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Jackson National Life Global Funding

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Jackson National Life Global Funding Jackson National Life Global Funding U.S. $20,000,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this “Third Base Prospectus Supplement”) is supplemental to and must be read in conjunction with the Offering Memorandum dated May 23, 2018 (the “Base Prospectus”) and prior Base Prospectus Supplements, specifically, the First Base Prospectus Supplement dated August 20, 2018 and the Second Base Prospectus Supplement dated November 30, 2018 (referred to herein as the “Prior Base Prospectus Supplements”) prepared by Jackson National Life Global Funding (the “Issuer”), under the Issuer’s Global Debt Issuance Program for the issuance of senior secured medium-term notes (the “Notes”). This Third Base Prospectus Supplement has been approved by the Central Bank of Ireland, as competent authority under the Directive 2003/71/EC (the “Prospectus Directive”). The Central Bank of Ireland only approves this Third Base Prospectus Supplement as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. This document constitutes a base prospectus supplement for the purposes of Article 16 of the Prospectus Directive. References herein to this document are to this Third Base Prospectus Supplement incorporating Annex 1, Annex 2, Annex 3, Annex 4, Annex 5, Annex 6 and Annex 7, hereto. Annex 1 of this Third Base Prospectus Supplement, which amends and supplements the “Recent Developments” subsection of the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on page 52 of the Base Prospectus, includes a description of certain recent developments (the “Recent Developments”) related to the filing with the Michigan Office of Financial and Insurance Regulation by Jackson National Life Insurance Company (“Jackson”) of its annual unaudited unconsolidated statutory financial statements as of and for the year ended December 31, 2018 (including any notes thereto, the “2018 Statutory Financial Statements”). Annex 2 of this Third Base Prospectus Supplement contains certain sections from the 2018 Statutory Financial Statements. Copies of the Recent Developments and the 2018 Statutory Financial Statements will be made available for inspection at the offices of the parties at whose offices documents are to be available for inspection as identified in “General Information” in the Base Prospectus. Annex 3 of this Third Base Prospectus Supplement contains information concerning Jackson which has been made available as part of the Jackson March 13, 2019 press release. Annex 4 of this Third Base Prospectus Supplement amends “Risks related to Industry” subsection of the “Risk Factors” section beginning on page 10 of the Base Prospectus. Annex 5 of this Third Base Prospectus Supplement amends the “Business of Jackson” section beginning on page 42 of the Base Prospectus. Annex 6 of this Third Base Prospectus Supplement amends the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section beginning on page 52 of the Base Prospectus. Annex 7 of this Third Base Prospectus Supplement amends the “General Information” section beginning on page 121 of the Base Prospectus. Except as disclosed in this Third Base Prospectus Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to the information included in the Base Prospectus and the Prior Base Prospectus Supplements. 1 Each of the Issuer and Jackson accepts responsibility for the information contained in this Third Base Prospectus Supplement. To the best of the knowledge of each of the Issuer and Jackson (having taken all reasonable care to ensure that such is the case) the information contained in this Third Base Prospectus Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information. Where there is any inconsistency among the Base Prospectus, the Prior Base Prospectus Supplements and this Third Base Prospectus Supplement, the language used in this Third Base Prospectus Supplement shall prevail. Third Base Prospectus Supplement dated March 15, 2019 2 Annex 1 3 RECENT DEVELOPMENTS The following is added to the “Recent Developments” subsection of the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Base Prospectus following the fifth paragraph on page 57 of the Base Prospectus: Jackson National Life Insurance Company Based on Statutory Quarterly Statement as of and for the year ended December 31, 2018 PREMIUMS AND ANNUITY CONSIDERATIONS totaled $18,003.6 million (excluding John Hancock initial premium of $4,982.8 million) for the year ended December 31, 2018, as compared to $19,004.5 million in 2017. Total variable annuity premiums were $16,626.6 million for the year ended December 31, 2018, compared to $17,426.0 million in 2017. Included in variable annuity premiums were Elite Access premiums of $2,221.6 million for the year ended December 31, 2018, compared to $2,569.6 million