Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust) — Form N-4
Filing Table of Contents
Document/Exhibit Description Pages Size
1: N-4/A Pre-Effective Amendment to Registration Statement 295± 1.48M
for a Separate Account (Unit Investment
Trust)
2: EX-99 Miscellaneous Exhibit 26 101K
3: EX-99 Miscellaneous Exhibit 2 8K
4: EX-99 Miscellaneous Exhibit 1 7K
5: EX-99 Miscellaneous Exhibit 8± 42K
6: EX-99 Miscellaneous Exhibit 1 8K
7: EX-99 Miscellaneous Exhibit 1 6K
N-4/A — Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust)
Document Table of Contents
As filed with the Securities and Exchange Commission on December 30, 2004.
Commission File Nos. 333-119659
811-08401
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. 1 [ X ]
Post-Effective Amendment No. [ ]
and/or
REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 53 [ X ]
JNLNY Separate Account I
(Exact Name of Registrant)
Jackson National Life Insurance Company of New York
(Name of Depositor)
2900 Westchester Avenue
Purchase, New York 10577
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code: (888) 367-5651
Thomas J. Meyer, Esq.
Senior Vice President, Secretary and General Counsel
Jackson National Life Insurance Company
1 Corporate Way
Lansing, MI 48951
(Name and Address of Agent for Service)
Copy to:
John S. (Scott) Kreighbaum, Esq.
Jackson National Life Insurance Company
1 Corporate Way
Lansing, MI 48951
Approximate date of proposed public offering: Upon the effective date of this
Registration Statement - December 30, 2004 requested.
Title of Securities Being Registered: the variable portion of Flexible Premium
Fixed and Variable Deferred Annuity contracts.
PERSPECTIVE L SERIES
FLEXIBLE PREMIUM FIXED AND VARIABLE DEFERRED ANNUITY
ISSUED BY
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK(SM) AND THROUGH
JNLNY SEPARATE ACCOUNT I
THE DATE OF THIS PROSPECTUS IS December 30, 2004, which states the information
about the Separate Account, the Contract, and Jackson National Life of NY you
should know before investing. This information is meant to help you decide if
the Contract will meet your needs. Please carefully read this prospectus and any
related documents and keep everything together for future reference. Additional
information about the Separate Account can be found in the statement of
additional information (SAI) dated December 30, 2004, that is available upon
request without charge. To obtain a copy, contact us at our:
ANNUITY SERVICE CENTER
P.O. BOX 378004
DENVER, COLORADO 80237-8004
1-800-599-5651
CONTACTUS@JNLNY.COM
WWW.JNLNY.COM
This prospectus also describes a variety of optional features, not all of which
may be available at the time you are interested in purchasing a Contract, as we
reserve the right to prospectively restrict availability of the optional
features. Broker-dealers selling the Contracts may limit the availability of an
optional feature. Ask your representative about what optional features are or
are not offered. If a particular optional feature that interests you is not
offered, you may want to contact another broker-dealer to explore its
availability. In addition, not all optional features may be available in
combination with other optional features, as we also reserve the right to
prospectively restrict the availability to elect certain features if certain
other optional features have been elected. Please confirm that you have the most
current prospectus and supplements to the prospectus that describe the current
availability and any restrictions on the optional features.
Expenses for a Contract with a Contract Enhancement will be higher than those
for a Contract without a Contract Enhancement, and in some cases the amount of a
Contract Enhancement may be more than offset by those expenses.
We offer other variable annuity products that offer different product features,
benefits and charges.
The SAI is incorporated by reference into this prospectus, and its table of
contents begins on page 62. The prospectus and SAI are part of the registration
statement that we filed with the Securities and Exchange Commission (SEC) about
this securities offering. The registration statement, material incorporated by
reference, and other information is available on the website the SEC maintains
(http://www.sec.gov) regarding registrants that make electronic filings.
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NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED
THE SECURITIES OFFERED THROUGH THIS PROSPECTUS DISCLOSURE. IT IS A CRIMINAL
OFFENSE TO REPRESENT OTHERWISE. WE DO NOT INTEND FOR THIS PROSPECTUS TO BE AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE
WHERE THIS IS NOT PERMITTED.
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o Not FDIC/NCUA insured o Not Bank/CU guaranteed o May lose value
o Not a deposit o Not insured by any federal agency
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* THE CONTRACT MAKES AVAILABLE FOR ALLOCATION FIXED AND VARIABLE OPTIONS. THE
VARIABLE OPTIONS AVAILABLE ARE INVESTMENT DIVISIONS OF THE SEPARATE ACCOUNT,
EACH OF WHICH INVESTS IN ONE OF THE FOLLOWING FUNDS - ALL CLASS A SHARES (THE
"FUNDS"):
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JNL SERIES TRUST
JNL/AIM Large Cap Growth Fund
JNL/AIM Small Cap Growth Fund
JNL/Alger Growth Fund
JNL/Alliance Capital Growth Fund
JNL/Eagle Core Equity Fund
JNL/Eagle SmallCap Equity Fund
JNL/FMR Balanced Fund
JNL/FMR Capital Growth Fund
JNL/JPMorgan International Value Fund
JNL/Lazard Mid Cap Value Fund
JNL/Lazard Small Cap Value Fund
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 International Index Fund
JNL/Mellon Capital Management Bond Index Fund
JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund
JNL/Oppenheimer Global Growth Fund
JNL/Oppenheimer Growth Fund
JNL/PIMCO Total Return Bond Fund
JNL/Putnam Equity Fund
JNL/Putnam International Equity Fund
JNL/Putnam Midcap Growth Fund
JNL/Putnam Value Equity Fund
JNL/Salomon Brothers High Yield Bond Fund
JNL/Salomon Brothers Strategic Bond Fund
JNL/Salomon Brothers U.S. Government & Quality Bond Fund
JNL/Select Balanced Fund
JNL/Select Global Growth Fund
JNL/Select Large Cap Growth Fund
JNL/Select Money Market Fund
JNL/Select Value Fund
JNL/T. Rowe Price Established Growth Fund
JNL/T. Rowe Price Mid-Cap Growth Fund
JNL/T. Rowe Price Value Fund
JNL/S&P Managed Conservative Fund
JNL/S&P Managed Moderate Fund
JNL/S&P Managed Moderate Growth Fund
JNL/S&P Managed Growth Fund
JNL/S&P Managed Aggressive Growth Fund
JNLNY VARIABLE FUND I LLC
JNL/Mellon Capital Management The DowSM 10 Fund
JNL/Mellon Capital Management The S&P(R) 10 Fund
JNL/Mellon Capital Management Global 15 Fund
JNL/Mellon Capital Management 25 Fund
JNL/Mellon Capital Management Select Small-Cap Fund
JNL/Mellon Capital Management NASDAQ(R) 15 Fund
JNL/Mellon Capital Management Value Line(R) 25 Fund
JNL VARIABLE FUND LLC
JNL/Mellon Capital Management JNL 5 Fund
JNL/Mellon Capital Management VIP Fund
JNL/Mellon Capital Management Communications Sector Fund
JNL/Mellon Capital Management Consumer Brands Sector Fund
JNL/Mellon Capital Management Energy Sector Fund
JNL/Mellon Capital Management Financial Sector Fund
JNL/Mellon Capital Management Pharmaceutical/Healthcare Sector Fund
JNL/Mellon Capital Management Technology Sector Fund
THESE FUNDS ARE NOT THE SAME MUTUAL FUNDS THAT YOU WOULD BUY THROUGH YOUR
STOCKBROKER OR A RETAIL MUTUAL FUND. THE PROSPECTUSES FOR THESE FUNDS ARE
ATTACHED TO THIS PROSPECTUS.
"JNL(R)," "Jackson National(R)" and "Jackson National Life(R)" are trademarks of
Jackson National Life Insurance ComPANY.
"Standard & Poor's(R)," "S&P(R)," "S&P 500(R)," "Standard & Poor's 500," "500,"
"Standard & Poor's MidCap 400" and "S&P MidCap 400" are trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Jackson National
Life Insurance Company. These Funds are not sponsored, endorsed, sold or
promoted by Standard & Poor's and Standard & Poor's makes no representation
regarding the advisability of investing in these Funds. Please see the Statement
of Additional Information which sets forth certain additional disclaimers and
limitations of liabilities on behalf of S&P. The JNL/Mellon Capital Management
The S&P(R) 10 Fund is not sponsored, endorsed, sold or promoted by Standard &
Poor's and Standard & Poor's makes no representation regarding the advisability
of investing in this Fund. Please see the Statement of Additional Information
which sets forth certain additional disclaimers and limitations of liabilities
on behalf of S&P.
"Dow Jones," "Dow Jones Industrial AverageSM," "DJIASM," "The DowSM" and "The
Dow 10SM Index" are service marks of Dow Jones & Company, Inc. (Dow Jones) and
have been licensed for use for certain purposes by Jackson National Life
Insurance Company. Dow Jones has no relationship to the annuity and Jackson
National Life Insurance Company, other than the licensing of the Dow Jones
Industrial Average (DJIA) and its service marks for use in connection with the
JNL/Mellon Capital Management The DowSM 10 Fund. Please see Appendix A for
additional information. The JNL/Mellon Capital Management The DowSM 10 Fund is
not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no
representation regarding the advisability of investing in such product.
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(R) to track
general stock market performance. The Corporations' only relationship to Jackson
National Life Insurance Company (LICENSEE) is in the licensing of the
Nasdaq-100(R), Nasdaq-100 Index(R) and Nasdaq(R) trademarks or service marks,
and certain trade names of the Corporations and the use of the Nasdaq-100
Index(R) 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(R). 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(R) 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(R) 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(R) 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(R)," "Nasdaq-100 Index(R)," "Nasdaq Stock Market(R)" 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
National Life Insurance Company. The JNL/Mellon Capital Management NASDAQ(R) 15
Fund has not passed on the Corporations as to its legality or suitability. The
JNL/Mellon Capital Management NASDAQ(R) 15 Fund is 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(R) 15 FUND.
"Value Line(R)," "The Value Line Investment Survey" and "Value Line TimelinessTM
Ranking System" are trademarks of Value Line Securities, Inc. or Value Line
Publishing, Inc. that have been licensed to Jackson National Life Insurance
Company. The JNL/Mellon Capital Management Value Line(R) 25 Fund is not
sponsored, recommended, sold or promoted by Value Line Publishing, Inc., Value
Line, Inc. or Value Line Securities, Inc. ("Value Line"). Value Line makes no
representation regarding the advisability of investing in the JNL/Mellon Capital
Management Value Line(R) 25 Fund. Jackson National Life Insurance Company is not
affiliated with any Value Line Company.
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TABLE OF CONTENTS
GLOSSARY..........................................................................................................1
KEY FACTS.........................................................................................................2
FEES AND EXPENSES TABLES..........................................................................................4
THE ANNUITY CONTRACT.............................................................................................11
JACKSON NATIONAL LIFE OF NY......................................................................................12
THE FIXED ACCOUNT................................................................................................12
THE SEPARATE ACCOUNT.............................................................................................13
INVESTMENT DIVISIONS.............................................................................................14
CONTRACT CHARGES.................................................................................................23
PURCHASES .......................................................................................................30
TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS.....................................................................34
TELEPHONE AND INTERNET TRANSACTIONS..............................................................................37
ACCESS TO YOUR MONEY.............................................................................................38
INCOME PAYMENTS (THE INCOME PHASE)...............................................................................44
DEATH BENEFIT....................................................................................................49
TAXES............................................................................................................53
OTHER INFORMATION................................................................................................57
PRIVACY POLICY...................................................................................................60
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION.....................................................62
APPENDIX A (about Dow Jones)....................................................................................A-1
APPENDIX B (about Contract Enhancement recapture charges).......................................................B-1
APPENDIX C (GMWB examples)......................................................................................C-1
APPENDIX D (5% for Life GMWB examples)..........................................................................D-1
APPENDIX E (4% for Life GMWB examples)..........................................................................E-1
GLOSSARY
THESE TERMS ARE CAPITALIZED WHEN USED THROUGHOUT THIS PROSPECTUS BECAUSE THEY
HAVE SPECIAL MEANING. IN READING THIS PROSPECTUS, PLEASE REFER BACK TO THIS
GLOSSARY IF YOU HAVE ANY QUESTIONS ABOUT THESE TERMS.
ACCUMULATION UNIT - a unit of measure we use to calculate the value in an
Investment Division prior to the Income Date.
ANNUITANT - the natural person on whose life annuity payments for this Contract
are based. The Contract allows for the naming of joint annuitants. Any reference
to Annuitant includes any joint Annuitants.
ANNUITY UNIT - a unit of measure we use in calculating the value of a variable
annuity payment on and after the Income Date.
BENEFICIARY - the natural person or legal entity designated to receive any
Contract benefits upon the Owner's death. The Contract allows for the naming of
multiple beneficiaries.
COMPLETED YEAR - the succeeding twelve months from the date on which we receive
a premium payment.
CONTRACT - the individual deferred variable and fixed annuity contract and any
optional endorsements you may have selected.
CONTRACT ANNIVERSARY - each one-year anniversary of the Contract's Issue Date.
CONTRACT ENHANCEMENT - a credit that we will make to each premium payment you
make during the first Contract Year.
CONTRACT VALUE - the sum of your allocations between the Contract's Fixed
Account and Investment Divisions.
CONTRACT YEAR - the succeeding twelve months from a Contract's Issue Date and
every anniversary.
INTEREST RATE ADJUSTMENT - an adjustment to the Contract Value allocated to the
Fixed Account that is withdrawn, transferred, or annuitized before the end of
the specified period.
FIXED ACCOUNT - part of our General Account to which the Contract Value you
allocate is guaranteed to earn a specified rate of return over a stated period.
GENERAL ACCOUNT - the General Account includes all our assets, including any
Contract Value you allocated to the Fixed Account, which are available to our
creditors.
GOOD ORDER - when our administrative requirements are met for any requested
action or change, including that we have received sufficient supporting
documentation.
INCOME DATE - the date on which you begin receiving annuity payments.
ISSUE DATE - the date your Contract is issued.
INVESTMENT DIVISION - one of multiple variable options of the Separate Account
to allocate your Contract's value, each of which exclusively invests in a
different available fund. The Investment Divisions are referred to as variable
because the return on investment is not guaranteed.
JACKSON NATIONAL LIFE OF NY, JNLNY, WE, OUR, OR US - Jackson National Life
Insurance Company of New York. (We do not capitalize "we," "our," or "us" in the
prospectus.)
OWNER, YOU OR YOUR - the natural person or legal entity entitled to exercise all
rights and privileges under the Contract. Usually, but not always, the Owner is
the Annuitant. The Contract allows for the naming of joint owners. (We do not
capitalize "you" or "your" in the prospectus.) Any reference to the Owner
includes any joint Owners.
SEPARATE ACCOUNT - JNLNY Separate Account I.
KEY FACTS
THE IMMEDIATELY FOLLOWING TWO SECTIONS BRIEFLY INTRODUCE THE CONTRACT (AND ITS
BENEFITS AND FEATURES) AND ITS COSTS; HOWEVER, PLEASE CAREFULLY READ THE WHOLE
PROSPECTUS AND ANY RELATED DOCUMENTS BEFORE PURCHASING THE CONTRACT TO BE SURE
THAT IT WILL MEET YOUR NEEDS.
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ALLOCATION OPTIONS
The Contract makes available a Fixed Account and Investment Divisions for
allocation of your premium payments and Contract Value. Allocations to the Fixed
Account for a specified period of one year may remain for one year, and we may
require equal monthly transfers to the Investment Divisions during the time. For
more information about the Fixed Account, please see "THE FIXED ACCOUNT"
beginning on page 12. For more information about the Investment Divisions,
please see "INVESTMENT DIVISIONS" beginning on page 14.
