |
JNL/Dreyfus Government Money Market Fund - Class A | JNL/T. Rowe Price Growth Stock Fund - Class A |
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A | JNL/T. Rowe Price Mid-Cap Growth Fund - Class A |
JNL/First Sentier Global Infrastructure Fund - Class A | JNL/T. Rowe Price Short-Term Bond Fund - Class A |
JNL/Franklin Templeton Income Fund - Class A | JNL/T. Rowe Price U.S. High Yield Fund - Class A |
JNL/Goldman Sachs 4 Fund - Class A | JNL/T. Rowe Price Value Fund - Class A |
JNL/GQG Emerging Markets Equity Fund - Class A | JNL/Vanguard Growth ETF Allocation Fund - Class A |
JNL/Invesco Diversified Dividend Fund - Class A | JNL/Vanguard Moderate ETF Allocation Fund - Class A |
JNL/Invesco Global Growth Fund - Class A | JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A |
JNL/Invesco Small Cap Growth Fund - Class A | JNL/WCM Focused International Equity Fund - Class A |
JNL/JPMorgan Global Allocation Fund - Class A | JNL/Westchester Capital Event Driven Fund - Class A |
JNL/JPMorgan Hedged Equity Fund - Class A | JNL/William Blair International Leaders Fund - Class A |
JNL/JPMorgan Managed Aggressive Growth Fund - Class A | JNL/WMC Balanced Fund - Class A |
JNL/JPMorgan Managed Conservative Fund - Class A | JNL/WMC Equity Income Fund - Class A |
JNL/JPMorgan Managed Growth Fund - Class A | JNL/WMC Global Real Estate Fund - Class A |
JNL/JPMorgan Managed Moderate Fund - Class A | JNL/WMC Value Fund - Class A |
JNL/JPMorgan Managed Moderate Growth Fund - Class A | |
(1) The Fund is a Fund of Fund advised by Jackson National Asset Management, LLC (“JNAM”), an affiliate of Jackson and has no sub-adviser.
JNAM serves as investment adviser for the Funds comprising the JNL Series Trust. JNAM is a wholly-owned subsidiary of Jackson and received fees for its services from each Fund.
The following Funds were sub-advised by an affiliate of Jackson during the year: JNL Multi-Manager Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Investment Grade Credit Fund and JNL/PPM America Total Return Fund.
During the year ended December 31, 2025, the following Fund acquisitions were completed for the corresponding Class A Fund. The Funds that were
acquired during the year are no longer available as of December 31, 2025.
Acquired Fund | Acquiring Fund | Date of Acquisition |
JNL/Baillie Gifford International Growth Fund | JNL/Mellon International Index Fund | April 28, 2025 |
JNL/Harris Oakmark Global Equity Fund | JNL/Mellon World Index Fund | April 28, 2025 |
JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Neuberger Berman Strategic Income Fund | April 28, 2025 |
The net assets are affected by the investment results of each underlying mutual fund, and contract transactions are affected by contract owner directions and certain contract expenses. The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits.
A contract owner may choose from a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.
Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.
74
Jackson National Separate Account V
Notes to Financial Statements
December 31, 2025
A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Net Assets if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period.
JNAM allocates purchase payments to Investment Divisions as instructed by the contract owner. Shares of the Investment Divisions are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.
NOTE 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.
Investments. The average cost method is used in determining the cost of the shares sold on withdrawals by the Investment Divisions of the Separate Account. Investment transactions in the Funds are recorded on trade date for financial reporting purposes. Realized gain distributions and dividend income distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as a gain or income to the Investment Divisions of the Separate Account on the ex-dividend date.
Federal Income Taxes. The operations of the Separate Account are taxed as part of the operations of Jackson, which is taxed as a “life insurance company” under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.
Fair Value Measurement. As of December 31, 2025, all of the Separate Account’s Investment Divisions’ investment in each of the corresponding Funds are valued at the daily reported net asset value (“NAV”) of the applicable underlying Fund. Investments in the underlying Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. On each valuation date, the NAV of each corresponding Fund is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account’s Investment Divisions’ investment in the corresponding Funds. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.
NOTE 3. Contract Charges
Under the term of the contracts, certain charges are allocated to the contract owner to compensate Jackson for providing the insurance benefits set forth in the contracts, administering the contracts, distributing the contracts, and assuming certain risks in connection with the contracts. These charges result in a reduction in contract unit value or redemptions of contract units.
Contract Owner Charges. The following charges are assessed to the contract owner by redemption of contract units:
Contract Maintenance Charge. An annual contract maintenance charge of $35 is charged against each contract to reimburse Jackson for expenses incurred in establishing and maintaining records relating to the contract. The contract maintenance charge is assessed on each anniversary of the contract date that occurs prior to the annuity date or in conjunction with a total withdrawal, as applicable. This charge is only imposed if the contract value is less than $50,000 on the date when the charge is assessed.
Transfer Charge. A transfer charge of $25 will apply to transfers made by contract owners between the Investment Divisions in excess of 15 transfers in a contract year. Contract year is defined as the succeeding twelve months from the contract issue date. Jackson may waive the transfer charge in connection with pre-authorized automatic transfer programs, or in those states where a lesser charge is required. This charge will be deducted from the amount transferred prior to the allocation to a different Investment Division.
Surrender or Contingent Deferred Sales Charge. During the first nine contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract. The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contract. The amount, if any, is determined based on a number of factors, including the amount withdrawn, the contract year of surrender, or the number and amount of withdrawals in a calendar year. The surrender charges are assessed by Jackson and withheld from the proceeds of the withdrawals.
Optional Benefit Charges. The following contract owner charges are optional benefit charges:
Guaranteed Minimum Withdrawal Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.51% to 1.86%, depending on the contract, of the guaranteed withdrawal balance. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.
75
Jackson National Separate Account V
Notes to Financial Statements
December 31, 2025
Guaranteed Minimum Death Benefit Charge. If any of the optional death benefits are selected that are available under the contract, Jackson will assess an annual charge of 0.60%, depending on the contract, of the death benefit base. The charge will be deducted each contract quarter from the contract value by redemption of contract units.
Enhanced Death Benefit Charge. If this benefit has been selected, Jackson deducts an additional charge equivalent to an annual rate of 0.15% based on average account value. The charge is deducted from the contract value by a redemption of contract units.
Asset-based Charges. The following charges are assessed to the contract owner by a reduction in contract unit value:
Insurance Charges. Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%. The administration charge is designed to reimburse Jackson for administrative expenses related to the Separate Account and its contracts and reduces the contract unit value.
Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 1.35% for the assumption of mortality and expense risks. The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson. The expense risk assumed by Jackson is that the actual cost of administering the contracts of the Separate Account may exceed the amount received from the administration charge and the contract maintenance charge.
Premium Taxes. Some states and other governmental entities charge premium taxes or other similar taxes. Jackson pays these taxes and may make a deduction from the value of the contract for them. Premium taxes generally range from 0% to 3.5% of the contract value depending on the state.
NOTE 4. Related Party Transactions
For contract enhancement benefits related to the optional benefits offered, Jackson contributed $423 and $497 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2025 and 2024, respectively. These amounts are included in purchase payments from contract transactions.
Contract owners may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of Jackson. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in transfers between investment divisions, and fund exchanges from the fixed account to the Separate Account are included in purchase payments, as applicable, on the accompanying Statements of Changes in Net Assets.
NOTE 5. Segment Reporting
The Executive Vice President and Chief Financial Officer of Jackson is the Chief Operating Decision Maker (“CODM”) for each of the investment divisions of the Separate Accounts. Each investment division is comprised of a single reportable segment, whose assets are invested in a fund with a single investment strategy, which reflects how the CODM monitors and manages the operating results of each investment division. The CODM manages the allocation of resources in accordance with each investment division’s objective and the terms of the underlying fund’s prospectus. The financial information used by the CODM to assess the segment’s performance and to allocate resources, including total return, expense ratios, net changes in net assets from operations, is consistent with that presented within each investment division’s financial statements and financial highlights.
NOTE 5. Subsequent Events
Management has evaluated subsequent events for the Separate Account through the date the financial statements were issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the Notes to Financial Statements.
76
KPMG LLP
December 31, | ||||||||||||||
2025 | 2024 | |||||||||||||
Admitted Assets | ||||||||||||||
Bonds | $ | 30,298,895 | $ | 33,162,492 | ||||||||||
Preferred stocks, at statement value (cost: 2025, $156,512; 2024, $175,020) | 129,703 | 149,164 | ||||||||||||
Common stocks - unaffiliated, at fair value (cost: 2025, $136,169; 2024, $153,315) | 140,261 | 157,083 | ||||||||||||
Common stocks - affiliated, on equity basis (cost: 2025, $723,509; 2024, $810,906) | 721,897 | 809,139 | ||||||||||||
Cash, cash equivalents, and short-term investments | 3,626,373 | 2,018,084 | ||||||||||||
Mortgage loans | 8,675,742 | 9,329,026 | ||||||||||||
Policy loans | 4,220,100 | 4,203,690 | ||||||||||||
Limited partnership and limited liability company interests | 2,354,070 | 2,291,674 | ||||||||||||
Real estate | 230,509 | 230,926 | ||||||||||||
Derivatives | 198,623 | (63,384) | ||||||||||||
Other invested assets | 390,067 | 276,442 | ||||||||||||
Total cash and invested assets | 50,986,240 | 52,564,336 | ||||||||||||
Investment income due and accrued | 558,360 | 569,773 | ||||||||||||
Premiums deferred and uncollected | 426,760 | 222,836 | ||||||||||||
Federal income taxes receivable | 107,610 | 134,437 | ||||||||||||
Net deferred tax asset | 622,226 | 573,926 | ||||||||||||
Amounts due from reinsurers | 5,474,896 | 5,180,133 | ||||||||||||
Receivable for derivatives | — | 69,248 | ||||||||||||
Admitted disallowed IMR | 306,340 | 328,926 | ||||||||||||
Guaranty funds receivable | 32,502 | 38,076 | ||||||||||||
Other admitted assets | 34,277 | 7,808 | ||||||||||||
Separate account assets | 234,125,083 | 221,589,231 | ||||||||||||
Total admitted assets | $ | 292,674,294 | $ | 281,278,730 | ||||||||||
Liabilities, Capital and Surplus | ||||||||||||||
Liabilities: | ||||||||||||||
Aggregate reserves for life, accident and health and annuity contracts | $ | 22,663,082 | $ | 24,826,824 | ||||||||||
Liability for deposit-type contracts | 11,284,868 | 8,940,589 | ||||||||||||
Policy and contract claims | 699,827 | 706,918 | ||||||||||||
Other contract liabilities | (129,070) | (12,217) | ||||||||||||
Remittances in process | 176,497 | 152,203 | ||||||||||||
Commissions payable and expense allowances on reinsurance assumed | 147,832 | 141,398 | ||||||||||||
Asset valuation reserve | 727,222 | 655,302 | ||||||||||||
Funds held under reinsurance treaties with unauthorized reinsurers | 3,721,372 | 3,666,057 | ||||||||||||
Funds held under coinsurance | 13,467,875 | 15,697,595 | ||||||||||||
General expenses and taxes due and accrued | 247,827 | 254,516 | ||||||||||||
Accrued transfers to separate accounts | (1,264,636) | (2,799,936) | ||||||||||||
Borrowed money and interest thereon | 47,192 | 752,432 | ||||||||||||
Repurchase agreements | 1,001,049 | 1,540,396 | ||||||||||||
Payable for securities lending | 22,969 | 12,767 | ||||||||||||
Other liabilities | 959,580 | 750,624 | ||||||||||||
Separate account liabilities | 234,125,083 | 221,589,231 | ||||||||||||
Total liabilities | 287,898,569 | 276,874,699 | ||||||||||||
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 | 249,926 | 249,871 | ||||||||||||
Gross paid-in and contributed surplus | 2,711,221 | 2,711,221 | ||||||||||||
Aggregate write-ins for special surplus funds | 306,340 | 328,926 | ||||||||||||
Unassigned surplus | 1,494,438 | 1,100,213 | ||||||||||||
Total capital and surplus | 4,775,725 | 4,404,031 | ||||||||||||
Total liabilities, capital and surplus | $ | 292,674,294 | $ | 281,278,730 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Income: | ||||||||||||||||||||
Premiums and annuity considerations | $ | 20,045,040 | $ | 17,595,754 | $ | 13,227,578 | ||||||||||||||
Considerations for supplementary contracts with life contingencies | 585 | 927 | 1,443 | |||||||||||||||||
Net investment income | 3,038,080 | 2,985,426 | 2,854,547 | |||||||||||||||||
Amortization of interest maintenance reserve | (30,796) | (9,869) | (732,212) | |||||||||||||||||
Separate Accounts net gain from operations excluding unrealized gains or losses | 547,199 | 212,426 | 210,502 | |||||||||||||||||
Commissions and expense allowances on reinsurance ceded | 107,256 | 1,332,091 | 54,250 | |||||||||||||||||
Fee income | 2,783,265 | 2,776,464 | 5,465,127 | |||||||||||||||||
Other income | 678,533 | 665,687 | 612,302 | |||||||||||||||||
Total income | 27,169,162 | 25,558,906 | 21,693,537 | |||||||||||||||||
Benefits and other deductions: | ||||||||||||||||||||
Death and other benefits | 38,305,437 | 34,218,998 | 24,334,421 | |||||||||||||||||
Decrease in aggregate reserves | (2,163,741) | (424,051) | (2,528,619) | |||||||||||||||||
Commissions | 2,298,627 | 2,070,512 | 1,752,864 | |||||||||||||||||
General insurance expenses | 813,240 | 839,669 | 767,894 | |||||||||||||||||
Taxes, licenses and fees | 55,801 | 47,497 | 40,014 | |||||||||||||||||
Interest on funds withheld treaties | 851,583 | 989,254 | 1,169,449 | |||||||||||||||||
Change in loading and other | (540) | (277) | (1,551) | |||||||||||||||||
Reclassification of initial gain to surplus | 80,960 | 1,214,820 | — | |||||||||||||||||
Amortization of gain on reinsured business to income | (255,216) | (316,130) | (119,797) | |||||||||||||||||
IMR transferred on reinsurance | 81,402 | — | — | |||||||||||||||||
Net transfers from separate accounts, net of reinsurance | (14,401,994) | (14,546,666) | (6,514,054) | |||||||||||||||||
Total benefits and other deductions | 25,665,559 | 24,093,626 | 18,900,621 | |||||||||||||||||
Gain from operations before federal income tax expense and net | ||||||||||||||||||||
realized capital losses | 1,503,603 | 1,465,280 | 2,792,916 | |||||||||||||||||
Dividends to policyholders | 6,942 | 7,393 | 8,386 | |||||||||||||||||
Gain from operations after dividends to policyholders and before federal income taxes | 1,496,661 | 1,457,887 | 2,784,530 | |||||||||||||||||
Federal income tax expense (benefit) | (121,320) | 96,185 | 966,356 | |||||||||||||||||
Gain from operations before net realized capital losses | 1,617,981 | 1,361,702 | 1,818,174 | |||||||||||||||||
Net realized capital losses, less tax expense of $37,259 in 2025 and benefit of $250,732, and $545,555 in 2024 and 2023, respectively, excluding tax benefit of $15,820, $16,418, and $342,797 in 2025, 2024, and 2023, respectively, transferred to the IMR | (28,457) | (1,084,069) | (1,939,868) | |||||||||||||||||
Net income (loss) | $ | 1,589,524 | $ | 277,633 | $ | (121,694) | ||||||||||||||
Surplus | |||||||||||||||||||||||||||||||||||||||||
