wfp2n_4a.htm

STATEMENT OF ADDITIONAL INFORMATION

May 1, 2011

INDIVIDUAL AND GROUP FLEXIBLE PREMIUM

FIXED AND VARIABLE DEFERRED ANNUITY CONTRACTS

ISSUED BY THE JACKSON NATIONAL SEPARATE ACCOUNT - I

OF JACKSON NATIONAL LIFE INSURANCE COMPANY®

This Statement of Additional Information (SAI) is not a prospectus. It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the current Prospectus. The current Prospectus may be obtained from Jackson National Life Insurance Company by writing P.O. Box 30314 Lansing, Michigan 48909-7814 or calling 1-800-873-5654.

TABLE OF CONTENTS

	Page
General Information and History	2
Services	2
Purchase of Securities Being Offered	7
Underwriters	7
Calculation of Performance	8
Additional Tax Information	10
Annuity Provisions	20
Net Investment Factor	20

General Information and History

Jackson National Separate Account - I (Separate Account) is a separate investment account of Jackson National Life Insurance Company (Jackson®). Jackson is a wholly owned subsidiary of Brooke Life Insurance Company and is ultimately a wholly owned subsidiary of Prudential plc, London, England, a publicly traded life insurance company in the United Kingdom.

Trademarks, Service Marks, and Related Disclosures

The Product(s) is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, are referred to as the Corporations). The Corporations have not passed on the legality or suitability of or the accuracy or adequacy of descriptions and disclosures relating to the Product(s). The Corporations make no representation or warranty, express or implied to the Owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance. The Corporations’ only relationship to Jackson (Licensee) is in the licensing of the Nasdaq-100®, Nasdaq-100 Index® and Nasdaq® trademarks or service marks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the Owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Nasdaq-100 index® or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, Owners of the product(s) or any other person or entity from the use of the Nasdaq-100 Index® or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Nasdaq-100 Index® or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect or consequential damages, even if notified of the possibility of such damages.

“The Nasdaq-100®,” “Nasdaq-100 Index®,” “Nasdaq Stock Market®” and “Nasdaq®” are trade or service marks of The Nasdaq, Inc. (which with its affiliates are the “Corporations”) and have been licensed for use by Jackson. The Corporations have not passed on the legality or suitability of the JNL/Mellon Capital Management Nasdaq®25 Fund, the JNL/Mellon Capital Management JNL Optimized 5 Fund, or the JNL/Mellon Capital Management VIP Fund. The JNL/Mellon Capital Management Nasdaq® 25 Fund, the JNL/Mellon Capital Management VIP Fund and the JNL/Mellon Capital Management JNL Optimized 5 Fund are not issued, endorsed, sponsored, managed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/MELLON CAPITAL MANAGEMENT NASDAQ® 25 FUND, THE JNL/MELLON CAPITAL MANAGEMENT VIP FUND AND THE JNL/MELLON CAPITAL MANAGEMENT JNL OPTIMIZED 5 FUND.

“NYSE®” is a registered mark of, and “NYSE International 100 IndexSM” is a service mark of, the New York Stock Exchange, Inc. (“NYSE”) and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. The JNL/Mellon Capital Management NYSE® International 25 Fund is not sponsored, endorsed, sold or promoted by NYSE, and NYSE makes no representation regarding the advisability of investing in the JNL/Mellon Capital Management NYSE® International 25 Fund.

“NYSE International 100 IndexSM” is a service mark of NYSE Group, Inc. NYSE Group, Inc. has no relationship to Jackson National Asset Management, LLC, other than the licensing of the “NYSE International 100 IndexSM” (the “Index”) and its service marks for use in connection with the JNL/Mellon Capital Management NYSE® International 25 Fund.

NYSE Group, Inc. does not:

· Sponsor, endorse, sell or promote the JNL/Mellon Capital Management NYSE® International 25 Fund.

· Recommend that any person invest in the JNL/Mellon Capital Management NYSE® International 25 Fund or any other securities.

· Have any responsibility or liability for or make any decisions about the timing, amount or pricing of JNL/Mellon Capital Management NYSE® International 25 Fund.

· Have any responsibility or liability for the administration, management or marketing of the JNL/Mellon Capital Management NYSE® International 25 Fund.

· Consider the needs of the JNL/Mellon Capital Management NYSE® International 25 Fund or the owners of the JNL/Mellon Capital Management NYSE® International 25 Fund in determining, composing or calculating the NYSE International 100 IndexSM or have any obligation to do so.

NYSE Group, Inc. and its affiliates will not have any liability in connection with the JNL/Mellon Capital Management NYSE® International 25 Fund. Specifically,

· NYSE Group, Inc. and its affiliates make no warranty, express or implied, and NYSE Group, Inc. and its affiliates disclaim any warranty about:

· The results to be obtained by the JNL/Mellon Capital Management NYSE® International 25 Fund, the owner of the JNL/Mellon Capital Management NYSE® International 25 Fund or any other person in connection with the use of the Index and the data included in the NYSE International 100 IndexSM;

· The accuracy or completeness of the Index and its data;

· The merchantability and the fitness for a particular purpose or use of the Index and its data;

· NYSE Group, Inc. will have no liability for any errors, omissions or interruptions in the Index or its data;

· Under no circumstances will NYSE Group, Inc. or any of its affiliates be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if NYSE Group, Inc. knows that they might occur.

The licensing agreement between Jackson National Asset Management, LLC and NYSE Group, Inc. is solely for their benefit and not for the benefit of the owners of the JNL/Mellon Capital Management NYSE® International 25 Fund or any other third parties.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group.

JNL/Mellon Capital Management Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investment Group ("Russell"). Russell is not responsible for and has not reviewed JNL/Mellon Capital Management Small Cap Index Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell's publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) is a registered investment adviser and a wholly-owned subsidiary of The McGraw-Hill Companies, Inc. SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS does not act as a “fiduciary” or as an “investment manager”, as defined under ERISA, to any investor. SPIAS is not responsible for client suitability. Past performance of the Funds is no indication of future results. Since performance fluctuates over time, the fact that the Funds may have outperformed the benchmarks over one period of time does not mean that they outperformed the benchmarks over other periods or will outperform the benchmarks in the future. SPIAS does not take into account any information about any investor or any investor’s assets when creating, providing or maintaining any asset allocation portfolio. SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments.

The JNL/Mellon Capital Management S&P Divisions and JNL/S&P Divisions, and any other investment fund or other vehicle that is offered by third parties that uses an S&P Index as a benchmark or measure of performance, bears the S&P mark and/or seeks to provide an investment return based on the returns of any Standard & Poor’s Index are not sponsored, endorsed, sold or promoted by Standard & Poor's Financial Services LLC (“S&P”) and its affiliates. S&P is not an investment adviser and S&P and its affiliates make no representation or warranty, express or implied, to the owners of the Divisions or any member of the public regarding the advisability of investing in securities generally or in the Divisions particularly or the ability of the S&P 500® Index, the S&P MIDCAP 400 Index®, the S&P SmallCap 600 Index® or any other S&P Index to track general stock market performance. S&P's only relationship to the Separate Account (Licensee) is the licensing of certain registered trademarks and trade names of S&P, the S&P 500 Index, the S&P MIDCAP 400 Index, and the S&P SmallCap 600 Index, which are determined, composed and calculated by S&P without regard to the Licensee or the Divisions. S&P has no obligation to take the needs of the Licensee or the owners of the Divisions into consideration in determining, composing or calculating the S&P 500 Index, the S&P 400 Index, the S&P SmallCap 600 Index, or any other S&P Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Divisions or the timing of the issuance or sale of the Divisions or in the determination or calculation of the equation by which the Divisions are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Divisions.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX, THE S&P MIDCAP 400 INDEX, THE S&P SMALLCAP 600 INDEX, OR ANY OTHER S&P INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE DIVISIONS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX, THE S&P MIDCAP 400 INDEX, THE S&P SMALLCAP 600 INDEX, OR ANY OTHER S&P INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX, THE S&P MIDCAP 400 INDEX, THE S&P SMALLCAP 600 INDEX, OR ANY OTHER S&P INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

SPIAS, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and S&P Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

S&P’s credit ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P credit ratings should not be relied on when making any investment or other business decision. S&P’s opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor. While S&P and SPIAS have obtained information from sources they believe to be reliable, neither S&P nor SPIAS performs an audit and neither undertakes any duty of due diligence or independent verification of any information it receives.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Jackson has entered into a License Agreement with Value Line®. Value Line Publishing, Inc.'s ("VLPI") only relationship to Jackson is VLPI's licensing to Jackson of certain VLPI trademarks and trade names and the Value Line Timeliness Ranking System (the "System"), which is composed by VLPI without regard to Jackson, this Product or any investor. VLPI has no obligation to take the needs of Jackson or any investor in the Product into consideration in composing the System. The Product results may differ from the hypothetical or published results of the Value Line Timeliness Ranking System. VLPI is not responsible for and has not participated in the determination of the prices and composition of the Product or the timing of the issuance for sale of the Product or in the calculation of the equations by which the Product is to be converted into cash.

VLPI MAKES NO WARRANTY CONCERNING THE SYSTEM, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY IMPLIED WARRANTIES ARISING FROM USAGE OF TRADE, COURSE OF DEALING OR COURSE OF PERFORMANCE, AND VLPI MAKES NO WARRANTY AS TO THE POTENTIAL PROFITS OR ANY OTHER BENEFITS THAT MAY BE ACHIEVED BY USING THE SYSTEM OR ANY INFORMATION OR MATERIALS GENERATED THEREFROM. VLPI DOES NOT WARRANT THAT THE SYSTEM WILL MEET ANY REQUIREMENTS OR THAT IT WILL BE ACCURATE OR ERROR-FREE. VLPI ALSO DOES NOT GUARANTEE ANY USES, INFORMATION, DATA OR OTHER RESULTS GENERATED FROM THE SYSTEM. VLPI HAS NO OBLIGATION OR LIABILITY (I) IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT; OR (II) FOR ANY LOSS, DAMAGE, COST OR EXPENSE SUFFERED OR INCURRED BY ANY INVESTOR OR OTHER PERSON OR ENTITY IN CONNECTION WITH THIS PRODUCT, AND IN NO EVENT SHALL VLPI BE LIABLE FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, PUNITIVE, INCIDENTAL, INDIRECT OR EXEMPLARY DAMAGES IN CONNECTION WITH THE PRODUCT.

THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY JACKSON NATIONAL ASSET MANAGEMENT, LLC. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND OR THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND, OWNERS OF THE JNL/MELLON CAPITAL MANAGEMENT INTERNATIONAL INDEX FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Services

Jackson keeps the assets of the Separate Account. Jackson holds all cash of the Separate Account and attends to the collection of proceeds of shares of the underlying Funds bought and sold by the Separate Account.

The financial statements of Jackson National Separate Account - I and Jackson National Life Insurance Company for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. KPMG LLP is located at 303 East Wacker Drive, Chicago, Illinois 60601.

Purchase of Securities Being Offered

The Contracts will be sold by licensed insurance agents in states where the Contracts may be lawfully sold. The agents will be registered representatives of broker-dealers that are registered under the Securities Exchange Act of 1934 and members of the Financial Industry Regulatory Authority (FINRA).

Underwriters

The Contracts are offered continuously and are distributed by Jackson National Life Distributors LLC (JNLD), 7601 Technology Way, Denver, Colorado 80237. JNLD is a subsidiary of Jackson.

We expect to compensate broker/dealers selling the Contracts.

Calculation of Performance

When Jackson advertises performance for an Investment Division (except the JNL/WMC Money Market Division), we will include quotations of standardized average annual total return to facilitate comparison with standardized average annual total return advertised by other variable annuity separate accounts. Standardized average annual total return for an Investment Division will be shown for periods beginning on the date the Investment Division first invested in the corresponding Funds. We will calculate standardized average annual total return according to the standard methods prescribed by rules of the Securities and Exchange Commission.

Standardized average annual total return for a specific period is calculated by taking a hypothetical $1,000 investment in an Investment Division at the offering on the first day of the period ("initial investment") and computing the average annual compounded rate of return for the period that would equate the initial investment with the ending redeemable value ("redeemable value") of that investment at the end of the period, carried to at least the nearest hundredth of a percent. Standardized average annual total return reflects the deduction of all recurring charges that are charged to all Contracts. The redeemable value also reflects the effect of any applicable withdrawal charge or other charge that may be imposed at the end of the period. No deduction is made for premium taxes that may be assessed by certain states.

Jackson may also advertise non-standardized total return on an annualized and cumulative basis. Non-standardized total return may be for periods other than those required to be presented or may otherwise differ from standardized average annual total return. The Contract is designed for long-term investment; therefore, Jackson believes that non-standardized total return that does not reflect the deduction of any applicable withdrawal charge may be useful to investors. Reflecting the deduction of the withdrawal charge decreases the level of performance advertised. Non-standardized total return may also assume a larger initial investment that more closely approximates the size of a typical Contract.

Standardized average annual total return quotations will be current to the last day of the calendar quarter preceding the date on which an advertisement is submitted for publication. Both standardized average annual total return quotations and non-standardized total return quotations will be based on rolling calendar quarters and will cover at least periods of one, five, and ten years, or a period covering the time the Investment Division has been in existence, if it has not been in existence for one of the prescribed periods.

Quotations of standardized average annual total return and non-standardized total return are based upon historical earnings and will fluctuate. Any quotation of performance should not be considered a guarantee of future performance. Factors affecting the performance of an Investment Division and its corresponding Fund include general market conditions, operating expenses and investment management. An owner's withdrawal value upon surrender of a Contract may be more or less than its original cost.

Jackson may advertise the current annualized yield for a 30-day period for an Investment Division. The annualized yield of an Investment Division refers to the income generated by the Investment Division over a specified 30-day period. Because this yield is annualized, the yield generated by an Investment Division during the 30-day period is assumed to be generated each 30-day period. The yield is computed by dividing the net investment income per accumulation unit earned during the period by the price per unit on the last day of the period, according to the following formula:

Where:

a	=	net investment income earned during the period by the Fund attributable to shares owned by the Investment Division.
b	=	expenses for the Investment Division accrued for the period (net of reimbursements).
c	=	the average daily number of accumulation units outstanding during the period.
d	=	the maximum offering price per accumulation unit on the last day of the period.

The maximum withdrawal charge is 8.5%.

Net investment income will be determined in accordance with rules established by the Securities and Exchange Commission. Accrued expenses will include all recurring fees that are charged to all Contracts.

Because of the charges and deductions imposed by the Separate Account, the yield for an Investment Division will be lower than the yield for the corresponding Funds. The yield on amounts held in the Investment Division normally will fluctuate over time. Therefore, the disclosed yield for any given period is not an indication or representation of future yields or rates of return. An Investment Division's actual yield will be affected by the types and quality of portfolio securities held by the Fund and the Fund operating expenses.

Any current yield quotations of the JNL/WMC Money Market Division will consist of a seven calendar day historical yield, carried at least to the nearest hundredth of a percent. We may advertise yield for the Division based on different time periods, but we will accompany it with a yield quotation based on a seven calendar day period. The JNL/WMC Money Market Division's yield will be calculated by determining the net change, exclusive of capital changes, in the value of a hypothetical pre-existing account having a balance of one accumulation unit at the beginning of the base period, subtracting a hypothetical charge reflecting deductions from Contracts, and dividing the net change in account value by the value of the account at the beginning of the period to obtain a base period return and multiplying the base period return by (365/7). The JNL/WMC Money Market Division's effective yield is computed similarly but includes the effect of assumed compounding on an annualized basis of the current yield quotations of the Division.

The JNL/WMC Money Market Division's and effective yield will fluctuate daily. Actual yields will depend on factors such as the type of instruments in the Fund's portfolio, portfolio quality and average maturity, changes in interest rates, and the Fund's expenses. Although the Investment Division determines its yield on the basis of a seven calendar day period, it may use a different time period on occasion. The yield quotes may reflect the expense limitations described in the Fund's Prospectus or Statement of Additional Information. There is no assurance that the yields quoted on any given occasion will be maintained for any period of time and there is no guarantee that the net asset values will remain constant. It should be noted that neither a Contract owner's investment in the JNL/WMC Money Market Division nor that Division's investment in the JNL/WMC Money Market Division is guaranteed or insured. Yields of other money market Funds may not be comparable if a different base or another method of calculation is used.

Additional Tax Information

NOTE: INFORMATION CONTAINED HEREIN SHOULD NOT BE SUBSTITUTED FOR THE ADVICE OF A PERSONAL TAX ADVISER. JACKSON DOES NOT MAKE ANY GUARANTEE REGARDING THE TAX STATUS OF ANY CONTRACT OR ANY TRANSACTION INVOLVING THE CONTRACTS. PURCHASERS BEAR THE COMPLETE RISK THAT THE CONTRACTS MAY NOT BE TREATED AS "ANNUITY CONTRACTS" UNDER FEDERAL INCOME TAX LAWS. IT SHOULD BE FURTHER UNDERSTOOD THAT THE FOLLOWING DISCUSSION IS NOT EXHAUSTIVE AND THAT OTHER SPECIAL RULES MAY BE APPLICABLE IN CERTAIN SITUATIONS. MOREOVER, NO ATTEMPT HAS BEEN MADE TO CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS OR TO COMPARE THE TAX TREATMENT OF THE CONTRACTS TO THE TAX TREATMENT OF ANY OTHER INVESTMENT.

Jackson's Tax Status

Jackson is taxed as a life insurance company under the Internal Revenue Code of 1986, as amended (the "Code"). For federal income tax purposes, the Separate Account is not a separate entity from Jackson and its operations form a part of Jackson.

Taxation of Annuity Contracts in General

Section 72 of the Code governs the taxation of annuities in general. An individual owner is not taxed on increases in the value of a Contract until distribution occurs, either in the form of a withdrawal or as annuity payments under the annuity option elected. For a withdrawal received as a total surrender (total redemption or a death benefit), the recipient is taxed on the portion of the payment that exceeds the cost basis of the Contract. For a payment received as a partial withdrawal from a non-qualified Contract, federal tax liability is generally determined on a last-in, first-out basis, meaning taxable income is withdrawn before the cost basis of the Contract is withdrawn. In the case of a partial withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable. For Contracts issued in connection with non-qualified plans, the cost basis is generally the premiums, while for Contracts issued in connection with tax-qualified plans there may be no cost basis. The taxable portion of a withdrawal is taxed at ordinary income tax rates. Tax penalties may also apply.

For annuity payments, a portion of each payment in excess of an exclusion amount is includable in taxable income. All annuity payments in excess of the exclusion amount are fully taxable at ordinary income rates.

The exclusion amount for payments based on a fixed annuity option is determined by multiplying the payment by the ratio that the cost basis of the Contract (adjusted for any period certain or refund feature) bears to the expected return under the Contract. The exclusion amount for payments based on a variable annuity option is determined by dividing the cost basis of the Contract (adjusted for any period certain or refund guarantee) by the fixed or estimated number of years for which annuity payments are to be made. No exclusion is allowed with respect to any payments received after the investment in the Contract has been recovered (i.e., when the total of the excludable amounts equals the investment in the Contract). For certain types of tax-qualified plans there may be no cost basis in the Contract within the meaning of Section 72 of the Code.

Owners, annuitants and beneficiaries under the Contracts should seek competent financial advice about the tax consequences of distributions.

Withholding Tax on Distributions

The Code generally requires Jackson (or, in some cases, a plan administrator) to withhold tax on the taxable portion of any distribution or withdrawal from a Contract. For "eligible rollover distributions" from Contracts issued under certain types of tax-qualified plans, 20% of the distribution must be withheld, unless the payee elects to have the distribution "rolled over" to another eligible plan in a direct transfer. This requirement is mandatory and cannot be waived by the owner.

An "eligible rollover distribution" is the taxable portion of any amount received by a covered employee from a plan qualified under Section 401(a) or 403(a) of the Code, from a tax sheltered annuity qualified under Section 403(b) of the Code or an eligible deferred compensation plan of a state or local government under Section 457(b) of the Code (other than (1) a series of substantially equal periodic payments (not less frequently than annually) for the life (or life expectancy) of the employee, or joint lives (or joint life expectancies) of the employee, and his or her designated beneficiary, or for a specified period of ten years or more; (2) minimum distributions required to be made under the Code; and (3) hardship withdrawals). Failure to "roll over" the entire amount of an eligible rollover distribution (including the amount equal to the 20% portion of the distribution that was withheld) could have adverse tax consequences, including the imposition of a penalty tax on premature withdrawals, described later in this section.

Withdrawals or distributions from a Contract other than eligible rollover distributions are also subject to withholding on the taxable portion of the distribution, but the owner may elect in such cases to waive the withholding requirement. If not waived, withholding is imposed (1) for periodic payments, at the rate that would be imposed if the payments were wages, or (2) for other distributions, at the rate of 10%. If no withholding exemption certificate is in effect for the payee, the rate under (1) above is computed by treating the payee as a married individual claiming three withholding exemptions.

Generally, the amount of any payment of interest to a non-resident alien of the United States shall be subject to withholding of a tax equal to 30% of such amount or, if applicable, a lower treaty rate. A payment may not be subject to withholding where the recipient sufficiently establishes that such payment is effectively connected to the recipient's conduct of a trade or business in the United States and such payment is included in the recipient's gross income.

Diversification -- Separate Account Investments

Section 817(h) of the Code imposes certain asset diversification standards on variable annuity Contracts. The Code provides that a variable annuity Contract will not be treated as an annuity Contract for any period (and any subsequent period) for which the investments held in any segregated asset account underlying the Contract are not adequately diversified, in accordance with regulations prescribed by the United States Treasury Department ("Treasury Department"). Disqualification of the Contract as an annuity Contract would result in imposition of federal income tax to the owner with respect to earnings allocable to the Contract prior to the receipt of payments under the Contract. The Code contains a safe harbor provision which provides that annuity Contracts, such as the Contracts, meet the diversification requirements if, as of the last day of each calendar quarter, or within 30 days after such last day, the underlying assets meet the diversification standards for a regulated investment company and no more than 55% of the total assets consist of cash, cash items, U.S. government securities and securities of other regulated investment companies.

The Treasury Department has issued Regulations establishing diversification requirements for the mutual Funds underlying variable Contracts. These Regulations amplify the diversification requirements for variable Contracts set forth in the Code and provide an alternative to the safe harbor provision described above. Under these Regulations, a mutual Fund will be deemed adequately diversified if (1) no more than 55% of the value of the total assets of the mutual Fund is represented by any one investment; (2) no more than 70% of the value of the total assets of the mutual Fund is represented by any two investments; (3) no more than 80% of the value of the total assets of the mutual Fund is represented by any three investments; and (4) no more than 90% of the value of the total assets of the mutual Fund is represented by any four investments.

Jackson intends that each Fund of the JNL Series Trust will be managed by its respective investment adviser in such a manner as to comply with these diversification requirements.

At the time the Treasury Department issued the diversification Regulations, it did not provide guidance regarding the circumstances under which Contract owner control of the investments of a segregated asset account would cause the Contract owner to be treated as the owner of the assets of the segregated asset account. Revenue Ruling 2003-91 provides such guidance by describing the circumstances under which the owner of a variable contract will not possess sufficient control over the assets underlying the contract to be treated as the owner of those assets for federal income tax purposes.

Rev. Rul. 2003-91 considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets and thus to be subject to current income tax on the income and gains produced by those assets. Under the contracts in Rev. Rul. 2003-91 there was no arrangement, plan, contract or agreement between the contract owner and the insurance company regarding the availability of a particular investment option and other than the contract owner's right to allocate premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts were made by the insurance company or an advisor in its sole and absolute discretion. Twelve investment options were available under the contracts in Rev. Rul. 2003-91 although the insurance company had the right to increase (but to no more than 20) or decrease the number of sub-accounts at any time. The contract owner was permitted to transfer amounts among the various investment options without limitation, subject to incurring fees for more than one transfer per 30-day period.

Like the contracts described in Rev. Rul. 2003-91, under the Contract there will be no arrangement, plan, contract or agreement between a Contract owner and Jackson regarding the availability of a particular Allocation Option and other than the Contract owner's right to allocate premiums and transfer funds among the available Allocation Options, all investment decisions concerning the Allocation Options will be made by Jackson or an advisor in its sole and absolute discretion. The Contract will differ from the contracts described in Rev. Rul. 2003-91 in two respects. The first difference is that the contracts described in Rev. Rul. 2003-91 provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas the Perspective II Contract offers 99 Investment Divisions and at least one Fixed Account option, although a Contract owner's Contract Value can be allocated to no more than 18 fixed and variable options at any one time. The second difference is that the owner of a contract in Rev. Rul. 2003-91 could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract owner can make 15 transfers in any one year without a charge.

Rev. Rul. 2003-91 states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances. Jackson does not believe that the differences between the Contract and the contracts described in Rev. Rul. 2003-91 with respect to the number of investment choices and the number of investment transfers that can be made under the Contract without an additional charge should prevent the holding in Rev. Rul. 2003-91 from applying to the owner of a Contract. At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance. Jackson reserves the right to modify the Contract to the extent required to maintain favorable tax treatment.

Multiple Contracts

The Code provides that multiple non-qualified annuity Contracts that are issued within a calendar year to the same Contract owner by one company or its affiliates are treated as one annuity Contract for purposes of determining the tax consequences of any distribution. Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such multiple Contracts. For purposes of this rule, Contracts received in a Section 1035 exchange will be considered issued in the year of the exchange. Owners should consult a tax adviser prior to purchasing more than one annuity Contract in any calendar year.

Partial 1035 Exchanges

Section 1035 of the Code provides that an annuity Contract may be exchanged in a tax-free transaction for another annuity Contract. Historically, it was presumed that only the exchange of an entire Contract, as opposed to a partial exchange, would be accorded tax-free status. In 1998, in Conway v. Commissioner, the Tax Court held that the direct transfer of a portion of an annuity Contract into another annuity Contract qualified as a non-taxable exchange. In response to the Conway decision, the IRS issued Notice 2003-51 and Revenue Procedure 2008-24. In accordance with these rulings, the IRS will consider a partial exchange valid if there is either no withdrawal from, or surrender of, either the surviving annuity contract or the new annuity contract within 12 months of the date of the partial exchange or if the owner can demonstrate that they have met certain conditions under Section 72(a)(2) or had any life event similar to these conditions that occurred between the date of the exchange and the date of the withdrawal or surrender. In the absence of further guidance from the Internal Revenue Service it is unclear what specific types of life events may be approved by the Internal Revenue Service. Due to the uncertainty in this area owners should consult their own tax advisers prior to entering into a partial exchange of an annuity Contract.

Contracts Owned by Other Than Natural Persons

Under Section 72(u) of the Code, the investment earnings on premiums for Contracts will be taxed currently to the owner if the owner is a non-natural person, e.g., a corporation or certain other entities. Such Contracts generally will not be treated as annuities for federal income tax purposes (except for the taxation of life insurance companies). However, this treatment is not applied to Contracts held by a trust or other entity as an agent for a natural person nor to Contracts held by certain tax-qualified plans. Purchasers should consult their own tax counsel or other tax adviser before purchasing a Contract to be owned by a non-natural person.

Tax Treatment of Assignments

An assignment or pledge of a Contract may have tax consequences. Any assignment or pledge of a tax-qualified Contract may also be prohibited by ERISA in some circumstances. Owners should, therefore, consult competent legal advisers should they wish to assign or pledge their Contracts.

An assignment or pledge of all or any portion of the value of a Non-Qualified Contract is treated under Section 72 of the Code as an amount not received as an annuity. The value of the Contract assigned or pledged that exceeds the aggregate premiums paid will be included in the individual's gross income. In addition, the amount included in the individual's gross income could also be subject to the 10% penalty tax discussed below under Non-Qualified Contracts.

An assignment or pledge of all or any portion of the value of a Qualified Contract will disqualify the Qualified Contract. If the Qualified Contract is part of a qualified pension or profit-sharing plan, the Code prohibits the assignment or alienation of benefits provided under the plan. If the Qualified Contract is an IRA annuity or a 403(b) annuity, the Code requires the Qualified Contract to be nontransferable. If the Qualified Contract is part of an eligible deferred compensation plan, amounts cannot be made available to plan participants or beneficiaries: (1) until the calendar year in which the participant attains age 70 1/2; (2) when the participant has a severance from employment; or (3) when the participant is faced with an unforeseeable emergency.

Death Benefits

Any death benefits paid under the Contract are taxable to the beneficiary. The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments. Estate or gift taxes may also apply.

IRS Approval

The Perspective II Contract and all death benefit riders attached thereto have been approved by the IRS for use as an Individual Retirement Annuity prototype.

Tax-Qualified Plans

The Contracts offered by the Prospectus are designed to be suitable for use under various types of tax-qualified plans. Taxation of owners of a tax-qualified Contract will vary based on the type of plan and the terms and conditions of each specific plan. Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified Contract may be subject to the terms and conditions of the plan, regardless of the terms and conditions of the Contracts issued to fund the plan. Owners, annuitant and beneficiaries are also reminded that a tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is already tax-deferred.

Tax Treatment of Withdrawals

Non-Qualified Contracts

Section 72 of the Code governs treatment of distributions from annuity Contracts. It provides that if the Contract value exceeds the aggregate premiums made, any amount withdrawn not in the form of an annuity payment will be treated as coming first from the earnings and then, only after the income portion is exhausted, as coming from the principal. Withdrawn earnings are included in a taxpayer's gross income. Section 72 further provides that a 10% penalty will apply to the income portion of any distribution. The penalty is not imposed on amounts received: (1) after the taxpayer reaches 59 1/2; (2) upon the death of the owner; (3) if the taxpayer is totally disabled as defined in Section 72(m)(7) of the Code; (4) in a series of substantially equal periodic payments made at least annually for the life (or life expectancy) of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and his beneficiary; (5) under an immediate annuity; or (6) which are allocable to premium payments made prior to August 14, 1982.

With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Tax-Qualified Contracts

In the case of a withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable, generally based on the ratio of the individual's cost basis to the individual's total accrued benefit under the retirement plan. Special tax rules may be available for certain distributions from a tax-qualified Contract. Section 72(t) of the Code imposes a 10% penalty tax on the taxable portion of any distribution from qualified retirement plans, including Contracts issued and qualified under Code Sections 401 (pension and profit sharing plans), 403(b) (tax-sheltered annuities), individual retirement accounts and annuities under 408(a) and (b) (IRAs) and Roth IRAs under 408A. To the extent amounts are not included in gross income because they have been rolled over to an IRA or to another eligible qualified plan, no tax penalty will be imposed.

The tax penalty will not apply to the following distributions: (1) distributions made on or after the date on which the owner or annuitant (as applicable) reaches age 59 1/2; (2) distributions following the death or disability of the owner or annuitant (as applicable) (for this purpose "disability" is defined in Section 72(m)(7) of the Code); (3) distributions that are part of a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the owner or annuitant (as applicable) or the joint lives (or joint life expectancies) of such owner or annuitant (as applicable) and his or her designated beneficiary; (4) distributions to an owner or annuitant (as applicable) who has separated from service after he has attained age 55; (5) distributions made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the amount allowable as a deduction under Code Section 213 to the owner or annuitant (as applicable) for amounts paid during the taxable year for medical care; (6) distributions made to an alternate payee pursuant to a qualified domestic relations order; (7) distributions made on account of an IRS levy upon the qualified Contracts; (8) distributions from an IRA after separation from employment for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for the Contract owner or annuitant (as applicable) and his or her spouse and dependents if the Contract owner or annuitant (as applicable) has received unemployment compensation for at least 12 weeks (this exception will no longer apply after the Contract owner or annuitant (as applicable) has been re-employed for at least 60 days); (9) distributions from an IRA made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the qualified higher education expenses (as defined in Section 72(t)(7) of the Code) (as applicable) for the taxable year; and (10) distributions from an IRA made to the owner or annuitant (as applicable) which are qualified first time home buyer distributions (as defined in Section 72(t)(8) of the Code). The exceptions stated in items (4) and (6) above do not apply in the case of an IRA. The exception stated in (3) above applies to an IRA without the requirement that there be a separation from service.

With respect to (3) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Withdrawals of amounts attributable to contributions made pursuant to a salary reduction agreement (in accordance with Section 403(b)(11) of the Code) are limited to the following: when the owner attains age 59 1/2, severs employment, dies, becomes disabled (within the meaning of Section 72(m)(7) of the Code), or in the case of hardship. Hardship withdrawals do not include any earnings on salary reduction contributions. These limitations on withdrawals apply to: (1) salary reduction contributions made after December 31, 1988; (2) income attributable to such contributions; and (3) income attributable to amounts held as of December 31, 1988. The limitations on withdrawals do not affect rollovers or exchanges between certain tax-qualified plans. Tax penalties may also apply. While the foregoing limitations only apply to certain Contracts issued in connection with Section 403(b) plans, all owners should seek competent tax advice regarding any withdrawals or distributions.

The taxable portion of a withdrawal or distribution from tax-qualified Contracts may, under some circumstances, be "rolled over" into another eligible plan so as to continue to defer income tax on the taxable portion. Such treatment is available for an "eligible rollover distribution" made by certain types of plans (as described above under "Taxes – Withholding Tax on Distributions") that is transferred within 60 days of receipt into another eligible plan or an IRA. Plans making such eligible rollover distributions are also required, with some exceptions specified in the Code, to provide for a direct transfer of the distribution to the transferee plan designated by the recipient.

Amounts received from IRAs may also be rolled over into other IRAs or certain other plans, subject to limitations set forth in the Code.

Prior to the date that annuity payments begin under an annuity Contract, the required minimum distribution rules applicable to defined contribution plans and IRAs will be used. Generally, distributions from a tax-qualified plan must commence no later than April 1 of the calendar year following the year in which the employee attains the later of age 70 1/2 or the date of retirement. In the case of an IRA, distributions must commence no later than April 1 of the calendar year following the year in which the owner attains age 70 1/2. Required distributions from defined contribution plans and IRAs are determined by dividing the account balance by the appropriate distribution period found in a uniform lifetime distribution table set forth in IRS regulations. For this purpose, the entire interest under an annuity Contract is the account value under the Contract plus the actuarial value of any other benefits such as guaranteed death benefits that will be provided under the Contract.

If the sole beneficiary is the Contract holder's or employee's spouse and the spouse is more than 10 years younger than the employee, a longer distribution period measured by the joint life and last survivor expectancy of the Contract holder employee and spouse is permitted to be used. Distributions under a defined benefit plan or an annuity Contract must be paid in the form of periodic annuity payments for the employee's life (or the joint lives of the employee and beneficiary) or over a period certain that does not exceed the period under the uniform lifetime table for the employee's age in the year in which the annuity starting date occurs. If the required minimum distributions are not made, a 50% penalty tax on the amount not distributed is imposed on the individual.

Types of Tax-Qualified Plans

The Contracts offered herein are designed to be suitable for use under various types of tax-qualified plans. Taxation of participants in each tax-qualified plan varies with the type of plan and terms and conditions of each specific plan. Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified plan may be subject to the terms and conditions of the plan regardless of the terms and conditions of the Contracts issued pursuant to the plan. Some retirement plans are subject to distribution and other requirements that are not incorporated into Jackson's administrative procedures. Jackson is not bound by the terms and conditions of such plans to the extent such terms conflict with the terms of a Contract, unless Jackson specifically consents to be bound. Owners, annuitants and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.

A tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is tax deferred. However, the Contract has features and benefits other than tax deferral that may make it an appropriate investment for a tax-qualified plan. Following are general descriptions of the types of tax-qualified plans with which the Contracts may be used. Such descriptions are not exhaustive and are for general informational purposes only. The tax rules regarding tax-qualified plans are very complex and will have differing applications depending on individual facts and circumstances. Each purchaser should obtain competent tax advice prior to purchasing a Contract issued under a tax-qualified plan.

Contracts issued pursuant to tax-qualified plans include special provisions restricting Contract provisions that may otherwise be available as described herein. Generally, Contracts issued pursuant to tax-qualified plans are not transferable except upon surrender or annuitization. Various penalty and excise taxes may apply to contributions or distributions made in violation of applicable limitations. Furthermore, certain withdrawal penalties and restrictions may apply to surrenders from Tax-Qualified Contracts. (See "Tax Treatment of Withdrawals – Tax-Qualified Contracts" above.)

On July 6, 1983, the Supreme Court decided in Arizona Governing Committee v. Norris that benefits provided under an employer's deferred compensation plan could not, under Title VII of the Civil Rights Act of 1964, vary between men and women. The Contracts sold by Jackson in connection with certain Tax-Qualified Plans will utilize tables that do not differentiate on the basis of sex. Such annuity tables will also be available for use in connection with certain non-qualified deferred compensation plans.

(a) Tax-Sheltered Annuities

Section 403(b) of the Code permits the purchase of "tax-sheltered annuities" by public schools and certain charitable, educational and scientific organizations described in Section 501(c)(3) of the Code. These qualifying employers may make contributions to the Contracts for the benefit of their employees. Such contributions are not included in the gross income of the employee until the employee receives distributions from the Contract. The amount of contributions to the tax-sheltered annuity is limited to certain maximums imposed by the Code. Furthermore, the Code sets forth additional restrictions governing such items as transferability, distributions, non-discrimination and withdrawals. Employee loans are not allowed under these Contracts. Any employee should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(b) Individual Retirement Annuities

Section 408(b) of the Code permits eligible individuals to contribute to an individual retirement program known as an "individual retirement annuity" ("IRA annuity"). Under applicable limitations, certain amounts may be contributed to an IRA annuity that will be deductible from the individual's gross income. IRA annuities are subject to limitations on eligibility, contributions, transferability and distributions. Sales of IRA annuities are subject to special requirements imposed by the Code, including the requirement that certain informational disclosure be given to persons desiring to establish an IRA. Purchasers of Contracts to be qualified as IRA annuities should obtain competent tax advice as to the tax treatment and suitability of such an investment.

Section 408A of the Code provides that individuals may purchase a non-deductible IRA annuity, known as a Roth IRA annuity. Purchase payments for Roth IRA annuities are limited to a maximum of $5,000 for 2011. The limit will be adjusted annually for inflation in $500 increments. In addition, the Act allows individuals age 50 and older to make additional catch-up IRA contributions. The otherwise maximum contribution limit (before application of adjusted gross income phase-out limits) for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $1,000. The same contribution and catch-up contributions are also available for purchasers of Traditional IRA annuities.

Lower maximum limitations apply to individuals above certain adjusted gross income levels. For 2011, these levels are $107,000 in the case of single taxpayers, $169,000 in the case of married taxpayers filing joint returns, and $0 in the case of married taxpayers filing separately. These levels are indexed annually in $1,000 increments. An overall $5,000 annual limitation (increased as discussed above) continues to apply to all of a taxpayer's IRA annuity contributions, including Roth IRA annuities and non-Roth IRA annuities.

Qualified distributions from Roth IRA annuities are free from federal income tax. A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on the individual's death or disability, or as a qualified first-time home purchase, subject to a $10,000 lifetime maximum, for the individual, a spouse, child, grandchild, or ancestor. Any distribution that is not a qualified distribution is taxable to the extent of earnings in the distribution. Distributions are treated as made from contributions first and therefore no distributions are taxable until distributions exceed the amount of contributions to the Roth IRA annuity. The 10% penalty tax and the regular IRA annuity exceptions to the 10% penalty tax apply to taxable distributions from Roth IRA annuities.

Amounts may be rolled over from one Roth IRA annuity to another Roth IRA annuity. Furthermore, an individual may make a rollover contribution from a non-Roth IRA annuity to a Roth IRA annuity. The individual must pay tax on any portion of the IRA annuity being rolled over that would be included in income if the distributions were not rolled over. For rollovers in 2010, the income may be reported ratably in 2011 and 2012. There are no similar limitations on rollovers from one Roth IRA annuity to another Roth IRA annuity.

(d) Pension and Profit-Sharing Plans

The Internal Revenue Code permits employers, including self-employed individuals, to establish various types of qualified retirement plans for employees. These retirement plans may permit the purchase of the Contracts to provide benefits under the plan. Contributions to the plan for the benefit of employees will not be included in the gross income of the employee until distributed from the plan. The tax consequences to owners may vary depending upon the particular plan design. However, the Code places limitations on all plans on such items as amount of allowable contributions; form, manner and timing of distributions; vesting and non-forfeitability of interests; nondiscrimination in eligibility and participation; and the tax treatment of distributions, transferability of benefits, withdrawals and surrenders. Purchasers of Contracts for use with pension or profit sharing plans should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(e) Eligible Deferred Compensation Plans -- Section 457

Under Code provisions, employees and independent Contractors performing services for state and local governments and other tax-exempt organizations may participate in eligible deferred compensation plans under Section 457 of the Code. The amounts deferred under a Plan that meets the requirements of Section 457 of the Code are not taxable as income to the participant until paid or otherwise made available to the participant or beneficiary. As a general rule, the maximum amount that can be deferred in any one year is the lesser of 100% of the participant's includible compensation or the $16,500 elective deferral limitation in 2011. The limit is indexed for inflation in $500 increments annually thereafter. In addition, the Act allows individuals in eligible deferred compensation plans of state or local governments age 50 and older to make additional catch-up contributions. The otherwise maximum contribution limit for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $5,500. The same contribution and catch-up contributions are also available for participants in qualified pension and profit-sharing plans and tax-sheltered annuities under Section 403(b) of the Code.

In limited circumstances, the plan may provide for additional catch-up contributions in each of the last three years before normal retirement age. Furthermore, the Code provides additional requirements and restrictions regarding eligibility and distributions.

All of the assets and income of an eligible deferred compensation plan established by a governmental employer must be held in trust for the exclusive benefit of participants and their beneficiaries. For this purpose, custodial accounts and certain annuity Contracts are treated as trusts. The requirement of a trust does not apply to amounts under a Plan of a tax-exempt (non-governmental) employer. In addition, the requirement of a trust does not apply to amounts under a Plan of a governmental employer if the Plan is not an eligible plan within the meaning of Section 457(b) of the Code. In the absence of such a trust, amounts under the plan will be subject to the claims of the employer's general creditors.

In general, distributions from a Plan are prohibited under Section 457 of the Code unless made after the participant:

●	attains age 70 1/2,
●	severs employment,
●	dies, or
●	suffers an unforeseeable financial emergency as defined in the regulations.

Under present federal tax law, amounts accumulated in a Plan of a tax-exempt (non-governmental) employer under Section 457 of the Code cannot be transferred or rolled over on a tax-deferred basis except for certain transfers to other Plans under Section 457. Amounts accumulated in a Plan of a state or local government employer may be transferred or rolled over to another eligible deferred compensation plan of a state or local government, an IRA, a qualified pension or profit-sharing plan or a tax-sheltered annuity under Section 403(b) of the Code.

Annuity Provisions

Variable Annuity Payment

The initial annuity payment is determined by taking the Contract value allocated to that Investment Division, less any premium tax and any applicable Contract charges, and then applying it to the income option table specified in the Contract. The appropriate rate must be determined by the sex (except where, as in the case of certain Qualified Plans and other employer-sponsored retirement plans, such classification is not permitted) and age of the annuitant and designated second person, if any.

The dollars applied are divided by 1,000 and the result multiplied by the appropriate annuity factor appearing in the table to compute the amount of the first monthly payment. That amount is divided by the value of an annuity unit as of the Income Date to establish the number of annuity units representing each variable payment. The number of annuity units determined for the first variable payment remains constant for the second and subsequent monthly variable payments, assuming that no reallocation of Contract values is made.

The amount of the second and each subsequent monthly variable payment is determined by multiplying the number of annuity units by the annuity unit value as of the business day next preceding the date on which each payment is due.

The mortality and expense experience will not adversely affect the dollar amount of the variable annuity payments once payments have commenced.

Annuity Unit Value

The initial value of an annuity unit of each Investment Division was set when the Investment Divisions were established. The value may increase or decrease from one business day to the next. The income option tables contained in the Contract are based on an assumed investment rate of 1.5%.

The value of a fixed number of annuity units will reflect the investment performance of the Investment Divisions elected, and the amount of each payment will vary accordingly.

For each Investment Division, the value of an annuity unit for any business day is determined by multiplying the annuity unit value for the immediately preceding business day by the percentage change in the value of an accumulation unit from the immediately preceding business day to the business day of valuation, calculated by use of the Net Investment Factor, described below. The result is then multiplied by a second factor which offsets the effect of the assumed net investment rate of 1.5%.

Net Investment Factor

The net investment factor is an index applied to measure the net investment performance of an Investment Division from one valuation date to the next. The net investment factor for any Investment Division for any valuation period during the accumulation and annuity phases is determined by dividing (a) by (b) and then subtracting (c) from the result where:

(a)	is the net result of:
	(1)	the net asset value of a Fund's share held in the Investment Division determined as of the valuation date at the end of the valuation period, plus
	(2)	the per share amount of any dividend or other distribution declared by the Fund if the "ex-dividend" date occurs during the valuation period, plus or minus
	(3)	a per share credit or charge with respect to any taxes paid or reserved for by Jackson during the valuation period which are determined by Jackson to be attributable to the operation of the Investment Division (no federal income taxes are applicable under present law);
(b)	is the net asset value of the Fund share held in the Investment Division determined as of the valuation date at the end of the preceding valuation period; and
(c)	is the asset charge factor determined by Jackson for the valuation period to reflect the asset-based charges (the mortality and expense risk charge), administration charge, and any applicable charges for optional benefits.

Also see "Income Payments (The Income Phase)" in the Prospectus.

Jackson National Separate Account I

Financial Statements

December 31, 2010

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

									JNL/American				JNL/American		JNL/American		JNL/American
	JNL Institutional		JNL Institutional		JNL Institutional		JNL Institutional		Funds Blue Chip		JNL/American		Funds Global		Funds		Funds		JNL/American
	Alt 20		Alt 35		Alt 50		Alt 65		Income and		Funds Global		Small Capitalization		Growth-Income		International		Funds New
	Portfolio		Portfolio		Portfolio		Portfolio		Growth Portfolio		Bond Portfolio		Portfolio		Portfolio		Portfolio		World Portfolio
Assets
Investments, at value (a)	$	591,939,573	$	866,695,998	$	1,045,301,753	$	686,358,528	$	139,612,327	$	99,514,336	$	74,487,499	$	164,649,468	$	97,916,654	$	128,284,498
Receivables:
Investment securities sold		183,419		277,731		402,425		334,647		34,560		42,564		29,301		54,349		27,660		70,673
Sub-account units sold		534,328		1,692,609		2,065,231		1,168,569		994,665		414,905		218,444		889,501		450,413		665,223
Total assets		592,657,320		868,666,338		1,047,769,409		687,861,744		140,641,552		99,971,805		74,735,244		165,593,318		98,394,727		129,020,394

Liabilities
Payables:
Investment securities purchased		534,328		1,692,609		2,065,231		1,168,569		994,665		414,905		218,444		889,501		450,413		665,223
Sub-account units redeemed		159,770		242,451		359,240		305,736		29,023		38,448		26,228		47,571		23,712		65,337
Insurance fees due to Jackson		23,649		35,280		43,185		28,910		5,537		4,116		3,073		6,778		3,948		5,336
Total liabilities		717,747		1,970,340		2,467,656		1,503,215		1,029,225		457,469		247,745		943,850		478,073		735,896
Net assets (Note 7)	$	591,939,573	$	866,695,998	$	1,045,301,753	$	686,358,529	$	139,612,327	$	99,514,336	$	74,487,499	$	164,649,468	$	97,916,654	$	128,284,498


(a) Investment shares		41,336,562		57,587,774		67,482,360		42,710,549		13,437,183		9,522,903		6,680,493		15,755,930		9,024,576		11,292,649
Investments at cost	$	527,941,471	$	761,292,787	$	921,457,171	$	604,585,636	$	128,316,826	$	98,614,869	$	67,181,165	$	151,200,357	$	90,183,499	$	119,280,026

See notes to the financial statements.

Page 1

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

	JNL/BlackRock				JNL/Capital		JNL/Capital		JNL/Capital								JNL/Franklin
	Commodity		JNL/BlackRock		Guardian Global		Guardian Global		Guardian U.S.		JNL/Eagle		JNL/Eagle		JNL/Franklin		Templeton		JNL/Franklin
	Securities		Global Allocation		Balanced		Diversified		Growth Equity		Core Equity		SmallCap Equity		Templeton Founding		Global Growth		Templeton
	Portfolio		Portfolio		Portfolio		Research Portfolio		Portfolio		Portfolio		Portfolio		Strategy Portfolio		Portfolio		Income Portfolio
Assets
Investments, at value (a)	$	685,622,577	$	172,035,996	$	339,312,854	$	289,989,472	$	395,676,925	$	109,852,162	$	414,823,887	$	980,170,292	$	120,991,401	$	647,703,471
Receivables:
Investment securities sold		620,711		89,179		188,093		193,685		349,374		47,754		475,033		1,276,016		78,517		513,976
Sub-account units sold		1,282,558		2,135,234		72,160		164,658		683,238		127,251		916,042		1,516,193		344,029		628,774
Total assets		687,525,846		174,260,409		339,573,107		290,347,815		396,709,537		110,027,167		416,214,962		982,962,501		121,413,947		648,846,221

Liabilities
Payables:
Investment securities purchased		1,282,558		2,135,234		72,160		164,658		683,238		127,251		916,042		1,516,193		344,029		628,774
Sub-account units redeemed		590,947		82,058		173,775		181,657		333,040		43,091		457,183		1,233,306		73,460		486,035
Insurance fees due to Jackson		29,764		7,121		14,318		12,028		16,334		4,663		17,850		42,710		5,057		27,941
Total liabilities		1,903,269		2,224,413		260,253		358,343		1,032,612		175,005		1,391,075		2,792,209		422,546		1,142,750
Net assets (Note 7)	$	685,622,577	$	172,035,996	$	339,312,854	$	289,989,472	$	395,676,925	$	109,852,162	$	414,823,887	$	980,170,292	$	120,991,401	$	647,703,471


(a) Investment shares		62,216,205		16,621,835		35,642,107		12,483,404		18,672,814		14,986,652		18,959,044		111,004,563		14,974,183		64,129,056
Investments at cost	$	572,660,275	$	168,677,250	$	328,011,986	$	257,974,456	$	346,482,071	$	108,205,941	$	338,320,626	$	960,382,739	$	114,979,572	$	614,630,769

See notes to the financial statements.

Page 2

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

	JNL/Franklin				JNL/Franklin		JNL/		JNL/Goldman		JNL/		JNL/Goldman
	Templeton Inter-		JNL/Franklin		Templeton		Goldman Sachs		Sachs Emerging		Goldman Sachs		Sachs U.S.		JNL/Invesco		JNL/Invesco		JNL/Invesco
	national Small Cap		Templeton Mutual		Small Cap		Core Plus		Markets Debt		Mid Cap		Equity Flex		Global Real Estate		International		Large Cap
	Growth Portfolio		Shares Portfolio		Value Portfolio		Bond Portfolio		Portfolio		Value Portfolio		Portfolio		Portfolio		Growth Portfolio		Growth Portfolio
Assets
Investments, at value (a)	$	147,476,721	$	242,091,585	$	235,996,231	$	471,544,213	$	363,804,676	$	235,721,988	$	109,598,052	$	355,580,547	$	273,457,922	$	266,462,231
Receivables:
Investment securities sold		72,407		162,961		210,116		412,962		312,309		183,675		172,670		291,625		281,308		497,157
Sub-account units sold		291,348		497,366		684,182		431,431		784,983		472,651		336,201		723,432		505,499		357,529
Total assets		147,840,476		242,751,912		236,890,529		472,388,606		364,901,968		236,378,314		110,106,923		356,595,604		274,244,729		267,316,917

Liabilities
Payables:
Investment securities purchased		291,348		497,366		684,182		431,431		784,983		472,651		336,201		723,432		505,499		357,529
Sub-account units redeemed		66,151		152,852		199,912		392,503		296,562		173,519		168,008		276,409		269,733		485,502
Insurance fees due to Jackson		6,256		10,109		10,204		20,459		15,747		10,156		4,662		15,216		11,575		11,654
Total liabilities		363,755		660,327		894,298		844,393		1,097,292		656,326		508,871		1,015,057		786,807		854,685
Net assets (Note 7)	$	147,476,721	$	242,091,585	$	235,996,231	$	471,544,213	$	363,804,676	$	235,721,988	$	109,598,052	$	355,580,547	$	273,457,922	$	266,462,232


(a) Investment shares		18,051,006		28,548,536		21,415,266		38,842,192		26,652,357		22,237,923		13,381,936		41,833,006		26,446,608		21,164,593
Investments at cost	$	123,757,546	$	223,268,140	$	194,374,394	$	463,983,731	$	336,700,259	$	202,047,604	$	95,833,296	$	340,905,479	$	257,241,485	$	234,948,249

See notes to the financial statements.

Page 3

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

									JNL/JPMorgan
	JNL/Invesco		JNL/Ivy		JNL/JPMorgan		JNL/JPMorgan		U.S. Government		JNL/Lazard		JNL/Lazard		JNL/M&G		JNL/M&G		JNL/MCM
	Small Cap		Asset Strategy		International		MidCap Growth		& Quality Bond		Emerging Markets		Mid Cap		Global Basics		Global Leaders		10 x 10
	Growth Portfolio		Portfolio		Value Portfolio		Portfolio		Portfolio		Portfolio		Equity Portfolio		Portfolio		Portfolio		Portfolio
Assets
Investments, at value (a)	$	139,754,356	$	843,627,980	$	302,225,301	$	171,540,058	$	491,103,647	$	973,070,632	$	196,395,684	$	42,220,995	$	22,109,439	$	228,626,310
Receivables:
Investment securities sold		120,117		1,264,980		506,920		177,710		498,960		920,343		203,702		17,397		14,115		431,586
Sub-account units sold		182,552		1,763,981		530,847		214,751		304,481		2,060,523		275,056		117,855		65,876		445,661
Total assets		140,057,025		846,656,941		303,263,068		171,932,519		491,907,088		976,051,498		196,874,442		42,356,247		22,189,430		229,503,557

Liabilities
Payables:
Investment securities purchased		182,552		1,763,981		530,847		214,751		304,481		2,060,523		275,056		117,855		65,876		445,661
Sub-account units redeemed		114,070		1,229,367		493,720		170,565		477,815		878,389		195,208		15,602		13,167		422,059
Insurance fees due to Jackson		6,047		35,613		13,200		7,145		21,145		41,954		8,494		1,795		948		9,527
Total liabilities		302,669		3,028,961		1,037,767		392,461		803,441		2,980,866		478,758		135,252		79,991		877,247
Net assets (Note 7)	$	139,754,356	$	843,627,980	$	302,225,301	$	171,540,058	$	491,103,647	$	973,070,632	$	196,395,684	$	42,220,995	$	22,109,439	$	228,626,310


(a) Investment shares		10,952,536		73,808,222		40,189,535		8,568,434		37,952,368		80,485,577		16,945,270		2,818,491		1,735,435		27,813,420
Investments at cost	$	116,352,414	$	773,022,399	$	326,952,780	$	139,370,878	$	484,280,660	$	816,196,073	$	180,864,949	$	36,008,921	$	19,465,124	$	206,458,276

See notes to the financial statements.

Page 4

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010


			JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM
	JNL/MCM		Bond Index		Communications		Consumer Brands		Dow 10		Dow Dividend		European 30		Financial		Global 15		Global Alpha
	25 Portfolio		Portfolio		Sector Portfolio		Sector Portfolio		Portfolio		Portfolio		Portfolio		Sector Portfolio		Portfolio		Portfolio
Assets
Investments, at value (a)	$	487,531,920	$	533,405,028	$	59,388,369	$	74,764,115	$	376,875,309	$	253,764,106	$	16,887,125	$	172,833,978	$	522,950,999	$	38,606,136
Receivables:
Investment securities sold		663,602		440,558		100,179		106,425		725,819		374,597		4,950		91,146		689,401		18,202
Sub-account units sold		471,841		577,352		114,841		206,142		279,763		255,354		9,109		239,588		312,102		26,594
Total assets		488,667,363		534,422,938		59,603,389		75,076,682		377,880,891		254,394,057		16,901,184		173,164,712		523,952,502		38,650,932

Liabilities
Payables:
Investment securities purchased		471,841		577,352		114,841		206,142		279,763		255,354		9,109		239,588		312,102		26,594
Sub-account units redeemed		641,968		417,232		97,524		103,196		709,206		363,466		4,254		83,493		666,101		16,548
Insurance fees due to Jackson		21,634		23,326		2,655		3,229		16,613		11,131		696		7,653		23,300		1,654
Total liabilities		1,135,443		1,017,910		215,020		312,567		1,005,582		629,951		14,059		330,734		1,001,503		44,796
Net assets (Note 7)	$	487,531,920	$	533,405,028	$	59,388,369	$	74,764,115	$	376,875,309	$	253,764,106	$	16,887,125	$	172,833,978	$	522,950,999	$	38,606,136


(a) Investment shares		39,002,554		45,473,574		17,114,804		7,529,115		37,649,881		38,160,016		1,471,004		24,038,105		30,870,779		3,687,310
Investments at cost	$	440,744,373	$	521,363,377	$	54,689,647	$	65,391,725	$	363,896,652	$	296,906,434	$	16,302,998	$	159,905,558	$	480,056,580	$	37,366,775

See notes to the financial statements.

Page 5

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010


	JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM
	Healthcare		Index 5		International		JNL 5		JNL Optimized		Nasdaq 25		NYSE International		Oil & Gas		Pacific Rim 30		S&P 10
	Sector Portfolio		Portfolio		Index Portfolio		Portfolio		5 Portfolio		Portfolio		25 Portfolio		Sector Portfolio		Portfolio		Portfolio
Assets
Investments, at value (a)	$	159,185,754	$	302,371,774	$	473,953,439	$	3,150,481,677	$	408,700,472	$	113,839,885	$	95,366,089	$	593,299,218	$	35,548,780	$	289,550,874
Receivables:
Investment securities sold		88,667		202,464		437,097		4,424,250		414,314		125,282		121,341		541,029		33,074		722,568
Sub-account units sold		195,151		269,433		423,763		1,335,582		79,435		97,153		116,342		757,899		39,132		357,506
Total assets		159,469,572		302,843,671		474,814,299		3,156,241,509		409,194,221		114,062,320		95,603,772		594,598,146		35,620,986		290,630,948

Liabilities
Payables:
Investment securities purchased		195,151		269,433		423,763		1,335,582		79,435		97,153		116,342		757,899		39,132		357,506
Sub-account units redeemed		81,743		190,114		416,363		4,284,701		396,297		120,182		117,113		514,396		31,564		709,744
Insurance fees due to Jackson		6,924		12,350		20,734		139,549		18,017		5,100		4,228		26,633		1,510		12,824
Total liabilities		283,818		471,897		860,860		5,759,832		493,749		222,435		237,683		1,298,928		72,206		1,080,074
Net assets (Note 7)	$	159,185,754	$	302,371,774	$	473,953,439	$	3,150,481,677	$	408,700,472	$	113,839,885	$	95,366,089	$	593,299,218	$	35,548,780	$	289,550,874


(a) Investment shares		14,025,177		31,431,577		37,977,038		362,124,331		45,973,056		9,899,120		12,957,349		22,171,122		2,796,914		26,467,173
Investments at cost	$	155,351,330	$	259,175,265	$	473,227,472	$	3,708,724,616	$	415,763,136	$	98,178,259	$	98,509,442	$	537,325,695	$	32,514,299	$	312,150,175

See notes to the financial statements.

Page 6

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

																			JNL/
	JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM		JNL/MCM				Oppenheimer
	S&P 24		S&P 400 MidCap		S&P 500		S&P SMid		Select Small-Cap		Small Cap		Technology		Value Line 30		JNL/MCM		Global Growth
	Portfolio		Index Portfolio		Index Portfolio		60 Portfolio		Portfolio		Index Portfolio		Sector Portfolio		Portfolio		VIP Portfolio		Portfolio
Assets
Investments, at value (a)	$	45,374,926	$	465,804,873	$	811,001,199	$	174,748,033	$	278,923,161	$	444,510,802	$	272,751,649	$	547,477,608	$	285,252,176	$	247,329,291
Receivables:
Investment securities sold		63,442		654,278		858,982		180,999		521,905		613,638		242,241		885,422		670,034		277,953
Sub-account units sold		45,888		333,866		888,648		303,564		324,515		1,263,080		383,838		303,687		64,957		346,412
Total assets		45,484,256		466,793,017		812,748,829		175,232,596		279,769,581		446,387,520		273,377,728		548,666,717		285,987,167		247,953,656

Liabilities
Payables:
Investment securities purchased		45,888		333,866		888,648		303,564		324,515		1,263,080		383,838		303,687		64,957		346,412
Sub-account units redeemed		61,487		633,728		823,968		173,156		509,625		594,118		230,301		860,608		657,357		267,422
Insurance fees due to Jackson		1,955		20,550		35,014		7,843		12,280		19,520		11,940		24,814		12,677		10,531
Total liabilities		109,330		988,144		1,747,630		484,563		846,420		1,876,718		626,079		1,189,109		734,991		624,365
Net assets (Note 7)	$	45,374,926	$	465,804,873	$	811,001,199	$	174,748,033	$	278,923,161	$	444,510,802	$	272,751,649	$	547,477,608	$	285,252,176	$	247,329,291


(a) Investment shares		4,470,436		33,607,855		76,581,794		15,423,480		25,150,871		35,250,658		37,777,237		41,664,963		40,925,707		23,622,664
Investments at cost	$	38,883,774	$	399,850,616	$	720,549,910	$	140,577,622	$	359,942,748	$	368,487,554	$	228,949,964	$	560,909,835	$	332,665,926	$	237,506,234

See notes to the financial statements.