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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 not issued under a qualified retirement plan. Qualified plans
confer their own tax deferral. For more information, please see "TAXES"
beginning on page 53.
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FREE LOOK
If you change your mind about having purchased the Contract, you may return it
without penalty. There are conditions and limitations. For more information,
please see "FREE LOOK" beginning on page 58.
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PURCHASES
There are minimum and maximum premium requirements. You may elect to receive a
credit on your premium payments during the first Contract Year, subject to
conditions and limitations. The Contract also has a premium protection option,
namely the Capital Protection Program. For more information, please see
"PURCHASES" beginning on page 30.
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WITHDRAWALS
Before the Income Date, there are a number of ways to access your Contract
Value, sometimes 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 you may require extended care. For more
information, please see "ACCESS TO YOUR MONEY" beginning on page 38.
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INCOME PAYMENTS
There are a number of income options available, including an optional,
guaranteed minimum income benefit. For more information, please see "INCOME
PAYMENTS (THE INCOME PHASE)" beginning on page 44.
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DEATH BENEFIT
The Contract has a death benefit that becomes payable if you die before the
Income Date. An optional death benefit is also available. For more information,
please see "DEATH BENEFIT" beginning on page 49.
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FEES AND EXPENSES TABLES
THE FOLLOWING TABLES DESCRIBE THE FEES AND EXPENSES THAT YOU WILL PAY WHEN
PURCHASING, OWNING AND SURRENDERING THE CONTRACT. THE FIRST TABLE DESCRIBES THE
FEES AND EXPENSES THAT YOU WILL PAY AT THE TIME THAT YOU PURCHASE THE CONTRACT,
SURRENDER THE CONTRACT OR TRANSFER CASH VALUE BETWEEN INVESTMENT OPTIONS.
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OWNER TRANSACTION EXPENSES
Front-end Sales Load...........................................................................................None
Maximum Withdrawal Charge (as a percentage of premium surrendered, if applicable)/1/.............................7%
Maximum Contract Enhancement Recapture Charge (as a percentage of the corresponding first year premium payments
withdrawn if an optional Contract Enhancement is selected)/2/...............................................3%
Completed Years Since
Receipt of Premium 0 1 2 3 4 5 6 7+
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With 2% Credit 2% 2% 1.25% 1.25% 0.5% 0 0 0
With 3% Credit 3% 3% 2% 2% 2% 1% 1% 0
With 4% Credit 3% 3% 2% 2% 2% 1% 1% 0
Maximum Premium Taxes (as a percentage of each premium payment)..................................................2%
Transfer Charge (per transfer after 15 in a Contract Year)/3/...................................................$25
Expedited Delivery Charge/4/.................................................................................$22.50
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/1/ There may be a withdrawal charge on these withdrawals of Contract Value:
withdrawals in excess of the free withdrawal amount; a total withdrawal;
and withdrawals on an Income Date that is within one year of the Issue
Date. The withdrawal charge is based on a schedule with the withdrawal
charge lasting four Completed Years:
Completed Years Since
Receipt of Premium 0 1 2 3 4+
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Withdrawal Charge 7% 6% 5% 4% 0%
/2/ Contract Enhancements are subject to the recapture charge that is based on
Completed Years and depends on your Contract Enhancement. There may be a
recapture charge on these withdrawals of Contract Value with a Contract
Enhancement if the Contract is returned during the free look period;
withdrawals in excess of the free withdrawal amounts; withdrawals that
exceed the minimum distribution requirements of the Internal Revenue Code;
a total withdrawal; and withdrawals on an Income Date that is within one
year of the Issue Date.
/3/ We do not count transfers in conjunction with Dollar Cost Averaging,
Earnings Sweep and Rebalancing, and automatic transfers from the Fixed
Account.
/4/ 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.
THE NEXT TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU WILL PAY PERIODICALLY
DURING THE TIME THAT YOU OWN THE CONTRACT, NOT INCLUDING THE FUNDS' FEES AND
EXPENSES.
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PERIODIC EXPENSES
FOR BASE CONTRACT
Annual Contract Maintenance Charge/5/...........................................................................$30
Separate Account Annual Expenses (as an annual percentage of the average daily account value of the Investment
Divisions)....................................................................................................1.65%
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Mortality And Expense Risk Charge.................................................................1.50%
Administration Charge/6/..........................................................................0.15%
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Total Separate Account Annual Expenses........................................................1.65%
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FOR OPTIONAL ENDORSEMENTS (AS AN ANNUAL PERCENTAGE OF THE AVERAGE DAILY ACCOUNT
VALUE OF THE INVESTMENT DIVISIONS, UNLESS OTHERWISE NOTED) (YOU MAY ONLY SELECT
ONE OF EACH GROUPING, UNLESS OTHERWISE NOTED.)/7/
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4% Contract Enhancement Maximum Annual Charge/8/..............................................................0.56%
3% Contract Enhancement Maximum Annual Charge/8/..............................................................0.42%
2% Contract Enhancement Maximum Annual Charge/9/.............................................................0.395%
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Guaranteed Minimum Income Benefit (GMIB) Maximum Annual Charge/10/...........................................0.75%
7% Guaranteed Minimum Withdrawal Benefit (GMWB) Maximum Annual Charge/11/.....................................0.70%
5% For Life GMWB Maximum Annual Charge/12/....................................................................1.30%
4% For Life GMWB Maximum Annual Charge/13/....................................................................0.85%
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Highest Anniversary Value Death Benefit Maximum Annual Charge/14/.............................................0.40%
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Total Separate Account Annual Expenses With The Most Expensive Optional Endorsements/15/..........3.91%
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/5/ This charge is waived on Contract Value of $50,000 or more. This charge is
deducted proportionally from yourallocations to the Fixed Account and
Investment Divisions either annually (on your Contract Anniversary) or in
conjunction with a total withdrawal, as applicable.
/6/ This charge is waived on initial premiums of $1,000,000 or more, but we may
reverse the waiver and reinstate the Administrative Charge if your
withdrawals during the first year of the Contract cause the Contract Value
to drop below $1,000,000.
/7/ Some optional endorsements are only available to select in purchasing the
Contract and once purchased cannot be canceled. Also, you may not select
both the Guaranteed Minimum Income Benefit and any Guaranteed Minimum
Withdrawal Benefit.
/8/ This charge lasts for the first seven Contract Years.
/9/ This charge lasts for the first five Contract Years.
/10/ On a calendar quarter basis the charge is 0.1875% of the GMIB Benefit Base.
The current charge is 0.60%, which in a calendar quarter basis is 0.15% of
the GMIB Benefit Base. The charge is deducted each calendar quarter and
upon termination of the GMIB from the Investment Divisions and the Fixed
Accounts on a pro rata basis. When it is deducted from the Investment
Divisions, it is not part of the unit value calculations, but rather is
deducted by means of a cancellation of units. For more information,
including the definition of the GMIB Benefit Base, please see "Guaranteed
Minimum Income Benefit" beginning on page 27.
/11/ The current charge is 0.40% and does not increase upon election of the
step-up. For more information, please see "7% Guaranteed Minimum Withdrawal
Benefit" beginning on page 39.
/12/ The charge depends on the Owner's age, or the age of the older Owner in the
case of joint Owners, on the Contract's Issue Date (or the date this
optional endorsement is selected, if different). For an Owner between the
ages of: 60 and 64; 65 and 69; 70 and 74; and 75 and 80 - the maximum
annual charge is: 1.30%; 0.85%; 0.60%; and 0.50%, respectively. Meanwhile,
for the same age groups, the current charges are: 1.10%; 0.70%; 0.50%; and
0.40%, respectively. For more information, please see "5% Guaranteed
Minimum Withdrawal Benefit" beginning on page 42.
/13/ The charge depends on the Owner's age, or the age of the older Owner in the
case of joint Owners, on the Contract's Issue Date (or the date this
optional endorsement is selected, if different). For an Owner between the
ages of: 50 and 54; 55 and 59; 60 and 64; 65 and 69; 70 and 74; and 75 and
80 - the maximum annual charge is: 0.85%; 0.65%; 0.50%; 0.35%; 0.30%; and
0.20%, respectively. Meanwhile, for the same age groups, the current
charges are: 0.65%; 0.50%; 0.35%; 0.25%; 0.20%; and 0.15%, respectively.
For more information, please see "4% Guaranteed Minimum Withdrawal Benefit"
beginning on page 42.
/14/ The current charge is 0.25%.
/15/ If you were to select these optional endorsements, based on the maximum
annual charges: 4% Contract Enhancement, 5% For Life GMWB
and Highest Anniversary Value Death Benefit.
THE INFORMATION BELOW SHOWS THE MINIMUM AND MAXIMUM TOTAL OPERATING EXPENSES
CHARGED BY THE FUNDS AND A FULL TABLE OF THE EXPENSES CHARGED BY ALL OF THE
FUNDS, WHICH YOU WILL PAY DURING THE TIME YOUR MONEY IS ALLOCATED TO THE
CORRESPONDING INVESTMENT DIVISION. PLEASE REFER TO THE JNL SERIES TRUST, JNLNY
VARIABLE FUND I LLC AND JNL VARIABLE FUND LLC PROSPECTUSES FOR MORE INFORMATION
ON THE FUNDS, INCLUDING INVESTMENT OBJECTIVES, PERFORMANCE AND INFORMATION ON
THE ADVISER AND ADMINISTRATOR, JACKSON NATIONAL ASSET MANAGEMENT, LLC, AND THE
SUB-ADVISERS.
TOTAL ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund
assets, including management and administration fees, distribution (12b-1) fees
and other expenses)
Minimum: 0.59%
Maximum: 1.33%
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FUND ANNUAL EXPENSES
(as an annual percentage of the Fund's average daily net assets)
MANAGEMENT
AND 12B-1 TOTAL FUND
ADMINISTRATIVE SERVICE OTHER ANNUAL
FUND NAME FEE/1/ FEE/2/ EXPENSES/3/ EXPENSES
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JNL/AIM Large Cap Growth Fund 0.81% 0.20% 0% 1.01%
JNL/AIM Small Cap Growth Fund 0.95% 0.20% 0% 1.15%
JNL/Alger Growth Fund 0.80% 0.20% 0% 1.00%
JNL/Alliance Capital Growth Fund 0.68% 0.20% 0% 0.88%
JNL/Eagle Core Equity Fund 0.76% 0.20% 0% 0.96%
JNL/Eagle SmallCap Equity Fund 0.85% 0.20% 0% 1.05%
JNL/FMR Balanced Fund 0.80% 0.20% 0% 1.00%
JNL/FMR Capital Growth Fund 0.80% 0.20% 0% 1.00%
JNL/JPMorgan International Value Fund 0.93% 0.20% 0% 1.13%
JNL/Lazard Mid Cap Value Fund 0.82% 0.20% 0% 1.02%
JNL/Lazard Small Cap Value Fund 0.85% 0.20% 0% 1.05%
JNL/Mellon Capital Management S&P 500 Index Fund 0.39% 0.20% 0% 0.59%
JNL/Mellon Capital Management S&P 400 MidCap
Index Fund 0.39% 0.20% 0% 0.59%
JNL/Mellon Capital Management Small Cap Index
Fund 0.39% 0.20% 0% 0.59%
JNL/Mellon Capital Management International
Index Fund 0.45% 0.20% 0% 0.65%
JNL/Mellon Capital Management Bond Index Fund 0.40% 0.20% 0% 0.60%
JNL/Mellon Capital Management Enhanced S&P 500
Stock Index Fund 0.56% 0.20% 0% 0.76%
JNL/Oppenheimer Global Growth Fund 0.85% 0.20% 0% 1.05%
JNL/Oppenheimer Growth Fund 0.80% 0.20% 0% 1.00%
JNL/PIMCO Total Return Bond Fund 0.60% 0.20% 0% 0.80%
JNL/Putnam Equity Fund 0.77% 0.20% 0% 0.97%
JNL/Putnam International Equity Fund 0.93% 0.20% 0% 1.13%
JNL/Putnam Midcap Growth Fund 0.85% 0.20% 0% 1.05%
JNL/Putnam Value Equity Fund 0.75% 0.20% 0% 0.95%
JNL/Salomon Brothers High Yield Bond Fund 0.60% 0.20% 0% 0.80%
JNL/Salomon Brothers Strategic Bond Fund 0.74% 0.20% 0% 0.94%
JNL/Salomon Brothers U.S. Government & Quality
Bond Fund 0.59% 0.20% 0% 0.79%
JNL/Select Balanced Fund 0.59% 0.20% 0% 0.79%
JNL/Select Global Growth Fund 0.89% 0.20% 0% 1.09%
JNL/Select Large Cap Growth Fund 0.78% 0.20% 0% 0.98%
JNL/Select Money Market Fund 0.40% 0.20% 0% 0.60%
JNL/Select Value Fund 0.65% 0.20% 0% 0.85%
JNL/T. Rowe Price Established Growth Fund 0.70% 0.20% 0% 0.90%
JNL/T. Rowe Price Mid-Cap Growth Fund 0.82% 0.20% 0% 1.02%
JNL/T. Rowe Price Value Fund 0.77% 0.20% 0% 0.97%
JNL/S&P Managed Conservative Fund/4/ 0.18% 0% 0% 0.18%
JNL/S&P Managed Moderate Fund/4/ 0.18% 0% 0% 0.18%
JNL/S&P Managed Moderate Growth Fund/4/ 0.17% 0% 0% 0.17%
JNL/S&P Managed Growth Fund/4/ 0.16% 0% 0% 0.16%
JNL/S&P Managed Aggressive Growth Fund/4/ 0.17% 0% 0% 0.17%
JNL/Mellon Capital Management The DowSM 10 Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management The S&P(R) 10 Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management Global 15 Fund 0.57% 0.20% 0.01% 0.78%
JNL/Mellon Capital Management 25 Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management Select Small-Cap
Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management JNL 5 Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management NASDAQ(R) 15 Fund 0.52% 0.20% 0.05% 0.77%
JNL/Mellon Capital Management Value Line(R) 25 Fund 0.52% 0.20% 0.16% 0.88%
JNL/Mellon Capital Management VIP Fund 0.52% 0.20% 0.05% 0.77%
JNL/Mellon Capital Management Communications
Sector Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management Consumer Brands
Sector Fund 0.52% 0.20% 0.02% 0.74%
JNL/Mellon Capital Management Energy Sector Fund 0.52% 0.20% 0.02% 0.74%
JNL/Mellon Capital Management Financial Sector
Fund 0.52% 0.20% 0.01% 0.73%
JNL/Mellon Capital Management
Pharmaceutical/Healthcare Sector Fund 0.52% 0.20% 0.02% 0.74%
JNL/Mellon Capital Management Technology Sector
Fund 0.52% 0.20% 0.01% 0.73%
-------------------------------------------------- --------------- ----------- ------------- -------------
/1/ Certain Funds pay Jackson National Asset Management, LLC, the administrator,
an administrative fee for certain services provided to the Fund by the
administrator. The JNL/Select Global Growth Fund, the JNL/JPMorgan International
Value Fund, the JNL/Oppenheimer Global Growth Fund, the JNL/Putnam International
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
Enhanced S&P 500 Stock Index Fund and the JNL/Mellon Capital Management Global
15 Fund pay an administrative fee of 0.15%; the JNL/Mellon Capital Management
Global 15 Fund pays an administrative fee of 0.20%; the five JNL/S&P Funds pay
an administrative fee of 0.05%; the other Funds pay an administrative fee of
0.10%. The administrative fees are paid to Jackson National Asset Management,
LLC. The Management and Administrative Fee and the Total Fund Annual Expenses
columns in this table reflect the inclusion of any applicable administrative
fee. The management fee reflects a reduction in connection with the adoption of
a 0.20% Rule 12b-1 fee for the Fund's Class A shares. The management fees shown
in the table for the Mellon Capital Management funds are lower than the actual
fees incurred in 2003, to reflect reductions in the contractual management fee
rates.