Capital | Surplus | Gross paid-in and | Special | ||||||||||||||||||||||||||||||||||||||
stock | notes | contributed | Funds | Unassigned | Total | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | 13,800 | $ | 249,769 | $ | 4,781,055 | $ | — | $ | 942,794 | $ | 5,987,418 | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | (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 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 277,633 | 277,633 | |||||||||||||||||||||||||||||||||||
Change in net unrealized capital gains and losses | — | — | — | — | 1,241,045 | 1,241,045 | |||||||||||||||||||||||||||||||||||
Change in net deferred income tax | — | — | — | — | (189,128) | (189,128) | |||||||||||||||||||||||||||||||||||
Change in asset valuation reserve | — | — | — | — | (165,633) | (165,633) | |||||||||||||||||||||||||||||||||||
Change in non-admitted assets | — | — | — | — | 442,170 | 442,170 | |||||||||||||||||||||||||||||||||||
Change in liability for reinsurance in | |||||||||||||||||||||||||||||||||||||||||
unauthorized companies | — | — | — | — | (3,588) | (3,588) | |||||||||||||||||||||||||||||||||||
Change in surplus in separate accounts | — | — | — | — | (212,426) | (212,426) | |||||||||||||||||||||||||||||||||||
Surplus withdrawn from separate accounts | — | — | — | — | 212,426 | 212,426 | |||||||||||||||||||||||||||||||||||
Surplus notes accretion | — | 54 | — | — | — | 54 | |||||||||||||||||||||||||||||||||||
Change in surplus as a result of reinsurance | — | — | — | — | 898,690 | 898,690 | |||||||||||||||||||||||||||||||||||
Dividends to stockholders | — | — | — | — | (830,000) | (830,000) | |||||||||||||||||||||||||||||||||||
Change in special surplus funds | — | — | — | 75,949 | (75,949) | — | |||||||||||||||||||||||||||||||||||
Paid-in surplus | — | — | (1,919,834) | — | — | (1,919,834) | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2024 | 13,800 | 249,871 | 2,711,221 | 328,926 | 1,100,213 | 4,404,031 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 1,589,524 | 1,589,524 | |||||||||||||||||||||||||||||||||||
Change in net unrealized capital gains and losses | — | — | — | — | 52,432 | 52,432 | |||||||||||||||||||||||||||||||||||
Change in net deferred income tax | — | — | — | — | (160,692) | (160,692) | |||||||||||||||||||||||||||||||||||
Change in asset valuation reserve | — | — | — | — | (71,920) | (71,920) | |||||||||||||||||||||||||||||||||||
Change in non-admitted assets | — | — | — | — | 252,252 | 252,252 | |||||||||||||||||||||||||||||||||||
Change in liability for reinsurance in | |||||||||||||||||||||||||||||||||||||||||
unauthorized companies | — | — | — | — | (701) | (701) | |||||||||||||||||||||||||||||||||||
Change in surplus in separate accounts | — | — | — | — | (581,656) | (581,656) | |||||||||||||||||||||||||||||||||||
Surplus withdrawn from separate accounts | — | — | — | — | 581,656 | 581,656 | |||||||||||||||||||||||||||||||||||
Surplus notes accretion | — | 55 | — | — | — | 55 | |||||||||||||||||||||||||||||||||||
Change in surplus as a result of reinsurance | — | — | — | — | (174,256) | (174,256) | |||||||||||||||||||||||||||||||||||
Dividends to stockholders | — | — | — | — | (1,115,000) | (1,115,000) | |||||||||||||||||||||||||||||||||||
Change in special surplus funds | — | — | — | (22,586) | 22,586 | — | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2025 | $ | 13,800 | $ | 249,926 | $ | 2,711,221 | $ | 306,340 | $ | 1,494,438 | $ | 4,775,725 | |||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Cash from operations: | ||||||||||||||||||||
Operating receipts: | ||||||||||||||||||||
Premiums and annuity considerations | $ | 19,854,093 | $ | 17,621,056 | $ | 13,259,779 | ||||||||||||||
Net investment income | 2,440,817 | 2,176,417 | 2,489,559 | |||||||||||||||||
Other | 6,285,761 | 7,049,735 | 6,118,652 | |||||||||||||||||
Total cash received from operations | 28,580,671 | 26,847,208 | 21,867,990 | |||||||||||||||||
Operating disbursements: | ||||||||||||||||||||
Benefit payments | 38,106,212 | 34,137,141 | 24,164,287 | |||||||||||||||||
Commissions, general expenses and taxes | 3,707,349 | 3,385,238 | 2,951,813 | |||||||||||||||||
Net transfers to separate accounts | (16,902,312) | (15,658,543) | (6,861,123) | |||||||||||||||||
Federal income taxes | (111,676) | (20,811) | (22,120) | |||||||||||||||||
Total cash disbursed from operations | 24,799,573 | 21,843,025 | 20,232,857 | |||||||||||||||||
Net cash from operations | 3,781,098 | 5,004,183 | 1,635,133 | |||||||||||||||||
Cash from investments: | ||||||||||||||||||||
Proceeds from investments sold, matured, or repaid: | ||||||||||||||||||||
Bonds | 5,439,894 | 7,019,697 | 7,790,462 | |||||||||||||||||
Stocks | 71,060 | 327,270 | 239,491 | |||||||||||||||||
Mortgage loans | 1,595,267 | 1,789,952 | 2,077,633 | |||||||||||||||||
Real estate | 3,812 | 3,227 | 4,419 | |||||||||||||||||
Limited partnerships and other invested assets | 281,441 | (4,656,407) | (1,555,962) | |||||||||||||||||
Total investment proceeds | 7,391,474 | 4,483,739 | 8,556,043 | |||||||||||||||||
Cost of investments acquired: | ||||||||||||||||||||
Bonds | 5,270,121 | 2,906,947 | 2,828,856 | |||||||||||||||||
Stocks | 34,718 | 61,087 | 195,331 | |||||||||||||||||
Mortgage loans | 942,632 | 876,891 | 837,867 | |||||||||||||||||
Real estate | 1,454 | 3,926 | 2,263 | |||||||||||||||||
Limited partnerships and other invested assets | 980,419 | 991,756 | 2,352,696 | |||||||||||||||||
Total investments acquired | 7,229,344 | 4,840,607 | 6,217,013 | |||||||||||||||||
Net (increase) decrease in policy loans | (16,459) | 37,679 | (18,278) | |||||||||||||||||
Net cash from (used in) investments | 145,671 | (319,189) | 2,320,752 | |||||||||||||||||
Cash from financing and miscellaneous sources: | ||||||||||||||||||||
Cash provided (applied): | ||||||||||||||||||||
Paid in surplus | — | (1,720,900) | (150,000) | |||||||||||||||||
Borrowed funds | (705,039) | 444,961 | 244,961 | |||||||||||||||||
Net deposits on deposit-type contracts | 2,344,279 | (421,247) | (1,143,229) | |||||||||||||||||
Dividends to stockholders | 1,115,000 | 830,000 | 450,000 | |||||||||||||||||
Other | (2,842,720) | (2,204,051) | (4,551,649) | |||||||||||||||||
Net cash used in financing and miscellaneous sources | (2,318,480) | (4,731,237) | (6,049,917) | |||||||||||||||||
Net change in cash, cash equivalents and short-term investments | 1,608,289 | (46,243) | (2,094,032) | |||||||||||||||||
Cash, cash equivalents and short-term investments at beginning of year | 2,018,084 | 2,064,327 | 4,158,359 | |||||||||||||||||
Cash, cash equivalents and short-term investments at end of year | $ | 3,626,373 | $ | 2,018,084 | $ | 2,064,327 | ||||||||||||||
Cash flow information for non-cash transactions: | ||||||||||||||||||||
Debt and equity securities acquired from exchange transactions | $ | 193,996 | $ | 34,639 | $ | 446,817 | ||||||||||||||
Debt and equity securities disposed from exchange transactions | $ | 191,238 | $ | 27,916 | $ | 437,006 | ||||||||||||||
Non-cash financial assets transferred to parent | $ | — | $ | 198,934 | $ | — | ||||||||||||||
Non-cash financial assets transferred to subsidiary | $ | 2,546,244 | $ | 10,845 | $ | 8,156 | ||||||||||||||
Non-cash financial assets transferred to separate account | $ | — | $ | 335,962 | $ | 222,116 | ||||||||||||||
Non-cash financial assets transferred to affiliate | $ | — | $ | 419,003 | $ | — | ||||||||||||||
Non-cash financial assets transferred from separate account | $ | — | $ | 251,749 | $ | — | ||||||||||||||
Bonds transferred from D-1 to BA-1 | $ | 49,814 | $ | — | $ | — | ||||||||||||||
Other invested assets acquired from change in SSAP No. 21 | $ | 33,187 | $ | — | $ | — | ||||||||||||||
Other invested assets disposed from change in SSAP No. 21 | $ | 30,473 | $ | — | $ | — | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Net income (loss), as stated herein | $ | 1,589.5 | $ | 277.6 | $ | (121.7) | ||||||||||||||
Adjustments - prescribed practices: | ||||||||||||||||||||
Valuation of Life Insurance Policies Model Regulation (XXX): | ||||||||||||||||||||
Decrease in aggregate reserves for life and accident | ||||||||||||||||||||
and health policies and contracts | 0.9 | 0.4 | 0.4 | |||||||||||||||||
Actuarial Guideline 35: | ||||||||||||||||||||
Decrease/(increase) in aggregate reserves for life and | ||||||||||||||||||||
accident and health policies and contracts | 33.8 | (16.1) | (11.1) | |||||||||||||||||
Prescribed practices adjustment | 34.7 | (15.7) | (10.7) | |||||||||||||||||
Tax effect of prescribed practice differences | — | — | — | |||||||||||||||||
Net income (loss), NAIC SAP | $ | 1,624.2 | $ | 261.9 | $ | (132.4) | ||||||||||||||
December 31, | |||||||||||||||||
2025 | 2024 | ||||||||||||||||
Statutory Capital and Surplus, as stated herein | $ | 4,775.7 | $ | 4,404.0 | |||||||||||||
Adjustments - prescribed practices: | |||||||||||||||||
Aggregate reserve for life policies and contracts | |||||||||||||||||
Valuation of Life Insurance Policies Model Regulation (XXX): | |||||||||||||||||
Reserve per Michigan basis | 5.2 | 5.8 | |||||||||||||||
Reserve per NAIC SAP | 13.7 | 15.2 | |||||||||||||||
Model Regulation (XXX) adjustment | (8.5) | (9.4) | |||||||||||||||
Actuarial Guideline 35: | |||||||||||||||||
Reserve per Michigan basis | 675.3 | 567.9 | |||||||||||||||
Reserve per NAIC SAP | 695.0 | 621.4 | |||||||||||||||
Actuarial Guideline 35 adjustment | (19.7) | (53.5) | |||||||||||||||
Tax effect of prescribed practice differences | 5.4 | 0.2 | |||||||||||||||
Net impact of prescribed practices | (22.8) | (62.7) | |||||||||||||||
Statutory capital and surplus, NAIC SAP | $ | 4,752.9 | $ | 4,341.3 | |||||||||||||
BACV at 12/31/2024 | |||||||||||||||||
General Account | Separate Account | ||||||||||||||||
Securities reclassified off Schedule D-1 | $ | 49,814 | $ | 8,014 | |||||||||||||
Securities reclassified off Schedule D-1 that resulted in a change in measurement basis | |||||||||||||||||
BACV at 12/31/24 | 19,105 | — | |||||||||||||||
BACV after transition | 16,921 | — | |||||||||||||||
Aggregate surplus impact | (2,184) | — | |||||||||||||||
Securities reclassified off Schedule DA | $ | — | $ | 44,011 | |||||||||||||
December 31, | |||||||||||
2025 | 2024 | ||||||||||
Membership Stock - Class A | $ | — | $ | — | |||||||
Membership Stock - Class B | $ | 5,000 | $ | 5,000 | |||||||
Activity Stock | $ | 79,784 | $ | 115,785 | |||||||
Excess Stock | $ | 33,786 | $ | 6,583 | |||||||
Aggregate Total | $ | 118,570 | $ | 127,368 | |||||||
Actual or estimated borrowing capacity as determined by the insurer | $ | 2,634,869 | $ | 2,830,411 | |||||||
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, 2025 | $ | 2,746,437 | $ | 2,850,615 | $ | 1,884,080 | |||||
December 31, 2024 | $ | 4,006,833 | $ | 4,316,724 | $ | 2,684,120 | |||||
Maximum Amount Pledged During Reporting Period | |||||||||||
Aggregate Total | |||||||||||
Fair Value | Carrying Value | Borrowing | |||||||||
Period ended December 31, 2025 | $ | 3,710,937 | $ | 3,992,826 | $ | 2,764,120 | |||||
Period ended December 31, 2024 | $ | 4,006,833 | $ | 4,316,724 | $ | 2,684,120 | |||||
General Account | Funding Agreements Reserves Established | |||||||
December 31, 2025 | ||||||||
Debt | ||||||||
Short-term | $ | — | XXX | |||||
Long-term | 47,105 | XXX | ||||||
Funding Agreements | 1,836,975 | $ | 1,836,975 | |||||
Aggregate Total | $ | 1,884,080 | $ | 1,836,975 | ||||
December 31, 2024 | ||||||||
Debt | ||||||||
Short-term | $ | 700,000 | XXX | |||||
Long-term | 52,145 | XXX | ||||||
Funding Agreements | 1,931,975 | $ | 1,931,975 | |||||
Aggregate Total | $ | 2,684,120 | $ | 1,931,975 | ||||
General Account | |||||
Debt | $ | 832,145 | |||
Funding Agreements | 1,931,975 | ||||
Aggregate Total | $ | 2,764,120 | |||
(1) | Net negative (disallowed) IMR | |||||||||||||||||||
Total | General Account | Insulated Separate Account | Non-Insulated Separate Account | |||||||||||||||||
2025 | $ | 312,236 | $ | 306,340 | $ | — | $ | 5,896 | ||||||||||||
2024 | $ | 344,022 | $ | 341,903 | $ | — | $ | 2,119 | ||||||||||||
(2) | Negative (disallowed) IMR admitted | |||||||||||||||||||
Total | General Account | Insulated Separate Account | Non-Insulated Separate Account | |||||||||||||||||
2025 | $ | 312,236 | $ | 306,340 | $ | — | $ | 5,896 | ||||||||||||
2024 | $ | 328,926 | $ | 328,926 | $ | — | $ | — | ||||||||||||
(3) | Calculated adjusted capital and surplus | Total | |||||||||||||||
2025 | 2024 | ||||||||||||||||
Prior period general account capital & surplus from 9/30 SAP financials | $ | 4,860,038 | $ | 4,154,150 | |||||||||||||
EDP equipment & operating system software (admitted) | 5,888 | 3,038 | |||||||||||||||
Net DTAs (admitted) | 633,150 | 541,449 | |||||||||||||||
Net negative (disallowed) IMR (admitted) | 325,558 | 320,407 | |||||||||||||||
Adjusted capital & surplus | $ | 3,895,442 | $ | 3,289,256 | |||||||||||||
(4) | Percentage of adjusted capital and surplus | Total | |||||||||||||||
2025 | 2024 | ||||||||||||||||
Percentage of total net negative (disallowed) IMR admitted in general account or recognized in separate account to adjusted capital surplus | 8.0 | % | 10.0 | % | |||||||||||||
Interest Income Due and Accrued | Amount | |||||||
Gross | $ | 559,155 | ||||||
Nonadmitted | $ | 795 | ||||||
Admitted | $ | 558,360 | ||||||
December 31, 2025 | |||||||||||||||||||||||||||||
Net Asset | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Value (NAV) | Total | |||||||||||||||||||||||||
Assets at fair value: | |||||||||||||||||||||||||||||
Bonds: | |||||||||||||||||||||||||||||
Issuer credit obligations | $ | — | $ | 797 | $ | 716 | $ | — | $ | 1,513 | |||||||||||||||||||
Asset-backed securities | — | 5,663 | 31,896 | — | 37,559 | ||||||||||||||||||||||||
Preferred stock | — | 129,703 | — | — | 129,703 | ||||||||||||||||||||||||
Common stock | 118,586 | 20,536 | 1,139 | — | 140,261 | ||||||||||||||||||||||||
Subtotal | 118,586 | 156,699 | 33,751 | — | 309,036 | ||||||||||||||||||||||||
Limited partnership interests | — | — | 11,081 | 2,260,617 | 2,271,698 | ||||||||||||||||||||||||
Other invested assets | — | 3,628 | 15,520 | — | 19,148 | ||||||||||||||||||||||||
Derivatives | — | 198,623 | — | — | 198,623 | ||||||||||||||||||||||||
Separate account assets | — | 218,806,543 | — | — | 218,806,543 | ||||||||||||||||||||||||
Total assets at fair value | $ | 118,586 | $ | 219,165,493 | $ | 60,352 | $ | 2,260,617 | $ | 221,605,048 | |||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||
Net Asset | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Value (NAV) | Total | |||||||||||||||||||||||||
Assets at fair value: | |||||||||||||||||||||||||||||
Bonds: | |||||||||||||||||||||||||||||
Corporate | $ | — | $ | 1,831 | $ | 947 | $ | — | $ | 2,778 | |||||||||||||||||||
Residential mortgage-backed securities | — | 14 | — | — | 14 | ||||||||||||||||||||||||
Preferred stock | — | 149,141 | — | — | 149,141 | ||||||||||||||||||||||||
Common stock | 127,381 | 28,566 | 1,136 | — | 157,083 | ||||||||||||||||||||||||
Subtotal | 127,381 | 179,552 | 2,083 | — | 309,016 | ||||||||||||||||||||||||
Limited partnership interests | — | — | 10,147 | 2,212,228 | 2,222,375 | ||||||||||||||||||||||||
Other invested assets | — | — | 30,473 | — | 30,473 | ||||||||||||||||||||||||
Derivatives | — | (63,384) | — | — | (63,384) | ||||||||||||||||||||||||
Separate account assets | — | 212,215,798 | — | — | 212,215,798 | ||||||||||||||||||||||||
Total assets at fair value | $ | 127,381 | $ | 212,331,966 | $ | 42,703 | $ | 2,212,228 | $ | 214,714,278 | |||||||||||||||||||
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, | |||||||||||||||||
2025 | Level 3 | Level 3 | income | surplus | settlements | 2025 | |||||||||||||||||
Assets | |||||||||||||||||||||||
Issuer credit obligations | $ | 947 | $ | — | $ | — | $ | — | $ | — | $ | (231) | $ | 716 | |||||||||
Asset-backed securities | — | 49,000 | — | — | (17,104) | — | 31,896 | ||||||||||||||||
Common stock | 1,136 | — | — | — | 3 | — | 1,139 | ||||||||||||||||
Limited partnership interests | 10,147 | — | — | — | 934 | — | 11,081 | ||||||||||||||||
Other invested assets | 30,473 | — | — | — | (1,090) | (13,863) | 15,520 | ||||||||||||||||
Total | $ | 42,703 | $ | 49,000 | $ | — | $ | — | $ | (17,257) | $ | (14,094) | $ | 60,352 | |||||||||
Total gains | Purchases, | ||||||||||||||||||||||
Balance | and (losses) | Total gains | issuances, | Balance | |||||||||||||||||||
as of | Transfers | Transfers | included in | and (losses) | sales | as of | |||||||||||||||||
January 1, | in | out | net | included in | and | December 31, | |||||||||||||||||
2024 | Level 3 | Level 3 | income | surplus | settlements | 2024 | |||||||||||||||||
Assets | |||||||||||||||||||||||
Corporate bonds | $ | 947 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 947 | |||||||||
Common stock | 1,129 | — | — | — | 7 | — | 1,136 | ||||||||||||||||
Limited partnership interests | 7,278 | — | — | — | 2,869 | — | 10,147 | ||||||||||||||||