Page 7

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

									JNL/		JNL/		JNL/		JNL/		JNL/
	JNL/PAM		JNL/PAM		JNL/PIMCO		JNL/PIMCO		PPM America		PPM America		PPM America		PPM America		Red Rocks Listed
	Asia ex-Japan		China-India		Real Return		Total Return		High Yield		Mid Cap Value		Small Cap Value		Value Equity		Private Equity		JNL/S&P 4
	Portfolio		Portfolio		Portfolio		Bond Portfolio		Bond Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Assets
Investments, at value (a)	$	141,097,648	$	362,907,810	$	972,579,735	$	2,500,104,598	$	721,609,830	$	83,276,014	$	58,321,716	$	106,819,145	$	279,889,688	$	797,263,406
Receivables:
Investment securities sold		195,598		287,964		1,000,405		4,151,181		569,212		168,038		98,987		85,764		148,338		985,285
Sub-account units sold		266,507		700,835		1,278,132		3,632,022		1,338,570		305,570		161,731		40,092		746,537		652,843
Total assets		141,559,753		363,896,609		974,858,272		2,507,887,801		723,517,612		83,749,622		58,582,434		106,945,001		280,784,563		798,901,534

Liabilities
Payables:
Investment securities purchased		266,507		700,835		1,278,132		3,632,022		1,338,570		305,570		161,731		40,092		746,537		652,843
Sub-account units redeemed		189,439		272,241		957,941		4,043,141		537,497		164,247		96,337		81,334		136,476		950,772
Insurance fees due to Jackson		6,159		15,723		42,464		108,040		31,715		3,791		2,650		4,430		11,862		34,513
Total liabilities		462,105		988,799		2,278,537		7,783,203		1,907,782		473,608		260,718		125,856		894,875		1,638,128
Net assets (Note 7)	$	141,097,648	$	362,907,810	$	972,579,735	$	2,500,104,598	$	721,609,830	$	83,276,014	$	58,321,716	$	106,819,145	$	279,889,688	$	797,263,406


(a) Investment shares		14,531,169		40,639,172		80,645,086		202,437,619		108,187,381		7,790,085		5,757,326		8,791,699		27,794,408		73,412,837
Investments at cost	$	116,538,596	$	314,314,682	$	944,057,984	$	2,524,371,494	$	683,111,188	$	71,111,782	$	52,834,407	$	101,105,920	$	227,289,151	$	644,383,379

See notes to the financial statements.

Page 8

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

	JNL/S&P						JNL/S&P		JNL/S&P				JNL/		JNL/				JNL/
	Competitive		JNL/S&P		JNL/S&P		Disciplined		Dividend Income		JNL/S&P		S&P Managed		S&P Managed		JNL/		S&P Managed
	Advantage		Disciplined		Disciplined		Moderate		& Growth		Intrinsic Value		Aggressive		Conservative		S&P Managed		Moderate
	Portfolio		Growth Portfolio		Moderate Portfolio		Growth Portfolio		Portfolio		Portfolio		Growth Portfolio		Portfolio		Growth Portfolio		Portfolio
Assets
Investments, at value (a)	$	83,407,636	$	128,515,931	$	322,588,300	$	350,989,460	$	216,196,219	$	105,540,620	$	694,557,652	$	886,034,775	$	1,946,317,107	$	1,514,844,954
Receivables:
Investment securities sold		60,080		109,334		115,932		125,825		101,356		142,394		362,012		781,670		1,241,308		677,450
Sub-account units sold		58,185		472,892		160,744		580,498		862,421		100,657		1,905,443		1,412,919		3,118,358		2,029,719
Total assets		83,525,901		129,098,157		322,864,976		351,695,783		217,159,996		105,783,671		696,825,107		888,229,364		1,950,676,773		1,517,552,123

Liabilities
Payables:
Investment securities purchased		58,185		472,892		160,744		580,498		862,421		100,657		1,905,443		1,412,919		3,118,358		2,029,719
Sub-account units redeemed		56,516		103,975		102,432		111,480		92,209		137,747		333,166		742,898		1,160,078		612,778
Insurance fees due to Jackson		3,564		5,359		13,500		14,345		9,147		4,647		28,846		38,772		81,230		64,672
Total liabilities		118,265		582,226		276,676		706,323		963,777		243,051		2,267,455		2,194,589		4,359,666		2,707,169
Net assets (Note 7)	$	83,407,636	$	128,515,931	$	322,588,300	$	350,989,460	$	216,196,219	$	105,540,620	$	694,557,652	$	886,034,775	$	1,946,317,107	$	1,514,844,954


(a) Investment shares		7,795,106		15,084,029		32,750,081		38,612,702		22,151,252		10,585,819		57,071,294		80,548,616		174,089,187		132,997,801
Investments at cost	$	72,032,160	$	114,608,951	$	294,901,521	$	314,113,202	$	196,029,363	$	100,027,413	$	629,805,382	$	856,335,292	$	1,810,569,336	$	1,427,099,239

See notes to the financial statements.

Page 9

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2010

	JNL/
	S&P Managed		JNL/S&P		JNL/Select		JNL/Select		JNL/		JNL/T. Rowe		JNL/T. Rowe		JNL/T. Rowe		JNL/T. Rowe
	Moderate		Total Yield		Balanced		Money Market		Select Value		Price Established		Price Mid-Cap		Price Short-Term		Price Value
	Growth Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Growth Portfolio		Growth Portfolio		Bond Portfolio		Portfolio
Assets
Investments, at value (a)	$	2,629,579,283	$	64,955,589	$	1,228,147,867	$	676,914,189	$	353,077,011	$	782,771,598	$	981,793,339	$	334,097,582	$	411,509,466
Receivables:
Investment securities sold		1,553,072		114,312		725,349		2,804,944		379,972		752,472		1,130,920		339,104		445,931
Sub-account units sold		4,996,372		82,814		2,616,146		2,402,269		512,077		2,567,492		2,014,017		692,960		505,794
Total assets		2,636,128,727		65,152,715		1,231,489,362		682,121,402		353,969,060		786,091,562		984,938,276		335,129,646		412,461,191

Liabilities
Payables:
Investment securities purchased		4,996,372		82,814		2,616,146		2,402,269		512,077		2,567,492		2,014,017		692,960		505,794
Sub-account units redeemed		1,442,080		111,489		675,230		2,774,505		364,891		719,913		1,089,384		324,747		428,142
Insurance fees due to Jackson		110,992		2,823		50,119		30,439		15,081		32,559		41,536		14,357		17,789
Total liabilities		6,549,444		197,126		3,341,495		5,207,213		892,049		3,319,964		3,144,937		1,032,064		951,725
Net assets (Note 7)	$	2,629,579,283	$	64,955,589	$	1,228,147,867	$	676,914,189	$	353,077,011	$	782,771,598	$	981,793,339	$	334,097,582	$	411,509,466


(a) Investment shares		222,845,702		6,668,952		74,659,445		676,914,189		20,326,829		36,888,388		32,968,212		33,815,545		37,962,128
Investments at cost	$	2,451,030,020	$	60,268,646	$	1,137,966,427	$	676,914,189	$	320,719,807	$	672,396,911	$	819,733,556	$	334,987,847	$	395,052,548

See notes to the financial statements.

Page 10

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010
													JNL/						JNL/			JNL/
													American			JNL/			American			American			JNL/			JNL/
	JNL			JNL			JNL			JNL			Funds Blue Chip			American			Funds Global			Funds			American			American
	Institutional			Institutional			Institutional			Institutional			Income and			Funds Global			Small			Growth-			Funds			Funds New
	Alt 20			Alt 35			Alt 50			Alt 65			Growth			Bond			Capitalization			Income			International			World
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)
Investment income
Dividends	$	2,645,096		$	4,239,888		$	5,071,102		$	2,878,001		$	-		$	-		$	-		$	-		$	-		$	-

Expenses
Insurance charges (Note 3)		5,519,821			8,397,259			10,033,341			6,618,080			573,064			506,575			302,275			652,983			445,259			486,789
Total expenses		5,519,821			8,397,259			10,033,341			6,618,080			573,064			506,575			302,275			652,983			445,259			486,789
Net investment income (loss)		(2,874,725	)		(4,157,371	)		(4,962,239	)		(3,740,079	)		(573,064	)		(506,575	)		(302,275	)		(652,983	)		(445,259	)		(486,789	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		192,015			708,168			1,431,821			1,688,518			-			-			-			-			-			-
Investments		2,844,087			5,354,668			6,867,417			4,609,958			163,650			419,885			422,602			449,178			616,795			351,221
Net change in unrealized appreciation
(depreciation) on investments		52,862,597			84,095,869			100,653,263			67,978,542			11,295,502			899,468			7,306,334			13,449,110			7,733,156			9,004,472
Net realized and unrealized gain (loss)		55,898,699			90,158,705			108,952,501			74,277,018			11,459,152			1,319,353			7,728,936			13,898,288			8,349,951			9,355,693

Net increase (decrease) in net assets
from operations	$	53,023,974		$	86,001,334		$	103,990,262		$	70,536,939		$	10,886,088		$	812,778		$	7,426,661		$	13,245,305		$	7,904,692		$	8,868,904


(a) Commencement of operations May 3, 2010.

See notes to the financial statements.

Page 11

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

	JNL/BlackRock						JNL/Capital			JNL/Capital			JNL/Capital												JNL/Franklin
	Commodity			JNL/BlackRock			Guardian Global			Guardian Global			Guardian U.S.			JNL/Eagle			JNL/Eagle			JNL/Franklin			Templeton			JNL/Franklin
	Securities			Global Allocation			Balanced			Diversified			Growth Equity			Core Equity			SmallCap Equity			Templeton Founding			Global Growth			Templeton
	Portfolio			Portfolio(a)			Portfolio			Research Portfolio			Portfolio			Portfolio			Portfolio			Strategy Portfolio			Portfolio			Income Portfolio
Investment income
Dividends	$	1,808,736		$	-		$	3,270,721		$	1,867,361		$	875,870		$	276,401		$	472,479		$	25,878,073		$	1,436,861		$	21,093,784

Expenses
Insurance charges (Note 3)		8,105,829			256,690			4,595,900			3,918,488			4,930,062			1,470,559			3,724,227			13,935,054			1,519,801			7,966,553
Total expenses		8,105,829			256,690			4,595,900			3,918,488			4,930,062			1,470,559			3,724,227			13,935,054			1,519,801			7,966,553
Net investment income (loss)		(6,297,093	)		(256,690	)		(1,325,179	)		(2,051,127	)		(4,054,192	)		(1,194,158	)		(3,251,748	)		11,943,019			(82,940	)		13,127,231

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			-			-			-			-			-			-			-			-			-
Investments		816,220			(8,045	)		(3,997,760	)		(53,103	)		2,848,677			(3,334,783	)		5,294,427			(7,322,766	)		(1,865,429	)		3,212,543
Net change in unrealized appreciation
(depreciation) on investments		86,960,321			3,358,746			28,351,382			27,273,452			38,778,898			13,969,229			76,297,686			71,288,911			7,880,890			38,431,585
Net realized and unrealized gain (loss)		87,776,541			3,350,701			24,353,622			27,220,349			41,627,575			10,634,446			81,592,113			63,966,145			6,015,461			41,644,128

Net increase (decrease) in net assets
from operations	$	81,479,448		$	3,094,011		$	23,028,443		$	25,169,222		$	37,573,383		$	9,440,288		$	78,340,365		$	75,909,164		$	5,932,521		$	54,771,359


(a) Commencement of operations October 11, 2010.

See notes to the financial statements.

Page 12

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

	JNL/Franklin						JNL/Franklin			JNL/		JNL/Goldman			JNL/			JNL/Goldman
	Templeton Inter-			JNL/Franklin			Templeton			Goldman Sachs		Sachs Emerging			Goldman Sachs			Sachs U.S.			JNL/Invesco			JNL/Invesco			JNL/Invesco
	national Small Cap			Templeton Mutual			Small Cap			Core Plus		Markets Debt			Mid Cap			Equity Flex			Global Real Estate			International			Large Cap
	Growth Portfolio			Shares Portfolio			Value Portfolio			Bond Portfolio		Portfolio			Value Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio
Investment income
Dividends	$	1,506,822		$	46,292		$	835,318		$	11,319,504	$	3,066,452		$	1,029,182		$	636,756		$	12,165,066		$	1,795,801		$	641,467

Expenses
Insurance charges (Note 3)		1,820,759			2,905,436			2,789,231			7,197,022		3,772,960			2,739,274			1,531,453			4,191,562			3,417,845			3,659,515
Total expenses		1,820,759			2,905,436			2,789,231			7,197,022		3,772,960			2,739,274			1,531,453			4,191,562			3,417,845			3,659,515
Net investment income (loss)		(313,937	)		(2,859,144	)		(1,953,913	)		4,122,482		(706,508	)		(1,710,092	)		(894,697	)		7,973,504			(1,622,044	)		(3,018,048	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			-			-			5,102,130		768,197			-			-			-			-			-
Investments		3,642,177			45,988			4,734,068			9,128,404		7,610,637			1,896,736			2,761,873			(3,846,101	)		(5,301,274	)		1,388,196
Net change in unrealized appreciation
(depreciation) on investments		16,576,461			21,835,252			36,625,343			5,163,342		20,092,208			36,318,170			5,499,891			35,562,164			31,293,845			37,148,778
Net realized and unrealized gain (loss)		20,218,638			21,881,240			41,359,411			19,393,876		28,471,042			38,214,906			8,261,764			31,716,063			25,992,571			38,536,974

Net increase (decrease) in net assets
from operations	$	19,904,701		$	19,022,096		$	39,405,498		$	23,516,358	$	27,764,534		$	36,504,814		$	7,367,067		$	39,689,567		$	24,370,527		$	35,518,926

See notes to the financial statements.

Page 13

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

													JNL/JPMorgan
	JNL/Invesco			JNL/Ivy			JNL/JPMorgan			JNL/JPMorgan			U.S. Government		JNL/Lazard			JNL/Lazard			JNL/M&G			JNL/M&G			JNL/MCM
	Small Cap			Asset Strategy			International			MidCap Growth			& Quality Bond		Emerging Markets			Mid Cap			Global Basics			Global Leaders			10 x 10
	Growth Portfolio			Portfolio			Value Portfolio			Portfolio			Portfolio		Portfolio			Equity Portfolio			Portfolio			Portfolio			Portfolio
Investment income
Dividends	$	-		$	31,188		$	7,469,967		$	-		$	13,399,546	$	3,968,513		$	853,174		$	218,430		$	80,908		$	3,962,140

Expenses
Insurance charges (Note 3)		1,663,217			7,905,245			4,282,884			2,013,482			7,939,367		10,629,341			2,596,803			436,173			255,325			2,897,774
Total expenses		1,663,217			7,905,245			4,282,884			2,013,482			7,939,367		10,629,341			2,596,803			436,173			255,325			2,897,774
Net investment income (loss)		(1,663,217	)		(7,874,057	)		3,187,083			(2,013,482	)		5,460,179		(6,660,828	)		(1,743,629	)		(217,743	)		(174,417	)		1,064,366

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			53,960			-			-			-		-			-			131,508			260,737			102,937
Investments		2,260,083			(83,404	)		(22,374,907	)		3,288,239			17,414,207		22,831,060			(5,617,815	)		1,013,610			827,109			391,014
Net change in unrealized appreciation
(depreciation) on investments		23,210,987			69,776,444			35,220,380			28,352,874			1,408,126		108,313,323			38,795,672			4,071,918			1,355,254			26,458,803
Net realized and unrealized gain (loss)		25,471,070			69,747,000			12,845,473			31,641,113			18,822,333		131,144,383			33,177,857			5,217,036			2,443,100			26,952,754

Net increase (decrease) in net assets
from operations	$	23,807,853		$	61,872,943		$	16,032,556		$	29,627,631		$	24,282,512	$	124,483,555		$	31,434,228		$	4,999,293		$	2,268,683		$	28,017,120

See notes to the financial statements.

Page 14

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010


			JNL/MCM		JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	JNL/MCM		Bond Index		Communications			Consumer Brands			Dow 10			Dow Dividend			European 30			Financial			Global 15			Global Alpha
	25 Portfolio		Portfolio		Sector Portfolio			Sector Portfolio			Portfolio			Portfolio			Portfolio			Sector Portfolio			Portfolio			Portfolio
Investment income
Dividends	$	10,487,819	$	13,469,527	$	1,144,566		$	270,829		$	-		$	6,691,569		$	10,071		$	1,918,273		$	-		$	-

Expenses
Insurance charges (Note 3)		6,973,474		8,300,032		713,674			811,005			5,519,721			3,732,273			212,813			2,517,561			8,320,548			357,044
Total expenses		6,973,474		8,300,032		713,674			811,005			5,519,721			3,732,273			212,813			2,517,561			8,320,548			357,044
Net investment income (loss)		3,514,345		5,169,495		430,892			(540,176	)		(5,519,721	)		2,959,296			(202,742	)		(599,288	)		(8,320,548	)		(357,044	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-		873,127		-			-			-			-			77,991			-			-			8,185
Investments		6,896,526		7,966,292		(1,399,357	)		1,896,953			(14,913,108	)		(25,075,869	)		(386,686	)		861,681			(12,166,698	)		178,910
Net change in unrealized appreciation
(depreciation) on investments		67,968,988		6,187,553		9,790,881			7,836,029			89,994,007			44,743,981			328,297			14,569,187			76,459,387			1,313,355
Net realized and unrealized gain (loss)		74,865,514		15,026,972		8,391,524			9,732,982			75,080,899			19,668,112			19,602			15,430,868			64,292,689			1,500,450

Net increase (decrease) in net assets
from operations	$	78,379,859	$	20,196,467	$	8,822,416		$	9,192,806		$	69,561,178		$	22,627,408		$	(183,140	)	$	14,831,580		$	55,972,141		$	1,143,406

See notes to the financial statements.

Page 15

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010


	JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	Healthcare			Index 5			International			JNL 5			JNL Optimized			Nasdaq 25			NYSE International			Oil & Gas			Pacific Rim 30			S&P 10
	Sector Portfolio			Portfolio			Index Portfolio			Portfolio			5 Portfolio			Portfolio			25 Portfolio			Sector Portfolio			Portfolio			Portfolio
Investment income
Dividends	$	1,619,096		$	2,632,579		$	8,442,810		$	62,170,576		$	7,579,174		$	201,387		$	1,952,336		$	5,023,456		$	-		$	-

Expenses
Insurance charges (Note 3)		2,463,582			3,481,867			7,035,711			48,267,929			6,118,043			1,588,457			1,450,183			7,750,759			407,688			4,506,775
Total expenses		2,463,582			3,481,867			7,035,711			48,267,929			6,118,043			1,588,457			1,450,183			7,750,759			407,688			4,506,775
Net investment income (loss)		(844,486	)		(849,288	)		1,407,099			13,902,647			1,461,131			(1,387,070	)		502,153			(2,727,303	)		(407,688	)		(4,506,775	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			199,053			-			-			-			-			-			-			4,727			-
Investments		(1,514,599	)		4,143,353			(14,275,220	)		(252,675,964	)		(15,460,106	)		2,087,428			(3,783,434	)		(19,217,762	)		672,958			(27,837,467	)
Net change in unrealized appreciation
(depreciation) on investments		4,935,251			30,336,057			33,593,462			659,206,299			55,933,365			13,184,354			1,776,000			101,100,327			2,500,475			55,164,494
Net realized and unrealized gain (loss)		3,420,652			34,678,463			19,318,242			406,530,335			40,473,259			15,271,782			(2,007,434	)		81,882,565			3,178,160			27,327,027

Net increase (decrease) in net assets
from operations	$	2,576,166		$	33,829,175		$	20,725,341		$	420,432,982		$	41,934,390		$	13,884,712		$	(1,505,281	)	$	79,155,262		$	2,770,472		$	22,820,252

See notes to the financial statements.

Page 16

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

																												JNL/
	JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM						Oppenheimer
	S&P 24			S&P 400 MidCap			S&P 500			S&P SMid			Select Small-Cap			Small Cap			Technology			Value Line 30			JNL/MCM			Global Growth
	Portfolio			Index Portfolio			Index Portfolio			60 Portfolio			Portfolio			Index Portfolio			Sector Portfolio			Portfolio			VIP Portfolio			Portfolio
Investment income
Dividends	$	115,076		$	2,743,034		$	10,016,078		$	134,861		$	1,312,922		$	2,504,075		$	403,611		$	2,961,748		$	6,224,575		$	1,735,326

Expenses
Insurance charges (Note 3)		580,978			6,385,020			11,256,843			2,437,199			4,372,441			6,229,771			3,812,445			8,150,796			4,380,619			3,207,702
Total expenses		580,978			6,385,020			11,256,843			2,437,199			4,372,441			6,229,771			3,812,445			8,150,796			4,380,619			3,207,702
Net investment income (loss)		(465,902	)		(3,641,986	)		(1,240,765	)		(2,302,338	)		(3,059,519	)		(3,725,696	)		(3,408,834	)		(5,189,048	)		1,843,956			(1,472,376	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			3,568,667			929,529			-			-			-			-			-			-			-
Investments		447,095			3,920,556			9,896,325			9,719,355			(53,259,905	)		5,702,544			14,340,170			(41,636,729	)		(24,583,509	)		(5,607,088	)
Net change in unrealized appreciation
(depreciation) on investments		5,369,332			81,007,045			79,023,190			13,680,426			89,184,784			81,536,481			9,376,975			137,471,650			56,612,168			34,538,577
Net realized and unrealized gain (loss)		5,816,427			88,496,268			89,849,044			23,399,781			35,924,879			87,239,025			23,717,145			95,834,921			32,028,659			28,931,489

Net increase (decrease) in net assets
from operations	$	5,350,525		$	84,854,282		$	88,608,279		$	21,097,443		$	32,865,360		$	83,513,329		$	20,308,311		$	90,645,873		$	33,872,615		$	27,459,113

See notes to the financial statements.

Page 17

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

													JNL/		JNL/			JNL/			JNL/			JNL/
	JNL/PAM			JNL/PAM			JNL/PIMCO			JNL/PIMCO			PPM America		PPM America			PPM America			PPM America			Red Rocks Listed
	Asia ex-Japan			China-India			Real Return			Total Return			High Yield		Mid Cap Value			Small Cap Value			Value Equity			Private Equity			JNL/S&P 4
	Portfolio			Portfolio			Portfolio			Bond Portfolio			Bond Portfolio		Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Investment income
Dividends	$	130,948		$	-		$	12,723,700		$	51,594,906		$	43,705,825	$	1,680		$	76,182		$	1,148,493		$	446,574		$	-

Expenses
Insurance charges (Note 3)		1,679,110			4,123,626			13,898,059			36,152,237			9,289,954		820,335			598,641			1,442,675			2,784,305			10,810,623
Total expenses		1,679,110			4,123,626			13,898,059			36,152,237			9,289,954		820,335			598,641			1,442,675			2,784,305			10,810,623
Net investment income (loss)		(1,548,162	)		(4,123,626	)		(1,174,359	)		15,442,669			34,415,871		(818,655	)		(522,459	)		(294,182	)		(2,337,731	)		(10,810,623	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			3,282,477			18,203,243			93,654,109			-		-			2,822,397			-			1,431,866			527,925
Investments		5,529,262			16,242,837			21,813,403			41,043,475			33,249,167		1,417,951			674,721			(3,449,148	)		6,594,370			29,570,309
Net change in unrealized appreciation
(depreciation) on investments		12,476,661			16,060,006			6,074,912			(39,522,198	)		7,458,282		9,683,861			4,008,311			17,588,027			35,804,856			60,229,060
Net realized and unrealized gain (loss)		18,005,923			35,585,320			46,091,558			95,175,386			40,707,449		11,101,812			7,505,429			14,138,879			43,831,092			90,327,294

Net increase (decrease) in net assets
from operations	$	16,457,761		$	31,461,694		$	44,917,199		$	110,618,055		$	75,123,320	$	10,283,157		$	6,982,970		$	13,844,697		$	41,493,361		$	79,516,671

See notes to the financial statements.

Page 18

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

	JNL/S&P									JNL/S&P			JNL/S&P					JNL/			JNL/					JNL/
	Competitive			JNL/S&P			JNL/S&P			Disciplined			Dividend Income		JNL/S&P			S&P Managed			S&P Managed		JNL/			S&P Managed
	Advantage			Disciplined			Disciplined			Moderate			& Growth		Intrinsic Value			Aggressive			Conservative		S&P Managed			Moderate
	Portfolio			Growth Portfolio			Moderate Portfolio			Growth Portfolio			Portfolio		Portfolio			Growth Portfolio			Portfolio		Growth Portfolio			Portfolio
Investment income
Dividends	$	629,012		$	1,315,515		$	2,581,291		$	3,190,222		$	2,263,552	$	739,040		$	4,356,031		$	18,869,149	$	16,353,207		$	25,630,240

Expenses
Insurance charges (Note 3)		1,338,557			1,440,216			3,594,825			4,005,782			1,977,445		1,610,329			8,744,018			11,816,363		24,018,920			18,849,591
Total expenses		1,338,557			1,440,216			3,594,825			4,005,782			1,977,445		1,610,329			8,744,018			11,816,363		24,018,920			18,849,591
Net investment income (loss)		(709,545	)		(124,701	)		(1,013,534	)		(815,560	)		286,107		(871,289	)		(4,387,987	)		7,052,786		(7,665,713	)		6,780,649

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		3,116,307			-			-			-			7,904,282		10,255,748			-			-		-			-
Investments		6,255,951			753,598			818,172			1,788,111			4,162,205		7,700,200			(2,780,622	)		6,198,849		(13,391,559	)		6,328,652
Net change in unrealized appreciation
(depreciation) on investments		(732,546	)		10,847,616			23,694,003			31,490,352			9,498,433		(6,399,741	)		94,296,568			36,141,004		247,387,260			102,250,641
Net realized and unrealized gain (loss)		8,639,712			11,601,214			24,512,175			33,278,463			21,564,920		11,556,207			91,515,946			42,339,853		233,995,701			108,579,293

Net increase (decrease) in net assets
from operations	$	7,930,167		$	11,476,513		$	23,498,641		$	32,462,903		$	21,851,027	$	10,684,918		$	87,127,959		$	49,392,639	$	226,329,988		$	115,359,942

See notes to the financial statements.

Page 19

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

	JNL/
	S&P Managed			JNL/S&P			JNL/Select			JNL/Select			JNL/			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe
	Moderate			Total Yield			Balanced			Money Market			Select Value			Price Established			Price Mid-Cap			Price Short-Term			Price Value
	Growth Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio			Bond Portfolio			Portfolio
Investment income
Dividends	$	28,433,571		$	452,566		$	13,253,967		$	22		$	2,943,496		$	275,367		$	1,443,059		$	3,751,082		$	3,610,443

Expenses
Insurance charges (Note 3)		31,997,569			986,993			13,946,930			12,029,897			4,533,462			9,639,763			11,183,451			4,290,923			5,568,620
Total expenses		31,997,569			986,993			13,946,930			12,029,897			4,533,462			9,639,763			11,183,451			4,290,923			5,568,620
Net investment income (loss)		(3,563,998	)		(534,427	)		(692,963	)		(12,029,875	)		(1,589,966	)		(9,364,396	)		(9,740,392	)		(539,841	)		(1,958,177	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from investment companies		-			1,288,598			-			-			-			-			18,722,270			-			-
Investments		(1,650,484	)		1,953,972			4,646,200			-			74,476			5,296,183			13,980,669			745,172			(9,459,387	)
Net change in unrealized appreciation
(depreciation) on investments		246,714,891			(945,590	)		88,386,397			-			37,108,190			100,153,006			155,723,095			2,558,139			59,019,435
Net realized and unrealized gain (loss)		245,064,407			2,296,980			93,032,597			-			37,182,666			105,449,189			188,426,034			3,303,311			49,560,048

Net increase (decrease) in net assets
from operations	$	241,500,409		$	1,762,553		$	92,339,634		$	(12,029,875	)	$	35,592,700		$	96,084,793		$	178,685,642		$	2,763,470		$	47,601,871

See notes to the financial statements.

Page 20

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010
																			JNL/			JNL/
													JNL/American						American			American			JNL/			JNL/
	JNL			JNL			JNL			JNL			Funds Blue Chip			JNL/American			Funds Global			Funds			American			American
	JNL Institutional			JNL Institutional			JNL Institutional			Institutional			Income and			Funds Global			Small			Growth-			Funds			Funds New
	Alt 20			Alt 35			Alt 50			Alt 65			Growth			Bond			Capitalization			Income			International			World
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)
Operations
Net investment income (loss)	$	(2,874,725	)	$	(4,157,371	)	$	(4,962,239	)	$	(3,740,079	)	$	(573,064	)	$	(506,575	)	$	(302,275	)	$	(652,983	)	$	(445,259	)	$	(486,789	)
Net realized gain (loss) on investments		3,036,102			6,062,836			8,299,238			6,298,476			163,650			419,885			422,602			449,178			616,795			351,221
Net change in unrealized appreciation
(depreciation) on investments		52,862,597			84,095,869			100,653,263			67,978,542			11,295,502			899,468			7,306,334			13,449,110			7,733,156			9,004,472
Net increase (decrease) in net assets
from operations		53,023,974			86,001,334			103,990,262			70,536,939			10,886,088			812,778			7,426,661			13,245,305			7,904,692			8,868,904

Contract transactions 1
Purchase payments (Note 4)		276,666,853			375,595,367			445,206,638			274,435,842			96,981,885			60,024,968			35,962,709			110,257,027			59,890,466			62,655,517
Surrenders and terminations		(14,237,116	)		(22,581,655	)		(24,447,808	)		(17,071,797	)		(2,598,357	)		(1,950,997	)		(1,104,338	)		(2,641,173	)		(1,631,041	)		(1,406,062	)
Transfers between portfolios		81,834,639			124,201,798			169,814,267			132,954,747			34,371,726			40,652,312			32,230,002			43,835,859			31,781,219			58,174,934
Net annuitization transactions		-			-			-			(23,334	)		-			-			-			-			(3,212	)		-
Policyholder charges (Note 3)		(127,475	)		(297,738	)		(322,093	)		(181,334	)		(29,015	)		(24,725	)		(27,535	)		(47,550	)		(25,470	)		(8,795	)
Net increase (decrease) in net assets from
contract transactions		344,136,901			476,917,772			590,251,004			390,114,124			128,726,239			98,701,558			67,060,838			151,404,163			90,011,962			119,415,594

Net increase (decrease) in net assets		397,160,875			562,919,106			694,241,266			460,651,063			139,612,327			99,514,336			74,487,499			164,649,468			97,916,654			128,284,498

Net assets beginning of period		194,778,698			303,776,892			351,060,487			225,707,466			-			-			-			-			-			-

Net assets end of period	$	591,939,573		$	866,695,998		$	1,045,301,753		$	686,358,529		$	139,612,327		$	99,514,336		$	74,487,499		$	164,649,468		$	97,916,654		$	128,284,498


1 Contract unit transactions
Units Outstanding at December 31, 2009		15,469,377			23,203,244			26,163,489			16,343,642			-			-			-			-			-			-

Units Issued		28,517,708			38,824,487			46,339,205			31,042,252			14,353,914			10,566,277			7,037,561			16,400,273			9,536,705			11,591,360
Units Redeemed		(1,801,837	)		(3,286,801	)		(3,680,242	)		(3,828,339	)		(786,211	)		(947,189	)		(289,851	)		(485,783	)		(423,268	)		(183,914	)

Units Outstanding at December 31, 2010		42,185,248			58,740,930			68,822,452			43,557,555			13,567,703			9,619,088			6,747,710			15,914,490			9,113,437			11,407,446

(a) Commencement of operations May 3, 2010.

See notes to the financial statements.

Page 21

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

	JNL/BlackRock						JNL/Capital			JNL/Capital			JNL/Capital												JNL/Franklin
	Commodity			JNL/BlackRock			Guardian Global			Guardian Global			Guardian U.S.			JNL/Eagle			JNL/Eagle			JNL/Franklin			Templeton			JNL/Franklin
	Securities			Global Allocation			Balanced			Diversified			Growth Equity			Core Equity			SmallCap Equity			Templeton Founding			Global Growth			Templeton
	Portfolio			Portfolio(a)			Portfolio			Research Portfolio			Portfolio			Portfolio			Portfolio			Strategy Portfolio			Portfolio			Income Portfolio
Operations
Net investment income (loss)	$	(6,297,093	)	$	(256,690	)	$	(1,325,179	)	$	(2,051,127	)	$	(4,054,192	)	$	(1,194,158	)	$	(3,251,748	)	$	11,943,019		$	(82,940	)	$	13,127,231
Net realized gain (loss) on investments		816,220			(8,045	)		(3,997,760	)		(53,103	)		2,848,677			(3,334,783	)		5,294,427			(7,322,766	)		(1,865,429	)		3,212,543
Net change in unrealized appreciation
(depreciation) on investments		86,960,321			3,358,746			28,351,382			27,273,452			38,778,898			13,969,229			76,297,686			71,288,911			7,880,890			38,431,585
Net increase (decrease) in net assets
from operations		81,479,448			3,094,011			23,028,443			25,169,222			37,573,383			9,440,288			78,340,365			75,909,164			5,932,521			54,771,359

Contract transactions 1
Purchase payments (Note 4)		123,788,609			87,923,285			71,810,073			59,860,788			85,450,187			24,819,377			70,245,298			174,975,959			36,169,345			155,716,914
Surrenders and terminations		(30,269,742	)		(613,068	)		(21,259,725	)		(15,254,410	)		(20,355,642	)		(8,411,539	)		(18,066,410	)		(52,818,550	)		(6,369,350	)		(36,184,831	)
Transfers between portfolios		11,190,441			81,633,754			614,287			(19,646,417	)		9,009,111			7,590,476			104,767,608			(12,790,824	)		2,674,977			67,185,867
Net annuitization transactions		131,563			-			322,579			84,379			(73,042	)		(89,863	)		(11,045	)		284,466			(49,594	)		144,002
Policyholder charges (Note 3)		(590,563	)		(1,986	)		(261,026	)		(214,785	)		(251,680	)		(105,466	)		(243,898	)		(1,027,918	)		(99,327	)		(464,927	)
Net increase (decrease) in net assets from
contract transactions		104,250,308			168,941,985			51,226,188			24,829,555			73,778,934			23,802,985			156,691,553			108,623,133			32,326,051			186,397,025

Net increase (decrease) in net assets		185,729,756			172,035,996			74,254,631			49,998,777			111,352,317			33,243,273			235,031,918			184,532,297			38,258,572			241,168,384

Net assets beginning of period		499,892,821			-			265,058,223			239,990,695			284,324,608			76,608,889			179,791,969			795,637,995			82,732,829			406,535,087

Net assets end of period	$	685,622,577		$	172,035,996		$	339,312,854		$	289,989,472		$	395,676,925		$	109,852,162		$	414,823,887		$	980,170,292		$	120,991,401		$	647,703,471


1 Contract unit transactions
Units Outstanding at December 31, 2009		51,593,983			-			24,522,417			10,688,386			12,891,112			5,157,807			8,800,811			99,557,243			11,091,559			41,299,026

Units Issued		25,759,293			16,906,956			9,247,211			3,619,523			5,526,197			2,968,301			9,546,474			26,758,399			7,593,838			27,234,999
Units Redeemed		(16,200,917	)		(228,587	)		(4,620,358	)		(2,712,890	)		(2,477,976	)		(1,448,781	)		(3,205,133	)		(13,543,046	)		(3,327,393	)		(9,223,074	)

Units Outstanding at December 31, 2010		61,152,359			16,678,369			29,149,270			11,595,019			15,939,333			6,677,327			15,142,152			112,772,596			15,358,004			59,310,951

(a) Commencement of operations October 11, 2010.

See notes to the financial statements.

Page 22

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

	JNL/Franklin						JNL/Franklin			JNL/			JNL/Goldman			JNL/			JNL/Goldman
	Templeton Inter-			JNL/Franklin			Templeton			Goldman Sachs			Sachs Emerging			Goldman Sachs			Sachs U.S.			JNL/Invesco			JNL/Invesco			JNL/Invesco
	national Small Cap			Templeton Mutual			Small Cap			Core Plus			Markets Debt			Mid Cap			Equity Flex			Global Real Estate			International			Large Cap
	Growth Portfolio			Shares Portfolio			Value Portfolio			Bond Portfolio			Portfolio			Value Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio
Operations
Net investment income (loss)	$	(313,937	)	$	(2,859,144	)	$	(1,953,913	)	$	4,122,482		$	(706,508	)	$	(1,710,092	)	$	(894,697	)	$	7,973,504		$	(1,622,044	)	$	(3,018,048	)
Net realized gain (loss) on investments		3,642,177			45,988			4,734,068			14,230,534			8,378,834			1,896,736			2,761,873			(3,846,101	)		(5,301,274	)		1,388,196
Net change in unrealized appreciation
(depreciation) on investments		16,576,461			21,835,252			36,625,343			5,163,342			20,092,208			36,318,170			5,499,891			35,562,164			31,293,845			37,148,778
Net increase (decrease) in net assets
from operations		19,904,701			19,022,096			39,405,498			23,516,358			27,764,534			36,504,814			7,367,067			39,689,567			24,370,527			35,518,926

Contract transactions 1
Purchase payments (Note 4)		38,710,532			75,395,345			53,713,328			102,455,325			94,811,095			54,138,552			23,238,603			73,409,848			59,136,804			51,308,511
Surrenders and terminations		(5,643,661	)		(10,755,522	)		(11,507,389	)		(38,331,588	)		(14,878,537	)		(12,419,946	)		(4,951,053	)		(15,013,977	)		(16,802,121	)		(20,408,389	)
Transfers between portfolios		2,535,935			12,636,281			28,265,021			19,162,530			129,587,163			27,632,311			(2,882,338	)		43,154,215			20,433,077			(18,195,166	)
Net annuitization transactions		(2,130	)		(42,324	)		(35,778	)		5,898			(12,638	)		(94,783	)		145,902			4,583			(409,848	)		(87,712	)
Policyholder charges (Note 3)		(76,317	)		(164,256	)		(143,207	)		(447,497	)		(207,825	)		(162,580	)		(84,917	)		(247,009	)		(221,329	)		(287,738	)
Net increase (decrease) in net assets from
contract transactions		35,524,359			77,069,524			70,291,975			82,844,668			209,299,258			69,093,554			15,466,197			101,307,660			62,136,583			12,329,506

Net increase (decrease) in net assets		55,429,060			96,091,620			109,697,473			106,361,026			237,063,792			105,598,368			22,833,264			140,997,227			86,507,110			47,848,432

Net assets beginning of period		92,047,661			145,999,965			126,298,758			365,183,187			126,740,884			130,123,620			86,764,788			214,583,320			186,950,812			218,613,800

Net assets end of period	$	147,476,721		$	242,091,585		$	235,996,231		$	471,544,213		$	363,804,676		$	235,721,988		$	109,598,052		$	355,580,547		$	273,457,922		$	266,462,232


1 Contract unit transactions
Units Outstanding at December 31, 2009		13,701,298			19,404,527			12,508,063			17,499,651			10,865,653			12,215,326			10,774,450			20,032,539			12,731,401			20,597,727

Units Issued		11,554,000			13,779,944			11,536,691			10,091,183			21,182,002			9,765,122			5,755,831			13,918,972			7,607,590			7,834,899
Units Redeemed		(6,771,770	)		(3,925,197	)		(5,347,245	)		(6,384,513	)		(4,758,860	)		(3,942,028	)		(3,828,100	)		(5,243,891	)		(3,622,880	)		(6,761,452	)

Units Outstanding at December 31, 2010		18,483,528			29,259,274			18,697,509			21,206,321			27,288,795			18,038,420			12,702,181			28,707,620			16,716,111			21,671,174

See notes to the financial statements.

Page 23

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

													JNL/JPMorgan
	JNL/Invesco			JNL/Ivy			JNL/JPMorgan			JNL/JPMorgan			U.S. Government			JNL/Lazard			JNL/Lazard			JNL/M&G			JNL/M&G			JNL/MCM
	Small Cap			Asset Strategy			International			MidCap Growth			& Quality Bond			Emerging Markets			Mid Cap			Global Basics			Global Leaders			10 x 10
	Growth Portfolio			Portfolio			Value Portfolio			Portfolio			Portfolio			Portfolio			Equity Portfolio			Portfolio			Portfolio			Portfolio
Operations
Net investment income (loss)	$	(1,663,217	)	$	(7,874,057	)	$	3,187,083		$	(2,013,482	)	$	5,460,179		$	(6,660,828	)	$	(1,743,629	)	$	(217,743	)	$	(174,417	)	$	1,064,366
Net realized gain (loss) on investments		2,260,083			(29,444	)		(22,374,907	)		3,288,239			17,414,207			22,831,060			(5,617,815	)		1,145,118			1,087,846			493,951
Net change in unrealized appreciation
(depreciation) on investments		23,210,987			69,776,444			35,220,380			28,352,874			1,408,126			108,313,323			38,795,672			4,071,918			1,355,254			26,458,803
Net increase (decrease) in net assets
from operations		23,807,853			61,872,943			16,032,556			29,627,631			24,282,512			124,483,555			31,434,228			4,999,293			2,268,683			28,017,120

Contract transactions 1
Purchase payments (Note 4)		29,427,375			395,612,863			49,008,954			26,983,839			102,647,251			217,493,865			27,109,671			11,777,839			6,698,246			40,295,797
Surrenders and terminations		(7,865,197	)		(21,721,881	)		(19,636,508	)		(12,106,653	)		(49,799,466	)		(39,730,316	)		(15,775,306	)		(1,524,278	)		(894,632	)		(14,571,624	)
Transfers between portfolios		8,596,181			249,990,911			(13,163,116	)		11,867,590			25,255,514			139,876,600			3,564,006			3,966,242			2,867,708			2,761,426
Net annuitization transactions		(81,777	)		245,341			54,005			(60,311	)		(430,960	)		(165,530	)		(74,904	)		(6,252	)		-			(1,105	)
Policyholder charges (Note 3)		(165,048	)		(203,954	)		(241,062	)		(189,492	)		(579,368	)		(585,896	)		(165,027	)		(22,426	)		(10,003	)		(390,817	)
Net increase (decrease) in net assets from
contract transactions		29,911,534			623,923,280			16,022,273			26,494,973			77,092,971			316,888,723			14,658,440			14,191,125			8,661,319			28,093,677

Net increase (decrease) in net assets		53,719,387			685,796,223			32,054,829			56,122,604			101,375,483			441,372,278			46,092,668			19,190,418			10,930,002			56,110,797

Net assets beginning of period		86,034,969			157,831,757			270,170,472			115,417,454			389,728,164			531,698,354			150,303,016			23,030,577			11,179,437			172,515,513

Net assets end of period	$	139,754,356		$	843,627,980		$	302,225,301		$	171,540,058		$	491,103,647		$	973,070,632		$	196,395,684		$	42,220,995		$	22,109,439		$	228,626,310


1 Contract unit transactions
Units Outstanding at December 31, 2009		7,001,617			15,362,271			22,142,136			6,504,819			22,457,232			45,413,678			9,389,424			1,898,731			992,793			22,814,389

Units Issued		5,051,265			67,615,715			7,057,858			3,065,019			19,169,679			38,494,939			3,782,632			2,453,085			1,487,151			7,604,050
Units Redeemed		(2,908,940	)		(7,594,013	)		(5,812,034	)		(1,981,825	)		(15,105,303	)		(14,768,338	)		(3,116,911	)		(1,482,301	)		(718,937	)		(4,062,927	)

Units Outstanding at December 31, 2010		9,143,942			75,383,973			23,387,960			7,588,013			26,521,608			69,140,279			10,055,145			2,869,515			1,761,007			26,355,512

See notes to the financial statements.

Page 24

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010


				JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	JNL/MCM			Bond Index			Communications			Consumer Brands			Dow 10			Dow Dividend			European 30			Financial			Global 15			Global Alpha
	25 Portfolio			Portfolio			Sector Portfolio			Sector Portfolio			Portfolio			Portfolio			Portfolio			Sector Portfolio			Portfolio			Portfolio
Operations
Net investment income (loss)	$	3,514,345		$	5,169,495		$	430,892		$	(540,176	)	$	(5,519,721	)	$	2,959,296		$	(202,742	)	$	(599,288	)	$	(8,320,548	)	$	(357,044	)
Net realized gain (loss) on investments		6,896,526			8,839,419			(1,399,357	)		1,896,953			(14,913,108	)		(25,075,869	)		(308,695	)		861,681			(12,166,698	)		187,095
Net change in unrealized appreciation
(depreciation) on investments		67,968,988			6,187,553			9,790,881			7,836,029			89,994,007			44,743,981			328,297			14,569,187			76,459,387			1,313,355
Net increase (decrease) in net assets
from operations		78,379,859			20,196,467			8,822,416			9,192,806			69,561,178			22,627,408			(183,140	)		14,831,580			55,972,141			1,143,406

Contract transactions 1
Purchase payments (Note 4)		42,629,099			78,635,333			8,030,991			11,161,821			20,978,523			31,155,220			4,918,918			32,471,839			23,148,557			13,589,552
Surrenders and terminations		(35,992,065	)		(41,181,371	)		(3,262,477	)		(3,221,223	)		(29,773,850	)		(14,633,889	)		(638,401	)		(10,832,738	)		(43,290,026	)		(747,631	)
Transfers between portfolios		20,044,570			9,991,603			6,697,676			24,534,947			(21,522,005	)		(16,359,655	)		511,948			(3,337,162	)		(83,183,840	)		18,151,829
Net annuitization transactions		(260,133	)		32,457			(4,637	)		(1,861	)		(190,438	)		12,741			-			(9,836	)		(304,044	)		(39,517	)
Policyholder charges (Note 3)		(522,819	)		(581,589	)		(72,277	)		(65,738	)		(452,124	)		(315,053	)		(18,211	)		(222,461	)		(684,293	)		(7,736	)
Net increase (decrease) in net assets from
contract transactions		25,898,652			46,896,433			11,389,276			32,407,946			(30,959,894	)		(140,636	)		4,774,254			18,069,642			(104,313,646	)		30,946,497

Net increase (decrease) in net assets		104,278,511			67,092,900			20,211,692			41,600,752			38,601,284			22,486,772			4,591,114			32,901,222			(48,341,505	)		32,089,903

Net assets beginning of period		383,253,409			466,312,128			39,176,677			33,163,363			338,274,025			231,277,334			12,296,011			139,932,756			571,292,504			6,516,233

Net assets end of period	$	487,531,920		$	533,405,028		$	59,388,369		$	74,764,115		$	376,875,309		$	253,764,106		$	16,887,125		$	172,833,978		$	522,950,999		$	38,606,136


1 Contract unit transactions
Units Outstanding at December 31, 2009		33,485,406			37,261,915			8,725,097			3,575,518			50,000,493			37,581,764			1,029,885			20,880,689			45,964,562			661,825

Units Issued		11,812,818			12,323,068			8,037,305			5,266,818			7,709,257			9,607,555			1,277,372			10,702,342			3,920,288			3,847,975
Units Redeemed		(10,131,602	)		(8,808,650	)		(5,850,310	)		(2,201,024	)		(12,390,118	)		(9,868,598	)		(901,622	)		(8,634,520	)		(12,646,845	)		(750,577	)

Units Outstanding at December 31, 2010		35,166,622			40,776,333			10,912,092			6,641,312			45,319,632			37,320,721			1,405,635			22,948,511			37,238,005			3,759,223

See notes to the financial statements.

Page 25

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010


	JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	Healthcare			Index 5			International			JNL 5			JNL Optimized			Nasdaq 25			NYSE International			Oil & Gas			Pacific Rim 30			S&P 10
	Sector Portfolio			Portfolio			Index Portfolio			Portfolio			5 Portfolio			Portfolio			25 Portfolio			Sector Portfolio			Portfolio			Portfolio
Operations
Net investment income (loss)	$	(844,486	)	$	(849,288	)	$	1,407,099		$	13,902,647		$	1,461,131		$	(1,387,070	)	$	502,153		$	(2,727,303	)	$	(407,688	)	$	(4,506,775	)
Net realized gain (loss) on investments		(1,514,599	)		4,342,406			(14,275,220	)		(252,675,964	)		(15,460,106	)		2,087,428			(3,783,434	)		(19,217,762	)		677,685			(27,837,467	)
Net change in unrealized appreciation
(depreciation) on investments		4,935,251			30,336,057			33,593,462			659,206,299			55,933,365			13,184,354			1,776,000			101,100,327			2,500,475			55,164,494
Net increase (decrease) in net assets
from operations		2,576,166			33,829,175			20,725,341			420,432,982			41,934,390			13,884,712			(1,505,281	)		79,155,262			2,770,472			22,820,252

Contract transactions 1
Purchase payments (Note 4)		30,332,664			84,880,331			63,262,413			166,935,096			36,185,992			18,452,549			11,769,028			94,791,321			10,297,328			7,616,196
Surrenders and terminations		(10,463,176	)		(11,556,932	)		(35,193,850	)		(192,465,696	)		(22,490,872	)		(5,676,586	)		(5,229,548	)		(33,545,215	)		(1,340,158	)		(23,994,703	)
Transfers between portfolios		(14,264,173	)		13,354,438			(22,867,892	)		(352,639,149	)		(40,850,215	)		3,276,534			10,383,387			19,394,436			8,116,344			(36,678,341	)
Net annuitization transactions		100,404			351,838			(159,855	)		(672,573	)		(89,664	)		(5,743	)		157,427			(218,803	)		-			(217,388	)
Policyholder charges (Note 3)		(182,209	)		(186,445	)		(524,014	)		(3,711,966	)		(455,312	)		(120,182	)		(89,017	)		(622,623	)		(16,938	)		(361,640	)
Net increase (decrease) in net assets from
contract transactions		5,523,510			86,843,230			4,516,802			(382,554,288	)		(27,700,071	)		15,926,572			16,991,277			79,799,116			17,056,576			(53,635,876	)

Net increase (decrease) in net assets		8,099,676			120,672,405			25,242,143			37,878,694			14,234,319			29,811,284			15,485,996			158,954,378			19,827,048			(30,815,624	)

Net assets beginning of period		151,086,078			181,699,369			448,711,296			3,112,602,983			394,466,153			84,028,601			79,880,093			434,344,840			15,721,732			320,366,498

Net assets end of period	$	159,185,754		$	302,371,774		$	473,953,439		$	3,150,481,677		$	408,700,472		$	113,839,885		$	95,366,089		$	593,299,218		$	35,548,780		$	289,550,874


1 Contract unit transactions
Units Outstanding at December 31, 2009		13,467,976			21,565,799			31,012,282			325,622,120			45,827,246			8,721,292			9,718,562			16,523,685			1,345,363			38,784,490

Units Issued		5,342,057			14,590,439			7,278,016			20,772,760			5,654,713			4,759,747			5,803,669			7,793,686			2,441,308			3,611,252
Units Redeemed		(5,000,428	)		(4,729,052	)		(7,198,306	)		(60,610,935	)		(9,063,111	)		(3,260,713	)		(4,002,786	)		(5,158,545	)		(1,051,396	)		(10,503,157	)

Units Outstanding at December 31, 2010		13,809,605			31,427,186			31,091,992			285,783,945			42,418,848			10,220,326			11,519,445			19,158,826			2,735,275			31,892,585

See notes to the financial statements.

Page 26

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

																												JNL/
	JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM						Oppenheimer
	S&P 24			S&P 400 MidCap			S&P 500			S&P SMid			Select Small-Cap			Small Cap			Technology			Value Line 30			JNL/MCM			Global Growth
	Portfolio			Index Portfolio			Index Portfolio			60 Portfolio			Portfolio			Index Portfolio			Sector Portfolio			Portfolio			VIP Portfolio			Portfolio
Operations
Net investment income (loss)	$	(465,902	)	$	(3,641,986	)	$	(1,240,765	)	$	(2,302,338	)	$	(3,059,519	)	$	(3,725,696	)	$	(3,408,834	)	$	(5,189,048	)	$	1,843,956		$	(1,472,376	)
Net realized gain (loss) on investments		447,095			7,489,223			10,825,854			9,719,355			(53,259,905	)		5,702,544			14,340,170			(41,636,729	)		(24,583,509	)		(5,607,088	)
Net change in unrealized appreciation
(depreciation) on investments		5,369,332			81,007,045			79,023,190			13,680,426			89,184,784			81,536,481			9,376,975			137,471,650			56,612,168			34,538,577
Net increase (decrease) in net assets
from operations		5,350,525			84,854,282			88,608,279			21,097,443			32,865,360			83,513,329			20,308,311			90,645,873			33,872,615			27,459,113

Contract transactions 1
Purchase payments (Note 4)		8,931,680			61,383,840			128,062,816			30,605,275			13,449,346			50,600,622			57,795,952			28,640,248			14,823,317			50,286,854
Surrenders and terminations		(1,505,218	)		(33,507,481	)		(60,175,067	)		(8,101,909	)		(22,343,256	)		(34,657,492	)		(15,031,344	)		(32,085,835	)		(18,064,434	)		(15,911,248	)
Transfers between portfolios		220,537			(5,882,258	)		(7,227,224	)		8,149,766			(33,411,154	)		(17,377,566	)		(15,292,497	)		(63,521,186	)		(28,164,760	)		11,793,790
Net annuitization transactions		-			(222,583	)		(413,822	)		-			(92,244	)		(361,244	)		(48,834	)		3,921			150,333			25,658
Policyholder charges (Note 3)		(23,670	)		(485,244	)		(749,902	)		(131,693	)		(347,310	)		(462,724	)		(271,792	)		(681,101	)		(351,197	)		(206,089	)
Net increase (decrease) in net assets from
contract transactions		7,623,329			21,286,274			59,496,801			30,521,439			(42,744,618	)		(2,258,404	)		27,151,485			(67,643,953	)		(31,606,741	)		45,988,965

Net increase (decrease) in net assets		12,973,854			106,140,556			148,105,080			51,618,882			(9,879,258	)		81,254,925			47,459,796			23,001,920			2,265,874			73,448,078

Net assets beginning of period		32,401,072			359,664,317			662,896,119			123,129,151			288,802,419			363,255,877			225,291,853			524,475,688			282,986,302			173,881,213

Net assets end of period	$	45,374,926		$	465,804,873		$	811,001,199		$	174,748,033		$	278,923,161		$	444,510,802		$	272,751,649		$	547,477,608		$	285,252,176		$	247,329,291


1 Contract unit transactions
Units Outstanding at December 31, 2009		3,883,607			26,848,856			68,254,472			12,791,691			25,618,156			30,126,306			36,400,776			50,622,953			28,696,398			14,359,000

Units Issued		2,388,381			8,636,373			24,216,384			10,729,769			3,202,570			8,187,576			23,071,062			6,366,098			2,557,320			6,792,852
Units Redeemed		(1,541,713	)		(7,489,471	)		(18,275,291	)		(8,255,715	)		(7,061,314	)		(8,699,380	)		(19,800,755	)		(13,147,985	)		(5,797,570	)		(3,244,718	)

Units Outstanding at December 31, 2010		4,730,275			27,995,758			74,195,565			15,265,745			21,759,412			29,614,502			39,671,083			43,841,066			25,456,148			17,907,134

See notes to the financial statements.

Page 27

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

													JNL/			JNL/			JNL/			JNL/			JNL/
	JNL/PAM			JNL/PAM			JNL/PIMCO			JNL/PIMCO			PPM America			PPM America			PPM America			PPM America			Red Rocks Listed
	Asia ex-Japan			China-India			Real Return			Total Return			High Yield			Mid Cap Value			Small Cap Value			Value Equity			Private Equity			JNL/S&P 4
	Portfolio			Portfolio			Portfolio			Bond Portfolio			Bond Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Operations
Net investment income (loss)	$	(1,548,162	)	$	(4,123,626	)	$	(1,174,359	)	$	15,442,669		$	34,415,871		$	(818,655	)	$	(522,459	)	$	(294,182	)	$	(2,337,731	)	$	(10,810,623	)
Net realized gain (loss) on investments		5,529,262			19,525,314			40,016,646			134,697,584			33,249,167			1,417,951			3,497,118			(3,449,148	)		8,026,236			30,098,234
Net change in unrealized appreciation
(depreciation) on investments		12,476,661			16,060,006			6,074,912			(39,522,198	)		7,458,282			9,683,861			4,008,311			17,588,027			35,804,856			60,229,060
Net increase (decrease) in net assets
from operations		16,457,761			31,461,694			44,917,199			110,618,055			75,123,320			10,283,157			6,982,970			13,844,697			41,493,361			79,516,671

Contract transactions 1
Purchase payments (Note 4)		28,723,219			97,173,571			252,690,592			730,698,500			129,687,039			17,875,513			14,005,776			13,535,879			69,817,491			156,539,832
Surrenders and terminations		(6,839,815	)		(13,663,606	)		(64,779,161	)		(193,356,474	)		(49,215,843	)		(3,844,804	)		(2,328,482	)		(10,891,322	)		(8,578,014	)		(37,068,544	)
Transfers between portfolios		6,358,513			31,434,642			45,618,196			180,937,278			75,473,140			39,839,857			24,961,929			1,628,328			65,707,966			6,940,007
Net annuitization transactions		-			(11,073	)		70,923			99,307			(271,074	)		(4,786	)		(4,669	)		(59,471	)		(12,777	)		(11,022	)
Policyholder charges (Note 3)		(78,123	)		(227,812	)		(913,068	)		(2,738,378	)		(496,559	)		(97,918	)		(44,049	)		(127,568	)		(107,728	)		(666,619	)
Net increase (decrease) in net assets from
contract transactions		28,163,794			114,705,722			232,687,482			715,640,233			155,176,703			53,767,862			36,590,505			4,085,846			126,826,938			125,733,654

Net increase (decrease) in net assets		44,621,555			146,167,416			277,604,681			826,258,288			230,300,023			64,051,019			43,573,475			17,930,543			168,320,299			205,250,325

Net assets beginning of period		96,476,093			216,740,394			694,975,054			1,673,846,310			491,309,807			19,224,995			14,748,241			88,888,602			111,569,389			592,013,081

Net assets end of period	$	141,097,648		$	362,907,810		$	972,579,735		$	2,500,104,598		$	721,609,830		$	83,276,014		$	58,321,716		$	106,819,145		$	279,889,688		$	797,263,406


1 Contract unit transactions
Units Outstanding at December 31, 2009		12,008,915			29,002,157			58,298,901			99,987,448			37,428,039			2,358,718			1,794,860			6,119,373			13,635,873			63,553,444

Units Issued		9,706,301			27,276,821			35,745,939			76,736,997			30,998,277			9,302,217			6,486,362			2,328,693			18,674,639			27,144,504
Units Redeemed		(6,771,405	)		(14,083,166	)		(17,213,900	)		(36,648,942	)		(20,524,032	)		(3,652,177	)		(2,630,900	)		(2,165,416	)		(4,809,897	)		(14,332,721	)

Units Outstanding at December 31, 2010		14,943,811			42,195,812			76,830,940			140,075,503			47,902,284			8,008,758			5,650,322			6,282,650			27,500,615			76,365,227

See notes to the financial statements.