/2/ Effective December 15, 2003, the Fund implemented the Rule 12b-1 fee for
Class A shares as part of its adoption of a Rule 12b-1 Plan. Rule 12b-1 fees may
not exceed 0.20% of average daily net assets attributed to Class A shares.
/3/ Other Expenses reflect the fees and expense of the disinterested Managers
and of independent legal counsel to the disinterested Managers include the costs
associated with license fees paid by certain Funds and the fees and expenses of
the disinterested Managers, their independent legal counsel and for a majority
of the estimated expenses associated with the Chief Compliance Officer.
/4/ UNDERLYING FUND EXPENSES. The expenses shown above are the annual operating
expenses for the JNL/S&P Funds. Because the JNL/S&P Funds invest in other Funds
of the JNL Series Trust and JNL Variable Fund LLC, the JNL/S&P Funds will
indirectly bear its pro rata share of fees and expenses of the underlying Funds
in addition to the expenses shown.
The total annual operating expenses for each JNL/S&P Fund (including both the
annual operating expenses for the JNL/S&P Funds and the annual operating
expenses for the underlying Funds) could range from 0.75% to 1.33% (this range
reflects an investment in the Funds with the lowest and highest Total Fund
Annual Expenses). The table below shows estimated total annual operating
expenses for each of the JNL/S&P Funds based on the pro rata share of expenses
that the JNL/S&P Funds would bear if they invested in a hypothetical mix of
underlying Funds. The adviser believes the expenses shown below to be a likely
approximation of the expenses the JNL/S&P Funds will incur based on the actual
mix of underlying Funds. The expenses shown below include both the annual
operating expenses for the JNL/S&P Fund and the annual operating expenses for
the underlying Funds. The actual expenses of each JNL/S&P Fund will be based on
the actual mix of underlying Funds in which it invests. The actual expenses may
be greater or less than those shown.
JNL/S&P Managed Conservative Fund...............................1.002%
JNL/S&P Managed Moderate Fund...................................1.035%
JNL/S&P Managed Moderate Growth Fund............................1.070%
JNL/S&P Managed Growth Fund.....................................1.111%
JNL/S&P Managed Aggressive Growth Fund..........................1.128%
EXAMPLES. These examples are intended to help you compare the cost of
investing in the Contract with the cost of investing in other variable
annuity Contracts.
Each of the examples assumes that you invest $10,000 in the Contract
for the time periods indicated. Neither transfer fees nor premium tax
charges are reflected in the examples. The examples also assume that
your investment has a 5% return each year. Your actual costs may be
higher or lower than the costs shown in the examples.
The following examples include the 4% Contract Enhancement, the maximum
fees and expenses of any of the Funds and the cost if you select the
most expensive combination of optional endorsements: the 4% Contract
Enhancement, the 5% for Life GMWB (using the maximum possible charge
(at age 60)) and Highest Anniversary Value Death Benefit. Based on
these assumptions, your costs would be:
If you surrender your Contract at the end of each time period:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$1,544 $2,329 $2,909 $5,226
If you do not surrender your Contract or if you begin receiving income
payments from your Contract after the first year:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$544 $1,629 $2,709 $5,226
The following examples include the minimum fees and expenses of any of
the Funds and the cost for just the base Contract (no optional
endorsements). Based on these assumptions, your costs would be:
If you surrender your Contract at the end of each time period:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$927 $1,200 $1,200 $2,575
If you do not surrender your Contract or if you begin receiving income
payments from your Contract after the first year:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$227 $700 $1,200 $2,575
EXPLANATION OF THE FEES AND EXPENSES TABLES AND EXAMPLES. The purpose
of the Fee and Expense Tables and examples is to assist you in
understanding the various costs and expenses that you will bear
directly or indirectly. The Fee Table reflects the expenses of the
Separate Account and the Funds. Premium taxes may also apply. The
examples also reflect the annual contract maintenance charge, which is
determined by dividing the total amount of such charges collected
during the calendar year by the total market value of the Investment
Divisions and the Fixed Accounts.
A withdrawal charge is imposed on income payments which occur within 13
months of the date the Contract is issued.
THE EXAMPLES DO NOT REPRESENT PAST OR FUTURE EXPENSES. THE ACTUAL
EXPENSES THAT YOU INCUR MAY BE GREATER OR LESS THAN THOSE SHOWN.
FINANCIAL STATEMENTS. You can find the financial statements of the
Separate Account and Jackson National Life of NY in the Statement of
Additional Information. The financial statements of the Separate
Account do not include information derived from this Contract, as the
financial statements are for periods prior to the offering of this
Contract. To obtain a copy free of charge, contact us at our Annuity
Service Center. Our contact information is on the first page of this
prospectus.
CONDENSED FINANCIAL INFORMATION. No condensed financial information is
provided for this new Contract that does not have any history of
changes in the values of Accumulation Units. Accumulation Units are
determined on the basis of changes in the per share value of the
relevant underlying Fund and Separate Account charges for the base
Contract and the various combinations of optional endorsements.
THE ANNUITY CONTRACT
Your Contract is a contract between you, the Owner, and us. Your
Contract is intended to help facilitate your retirement savings on a
tax-deferred basis, or other long-term investment purposes, and
provides for a death benefit. Purchases under tax-qualified plans
should be made for other than tax deferral reasons. Tax-qualified plans
provide tax deferral that does not rely on the purchase of an annuity
Contract. We generally will not issue a Contract to someone older than
90. Optional benefits may have different requirements, as noted.
You may allocate your Contract Value to
o our Fixed Accounts, as may be made available by us, or as
may be otherwise limited by us; or to
o Investment Divisions of the Separate Account that invest in
underlying funds.
Your Contract, like all deferred annuity Contracts, has two phases:
o the ACCUMULATION PHASE, when you make premium payments to
us, and
o the INCOME PHASE, when we make income payments to you.
As the Owner, you can exercise all the rights under your Contract. You
can assign your Contract at any time during your lifetime, but we will
not be bound until we receive written notice of the assignment (there
is an assignment form). An assignment may be a taxable event. With
Contracts with the 5% or 4% For Life GMWB, your ability to change
ownership is limited. Please contact the Annuity Service Center for
help and more information.
JACKSON NATIONAL LIFE OF NY
We are a stock life insurance company organized under the laws of the
state of New York in July 1995. Our legal domicile and principal
business address is 2900 Westchester Avenue, Purchase, New York 10577.
We are admitted to conduct life insurance and annuity business in the
states of Delaware, New York and Michigan. We are ultimately a wholly
owned subsidiary of Prudential plc (London, England).
We issue the Contracts and administer the Contracts and the Separate
Account. We maintain records of the name, address, taxpayer
identification number and other pertinent information for each Owner,
the number and type of Contracts issued to each Owner and records with
respect to the value of each Contract.
Jackson National Life of NY is working to provide documentation
electronically. When this program is available, Jackson National Life
of NY will, as permitted, forward documentation electronically. Please
contact us at our Annuity Service Center for more information.
THE FIXED ACCOUNT
Contract Value that you allocate to a Fixed Account option will be
placed with other assets in our General Account. The Fixed Account is
not registered with the SEC, and the SEC does not review the
information we provide to you about it. Disclosures regarding the Fixed
Account, however, may be subject to the general provisions of the
federal securities laws relating to the accuracy and completeness of
statements made in prospectuses. We reserve the right to limit the
availability of the Fixed Account. For more information about the
availability of the Fixed Account, please see the application, check
with the registered representative helping you to purchase the
Contract, or contact us at our Annuity Service Center.
Each Fixed Account option offers a base interest rate that we
established and will credit to your Contract Value in the Fixed Account
for a specified period (currently, one, three, five or seven years), so
long as the Contract Value is not withdrawn, transferred, or annuitized
until the end of the specified period. The Fixed Account minimum
interest rate is 1.5% per annum, which is credited daily. Subject to
these minimum requirements, we may declare different base interest
rates at different times.
Your Contract Value may be subject to an "Interest Rate Adjustment" and
a withdrawal charge, however, if you decide to withdraw or transfer
your Contract Value allocated to the Fixed Account, or if you annuitize
the Contract, before the end of the specified period. The Interest Rate
Adjustment depends on the base interest rate that was available when
you allocated Contract Value to a Fixed Account option versus the base
interest rate available for allocations to a new Fixed Account option
with a duration equal to the number of years remaining in the current
Fixed Account option at the time of withdrawal, transfer, or
annuitization. If your base interest rate is higher than the base
interest rate available for allocations to a new Fixed Account option
with a duration equal to the number of years remaining in the current
Fixed Account option at the time of withdrawal, transfer, or
annuitization, then the Interest Rate Adjustment will increase your
Contract Value, and vice versa. However, there will be no Interest Rate
Adjustment when the base interest rate available for allocations to the
same Fixed Account option at the time of withdrawal, transfer, or
annuitization is less than your base interest rate by 0.25% or less.
Also, there is no Interest Rate Adjustment on: the one-year Fixed
Account option; death benefit proceed payments; payments pursuant to a
life contingent income option or an income option resulting in payments
spread over at least five years; amounts withdrawn for Contract
charges; and free withdrawals. In no event will your Contract Value
allocated to the Fixed Account be less than if it had been credited the
Fixed Account minimum interest rate after any withdrawals and
transfers, and after charges.
Whenever a specified period ends, you will have 30 days to transfer or
withdraw the Contract Value in the Fixed Account option, and there will
not be an Interest Rate Adjustment. If you do nothing, then after 30
days, the Contract Value that remains in that Fixed Account option will
be subject to another specified period of the same duration, subject to
availability, and provided that that specified period will not extend
beyond the Income Date. Otherwise, we will allocate the Contract Value
based on your Investment Division allocation instructions.
You may allocate premiums to the one-year Fixed Account option, but we
may require that the amount in the one-year Fixed Account (including
any Contract Enhancement) be automatically transferred on a monthly
basis in equal installments to your choice of investment division
within 12 months of the date we received the premium, so that at the
end of the period, all amounts in the one-year Fixed Account will have
been transferred. The amount will be determined based on the amount
allocated to the one-year Fixed Account and the base interest rate.
Charges, withdrawals and additional transfers taken from the one-year
Fixed Account will shorten the length of time it takes to deplete the
account balance. These automatic transfers will not count against the
15 free transfers in a Contract year.
Interest will continue to be credited daily on the account balance
remaining in the one-year Fixed Account as funds are automatically
transferred into your choice of Investment Division options. However,
the effective yield over the 12-month automatic transfer period will be
less than the base interest rate, as it will be applied to a declining
balance in the one-year Fixed Account.
THE SEPARATE ACCOUNT
We established the Separate Account on September 12, 1997, pursuant to
the provisions of New York law. The Separate Account is a separate
account and a unit investment trust under federal securities law and is
registered as an investment company with the SEC.
The assets of the Separate Account legally belong to us and the
obligations under the Contracts are our obligations. However, we are
not allowed to use the Contract assets in the Separate Account to pay
our liabilities arising out of any other business we may conduct. All
of the income, gains and losses resulting from these assets (whether or
not realized) are credited to or charged against the Contracts and not
against any other Contracts we may issue. The obligations under the
Contracts are our obligations.
The Separate Account is divided into Investment Divisions. We do not
guarantee the investment performance of the Separate Account or any of
its Investment Divisions.
INVESTMENT DIVISIONS
You can allocate your Contract Value to any or all of the Investment
Divisions; however, you may not allocate to more than 18 Investment
Divisions and the Fixed Account at any one time. Each Investment
Division purchases the shares of one underlying fund (mutual fund
portfolio) that has its own investment objective. The Investment
Divisions are designed to offer the potential for a higher return than
the Fixed Account. HOWEVER, THIS IS NOT GUARANTEED. IT IS POSSIBLE FOR
YOU TO LOSE YOUR MONEY ALLOCATED TO ANY OF THE INVESTMENT DIVISIONS. If
you allocate Contract Values to the Investment Divisions, the amounts
you are able to accumulate in your Contract during the accumulation
phase depend upon the performance of the Investment Divisions you
select. The amount of the income payments you receive during the income
phase also will depend, in part, on the performance of the Investment
Divisions you choose for the income phase.
[Enlarge/Download Table]
THE FUNDS, INVESTMENT OBJECTIVES AND ADVISERS
======================================== =============================================== =============================
INVESTMENT ADVISER (AND
NAME OF FUND INVESTMENT OBJECTIVE SUB-ADVISER)
======================================================================================================================
JNL SERIES TRUST
----------------------------------------------------------------------------------------------------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/AIM Large Cap Growth Fund Seeks long-term growth of capital by Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and AIM
assets plus the amount of any borrowings for Capital Management, Inc.)
investment purposes) in securities of
large-capitalization companies.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/AIM Small Cap Growth Fund Seeks long-term growth of capital by normally Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and AIM
assets plus the amount of any borrowings for Capital Management, Inc.)
investment purposes) in securities of
small-cap companies.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Alger Growth Fund Seeks long-term capital appreciation by Jackson National Asset
investing at least 65% of its total assets in Management, LLC (and Fred
a diversified portfolio of equity securities Alger Management, Inc.)
- common stock, preferred stock, and
securities convertible into or exchangeable
for common stock - of large companies which
trade on U.S. exchanges or in the U.S.
over-the-counter market.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Alliance Capital Growth Fund Seeks long-term growth of capital by Jackson National Asset
investing primarily in a diversified Management, LLC (and
portfolio of common stocks or securities with Alliance Capital Management
common stock characteristics that the L.P.)
sub-adviser believes have the potential for
capital appreciation, which include
securities convertible into or exchangeable
for common stock.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Eagle Core Equity Fund Seeks long-term capital appreciation and, Jackson National Asset
secondarily, current income by investing at Management, LLC (and Eagle
least 80% of its assets (net assets plus the Asset Management, Inc.)
amount of any borrowings for investment
purposes) in a diversified portfolio of
common stock of U.S. companies that meet the
criteria for one of three separate equity
strategies: the growth equity strategy, the
value equity strategy and the equity income
strategy.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Eagle SmallCap Equity Fund Seeks long-term capital appreciation by Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and Eagle
assets plus the amount of any borrowings for Asset Management, Inc.)
investment purposes) in a diversified
portfolio of equity securities of U.S.
companies with market capitalizations in the
range of securities represented by the
Russell 2000(R) Index.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/FMR Balanced Fund Seeks income and capital growth, consistent Jackson National Asset
with reasonable risk by investing 60% of its Management, LLC (and
assets in securities and the remainder in Fidelity Management &
bonds and other debt securities. Research Company)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/FMR Capital Growth Fund Seeks long-term growth of capital by Jackson National Asset
investing in securities issued by Management, LLC (and
medium-sized companies. Fidelity Management &
Research Company)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/JPMorgan International Value Fund Seeks high total return from a portfolio of Jackson National Asset
equity securities of foreign companies in Management, LLC (and J.P.