Other invested assets | 8,398 | 24,554 | (8,398) | — | (2,768) | 8,687 | 30,473 | ||||||||||||||||
Total | $ | 17,752 | $ | 24,554 | $ | (8,398) | $ | — | $ | 108 | $ | 8,687 | $ | 42,703 | |||||||||
December 31, 2025 | |||||||||||||||||
Purchases | Sales | Issuances | Settlements | Total | |||||||||||||
Assets | |||||||||||||||||
Issuer credit obligations | $ | 716 | $ | (947) | $ | — | $ | — | $ | (231) | |||||||
Other invested assets | 16,610 | (30,473) | — | — | (13,863) | ||||||||||||
Total | $ | 17,326 | $ | (31,420) | $ | — | $ | — | $ | (14,094) | |||||||
December 31, 2024 | |||||||||||||||||
Purchases | Sales | Issuances | Settlements | Total | |||||||||||||
Assets | |||||||||||||||||
Other invested assets | $ | 10,334 | $ | (1,647) | $ | — | $ | — | $ | 8,687 | |||||||
Total | $ | 10,334 | $ | (1,647) | $ | — | $ | — | $ | 8,687 | |||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
Description | Fair Value | Admitted Value | Level 1 | Level 2 | Level 3 | NAV | ||||||||||||||||||||||||||||||||
Assets at fair value: | ||||||||||||||||||||||||||||||||||||||
Issuer credit obligations | $ | 22,988,553 | $ | 25,866,319 | $ | 2,455,849 | $ | 20,239,769 | $ | 292,935 | $ | — | ||||||||||||||||||||||||||
Asset-backed securities | 4,313,168 | 4,432,576 | — | 4,145,235 | 167,933 | — | ||||||||||||||||||||||||||||||||
Preferred stock | 129,703 | 129,703 | — | 129,703 | — | — | ||||||||||||||||||||||||||||||||
Common stock | 140,261 | 140,261 | 118,586 | 20,536 | 1,139 | — | ||||||||||||||||||||||||||||||||
Mortgage loans | 8,262,450 | 8,675,742 | — | — | 8,262,450 | — | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 3,622,805 | 3,622,374 | 3,622,805 | — | — | — | ||||||||||||||||||||||||||||||||
Short-term investments | 4,000 | 3,999 | — | 4,000 | — | — | ||||||||||||||||||||||||||||||||
Policy loans | 4,220,100 | 4,220,100 | — | — | 4,220,100 | — | ||||||||||||||||||||||||||||||||
Derivatives | 198,623 | 198,623 | — | 198,623 | — | — | ||||||||||||||||||||||||||||||||
Limited partnership interests | 2,271,698 | 2,271,698 | — | — | 11,081 | 2,260,617 | ||||||||||||||||||||||||||||||||
Other invested assets | 312,065 | 355,198 | — | 195,892 | 68,476 | 47,697 | ||||||||||||||||||||||||||||||||
Securities lending assets | 22,969 | 22,969 | 22,969 | — | — | — | ||||||||||||||||||||||||||||||||
Separate account assets | 234,333,389 | 234,125,083 | — | 234,333,389 | — | — | ||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 280,819,784 | $ | 284,064,645 | $ | 6,220,209 | $ | 259,267,147 | $ | 13,024,114 | $ | 2,308,314 | ||||||||||||||||||||||||||
Liabilities at fair value: | ||||||||||||||||||||||||||||||||||||||
Liability for deposit-type contracts | $ | 11,313,902 | $ | 11,284,868 | $ | — | $ | — | $ | 11,313,902 | $ | — | ||||||||||||||||||||||||||
Payable for securities lending | 22,969 | 22,969 | — | 22,969 | — | — | ||||||||||||||||||||||||||||||||
Funds held under reinsurance treaties with unauthorized reinsurers | 3,721,905 | 3,721,372 | — | — | 3,721,905 | — | ||||||||||||||||||||||||||||||||
Funds held under coinsurance | 11,639,545 | 13,467,875 | — | — | 11,639,545 | — | ||||||||||||||||||||||||||||||||
Separate account liabilities | 235,808,216 | 234,125,083 | — | 235,808,216 | — | — | ||||||||||||||||||||||||||||||||
Repurchase agreements | 1,001,049 | 1,001,049 | — | 1,001,049 | — | — | ||||||||||||||||||||||||||||||||
Borrowed money and interest thereon | 47,192 | 47,192 | — | 47,192 | — | — | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 263,554,778 | $ | 263,670,408 | $ | — | $ | 236,879,426 | $ | 26,675,352 | $ | — | ||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Description | Fair Value | Admitted Value | Level 1 | Level 2 | Level 3 | NAV | ||||||||||||||||||||||||||||||||
Assets at fair value: | ||||||||||||||||||||||||||||||||||||||
Bonds | $ | 29,057,718 | $ | 33,162,492 | $ | 2,563,134 | $ | 25,657,792 | $ | 836,792 | $ | — | ||||||||||||||||||||||||||
Preferred stock | 149,258 | 149,164 | — | 149,258 | — | — | ||||||||||||||||||||||||||||||||
Common stock | 157,083 | 157,083 | 127,381 | 28,566 | 1,136 | — | ||||||||||||||||||||||||||||||||
Mortgage loans | 8,646,717 | 9,329,026 | — | — | 8,646,717 | — | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,965,198 | 1,964,737 | 1,965,198 | — | — | — | ||||||||||||||||||||||||||||||||
Short-term investments | 53,365 | 53,347 | 50,193 | — | 3,172 | — | ||||||||||||||||||||||||||||||||
Policy loans | 4,203,690 | 4,203,690 | — | — | 4,203,690 | — | ||||||||||||||||||||||||||||||||
Derivatives | (63,384) | (63,384) | — | (63,384) | — | — | ||||||||||||||||||||||||||||||||
Limited partnership interests | 2,222,375 | 2,212,228 | — | — | 10,147 | 2,212,228 | ||||||||||||||||||||||||||||||||
Other invested assets | 181,787 | 234,203 | — | 151,314 | 30,473 | — | ||||||||||||||||||||||||||||||||
Securities lending assets | 12,767 | 12,767 | 12,767 | — | — | — | ||||||||||||||||||||||||||||||||
Separate account assets | 221,505,865 | 221,589,231 | — | 221,505,865 | — | — | ||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 268,092,439 | $ | 273,004,584 | $ | 4,718,673 | $ | 247,429,411 | $ | 13,732,127 | $ | 2,212,228 | ||||||||||||||||||||||||||
Liabilities at fair value: | ||||||||||||||||||||||||||||||||||||||
Liability for deposit-type contracts | $ | 8,562,670 | $ | 8,940,589 | $ | — | $ | — | $ | 8,562,670 | $ | — | ||||||||||||||||||||||||||
Payable for securities lending | 12,767 | 12,767 | — | 12,767 | — | — | ||||||||||||||||||||||||||||||||
Funds held under reinsurance treaties with unauthorized reinsurers | 3,665,682 | 3,666,057 | — | — | 3,665,682 | — | ||||||||||||||||||||||||||||||||
Funds held under coinsurance | 13,423,703 | 15,697,595 | — | — | 13,423,703 | — | ||||||||||||||||||||||||||||||||
Separate account liabilities | 222,079,702 | 221,589,231 | — | 222,079,702 | — | — | ||||||||||||||||||||||||||||||||
Repurchase agreements | 1,540,396 | 1,540,396 | — | 1,540,396 | — | — | ||||||||||||||||||||||||||||||||
Borrowed money and interest thereon | 752,432 | 752,432 | — | 752,432 | — | — | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 250,037,352 | $ | 252,199,067 | $ | — | $ | 224,385,297 | $ | 25,652,055 | $ | — | ||||||||||||||||||||||||||
December 31, | |||||||||||
2025 | |||||||||||
U.S. government obligations | $ | 107,789 | |||||||||
Other U.S. government obligations | 20,323 | ||||||||||
Non-U.S. sovereign jurisdiction | 334,077 | ||||||||||
Municipal bonds - special revenues | 116,473 | ||||||||||
Project finance bonds issued by operating entities | 240,353 | ||||||||||
Corporate bonds | 6,401,756 | ||||||||||
Mandatory convertible bonds | 716 | ||||||||||
Single entity backed obligations | 467,801 | ||||||||||
Bonds issued by funds representing operating entities | 702,782 | ||||||||||
Bank loans - acquired | 623 | ||||||||||
Agency RMBS - guaranteed | 1,563 | ||||||||||
Agency RMBS - not guaranteed | 7,497 | ||||||||||
Agency CMBS - guaranteed | 11,541 | ||||||||||
Non-agency CMBS | 296,485 | ||||||||||
Non-agency RMBS | 243,609 | ||||||||||
Non-agency CLOs/CBOs/CDOs | 214,864 | ||||||||||
Other financial asset-backed securities | 258,931 | ||||||||||
Other non-financial asset-backed securities - practical expedient | 69,898 | ||||||||||
Other non-financial asset-backed securities - full analysis | 155,574 | ||||||||||
Lease-backed securities - full analysis | 19,890 | ||||||||||
Lease-backed securities - practical expedient | 100,546 | ||||||||||
Debt Securities* | 9,773,091 | ||||||||||
Common stocks | 188 | ||||||||||
Preferred stocks | 88,005 | ||||||||||
Equity securities | 88,193 | ||||||||||
Limited partnerships | 692,197 | ||||||||||
Other invested assets | 256,824 | ||||||||||
Commercial mortgage loans | 1,798,689 | ||||||||||
Residential mortgage loans | 643,997 | ||||||||||
Mortgage loans | 2,442,686 | ||||||||||
Policy loans | 3,547,564 | ||||||||||
Cross currency swaps | 9,992 | ||||||||||
Cross currency forwards | (14,166) | ||||||||||
Derivative instruments, net | (4,174) | ||||||||||
Cash, cash equivalents and short-term | 281,401 | ||||||||||
Accrued investment income | 95,250 | ||||||||||
Other assets and liabilities, net | 16,215 | ||||||||||
Total funds withheld assets | $ | 17,189,247 | |||||||||
*Includes $109.0 million of debt securities which are included in cash, cash equivalents and short-term investments on the balance sheet to be consistent with the following debt securities table. | |||||||||||
December 31, | ||||||||
2024 | ||||||||
Government | $ | 670,838 | ||||||
Special revenue | 68,078 | |||||||
Industrial and miscellaneous | 8,783,258 | |||||||
Residential mortgage-backed | 115,224 | |||||||
Commercial mortgage-backed | 288,704 | |||||||
Other asset-backed | 1,402,266 | |||||||
Debt Securities* | 11,328,368 | |||||||
Common stocks | 186 | |||||||
Preferred stocks | 125,057 | |||||||
Equity securities | 125,243 | |||||||
Limited partnerships | 763,249 | |||||||
Other invested assets | 172,572 | |||||||
Commercial mortgage loans | 2,195,170 | |||||||
Residential mortgage loans | 888,822 | |||||||
Mortgage loans | 3,083,992 | |||||||
Policy loans | 3,501,298 | |||||||
Cross currency swaps | 17,470 | |||||||
Cross currency forwards | 27,983 | |||||||
Derivative instruments, net | 45,453 | |||||||
Cash, cash equivalents and short-term | 233,717 | |||||||
Accrued investment income | 116,947 | |||||||
Other assets and liabilities, net | (7,187) | |||||||
Total funds withheld assets | $ | 19,363,652 | ||||||
*Includes $99.0 million of debt securities which are included in cash, cash equivalents and short-term investments on the balance sheet to be consistent with the following debt securities table. | ||||||||
Cost or | Gross | Gross | Estimated | Book/Adjusted | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||||||||||||||||||
December 31, 2025 | Cost | Gains | Losses | Value | Value | |||||||||||||||||||||||||||
U.S. government obligations | $ | 4,738,369 | $ | 4,744 | $ | 772,037 | $ | 3,971,076 | $ | 4,738,369 | ||||||||||||||||||||||
Other U.S. government obligations | 117,150 | 1,701 | 4,021 | 114,830 | 117,150 | |||||||||||||||||||||||||||
Non-U.S. sovereign jurisdiction | 463,270 | 1,357 | 101,273 | 363,354 | 462,978 | |||||||||||||||||||||||||||
Municipal bonds - general obligation | 85,384 | — | 6,098 | 79,286 | 85,384 | |||||||||||||||||||||||||||
Municipal bonds -special revenues | 411,457 | 132 | 58,474 | 353,115 | 411,457 | |||||||||||||||||||||||||||
Project finance bonds issued by operating entities | 995,239 | 10,139 | 95,469 | 909,909 | 999,889 | |||||||||||||||||||||||||||
Corporate bonds | 18,036,787 | 186,606 | 1,859,427 | 16,363,966 | 18,008,527 | |||||||||||||||||||||||||||
Mandatory convertible bonds | 731 | — | 15 | 716 | 716 | |||||||||||||||||||||||||||
Single entity backed obligations | 1,342,869 | 4,471 | 143,027 | 1,204,313 | 1,342,913 | |||||||||||||||||||||||||||
Bonds issued by funds representing operating entities | 1,213,460 | 6,709 | 75,565 | 1,144,604 | 1,215,112 | |||||||||||||||||||||||||||
Bank loans - acquired | 623 | — | 11 | 612 | 623 | |||||||||||||||||||||||||||
Other issuer credit obligations | 1,996 | 4 | — | 2,000 | 1,996 | |||||||||||||||||||||||||||
Total issuer credit obligations | 27,407,335 | 215,863 | 3,115,417 | 24,507,781 | 27,385,114 | |||||||||||||||||||||||||||
Agency RMBS - guaranteed | 35,079 | 224 | 2,236 | 33,067 | 35,079 | |||||||||||||||||||||||||||
Agency RMBS - not guaranteed | 98,143 | 1,312 | 5,772 | 93,683 | 98,143 | |||||||||||||||||||||||||||
Agency CMBS - guaranteed | 17,752 | — | 1,038 | 16,714 | 17,752 | |||||||||||||||||||||||||||
Non-agency RMBS | 263,521 | 21,815 | 13,584 | 271,752 | 261,510 | |||||||||||||||||||||||||||
Non-agency CMBS | 1,259,098 | 4,928 | 46,031 | 1,217,995 | 1,259,098 | |||||||||||||||||||||||||||
Non-agency CLOs/CBOs/CDOs | 618,151 | 656 | 7,298 | 611,509 | 616,489 | |||||||||||||||||||||||||||
Non-agency CLOs/CBOs/CDOs - affiliated | 11,652 | 4 | 33 | 11,623 | 11,652 | |||||||||||||||||||||||||||
Other financial asset-backed securities | 981,669 | 3,283 | 66,397 | 918,555 | 978,778 | |||||||||||||||||||||||||||
Other non-financial asset-backed securities - practical expedient | 246,873 | 1,437 | 18,566 | 229,744 | 237,801 | |||||||||||||||||||||||||||
Other non-financial asset-backed securities - full analysis | 476,121 | 5,403 | 5,637 | 475,887 | 476,121 | |||||||||||||||||||||||||||
Leased-backed securities - practical expedient | 175,981 | 353 | 9,514 | 166,820 | 175,981 | |||||||||||||||||||||||||||
Leased-backed securities - full analysis | 264,172 | 2,943 | 1,296 | 265,819 | 264,172 | |||||||||||||||||||||||||||
Total asset-backed securities | 4,448,212 | 42,358 | 177,402 | 4,313,168 | 4,432,576 | |||||||||||||||||||||||||||
Total debt securities | 31,855,547 | 258,221 | 3,292,819 | 28,820,949 | 31,817,690 | |||||||||||||||||||||||||||
Common and preferred stock | 292,681 | 4,937 | 27,654 | 269,964 | 269,964 | |||||||||||||||||||||||||||
Total securities | $ | 32,148,228 | $ | 263,158 | $ | 3,320,473 | $ | 29,090,913 | $ | 32,087,654 | ||||||||||||||||||||||
Total debt securities are reported on the balance sheet as: | ||||||||||||||||||||||||||||||||
Bonds | $ | 30,298,895 | ||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | $ | 1,518,795 | ||||||||||||||||||||||||||||||
$ | 31,817,690 | |||||||||||||||||||||||||||||||
Cost or | Gross | Gross | Estimated | Book/Adjusted | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||||||||||||||||||
December 31, 2024 | Cost | Gains | Losses | Value | Value | |||||||||||||||||||||||||||
Governments | $ | 5,919,657 | $ | 4,581 | $ | 1,098,616 | $ | 4,825,622 | $ | 5,919,027 | ||||||||||||||||||||||
Special revenue and special assessment | 120,873 | 507 | 10,523 | 110,857 | 120,873 | |||||||||||||||||||||||||||
Industrial and miscellaneous | 23,900,086 | 108,109 | 2,939,882 | 21,068,313 | 23,816,884 | |||||||||||||||||||||||||||
Residential mortgage-backed | 295,454 | 25,967 | 30,205 | 291,216 | 294,853 | |||||||||||||||||||||||||||
Commercial mortgage-backed | 1,326,874 | 2,013 | 87,547 | 1,241,340 | 1,326,874 | |||||||||||||||||||||||||||
Other asset-backed | 2,991,972 | 3,399 | 183,839 | 2,811,532 | 2,974,664 | |||||||||||||||||||||||||||
Total debt securities | 34,554,916 | 144,576 | 4,350,612 | 30,348,880 | 34,453,175 | |||||||||||||||||||||||||||
Common and preferred stock | 328,335 | 4,828 | 26,822 | 306,341 | 306,247 | |||||||||||||||||||||||||||
Total securities | $ | 34,883,251 | $ | 149,404 | $ | 4,377,434 | $ | 30,655,221 | $ | 34,759,422 | ||||||||||||||||||||||
Total debt securities are reported on the balance sheet as: | ||||||||||||||||||||||||||||||||
Bonds | $ | 33,162,492 | ||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | $ | 1,290,683 | ||||||||||||||||||||||||||||||
$ | 34,453,175 | |||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Gross | Estimated | Gross | Estimated | Gross | Estimated | |||||||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||||||||||
December 31, 2025 | Losses | Value | Losses | Value | Losses | Value | ||||||||||||||||||||||||||||||||
U.S. government obligations | $ | 2,106 | $ | 114,571 | $ | 769,931 | $ | 2,059,723 | $ | 772,037 | $ | 2,174,294 | ||||||||||||||||||||||||||
Other U.S. government obligations | 548 | 27,724 | 3,473 | 36,127 | 4,021 | 63,851 | ||||||||||||||||||||||||||||||||
Non-U.S. sovereign jurisdiction | 319 | 27,294 | 100,954 | 271,217 | 101,273 | 298,511 | ||||||||||||||||||||||||||||||||
Municipal bonds - general obligations | — | — | 6,098 | 79,286 | 6,098 | 79,286 | ||||||||||||||||||||||||||||||||
Municipal bonds - special revenues | 921 | 12,875 | 57,553 | 331,302 | 58,474 | 344,177 | ||||||||||||||||||||||||||||||||
Project finance bonds issued by operating entities | 131 | 22,150 | 95,338 | 604,177 | 95,469 | 626,327 | ||||||||||||||||||||||||||||||||
Corporate bonds | 7,860 | 544,805 | 1,851,567 | 10,405,130 | 1,859,427 | 10,949,935 | ||||||||||||||||||||||||||||||||
Mandatory convertible bonds | 15 | 716 | — | — | 15 | 716 | ||||||||||||||||||||||||||||||||
Single entity backed obligations | — | — | 143,027 | 1,052,529 | 143,027 | 1,052,529 | ||||||||||||||||||||||||||||||||
Bonds issued by funds representing operating entities | 70 | 22,758 | 75,495 | 750,797 | 75,565 | 773,555 | ||||||||||||||||||||||||||||||||
Bank loans - acquired | — | — | 11 | 612 | 11 | 612 | ||||||||||||||||||||||||||||||||
Total issuer credit obligations | 11,970 | 772,893 | 3,103,447 | 15,590,900 | 3,115,417 | 16,363,793 | ||||||||||||||||||||||||||||||||
Agency RMBS - guaranteed | 2 | 1,493 | 2,234 | 17,508 | 2,236 | 19,001 | ||||||||||||||||||||||||||||||||
Agency RMBS - not guaranteed | — | 2,015 | 5,772 | 42,869 | 5,772 | 44,884 | ||||||||||||||||||||||||||||||||
Agency CMBS - guaranteed | — | — | 1,038 | 16,714 | 1,038 | 16,714 | ||||||||||||||||||||||||||||||||
Non-Agency RMBS | 1,855 | 38,728 | 11,729 | 68,145 | 13,584 | 106,873 | ||||||||||||||||||||||||||||||||