Page 28

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

	JNL/S&P									JNL/S&P			JNL/S&P						JNL/			JNL/						JNL/
	Competitive			JNL/S&P			JNL/S&P			Disciplined			Dividend Income			JNL/S&P			S&P Managed			S&P Managed			JNL/			S&P Managed
	Advantage			Disciplined			Disciplined			Moderate			& Growth			Intrinsic Value			Aggressive			Conservative			S&P Managed			Moderate
	Portfolio			Growth Portfolio			Moderate Portfolio			Growth Portfolio			Portfolio			Portfolio			Growth Portfolio			Portfolio			Growth Portfolio			Portfolio
Operations
Net investment income (loss)	$	(709,545	)	$	(124,701	)	$	(1,013,534	)	$	(815,560	)	$	286,107		$	(871,289	)	$	(4,387,987	)	$	7,052,786		$	(7,665,713	)	$	6,780,649
Net realized gain (loss) on investments		9,372,258			753,598			818,172			1,788,111			12,066,487			17,955,948			(2,780,622	)		6,198,849			(13,391,559	)		6,328,652
Net change in unrealized appreciation
(depreciation) on investments		(732,546	)		10,847,616			23,694,003			31,490,352			9,498,433			(6,399,741	)		94,296,568			36,141,004			247,387,260			102,250,641
Net increase (decrease) in net assets
from operations		7,930,167			11,476,513			23,498,641			32,462,903			21,851,027			10,684,918			87,127,959			49,392,639			226,329,988			115,359,942

Contract transactions 1
Purchase payments (Note 4)		19,016,456			38,907,937			104,653,846			113,086,930			55,247,224			25,857,749			144,602,802			259,409,247			435,205,232			457,451,757
Surrenders and terminations		(4,982,923	)		(5,092,394	)		(13,129,953	)		(12,051,239	)		(6,555,494	)		(6,034,847	)		(43,148,550	)		(61,507,654	)		(108,374,591	)		(82,697,332	)
Transfers between portfolios		(27,530,520	)		8,367,978			48,873,624			23,883,237			66,345,706			(11,353,168	)		(1,895,373	)		66,846,437			65,120,206			95,863,099
Net annuitization transactions		161,676			-			(108,091	)		(305,425	)		194,142			183,675			(149,822	)		(107,534	)		(149,419	)		(414,453	)
Policyholder charges (Note 3)		(67,572	)		(61,629	)		(126,188	)		(173,429	)		(104,565	)		(138,505	)		(652,681	)		(710,955	)		(1,389,754	)		(1,029,180	)
Net increase (decrease) in net assets from
contract transactions		(13,402,883	)		42,121,892			140,163,238			124,440,074			115,127,013			8,514,904			98,756,376			263,929,541			390,411,674			469,173,891

Net increase (decrease) in net assets		(5,472,716	)		53,598,405			163,661,879			156,902,977			136,978,040			19,199,822			185,884,335			313,322,180			616,741,662			584,533,833

Net assets beginning of period		88,880,352			74,917,526			158,926,421			194,086,483			79,218,179			86,340,798			508,673,317			572,712,595			1,329,575,445			930,311,121

Net assets end of period	$	83,407,636		$	128,515,931		$	322,588,300		$	350,989,460		$	216,196,219		$	105,540,620		$	694,557,652		$	886,034,775		$	1,946,317,107		$	1,514,844,954


1 Contract unit transactions
Units Outstanding at December 31, 2009		9,096,128			9,670,525			17,855,311			23,763,299			9,157,988			8,940,997			40,160,675			51,868,517			102,210,567			82,389,945

Units Issued		2,926,849			6,912,365			21,208,100			20,869,650			14,255,655			5,945,999			14,526,189			34,990,203			43,013,028			51,461,724
Units Redeemed		(4,334,256	)		(1,663,951	)		(5,968,986	)		(6,169,836	)		(1,962,024	)		(5,186,917	)		(7,294,636	)		(12,108,291	)		(15,088,339	)		(11,829,112	)

Units Outstanding at December 31, 2010		7,688,721			14,918,939			33,094,425			38,463,113			21,451,619			9,700,079			47,392,228			74,750,429			130,135,256			122,022,557

See notes to the financial statements.

Page 29

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

	JNL/
	S&P Managed			JNL/S&P			JNL/Select			JNL/Select			JNL/			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe
	Moderate			Total Yield			Balanced			Money Market			Select Value			Price Established			Price Mid-Cap			Price Short-Term			Price Value
	Growth Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio			Bond Portfolio			Portfolio
Operations
Net investment income (loss)	$	(3,563,998	)	$	(534,427	)	$	(692,963	)	$	(12,029,875	)	$	(1,589,966	)	$	(9,364,396	)	$	(9,740,392	)	$	(539,841	)	$	(1,958,177	)
Net realized gain (loss) on investments		(1,650,484	)		3,242,570			4,646,200			-			74,476			5,296,183			32,702,939			745,172			(9,459,387	)
Net change in unrealized appreciation
(depreciation) on investments		246,714,891			(945,590	)		88,386,397			-			37,108,190			100,153,006			155,723,095			2,558,139			59,019,435
Net increase (decrease) in net assets
from operations		241,500,409			1,762,553			92,339,634			(12,029,875	)		35,592,700			96,084,793			178,685,642			2,763,470			47,601,871

Contract transactions 1
Purchase payments (Note 4)		805,004,501			14,509,167			417,143,922			336,459,482			64,456,225			139,814,313			185,982,229			91,763,401			59,323,595
Surrenders and terminations		(136,901,587	)		(3,398,367	)		(66,668,196	)		(155,558,031	)		(21,599,330	)		(51,951,190	)		(53,381,936	)		(24,931,927	)		(33,870,455	)
Transfers between portfolios		97,204,713			(1,542,606	)		87,357,187			(302,895,410	)		29,481,962			51,382,640			80,967,735			83,045,694			19,732,230
Net annuitization transactions		(708,147	)		191,317			(58,368	)		(634,449	)		(216,331	)		(382,051	)		(214,276	)		(601,933	)		269,465
Policyholder charges (Note 3)		(1,579,564	)		(67,024	)		(765,519	)		(2,370,292	)		(322,972	)		(541,314	)		(615,398	)		(326,458	)		(324,572	)
Net increase (decrease) in net assets from
contract transactions		763,019,916			9,692,487			437,009,026			(124,998,700	)		71,799,554			138,322,398			212,738,354			148,948,777			45,130,263

Net increase (decrease) in net assets		1,004,520,325			11,455,040			529,348,660			(137,028,575	)		107,392,254			234,407,191			391,423,996			151,712,247			92,732,134

Net assets beginning of period		1,625,058,958			53,500,549			698,799,207			813,942,764			245,684,757			548,364,407			590,369,343			182,385,335			318,777,332

Net assets end of period	$	2,629,579,283		$	64,955,589		$	1,228,147,867		$	676,914,189		$	353,077,011		$	782,771,598		$	981,793,339		$	334,097,582		$	411,509,466


1 Contract unit transactions
Units Outstanding at December 31, 2009		122,140,399			5,975,997			27,589,435			64,606,225			13,947,236			22,175,253			16,143,043			17,700,266			25,158,040

Units Issued		71,620,389			5,213,386			20,315,348			50,622,707			6,589,029			9,468,254			8,355,845			24,061,031			8,818,735
Units Redeemed		(17,755,268	)		(4,498,368	)		(4,071,219	)		(60,800,966	)		(2,675,715	)		(4,485,632	)		(3,489,728	)		(9,826,555	)		(5,578,407	)

Units Outstanding at December 31, 2010		176,005,520			6,691,015			43,833,564			54,427,966			17,860,550			27,157,875			21,009,160			31,934,742			28,398,368

See notes to the financial statements.

Page 30

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

																									JNL/Capital			JNL/Capital
	JNL Institutional			JNL Institutional			JNL Institutional			JNL Institutional			JNL/AIM Global			JNL/AIM			JNL/AIM			JNL/AIM			Guardian Global			Guardian Global
	Alt 20			Alt 35			Alt 50			Alt 65			Real Estate			International			Large Cap			Small Cap			Balanced			Diversified
	Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio			Growth Portfolio			Growth Portfolio			Growth Portfolio			Portfolio			Research Portfolio
Operations
Net investment income (loss)	$	(816,915	)	$	(1,402,531	)	$	(1,559,446	)	$	(991,751	)	$	1,466,843		$	870,819		$	(2,228,909	)	$	(917,391	)	$	2,059,781		$	582,666
Net realized gain (loss) on investments		569,763			907,146			1,311,978			1,210,730			(25,489,475	)		(21,656,778	)		(12,180,762	)		(5,846,587	)		(17,681,993	)		(9,145,573	)
Net change in unrealized appreciation
(depreciation) on investments		11,135,505			21,307,340			23,191,318			13,794,351			70,371,385			60,376,379			51,855,882			23,426,097			54,032,345			59,696,023
Net increase (decrease) in net assets
from operations		10,888,353			20,811,955			22,943,850			14,013,330			46,348,753			39,590,420			37,446,211			16,662,119			38,410,133			51,133,116

Contract transactions 1
Purchase payments (Note 4)		134,780,147			177,737,972			202,781,005			112,881,752			50,207,822			41,598,805			52,303,915			20,618,222			66,123,809			60,511,926
Surrenders and terminations		(1,671,981	)		(2,949,649	)		(2,406,119	)		(3,208,152	)		(8,083,328	)		(10,275,912	)		(11,223,302	)		(3,945,379	)		(16,056,595	)		(10,820,593	)
Transfers between portfolios		50,801,721			108,247,580			127,755,647			102,060,389			13,773,224			7,542,616			13,211,822			15,210,648			3,453,898			19,324,111
Net annuitization transactions		-			-			23,601			22,307			(23,762	)		(78,371	)		(8,815	)		(53,972	)		(7,226	)		(48,608	)
Policyholder charges (Note 3)		(19,542	)		(70,966	)		(37,497	)		(62,160	)		(178,201	)		(176,616	)		(150,590	)		(76,602	)		(204,320	)		(165,462	)
Net increase (decrease) in net assets from
contract transactions		183,890,345			282,964,937			328,116,637			211,694,136			55,695,755			38,610,522			54,133,030			31,752,917			53,309,566			68,801,374

Net increase (decrease) in net assets		194,778,698			303,776,892			351,060,487			225,707,466			102,044,508			78,200,942			91,579,241			48,415,036			91,719,699			119,934,490

Net assets beginning of period		-			-			-			-			112,538,812			108,749,870			127,034,559			37,619,933			173,338,524			120,056,205

Net assets end of period	$	194,778,698		$	303,776,892		$	351,060,487		$	225,707,466		$	214,583,320		$	186,950,812		$	218,613,800		$	86,034,969		$	265,058,223		$	239,990,695


1 Contract unit transactions
Units Outstanding at December 31, 2008		-			-			-			-			13,736,558			10,061,021			14,671,176			4,075,586			19,423,029			7,530,606

Units Issued		15,892,360			23,533,259			26,581,484			17,090,791			10,198,879			5,934,245			9,282,054			4,378,527			9,610,375			4,925,397
Units Redeemed		(422,983	)		(330,015	)		(417,995	)		(747,149	)		(3,902,898	)		(3,263,865	)		(3,355,503	)		(1,452,496	)		(4,510,987	)		(1,767,617	)

Units Outstanding at December 31, 2009		15,469,377			23,203,244			26,163,489			16,343,642			20,032,539			12,731,401			20,597,727			7,001,617			24,522,417			10,688,386

(a) Commencement of operations April 6, 2009.

See notes to the financial statements.

Page 31

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

	JNL/Capital			JNL/Capital			JNL/Credit Suisse			JNL/												JNL/Franklin
	Guardian			Guardian U.S.			Commodity			Credit Suisse			JNL/Eagle			JNL/Eagle			JNL/Franklin			Templeton			JNL/Franklin			JNL/Franklin
	International Small			Growth Equity			Securities			Long/Short			Core Equity			SmallCap Equity			Templeton Founding			Global Growth			Templeton			Templeton Mutual
	Cap Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Strategy Portfolio			Portfolio			Income Portfolio			Shares Portfolio
Operations
Net investment income (loss)	$	292,059		$	(2,519,913	)	$	(1,872,494	)	$	(415,736	)	$	(94,423	)	$	(2,130,539	)	$	(9,960,680	)	$	391,772		$	16,861,755		$	2,959,133
Net realized gain (loss) on investments		(139,599	)		(7,943,738	)		(34,564,694	)		(3,573,460	)		(11,174,627	)		(20,468,357	)		(56,550,050	)		(3,822,165	)		(13,262,770	)		(4,743,092	)
Net change in unrealized appreciation
(depreciation) on investments		13,970,979			66,429,328			156,076,506			19,071,690			25,739,003			63,535,619			227,354,032			17,400,742			75,548,281			24,788,539
Net increase (decrease) in net assets
from operations		14,123,439			55,965,677			119,639,318			15,082,494			14,469,953			40,936,723			160,843,302			13,970,349			79,147,266			23,004,580

Contract transactions 1
Purchase payments (Note 4)		33,137,695			87,174,011			116,022,431			30,962,304			16,344,157			40,768,594			138,446,218			24,827,371			88,165,526			50,225,740
Surrenders and terminations		(1,611,755	)		(11,370,459	)		(17,173,298	)		(2,881,790	)		(5,090,476	)		(8,224,084	)		(37,974,325	)		(2,516,608	)		(18,385,320	)		(5,012,373	)
Transfers between portfolios		31,383,684			28,990,685			106,251,364			3,436,951			13,619,050			(1,274,818	)		(17,843,548	)		11,737,253			43,898,818			16,868,096
Net annuitization transactions		(1,367	)		(3,840	)		(86,031	)		(13,744	)		(65,941	)		(83,269	)		(11,705	)		-			20,677			-
Policyholder charges (Note 3)		(24,299	)		(191,301	)		(403,903	)		(54,108	)		(63,496	)		(122,615	)		(791,754	)		(65,223	)		(351,477	)		(83,670	)
Net increase (decrease) in net assets from
contract transactions		62,883,958			104,599,096			204,610,563			31,449,613			24,743,294			31,063,808			81,824,886			33,982,793			113,348,224			61,997,793

Net increase (decrease) in net assets		77,007,397			160,564,773			324,249,881			46,532,107			39,213,247			72,000,531			242,668,188			47,953,142			192,495,490			85,002,373

Net assets beginning of period		15,040,264			123,759,835			175,642,940			40,232,681			37,395,642			107,791,438			552,969,807			34,779,687			214,039,597			60,997,592

Net assets end of period	$	92,047,661		$	284,324,608		$	499,892,821		$	86,764,788		$	76,608,889		$	179,791,969		$	795,637,995		$	82,732,829		$	406,535,087		$	145,999,965


1 Contract unit transactions
Units Outstanding at December 31, 2008		3,365,422			7,728,693			26,782,530			6,153,726			3,314,555			7,090,476			88,674,053			6,012,628			28,473,587			10,133,006

Units Issued		13,466,360			6,520,991			36,101,402			8,106,292			2,980,042			4,566,454			29,339,733			6,836,741			18,615,968			11,061,723
Units Redeemed		(3,130,484	)		(1,358,572	)		(11,289,949	)		(3,485,568	)		(1,136,790	)		(2,856,119	)		(18,456,543	)		(1,757,810	)		(5,790,529	)		(1,790,202	)

Units Outstanding at December 31, 2009		13,701,298			12,891,112			51,593,983			10,774,450			5,157,807			8,800,811			99,557,243			11,091,559			41,299,026			19,404,527

See notes to the financial statements.

Page 32

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

	JNL/Franklin			JNL/			JNL/Goldman			JNL/												JNL/JPMorgan
	Templeton			Goldman Sachs			Sachs Emerging			Goldman Sachs			JNL/Ivy			JNL/JPMorgan			JNL/JPMorgan			U.S. Government			JNL/Lazard			JNL/Lazard
	Small Cap			Core Plus			Markets Debt			Mid Cap			Asset Strategy			International			MidCap Growth			& Quality Bond			Emerging Markets			Mid Cap
	Value Portfolio			Bond Portfolio			Portfolio			Value Portfolio			Portfolio(a)			Value Portfolio			Portfolio			Portfolio			Portfolio			Equity Portfolio
Operations
Net investment income (loss)	$	(584,252	)	$	9,911,884		$	(766,998	)	$	(345,988	)	$	(292,949	)	$	6,363,898		$	(1,294,223	)	$	2,978,901		$	2,145,560		$	(987,656	)
Net realized gain (loss) on investments		(10,346,529	)		(963,243	)		1,478,585			(12,344,747	)		10,384			(48,159,055	)		(6,697,805	)		11,130,184			(25,794,180	)		(27,854,802	)
Net change in unrealized appreciation
(depreciation) on investments		35,250,727			24,683,024			6,928,043			38,363,280			829,137			94,698,284			37,524,827			(7,340,214	)		164,677,660			67,758,543
Net increase (decrease) in net assets
from operations		24,319,946			33,631,665			7,639,630			25,672,545			546,572			52,903,127			29,532,799			6,768,871			141,029,040			38,916,085

Contract transactions 1
Purchase payments (Note 4)		31,061,480			57,889,476			43,841,044			31,403,308			47,442,191			40,040,082			18,654,145			86,290,551			125,316,587			18,026,040
Surrenders and terminations		(4,964,720	)		(23,937,923	)		(2,665,303	)		(5,814,844	)		(755,847	)		(12,905,068	)		(7,433,043	)		(42,156,295	)		(16,453,355	)		(8,785,434	)
Transfers between portfolios		18,368,972			21,669,835			69,223,162			14,175,445			110,604,101			2,874,018			10,001,688			(108,619,673	)		133,360,431			(7,971,694	)
Net annuitization transactions		(16,746	)		(75,857	)		-			(8,494	)		-			(40,273	)		(8,344	)		(188,074	)		(30,139	)		(76,743	)
Policyholder charges (Note 3)		(85,301	)		(379,256	)		(40,272	)		(103,191	)		(5,260	)		(237,616	)		(110,288	)		(726,857	)		(258,383	)		(126,033	)
Net increase (decrease) in net assets from
contract transactions		44,363,685			55,166,275			110,358,631			39,652,224			157,285,185			29,731,143			21,104,158			(65,400,348	)		241,935,141			1,066,136

Net increase (decrease) in net assets		68,683,631			88,797,940			117,998,261			65,324,769			157,831,757			82,634,270			50,636,957			(58,631,477	)		382,964,181			39,982,221

Net assets beginning of period		57,615,127			276,385,247			8,742,623			64,798,851			-			187,536,202			64,780,497			448,359,641			148,734,173			110,320,795

Net assets end of period	$	126,298,758		$	365,183,187		$	126,740,884		$	130,123,620		$	157,831,757		$	270,170,472		$	115,417,454		$	389,728,164		$	531,698,354		$	150,303,016


1 Contract unit transactions
Units Outstanding at December 31, 2008		7,518,888			14,922,597			906,471			7,952,292			-			19,655,795			5,353,372			26,520,287			21,505,499			9,535,624

Units Issued		8,767,162			6,720,724			11,093,850			7,129,432			15,448,856			8,015,030			2,415,986			10,893,235			31,627,112			2,798,736
Units Redeemed		(3,777,987	)		(4,143,670	)		(1,134,668	)		(2,866,398	)		(86,585	)		(5,528,689	)		(1,264,539	)		(14,956,290	)		(7,718,933	)		(2,944,936	)

Units Outstanding at December 31, 2009		12,508,063			17,499,651			10,865,653			12,215,326			15,362,271			22,142,136			6,504,819			22,457,232			45,413,678			9,389,424

(a) Commencement of operations September 28, 2009.

See notes to the financial statements.

Page 33

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009


	JNL/Lazard			JNL/M&G			JNL/M&G			JNL/MCM						JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	Small Cap			Global Basics			Global Leaders			10 x 10			JNL/MCM			Bond Index			Communications			Consumer Brands			Dow 10			Dow Dividend
	Equity Portfolio(a)			Portfolio			Portfolio			Portfolio			25 Portfolio			Portfolio			Sector Portfolio			Sector Portfolio			Portfolio			Portfolio
Operations
Net investment income (loss)	$	43,671		$	(63,026	)	$	(11,130	)	$	3,864,964		$	9,406,952		$	5,500,449		$	907,585		$	(240,942	)	$	(4,946,114	)	$	10,673,582
Net realized gain (loss) on investments		(51,141,343	)		778,899			135,377			(3,040,589	)		(55,920,466	)		2,907,651			(8,210,801	)		(4,642,402	)		(64,313,567	)		(51,482,928	)
Net change in unrealized appreciation
(depreciation) on investments		47,422,828			2,125,517			1,266,280			29,667,320			179,846,912			6,718,737			12,756,700			11,179,745			108,925,800			78,626,338
Net increase (decrease) in net assets
from operations		(3,674,844	)		2,841,390			1,390,527			30,491,695			133,333,398			15,126,837			5,453,484			6,296,401			39,666,119			37,816,992

Contract transactions 1
Purchase payments (Note 4)		1,998,425			7,010,413			3,801,217			52,909,648			13,604,054			106,034,719			6,885,169			6,252,024			19,623,643			22,165,766
Surrenders and terminations		(1,446,657	)		(269,652	)		(206,069	)		(6,296,776	)		(23,932,171	)		(26,637,763	)		(1,897,217	)		(1,846,874	)		(22,762,618	)		(10,075,362	)
Transfers between portfolios		(56,952,382	)		12,900,249			5,829,761			7,438,766			(65,934,599	)		57,748,974			1,155,785			184,247			(33,365,153	)		(6,320,676	)
Net annuitization transactions		-			-			-			(141,420	)		(32,441	)		(46,604	)		-			-			(117,086	)		(8,122	)
Policyholder charges (Note 3)		(32,920	)		(4,139	)		(2,423	)		(162,478	)		(510,706	)		(411,611	)		(39,015	)		(28,681	)		(445,638	)		(266,334	)
Net increase (decrease) in net assets from
contract transactions		(56,433,534	)		19,636,871			9,422,486			53,747,740			(76,805,863	)		136,687,715			6,104,722			4,560,716			(37,066,852	)		5,495,272

Net increase (decrease) in net assets		(60,108,378	)		22,478,261			10,813,013			84,239,435			56,527,535			151,814,552			11,558,206			10,857,117			2,599,267			43,312,264

Net assets beginning of period		60,108,378			552,316			366,424			88,276,078			326,725,874			314,497,576			27,618,471			22,306,246			335,674,758			187,965,070

Net assets end of period	$	-		$	23,030,577		$	11,179,437		$	172,515,513		$	383,253,409		$	466,312,128		$	39,176,677		$	33,163,363		$	338,274,025		$	231,277,334


1 Contract unit transactions
Units Outstanding at December 31, 2008		6,376,693			65,786			43,984			14,348,414			42,985,871			26,241,513			7,622,520			3,172,002			56,631,585			36,151,049

Units Issued		598,720			2,483,213			1,021,371			14,075,817			3,610,352			18,384,234			4,273,202			2,009,522			9,118,135			11,460,079
Units Redeemed		(6,975,413	)		(650,268	)		(72,562	)		(5,609,842	)		(13,110,817	)		(7,363,832	)		(3,170,625	)		(1,606,006	)		(15,749,227	)		(10,029,364	)

Units Outstanding at December 31, 2009		-			1,898,731			992,793			22,814,389			33,485,406			37,261,915			8,725,097			3,575,518			50,000,493			37,581,764

(a) The period is from January 1, 2009 through acquisition April 3, 2009.

See notes to the financial statements.

Page 34

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

	JNL/MCM
	Enhanced			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	S&P 500 Stock			European 30			Financial			Global 15			Global Alpha			Healthcare			Index 5			International			JNL 5			JNL Optimized
	Index Portfolio(a)			Portfolio			Sector Portfolio			Portfolio			Portfolio(b)			Sector Portfolio			Portfolio			Index Portfolio			Portfolio			5 Portfolio
Operations
Net investment income (loss)	$	977,055		$	174,495		$	77,225		$	(8,671,495	)	$	(15,546	)	$	(337,268	)	$	(122,171	)	$	3,752,010		$	55,737,283		$	3,547,159
Net realized gain (loss) on investments		(27,416,638	)		842,996			(20,601,915	)		(61,275,270	)		(4,789	)		(8,838,187	)		(984,614	)		(35,317,122	)		(549,672,000	)		(50,089,173	)
Net change in unrealized appreciation
(depreciation) on investments		23,709,759			238,344			45,976,882			204,079,051			(73,995	)		30,511,787			27,398,241			125,585,066			1,062,884,101			147,283,299
Net increase (decrease) in net assets
from operations		(2,729,824	)		1,255,835			25,452,192			134,132,286			(94,330	)		21,336,332			26,291,456			94,019,954			568,949,384			100,741,285

Contract transactions 1
Purchase payments (Note 4)		1,189,784			5,044,605			33,856,213			36,079,517			1,524,606			26,625,082			72,586,558			72,255,079			262,695,385			48,769,668
Surrenders and terminations		(982,723	)		(248,797	)		(7,006,282	)		(37,433,694	)		(41,291	)		(8,447,083	)		(5,644,731	)		(23,956,078	)		(161,709,473	)		(16,987,984	)
Transfers between portfolios		(40,181,578	)		5,853,302			15,640,186			(84,224,207	)		5,128,888			(6,578,903	)		32,470,766			10,484,709			(303,300,088	)		(26,341,550	)
Net annuitization transactions		-			-			6,658			(93,292	)		-			(2,446	)		-			(7,586	)		(33,261	)		(20,283	)
Policyholder charges (Note 3)		(23,014	)		(1,836	)		(135,765	)		(764,963	)		(1,640	)		(162,267	)		(127,184	)		(421,214	)		(4,038,570	)		(457,182	)
Net increase (decrease) in net assets from
contract transactions		(39,997,531	)		10,647,274			42,361,010			(86,436,639	)		6,610,563			11,434,383			99,285,409			58,354,910			(206,386,007	)		4,962,669

Net increase (decrease) in net assets		(42,727,355	)		11,903,109			67,813,202			47,695,647			6,516,233			32,770,715			125,576,865			152,374,864			362,563,377			105,703,954

Net assets beginning of period		42,727,355			392,902			72,119,554			523,596,857			-			118,315,363			56,122,504			296,336,432			2,750,039,606			288,762,199

Net assets end of period	$	-		$	12,296,011		$	139,932,756		$	571,292,504		$	6,516,233		$	151,086,078		$	181,699,369		$	448,711,296		$	3,112,602,983		$	394,466,153


1 Contract unit transactions
Units Outstanding at December 31, 2008		6,840,622			45,727			12,617,959			54,391,945			-			12,595,008			8,222,833			26,076,536			351,714,820			45,494,565

Units Issued		1,314,667			1,201,909			16,929,457			6,725,337			754,127			6,323,041			16,660,805			11,382,122			53,024,690			11,345,328
Units Redeemed		(8,155,289	)		(217,751	)		(8,666,727	)		(15,152,720	)		(92,302	)		(5,450,073	)		(3,317,839	)		(6,446,376	)		(79,117,390	)		(11,012,647	)

Units Outstanding at December 31, 2009		-			1,029,885			20,880,689			45,964,562			661,825			13,467,976			21,565,799			31,012,282			325,622,120			45,827,246

(a) The period is from January 1, 2009 through acquisition April 3, 2009.
(b) Commencement of operations September 28, 2009.

See notes to the financial statements.

Page 35

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009


	JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	Nasdaq 25			NYSE International			Oil & Gas			Pacific Rim 30			S&P 10			S&P 24			S&P 400 MidCap			S&P 500			S&P SMid			Select Small-Cap
	Portfolio			25 Portfolio			Sector Portfolio			Portfolio			Portfolio			Portfolio			Index Portfolio			Index Portfolio			60 Portfolio			Portfolio
Operations
Net investment income (loss)	$	(1,153,050	)	$	2,076,325		$	(2,713,544	)	$	82,476		$	(4,962,028	)	$	(362,567	)	$	(1,133,318	)	$	185,596		$	(484,350	)	$	(1,890,626	)
Net realized gain (loss) on investments		(7,314,036	)		(9,879,373	)		(21,869,081	)		911,459			(62,171,121	)		(3,501,276	)		(35,449,358	)		(31,749,980	)		(2,062,714	)		(81,604,959	)
Net change in unrealized appreciation
(depreciation) on investments		27,847,090			28,053,641			92,537,937			498,770			115,125,416			7,762,758			123,486,425			153,029,741			34,497,915			90,695,758
Net increase (decrease) in net assets
from operations		19,380,004			20,250,593			67,955,312			1,492,705			47,992,267			3,898,915			86,903,749			121,465,357			31,950,851			7,200,173

Contract transactions 1
Purchase payments (Note 4)		19,715,127			13,757,894			81,666,117			6,637,129			14,838,903			7,718,838			50,136,857			113,010,052			21,010,156			17,527,236
Surrenders and terminations		(3,922,575	)		(3,837,775	)		(27,755,978	)		(208,564	)		(22,462,008	)		(1,326,268	)		(19,162,712	)		(35,120,986	)		(3,638,729	)		(18,741,353	)
Transfers between portfolios		(3,194,663	)		(904,825	)		9,788,473			7,312,778			(39,209,516	)		(3,777,536	)		6,682,218			111,160,082			32,914,041			(15,132,139	)
Net annuitization transactions		(13,157	)		(10,040	)		(112,490	)		-			(58,848	)		-			(9,963	)		(28,894	)		(4,711	)		(40,986	)
Policyholder charges (Note 3)		(84,222	)		(75,590	)		(755,504	)		(1,775	)		(475,551	)		(26,946	)		(347,441	)		(569,341	)		(42,386	)		(393,415	)
Net increase (decrease) in net assets from
contract transactions		12,500,510			8,929,664			62,830,618			13,739,568			(47,367,020	)		2,588,088			37,298,959			188,450,913			50,238,371			(16,780,657	)

Net increase (decrease) in net assets		31,880,514			29,180,257			130,785,930			15,232,273			625,247			6,487,003			124,202,708			309,916,270			82,189,222			(9,580,484	)

Net assets beginning of period		52,148,087			50,699,836			303,558,910			489,459			319,741,251			25,914,069			235,461,609			352,979,849			40,939,929			298,382,903

Net assets end of period	$	84,028,601		$	79,880,093		$	434,344,840		$	15,721,732		$	320,366,498		$	32,401,072		$	359,664,317		$	662,896,119		$	123,129,151		$	288,802,419


1 Contract unit transactions
Units Outstanding at December 31, 2008		7,151,158			8,264,578			13,754,549			51,185			45,660,128			3,642,928			23,886,714			45,783,856			6,769,385			27,338,779

Units Issued		4,877,321			5,960,370			9,376,988			1,491,799			6,637,383			2,404,864			9,218,878			35,019,311			12,006,134			5,112,834
Units Redeemed		(3,307,187	)		(4,506,386	)		(6,607,852	)		(197,621	)		(13,513,021	)		(2,164,185	)		(6,256,736	)		(12,548,695	)		(5,983,828	)		(6,833,457	)

Units Outstanding at December 31, 2009		8,721,292			9,718,562			16,523,685			1,345,363			38,784,490			3,883,607			26,848,856			68,254,472			12,791,691			25,618,156

See notes to the financial statements.

Page 36

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

													JNL/															JNL/
	JNL/MCM			JNL/MCM			JNL/MCM						Oppenheimer			JNL/PAM			JNL/PAM			JNL/PIMCO			JNL/PIMCO			PPM America
	Small Cap			Technology			Value Line 30			JNL/MCM			Global Growth			Asia ex-Japan			China-India			Real Return			Total Return			Core Equity
	Index Portfolio			Sector Portfolio			Portfolio			VIP Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Bond Portfolio			Portfolio(a)
Operations
Net investment income (loss)	$	(1,987,487	)	$	(2,043,347	)	$	(7,745,094	)	$	159,619		$	90,373		$	(753,335	)	$	(1,706,845	)	$	6,907,915		$	17,725,874		$	2,509,517
Net realized gain (loss) on investments		(24,679,037	)		(2,365,479	)		(98,189,308	)		(45,707,698	)		(6,896,085	)		3,710,416			7,811,603			(6,012,254	)		40,227,386			(14,687,194	)
Net change in unrealized appreciation
(depreciation) on investments		103,756,706			64,904,153			165,925,431			96,440,533			47,214,943			12,923,808			40,729,924			73,167,378			85,014,664			20,884,420
Net increase (decrease) in net assets
from operations		77,090,182			60,495,327			59,991,029			50,892,454			40,409,231			15,880,889			46,834,682			74,063,039			142,967,924			8,706,743

Contract transactions 1
Purchase payments (Note 4)		45,930,519			46,967,071			43,144,144			28,217,229			31,807,289			22,558,163			59,852,680			144,670,236			399,258,367			2,008,657
Surrenders and terminations		(19,213,271	)		(8,158,752	)		(28,696,426	)		(13,381,216	)		(8,447,555	)		(2,472,394	)		(5,121,661	)		(37,083,239	)		(94,243,572	)		(3,319,529	)
Transfers between portfolios		65,990,001			76,400,940			(66,985,150	)		(10,635,896	)		5,257,393			56,624,948			90,448,292			90,713,123			356,925,100			(44,773,975	)
Net annuitization transactions		(7,129	)		(5,791	)		(44,634	)		(2,844	)		(17,180	)		(6,703	)		(23,925	)		(62,279	)		(611,473	)		(33,043	)
Policyholder charges (Note 3)		(335,762	)		(167,865	)		(806,149	)		(320,644	)		(125,250	)		(43,013	)		(120,179	)		(672,064	)		(1,522,337	)		(47,679	)
Net increase (decrease) in net assets from
contract transactions		92,364,358			115,035,603			(53,388,215	)		3,876,629			28,474,697			76,661,001			145,035,207			197,565,777			659,806,085			(46,165,569	)

Net increase (decrease) in net assets		169,454,540			175,530,930			6,602,814			54,769,083			68,883,928			92,541,890			191,869,889			271,628,816			802,774,009			(37,458,826	)

Net assets beginning of period		193,801,337			49,760,923			517,872,874			228,217,219			104,997,285			3,934,203			24,870,505			423,346,238			871,072,301			37,458,826

Net assets end of period	$	363,255,877		$	225,291,853		$	524,475,688		$	282,986,302		$	173,881,213		$	96,476,093		$	216,740,394		$	694,975,054		$	1,673,846,310		$	-


1 Contract unit transactions
Units Outstanding at December 31, 2008		20,221,006			13,023,026			56,423,683			28,249,798			11,924,338			818,575			5,963,651			41,004,562			59,557,646			3,361,806

Units Issued		16,268,744			34,763,859			10,960,593			6,233,114			4,924,857			14,555,942			30,740,564			31,533,531			54,322,259			433,011
Units Redeemed		(6,363,444	)		(11,386,109	)		(16,761,323	)		(5,786,514	)		(2,490,195	)		(3,365,602	)		(7,702,058	)		(14,239,192	)		(13,892,457	)		(3,794,817	)

Units Outstanding at December 31, 2009		30,126,306			36,400,776			50,622,953			28,696,398			14,359,000			12,008,915			29,002,157			58,298,901			99,987,448			-

(a) The period is from January 1, 2009 through acquisition September 25, 2009.

See notes to the financial statements.

Page 37

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

	JNL/			JNL/			JNL/			JNL/			JNL/						JNL/S&P									JNL/S&P
	PPM America			PPM America			PPM America			PPM America			Red Rocks Listed						Competitive			JNL/S&P			JNL/S&P			Disciplined
	High Yield			Mid Cap Value			Small Cap Value			Value Equity			Private Equity			JNL/S&P 4			Advantage			Disciplined			Disciplined			Moderate
	Bond Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Growth Portfolio			Moderate Portfolio			Growth Portfolio
Operations
Net investment income (loss)	$	22,510,698		$	(107,848	)	$	(90,523	)	$	2,834,266		$	2,354,935		$	(1,652,895	)	$	(1,036,459	)	$	841,122		$	1,144,690		$	1,938,713
Net realized gain (loss) on investments		(16,130,787	)		(642,372	)		(371,804	)		(11,283,135	)		3,466,381			(5,456,522	)		2,227,986			(693,990	)		(879,408	)		(4,162,458	)
Net change in unrealized appreciation
(depreciation) on investments		109,699,919			4,226,847			3,030,435			33,373,404			18,194,731			155,995,559			19,904,848			11,668,979			17,301,781			27,577,540
Net increase (decrease) in net assets
from operations		116,079,830			3,476,627			2,568,108			24,924,535			24,016,047			148,886,142			21,096,375			11,816,111			17,567,063			25,353,795

Contract transactions 1
Purchase payments (Note 4)		92,774,566			4,059,038			4,846,156			8,360,787			46,382,574			161,336,396			21,331,749			33,324,954			66,708,865			92,435,183
Surrenders and terminations		(26,882,523	)		(857,324	)		(691,375	)		(7,565,988	)		(2,489,803	)		(20,077,033	)		(3,481,661	)		(1,906,420	)		(4,993,623	)		(5,605,625	)
Transfers between portfolios		137,395,776			9,188,738			3,272,306			7,700,224			31,582,415			46,524,447			23,348,460			6,711,978			23,947,924			10,673,245
Net annuitization transactions		(65,077	)		-			-			(22,351	)		-			5,493			-			-			-			-
Policyholder charges (Note 3)		(408,128	)		(15,045	)		(9,465	)		(75,765	)		(23,583	)		(391,165	)		(59,895	)		(36,007	)		(91,914	)		(88,848	)
Net increase (decrease) in net assets from
contract transactions		202,814,614			12,375,407			7,417,622			8,396,907			75,451,603			187,398,138			41,138,653			38,094,505			85,571,252			97,413,955

Net increase (decrease) in net assets		318,894,444			15,852,034			9,985,730			33,321,442			99,467,650			336,284,280			62,235,028			49,910,616			103,138,315			122,767,750

Net assets beginning of period		172,415,363			3,372,961			4,762,511			55,567,160			12,101,739			255,728,801			26,645,324			25,006,910			55,788,106			71,318,733

Net assets end of period	$	491,309,807		$	19,224,995		$	14,748,241		$	88,888,602		$	111,569,389		$	592,013,081		$	88,880,352		$	74,917,526		$	158,926,421		$	194,086,483


1 Contract unit transactions
Units Outstanding at December 31, 2008		19,369,586			599,363			764,360			5,526,336			2,043,679			38,346,478			3,872,489			3,996,180			7,341,090			10,574,410

Units Issued		30,774,932			2,863,013			2,040,305			2,055,410			13,044,460			38,163,501			10,839,264			8,504,611			13,102,652			17,399,680
Units Redeemed		(12,716,479	)		(1,103,658	)		(1,009,805	)		(1,462,373	)		(1,452,266	)		(12,956,535	)		(5,615,625	)		(2,830,266	)		(2,588,431	)		(4,210,791	)

Units Outstanding at December 31, 2009		37,428,039			2,358,718			1,794,860			6,119,373			13,635,873			63,553,444			9,096,128			9,670,525			17,855,311			23,763,299

See notes to the financial statements.

Page 38

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

	JNL/S&P			JNL/S&P						JNL/			JNL/						JNL/			JNL/			JNL/S&P			JNL/S&P
	Dividend Income			Growth			JNL/S&P			S&P Managed			S&P Managed			JNL/			S&P Managed			S&P Managed			Moderate Growth			Moderate
	& Growth			Retirement			Intrinsic Value			Aggressive			Conservative			S&P Managed			Moderate			Moderate			Retirement			Retirement
	Portfolio			Strategy Portfolio(a)			Portfolio			Growth Portfolio			Portfolio			Growth Portfolio			Portfolio			Growth Portfolio			Strategy Portfolio(a)			Strategy Portfolio(a)
Operations
Net investment income (loss)	$	(761,478	)	$	1,500		$	(786,934	)	$	3,579,362		$	1,509,533		$	6,060,082		$	(929,589	)	$	(9,174,866	)	$	2,495		$	14,673
Net realized gain (loss) on investments		(1,187,257	)		(330,238	)		(1,714,542	)		(11,151,423	)		(5,542,621	)		(21,390,427	)		(13,032,569	)		(12,665,555	)		(285,852	)		(385,576	)
Net change in unrealized appreciation
(depreciation) on investments		15,009,058			295,356			22,003,299			111,937,906			55,969,297			236,592,798			116,809,198			253,504,869			257,982			313,075
Net increase (decrease) in net assets
from operations		13,060,323			(33,382	)		19,501,823			104,365,845			51,936,209			221,262,453			102,847,040			231,664,448			(25,375	)		(57,828	)

Contract transactions 1
Purchase payments (Note 4)		26,664,295			-			15,598,513			102,461,227			151,202,813			339,550,227			269,442,092			424,403,083			-			-
Surrenders and terminations		(2,529,755	)		(42,001	)		(2,441,510	)		(29,560,206	)		(40,334,117	)		(68,640,095	)		(47,349,439	)		(87,082,951	)		(6,080	)		(17,544	)
Transfers between portfolios		8,404,659			(472,925	)		24,179,456			(2,738,289	)		35,597,643			116,962,865			95,085,732			155,178,882			(552,040	)		(1,032,818	)
Net annuitization transactions		-			-			-			(79,546	)		(11,971	)		15,692			(31,417	)		(122,951	)		-			-
Policyholder charges (Note 3)		(37,644	)		(140	)		(48,067	)		(554,801	)		(549,315	)		(1,170,088	)		(714,186	)		(1,346,394	)		-			-
Net increase (decrease) in net assets from
contract transactions		32,501,555			(515,066	)		37,288,392			69,528,385			145,905,053			386,718,601			316,432,782			491,029,669			(558,120	)		(1,050,362	)

Net increase (decrease) in net assets		45,561,878			(548,448	)		56,790,215			173,894,230			197,841,262			607,981,054			419,279,822			722,694,117			(583,495	)		(1,108,190	)

Net assets beginning of period		33,656,301			548,448			29,550,583			334,779,087			374,871,333			721,594,391			511,031,299			902,364,841			583,495			1,108,190

Net assets end of period	$	79,218,179		$	-		$	86,340,798		$	508,673,317		$	572,712,595		$	1,329,575,445		$	930,311,121		$	1,625,058,958		$	-		$	-


1 Contract unit transactions
Units Outstanding at December 31, 2008		4,731,377			75,425			4,725,201			34,272,981			38,037,594			70,370,398			53,018,314			83,110,942			73,605			128,629

Units Issued		6,145,813			196			8,803,911			12,910,033			25,142,172			43,436,629			41,296,788			52,017,035			2,575			7,240
Units Redeemed		(1,719,202	)		(75,621	)		(4,588,115	)		(7,022,339	)		(11,311,249	)		(11,596,460	)		(11,925,157	)		(12,987,578	)		(76,180	)		(135,869	)

Units Outstanding at December 31, 2009		9,157,988			-			8,940,997			40,160,675			51,868,517			102,210,567			82,389,945			122,140,399			-			-

(a) The period is from January 1, 2009 through acquisition April 3, 2009.

See notes to the financial statements.

Page 39

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

										JNL/
	JNL/S&P			JNL/S&P			JNL/S&P			S&P Retirement			JNL/S&P			JNL/Select			JNL/Select			JNL/			JNL/T. Rowe			JNL/T. Rowe
	Retirement 2015			Retirement 2020			Retirement 2025			Income			Total Yield			Balanced			Money Market			Select Value			Price Established			Price Mid-Cap
	Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio			Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio
Operations
Net investment income (loss)	$	506,910		$	148,791		$	82,506		$	1,256,781		$	(637,972	)	$	6,841,592		$	(15,075,234	)	$	288,215		$	(4,785,870	)	$	(6,637,191	)
Net realized gain (loss) on investments		(2,625,761	)		(506,224	)		(380,445	)		(1,596,241	)		(2,996,860	)		(21,221,781	)		2			(17,170,845	)		(26,691,263	)		(31,831,158	)
Net change in unrealized appreciation
(depreciation) on investments		8,284,059			3,797,173			2,458,450			6,914,383			14,258,807			105,974,763			(1	)		56,847,641			169,951,443			193,451,052
Net increase (decrease) in net assets
from operations		6,165,208			3,439,740			2,160,511			6,574,923			10,623,975			91,594,574			(15,075,233	)		39,965,011			138,474,310			154,982,703

Contract transactions 1
Purchase payments (Note 4)		11,390,690			9,492,151			4,542,336			11,024,736			11,359,718			175,736,149			386,101,405			49,464,124			90,478,710			114,266,202
Surrenders and terminations		(910,455	)		(245,193	)		(298,620	)		(3,032,077	)		(2,156,446	)		(42,129,612	)		(174,306,804	)		(13,217,033	)		(32,780,679	)		(29,936,585	)
Transfers between portfolios		(41,752,318	)		(22,954,037	)		(12,505,704	)		(60,060,356	)		5,322,494			41,459,525			(578,994,615	)		16,166,183			51,614,624			42,509,245
Net annuitization transactions		-			-			-			-			-			(117,216	)		(694,184	)		(26,470	)		(64,750	)		(179,645	)
Policyholder charges (Note 3)		(24,851	)		(8,472	)		(16,684	)		(59,418	)		(48,096	)		(550,152	)		(3,780,093	)		(203,954	)		(483,014	)		(468,406	)
Net increase (decrease) in net assets from
contract transactions		(31,296,934	)		(13,715,551	)		(8,278,672	)		(52,127,115	)		14,477,670			174,398,694			(371,674,291	)		52,182,850			108,764,891			126,190,811

Net increase (decrease) in net assets		(25,131,726	)		(10,275,811	)		(6,118,161	)		(45,552,192	)		25,101,645			265,993,268			(386,749,524	)		92,147,861			247,239,201			281,173,514

Net assets beginning of period		25,131,726			10,275,811			6,118,161			45,552,192			28,398,904			432,805,939			1,200,692,288			153,536,896			301,125,206			309,195,829

Net assets end of period	$	-		$	-		$	-		$	-		$	53,500,549		$	698,799,207		$	813,942,764		$	245,684,757		$	548,364,407		$	590,369,343


1 Contract unit transactions
Units Outstanding at December 31, 2008		3,142,804			1,329,083			808,409			5,098,365			4,461,877			20,425,435			94,661,141			10,667,132			17,566,585			12,488,367

Units Issued		2,252,399			1,752,813			984,181			2,350,213			5,379,546			11,154,272			47,476,202			6,160,305			7,861,055			6,102,206
Units Redeemed		(5,395,203	)		(3,081,896	)		(1,792,590	)		(7,448,578	)		(3,865,426	)		(3,990,272	)		(77,531,118	)		(2,880,201	)		(3,252,387	)		(2,447,530	)

Units Outstanding at December 31, 2009		-			-			-			-			5,975,997			27,589,435			64,606,225			13,947,236			22,175,253			16,143,043

(a) The period is from January 1, 2009 through acquisition September 25, 2009.

See notes to the financial statements.

Page 40

Jackson National Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009


	JNL/T. Rowe			JNL/T. Rowe
	Price Short-Term			Price Value
	Bond Portfolio			Portfolio
Operations
Net investment income (loss)	$	2,863,553		$	276,747
Net realized gain (loss) on investments		247,531			(34,283,208	)
Net change in unrealized appreciation
(depreciation) on investments		3,931,856			110,097,185
Net increase (decrease) in net assets
from operations		7,042,940			76,090,724

Contract transactions 1
Purchase payments (Note 4)		45,865,205			44,136,191
Surrenders and terminations		(10,384,688	)		(19,594,489	)
Transfers between portfolios		52,757,705			14,206,122
Net annuitization transactions		(22,466	)		(47,762	)
Policyholder charges (Note 3)		(117,223	)		(253,330	)
Net increase (decrease) in net assets from
contract transactions		88,098,533			38,446,732

Net increase (decrease) in net assets		95,141,473			114,537,456

Net assets beginning of period		87,243,862			204,239,876

Net assets end of period	$	182,385,335		$	318,777,332


1 Contract unit transactions
Units Outstanding at December 31, 2008		8,977,863			21,769,944

Units Issued		14,797,655			8,083,096
Units Redeemed		(6,075,252	)		(4,695,000	)

Units Outstanding at December 31, 2009		17,700,266			25,158,040

See notes to the financial statements.

Page 41

Jackson National Separate Account I

Notes to Financial Statements

Note 1 – Organization

Jackson National Life Insurance Company (“Jackson”) established Jackson National Separate Account I (the “Separate Account”) on June 14, 1993. The Separate Account commenced operations on October 16, 1995, and is registered under the Investment Company Act of 1940 as a unit investment trust.

The Separate Account assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson. However, 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 for the contract holder, 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 contains ninety-nine (99) Portfolios as of December 31, 2010, each of which invests in the following series of mutual funds (“Funds”):

JNL Series Trust
JNL Institutional Alt 20 Fund	JNL/Invesco Global Real Estate Fund	JNL/PIMCO Total Return Bond Fund
JNL Institutional Alt 35 Fund	JNL/Invesco International Growth Fund	JNL/PPM America High Yield Bond Fund
JNL Institutional Alt 50 Fund	JNL/Invesco Large Cap Growth Fund	JNL/PPM America Mid Cap Value Fund
JNL Institutional Alt 65 Fund	JNL/Invesco Small Cap Growth Fund	JNL/PPM America Small Cap Value Fund
JNL/American Funds Blue Chip Income and Growth Fund	JNL/Ivy Asset Strategy Fund	JNL/PPM America Value Equity Fund
JNL/American Funds Global Bond Fund	JNL/JPMorgan International Value Fund	JNL/Red Rocks Listed Private Equity Fund
JNL/American Funds Global Small Capitalization Fund	JNL/JPMorgan MidCap Growth Fund	JNL/S&P 4 Fund
JNL/American Funds Growth-Income Fund	JNL/JPMorgan U.S. Government & Quality Bond Fund	JNL/S&P Competitive Advantage Fund
JNL/American Funds International Fund	JNL/Lazard Emerging Markets Fund	JNL/S&P Disciplined Growth Fund
JNL/American Funds New World Fund	JNL/Lazard Mid Cap Equity Fund	JNL/S&P Disciplined Moderate Fund
JNL/BlackRock Commodity Securities Fund	JNL/M&G Global Basics Fund	JNL/S&P Disciplined Moderate Growth Fund
JNL/BlackRock Global Allocation Fund	JNL/M&G Global Leaders Fund	JNL/S&P Dividend Income & Growth Fund
JNL/Capital Guardian Global Balanced Fund	JNL/MCM 10 x 10 Fund*	JNL/S&P Intrinsic Value Fund
JNL/Capital Guardian Global Diversified Research Fund	JNL/MCM Bond Index Fund*	JNL/S&P Managed Aggressive Growth Fund
JNL/Capital Guardian U.S. Growth Equity Fund	JNL/MCM European 30 Fund*	JNL/S&P Managed Conservative Fund
JNL/Eagle Core Equity Fund	JNL/MCM Global Alpha Fund*	JNL/S&P Managed Growth Fund
JNL/Eagle SmallCap Equity Fund	JNL/MCM Index 5 Fund*	JNL/S&P Managed Moderate Fund
JNL/Franklin Templeton Founding Strategy Fund	JNL/MCM International Index Fund*	JNL/S&P Managed Moderate Growth Fund
JNL/Franklin Templeton Global Growth Fund	JNL/MCM Pacific Rim 30 Fund*	JNL/S&P Total Yield Fund
JNL/Franklin Templeton Income Fund	JNL/MCM S&P 400 MidCap Index Fund*	JNL/Select Balanced Fund
JNL/Franklin Templeton International Small Cap Growth Fund	JNL/MCM S&P 500 Index Fund*	JNL/Select Money Market Fund
JNL/Franklin Templeton Mutual Shares Fund	JNL/MCM Small Cap Index Fund*	JNL/Select Value Fund
JNL/Franklin Templeton Small Cap Value Fund	JNL/Oppenheimer Global Growth Fund	JNL/T. Rowe Price Established Growth Fund
JNL/Goldman Sachs Core Plus Bond Fund	JNL/PAM Asia ex-Japan Fund	JNL/T. Rowe Price Mid-Cap Growth Fund
JNL/Goldman Sachs Emerging Markets Debt Fund	JNL/PAM China-India Fund	JNL/T. Rowe Price Short-Term Bond Fund
JNL/Goldman Sachs Mid Cap Value Fund	JNL/PIMCO Real Return Fund	JNL/T. Rowe Price Value Fund
JNL/Goldman Sachs U.S. Equity Flex Fund

Page 42

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 1 – Organization (continued)

JNL Variable Fund LLC
JNL/MCM 25 Fund*	JNL/MCM Healthcare Sector Fund*	JNL/MCM S&PÒ 24 Fund*
JNL/MCM Communications Sector Fund*	JNL/MCM JNL 5 Fund*	JNL/MCM S&PÒ SMid 60 Fund*
JNL/MCM Consumer Brands Sector Fund*	JNL/MCM JNL Optimized 5 Fund*	JNL/MCM Select Small-Cap Fund*
JNL/MCM Dow SM 10 Fund*	JNL/MCM NasdaqÒ 25 Fund*	JNL/MCM Technology Sector Fund*
JNL/MCM Dow SM Dividend Fund*	JNL/MCM NYSEÒ International 25 Fund*	JNL/MCM Value LineÒ 30 Fund*
JNL/MCM Financial Sector Fund*	JNL/MCM Oil & Gas Sector Fund*	JNL/MCM VIP Fund*
JNL/MCM Global 15 Fund*	JNL/MCM S&PÒ 10 Fund*

Jackson National Asset Management, LLC, a wholly-owned subsidiary of Jackson, serves as investment adviser for all the Funds and receives a fee for its services from each of the Funds.

During the year ended December 31, 2010, the following Funds changed names:

PRIOR PORTFOLIO NAME	CURRENT PORTFOLIO NAME	EFFECTIVE DATE
JNL/Capital Guardian International Small Cap Fund	JNL/Franklin Templeton International Small Cap Growth Fund(1)	May 3, 2010
JNL/AIM Global Real Estate Fund	JNL/Invesco Global Real Estate Fund	October 11, 2010
JNL/AIM International Growth Fund	JNL/Invesco International Growth Fund	October 11, 2010
JNL/AIM Large Cap Growth Fund	JNL/Invesco Large Cap Growth Fund	October 11, 2010
JNL/AIM Small Cap Growth Fund	JNL/Invesco Small Cap Growth Fund	October 11, 2010
JNL/Credit Suisse Commodity Securities Fund	JNL/BlackRock Commodity Securities Fund(1)	October 11, 2010
JNL/Credit Suisse Long/Short Fund	JNL/Goldman Sachs U.S. Equity Flex Fund(1)	October 11, 2010

(1) These name changes are due to changes in sub-adviser.

* MCM denotes the sub-adviser Mellon Capital Management throughout these financial statements.

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.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Page 43

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 2 – Significant Accounting Policies (continued)

Investments

The Separate Account’s investments in the corresponding series of mutual funds are stated at the closing net asset values of the respective Funds. The average cost method is used in determining the cost of the shares sold on withdrawals by the Separate Account. Investments in the Funds are recorded on trade date. Realized gain distributions and dividend distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as income or gain to the Separate Account on the ex-dividend date.

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return 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 has been provided.

FASB Accounting Standards Codification™ (the ASC)

In June 2009, the FASB issued an accounting pronouncement establishing the FASB Accounting Standards Codification™ (the ASC) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities. This pronouncement was effective for financial statements issued for interim and annual periods ending after September 15, 2009, for most entities. On the effective date, all non-SEC accounting and reporting standards were superseded. This pronouncement had no impact on the accompanying financial statements.

Topic 820 in the Accounting Standards Codification (ASC 820), “Fair Value Measurements”

This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. The changes to current GAAP from the application of this statement relate to the definition of fair value, the methods used to measure fair value, and expanded disclosures about fair value measurements.

Various inputs are used in determining the value of a Fund’s investments under ASC 820 guidance. The inputs are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets. Level 2 includes valuations for which all significant inputs are observable, either directly or indirectly. Direct observable inputs include closing prices of similar securities in active markets or closing prices for identical or similar securities in non-active markets. Indirect observable inputs include factors such as interest rates, yield curves, prepayment speeds, and credit risks. Level 3 includes valuations based on inputs that are unobservable and significant to the fair value measurement including a Fund’s own assumptions in determining the fair value of the investment. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of December 31, 2010, all of the Separate Account's investments are in funds for which quoted prices are available in an active market. Therefore, all investments have been categorized as Level 1. The characterization of the underlying securities held by the funds in accordance with ASC 820 differs from the characterization of an investment in the fund.

Page 44

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 3 – Policy Charges

Charges are deducted from the Separate Account and remitted to Jackson, 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.

Policyholder Charges

Contract Maintenance Charge

An annual contract maintenance charge of $35 - $50 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. This charge is only imposed if the contract value is less than $50,000 on the date when the charge is assessed. The charge is deducted by redeeming units. For the years ended December 31, 2010 and 2009, contract maintenance charges were assessed in the amount of $6,719,734 and $6,503,209, respectively.

Transfer Charge

A transfer charge of $25 will apply to transfers made by contract holders between the portfolios in excess of 15 transfers in a contract year. 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 portfolio. For the years ended December 31, 2010 and 2009, transfer charges were assessed in the amount of $57,988 and $34,952, respectively.

Surrender or Contingent Deferred Sales Charge

During the first three to nine contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract. The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contracts. 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. For the years ended December 31, 2010 and 2009, surrender charges were assessed in the amount of $31,960,116 and $25,432,934, respectively.

Optional Benefit Charges

Guaranteed Minimum Income Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.40% - 0.87%, depending on the product, of the Guaranteed Minimum Income Benefit (GMIB) base. The charge will be deducted each calendar quarter from the contract value by redeeming units.

Guaranteed Minimum Accumulation Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 1.02% of the Guaranteed Value (GV). The charge will be deducted each calendar quarter from the contract value by redeeming units.

Guaranteed Minimum Withdrawal Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.51% - 3.00%, depending on the product, of the Guaranteed Withdrawal Balance (GWB). The charge will be deducted each calendar quarter from the contract value by redeeming units.

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% - 1.80%, depending on product, of the Death Benefit base. The charge will be deducted each contract quarter from the contract value by redeeming units.

Page 45

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 3 – Policy Charges (continued)

Asset-based Charges

Insurance Charges

Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%. In designated products, this expense is waived for initial contributions greater than $1 million, refer to the product prospectus for eligibility. The administration charge is designed to reimburse Jackson for expenses incurred in administering the Separate Account and its contracts and is assessed through the unit value calculation.

Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 0.15% to 1.65% for the assumption of mortality and expense risks. The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson. The expense risk assumed by Jackson is that the actual cost of administering the contracts of the Separate Account may exceed the amount received from the Administration Charge and the Contract Maintenance Charge.

Optional Benefit Charges

Earnings Protection Benefit Charge. If this benefit option has been selected, Jackson will make an additional deduction of 0.20% - 0.45%, depending on the product chosen, on an annual basis of the average daily net asset value of the contract owner’s allocations to the portfolios.

Contract Enhancement Charge. If one of the contract enhancement benefits is selected, then for a period of five to nine contract years, Jackson will make an additional deduction based upon the average daily net asset value of the contract owner’s allocations to the portfolios. The amounts of these charges depend upon the contract enhancements selected and range from 0.395% to 0.695%.

Withdrawal Charge Period. If the optional three, four, or five-year withdrawal charge period feature is selected, Jackson will deduct 0.45%, 0.40%, or 0.30%, respectively, on an annual basis of the average daily net asset value of the contract owner’s allocations to the portfolios.

20% Additional Free Withdrawal Charge. If a contract owner selects the optional feature that permits you to withdraw up to 20% of premiums that are still subject to a withdrawal charge minus earnings during a Contract year without withdrawal charge, Jackson will deduct 0.30% - 0.40% on an annual basis of the average daily net assets value of the contract owner’s allocations to the portfolios.

Optional Death Benefit Charges. If any of the optional death benefits are selected that are available under the Contract, Jackson will make an additional deduction of 0.15% - 0.80% on an annual basis of the average daily net asset value of the contract owner’s allocations to the portfolios, based on the optional death benefit selected.

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% depending on the state.

Note 4 – Related Party Transactions

For contract enhancement benefits related to the optional benefits offered, Jackson contributed $73,788,281 and $42,967,834 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2010 and 2009, respectively. These amounts are included in purchase payments received from contract owners.