developed and, to a lesser extent, developing Morgan Investment
markets. Management, Inc.)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Lazard Mid Cap Value Fund Seeks capital appreciation by investing at Jackson National Asset
least 80% of its assets (net assets plus the Management, LLC (and Lazard
amount of any borrowings for investment Asset Management)
purposes) in a non-diversified portfolio of
equity securities of U.S. companies with
market capitalizations in the range of
companies represented in the Russell Mid Cap
Index and that the sub-adviser believes are
undervalued based on their return on equity.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Lazard Small Cap Value Fund Seeks capital appreciation by investing at Jackson National Asset
least 80% of its assets (net assets plus the Management, LLC (and Lazard
amount of any borrowings for investment Asset Management)
purposes) in a non-diversified portfolio of
equity securities of U.S. companies with
market capitalizations in the range of
companies represented by the Russell 2000(R)
Index that the sub-adviser believes are
undervalued based on their return on equity.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management S&P 500 Seeks to match the performance of the S&P Jackson National Asset
Index Fund 500(R) Index to provide long-term capital Management, LLC (and Mellon
growth by investing in large-capitalization Capital Management
company securities. Corporation)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management S&P 400 Seeks to match the performance of the S&P Jackson National Asset
MidCap Index Fund 400(R) Index to provide long-term capital Management, LLC (and Mellon
growth by investing in equity securities of Capital Management
medium capitalization-weighted domestic Corporation)
corporations.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Small Seeks to match the performance of the Russell Jackson National Asset
Cap Index Fund 2000(R) Index to provide long-term growth of Management, LLC (and Mellon
capital by investing in equity securities of Capital Management
small- to mid-size domestic corporations. Corporation)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Seeks to match the performance of the Morgan Jackson National Asset
International Index Fund Stanley Capital International Europe Management, LLC (and Mellon
Australasia Far East Free Index to provide Capital Management
long-term capital growth by investing in Corporation)
international equity securities attempting
to match the characteristics of each country
within the index.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Bond Seeks to match the performance of the Lehman Jackson National Asset
Index Fund Brothers Aggregate Bond Index to provide a Management, LLC (and Mellon
moderate rate of income by investing in Capital Management
domestic fixed-income investments. Corporation)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Enhanced Seeks to exceed the performance of the S&P Jackson National Asset
S&P 500 Stock Index Fund 500 Index by tilting towards stocks having Management, LLC (and Mellon
higher expected return while maintaining Capital Management
overall index characteristics. Corporation)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Oppenheimer Global Growth Fund Seeks capital appreciation by investing Jackson National Asset
primarily in common stocks of companies in Management, LLC (and
the U.S. and foreign countries. The Fund can OppenheimerFunds, Inc.)
invest without limit in foreign securities
and can invest in any country, including
countries with developed or emerging markets.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Oppenheimer Growth Fund Seeks capital appreciation by investing Jackson National Asset
mainly in common stocks of "growth Management, LLC (and
companies." The Fund currently focuses on OppenheimerFunds, Inc.)
stocks of companies having a large
capitalization (currently more than $12
billion) or mid-capitalization ($2 billion to
$12 billion), but this focus could change
over time as well as the companies the Fund
considers to be currently large- and
mid-capitalization.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/PIMCO Total Return Bond Fund Seeks maximum total return, consistent with Jackson National Asset
the preservation of capital and prudent Management, LLC (and
investment management, by normally investing Pacific Investment
at least 80% of its assets (net assets plus Management Company LLC)
the amount of any borrowings for investment
purposes) in a diversified portfolio of
investment-grade, fixed-income securities of
U.S. and foreign issuers such as government,
corporate, mortgage- and other asset-backed
securities and cash equivalents.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam Equity Fund Seeks long-term capital growth by investing Jackson National Asset
primarily in a diversified portfolio of Management, LLC (and Putnam
common stock of domestic, large- Investment Management, Inc.)
capitalization companies. However, the
Fund may also invest in preferred stocks,
bonds, convertible preferred stock and
convertible debentures if the sub-adviser
believes that they offer the potential for
capital appreciation.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam International Equity Fund Seeks long-term growth of capital by Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and Putnam
assets plus the amount of any borrowings for Investment Management, Inc.)
investment purposes) in a diversified
portfolio consisting primarily of common
stocks of non-U.S. companies. The Fund
invests in foreign securities that the
sub-adviser believes offer significant
potential for long-term appreciation.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam Midcap Growth Fund Seeks capital appreciation by investing Jackson National Asset
mainly in common stocks of U.S. Management, LLC (and Putnam
mid-capitalization companies of a similar Investment Management, Inc.)
size to those in the Russell MidCap(R) Growth
Index, with a focus on growth stocks which
are stocks whose earnings the sub-adviser
believes are likely to grow faster than the
economy as a whole.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam Value Equity Fund Seeks capital growth, with income as a Jackson National Asset
secondary objective, by investing primarily Management, LLC (and Putnam
in a diversified portfolio of equity Investment Management, Inc.)
securities of domestic, large-capitalization
companies. At least 80% of its assets (net
assets plus the amount of any borrowings for
investment purposes) will be invested, under
normal market conditions, in equity
securities.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Salomon Brothers High Yield Bond Seeks to maximize current income, with Jackson National Asset
Fund capital appreciation as a secondary Management, LLC (and
objective, by investing at least 80% of its Salomon Brothers Asset
assets (net assets plus the amount of any Management Inc.)
borrowings for investment purposes) in
high-yield, high-risk debt securities ("junk
bonds") and related investments and may
invest in securities of foreign
insurers.
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Salomon Brothers Strategic Bond Seeks a high level of current income, with Jackson National Asset
Fund capital appreciation as a secondary Management, LLC (and
objective, by investing at least 80% of its Salomon Brothers Asset
assets (net assets plus the amount of any Management Inc.)
borrowings for investment purposes) in a
globally diverse portfolio of fixed-income
investments.
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JNL/Salomon Brothers U.S. Government & Seeks a high level of current income by Jackson National Asset
Quality Bond Fund investing at least 80% of its assets (net Management, LLC (and
assets plus the amount of any borrowings for Salomon Brothers Asset
investment purposes) in: (i) U.S. Treasury Management Inc.)
obligations; (ii) obligations issued or
guaranteed by agencies or instrumentalities
of the U.S. Government which are backed by
their own credit and may not be backed by the
full faith and credit of the U.S. Government;
and (iii) mortgage-backed securities
guaranteed by the Government National
Mortgage Association that are supported by
the full faith and credit of the U.S.
Government.
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JNL/Select Balanced Fund Seeks reasonable income and long-term capital Jackson National Asset
growth by investing primarily in a Management, LLC (and
diversified portfolio of common stock and Wellington Management
investment grade fixed-income securities, but Company, LLP)
may also invest up to 15% of its assets in
foreign equity and fixed income securities.
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JNL/Select Global Growth Fund Seeks long-term growth of capital by Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and
assets plus the amount of any borrowings for Wellington Management
investment purposes) in a diversified Company, LLP)
portfolio of equity securities of foreign and
domestic issuers.
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JNL/Select Large Cap Growth Fund Seeks long-term growth of capital by Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and
assets plus the amount of any borrowings for Wellington Management
investment purposes) in a diversified Company, LLP)
portfolio of common stocks of large U.S.
companies selected for their growth potential.
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JNL/Select Money Market Fund Seeks a high level of current income as is Jackson National Asset
consistent with the preservation of capital Management, LLC (and
and maintenance of liquidity by investing in Wellington Management
high quality, short-term money market Company, LLP)
instruments.
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JNL/Select Value Fund Seeks long-term growth of capital by Jackson National Asset
investing at least 65% of its total assets in Management, LLC (and
common stocks of domestic companies, focusing Wellington Management
on companies with large market Company, LLP)
capitalizations. Using a value approach, the
fund seeks to invest in stocks that are
undervalued relative to other stocks.
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JNL/T. Rowe Price Established Growth Seeks long-term growth of capital and Jackson National Asset
Fund increasing dividend income by investing Management, LLC (and T.
primarily in a diversified portfolio of Rowe Price Associates, Inc.)
common stocks of well-established U.S. growth
companies.
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JNL/T. Rowe Price Mid-Cap Growth Fund Seeks long-term growth of capital by normally Jackson National Asset
investing at least 80% of its assets (net Management, LLC (and T.
assets plus the amount of any borrowings for Rowe Price Associates,
investment purposes) in a diversified Inc.)
portfolio of common stocks of medium-sized
(mid-cap) U.S. companies which the
sub-adviser expects to grow at a faster rate
than the average company.
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JNL/T. Rowe Price Value Fund Seeks long-term capital appreciation by Jackson National Asset
investing in common stocks believed to be Management, LLC (and T.
undervalued. Income is a secondary Rowe Price Associates,
objective. In taking a value approach to Inc.)
investment selection, at least 65% of its
total assets will be invested in common
stocks the portfolio manager regards as
undervalued.
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JNL/S&P Managed Conservative Fund Seeks capital growth and current income by Jackson National Asset
investing in Class A Shares of a diversified Management, LLC (and
group of other Funds of the JNL Series Trust Standard & Poor's
and JNL Variable Fund LLC that invest in Investment Advisory
equity and fixed income securities. Services, Inc.)
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JNL/S&P Managed Moderate Fund Seeks capital growth, with current income as Jackson National Asset
a secondary objective, by investing in Class Management, LLC (and
A Shares of a diversified group of other Standard & Poor's
Funds of the JNL Series Trust and JNL Investment Advisory
Variable Fund LLC that invest in equity and Services, Inc.)
fixed income securities.
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JNL/S&P Managed Moderate Growth Fund Seeks capital growth and current income by Jackson National Asset
investing in Class A Shares of a diversified Management, LLC (and
group of other Funds of the JNL Series Trust Standard & Poor's
and JNL Variable Fund LLC that invest in Investment Advisory
equity and fixed income securities. Services, Inc.)
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JNL/S&P Managed Growth Fund Seeks capital growth with current income as a Jackson National Asset
secondary objective by investing in Class A Management, LLC (and
Shares of a diversified group of other Funds Standard & Poor's
of the JNL Series Trust and JNL Variable Fund Investment Advisory
LLC that invest in equity and fixed income Services, Inc.)
securities.
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JNL/S&P Managed Aggressive Growth Fund Seeks capital growth by investing in Class A Jackson National Asset
Shares of a diversified group of other Funds Management, LLC (and
of the JNL Series Trust and JNL Variable Fund Standard & Poor's
LLC that invest in equity and fixed income Investment Advisory
securities. Services, Inc.)
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JNLNY VARIABLE FUND I LLC
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JNL/Mellon Capital Management The Seeks total return through a combination of Jackson National Asset
DowSM 10 Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management The S&P(R) Seeks total return through a combination of Jackson National Asset
10 Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management Global Seeks total return through a combination of Jackson National Asset
15 Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management 25 Fund Seeks total return through a combination of Jackson National Asset
capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management Select Seeks total return through capital Jackson National Asset
Small-Cap Fund appreciation. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management NASDAQ(R) Seeks total return by investing in the common Jackson National Asset
15 Fund stocks of companies that are expected to have Management, LLC (and Mellon
a potential for capital appreciation. Capital Management
Corporation)
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JNL/Mellon Capital Management Value Seeks capital appreciation by investing in 25 Jackson National Asset
Line(R) 25 Fund of the 100 common stocks that Value Line(R) Management, LLC (and Mellon
gives a #1 ranking for TimelinessTM. Capital Management
Corporation)
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JNL VARIABLE FUND LLC
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JNL/Mellon Capital Management JNL 5 Seeks total return through a combination of Jackson National Asset
Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management VIP Fund Seeks total return by investing in the common Jackson National Asset
stocks of companies that are identified by a Management, LLC (and Mellon
model based on six separate specialized Capital Management
strategies. Corporation)
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JNL/Mellon Capital Management Seeks total return through a combination of Jackson National Asset
Communications Sector Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management Consumer Seeks total return through a combination of Jackson National Asset
Brands Sector Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management Energy Seeks total return through a combination of Jackson National Asset
Sector Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Seeks total return through a combination of Jackson National Asset
Financial Sector Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
---------------------------------------- ----------------------------------------------- -----------------------------
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Seeks total return through a combination of Jackson National Asset
Pharmaceutical/Healthcare Sector Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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JNL/Mellon Capital Management Seeks total return through a combination of Jackson National Asset
Technology Sector Fund capital appreciation and dividend income. Management, LLC (and Mellon
Capital Management
Corporation)
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The investment objectives and policies of certain Funds are similar to
the investment objectives and policies of other mutual funds that the
Fund's investment sub-advisers also manage. Although the objectives and
policies may be similar, the investment results of the Fund may be
higher or lower than the results of those other mutual funds. We cannot
guarantee, and make no representation, that the investment results of
similar funds will be comparable even though the Funds have the same
investment advisers. The Funds described are available only through
variable annuity Contracts issued by Jackson National Life of NY. They
are NOT offered or made available to the general public directly.
A Fund's performance may be affected by risks specific to certain types
of investments, such as foreign securities, derivative investments,
non-investment grade debt securities, initial public offerings (IPOs)
or companies with relatively small market capitalizations. IPOs and
other investment techniques may have a magnified performance impact on
a Fund with a small asset base. A Fund may not experience similar
performance as its assets grow.
You should read the prospectus for the JNL Series Trust, JNL Variable
Fund LLC and the JNLNY Variable Fund I LLC carefully before investing.
Additional Investment Divisions and underlying funds may be available
in the future.
VOTING PRIVILEGES. To the extent required by law, we will obtain
instructions from you and other Owners about how to vote our shares of
a Fund when there is a vote of shareholders of a Fund. We will vote all
the shares we own in proportion to those instructions from Owners.
SUBSTITUTION. We reserve the right to substitute a different underlying
fund or investment company for the one in which any Investment Division
is currently invested, or transfer money to the General Account. We
will not do this without any required approval of the SEC. We will give
you notice of any substitution.
CONTRACT CHARGES
There are charges associated with your Contract, the deduction of which
will reduce the investment return of your Contract. Charges are
deducted proportionally from your Contract Value. Some of these charges
are for optional endorsements, as noted, so they are deducted from your
Contract Value only if you selected to add that optional endorsement to
your Contract. These charges may be a lesser amount where required by
state law or as described below, but will not be increased, except as
also described. We expect to profit from certain charges associated
under the Contract. These charges (and certain other expenses) are as
follows:
MORTALITY AND EXPENSE RISK CHARGES. Each day, as part of our
calculation of the value of the Accumulation Units and Annuity Units,
we make a deduction for the Mortality and Expense Risk Charges. On an
annual basis, this charge equals 1.50% of the average daily net asset
value of your allocations to the Investment Divisions. This charge does
not apply to the Fixed Account.
This charge compensates us for the risks we assume in connection with
all the Contracts, not just your Contract. Our mortality risks under
the Contracts arise from our obligations and include:
o to make income payments for the life of the Annuitant during
the income phase;
o to waive the withdrawal charge in the event of the Owner's
death; and
o to provide a basic death benefit prior to the Income Date.
Our expense risks under the Contracts include the risk that our actual
cost of administering the Contracts and the Investment Divisions may
exceed the amount that we receive from the administration charge and
the annual contract maintenance charges. Included among these expense
risks are those that we assume in connection with waivers of withdrawal
charges under the Extended Care Benefit.
If your Contract Value were ever to become insufficient to pay this
charge, your Contract would terminate without value.
ANNUAL CONTRACT MAINTENANCE CHARGE. During the accumulation phase, we
deduct a $30 annual contract maintenance charge on each anniversary of
the Issue Date. We will also deduct the annual contract maintenance
charge if you make a total withdrawal. This charge is for
administrative expenses. The annual contract maintenance charge will be
assessed on the Contract Anniversary or upon full withdrawal and is
deducted proportionally from your allocations to the Fixed Account and
Investment Divisions. We will not deduct this charge, if when the
deduction is to be made, the value of your Contract is $50,000 or more.
ADMINISTRATION CHARGE. Each day, as part of our calculation of the
value of the Accumulation Units and Annuity Units, we make a deduction
for administration charges. On an annual basis, these charges equal
0.15% of the average daily net asset value of your allocations to the
Investment Divisions. This charge does not apply to the Fixed Account.
This charge compensates us for our expenses incurred in administering
the Contracts and the Separate Account. If the initial premium equals
$1,000,000 or more, we will waive the Administration Charge. However,
we reserve the right to reverse this waiver and reinstate the
Administration Charge if withdrawals are made in the first Contract
Year that result in the Contract Value falling substantially below
$1,000,000, as determined by us.
TRANSFER CHARGE. You must pay $25 for each transfer in excess of 15 in
a Contract Year. This charge is deducted from the amount that is
transferred prior to the allocation to a different Investment Division.