Non-Agency CMBS | 499 | 107,510 | 45,532 | 639,822 | 46,031 | 747,332 | ||||||||||||||||||||||||||||||||
Non-Agency CLOs/CBOs/CDOs | 321 | 91,907 | 6,977 | 163,934 | 7,298 | 255,841 | ||||||||||||||||||||||||||||||||
Non-Agency CLOs/CBOs/CDOs - affiliated | 33 | 1,197 | — | — | 33 | 1,197 | ||||||||||||||||||||||||||||||||
Other financial asset backed securities | 846 | 69,201 | 65,551 | 505,502 | 66,397 | 574,703 | ||||||||||||||||||||||||||||||||
Other non-financial asset-backed securities - practical expedient | 9,107 | 41,173 | 9,459 | 93,900 | 18,566 | 135,073 | ||||||||||||||||||||||||||||||||
Other non-financial asset-backed securities - full analysis | 138 | 39,646 | 5,499 | 127,397 | 5,637 | 167,043 | ||||||||||||||||||||||||||||||||
Lease-backed securities - practical expedient | — | — | 9,514 | 134,465 | 9,514 | 134,465 | ||||||||||||||||||||||||||||||||
Lease-backed securities - full analysis | 206 | 31,193 | 1,090 | 30,756 | 1,296 | 61,949 | ||||||||||||||||||||||||||||||||
Total asset-backed securities | 13,007 | 424,063 | 164,395 | 1,841,012 | 177,402 | 2,265,075 | ||||||||||||||||||||||||||||||||
Total debt securities | 24,977 | 1,196,956 | 3,267,842 | 17,431,912 | 3,292,819 | 18,628,868 | ||||||||||||||||||||||||||||||||
Common and preferred stock | 219 | 17,781 | 27,435 | 106,406 | 27,654 | 124,187 | ||||||||||||||||||||||||||||||||
Total securities | $ | 25,196 | $ | 1,214,737 | $ | 3,295,277 | $ | 17,538,318 | $ | 3,320,473 | $ | 18,753,055 | ||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Gross | Estimated | Gross | Estimated | Gross | Estimated | |||||||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||||||||||
December 31, 2024 | Losses | Value | Losses | Value | Losses | Value | ||||||||||||||||||||||||||||||||
Governments | $ | 14,093 | $ | 400,269 | $ | 1,084,523 | $ | 2,823,437 | $ | 1,098,616 | $ | 3,223,706 | ||||||||||||||||||||||||||
Special revenue | 71 | 8,498 | 10,452 | 90,267 | 10,523 | 98,765 | ||||||||||||||||||||||||||||||||
Industrial and miscellaneous | 86,548 | 2,869,737 | 2,853,334 | 15,563,339 | 2,939,882 | 18,433,076 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,067 | 66,157 | 29,138 | 152,375 | 30,205 | 218,532 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 12,040 | 154,259 | 75,507 | 901,187 | 87,547 | 1,055,446 | ||||||||||||||||||||||||||||||||
Other asset-backed | 5,014 | 349,691 | 178,825 | 1,551,827 | 183,839 | 1,901,518 | ||||||||||||||||||||||||||||||||
Total debt securities | 118,833 | 3,848,611 | 4,231,779 | 21,082,432 | 4,350,612 | 24,931,043 | ||||||||||||||||||||||||||||||||
Common and preferred stock | 750 | 20,261 | 26,072 | 128,283 | 26,822 | 148,544 | ||||||||||||||||||||||||||||||||
Total temporarily impaired | ||||||||||||||||||||||||||||||||||||||
securities | $ | 119,583 | $ | 3,868,872 | $ | 4,257,851 | $ | 21,210,715 | $ | 4,377,434 | $ | 25,079,587 | ||||||||||||||||||||||||||
Gross | Gross | Estimated | Book/Adjusted | |||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||||||||||||||||||
December 31, 2025 | Cost | Gains | Losses | Value | Value | |||||||||||||||||||||||||||
Prime | $ | 237,229 | $ | 2,203 | $ | 11,766 | $ | 227,666 | $ | 236,348 | ||||||||||||||||||||||
Alt-A | 21,210 | 14,955 | 1,797 | 34,368 | 20,080 | |||||||||||||||||||||||||||
Subprime | 5,082 | 4,657 | 21 | 9,718 | 5,082 | |||||||||||||||||||||||||||
Total non-agency RMBS | $ | 263,521 | $ | 21,815 | $ | 13,584 | $ | 271,752 | $ | 261,510 | ||||||||||||||||||||||
Gross | Gross | Estimated | Book/Adjusted | |||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||||||||||||||||||
December 31, 2024 | Cost | Gains | Losses | Value | Value | |||||||||||||||||||||||||||
Prime | $ | 94,843 | $ | 2,199 | $ | 13,994 | $ | 83,048 | $ | 94,554 | ||||||||||||||||||||||
Alt-A | 28,586 | 18,888 | 1,754 | 45,720 | 28,274 | |||||||||||||||||||||||||||
Subprime | 3,125 | 4,440 | 19 | 7,546 | 3,125 | |||||||||||||||||||||||||||
Total non-agency RMBS | $ | 126,554 | $ | 25,527 | $ | 15,767 | $ | 136,314 | $ | 125,953 | ||||||||||||||||||||||
Book/ | ||||||||||||||||||||||||||||||||
Gross | Gross | Estimated | Adjusted | |||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||||||||||||||||||
Maturity distribution | Cost | Gains | Losses | Value | Value | |||||||||||||||||||||||||||
Due in 1 year or less | $ | 2,602,085 | $ | 1,746 | $ | 3,261 | $ | 2,600,570 | $ | 2,602,075 | ||||||||||||||||||||||
Due after 1 year through 5 years | 7,695,065 | 65,190 | 267,481 | 7,492,774 | 7,663,449 | |||||||||||||||||||||||||||
Due after 5 years through 10 years | 4,391,199 | 75,552 | 229,582 | 4,237,169 | 4,403,083 | |||||||||||||||||||||||||||
Due after 10 years through 20 years | 7,594,849 | 67,640 | 1,205,959 | 6,456,530 | 7,592,166 | |||||||||||||||||||||||||||
Due after 20 years | 5,124,137 | 5,735 | 1,409,134 | 3,720,738 | 5,124,341 | |||||||||||||||||||||||||||
Asset-backed securities | 4,448,212 | 42,358 | 177,402 | 4,313,168 | 4,432,576 | |||||||||||||||||||||||||||
Total debt securities | $ | 31,855,547 | $ | 258,221 | $ | 3,292,819 | $ | 28,820,949 | $ | 31,817,690 | ||||||||||||||||||||||
Gross | Gross | Estimated | Book/Adjusted | |||||||||||||||||||||||||||||
Quality category per | Amortized | Unrealized | Unrealized | Fair | Carrying | |||||||||||||||||||||||||||
NAIC designation | Cost | Gains | Losses | Value | Value | |||||||||||||||||||||||||||
Class 1 | $ | 19,914,446 | $ | 144,803 | $ | 2,165,253 | $ | 17,893,996 | $ | 19,875,201 | ||||||||||||||||||||||
Class 2 | 11,495,513 | 109,170 | 1,087,809 | 10,516,874 | 11,506,001 | |||||||||||||||||||||||||||
Class 3 | 330,606 | 3,261 | 24,721 | 309,146 | 330,606 | |||||||||||||||||||||||||||
Class 4 | 31,293 | 692 | 1,917 | 30,068 | 31,293 | |||||||||||||||||||||||||||
Class 5 | 23,293 | 273 | 4,019 | 19,547 | 23,293 | |||||||||||||||||||||||||||
Class 6 | 60,396 | 22 | 9,100 | 51,318 | 51,296 | |||||||||||||||||||||||||||
Total debt securities | $ | 31,855,547 | $ | 258,221 | $ | 3,292,819 | $ | 28,820,949 | $ | 31,817,690 | ||||||||||||||||||||||
2025 | ||||||||
Corporate bonds | $ | 233 | ||||||
Non-agency RMBS | 1,309 | |||||||
Non-agency CMBS | 1,394 | |||||||
Other financial asset-backed securities | 47,562 | |||||||
Other non-financial asset-backed securities - practical expedient | 6,455 | |||||||
Limited partnership interests | 11,041 | |||||||
Mortgage loans | 13,671 | |||||||
Real estate | 6,751 | |||||||
Residual tranches | 26,680 | |||||||
Total other-than-temporary impairment charges | $ | 115,096 | ||||||
2024 | 2023 | |||||||||||||
Residential mortgage-backed securities: | ||||||||||||||
Prime | $ | 1,183 | $ | 1,193 | ||||||||||
Alt-A | 1,325 | 1,194 | ||||||||||||
Subprime | 117 | 126 | ||||||||||||
Industrial and miscellaneous | 1,306 | 53,097 | ||||||||||||
Governments | — | 2,076 | ||||||||||||
Commercial mortgage backed securities | — | 8,773 | ||||||||||||
Asset-backed securities | 27,116 | 41 | ||||||||||||
Common stock | — | 5,006 | ||||||||||||
Limited partnership interests | 3,228 | 10,632 | ||||||||||||
Mortgage loans | 13,278 | 66,000 | ||||||||||||
Other | 691 | — | ||||||||||||
Total other-than-temporary impairment charges | $ | 48,244 | $ | 148,138 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Sales of bonds: | ||||||||||||||||||||
Gross gains | $ | 47,435 | $ | 33,056 | $ | 78,348 | ||||||||||||||
Gross losses | (185,285) | (198,190) | (553,444) | |||||||||||||||||
Sales of stocks: | ||||||||||||||||||||
Gross gains | 1,020 | 2,068 | 387 | |||||||||||||||||
Gross losses | (332) | (9,427) | (28,547) | |||||||||||||||||
Derivative instruments | 18,739 | (1,312,857) | (3,816,256) | |||||||||||||||||
Mortgage loans on real estate | (2,149) | (11,486) | (29,238) | |||||||||||||||||
Other assets | 167,936 | 110,307 | 493,064 | |||||||||||||||||
Other-than-temporary impairment losses | (115,096) | (48,244) | (148,138) | |||||||||||||||||
Net realized losses | $ | (67,732) | $ | (1,434,773) | $ | (4,003,824) | ||||||||||||||
Net losses allocated to IMR | $ | (76,534) | $ | (99,972) | $ | (1,518,401) | ||||||||||||||
Net losses allocated to AVR | (16,493) | (380,537) | (2,485,423) | |||||||||||||||||
Net losses unallocated | 25,295 | (954,264) | — | |||||||||||||||||
Net realized losses | $ | (67,732) | $ | (1,434,773) | $ | (4,003,824) | ||||||||||||||
Net losses allocated to AVR | $ | (16,493) | $ | (380,537) | $ | (2,485,423) | ||||||||||||||
Net losses unallocated | 25,295 | (954,264) | — | |||||||||||||||||
Tax benefit | (37,259) | 250,732 | 545,555 | |||||||||||||||||
Reported net realized losses | $ | (28,457) | $ | (1,084,069) | $ | (1,939,868) | ||||||||||||||
Residential | Commercial | ||||||||||||||||||||||
Farm | Insured | All Other | Insured | All Other | Mezzanine | Total | |||||||||||||||||
2025 | |||||||||||||||||||||||
1. Recorded investment (All) | |||||||||||||||||||||||
(a) Current | $ | — | $ | 56 | $ | 728 | $ | — | $ | 7,523 | $ | 108 | $ | 8,416 | |||||||||
(b) 30-59 days past due | — | 12 | 34 | — | — | — | 46 | ||||||||||||||||
(c) 60-89 days past due | — | 8 | 15 | — | — | — | 23 | ||||||||||||||||
(d) 90-179 days past due | — | 8 | 11 | — | — | — | 19 | ||||||||||||||||
(e) 180+ days past due | — | 8 | 55 | — | 109 | — | 172 | ||||||||||||||||
2. Accruing interest 90-179 | |||||||||||||||||||||||
days past due | |||||||||||||||||||||||
(a) Recorded investment | $ | — | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | 8 | |||||||||
(b) Interest accrued | — | — | — | — | — | — | — | ||||||||||||||||
3. Accruing interest 180+ | |||||||||||||||||||||||
days past due | |||||||||||||||||||||||
(a) Recorded investment | $ | — | $ | 8 | $ | — | $ | — | $ | — | $ | — | $ | 8 | |||||||||
(b) Interest accrued | — | 1 | — | — | — | — | 1 | ||||||||||||||||
4. Interest reduced | |||||||||||||||||||||||
(a) Recorded investment | $ | — | $ | — | $ | 175 | $ | — | $ | — | $ | — | $ | 175 | |||||||||
(b) Number of loans | — | — | 319 | — | — | — | 319 | ||||||||||||||||
(c) Percent reduced | — | % | — | % | 100 | % | — | % | — | % | — | % | — | % | |||||||||
5. Participant or Co-lender in a | |||||||||||||||||||||||
Mortgage Loan Agreement | |||||||||||||||||||||||
(a) Recorded investment | $ | — | $ | 92 | $ | 536 | $ | — | $ | 297 | $ | 55 | $ | 980 | |||||||||
2024 | |||||||||||||||||||||||
1. Recorded investment (All) | |||||||||||||||||||||||
(a) Current | $ | — | $ | 60 | $ | 736 | $ | — | $ | 8,118 | $ | 156 | $ | 9,070 | |||||||||
(b) 30-59 days past due | — | 16 | 111 | — | — | — | 128 | ||||||||||||||||
(c) 60-89 days past due | — | 8 | 19 | — | — | — | 27 | ||||||||||||||||
(d) 90-179 days past due | — | 12 | 20 | — | — | — | 32 | ||||||||||||||||
(e) 180+ days past due | — | 12 | 61 | — | — | — | 73 | ||||||||||||||||
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 | $ | — | $ | 12 | $ | — | $ | — | $ | — | $ | — | $ | 12 | |||||||||
(b) Interest accrued | — | 1 | — | — | — | — | 1 | ||||||||||||||||
4. Interest reduced | |||||||||||||||||||||||
(a) Recorded investment | $ | — | $ | — | $ | 81 | $ | — | $ | — | $ | — | $ | 81 | |||||||||
(b) Number of loans | — | — | 452 | — | — | — | 452 | ||||||||||||||||
(c) Percent reduced | — | % | — | % | 100 | % | — | % | — | % | — | % | — | % | |||||||||
5. Participant or Co-lender in a | |||||||||||||||||||||||
Mortgage Loan Agreement | |||||||||||||||||||||||
(a) Recorded investment | $ | — | $ | 108 | $ | 781 | $ | — | $ | 554 | $ | 84 | $ | 1,526 | |||||||||
2025 | 2024 | |||||||
Balance at beginning of period | $ | 2,505 | $ | 14,809 | ||||
Additions charged to operations | 22,452 | 10,674 | ||||||
Direct write-downs charged against the allowances | 20,422 | 8,409 | ||||||
Recoveries of amounts previously charged off | 2,029 | 14,569 | ||||||
Balance at end of period | $ | 2,506 | $ | 2,505 | ||||
December 31, 2025 | Recorded Investment | Related Loan Allowance | Average Recorded Investment | Investment Income Recognized | ||||||||||||||||||||||
Impaired loans with a valuation allowance | ||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Residential (All Other) | 5,056 | 2,506 | 7,088 | (11) | ||||||||||||||||||||||
Total | $ | 5,056 | $ | 2,506 | $ | 7,088 | $ | (11) | ||||||||||||||||||
Impaired loans without a valuation allowance | ||||||||||||||||||||||||||
Commercial | $ | 40,402 | $ | — | $ | 46,496 | $ | 1,517 | ||||||||||||||||||
Residential (Insured) | 4,496 | — | 3,569 | 155 | ||||||||||||||||||||||
Residential (All Other) | 33,718 | — | 19,856 | 365 | ||||||||||||||||||||||
Total | $ | 78,616 | $ | — | $ | 69,921 | $ | 2,037 | ||||||||||||||||||
Commercial | $ | 40,402 | $ | — | $ | 46,496 | $ | 1,517 | ||||||||||||||||||
Residential (Insured) | 4,496 | — | 3,569 | 155 | ||||||||||||||||||||||
Residential (All Other) | 38,774 | 2,506 | 26,944 | 354 | ||||||||||||||||||||||
Total | $ | 83,672 | $ | 2,506 | $ | 77,009 | $ | 2,026 | ||||||||||||||||||
December 31, 2024 | Recorded Investment | Related Loan Allowance | Average Recorded Investment | Investment Income Recognized | ||||||||||||||||||||||
Impaired loans with a valuation allowance | ||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 11,352 | $ | — | ||||||||||||||||||
Residential (All Other) | 9,987 | 2,505 | 7,998 | 308 | ||||||||||||||||||||||
Total | $ | 9,987 | $ | 2,505 | $ | 19,350 | $ | 308 | ||||||||||||||||||
Impaired loans without a valuation allowance | ||||||||||||||||||||||||||
Commercial | $ | 23,655 | $ | — | $ | 32,684 | $ | 1,309 | ||||||||||||||||||
Residential (Insured) | 2,198 | — | 3,126 | 83 | ||||||||||||||||||||||
Residential (All Other) | 17,836 | — | 20,521 | 173 | ||||||||||||||||||||||
Total | $ | 43,689 | $ | — | $ | 56,331 | $ | 1,565 | ||||||||||||||||||
Commercial | $ | 23,655 | $ | — | $ | 44,036 | $ | 1,309 | ||||||||||||||||||
Residential (Insured) | 2,198 | — | 3,126 | 83 | ||||||||||||||||||||||
Residential (All Other) | 27,823 | 2,505 | 28,519 | 481 | ||||||||||||||||||||||
Total | $ | 53,676 | $ | 2,505 | $ | 75,681 | $ | 1,873 | ||||||||||||||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||
In Good Standing (1) | Restructured | Greater than 90 Days Delinquent | In the Process of Foreclosure | Total Carrying Value | ||||||||||||||||||||||||||||
Apartment | $ | 2,484,516 | $ | — | $ | — | $ | — | $ | 2,484,516 | ||||||||||||||||||||||
Hotel | 743,733 | — | — | — | 743,733 | |||||||||||||||||||||||||||
Office | 996,330 | 40,802 | 109,340 | — | 1,146,472 | |||||||||||||||||||||||||||
Retail | 1,456,098 | — | — | — | 1,456,098 | |||||||||||||||||||||||||||
Warehouse | 1,566,616 | — | — | — | 1,566,616 | |||||||||||||||||||||||||||
Other | 343,159 | — | — | — | 343,159 | |||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 7,590,452 | $ | 40,802 | $ | 109,340 | $ | — | $ | 7,740,594 | ||||||||||||||||||||||
Residential (3) | 865,976 | — | 26,613 | 42,559 | 935,148 | |||||||||||||||||||||||||||
Total | $ | 8,456,428 | $ | 40,802 | $ | 135,953 | $ | 42,559 | $ | 8,675,742 | ||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
In Good Standing (2) | Restructured | Greater than 90 Days Delinquent | In the Process of Foreclosure | Total Carrying Value | ||||||||||||||||||||||||||||
Apartment | $ | 2,347,818 | $ | — | $ | — | $ | — | $ | 2,347,818 | ||||||||||||||||||||||
Hotel | 789,083 | — | — | — | 789,083 | |||||||||||||||||||||||||||
Office | 1,237,207 | 40,925 | — | — | 1,278,132 | |||||||||||||||||||||||||||
Retail | 1,541,810 | — | — | — | 1,541,810 | |||||||||||||||||||||||||||
Warehouse | 1,821,248 | — | — | — | 1,821,248 | |||||||||||||||||||||||||||
Other | 496,446 | — | — | — | 496,446 | |||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 8,233,612 | $ | 40,925 | $ | — | $ | — | $ | 8,274,537 | ||||||||||||||||||||||
Residential (4) | 953,460 | — | 71,008 | 30,021 | 1,054,489 | |||||||||||||||||||||||||||
Total | $ | 9,187,072 | $ | 40,925 | $ | 71,008 | $ | 30,021 | $ | 9,329,026 | ||||||||||||||||||||||
(1) Includes mortgage loans which the Company is a participant or co-lender of $110.3 million, $128.0 million, $289.1 million, nil, $156.3 million, $29.2 million and $627.9 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $262.1 million, $26.7 million, $157.6 million, $13.1 million, $161.8 million and $29.2 million in the categories of apartment, hotel, office, retail, warehouse and other, respectively. | ||||||||||||||||||||||||||||||||
(2) Includes mortgage loans which the Company is a participant or co-lender of $123.5 million, $129.1 million, $233.5 million, nil, $127.9 million, $23.5 million and $888.8 million in the categories of apartment, hotel, office, retail, warehouse, other and residential, respectively. Also includes mezzanine and bridge loans of $237.3 million, $26.7 million, $166.6 million, $27.9 million, $203.6 million and $23.5 million in the categories of apartment, hotel, office, retail, warehouse, and other respectively. | ||||||||||||||||||||||||||||||||