in 2017. Fixed index annuity premiums received during 2018 totaled $335.0 million, compared to $380.8 million received in 2017. Sales of fixed annuities during the year totaled $447.0 million, compared to $571.0 million in 2017. Jackson sold $3,126.2 million of institutional products during 2018, compared to $2,995.3 million in 2017. NET INCOME totaled $1,896.3 million for the year ended December 31, 2018, compared to $168.4 million for the year ended December 31, 2017. Net realized capital gains totaled $991.7 million in 2018, compared to losses of $2,628.2 million in 2017, as hedge related capital gains were more favorable than in the prior year, due primarily to the nature of the movements in the equity markets during 2018 relative to 2017. CAPITAL AND SURPLUS was $4.79 billion at December 31, 2018, compared to $3.88 billion at December 31, 2017. The increase in capital and surplus was primarily due to net income of $1,896.3 million, partially offset by unrealized derivative losses of $445.4 million and dividends At December 31, 2018, Jackson had Total Adjusted Capital of $5,519.0 million and Authorized Control Level Risk Based Capital of $602.1 million. TOTAL ADMITTED ASSETS decreased to $224.9 billion at December 31, 2018, from $228.8 billion at December 31, 2017. Effective October 1, 2018, the Company entered into an agreement with John Hancock Life Insurance Company (U.S.A.) to assume $5.0 billion of statutory reserves on the U.S. Group Payout Annuity business. The transaction closed on October 31, 2018. As described in “Business of Jackson”, the Company received approval from the Department of Insurance and Financial Services regarding the use of a permitted practice which allows the Company to report the effectiveness of its hedging program related to certain interest rate swaps consistent with the system the Company has adopted in accordance with Section 943 (2) of the Michigan Insurance Code, as opposed to SSAP No. 86 – Accounting for Derivative Instruments and Hedging Activities. As a result, hedging transactions thus identified as effective are reported pursuant to the accounting guidance set forth in NAIC SSAP No. 86. The capital impact of this permitted practice, reflected as special surplus funds, was to decrease capital and surplus by $164.7 million at December 31, 2018 and $480.2 million at December 31, 2017, with no effect on net income. 4 Jackson’s investment portfolio is broadly diversified among sectors and issuers. Below investment grade bonds totaled 1.9% and 2.3% of total cash and invested assets at December 31, 2018 and December 31, 2017, respectively. Jackson had gross unrealized gains of $1,292.9 million and gross unrealized losses of $971.6 million on its debt securities at December 31, 2018. Of the total carrying value of bonds in an unrealized loss position at December 31, 2018, 93% were investment grade. Unrealized losses on bonds that were below investment grade comprised 7% of the aggregate gross unrealized loss on debt securities. For Statutory reporting, Jackson’s debt securities are generally reported at amortized cost, meaning the unrealized gains and losses are not reflected in income or capital and surplus. Impairment charges on fixed maturities totaled $6.8 million for the year ended December 31, 2018. 5 Annex 2 6 LIFE AND ACCIDENT AND HEALTH COMPANIES - ASSOCIATION EDITION ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 OF THE CONDITION AND AFFAIRS OF THE Jackson National Life Insurance Company NAIC Group Code � � NAIC Company Code 65056 Employer's ID Number 38-1659835 (Current) (Prior) Organized under the Laws of ________..c.M cci�chi"'.,_ga�n�-------' State of Domicile or Port of Entry Ml Country of Domicile United States of America Incorporated/Organized ________0 �6/� _19/� _19�6_ 1__ ______ Commenced Business 08/30/1961 Statutory Home Office 1 Corporate Way Lansing, Ml, US 48951 (Street and Number) (City or Town, State, Country and Zip Code) Main Administrative Office 1 Cor orate Wa (Street and Number) Lansing, Ml, US 48951 517-381-5500 (City or Town, State, Country and Zip Code) (Area Code) (Telephone Number) Mail Address 1 Corporate Way Lansing, MI, US 48951 (Street and Number or P.O. Box) (City or Town, State, Country and Zip Code) Primary Location of Books and Records 1 Cor orate Wa (Street and Number) Lansing, Ml, US 48951 517-381-5500 (City or Town, State, Country and Zip Code) (Area Code) (Telephone Number) Internet Website Address www.·ackson.com Statutory Statement Contact Michael Alan Costello 517-381-5500 (Name) (Area Code) (Telephone Number) [email protected] 517-706-5522 (E-mail Address) {FAX Number) OFFICERS h n F lcon re re e o e o President _______ Mic_ _ a_ el_ _lrv_ i_ �g� _a_ _ _ #_ ______ _ T asu r ______,_:cM .::.ic�h"'a:.:: .:...I A=la"'n-'C"" ""s"'t ""ll"' _______ Secretary ------�A.::.n�d.:...re�w�J.:...oh�.::.n-'B.:...ow� d.:..
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