We waive the transfer charge in connection with dollar cost averaging,
rebalancing transfers and any transfers we require.
WITHDRAWAL CHARGE. At any time during the accumulation phase (if and to
the extent that Contract Value is sufficient to pay any remaining
withdrawal charges that remain after a withdrawal), you may withdraw
the following with no withdrawal charge:
o PREMIUMS THAT ARE NO LONGER SUBJECT TO A WITHDRAWAL CHARGE
(premiums in your annuity for at least four years without
being withdrawn), PLUS
o EARNINGS (excess of your Contract Value allocated to the
Investment Divisions and the Fixed Account over remaining
premiums allocated to those accounts)
o during each Contract Year 10% OF PREMIUM that would
otherwise incur a withdrawal charge, be subject to a
Contract Enhancement recapture charge, or be reduced by an
Interest Rate Adjustment, and that has not been previously
withdrawn, MINUS earnings (minimum distribution requirements
will reduce the 10% free withdrawal amount).
WE WILL DEDUCT A WITHDRAWAL CHARGE ON:
o withdrawals in excess of the free withdrawal amounts, or
o withdrawals that exceed the minimum distribution
requirements of the Internal Revenue Code, or
o amounts withdrawn in a total withdrawal.
The amount of the withdrawal charge deducted varies depending upon how
many years prior to the withdrawal you made the premium payment(s) you
are withdrawing) according to the following schedule:
WITHDRAWAL CHARGE (AS A PERCENTAGE OF PREMIUM PAYMENTS):
COMPLETED YEARS
SINCE RECEIPT OF 0 1 2 3 4+
PREMIUM
WITHDRAWAL CHARGE 7% 6% 5% 4% 0%
For purposes of the withdrawal charge, we treat withdrawals as coming
first from earnings and then from the oldest remaining premium. If you
make a full withdrawal, the withdrawal charge is based on premiums
remaining in the Contract and no free withdrawal amount applies. If you
withdraw only part of the value of your Contract, we deduct the
withdrawal charge from the remaining value in your Contract. The
withdrawal charge compensates us for costs associated with selling the
Contracts.
NOTE: Withdrawals under a non-qualified Contract will be taxable on an
"income first" basis. This means that any withdrawal from a
non-qualified Contract that does not exceed the accumulated income
under the Contract will be taxable in full. Any withdrawals under a
tax-qualified Contract will be taxable except to the extent that they
are allocable to investment in the Contract, as defined by the Internal
Revenue Code (any after-tax contributions). In most cases, there will
be little or no investment in the Contract for a tax-qualified Contract
because contributions will have been made on a pre-tax or
tax-deductible basis.
We do not assess the withdrawal charge on any payments paid out as:
o income payments (but the withdrawal charge is deducted on
the Income Date if that date is within 13 months of the
Issue Date);
o death benefits;
o withdrawals necessary to satisfy the minimum distribution
requirements of the Internal Revenue Code (if the withdrawal
requested exceeds the minimum distribution requirements, the
entire withdrawal will be subject to the withdrawal charge,
if applicable); or
o a one-time benefit on withdrawals of up to $250,000 from the
Separate Account or from the Fixed Accounts if you need
extended hospital or nursing home care as provided in your
Contract.
We may reduce or eliminate the amount of the withdrawal charge when the
Contract is sold under circumstances that reduce our sales expense.
Some examples are: the purchase of a Contract by a large group of
individuals or an existing relationship between us and a prospective
purchaser. We may not deduct a withdrawal charge under a Contract
issued to an officer, director, agent or employee of Jackson National
Life of NY or any of our affiliates.
CONTRACT ENHANCEMENT CHARGE. If you select one of the Contract
Enhancements, then for a period of seven Contract Years (five for the
2% Contract Enhancement) a charge will be imposed based upon the
average daily net asset value of your allocations to the Investment
Divisions. These charges will also be assessed against any amounts you
have allocated to the Fixed Account by reducing credited rates which
will not be less than the minimum guaranteed interest rate (assuming no
withdrawals). The amounts of these charges (or reductions in credited
rates) depend upon which of the Contract Enhancements you select:
[Download Table]
CONTRACT ENHANCEMENT 2% 3% 4%
CHARGE (ON AN ANNUAL BASIS) 0.395% 0.42% 0.56%
Due to this charge, it is possible that upon a complete withdrawal, you
will receive less money back than if you had not elected the Contract
Enhancement.
CONTRACT ENHANCEMENT RECAPTURE CHARGE. If you select a Contract
Enhancement and then make a partial or total withdrawal from your
Contract, including annuitization, in the first seven years (five years
for the 2% Contract Enhancement) since the premium payment withdrawn
was made, you will pay a Contract Enhancement recapture charge that
reimburses us for all or part of the Contract Enhancements that we
credited to your Contract based on your first year premiums. Your
Contract will also be subject to a recapture charge if you return it
during the free look period. The amounts of these charges are as
follows:
CONTRACT ENHANCEMENT RECAPTURE CHARGE (AS A PERCENTAGE OF THE
CORRESPONDING FIRST YEAR PREMIUM PAYMENT WITHDRAWN IF AN OPTIONAL
CONTRACT ENHANCEMENT IS SELECTED)
[Download Table]
Completed Years Since Receipt of 0 1 2 3 4 5 6 7+
Premium Payment
Recapture Charge (2% Credit) 2% 2% 1.25% 1.25% 0.5% 0 0 0
Recapture Charge (3% Credit) 3% 3% 2% 2% 2% 1% 1% 0
Recapture Charge (4% Credit) 3% 3% 2% 2% 2% 1% 1% 0
We expect to make a profit on the recapture charge, and examples in
Appendix B may assist you in understanding how the recapture charge
works. However, we do NOT assess the recapture charge on any amounts
paid out as:
o death benefits;
o income payments paid during the income phase (beginning on a
date that is more than 13 months from the Issue Date);
o withdrawals taken under the 10% free withdrawal provisions;
o withdrawals necessary to satisfy the minimum distribution
requirements of the Internal Revenue Code (but if the
requested withdrawal exceeds the minimum distribution
requirements, then the entire withdrawal will be assessed
the applicable recapture charge); or
o withdrawals of up to $250,000 from the Separate Account or
from the Fixed Accounts if you need extended hospital or
nursing home care as provided in your Contract.
During the applicable recapture charge period, you may neither
allocate premiums nor transfer Contract Value to the Fixed Account (for
the specified periods of three, five and seven years).
GUARANTEED MINIMUM INCOME BENEFIT CHARGE. If you select the GMIB, on a
calendar quarter basis, you will pay 0.15% of the GMIB Benefit Base
(0.60% annually). This charge is deducted from the Contract Value at
the end of each calendar quarter and upon termination of the GMIB on a
pro rata basis using the GMIB Benefit Base as of the date of
termination and the number of days since the last deduction. The first
GMIB charge will be deducted on a pro rata basis from the Issue Date to
the end of the first calendar quarter after the Issue Date. If the
portion of the GMIB charge assessed against the Fixed Account results
in a net interest rate of less than 1.5%, the GMIB charge will be
waived. For more information about the GMIB Benefit Base, please see
"Guaranteed Minimum Income Benefit" beginning on page 47. We reserve
the right to change the charge on new Contracts, subject to a maximum
annual charge of 0.75%. YOU SHOULD BE AWARE THAT THE GMIB CHARGE WILL
BE DEDUCTED EVEN IF YOU NEVER USE THE BENEFIT AND IT ONLY APPLIES TO
CERTAIN OPTIONAL INCOME PAYMENTS.
7% GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select the 7%
GMWB, you will pay 0.40% on an annual basis of the average daily net
asset value of your allocations to the Investment Divisions. We reserve
the right to prospectively change the charge on new Contracts, upon
election of the benefit after issue or upon any election of any
"step-up" subject to a maximum annual charge of 0.70%. For more
information about the "step-up," please see "7% Guaranteed Minimum
Withdrawal Benefit" beginning on page 39. We stop deducting this charge
upon the earlier of the date you annuitize or the date your Contract
Value falls to zero.
5% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select
the 5% For Life GMWB, you will pay a charge on an annual basis of the
average daily net asset value of your allocations to the Investment
Divisions that depends on the Owner's age, or the age of the older
Owner in the case of joint Owners, on the Contract's Issue Date (or the
date this optional endorsement is selected, if different). Currently,
for an Owner between the ages of:
60 and 64............................1.10%
65 and 69............................0.70%
70 and 74............................0.50%
75 and 80............................0.40%
We reserve the right to prospectively change the charge on new
Contracts or upon the selection of this benefit after issue, subject to
the maximum annual charges for the same age groups, which are: 1.30%;
0.85%; 0.60%; and 0.50%, respectively. The charge may be reduced on the
next Contract Anniversary following a birthday that places the Owner
(or older Owner, as applicable) in the next age group if no withdrawals
have been taken before that time. However, this charge reduction is not
available upon the spouse's continuation of the Contract. For the Owner
that is a legal entity, the charge is based on the age of the
Annuitant(s). We will stop deducting the charge upon the earliest of
either the date you annuitize or if your Contract value falls to zero.
4% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select
the 4% For Life GMWB, you will pay a charge on an annual basis of the
average daily net asset value of your allocations to the Investment
Divisions that depends on the Owner's age, or the age of the older
Owner in the case of joint Owners, on the Contract's Issue Date (or the
date this optional endorsement is selected, if different). Currently,
for an Owner between the ages of:
50 and 54............................0.65%
55 and 59............................0.50%
60 and 64............................0.35%
65 and 69............................0.25%
70 and 74............................0.20%
75 and 80............................0.15%
We reserve the right to prospectively change the charge on new
Contracts or upon the selection of this benefit after issue, subject to
the maximum annual charges for the same age groups, which are: 0.85%;
0.65%; 0.50%; 0.35%; 0.30%; and 0.20%, respectively. The charge may be
reduced on the next Contract Anniversary following a birthday that
places the Owner (or older Owner, as applicable) in the next age group
if no withdrawals have been taken before that time. However, this
charge reduction is not available upon the spouse's continuation of the
Contract. For the Owner that is a legal entity, the charge is based on
the age of the Annuitant(s). We will stop deducting the charge upon the
earliest of either the date you annuitize or if your Contract value
falls to zero.
DEATH BENEFIT CHARGES. There is no charge for the Contract's basic
death benefit. However, if you select the Highest Anniversary Value
Death Benefit, you will pay 0.25% on an annual basis of the average
daily net asset value of your allocations to the Investment Divisions.
We stop deducting this charge on the date you annuitize. We reserve the
right to change the charge on new Contracts, subject to a maximum
annual charge of 0.40%
OTHER EXPENSES. We pay the operating expenses of the Separate Account
including those not covered by the mortality and expense and
administrative charge. There are deductions from and expenses paid out
of the assets of the Fund. These expenses are described in the attached
prospectus for the JNL Series Trust, JNL Variable Fund LLC and the
JNLNY Variable Fund I LLC. For more information, please see the Fund
Annual Expenses table beginning on page 6.
PREMIUM TAXES. Your state charges premium taxes or other similar taxes.
We pay these taxes and may make a deduction from your Contract Values
for them. Currently, the deduction is 2% of a premium payment.
INCOME TAXES. We reserve the right, when calculating unit values, to
deduct a credit or charge with respect to any taxes we have paid or
reserved for during the valuation period that we determine to be
attributable to the operation of the Separate Account or a particular
Investment Division. No federal income taxes are applicable under
present law, and we are not presently making any such deduction.
DISTRIBUTION OF CONTRACTS. Jackson National Life Distributors, Inc.,
located at 8055 E. Tufts Avenue, Denver, Colorado 80237, serves as the
distributor of the Contracts. Jackson National Life Distributors, Inc.
is a wholly owned subsidiary of Jackson National Life Insurance
Company.
Commissions are paid to broker-dealers who sell the Contracts. While
commissions may vary, they are not expected to exceed 8% of any premium
payment. Where lower commissions are paid, we may also pay trail
commissions. We may also pay commissions on the Income Date if the
annuity option selected involves a life contingency or a payout over a
period of ten or more years. Under certain circumstances, we may pay
bonuses, overrides, and marketing allowances, in addition to the
standard commissions. Contract purchasers should inquire of the
representative if such bonus is available to them and its compliance
with applicable law. We may, under certain circumstances where
permitted by applicable law, pay a bonus to a Contract purchaser to the
extent the broker-dealer waives its commission. We may use any of our
corporate assets to cover the cost of distribution, including any
profit from the Contract's mortality and expense risk charge and other
charges. Besides Jackson National Life Distributors, Inc., we are
affiliated with the following broker-dealers:
o National Planning Corporation,
o SII Investments, Inc.,
o IFC Holdings, Inc. d/b/a INVEST Financial Corporation,
o Investment Centers of America, Inc., and
o BH Clearing, LLC
The Distributor also has the following relationships with the
sub-advisers and their affiliates. The Distributor receives payments
from certain sub-advisers to assist in defraying the costs of certain
promotional and marketing meetings in which they participate. The
amounts paid depend on the nature of the meetings, the number of
meetings attended, the costs expected to be incurred, and the level of
the sub-adviser's participation. National Planning Corporation
participates in the sales of shares of retail mutual funds advised by
certain sub-advisers and other unaffiliated entities and receives
selling and other compensation from them in connection with those
activities, as described in the prospectus or statement of additional
information for those funds. The fees range between 0.30% and 0.45%
depending on these factors. In addition, the Distributor acts as
distributor of variable annuity Contracts and variable life insurance
policies (the "Other Contracts") issued by Jackson National Life
Insurance Company and its subsidiary Jackson National Life Insurance
Company of New York. Raymond James Financial Services, a brokerage
affiliate of the sub-adviser to the JNL/Eagle Funds, participates in
the sale of Contracts and is compensated by JNLD for its activities at
the standard rates of compensation. Unaffiliated broker-dealers are
also compensated at the standard rates of compensation. The
compensation consists of commissions, trail commissions, and other
compensation or promotional incentives as described above and in the
prospectus or statement of additional information for the Other
Contracts.
PURCHASES
MINIMUM INITIAL PREMIUM:
o $10,000 (Qualified and Non-Qualified).
MINIMUM ADDITIONAL PREMIUMS:
o $500 for a qualified or non-qualified plan.
o $50 for an automatic payment plan.
o You can pay additional premiums at any time during the
accumulation phase.
These minimums apply to purchases, but do not preclude subsequent
partial withdrawals that would reduce Contract Values below the minimum
initial purchase amounts, as long as the amount left in the account is
sufficient to pay the withdrawal charge. The minimum you may allocate
to a Fixed Account or Investment Division is $100. There is a $100
minimum balance requirement for each Fixed Account and Investment
Division. A withdrawal request that would reduce the remaining Contract
Value to less than $100 will be treated as a request for a complete
withdrawal. We reserve the right to restrict availability or impose
restrictions on the Fixed Accounts.
MAXIMUM PREMIUMS:
o The maximum aggregate premiums you may make without our
prior approval is $1 million.
The payment of subsequent premium payments relative to market
conditions at the time they are made may or may not contribute to the
various benefits under your Contract, including the death benefit, the
GMWB and the GMIB. The payment and timing of subsequent premium
payments may also affect the value of the Contract Enhancements.
ALLOCATIONS OF PREMIUM. You may allocate your premiums to one or more
of the Fixed Account and Investment Divisions. Each allocation must be
a whole percentage between 0% and 100%. The minimum amount you may
allocate to the Fixed Account or an Investment Division is $100. We
will allocate any additional premiums you pay in the same way unless
you instruct us otherwise. These allocations will be subject to our
minimum allocation rules described above.
You may not allocate your Contract Values among more than 18 Investment
Divisions and the Fixed Account at any one time.