(3) Includes $9.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $4.5 million of loans in process of foreclosure. | ||||||||||||||||||||||||||||||||
(4) Includes $18.4 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $2.2 million of loans in process of foreclosure. | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||
2025 | 2024 | ||||||||||
Capital and surplus notes | $ | 233,679 | $ | 203,730 | |||||||
Residual tranche investments | 60,910 | 30,473 | |||||||||
Debt securities that do not qualify as bonds | 60,609 | — | |||||||||
Receivable for securities | 11,900 | 29,471 | |||||||||
Securities lending | 22,969 | 12,767 | |||||||||
Total | $ | 390,067 | $ | 276,441 | |||||||
Gross Restricted | Percentage | |||||||||||||||||||||||||||||||||||||||||||
Restricted Asset Category | Total General Account | Total Separate Account | Total Prior Year | Increase/ (Decrease) | Total Current Year Admitted Restricted | Gross Restricted to Total Assets | Admitted Restricted to Total Admitted Assets | |||||||||||||||||||||||||||||||||||||
Repurchase agreements | $ | 2,705,405 | $ | — | $ | 3,374,085 | $ | (668,680) | $ | 2,705,405 | 0.92 | % | 0.92 | % | ||||||||||||||||||||||||||||||
FHLB capital stock | 118,569 | — | 127,369 | (8,800) | 118,569 | 0.04 | % | 0.04 | % | |||||||||||||||||||||||||||||||||||
On deposit with state | 71,902 | — | 101,265 | (29,363) | 71,902 | 0.02 | % | 0.02 | % | |||||||||||||||||||||||||||||||||||
Pledged as collateral to FHLB | 2,850,615 | — | 4,316,724 | (1,466,109) | 2,850,615 | 0.97 | % | 0.97 | % | |||||||||||||||||||||||||||||||||||
Pledged as collateral for cleared and OTC derivatives | 1,321,227 | — | 1,194,669 | 126,558 | 1,321,227 | 0.45 | % | 0.45 | % | |||||||||||||||||||||||||||||||||||
Cleared interest rate swaps | 70,084 | — | — | 70,084 | 70,084 | 0.02 | % | 0.02 | % | |||||||||||||||||||||||||||||||||||
Securities loaned for securities lending agreements | 22,969 | 11,504 | 12,685 | 21,788 | 34,473 | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||||||||||||
Collateral assets received and on balance sheet | 65,214 | — | — | 65,214 | 65,214 | 0.02 | % | 0.02 | % | |||||||||||||||||||||||||||||||||||
Assets held under modco reinsurance agreements | — | 60,942 | — | 60,942 | 60,942 | 0.02 | % | 0.02 | % | |||||||||||||||||||||||||||||||||||
Assets held under funds withheld reinsurance agreements | 17,197,060 | — | — | 17,197,060 | 17,197,060 | 5.85 | % | 5.88 | % | |||||||||||||||||||||||||||||||||||
Total restricted assets | $ | 24,423,045 | $ | 72,446 | $ | 9,126,797 | $ | 15,368,694 | $ | 24,495,491 | 8.32 | % | 8.37 | % | ||||||||||||||||||||||||||||||
Collateral Assets | BACV Collateral | BACV Modco | BACV FWH | Fair Value Collateral | Fair Value Modco | Fair Value FWH | % of BACV to Total Assets and Nonadmitted | % of BACV to Total Admitted Assets | |||||||||||||||||||||
General Account: | |||||||||||||||||||||||||||||
Cash, Cash Equivalents and Short-Term Investments | $ | — | $ | — | $ | 390,163 | $ | — | $ | — | $ | 390,164 | 0.65 | % | 0.67 | % | |||||||||||||
Issuer credit obligations | — | — | 8,283,930 | — | — | 6,818,394 | 13.85 | % | 14.15 | % | |||||||||||||||||||
Asset-backed securities | — | — | 1,380,399 | — | — | 1,316,271 | 2.31 | % | 2.36 | % | |||||||||||||||||||
Preferred stocks | — | — | 88,005 | — | — | 88,005 | 0.15 | % | 0.15 | % | |||||||||||||||||||
Common stocks | — | — | 188 | — | — | 203 | — | % | — | % | |||||||||||||||||||
Mortgage loans | — | — | 2,442,685 | — | — | 2,200,493 | 4.08 | % | 4.17 | % | |||||||||||||||||||
Real estate | — | — | 19,682 | — | — | 19,682 | 0.03 | % | 0.03 | % | |||||||||||||||||||
Other invest assets | — | — | 949,020 | — | — | 902,354 | 1.59 | % | 1.62 | % | |||||||||||||||||||
Securities lending | 22,969 | — | — | 22,969 | — | — | 0.04 | % | 0.04 | % | |||||||||||||||||||
Other | 65,214 | — | 3,642,987 | 65,214 | — | 3,642,987 | 6.20 | % | 6.33 | % | |||||||||||||||||||
Total Assets | $ | 88,183 | $ | — | $ | 17,197,059 | $ | 88,183 | $ | — | $ | 15,378,553 | 28.90 | % | 29.52 | % | |||||||||||||
Separate Account: | |||||||||||||||||||||||||||||
Issuer credit obligations | $ | — | $ | 60,942 | $ | — | $ | — | $ | 60,942 | $ | — | 0.03 | % | 0.03 | % | |||||||||||||
Securities lending | 11,504 | — | — | 11,504 | — | — | — | % | — | % | |||||||||||||||||||
Total Assets | $ | 11,504 | $ | 60,942 | $ | — | $ | 11,504 | $ | 60,942 | $ | — | 0.03 | % | 0.03 | % | |||||||||||||
BACV FWH Including Modco | Related Party Code* | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | ||||||||||||||||||||||||
General Account: | |||||||||||||||||||||||||||||
Cash, Cash Equivalents and Short-Term Investments | $ | 390,163 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 390,163 | |||||||||||||||
Issuer credit obligations | 8,283,930 | — | — | — | — | 166,500 | 8,117,430 | ||||||||||||||||||||||
Asset-backed securities | 1,380,399 | — | — | — | — | 304,336 | 1,076,063 | ||||||||||||||||||||||
Preferred stocks | 88,005 | — | — | — | — | — | 88,005 | ||||||||||||||||||||||
Common stocks | 188 | — | — | — | — | — | 188 | ||||||||||||||||||||||
Mortgage loans | 2,442,685 | — | — | — | — | 231,604 | 2,211,081 | ||||||||||||||||||||||
Real estate | 19,682 | — | — | — | — | — | 19,682 | ||||||||||||||||||||||
Other invested assets | 949,020 | — | — | — | — | 295,638 | 653,383 | ||||||||||||||||||||||
Other | 3,642,987 | — | — | — | — | — | 3,642,987 | ||||||||||||||||||||||
Total assets | $ | 17,197,059 | $ | — | $ | — | $ | — | $ | — | $ | 998,078 | $ | 16,198,982 | |||||||||||||||
Percentage to Total FWH Assets (including Modco) | 100.00 | % | — | % | — | % | — | % | — | % | 5.80 | % | 94.20 | % | |||||||||||||||
Separate Account: | |||||||||||||||||||||||||||||
Issuer credit obligations | 60,942 | — | — | — | — | — | 60,942 | ||||||||||||||||||||||
Total assets | $ | 60,942 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 60,942 | |||||||||||||||
Percentage to Total FWH Assets (including Modco) | 100.00 | % | — | % | — | % | — | % | — | % | — | % | 100.00 | % | |||||||||||||||
* | Related party code 1 | Direct loan or direct investment (excluding securitizations) in the reinsurer, for which the reinsurer represents a direct credit exposure. | |||||||||||||||||||||||||||
Related party code 2 | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role and for which 50% or more of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | ||||||||||||||||||||||||||||
Related party code 3 | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies involving a relationship with the reinsurer as sponsor, originator, manager, servicer or other similar influential role and for which less than 50% (including 0%) of the underlying collateral represents investments in or direct credit exposure to the reinsurer. | ||||||||||||||||||||||||||||
Related party code 4 | Securitization or similar investment vehicles such as mutual funds, limited partnerships and limited liability companies in which the structure reflects an in-substance related party transaction to the reinsurer but does not involve a relationship with the reinsurer as sponsor, originator, manager, servicer, or other similar influential role. | ||||||||||||||||||||||||||||
Related party code 5 | The investment is identified as related to the reinsurer, but the role of the reinsurer represents a different arrangement than the options provided in choices 1-4. | ||||||||||||||||||||||||||||
Related party code 6 | The investment is not related/affiliated to the reinsurer. | ||||||||||||||||||||||||||||
Amount | % of Liability to Total Liabilities | ||||||||||||||||
Recognized Obligation to Return Collateral Asset (General Account) | $ | 88,183 | 0.16 | % | |||||||||||||
Recognized Obligation to Return Collateral Asset (Separate Account) | $ | 11,504 | — | % | |||||||||||||
Recognized Obligation for Modco assets (General Account) | $ | — | — | % | |||||||||||||
Recognized Obligation for Modco assets (Separate Account) | $ | 60,942 | 0.03 | % | |||||||||||||
Recognized Obligation FWH (excluding Modco) assets (General Account) | $ | 17,197,060 | 31.98 | % | |||||||||||||
Recognized Obligation FWH (excluding Modco) assets (Separate Account) | $ | — | — | % | |||||||||||||
December 31, 2025 | |||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||
Contractual/ | Net | ||||||||||||||||||||||||||||||||||
Notional | Carrying | Fair | Carrying | Fair | Fair | ||||||||||||||||||||||||||||||
Amount | Value | Value | Value | Value | Value | ||||||||||||||||||||||||||||||
Cross-currency swaps | $ | 783,850 | $ | 43,519 | $ | 43,519 | $ | — | $ | — | $ | 43,519 | |||||||||||||||||||||||
Cross-currency total return swaps | 753,462 | (14,726) | (14,726) | — | — | (14,726) | |||||||||||||||||||||||||||||
Equity index put options | 16,500,000 | 114,368 | 114,368 | — | — | 114,368 | |||||||||||||||||||||||||||||
Equity futures | 39,291,538 | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest rate futures | 22,050,800 | — | — | — | — | — | |||||||||||||||||||||||||||||
Cross-currency forwards | 1,133,371 | (14,166) | (14,166) | — | — | (14,166) | |||||||||||||||||||||||||||||
Bond forwards | 8,143,125 | 83,312 | 83,312 | — | — | 83,312 | |||||||||||||||||||||||||||||
Total return swaps | 3,543,811 | (21,471) | (21,471) | — | — | (21,471) | |||||||||||||||||||||||||||||
Interest rate swaps | 2,485,000 | 7,787 | 7,787 | — | — | 7,787 | |||||||||||||||||||||||||||||
Total | $ | 94,684,957 | $ | 198,623 | $ | 198,623 | $ | — | $ | — | $ | 198,623 | |||||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||
Contractual/ | Net | ||||||||||||||||||||||||||||||||||
Notional | Carrying | Fair | Carrying | Fair | Fair | ||||||||||||||||||||||||||||||
Amount | Value | Value | Value | Value | Value | ||||||||||||||||||||||||||||||
Cross-currency swaps | $ | 845,201 | $ | 74,514 | $ | 74,514 | $ | — | $ | — | $ | 74,514 | |||||||||||||||||||||||
Cross-currency total return swaps | 1,037,318 | (86,842) | (86,842) | — | — | (86,842) | |||||||||||||||||||||||||||||
Equity index put options | 10,000,000 | 77,070 | 77,070 | — | — | 77,070 | |||||||||||||||||||||||||||||
Equity futures | 30,489,730 | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest rate futures | 21,246,980 | — | — | — | — | — | |||||||||||||||||||||||||||||
Cross-currency forwards | 1,017,088 | 27,983 | 27,983 | — | — | 27,983 | |||||||||||||||||||||||||||||
Bond forwards | 609,131 | (20,546) | (20,546) | — | — | (20,546) | |||||||||||||||||||||||||||||
Total return swaps | 2,064,603 | 38,606 | 38,606 | — | — | 38,606 | |||||||||||||||||||||||||||||
Interest rate swaps | 5,978,135 | (174,169) | (174,169) | — | — | (174,169) | |||||||||||||||||||||||||||||
Total | $ | 73,288,186 | $ | (63,384) | $ | (63,384) | $ | — | $ | — | $ | (63,384) | |||||||||||||||||||||||
Fiscal Year | Derivative Premium Payments Due | |||||||
2026 | $ | 279,637 | ||||||
2027 | — | |||||||
2028 | — | |||||||
2029 | — | |||||||
Thereafter | — | |||||||
Total Financing Premiums (Sum of 1 through 5) | $ | 279,637 | ||||||
Undiscounted Future Premium Commitments | Derivative Fair Value with Premium Commitments (Reported on DB) | Derivative Fair Value Excluding Impact of Financing Premiums | ||||||||||||||||||
Prior Year | $ | — | $ | — | $ | — | ||||||||||||||
Current Year | $ | 279,637 | $ | 114,369 | $ | 114,369 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Debt securities | $ | 1,289,458 | $ | 1,389,248 | $ | 1,685,186 | ||||||||||||||
Derivative instruments | 185,809 | 87,852 | (338,037) | |||||||||||||||||
Limited partnership and limited liability company interests | 754,119 | 731,365 | 690,271 | |||||||||||||||||
Other invested assets | 12,333 | — | — | |||||||||||||||||
Mortgage loans | 433,863 | 484,408 | 544,686 | |||||||||||||||||
Policy loans | 400,136 | 394,942 | 389,979 | |||||||||||||||||
Other investment income | 308,405 | 230,919 | 137,191 | |||||||||||||||||
Total investment income | 3,384,123 | 3,318,734 | 3,109,276 | |||||||||||||||||
Less investment expenses | 242,237 | 211,532 | 206,086 | |||||||||||||||||
Less interest expenses | 103,806 | 121,776 | 48,643 | |||||||||||||||||
Net investment income | $ | 3,038,080 | $ | 2,985,426 | $ | 2,854,547 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Direct premiums and annuity considerations | $ | 21,245,131 | $ | 17,076,545 | $ | 12,645,332 | ||||||||||||||
Reinsurance assumed | 1,767,254 | 914,030 | 819,805 | |||||||||||||||||
Reinsurance ceded | (2,967,345) | (394,821) | (237,559) | |||||||||||||||||
Total premiums and annuity considerations | $ | 20,045,040 | $ | 17,595,754 | $ | 13,227,578 | ||||||||||||||
December 31, 2025 | December 31, 2024 | Change | |||||||||||||||||||||||||||||||||
Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total | |||||||||||||||||||||||||||
Total gross DTA | $ | 1,985,876 | $ | 128,391 | $ | 2,114,267 | $ | 2,219,287 | $ | 110,134 | $ | 2,329,421 | $ | (233,411) | $ | 18,257 | $ | (215,154) | |||||||||||||||||
Statutory valuation allowance | 2,056 | — | 2,056 | — | — | — | 2,056 | — | 2,056 | ||||||||||||||||||||||||||
Adjusted gross DTA | 1,983,820 | 128,391 | 2,112,211 | 2,219,287 | 110,134 | 2,329,421 | (235,467) | 18,257 | (217,210) | ||||||||||||||||||||||||||
DTA nonadmitted | 1,151,516 | — | 1,151,516 | 1,396,832 | — | 1,396,832 | (245,316) | — | (245,316) | ||||||||||||||||||||||||||
Subtotal net admitted DTA | 832,304 | 128,391 | 960,695 | 822,455 | 110,134 | 932,589 | 9,849 | 18,257 | 28,106 | ||||||||||||||||||||||||||
Deferred tax liabilities | (167,137) | (171,332) | (338,469) | (203,875) | (154,788) | (358,663) | 36,738 | (16,544) | 20,194 | ||||||||||||||||||||||||||
Net admitted DTA | $ | 665,167 | $ | (42,941) | $ | 622,226 | $ | 618,580 | $ | (44,654) | $ | 573,926 | $ | 46,587 | $ | 1,713 | $ | 48,300 | |||||||||||||||||
December 31, 2025 | December 31, 2024 | Change | ||||||||||||||||||||||||||||||||||||
Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total | ||||||||||||||||||||||||||||||
(a) | Federal income taxes | |||||||||||||||||||||||||||||||||||||
Paid in prior years | ||||||||||||||||||||||||||||||||||||||
recoverable through | ||||||||||||||||||||||||||||||||||||||
loss carrybacks | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
(b) | Adjusted gross DTA | |||||||||||||||||||||||||||||||||||||
Expected to be realized | ||||||||||||||||||||||||||||||||||||||
after application of the | ||||||||||||||||||||||||||||||||||||||
threshold limitation | ||||||||||||||||||||||||||||||||||||||
(Lesser of (b)1 or | ||||||||||||||||||||||||||||||||||||||
(b)2 below) | 622,226 | — | 622,226 | 573,926 | — | 573,926 | 48,300 | — | 48,300 | |||||||||||||||||||||||||||||
1. Adjusted gross DTA | ||||||||||||||||||||||||||||||||||||||
Expected to be realized | ||||||||||||||||||||||||||||||||||||||
following the balance | ||||||||||||||||||||||||||||||||||||||
sheet date | 1,782,606 | 1,192,503 | 590,103 | |||||||||||||||||||||||||||||||||||
2. Adjusted gross DTA | ||||||||||||||||||||||||||||||||||||||
Allowed per limitation | ||||||||||||||||||||||||||||||||||||||
threshold | 622,226 | 573,926 | 48,300 | |||||||||||||||||||||||||||||||||||
(c) | Adjusted gross DTA | |||||||||||||||||||||||||||||||||||||
(Excluding the amount of | ||||||||||||||||||||||||||||||||||||||
DTA from (a) and (b) | ||||||||||||||||||||||||||||||||||||||
above) offset by | ||||||||||||||||||||||||||||||||||||||
gross DTL | 210,078 | 128,391 | 338,469 | 248,529 | 110,134 | 358,663 | (38,451) | 18,257 | (20,194) | |||||||||||||||||||||||||||||
(d) | DTA admitted as the | |||||||||||||||||||||||||||||||||||||
result of application of | ||||||||||||||||||||||||||||||||||||||
SSAP No. 101 | $ | 832,304 | $ | 128,391 | $ | 960,695 | $ | 822,455 | $ | 110,134 | $ | 932,589 | $ | 9,849 | $ | 18,257 | $ | 28,106 | ||||||||||||||||||||
2025 | 2024 | ||||||||||
Ratio Percentage Used to Determine Recovery | |||||||||||
Period and Threshold Limitation Amount | 1006.7 | % | 1015.3 | % | |||||||
Amount of Adjusted Capital and Surplus Used to | |||||||||||
Determine Recovery Period and Threshold | |||||||||||
Limitation Amount (in thousands) | $ | 4,148,172 | $ | 3,826,174 | |||||||
December 31, 2025 | December 31, 2024 | 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 | $ | 1,983,820 | $ | 128,391 | $ | 2,219,287 | $ | 110,134 | $ | (235,467) | $ | 18,257 | |||||||||||||||||
2. Percentage of adjusted gross DTAs by | |||||||||||||||||||||||||||||
by tax character attributable to | |||||||||||||||||||||||||||||
the impact of tax planning | |||||||||||||||||||||||||||||
strategies | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||
3. Net admitted adjusted gross DTAs | $ | 832,304 | $ | 128,391 | $ | 822,455 | $ | 110,134 | $ | 9,849 | $ | 18,257 | |||||||||||||||||
4. Percentage of net admitted adjusted | |||||||||||||||||||||||||||||
gross DTAs by tax character | |||||||||||||||||||||||||||||
admitted because of the impact | |||||||||||||||||||||||||||||
of tax planning strategies | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||