Page 46

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 5 – Purchases and Sales of Investments

For the year ended December 31, 2010, purchases and proceeds from sales of investments are as follows:

JNL Series Trust
	Purchases	Proceeds from Sales		Purchases	Proceeds from Sales
JNL Institutional Alt 20 Fund	$389,771,043	$48,316,852	JNL/Ivy Asset Strategy Fund	$777,012,802	$160,909,619
JNL Institutional Alt 35 Fund	554,886,265	81,417,697	JNL/JPMorgan International Value Fund	118,660,407	99,451,051
JNL Institutional Alt 50 Fund	699,135,940	112,415,355	JNL/JPMorgan MidCap Growth Fund	77,437,625	52,956,134
JNL Institutional Alt 65 Fund	494,304,753	106,242,191	JNL/JPMorgan U.S. Government & Quality Bond Fund	437,291,370	354,738,220
JNL/American Funds Blue Chip Income and Growth Fund	139,743,266	11,590,090	JNL/Lazard Emerging Markets Fund	586,950,801	276,722,906
JNL/American Funds Global Bond Fund	115,286,411	17,091,427	JNL/Lazard Mid Cap Equity Fund	88,118,837	75,204,026
JNL/American Funds Global Small Capitalization Fund	72,529,905	5,771,342	JNL/M&G Global Basics Fund	36,669,007	22,564,118
JNL/American Funds Growth-Income Fund	161,601,403	10,850,223	JNL/M&G Global Leaders Fund	19,149,042	10,401,403
JNL/American Funds International Fund	97,347,709	7,781,005	JNL/MCM 10 x 10 Fund	73,726,187	44,465,206
JNL/American Funds New World Fund	125,034,861	6,106,056	JNL/MCM Bond Index Fund	235,770,421	182,831,366
JNL/BlackRock Commodity Securities Fund	314,897,354	216,944,139	JNL/MCM European 30 Fund	17,168,822	12,519,319
JNL/BlackRock Global Allocation Fund	173,823,020	5,137,725	JNL/MCM Global Alpha Fund	42,521,483	11,923,845
JNL/Capital Guardian Global Balanced Fund	128,248,523	78,347,514	JNL/MCM Index 5 Fund	143,723,343	57,530,348
JNL/Capital Guardian Global Diversified Research Fund	106,142,424	83,363,997	JNL/MCM International Index Fund	146,292,072	140,368,170
JNL/Capital Guardian U.S. Growth Equity Fund	155,565,263	85,840,521	JNL/MCM Pacific Rim 30 Fund	34,575,278	17,921,663
JNL/Eagle Core Equity Fund	56,762,890	34,154,063	JNL/MCM S&P 400 MidCap Index Fund	179,209,672	157,996,718
JNL/Eagle SmallCap Equity Fund	262,069,989	108,630,184	JNL/MCM S&P 500 Index Fund	318,966,138	259,780,574
JNL/Franklin Templeton Founding Strategy Fund	296,826,945	176,260,792	JNL/MCM Small Cap Index Fund	149,608,416	155,592,516
JNL/Franklin Templeton Global Growth Fund	68,387,195	36,144,083	JNL/Oppenheimer Global Growth Fund	107,216,359	62,699,770
JNL/Franklin Templeton Income Fund	352,163,539	152,639,284	JNL/PAM Asia ex-Japan Fund	102,424,634	75,809,002
JNL/Franklin Templeton International Small Cap Growth Fund	97,735,279	62,524,857	JNL/PAM China-India Fund	272,144,048	158,279,476
JNL/Franklin Templeton Mutual Shares Fund	122,970,669	48,760,289	JNL/PIMCO Real Return Fund	612,593,251	362,876,884
JNL/Franklin Templeton Small Cap Value Fund	151,367,736	83,029,674	JNL/PIMCO Total Return Bond Fund	1,774,097,902	949,360,892
JNL/Goldman Sachs Core Plus Bond Fund	304,335,949	212,266,669	JNL/PPM America High Yield Bond Fund	598,004,905	408,412,331
JNL/Goldman Sachs Emerging Markets Debt Fund	316,364,961	107,004,013	JNL/PPM America Mid Cap Value Fund	97,660,732	44,711,526
JNL/Goldman Sachs Mid Cap Value Fund	136,901,859	69,518,396	JNL/PPM America Small Cap Value Fund	70,825,189	31,934,747
JNL/Goldman Sachs U.S. Equity Flex Fund	58,708,938	44,137,437	JNL/PPM America Value Equity Fund	47,393,202	43,601,539
JNL/Invesco Global Real Estate Fund	201,980,958	92,699,793	JNL/Red Rocks Listed Private Equity Fund	189,461,724	63,540,650
JNL/Invesco International Growth Fund	144,085,264	83,570,725	JNL/S&P 4 Fund	324,176,417	208,725,461
JNL/Invesco Large Cap Growth Fund	113,724,131	104,412,674	JNL/S&P Competitive Advantage Fund	42,657,807	53,653,928
JNL/Invesco Small Cap Growth Fund	82,533,114	54,284,797	JNL/S&P Disciplined Growth Fund	61,269,285	19,272,094

Page 47

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 5 – Purchases and Sales of Investments (continued)

JNL Series Trust (continued)
	Purchases	Proceeds from Sales		Purchases	Proceeds from Sales
JNL/S&P Disciplined Moderate Fund	$211,092,730	$71,943,025	JNL/S&P Total Yield Fund	$60,458,442	$50,011,784
JNL/S&P Disciplined Moderate Growth Fund	194,936,833	71,312,318	JNL/Select Balanced Fund	636,458,082	200,142,020
JNL/S&P Dividend Income & Growth Fund	159,832,383	36,514,981	JNL/Select Money Market Fund	900,941,554	1,037,970,129
JNL/S&P Intrinsic Value Fund	88,910,751	71,011,387	JNL/Select Value Fund	155,673,945	85,464,357
JNL/S&P Managed Aggressive Growth Fund	249,643,081	155,274,692	JNL/T. Rowe Price Established Growth Fund	309,526,068	180,568,065
JNL/S&P Managed Conservative Fund	502,420,396	231,438,068	JNL/T. Rowe Price Mid-Cap Growth Fund	439,490,986	217,770,754
JNL/S&P Managed Growth Fund	737,481,983	354,736,023	JNL/T. Rowe Price Short-Term Bond Fund	318,784,542	170,375,606
JNL/S&P Managed Moderate Fund	729,782,619	253,828,080	JNL/T. Rowe Price Value Fund	156,625,776	113,453,691
JNL/S&P Managed Moderate Growth Fund	1,176,390,816	416,934,898

JNL Variable Fund LLC
	Purchases	Proceeds from Sales		Purchases	Proceeds from Sales
JNL/MCM 25 Fund	$221,770,078	$192,357,081	JNL/MCM NasdaqÒ 25 Fund	$60,229,407	$45,689,905
JNL/MCM Communications Sector Fund	46,011,935	34,191,766	JNL/MCM NYSEÒ International 25 Fund	60,786,754	43,293,323
JNL/MCM Consumer Brands Sector Fund	64,509,366	32,641,597	JNL/MCM Oil & Gas Sector Fund	273,519,333	196,447,521
JNL/MCM Dow SM 10 Fund	90,589,240	127,068,855	JNL/MCM S&PÒ 10 Fund	46,832,452	104,975,103
JNL/MCM Dow SM Dividend Fund	85,073,913	82,255,254	JNL/MCM S&PÒ 24 Fund	23,843,101	16,685,674
JNL/MCM Financial Sector Fund	100,026,540	82,556,186	JNL/MCM S&PÒ SMid 60 Fund	132,475,459	104,256,358
JNL/MCM Global 15 Fund	85,688,630	198,322,824	JNL/MCM Select Small-Cap Fund	59,072,673	104,876,810
JNL/MCM Healthcare Sector Fund	83,658,096	78,979,072	JNL/MCM Technology Sector Fund	188,715,121	164,972,470
JNL/MCM JNL 5 Fund	380,369,662	749,021,304	JNL/MCM Value LineÒ 30 Fund	101,055,143	173,888,143
JNL/MCM JNL Optimized 5 Fund	75,751,558	101,990,498	JNL/MCM VIP Fund	45,398,253	75,161,039

Note 6 – Subsequent Events

Effective February 22, 2011, changes were made to the investment options available in the Separate Account. JNL/BlackRock Global Allocation Portfolio was removed as an investment option for all new investment allocations, but any current investment balances as of February 22, 2011, remained invested in the Portfolio. Management has evaluated the Funds for any other subsequent events through the date the financial statements are available to be issued, and has concluded there are no other events that require financial statement disclosure and/or adjustments to the financial statements.

Page 48

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights

The following is a summary for each period in the five-year period ended December 31, 2010 of unit values, total returns and expense ratios for variable annuity contracts with the highest and lowest expense ratios in addition to certain other portfolio data. Unit values for portfolios that do not have any assets at period end are calculated based on the net asset value of the underlying fund less expenses charged directly to the Separate Account.

JNL/

American

JNL/

Funds

JNL/

American

JNL/

Blue Chip

American

Funds

American

JNL/

JNL

Income

Funds

Global

Funds

American

Institutional

and

Global

Small

Growth-

Funds

Alt 20

Alt 35

Alt 50

Alt 65

Growth

Bond

Capitalization

Income

International

New World

Portfolio(a)

Portfolio(b)

Highest expense ratio

Period ended December 31, 2010

Unit Value

13.647188

14.360051

14.644693

15.200878

10.161091

10.254727

10.926025

10.233282

10.610960

11.124419

Total Return *

9.65

9.17

%***

10.51

%***

11.74

9.13

%***

3.64

%***

15.68

%***

7.04

%***

7.01

%***

2.97

%***

Ratio of Expenses **

3.06

3.05

3.61

3.36

2.845

3.06

3.16

3.36

3.16

Period ended December 31, 2009

Unit Value

12.446093

12.965341

13.272261

13.603273

n/a

Total Return *

0.62

%***

0.69

%***

-0.06

%***

-0.93

%***

n/a

Ratio of Expenses **

3.06

2.845

3.01

3.61

n/a

Period ended December 31, 2008

Unit Value

n/a

Total Return *

n/a

Ratio of Expenses **

n/a

Period ended December 31, 2007

Unit Value

n/a

Total Return *

n/a

Ratio of Expenses **

n/a

Period ended December 31, 2006

Unit Value

n/a

Total Return *

n/a

Ratio of Expenses **

n/a

Total return for period indicated, including 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 expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations April 6, 2009.

(b) Commencement of operations May 3, 2010.

Page 49

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

JNL/

American

JNL/

American

JNL/

Funds

American

Funds

American

JNL/

JNL

Blue Chip

Funds

Global

Funds

American

Institutional

Income and

Global

Small

Growth-

Funds

Funds New

Alt 20

Alt 35

Alt 50

Alt 65

Growth

Bond

Capitalization

Income

International

World

Portfolio(a)

Portfolio(b)

Lowest expense ratio

Period ended December 31, 2010

Unit Value

14.119848

14.854626

15.297268

15.878350

10.314502

10.380934

11.068974

10.380945

10.771157

11.277446

Total Return *

11.82

13.11

13.65

14.59

10.72

%***

0.95

%***

20.23

%***

5.26

%***

16.37

%***

25.58

%***

Ratio of Expenses **

1.10

1.00

1.10

1.00

1.10

Period ended December 31, 2009

Unit Value

12.627216

13.133099

13.460423

13.857205

n/a

Total Return *

1.87

%***

32.53

%***

18.12

%***

22.71

%***

n/a

Ratio of Expenses **

1.10

n/a

Period ended December 31, 2008

Unit Value

n/a

Total Return *

n/a

Ratio of Expenses **

n/a

Period ended December 31, 2007

Unit Value

n/a

Total Return *

n/a

Ratio of Expenses **

n/a

Period ended December 31, 2006

Unit Value

n/a

Total Return *

n/a

Ratio of Expenses **

n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations April 6, 2009.

(b) Commencement of operations May 3, 2010.

Page 50

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

JNL/

American

JNL/

American

JNL/

Funds

American

Funds

American

JNL/

JNL

Blue Chip

Funds

Global

Funds

American

Institutional

Income and

Global

Small

Growth-

Funds

Funds New

Alt 20

Alt 35

Alt 50

Alt 65

Growth

Bond

Capitalization

Income

International

World

Portfolio(a)

Portfolio(b)

Portfolio data

Period ended December 31, 2010

Net Assets (in thousands)

591,940

866,696

1,045,302

686,359

139,612

99,514

74,487

164,649

97,917

128,284

Units Outstanding (in thousands)

42,185

58,741

68,822

43,558

13,568

9,619

6,748

15,914

9,113

11,407

Investment Income Ratio *

0.70

0.76

0.77

0.67

0.00

Period ended December 31, 2009

Net Assets (in thousands)

194,779

303,777

351,060

225,707

n/a

Units Outstanding (in thousands)

15,469

23,203

26,163

16,344

n/a

Investment Income Ratio *

0.00

n/a

Period ended December 31, 2008

Net Assets (in thousands)

n/a

Units Outstanding (in thousands)

n/a

Investment Income Ratio *

n/a

Period ended December 31, 2007

Net Assets (in thousands)

n/a

Units Outstanding (in thousands)

n/a

Investment Income Ratio *

n/a

Period ended December 31, 2006

Net Assets (in thousands)

n/a

Units Outstanding (in thousands)

n/a

Investment Income Ratio *

n/a

These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets. In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations April 6, 2009.

(b) Commencement of operations May 3, 2010.

Page 51

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/
							JNL/			Capital			JNL/									JNL/			JNL/
				JNL/			Capital			Guardian			Capital			JNL/			JNL/			Franklin			Franklin			JNL/
	JNL/BlackRock			BlackRock			Guardian			Global			Guardian U.S.			Eagle			Eagle			Templeton			Templeton			Franklin
	Commodity			Global			Global			Diversified			Growth			Core			SmallCap			Founding			Global			Templeton
	Securities			Allocation			Balanced			Research			Equity			Equity			Equity			Strategy			Growth			Income
	Portfolio(b)			Portfolio(c)			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio(b)			Portfolio(b)			Portfolio(a)

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	10.315078		$	10.267439		$	9.088924		$	17.982846		$	18.334060		$	12.658211		$	19.673973		$	8.024647		$	7.256056		$	9.954979
Total Return *		13.18	%		2.04	%***		4.89	%		7.54	%		4.02	%***		8.12	%		30.45	%		6.47	%		3.27	%		8.63	%
Ratio of Expenses **		3.695	%		3.61	%		3.86	%		3.86	%		3.61	%		3.40	%		3.91	%		3.61	%		3.61	%		3.56	%

Period ended December 31, 2009

Unit Value	$	9.113705			n/a		$	8.665546		$	16.721749		$	17.374529		$	11.707821		$	15.081920		$	7.536660		$	7.026219		$	9.164130
Total Return *		44.49	%		n/a			17.84	%		33.00	%		30.30	%		29.36	%		30.29	%		25.52	%		26.20	%		28.27	%
Ratio of Expenses **		3.695	%		n/a			3.86	%		3.86	%		3.41	%		3.40	%		3.91	%		3.61	%		3.61	%		3.56	%

Period ended December 31, 2008

Unit Value	$	6.307417			n/a		$	7.353527		$	12.573178		$	13.334545		$	9.050892		$	11.575782		$	6.004356		$	5.567683		$	7.144350
Total Return *		-52.24	%***		n/a			-31.00	%		-44.66	%		-42.86	%		-41.07	%		-40.65	%		-34.77	%***		-42.73	%		-32.19	%
Ratio of Expenses **		3.695	%		n/a			3.86	%		3.86	%		3.41	%		3.40	%		3.91	%		3.61	%		3.61	%		3.56	%

Period ended December 31, 2007

Unit Value	$	13.428198			n/a		$	10.657491		$	22.719950		$	23.335999		$	15.359991		$	19.503996		$	9.775729		$	9.721359		$	10.536430
Total Return *		-3.84	%***		n/a			3.85	%		16.05	%		6.03	%		-2.79	%		7.77	%		-6.46	%***		-5.91	%***		-1.73	%
Ratio of Expenses **		3.61	%		n/a			3.86	%		3.86	%		3.41	%		3.40	%		3.91	%		3.31	%		3.61	%		3.56	%

Period ended December 31, 2006

Unit Value		n/a			n/a		$	10.262688		$	19.577115		$	22.007930		$	15.801623		$	18.097518			n/a			n/a		$	10.722272
Total Return *		n/a			n/a			6.60	%		9.03	%		1.11	%		8.60	%		15.49	%		n/a			n/a			4.10	%***
Ratio of Expenses **		n/a			n/a			3.86	%		3.86	%		3.41	%		3.40	%		3.91	%		n/a			n/a			3.56	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations January 16, 2007.

Page 52

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/
							JNL/			Capital			JNL/									JNL/			JNL/
	JNL/			JNL/			Capital			Guardian			Capital			JNL/			JNL/			Franklin			Franklin			JNL/
	BlackRock			BlackRock			Guardian			Global			Guardian U.S.			Eagle			Eagle			Templeton			Templeton			Franklin
	Commodity			Global			Global			Diversified			Growth			Core			SmallCap			Founding			Global			Templeton
	Securities			Allocation			Balanced			Research			Equity			Equity			Equity			Strategy			Growth			Income
	Portfolio(b)			Portfolio(c)			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio(b)			Portfolio(b)			Portfolio(a)

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	11.475773		$	10.324763		$	12.332504		$	27.688199		$	27.579329		$	17.839236		$	29.826055		$	8.897977		$	8.013670		$	11.218832
Total Return *		16.27	%		2.89	%***		7.93	%		10.55	%		11.55	%		10.74	%		34.30	%		9.29	%		5.90	%		11.45	%
Ratio of Expenses **		1.00	%		1.10	%		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

Period ended December 31, 2009

Unit Value	$	9.869603			n/a		$	11.426506		$	25.045545		$	24.723078		$	16.108550		$	22.208611		$	8.141578		$	7.567485		$	10.066533
Total Return *		48.44	%		n/a			21.26	%		36.72	%		33.47	%		32.50	%		34.14	%		28.84	%		29.40	%		31.60	%
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

Period ended December 31, 2008

Unit Value	$	6.648895			n/a		$	9.423048		$	18.319213		$	18.523053		$	12.157618		$	16.556491		$	6.319163		$	5.847939		$	7.649488
Total Return *		-51.71	%		n/a			-29.00	%		-43.11	%		-41.46	%		-39.64	%		-38.90	%		-36.77	%		-41.27	%		-30.44	%
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

Period ended December 31, 2007

Unit Value	$	13.767720			n/a		$	13.271782		$	32.201914		$	31.644131		$	20.143014		$	27.096246		$	9.993973		$	9.957514		$	10.996249
Total Return *		14.25	%***		n/a			6.88	%		19.32	%***		8.63	%		-0.42	%		10.97	%		-1.17	%***		2.11	%***		0.83	%
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

Period ended December 31, 2006

Unit Value		n/a			n/a		$	12.417826		$	26.987965		$	29.129267		$	20.228069		$	24.417432			n/a			n/a		$	10.908218
Total Return *		n/a			n/a			9.69	%		12.65	%		3.57	%		11.23	%		18.89	%		n/a			n/a			-0.02	%***
Ratio of Expenses **		n/a			n/a			1.00	%		1.15	%		1.00	%		1.00	%		1.00	%		n/a			n/a			1.00	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations January 16, 2007.

Page 53

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/
							JNL/			Capital			JNL/									JNL/			JNL/
	JNL/			JNL/			Capital			Guardian			Capital			JNL/			JNL/			Franklin			Franklin			JNL/
	BlackRock			BlackRock			Guardian			Global			Guardian U.S.			Eagle			Eagle			Templeton			Templeton			Franklin
	Commodity			Global			Global			Diversified			Growth			Core			SmallCap			Founding			Global			Templeton
	Securities			Allocation			Balanced			Research			Equity			Equity			Equity			Strategy			Growth			Income
	Portfolio(b)			Portfolio(c)			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio(b)			Portfolio(b)			Portfolio(a)

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	685,623		$	172,036		$	339,313		$	289,989		$	395,677		$	109,852		$	414,824		$	980,170		$	120,991		$	647,703
Units Outstanding (in thousands)		61,152			16,678			29,149			11,595			15,939			6,677			15,142			112,773			15,358			59,311
Investment Income Ratio *		0.36	%		0.00	%		1.11	%		0.73	%		0.27	%		0.29	%		0.20	%		2.99	%		1.46	%		4.19	%

Period ended December 31, 2009

Net Assets (in thousands)	$	499,893			n/a		$	265,058		$	239,991		$	284,325		$	76,609		$	179,792		$	795,638		$	82,733		$	406,535
Units Outstanding (in thousands)		51,594			n/a			24,522			10,688			12,891			5,158			8,801			99,557			11,092			41,299
Investment Income Ratio *		1.06	%		n/a			2.63	%		1.91	%		0.19	%		1.42	%		0.00	%		0.07	%		2.38	%		7.51	%

Period ended December 31, 2008

Net Assets (in thousands)	$	175,643			n/a		$	173,339		$	120,056		$	123,760		$	37,396		$	107,791		$	552,970		$	34,780		$	214,040
Units Outstanding (in thousands)		26,783			n/a			19,423			7,531			7,729			3,315			7,090			88,674			6,013			28,474
Investment Income Ratio *		0.06	%		n/a			1.15	%		0.00	%		0.00	%		2.61	%		0.00	%		1.40	%		0.02	%		0.09	%

Period ended December 31, 2007

Net Assets (in thousands)	$	294,796			n/a		$	183,983		$	155,406		$	151,626		$	70,254		$	159,201		$	762,485		$	47,195		$	252,304
Units Outstanding (in thousands)		21,577			n/a			14,528			5,770			5,756			3,735			6,378			76,812			4,766			23,215
Investment Income Ratio *		0.00	%		n/a			2.54	%		0.71	%		0.00	%		1.88	%		2.39	%		0.00	%		1.28	%		4.81	%

Period ended December 31, 2006

Net Assets (in thousands)		n/a			n/a		$	151,521		$	109,223		$	139,074		$	78,068		$	104,070			n/a			n/a		$	58,428
Units Outstanding (in thousands)		n/a			n/a			12,674			5,042			5,847			4,109			4,595			n/a			n/a			5,381
Investment Income Ratio *		n/a			n/a			0.93	%		0.30	%		0.00	%		0.02	%		0.00	%		n/a			n/a			5.07	%

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations January 16, 2007.

Page 54

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/
	Franklin
	Templeton			JNL/			JNL/						JNL/			JNL/
	Inter-			Franklin			Franklin			JNL/			Goldman			Goldman			JNL/			JNL/			JNL/			JNL/
	national			Templeton			Templeton			Goldman			Sachs			Sachs			Goldman			Invesco			Invesco			Invesco
	Small Cap			Mutual			Small Cap			Sachs			Emerging			Mid Cap			Sachs U.S.			Global			International			Large Cap
	Growth			Shares			Value			Core Plus			Markets Debt			Value			Equity Flex			Real Estate			Growth			Growth
	Portfolio(b)			Portfolio(a)			Portfolio			Bond Portfolio			Portfolio(c)			Portfolio			Portfolio(a)			Portfolio			Portfolio			Portfolio

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	7.488896		$	7.761267		$	11.065011		$	15.491362		$	12.740806		$	11.449489		$	8.130127		$	10.970794		$	11.329284		$	10.094858
Total Return *		16.27	%		8.00	%		21.97	%		3.50	%		11.95	%		19.63	%		5.42	%		12.88	%		8.00	%		13.09	%
Ratio of Expenses **		3.61	%		3.145	%		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%

Period ended December 31, 2009

Unit Value	$	6.440753		$	7.186112		$	9.071610		$	14.967299		$	11.380544		$	9.571077		$	7.712029		$	9.719054		$	10.490005		$	8.926762
Total Return *		47.18	%		22.82	%		28.47	%		9.78	%		-2.17	%***		27.56	%		21.10	%		27.71	%		31.73	%		19.72	%
Ratio of Expenses **		3.61	%		3.145	%		3.91	%		3.91	%		3.61	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%

Period ended December 31, 2008

Unit Value	$	4.376090		$	5.851107		$	7.061138		$	13.633944		$	9.615461		$	7.502931		$	6.368322		$	7.610482		$	7.963090		$	7.456591
Total Return *		-49.35	%***		-39.82	%		-35.69	%		-8.81	%		5.28	%***		-38.54	%		-34.86	%***		-38.05	%		-43.20	%		-39.96	%
Ratio of Expenses **		3.61	%		3.145	%		3.91	%		3.91	%		2.845	%		3.91	%		3.06	%		3.71	%		3.91	%		3.75	%

Period ended December 31, 2007

Unit Value	$	9.848527		$	9.723155		$	10.980404		$	14.950410			n/a		$	12.208730		$	10.538002		$	12.284252		$	14.019714		$	12.418859
Total Return *		-1.51	%***		-8.10	%***		-9.76	%		2.88	%		n/a			-1.17	%		3.69	%***		-18.12	%		5.54	%		11.47	%
Ratio of Expenses **		2.845	%		3.145	%		3.91	%		3.91	%		n/a			3.91	%		3.05	%		3.71	%		3.91	%		3.75	%

Period ended December 31, 2006

Unit Value		n/a			n/a		$	12.167333		$	14.532441			n/a		$	12.353358			n/a		$	15.003152		$	13.283412		$	11.141032
Total Return *		n/a			n/a			13.21	%		0.68	%		n/a			11.30	%		n/a			31.43	%		17.90	%		3.90	%
Ratio of Expenses **		n/a			n/a			3.91	%		3.91	%		n/a			3.91	%		n/a			3.71	%		3.91	%		3.75	%

**	Annualized contract expenses of the Separate Account, consisting 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.

*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

Page 55

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)


	JNL/Franklin						JNL/Franklin			JNL/			JNL/Goldman			JNL/			JNL/Goldman
	Templeton Inter-			JNL/Franklin			Templeton			Goldman Sachs			Sachs Emerging			Goldman Sachs			Sachs U.S.			JNL/Invesco			JNL/Invesco			JNL/Invesco
	national Small Cap			Templeton Mutual			Small Cap			Core Plus			Markets Debt			Mid Cap			Equity Flex			Global Real Estate			International			Large Cap
	Growth Portfolio(b)			Shares Portfolio(a)			Value Portfolio			Bond Portfolio			Portfolio(c)			Value Portfolio			Portfolio(a)			Portfolio			Growth Portfolio			Growth Portfolio

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	8.090292		$	8.415078		$	13.048587		$	24.420522		$	13.506371		$	13.502182		$	8.820425		$	12.791583		$	17.860560		$	12.992248
Total Return *		19.23	%		10.24	%		25.58	%		6.56	%		14.91	%		23.16	%		7.62	%		15.98	%		11.19	%		16.24	%
Ratio of Expenses **		1.10	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2009

Unit Value	$	6.785510		$	7.633746		$	10.390995		$	22.917617		$	11.753563		$	10.963264		$	8.196234		$	11.029111		$	16.063122		$	11.177218
Total Return *		50.92	%		25.35	%		32.27	%		13.02	%		6.16	%***		31.33	%		23.62	%		31.21	%		35.63	%		23.05	%
Ratio of Expenses **		1.10	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2008

Unit Value	$	4.496055		$	6.089773		$	7.855974		$	20.277549		$	9.655005		$	8.347706		$	6.630091		$	8.405404		$	11.843487		$	9.083134
Total Return *		-25.74	%***		-5.75	%***		-33.79	%		-6.12	%		-3.14	%***		-36.73	%		-2.64	%***		-36.34	%		-41.52	%		-38.28	%
Ratio of Expenses **		1.10	%		1.10	%		1.00	%		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2007

Unit Value	$	9.860527		$	9.910412		$	11.866094		$	21.598776			n/a		$	13.193511		$	10.731355		$	13.204592		$	20.253728		$	14.717475
Total Return *		-1.39	%***		-0.79	%***		-7.07	%		5.94	%		n/a			1.94	%***		6.45	%***		-15.86	%		8.68	%		14.59	%
Ratio of Expenses **		1.25	%		1.15	%		1.00	%		1.00	%		n/a			1.00	%		1.15	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2006

Unit Value		n/a			n/a		$	12.769450		$	20.388598			n/a		$	12.942905			n/a		$	15.693623		$	18.636415		$	12.843047
Total Return *		n/a			n/a			3.43	%***		3.65	%		n/a			14.50	%		n/a			35.03	%		21.37	%		6.79	%
Ratio of Expenses **		n/a			n/a			1.00	%		1.00	%		n/a			1.15	%		n/a			1.00	%		1.00	%		1.00	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

Page 56

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/Franklin												JNL/
	Templeton									JNL/			Goldman			JNL/
	Inter-			JNL/Franklin			JNL/Franklin			Goldman			Sachs			Goldman			JNL/Goldman			JNL/Invesco
	national			Templeton			Templeton			Sachs			Emerging			Sachs			Sachs U.S.			Global			JNL/Invesco			JNL/Invesco
	Small Cap			Mutual			Small Cap			Core Plus			Markets			Mid Cap			Equity			Real			International			Large Cap
	Growth			Shares			Value			Bond			Debt			Value			Flex			Estate			Growth			Growth
	Portfolio(b)			Portfolio(a)			Portfolio			Portfolio			Portfolio(c)			Portfolio			Portfolio(a)			Portfolio			Portfolio			Portfolio

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	147,477		$	242,092		$	235,996		$	471,544		$	363,805		$	235,722		$	109,598		$	355,581		$	273,458		$	266,462
Units Outstanding (in thousands)		18,484			29,259			18,698			21,206			27,289			18,038			12,702			28,708			16,716			21,671
Investment Income Ratio *		1.30	%		0.02	%		0.48	%		2.52	%		1.30	%		0.60	%		0.66	%		4.61	%		0.82	%		0.28	%

Period ended December 31, 2009

Net Assets (in thousands)	$	92,048		$	146,000		$	126,299		$	365,183		$	126,741		$	130,124		$	86,765		$	214,583		$	186,951		$	218,614
Units Outstanding (in thousands)		13,701			19,405			12,508			17,500			10,866			12,215			10,774			20,033			12,731			20,598
Investment Income Ratio *		2.32	%		4.87	%		0.95	%		4.93	%		0.19	%		1.26	%		0.93	%		2.64	%		2.29	%		0.31	%

Period ended December 31, 2008

Net Assets (in thousands)	$	15,040		$	60,998		$	57,615		$	276,385		$	8,743		$	64,799		$	40,233		$	112,539		$	108,750		$	127,035
Units Outstanding (in thousands)		3,365			10,133			7,519			14,923			906			7,952			6,154			13,737			10,061			14,671
Investment Income Ratio *		0.25	%		0.00	%		1.19	%		3.40	%		0.00	%		1.02	%		0.00	%		2.18	%		0.42	%		0.14	%

Period ended December 31, 2007

Net Assets (in thousands)	$	1,986		$	71,047		$	57,150		$	329,798			n/a		$	89,409		$	19,247		$	134,186		$	203,285		$	193,899
Units Outstanding (in thousands)		202			7,206			4,912			16,644			n/a			6,902			1,804			10,355			10,936			13,729
Investment Income Ratio *		0.00	%		0.00	%		2.81	%		3.54	%		n/a			2.42	%		0.00	%		2.77	%		1.65	%		0.57	%

Period ended December 31, 2006

Net Assets (in thousands)		n/a			n/a		$	45,327		$	251,053			n/a		$	54,652			n/a		$	151,821		$	132,458		$	89,484
Units Outstanding (in thousands)		n/a			n/a			3,595			13,343			n/a			4,264			n/a			9,795			7,662			7,210
Investment Income Ratio *		n/a			n/a			1.38	%		0.09	%		n/a			2.41	%		n/a			1.51	%		1.62	%		0.02	%

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

Page 57

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

													JNL/JPMorgan			JNL/Lazard
	JNL/Invesco			JNL/Ivy			JNL/JPMorgan			JNL/JPMorgan			U.S. Government			Emerging			JNL/Lazard			JNL/M&G			JNL/M&G			JNL/MCM
	Small Cap			Asset Strategy			International			MidCap Growth			& Quality Bond			Markets			Mid Cap			Global Basics			Global Leaders			10 x 10
	Growth Portfolio			Portfolio(d)			Value Portfolio			Portfolio			Portfolio			Portfolio(a)			Equity Portfolio			Portfolio(c)			Portfolio(c)			Portfolio(b)

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	12.811152		$	10.923852		$	9.494509		$	17.514872		$	13.226942		$	12.800285		$	15.037352		$	14.073788		$	12.143560		$	8.173251
Total Return *		21.86	%		1.72	%***		3.46	%		21.14	%		3.39	%		17.59	%		18.61	%		18.80	%		9.96	%***		12.83	%
Ratio of Expenses **		3.51	%		3.61	%		3.91	%		3.61	%		3.75	%		3.61	%		3.695	%		3.545	%		3.06	%		3.145	%

Period ended December 31, 2009

Unit Value	$	10.513159		$	10.330943		$	9.177295		$	14.458073		$	12.792920		$	10.885966		$	12.678476		$	11.846888		$	11.081543		$	7.244035
Total Return *		30.15	%		0.07	%***		25.18	%		37.89	%		-0.12	%		65.65	%		34.59	%		0.00	%***		9.79	%***		20.73	%
Ratio of Expenses **		3.51	%		2.96	%		3.91	%		3.61	%		3.75	%		3.61	%		3.695	%		3.545	%		2.895	%		3.145	%

Period ended December 31, 2008

Unit Value	$	8.077700			n/a		$	7.331489		$	10.484843		$	12.808585		$	6.571545		$	9.420260		$	8.374701		$	8.306746		$	6.000234
Total Return *		-41.81	%		n/a			-46.62	%		-46.41	%		2.61	%		-51.82	%		-41.18	%		12.01	%***		6.85	%***		-38.22	%
Ratio of Expenses **		3.51	%		n/a			3.91	%		3.61	%		3.75	%		3.61	%		3.695	%		2.295	%		2.56	%		3.145	%

Period ended December 31, 2007

Unit Value	$	13.881145			n/a		$	13.734935		$	19.566550		$	12.482587		$	13.639504		$	16.014550			n/a			n/a		$	9.712781
Total Return *		-2.85	%***		n/a			7.66	%		4.11	%		2.45	%		-2.44	%***		-6.16	%		n/a			n/a			-2.81	%***
Ratio of Expenses **		3.51	%		n/a			3.91	%		3.61	%		3.75	%		3.61	%		3.695	%		n/a			n/a			3.145	%

Period ended December 31, 2006

Unit Value	$	12.952147			n/a		$	12.758163		$	18.793604		$	12.184558		$	10.747873		$	17.065782			n/a			n/a			n/a
Total Return *		10.62	%		n/a			26.93	%		8.10	%		-0.54	%		11.69	%***		7.85	%***		n/a			n/a			n/a
Ratio of Expenses **		3.45	%		n/a			3.91	%		3.61	%		3.75	%		3.36	%		3.695	%		n/a			n/a			n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

(d) Commencement of operations September 28, 2009.

Page 58

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

													JNL/JPMorgan			JNL/Lazard
	JNL/Invesco			JNL/Ivy			JNL/JPMorgan			JNL/JPMorgan			U.S. Government			Emerging			JNL/Lazard			JNL/M&G			JNL/M&G			JNL/MCM
	Small Cap			Asset Strategy			International			MidCap Growth			& Quality Bond			Markets			Mid Cap			Global Basics			Global Leaders			10 x 10
	Growth Portfolio			Portfolio(d)			Value Portfolio			Portfolio			Portfolio			Portfolio(a)			Equity Portfolio			Portfolio(c)			Portfolio(c)			Portfolio(b)

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	16.129274		$	11.288377		$	13.795686		$	26.343380		$	20.334353		$	14.458958		$	21.254205		$	14.897910		$	12.715963		$	8.810460
Total Return *		24.96	%		8.72	%		6.51	%		24.35	%		6.28	%		20.70	%		21.85	%		21.86	%		12.09	%		15.16	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2009

Unit Value	$	12.907977		$	10.383224		$	12.952293		$	21.185481		$	19.133594		$	11.979738		$	17.443577		$	12.225430		$	11.344119		$	7.650716
Total Return *		33.46	%		-0.96	%***		28.87	%		41.54	%		2.66	%		70.03	%		38.26	%		45.54	%		36.06	%		23.22	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2008

Unit Value	$	9.671897			n/a		$	10.050436		$	14.968151		$	18.637360		$	7.045604		$	12.616145		$	8.400224		$	8.337377		$	6.208784
Total Return *		-40.33	%		n/a			-45.05	%		-45.00	%		5.47	%		-50.55	%		-39.57	%		-5.59	%***		-4.47	%***		-35.78	%***
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2007

Unit Value	$	16.208684			n/a		$	18.288854		$	27.213447		$	17.670275		$	14.246633		$	20.877235			n/a			n/a		$	9.843719
Total Return *		10.26	%		n/a			10.85	%		6.88	%		5.32	%		24.60	%***		-3.58	%		n/a			n/a			-4.92	%***
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		n/a			n/a			1.15	%

Period ended December 31, 2006

Unit Value	$	14.700524			n/a		$	16.498809		$	25.461414		$	16.777961		$	10.910134		$	21.652882			n/a			n/a			n/a
Total Return *		13.35	%		n/a			30.67	%		10.94	%		2.23	%		19.04	%***		13.42	%		n/a			n/a			n/a
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.10	%		1.00	%		n/a			n/a			n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

(d) Commencement of operations September 28, 2009.

Page 59

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

													JNL/JPMorgan			JNL/Lazard
	JNL/Invesco			JNL/Ivy			JNL/JPMorgan			JNL/JPMorgan			U.S. Government			Emerging			JNL/Lazard			JNL/M&G			JNL/M&G			JNL/MCM
	Small Cap			Asset Strategy			International			MidCap Growth			& Quality Bond			Markets			Mid Cap			Global Basics			Global Leaders			10 x 10
	Growth Portfolio			Portfolio(d)			Value Portfolio			Portfolio			Portfolio			Portfolio(a)			Equity Portfolio			Portfolio(c)			Portfolio(c)			Portfolio(b)

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	139,754		$	843,628		$	302,225		$	171,540		$	491,104		$	973,071		$	196,396		$	42,221		$	22,109		$	228,626
Units Outstanding (in thousands)		9,144			75,384			23,388			7,588			26,522			69,140			10,055			2,870			1,761			26,356
Investment Income Ratio *		0.00	%		0.01	%		2.81	%		0.00	%		2.71	%		0.59	%		0.52	%		0.79	%		0.50	%		2.09	%

Period ended December 31, 2009

Net Assets (in thousands)	$	86,035		$	157,832		$	270,170		$	115,417		$	389,728		$	531,698		$	150,303		$	23,031		$	11,179		$	172,516
Units Outstanding (in thousands)		7,002			15,362			22,142			6,505			22,457			45,414			9,389			1,899			993			22,814
Investment Income Ratio *		0.00	%		0.00	%		4.71	%		0.00	%		2.38	%		2.38	%		0.83	%		0.74	%		1.33	%		4.71	%

Period ended December 31, 2008

Net Assets (in thousands)	$	37,620			n/a		$	187,536		$	64,780		$	448,360		$	148,734		$	110,321		$	552		$	366		$	88,276
Units Outstanding (in thousands)		4,076			n/a			19,656			5,353			26,520			21,505			9,536			66			44			14,348
Investment Income Ratio *		0.00	%		n/a			1.94	%		0.00	%		2.87	%		0.66	%		1.22	%		0.00	%		0.17	%		1.18	%

Period ended December 31, 2007

Net Assets (in thousands)	$	69,218			n/a		$	396,407		$	133,042		$	190,859		$	243,760		$	214,652			n/a			n/a		$	50,864
Units Outstanding (in thousands)		4,448			n/a			22,558			6,122			11,779			17,321			11,206			n/a			n/a			5,188
Investment Income Ratio *		0.34	%		n/a			5.66	%		0.00	%		3.79	%		0.26	%		5.52	%		n/a			n/a			0.00	%

Period ended December 31, 2006

Net Assets (in thousands)	$	47,863			n/a		$	293,190		$	112,750		$	167,521		$	30,065		$	185,662			n/a			n/a			n/a
Units Outstanding (in thousands)		3,368			n/a			18,030			5,729			10,828			2,766			9,361			n/a			n/a			n/a
Investment Income Ratio *		0.00	%		n/a			2.37	%		0.00	%		0.00	%		0.00	%		2.84	%		n/a			n/a			n/a

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

(d) Commencement of operations September 28, 2009.

Page 60

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/MCM
				JNL/MCM			JNL/MCM			Consumer			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	JNL/MCM			Bond Index			Communications			Brands			Dow 10			Dow Dividend			European 30			Financial			Global 15			Global Alpha
	25 Portfolio			Portfolio			Sector Portfolio			Sector Portfolio			Portfolio			Portfolio(a)			Portfolio(b)			Sector Portfolio			Portfolio			Portfolio(c)

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	10.552032		$	10.641541		$	4.283972		$	8.913488		$	6.321014		$	6.155755		$	11.605989		$	5.993357		$	10.697139		$	10.104302
Total Return *		18.03	%		1.81	%		18.07	%		23.58	%***		19.77	%		8.07	%		-3.53	%***		9.46	%		10.19	%		2.13	%***
Ratio of Expenses **		4.00	%		3.91	%		3.71	%		3.61	%		4.00	%		3.61	%		3.05	%		3.61	%		4.00	%		2.845	%

Period ended December 31, 2009

Unit Value	$	8.939833		$	10.452001		$	3.628383		$	7.568376		$	5.277655		$	5.695866		$	11.735781		$	5.475175		$	9.707498		$	9.811293
Total Return *		46.95	%		1.69	%		21.02	%		28.48	%		11.33	%		15.99	%		6.88	%***		14.41	%		25.92	%		-2.51	%***
Ratio of Expenses **		4.00	%		3.91	%		3.71	%		3.56	%		4.00	%		3.61	%		2.91	%		3.61	%		4.00	%		2.71	%

Period ended December 31, 2008

Unit Value	$	6.083724		$	10.278779		$	2.998232		$	5.890476		$	4.740586		$	4.910643		$	8.579682		$	4.785452		$	7.709450			n/a
Total Return *		-37.77	%		-0.28	%		-41.84	%		-33.70	%		-48.14	%		-42.83	%***		-9.36	%***		-52.39	%		-50.53	%		n/a
Ratio of Expenses **		4.00	%		3.91	%		3.71	%		3.56	%		4.00	%		3.61	%		2.295	%		3.61	%		4.00	%		n/a

Period ended December 31, 2007

Unit Value	$	9.775965		$	10.307274		$	5.154877		$	8.884283		$	9.141905		$	10.068067			n/a		$	10.052315		$	15.585405			n/a
Total Return *		-6.66	%		2.31	%		0.49	%		-11.10	%		-2.96	%		-13.16	%		n/a			-20.31	%		6.74	%		n/a
Ratio of Expenses **		4.00	%		3.91	%		3.71	%		3.56	%		4.00	%		3.545	%		n/a			3.61	%		4.00	%		n/a

Period ended December 31, 2006

Unit Value	$	10.473370		$	10.074061		$	5.129986		$	9.994079		$	9.420741		$	11.593769			n/a		$	12.613960		$	14.601799			n/a
Total Return *		7.84	%		-0.32	%		15.15	%***		9.48	%		24.49	%		2.15	%***		n/a			14.49	%		34.63	%		n/a
Ratio of Expenses **		4.00	%		3.91	%		3.71	%		3.56	%		4.00	%		3.545	%		n/a			3.61	%		4.00	%		n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 17, 2006.

(b) Commencement of operations October 6, 2008.

Page 61

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/MCM
				JNL/MCM			JNL/MCM			Consumer			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	JNL/MCM			Bond Index			Communications			Brands			Dow 10			Dow Dividend			European 30			Financial			Global 15			Global Alpha
	25 Portfolio			Portfolio			Sector Portfolio			Sector Portfolio			Portfolio			Portfolio(a)			Portfolio(b)			Sector Portfolio			Portfolio			Portfolio(c)

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	14.896187		$	13.814234		$	5.851318		$	12.036436		$	8.923432		$	7.005860		$	12.123107		$	8.092060		$	15.101143		$	10.328476
Total Return *		21.63	%		4.82	%		21.31	%		21.54	%		23.42	%		10.93	%		1.02	%		12.36	%		13.55	%		4.84	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2009

Unit Value	$	12.247240		$	13.179022		$	4.823358		$	9.903635		$	7.230299		$	6.315424		$	12.001143		$	7.202118		$	13.299024		$	9.852047
Total Return *		51.42	%		4.70	%		24.34	%		31.82	%		14.72	%		19.06	%		7.56	%***		17.44	%		29.75	%		-2.14	%***
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2008

Unit Value	$	8.088140		$	12.587951		$	3.879092		$	7.513185		$	6.302564		$	5.304558		$	8.602749		$	6.132779		$	10.249580			n/a
Total Return *		-35.87	%		2.66	%		-40.24	%		-31.98	%		-46.57	%		-49.87	%		-7.01	%***		-51.14	%		-49.03	%		n/a
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.15	%		1.00	%		1.00	%		n/a

Period ended December 31, 2007

Unit Value	$	12.612726		$	12.261238		$	6.491019		$	11.045267		$	11.794827		$	10.581265			n/a		$	12.550628		$	20.108100			n/a
Total Return *		-3.80	%		5.36	%		3.26	%***		-8.79	%		0.01	%		-10.83	%***		n/a			-18.19	%***		10.01	%		n/a
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		n/a			1.00	%		1.00	%		n/a

Period ended December 31, 2006

Unit Value	$	13.110972		$	11.637195		$	6.286020		$	12.109280		$	11.793390		$	11.865620			n/a		$	15.340976		$	18.279250			n/a
Total Return *		11.12	%		2.62	%		35.64	%		12.31	%		28.28	%		18.66	%***		n/a			18.64	%		38.72	%		n/a
Ratio of Expenses **		1.00	%		1.00	%		1.10	%		1.00	%		1.00	%		1.10	%		n/a			1.15	%		1.00	%		n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 17, 2006.

(b) Commencement of operations October 6, 2008.

Page 62

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/MCM
				JNL/MCM			JNL/MCM			Consumer			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	JNL/MCM			Bond Index			Communications			Brands			Dow 10			Dow Dividend			European 30			Financial			Global 15			Global Alpha
	25 Portfolio			Portfolio			Sector Portfolio			Sector Portfolio			Portfolio			Portfolio(a)			Portfolio(b)			Sector Portfolio			Portfolio			Portfolio(c)

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	487,532		$	533,405		$	59,388		$	74,764		$	376,875		$	253,764		$	16,887		$	172,834		$	522,951		$	38,606
Units Outstanding (in thousands)		35,167			40,776			10,912			6,641			45,320			37,321			1,406			22,949			37,238			3,759
Investment Income Ratio *		2.46	%		2.62	%		2.66	%		0.53	%		0.00	%		2.92	%		0.07	%		1.25	%		0.00	%		0.00	%

Period ended December 31, 2009

Net Assets (in thousands)	$	383,253		$	466,312		$	39,177		$	33,163		$	338,274		$	231,277		$	12,296		$	139,933		$	571,293		$	6,516
Units Outstanding (in thousands)		33,485			37,262			8,725			3,576			50,000			37,582			1,030			20,881			45,965			662
Investment Income Ratio *		4.57	%		3.09	%		4.96	%		0.68	%		0.00	%		7.43	%		5.88	%		1.78	%		0.00	%		0.00	%

Period ended December 31, 2008

Net Assets (in thousands)	$	326,726		$	314,498		$	27,618		$	22,306		$	335,675		$	187,965		$	393		$	72,120		$	523,597			n/a
Units Outstanding (in thousands)		42,986			26,242			7,623			3,172			56,632			36,151			46			12,618			54,392			n/a
Investment Income Ratio *		3.13	%		4.39	%		4.39	%		0.34	%		0.00	%		0.45	%		0.76	%		1.76	%		0.00	%		n/a

Period ended December 31, 2007

Net Assets (in thousands)	$	689,744		$	303,352		$	82,006		$	17,959		$	815,547		$	381,088			n/a		$	51,640		$	1,308,355			n/a
Units Outstanding (in thousands)		57,881			25,866			13,425			1,719			73,139			36,492			n/a			4,371			68,945			n/a
Investment Income Ratio *		1.64	%		4.40	%		4.21	%		0.49	%		0.00	%		0.00	%		n/a			1.53	%		0.00	%		n/a

Period ended December 31, 2006

Net Assets (in thousands)	$	707,449		$	231,059		$	53,066		$	22,722		$	848,141		$	278,475			n/a		$	66,020		$	1,120,821			n/a
Units Outstanding (in thousands)		56,752			20,619			8,876			1,967			75,604			23,593			n/a			4,511			64,547			n/a
Investment Income Ratio *		0.00	%		2.20	%		2.29	%		0.22	%		0.00	%		0.00	%		n/a			1.37	%		0.00	%		n/a

(a) Commencement of operations January 17, 2006.

(b) Commencement of operations October 6, 2008.

Page 63

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MCM																		JNL/MCM
	Healthcare			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			NYSE			JNL/MCM			JNL/MCM			JNL/MCM
	Sector			Index 5			International			JNL 5			JNL Optimized			Nasdaq 25			International			Oil & Gas			Pacific Rim 30			S&P 10
	Portfolio			Portfolio(b)			Index Portfolio			Portfolio			5 Portfolio(a)			Portfolio			25 Portfolio(b)			Sector Portfolio			Portfolio(c)			Portfolio

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	9.143940		$	8.900767		$	12.378630		$	9.683474		$	8.741516		$	9.847499		$	7.694809		$	23.870558		$	12.565053		$	6.908329
Total Return *		0.19	%***		11.68	%		2.73	%		12.86	%		9.55	%		13.04	%		-1.36	%		14.54	%		9.49	%		7.04	%
Ratio of Expenses **		3.61	%		3.61	%		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		4.00	%

Period ended December 31, 2009

Unit Value	$	9.126428		$	7.970029		$	12.049528		$	8.580057		$	7.979799		$	8.711518		$	7.801081		$	20.840162		$	11.475909		$	6.454163
Total Return *		16.12	%		2.11	%***		24.34	%		19.63	%		32.73	%		29.35	%		0.08	%***		15.48	%		16.00	%***		15.06	%
Ratio of Expenses **		3.56	%		3.61	%		3.895	%		3.695	%		3.695	%		3.61	%		3.61	%		3.91	%		3.06	%		4.00	%

Period ended December 31, 2008

Unit Value	$	7.859728		$	6.641190		$	9.690621		$	7.171980		$	6.012211		$	6.734775		$	5.970626		$	18.046281		$	9.546820		$	5.609372
Total Return *		-25.89	%		-29.78	%***		-45.10	%		-44.62	%		-48.04	%		-43.59	%		-47.72	%		-40.25	%		12.07	%***		-51.61	%
Ratio of Expenses **		3.56	%		3.26	%		3.895	%		3.695	%		3.695	%		3.61	%		3.36	%		3.91	%		2.36	%		4.00	%

Period ended December 31, 2007

Unit Value	$	10.605473		$	9.793444		$	17.652756		$	12.950761		$	11.569752		$	11.938104		$	11.419846		$	30.200568			n/a		$	11.591185
Total Return *		3.78	%		-4.03	%***		6.15	%		-2.26	%		13.27	%***		14.83	%		9.11	%***		30.07	%		n/a			0.89	%
Ratio of Expenses **		3.56	%		3.11	%		3.895	%		3.695	%		3.695	%		3.61	%		3.36	%		3.91	%		n/a			4.00	%

Period ended December 31, 2006

Unit Value	$	10.218724			n/a		$	16.629925		$	13.250811		$	10.602318		$	10.396119			n/a		$	23.218669			n/a		$	11.488758
Total Return *		2.56	%		n/a			20.79	%		14.52	%		12.32	%***		1.04	%		n/a			16.17	%		n/a			0.57	%
Ratio of Expenses **		3.56	%		n/a			3.895	%		3.695	%		3.26	%		3.61	%		n/a			3.91	%		n/a			4.00	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

Page 64

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MCM
	Healthcare			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	Sector			Index 5			International			JNL 5			JNL Optimized			Nasdaq 25			NYSE International			Oil & Gas			Pacific Rim 30			S&P 10
	Portfolio			Portfolio(b)			Index Portfolio			Portfolio			5 Portfolio(a)			Portfolio			25 Portfolio(b)			Sector Portfolio			Portfolio(c)			Portfolio

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	12.347713		$	9.760839		$	16.044721		$	11.457330		$	9.913614		$	11.590048		$	8.469371		$	33.360487		$	13.157268		$	9.752472
Total Return *		2.84	%		14.52	%		5.75	%		15.94	%		12.54	%		16.03	%		1.25	%		17.92	%		11.77	%		10.30	%
Ratio of Expenses **		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2009

Unit Value	$	12.006527		$	8.523506		$	15.172458		$	9.881825		$	8.809122		$	9.988556		$	8.365151		$	28.289917		$	11.771783		$	8.842030
Total Return *		19.77	%		23.79	%		27.99	%		22.90	%		36.35	%		32.77	%		34.69	%		18.89	%		29.12	%***		18.56	%
Ratio of Expenses **		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2008

Unit Value	$	10.024957		$	6.885272		$	11.853967		$	8.040449		$	6.460537		$	7.523099		$	6.210757		$	23.795171		$	9.573796		$	7.457573
Total Return *		-23.97	%		-28.18	%***		-43.49	%		-43.11	%		-46.62	%		-26.43	%***		-40.36	%***		-38.48	%		0.87	%***		-50.13	%
Ratio of Expenses **		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.15	%		1.00	%

Period ended December 31, 2007

Unit Value	$	13.185167		$	9.923123		$	20.977377		$	14.132910		$	12.101901		$	12.949952		$	11.594407		$	38.679651			n/a		$	14.954809
Total Return *		6.49	%		1.36	%***		9.29	%		0.42	%		2.26	%***		17.77	%		12.01	%***		33.93	%		n/a			3.98	%
Ratio of Expenses **		1.00	%		1.15	%		1.00	%		1.00	%		1.00	%		1.10	%		1.10	%		1.00	%		n/a			1.00	%

Period ended December 31, 2006

Unit Value	$	12.381483			n/a		$	19.194913		$	14.073753		$	10.751698		$	10.996216			n/a		$	28.880108			n/a		$	14.382183
Total Return *		5.21	%		n/a			24.33	%		17.64	%		7.09	%***		3.60	%		n/a			19.59	%		n/a			3.62	%
Ratio of Expenses **		1.00	%		n/a			1.00	%		1.00	%		1.15	%		1.10	%		n/a			1.00	%		n/a			1.00	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

Page 65

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/MCM
	Healthcare			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM			JNL/MCM
	Sector			Index 5			International			JNL 5			JNL Optimized			Nasdaq 25			NYSE International			Oil & Gas			Pacific Rim 30			S&P 10
	Portfolio			Portfolio(b)			Index Portfolio			Portfolio			5 Portfolio(a)			Portfolio			25 Portfolio(b)			Sector Portfolio			Portfolio(c)			Portfolio

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	159,186		$	302,372		$	473,953		$	3,150,482		$	408,700		$	113,840		$	95,366		$	593,299		$	35,549		$	289,551
Units Outstanding (in thousands)		13,810			31,427			31,092			285,784			42,419			10,220			11,519			19,159			2,735			31,893
Investment Income Ratio *		1.06	%		1.14	%		1.94	%		2.09	%		2.00	%		0.21	%		2.20	%		1.08	%		0.00	%		0.00	%

Period ended December 31, 2009

Net Assets (in thousands)	$	151,086		$	181,699		$	448,711		$	3,112,603		$	394,466		$	84,029		$	79,880		$	434,345		$	15,722		$	320,366
Units Outstanding (in thousands)		13,468			21,566			31,012			325,622			45,827			8,721			9,719			16,524			1,345			38,784
Investment Income Ratio *		1.37	%		1.43	%		2.71	%		3.69	%		2.75	%		0.00	%		4.80	%		0.98	%		2.92	%		0.00	%

Period ended December 31, 2008

Net Assets (in thousands)	$	118,315		$	56,123		$	296,336		$	2,750,040		$	288,762		$	52,148		$	50,700		$	303,559		$	489		$	319,741
Units Outstanding (in thousands)		12,595			8,223			26,077			351,715			45,495			7,151			8,265			13,755			51			45,660
Investment Income Ratio *		0.82	%		1.35	%		2.07	%		2.19	%		0.01	%		0.02	%		0.01	%		0.56	%		0.00	%		0.00	%

Period ended December 31, 2007

Net Assets (in thousands)	$	106,519		$	27,920		$	554,883		$	5,208,867		$	375,799		$	106,385		$	63,561		$	443,808			n/a		$	833,493
Units Outstanding (in thousands)		8,577			2,824			27,401			376,758			31,420			8,393			5,504			12,229			n/a			58,973
Investment Income Ratio *		0.80	%		0.00	%		2.83	%		2.12	%		3.74	%		0.00	%		6.89	%		1.09	%		n/a			0.00	%

Period ended December 31, 2006

Net Assets (in thousands)	$	80,719			n/a		$	457,401		$	3,510,402		$	83,942		$	65,396			n/a		$	282,036			n/a		$	803,247
Units Outstanding (in thousands)		6,873			n/a			24,461			253,347			7,834			6,035			n/a			10,353			n/a			58,733
Investment Income Ratio *		0.58	%		n/a			3.16	%		0.43	%		0.85	%		0.00	%		n/a			1.23	%		n/a			0.00	%

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

Page 66

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

				JNL/MCM									JNL/MCM			JNL/MCM												JNL/
	JNL/MCM			S&P 400			JNL/MCM			JNL/MCM			Select			Small Cap			JNL/MCM			JNL/MCM						Oppenheimer
	S&P 24			MidCap			S&P 500			S&P SMid			Small-Cap			Index			Technology			Value Line 30			JNL/MCM			Global Growth
	Portfolio(a)			Index Portfolio			Index Portfolio			60 Portfolio(b)			Portfolio			Portfolio			Sector Portfolio			Portfolio			VIP Portfolio			Portfolio

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	8.866352		$	13.532357		$	8.753917		$	10.648049		$	9.747222		$	12.164682		$	5.395146		$	10.994154		$	9.958882		$	11.326454
Total Return *		12.82	%		21.03	%		10.07	%		16.48	%		10.71	%		21.50	%		8.02	%		18.01	%		11.34	%		11.29	%
Ratio of Expenses **		3.26	%		3.895	%		3.895	%		3.61	%		4.00	%		3.895	%		3.71	%		3.695	%		3.51	%		3.61	%

Period ended December 31, 2009

Unit Value	$	7.858512		$	11.181316		$	7.953366		$	9.141570		$	8.803901		$	10.012294		$	4.994363		$	9.316264		$	8.944430		$	10.177547
Total Return *		15.03	%		32.76	%		21.16	%		13.44	%***		0.78	%		22.51	%		57.85	%		10.52	%		19.68	%		34.48	%
Ratio of Expenses **		3.26	%		3.895	%		3.895	%		3.61	%		4.00	%		3.895	%		3.71	%		3.695	%		3.51	%		3.61	%

Period ended December 31, 2008

Unit Value	$	6.831992		$	8.422212		$	6.564522		$	5.911605		$	8.735721		$	8.172661		$	3.163917		$	8.429241		$	7.473857		$	7.568122
Total Return *		-5.28	%***		-39.97	%		-40.02	%		-32.38	%		-42.41	%		-37.41	%		-45.48	%		-49.35	%		-44.76	%		-42.96	%
Ratio of Expenses **		3.26	%		3.895	%		3.895	%		3.145	%		4.00	%		3.895	%		3.71	%		3.695	%		3.51	%		3.61	%

Period ended December 31, 2007

Unit Value	$	10.513577		$	14.029655		$	10.945285		$	8.742381		$	15.168172		$	13.058461		$	5.803200		$	16.642550		$	13.529815		$	13.268141
Total Return *		-1.17	%***		3.32	%		0.87	%		-1.08	%***		-13.98	%		-5.87	%		10.37	%		15.13	%		6.91	%		2.54	%
Ratio of Expenses **		3.145	%		3.895	%		3.895	%		3.145	%		4.00	%		3.895	%		3.71	%		3.695	%		3.51	%		3.61	%

Period ended December 31, 2006

Unit Value	$	10.104177		$	13.578314		$	10.850789			n/a		$	17.633309		$	13.872382		$	5.258183		$	14.455154		$	12.655538		$	12.940106
Total Return *		0.00	%***		5.51	%		10.69	%		n/a			5.20	%		13.01	%		5.38	%		-6.36	%***		8.31	%		12.82	%
Ratio of Expenses **		2.895	%		3.895	%		3.895	%		n/a			4.00	%		3.895	%		3.71	%		3.695	%		3.51	%		3.61	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

Page 67

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

				JNL/MCM									JNL/MCM			JNL/MCM												JNL/
	JNL/MCM			S&P 400			JNL/MCM			JNL/MCM			Select			Small Cap			JNL/MCM			JNL/MCM						Oppenheimer
	S&P 24			MidCap			S&P 500			S&P SMid			Small-Cap			Index			Technology			Value Line 30			JNL/MCM			Global Growth
	Portfolio(a)			Index Portfolio			Index Portfolio			60 Portfolio(b)			Portfolio			Portfolio			Sector Portfolio			Portfolio			VIP Portfolio			Portfolio

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	9.853359		$	17.540101		$	11.346466		$	11.719891		$	13.760192		$	15.767515		$	7.369022		$	13.008158		$	11.647737		$	14.579247
Total Return *		15.40	%		24.58	%		13.30	%		19.56	%		14.09	%		25.07	%		10.99	%		21.23	%		14.17	%		14.23	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2009

Unit Value	$	8.538156		$	14.079208		$	10.014643		$	9.802589		$	12.061163		$	12.607306		$	6.639203		$	10.729784		$	10.202293		$	12.762875
Total Return *		17.65	%		36.66	%		24.72	%		59.98	%		3.85	%		26.11	%		62.19	%		13.54	%		22.72	%		38.04	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2008

Unit Value	$	7.257030		$	10.302385		$	8.029980		$	6.127313		$	11.614036		$	9.997206		$	4.093468		$	9.450010		$	8.313699		$	9.246087
Total Return *		-22.00	%***		-38.21	%		-38.26	%		-25.70	%***		-40.65	%		-35.58	%		-43.98	%		-47.97	%		-39.16	%***		-41.45	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2007

Unit Value	$	10.878501		$	16.671900		$	13.006640		$	8.863185		$	19.569867		$	15.517913		$	7.307406		$	18.161781		$	14.629951		$	15.792289
Total Return *		6.39	%		6.38	%		3.85	%		-13.45	%***		-11.35	%		-3.09	%		13.41	%		18.29	%		9.54	%		5.26	%
Ratio of Expenses **		1.10	%		1.00	%		1.00	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

Period ended December 31, 2006

Unit Value	$	10.225154		$	15.672619		$	12.524398			n/a		$	22.074332		$	16.012149		$	6.443138		$	15.352958		$	13.356133		$	15.002894
Total Return *		2.25	%***		8.60	%		13.93	%		n/a			8.39	%		16.32	%		8.27	%		-2.36	%		10.94	%		15.80	%
Ratio of Expenses **		1.10	%		1.00	%		1.00	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

Page 68

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

				JNL/MCM									JNL/MCM			JNL/MCM												JNL/
	JNL/MCM			S&P 400			JNL/MCM			JNL/MCM			Select			Small Cap			JNL/MCM			JNL/MCM						Oppenheimer
	S&P 24			MidCap			S&P 500			S&P SMid			Small-Cap			Index			Technology			Value Line 30			JNL/MCM			Global Growth
	Portfolio(a)			Index Portfolio			Index Portfolio			60 Portfolio(b)			Portfolio			Portfolio			Sector Portfolio			Portfolio			VIP Portfolio			Portfolio

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	45,375		$	465,805		$	811,001		$	174,748		$	278,923		$	444,511		$	272,752		$	547,478		$	285,252		$	247,329
Units Outstanding (in thousands)		4,730			27,996			74,196			15,266			21,759			29,615			39,671			43,841			25,456			17,907
Investment Income Ratio *		0.31	%		0.70	%		1.42	%		0.09	%		0.49	%		0.65	%		0.17	%		0.60	%		2.32	%		0.85	%

Period ended December 31, 2009

Net Assets (in thousands)	$	32,401		$	359,664		$	662,896		$	123,129		$	288,802		$	363,256		$	225,292		$	524,476		$	282,986		$	173,881
Units Outstanding (in thousands)		3,884			26,849			68,254			12,792			25,618			30,126			36,401			50,623			28,696			14,359
Investment Income Ratio *		0.24	%		1.26	%		1.69	%		1.07	%		0.93	%		0.93	%		0.12	%		0.13	%		1.73	%		1.69	%

Period ended December 31, 2008

Net Assets (in thousands)	$	25,914		$	235,462		$	352,980		$	40,940		$	298,383		$	193,801		$	49,761		$	517,873		$	228,217		$	104,997
Units Outstanding (in thousands)		3,643			23,887			45,784			6,769			27,339			20,221			13,023			56,424			28,250			11,924
Investment Income Ratio *		0.00	%		1.06	%		1.65	%		0.01	%		0.28	%		1.28	%		0.02	%		0.30	%		1.50	%		1.34	%

Period ended December 31, 2007

Net Assets (in thousands)	$	22,726		$	414,090		$	561,046		$	32,447		$	628,445		$	316,673		$	99,763		$	1,099,740		$	422,290		$	196,599
Units Outstanding (in thousands)		2,111			25,780			44,590			3,676			34,012			21,146			14,472			61,931			29,419			13,002
Investment Income Ratio *		0.00	%		1.20	%		1.41	%		5.03	%		7.92	%		1.36	%		0.09	%		0.00	%		3.04	%		1.06	%

Period ended December 31, 2006

Net Assets (in thousands)	$	17,704		$	349,594		$	506,064			n/a		$	700,093		$	310,494		$	59,686		$	822,800		$	413,219		$	180,942
Units Outstanding (in thousands)		1,737			22,952			41,376			n/a			33,390			19,903			9,646			54,436			31,351			12,505
Investment Income Ratio *		0.00	%		1.35	%		1.51	%		n/a			0.00	%		1.59	%		0.09	%		0.00	%		0.52	%		0.52	%

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations April 30, 2007.

