The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (traditional variable annuities). The Company also issues variable contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) the following: a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (guaranteed minimum death benefits, or "GMDB"), at annuitization (guaranteed minimum income benefits, or "GMIB"), upon the depletion of funds (guaranteed minimum withdrawal benefits, or "GMWB") or at the end of a specified period (guaranteed minimum accumulation benefits, or "GMAB"). These guarantees are classified as market risk benefits. See Note 12 - Market Risk Benefits of these Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits.

The separate account assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities. At March 31, 2026 and December 31, 2025, the assets and liabilities associated with variable life and annuity contracts were $223 billion and $236 billion, respectively. Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company.

Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the Condensed Consolidated Income Statements. Amounts assessed against the contract holders for mortality, variable annuity benefit guarantees, administrative, and other services are reported in revenue as fee income.


	Three Months Ended March 31, 2026		Year Ended December 31, 2025
Balance as of beginning of period	$	236,406	$	228,851
Deposits (1)	2,317		9,998
Surrenders, withdrawals and benefits (1)	(6,955)		(27,633)
Net transfer from (to) general account	(134)		(372)
Investment performance	(7,603)		28,278
Policy charges and other	(666)		(2,716)
Balance as of end of period, gross	$	223,365	$	236,406



Cash surrender value (2)	$	218,733	$	231,711

Included in the separate account balance of Other Product Lines above are separate account assets related to a Jackson-issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan ("the Plan"). During 2025, the Plan withdrew all assets held under this variable annuity contract and transferred them to other investment options under the Plan. At both March 31, 2026 and December 31, 2025, separate account assets and separate account liabilities related to this variable annuity contract are nil.


	March 31, 2026		December 31, 2025
Variable Annuities By Fund Type
Equity	$	160,973	$	171,046
Bond	19,110		19,711
Balanced	40,841		43,317
Money Market	2,441		2,332
Total Variable Annuities	223,365		236,406
Other Product Lines	87		90
Total Separate Accounts	$	223,452	$	236,496