2025 | 2024 | Change | ||||||||||||||||||
Deferred tax assets resulting from book/tax differences in: | ||||||||||||||||||||
Ordinary: | ||||||||||||||||||||
Deferred acquisition costs | $ | 191,597 | $ | 192,280 | $ | (683) | ||||||||||||||
Insurance reserves | 230,945 | 224,972 | 5,973 | |||||||||||||||||
Investments | 570,904 | 1,148,578 | (577,674) | |||||||||||||||||
Employee benefits | 109,260 | 117,180 | (7,920) | |||||||||||||||||
Deferred and uncollected premium | 1,090 | 1,314 | (224) | |||||||||||||||||
Net operating loss carryforward | 680,466 | 394,554 | 285,912 | |||||||||||||||||
Tax credit carryforward | 173,364 | 89,224 | 84,140 | |||||||||||||||||
Other | 28,250 | 51,185 | (22,935) | |||||||||||||||||
Total ordinary gross & adjusted | ||||||||||||||||||||
gross deferred tax assets | 1,985,876 | 2,219,287 | (233,411) | |||||||||||||||||
Statutory valuation allowance adjustment | (2,056) | — | (2,056) | |||||||||||||||||
Deferred tax assets nonadmitted | (1,151,516) | (1,396,832) | 245,316 | |||||||||||||||||
Admitted ordinary gross deferred | ||||||||||||||||||||
tax assets per NAIC SAP | 832,304 | 822,455 | 9,849 | |||||||||||||||||
Capital: | ||||||||||||||||||||
Investments | 60,340 | 33,480 | 26,860 | |||||||||||||||||
Unrealized capital losses | 35,949 | 55,508 | (19,559) | |||||||||||||||||
Capital loss carryforward | 32,102 | 21,146 | 10,956 | |||||||||||||||||
Total capital gross & adjusted | ||||||||||||||||||||
gross deferred tax assets | 128,391 | 110,134 | 18,257 | |||||||||||||||||
Deferred tax assets nonadmitted | — | — | — | |||||||||||||||||
Admitted capital gross deferred | ||||||||||||||||||||
tax assets per NAIC SAP | 128,391 | 110,134 | 18,257 | |||||||||||||||||
Total admitted deferred tax assets | $ | 960,695 | $ | 932,589 | $ | 28,106 | ||||||||||||||
Deferred tax liabilities resulting from book/tax differences in: | ||||||||||||||||||||
Ordinary: | ||||||||||||||||||||
Deferred ceding commission | $ | 144,257 | $ | 159,361 | $ | (15,104) | ||||||||||||||
Investments | 2,713 | 22,837 | (20,124) | |||||||||||||||||
Fixed assets | 13,245 | 10,640 | 2,605 | |||||||||||||||||
Insurance reserves | — | 3,473 | (3,473) | |||||||||||||||||
Due and deferred premium | 6,921 | 7,513 | (592) | |||||||||||||||||
Other | 1 | 51 | (50) | |||||||||||||||||
Total ordinary deferred tax liabilities | 167,137 | 203,875 | (36,738) | |||||||||||||||||
Capital: | ||||||||||||||||||||
Partnership investments | $ | 147,191 | $ | 122,858 | $ | 24,333 | ||||||||||||||
Other investments | 24,141 | 31,930 | (7,789) | |||||||||||||||||
Total capital deferred tax liabilities | 171,332 | 154,788 | 16,544 | |||||||||||||||||
Total deferred tax liabilities | 338,469 | 358,663 | (20,194) | |||||||||||||||||
Total net admitted deferred tax asset | $ | 622,226 | $ | 573,926 | $ | 48,300 | ||||||||||||||
2025 | 2024 | Change | ||||||||||||||||||
Total deferred tax assets | $ | 2,114,267 | $ | 2,329,421 | $ | (215,154) | ||||||||||||||
Total deferred tax liabilities | (338,469) | (358,663) | 20,194 | |||||||||||||||||
Net deferred tax assets/liabilities | 1,775,798 | 1,970,758 | (194,960) | |||||||||||||||||
Statutory valuation allowance adjustment | (2,056) | — | (2,056) | |||||||||||||||||
Net DTA after statutory valuation adjustment | 1,773,742 | 1,970,758 | (197,016) | |||||||||||||||||
Tax effect of unrealized gains | (191,212) | (227,536) | 36,324 | |||||||||||||||||
Change in net deferred income tax | $ | 1,582,530 | $ | 1,743,222 | $ | (160,692) | ||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||||||||
Operations | |||||||||||||||||||||||
Federal taxes from operations | $ | (95,534) | $ | 239,623 | $ | 960,869 | |||||||||||||||||
Foreign tax expense | — | — | — | ||||||||||||||||||||
Subtotal | (95,534) | 239,623 | 960,869 | ||||||||||||||||||||
Federal tax benefit on capital losses | 35,747 | (245,369) | (850,652) | ||||||||||||||||||||
Other | (25,062) | (150,223) | (3,399) | ||||||||||||||||||||
Total federal current taxes incurred | $ | (84,849) | $ | (155,969) | $ | 106,818 | |||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||
Federal taxes incurred | $ | (121,320) | $ | 96,185 | $ | 966,356 | ||||||||||||||
Capital gains tax, excluding IMR taxes | 37,259 | (250,732) | (545,555) | |||||||||||||||||
Taxes transferred to IMR | (15,820) | (16,418) | (342,797) | |||||||||||||||||
Taxes on liability gains released from the IMR | 15,032 | 14,996 | 28,814 | |||||||||||||||||
Total federal current taxes incurred | $ | (84,849) | $ | (155,969) | $ | 106,818 | ||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||||||||
Income before taxes | $ | 1,428,929 | $ | 23,113 | $ | (1,220,210) | ||||||||||||||||||||
Income taxes at statutory rate | 300,075 | 21 | % | 4,854 | 21 | % | (256,244) | 21 | % | |||||||||||||||||
Dividends received deduction | (128,122) | (9) | % | (123,967) | (536) | % | (123,641) | 10 | % | |||||||||||||||||
Interest maintenance reserve | 23,640 | 2 | % | 2,073 | 9 | % | 153,867 | (13) | % | |||||||||||||||||
Tax credits | (65,780) | (5) | % | (34,909) | (151) | % | (44,668) | 4 | % | |||||||||||||||||
Gain on reinsurance of inforce business | (36,594) | (2) | % | 188,725 | 817 | % | (25,157) | 2 | % | |||||||||||||||||
Interest | (11,314) | (1) | % | (9,278) | (40) | % | 324 | — | % | |||||||||||||||||
Nonadmitted assets | (1,291) | — | % | (4,427) | (19) | % | 1,336 | — | % | |||||||||||||||||
Incentive compensation | (1,771) | — | % | (2,725) | (12) | % | (4,132) | — | % | |||||||||||||||||
Statutory valuation allowance | 2,056 | — | % | — | — | % | — | — | % | |||||||||||||||||
SMLLC income | (15,154) | (1) | % | 2,007 | 9 | % | (1,175) | — | % | |||||||||||||||||
Officer compensation | 5,742 | — | % | 9,245 | 40 | % | 4,793 | — | % | |||||||||||||||||
Other | 4,357 | — | % | 1,562 | 7 | % | 3,487 | — | % | |||||||||||||||||
Taxable income and current tax on operations | $ | 75,844 | 5 | % | $ | 33,160 | 145 | % | $ | (291,210) | 24 | % | ||||||||||||||
Federal and foreign taxes incurred | $ | (121,320) | $ | 96,185 | $ | 966,356 | ||||||||||||||||||||
Tax on capital losses | 36,472 | (252,154) | (859,539) | |||||||||||||||||||||||
Change in net deferred taxes | 160,692 | 189,129 | (398,027) | |||||||||||||||||||||||
Total statutory taxes | $ | 75,844 | $ | 33,160 | $ | (291,210) | ||||||||||||||||||||
Carryforwards (in thousands): | ||||||||
2025 | 2024 | |||||||
Federal net operating loss carryforwards(1) | $ | 3,187,297 | $ | 1,825,810 | ||||
Section 382 net operating loss from previous acquisition(2) | 53,019 | 53,019 | ||||||
Federal capital loss carryforwards(3) | 152,868 | 100,698 | ||||||
Foreign Tax Credits(4) | 166,082 | 82,092 | ||||||
General Business Tax Credits(5) | 1,059 | 909 | ||||||
Alternative Minimum Credits(6) | 6,224 | 6,224 | ||||||
Total | $ | 3,566,549 | $ | 2,068,751 | ||||
(1) Unlimited carryforward. | ||||||||
(2) Subject to annual limitation. $43.0 million expires in 2026 and $10.0 million expires in 2027. | ||||||||
(3) 5 year carryforward and begins to expire in 2029. | ||||||||
(4) 10 year carryforward and begins to expire in 2032. | ||||||||
(5) 20 year carryforward and begins to expire in 2041. | ||||||||
(6) Subject to 383 limitations. | ||||||||
2025 | 2024 | ||||||||||
Maximum Amount: | |||||||||||
Overnight | $ | 28,000 | $ | 1,823,322 | |||||||
2 Days to 1 Week | $ | 2,516,723 | $ | 1,881,207 | |||||||
>1 Week to 1 Month | $ | — | $ | 1,389,220 | |||||||
Ending Balance: | |||||||||||
Overnight | $ | — | $ | — | |||||||
2 Days to 1 Week | $ | 250,293 | $ | 151,040 | |||||||
>1 Week to 1 Month | $ | 750,755 | $ | 1,389,356 | |||||||
2025 | 2024 | ||||||||||
Maximum Amount: | |||||||||||
Cash | $ | 2,544,723 | $ | 2,323,381 | |||||||
Securities (FV) | $ | — | $ | — | |||||||
Ending Balance: | |||||||||||
Cash | $ | 1,001,048 | $ | 1,540,396 | |||||||
Securities (FV) | $ | — | $ | — | |||||||
2025 | 2024 | ||||||||||
Maximum Amount: | |||||||||||
Cash (Collateral - All) | $ | 2,544,723 | $ | 2,323,381 | |||||||
Securities Collateral (FV) | $ | — | $ | — | |||||||
Ending Balance: | |||||||||||
Cash (Collateral - All) | $ | 1,001,048 | $ | 1,540,396 | |||||||
Securities Collateral (FV) | $ | — | $ | — | |||||||
December 31, | |||||||||||
2025 | 2024 | ||||||||||
Fund type: | |||||||||||
Equity | $ | 157,775 | $ | 151,327 | |||||||
Bond | 18,306 | 18,083 | |||||||||
Balanced | 40,425 | 40,081 | |||||||||
Money market | 2,210 | 2,432 | |||||||||
Total | $ | 218,716 | $ | 211,923 | |||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||
Guaranteed | Non-guaranteed | |||||||||||||||||||||||||||||||
General | Separate | Separate | % of | |||||||||||||||||||||||||||||
Account | Account | Account | Total | Total | ||||||||||||||||||||||||||||
Individual Annuities: | ||||||||||||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||||||||
With market value adjustment | $ | 7,028,698 | $ | 985,308 | $ | — | $ | 8,014,006 | 3.4 | % | ||||||||||||||||||||||
At book value without market value adjustment and | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge of 5% or more | 897,516 | 17,300,350 | — | 18,197,866 | 7.6 | % | ||||||||||||||||||||||||||
At fair value | — | — | 196,183,634 | 196,183,634 | 82.0 | % | ||||||||||||||||||||||||||
At book value without market value | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge less than 5% | 14,933,314 | — | — | 14,933,314 | 6.2 | % | ||||||||||||||||||||||||||
Total subject to discretionary withdrawal | 22,859,528 | 18,285,658 | 196,183,634 | 237,328,820 | 99.2 | % | ||||||||||||||||||||||||||
Not subject to discretionary withdrawal | 1,586,921 | — | 262,485 | 1,849,406 | 0.8 | % | ||||||||||||||||||||||||||
Total gross | 24,446,449 | 18,285,658 | 196,446,119 | 239,178,226 | 100.0 | % | ||||||||||||||||||||||||||
Reinsurance ceded | 14,648,981 | — | — | 14,648,981 | ||||||||||||||||||||||||||||
Total, net of reinsurance | $ | 9,797,468 | $ | 18,285,658 | $ | 196,446,119 | $ | 224,529,245 | ||||||||||||||||||||||||
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the year subsequent | $ | 330,867 | $ | — | $ | — | $ | 330,867 | ||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Guaranteed | Non-guaranteed | |||||||||||||||||||||||||||||||
General | Separate | Separate | % of | |||||||||||||||||||||||||||||
Account | Account | Account | Total | Total | ||||||||||||||||||||||||||||
Individual Annuities: | ||||||||||||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||||||||
With market value adjustment | $ | 2,900,220 | $ | 480,358 | $ | — | $ | 3,380,578 | 1.5 | % | ||||||||||||||||||||||
At book value without market value adjustment and | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge of 5% or more | 2,053,530 | 10,330,385 | — | 12,383,915 | 5.5 | % | ||||||||||||||||||||||||||
At fair value | — | — | 188,271,182 | 188,271,182 | 83.7 | % | ||||||||||||||||||||||||||
At book value without market value | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge less than 5% | 19,191,303 | — | — | 19,191,303 | 8.5 | % | ||||||||||||||||||||||||||
Total subject to discretionary withdrawal | 24,145,053 | 10,810,743 | 188,271,182 | 223,226,978 | 99.2 | % | ||||||||||||||||||||||||||
Not subject to discretionary withdrawal | 1,520,432 | — | 224,392 | 1,744,824 | 0.8 | % | ||||||||||||||||||||||||||
Total gross | 25,665,485 | 10,810,743 | 188,495,574 | 224,971,802 | 100.0 | % | ||||||||||||||||||||||||||
Reinsurance ceded | 14,215,879 | — | — | 14,215,879 | ||||||||||||||||||||||||||||
Total, net of reinsurance | $ | 11,449,606 | $ | 10,810,743 | $ | 188,495,574 | $ | 210,755,923 | ||||||||||||||||||||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||
Guaranteed | Non-guaranteed | |||||||||||||||||||||||||||||||
General | Separate | Separate | % of | |||||||||||||||||||||||||||||
Account | Account | Account | Total | Total | ||||||||||||||||||||||||||||
Group Annuities: | ||||||||||||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||||||||
With market value adjustment | $ | 99,562 | $ | 1,559 | $ | — | $ | 101,121 | 0.4 | % | ||||||||||||||||||||||
At book value without market value adjustment and | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge of 5% or more | 10,240 | — | — | 10,240 | 0.1 | % | ||||||||||||||||||||||||||
At fair value | — | — | 18,178,006 | 18,178,006 | 79.6 | % | ||||||||||||||||||||||||||
At book value without market value | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge less than 5% | 1,369,897 | 193 | — | 1,370,090 | 6.0 | % | ||||||||||||||||||||||||||
Total subject to discretionary withdrawal | 1,479,699 | 1,752 | 18,178,006 | 19,659,457 | 86.1 | % | ||||||||||||||||||||||||||
Not subject to discretionary withdrawal | 3,158,825 | — | 25,237 | 3,184,062 | 13.9 | % | ||||||||||||||||||||||||||
Total gross | 4,638,524 | 1,752 | 18,203,243 | 22,843,519 | 100.0 | % | ||||||||||||||||||||||||||
Reinsurance ceded | 1,061,826 | — | — | 1,061,826 | ||||||||||||||||||||||||||||
Total, net of reinsurance | $ | 3,576,698 | $ | 1,752 | $ | 18,203,243 | $ | 21,781,693 | ||||||||||||||||||||||||
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the year subsequent | $ | 5,685 | $ | — | $ | — | $ | 5,685 | ||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Guaranteed | Non-guaranteed | |||||||||||||||||||||||||||||||
General | Separate | Separate | % of | |||||||||||||||||||||||||||||
Account | Account | Account | Total | Total | ||||||||||||||||||||||||||||
Group Annuities: | ||||||||||||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||||||||
With market value adjustment | $ | 128,508 | $ | 1,852 | $ | — | $ | 130,360 | 0.5 | % | ||||||||||||||||||||||
At book value without market value adjustment and | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge of 5% or more | 18,484 | — | — | 18,484 | 0.1 | % | ||||||||||||||||||||||||||
At fair value | — | — | 19,503,228 | 19,503,228 | 79.2 | % | ||||||||||||||||||||||||||
At book value without market value | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge less than 5% | 1,604,952 | 191 | — | 1,605,143 | 6.5 | % | ||||||||||||||||||||||||||
Total subject to discretionary withdrawal | 1,751,944 | 2,043 | 19,503,228 | 21,257,215 | 86.3 | % | ||||||||||||||||||||||||||
Not subject to discretionary withdrawal | 3,354,126 | — | 23,334 | 3,377,460 | 13.7 | % | ||||||||||||||||||||||||||
Total gross | 5,106,070 | 2,043 | 19,526,562 | 24,634,675 | 100.0 | % | ||||||||||||||||||||||||||
Reinsurance ceded | 1,183,510 | — | — | 1,183,510 | ||||||||||||||||||||||||||||
Total, net of reinsurance | $ | 3,922,560 | $ | 2,043 | $ | 19,526,562 | $ | 23,451,165 | ||||||||||||||||||||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||
Guaranteed | Non-guaranteed | |||||||||||||||||||||||||||||||
General | Separate | Separate | % of | |||||||||||||||||||||||||||||
Account | Account | Account | Total | Total | ||||||||||||||||||||||||||||
Deposit-type contracts: | ||||||||||||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||||||||
With market value adjustment | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||
At book value without market value adjustment and | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge of 5% or more | — | — | — | — | — | % | ||||||||||||||||||||||||||
At fair value | — | — | — | — | — | % | ||||||||||||||||||||||||||
At book value without market value | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge less than 5% | 1,420,069 | — | — | 1,420,069 | 12.0 | % | ||||||||||||||||||||||||||
Total subject to discretionary withdrawal | 1,420,069 | — | — | 1,420,069 | 12.0 | % | ||||||||||||||||||||||||||
Not subject to discretionary withdrawal | 10,289,350 | — | 103,911 | 10,393,261 | 88.0 | % | ||||||||||||||||||||||||||
Total gross | 11,709,419 | — | 103,911 | 11,813,330 | 100.0 | % | ||||||||||||||||||||||||||
Reinsurance ceded | 424,551 | — | — | 424,551 | ||||||||||||||||||||||||||||
Total, net of reinsurance | $ | 11,284,868 | $ | — | $ | 103,911 | $ | 11,388,779 | ||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Guaranteed | Non-guaranteed | |||||||||||||||||||||||||||||||
General | Separate | Separate | % of | |||||||||||||||||||||||||||||
Account | Account | Account | Total | Total | ||||||||||||||||||||||||||||
Deposit-type contracts: | ||||||||||||||||||||||||||||||||
Subject to discretionary withdrawal: | ||||||||||||||||||||||||||||||||
With market value adjustment | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||
At book value without market value adjustment and | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge of 5% or more | — | — | — | — | — | % | ||||||||||||||||||||||||||
At fair value | — | — | — | — | — | % | ||||||||||||||||||||||||||
At book value without market value | ||||||||||||||||||||||||||||||||
adjustment and with current | ||||||||||||||||||||||||||||||||
surrender charge less than 5% | 1,363,162 | — | — | 1,363,162 | 15.0 | % | ||||||||||||||||||||||||||
Total subject to discretionary withdrawal | 1,363,162 | — | — | 1,363,162 | 15.0 | % | ||||||||||||||||||||||||||