Page 69

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

																JNL/									JNL/
													JNL/			PPM America			JNL/			JNL/			Red Rocks
	JNL/PAM			JNL/PAM			JNL/PIMCO			JNL/PIMCO			PPM America			Mid Cap			PPM America			PPM America			Listed
	Asia ex-Japan			China-India			Real Return			Total Return			High Yield			Value			Small Cap Value			Value Equity			Private Equity			JNL/S&P 4
	Portfolio(b)			Portfolio(b)			Portfolio(a)			Bond Portfolio			Bond Portfolio			Portfolio(c)			Portfolio(c)			Portfolio			Portfolio(d)			Portfolio(b)

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	8.863133		$	8.066327		$	11.688683		$	13.294261		$	11.785726		$	9.855985		$	9.782878		$	12.941093		$	9.741513		$	9.807963
Total Return *		15.17	%		12.78	%		0.26	%***		3.45	%		11.53	%		24.98	%		23.18	%		9.65	%***		8.76	%***		9.76	%
Ratio of Expenses **		3.61	%		3.61	%		3.61	%		3.91	%		3.61	%		3.61	%		3.61	%		3.61	%		3.51	%		3.61	%

Period ended December 31, 2009

Unit Value	$	7.695688		$	7.152263		$	11.271641		$	12.851486		$	10.567026		$	7.885776		$	7.941697		$	11.592092		$	8.002272		$	8.935882
Total Return *		5.39	%***		8.83	%***		13.16	%		11.03	%		41.12	%		2.89	%***		6.35	%***		39.59	%		8.22	%***		36.82	%
Ratio of Expenses **		3.61	%		3.61	%		3.545	%		3.91	%		3.61	%		3.61	%		3.61	%		3.51	%		3.36	%		3.61	%

Period ended December 31, 2008

Unit Value	$	4.725637		$	4.086552		$	9.960680		$	11.574992		$	7.488176		$	5.576767		$	6.178402		$	8.304331		$	5.901213		$	6.531198
Total Return *		-49.80	%***		-50.99	%***		-11.52	%***		-3.45	%		-33.21	%		-47.15	%***		-33.43	%***		-49.03	%		-24.84	%***		-31.69	%***
Ratio of Expenses **		3.21	%		3.21	%		3.545	%		3.91	%		3.61	%		2.91	%		2.91	%		3.51	%		3.095	%		3.61	%

Period ended December 31, 2007

Unit Value		n/a			n/a		$	10.761052		$	11.988650		$	11.211535			n/a			n/a		$	16.293261			n/a		$	9.909378
Total Return *		n/a			n/a			5.72	%***		4.07	%		-4.63	%		n/a			n/a			-7.99	%***		n/a			-0.63	%***
Ratio of Expenses **		n/a			n/a			3.145	%		3.91	%		3.61	%		n/a			n/a			3.51	%		n/a			2.71	%

Period ended December 31, 2006

Unit Value		n/a			n/a			n/a		$	11.519490		$	11.755761			n/a			n/a		$	15.286772			n/a			n/a
Total Return *		n/a			n/a			n/a			-0.48	%		5.00	%***		n/a			n/a			9.27	%		n/a			n/a
Ratio of Expenses **		n/a			n/a			n/a			3.91	%		3.61	%		n/a			n/a			3.395	%		n/a			n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

(d) Commencement of operations October 6, 2008.

Page 70

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

																JNL/									JNL/
													JNL/			PPM America			JNL/			JNL/			Red Rocks
	JNL/PAM			JNL/PAM			JNL/PIMCO			JNL/PIMCO			PPM America			Mid Cap			PPM America			PPM America			Listed
	Asia ex-Japan			China-India			Real Return			Total Return			High Yield			Value			Small Cap Value			Value Equity			Private Equity			JNL/S&P 4
	Portfolio(b)			Portfolio(b)			Portfolio(a)			Bond Portfolio			Bond Portfolio			Portfolio(c)			Portfolio(c)			Portfolio			Portfolio(d)			Portfolio(b)

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	9.605093		$	8.741630		$	12.960938		$	19.316750		$	16.486250		$	10.561409		$	10.483034		$	19.164505		$	10.303812		$	10.595861
Total Return *		18.22	%		15.76	%		6.65	%		6.50	%		14.48	%		28.16	%		26.31	%		16.17	%		25.06	%		12.55	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.10	%		1.10	%		1.00	%		1.10	%

Period ended December 31, 2009

Unit Value	$	8.125063		$	7.551324		$	12.152635		$	18.137786		$	14.400860		$	8.240756		$	8.299179		$	16.496448		$	8.239112		$	9.414414
Total Return *		34.34	%***		0.87	%***		16.08	%		14.31	%		44.85	%		45.77	%		32.51	%		43.00	%		38.93	%		40.30	%
Ratio of Expenses **		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.10	%		1.10	%		1.00	%		1.10	%

Period ended December 31, 2008

Unit Value	$	4.833989		$	4.180148		$	10.469333		$	15.867781		$	9.942050		$	5.653172		$	6.263202		$	11.536294		$	5.930376		$	6.710374
Total Return *		-47.99	%***		-49.76	%***		-8.88	%***		-0.60	%		-31.44	%		-47.05	%***		-40.61	%***		-47.79	%		-31.82	%***		-28.15	%***
Ratio of Expenses **		1.10	%		1.10	%		1.00	%		1.00	%		1.00	%		1.10	%		1.10	%		1.10	%		1.00	%		1.10	%

Period ended December 31, 2007

Unit Value		n/a			n/a		$	10.973974		$	15.963557		$	14.502044			n/a			n/a		$	22.095438			n/a		$	9.921241
Total Return *		n/a			n/a			9.72	%***		7.16	%		-2.09	%		n/a			n/a			-6.66	%		n/a			-1.84	%***
Ratio of Expenses **		n/a			n/a			1.10	%		1.00	%		1.00	%		n/a			n/a			1.10	%		n/a			1.15	%

Period ended December 31, 2006

Unit Value		n/a			n/a			n/a		$	14.896380		$	14.812194			n/a			n/a		$	23.672826			n/a			n/a
Total Return *		n/a			n/a			n/a			2.45	%		9.42	%		n/a			n/a			11.79	%		n/a			n/a
Ratio of Expenses **		n/a			n/a			n/a			1.00	%		1.00	%		n/a			n/a			1.10	%		n/a			n/a

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

(d) Commencement of operations October 6, 2008.

Page 71

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

																JNL/									JNL/
													JNL/			PPM America			JNL/			JNL/			Red Rocks
	JNL/PAM			JNL/PAM			JNL/PIMCO			JNL/PIMCO			PPM America			Mid Cap			PPM America			PPM America			Listed
	Asia ex-Japan			China-India			Real Return			Total Return			High Yield			Value			Small Cap Value			Value Equity			Private Equity			JNL/S&P 4
	Portfolio(b)			Portfolio(b)			Portfolio(a)			Bond Portfolio			Bond Portfolio			Portfolio(c)			Portfolio(c)			Portfolio			Portfolio(d)			Portfolio(b)

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	141,098		$	362,908		$	972,580		$	2,500,105		$	721,610		$	83,276		$	58,322		$	106,819		$	279,890		$	797,263
Units Outstanding (in thousands)		14,944			42,196			76,831			140,076			47,902			8,009			5,650			6,283			27,501			76,365
Investment Income Ratio *		0.13	%		0.00	%		1.48	%		2.29	%		7.60	%		0.00	%		0.21	%		1.21	%		0.25	%		0.00	%

Period ended December 31, 2009

Net Assets (in thousands)	$	96,476		$	216,740		$	694,975		$	1,673,846		$	491,310		$	19,225		$	14,748		$	88,889		$	111,569		$	592,013
Units Outstanding (in thousands)		12,009			29,002			58,299			99,987			37,428			2,359			1,795			6,119			13,636			63,553
Investment Income Ratio *		0.01	%		0.00	%		2.99	%		3.12	%		8.55	%		0.71	%		0.61	%		5.72	%		5.63	%		1.22	%

Period ended December 31, 2008

Net Assets (in thousands)	$	3,934		$	24,871		$	423,346		$	871,072		$	172,415		$	3,373		$	4,763		$	55,567		$	12,102		$	255,729
Units Outstanding (in thousands)		819			5,964			41,005			59,558			19,370			599			764			5,526			2,044			38,346
Investment Income Ratio *		1.34	%		0.00	%		1.51	%		4.36	%		8.88	%		0.72	%		0.90	%		2.47	%		0.97	%		0.01	%

Period ended December 31, 2007

Net Assets (in thousands)		n/a			n/a		$	75,390		$	598,012		$	267,490			n/a			n/a		$	119,369			n/a		$	22,022
Units Outstanding (in thousands)		n/a			n/a			6,906			40,603			20,646			n/a			n/a			6,245			n/a			2,221
Investment Income Ratio *		n/a			n/a			0.00	%		5.28	%		7.54	%		n/a			n/a			0.60	%		n/a			0.00	%

Period ended December 31, 2006

Net Assets (in thousands)		n/a			n/a			n/a		$	435,179		$	284,124			n/a			n/a		$	154,997			n/a			n/a
Units Outstanding (in thousands)		n/a			n/a			n/a			31,702			21,538			n/a			n/a			7,582			n/a			n/a
Investment Income Ratio *		n/a			n/a			n/a			3.97	%		7.15	%		n/a			n/a			0.03	%		n/a			n/a

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

(d) Commencement of operations October 6, 2008.

Page 72

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/S&P			JNL/S&P
	JNL/S&P			JNL/S&P			JNL/S&P			Disciplined			Dividend						JNL/			JNL/			JNL/			JNL/
	Competitive			Disciplined			Disciplined			Moderate			Income			JNL/S&P			S&P Managed			S&P Managed			S&P Managed			S&P Managed
	Advantage			Growth			Moderate			Growth			& Growth			Intrinsic Value			Aggressive			Conservative			Growth			Moderate
	Portfolio(b)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(b)			Portfolio(b)			Growth Portfolio			Portfolio			Portfolio			Portfolio

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	10.184414		$	8.123943		$	8.947058		$	8.548681		$	9.488017		$	10.229163		$	11.040307		$	10.401392		$	11.205082		$	10.867131
Total Return *		8.63	%		9.39	%		7.07	%		9.78	%		14.16	%		10.33	%		12.78	%		4.76	%		11.79	%		7.27	%
Ratio of Expenses **		3.61	%		3.01	%		3.695	%		3.145	%		3.51	%		3.61	%		3.75	%		3.695	%		3.80	%		3.695	%

Period ended December 31, 2009

Unit Value	$	9.375145		$	7.426450		$	8.356204		$	7.787034		$	8.310996		$	9.271159		$	9.789636		$	9.929091		$	10.023459		$	10.131046
Total Return *		9.43	%***		21.67	%		14.37	%		18.97	%		39.26	%***		13.04	%***		26.22	%		9.41	%		23.29	%		14.32	%
Ratio of Expenses **		3.61	%		3.01	%		3.695	%		3.145	%		3.51	%		3.61	%		3.75	%		3.695	%		3.80	%		3.695	%

Period ended December 31, 2008

Unit Value	$	6.765550		$	6.103657		$	7.306311		$	6.545258		$	6.991175		$	6.144531		$	7.755799		$	9.075254		$	8.130179		$	8.861798
Total Return *		-28.46	%***		-0.30	%***		-27.88	%***		-36.78	%		-23.25	%***		-33.54	%***		-41.40	%		-16.88	%		-37.77	%		-24.10	%
Ratio of Expenses **		3.26	%		3.01	%		3.695	%		3.145	%		3.26	%		3.26	%		3.75	%		3.695	%		3.80	%		3.695	%

Period ended December 31, 2007

Unit Value	$	9.904249		$	10.364266		$	10.396421		$	10.353901		$	9.755667		$	9.906975		$	13.234462		$	10.918213		$	13.064157		$	11.675144
Total Return *		-0.96	%***		0.66	%***		2.35	%***		-0.92	%***		0.38	%***		-0.93	%***		5.13	%		2.42	%		4.63	%		3.81	%
Ratio of Expenses **		2.845	%		2.845	%		3.01	%		3.145	%		2.71	%		2.845	%		3.75	%		3.695	%		3.80	%		3.695	%

Period ended December 31, 2006

Unit Value		n/a			n/a			n/a			n/a			n/a			n/a		$	12.588579		$	10.660437		$	12.486478		$	11.247113
Total Return *		n/a			n/a			n/a			n/a			n/a			n/a			11.32	%		3.25	%***		9.90	%		3.88	%***
Ratio of Expenses **		n/a			n/a			n/a			n/a			n/a			n/a			3.75	%		3.695	%		3.80	%		3.695	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

Page 73

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/S&P			JNL/S&P
	JNL/S&P			JNL/S&P			JNL/S&P			Disciplined			Dividend						JNL/			JNL/			JNL/			JNL/
	Competitive			Disciplined			Disciplined			Moderate			Income			JNL/S&P			S&P Managed			S&P Managed			S&P Managed			S&P Managed
	Advantage			Growth			Moderate			Growth			& Growth			Intrinsic Value			Aggressive			Conservative			Growth			Moderate
	Portfolio(b)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(b)			Portfolio(b)			Growth Portfolio			Portfolio			Portfolio			Portfolio

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	11.036703		$	8.972673		$	10.152509		$	9.491603		$	10.250525		$	11.085669		$	15.672705		$	12.306413		$	16.005626		$	12.777857
Total Return *		11.50	%		12.17	%		10.55	%		12.72	%		17.06	%		13.25	%		15.92	%		7.62	%		14.96	%		10.09	%
Ratio of Expenses **		1.00	%		0.50	%		0.50	%		0.50	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2009

Unit Value	$	9.897945		$	7.998913		$	9.183868		$	8.420262		$	8.756332		$	9.788398		$	13.520264		$	11.435228		$	13.922400		$	11.607218
Total Return *		48.51	%***		34.29	%***		22.52	%***		29.75	%***		38.48	%***		74.12	%***		29.74	%		16.10	%***		26.79	%		17.33	%
Ratio of Expenses **		1.00	%		0.50	%		0.50	%		0.50	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%

Period ended December 31, 2008

Unit Value	$	6.924855		$	6.336449		$	7.679321		$	6.805842		$	7.155794		$	6.289289		$	10.420786		$	10.131175		$	10.980959		$	9.892894
Total Return *		-24.77	%***		-34.40	%***		-27.44	%		-35.51	%		-22.85	%***		-31.17	%***		-39.76	%		-14.69	%		-36.00	%		-22.10	%
Ratio of Expenses **		1.10	%		1.10	%		1.15	%		1.15	%		1.10	%		1.10	%		1.00	%		1.10	%		1.00	%		1.10	%

Period ended December 31, 2007

Unit Value	$	9.917140		$	10.534013		$	10.582996		$	10.553448		$	9.766570		$	9.919101		$	17.299623		$	11.876307		$	17.157763		$	12.699683
Total Return *		-1.88	%***		-0.78	%***		3.79	%***		4.34	%***		-2.62	%***		-0.81	%***		8.08	%		5.13	%		4.78	%***		6.55	%
Ratio of Expenses **		1.15	%		1.15	%		1.15	%		1.15	%		1.25	%		1.25	%		1.00	%		1.10	%		1.00	%		1.10	%

Period ended December 31, 2006

Unit Value		n/a			n/a			n/a			n/a			n/a			n/a		$	16.006541		$	11.297247		$	15.805175		$	11.918971
Total Return *		n/a			n/a			n/a			n/a			n/a			n/a			14.42	%		6.67	%		13.33	%		9.19	%
Ratio of Expenses **		n/a			n/a			n/a			n/a			n/a			n/a			1.00	%		1.10	%		1.15	%		1.10	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

Page 74

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

										JNL/S&P			JNL/S&P
	JNL/S&P			JNL/S&P			JNL/S&P			Disciplined			Dividend						JNL/			JNL/			JNL/			JNL/
	Competitive			Disciplined			Disciplined			Moderate			Income			JNL/S&P			S&P Managed			S&P Managed			S&P Managed			S&P Managed
	Advantage			Growth			Moderate			Growth			& Growth			Intrinsic Value			Aggressive			Conservative			Growth			Moderate
	Portfolio(b)			Portfolio(a)			Portfolio(a)			Portfolio(a)			Portfolio(b)			Portfolio(b)			Growth Portfolio			Portfolio			Portfolio			Portfolio

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	83,408		$	128,516		$	322,588		$	350,989		$	216,196		$	105,541		$	694,558		$	886,035		$	1,946,317		$	1,514,845
Units Outstanding (in thousands)		7,689			14,919			33,094			38,463			21,452			9,700			47,392			74,750			130,135			122,023
Investment Income Ratio *		0.75	%		1.41	%		1.11	%		1.20	%		1.79	%		0.75	%		0.76	%		2.60	%		1.05	%		2.16	%

Period ended December 31, 2009

Net Assets (in thousands)	$	88,880		$	74,918		$	158,926		$	194,086		$	79,218		$	86,341		$	508,673		$	572,713		$	1,329,575		$	930,311
Units Outstanding (in thousands)		9,096			9,671			17,855			23,763			9,158			8,941			40,161			51,869			102,211			82,390
Investment Income Ratio *		0.02	%		3.46	%		2.80	%		3.23	%		0.04	%		0.03	%		2.48	%		2.03	%		2.25	%		1.53	%

Period ended December 31, 2008

Net Assets (in thousands)	$	26,645		$	25,007		$	55,788		$	71,319		$	33,656		$	29,551		$	334,779		$	374,871		$	721,594		$	511,031
Units Outstanding (in thousands)		3,872			3,996			7,341			10,574			4,731			4,725			34,273			38,038			70,370			53,018
Investment Income Ratio *		1.47	%		1.75	%		1.30	%		1.40	%		4.82	%		1.24	%		0.37	%		4.19	%		0.55	%		4.00	%

Period ended December 31, 2007

Net Assets (in thousands)	$	6,231		$	15,683		$	33,591		$	38,400		$	738		$	11,822		$	606,719		$	240,837		$	1,201,073		$	475,928
Units Outstanding (in thousands)		629			1,496			3,190			3,658			76			1,193			37,210			20,751			74,650			38,280
Investment Income Ratio *		0.07	%		0.00	%		0.00	%		0.00	%		0.13	%		0.09	%		1.91	%		3.16	%		1.70	%		3.14	%

Period ended December 31, 2006

Net Assets (in thousands)		n/a			n/a			n/a			n/a			n/a			n/a		$	577,628		$	126,364		$	1,081,171		$	284,241
Units Outstanding (in thousands)		n/a			n/a			n/a			n/a			n/a			n/a			38,011			11,361			71,760			24,211
Investment Income Ratio *		n/a			n/a			n/a			n/a			n/a			n/a			0.58	%		2.06	%		0.98	%		2.01	%

(a) Commencement of operations January 16, 2007.

(b) Commencement of operations December 3, 2007.

Page 75

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/
	S&P Managed			JNL/S&P			JNL/Select			JNL/Select			JNL/			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe
	Moderate			Total Yield			Balanced			Money Market			Select Value			Price Established			Price Mid-Cap			Price Short-Term			Price Value
	Growth Portfolio			Portfolio(b)			Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio			Bond Portfolio(a)			Portfolio

Highest expense ratio
Period ended December 31, 2010

Unit Value	$	10.920968		$	9.121174		$	19.680014		$	8.962684		$	16.572366		$	20.365095		$	33.080837		$	9.510825		$	11.297764
Total Return *		8.73	%		6.18	%		6.70	%		-3.68	%		9.57	%		12.29	%		22.96	%		-0.72	%		11.45	%
Ratio of Expenses **		4.01	%		3.61	%		3.80	%		3.75	%		3.70	%		3.91	%		3.91	%		3.61	%		3.91	%

Period ended December 31, 2009

Unit Value	$	10.043857		$	8.590651		$	18.445088		$	9.305184		$	15.125413		$	18.136812		$	26.903923		$	9.579367		$	10.137378
Total Return *		18.60	%		2.27	%***		15.23	%		-3.54	%		19.48	%		37.99	%		41.21	%		-0.28	%***		31.83	%
Ratio of Expenses **		4.01	%		3.61	%		3.80	%		3.75	%		3.70	%		3.91	%		3.91	%		3.61	%		3.91	%

Period ended December 31, 2008

Unit Value	$	8.468455		$	6.240794		$	16.007656		$	9.646545		$	12.659714		$	13.143650		$	19.052733		$	9.327447		$	7.689738
Total Return *		-30.35	%		-35.57	%***		-23.68	%		-1.57	%		-35.77	%		-45.04	%		-42.92	%		-8.94	%		-42.75	%
Ratio of Expenses **		4.01	%		3.51	%		3.80	%		3.75	%		3.70	%		3.91	%		3.91	%		3.21	%		3.91	%

Period ended December 31, 2007

Unit Value	$	12.159040		$	10.052412		$	20.974344		$	9.800591		$	19.709046		$	23.914187		$	33.381368		$	10.243295		$	13.432137
Total Return *		4.36	%		0.52	%***		3.46	%		0.86	%		3.91	%		5.87	%		12.70	%		0.45	%***		-3.04	%
Ratio of Expenses **		4.01	%		2.845	%		3.80	%		3.75	%		3.70	%		3.91	%		3.91	%		3.21	%		3.91	%

Period ended December 31, 2006

Unit Value	$	11.651023			n/a		$	20.272182		$	9.716797		$	18.967476		$	22.588231		$	29.620681		$	10.109623		$	13.853319
Total Return *		10.48	%***		n/a			9.43	%		0.68	%		16.54	%		9.35	%		2.71	%		0.37	%***		15.43	%
Ratio of Expenses **		4.01	%		n/a			3.80	%		3.75	%		3.70	%		3.91	%		3.91	%		2.96	%		3.91	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations December 3, 2007.

Page 76

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/
	S&P Managed			JNL/S&P			JNL/Select			JNL/Select			JNL/			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe
	Moderate			Total Yield			Balanced			Money Market			Select Value			Price Established			Price Mid-Cap			Price Short-Term			Price Value
	Growth Portfolio			Portfolio(b)			Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio			Bond Portfolio(a)			Portfolio

Lowest expense ratio
Period ended December 31, 2010

Unit Value	$	15.820096		$	9.884599		$	30.491815		$	13.778726		$	20.709679		$	32.104002		$	52.149990		$	10.745000		$	15.412882
Total Return *		11.94	%		8.98	%		9.73	%		-1.00	%		12.57	%		15.60	%		26.59	%		1.91	%		14.74	%
Ratio of Expenses **		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2009

Unit Value	$	14.132179		$	9.069807		$	27.789280		$	13.917211		$	18.397952		$	27.771231		$	41.195958		$	10.543119		$	13.433157
Total Return *		22.11	%		62.22	%***		18.50	%		-0.85	%		22.75	%		42.07	%		45.38	%		6.57	%		35.72	%
Ratio of Expenses **		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2008

Unit Value	$	11.573735		$	6.404924		$	23.451105		$	14.036344		$	14.988548		$	19.548020		$	28.337674		$	9.893602		$	9.897450
Total Return *		-28.30	%		-29.41	%***		-21.51	%		1.17	%		-34.01	%		-43.41	%		-41.24	%		-1.77	%***		-41.06	%
Ratio of Expenses **		1.10	%		1.10	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Period ended December 31, 2007

Unit Value	$	16.140967		$	10.064737		$	29.878778		$	13.873622		$	22.712971		$	34.546285		$	48.224532		$	10.610338		$	16.792708
Total Return *		7.46	%		0.65	%***		6.42	%		3.69	%		6.77	%		9.01	%		16.05	%		3.67	%		-0.16	%
Ratio of Expenses **		1.10	%		1.25	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

Period ended December 31, 2006

Unit Value	$	15.020558			n/a		$	28.076791		$	13.379856		$	21.272921		$	31.689645		$	41.556156		$	10.235082		$	16.819769
Total Return *		10.95	%		n/a			12.53	%		3.48	%		19.72	%		12.57	%		5.74	%		-0.12	%***		18.83	%
Ratio of Expenses **		1.10	%		n/a			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.10	%		1.00	%

**	Annualized contract expenses of the Separate Account, consisting 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.

***	Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations December 3, 2007.

Page 77

Jackson National Separate Account I

Notes to Financial Statements (continued)

Note 7 - Financial Highlights (continued)

	JNL/
	S&P Managed			JNL/S&P			JNL/Select			JNL/Select			JNL/			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe			JNL/T. Rowe
	Moderate			Total Yield			Balanced			Money Market			Select Value			Price Established			Price Mid-Cap			Price Short-Term			Price Value
	Growth Portfolio			Portfolio(b)			Portfolio			Portfolio			Portfolio			Growth Portfolio			Growth Portfolio			Bond Portfolio(a)			Portfolio

Portfolio data
Period ended December 31, 2010

Net Assets (in thousands)	$	2,629,579		$	64,956		$	1,228,148		$	676,914		$	353,077		$	782,772		$	981,793		$	334,098		$	411,509
Units Outstanding (in thousands)		176,006			6,691			43,834			54,428			17,861			27,158			21,009			31,935			28,398
Investment Income Ratio *		1.39	%		0.74	%		1.44	%		0.00	%		1.02	%		0.04	%		0.20	%		1.38	%		1.03	%

Period ended December 31, 2009

Net Assets (in thousands)	$	1,625,059		$	53,501		$	698,799		$	813,943		$	245,685		$	548,364		$	590,369		$	182,385		$	318,777
Units Outstanding (in thousands)		122,140			5,976			27,589			64,606			13,947			22,175			16,143			17,700			25,158
Investment Income Ratio *		0.85	%		0.02	%		2.87	%		0.18	%		1.78	%		0.33	%		0.00	%		3.80	%		1.73	%

Period ended December 31, 2008

Net Assets (in thousands)	$	902,365		$	28,399		$	432,806		$	1,200,692		$	153,537		$	301,125		$	309,196		$	87,244		$	204,240
Units Outstanding (in thousands)		83,111			4,462			20,425			94,661			10,667			17,567			12,488			8,978			21,770
Investment Income Ratio *		2.28	%		1.84	%		2.44	%		2.06	%		0.04	%		0.08	%		0.00	%		4.21	%		1.90	%

Period ended December 31, 2007

Net Assets (in thousands)	$	1,251,889		$	3,265		$	497,884		$	618,006		$	217,135		$	558,543		$	510,648		$	65,966		$	367,321
Units Outstanding (in thousands)		82,230			325			18,482			48,897			9,897			18,570			12,275			6,283			22,938
Investment Income Ratio *		2.24	%		0.05	%		2.57	%		4.60	%		3.53	%		1.07	%		1.71	%		3.89	%		2.29	%

Period ended December 31, 2006

Net Assets (in thousands)	$	993,884			n/a		$	413,630		$	247,194		$	165,654		$	366,621		$	395,854		$	25,837		$	323,913
Units Outstanding (in thousands)		69,732			n/a			16,395			20,137			8,007			13,352			11,280			2,534			20,028
Investment Income Ratio *		1.28	%		n/a			2.69	%		4.18	%		3.24	%		0.13	%		0.80	%		0.00	%		1.26	%

(a) Commencement of operations May 1, 2006.

(b) Commencement of operations December 3, 2007.

Page 78

Independent Auditors’ Report

The Board of Directors of Jackson National Life Insurance Company and

Contract Owners of Jackson National Separate Account I:

We have audited the accompanying statements of assets and liabilities of each of the sub-accounts within Jackson National Separate Account I (Separate Account) as set forth herein as of December 31, 2010, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended. These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the transfer agent of the underlying mutual fund. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each sub-account within Jackson National Separate Account I as set forth herein as of December 31, 2010, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

March 1, 2011

Jackson National Life Insurance

Company and Subsidiaries

Consolidated Financial Statements

December 31, 2010

Jackson National Life Insurance Company and Subsidiaries

Index to Consolidated Financial Statements

December 31, 2010

__________________________________________________________________

Report of Independent Registered Public Accounting Firm		1

Consolidated Balance Sheet		2

Consolidated Income Statements		3

Consolidated Statements of Changes in Equity and Comprehensive Income		4

Consolidated Statements of Cash Flows		5

Notes to Consolidated Financial Statements		6

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of

Jackson National Life Insurance Company:

We have audited the accompanying consolidated balance sheets of Jackson National Life Insurance Company and Subsidiaries (the Company) as of December 31, 2010 and 2009, and the related consolidated income statements and the consolidated statements of changes in equity and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2010. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Jackson National Life Insurance Company and Subsidiaries as of December 31, 2010 and 2009, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2010 in conformity with U.S. generally accepted accounting principles.

As discussed in Note 4 to the consolidated financial statements, the Company has changed its method of evaluating other-than-temporary impairments of debt securities due to the adoption of FASB Staff Position No. FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments” (included in FASB ASC Topic 320, Investments-Debt and Equity Securities), as of January 1, 2009.

As discussed in Note 4 to the consolidated financial statements, during 2010 the Company consolidated entities formerly considered to be QSPEs due to the adoption of ASU 2010-10, “Amendment for Certain Investment Funds”, as of January 1, 2010.

/s/ KPMG LLP

Chicago, Illinois

March 7, 2011

Jackson National Life Insurance Company and Subsidiaries

Financial Statements

Consolidated Balance Sheets

(In thousands, except per share information)

	December 31,
Assets	2010		2009
Investments:
Cash and short-term investments	$	674,253	$	1,043,725
Securities available for sale, at fair value:
Fixed maturities (amortized cost: 2010, $39,222,320; 2009, $36,791,797, including fair value through profit and loss: 2010, $345,038; 2009, $0)		40,801,885		36,368,034
Trading securities, at fair value		467,101		557,671
Commercial mortgage loans		5,700,365		5,983,571
Policy loans		855,842		852,941
Derivative instruments		1,010,377		837,728
Other invested assets		1,038,012		866,023
Total investments		50,547,835		46,509,693

Accrued investment income		553,762		450,133
Deferred acquisition costs		5,305,670		4,738,901
Deferred sales inducements		451,096		476,749
Reinsurance recoverable		1,089,539		1,133,118
Income taxes receivable from Parent		50,854		369,478
Deferred income taxes		-		89,678
Other assets		166,923		192,042
Separate account assets		48,854,037		33,329,412
Total assets	$	107,019,716	$	87,289,204

Liabilities and Equity
Liabilities
Policy reserves and liabilities:
Reserves for future policy benefits and claims payable	$	3,149,572	$	3,194,039
Deposits on investment contracts		39,916,376		38,283,062
Guaranteed investment contracts		700,090		920,101
Trust instruments supported by funding agreements		2,209,268		2,331,458
Federal Home Loan Bank funding agreements		1,750,989		1,750,965
Long-term borrowings		338,805		288,680
Securities lending payable		58,115		34,203
Deferred income taxes		656,577		-
Derivative instruments		1,250,807		745,214
Other liabilities		1,886,751		1,234,646
Separate account liabilities		48,854,037		33,329,412
Total liabilities		100,771,387		82,111,780

Equity
Common stock, $1.15 par value; authorized 50,000 shares;
issued and outstanding 12,000 shares		13,800		13,800
Additional paid-in capital		3,711,500		3,561,395
Accumulated other comprehensive income, net of
tax of $53,280 in 2010 and $(356,307) in 2009		837,006		76,344
Retained earnings		1,633,691		1,450,505
Total stockholder's equity		6,195,997		5,102,044
Noncontrolling interests		52,332		75,380
Total equity		6,248,329		5,177,424
Total liabilities and equity	$	107,019,716	$	87,289,204

See accompanying Notes to Consolidated Financial Statements.

Jackson National Life Insurance Company and Subsidiaries

Financial Statements

Consolidated Income Statements

(In thousands)

	Years Ended December 31,
	2010			2009			2008
Revenues
Fee income	$	1,565,992		$	1,082,281		$	1,069,910
Premiums		142,721			115,231			170,161
Net investment income		2,664,955			2,577,794			2,662,099

Net realized losses on investments:
Total other-than-temporary impairments		(319,977	)		(1,196,893	)		(913,692	)
Portion of other-than-temporary impairments included in
other comprehensive income (loss)		176,719			422,186			-
Net other-than-temporary impairments		(143,258	)		(774,707	)		(913,692	)
Other investment gains (losses)		87,763			166,829			(289,542	)
Total net realized losses on investments		(55,495	)		(607,878	)		(1,203,234	)

Risk management activity		(1,069,971	)		(912,080	)		(466,638	)
Other income		61,233			61,112			107,763
Total revenues		3,309,435			2,316,460			2,340,061
Benefits and Expenses
Death and other policy benefits		593,089			583,573			514,148
Interest credited on deposit liabilities		1,404,217			1,461,137			1,406,066
Interest expense on trust instruments supported
by funding agreements		59,803			82,131			196,175
Interest expense on Federal Home Loan Bank advances,
notes and reverse repurchase agreements		34,825			49,767			71,295
Increase (decrease) in reserves, net of reinsurance		68,972			(536,828	)		164,027
Commissions		1,263,012			980,903			739,798
General and administrative expenses		539,711			447,617			478,320
Deferral of policy acquisition costs		(1,180,950	)		(944,596	)		(719,724	)
Deferral of sales inducements		(144,037	)		(132,196	)		(113,232	)
Amortization of acquisition costs:
Attributable to operations		361,603			108,240			926,903
Attributable to risk management activity		(443,295	)		(341,509	)		(103,491	)
Attributable to net realized losses on investments		(5,553	)		(72,349	)		(164,503	)
Amortization of deferred sales inducements:
Attributable to operations		97,729			43,542			39,836
Attributable to risk management activity		(21,247	)		(1,203	)		59,694
Attributable to net realized losses on investments		(897	)		(10,062	)		(15,770	)
Total benefits and expenses		2,626,982			1,718,167			3,479,542
Pretax income (loss)		682,453			598,293			(1,139,481	)
Federal income tax expense (benefit)		176,737			182,536			(172,081	)
Income (loss) before extraordinary loss		505,716			415,757			(967,400	)
Extraordinary loss, net of tax benefit of $4,651 in 2008		-			-			(8,638	)
Net income (loss)		505,716			415,757			(976,038	)
Less: Net income (loss) attributable to noncontrolling interests		7,288			(12,415	)		5,825
Net income (loss) attributable to Jackson	$	498,428		$	428,172		$	(981,863	)

See accompanying Notes to Consolidated Financial Statements.

Jackson National Life Insurance Company and Subsidiaries

Financial Statements

Consolidated Statements of Changes in Equity and Comprehensive Income

(In thousands)

					Accumulated
			Additional		other						Total			Non-
	Common		paid-in		comprehensive			Retained			stockholder's			controlling			Total
	stock		capital		income (loss)			earnings			equity			interests			equity
Balances as of December 31, 2007	$	13,800	$	2,934,881	$	(91,235	)	$	2,440,407		$	5,297,853		$	131,210		$	5,429,063
Comprehensive income:
Net income (loss)									(981,863	)		(981,863	)		5,825			(976,038	)
Net unrealized losses
on securities not other-than
-temporarily impaired, net
of tax of $(1,045,509)						(1,987,509	)					(1,987,509	)		(10,624	)		(1,998,133	)
Reclassification adjustment
for losses included
in net income, net of tax
of $242,964						451,219						451,219						451,219
Total comprehensive loss						(1,536,290	)		(981,863	)		(2,518,153	)		(4,799	)		(2,522,952	)
Capital contribution				34,104								34,104						34,104
Dividends to stockholder									(313,101	)		(313,101	)					(313,101	)
Balances as of December 31, 2008	$	13,800	$	2,968,985	$	(1,627,525	)	$	1,145,443		$	2,500,703		$	126,411		$	2,627,114

Comprehensive income:
Net income (loss)									428,172			428,172			(12,415	)		415,757
Net unrealized gains (losses)
on securities not other-than
-temporarily impaired, net
of tax of $382,885						1,621,868						1,621,868			(38,616	)		1,583,252
Net unrealized losses on
other-than-temporarily impaired
securities, net of tax of $(127,733)						(237,217	)					(237,217	)					(237,217	)
Reclassification adjustment
for losses included
in net income, net of tax
of $240,213						446,108						446,108						446,108
Total comprehensive income (loss)						1,830,759			428,172			2,258,931			(51,031	)		2,207,900
Cumulative effect of change in
accounting, net of DAC						(126,890	)		126,890			-						-
Capital contribution				592,410								592,410						592,410
Dividends to stockholder									(250,000	)		(250,000	)					(250,000	)
Balances as of December 31, 2009	$	13,800	$	3,561,395	$	76,344		$	1,450,505		$	5,102,044		$	75,380		$	5,177,424

Comprehensive income:
Net income									498,428			498,428			7,288			505,716
Net unrealized gains (losses)
on securities not other-than
-temporarily impaired, net
of tax of $422,473						784,594						784,594			(30,336	)		754,258
Net unrealized losses on
other-than-temporarily impaired
securities, net of tax of $(54,663)						(101,517	)					(101,517	)					(101,517	)
Reclassification adjustment
for losses included
in net income, net of tax
of $15,223						28,270						28,270						28,270
Total comprehensive income (loss)						711,347			498,428			1,209,775			(23,048	)		1,186,727
Cumulative effect of change in
accounting, net of DAC						49,315			(40,242	)		9,073						9,073
Capital contribution				150,105								150,105						150,105
Dividends to stockholder									(275,000	)		(275,000	)					(275,000	)
Balances as of December 31, 2010	$	13,800	$	3,711,500	$	837,006		$	1,633,691		$	6,195,997		$	52,332		$	6,248,329

See accompanying Notes to Consolidated Financial Statements.

Jackson National Life Insurance Company and Subsidiaries

Financial Statements

Consolidated Statements of Cash Flows

(In thousands)

	Years Ended December 31,
	2010			2009			2008
Cash flows from operating activities:
Net income (loss)	$	505,716		$	415,757		$	(976,038	)
Adjustments to reconcile income (loss)
to net cash provided by operating activities:
Net realized losses on investments		55,495			607,878			1,203,234
Risk management activity		1,069,971			912,080			466,638
Interest credited on deposit liabilities		1,404,217			1,461,137			1,406,066
Interest expense on trust instruments supported
by funding agreements		59,803			82,131			196,175
Interest expense on Federal Home Loan Bank funding
agreements		22,678			28,906			57,928
Mortality, expense and surrender charges		(354,070	)		(327,521	)		(321,484	)
Amortization of discount and premium on investments		(3,243	)		(1,235	)		28,168
Deferred income tax expense (benefit)		355,790			409,848			(113,368	)
Change in:
Accrued investment income		(103,629	)		46,654			(41,579	)
Deferred sales inducements and acquisition costs		(1,336,646	)		(1,350,132	)		(90,287	)
Trading portfolio activity, net		90,570			268,154			101,064
Income taxes receivable from Parent		318,624			(200,147	)		(161,872	)
Other assets and liabilities, net		222,438			213,440			212,972
Net cash provided by operating activities		2,307,714			2,566,950			1,967,617

Cash flows from investing activities:
Sales of fixed maturities and equities available for sale		8,689,802			9,001,912			2,248,000
Principal repayments, maturities, calls and redemptions:
Fixed maturities available for sale		1,934,006			2,166,500			2,964,781
Commercial mortgage loans		1,375,297			742,080			407,640
Purchases of:
Fixed maturities and equities available for sale		(13,190,087	)		(10,029,527	)		(7,622,992	)
Commercial mortgage loans		(1,045,450	)		(351,711	)		(1,310,760	)
Other investing activities		(716,905	)		(1,534,559	)		473,947
Net cash used in investing activities		(2,953,337	)		(5,305	)		(2,839,384	)

Cash flows from financing activities:
Policyholders' account balances:
Deposits		17,868,878			14,123,189			12,846,221
Withdrawals		(7,182,166	)		(9,543,370	)		(9,029,910	)
Net transfers to separate accounts		(10,767,308	)		(6,984,733	)		(2,442,002	)
Proceeds from repurchase agreements		552,458			-			-
Proceeds from borrowings		15,000			-			550,000
Payments on borrowings		(65,711	)		(150,000	)		(634,047	)
Proceeds and payments on short-term borrowings from Parent		-			-			(32,000	)
Payment of cash dividends to Parent		(275,000	)		(250,000	)		(313,101	)
Capital contribution from Parent		130,000			571,000			-
Net cash provided by (used in) financing activities		276,151			(2,233,914	)		945,161

Net (decrease) increase in cash and short-term investments		(369,472	)		327,731			73,394

Cash and short-term investments, beginning of year		1,043,725			715,994			642,600
Total cash and short-term investments, end of year	$	674,253		$	1,043,725		$	715,994

See accompanying Notes to Consolidated Financial Statements.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

1. Nature of Operations

Jackson National Life Insurance Company (the “Company” or “Jackson”) is wholly owned by Brooke Life Insurance Company (“Brooke Life” or the “Parent”), which is ultimately a wholly owned subsidiary of Prudential plc (“Prudential”), London, England. Jackson, together with its New York life insurance subsidiary, is licensed to sell group and individual annuity products (including immediate, index linked and deferred fixed annuities and variable annuities), guaranteed investment contracts (“GICs”) and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia.

The consolidated financial statements include accounts, after the elimination of intercompany accounts and transactions, of the following:

·	Life insurers: Jackson and its wholly owned subsidiaries Jackson National Life Insurance Company of New York, Squire Reassurance Company LLC (“Squire Re”) and Jackson National Life (Bermuda) LTD;

·	Wholly owned broker-dealer, investment management and investment advisor subsidiaries: Jackson National Life Distributors, LLC, Jackson National Asset Management, LLC, Curian Clearing, LLC and Curian Capital, LLC;

·	Wholly owned insurance agency: JNL Southeast Agency, LLC;

·	PGDS (US One) LLC (“PGDS”), a wholly owned subsidiary that provides information technology services to Jackson and certain affiliates;

·	Other partnerships, limited liability companies and variable interest entities (“VIEs”) in which Jackson has a controlling interest or is deemed the primary beneficiary.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated upon consolidation. Certain prior year amounts have been reclassified to conform with the current year presentation with no impact on stockholder’s equity or net income.

The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the financial statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: 1) valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is other-than-temporary; 2) assessments as to whether certain entities are variable interest entities, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; 3) assumptions impacting future gross profits, including lapse and mortality rates, expenses, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs and deferred sales inducements; 4) assumptions used in calculating policy reserves and liabilities, including lapse and mortality rates, expenses and investment returns; 5) assumptions as to future earnings levels being sufficient to realize deferred tax benefits; 6) estimates related to establishment of loan loss reserves, liabilities for lawsuits and the liability for state guaranty fund assessments; 7) assumptions and estimates associated with the Company’s tax positions which impact the amount of recognized tax benefits recorded by the Company; and, 8) the value of guarantee obligations. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the financial statements in the periods the estimates are changed.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

Changes in Accounting Principles – Adopted in Current Year

On January 1, 2010, the Company adopted Accounting Standards Update No. 2009-16, “Accounting for Transfers of Financial Assets” (“ASU 2009-16”). This accounting guidance amends the current guidance on transfers of financial assets by eliminating the qualifying special-purpose entity (“QSPE”) concept, providing certain conditions that must be met to qualify for sale accounting, changing the amount of gain or loss recognized on certain transfers and requiring additional disclosures.

On January 1, 2010, the Company adopted ASU 2010-10, “Amendment for Certain Investment Funds,” which provides accounting guidance for determining which enterprise, if any, has a controlling financial interest in a variable interest entity (“VIE”) and requires additional disclosures regarding a company’s involvement in VIEs. The adoption of ASU 2010-10 and ASU 2009-16 occurred simultaneously, requiring the consolidation of entities formerly considered to be QSPEs and decreasing retained earnings by $40.2 million. Additional details on the application of this change in accounting principles are included in Note 4.

Changes in Accounting Principles – Adopted in Prior Years

On January 1, 2009, the Company adopted Accounting Standards Codification (“ASC”) 320-10-65, “Debt and Equity Securities – Transition and Open Effective Date Information” (previously FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments”). ASC 320-10-65 requires entities to separate an other-than-temporary impairment of a debt security into two components when there are credit related losses associated with the impaired debt security for which management believes it does not have the intent to sell the security and is not more likely than not to be required to sell the security before recovery of its amortized cost basis. The difference between the fair value and the amortized cost of the security is presented as an other-than-temporary impairment charge within earnings, with an offset for any non-credit related loss component of the charge to be recognized in other comprehensive income. ASC 320-10-65 required companies to record, as of the period of adoption, a cumulative effect adjustment to reclassify the non-credit portion of a previously recognized other-than-temporary impairment from retained earnings to other comprehensive income, if, as of the date of adoption, the company did not intend to sell the security before anticipated recovery of its amortized cost basis. Upon adoption, the Company transferred $186.6 million ($126.9 million net of deferred acquisition costs and sales inducements) of non-credit related impairments from retained earnings to other comprehensive income.

Changes in Accounting Principles – Not Yet Fully Adopted

In January 2010, the FASB issued ASU No. 2010-06, “Improving Disclosures about Fair Value Measurements,” which requires additional disclosures related to transfers between Levels 1 and 2 and for fair value measurement activity in Level 3. Additional information to be provided will include purchases, sales, issuances, and settlements on a gross basis. This ASU also clarifies certain other existing disclosure requirements including the level of disaggregation and disclosures around inputs and valuation techniques. The accounting guidance for new disclosures and clarification of existing disclosures is effective for periods beginning after December 15, 2009. The additional disclosures related to activity in Level 3 are effective for fiscal years beginning after December 15, 2010. As required, the additional disclosures effective for periods beginning after December 15, 2009, are included herein. The remaining required disclosures, effective for fiscal years beginning after December 15, 2010, will be included in the Company’s consolidated financial statements for the year ending December 31, 2011.

In April 2010, the FASB issued ASU No. 2010-15, “How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments.” This guidance clarifies that an insurance entity should not consider any separate account interests held for the benefit of policyholders in an investment to be the insurer’s interests and should not combine those interests with its general account interest in the same investment when assessing the investment for consolidation, unless the separate account interests are held for the benefit of a related policyholder, as defined in the Variable Interest Entities Subsections of Subtopic 810-10 and those Subsections require the consideration of related parties. This accounting guidance will be effective on January 1, 2011, and is not expected to impact the Company’s consolidated financial statements.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

In October 2010, the FASB issued ASU No. 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” ASU 2010-26 clarifies which costs related to the acquisition or renewal of insurance contracts can be deferred by insurance entities. The guidance also specifies that only costs directly related to the successful acquisition of new or renewal contracts can be capitalized. All other acquisition related costs should be expensed as incurred. This accounting guidance will be effective on January 1, 2012 and can be applied either prospectively or retrospectively. Jackson has not yet determined the impact this guidance will have on the Company’s consolidated financial statements upon adoption.

In July 2010, the FASB issued ASU No. 2010-20, “Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses,” which requires significant new disclosures about the allowance for credit losses and the credit quality of financing receivables. The FASB has elected to defer the disclosures related to troubled debt restructurings included within this ASU. Those disclosures are expected to be effective for 2011 reporting. The remaining disclosures under ASU No. 2010-20 were not deferred and have been included within Note 4.

Comprehensive Income (Loss)

Comprehensive income (loss) includes all changes in stockholder’s equity (except those arising from transactions with owners/stockholders) and, in the Company’s case, includes net income (loss) and net unrealized gains or losses on available for sale securities.

Investments

Cash and short-term investments, which primarily include high quality, non-asset-backed commercial paper, money market instruments and deposits in the Federal Home Loan Bank of Indianapolis (“FHLBI”), are carried at cost or amortized cost. These investments have original maturities of three months or less and are considered cash equivalents for reporting cash flows.

Fixed maturities consist primarily of bonds, notes, redeemable preferred stocks and asset-backed securities. Acquisition discounts and premiums on fixed maturities are amortized into investment income through call or maturity dates using the effective interest method. Discounts and premiums on asset-backed securities are amortized over the estimated redemption period. Certain asset-backed securities are considered to be other than high quality or otherwise deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment due to unanticipated prepayment events. For these securities, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis. The carrying value of such securities was $878.5 million and $953.4 million as of December 31, 2010 and 2009, respectively.

Fixed maturities are generally classified as available for sale and are carried at fair value. Effective January 1, 2009, for declines in fair value considered to be other-than-temporary, an impairment charge reflecting the difference between the amortized cost basis and fair value is included in net realized losses on investments. If management believes the Company does not intend to sell the security and is not more likely than not to be required to sell the security prior to recovery of its amortized cost basis, an amount representing the non-credit related portion of a loss is reclassified out of net realized losses on investments and into other comprehensive income. In determining whether an other-than-temporary impairment has occurred, and in calculating the non-credit related component of the total impairment loss, the Company considers a number of factors, which are further detailed in Note 4. For periods prior to January 1, 2009, Jackson recognized an other-than-temporary impairment when the Company did not expect full recovery of amortized cost or did not have the intent and ability to hold a security to recovery and impairment losses were recognized in net realized losses on investments for the full difference between fair value and amortized cost.

During 2009, the Company transferred the remainder of its equity holdings from available for sale to a trading portfolio and recognized a loss of $87.5 million. At December 31, 2010 and 2009, all equity holdings were classified as trading. Previously, trading securities primarily consisted of private equity securities and investments in mutual funds that support liabilities of the Company’s non-qualified voluntary deferred compensation plans. Trading securities are carried at fair value with changes in value included in net investment income.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

Commercial mortgage loans are carried at aggregate unpaid principal balances, net of unamortized discounts and premiums and an allowance for loan losses.

On a periodic basis, Jackson assesses each commercial mortgage loan in the portfolio for the need of an allowance for loan losses. This review contemplates a variety of factors which may include, but are not limited to, current economic conditions, the physical condition of the property, the financial condition of the borrower, and the near and long-term prospects for change in these conditions. As deemed appropriate, Jackson recognizes an allowance for loan losses through a charge to investment income. This allowance may be reduced when the exposure on a particular loan is deemed to have been reduced or eliminated, either through the termination of the mortgage loan, recognition of an impairment charge, or a reversal of the conditions that led to the allowance. Separately, Jackson also reviews individual loans in the portfolio for impairment based on an assessment of the factors identified above. Impairment charges recognized are recorded initially against the established loan loss allowance and, if necessary, any additional amounts are recorded as realized losses. As deemed necessary based on cash flow expectations and other factors, Jackson may place loans on non-accrual status. In this case, all cash received is applied against the carrying value of the loan.

Policy loans are carried at the unpaid principal balances.

Other invested assets primarily include investments in limited partnerships and real estate. Carrying values for limited partnership investments are determined by using the proportion of Jackson’s investment in each fund (NAV equivalent) as a practical expedient for fair value. Real estate is carried at the lower of depreciated cost or fair value.

Pursuant to the guidance provided for in ASC 810, the Company concluded that it holds interests in VIEs that represent primary beneficial interests. These consolidated VIEs include entities structured to hold and manage investments.

Realized gains and losses on sales of investments are recognized in income at the date of sale and are determined using the specific cost identification method.

The changes in unrealized gains and losses on certain investments which are classified as available for sale, net of tax and the effect of the adjustment for deferred acquisition costs and deferred sales inducements, and, beginning in 2009, the non-credit related portion of other-than-temporary impairment charges are excluded from net income and included as a component of other comprehensive income and total equity. The changes in unrealized gains and losses on investments for which Jackson elected the fair value option are included in net income (loss) along with the related adjustment for deferred acquisition costs and deferred sales inducements.

Derivative Instruments, Embedded Derivatives and Risk Management Activity

The Company enters into financial derivative transactions, including, but not limited to, swaps, spread cap options, put-swaptions, futures and options to reduce and manage business risks. These transactions manage the risk of a change in the value, yield, price, cash flows, credit quality or degree of exposure with respect to assets, liabilities or future cash flows which the Company has acquired or incurred. The Company manages the potential credit exposure for over-the-counter derivative contracts through careful evaluation of the counterparty credit standing, collateral agreements, and master netting agreements. The Company is exposed to credit-related losses in the event of nonperformance by counterparties, however, it does not anticipate nonperformance. During 2008, nonperformance by one derivative counterparty resulted in a loss on the related transactions. The related charge of $17.2 million was reported in net investment income. There were no such losses in 2010 or 2009.

The Company generally uses freestanding derivative instruments for hedging purposes. Additionally, certain liabilities, primarily trust instruments supported by funding agreements, index linked annuities and guarantees offered in connection with variable annuities issued by the Company, contain embedded derivative instruments. Further details regarding Jackson’s derivative positions are included in Note 5. The Company generally does not account for freestanding derivatives as either fair value or cash flow hedges as might be permitted if specific hedging documentation requirements were followed. Financial derivatives, including derivatives embedded in certain host liabilities that have been separated for accounting and financial reporting purposes, are carried at fair

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

value. The results from derivative financial instruments and embedded derivatives, including net payments, realized gains and losses and changes in value, are reported in risk management activity.

Deferred Acquisition Costs

Certain costs of acquiring new business, principally commissions and certain costs associated with policy issuance and underwriting, which vary with and are primarily related to the production of new business, are capitalized as deferred acquisition costs. Deferred acquisition costs are increased by interest thereon and amortized in proportion to anticipated premium revenues for traditional life policies and in proportion to estimated gross profits for annuities and interest-sensitive life products. Unamortized deferred acquisition costs are written off when a contract is internally replaced and substantially changed. A review of assumptions used for estimating future gross profits underlying the amortization of deferred acquisition costs is conducted on an annual basis. Based on results of the annual review, the deferred acquisition cost balance is adjusted, with an offsetting credit or charge to amortization expense.

As certain fixed maturities and equities available for sale are carried at fair value, an adjustment is made to deferred acquisition costs equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in fair value of equity and fixed maturities available for sale, net of applicable tax, is credited or charged directly to stockholder’s equity as a component of other comprehensive income. Deferred acquisition costs have been decreased by $598.5 million and increased by $131.9 million at December 31, 2010 and 2009, respectively, to reflect this adjustment. Effective January 1, 2009, in connection with the adoption of amended accounting guidance, Jackson reclassified $53.0 million of deferred acquisition costs amortization from retained earnings to accumulated other comprehensive income.

For variable annuity business, the Company employs a mean reversion methodology that is applied with the objective of adjusting the amortization of deferred acquisition costs that would otherwise be highly volatile due to fluctuations in the level of future gross profits arising from changes in equity market levels. The mean reversion methodology achieves this objective by applying a dynamic adjustment to the level of expectations of short-term future investment returns. Under the methodology, the projected returns for the next five years are set such that, when combined with the actual returns for the current and preceding two years, the average rate of return over the eight year period is 8.4%, after investment management fees. The mean reversion methodology does, however, include a cap and a floor of 15% and 0% per annum, respectively, on the projected return for each of the next five years. Projected returns after the next five years are set at 8.4%. At December 31, 2010 and 2009, future projected returns were capped at the 15% level.

Deferred Sales Inducements

Bonus interest on deferred fixed annuities and contract enhancements on index linked annuities and variable annuities are capitalized as deferred sales inducements. Deferred sales inducements are increased by interest thereon and amortized in proportion to estimated gross profits. Unamortized deferred sales inducements are written off when a contract is internally replaced and substantially changed. A review of assumptions used for estimating future gross profits underlying the amortization of deferred sales inducements is conducted on an annual basis. Based on results of the annual review, the deferred sales inducement balance is adjusted, with an offsetting credit or charge to amortization expense. As certain fixed maturities and equities available for sale are carried at fair value, an adjustment is made to deferred sales inducements equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in fair value of equity and fixed maturities available for sale, net of applicable tax, is credited or charged directly to stockholder’s equity as a component of other comprehensive income. Deferred sales inducements have been decreased by $82.2 million and increased by $11.9 million at December 31, 2010 and 2009, respectively, to reflect this adjustment. Effective January 1, 2009, in connection with the adoption of amended accounting guidance, Jackson reclassified $6.7 million of deferred sales inducements amortization from retained earnings to accumulated other comprehensive income.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

Federal Income Taxes

The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as certain foreign jurisdictions. The Company is generally no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2007.

Jackson files a consolidated federal income tax return with Brooke Life and Jackson National Life Insurance Company of New York. Jackson National Life (Bermuda) LTD is taxed as a controlled foreign corporation of Jackson. All other subsidiaries are limited liability companies with all of their interests owned by Jackson. Accordingly, they are not considered separate entities for income tax purposes and, therefore, are taxed as part of the operations of Jackson. Income tax expense is calculated on a separate company basis.

Deferred federal income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes. Such temporary differences are principally related to the effects of recording certain invested assets at market value, the deferral of policy acquisition costs and sales inducements and the provisions for future policy benefits and expenses. Deferred tax assets and liabilities are measured using the tax rates expected to be in effect when such benefits are realized. In accordance with GAAP, Jackson is required to test the value of deferred tax assets for realizability. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company considers the carryback capacity of losses, reversal of existing temporary differences, estimated future taxable income and tax planning strategies.

The determination of the valuation allowance for Jackson’s deferred tax assets requires management to make certain judgments and assumptions regarding future operations that are based on historical experience and expectations of future performance. In order to recognize a tax benefit in the consolidated financial statements, there must be a greater than 50 percent chance of success with the relevant taxing authority with regard to that tax position. Management’s judgments are potentially subject to change given the inherent uncertainty in predicting future performance, which is impacted by such factors as policyholder behavior, competitor pricing and other specific industry and market conditions.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense. At December 31, 2010 and 2009, the Company had no unrecognized tax benefits.

Policy Reserves and Liabilities

Reserves for future policy benefits and claims payable:

For traditional life insurance contracts, reserves for future policy benefits are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest, persistency and expenses plus provisions for adverse deviations. Mortality assumptions range from 25% to 160% of the 1975-1980 Basic Select and Ultimate tables depending on policy duration. Interest rate assumptions range from 4.0% to 6.0%. Lapse and expense assumptions are based on Company experience. See Note 6 for description of general account reserves related to variable annuity guarantees.

Deposits on investment contracts:

For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value. For deferred annuities, the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder’s account value. The liability for index linked annuities is based on two components, 1) the imputed value of the underlying guaranteed host contract, and 2) the fair value of the embedded option component of the contract.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

Trust Instruments Supported by Funding Agreements

Jackson and Jackson National Life Funding, LLC have established a European Medium Note program, with up to $7 billion in aggregate principal amount outstanding at any one time. Jackson National Life Funding, LLC was formed as a special purpose vehicle solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. Carrying values totaled $1.0 billion and $1.0 billion at December 31, 2010 and 2009, respectively.

Jackson and Jackson National Life Global Funding have established a $10.8 billion aggregate Global Medium Term Note program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The carrying values at December 31, 2010 and 2009 totaled $1.2 billion and $1.3 billion, respectively.

Those medium term note instruments issued in a foreign currency have been economically hedged for changes in exchange rates using cross-currency swaps. The fair value of derivatives embedded in funding agreements, as well as unrealized foreign currency transaction gains and losses, are included in the carrying value of the trust instruments supported by funding agreements.