We will issue your Contract and allocate your first premium within two
BUSINESS DAYS (days when the New York Stock Exchange is open) after we
receive your first premium and all information that we require for the
purchase of a Contract. If we do not receive all of the information
that we require, we will contact you to get the necessary information.
If for some reason we are unable to complete this process within five
business days, we will either return your money or get your permission
to keep it until we receive all of the required information.
Each business day ends when the New York Stock Exchange closes (usually
4:00 p.m. Eastern time).
OPTIONAL CONTRACT ENHANCEMENTS. If you elect one of our optional
Contract Enhancements, then at the end of any business day in the first
Contract Year when we receive a premium payment, we will credit your
Contract Value with an additional 2%, 3% or 4% of your payment,
depending upon which Contract Enhancement you have selected. There is a
charge that is assessed against the Investment Divisions and the Fixed
Account for the Contract Enhancements whose amount depends upon which
Contract Enhancement you elect. We will impose a Contract Enhancement
recapture charge if you
o make withdrawals in excess of the free withdrawals permitted
by your Contract or
o return your Contract during the Free Look period.
The amount and duration of the recapture charge depends upon which
Contract Enhancement you elect. We will not impose the Contract
Enhancement recapture charge if your withdrawal is made for extended
care, withdrawal of earnings, withdrawals made in accordance with your
Contract's free withdrawal provision or in accordance with an
additional free withdrawal endorsement, amounts paid out as income
payments or death benefits, or to satisfy minimum distribution
requirements of the Internal Revenue Code. If the withdrawal requested
exceeds the minimum distribution requirements, the recapture charge
will be charged on the entire withdrawal amount. We expect to make a
profit on these charges for the Contract Enhancements. Examples in
Appendix B may assist you in understanding how recapture charges for
the Contract Enhancement options work.
Your Contract Value will reflect any gains or losses attributable to a
Contract Enhancement described above. Contract Enhancements, and any
gains attributable to a Contract Enhancement, distributed under your
Contract will be considered earnings under the Contract for tax
purposes.
Asset-based charges are deducted from the total value of the Separate
Account. In addition, for the Fixed Account, the Contract Enhancement
charge lowers the credited rate that would apply if the Contract
Enhancement had not been elected. Therefore, your Contract incurs
charges on the entire amounts included in your Contract, which includes
premium payments made in the first seven (five for the 2% Contract
Enhancement) years, the Contract Enhancement and the earnings, if any,
on such amounts for the first seven (five for the 2% Contract
Enhancement) Contract Years. As a result, the aggregate charges
assessed will be higher than those that would be charged if the
Contract did not include the Contract Enhancement. Accordingly, it is
possible that upon surrender, you will receive less money back than you
would have if you had not elected the Contract Enhancement. Jackson
National Life of NY will recapture all or part of any Contract
Enhancements if you make withdrawals in the first seven (five for the
2% Contract Enhancement) years. We expect to profit from certain
charges assessed under the Contract, including the withdrawal charge,
the mortality and expense risk charge and the Contract Enhancement
charge.
If you elect the Contract Enhancement and then make more than
relatively small premium payments during Contract Years two through
seven (five for the 2% Contract Enhancement), you would likely have
lower Contract Value than if you had not elected the Contract
Enhancement. Thus, the Contract Enhancement is suitable only for those
who expect to make substantially all of their premium payments in the
first Contract Year. Charges for the Contract Enhancement are not
assessed after the seventh Contract Year (fifth for the 2% Contract
Enhancement).
Accordingly, the increased Contract Value resulting from a Contract
Enhancement is reduced during the first seven Contract Years (five for
the 2% Contract Enhancement) by the operation of the Contract
Enhancement Charge. If you make premium payments only in the first
Contract Year and do not make a withdrawal during the first seven years
(five for the 2% Contract Enhancement), at the end of the seven-year
period (five for the 2% Contract Enhancement) that the Contract
Enhancement Charge is applicable, the Contract Value will be equal to
or slightly higher than if you had not selected the Contract
Enhancement endorsement, regardless of investment performance. Contract
values may also be higher if you pay additional premium payments in the
first Contract Year, because those additional amounts will be subject
to the Contract Enhancement Charge for less than seven full years (five
for the 2% Contract Enhancement).
In the first seven Contract Years (five for the 2% Contract
Enhancement), the Contract Enhancement typically will be beneficial
(even in circumstances where cash surrender value may not be higher
than Contracts without the Contract Enhancement) in the following
circumstances:
o death benefits computed on the basis of Contract Value;
o withdrawals taken under the 10% free withdrawal provision;
o withdrawals necessary to satisfy the minimum distribution
requirements of the Internal Revenue Code;
o withdrawals under our extended care benefit. For more
information, please see "Waiver of Withdrawal and Recapture
Charges for Extended Care" beginning on page 39.
In electing a Contract Enhancement, you may neither allocate premiums
nor transfer Contract Value to the Fixed Account (for the specified
periods of three, five and seven years) during the applicable recapture
charge period.
CAPITAL PROTECTION PROGRAM. If you select our Capital Protection
program at issue, we will allocate enough of your premium to the Fixed
Account you select to assure that the amount so allocated will equal at
the end of a selected period of 1, 3, 5, or 7 years, your total
original premium paid. You may allocate the rest of your premium to any
Investment Division(s). If any part of the Fixed Account value is
surrendered or transferred before the end of the selected guarantee
period, the value at the end of that period will not equal the original
premium. This program is available only if Fixed Account Options are
available. There is no charge for the Capital Protection Program. You
should consult your Jackson National Life of NY representative with
respect to the current availability of 3, 5, 7 year Fixed Accounts and
the availability of the Capital Protection program.
For an example of Capital Protection, assume you made a premium payment
of $10,000 when the interest rate for the three-year guaranteed period
was 3.00% per year. We would allocate $9,152 to that guarantee period
because $9,152 would increase at that interest rate to $10,000 after
three years, assuming no withdrawals are taken. The remaining $848 of
the payment would be allocated to the Investment Division(s) you
selected.
Alternatively, assume Jackson National Life of NY receives a premium
payment of $10,000 when the interest rate for the 7-year period is
6.75% per year. Jackson National Life of NY will allocate $6,331 to
that guarantee period because $6,331 will increase at that interest
rate to $10,000 after 7 years. The remaining $3,669 of the payment will
be allocated to the Investment Division(s) you selected.
Thus, as these examples demonstrate, the shorter guarantee periods
require allocation of substantially all of your premium to achieve the
intended result. In each case, the results will depend on the interest
rate declared for the guaranteed period.
ACCUMULATION UNITS. Your Contract Value allocated to the Investment
Divisions will go up or down depending on the performance of the
Investment Divisions you select. In order to keep track of the value of
your Contract during the accumulation phase, we use a unit of measure
called an "Accumulation Unit." During the income phase we use a measure
called an "Annuity Unit."
Every business day, we determine the value of an Accumulation Unit for
each of the Investment Divisions by:
o determining the total amount of assets held in the
particular Investment Division;
o subtracting any charges and taxes chargeable under the
Contract; and
o dividing this amount by the number of outstanding
Accumulation Units.
The value of an Accumulation Unit is expected to vary from day to day.
The base Contract has a different Accumulation Unit value than each
combination of optional endorsements an Owner may elect, based on the
differing amount of charges applied in calculating that Accumulation
Unit Value.
When you make a premium payment, we credit your Contract with
Accumulation Units. The number of Accumulation Units we credit is
determined at the close of that business day by dividing the amount of
the premium allocated to any Investment Division by the value of the
Accumulation Unit for that Investment Division that reflects the
combination of optional endorsements you have selected and their
respective charges.
TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS
You may transfer your Contract Value between and among the Investment
Divisions at any time, unless transfers are subject to other
limitations, but transfers between the Fixed Account and an Investment
Division must occur prior to the Income Date. Transfers from the Fixed
Account will be subject to any applicable Excess Interest Adjustment.
There may be periods when we do not offer the Fixed Account, or when we
impose special transfer requirements on the Fixed Account. If a renewal
occurs within one year of the Income Date, we will credit interest up
to the Income Date at the then Current Interest Rate for the Fixed
Account Option. You can make 15 transfers every Contract Year during
the accumulation phase without charge.
A transfer will be effective as of the end of the business day when we
receive your transfer request in Good Order, and we will disclaim all
liability for transfers made based on your transfer instructions, or
the instructions of a third party authorized to submit transfer
requests on your behalf.
RESTRICTIONS ON TRANSFERS. The Contract is not designed for frequent
transfers by anyone. Frequent transfers between and among Investment
Divisions may disrupt the underlying Funds and could negatively impact
performance, by interfering with efficient management and reducing
long-term returns, and increasing administrative costs. Neither the
Contracts nor the underlying Funds are meant to promote any active
trading strategy, like market timing. To protect Owners and the
underlying Funds, we have policies and procedures to deter frequent
transfers between and among the Investment Divisions.
Under these policies and procedures, there is a $25 charge per transfer
after 15 in a Contract Year, and no round trip transfers are allowed
within 15 calendar days. Also, we could restrict your ability to make
transfers to or from one or more of the Investment Divisions, which
possible restrictions may include, but are not limited to:
o limiting the number of transfers over a period of time;
o requiring a minimum time period between each transfer;
o limiting transfer requests from an agent acting on behalf of
one or more Owners or under a power of attorney on behalf of
one or more Owners; or
o limiting the dollar amount that you may transfer at any one
time.
To the extent permitted by applicable law, we reserve the right to
restrict the number of transfers per year that you can request, and to
restrict you from making transfers on consecutive business days. In
addition, your right to make transfers between and among Investment
Divisions may be modified if we determine that the exercise by one or
more Owners is, or would be, to the disadvantage of other Owners.
We continuously monitor transfers under the Contract for disruptive
activity based on frequency, pattern and size. We will more closely
monitor Contracts with disruptive activity, placing them on a watch
list, and if the disruptive activity continues, we will restrict the
availability of electronic or telephonic means to make a transfer,
instead requiring that transfer instructions be mailed through regular
U.S. postal service, and/or terminate the ability to make transfers
completely, as necessary. If we terminate your ability to make
transfers, you may need to make a partial withdrawal to access the
Contract Value in the Investment Division(s) from which you sought a
transfer. We will notify you and your representative in writing within
five days of placing the Contract on a watch list.
Regarding round trip transfers, we will allow redemptions from an
Investment Division; however, once a complete or partial redemption has
been made from an Investment Division through an Investment Division
transfer, you will not be permitted to transfer any value back into
that Investment Division within 15 calendar days of the redemption. We
will treat as short-term trading activity any transfer that is
requested into an Investment Division that was previously redeemed
within the previous 15 calendar days, whether the transfer was
requested by you or a third party.
Our policies and procedures do not apply to the money market Investment
Division, the Fixed Account, Dollar Cost Averaging or the Automatic
Rebalancing program. We may also make exceptions that involve an
administrative error, or a personal unanticipated financial emergency
of an Owner resulting from an identified health, employment, or other
financial or personal event that makes the existing allocation
imprudent or a hardship. Please contact our Annuity Service Center if
you believe your transfer request entails a financial emergency.
Otherwise, we do not exempt any person or class of persons from our
policies and procedures. We have agreements allowing for asset
allocation and investment advisory services that are not only subject
to our policies and procedures, but also to additional conditions and
limitations, intended to limit the potential adverse impact of these
activities on other Owners of the Contract. We expect to apply our
policies and procedures uniformly, but because detection and deterrence
involves judgments that are inherently subjective, we cannot guarantee
that we will detect and deter every Contract engaging in frequent
transfers every time. We also expect to apply our policies and
procedures in a manner reasonably designed to prevent transfers that we
consider to be to the disadvantage of other Owners, and we may take
whatever action we deem appropriate, without prior notice, to comply
with or take advantage of any state or federal regulatory requirement.
TELEPHONE AND INTERNET TRANSACTIONS
THE BASICS. You can request certain transactions by telephone or at
www.jnlny.com, our Internet web-site, subject to our right to terminate
electronic or telephone transfer privileges, as described above. Our
Annuity Service Center representatives are available during business
hours to provide you with information about your account. We require
that you provide proper identification before performing transactions
over the telephone or through our Internet web-site. For Internet
transactions, this will include a Personal Identification Number (PIN).
You may establish or change your PIN at www.jnlny.com.
WHAT YOU CAN DO AND HOW. You may make transfers by telephone or through
the Internet unless you elect not to have this privilege. Any
authorization you provide to us in an application, at our web-site, or
through other means will authorize us to accept transaction
instructions, including Investment Division transfers/allocations, by
you and your financial representative unless you notify us to the
contrary. To notify us, please call us at the Annuity Service Center
number referenced in your Contract or on your quarterly statement.
WHAT YOU CAN DO AND WHEN. When authorizing a transfer, you must
complete your telephone call by the close of the New York Stock
Exchange (usually 4:00 p.m. Eastern time) in order to receive that
day's Accumulation Unit value for an Investment Division.
Transfer instructions you send electronically are considered to be
received by us at the time and date stated on the electronic
acknowledgement we return to you. If the time and date indicated on the
acknowledgement is before the close of the New York Stock Exchange, the
instructions will be carried out that day. Otherwise the instructions
will be carried out the next business day. We will retain permanent
records of all web-based transactions by confirmation number. If you do
not receive an electronic acknowledgement, you should telephone our
Annuity Service Center immediately.
HOW TO CANCEL A TRANSACTION. You may only cancel an earlier telephone
or electronic transfer requests made on the same day by calling the
Annuity Service Center before the New York Stock Exchange closes.
Otherwise, your cancellation instruction will not be allowed because of
the round trip transfer restriction.
OUR PROCEDURES. Our procedures are designed to provide reasonable
assurance that telephonic or any other electronic authorizations are
genuine. Our procedures include requesting identifying information and
tape-recording telephone communications, and other specific details.
We and our affiliates disclaim all liability for any claim, loss or
expense resulting from any alleged error or mistake in connection with
a transaction requested by telephone or other electronic means that
you did not authorize. However, if we fail to employ reasonable
procedures to ensure that all requested transactions are properly
authorized, we may be held liable for such losses. We do not guarantee
access to telephonic and electronic information or that we will be
able to accept transaction instructions via the telephone or
electronic means at all times. We also reserve the right to modify,
limit, restrict or discontinue at any time and without notice the
acceptance of instruction from someone other than you and/or this
telephonic and electronic transaction privilege. Elections of any
optional benefit or program must be in writing and will be effective
upon receipt of the request in Good Order.
Upon notification of the Owner's death, any telephone transfer
authorization, other than by the surviving joint Owners, designated by
the Owner ceases and we will not allow such transactions unless the
executor/representative provides written authorization for a person or
persons to act on the executor's/representative's behalf.
ACCESS TO YOUR MONEY
You can have access to the money in your Contract:
o by making either a partial or complete withdrawal;
o by electing the Systematic Withdrawal Program; o by electing
a Guaranteed Minimum Withdrawal Benefit, or
o by electing to receive income payments.
Your Beneficiary can have access to the money in your Contract when a
death benefit is paid.
When you make a complete withdrawal you will receive the value of your
Contract as of the end of the business day your request is received by
us in Good Order, MINUS any applicable taxes, the Annual Contract
Maintenance Charges, charges due under any optional endorsement and all
applicable recapture and withdrawal charges, adjusted for any
applicable Interest Rate Adjustment.
Your withdrawal request must be in writing. We will accept withdrawal
requests submitted via facsimile. There are risks associated with not
requiring original signatures in order to disburse the money. The
proceeds will be sent to your last recorded address in our records, so
be sure to notify us, in writing of any address change.
Except in connection with the systematic withdrawal program, you must
withdraw at least $500 or, if less, the entire amount in the Fixed
Account or Investment Division from which you are making the
withdrawal. If you are not specific, your withdrawal will be taken from
your allocations to the Fixed Account and Investment Divisions based on
the proportion their respective values bear to the Contract Value. With
the Systematic Withdrawal Program, you may withdraw a specified dollar
amount (of at least $50 per withdrawal) or a specified percentage.