Not subject to discretionary withdrawal | 7,614,938 | — | 93,963 | 7,708,901 | 85.0 | % | ||||||||||||||||||||||||||
Total gross | 8,978,100 | — | 93,963 | 9,072,063 | 100.0 | % | ||||||||||||||||||||||||||
Reinsurance ceded | 37,511 | — | — | 37,511 | ||||||||||||||||||||||||||||
Total, net of reinsurance | $ | 8,940,589 | $ | — | $ | 93,963 | $ | 9,034,552 | ||||||||||||||||||||||||
December 31, 2025 | |||||||||||||||||||||||
General Account | |||||||||||||||||||||||
Account Value | Cash Value | Reserve | |||||||||||||||||||||
Subject to discretionary withdrawal, | |||||||||||||||||||||||
surrender values, or policy loans: | |||||||||||||||||||||||
Term Policies with Cash Value | $ | — | $ | 136,803 | $ | 436,171 | |||||||||||||||||
Universal Life | 7,569,094 | 7,909,673 | 8,380,590 | ||||||||||||||||||||
Universal Life with Secondary Guarantees | 1,111,925 | 1,075,829 | 1,554,775 | ||||||||||||||||||||
Indexed Universal Life | — | — | — | ||||||||||||||||||||
Indexed Universal Life with Secondary Guarantees | — | — | — | ||||||||||||||||||||
Indexed Life | — | — | — | ||||||||||||||||||||
Other Permanent Cash Value Life Insurance | — | 2,439,289 | 2,618,168 | ||||||||||||||||||||
Variable Life | — | — | — | ||||||||||||||||||||
Variable Universal Life | 18,789 | 18,788 | 18,720 | ||||||||||||||||||||
Miscellaneous Reserves | 60,591 | 64,491 | 72,382 | ||||||||||||||||||||
Not subject to discretionary withdrawal, or no cash values: | |||||||||||||||||||||||
Term Policies with Cash Value | XXX | XXX | 980,450 | ||||||||||||||||||||
Accidental Death Benefits | XXX | XXX | 8,502 | ||||||||||||||||||||
Disability - Active Lives | XXX | XXX | 8,414 | ||||||||||||||||||||
Disability - Disabled Lives | XXX | XXX | 177,864 | ||||||||||||||||||||
Miscellaneous Reserves | XXX | XXX | 559,960 | ||||||||||||||||||||
Total (gross: direct + assumed) | 8,760,399 | 11,644,873 | 14,815,996 | ||||||||||||||||||||
Reinsurance Ceded | 3,997,436 | 4,344,883 | 5,527,080 | ||||||||||||||||||||
Total (net) | $ | 4,762,963 | $ | 7,299,990 | $ | 9,288,916 | |||||||||||||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
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 | 306 | 306 | 306 | 121,945 | 121,942 | 122,101 | ||||||||||||||||||||||||||||||||
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) | 306 | 306 | 306 | 121,945 | 121,942 | 122,101 | ||||||||||||||||||||||||||||||||
Reinsurance Ceded | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total (net) | $ | 306 | $ | 306 | $ | 306 | $ | 121,945 | $ | 121,942 | $ | 122,101 | ||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||
General Account | ||||||||||||||||||||
Account Value | Cash Value | Reserve | ||||||||||||||||||
Subject to discretionary withdrawal, | ||||||||||||||||||||
surrender values, or policy loans: | ||||||||||||||||||||
Term Policies with Cash Value | $ | — | $ | 120,864 | $ | 482,914 | ||||||||||||||
Universal Life | 7,727,922 | 8,066,221 | 8,524,978 | |||||||||||||||||
Universal Life with Secondary Guarantees | 1,156,505 | 1,116,891 | 1,588,147 | |||||||||||||||||
Indexed Universal Life | — | — | — | |||||||||||||||||
Indexed Universal Life with Secondary Guarantees | — | — | — | |||||||||||||||||
Indexed Life | — | — | — | |||||||||||||||||
Other Permanent Cash Value Life Insurance | — | 2,522,877 | 2,721,262 | |||||||||||||||||
Variable Life | — | — | — | |||||||||||||||||
Variable Universal Life | 17,616 | 17,615 | 18,003 | |||||||||||||||||
Miscellaneous Reserves | 64,548 | 68,555 | 79,050 | |||||||||||||||||
Not subject to discretionary withdrawal, or no cash values: | ||||||||||||||||||||
Term Policies with Cash Value | XXX | XXX | 1,011,217 | |||||||||||||||||
Accidental Death Benefits | XXX | XXX | 8,879 | |||||||||||||||||
Disability - Active Lives | XXX | XXX | 9,350 | |||||||||||||||||
Disability - Disabled Lives | XXX | XXX | 179,979 | |||||||||||||||||
Miscellaneous Reserves | XXX | XXX | 413,480 | |||||||||||||||||
Total (gross: direct + assumed) | 8,966,591 | 11,913,023 | 15,037,259 | |||||||||||||||||
Reinsurance Ceded | 3,991,357 | 4,334,064 | 5,582,601 | |||||||||||||||||
Total (net) | $ | 4,975,234 | $ | 7,578,959 | $ | 9,454,658 | ||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Separate Account - Guaranteed | Separate Account - Non-guaranteed | |||||||||||||||||||||||||||||||||||||
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 | 301 | 301 | 301 | 113,245 | 112,673 | 112,691 | ||||||||||||||||||||||||||||||||
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) | 301 | 301 | 301 | 113,245 | 112,673 | 112,691 | ||||||||||||||||||||||||||||||||
Reinsurance Ceded | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total (net) | $ | 301 | $ | 301 | $ | 301 | $ | 113,245 | $ | 112,673 | $ | 112,691 | ||||||||||||||||||||||||||
2025 | |||||||||||||||||||||||||||||||||||
Minimum Guaranteed Interest Rate | At Guaranteed Minimum | 1-50bps Above | 51-150bps Above | 150+bps Above | Total | ||||||||||||||||||||||||||||||
Variable Annuities | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
1.51%-2.50% | 0.7 | — | — | — | 0.7 | ||||||||||||||||||||||||||||||
>2.50% | 5,223.5 | 91.6 | — | — | 5,315.1 | ||||||||||||||||||||||||||||||
Total | $ | 5,224.2 | $ | 91.6 | $ | — | $ | — | $ | 5,315.8 | |||||||||||||||||||||||||
Fixed Annuities | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | 20.2 | $ | 32.3 | $ | — | $ | 27.8 | $ | 80.3 | |||||||||||||||||||||||||
1.51%-2.50% | 0.3 | 0.1 | 0.6 | 11.1 | 12.1 | ||||||||||||||||||||||||||||||
>2.50% | 3,149.6 | 17.7 | 24.0 | 278.4 | 3,469.7 | ||||||||||||||||||||||||||||||
Total | $ | 3,170.1 | $ | 50.1 | $ | 24.6 | $ | 317.3 | $ | 3,562.1 | |||||||||||||||||||||||||
Fixed Indexed Annuities | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | 3.3 | $ | 11.4 | $ | 2.1 | $ | 28.1 | $ | 44.9 | |||||||||||||||||||||||||
1.51%-2.50% | 0.1 | 0.2 | 0.1 | — | 0.4 | ||||||||||||||||||||||||||||||
>2.50% | 36.0 | — | 86.5 | 53.3 | 175.8 | ||||||||||||||||||||||||||||||
Total | $ | 39.4 | $ | 11.6 | $ | 88.7 | $ | 81.4 | $ | 221.1 | |||||||||||||||||||||||||
RILA | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | 5.4 | $ | — | $ | 3.2 | $ | 3.3 | $ | 11.9 | |||||||||||||||||||||||||
1.51%-2.50% | — | — | — | — | — | ||||||||||||||||||||||||||||||
>2.50% | 117.2 | 92.6 | — | — | 209.8 | ||||||||||||||||||||||||||||||
Total | $ | 122.6 | $ | 92.6 | $ | 3.2 | $ | 3.3 | $ | 221.7 | |||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||||||||
Minimum Guaranteed Interest Rate | At Guaranteed Minimum | 1-50bps Above | 51-150bps Above | 150+bps Above | Total | ||||||||||||||||||||||||||||||
Variable Annuities | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
1.51%-2.50% | 0.4 | — | — | — | 0.4 | ||||||||||||||||||||||||||||||
>2.50% | 6,013.2 | — | — | — | 6,013.2 | ||||||||||||||||||||||||||||||
Total | $ | 6,013.6 | $ | — | $ | — | $ | — | $ | 6,013.6 | |||||||||||||||||||||||||
Fixed Annuities | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | 28.2 | $ | 37.0 | $ | 15.7 | $ | — | $ | 80.9 | |||||||||||||||||||||||||
1.51%-2.50% | 0.4 | 0.1 | 0.6 | 11.4 | 12.5 | ||||||||||||||||||||||||||||||
>2.50% | 2,634.5 | 19.0 | 24.8 | 265.0 | 2,943.3 | ||||||||||||||||||||||||||||||
Total | $ | 2,663.1 | $ | 56.1 | $ | 41.1 | $ | 276.4 | $ | 3,036.7 | |||||||||||||||||||||||||
Fixed Indexed Annuities | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | 2.7 | $ | 7.7 | $ | 2.0 | $ | 37.6 | $ | 50.0 | |||||||||||||||||||||||||
1.51%-2.50% | 0.1 | 0.1 | 0.2 | — | 0.4 | ||||||||||||||||||||||||||||||
>2.50% | 17.4 | — | 94.2 | 28.2 | 139.8 | ||||||||||||||||||||||||||||||
Total | $ | 20.2 | $ | 7.8 | $ | 96.4 | $ | 65.8 | $ | 190.2 | |||||||||||||||||||||||||
RILA | |||||||||||||||||||||||||||||||||||
0.0%-1.50% | $ | 6.3 | $ | — | $ | 3.3 | $ | 3.6 | $ | 13.2 | |||||||||||||||||||||||||
1.51%-2.50% | — | — | — | — | — | ||||||||||||||||||||||||||||||
>2.50% | 81.8 | 10.4 | — | — | 92.2 | ||||||||||||||||||||||||||||||
Total | $ | 88.1 | $ | 10.4 | $ | 3.3 | $ | 3.6 | $ | 105.4 | |||||||||||||||||||||||||
Type | Gross | Net of Loading | ||||||||||||
Industrial | $ | 3 | $ | 1 | ||||||||||
Ordinary new business | 366,145 | 366,025 | ||||||||||||
Ordinary renewal | 55,656 | 50,605 | ||||||||||||
Group Life | (1,762) | (1,780) | ||||||||||||
Totals | $ | 420,042 | $ | 414,851 | ||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Transfers as reported in the Summary of Operations of the Separate | |||||||||||||||||
Accounts Statement: | |||||||||||||||||
Transfers to separate accounts | $ | 19,644,460 | $ | 14,952,419 | $ | 12,322,649 | |||||||||||
Transfers from separate accounts | 29,324,140 | 25,173,110 | 15,763,006 | ||||||||||||||
Net transfers from separate accounts | (9,679,680) | (10,220,691) | (3,440,357) | ||||||||||||||
Reconciling adjustments: | |||||||||||||||||
Benefit (guaranteed minimum income/withdrawal) and other fees | (2,609,155) | (2,628,573) | (2,625,142) | ||||||||||||||
Modified coinsurance | (493,671) | (1,028,362) | (496,296) | ||||||||||||||
Income on reinsurance receivable from affiliate | (1,680,871) | (742,117) | — | ||||||||||||||
Other | 61,383 | 73,077 | 47,741 | ||||||||||||||
Transfers as reported in the accompanying Statements of Operations | $ | (14,401,994) | $ | (14,546,666) | $ | (6,514,054) | |||||||||||
Year | Amount | |||||||
2025 | $ | 2,892 | ||||||
2024 | $ | 2,950 | ||||||
2023 | $ | 2,946 | ||||||
2022 | $ | 2,901 | ||||||
2021 | $ | 2,693 | ||||||
Non-indexed | |||||||||||||||||
Guarantee | Non-indexed | Non-guaranteed | |||||||||||||||
Less than/equal | Guarantee | Separate | |||||||||||||||
to 4% | More than 4% | Accounts | Total | ||||||||||||||
Premiums, considerations or | |||||||||||||||||
deposits for year ended | |||||||||||||||||
December 31, 2025 | $ | 6,015,005 | — | 12,278,614 | $ | 18,293,619 | |||||||||||
December 31, 2024 | $ | 5,176,835 | — | 9,047,582 | $ | 14,224,417 | |||||||||||
December 31, 2023 | $ | 2,803,576 | — | 7,910,010 | $ | 10,713,586 | |||||||||||
Non-indexed | |||||||||||||||||
Guarantee | Non-indexed | Non-guaranteed | |||||||||||||||
Less than/equal | Guarantee | Separate | |||||||||||||||
to 4% | More than 4% | Accounts | Total | ||||||||||||||
For accounts with assets at: | |||||||||||||||||
Fair value | $ | 2,265 | $ | 804 | $ | 214,875,375 | $ | 214,878,444 | |||||||||
Amortized cost | 18,284,647 | — | — | 18,284,647 | |||||||||||||
Total reserves | $ | 18,286,912 | $ | 804 | $ | 214,875,375 | $ | 233,163,091 | |||||||||
By withdrawal characteristics: | |||||||||||||||||
With market value adjustment | $ | 986,562 | $ | 804 | $ | — | $ | 987,366 | |||||||||
At book value without market | |||||||||||||||||
value adjustment and with | |||||||||||||||||
current surrender charge of | |||||||||||||||||
5% or more | 17,300,350 | — | — | 17,300,350 | |||||||||||||
At fair value | — | — | 214,483,742 | 214,483,742 | |||||||||||||
At book value without market | |||||||||||||||||
value adjustment and with | |||||||||||||||||
current surrender charge less | |||||||||||||||||
than 5% | — | — | — | — | |||||||||||||
Subtotal | $ | 18,286,912 | $ | 804 | $ | 214,483,742 | $ | 232,771,458 | |||||||||
Not subject to discretionary | |||||||||||||||||
withdrawal | — | — | 391,633 | 391,633 | |||||||||||||
Total | $ | 18,286,912 | $ | 804 | $ | 214,875,375 | $ | 233,163,091 | |||||||||
2026 | $ | 10,923 | |||
2027 | 8,759 | ||||
2028 | 7,852 | ||||
2029 | 6,973 | ||||
2030 | 6,671 | ||||
Thereafter | 36,417 | ||||
Total | $ | 77,595 | |||
CUSIP | Book/Adj Carrying Value Amortized cost before current period OTTI | Projected Cash Flows | Recognized other-than-temporary impairment | Amortized cost after other-than-temporary impairment | Fair Value | Financial Statement Reporting Period | ||||||||||||||
00442JAD6 | $ | 280,839 | $ | 278,981 | $ | 1,858 | $ | 278,981 | $ | 251,411 | Q1-2025 | |||||||||
12669FZZ9 | 1,156,646 | 1,097,175 | 59,471 | 1,097,175 | 1,029,818 | Q1-2025 | ||||||||||||||
36185MEV0 | 2,632,700 | 2,629,449 | 3,251 | 2,629,449 | 2,442,042 | Q1-2025 | ||||||||||||||
36262TAJ2 | 11,000,000 | 9,606,398 | 1,393,602 | 9,606,398 | 9,606,398 | Q1-2025 | ||||||||||||||
41161PVF7 | 1,690,024 | 1,336,496 | 353,528 | 1,336,496 | 1,336,496 | Q1-2025 | ||||||||||||||
41161UAC6 | 955,921 | 904,762 | 51,159 | 904,762 | 841,910 | Q1-2025 | ||||||||||||||
466247ER0 | 47,005 | 45,928 | 1,076 | 45,928 | 45,375 | Q1-2025 | ||||||||||||||
57643MJV7 | 445,348 | 62,614 | 382,733 | 62,614 | 62,614 | Q1-2025 | ||||||||||||||
81743QAJ3 | 2,916,709 | 2,862,269 | 54,440 | 2,862,269 | 2,801,000 | Q1-2025 | ||||||||||||||
81744LAN4 | 1,171,361 | 1,167,760 | 3,601 | 1,167,760 | 1,059,564 | Q1-2025 | ||||||||||||||
91863*AA3 | 56,147,041 | 55,468,069 | 678,972 | 55,468,069 | 45,159,917 | Q1-2025 | ||||||||||||||
91863*AB1 | 7,770,996 | 6,630,560 | 1,140,435 | 6,630,560 | 1,979,272 | Q1-2025 | ||||||||||||||
00442JAD6 | 280,782 | 277,927 | 2,855 | 277,927 | 256,441 | Q2-2025 | ||||||||||||||
36185MEV0 | 2,612,679 | 2,558,289 | 54,390 | 2,558,289 | 2,411,357 | Q2-2025 | ||||||||||||||
41161UAC6 | 900,726 | 845,441 | 55,285 | 845,441 | 800,528 | Q2-2025 | ||||||||||||||
466247ER0 | 46,899 | 46,083 | 815 | 46,083 | 45,720 | Q2-2025 | ||||||||||||||
81744LAN4 | 1,163,471 | 1,159,823 | 3,647 | 1,159,823 | 1,062,577 | Q2-2025 | ||||||||||||||
91863*AA3 | 56,176,399 | 36,477,437 | 19,698,962 | 36,477,437 | 26,214,576 | Q2-2025 | ||||||||||||||
91863*AB1 | 7,207,090 | 82,216 | 7,124,874 | 82,216 | 82,216 | Q2-2025 | ||||||||||||||
12669FZZ9 | 751,217 | 640,077 | 111,140 | 640,077 | 599,545 | Q3-2025 | ||||||||||||||
36185MEV0 | 2,561,983 | 2,499,826 | 62,157 | 2,499,826 | 2,409,912 | Q3-2025 | ||||||||||||||
466247ER0 | 47,052 | 45,948 | 1,104 | 45,948 | 45,782 | Q3-2025 | ||||||||||||||
91863*AA3 | 36,473,074 | 24,094,421 | 12,378,653 | 24,094,421 | 17,602,785 | Q3-2025 | ||||||||||||||
00442JAD6 | 274,921 | 269,298 | 5,623 | 269,298 | 248,004 | Q4-2025 | ||||||||||||||
12669FZZ9 | 597,482 | 591,498 | 5,984 | 591,498 | 591,498 | Q4-2025 | ||||||||||||||
36185MEV0 | 2,515,603 | 2,459,367 | 56,236 | 2,459,367 | 2,382,384 | Q4-2025 | ||||||||||||||
41161PVF7 | 1,267,910 | 1,259,706 | 8,204 | 1,259,706 | 1,259,706 | Q4-2025 | ||||||||||||||
466247ER0 | 46,788 | 45,735 | 1,053 | 45,735 | 45,623 | Q4-2025 | ||||||||||||||
81744LAN4 | 1,150,165 | 1,119,906 | 30,260 | 1,119,906 | 1,053,733 | Q4-2025 | ||||||||||||||
872660AA3 | 47,422,275 | 40,967,678 | 6,454,597 | 40,967,678 | 31,896,222 | Q4-2025 | ||||||||||||||
91863*AA3 | 24,094,421 | 17,602,785 | 6,491,637 | 17,602,785 | 17,602,785 | Q4-2025 | ||||||||||||||
91863*AB1 | 82,216 | 33,495 | 48,721 | 33,495 | 33,495 | Q4-2025 | ||||||||||||||
Total | $ | 56,720,323 | ||||||||||||||||||
Investment income earned | |||||||||||
U.S. government bonds | $ | 64,278,074 | |||||||||
Other bonds (unaffiliated) | 1,222,998,471 | ||||||||||
Bonds exempt from U.S. tax | — | ||||||||||
Bonds of affiliates | 2,181,413 | ||||||||||
Preferred stocks (unaffiliated) | 7,757,130 | ||||||||||
Preferred stocks of affiliates | — | ||||||||||
Common stocks (unaffiliated) | 10,084,084 | ||||||||||
Common stocks of affiliates | 75,000,000 | ||||||||||
Mortgage loans | 433,863,271 | ||||||||||
Real estate | 37,809,539 | ||||||||||
Contract loans | 400,136,276 | ||||||||||
Cash, cash equivalents and short-term investments | 169,477,522 | ||||||||||
Derivative instruments | 185,808,987 | ||||||||||
Other invested assets | 766,499,713 | ||||||||||
Aggregate write-ins for investment income | 8,229,064 | ||||||||||
Total investment income | $ | 3,384,123,544 | |||||||||
Real estate owned - book value less encumbrances | $ | 230,509,086 | |||||||||
Mortgage loans by type - book value | |||||||||||
Farm mortgages | $ | — | |||||||||
Residential mortgages | 937,653,692 | ||||||||||
Commercial mortgages | 7,740,594,700 | ||||||||||
Total mortgage loans | $ | 8,678,248,392 | |||||||||
Mortgage loans by standing - book value | |||||||||||
Good standing | $ | 8,456,427,932 | |||||||||
Good standing with restructured loans | $ | 40,802,349 | |||||||||
Interest overdue more than 90 days, not in foreclosure | $ | 135,953,122 | |||||||||
Foreclosure in process | $ | 45,064,989 | |||||||||
Other long term assets - statement value | $ | 2,709,268,742 | |||||||||
Contract loans | $ | 4,220,099,858 | |||||||||
Bonds & stocks of parents, subsidiaries and affiliates - book value | |||||||||||
Bonds | $ | 11,651,614 | |||||||||
Preferred stocks | $ | — | |||||||||
Common stocks | $ | 723,508,587 | |||||||||
Bonds and short-term investments by class and maturity: | |||||||||||
Bonds by maturity - statement value | |||||||||||
Due within one year or less | $ | 3,354,228,344 | |||||||||
Over 1 year through 5 years | 10,708,876,561 | ||||||||||
Over 5 years through 10 years | 5,512,571,098 | ||||||||||
Over 10 years through 20 years | 7,333,323,951 | ||||||||||
Over 20 years | 4,908,689,901 | ||||||||||