Trust instrument liabilities are adjusted to reflect the effects of foreign currency transaction gains and losses using exchange rates as of the reporting date. Foreign currency transaction gains and losses are included in risk management activity.

Federal Home Loan Bank Advances

Jackson and Squire Re are members of the Federal Home Loan Bank of Indianapolis (“FHLBI”) primarily for the purpose of participating in its mortgage-collateralized loan advance program with short-term and long-term funding facilities. Membership requires the Company to purchase and hold a minimum amount of FHLBI capital stock plus additional stock based on outstanding advances. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI. At December 31, 2010 and 2009, the Company held $112.1 million and $117.6 million, respectively, of FHLBI capital stock, supporting $1.8 billion and $1.8 billion, respectively, in funding agreements, short-term and long-term borrowing capacity.

Separate Account Assets and Liabilities

The assets and liabilities associated with individual variable life and annuity contracts, which aggregated $48.9 billion and $33.3 billion at December 31, 2010 and 2009, respectively, are segregated in separate accounts. The Company receives administrative fees for managing the funds and other fees for assuming mortality and certain expense risks. Such fees are recorded as earned and included in fee income in the consolidated income statements.

The Company has issued a group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan. These deposits are allocated to the Jackson National Separate Account - II and aggregated $176.6 million and $142.2 million at December 31, 2010 and 2009, respectively. The Company receives administrative fees for managing the funds. These fees are recorded as earned and included in fee income in the consolidated income statements.

Revenue and Expense Recognition

Premiums for traditional life insurance are reported as revenues when due. Benefits, claims and expenses are associated with earned revenues in order to recognize profit over the lives of the contracts. This association is accomplished through provisions for future policy benefits and the deferral and amortization of acquisition costs.

Deposits on interest-sensitive life products and investment contracts, principally deferred annuities and guaranteed investment contracts, are treated as policyholder deposits and excluded from revenue. Revenues consist primarily of investment income and charges assessed against the policyholder’s account value for mortality charges, surrenders, variable annuity benefit guarantees and administrative expenses. Fee income also includes revenues related to asset management fees and 12b-1 service fees. Surrender benefits are treated as repayments of the policyholder account. Annuity benefit payments are treated as reductions to the policyholder account. Death benefits in excess of the

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

2. Summary of Significant Accounting Policies (continued)

policyholder account are recognized as an expense when incurred. Expenses consist primarily of the interest credited to policyholder deposits. Underwriting and other acquisition expenses are associated with gross profit in order to recognize profit over the life of the business. This is accomplished through deferral and amortization of acquisition costs and sales inducements. Expenses not related to policy acquisition are recognized when incurred.

Investment income is not accrued on securities in default and otherwise where the collection is uncertain. Receipts of interest on such securities are generally used to reduce the cost basis of the securities.

Jackson has terminated, at the customers’ requests, a number of Medium Term Note contracts at a discounted rate. The income on these early terminations, totaling $2.5 million, $16.8 million and $48.8 million in 2010, 2009 and 2008, respectively, was included in other income.

Subsequent Events

The Company has evaluated events through March 7, 2011, which is the date the financial statements were available to be issued.

3. Fair Value Measurements

The following table summarizes the fair value and carrying value of Jackson’s financial instruments (in thousands). The basis for determining the fair value of each instrument is also described below.

	December 31, 2010				December 31, 2009
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Cash and short-term investments	$	674,253	$	674,253	$	1,043,725	$	1,043,725
Fixed maturities		40,801,885		40,801,885		36,368,034		36,368,034
Trading securities		467,101		467,101		557,671		557,671
Commercial mortgage loans		5,700,365		5,953,073		5,983,571		5,939,175
Policy loans		855,842		684,503		852,941		680,569
Limited partnerships		865,761		865,761		704,688		704,688
Other loans		19,410		19,313		24,410		22,358
Derivative instruments		1,010,377		1,010,377		837,728		837,728
GMIB reinsurance recoverable		127,534		127,534		141,459		141,459
Separate account assets		48,854,037		48,854,037		33,329,412		33,329,412

Liabilities
Annuity reserves (1)	$	33,829,330	$	25,847,154	$	32,475,348	$	24,927,600
Reserves for guaranteed investment contracts		700,090		735,869		920,101		968,519
Trust instruments supported by funding agreements		2,209,268		2,266,664		2,331,458		2,371,266
Federal Home Loan Bank funding agreements		1,750,989		1,637,555		1,750,965		1,572,456
Borrowings		338,805		358,407		288,680		294,466
Derivative instruments		1,250,807		1,250,807		745,214		745,214
Separate account liabilities		48,854,037		48,854,037		33,329,412		33,329,412

(1) - Annuity reserves represent only the components of deposits on investment contracts that are considered to be financial instruments.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. Jackson utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities measured at fair value are required to be classified into one of the following categories:

Level 1

Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include U.S. Treasury securities and exchange traded equity and derivative securities.

Level 2

Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most debt securities and preferred stocks that are model priced using observable inputs are classified within Level 2. Also included are freestanding and embedded derivative instruments that are priced using models with observable market inputs.

Level 3

Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Embedded derivative instruments that are valued using unobservable inputs are included in Level 3. Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment may be used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Company has classified within Level 3.

The Company determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Company may also determine fair value based on estimated future cash flows discounted at the appropriate current market rate. When appropriate, fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument. At times, illiquid market conditions may result in inactive markets for certain of the Company’s financial instruments. In such instances, there is generally no or limited observable market data for these assets and liabilities. Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors. These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ materially from the values that would have been used had an active market existed. As a result of market inactivity, such calculated fair value estimates may not be realizable in an immediate sale or settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

The following is a discussion of the methodologies used to determine fair values of the financial instruments listed in the above table.

Fixed Maturity and Equity Securities

The fair values for fixed maturity and equity securities are determined by management using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, credit spreads, liquidity premiums, and/or estimated cash flows based on default and prepayment assumptions.

As a result of typical trading volumes and the lack of specific quoted market prices for most fixed maturities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and brokers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates. Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding.

Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates.

Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument to determine fair value. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, are considered to be Level 3 inputs.

The Company performs a monthly analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include, but are not limited to, initial and on-going review of third party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent brokers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.

For those securities that were internally valued at December 31, 2010 and 2009, an internally developed model was used to determine the fair value. The pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value.

On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs, and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker quotes, are classified into Level 2 due to their use of market observable inputs.

Commercial Mortgage Loans

Fair values are determined by discounting the future cash flows at current market interest rates.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

Policy Loans

Fair values are determined using projected future cash flows, based on assumptions as to expected mortality and lapse rates, and discounted at current market interest rates.

Freestanding Derivative Instruments

Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in risk management activity. Freestanding derivatives priced using valuation models incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include, but are not limited to, interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

Freestanding derivative instruments classified as Level 1 include futures, which are traded on active exchanges.

Freestanding derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, credit default swaps, put swaptions and equity index call and put options. These derivative valuations are determined using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data.

Other Invested Assets

Other invested assets include investments in limited partnerships and real estate. Fair value for limited partnerships is determined by using the proportion of Jackson’s investment in each fund (NAV equivalent) as a practical expedient for fair value. No adjustments to these amounts were deemed necessary at December 31, 2010.

Fair Values of Separate Account Assets and Liabilities

Separate account assets are invested in mutual funds, which are categorized as Level 1 assets. The value of separate account liabilities are set equal to the value of separate account assets under GAAP.

Annuity Reserves

Fair values for immediate annuities without mortality features are derived by discounting the future estimated cash flows using current market interest rates for similar maturities. Fair values for deferred annuities, including equity indexed annuities, are determined using projected future cash flows discounted at the rate that would be required to transfer the liability to a willing third party.

Reserves for Guaranteed Investment Contracts

Fair values for guaranteed investment contracts are based on the present value of future cash flows discounted at current market interest rates.

Trust Instruments Supported by Funding Agreements

Fair values for trust instruments supported by funding agreements are based on the present value of future cash flows discounted at current market interest rates, plus the fair value of any embedded derivatives that are not required to be reported separately.

Federal Home Loan Bank Funding Agreements

Fair values of the FHLBI funding agreements are based on present value of future cash flows discounted at current market interest rates.

Borrowings

Carrying value of the short-term borrowings is considered a reasonable estimate for fair value due to their short-term maturity. Fair values of other borrowings are based on future cash flows discounted at current market interest rates.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

Fair Values of Certain Guaranteed Benefits

Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. Certain benefits, primarily non-life contingent guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum accumulation benefits (“GMAB”) and the reinsured portion of the Company’s guaranteed minimum income benefits (“GMIB”), are recorded at fair value. Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits.

Non-life contingent GMWBs and GMABs are recorded at fair value with changes in fair value recorded in risk management activity. The fair value of the reserve is based on the expectations of future benefit payments and future fees associated with the benefits. At the inception of the contract, the Company attributes to the derivative a portion of total fees collected from the contract holder, which is then held static in future valuations. Those fees, generally referred to as the attributed fees, are set such that the present value of the attributed fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract. In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions. The difference between each of the two components represents the fair value of the embedded derivative.

Jackson’s GMIB book is reinsured through an unrelated party and, due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a freestanding derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value, with changes in fair value recorded in risk management activity. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

Fair values for GMWB and GMAB embedded derivatives, as well as GMIB reinsurance recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.

The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates. The more significant actuarial assumptions include the benefit utilization by policyholders under varying conditions, persistency, mortality assumptions and withdrawal rates. Because of the dynamic and complex nature of these cash flows, best estimate assumptions, plus risk margins, and a stochastic process involving the generation of thousands of scenarios that assume risk neutral returns consistent with swap rates are used.

At each valuation date, the Company assumes expected returns based on LIBOR swap rates as of that date to determine the value of expected future cash flows produced in the stochastic process. Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, at which point the projected volatility is held constant. Additionally, non-performance risk is incorporated into the calculation through the use of discount interest rates based on a AA corporate credit curve as an approximation of Jackson’s own credit risk. Other risk margins, particularly for policyholder behavior, are also incorporated into the model through the use of best estimate assumptions, plus a risk margin. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience.

As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for this component of the fair value model.

The use of the models and assumptions described above requires a significant amount of judgment. Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the liability, which is currently unknown, will likely be significantly different than

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

this fair value as the Company believes settlement will be based on our best estimate assumptions rather than those best estimate assumptions plus margins for risk.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in thousands):

December 31, 2010	Total		Level 1		Level 2		Level 3
Assets
Fixed maturities
Government securities	$	3,848,246	$	3,817,832	$	30,414	$	-
Public utilities		2,708,660		-		2,707,928		732
Corporate securities		24,816,251		-		24,784,177		32,074
Residential mortgage-backed		4,348,262		-		4,348,262		-
Commercial mortgage-backed		3,764,136		-		3,764,136		-
Other asset-backed securities		1,316,330		11,193		1,230,324		74,813
Trading securities		467,101		255,166		-		211,935
Limited partnerships		865,761		-		-		865,761
Derivative instruments		1,010,377		-		1,010,377		-
GMIB reinsurance recoverable		127,534		-		-		127,534
Separate account assets (1)		48,854,037		48,854,037		-		-
Total	$	92,126,695	$	52,938,228	$	37,875,618	$	1,312,849

Liabilities
Embedded derivative liabilities (2)	$	1,249,972	$	-	$	936,438	$	313,534
Derivative instruments		1,250,807		117,449		1,127,527		5,831
Long-term borrowings		26,207		-		26,207		-
Total	$	2,526,986	$	117,449	$	2,090,172	$	319,365


December 31, 2009	Total		Level 1		Level 2		Level 3
Assets
Fixed maturities
Government securities	$	612,144	$	610,511	$	1,633	$	-
Public utilities		2,407,817		-		2,394,479		13,338
Corporate securities		23,245,553		-		22,773,087		472,466
Residential mortgage-backed		5,309,091		-		5,306,122		2,969
Commercial mortgage-backed		3,405,883		-		3,327,984		77,899
Other asset-backed securities		1,387,546		-		484,590		902,956
Trading securities		557,671		276,323		35,303		246,045
Limited partnerships		704,689		-		-		704,689
Derivative instruments		837,728		-		555,739		281,989
GMIB reinsurance recoverable		141,459		-		-		141,459
Separate account assets (1)		33,329,412		33,329,412		-		-
Total	$	71,938,993	$	34,216,246	$	34,878,937	$	2,843,810

Liabilities
Embedded derivative liabilities (2)	$	1,121,510	$	-	$	684,077	$	437,433
Derivative instruments		745,214		21,393		696,591		27,230
Total	$	1,866,724	$	21,393	$	1,380,668	$	464,663

(1) Pursuant to ASC 944-80, the value of the separate account liabilities is set equal to the value of the separate account assets.
(2) Includes the embedded derivative liabilities related to GMWB benefits and equity indexed annuities.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The tables below provide rollforwards for 2010 and 2009 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the table below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 below may vary significantly from the total income effect of the hedged instruments. Additionally, the Company’s policy for determining and disclosing transfers between levels is to recognize transfers using beginning of period balances.

				Total Realized/Unrealized Gains (Losses) Included in
	Fair Value								Purchases,			Transfers			Fair Value
	as of						Other		Issuances			in and/or			as of
	January 1,			Net			Comprehensive		and			(out of)			December 31,
(in thousands)	2010			Income			Income		Settlements			Level 3			2010
Assets
Fixed maturities
Public utilities	$	13,338		$	(1,809	)	$	1,870	$	(8,165	)	$	(4,502	)	$	732
Corporate securities		472,466			803			4,611		(158,439	)		(287,367	)		32,074
Residential mortgage-backed		2,969			(4,583	)		7,038		(5,424	)		-			-
Commercial mortgage-backed		77,899			(1,579	)		16,203		(43,852	)		(48,671	)		-
Other asset-backed securities		902,956			(2,444	)		13,683		(386,693	)		(452,689	)		74,813
Equities and trading securities		246,045			64,689			-		(98,799	)		-			211,935
Limited partnerships		704,689			67,466			-		93,606			-			865,761
Derivative instruments		281,989			(26,551	)		-		(99,003	)		(156,435	)		-
GMIB reinsurance recoverable		141,459			(13,925	)		-		-			-			127,534

Liabilities
Embedded derivative liabilities		(437,433	)		123,899			-		-			-			(313,534	)
Derivative instruments		(27,230	)		21,399			-		-			-			(5,831	)

	Fair Value			Total Realized/Unrealized Gains (Losses) Included in						Purchases,			Transfers			Fair Value
	as of						Other			Issuances			in and/or			as of
	January 1,			Net			Comprehensive			and			(out of)			December 31,
(in thousands)	2009			Income			Income			Settlements			Level 3			2009
Assets
Fixed maturities
Public utilities	$	14,920		$	113		$	2,211		$	(5,019	)	$	1,113		$	13,338
Corporate securities		478,790			7,346			133,792			(327,586	)		180,124			472,466
Residential mortgage-backed		3,005,646			13,718			(4,261	)		(47,621	)		(2,964,513	)		2,969
Commercial mortgage-backed		128,732			373			(21,719	)		(15,987	)		(13,500	)		77,899
Other asset-backed securities		1,679,707			19,103			(256,411	)		(158,496	)		(380,947	)		902,956
Equities and trading securities		335,470			(78,808	)		-			26,983			(37,600	)		246,045
Limited partnerships		740,961			(90,219	)		-			53,947			-			704,689
Derivative instruments		71,059			309,180			-			(165,773	)		67,523			281,989
GMIB reinsurance recoverable		249,468			(108,009	)		-			-			-			141,459

Liabilities
Embedded derivative liabilities		(1,123,947	)		686,514			-			-			-			(437,433	)
Derivative instruments		(102,586	)		75,356			-			-			-			(27,230	)

During 2008, the Company determined that, due to inactivity in certain markets, reliable market prices were no longer available on certain securities. As a result, these securities were valued using internal estimates at December 31, 2008. These securities were reflected as transfers into Level 3 during 2008. At December 31, 2008, the related securities had an amortized cost and fair value of $5,469.4 million and $4,783.3 million, respectively, and were primarily asset-backed securities. During 2009, the Company determined that sufficient activity had returned to certain markets and, as a result, reliable market prices were available at December 31, 2009 for the majority of these securities. This change was reflected as a transfer out of Level 3 during 2009.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

3. Fair Value Measurements (continued)

Upon adoption of ASC 820-10, certain broker priced assets were classified as Level 3 holdings as a result of illiquidity in the market and the resultant lack of observability into the assumptions used to produce those fair values. During 2010, as a result of changes in the level of observability of these inputs, Jackson determined that these assets would be more appropriately categorized in Level 2. As a result, Jackson transferred securities with an amortized cost and fair value of $1,059.5 million and $775.3 million, respectively, and derivative assets with a fair value of $156.4 million from Level 3 to Level 2 during 2010.

The portion of gains (losses) included in net income or other comprehensive income attributable to the change in unrealized gains and losses on Level 3 financial instruments still held at December 31, 2010 and 2009, was as follows (in thousands):

	December 31, 2010			December 31, 2009
Assets
Fixed maturities
Public utilities	$	-		$	2,211
Corporate securities		2,635			86,801
Residential mortgage-backed		-			(3,622	)
Commercial mortgage-backed		-			(22,045	)
Other asset-backed securities		2,891			(256,877	)
Trading securities		28,905			(79,483	)
Limited partnerships		68,169			(90,210	)
Derivative instruments		-			146,235
GMIB reinsurance recoverable		(13,925	)		(108,009	)

Liabilities
Embedded derivative liabilities	$	123,899		$	686,514
Derivative instruments		21,399			75,356

4.	Investments

Investments are comprised primarily of fixed-income securities, primarily publicly traded industrial, utility and government bonds, asset-backed securities and commercial mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and guaranteed investment contracts on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

Fixed Maturities

The following table sets forth fixed maturity investments at December 31, 2010, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s affiliated investment advisor. At December 31, 2010, the carrying value of investments rated by the Company’s affiliated investment advisor totaled $148.4 million. For purposes of the table, if not otherwise rated higher by a NRSRO, NAIC Class 1 investments are included in the A rating; Class 2 in BBB; Class 3 in BB and Classes 4 through 6 in B and below.

	Percent of Total
	Fixed Maturities
Investment Rating	December 31, 2010
AAA	25.5%
AA	6.1%
A	27.1%
BBB	35.4%
Investment grade	94.1%
BB	2.9%
B and below	3.0%
Below investment grade	5.9%
Total fixed maturities	100.0%

At December 31, 2010, based on ratings by NRSROs, of the total carrying value of fixed maturities in an unrealized loss position, 70% were investment grade, 19% were below investment grade and 11% were not rated. Unrealized losses on fixed maturities that were below investment grade or not rated represented approximately 49% of the aggregate gross unrealized losses on available for sale fixed maturities.

Corporate securities in an unrealized loss position were diversified across industries. As of December 31, 2010, the industries accounting for the larger percentage of unrealized losses included banking/finance (7.26% of fixed maturities gross unrealized losses) and energy (2.78%). The largest unrealized loss related to a single corporate obligor was $16.0 million at December 31, 2010.

The amortized cost, gross unrealized gains and losses, fair value and non-credit OTTI of available for sale fixed maturities, including $345.0 million in securities carried at fair value with changes in value recorded through the income statement, were as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Non-credit
December 31, 2010	Cost (1)		Gains		Losses		Value		OTTI (2)
Fixed Maturities
Government securities	$	3,789,201	$	62,052	$	3,007	$	3,848,246	$	-
Public utilities		2,514,868		205,830		12,038		2,708,660		-
Corporate securities		23,362,634		1,597,001		143,384		24,816,251		(12,184	)
Residential mortgage-backed		4,542,139		138,232		332,109		4,348,262		158,502
Commercial mortgage-backed		3,549,421		277,898		63,183		3,764,136		8,192
Other asset-backed securities		1,464,057		18,831		166,558		1,316,330		17,757
Total fixed maturities	$	39,222,320	$	2,299,844	$	720,279	$	40,801,885	$	172,267

(1) Carrying value for securities carried at fair value with changes in value recorded through the income statement.
(2) Represents the amount of cumulative non-credit OTTI gains (losses) recognized in other comprehensive income on securities for which credit impairments have been recorded.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Non-credit
December 31, 2009	Cost		Gains		Losses		Value		OTTI (1)
Fixed Maturities
Government securities	$	628,834	$	590	$	17,280	$	612,144	$	-
Public utilities		2,290,931		132,898		16,012		2,407,817		-
Corporate securities		22,510,422		1,099,607		364,476		23,245,553		4,323
Residential mortgage-backed		6,033,004		86,564		810,477		5,309,091		(325,815	)
Commercial mortgage-backed		3,576,800		157,067		327,984		3,405,883		252
Other asset-backed securities		1,751,806		14,858		379,118		1,387,546		(96,032	)
Total fixed maturities	$	36,791,797	$	1,491,584	$	1,915,347	$	36,368,034	$	(417,272	)

(1) Represents the amount of cumulative non-credit OTTI gains (losses) recognized in other comprehensive income on securities for which credit impairments have been recorded.

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2010, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.

			Gross		Gross
	Amortized (1)		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Due in 1 year or less	$	928,124	$	19,963	$	272	$	947,815
Due after 1 year through 5 years		7,291,484		486,124		9,239		7,768,369
Due after 5 years through 10 years		16,746,163		1,037,411		72,203		17,711,371
Due after 10 years through 20 years		2,692,371		161,072		29,023		2,824,420
Due after 20 years		2,008,561		160,313		47,692		2,121,182
Residential mortgage-backed		4,542,139		138,232		332,109		4,348,262
Commercial mortgage-backed		3,549,421		277,898		63,183		3,764,136
Other asset-backed securities		1,464,057		18,831		166,558		1,316,330
Total	$	39,222,320	$	2,299,844	$	720,279	$	40,801,885

(1) Carrying value for securities carried at fair value with changes in value recorded through the income statement.

U.S. Treasury securities with a carrying value of $4.2 million and $4.1 million at December 31, 2010 and 2009, respectively, were on deposit with regulatory authorities, as required by law in various states in which business is conducted.

At December 31, 2010, the amortized cost and carrying value of fixed maturities in default that were anticipated to be income producing when purchased were $2.9 million and $8.8 million, respectively. The amortized cost and carrying value of fixed maturities that have been non-income producing for the 12 months preceding December 31, 2010 were $2.9 million and $8.8 million, respectively, and for the 12 months preceding December 31, 2009 were $4.1 million and $4.3 million, respectively.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

Residential mortgage-backed securities (“RMBS”) include certain RMBS which are collateralized by residential mortgage loans and are neither explicitly nor implicitly guaranteed by U.S. government agencies (“non-agency mortgage-backed securities”). The Company’s non-agency mortgage-backed securities include investments in securities backed by prime, Alt-A, and subprime loans as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2010	Cost (1)		Gains		Losses		Value

Prime	$	1,073,242	$	12,511	$	134,826	$	950,927
Alt-A		736,193		2,786		95,028		643,951
Subprime		475,652		1,076		99,128		377,600
Total non-agency RMBS	$	2,285,087	$	16,373	$	328,982	$	1,972,478


(1) Carrying value for securities carried at fair value with changes in value recorded through the income statement.
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2009	Cost		Gains		Losses		Value

Prime	$	1,510,862	$	6,144	$	386,254	$	1,130,752
Alt-A		965,171		1,488		254,448		712,211
Subprime		475,023		109		163,418		311,714
Total non-agency RMBS	$	2,951,056	$	7,741	$	804,120	$	2,154,677

The Company defines its exposure to non-agency residential mortgage loans as follows. Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 680 or lower. 28% of the Company’s investments in Alt-A related mortgage-backed securities are rated investment grade by at least one NRSRO. 37% of the Company’s investments in subprime related mortgage-backed securities are rated triple-A by at least one NRSRO. In 2010, the Company recorded other-than-temporary impairment charges of $23.0 million, $50.5 million, and $11.4 million on securities backed by prime, Alt-A and subprime loans, respectively. In 2009, the Company recorded other-than-temporary impairment charges of $351.1 million, $241.0 million, and $19.0 million on securities backed by prime, Alt-A and subprime loans, respectively. In 2008, the Company recorded other-than-temporary impairment charges of $47.0 million, $255.0 million, and $7.3 million on securities backed by prime, Alt-A and subprime loans, respectively.

Asset-backed securities also include investments in securities which are collateralized by commercial mortgage loans (“CMBS”). At December 31, 2010, the amortized cost and fair value of the Company’s investment in CMBS was $3.6 billion and $3.8 billion, respectively, of which 99% were rated investment grade by at least one NRSRO. In 2010, the Company recorded other-than-temporary impairment charges of $11.1 million on CMBS. No other-than-temporary impairment charges were recorded on CMBS during 2009 or 2008.

Corporate securities include direct investments in below investment grade syndicated bank loans. Unlike most corporate debentures, syndicated bank loans are collateralized by specific tangible assets of the borrowers. As such, investors in these securities that become impaired have historically experienced less severe losses compared to corporate bonds. At December 31, 2010, the amortized cost and fair value of the Company’s direct investments in bank loans were $115.1 million and $118.5 million, respectively.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

The following table summarizes the number of securities, fair value and the related amount of gross unrealized losses aggregated by investment category and length of time that individual fixed maturity investments have been in a continuous loss position (in thousands):

	December 31, 2010						December 31, 2009

	Less than 12 months						Less than 12 months
	Gross						Gross
	Unrealized				# of		Unrealized				# of
	Losses		Fair Value		securities		Losses		Fair Value		securities
Government securities	$	3,007	$	480,177		3	$	17,280	$	605,607		3
Public utilities		10,655		264,765		19		7,704		286,119		25
Corporate securities		81,721		2,936,548		176		56,900		2,306,980		238
Residential mortgage-backed		4,255		112,509		23		220,138		1,724,086		158
Commerical mortgage-backed		4,152		203,927		18		25,716		320,072		45
Other asset-backed securities		2,923		146,656		17		122,857		573,973		49
Total temporarily impaired
securities	$	106,713	$	4,144,582		256	$	450,595	$	5,816,837		518

	12 months or longer						12 months or longer
	Gross						Gross
	Unrealized				# of		Unrealized				# of
	Losses		Fair Value		securities		Losses		Fair Value		securities
Government securities	$	-	$	-		-	$	-	$	-		-
Public utilities		1,383		6,941		2		8,308		60,565		11
Corporate securities		61,663		491,829		61		307,576		2,894,472		314
Residential mortgage-backed		327,854		1,590,392		173		590,339		1,365,474		190
Commerical mortgage-backed		59,031		145,344		31		302,268		1,552,264		135
Other asset-backed securities		163,635		442,578		81		256,261		466,000		95
Total temporarily impaired
securities	$	613,566	$	2,677,084		348	$	1,464,752	$	6,338,775		745

	Total						Total
	Gross						Gross
	Unrealized				# of		Unrealized				# of
	Losses		Fair Value		securities		Losses		Fair Value		securities
Government securities	$	3,007	$	480,177		3	$	17,280	$	605,607		3
Public utilities		12,038		271,706		21		16,012		346,684		36
Corporate securities		143,384		3,428,377		237		364,476		5,201,452		552
Residential mortgage-backed		332,109		1,702,901		196		810,477		3,089,560		348
Commerical mortgage-backed		63,183		349,271		49		327,984		1,872,336		180
Other asset-backed securities		166,558		589,234		98		379,118		1,039,973		144
Total temporarily impaired
securities	$	720,279	$	6,821,666		604	$	1,915,347	$	12,155,612		1,263

Other-Than-Temporary Impairments on Available For Sale Securities

The Company periodically reviews its available for sale fixed maturities and equities on a case-by-case basis to determine if any decline in fair value to below cost or amortized cost is other-than-temporary. Factors considered in determining whether a decline is other-than-temporary include the length of time a security has been in an unrealized loss position, the severity of the unrealized loss and the reasons for the decline in value, and expectations for the amount and timing of a recovery in fair value.

Securities the Company determines are underperforming or potential problem securities are subject to regular review. To facilitate the review, securities with significant declines in value, or where other objective criteria evidencing credit deterioration have been met, are included on a watch list. Among the criteria for securities to be

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

included on a watch list are: credit deterioration that has led to a significant decline in fair value of the security; a significant covenant related to the security has been breached; or an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness.

In performing these reviews, the Company considers the relevant facts and circumstances relating to each investment and exercises considerable judgment in determining whether a security is other-than-temporarily impaired. Assessment factors include judgments about an obligor’s current and projected financial position, an issuer’s current and projected ability to service and repay its debt obligations, the existence of, and realizable value of, any collateral backing the obligations and the macro-economic and micro-economic outlooks for specific industries and issuers. This assessment may also involve assumptions regarding underlying collateral such as prepayment rates, default and recovery rates, and third-party servicing capabilities.

Among the specific factors considered are whether the decline in fair value results from a change in the credit quality of the security itself, or from a downward movement in the market as a whole, and the likelihood of recovering the carrying value based on the near-term prospects of the issuer. Unrealized losses that are considered to be primarily the result of market conditions (e.g., minor increases in interest rates, temporary market illiquidity or volatility, or industry-related events) are usually determined to be temporary, and where the Company also believes there exists a reasonable expectation for recovery in the near term. To the extent that factors contributing to impairment losses recognized affect other investments, such investments are also reviewed for other-than-temporary impairment and losses are recorded when appropriate.

In addition to the review procedures described above, investments in asset-backed securities where market prices are depressed are subject to a review of their future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against third-party sources.

Even in the case of severely depressed market values on asset-backed securities, the Company places significant reliance on the results of its cash flow testing and its lack of an intent to sell these securities until their fair values recover when reaching other-than-temporary impairment conclusions with regard to these securities. Other-than-temporary impairment charges are recorded on asset-backed securities when the Company forecasts a contractual payment shortfall.

Prior to January 1, 2009, Jackson generally recognized an other-than-temporary impairment on debt securities in an unrealized loss position when Jackson did not expect full recovery of amortized cost or did not have the intent and ability to hold such securities until they had fully recovered their amortized cost. The recognition of other-than-temporary impairments in reporting periods prior to January 1, 2009 captured the entire difference between the amortized cost and fair value with this difference being recorded in net income and a corresponding decrease to the amortized cost of the security.

Effective January 1, 2009, Jackson began recognizing other-than-temporary impairments on debt securities in an unrealized loss position when any one of the following circumstances exists:

·	The Company does not expect full recovery of the amortized cost based on the discounted cash flows estimated to be collected;

·	The Company intends to sell a security; or,

·	It is more likely than not that the Company will be required to sell a security prior to recovery.

For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities

through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment speeds, default rates and loss severity.

These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate.

Effective January 1, 2009, other-than-temporary impairments are calculated as the difference between amortized cost and fair value. For other-than-temporarily impaired securities where Jackson does not intend to sell the security and it is not more likely than not that Jackson will be required to sell the security prior to recovery, total other-than-temporary impairments are reduced by the non-credit portion of the other-than-temporary impairments, which are recognized in other comprehensive income. The resultant net other-than-temporary impairments recorded in net income reflect the credit loss on the other-than-temporarily impaired securities. The amortized cost of the other-than-temporarily impaired securities is reduced by the amount of this credit loss.

For securities that were deemed to be other-than-temporarily impaired and for which a non-credit loss was recorded in other comprehensive income, the amount recorded as an unrealized gain (loss) represents the difference between the fair value and the new amortized cost basis of the securities. The unrealized gain (loss) on other-than-temporarily impaired securities is recorded in other comprehensive income.

The following table summarizes net realized investment gains (losses) for the periods indicated (in thousands):

	2010			2009			2008
Available-for-sale securities
Realized gains on sale	$	440,843		$	464,044		$	58,059
Realized losses on sale		(356,080	)		(209,720	)		(347,601	)
Impairments:
Total other-than-temporary impairments		(319,977	)		(1,196,893	)		(913,692	)
Portion of other-than-temporary impairments
included in other comprehensive income		176,719			422,186			-
Net other-than-temporary impairments		(143,258	)		(774,707	)		(913,692	)
Transfer to trading portfolio		-			(87,491	)		-
Other		3,000			(4	)		-
Net realized losses on investments	$	(55,495	)	$	(607,878	)	$	(1,203,234	)

Included in net realized losses on investments are impairment charges on other invested assets of $5.0 million in 2010 and on equities of $84.6 million in 2008. There were no such impairment charges in 2009.

The aggregate fair value of securities sold at a loss for the years ended December 31, 2010, 2009 and 2008 was $1,926.7 million, $1,334.7 million and $1,795.5 million, respectively, which was approximately 84%, 86% and 84% of book value, respectively.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

The following summarizes the current year activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and the non-credit portion of the other-than-temporary impairment was included in other comprehensive income (in thousands):

	For the years ending December 31,
	2010			2009
Cumulative credit loss beginning balance	$	1,062,190		$	-
Adoption of new accounting guidance related to other-than-temporary impairments		-			547,558
Additions:
New credit losses		61,354			572,104
Incremental credit losses		76,904			202,603
Reductions:
Securities sold, paid down or disposed of		(502,078	)		(260,075	)
Cumulative credit loss ending balance	$	698,370		$	1,062,190

There are inherent uncertainties in assessing the fair values assigned to the Company’s investments and in determining whether a decline in fair value is other-than-temporary. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the consolidated financial statements, unrealized losses currently reported in accumulated other comprehensive income may be recognized in the consolidated income statements in future periods.

The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss.

Commercial Mortgage Loans

Commercial mortgage loans of $5.7 billion and $6.0 billion at December 31, 2010 and 2009, respectively, are reported net of an allowance for loan losses of $33.2 million and $14.2 million at each date, respectively. At December 31, 2010, commercial mortgage loans were collateralized by properties located in 41 states. Jackson’s commercial mortgage loan portfolio does not include single-family residential mortgage loans, and is therefore not exposed to the risk of defaults associated with residential subprime mortgage loans. Jackson periodically reviews these loans for impairment and, during 2010 and 2009, recognized impairment charges of $17.7 million and $13.8 million, respectively. There were no such impairment charges in 2008.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

The following table provides a summary of the allowance for losses in Jackson's commercial mortgage loan portfolio at December 31, 2010 and 2009 (in thousands):

Allowance for loan losses:	2010			2009
Balance at beginning of year	$	14,246		$	15,987
Charge-offs		(17,717	)		(13,750	)
Recoveries		-			-
Net charge-offs		(17,717	)		(13,750	)
Provision for loan losses		36,661			12,009
Balance at end of year	$	33,190		$	14,246

The table below illustrates the delinquency status and accrual status of Jackson's commercial mortgage loan holdings as of December 31, 2010 and 2009 (in thousands). Delinquency status is determined from the date of the first missed contractual payment.

	Accruing
			Less than		60 days to		90 days
			60 days		90 days		or more		Total		Non-
	Current		delinquent		delinquent		delinquent		accruing		accrual		Total
2010	$	5,627,862	$	57,078	$	-	$	-	$	5,684,940	$	15,425	$	5,700,365
2009		5,966,747		-		-		16,824		5,983,571		-		5,983,571

During 2010, Jackson reduced interest income by $0.4 million on commercial mortgage loans that had been placed on non-accrual. There were no comparable reductions during 2009.

Under Jackson's policy for monitoring commercial mortgage loans, all impaired commercial mortgage loans continue to carry some level of allowance subsequent to impairment. The table below illustrates the unpaid balance, net carrying amount, related loan allowance, average recorded investment and interest income recognized on impaired loans during 2010 and 2009 (in thousands):

	2010		2009
Unpaid loan balance	$	98,161	$	15,210
Net carrying amount		75,613		10,439
Related loan allowance		4,081		21
Average recorded investment		89,235		13,911
Interest income recognized		3,649		1,051

Securitizations

In 2003, Jackson executed the Piedmont CDO Trust (“Piedmont”) securitization transaction. In this transaction, Jackson contributed $1,159.6 million of asset-backed securities, ultimately to Piedmont, which issued several classes of debt to acquire such securities. The transaction was recorded as a sale; however, Jackson retained beneficial interests in the contributed asset-backed securities of approximately 80% by acquiring certain securities issued by Piedmont. Prior to 2010, Piedmont, a qualified special purpose entity, was not consolidated by Jackson.

In 2010, ASC 2009-16 eliminated the qualifying special-purpose entity exemption for consolidation. Since Jackson was deemed to be the primary beneficiary of Piedmont, consolidation of Piedmont is now required.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

Effective January 1, 2010, as a result of adoption of ASC 2009-16, the Company recorded a decrease in retained earnings of $48.2 million upon consolidation of Piedmont. As a result of this consolidation and after elimination, at December 31, 2010, Piedmont’s assets of $463.9 million and liabilities to external parties of $26.2 million are included in Jackson’s financial statements. At the date of adoption, Jackson also elected to carry the assets and liabilities in the Piedmont trust at fair value, with changes in fair value reflected in the consolidated income statement. The creditors of Piedmont do not have recourse to the general credit of Jackson.

In 2001, Jackson executed the Morgan Stanley Dean Witter Capital I, Series 2001-PPM (“MSDW”) securitization transaction. Jackson contributed commercial mortgages with a total principal amount of $623.6 million to MSDW and retained beneficial interest. Prior to 2010, MSDW, a qualified special purpose entity, was not consolidated by Jackson.

Effective January 1, 2010, as a result of adoption of ASC 2009-16, the Company was deemed to be the primary beneficiary of MSDW and, therefore, now consolidates MSDW. The Company recorded an increase in retained earnings of $8.0 million due to the consolidation of MSDW. As a result of this consolidation and after elimination, at December 31, 2010, MSDW’s assets of $80.6 million and liabilities to external parties of $14.7 million are included in Jackson’s consolidated financial statements. The creditors of MSDW do not have recourse to the general credit of Jackson.

Other Invested Assets

Other invested assets primarily include investments in limited partnerships and real estate. Investments in limited partnerships have carrying values of $865.8 million and $704.7 million at December 31, 2010 and 2009, respectively. Real estate totaling $152.8 million and $136.9 million at December 31, 2010 and 2009, respectively, includes foreclosed properties with a book value of $13.8 million and $13.6 million, respectively.

Limited Purpose Enhanced Return Entities (“SERVES”)

In 2001, Jackson acquired a $71.3 million debt interest in a limited purpose entity, SERVES 2001-6 (“SERVES 2”) formed to pass through leveraged investment returns based on the performance of an underlying reference pool of syndicated bank loans totaling up to $400.0 million. Jackson’s interest represented 95% of the capital structure of the entity. Based on the Company’s initial analysis, it concluded that SERVES 2 was a VIE and that the Company was the primary beneficiary. At December 31, 2009, the underlying assets of $48.2 million and net liabilities of $4.0 million were included in Jackson’s consolidated financial statements. SERVES 2 was liquidated on August 12, 2010.

In 2004, Jackson acquired a $47.5 million debt interest in a limited purpose entity, SERVES 2004-1 (“SERVES 3”), formed to pass through leveraged investment returns based on the performance of an underlying reference pool of syndicated bank loans totaling up to $300.0 million. Jackson’s interest represented 95% of the capital structure of the entity. Based on the Company’s initial analysis, it concluded that SERVES 3 was a VIE and that the Company was not the primary beneficiary. Thus, the Company’s investment was reported at the fair value of this debt instrument.

During 2008, Jackson entered into “Option Put and Forbearance Agreements” with the counterparty to the SERVES 3 entity in exchange for the counterparty forbearing its right to initiate forced liquidation of the entity under certain market value triggers. During 2009, Jackson entered into revised forbearance agreements with this counterparty. The support provided by the agreement at December 31, 2010 could potentially expose Jackson to maximum losses of $227.5 million, if circumstances allowed the forbearance period to cease. Jackson believes that, so long as the forbearance period continues, the risk of loss under the agreement is remote.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

As a result of the additional exposure to SERVES 3 upon entering into the “Option Put and Forbearance Agreement”, Jackson determined during 2008 that it is the primary beneficiary of SERVES 3 and, accordingly, consolidated SERVES 3 in its financial statements. As a result of this consolidation, Jackson recognized an extraordinary loss of $8.6 million in 2008, as the value of the net assets held by SERVES 3 were lower than the value of Jackson’s previous net holdings in SERVES 3. The accompanying consolidated financial statements include the underlying assets of $42.8 million and $48.8 million and net liabilities of $8.4 million and $29.8 million in 2010 and 2009, respectively, of this entity. The creditors of SERVES 3 do not have recourse to the general credit of Jackson.

In 2008, Jackson acquired $40.0 million of debt interests in a limited purpose entity, SERVES 2006-1 (“SERVES 4”), formed to pass through leveraged investment returns based on the performance of an underlying reference pool of syndicated bank loans totaling up to $500.0 million. At the acquisition date, the Company performed an analysis, which produced return scenarios based on various assumptions for the reference pool, including spread income, default and recovery ratios, and holding period appreciation/depreciation, to determine whether the structure was a variable interest entity and, if so, whether Jackson was the primary beneficiary. Based on the results of this analysis, the Company concluded that SERVES 4 was a VIE and that Jackson was not the primary beneficiary. Thus, the Company’s investment is reported at the fair value of this debt instrument.

During 2009, Jackson entered into a forebearance agreement related to SERVES 4 similar to the agreement described above. As a result of this forebearance agreement, Jackson’s maximum loss under SERVES 4 is $292.4 million. Jackson believes that, so long as the forbearance period continues, the risk of loss under the agreement is remote. At the date of this forebearance agreement, Jackson reevaluated the entity and confirmed that Jackson is not the primary beneficiary of SERVES 4.

Securities Lending

The Company has entered into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of December 31, 2010 and 2009, the estimated fair value of loaned securities was $56.7 million and $83.3 million, respectively. The agreements require a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis. To further minimize the credit risks related to this program, the financial condition of counterparties is monitored on a regular basis. At December 31, 2010 and 2009, cash collateral received in the amount of $58.1 million and $34.2 million, respectively, was invested by the agent bank and included in short-term investments of the Company. Additionally, $52.2 million of non-cash collateral was received in 2009. A securities lending payable is included in liabilities for the amount of cash collateral received.

Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as net investment income.

Investment Income

The sources of net investment income were as follows (in thousands):

	Years ended December 31,
	2010			2009			2008
Fixed maturities	$	2,258,099		$	2,242,491		$	2,283,388
Commercial mortgage loans		285,123			330,194			347,483
Limited partnerships		69,250			(89,829	)		10,618
Other investment income		124,630			158,717			85,555
Total investment income		2,737,102			2,641,573			2,727,044
Less investment expenses		(72,147	)		(63,779	)		(64,945	)
Net investment income	$	2,664,955		$	2,577,794		$	2,662,099

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

4. Investments (continued)

During 2010, 2009 and 2008, $65.5 million, $57.2 million and $(85.7) million of investment income (loss) was recognized on trading securities held at December 31, 2010, 2009 and 2008, respectively. During 2010, $54.7 million of investment income was recognized on securities carried at fair value with changes in value recorded through the income statement.

5. Derivative Instruments

Jackson’s business model includes the acceptance, monitoring and mitigation of risk. Specifically, Jackson considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals. Jackson’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, derivatives are carried at fair value with changes recorded in income.

Cross-currency swaps, which embody spot and forward currency swaps and, in some cases, interest rate and equity index swaps, are entered into for the purpose of hedging the Company issued foreign currency denominated trust instruments supported by funding agreements. Cross-currency swaps serve to hedge derivatives embedded in the funding agreements and are carried at fair value. The fair value of derivatives embedded in funding agreements, as well as unrealized foreign currency translation gains and losses, are included in the carrying value of the trust instruments supported by funding agreements. Foreign currency translation gains and losses associated with funding agreement hedging activities are included in risk management activity.

Credit default swaps, with maturities up to five years, are agreements under which the Company has purchased default protection on certain underlying corporate bonds held in its portfolio. These contracts allow the Company to sell the protected bonds at par value to the counterparty if a defined “default event” occurs, in exchange for periodic payments made by the Company for the life of the agreement. Credit default swaps are carried at fair value. The Company does not currently sell default protection using credit default swaps or other similar derivative instruments.

Spread cap options, with maturities of up to five years, are used as a macro-economic hedge against declining short-term interest rates. Jackson receives quarterly settlements based on the spread between the 2-year and the 10-year constant maturity swap rates in excess of a specified spread. Spread cap options are carried at fair value.

Put-swaption contracts provide the purchaser with the right, but not the obligation, to require the writer to pay the present value of a long-term interest rate swap at future exercise dates. The Company purchases and writes put-swaptions for hedging purposes with original maturities of up to 10 years. On a net basis, put-swaptions hedge against significant upward movements in interest rates. Written put-swaptions are entered into in conjunction with associated put-swaptions purchased from the same counterparties (“linked put-swaptions”). Linked put-swaptions have identical notional amounts and strike prices, but have different underlying swap terms. Due to the right of offset, linked put-swaptions are presented at the fair value of the net position with each counterparty. Non-linked put-swaptions are carried at fair value.

Equity index futures contracts and equity index options (including various call and put options and put spreads), which are used to hedge the Company’s obligations associated with its index linked annuities and guarantees in variable annuity products, are carried at fair value. These insurance products contain embedded options whose fair value is reported in deposits on investment contracts.

Total return swaps, in which the Company receives equity returns or returns based on reference pools of assets in exchange for short-term floating rate payments based on notional amounts, are held for both hedging and investment purposes, and are carried at fair value.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

5. Derivative Instruments (continued)

Interest rate swap agreements used for hedging purposes generally involve the exchange of fixed and floating payments based on a notional contract amount over the period for which the agreement remains outstanding without an exchange of the underlying notional amount. Interest rate swaps are carried at fair value. During 2010, the Company entered into various interest rate swap transactions to more closely match the overall asset and liability duration.

A summary of the aggregate contractual or notional amounts and fair values of freestanding derivative instruments outstanding were as follows (in thousands):

	December 31, 2010
	Assets				Liabilities
	Contractual/				Contractual/					Net
	Notional		Fair		Notional		Fair			Fair
	Amount (1)		Value		Amount (1)		Value			Value
Cross-currency swaps	$	593,451	$	175,454	$	270,906	$	(34,720	)	$	140,734
Credit default swaps		40,000		372		210,000		(19,730	)		(19,358	)
Equity index call
options		5,502,500		125,641		1,356,897		(462,209	)		(336,568	)
Equity index put
options		12,600,000		215,768		-		-			215,768
Put-swaptions		20,500,000		46,930		6,000,000		(34,387	)		12,543
Equity index futures		-		-		4,228,875		(117,450	)		(117,450	)
Total return swaps		-		-		300,000		(5,831	)		(5,831	)
Interest rate swaps		11,250,000		446,212		13,300,000		(576,480	)		(130,268	)
Total	$	50,485,951	$	1,010,377	$	25,666,678	$	(1,250,807	)	$	(240,430	)

	December 31, 2009
	Assets				Liabilities
	Contractual/				Contractual/					Net
	Notional		Fair		Notional		Fair			Fair
	Amount (1)		Value		Amount (1)		Value			Value
Cross-currency swaps	$	607,855	$	159,011	$	270,906	$	(25,809	)	$	133,202
Credit default swaps		-		-		305,000		(36,359	)		(36,359	)
Equity index call
options		1,241,600		48,811		906,897		(243,174	)		(194,363	)
Equity index put
options		14,650,000		337,777		-		-			337,777
Spread cap options		4,000,000		121,875		-		-			121,875
Put-swaptions		20,500,000		28,718		8,500,000		(4,424	)		24,294
Equity index futures		-		-		2,477,682		(21,393	)		(21,393	)
Total return swaps		400,000		3,679		300,000		(27,230	)		(23,551	)
Interest rate swaps		2,550,000		137,857		6,390,000		(386,825	)		(248,968	)
Total	$	43,949,455	$	837,728	$	19,150,485	$	(745,214	)	$	92,514

(1) With respect to swaps, spread cap options and put-swaptions, the notional amount represents the stated principal balance used as a basis for calculating payments. With respect to futures and options, the contractual amount represents the market exposure of open positions.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

5. Derivative Instruments (continued)

Risk management activity, including gains (losses) and change in fair value of derivative instruments and embedded derivatives, was as follows (in thousands):

	Years ended December 31,
	2010			2009			2008
Interest rate swaps	$	100,830		$	407,233		$	(790,029	)
Put-swaptions		14,848			7,052			(20,493	)
Futures		(537,361	)		(396,329	)		353,607
Equity index call options		(63,733	)		(6,895	)		(103,769	)
Equity index put options		(524,671	)		(792,760	)		760,135
Total return swaps		30,408			74,470			(91,138	)
Spread cap options		13,701			101,520			76,414
Credit default swaps		(2,283	)		(24,990	)		(34,845	)
Fixed index annuity embedded derivatives		(211,684	)		(189,464	)		262,028
Variable annuity embedded derivatives		109,974			(91,917	)		(878,548	)
Risk management activity	$	(1,069,971	)	$	(912,080	)	$	(466,638	)

At December 31, 2010 and 2009, the fair value of Jackson’s net derivative assets by counterparty were $308.3 million and $387.5 million, respectively, and held collateral was $282.3 million and $348.6 million, respectively, related to these agreements. At December 31, 2010 and 2009, the fair value of Jackson’s net derivative liabilities by counterparty were $548.7 million and $294.9 million, respectively, and provided collateral was $484.3 million and $341.4 million, respectively, related to these agreements. All of Jackson’s master swap agreements contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. If all of these provisions had been triggered at December 31, 2010 or 2009, Jackson would have to disburse $38.4 million and been able to claim $85.4 million, respectively, from counterparties. These claims represent the net fair values of gains and losses by counterparty, less collateral held.

6. Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees

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 annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) either a) return of no less than total deposits made to the contract adjusted for any partial withdrawals, b) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, or c) the highest contract value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (GMDB), annuitization (GMIB), at specified dates during the accumulation period (GMWB) or at the end of a specified period (GMAB).

The 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. Liabilities for guaranteed benefits are general account obligations and are reported in policy reserves. Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue. Changes in liabilities for minimum guarantees are reported in increase in reserves, net of reinsurance in the consolidated income statement, with the exception of changes in embedded derivatives, which are included in risk management activity. Separate account net investment income, net investment gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

6. Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)

At December 31, 2010 and 2009, the Company provided variable annuity contracts with guarantees, for which the net amount at risk (“NAR”) is the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions):

					Average
					Period
				Weighted	until
December 31, 2010	Minimum	Account	Net Amount	Average	Expected

		Return			Value		at Risk		Attained Age	Annuitization
Return of net deposits plus a minimum return
	GMDB		0-6	%	$	39,987.3	$	3,297.3	64.0 years
	GMWB - Premium only		0	%		4,293.0		233.4
	GMWB - For life		0-5	%*		3,124.5		649.5
	GMAB - Premium only		0	%		74.8		1.6
Highest specified anniversary account value minus
withdrawals post-anniversary
	GMDB					5,858.8		730.0	63.3 years
	GMWB - Highest anniversary only					3,147.5		537.3
	GMWB - For life					1,333.7		306.3
Combination net deposits plus minimum return, highest
specified anniversary account value minus
withdrawals post-anniversary
	GMDB		0-6	%		2,767.8		486.9	65.7 years
	GMIB		0-6	%		3,026.4		654.6		5.1 years
	GMWB - For life		0-8	%*		23,525.1		1,052.8

										Average
										Period
									Weighted	until

December 31, 2009

Minimum

Account

Net Amount

Average

Expected

		Return			Value		at Risk		Attained Age	Annuitization
Return of net deposits plus a minimum return
	GMDB		0-6	%	$	27,316.2	$	4,575.9	63.8 years
	GMWB - Premium only		0	%		4,044.6		447.7
	GMWB - For life		0-5	%*		2,002.8		761.1
	GMAB - Premium only		0	%		43.2		3.3
Highest specified anniversary account value minus
withdrawals post-anniversary
	GMDB					4,736.8		1,116.6	62.8 years
	GMWB - Highest anniversary only					2,735.7		800.7
	GMWB - For life					1,310.0		416.7
Combination net deposits plus minimum return, highest
specified anniversary account value minus
withdrawals post-anniversary
	GMDB		0-6	%		2,110.1		620.5	65.1 years
	GMIB		0-6	%		2,930.8		787.8		5.9 years
	GMWB - For life		0-7	%*		11,198.0		916.6

* Ranges shown based on simple interest. The upper limits of 5%, 7%, or 8% simple interest are approximately equal to 4.1%, 5.5%, and 6%, respectively, on a compound interest basis over a typical 10-year bonus period.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

6. Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)

Amounts shown as GMWB ‘for-life’ above include a ‘not-for-life’ component up to the point at which the guaranteed withdrawal benefit is exhausted, after which benefits paid are considered to be ‘for-life’ benefits. The liability related to this ‘not-for-life’ portion is valued as an embedded derivative, while the ‘for-life’ benefits are valued as an insurance liability (see below). For this table, the net amount at risk of the ‘not-for-life’ component is the undiscounted excess of the guaranteed withdrawal benefit over the account value, and that of the ‘for-life’ component is the estimated value of additional life contingent benefits paid after the guaranteed withdrawal benefit is exhausted.

Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions):

	December 31,
Fund type:	2010		2009
Equity	$	37,327.4	$	24,993.8
Bond		5,350.1		3,778.1
Balanced		5,237.9		3,529.8
Money market		705.7		843.8
Total	$	48,621.1	$	33,145.5

GMDB liabilities, before reinsurance, reflected in the general account were as follows (in millions):

	2010			2009			2008
Balance at January 1	$	308.7		$	434.3		$	118.0
Incurred guaranteed benefits		125.7			21.0			392.0
Paid guaranteed benefits		(92.4	)		(146.6	)		(75.7	)
Balance at December 31	$	342.0		$	308.7		$	434.3
Balance at December 31, net of reinsurance	$	342.0		$	308.7		$	301.0

The GMDB liability is determined by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the liability balance through the income statement within reserves, net of reinsurance, if actual experience or other evidence suggests that earlier assumptions should be revised.

The following assumptions and methodology were used to determine the GMDB liability at both December 31, 2010 and 2009 (except where otherwise noted):

1)	Use of a series of deterministic investment performance scenarios, based on historical average market volatility.

2)	Mean investment performance assumption of 8.4% after investment management fees, but before investment advisory fees and mortality and expense charges.

3)	Mortality equal to 80.0% of the Annuity 2000 table.

4)	Lapse rates varying by contract type, duration and degree the benefit is in-the-money and ranging from 0.5% to 49.0%, with an average of 5.0% during the surrender charge period and 11.0% thereafter at December 31, 2010 and 2009.

5)	Discount rate of 8.4%.

Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, with the change in fair value reported in risk management activity. The fair value of these liabilities is determined using stochastic modeling and inputs as further described in Note 3. The GMWB reserve totaled $313.5 million and $437.4 million at December 31, 2010 and 2009, respectively, and was included in reserves for future policy benefits.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

6. Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)

Jackson has also issued certain GMWB products that guarantee payments over a lifetime. Reserves for the portion of these benefits after the point where the guaranteed withdrawal balance is exhausted are calculated as required by ASC 944-20. The reserve calculation uses a series of stochastic investment performance scenarios. Otherwise, the methodology and assumptions used are consistent with those used for calculating the GMDB liability. At December 31, 2010 and 2009, these GMWB reserves totaled $46.5 million and $29.1 million, respectively, and were included in reserves for future policy benefits.

GMAB benefits are offered on some variable annuity plans and issues have been minimal as of December 31, 2010.

The direct GMIB liability is determined at each period end by estimating the expected value of the annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the liability balance through the income statement within reserves, net of reinsurance, if actual experience or other evidence suggests that earlier assumptions should be revised. The assumptions used for calculating the direct GMIB liability at December 31, 2010 and 2009, are consistent with those used for calculating the GMDB liability. At December 31, 2010 and 2009, GMIB reserves before reinsurance totaled $7.5 million and $5.1 million, respectively.

Other Liabilities – Insurance and Annuitization Benefits

The Company has established additional reserves for life insurance business for: universal life (“UL”) plans with secondary guarantees, interest-sensitive life (“ISWL”) plans that exhibit “profits followed by loss” patterns and account balance adjustments to tabular guaranteed cash values on one interest-sensitive life plan. The Company also has a small closed block of two-tier annuities, where different crediting rates are used for annuitization and surrender benefit calculations. A liability is established to cover future annuitization benefits in excess of surrender values. The total liability for this block is the surrender value, plus the ASC 944-20 annuitization reserve.

Liabilities for these benefits have been established according to the methodology prescribed in ASC 944-20, as follows:

	December 31, 2010					December 31, 2009
Benefit Type	Liability (in millions)		Net Amount at Risk (NAR) (in millions)		Weighted Average Attained Age	Liability (in millions)		Net Amount at Risk (NAR) (in millions)		Weighted Average Attained Age
UL insurance benefit *	$	84.9	$	5,850.5	55.7 years	$	46.4	$	5,533.3	55.5 years
Two-tier annuitization		6.2		32.6	63.9 years		6.3		33.3	63.1 years
ISWL account balance
adjustment		66.3		n/a	n/a		61.4		n/a	n/a

* Amounts for the UL benefits are for the total of the plans containing any policies having projected non-zero excess benefits, and thus may include some policies with zero projected excess benefits.

The following assumptions and methodology were used to determine the UL insurance benefit liability at December 31, 2010 and 2009:

1)	Use of a series of deterministic premium persistency scenarios.

2)	Other experience assumptions similar to those used in amortization of deferred acquisition costs.

3)	Discount rates equal to the credited interest rates, approximately 4% to 5% projected.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

6. Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)

The following assumptions and methodology were used to determine the two-tier annuitization benefit liability at December 31, 2010 and 2009:

1)	Use of a series of deterministic scenarios, varying by surrender rate and annuitization rate.

2)	Other experience assumptions similar to those used in amortization of deferred acquisition costs.

3)	Discount rates are equal to credited interest rates, approximately 3% to 4%.

7. Borrowings

The aggregate carrying value of borrowings was as follows (in thousands):

	December 31,
	2010		2009
	Carrying		Carrying
	Value		Value
Surplus notes	$	249,333	$	249,314
Tuscany notes		-		-
Mortgage loans		31,150		33,116
VIE related borrowings		43,322		6,250
FHLBI mortgage loan		15,000		-
Short-term borrowings from Parent		-		-
Total	$	338,805	$	288,680

Due in more than 1 to 5 years	$	58,007
Due after 5 years		280,798
Total	$	338,805

Surplus notes

On March 15, 1997, the Company issued 8.15% Surplus Notes (the “notes”) in the principal amount of $250.0 million due March 15, 2027. The notes were issued pursuant to Rule 144A under the Securities Act of 1933, and are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims.

Under Michigan Insurance law, for statutory reporting purposes, the notes are not part of the legal liabilities of the Company and are considered surplus funds. Payments of interest or principal may only be made with the prior approval of the Commissioner of Insurance of the state of Michigan and only out of surplus earnings which the Commissioner determines to be available for such payments under Michigan insurance law. The notes may not be redeemed at the option of the Company or any holder prior to maturity.

Interest is payable semi-annually on March 15 and September 15 of each year. Interest paid on the notes was $20.4 million in each of 2010, 2009 and 2008.

Mortgage loans

At December 31, 2010 and 2009, certain consolidated real estate VIEs had outstanding mortgage loans with a weighted average interest rate of 4.4% and 7.1%, respectively, with maturities through 2016. Interest paid totaled $2.1 million, $2.2 million and $1.9 million in 2010, 2009 and 2008, respectively.

VIE related borrowings

Certain of the VIEs have “equity” classes issued in the form of non-investment grade debt maturing in 2013 and 2016. Accordingly, these equity classes are classified as notes payable rather than minority interest in the consolidated balance sheets. These notes accrue contingent interest in addition to the stated coupon. The outstanding principal amounts accrued interest at a weighted average interest rate of 5.0% at December 31, 2010 and 2009. Interest paid on the notes in 2010, 2009 and 2008 totaled $8.8 million, $0.4 million and $0.6 million, respectively.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

7. Borrowings (continued)

Additionally, Piedmont and MSDW have issued debt to external parties of $26.2 million and $14.7 million, respectively, maturing in 2012 and 2031, respectively. The outstanding principal amounts accrued interest at a weighted average interest rate of 3.1% at December 31, 2010. Interest paid on the notes totaled $2.6 million in 2010, the only year these VIEs were consolidated in these financial statements.

Federal Home Loan Bank Advances

Jackson is a member of the FHLBI, as described in Note 2, primarily for the purpose of participating in its mortgage-collateralized loan advance program with short-term and long-term funding facilities. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI and are collateralized by CMBS and other structured securities.

In 2010, Jackson received a mortgage loan from the FHLBI, under its community investment program. The loan accrues interest at 1.04% and the outstanding balance was $15.0 million as of December 31, 2010. Jackson did not pay any interest on this mortgage loan during 2010, as the loan was executed in mid-December. At December 31, 2010, the mortgage loan was collateralized by real estate with a carrying value of $17.3 million.

Jackson maintains short-term funding facilities with the FHLBI, securing advances made throughout the year. Interest rates were either fixed or variable and based on the FHLBI cost of funds or market rates. During 2010, Jackson did not utilize its short-term funding facility. In 2009, Jackson’s short-term notes averaged $77.4 million at an average interest rate of 0.3%. Jackson paid interest of $0.3 million and $7.0 million on its short-term notes during 2009 and 2008, respectively.