After your withdrawal, at least $100 must remain in each Fixed Account
or Investment Division from which the withdrawal was taken or such
greater amount if and to the extent that Contract Value is sufficient
to pay any remaining withdrawal charges that remain after the
withdrawal. A withdrawal request that would reduce the remaining
Contract Value to less than $100 will be treated as a request for a
complete withdrawal.
INCOME TAXES, TAX PENALTIES AND CERTAIN RESTRICTIONS MAY APPLY TO ANY
WITHDRAWAL YOU MAKE. THERE ARE LIMITATIONS ON WITHDRAWALS FROM
QUALIFIED PLANS. SEE "TAXES."
WAIVER OF WITHDRAWAL AND RECAPTURE CHARGES FOR EXTENDED CARE. We will
waive the withdrawal charges and recapture charges (but not any
Interest Rate Adjustment) that would otherwise apply in certain
circumstances by providing you, at no charge, an Extended Care Benefit,
on amounts of up to $250,000 from the Investment Divisions and Fixed
Account that you withdraw after providing us with a physician's
statement that you have been confined to a nursing home or hospital for
90 consecutive days, beginning at least 30 days after your Contract was
issued. You may exercise this benefit once under your Contract.
7% GUARANTEED MINIMUM WITHDRAWAL BENEFIT. THE FOLLOWING DESCRIPTION OF
THE 7% GMWB IS SUPPLEMENTED BY SOME EXAMPLES IN APPENDIX C THAT MAY
ASSIST YOU IN UNDERSTANDING HOW THE 7% GMWB CALCULATIONS ARE MADE IN
CERTAIN CIRCUMSTANCES. For Owners 80 years old and younger on the
Contract's Issue Date, or on the date on which this endorsement is
selected if after the Contract's Issue Date, a 7% GMWB may be
available, which permits an Owner to make partial withdrawals, prior to
the Income Date that, in total, are guaranteed to equal the Guaranteed
Withdrawal Balance (GWB) (as defined below), regardless of your
Contract Value. We may limit availability of this optional endorsement.
Once selected, the 7% GMWB cannot be canceled. If you select the 7%
GMWB when you purchase your Contract, your net premium payment will be
used as the basis for determining the GWB. The 7% GMWB may also be
selected after the Issue Date within the 30 days before any Contract
Anniversary. If you select the 7% GMWB after the Issue Date, to
determine the GWB, we will use your Contract Value less any recapture
charges that would be paid were you to make a full withdrawal on the
date the endorsement is added. However, the GWB can never be more than
$5 million, and the GWB is reduced with each withdrawal you take.
Once the GWB has been determined, we calculate the Guaranteed Annual
Withdrawal Amount (GAWA), which is the maximum annual partial
withdrawal amount. Upon selection, the GAWA is equal to 7% of the GWB.
The GAWA will not be reduced if partial withdrawals taken within any
one Contract Year do not exceed 7%. However, withdrawals are not
cumulative. If you do not take 7% in one Contract Year, you may not
take more than 7% the next Contract Year. If you withdraw more than the
7%, the guaranteed amount available may be less than the total premium
payments and the GAWA may be reduced. The GAWA can be divided up and
taken on a payment schedule that you request. You can continue to take
the GAWA each Contract Year until the GWB has been depleted.
Withdrawal charges, Contract Enhancement recapture charges, and
Interest Rate Adjustments, as applicable, are taken into consideration
in calculating the amount of your partial withdrawals pursuant to the
7% GMWB, but these charges or adjustments are offset by your ability to
make free withdrawals under the Contract.
Any time a subsequent premium payment is made, we recalculate the GWB
and the GAWA. Each time you make a premium payment, the GWB is
increased by the amount of the net premium payment. Also, the GAWA will
increase by 7% of the net premium payment or 7% of the increase in the
GWB, if less. We reserve the right to restrict subsequent premium
payments and the total GWB.
If the total of your partial withdrawals made in the current Contract
Year are greater than the GAWA, we will recalculate your GWB and your
GAWA may be lower in the future. In other words, WITHDRAWING MORE THAN
THE GAWA IN ANY CONTRACT YEAR COULD CAUSE THE GWB TO BE REDUCED BY MORE
THAN THE AMOUNT OF THE WITHDRAWAL(S) AND EVEN RESET TO THE THEN CURRENT
CONTRACT VALUE, LIKELY REDUCING THE GAWA, TOO. Recalculation of the GWB
and GAWA may result in reducing or extending the payout period. Please
refer to the examples in Appendix C for supplemental information about
the impact of partial withdrawals.
If the partial withdrawal plus all prior partial withdrawals made in
the current Contract Year is less than or equal to the GAWA, the GWB is
equal to the greater of:
o the GWB prior to the partial withdrawal less the partial
withdrawal; or
o zero.
If the partial withdrawal plus all prior partial withdrawals made in
the current Contract Year is greater than the GAWA, the GWB is equal to
the lesser of:
o the Contract Value after the partial withdrawal, less any
applicable recapture charges remaining after the partial
withdrawal; or
o the GWB prior to the partial withdrawal less the partial
withdrawal, or zero, if greater.
If all your partial withdrawals made in the current Contract Year are
less than or equal to the GAWA, the GAWA is the lesser of:
o the GAWA prior to the partial withdrawal; or
o the GWB after the partial withdrawal.
If the partial withdrawal plus all prior partial withdrawals made in
the current Contract Year is greater than the GAWA, the GAWA is equal
to the lesser of:
o the GAWA prior to the partial withdrawal, or
o the GWB after the partial withdrawal, or
o 7% of the greater of:
1. the Contract Value after the partial withdrawal, less
any applicable recapture charges remaining after the
partial withdrawal; or
2. the GWB after the partial withdrawal.
For purposes of these calculations, all partial withdrawals are assumed
to be the total amount withdrawn, including any withdrawal charges,
recapture charges and Interest Rate Adjustments.
Withdrawals made under the guarantee of this endorsement are considered
to be the same as any other partial withdrawals for the purposes of
calculating any other values under the Contract and any other
endorsements. They are subject to the same restrictions and processing
rules as described in the Contract.
On or after your fifth anniversary after selecting the 7% GMWB, you may
choose to "step-up" the GWB to equal your then current Contract Value.
The request will be processed and effective on the day we receive the
request in Good Order. Your GAWA then becomes the greater of: (i) 7% of
the Contract Value on the effective date of the "step-up" or (ii) the
GAWA prior to the "step-up. " You would not choose a "step-up" if your
current GWB is higher than your Contract Value.
More than one "step up" is permitted, but there must be at least five
Contract Years between "step ups." Before deciding to "step-up," please
consult with the registered representative who helped you to purchase
the Contract or contact us at our Annuity Service Center.
SPOUSAL CONTINUATION. If the Contract is continued by the spouse, the
spouse retains all rights previously held by the Owner and therefore
may elect to add the 7% GMWB feature to the Contract within the 30 days
prior to any Contract Anniversary following the continuation date of
the original Contract's Issue Date. The 7% GMWB would become effective
on the Contract Anniversary following receipt of the request in Good
Order.
If the spouse continues the Contract and the 7% GMWB endorsement
already applies to the Contract, the 7% GMWB will continue and no
adjustment will be made to the GWB or the GAWA at the time of
continuation. Your spouse may elect to "step-up" on the continuation
date. If the Contract is continued under the Special Spousal
Continuation Option, the value applicable upon "step-up" is the
Contract Value, including any adjustments applied on the continuation
date. Any subsequent "step-up" must follow the "step-up" restrictions
listed above (Contract anniversaries will continue to be based on the
anniversary of the original Contract's Issue Date).
SURRENDER. If your Contract is surrendered, you will receive the
Contract Value less any applicable charges and adjustments and not the
GWB or the GAWA you would have received under the GMWB Endorsement. The
7% GMWB is terminated.
CONTRACT VALUE IS ZERO. If your Contract Value is reduced to zero as
the result of a partial withdrawal, contract charges or poor fund
performance and the GWB after the withdrawal is greater than zero, the
GWB will be paid to you on a periodic basis elected by you, which will
be no less frequently than annually. The total annual payment will
equal the GAWA, but will not exceed the current GWB.
All other rights under your Contract cease and we will no longer accept
subsequent premium payments and all optional endorsements are
terminated without value. Upon your death as the Owner, your
Beneficiary will receive the scheduled payments. No other death benefit
will be paid.
ANNUITIZATION. If you decide to annuitize your Contract, you may choose
the following income option instead of one of the other income options
listed in your Contract:
FIXED PAYMENT INCOME OPTION. This income option provides payments in a
fixed dollar amount for a specific number of years. The actual number
of years that payments will be made is determined on the calculation
date by dividing the GWB by the GAWA. Upon each payment, the GWB will
be reduced by the payment amount. The total annual amount payable will
equal the GAWA but will never exceed the current GWB. This annualized
amount will be paid over the specific number of years in the frequency
(no less frequently than annually) that you select. If you should die
before the payments have been completed, the remaining payments will be
made to the Beneficiary.
This income option may not be available if the Contract is issued to
qualify under Sections 401, 403, 408 or 457 of the Internal Revenue
Code. For such Contracts, this income option will only be available if
the guaranteed period is less than the life expectancy of the Annuitant
at the time the option becomes effective.
EFFECT OF GMWB ON TAX DEFERRAL. The purchase of a 7% GMWB may not be
appropriate for the Owners of Contracts who have as a primary objective
taking maximum advantage of the tax deferral that is available to them
under an annuity Contract. Please consult your tax and financial
advisors on this and other matters prior to electing the 7% GMWB.
5% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT. BEFORE READING MORE
ABOUT THE 5% FOR LIFE GMWB, PLEASE BE SURE TO FAMILIARIZE YOURSELF WITH
THE 7% GMWB, AS DISCUSSED EARLIER, BECAUSE OF THE SIMILARITIES AND
DIFFERENCES BETWEEN THE ENDORSEMENTS. THE FOLLOWING DESCRIPTION IS
SUPPLEMENTED BY SOME EXAMPLES IN APPENDIX D. For Owners between the
ages of 60 and 80 on the Contract's Issue Date, or on the date on which
this endorsement is selected if after the Contract's Issue Date, a 5%
for Life GMWB may be available. (For the Owner that is a legal entity,
the benefit is based on the age of the Annuitant(s).) The 5% for Life
GMWB permits you to make partial withdrawals prior to the Income Date
that, in total, are guaranteed to at least equal the GWB (and because
of the "for life" guarantee, your total withdrawals could be more than
the GWB), regardless of your Contract Value. For the 5% for Life GMWB,
how the GWB and GAWA are determined is the same as the 7% GMWB, except
that: there is no recalculation of the GAWA if your total partial
withdrawals in a Contract Year exceed the GWB and your "for life"
guarantee is still in effect; the GAWA is 5% of the GWB; and there is a
"for life" guarantee.
"For life" means the longer of: the Owner's life, or with joint Owners,
the life of the one dying first; or until total partial withdrawals
deplete the GWB. So long as the "for life" guarantee is in effect, you
may continue to take partial withdrawals of the GAWA even after the
Contract Value falls to zero. Because of the "for life" guarantee, we
do not allow an ownership change of a Contract with this endorsement,
except for the Owner that is a legal entity. With an Owner that is a
legal entity, we will allow ownership to change to another legal entity
or to the Annuitant, and the "for life" guarantee will remain in
effect. However, even if the "for life" guarantee were to become
invalid, we would not allow an ownership change. You will invalidate
the "for life" guarantee if your total partial withdrawals in a
Contract Year exceed the GAWA. The "for life" guarantee is terminated
upon spousal continuation.
The GWB of the 5% for Life GMWB may be "stepped-up" in the same fashion
as the 7% GMWB, subject to the same conditions and requirements, with
the GAWA based on 5% of the GWB.
With the 5% for Life GMWB, if your Contract Value is reduced to zero as
a result of a partial withdrawal, contract charges or poor fund
performance, the GAWA will automatically be paid no less frequently
than annually, based on your instructions, through the "for life"
guarantee, or until the GWB is depleted if the "for life" guarantee is
no longer effective.
4% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT. BEFORE READING MORE
ABOUT THE 4% FOR LIFE GMWB, PLEASE BE SURE TO FAMILIARIZE YOURSELF WITH
THE 7% GMWB, AS DISCUSSED EARLIER, BECAUSE OF THE SIMILARITIES AND
DIFFERENCES BETWEEN THE ENDORSEMENTS. ALSO, THE FOLLOWING DESCRIPTION
IS SUPPLEMENTED BY SOME EXAMPLES IN APPENDIX E. For Owners between the
ages of 50 and 80 on the Contract's Issue Date, or on the date on which
this endorsement is selected if after the Contract's Issue Date, a 4%
for Life GMWB may be available. (For the Owner that is a legal entity,
the benefit is based on the Annuitant(s).) The 4% for Life GMWB permits
you to make partial withdrawals prior to the Income Date that, in
total, are guaranteed to at least equal the GWB (and because of the
"for life" guarantee, your total withdrawals could be more than the
GWB), regardless of your Contract Value. For the 4% for Life GMWB, how
the GWB and GAWA are determined is the same as the 7% GMWB, except
that: there is no recalculation of the GAWA if your total partial
withdrawals in a Contract Year exceed the GWB and your "for life"
guarantee is still in effect; the GAWA is 4% of the GWB; and there is a
"for life" guarantee.
"For life" means the longer of: the Owner's life, or with joint Owners,
the life of the one dying first; or until total partial withdrawals
deplete the GWB. So long as the "for life" guarantee is in effect, you
may continue to take partial withdrawals of the GAWA even after the
Contract Value falls to zero. Because of the "for life" guarantee, we
do not allow an ownership change of a Contract with this endorsement,
except for the Owner that is a legal entity. With an Owner that is a
legal entity, we will allow ownership to change to another legal entity
or to the Annuitant, and the "for life" guarantee will remain in
effect. However, even if the "for life" guarantee were to become
invalid, we would not allow an ownership change. You will invalidate
the "for life" guarantee if your total partial withdrawals in a
Contract Year exceed the GAWA. The "for life" guarantee is terminated
upon spousal continuation.
The GWB of the 4% for Life GMWB may be "stepped-up" in the same fashion
as the 7% GMWB, subject to the same conditions and requirements, but
with the GAWA based on 4% of the GWB.
With the 4% for Life GMWB, if your Contract Value is reduced to zero as
a result of a partial withdrawal, contract charges or poor fund
performance, the GAWA will automatically be paid no less frequently
than annually, based on your instructions, through the "for life"
guarantee, or until the GWB is depleted if the "for life" guarantee is
no longer effective.
YOU MAY ELECT ONLY ONE GMWB. YOU MAY NOT ELECT BOTH A GMWB AND THE
GMIB, AND YOU MAY NOT ADD A GMWB AFTER THE ISSUE DATE TO A CONTRACT
WITH THE GMIB.
SYSTEMATIC WITHDRAWAL PROGRAM. You can arrange to have money
automatically sent to you periodically while your Contract is still in
the accumulation phase. You may withdraw a specified dollar amount (of
at least $50 per withdrawal) or a specified percentage. Your
withdrawals may be on a monthly, quarterly, semi-annual or annual
basis. There is no charge for the Systematic Withdrawal Program;
however, you will have to pay taxes on money you receive. You may also
be subject to a withdrawal charge and an Interest Rate Adjustment.
SUSPENSION OF WITHDRAWALS OR TRANSFERS. We may be required to suspend
or delay withdrawals or transfers from an Investment Division when:
o the New York Stock Exchange is closed (other than customary
weekend and holiday closings);
o under applicable SEC rules, trading on the New York Stock
Exchange is restricted;
o under applicable SEC rules, an emergency exists so that it
is not reasonably practicable to dispose of securities in an
Investment Division or determine the value of its assets;
or,
o the SEC, by order, may permit for the protection of Contract
Owners.