Total by maturity | $ | 31,817,689,855 | |||||||||
Bonds by class - statement value | |||||||||||
Class 1 | $ | 19,875,201,242 | |||||||||
Class 2 | 11,506,001,291 | ||||||||||
Class 3 | 330,605,999 | ||||||||||
Class 4 | 31,293,079 | ||||||||||
Class 5 | 23,292,600 | ||||||||||
Class 6 | 51,295,644 | ||||||||||
Total by class | $ | 31,817,689,855 | |||||||||
Total bonds publicly traded | $ | 17,961,191,155 | |||||||||
Total bonds privately placed | $ | 13,856,498,700 | |||||||||
Preferred stocks - statement value | $ | 129,703,058 | |||||||||
Common stocks - market value | $ | 862,158,584 | |||||||||
Short-term investments - book value | $ | 3,999,421 | |||||||||
Options, caps and floors owned - statement value | $ | 114,368,392 | |||||||||
Options, caps and floors written & in force - statement value | $ | — | |||||||||
Collar, swap and forward agreements open - statement value | $ | 84,254,483 | |||||||||
Futures contracts open - current value | $ | — | |||||||||
Cash on deposit | $ | (53,512,780) | |||||||||
Cash equivalents | $ | 3,675,886,304 | |||||||||
Life insurance in force | |||||||||||
Industrial | $ | 202,808,000 | |||||||||
Ordinary | $ | 37,520,236,000 | |||||||||
Credit life | $ | — | |||||||||
Group life | $ | 726,320,000 | |||||||||
Amount of accidental death benefits in force under ordinary policies | $ | 1,187,386,000 | |||||||||
Life insurance policies with disability provisions in force | |||||||||||
Industrial | $ | 52,000 | |||||||||
Ordinary | $ | 2,731,183,000 | |||||||||
Credit life | $ | — | |||||||||
Group life | $ | 127,861,000 | |||||||||
Supplementary contracts in force: | |||||||||||
Ordinary - not involving life contingencies- | |||||||||||
Amount on deposit | $ | 153,509,417 | |||||||||
Income payable | $ | 9,061,760 | |||||||||
Ordinary - involving life contingencies- | |||||||||||
Amount on deposit | $ | 12,671,720 | |||||||||
Income payable | $ | 4,680,708 | |||||||||
Group - not involving life contingencies- | |||||||||||
Amount on deposit | $ | 207,419 | |||||||||
Income payable | $ | 62,624 | |||||||||
Group - involving life contingencies- | |||||||||||
Amount on deposit | $ | 13,872,006 | |||||||||
Income payable | $ | 1,870,030 | |||||||||
Annuities: | |||||||||||
Ordinary- | |||||||||||
Immediate - amount of income payable | $ | 15,218,378 | |||||||||
Deferred - fully paid account balance | $ | 2,848,838,403 | |||||||||
Deferred - not fully paid - account balance | $ | 6,799,723,317 | |||||||||
Group- | |||||||||||
Amount of income payable | $ | 406,473,505 | |||||||||
Fully paid account balance | $ | 5,835,953 | |||||||||
Not fully paid - account balance | $ | 508,067,774 | |||||||||
Accident and health insurance - premiums in force: | |||||||||||
Ordinary | $ | — | |||||||||
Group | $ | — | |||||||||
Credit | $ | — | |||||||||
Deposit funds and dividend accumulations: | |||||||||||
Deposit funds - account balance | $ | 647,484,483 | |||||||||
Dividend accumulations - account balance | $ | 45,950,554 | |||||||||
1) | Total admitted assets (excluding Separate Accounts): | $ | 58,549,211,357 | ||||||||||||||||||||
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 | $ | 721,897,145 | 1.2 | % | ||||||||||||||||||
PPM AMERICA PRIVATE EQUITY FUND VIII-A, L.P. | AFFILIATED DOMESTIC PARTNERSHIP | $ | 354,025,152 | 0.6 | % | ||||||||||||||||||
AP TUNDRA | UNAFFILIATED DOMESTIC SECURITIES/PARTNERSHIP | $ | 271,723,796 | 0.5 | % | ||||||||||||||||||
DUKE ENERGY | UNAFFILIATED DOMESTIC SECURITIES | $ | 249,732,458 | 0.4 | % | ||||||||||||||||||
LPF - 1000 JEFFERSON | UNAFFILIATED COMMERCIAL MORTGAGE | $ | 174,220,000 | 0.3 | % | ||||||||||||||||||
ALDAR INVESTMENTS HYBRID LIMIT | UNAFFILIATED DOMESTIC SECURITIES | $ | 166,500,000 | 0.3 | % | ||||||||||||||||||
SOUTHERN CO GAS CAPITAL | UNAFFILIATED DOMESTIC SECURITIES | $ | 165,770,998 | 0.3 | % | ||||||||||||||||||
MORGAN STANLEY BANK NA | UNAFFILIATED DOMESTIC SECURITIES | $ | 158,287,659 | 0.3 | % | ||||||||||||||||||
LPF - PARK 5940 MED DIST APTS | UNAFFILIATED COMMERCIAL MORTGAGE | $ | 154,861,595 | 0.3 | % | ||||||||||||||||||
NNN AGP OPP II VARIOUS | UNAFFILIATED COMMERCIAL MORTGAGE | $ | 151,955,996 | 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 | $ | 19,875,201,242 | 33.9 | % | P/RP-1 | $ | 22,217,193 | 0.0 | % | ||||||||||||||||||||||||||
NAIC-2 | $ | 11,506,001,291 | 19.7 | % | P/RP-2 | $ | 75,055,978 | 0.1 | % | ||||||||||||||||||||||||||
NAIC-3 | $ | 330,605,999 | 0.6 | % | P/RP-3 | $ | 31,815,637 | 0.1 | % | ||||||||||||||||||||||||||
NAIC-4 | $ | 31,293,079 | 0.1 | % | P/RP-4 | $ | — | 0.0 | % | ||||||||||||||||||||||||||
NAIC-5 | $ | 23,292,600 | 0.0 | % | P/RP-5 | $ | — | 0.0 | % | ||||||||||||||||||||||||||
NAIC-6 | $ | 51,295,644 | 0.1 | % | P/RP-6 | $ | 614,250 | 0.0 | % | ||||||||||||||||||||||||||
4) | Assets held in foreign investments: | ||||||||||||||||||||||||||||||||||
Amount | Percentage | ||||||||||||||||||||||||||||||||||
Total admitted assets held in foreign investments | $ | 3,689,579,630 | 6.3 | % | |||||||||||||||||||||||||||||||
Foreign-currency-denominated investments | $ | 1,011,276,397 | 1.7 | % | |||||||||||||||||||||||||||||||
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 | $ | 3,437,014,711 | 5.9 | % | |||||||||||||||||||||||||||||||
Countries rated NAIC-2 | $ | 221,253,206 | 0.4 | % | |||||||||||||||||||||||||||||||
Countries rated NAIC-3 or below | $ | 31,311,714 | 0.1 | % | |||||||||||||||||||||||||||||||
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 | $ | 894,942,365 | 1.5 | % | |||||||||||||||||||||||||||||||
CAYMAN ISLANDS | $ | 494,165,715 | 0.8 | % | |||||||||||||||||||||||||||||||
Countries rated NAIC-2: | |||||||||||||||||||||||||||||||||||
MEXICO | $ | 72,906,814 | 0.1 | % | |||||||||||||||||||||||||||||||
INDONESIA | $ | 43,497,319 | 0.1 | % | |||||||||||||||||||||||||||||||
Countries rated NAIC-3 or below: | |||||||||||||||||||||||||||||||||||
COLOMBIA | $ | 16,454,378 | 0.0 | % | |||||||||||||||||||||||||||||||
MOROCCO | $ | 7,824,169 | 0.0 | % | |||||||||||||||||||||||||||||||
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) | Ten largest foreign investment exposures in a single country, categorized by the country's NAIC sovereign rating: | ||||||||||||||||||||||||||||||||||
Issuer | NAIC Rating | Amount | Percentage | ||||||||||||||||||||||||||||||||
EMBASSY DEVELOPMENT E S. A. R.L.; | MORTGAGE LOAN | $ | 89,178,481 | 0.2 | % | ||||||||||||||||||||||||||||||
UBS GROUP AG | 2 | $ | 87,406,730 | 0.1 | % | ||||||||||||||||||||||||||||||
DYSON FINANCE LIMITED | 1 | $ | 71,140,940 | 0.1 | % | ||||||||||||||||||||||||||||||
TAKEDA PHARMACEUTICAL CO LTD | 2 | $ | 70,082,839 | 0.1 | % | ||||||||||||||||||||||||||||||
BROOKFIELD UTILITIES UK LTD | 2 | $ | 66,017,700 | 0.1 | % | ||||||||||||||||||||||||||||||
PATRIZIA INDUSTRIAL PLATFORM | MORTGAGE LOAN | $ | 64,996,182 | 0.1 | % | ||||||||||||||||||||||||||||||
1887 CO LTD | 2 | $ | 55,239,300 | 0.1 | % | ||||||||||||||||||||||||||||||
EVOS FINANCE BV | 2 | $ | 55,000,000 | 0.1 | % | ||||||||||||||||||||||||||||||
ELLEVIO HOLDING 1 AB | 2 | $ | 54,000,000 | 0.1 | % | ||||||||||||||||||||||||||||||
SAFRAN | 1 | $ | 50,000,000 | 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 | $ | 721,897,145 | 1.2 | % | |||||||||||||||||||||||||||||||
PPM AMERICA PRIVATE EQUITY FUND VIII-A, L.P. | $ | 354,025,152 | 0.6 | % | |||||||||||||||||||||||||||||||
SFR DELOS PARTNERS, L.P. | $ | 126,496,124 | 0.2 | % | |||||||||||||||||||||||||||||||
FHLBI | $ | 118,569,200 | 0.2 | % | |||||||||||||||||||||||||||||||
MOTIVE CAPITAL FUND II-A, L.P. | $ | 106,084,950 | 0.2 | % | |||||||||||||||||||||||||||||||
PRETIUM OLYMPUS JV, L.P. | $ | 105,708,236 | 0.2 | % | |||||||||||||||||||||||||||||||
JNAM LLC/JNFS LLC | $ | 64,493,096 | 0.1 | % | |||||||||||||||||||||||||||||||
BLUE OWL DIGITAL INFRASTRUCTURE FUND II, L.P. | $ | 59,110,765 | 0.1 | % | |||||||||||||||||||||||||||||||
AA GP SOLUTIONS FUND, L.P. | $ | 57,638,827 | 0.1 | % | |||||||||||||||||||||||||||||||
NNN AGP OPPORTUNITIES FUND II, L.P. | $ | 55,232,258 | 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 | $ | 174,220,000 | 0.3 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 154,861,595 | 0.3 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 151,955,996 | 0.3 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 101,297,822 | 0.2 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 100,965,126 | 0.2 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 93,101,365 | 0.2 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 92,592,887 | 0.2 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 89,178,481 | 0.2 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 83,214,224 | 0.1 | % | ||||||||||||||||||||||||||||
COMMERCIAL | $ | 82,500,000 | 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 | $ | 135,953,125 | 0.2 | % | |||||||||||||||||||||||||||
16.14 | Mortgage loans in the process of foreclosure | $ | 42,558,688 | 0.1 | % | |||||||||||||||||||||||||||
16.15 | Mortgage loans foreclosed | $ | 17,181,579 | 0.0 | % | |||||||||||||||||||||||||||
16.16 | Restructured mortgage loans | $ | 40,802,349 | 0.1 | % | |||||||||||||||||||||||||||
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% | $ | 178,029,258 | 0.3 | % | ||||||||||||||||||||||||||||
91 to 95% | $ | 91,605,706 | 0.2 | % | ||||||||||||||||||||||||||||
81 to 90% | $ | 118,569,171 | 0.2 | % | ||||||||||||||||||||||||||||
71 to 80% | $ | 1,108,817,133 | 1.9 | % | ||||||||||||||||||||||||||||
below 70% | $ | 6,243,573,454 | 10.7 | % | ||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Loan to Value | Amount | Percentage | ||||||||||||||||||||||||||||||
above 95% | $ | 60,684,483 | 0.1 | % | ||||||||||||||||||||||||||||
91 to 95% | $ | 9,701,334 | 0.0 | % | ||||||||||||||||||||||||||||
81 to 90% | $ | 42,176,795 | 0.1 | % | ||||||||||||||||||||||||||||
71 to 80% | $ | 69,064,420 | 0.1 | % | ||||||||||||||||||||||||||||
below 70% | $ | 753,520,347 | 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 | $ | 22,968,710 | 0.0 | % | $ | 54,845,429 | $ | 26,261,801 | $ | 20,425,192 | |||||||||||||||||||||||||
Repurchase | 2,705,404,741 | 4.6 | % | 2,866,795,821 | 2,837,874,019 | 2,723,034,644 | |||||||||||||||||||||||||||||
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 | $ | 114,368,392 | 0.2 | % | $ | — | — | % | |||||||||||||||||||||
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 | $ | 104,606,094 | 0.2 | % | $ | 76,575,369 | $ | 87,727,741 | $ | 91,797,592 | |||||||||||||||||||||||||
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 | $ | 958,166,644 | 1.6 | % | $ | 1,030,754,979 | $ | 893,641,265 | $ | 997,063,193 | |||||||||||||||||||||||||
Gross Investment Holdings | Admitted Assets as Reported in the Annual Statement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Categories | Amount | Percentage | Amount | Securities Lending Reinvested Collateral Amount | Total Amount | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||
Issuer credit obligations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government obligations | 3,223,572,456 | 6.32 | % | 3,223,572,456 | — | 3,223,572,456 | 6.32 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other U.S. government obligations | 117,150,473 | 0.23 | % | 117,150,473 | — | 117,150,473 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. sovereign jurisdiction securities | 462,978,447 | 0.91 | % | 462,978,447 | — | 462,978,447 | 0.91 | % | |||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds - general obligations | 85,384,095 | 0.17 | % | 85,384,095 | — | 85,384,095 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds - special revenue | 411,457,331 | 0.81 | % | 411,457,331 | — | 411,457,331 | 0.81 | % | |||||||||||||||||||||||||||||||||||||||||||||
Project finance bonds issued by operating entities | 999,889,245 | 1.96 | % | 743,157,607 | — | 743,157,607 | 1.46 | % | |||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 18,008,527,049 | 35.32 | % | 18,287,889,933 | — | 18,287,889,933 | 35.87 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mandatory convertible bonds | 715,676 | — | % | 715,676 | — | 715,676 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Single entity backed obligations | 1,342,913,055 | 2.63 | % | 1,338,400,113 | — | 1,338,400,113 | 2.63 | % | |||||||||||||||||||||||||||||||||||||||||||||
Bonds issued by funds representing operating entities | 1,211,112,101 | 2.38 | % | 1,192,993,797 | — | 1,192,993,797 | 2.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans - acquired | 622,902 | — | % | 622,902 | — | 622,902 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Other issuer credit obligations | 1,996,010 | — | % | 1,996,010 | — | 1,996,010 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial asset-backed securities - self liquidating | 3,278,501,009 | 6.43 | % | 3,253,501,009 | — | 3,253,501,009 | 6.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
Non financial asset-backed securities | 1,154,074,314 | 2.26 | % | 1,179,074,313 | — | 1,179,074,313 | 2.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
Preferred Stocks: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and miscellaneous (unaffiliated) | 129,703,058 | 0.25 | % | 129,703,058 | — | 129,703,058 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
Common Stocks: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and miscellaneous publicly traded (unaffiliated) | 16,854 | — | % | 16,854 | — | 16,854 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Industrial and miscellaneous Other (unaffiliated) | 119,711,176 | 0.23 | % | 119,711,176 | — | 119,711,176 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
Parent, subsidiaries and affiliates other | 723,508,587 | 1.42 | % | 721,897,145 | — | 721,897,145 | 1.42 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 20,533,409 | 0.04 | % | 20,533,409 | — | 20,533,409 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 937,653,692 | 1.84 | % | 937,653,692 | — | 937,653,692 | 1.84 | % | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 7,632,307,455 | 14.97 | % | 7,632,307,455 | — | 7,632,307,455 | 14.97 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mezzanine real estate loans | 108,287,245 | 0.21 | % | 108,287,245 | 108,287,245 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total valuation allowance | (2,506,295) | — | % | (2,506,295) | (2,506,295) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property occupied by the company | 203,654,612 | 0.40 | % | 203,654,612 | — | 203,654,612 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||
Property held for the production of income | 7,172,124 | 0.01 | % | 7,172,124 | 7,172,124 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Property held for sale | 19,682,350 | 0.04 | % | 19,682,350 | — | 19,682,350 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents - short term | (53,512,780) | (0.10) | % | (53,512,780) | — | (53,512,780) | (0.10) | % | |||||||||||||||||||||||||||||||||||||||||||||
Cash | 3,675,886,304 | 7.21 | % | 3,675,886,304 | 22,968,710 | 3,698,855,014 | 7.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 3,999,421 | 0.01 | % | 3,999,421 | — | 3,999,421 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
Contract loans | 4,222,372,722 | 8.28 | % | 4,220,099,858 | — | 4,220,099,858 | 8.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 198,622,875 | 0.39 | % | 198,622,875 | — | 198,622,875 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other invested assets | 2,712,315,865 | 5.32 | % | 2,709,268,742 | — | 2,709,268,742 | 5.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
Receivables for securities | 11,899,848 | 0.02 | % | 11,899,848 | — | 11,899,848 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
Securities lending | 22,968,710 | 0.05 | % | 22,968,710 | XXX | XXX | XXX | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,993,171,395 | 100.00 | % | $ | 50,986,239,965 | $ | 22,968,710 | $ | 50,986,239,965 | 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, 2025, the Company recorded a $510,926 reserve credit in consideration of the GMIB cession that is fully collateralized through a combination of letters of credit and a reinsurance trust. The reserve credit considers the treaty’s risk limiting factors. | ||||||||||||||||||||||||||||||||
2. | Does the reporting entity have any reinsurance contracts not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer's assumption risk? | |||||||||||||||||||||||||||||||
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. 61 for the following? | |||||||||||||||||||||||||||||||
a. | Assumption Reinsurance? | No | ||||||||||||||||||||||||||||||
b. | Non-proportional reinsurance, which does not result in significant surplus relief? | No | ||||||||||||||||||||||||||||||
5. | Does the reporting entity cede any risk which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract during the period covered by the financial statement, and either: | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||