8. Repurchase Agreements

During 2010 and 2009, the Company entered into repurchase agreements whereby the Company agreed to sell and repurchase securities. These agreements are accounted for as financing transactions, with the assets and associated liabilities included in the consolidated balance sheets. Short-term borrowings under such agreements averaged $289.1 million and $29.3 million during 2010 and 2009, respectively, at weighted average interest rates of 0.2% and 0.2%, respectively. The outstanding balance was $552.5 million as of December 31, 2010. There was no outstanding balance as of December 31, 2009. Interest paid totaled $0.6 million, $0.1 million and $0.2 million in 2010, 2009 and 2008, respectively. The highest level of short-term borrowings at any month end was $552.5 million in 2010 and $250.0 million in 2009.

9.	Reinsurance

The Company assumes and cedes reinsurance from and to other insurance companies in order to limit losses from large exposures; however, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company monitors the financial strength rating of reinsurers on a monthly basis.

The maximum amount of life insurance risk retained by the Company on any one life is generally $2.0 million. Amounts not retained are ceded to other companies on either a yearly renewable-term or a coinsurance basis.

In connection with the purchase of Life of Georgia, Jackson acquired certain lines of business that are wholly ceded to non-affiliates. These include both direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities.

Jackson’s GMIBs are reinsured through an unrelated party and, due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value on the Company’s balance sheets, with changes in fair value recorded in risk management activity.

Jackson also ceded the GMDB coverage associated with certain variable annuities issued prior to 2003 to an affiliate, Prudential Atlantic Reinsurance Company, Dublin, Ireland (“PARC”). PARC is a wholly owned subsidiary of Prudential. Effective December 31, 2009, Jackson terminated the reinsurance agreement, paying a

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

9. Reinsurance (continued)

premium of $30.5 million to settle the experience account as defined in the agreement. The net effect of terminating the reinsurance agreement and recapturing reserves of $265.6 million was a loss of $10.3 million, net of deferred acquisition cost amortization.

The effect of reinsurance on premiums was as follows (in thousands):

	Years ended December 31,
	2010			2009			2008
Direct premiums:
Life	$	273,247		$	289,755		$	314,096
Accident and health		9,058			10,867			13,048
Plus reinsurance assumed:
Life		13,736			15,020			18,830
Accident and health		1,122			1,207			1,273
Less reinsurance ceded:
Life		(123,621	)		(125,084	)		(133,308	)
Accident and health		(10,180	)		(12,074	)		(14,321	)
Guaranteed annuity benefits		(20,641	)		(64,460	)		(29,457	)
Total net premiums	$	142,721		$	115,231		$	170,161

Premiums ceded for guaranteed annuity benefits included $44.4 million and $15.6 million to PARC during 2009 and 2008, respectively. No premium was ceded to PARC in 2010.

Components of the reinsurance recoverable were as follows (in thousands):

	December 31,
	2010		2009
Reserves:
Life	$	874,904	$	851,802
Accident and health		18,966		21,114
Guaranteed minimum income benefits		127,534		141,459
Other annuity benefits		25,184		27,525
Claims liability		40,748		89,595
Other		2,203		1,623
Total	$	1,089,539	$	1,133,118

Included in the reinsurance recoverable were reserves ceded to Brooke Life of $47.7 million and $50.0 million at December 31, 2010 and 2009, respectively. The largest amount ceded to any reinsurer at December 31, 2010 totaled $364.9 million.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

10. Federal Income Taxes

The components of the provision for federal income taxes were as follows (in thousands):

	Years ended December 31,
	2010			2009			2008
Current tax benefit	$	(179,053	)	$	(227,312	)	$	(58,713	)
Deferred tax expense (benefit)		355,790			409,848			(113,368	)

Federal income tax expense (benefit)	$	176,737		$	182,536		$	(172,081	)

The federal income tax provisions differ from the amounts determined by multiplying pretax income attributable to Jackson by the statutory federal income tax rate of 35% for 2010, 2009 and 2008 as follows (in thousands):

	Years ended December 31,
	2010			2009			2008
Income taxes at statutory rate	$	238,858		$	213,748		$	(400,857	)
Dividends received deduction		(56,390	)		(27,331	)		(73,524	)
Deferred tax asset valuation allowance		-			-			302,731
Other		(5,731	)		(3,881	)		(431	)
Federal income tax expense (benefit)	$	176,737		$	182,536		$	(172,081	)

Effective tax rate		25.9	%		29.9	%		15.0	%

Federal income taxes (recovered) paid were $(517.8) million, $(48.6) million and $69.0 million in 2010, 2009 and 2008, respectively. The 2010 tax recovery included $287.7 million due to Internal Revenue Service guidance issued in March 2010 related to the adoption of new statutory reserving requirements for variable annuities in 2009. This new tax guidance required that the tax reserve decrease recognized upon implementation of the transition to the new reserving methodology be amortized over 10 years. Approximately $822.1 million of the additional tax reserve deduction was available to carryback and offset the prior year’s taxable income. For GAAP, this guidance resulted in a current tax recoverable, offset by a decrease in a deferred tax asset, with no impact on total tax expense.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

10. Federal Income Taxes (continued)

The tax effects of significant temporary differences that gave rise to deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2010			2009
Gross deferred tax asset
Difference between financial reporting and the tax basis of:
Policy reserves and other insurance items	$	1,394,786		$	1,238,212
Other-than-temporary impairments and other investment items		202,358			255,863
Deferred compensation		41,498			47,670
Net unrealized losses on available for sale securities		-			152,665
Other, net		144,945			114,307
Total gross deferred tax asset		1,783,587			1,808,717

Gross deferred tax liability
Difference between financial reporting and the tax basis of:
Deferred acquisition costs and sales inducements		(1,796,823	)		(1,618,547	)
Other assets		(96,579	)		(94,282	)
Net unrealized gains on available for sale securities		(543,647	)		-
Other, net		(3,115	)		(6,210	)
Total gross deferred tax liability		(2,440,164	)		(1,719,039	)

Net deferred tax (liability) asset	$	(656,577	)	$	89,678

During 2008, Jackson recorded a valuation allowance, included in deferred tax expense, of $302.7 million against the deferred tax assets related to realized losses and losses on trading securities where management no longer believed that it was more likely than not that the full tax benefit of the losses would be realized. Jackson also recorded a valuation allowance against the deferred tax assets associated with certain equity securities in an unrealized loss position for which recovery in value could not be anticipated. This valuation allowance, which was recorded in other comprehensive income (loss), totaled $16.0 million. During 2009, management determined that it was now more likely than not that the full tax benefit of the losses would be realized. Since the reversal of the valuation allowance was due to unrealized gains emerging in 2009, the valuation allowance was reversed with the offset being credited to other comprehensive income rather than net income.

Realization of Jackson’s deferred tax assets is dependent on generating sufficient taxable income. Although realization is not assured, management believes that it is more likely than not that the results of future operations and investment activity will generate sufficient taxable income to realize gross deferred tax assets.

At December 31, 2010, the Company had no federal tax ordinary loss carryforwards.

At December 31, 2010, the Company had federal tax capital loss carryforwards totaling $24.8 million, which expire on December 31, 2014.

In August 2007, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2007-54 that would have changed accepted industry and IRS interpretations of the statutes governing the computation of the Dividends Received Deduction ("DRD") on separate account assets held in connection with variable annuity and life contracts, but that ruling was suspended by Revenue Ruling 2007-61. Revenue Ruling 2007-61 also announced the Treasury Department's and the IRS's intention to issue regulations with respect to certain computational aspects of the DRD on separate account assets held in connection with variable contracts. Any regulations that the IRS ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other interested parties will have the opportunity to raise legal and practical questions about the

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

10. Federal Income Taxes (continued)

content, scope and application of such regulations. Although regulations that represent a substantial change in an interpretation of the law are generally given a prospective effective date, there is no assurance that the change will not be retrospectively applied. As a result, depending on the ultimate timing and substance of any such regulations, which are unknown at this time, such future regulations could result in the elimination of some or all of the separate account DRD tax benefit that the Company receives. In January 2010, Jackson received a formal Notice of Assessment from the IRS disallowing the separate account DRD for 2003, 2005 and 2006. Jackson did not agree with the assessment and filed a protest with the Appellate Division of the IRS. No reserve has been established for this potential exposure since Jackson believes its position is sustainable. The Company recognized an income tax benefit related to the separate account DRD of $56.4 million, $27.3 million and $73.5 million during 2010, 2009 and 2008, respectively.

At December 31, 2010 and 2009, the Company had no reserve for an unrecognized tax benefit.

The Company has considered both permanent and temporary positions in determining the unrecognized tax benefit rollforward. There were no unrecognized tax benefits that, if recognized, would have affected the effective tax rate at both December 31, 2010 and 2009.

Interest expense totaling $0.8 million related to unrecognized tax benefits is included in income tax expense in the consolidated income statement for 2008 with none in 2010 and 2009. The Company has not recorded any amounts for penalties related to unrecognized tax benefits during 2010, 2009 or 2008.

Based on information available as of December 31, 2010, the Company believes that, in the next 12 months, there are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease. The Company is generally no longer subject to United States federal, state or local income tax examinations by taxing authorities for tax years prior to 2007.

11. Commitments and Contingencies

The Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse affect on the Company's financial condition or results of operations. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers alleging misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and estimable. At December 31, 2010 and 2009, Jackson recorded accruals totaling $29.0 million and $16.0 million, respectively. Additionally, in connection with the purchase of Life of Georgia, Jackson assumed a $9.4 million liability related to a class action lawsuit. This liability has been fully indemnified by ING Groep, N.V. (“ING”) and an indemnification receivable equal to the liability has been recorded in other assets. The liability and indemnification receivable, which are adjusted as claims are reported and payments are made by ING, totaled $0.4 million and $0.6 million at December 31, 2010 and 2009, respectively.

State guaranty funds provide payments for policyholders of insolvent life insurance companies. These guaranty funds are financed by assessing solvent insurance companies based on location, volume and types of business. The Company estimated its reserve for future state guaranty fund assessments based on data received from the National Organization of Life and Health Insurance Guaranty Associations. Based on data received, the Company’s reserve for future state guaranty fund assessments was $24.9 million at the end of both 2010 and 2009. Related premium tax offsets were $14.6 million and $15.7 million at December 31, 2010 and 2009, respectively. While Jackson cannot predict the amount and timing of any future assessments, the Company believes the reserve is adequate for all anticipated payments for known insolvencies.

At December 31, 2010, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $568.0 million. At December 31, 2010, unfunded fixed-rate commercial mortgage loan commitments totaled $137.3 million.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

11. Commitments and Contingencies (continued)

The Company leases office space, land and equipment under several operating leases that expire at various dates through 2051. Certain leases include escalating lease rates, lease abatements and other incentives and, as a result, at December 31, 2010, Jackson recorded a liability of $7.9 million for future lease payments. Lease expense was $22.3 million, $20.6 million and $22.7 million in 2010, 2009 and 2008, respectively. At December 31, 2010, future minimum payments under these noncancellable operating leases were as follows (in thousands):

2011	$	9,741
2012		11,518
2013		12,119
2014		10,528
2015		10,086
Thereafter		30,414
Total	$	84,406

12. Statutory Accounting Capital and Surplus

Under Michigan Insurance Law, dividends on capital stock can only be distributed out of earned surplus, adjusted to exclude any unrealized capital gains and the effect of permitted practices, unless the Commissioner approves the dividend prior to payment. At December 31, 2010, the adjusted earned surplus of Jackson National Life Insurance Company was $562.8 million. Furthermore, without the prior approval of the Commissioner, dividends are also subject to restrictions relating to statutory surplus and/or statutory earnings. The maximum dividend which can be paid in 2011, subject to the availability of earned surplus, without prior approval of the Commissioner is $769.6 million.

The Company received capital contributions from its parent of $150.1 million, $592.4 million and $34.1 million in 2010, 2009 and 2008, respectively. The capital contributions included $20.1 million, $21.4 million and $34.1 million in 2010, 2009 and 2008, respectively, from Brooke Life’s forgiveness of intercompany tax liabilities. Dividend payments from the Company to its parent were $275.0 million, $250.0 million and $313.1 million in 2010, 2009 and 2008, respectively.

Statutory capital and surplus of the Company, as reported in its Annual Statement, was $4.4 billion and $4.0 billion at December 31, 2010 and 2009, respectively. Statutory net income (loss) of the Company, as reported in its Annual Statement, was $769.6 million, $373.6 million and $(623.4) million in 2010, 2009 and 2008, respectively.

The Commissioner has granted Jackson a permitted practice that allows Jackson to carry interest rate swaps at book value, as if statutory hedge accounting were in place, instead of at fair value as would have been otherwise required. Jackson is required to demonstrate the effectiveness of its interest rate swap program pursuant to the Michigan Insurance Code. This permitted practice expires on October 1, 2011. At December 31, 2010 and 2009, the effect of the permitted practice increased statutory surplus by $130.3 million and $188.4 million, respectively. The permitted practice had no impact on statutory net income.

13.	Other Related Party Transactions

The Company's investment portfolio is managed by PPM America, Inc. (“PPMA”), a registered investment advisor, and PPM Finance, Inc. (collectively, “PPM”). PPM is ultimately a wholly owned subsidiary of Prudential. The Company paid $37.2 million, $36.8 million and $35.9 million to PPM for investment advisory services during 2010, 2009 and 2008, respectively.

National Planning Holdings, Inc. (“NPH”), Jackson’s affiliated broker-dealer network, distributes products issued by Jackson and receives commissions and fees from Jackson. Commissions and fees paid by Jackson to NPH during 2010, 2009 and 2008 totaled $85.7 million, $76.7 million and $57.4 million, respectively.

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2010

13.	Other Related Party Transactions (continued)

Jackson has entered into shared services administrative agreements with both, NPH and PPMA. Under the shared services administrative agreements, Jackson charged $6.2 million, $4.5 million and $5.1 million of certain management and corporate services costs to these affiliates in 2010, 2009 and 2008, respectively.

Jackson provides a $40.0 million revolving credit facility to PPMA. The loan is unsecured, matures in September 2013, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum. There was no balance outstanding at December 31, 2010 or 2009. The highest outstanding loan balance during 2010 and 2009 was $21.0 million and $10.0 million, respectively. During 2010, 2009 and 2008, interest and commitment fees totaled $0.2 million, $0.1 million and $0.2 million, respectively.

Jackson provides a $20.0 million revolving credit facility to Brooke Holdings, LLC, an upstream holding company. The loan is unsecured, matures in June 2014, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum. There was $7.0 million outstanding at December 31, 2010. The highest outstanding loan balance during 2010 and 2009 was $7.0 million and $1.4 million, respectively. Interest and commitment fees totaled $0.1 million and $35 thousand during 2010 and 2009, respectively.

Jackson provides, through its PGDS subsidiary, information technology services to certain Prudential affiliates. Jackson recognized $20.1 million, $19.2 million and $10.4 million of revenue associated with these services during 2010, 2009 and 2008, respectively. This revenue is included in other income in the accompanying consolidated income statement. This revenue is substantially equal to the costs incurred by PGDS to provide the services, which are reported in general and administrative expenses in the consolidated income statements.

14.	Benefit Plans

The Company has a defined contribution retirement plan covering substantially all employees and certain affiliates. To be eligible to participate in the Company’s contribution, an employee must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary. In addition, the employee must be employed on the applicable January 1 or July 1 entry date. The Company's annual contributions, as declared by the board of directors, are based on a percentage of eligible compensation paid to participating employees during the year. In addition, the Company matches a participant’s elective contribution, up to 6 percent of eligible compensation, to the plan during the year. The Company’s expense related to this plan was $17.4 million, $16.3 million and $12.1 million in 2010, 2009 and 2008, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for certain agents and employees. At December 31, 2010 and 2009, the liability for such plans totaled $119.2 million and $136.3 million, respectively, and is reported in other liabilities. Jackson invests general account assets in selected mutual funds in amounts similar to participant elections as a hedge against significant movement in the payout liability. The Company’s expense (income) related to these plans, including a match of elective deferrals for the agents’ deferred compensation plan, was $22.5 million, $34.8 million and $(54.6) million in 2010, 2009 and 2008, respectively. Investment income (expense) from the mutual funds totaled $15.5 million, $27.1 million and $(62.9) million in 2010, 2009 and 2008, respectively.

PART C

OTHER INFORMATION

Item 24. Financial Statements and Exhibits

(a) Financial Statements:

(1) Financial statements and schedules included in Part A:

Not Applicable.

(2) Financial statements and schedules included in Part B -

Jackson National Separate Account - I:

Report of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities as of December 31, 2010

Statements of Operations for the period ended December 31, 2010

Statements of Changes in Net Assets for the periods ended December 31, 2010 and 2009

Notes to Financial Statements

Jackson National Life Insurance Company:

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2010 and 2009

Consolidated Income Statements for the years ended December 31, 2010, 2009, and 2008

Consolidated Statements of Stockholder's Equity and Comprehensive Income for the years ended

December 31, 2010, 2009, and 2008

Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009, and 2008

Notes to Consolidated Financial Statements

(b) Exhibits

Exhibit Description

No.

1.	Resolution of Depositor's Board of Directors authorizing the establishment of the Registrant, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 9 filed on April 21, 1999 (File Nos. 033-82080 and 811-08664).

2.	Not Applicable.

3.	Amended and Restated General Distributor Agreement dated June 1, 2006, incorporated herein by reference to the Registrant's Registration Statement filed on August 10, 2006 (File Nos. 333-136472 and 811-08664).

a.	Specimen of Tax Sheltered Annuity Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on December 19, 2001 (File Nos. 333-70472 and 811-08664).

b.	Specimen of Retirement Plan Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 filed on December 19, 2001 (File Nos. 333-70472 and 811-08664).

c.	Specimen of Earnings Protection Benefit Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on November 21, 2001 (File Nos. 333-73850 and 811-08664).

d.	Specimen of Individual Retirement Annuity Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on August 19, 2004 (File Nos. 333-118368 and 811-08664).

e.	Specimen of Roth IRA Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on August 19, 2004 (File Nos. 333-118368 and 811-08664).

f.	Specimen of Charitable Remainder Trust Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment filed on December 23, 2004 (File Nos. 333-11368 and 811-08664).

g.	Specimen of the Highest Quarterly Anniversary Value Guaranteed Minimum Death Benefit (HQAV) Endorsement (7595 04/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 67, filed on April 2, 2009 (File Nos. 333-70472 and 811-08664).

h.	Specimen of the [5%] Roll-Up Guaranteed Minimum Death Benefit Endorsement (7596 04/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 67, filed on April 2, 2009 (File Nos. 333-70472 and 811-08664).

i.	Specimen of the Combination [5%] Roll-Up and Highest Quarterly Anniversary Value Guaranteed Minimum Death Benefit Endorsement (7597 04/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No.67, filed on April 2, 2009 (File Nos. 333-70472 and 811-08664).

j.	Specimen of the [6%] Roll-Up Guaranteed Minimum Death Benefit Endorsement (7598 04/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 67, filed on April 2, 2009 (File Nos. 333-70472 and 811-08664).

k.	Specimen of the Combination [6%] Roll-Up and Highest Quarterly Anniversary Value Guaranteed Minimum Death Benefit Endorsement (7599 04/09), incorporated herein by reference to the Registrant's Post-Effective Amendment No.67, filed on April 2, 2009 (File Nos. 333-70472 and 811-08664).

l.	Specimen of the Reduced Administration Charge Endorsement (7536 09/09), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 71, filed on September 24, 2009 (File Nos. 333-70472 and 811-08664).

m.	Specimen of the [2%] Contract Enhancement Endorsement (7567 12/09), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

n.	Specimen of the [3%] Contract Enhancement Endorsement (7568 12/09), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

o.	Specimen of the [4%] Contract Enhancement Endorsement (7569 12/09), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

p.	Specimen of the [5%] Contract Enhancement Endorsement (7570 12/09), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

q.	Specimen of the Guaranteed Minimum Withdrawal Benefit With [5] Year Step-Up (SafeGuard Max) Endorsement (7633 05/10), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

Specimen of For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up and Earnings-Sensitive Withdrawal Amount (LifeGuard Freedom 6 Net), Endorsement (7619 05/10), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

Specimen of Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up and Earnings-Sensitive Withdrawal Amount (LifeGuard Freedom 6 Net with Joint Option) Endorsement (7620 05/10), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 80, filed on April 30, 2010 (File Nos. 333-70472 and 811-08664).

t.	Specimen of the Perspective II Fixed and Variable Annuity Contract, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

u.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [5%] Bonus and Annual Step-Up (7640 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

v.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [5%] Bonus and Annual Step-Up to the Highest Quarterly Contract Value (7641 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

w.	Specimen of Joint For Life Guaranteed Minimum Withdrawal Benefit With [5%] Bonus and Annual Step-Up (7642 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

Specimen of Joint For Life Guaranteed Minimum Withdrawal Benefit With [5%] Bonus and Annual Step-Up to the Highest Quarterly Contract Value (7643 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

y.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [6%] Bonus and Annual Step-Up (7646 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

z.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [6%] Bonus and Annual Step-Up to the Highest Quarterly Contract Value (7647 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

aa.	Specimen of Joint For Life Guaranteed Minimum Withdrawal Benefit With [6%] Bonus and Annual Step-Up (7648 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

bb.

Specimen of Joint For Life Guaranteed Minimum Withdrawal Benefit With [6%] Bonus and Annual Step-Up to the Highest Quarterly Contract Value (7649 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

cc.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [6%] Bonus, Annual Step-Up and Death Benefit (7650 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

dd.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [7%] Bonus and Annual Step-Up (7652 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

ee.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [7%] Bonus and Annual Step-Up to the Highest Quarterly Contract Value (7653 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

ff.	Specimen of Joint For Life Guaranteed Minimum Withdrawal Benefit With [7%] Bonus and Annual Step-Up (7654 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

gg.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit With [8%] Bonus and Annual Step-Up (7656 10/10), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 88, filed on October 5, 2010 (File Nos. 333-70472 and 811-08664).

hh.	Specimen of [6%] Contract Enhancement Endorsement (7665 05/11), incorporated herein by reference to the Registrant's Post-Effective Amendment No. 89, filed on November 18, 2010 (File Nos. 333-70472 and 811-08664).

ii.	Specimen of [5%] Guaranteed Minimum Withdrawal Benefit with Annual Step-Up Endorsement (7659 05/11), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 91, filed on January 18, 2011 (File Nos. 333-70472 and 811-08664).

jj.	Specimen of [6%] Guaranteed Minimum Withdrawal Benefit with Annual Step-Up Endorsement (7660 05/11), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 91, filed on January 18, 2011 (File Nos. 333-70472 and 811-08664).

kk.	Specimen of For Life Guaranteed Minimum Withdrawal Benefit with Annual Step-Up and Transfer of Assets Endorsement (7667 05/11), incorporated herein by reference to the Registrant’s Post-effective Amendment No. 91, filed on January 18, 2011 (File Nos. 333-70472 and 811-08664).

ll.	Specimen of 4 Year Withdrawal Charge Schedule Endorsement, incorporated herein by reference to the Registrant’s Registration Statement, filed on March 1, 2006 (File Nos. 333-132128 and 811-08664).

5.	Form of the Perspective II Variable and Fixed Annuity Application, attached hereto.

a.	Articles of Incorporation of Depositor, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

b.	By-laws of Depositor, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

7. Not applicable.

8. Not Applicable.

9. Opinion and Consent of Counsel, attached hereto.

10.	Consent of Independent Registered Public Accounting Firm, attached hereto.

11. Not Applicable.

12. Not Applicable.

Item 25. Directors and Officers of the Depositor

Name and Principal Business Address	Positions and Offices with Depositor

Richard D. Ash	Vice President - Actuary & Appointed Actuary
1 Corporate Way
Lansing, MI 48951

James P. Binder	Senior Vice President & Treasurer
1 Corporate Way
Lansing, MI 48951

Steve P. Binioris	Vice President
1 Corporate Way
Lansing, MI 48951

Michele Binkley	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Dennis Blue	Vice President
1 Corporate Way
Lansing, MI 48951

Barrett Bonemer	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Jeff Borton	Vice President
1 Corporate Way
Lansing, MI 48951

Pamela L. Bottles	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

John H. Brown	Vice President
1 Corporate Way
Lansing, MI 48951

Teresa L. Caldwell	Senior Vice President
1 Corporate Way
Lansing, MI 48951

James Carter	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Joseph Mark Clark	Senior Vice President & Chief Information Officer
1 Corporate Way
Lansing, MI 48951

Michael A. Costello	Vice President
1 Corporate Way
Lansing, MI 48951

James B. Croom	Vice President
1 Corporate Way
Lansing, MI 48951

George D. Daggett	Assistant Vice President & Illustration Officer
7601 Technology Way
Denver, CO 80237

Tony L. Dowling	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Lisa C. Drake	Senior Vice President & Chief Actuary
1 Corporate Way
Lansing, MI 48951

Phillip Brian Eaves	Vice President
1 Corporate Way
Lansing, MI 48951

Charles F. Field	Vice President
1 Corporate Way
Lansing, MI 48951

Terence M. Finan	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Dana Malesky Flegler	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Robert A. Fritts	Senior Vice President & Controller
1 Corporate Way
Lansing, MI 48951

Patrick W. Garcy	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

James D. Garrison	Vice President
1 Corporate Way
Lansing, MI 48951

Julia A. Goatley	Vice President & Assistant Secretary
1 Corporate Way
Lansing, MI 48951

John A. Gorgenson	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Robert W. Hajdu	Vice President
1 Corporate Way
Lansing, MI 48951

Cliff S. Hale, M.D.	Vice President
1 Corporate Way
Lansing, MI 48951

Laura L. Hanson	Vice President
1 Corporate Way
Lansing, MI 48951

Robert L. Hill	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

H. Dean Hosfield	Vice President
1 Corporate Way
Lansing, MI 48951

Thomas J. Hruska	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Julie A. Hughes	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Clifford J. Jack	Executive Vice President & Director
7601 Technology Way
Denver, CO 80237

Scott Klus	Vice President
1 Corporate Way
Lansing, MI 48951

Leandra R. Knes	Director
225 W. Wacker Drive
Suite 1200
Chicago, IL 60606

Everett W. Kunzelman	Vice President
1 Corporate Way
Lansing, MI 48951

Richard Liphardt	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Lynn W. Lopes	Vice President
1 Corporate Way
Lansing, MI 48951

Ab B. Manning	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Jason McCallister	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Diahn McHenry	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Thomas J. Meyer	Senior Vice President,
1 Corporate Way	General Counsel & Secretary
Lansing, MI 48951

Dean M. Miller	Vice President
1 Corporate Way
Lansing, MI 48951

Keith R. Moore	Vice President
1 Corporate Way
Lansing, MI 48951

Jacky Morin	Vice President
1 Corporate Way
Lansing, MI 48951

P. Chad Myers	Executive Vice President & Chief Financial Officer & Director
1 Corporate Way
Lansing, MI 48951

Russell E. Peck	Vice President
1 Corporate Way
Lansing, MI 48951

Laura L. Prieskorn	Senior Vice President & Chief Administration Officer
1 Corporate Way
Lansing, Michigan 48951

Dana S. Rapier	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Gary J. Rudnicki	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

William R. Schulz	Vice President
1 Corporate Way
Lansing, MI 48951

Muhammad S. Shami	Vice President
1 Corporate Way
Lansing, MI 48951

Christian J. Shiemke	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Kathleen M. Smith	Vice President
1 Corporate Way
Lansing, MI 48951

James R. Sopha	Chief Operating Officer & Director
1 Corporate Way
Lansing, MI 48951

Kenneth Stewart	Senior Vice President
1 Corporate Way
Lansing, MI 48951

Gary L. Stone	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Heather R. Strang	Vice President
1 Corporate Way
Lansing, MI 48951

Marcia L. Wadsten	Vice President
1 Corporate Way
Lansing, MI 48951

Michael A. Wells	President, Chief Executive Officer & Chairman
1 Corporate Way
Lansing, MI 48951

Toni Zvonar	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

David A. Zyble	Assistant Vice President
1 Corporate Way
Lansing, MI 48951

Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant.

Alcona Funding LLC	Delaware	100% Jackson National Life Insurance Company
Ascent Insurance Brokers Limited	United Kingdom	50% Prudential Property Investment Managers Limited
BOCI – Prudential Asset Management Limited	Hong Kong	36% Prudential Corporation Holdings Limited
BOCI – Prudential Trustee Limited	Hong Kong	36% Prudential Corporation Holdings Limited
Berrien Funding LLC	Delaware	100% Jackson National Life Insurance Company
Brooke GP	Delaware	99% Brooke (Holdco 1) Inc. 1% Brooke (Holdco 2) Inc.
Brooke LLC	Delaware	77% Prudential (US Holdco2) Limited 23% Brooke (Jersey) Limited
Brooke (Holdco 1) Inc.	Delaware	100% Prudential (US Holdco 3) BV
Brooke (Holdco 2) Inc.	Delaware	100% Brooke (Holdco 1) Inc.
Brooke Holdings LLC	Delaware	100% Nicole Finance Inc.
Brooke Holdings (UK) Limited	United Kingdom	100% Brooke GP
Brooke Investment, Inc.	Delaware	100% Brooke Holdings LLC
Brooke (Jersey) Limited	Jersey	100% Prudential (US Holdco 2) Limited
Brooke Life Insurance Company	Michigan	100% Brooke Holdings LLC
Buying Force Limited	United Kingdom	50% Prudential Property Investment Managers Limited
CIMPL Pty Limited	Australia	100% PPM Capital (Holdings) Limited
CITIC Prudential Life Insurance Company Limited	China	50% Prudential Corporation Holdings Limited
CITIC – Prudential Fund Management Company Limited	China	49% Prudential Corporation Holdings Limited
CSU One Limited	United Kingdom	100% Prudential Group Holdings Limited
Calhoun Funding LLC	Delaware	100% Jackson National Life Insurance Company
Calvin Asset Management Limited	England	100% Calvin Capital Limited
Calvin Capital Limited (formerly Marlin Acquisitions Limited)	England	100% Marlin Acquisitions Holdings Limited
Canada Property (Trustee) No 1 Limited	Jersey	100% Canada Property Holdings Limited
Canada Property Holdings Limited	England	100% M&G Limited
Curian Capital, LLC	Michigan	100% Jackson National Life Insurance Company
Curian Clearing LLC (formerly, BH Clearing, LLC)	Michigan	100% Jackson National Life Insurance Company
Curian Series Trust	Massachusetts	100% Curian Capital, LLC
Earth and Wind Energias Removables, S.L.	Spain	100% Infracapital E&W B.V.
FA II Limited	England	100% FA III Limited
FA III Limited	England	100% Infracapital Nominees Limited
Falcon Acquisitions Limited	United Kingdom	100% FA II Limited
Falcon Acquisitions Holdings Limited	United Kingdom	100% Infracapital Nominees Limited
Falcon Acquisitions Subholdings Limited	United Kingdom	90% Falcon Acquisitions Holdings Limited
First Dakota, Inc.	North Dakota	100% IFC Holdings, Inc.
First Dakota of Montana, Inc.	Montana	100% IFC Holdings, Inc.
First Dakota of New Mexico, Inc.	New Mexico	100% IFC Holdings, Inc.
First Dakota of Texas, Inc.	Texas	100% IFC Holdings, Inc.
First Dakota of Wyoming, Inc.	Wyoming	100% IFC Holdings, Inc.
Furnival Insurance Company Limited	Guernsey	100% Prudential Corporation Holdings Limited
GS Twenty Two Limited	United Kingdom	100% Prudential Group Holdings Limited
Geoffrey Snushall Limited	United Kingdom	!00% Snushalls Team Limited
Giang Vo Development JV Company	Vietnam	65% Prudential Vietnam Assurance Private Limited
Hermitage Management, LLC	Michigan	100% Jackson National Life Company Insurance
Holborn Bars Nominees Limited	United Kingdom	100% M&G Investment Management Limited
Holborn Delaware LLC	Delaware	100% Prudential Four Limited
Holborn Finance Holdco 2	United Kingdom	100% Prudential Group Holdings Limited
Holborn Finance Holding Company	United Kingdom	100% Prudential Securities Limited
Hyde Dollco S.a.r.l.	Luxembourg	100% Hyde Holdco 3 Limited
Hyde Holdco 1 Limited	United Kingdom	100% Prudential Corporation Holdings Limited
Hyde Holdco 3 Limited	United Kingdom	100% Prudential Capital Holding Company Limited
ICICI Prudential Asset Management Company Limited	India	49% Prudential Corporation Holdings Limited
ICICI Prudential Life Insurance Company Limited	India	25.96% Prudential Corporation Holdings Limited
ICICI Prudential Pension Funds Management Company Ltd.	India	100% ICICI Prudential Life Insurance Company Limited
ICICI Prudential Trust Limited	India	49% Prudential Corporation Holdings Limited
IFC Holdings, Inc. d/b/a INVEST Financial Corporation	Delaware	100% National Planning Holdings Inc.
INVEST Financial Corporation Insurance Agency Inc. of Alabama	Alabama	100% INVEST Financial Corporation Insurance Agency, Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Connecticut	Connecticut	100% INVEST Financial Corporation Insurance Agency, Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Delaware	Delaware	100% IFC Holdings, Inc. d/b/a INVEST Financial Corporation
INVEST Financial Corporation Insurance Agency Inc. of Georgia	Georgia	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Illinois	Illinois	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Maryland	Maryland	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Massachusetts	Massachusetts	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Montana	Montana	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Nevada	Nevada	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of New Mexico	New Mexico	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Ohio	Ohio	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Oklahoma	Oklahoma	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of South Carolina	South Carolina	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Texas	Texas	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency Inc. of Wyoming	Wyoming	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
INVEST Financial Corporation Insurance Agency PA of Mississippi	Mississippi	100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
Infracapital E&W B.V.	Netherlands	100% Infracapital F1 S.a.r.l.
Infracapital Employee Feeder GP Limited	Scotland	100% M&G Limited
Infracapital F1 S.a.r.l.	Luxembourg	100% Infracapital F1 Holdings S.a.r.l
Infracapital F1 Holdings S.a.r.l.	Luxembourg	100% Infracapital Nominees Limited
Infracapital GP Limited	United Kingdom	100% M&G Limited
Infracapital Nominees Limited	United Kingdom	100% M&G Limited
Infracapital SLP Limited	United Kingdom	100% M&G Limited
Innisfree M&G PPP LLP	United Kingdom	35% M&G IMPPP1 Limited
International Opportunities Shari’a Funds (OEIC) Limited	United Arab Emirates	100% Prudential Asset Management Limited
Investment Centers of America, Inc.	North Dakota	100% IFC Holdings, Inc.
JNL Investors Series Trust	Massachusetts	100% Jackson National Life Insurance Company
Jackson Investment Management LLC	Michigan	100% Brooke Holdings LLC
Jackson National Asset Management, LLC	Michigan	100% Jackson National Life Insurance Company
Jackson National Life (Bermuda) Ltd.	Bermuda	100% Jackson National Life Insurance Company
Jackson National Life Distributors LLC	Delaware	100% Jackson National Life Insurance Company
Jackson National Life Insurance Company of New York	New York	100% Jackson National Life Insurance Company
JNLI LLC	Delaware	100% Jackson National Life Insurance Company
JNL Series Trust	Massachusetts	Common Law Trust with contractual association with Jackson National Life Insurance Company of New York
JNL Southeast Agency, LLC	Michigan	100% Jackson National Life Insurance Company
JNL Variable Fund LLC	Delaware	100% Jackson National Separate Account – I
M&G (Guernsey) Limited	Guernsey	100% M&G Limited
M&G Financial Services Limited	United Kingdom	100% M&G Limited
M&G Founders 1 Limited	United Kingdom	100% M&G Limited
M&G General Partner Inc.	Cayman Islands	100% M&G Limited
M&G Group Limited	United Kingdom	100% Prudential plc
M&G IMPPP 1 Limited	United Kingdom	100% M&G Limited
M&G International Investments Limited	United Kingdom	100% M&G Limited
M&G International Investments Limited	France (Branch only)	100% M&G International Investments Limited
M&G International Investments Limited	Germany (Branch only)	100% M&G International Investments Limited
M&G International Investments Limited	Italy (Branch only)	100% M&G International Investments Limited
M&G International Investments Limited	Spain (Branch only)	100% M&G International Investments Limited
M&G International Investments Nominees Limited	United Kingdom	100% M&G International Investments Limited
M&G Investment Management Limited	United Kingdom	100% M&G Limited
M&G Life Assurance Company Limited	United Kingdom	100% M&G Limited
M&G Limited	United Kingdom	100% M&G Group Limited
M&G Management Services Limited	United Kingdom	100% M&G Limited
M&G Nominees Limited	United Kingdom	100% M&G Limited
M&G Pensions and Annuity Company Limited	United Kingdom	100% M&G Limited
M&G RED Employee Feeder GP Limited	Scotland	100% M&G Limited
M&G RED Employee Feeder LP	Scotland	100% M&G Limited
M&G RED GP Limited	Guernsey	100% M&G Limited
M&G RED SLP GP Limited	Scotland	100% M&G Limited
M&G RED SLP LP	Scotland	100% M&G Limited
M&G Securities Limited	United Kingdom	100% M&G Limited
M&G Support Services Limited	United Kingdom	100% M&G Limited
MM&S (2375) Limited	Scotland	100% The Prudential Assurance Company Limited
Marlin Acquisitions Holdings Limited	United Kingdom	100% Infracapital GP Limited
National Planning Corporation	Delaware	100% National Planning Holdings, Inc.
National Planning Corporation Insurance Agency Inc. of Nevada	Nevada	100% National Planning Corporation
National Planning Holdings, Inc.	Delaware	100% Brooke Holdings LLC
National Planning Insurance Agency Inc.	Alabama	100% National Planning Corporation
National Planning Insurance Agency Inc.	Florida	100% National Planning Corporation
National Planning Insurance Agency Inc.	Georgia	100% National Planning Corporation
National Planning Insurance Agency Inc.	Idaho	100% National Planning Corporation
National Planning Insurance Agency Inc.	Massachusetts	100% National Planning Corporation
National Planning Insurance Agency Inc.	Montana	100% National Planning Corporation
National Planning Insurance Agency Inc.	Oklahoma	100% National Planning Corporation
National Planning Insurance Agency Inc.	Texas	100% National Planning Corporation
National Planning Insurance Agency Inc.	Wyoming	100% National Planning Corporation
Nicole Finance Inc.	Delaware	100% Brooke GP
North Sathorn Holdings Company Limited	Thailand	100% Prudential Corporation Holdings Limited
Nova Sepadu Sdn Bhd	Malaysia	96% Sri Han Suria Sdn Berhad
P&A Holdco Limited	England	100% Prudential Four Limited
P&A Opco Limited	England	100% P&A Holdco Limited
PCA Asset Management Limited	Japan	100% Prudential Corporation Holdings Limited
PCA Investment Trust Management Company Limited	Korea	100% Prudential Corporation Holdings Limited
PCA Life Assurance Company Limited	Taiwan	99.66% Prudential Corporation Holdings Limited
PCA Life Insurance Company Limited (Japan)	Japan	100% Prudential Corporation Holdings Limited
PCA Life Insurance Company Limited (Korea)	Korea	100% Prudential Corporation Holdings Limited
PCA Securities Investment Trust Company Limited	Taiwan	99.54% Prudential Corporation Holdings Limited
PGDS (UK One) Limited	United Kingdom	100% Prudential IP Services Limited
PGDS (UK Two) Limited	United Kingdom	100% PDGS (UK One) Limited
PGDS (US One) LLC	Delaware	100% Jackson National Life Insurance Company
PGDS (US Two) LLC	Delaware	100% PGDS (US One) LLC
Piedmont CDO Trust	Delaware	100% Piedmont Funding LLC
Piedmont Funding LLC	Delaware	100% Jackson National Life Insurance Company
PPEM Pte. Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
PPM America, Inc.	Delaware	100% PPM Holdings, Inc.
PPM America Private Equity Fund LP	Delaware	54.775% Jackson National Life Insurance Company
PPM Capital (Holdings) Limited	United Kingdom	100% M&G Limited
PPM Finance, Inc.	Delaware	100% PPM Holdings, Inc.
PPM Holdings, Inc.	Delaware	100% Brooke Holdings LLC
PPM Ventures (Asia) Limited	Hong Kong	100% PPM Capital (Holdings) Limited
PPM Ventures Pty Limited	Australia	100% CIMPL Pty Limited
PPMC First Nominees Limited	United Kingdom	100% M&G Limited
PPS Five Limited	United Kingdom	100% Reeds Rains Prudential Limited
PPS Nine Limited	United Kingdom	100% Prudential Property Services Limited
PPS Twelve Limited	United Kingdom	100% Prudential Property Services Limited
PT Paja Indonesia	Indonesia	100% PT Prudential Life Assurance
PT Prudential Life Assurance	Indonesia	94.6% Prudential Corporation Holdings Limited
PVM Partnerships Limited	United Kingdom	100% The Prudential Assurance Company Limited
Pacus (UK) Limited	United Kingdom	100% The Prudential Assurance Company Limited
Park Avenue (Singapore Two) Limited	Gibraltar	100% Prudential Group Holdings Limited
Park Avenue Investments (Guernsey) Limited	Guernsey	50% Prudential (Netherlands) BV
Pru Life Assurance Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Pru Life Insurance Corporation of UK	Philippines	100% Prudential Corporation Holdings Limited
Pru Pte Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential (A1) Limited	Gibraltar	100% Prudential (Netherlands) BV
Prudential (AN) Limited	United Kingdom	100% The Prudential Assurance Company Limited
Prudential (B1) Limited	Gibraltar	100% Prudential (Netherlands) BV
Prudential (B2) Limited	Gibraltar	100% Prudential (Netherlands) BV
Prudential (B3) Limited	Gibraltar	100% Prudential (Netherlands) BV
Prudential (B4) Limited	Gibraltar	100% Prudential (Netherlands) BV
Prudential (Gibraltar Five) Limited	Gibraltar	100% Prudential (Gibraltar Four) Limited
Prudential (Gibraltar Four) Limited	Gibraltar	100% Prudential (US Holdco 1) Limited
Prudential (Gibraltar Three)	Gibraltar	100% Prudential (Gibraltar Four) Limited
Prudential (Gibraltar Two) S.a.r.l.	Luxembourg	100% Prudential Capital Holding Company Limited
Prudential (Gibraltar) Limited	Gibraltar	100% Prudential Australia One Limited
Prudential (LPH One) Limited	Gibraltar	100% Prudential Group Holdings Limited
Prudential (LPH Two) Limited	Gibraltar	100% Prudential (LPH One) Limited
Prudential (Namibia) Unit Trusts Limited	Namibia	93% Prudential Portfolio Managers (Namibia) (Pty) Limited
Prudential (Netherlands One) Limited	United Kingdom	100% Prudential Group Holdings Limited
Prudential (Netherlands) BV	Netherlands	100% Prudential Corporation Holdings Limited
Prudential (TC) Limited	Guernsey	100% Prudential (Netherlands) BV
Prudential (US Holdco 1) BV	Netherlands	100% Prudential (US Holdco 1) Limited
Prudential (US Holdco 1) Limited	United Kingdom	76.72% Brooke LLC 23.28% Prudential Four Limited
Prudential (US Holdco 2) BV	Netherlands	100% Prudential (US Holdco 1) BV
Prudential (US Holdco 2) Limited	Gibraltar	100% Holborn Delaware LLC
Prudential (US Holdco 3) BV	Netherlands	100% Prudential (US Holdco 2) BV
Prudential – AA Office Joint Venture Company	Vietnam	70% Prudential Vietnam Assurance Private Limited
Prudential / M&G UKCF GP Limited	United Kingdom	100% M&G Limited
Prudential Al-Wara’ Asset Management Berhad	Malaysia	100% Prudential Corporation Holdings Limited
Prudential Annuities Limited	United Kingdom	100% The Prudential Assurance Company Limited
Prudential Asset Management (Hong Kong) Limited	Hong Kong	100% Prudential Corporation Holdings Limited
Prudential Asset Management (Singapore) Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential Asset Management Limited	United Arab Emirates	100% Prudential Corporation Holdings Limited
Prudential Assurance Company Singapore (Pte) Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential Assurance Malaysia Bhd	Malaysia	100% Sri Han Suria Sdn Berhad
Prudential Assurance Singapore (Property Services) Pte Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential Atlantic Reinsurance Company Limited	Ireland	100% Prudential Corporation Holdings Limited
Prudential Australia Holdings (UK) Limited	United Kingdom	100% Prudential (Netherlands) BV
Prudential Australia Holdings (UK) Two Limited	United Kingdom	100% Prudential Australia Holdings (UK) Limited
Prudential Australia One Limited	United Kingdom	100% Prudential Corporation Holdings Limited
Prudential BSN Takaful Berhad	Malaysia	49% Prudential Corporation Holdings Limited
Prudential Capital (Singapore) Pte. Ltd. Prudential Tower	Singapore	100% Prudential Capital Holding Company Ltd.
Prudential Capital Holding Company Limited	United Kingdom	100% Prudential plc
Prudential Capital PLC	United Kingdom	100% Prudential Capital Holding Company Limited
Prudential Corporate Pensions Trustee Limited	United Kingdom	100% The Prudential Assurance Company Limited
Prudential Corporation Asia Limited	Hong Kong	100% Prudential Corporation Holdings Limited
Prudential Corporation Australasia Holdings Pty Limited	Australia	100% Prudential Group Holdings Limited
Prudential plc	United Kingdom	Publicly Traded
Prudential Corporation Holdings Limited	United Kingdom	100% Prudential Holdings Limited
Prudential Corporation Limited	United Kingdom	100% Prudential Group Holdings Limited
Prudential Distribution Limited	United Kingdom	100% Prudential Financial Services Limited
Prudential Europe Assurance Holdings plc	Scotland	100% MM&S (2375) Limited
Prudential Finance BV	Netherlands	100% Prudential Corporation Holdings Limited
Prudential Financial Services Limited	United Kingdom	100% Prudential plc
Prudential Five Limited	United Kingdom	100% Prudential plc
Prudential Four Limited	United Kingdom	97.62% Prudential Corporation Holdings Limited 2.38% Prudential plc
Prudential Fund Management Berhad	Malaysia	100% Nova Sepadu Sdn Bhd
Prudential Fund Management Services Private Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential GP Limited	Scotland	100% M&G Limited
Prudential General Insurance Hong Kong Limited	Hong Kong	100% The Prudential Assurance Company Limited
Prudential Group Holdings Limited	United Kingdom	100% Prudential plc
Prudential Group Pensions Limited	United Kingdom	100% Prudential Financial Services Limited
Prudential Group Secretarial Services Limited	United Kingdom	100% Prudential Group Holdings Limited
Prudential Health Holdings Limited	United Kingdom	25% The Prudential Assurance Company Limited
Prudential Health Limited	United Kingdom	100% Prudential Health Holdings Limited
Prudential Holborn Life Limited	United Kingdom	100% The Prudential Assurance Company Limited
Prudential Holdings Limited	Scotland	100% Prudential plc
Prudential Hong Kong Limited	Hong Kong	100% The Prudential Assurance Company Limited
Prudential IP Services Limited	United Kingdom	100% Prudential Corporation Holdings Limited
Prudential International Assurance plc	Ireland	100% Prudential Europe Assurance Holdings plc
Prudential International Management Services Limited	Ireland	100% Prudential Europe Assurance Holdings plc
Prudential Investments (UK) Limited	United Kingdom	100% Prudential Capital Holding Company
Prudential Jersey (No 2) Limited	Jersey	100% Prudential Corporation Holdings Limited
Prudential Jersey Limited	Jersey	100% Prudential Corporation Holdings Limited
Prudential Lalondes Limited	United Kingdom	100% Prudential Property Services Limited
Prudential Life Assurance (Thailand) Public Company Limited	Thailand	42.59% North Sathorn Holdings Company Limited 32.11% Staple Limited 24.82% Prudential Corporation Holdings Limited 0.48% Others
Prudential Lifetime Mortgages Limited	Scotland	100% The Prudential Assurance Company Limited
Prudential Logistics Limited	United Kingdom	100% Prudential Corporation Holdings Limited
Prudential Pensions Administration Limited	United Kingdom	100% Prudential Financial Services Limited
Prudential Pensions Limited	United Kingdom	100% The Prudential Assurance Company Limited
Prudential Personal Equity Plans Limited	United Kingdom	100% M&G Limited
Prudential Phoebus Lux S.a.r.l.	Luxembourg	100% Prudential Capital Holding Company Limited
Prudential Portfolio Managers (Namibia) (Pty) Limited	Namibia	75% Prudential Portfolio Managers (South Africa) (Pty) Limited
Prudential Portfolio Managers (South Africa) (Pty) Limited	South Africa	75% M&G Limited
Prudential Portfolio Managers (South Africa) Life Limited	South Africa	99.4% Prudential Portfolio Managers (South Africa) (Pty) Limited
Prudential Portfolio Managers Unit Trusts Limited	South Africa	94% Prudential Portfolio Managers (South Africa) (Pty) Limited
Prudential Process Management Services India Private Limited	India	99.97% Prudential Corporation Holdings Limited 0.03% Prudential UK Services Limited
Prudential Properties Trusty Pty Limited	Australia	100% The Prudential Assurance Company Limited
Prudential Property Investment Management (Singapore) Pte Limited	Singapore	50% Prudential Singapore Holdings Pte Limited 50% PruPIM Ltd
Prudential Property Investment Managers Limited	United Kingdom	100% M&G Limited
Prudential Property Services (Bristol) Limited	United Kingdom	100% Prudential Property Services Limited
Prudential Property Services Limited	United Kingdom	100% Prudential plc
Prudential Protect Limited	United Kingdom	100% Prudential Health Holdings Limited
Prudential Pte Ltd	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential Quest Limited	United Kingdom	100% Prudential Group Holdings Limited
Prudential Retirement Income Limited	United Kingdom	100% The Prudential Assurance Company Limited
Prudential Securities Limited	United Kingdom	50% Prudential (B1) Limited 50% Prudential (B2) Limited
Prudential Services Asia Sdn Bhd	Malaysia	100% Prudential Corporation Holdings Limited
Prudential Services Limited	United Kingdom	100% Prudential Corporation Holdings Limited
Prudential Services Singapore Pte Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prudential Singapore Holdings Pte Limited	Singapore	100% Prudential Corporation Holdings Limited
Prudential Staff Pensions Limited	United Kingdom	100% Prudential Group Holdings Limited
Prudential Trustee Company Limited	United Kingdom	100% M&G Limited
Prudential UK Services Limited	United Kingdom	100% Prudential Financial Services Limited
Prudential Unit Trusts Limited	United Kingdom	100% M&G Limited
Prudential Vietnam Assurance Private Limited	Vietnam	100% Prudential Corporation Holdings Limited
Prudential Vietnam Finance Company Limited	Vietnam	100% Prudential Holborn Life Limited
Prudential Vietnam Fund Management Private Limited Company	Vietnam	100% Prudential Vietnam Assurance Private Limited
Prulink Pte Limited	Singapore	100% Prudential Singapore Holdings Pte Limited
Prutec Limited	United Kingdom	100% The Prudential Assurance Company Limited
Quinner AG	Germany	100% Prudential Corporation Holdings Limited
Reeds Rain Prudential Limited	United Kingdom	100% Prudential Property Services Limited
Securities Lending Cash Collateral Fund LLC	Delaware	100% Jackson Funds
Securities Lending Liquidating Fund LLC	Delaware	100% Jackson Funds
SII Insurance Agency, Inc.	Massachusetts	100% SII Investments, Inc.
SII Insurance Agency, Inc.	Wisconsin	100% SII Investments, Inc.
SII Investments, Inc.	Wisconsin	100% National Planning Holdings, Inc.
SII Ohio Insurance Agency, Inc.	Ohio	100% SII Investments, Inc.
Scottish Amicable Finance plc	Scotland	100% The Prudential Assurance Company Limited
Scottish Amicable ISA Managers Limited	Scotland	100% The Prudential Assurance Company Limited
Scottish Amicable Life Assurance Society	Scotland	100% The Prudential Assurance Company Limited
Scottish Amicable Life Limited	Scotland	100% The Prudential Assurance Company Limited
Scottish Amicable PEP and ISA Nominees Limited	Scotland	100% Scottish Amicable Life Assurance Society
Snushalls Team Limited	United Kingdom	100% Prudential Property Services Limited
Squire Reassurance Company LLC	Michigan	100% Jackson National Life Insurance Company
Squire Capital I LLC	Michigan	100% Jackson National Life Insurance Company
Squire Capital II LLC	Michigan	100% Jackson National Life Insurance Company
Sri Han Suria Sdn Berhad	Malaysia	51% Prudential Corporation Holdings Limited
Stableview Limited	United Kingdom	100% M&G Limited
Staple Limited	Thailand	100% Prudential Corporation Holdings Limited
Staple Nominees Limited	United Kingdom	100% Prudential Personal Equity Plans Limited
The First British Fixed Trust Company Limited	United Kingdom	100% M&G Limited
The Forum, Solent, Management Company Limited	United Kingdom	100% The Prudential Assurance Company Limited
The Prudential Assurance Company Limited	United Kingdom	100% Prudential plc
True Prospect Limited	British Virgin Islands	100% Prudential Corporation Holdings Limited
Wharfedale Acquisitions Limited	United Kingdom	100% Wharfedale Acquisitions Subholdings Limited
Wharfedale Acquisitions Holdings Limited	United Kingdom	100% Infracapital Nominees Limited
Wharfedale Acquisitions Subholdings Limited	United Kingdom	100% Wharfedale Acquisitions Holdings Limited
Yeslink Interco Limited	United Kingdom	100% Prudential Group Holdings Limited
Zelda Acquisitions Holdings Limited	United Kingdom	100% Infracapital Nominees Limited
Zelda Acquisitions Limited	United Kingdom	100% Zelda Acquisitions Holdings Limited

Item 27. Number of Contract Owners

Not applicable at this time.

Item 28. Indemnification

Provision is made in the Company's Amended By-Laws for indemnification by the Company of any person who was or is a party or is threatened to be made a party to a civil, criminal, administrative or investigative action by reason of the fact that such person is or was a director, officer or employee of the Company, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceedings, to the extent and under the circumstances permitted by the General Corporation Law of the State of Michigan.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 29. Principal Underwriter

Jackson National Life Distributors LLC acts as general distributor for the Jackson National Separate Account - I. Jackson National Life Distributors LLC also acts as general distributor for the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account I, the JNLNY Separate Account II, and the JNLNY Separate Account IV.

b)	Directors and Officers of Jackson National Life Distributors LLC:

Name and Business Address	Positions and Offices with Underwriter

Greg Cicotte	Manager, President & Chief Executive Officer
7601 Technology Way
Denver, CO 80237

Clifford J. Jack	Manager
7601 Technology Way
Denver, CO 80237

Thomas J. Meyer	Manager and Secretary
1 Corporate Way
Lansing, MI 48951

Paul Chad Myers	Manager
1 Corporate Way
Lansing, MI 48951

Stephen M. Ash	Vice President
7601 Technology Way
Denver, CO 80237

Pamela Aurbach	Vice President
7601 Technology Way
Denver, CO 80237

Jeffrey Bain	Vice President
7601 Technology Way
Denver, CO 80237

Brad Baker	Vice President
7601 Technology Way
Denver, CO 80237

Lawrence Barredo	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Mercedes Biretto	Vice President
7601 Technology Way
Denver, CO 80237

James Bossert	Senior Vice President
7601 Technology Way
Denver, CO 80237

J. Edward Branstetter, Jr.	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Kristina Brendlinger	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Tori Bullen	Senior Vice President
210 Interstate North Parkway
Suite 401
Atlanta, GA 30339-2120

Bill J. Burrow	Senior Vice President
7601 Technology Way
Denver, CO 80237

Michelle L. Carroll	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Maura Collins	Executive Vice President, Chief Financial Officer and FinOP
7601 Technology Way
Denver, CO 80237

Christopher Cord	Assistant Vice President
7601 Technology Way
Denver, CO 80237

George Daggett	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Paul Fitzgerald	Senior Vice President
7601 Technology Way
Denver, CO 80237

Julia A. Goatley	Assistant Secretary
1 Corporate Way
Lansing, MI 48951

Luis Gomez	Vice President
7601 Technology Way
Denver, CO 80237

Kevin Grant	Senior Vice President
7601 Technology Way
Denver, CO 80237

Bonnie Howe	Vice President and General Counsel
7601 Technology Way
Denver, CO 80237

Thomas Hurley	Senior Vice President
7601 Technology Way
Denver, CO 80237

Mark Jones	Vice President
7601 Technology Way
Denver, CO 80237

Steve Kluever	Senior Vice President
7601 Technology Way
Denver, CO 80237

John Koehler	Vice President
7601 Technology Way
Denver, CO 80237

Doug Mantelli	Vice President
7601 Technology Way
Denver, CO 80237

James McCorkle	Vice President
7601 Technology Way
Denver, CO 80237

Tamu McCreary	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Brook Meyer	Vice President
1 Corporate Way
Lansing, MI 48951

Jack Mishler	Senior Vice President
7601 Technology Way
Denver, CO 80237

Diane Montana	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Steven O’Connor	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Eric Palumbo	Vice President
7601 Technology Way
Denver, CO 80237

Allison Pearson	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Jeremy Rafferty	Vice President
7601 Technology Way
Denver, CO 80237

Alison Reed	Vice President
7601 Technology Way
Denver, CO 80237

Traci Reiter	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Scott Romine	Executive Vice President
7601 Technology Way
Denver, CO 80237

Gregory B. Salsbury	Executive Vice President
7601 Technology Way
Denver, CO 80237

Marilynn Scherer	Vice President
7601 Technology Way
Denver, CO 80237

Kathleen Schofield	Vice President
7601 Technology Way
Denver, CO 80237

Barbara Logsdon Smith	Vice President
7601 Technology Way
Denver, CO 80237

Daniel Starishevsky	Senior Vice President
7601 Technology Way
Denver, CO 80237

Jeremy Swartz	Vice President
7601 Technology Way
Denver, CO 80237

Robin Tallman	Vice President and Controller
7601 Technology Way
Denver, CO 80237

Daniel W. Thomas	Vice President
7601 Technology Way
Denver, CO 80237

Doug Townsend	Executive Vice President
7601 Technology Way
Denver, CO 80237

Brad Whiting	Vice President
7601 Technology Way
Denver, CO 80237

Matt Witulski	Assistant Vice President
7601 Technology Way
Denver, CO 80237

Daniel Wright	Vice President and Chief Compliance Officer
7601 Technology Way
Denver, CO 80237

Phil Wright	Vice President
7601 Technology Way
Denver, CO 80237

Matthew Yellott	Assistant Vice President
7601 Technology Way
Denver, CO 80237

(c)

Name of Principal Underwriter	Net Underwriting Discounts and Commissions	Compensation on Redemption or Annuitization	Brokerage Commissions	Compensation
Jackson National Life Distributors LLC	Not Applicable	Not Applicable	Not Applicable	Not Applicable

Item. 30. Location of Accounts and Records

Jackson National Life Insurance Company

1 Corporate Way

Lansing, Michigan 48951

Jackson National Life Insurance Company

Institutional Marketing Group Service Center

1 Corporate Way

Lansing, Michigan 48951

Jackson National Life Insurance Company

7601 Technology Way

Denver, Colorado 80237

Jackson National Life Insurance Company

225 West Wacker Drive, Suite 1200

Chicago, IL 60606

Item. 31. Management Services

Not Applicable.

Item. 32. Undertakings and Representations

Jackson National Life Insurance Company hereby undertakes to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen (16) months old for so long as payment under the variable annuity contracts may be accepted.

Jackson National Life Insurance Company hereby undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information.

c)	Jackson National Life Insurance Company hereby undertakes to deliver any Statement of Additional Information and any financial statement required to be made available under this Form promptly upon written or oral request.

d)	Jackson National Life Insurance Company represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Jackson National Life Insurance Company.

The Registrant hereby represents that any contract offered by the prospectus and which is issued pursuant to Section 403(b) of the Internal Revenue Code of 1986 as amended, is issued by the Registrant in reliance upon, and in compliance with, the Securities and Exchange Commission's industry-wide no-action letter to the American Council of Life Insurance (publicly available November 28, 1988) which permits withdrawal restrictions to the extent necessary to comply with IRS Section 403(b)(11).

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this pre-effective amendment to be signed on its behalf, in the City of Lansing, and State of Michigan, on this 19th day of April, 2011.

Jackson National Separate Account - I

(Registrant)

Jackson National Life Insurance Company

By: /s/ Thomas J. Meyer

Thomas J. Meyer

Senior Vice President, General Counsel

and Secretary

Jackson National Life Insurance Company

(Depositor)

By: /s/ Thomas J. Meyer

Thomas J. Meyer

Senior Vice President, General Counsel

and Secretary

As required by the Securities Act of 1933, this pre-effective amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

*
_ /s/ Thomas J. Meyer	April 19, 2011
Michael A. Wells, President, Chief
Executive Officer and Director


*
_ /s/ Thomas J. Meyer	April 19, 2011
James R. Sopha, Chief Operating Officer
and Director


*
_ /s/ Thomas J. Meyer	April 19, 2011
Clifford J. Jack, Executive Vice President
and Director


*	April 19, 2011
_ /s/ Thomas J. Meyer
P. Chad Myers, Executive Vice President, Chief Financial Officer and Director


*
_ /s/ Thomas J. Meyer	April 19, 2011
Clark P. Manning, Jr., Chairman


*
_ /s/ Thomas J. Meyer	April 19, 2011
Robert A. Fritts, Senior Vice President and
Controller

*
_ /s/ Thomas J. Meyer	April 19, 2011
Leandra R. Knes, Director

* Thomas J. Meyer, Senior Vice President,

Secretary, General Counsel and Attorney-in-Fact

pursuant to Power of Attorney effective

April 7, 2011

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as directors and/or officers of JACKSON NATIONAL LIFE INSURANCE COMPANY (the Depositor), a Michigan corporation, hereby appoint Michael A. Wells, P. Chad Myers, Thomas J. Meyer, Patrick W. Garcy, Susan S. Rhee, and Anthony L. Dowling (each with power to act without the others) his attorney-in-fact and agent, with full power of substitution and resubstitution, for and in his name, place and stead, in any and all capacities, to sign applications and registration statements, and any and all amendments, with power to affix the corporate seal and to attest it, and to file the applications, registration statements, and amendments, with all exhibits and requirements, in accordance with the Securities Act of 1933, the Securities and Exchange Act of 1934, and/or the Investment Company Act of 1940. This Power of Attorney concerns JNL Separate Account - I (File Nos. 033-82080, 333-70472, 333-73850, 333-118368, 333-119656, 333-132128, 333-136472, 333-155675, 333-172874, 333-172875 and 333-172877), JNL Separate Account III (File No. 333-41153), JNL Separate Account IV (File Nos. 333-108433 and 333-118131), and JNL Separate Account V (File No. 333-70697), as well as any future separate account(s) and/or future file number(s) within any separate account(s) that the Depositor establishes through which securities, particularly variable annuity contracts and variable universal life insurance policies, are to be offered for sale. The undersigned grant to each attorney-in-fact and agent full authority to take all necessary actions to effectuate the above as fully, to all intents and purposes, as he/she could do in person, thereby ratifying and confirming all that said attorneys-in-fact and agents, or any one of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney effective as of the 7th day of April, 2011.

MICHAEL A. WELLS

______________________________________

Michael A. Wells, President, Chief

Executive Officer and Director

JAMES R. SOPHA

______________________________________

James R. Sopha, Chief Operating Officer

and Director

CLIFFORD J. JACK

______________________________________

Clifford J. Jack, Executive Vice President

and Director

P. CHAD MYERS

______________________________________

P. Chad Myers, Executive Vice President,

Chief Financial Officer and Director

CLARK P. MANNING, JR.

______________________________________

Clark P. Manning, Jr., Director

ROBERT A. FRITTS

______________________________________

Robert A. Fritts, Senior Vice President and

Controller

LEANDRA R. KNES

______________________________________

Leandra R. Knes, Director

EXHIBIT LIST

Exhibit No. Description

5.	Form of the Perspective II Variable and Fixed Annuity Application, attached hereto as EX-5.

9.	Opinion and Consent of Counsel, attached hereto as EX-9.

10.	Consent of Independent Registered Public Accounting Firm, attached hereto as EX-10.

	Allocation Options	The Contract makes available Investment Divisions and a Fixed Account for allocation of your premium payments and Contract Value. In addition, if you elect a GMWB containing a Transfer of Assets provision, automatic transfers of your Contract Value may be allocated to a GMWB Fixed Account. For more information about the fixed accounts, please see “THE FIXED ACCOUNT AND GMWB FIXED ACCOUNT” beginning on page 17. For more information about the Investment Divisions, please see “INVESTMENT DIVISIONS” beginning on page 20.

	Investment Purpose	The Contract is intended to help you save for retirement or another long-term investment purpose. The Contract is designed to provide tax deferral on your earnings, if it is not issued under a qualified retirement plan. Qualified plans confer their own tax deferral. For more information, please see “TAXES” beginning on page 134.

	Free Look	If you change your mind about having purchased the Contract, you may return it without penalty. There are conditions and limitations, including time limitations, depending on where you live. For more information, please see “Free Look” beginning on page 138. In some states, we are required to hold the premiums of a senior citizen in the Fixed Account during the free look period, unless we are specifically directed to allocate the premiums to the Investment Divisions. State laws vary; your free look rights will depend on the laws of the state in which you purchased the Contract.

	Purchases	There are minimum and maximum premium requirements. You may elect to receive a credit to your Contract Value at the end of any business day in the first seven Contract Years (five Contract years for the 2% Contract Enhancement) during which we receive a premium payment, subject to fees, conditions and limitations. The Contract also has a premium protection option, namely the Capital Protection Program. For more information about this option, please see “PURCHASES” beginning on page 46.

	Optional Endorsements	Not all optional endorsements are available in all states or through all broker-dealers. The availability of optional endorsements may reflect state prohibitions and variations, Jackson’s reservation of the right not to offer certain optional endorsements, and broker-dealer selections. The representative assisting you will advise you whether an optional benefit is available and of any variations.

	Withdrawals	Before the Income Date, there are a number of ways to access your Contract Value, generally subject to a charge or adjustment, particularly during the early Contract Years. There are also a number of optional withdrawal benefits available. The Contract has a free withdrawal provision and waives the charges and adjustments in the event of some unforeseen emergencies. For more information, please see “ACCESS TO YOUR MONEY” beginning on page 53.

	Income Payments	There are a number of income options available. For more information, please see “INCOME PAYMENTS (THE INCOME PHASE)” beginning on page 122.

	Death Benefit	The Contract has a death benefit that becomes payable if you die before the Income Date. There are also a number of optional death benefits available. For more information, please see “DEATH BENEFIT” beginning on page 124.


Owner Transaction Expenses

	Front-end Sales Load		None

	Maximum Withdrawal Charge 1
		Percentage of premium withdrawn, if applicable	8.5%

	Maximum Contract Enhancement Recapture Charge 2
		Percentage of the corresponding first year premiums withdrawn with a Contract Enhancement	5.0%

	Maximum Premium Taxes 3
		Percentage of each premium	3.5%

	Commutation Fee: Upon a total withdrawal after income payments have commenced under income option 4, or if after death during the period for which payments are guaranteed under income option 3 and Beneficiary elects a lump sum payment, the amount received will be reduced by (a) minus (b) where:

	· (a) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at the rate assumed in calculating the initial payment; and
	· (b) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at a rate no more than 1.00% higher than the rate used in (a).

	Transfer Charge 4
		Per transfer after 15 in a Contract Year	$25

	Expedited Delivery Charge 5		$22.50

	Please note that if you return your Contract during the free look period, the entire amount of any Contract Enhancement will be recaptured. For more information about recapture charges, please see “Contract Enhancement Recapture Charge” under “Contract Charges”, beginning on page 34.
3	Premium taxes generally range from 0 to 3.5% and vary by state.
4	We do not count transfers in conjunction with dollar cost averaging, earnings sweep, automatic rebalancing, and periodic automatic transfers.
5	For overnight delivery on Saturday; otherwise, the overnight delivery charge is $10 for withdrawals. We also charge $20 for wire transfers in connection with withdrawals.


Periodic Expenses

	Base Contract

	Annual Contract Maintenance Charge 6			$35

	Separate Account Annual Expenses
		Annual percentage of average daily account value of Investment Divisions		1.25%

	Mortality And Expense Risk Charge		1.10%

	Administration Charge 7		0.15%


	Total Separate Account Annual Expenses for Base Contract			1.25%


Optional Endorsements - A variety of optional endorsements to the Contract are available. Please see the footnotes for additional information on the various optional endorsement charges.


The following optional endorsement charges are based on average daily net asset value. You may select one from each grouping below8:

	Earnings Protection Benefit Maximum Annual Charge (“EarningsMax®”) 9	0.45%

	6% Contract Enhancement Maximum Annual Charge 10	0.832%
	5% Contract Enhancement Maximum Annual Charge 10	0.695%
	4% Contract Enhancement Maximum Annual Charge 10	0.56%
	3% Contract Enhancement Maximum Annual Charge 10	0.42%
	2% Contract Enhancement Maximum Annual Charge 11	0.395%

	Four-year Withdrawal Schedule Maximum Annual Charge 12	0.40%

	Pre-Effective Amendment No. 1	[X]

	Post-Effective Amendment No.	[ ]

and/or

	Annuity Service Center
	P.O. Box 30314
	Lansing, Michigan 48909-7814
	1-800-873-5654
	www.jackson.com

TABLE OF CONTENTS
GLOSSARY	1
KEY FACTS	3
FEES AND EXPENSES TABLES	4
Owner Transaction Expenses	5
Periodic Expenses	7
Total Annual Fund Operating Expenses	12
EXAMPLE	15
CONDENSED FINANCIAL INFORMATION	16
THE ANNUITY CONTRACT	16
JACKSON	16
THE FIXED ACCOUNT AND GMWB FIXED ACCOUNT	17
The Fixed Account	17
The GMWB Fixed Account	19
THE SEPARATE ACCOUNT	20
INVESTMENT DIVISIONS	20
JNL Series Trust	20
JNL Variable Fund LLC	29
Voting Privileges	31
Substitution	32
CONTRACT CHARGES	32
Mortality and Expense Risk Charge	32
Annual Contract Maintenance Charge	32
Administration Charge	32
Transfer Charge	32
Withdrawal Charge	32
Earnings Protection Benefit (“EarningsMax”) Charge	34
Contract Enhancement Charge	34
Contract Enhancement Recapture Charge	34
Guaranteed Minimum Withdrawal Benefit With 5-Year Step-Up (“SafeGuard Max”) Charge	36
5% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up (“AutoGuard 5”) Charge	37
6% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up (“AutoGuard 6”) Charge	37
For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up And Transfer Of Assets (“Jackson Select Protector GMWB”) Charge	38
For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom 6 Net”) Charge	39
Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom 6 Net with Joint Option”) Charge	40
For Life Guaranteed Minimum Withdrawal Benefit With Bonus And Step-Up (“LifeGuard Freedom Flex GMWB”) Charge.	40
Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus And Step-Up (“LifeGuard Freedom Flex With Joint Option GMWB”) Charge.	41
Death Benefit Charges	42
Four -Year Withdrawal Charge Period	44
Commutation Fee	44
Other Expenses	44
Premium Taxes	44
Income Taxes	44
DISTRIBUTION OF CONTRACTS	44
PURCHASES	46
Minimum Initial Premium	46
Minimum Additional Premiums	46
Maximum Premiums	46
Allocations of Premium	46
Optional Contract Enhancements	47
Capital Protection Program	49
Accumulation Units	50
TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS	50
Potential Limits and Conditions on Fixed Account Transfers	50
Restrictions on Transfers: Market Timing	50
TELEPHONE AND INTERNET TRANSACTIONS	52
The Basics	52
What You Can Do and How	52
What You Can Do and When	52
How to Cancel a Transaction	53
Our Procedures	53
ACCESS TO YOUR MONEY	53
Waiver of Withdrawal and Recapture Charges for Certain Emergencies	54
Optional Four-Year Withdrawal Charge Period	55
Guaranteed Minimum Withdrawal Benefit Considerations	55
Guaranteed Minimum Withdrawal Benefit Important Special Considerations	55
Guaranteed Minimum Withdrawal Benefit With 5-Year Step-Up (“SafeGuard Max”)	56
5% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up (“AutoGuard 5”)	61
6% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up (“AutoGuard 6”)	65
For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up and Transfer Of Assets (“Jackson Select Protector GMWB”)	68
For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom 6 Net”)	78
Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom 6 Net with Joint Option”)	89
Guaranteed Minimum Withdrawal Benefits for a Single Life or two Covered Lives with Combinations of Optional Bonus Percentage Amounts, Annual or Quarterly Contract Value-Based Step-Ups, and Guaranteed Death Benefit (“LifeGuard Freedom Flex GMWB” and “LifeGuard Freedom Flex with Joint Option GMWB”).	100
LifeGuard Freedom Flex GMWB	101
LifeGuard Freedom Flex with Joint Option GMWB	111
Systematic Withdrawal Program	122
Suspension of Withdrawals or Transfers	122
INCOME PAYMENTS (THE INCOME PHASE)	122
Variable Income Payments	123
Income Options	123
DEATH BENEFIT	124
Basic Death Benefit	124
Earnings Protection Benefit (“EarningsMax”)	124
Optional Death Benefits	125
5% Roll-up Death Benefit	126
6% Roll-up Death Benefit	127
Highest Quarterly Anniversary Value Death Benefit	128
Combination 5% Roll-up and Highest Quarterly Anniversary Value Death Benefit	128
Combination 6% Roll-up and Highest Quarterly Anniversary Value Death Benefit	130
LifeGuard Freedom Flex DB	131
Payout Options	133
Pre-Selected Payout Options	133
Special Spousal Continuation Option	133
Death of Owner On or After the Income Date	134
Death of Annuitant	134
TAXES	134
Contract Owner Taxation	134
Tax-Qualified and Non-Qualified Contracts	134
Non-Qualified Contracts – General Taxation	135
Non-Qualified Contracts – Aggregation of Contracts	135
Non-Qualified Contracts – Withdrawals and Income Payments	135
Non-Qualified Contracts – Required Distributions	135
Tax-Qualified Contracts – Withdrawals and Income Payments	135
Withdrawals – Tax-Sheltered Annuities	135
Withdrawals – Roth IRAs	136
Constructive Withdrawals – Investment Adviser Fees	136
Death Benefits	136
IRS Approval	136
Assignment	136
Diversification	136
Owner Control	136
Withholding	137
Jackson Taxation	137
OTHER INFORMATION	137
Dollar Cost Averaging	137
Dollar Cost Averaging Plus (DCA+)	138
Earnings Sweep	138
Rebalancing	138
Free Look	138
Advertising	138
Restrictions Under the Texas Optional Retirement Program (ORP)	139
Modification of Your Contract	139
Confirmation of Transactions	139
Legal Proceedings	139
PRIVACY POLICY	139
Collection of Nonpublic Personal Information	139
Disclosure of Current and Former Customer Nonpublic Personal Information	139
Security to Protect the Confidentiality of Nonpublic Personal Information	140
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION	141
APPENDIX A (Trademarks, Services Marks, and Related Disclosures)	A-1
APPENDIX B (Contract Enhancement Recapture Charge Prospectus Examples)	B-1
APPENDIX C (Broker-Dealer Support)	C-1
APPENDIX D (GMWB Prospectus Examples)	D-1
APPENDIX E (GMWB Prospectus Examples for LifeGuard Freedom Flex GMWB, LifeGuard Freedom Flex With Joint Option GMWB, and Jackson Select Protector GMWB)	E-1
APPENDIX F (Transfer of Assets Methodology)	F-1

	Completed Years Since Receipt Of Premium
	0-1	1-2	2-3	3-4	4-5	5-6	6-7	7+
Base Schedule	8.5%	7.5%	6.5%	5.5%	5%	4%	2%	0
Four year* Schedule	8%	7%	5.5%	3.5%	0%	0	0	0

	*In addition, an annual asset based charge of 0.40% is deducted in Contract Years 1-4. Premium will only be accepted in Contract Year 1.
2	Contract Enhancements (C.E.) are subject to recapture charges in addition to asset-based charges for specified periods. If you select an optional Contract Enhancement, there is a recapture charge on withdrawals when: the Contract is returned during the free look period; withdrawals are in excess of the free withdrawal amounts; withdrawals exceed the required minimum distributions of the Internal Revenue Code; there is a total withdrawal; and there is a total withdrawal due to annuitizing the Contract and the corresponding Income Date is within the recapture charge schedule. The percentage amount of the recapture charge depends upon (i) the corresponding declining amount of the Contract Enhancement based on the Contract Year when the premium payment being withdrawn was received and (ii) when the charge is imposed based on the Completed Years since the receipt of the related premium. The percentage amounts of the recapture charges are as follows:
	Contract Enhancement Recapture Charge (as a percentage of the corresponding premium payment withdrawn if an optional Contract Enhancement is selected)

Completed Years Since Receipt of Premium	0-1	1-2	2-3	3-4	4-5	5-6	6-7	7+
0-1	4%	4%	2.50%	2.50%	2.50%	1.25%	1.25%	0%
1-2	4%	2.50%	2.50%	2.50%	1.25%	1.25%	0%	0%
2-3	2.50%	2.50%	2%	1.25%	1.25%	0%	0%	0%
3-4	2.50%	2.50%	1.25%	1.25%	0%	0%	0%	0%
4-5	2.50%	1.25%	1.25%	0%	0%	0%	0%	0%
5-6	1.25%	1.25%	0%	0%	0%	0%	0%	0%
6-7	1.25%	0%	0%	0%	0%	0%	0%	0%
7+	0%	0%	0%	0%	0%	0%	0%	0%

Completed Years Since Receipt of Premium	0-1	1-2	2-3	3-4	4-5	5-6	6-7	7+
0-1	4.50%	3.75%	3.25%	2.75%	2%	1.25%	1%	0%
1-2	3.75%	3.25%	2.75%	2%	1.25%	1%	0%	0%
2-3	3.25%	2.75%	2%	1.25%	1%	0%	0%	0%
3-4	2.75%	2%	1.25%	1%	0%	0%	0%	0%
4-5	2%	1.25%	1%	0%	0%	0%	0%	0%
5-6	1.25%	1%	0%	0%	0%	0%	0%	0%
6-7	1%	0%	0%	0%	0%	0%	0%	0%
7+	0%	0%	0%	0%	0%	0%	0%	0%

Completed Years Since Receipt of Premium	0-1	1-2	2-3	3-4	4-5	5-6	6-7	7+
0-1	5.00%	4.75%	4.00%	3.75%	2.50%	2.00%	0.75%	0%
1-2	4.75%	4.25%	3.60%	3.00%	2.25%	1.25%	0%	0%
2-3	4.00%	3.75%	3.00%	2.25%	1.25%	0%	0%	0%
3-4	3.75%	3.00%	2.25%	1.25%	0%	0%	0%	0%
4-5	3.00%	2.00%	1.25%	0%	0%	0%	0%	0%
5-6	2.25%	1.25%	0%	0%	0%	0%	0%	0%
6-7	1.25%	0%	0%	0%	0%	0%	0%	0%
7+	0%	0%	0%	0%	0%	0%	0%	0%


	The following optional death benefit endorsement charges are benefit based. Please see the footnotes for additional information on the various optional death benefit endorsement charges. You may select one of the available benefits listed below8:
	Benefit Based Charges
	5% Roll-up Death Benefit Maximum Annual Charge 13	1.20%
	6% Roll-up Death Benefit Maximum Annual Charge 14	1.60%
	Highest Quarterly Anniversary Value Death Benefit Maximum Annual Charge 15	0.60%
	Combination 5% Roll-up and Highest Quarterly Anniversary Value Death Benefit Maximum Annual Charge 16	1.40%
	Combination 6% Roll-up and Highest Quarterly Anniversary Value Death Benefit Maximum Annual Charge 17	1.80%
	LifeGuard Freedom Flex DBSM Maximum Annual Charge (only available with a specified combination of Options for the LifeGuard Freedom Flex GMWB) 18	0.72%

	The following optional endorsement charges are benefit based. Please see the footnotes for additional information on the various optional endorsement charges. You may select one of the available benefits listed below8:


	Guaranteed Minimum Withdrawal Benefit With 5-Year Step-Up Maximum Annual Charge (“SafeGuard MaxSM”) 19	1.20%
	5% GMWB With Annual Step-Up Maximum Annual Charge (“AutoGuard 5SM,”) 20	1.74%
	6% GMWB With Annual Step-Up Maximum Annual Charge (“AutoGuard 6SM”) 21	2.04%


	For Life Guaranteed Minimum Withdrawal Benefit With Annual Step-Up and Transfer of Assets Charge (“Jackson Select ProtectorSM GMWB”) 22	2.34%
	For Life GMWB With Bonus, Annual Step-Up and Earnings-Sensitive Withdrawal Amount Maximum Annual Charge (“LifeGuard Freedom 6 Net”) 23	2.10%
	Joint For Life GMWB With Bonus, Annual Step-Up and Earnings-Sensitive Withdrawal Amount Maximum Annual Charge (“LifeGuard Freedom 6 Net With Joint Option”) 24	3.00%
	For Life GMWB With Bonus and Step-Up Maximum Annual Charge (“LifeGuard Freedom Flex GMWB”) 25	2.64%
	Joint For Life GMWB With Bonus and Step-Up Maximum Annual Charge (“LifeGuard Freedom Flex With Joint Option GMWB”) 26	3.00%

6	This charge is waived on Contract Value of $50,000 or more. This charge is deducted proportionally from allocations to the Investment Divisions, the Fixed Account and the GMWB Fixed Account either annually (on your Contract Anniversary) or in conjunction with a total withdrawal, as applicable.
7	This charge is waived if the Contract Value on the later of the Issue Date or the most recent Contract Quarterly Anniversary is greater than or equal to $1 million. If your Contract Value subsequently drops below $1 million on the most recent Contract Quarterly Anniversary, the Administration Charge will be reinstated.
8	Some optional endorsements are only available to select when purchasing the Contract and once purchased cannot be canceled.
9	The current charge is 0.30%.
10	This charge lasts for the first seven Contract Years. While this charge will be imposed based upon the average daily net asset value of your allocations to the Investment Divisions, this charge will also be assessed against any amounts allocated to the Fixed Account Options and the GMWB Fixed Account by reducing credited rates, but not below the minimum guaranteed interest rate (assuming no withdrawals). Currently, the Fixed Account Options will have limited availability if you elect a Contract Enhancement option. For more information, please see “Contract Enhancement Charge” under “Contract Charges”, beginning on page 34.
11	This charge lasts for the first five Contract Years. While this charge will be imposed based upon the average daily net asset value of your allocations to the Investment Divisions, this charge will also be assessed against any amounts allocated to the Fixed Account Options and the GMWB Fixed Account by reducing credited rates, but not below the minimum guaranteed interest rate (assuming no withdrawals). Currently, the Fixed Account Options will have limited availability if you elect a Contract Enhancement option. For more information, please see “Contract Enhancement Charge” under “Contract Charges”, beginning on page 34.
12	This charge lasts for the first four Contract Years.
13	For Contracts with this 5% Roll-up Death Benefit the current charge is 0.15% of the GMDB Benefit Base each Contract Quarter (0.60% annually), subject to a maximum annual charge of 1.20% of the GMDB Benefit Base (as used in the Table). The GMDB Benefit Base for this optional endorsement generally equals the Step-Up Value on the most recent Step-Up Date, subject to certain adjustments after the most recent Step-Up Date, compounded at an annual interest rate of 5% (4% if the Owner was age 70 or older on the endorsement's effective date) until the Contract Anniversary immediately preceding the Owner's 81st birthday. The Step-Up Date is initially equal to the endorsement's effective date, and the Step-Up Value is initially equal to the initial premium paid (net of any applicable premium taxes). If the Contract Value is greater than the GMDB Benefit Base upon the earlier of the 7th Contract Anniversary following the endorsement's effective date or the Contract Anniversary immediately preceding the Owner's (or oldest Joint Owner's) 81st birthday, the Step-Up Date is equal to that Contract Anniversary, and the Step-Up Value is equal to the Contract Value on that Step-Up Date. For more information about the charge for this endorsement, please see “5% Roll-up Death Benefit” under “Death Benefit Charges”, beginning on page 42. For more information about how the endorsement works, including more details regarding the GMDB Benefit Base, please see “5% Roll-up Death Benefit” under “Optional Death Benefits”, beginning on page 126.
14	The current charge for this 6% Roll-up Death Benefit is 0.20% of the GMDB Benefit Base each Contract Quarter (0.80% annually), subject to a maximum annual charge of 1.60% of the GMDB Benefit Base (as used in the Table). The GMDB Benefit Base for this optional endorsement generally equals the Step-Up Value on the most recent Step-Up Date, subject to certain adjustments after the most recent Step-Up Date, compounded at an annual interest rate of 6% (5% if the Owner was age 70 or older on the endorsement's effective date) until the Contract Anniversary immediately preceding the Owner's 81st birthday. The Step-Up Date is initially equal to the endorsement's effective date, and the Step-Up Value is initially equal to the initial Premium paid (net of any applicable premium taxes). If the Contract Value is greater than the GMDB Benefit Base upon the earlier of the 7th Contract Anniversary following the endorsement's effective date or the Contract Anniversary immediately preceding the Owner's (or oldest Joint Owner's) 81st birthday, the Step-Up Date is equal to that Contract Anniversary, and the Step-Up Value is equal to the Contract Value on that Step-Up Date. For more information about the charge for this endorsement, please see “6% Roll-up Death Benefit” under “Death Benefit Charges”, beginning on page 43. For more information about how the endorsement works, including more details regarding the GMDB Benefit Base, please see “6% Roll-up Death Benefit” under “Optional Death Benefits”, beginning on page 127.
15	The current charge for this Highest Quarterly Anniversary Value Death Benefit is 0.075% of the GMDB Benefit Base each Contract Quarter (0.30% annually), subject to a maximum annual charge of 0.60% of the GMDB Benefit Base (as used in the Table). The GMDB Benefit Base for this optional endorsement generally equals the greatest of the adjusted quarterly Contract Values on the endorsement's effective date and on any Contract Quarterly Anniversary following the endorsement's effective date but prior to the Owner's 81st birthday, subject to certain adjustments after that date. For more information about the charge for this endorsement, please see “Highest Quarterly Anniversary Value Death Benefit” under “Death Benefit Charges”, beginning on page 43. For more information about how the endorsement works, including more details regarding the GMDB Benefit Base, please see “Highest Quarterly Anniversary Value Death Benefit" under “Optional Death Benefits”, beginning on page 128.
16	The current charge for this Combination 5% Roll-up and Highest Quarterly Anniversary Value Death Benefit is 0.175% of the GMDB Benefit Base each Contract Quarter (0.70% annually), subject to a maximum annual charge of 1.40% of the GMDB Benefit Base (as used in the Table). The GMDB Benefit Base for this optional endorsement generally equals the greater of (a) or (b), where: (a) Generally equals the Step-Up Value on the most recent Step-Up Date, subject to certain adjustments after the most recent Step-Up Date, compounded at an annual interest rate of 5% (4% if the Owner was age 70 or older on the endorsement's effective date) until the Contract Anniversary immediately preceding the Owner's 81st birthday; and (b) Generally equals the greatest of the adjusted quarterly Contract Values on the endorsement's effective date and on any Contract Quarterly Anniversary following the endorsement's effective date but prior to the Owner's 81st birthday, subject to certain adjustments after that date. The Step-Up Date is initially equal to the endorsement's effective date, and the Step-Up Value is initially equal to the initial Premium paid (net of any applicable premium taxes). If the Contract Value is greater than the GMDB Benefit Base upon the earlier of the 7th Contract Anniversary following the endorsement's effective date or the Contract Anniversary immediately preceding the Owner's (or oldest Joint Owner's) 81st birthday, the Step-Up Date is equal to that Contract Anniversary, and the Step-Up Value is equal to the Contract Value on that Step-Up Date. For more information about the charge for this endorsement, please see “Combination 5% Roll-up and Highest Quarterly Anniversary Value Death Benefit” under “Death Benefit Charges”, beginning on page 43. For more information about how the endorsement works, including more details regarding the GMDB Benefit Base, please see “Combination 5% Roll-up and Highest Quarterly Anniversary Value Death Benefit” under “Optional Death Benefits”, beginning on page 128.
17	The current charge for this Combination 6% Roll-up and Highest Quarterly Anniversary Value Death Benefit is 0.225% of the GMDB Benefit Base each Contract Quarter (0.90% annually), subject to a maximum annual charge of 1.80% of the GMDB Benefit Base (as used in the Table). The GMDB Benefit Base for this optional endorsement generally equals the greater of (a) or (b), where: (a) Generally equals the Step-Up Value on the most recent Step-Up Date, subject to certain adjustments after the most recent Step-Up Date, compounded at an annual interest rate of 6% (5% if the Owner was age 70 or older on the endorsement's effective date) until the Contract Anniversary immediately preceding the Owner's 81st birthday; and (b) Generally equals the greatest of the adjusted quarterly Contract Values on the endorsement's effective date and on any Contract Quarterly Anniversary following the endorsement's effective date but prior to the Owner's 81st birthday, subject to certain adjustments after that date. The Step-Up Date is initially equal to the endorsement's effective date, and the Step-Up Value is initially equal to the initial Premium paid (net of any applicable premium taxes). If the Contract Value is greater than the GMDB Benefit Base upon the earlier of the 7th Contract Anniversary following the endorsement's effective date or the Contract Anniversary immediately preceding the Owner's (or oldest Joint Owner's) 81st birthday, the Step-Up Date is equal to that Contract Anniversary, and the Step-Up Value is equal to the Contract Value on that Step-Up Date. For more information about the charge for this endorsement, please see “Combination 6% Roll-up and Highest Quarterly Anniversary Value Death Benefit” under “Death Benefit Charges”, beginning on page 43. For more information about how the endorsement works, including more details regarding the GMDB Benefit Base, please see “Combination 6% Roll-up and Highest Quarterly Anniversary Value Death Benefit” under “Optional Death Benefits”, beginning on page 130.
18	The LifeGuard Freedom Flex DB is only available in conjunction with the purchase of the LifeGuard Freedom Flex GMWB (with 6% Bonus and Annual Step-Up Options). The current and maximum charge for the LifeGuard Freedom Flex DB is 0.175% of the GMWB Death Benefit each Contract Quarter (0.70% annually). For Contracts purchased in Washington State, the current and maximum charge is 0.06% of the GMWB Death Benefit each Contract Month (0.72% annually, as used in the table). The charge for LifeGuard Freedom Flex DB is in addition to the charge for the LifeGuard Freedom Flex GMWB (with 6% Bonus and Annual Step-Up Options). If you select the LifeGuard Freedom Flex DB when you purchase your Contract, the initial GMWB Death Benefit is generally your initial premium payment, net of premium taxes, plus any Contract Enhancement. For more information about the charge for the LifeGuard Freedom Flex DB, please see “LifeGuard Freedom Flex DB” under “Death Benefit Charges”, beginning on page 43. For more information about how the LifeGuard Freedom Flex DB works, please see “LifeGuard Freedom Flex DB” under “Optional Death Benefits”, beginning on page 131. For more information about how the LifeGuard Freedom Flex GMWB works, please see “LifeGuard Freedom Flex GMWB” beginning on page 101.
19	1.20% is the maximum annual charge of the Guaranteed Minimum Withdrawal Benefit with 5-Year Step-Up, which charge is payable quarterly. The below tables have the maximum and current charges. You pay the applicable percentage of the GWB each Contract Quarter. But for Contracts purchased in Washington State, you pay the charge each Contract Month. The GWB is the guaranteed amount available for future periodic withdrawals. If you select a GMWB when you purchase your Contract, the GWB is generally your initial premium payment, net of taxes and adjusted for any subsequent premium payments and withdrawals. We deduct the charge from your Contract Value. Quarterly charges are pro rata deducted over each applicable Investment Division and the Fixed Account. Monthly charges are pro rata deducted based on the applicable Investment Divisions only.
		GMWB With 5-Year Step-Up
		Annual Charge	Maximum		Current
			1.20%	(WA Only) 1.20%	0.60%	(WA Only) 0.60%
		Charge Basis	GWB
		Charge Frequency	Quarterly	Monthly	Quarterly	Monthly


	Minimum: 0.57%

	Maximum: 2.45%

1 year	3 years	5 years	10 years
$2,324	$3,880	$4,855	$7,786

1 year *	3 years	5 years	10 years
$2,324	$3,880	$4,855	$7,786

1 year	3 years	5 years	10 years
$1,024	$2,905	$4,555	$7,786


	We reserve the right to prospectively change the current charge: on new Contracts; if you select this benefit after your Contract is issued; or upon election of a step-up – subject to the applicable maximum annual charge. For more information, including how the GWB is calculated, please see “Guaranteed Minimum Withdrawal Benefit With 5-Year Step-Up” beginning on page 56. Please check with your representative to learn about the current level of the charge, or contact us at the Annuity Service Center for more information. Our contact information is on the first page of the prospectus.
20	1.70% is the maximum annual charge of the 5% GMWB With Annual Step-Up, which charge is payable quarterly. But for Contracts purchased in Washington State, the maximum annual charge is 1.74%, which charge is payable each Contract Month. The below tables have the maximum and current charges. While the charge is deducted from the Contract Value, it is based on the applicable percentage of the GWB. The GWB is the guaranteed amount available for future periodic withdrawals. If you select a GMWB when you purchase your Contract, the initial GWB is generally your initial premium payment, net of taxes, plus any Contract Enhancement. If the GMWB is elected after the issue date, subject to availability, the initial GWB is generally your Contract Value. We deduct the charge from your Contract Value. Quarterly charges are pro rata deducted over each applicable Investment Division and the Fixed Account. Monthly charges are pro rata deducted based on the applicable Investment Divisions only.
		5% GMWB With Annual Step-Up
		Annual Charge	Maximum		Current
			1.70%	(WA Only) 1.74%	0.85%	(WA Only) 0.87%
		Charge Basis	GWB
		Charge Frequency	Quarterly	Monthly	Quarterly	Monthly

	We reserve the right to prospectively change the current charge: on new Contracts; if you select this benefit after your Contract is issued, subject to availability; or upon any step-up on or after the second Contract Anniversary - subject to the applicable maximum annual charge. For more information about the charge for this endorsement, please see “5% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up” beginning on page 37. For more information about how the endorsement works, please see “5% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up” beginning on page37. Please check with your representative to learn about the current level of the charge, or contact us at the Annuity Service Center for more information. Our contact information is on the first page of the prospectus.
21	2.00% is the maximum annual charge of the 6% GMWB With Annual Step-Up, which charge is payable quarterly. But for Contracts purchased in Washington State, the maximum annual charge is 2.04%, which charge is payable each Contract Month. The below tables have the maximum and current charges. While the charge is deducted from the Contract Value, it is based on the applicable percentage of the GWB. The GWB is the guaranteed amount available for future periodic withdrawals. If you select a GMWB when you purchase your Contract, the initial GWB is generally your initial premium payment, net of taxes, plus any Contract Enhancement. If the GMWB is elected after the issue date, subject to availability, the initial GWB is generally your Contract Value. We deduct the charge from your Contract Value. Quarterly charges are pro rata deducted over each applicable Investment Division and the Fixed Account. Monthly charges are pro rata deducted based on the applicable Investment Divisions only.
		6% GMWB With Annual Step-Up
		Annual Charge	Maximum		Current
			2.00%	(WA Only) 2.04%	1.00%	(WA Only) 1.02%
		Charge Basis	GWB
		Charge Frequency	Quarterly	Monthly	Quarterly	Monthly
	We reserve the right to prospectively change the current charge: on new Contracts; if you select this benefit after your Contract is issued, subject to availability; or upon any step-up on or after the second Contract Anniversary, subject to the applicable maximum annual charge. For more information, about the charge for this endorsement, please see “6% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up” beginning on page 37. For more information about how the endorsement works, please see “6% Guaranteed Minimum Withdrawal Benefit With Annual Step-Up” beginning on page 65. Please check with your representative to learn about the current level of the charge, or contact us at the Annuity Service Center for more information. Our contact information is on the first page of the prospectus.

For Life GMWB With Annual Step-Up and Transfer of Assets
Annual Charge	Maximum		Current
	2.30%	(WA Only) 2.34%	1.15%	(WA Only) 1.17%
Charge Basis	GWB
Charge Frequency	Quarterly	Monthly	Quarterly	Monthly

	We reserve the right to prospectively change the current charge on new Contracts or if you select this benefit after your Contract is issued, subject to the applicable maximum annual charge. We may also change the current charge when there is a step-up on or after the second Contract Anniversary, again subject to the applicable maximum annual charge. For more information about the charge for this endorsement, please see “For Life GMWB With Annual Step-Up and Transfer of Assets Charge” beginning on page 38. For more information about how the endorsement works, please see “For Life GMWB With Annual Step-Up and Transfer of Assets” beginning on page 68. Please check with your representative to learn about the current interest rate for the GMWB Fixed Account. You may also contact us at the Annuity Service Center for more information. Our contact information is on the first page of the prospectus.
23	2.10% is the maximum annual charge of the For Life GMWB With Bonus, Annual Step-Up and Earnings-Sensitive Withdrawal Amount, which charge is payable quarterly. The below tables have the maximum and current charges. You pay the applicable percentage of the GWB each Contract Quarter. But for Contracts purchased in Washington State, you pay the charge each Contract Month. The GWB is the guaranteed amount available for future periodic withdrawals. The GWB is generally your initial premium payment, net of taxes and adjusted for any subsequent premium payments and withdrawals. We deduct the charge from your Contract Value. Quarterly charges are pro rata deducted over each applicable Investment Division and the Fixed Account. Monthly charges are pro rata deducted based on the applicable Investment Divisions only.

		LifeGuard Freedom Flex GMWB
		Options		Maximum Annual Charge				Current Annual Charge
		5% Bonus and Annual Step-Up		1.80%		(WA Only) 1.80%		0.90%		(WA Only) 0.90%
		5% Bonus and Annual Step-Up to the Highest Quarterly Contract Value		2.00%		2.04%		1.00%		1.02%
		6% Bonus and Annual Step-Up		1.90%		1.92%		0.95%		0.96%
		6% Bonus and Annual Step-Up to the Highest Quarterly Contract Value		2.20%		2.22%		1.10%		1.11%
		7% Bonus and Annual Step-Up		2.20%		2.22%		1.10%		1.11%
		7% Bonus and Annual Step-Up to the Highest Quarterly Contract Value		2.50%		2.52%		1.25%		1.26%
		8% Bonus and Annual Step-Up		2.60%		2.64%		1.30%		1.32%
		Charge Basis		GWB
		Charge Frequency		Quarterly		Monthly		Quarterly		Monthly
	We reserve the right to prospectively change the current charge on new Contracts or if you select this benefit after your Contract is issued, subject to the applicable maximum annual charge. We may also change the current charge when there is a step-up on or after the second Contract Anniversary, again subject to the applicable maximum annual charge. For more information about the charge for this endorsement, please see “For Life GMWB With Bonus and Step-Up Charge” beginning on page 43. For more information about how the endorsement works, please see “LifeGuard Freedom Flex GMWB” beginning on page 101. You may also contact us at the Annuity Service Center for more information. Our contact information is on the first page of the prospectus.
26	3.00% is the maximum annual charge for the Joint For Life GMWB With Bonus and Annual Step-Up Options. The below tables have the maximum and current charges. Charges are an annual percentage of the GWB and are payable each Contract Quarter. But for Contracts purchased in Washington State, you pay the charge each Contract Month. The GWB is the guaranteed amount available for future periodic withdrawals. If you select this GMWB when you purchase your Contract, the initial GWB is generally your initial premium payment net of premium taxes, plus any Contract Enhancement. We deduct the charge from your Contract Value. Quarterly charges are pro rata deducted over each applicable Investment Division and the Fixed Account. Monthly charges are pro rata deducted based on the applicable Investment Divisions only.
			LifeGuard Freedom Flex With Joint Option GMWB
			Options		Maximum Annual Charge				Current Annual Charge
			5% Bonus and Annual Step-Up		2.10%		(WA Only) 2.10%		1.05%		(WA Only) 1.05%
			5% Bonus and Annual Step-Up to the Highest Quarterly Contract Value		2.50%		2.52%		1.25%		1.26%
			6% Bonus and Annual Step-Up		2.50%		2.52%		1.25%		1.26%
			6% Bonus and Annual Step-Up to the Highest Quarterly Contract Value		3.00%		3.00%		1.50%		1.50%
			7% Bonus and Annual Step-Up		3.00%		3.00%		1.50%		1.50%2
			Charge Basis		GWB
			Charge Frequency		Quarterly		Monthly		Quarterly		Monthly
	We reserve the right to prospectively change the current charge on new Contracts or if you select this benefit after your Contract is issued, subject to the applicable maximum annual charge. We may also change the current charge when there is a step-up on or after the second Contract Anniversary, again subject to the applicable maximum annual charge. For more information about the charge for this endorsement, please see “Joint For Life GMWB With Bonus and Step-Up Charge” beginning on page 41. For more information about how the endorsement works, please see “LifeGuard Freedom Flex GMWB With Joint Option” beginning on page 111. You may also contact us at the Annuity Service Center for more information. Our contact information is on the first page of the prospectus.

Fund Operating Expenses (As an annual percentage of each Fund's average daily net assets) Fund Name	Management and Admin Fee A	Distribution and/or Service (12b-1) Fees	Other Expenses B	Acquired Fund Fees and Expenses C	Total Annual Fund Operating Expenses	Contractual Fee Waiver and/or Expense Reimbursement	Net Total Annual Fund Operating Expenses
JNL/American Funds® Blue Chip Income and Growth	1.27% D	0.25%	0.02% D	0.00%	1.54% D	0.45%E	1.09%D,E
JNL/American Funds Global Bond	1.39% D	0.25%	0.03% D	0.00%	1.67% D	0.55%E	1.12%D,E
JNL/American Funds Global Small Capitalization	1.61% D	0.25%	0.04% D	0.00%	1.90% D	0.60%E	1.30%D,E
JNL/American Funds Growth-Income	1.12% D	0.25%	0.02% D	0.00%	1.39% D	0.40%E	0.99%D,E
JNL/American Funds International	1.49% D	0.25%	0.04% D	0.00%	1.78% D	0.55%E	1.23%D,E
JNL/American Funds New World	1.94% D	0.25%	0.06% D	0.00%	2.25% D	0.80%E	1.45%D,E
JNL/WMC Money Market	0.37% F	0.20%	0.00%	0.00%	0.57% F	0.30%	0.27%

Fund Operating Expenses (As an annual percentage of each Fund's average daily net assets) Fund Name	Management and Admin Fee A	Distribution and/or Service (12b-1) Fees	OtherExpensesB	AcquiredFund Fees andExpensesC	Total AnnualFundOperatingExpenses
JNL Institutional Alt 20	0.20%	0.00%	0.00%	0.76% H	0.96%
JNL Institutional Alt 35	0.19%	0.00%	0.01%	0.89% H	1.09%
JNL Institutional Alt 50	0.19%	0.00%	0.01%	1.04% H	1.24%
JNL Institutional Alt 65	0.20%	0.00%	0.00%	1.20% H	1.40%
JNL/BlackRock Commodity Securities	0.79%	0.20%	0.01%	0.01%	1.01%
JNL/Capital Guardian Global Balanced	0.80%	0.20%	0.01%	0.01%	1.02%
JNL/Capital Guardian Global Diversified Research	0.87%	0.20%	0.01%	0.01%	1.09%
JNL/Capital Guardian U.S. Growth Equity	0.75%	0.20%	0.00%	0.01%	0.96%
JNL/Eagle Core Equity	0.73%	0.20%	0.00%	0.02%	0.95%
JNL/Eagle SmallCap Equity	0.81%	0.20%	0.01%	0.00%	1.02%
JNL/Franklin Templeton Founding Strategy	0.05%	0.00%	0.00%	1.05% H	1.10%
JNL/Franklin Templeton Global Growth	0.87%	0.20%	0.01%	0.01%	1.09%
JNL/Franklin Templeton Income	0.76%	0.20%	0.00%	0.01%	0.97%
JNL/Franklin Templeton International Small Cap Growth	1.10%	0.20%	0.00%	0.02%	1.32%
JNL/Franklin Templeton Mutual Shares	0.85%	0.20%	0.01%G	0.02%	1.08%
JNL/Franklin Templeton Small Cap Value	0.94%	0.20%	0.00%	0.02%	1.16%
JNL/Goldman Sachs Core Plus Bond	0.68%	0.20%	0.00%	0.04%	0.92%
JNL/Goldman Sachs Emerging Markets Debt	0.87%	0.20%	0.01%	0.03%	1.11%
JNL/Goldman Sachs Mid Cap Value	0.81%	0.20%	0.01%	0.01%	1.03%
JNL/Goldman Sachs U.S. Equity Flex	0.95%	0.20%	0.73% G	0.01%	1.89%
JNL/Invesco Global Real Estate	0.86%	0.20%	0.00%	0.00%	1.06%
JNL/Invesco International Growth	0.81%	0.20%	0.01%	0.01%	1.03%
JNL/Invesco Large Cap Growth	0.76%	0.20%	0.00%	0.01%	0.97%
JNL/Invesco Small Cap Growth	0.95%	0.20%	0.00%	0.01%	1.16%
JNL/Ivy Asset Strategy	1.04%	0.20%	0.01%	0.02%	1.27%
JNL/JPMorgan International Value	0.81%	0.20%	0.01%	0.00%	1.02%
JNL/JPMorgan MidCap Growth	0.80%	0.20%	0.01%	0.00%	1.01%
JNL/JPMorgan U.S. Government & Quality Bond	0.51%	0.20%	0.00%	0.01%	0.72%
JNL/Lazard Emerging Markets	1.02%	0.20%	0.01%	0.01%	1.24%
JNL/Lazard Mid Cap Equity	0.81%	0.20%	0.01%	0.01%	1.03%
JNL/M&G Global Basics	1.00%	0.20%	0.02%	0.01%	1.23%
JNL/M&G Global Leaders	1.00%	0.20%	0.04%	0.00%	1.24%
JNL/Mellon Capital Management European 30	0.57%	0.20%	0.01%	0.00%	0.78%
JNL/Mellon Capital Management Pacific Rim 30	0.57%	0.20%	0.01%	0.00%	0.78%
JNL/Mellon Capital Management S&P 500 Index	0.36%	0.20%	0.01%	0.00%	0.57%
JNL/Mellon Capital Management S&P 400 MidCap Index	0.39%	0.20%	0.01%	0.00%	0.60%
JNL/Mellon Capital Management Small Cap Index	0.38%	0.20%	0.02%	0.01%	0.61%
JNL/Mellon Capital Management International Index	0.43%	0.20%	0.04%	0.00%	0.67%
JNL/Mellon Capital Management Bond Index	0.37%	0.20%	0.00%	0.01%	0.58%
JNL/Mellon Capital Management Global Alpha	1.15%	0.20%	0.01%	0.01%	1.37%
JNL/Mellon Capital Management Index 5	0.05%	0.00%	0.00%	0.61% H	0.66%
JNL/Mellon Capital Management 10 x 10	0.05%	0.00%	0.00%	0.62% H	0.67%
JNL/Oppenheimer Global Growth	0.84%	0.20%	0.02%	0.00%	1.06%
JNL/PAM Asia ex-Japan	1.05%	0.20%	0.06%	0.00%	1.31%
JNL/PAM China-India	1.10%	0.20%	0.03%	0.01%	1.34%
JNL/PIMCO Real Return	0.59%	0.20%	0.03%	0.00%	0.82%
JNL/PIMCO Total Return Bond	0.60%	0.20%	0.01%	0.00%	0.81%
JNL/PPM America Floating Rate Income	0.80%	0.20%	0.01%	0.00%	1.01%
JNL/PPM America High Yield Bond	0.55%	0.20%	0.01%	0.02%	0.78%
JNL/PPM America Mid Cap Value	0.85%	0.20%	0.01%	0.00%	1.06%
JNL/PPM America Small Cap Value	0.85%	0.20%	0.01%	0.00%	1.06%
JNL/PPM America Value Equity	0.65%	0.20%	0.01%	0.00%	0.86%
JNL/Red Rocks Listed Private Equity	0.98%	0.20%	0.00%	1.27%	2.45%
JNL/T. Rowe Price Established Growth	0.68%	0.20%	0.00%	0.00%	0.88%
JNL/T. Rowe Price Mid-Cap Growth	0.81%	0.20%	0.00%	0.00%	1.01%
JNL/T. Rowe Price Short-Term Bond	0.52%	0.20%	0.00%	0.05%	0.77%
JNL/T. Rowe Price Value	0.74%	0.20%	0.00%	0.00%	0.94%
JNL/WMC Balanced	0.55%	0.20%	0.01%	0.02%	0.78%
JNL/WMC Value	0.59%	0.20%	0.01%	0.00%	0.80%
JNL/S&P Managed Conservative	0.16%	0.00%	0.01%	0.83% H	1.00%
JNL/S&P Managed Moderate	0.15%	0.00%	0.00%	0.87% H	1.02%
JNL/S&P Managed Moderate Growth	0.14%	0.00%	0.01%	0.91% H	1.06%
JNL/S&P Managed Growth	0.14%	0.00%	0.01%	0.94% H	1.09%
JNL/S&P Managed Aggressive Growth	0.17%	0.00%	0.00%	0.94% H	1.11%
JNL/S&P Disciplined Moderate	0.18%	0.00%	0.00%	0.63% H	0.81%
JNL/S&P Disciplined Moderate Growth	0.18%	0.00%	0.00%	0.63% H	0.81%
JNL/S&P Disciplined Growth	0.18%	0.00%	0.00%	0.63% H	0.81%
JNL/S&P Competitive Advantage	0.50%	0.20%	0.01%	0.00%	0.71%
JNL/S&P Dividend Income & Growth	0.50%	0.20%	0.00%	0.00%	0.70%
JNL/S&P Intrinsic Value	0.50%	0.20%	0.01%	0.00%	0.71%
JNL/S&P Total Yield	0.50%	0.20%	0.01%	0.00%	0.71%
JNL/S&P 4	0.05%	0.00%	0.00%	0.71% H	0.76%
JNL/Mellon Capital Management DowSM 10	0.44%	0.20%	0.03%	0.00%	0.67%
JNL/Mellon Capital Management S&P® 10	0.45%	0.20%	0.02%	0.00%	0.67%
JNL/Mellon Capital Management Global 15	0.49%	0.20%	0.01%	0.00%	0.70%
JNL/Mellon Capital Management Nasdaq® 25	0.46%	0.20%	0.04%	0.00%	0.70%
JNL/Mellon Capital Management Value Line® 30	0.44%	0.20%	0.10%	0.00%	0.74%
JNL/Mellon Capital Management DowSM Dividend	0.45%	0.20%	0.03%	0.00%	0.68%
JNL/Mellon Capital Management S&P® 24	0.45%	0.20%	0.01%	0.00%	0.66%
JNL/Mellon Capital Management 25	0.44%	0.20%	0.01%	0.00%	0.65%
JNL/Mellon Capital Management Select Small-Cap	0.45%	0.20%	0.00%	0.00%	0.65%
JNL/Mellon Capital Management JNL 5	0.42%	0.20%	0.02%	0.00%	0.64%
JNL/Mellon Capital Management VIP	0.45%	0.20%	0.03%	0.00%	0.68%
JNL/Mellon Capital Management JNL Optimized 5	0.44%	0.20%	0.04%	0.00%	0.68%
JNL/Mellon Capital Management S&P® SMid 60	0.45%	0.20%	0.01%	0.00%	0.66%
JNL/Mellon Capital Management NYSE® International 25	0.53%	0.20%	0.04%	0.00%	0.77%
JNL/Mellon Capital Management Communications Sector	0.49%	0.20%	0.03%	0.00%	0.72%
JNL/Mellon Capital Management Consumer Brands Sector	0.49%	0.20%	0.02%	0.00%	0.71%
JNL/Mellon Capital Management Financial Sector	0.46%	0.20%	0.03%	0.00%	0.69%
JNL/Mellon Capital Management Healthcare Sector	0.46%	0.20%	0.03%	0.00%	0.69%
JNL/Mellon Capital Management Oil & Gas Sector	0.44%	0.20%	0.03%	0.00%	0.67%
JNL/Mellon Capital Management Technology Sector	0.45%	0.20%	0.03%	0.00%	0.68%

A	Certain Funds pay Jackson National Asset Management, LLC, the Investment Adviser and Administrator, an administrative fee for certain services provided to each Fund. The JNL/American Funds® Blue Chip Income and Growth Fund, JNL/American Funds Global Bond Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund, JNL/BlackRock Commodity Securities Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Capital Guardian Global Balanced Fund, JNL/Franklin Templeton Global Growth Fund, JNL/Franklin Templeton International Small Cap Growth Fund, JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Goldman Sachs U.S. Equity Flex Fund, JNL/Invesco Global Real Estate Fund, JNL/Invesco International Growth Fund, JNL/Ivy Asset Strategy Fund, JNL/JPMorgan International Value Fund, JNL/Lazard Emerging Markets Fund, JNL/M&G Global Basics Fund, JNL/M&G Global Leaders Fund, JNL/Oppenheimer Global Growth Fund, JNL/PAM Asia Ex-Japan Fund, JNL/PPM America Floating Rate Income Fund, JNL/Red Rocks Listed Private Equity Fund, and all of the JNL/Mellon Capital Management Funds, except the JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund, JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management Bond Index Fund, JNL/Mellon Capital Management Index 5 Fund, JNL/Mellon Capital Management 10 x 10 Fund, JNL/Mellon Capital Management Global 15 Fund, JNL/Mellon Capital Management NYSE® International 25 Fund, JNL/Mellon Capital Management European 30 Fund, and JNL/Mellon Capital Management Pacific Rim 30 Fund, pay an administrative fee of 0.15%. The JNL/Mellon Capital Management Global 15 Fund, JNL/Mellon Capital Management NYSE® International 25 Fund, JNL/Mellon Capital Management European 30 Fund, JNL/Mellon Capital Management Pacific Rim 30 Fund, and JNL/PAM China-India Fund pay an administrative fee of 0.20%. The JNL Institutional Alt 20 Fund, JNL Institutional Alt 35 Fund, JNL Institutional Alt 50 Fund, JNL Institutional Alt 65 Fund, JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital Management Index 5 Fund, JNL/Mellon Capital Management 10 x 10 Fund, and all of the JNL/S&P Funds, except the JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Intrinsic Value Fund, and JNL/S&P Total Yield Fund, pay an administrative fee of 0.05%. All other Funds pay an administrative fee of 0.10%. The Management and Admin Fee and the Total Annual Fund Operating Expenses columns in this table reflect the inclusion of the applicable administrative fee.
B	Other expenses include registration fees, licensing costs, a portion of the Chief Compliance Officer costs, directors and officers insurance, certain professional fees, fees and expenses of the disinterested Trustees/Managers, independent legal counsel to the disinterested Trustees/Managers fees, and other operating expenses not otherwise covered by the administrative fee.
C	Acquired fund fees and expenses represent each Fund’s pro rata share of fees and expenses of investing in securities deemed “investment companies,” including money market funds used for purposes of investing available cash balances.
D	Fees and expenses at the Master Fund level for Class 1 shares of each respective Fund are as follows: JNL/American Funds Blue Chip Income and Growth Fund: Management Fee: 0.42%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.44%. JNL/American Funds Global Bond Fund: Management Fee: 0.54%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.03%; Total Annual Portfolio Operating Expenses: 0.57%. JNL/American Funds Global Small Capitalization Fund: Management Fee: 0.71%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.04%; Total Annual Portfolio Operating Expenses: 0.75%. JNL/American Funds Growth-Income Fund: Management Fee: 0.27%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.29%. JNL/American Funds International Fund: Management Fee: 0.49%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.04%; Total Annual Portfolio Operating Expenses: 0.53%. JNL/American Funds New World Fund: Management Fee: 0.74%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.06%; Total Annual Portfolio Operating Expenses: 0.80%.
E	JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its advisory fee for such time as the Fund is operated as a Feeder Fund, because during that time it will not be providing the portfolio management portion of the investment advisory and management services. This fee waiver will generally continue as long as the Fund is part of a master-feeder fund structure, but in any event, the fee waiver will continue for at least one year from the date of the current Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. The Management and Admin Fee and the Annual Operating Expense columns in this table reflect the inclusion of the contractual fee waivers.
F	JNAM has contractually agreed to waive fees and reimburse expenses of the Fund through May 1, 2012 to the extent necessary to limit the total operating expenses of each class of shares of the Fund, exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses, to an annual rate (as a percentage of the average daily net assets of the Fund) equal to or less than the Fund’s investment income for the period.
G	Amount includes the costs associated with the Fund's short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the security sold short. In addition, the Fund incurs fees in connection with the borrowing of securities related to short sale transactions. For the period ended December 31, 2010, the total cost of short sales transactions to the JNL/Goldman Sachs U.S. Equity Flex Fund was 0.72%.
H	Amounts are based on the allocations to underlying funds during the period ended December 31, 2010. Current allocations may be different, and therefore, actual amounts for subsequent periods may be higher or lower than the amounts presented.
I	Fees and expenses at the Master Fund level for Class I shares of the Fund are as follows: Management Fee: 0.35%; Other Expenses: 0.13%; Acquired Fund Fees and Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.50%.

●	our Fixed Account, as may be made available by us, or as may be otherwise limited by us,
●	our GMWB Fixed Account (only if the optional Jackson Select Protector GMWB is elected), as may be made available by us, or as may be otherwise limited by us, or to
●	Investment Divisions of the Separate Account that invest in underlying Funds.

●	the accumulation phase, when you make premium payments to us, and
●	the income phase, when we make income payments to you.

●	to make income payments for the life of the Annuitant during the income phase;
●	to waive the withdrawal charge in the event of the Owner's death; and
●	to provide a basic death benefit prior to the Income Date.

	●	premiums that are no longer subject to a withdrawal charge (premiums in your annuity for at least seven (four for the Four-Year Withdrawal Charge Period option) years without being withdrawn), plus
	●	earnings (excess of your Contract Value allocated to the Investment Divisions, the Fixed Account and the GMWB Fixed Account over your remaining premiums allocated to those accounts)
	●	during each Contract Year 10% of premium (subject to certain exclusions) that would otherwise incur a withdrawal charge, be subject to a Contract Enhancement recapture charge, or be reduced by an Excess Interest Adjustment, and that has not been previously withdrawn (this can be withdrawn at once or in segments throughout the Contract Year), minus earnings (required minimum distributions will be counted as part of the free withdrawal amount).

	●	withdrawals in excess of the free withdrawal amount (the withdrawal charge is imposed only on the excess amount above the free withdrawal amount), or
	●	withdrawals under a tax-qualified Contract that exceed its required minimum distribution (the entire withdrawal will be subject to the withdrawal charge), or
	●	withdrawals in excess of the free withdrawal amounts to meet the required minimum distribution of a tax-qualified Contract purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA), or to meet the required minimum distribution of a Roth IRA annuity (the withdrawal charge is imposed only on the excess amount above the free withdrawal amount), or
	●	amounts withdrawn in a total withdrawal, or
	●	amounts applied to income payments on an Income Date that is within one year of the Issue Date.

Completed Years since Receipt of Premium	0-1	1-2	2-3	3-4	4-5	5-6	6-7	7+

Base Schedule	8.5%	7.5%	6.5%	5.5%	5%	4%	2%	0

Withdrawal Charge if Four-Year Period Applies	8%	7%	5.5%	3.5%	0%	0	0	0

	●	income payments during your Contract's income phase (but the withdrawal charge is deducted at the Income Date if income payments are commenced in the first Contract Year);
	●	death benefits;
	●	withdrawals necessary to satisfy the required minimum distribution of the Internal Revenue Code (but if the withdrawal requested exceeds the required minimum distribution; if the Contract was purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA); or is a Roth IRA annuity, then the entire withdrawal will be subject to the withdrawal charge);
	●	if permitted by your state, withdrawals of up to $250,000 from the Investment Divisions, the Fixed Account (subject to certain exclusions) and the GMWB Fixed Account if you incur a terminal illness or if you need extended hospital or nursing home care as provided in your Contract; or
	●	if permitted by your state, withdrawals of up to 25% (12 1/2% for each of two joint Owners) of your Contract Value from the Investment Divisions, the Fixed Account (subject to certain exclusions) and the GMWB Fixed Account if you incur certain serious medical conditions specified in your Contract.

Contract Enhancement	2%	3%	4%	5%	6%

Charge (on an annual basis)	0.395%	0.42%	0.56%	0.695%	0.832%

	●	death benefits;
	●	withdrawals taken under the additional free withdrawal provision;
	●	withdrawals necessary to satisfy the required minimum distribution of the Internal Revenue Code (but if the requested withdrawal exceeds the required minimum distribution, then the entire withdrawal will be assessed the applicable recapture charge);
	●	if permitted by your state, additional withdrawals of up to $250,000 from the Separate Account, the Fixed Account Options (subject to certain exclusions) and the GMWB Fixed Account if you incur a terminal illness or if you need extended hospital or nursing home care as provided in your Contract; or
	●	if permitted by your state, additional withdrawals of up to 25% (12 1/2% for each of two joint Owners) of your Contract Value from the Separate Account, the Fixed Account Options (subject to certain exclusions) and the GMWB Fixed Account if you incur certain serious medical conditions specified in your Contract.

	●	(a) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at the rate assumed in calculating the initial payment; and
	●	(b) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at a rate no more than 1.00% higher than the rate used in (a).

	●	National Planning Corporation,
	●	SII Investments, Inc.,
	●	IFC Holdings, Inc. d/b/a Invest Financial Corporation,
	●	Investment Centers of America, Inc., and
	●	Curian Clearing LLC

	●	$5,000 under most circumstances
	●	$2,000 for a qualified plan Contract

	●	$500 for a qualified or non-qualified plan
	●	$50 for an automatic payment plan
	●	You can pay additional premiums at any time during the accumulation phase; however, if the Four-Year Withdrawal Charge Period is elected, no premium will be accepted after the first Contract Year. If you purchase your Contract in the state of Mississippi, no premiums will be accepted after the first Contract Year.