We have reserved the right to defer payment for a withdrawal or
transfer from the Fixed Account for up to six months or the period
permitted by law.
INCOME PAYMENTS (THE INCOME PHASE)
The income phase of your Contract occurs when you begin receiving
regular income payments from us. The Income Date is the day on which
those payments begin. Once income payments begin, the Contract cannot
be returned to the accumulation phase. The Income Date must be at least
13 months after the Contract's Issue Date. You can choose the Income
Date and an income option. All of the Contract Value must be
annuitized. The income options are described below.
If you do not choose an income option, we will assume that you selected
Option 3, which provides a life annuity with 120 months of guaranteed
payments.
You can change the Income Date or income option at any time before the
Income Date. You must give us written notice at least seven days before
the scheduled Income Date. Income payments must begin by your 90th
birthday under a non-qualified Contract or the calendar year in which
you attain age 70 1/2 under a traditional Individual Retirement Annuity
(or such other age as required by law). Distributions under qualified
plans and Tax-Sheltered Annuities must begin by the later of the
calendar year in which you attain age 70 1/2 or the calendar year in
which you retire. Distributions from Roth IRAs are not required prior
to your death.
At the Income Date, you can choose to receive fixed or variable
payments from the Investment Divisions. Unless you tell us otherwise,
your income payments will be based on the fixed and variable options
that were in place on the Income Date.
You can choose to have income payments made monthly, quarterly,
semi-annually, or annually. Or you can choose a single lump sum. If you
have less than $5,000 to apply toward an income option, we may provide
your payment in a single lump sum. Likewise, if your first income
payment would be less than $50, we may set the frequency of payments so
that the first payment would be at least $50.
VARIABLE INCOME PAYMENTS. If you choose to have any portion of your
income payments based upon one or more Investment Divisions, the dollar
amount of your initial annuity payment will depend primarily upon the
following:
o the amount of your Contract Value you allocate to the
Investment Division(s) on the Income Date;
o the amount of any applicable premium taxes, recapture
charges or withdrawal charges and any Interest Rate
Adjustment deducted from your Contract Value on the Income
Date;
o which income option you select; and
o the investment factors listed in your Contract that
translate the amount of your Contract Value (as adjusted for
applicable charges, frequency of payment and commencement
date) into initial payment amounts that are measured by the
number of Annuity Units of the Investment Division(s) you
select credited to your Contract.
The investment factors in your Contract are calculated based upon a
variety of factors, including the age and gender of the Annuitant if
you select an income option with a life contingency and an assumed
investment rate of 2.50%.
We calculate the dollar amount of subsequent income payments that you
receive based upon the performance of the Investment Divisions you
select. If that performance (measured by changes in the value of
Annuity Units) exceeds the assumed investment rate, then your income
payments will increase; if that performance is less than the assumed
investment rate, then your income payments will decrease. Neither
expenses actually incurred (other than taxes on investment return), nor
mortality actually experienced, will adversely affect the dollar amount
of subsequent income payment.
INCOME OPTIONS. The Annuitant is the person whose life we look to when
we make income payments (each description assumes that you are the
Owner and Annuitant).
OPTION 1 - Life Income. This income option provides monthly payments
for your life.
OPTION 2 - Joint and Survivor. This income option provides monthly
payments for your life and for the life of another person (usually your
spouse) selected by you.
OPTION 3 - Life Annuity With at Least 120 or 240 Monthly Payments. This
income option provides monthly payments for the Annuitant's life, but
with payments continuing to the Beneficiary for the remainder of 10 or
20 years (as you select) if the Annuitant dies before the end of the
selected period.
OPTION 4 - Income for a Specified Period. This income option provides
monthly payments for any number of years from 5 to 30. If the
Beneficiary does not want to receive the remaining scheduled payments,
a single lump sum may be requested, which will be equal to the present
value of the remaining payments (as of the date of calculation)
discounted at an interest rate no higher than the rate used to
calculate the initial payment.
ADDITIONAL OPTIONS - We may make other income options available.
No withdrawals are permitted during the income phase with an income
option that is life contingent.
GUARANTEED MINIMUM INCOME BENEFIT. The optional Guaranteed Minimum
Income Benefit (GMIB) endorsement guarantees a minimum fixed income
benefit (under certain life contingent options) after a period of at
least 10 Contract Years, subject to specific conditions, regardless of
the fixed and variable options you select during the accumulation
phase. This benefit is only available if
o you elect it prior to your Contract's Issue Date;
o the Annuitant is not older than age 75 on the Issue Date;
and
o you exercise it on or within 30 calendar days of your 10th,
or any subsequent, Contract Anniversary, but in no event
later than the 30 calendar day period following the Contract
Anniversary immediately following the Annuitant's 85th
birthday.
The GMIB will terminate and will not be payable at the earliest of:
o the Income Date (if prior to the effective date of the
GMIB);
o the 30th calendar day following the Contract Anniversary
immediately after the Annuitant's 85th birthday;
o the date you make a total withdrawal from the Contract;
o upon your death (unless your spouse is your Beneficiary,
elects to continue the Contract and is eligible for this
benefit); or
o if the Owner is not a natural person, upon the death of the
Annuitant.
Once elected, the GMIB cannot be terminated in any other way while your
Contract is in force.
You have the option of taking the GMIB instead of the other income
options described above. Your monthly income option payments will be
calculated by applying the "GMIB Benefit Base" (described below) to the
annuity rates in the table of guaranteed purchase rates attached to the
GMIB endorsement. The only type of income payments available under the
GMIB are life contingent fixed annuity income payments. The fixed
annuity payment income options currently available are:
OPTION 1 - Life Income,
OPTION 2 - Joint and Survivor,
OPTION 3 - Life Annuity with 120 Monthly Periods Guaranteed, and
OPTION 4 - Joint and Survivor Life Annuity with 120 Monthly Periods
Guaranteed.
No other income options will be available, and no partial annuitization
will be allowed.
After the 10th Contract Anniversary or any subsequent Contract
Anniversary, the Contract Owner must exercise this option prior to the
Income Date. The GMIB may not be appropriate for Owners who will be
subject to any minimum distribution requirements under an IRA or other
qualified plan prior to the expiration of 10 Contract Years. Please
consult a tax advisor on this and other matters of selecting income
options.
The GMIB only applies to the determination of income payments under the
income options specified above. It is not a guarantee of Contract Value
or performance. This benefit does not enhance the amounts paid in any
withdrawals or death benefits. You will not receive any benefit under
this endorsement if you make a total withdrawal of your Contract Value.
Both the amount of the GMIB and the quarterly charge for the GMIB
(described above in the Charges section) are based upon an amount
called the "GMIB BENEFIT BASE." The GMIB Benefit Base is the GREATER OF
(A) OR (B), WHERE:
(A) IS THE ROLL-UP COMPONENT WHICH IS EQUAL TO:
o all premiums you have paid (net of any applicable premium
taxes); PLUS
o any Contract Enhancements credited on or before the business
day the GMIB Benefit Base is being calculated; MINUS
o an adjustment (described below) for any withdrawals
(including any applicable charges and Interest Rate
Adjustments to those withdrawals);
compounded at an annual interest rate of 5% from the Issue Date until
the earlier of the Annuitant's 80th birthday or the Exercise Date.
All adjustments for Premiums and Contract Enhancements are made on the
date of the Premium payment. All withdrawal adjustments are made at the
end of the Contract Year and on the Exercise Date. For total
withdrawals up to 5% of the Roll-Up Component as of the previous
Contract Anniversary, the withdrawal adjustment is the dollar amount of
the withdrawal (including any applicable charges and adjustments to
such withdrawal). After processing any applicable dollar for dollar
portion of the withdrawal, the withdrawal adjustment for total
withdrawals in a Contract Year in excess of 5% of the Roll-Up Component
as of the previous Contract Anniversary is the Roll-Up Component
immediately prior to the withdrawal multiplied by the percentage
reduction in the Contract Value attributable to the withdrawal
(including any applicable charges and adjustments to such withdrawal).
In calculating the withdrawal adjustment, the Issue Date is considered
a Contract Anniversary. Generally, the larger the withdrawal, the
greater the impact on the GMIB Benefit Base. Please note also that when
the Contract Value is greater than the Roll-Up Component, dollar for
dollar withdrawals would result in a larger withdrawal adjustment than
proportional withdrawals would. However, all withdrawals will be
processed as described above, regardless of the level of the Contract
Value.
For example, the calculations for a Contract issued with an initial
Premium payment of $10,000, the Guaranteed Minimum Income Benefit, and
a 4% Contract Enhancement would be as follows. Assume the Owner takes a
gross withdrawal during the Contract Year of $400, which is less than
5% of the Roll-Up Component as of the previous Contract Anniversary and
therefore treated as a dollar-for-dollar withdrawal at the end of the
Contract Year. The Roll-Up Component of the GMIB Benefit Base at the
end of the year will be equal to the Premium and Contract Enhancement
accumulated at 5% to the end of the year. The resulting Roll-Up
Component is equal to ($10,000 + $400) x 1.05 - $400 = $10,520. This
example does not take into account taxes.
AND (B) IS THE GREATEST CONTRACT VALUE COMPONENT AND IS EQUAL TO:
o the greatest Contract Value on any Contract Anniversary
prior to the Annuitant's 81st birthday; MINUS
o an adjustment (described below) for any withdrawals after
that Contract Anniversary (including any applicable charges
and Interest Rate Adjustments for those withdrawals); PLUS
o any premiums paid (net of any applicable premium taxes)
after that Contract Anniversary; MINUS
o any Annual Contract Maintenance Charge, Transfer Charge, and
any applicable non-asset based charges due under any
optional endorsement deducted after that Contract
Anniversary; and MINUS
o any taxes deducted after that Contract Anniversary.
All adjustments are made on the date of the applicable listed events
and their transaction. The withdrawal adjustment is the Greatest
Contract Anniversary Value Component immediately prior to the
withdrawal multiplied by the percentage reduction in the Contract Value
attributable to the withdrawal (including any applicable charges and
adjustments for such withdrawals).
Neither component of the GMIB Benefit Base will ever exceed:
o 200% of premiums paid (net of any applicable premium taxes
and excluding premiums paid in the 12 months prior to the
date the GMIB is exercised); MINUS
o any withdrawals (including related charges and adjustments);
deducted since the issuance of the Contract.
The applicability of this limitation will be determined after the
calculation of each component of the GMIB Benefit Base.
If you are the Annuitant under your Contract and your spouse continues
the Contract after your death, your spouse will become the Annuitant
and will continue to be eligible for the GMIB as long as he or she
would have been eligible as an Annuitant when your Contract was issued
and is age 84 or younger. If your spouse does not satisfy those
criteria, then the GMIB will terminate and the charge for the GMIB
discontinued. Similarly, if an Owner who is a natural person is not the
Annuitant and the Annuitant dies, you (the Owner) may select a new
Annuitant (who must be a person eligible to be an Annuitant on the
Issue Date and is age 84 or younger). If the new Annuitant in that
situation does not satisfy those criteria then the GMIB will terminate
and the GMIB charge discontinued. In the event of joint Annuitants, the
age of the youngest Annuitant will be used for all these
determinations.
Among other requirements applicable to Contracts issued to
entities/Owners, the use of multiple Contracts by related entities to
avoid maximum premium limits is not permitted. Selection of the GMIB is
subject to our administrative rules designed to assure its appropriate
use. We may update these rules as necessary.
YOU MAY ELECT ONLY ONE GMWB. YOU MAY NOT ELECT BOTH A GMWB AND THE
GMIB, AND YOU MAY NOT ELECT TO ADD A GMWB AFTER THE ISSUE DATE TO A
CONTRACT WITH THE GMIB ENDORSEMENT.
DEATH BENEFIT
The Contract has a death benefit, namely the basic death benefit, which
is payable during the accumulation phase. Or you may select an optional
death benefit for an additional charge. The optional death benefit is
only available upon application, and once chosen, cannot be canceled.
The death benefit paid to your Beneficiary upon your death is
calculated as of the date we receive all required documentation in Good
Order, which includes but is not limited to due proof of death and a
completed claim form from the Beneficiary of record (if there are
multiple beneficiaries, we will calculate the death benefit when we
receive this documentation from the first Beneficiary). Payment will
include any required interest from the date of death. The death benefit
paid will be the basic death benefit unless you have selected the
optional death benefit endorsement. If you have a guaranteed minimum
death benefit, the amount by which the guaranteed minimum death benefit
exceeds the Contract Value will be added to your Contract Value as of
the date we receive all required documentation from the Beneficiary of
record and will be allocated among the Fixed Account and Investment
Divisions according to the current allocation instructions on file for
your Contract as of that date. Each Beneficiary will receive their
portion of the remaining value, subject to market fluctuations, when
their option election form is received at our Annuity Service Center in
Lansing, Michigan.
BASIC DEATH BENEFIT. If you die before moving to the income phase, the
person you have chosen as your Beneficiary will receive a death
benefit. If you have a joint Owner, the death benefit will be paid when
the first joint Owner dies. The surviving joint Owner will be treated
as the Beneficiary. Any other Beneficiary designated will be treated as
a contingent Beneficiary. Only a spouse Beneficiary has the right to
continue the Contract in force upon your death.
The death benefit equals the greater of:
o your Contract Value as of the end of the business day on
which we have received all required documentation from your
Beneficiary; or
o the total premiums you have paid since your Contract was
issued REDUCED FOR prior withdrawals (including any
applicable charges and adjustments) in the same proportion
that the Contract Value was reduced on the date of the
withdrawal.
OPTIONAL DEATH BENEFIT. The Highest Anniversary Death Benefit is
available, which is designed to protect your Contract Value from
potentially poor investment performance and the impact that poor
investment performance could have on the amount of the basic death
benefit. Because there is an additional annual charge for this optional
death benefit, and because you cannot change your selection, please be
sure that you have read about and understand the Contract's basic death
benefit before selecting the optional death benefit. This optional
death benefit is available if you are 79 years of age or younger on the
Contract's Issue Date. However, the older you are when your Contract is
issued, the less advantageous it would be for you to select an optional
death benefit. The optional death benefit is subject to our
administrative rules to assure appropriate use, which administrative
rules may be changed, as necessary.
For purposes of this optional death benefit, "Net Premiums" are defined
as your premium payments net of premium taxes, reduced by any
withdrawals (including applicable charges and adjustments for such
withdrawals) at the time of the withdrawal in the same proportion that
the Contract Value was reduced on the date of the withdrawal.
Accordingly, if a withdrawal were to reduce the Contract Value by 50%,
for example, Net Premiums would also be reduced by 50%. Similarly, with
the "Highest Anniversary Value" component, the adjustment to your
Contract Value for applicable charges will have occurred proportionally
at the time of the deduction(s).
HIGHEST ANNIVERSARY VALUE DEATH BENEFIT changes your basic
death benefit to the greatest of:
(a) your Contract Value as of the end of the business day
on which we receive all required documentation from
your Beneficiary; or
(b) total Net Premiums since your Contract was issued; or
(c) your greatest Contract Value on any Contract
Anniversary prior to your 81st birthday, REDUCED BY any
withdrawals (including any applicable withdrawal
charges and adjustments for withdrawals), the Annual
Contract Maintenance Charges, transfer charges, any
applicable charges due under any optional endorsement
and taxes subsequent to that Contract Anniversary, PLUS
any premiums paid (net of any applicable premium taxes)
subsequent to that Contract Anniversary.
PAYOUT OPTIONS. The Contract's death benefit is payable pursuant to
one of the following payout options:
o single lump sum payment; or
o payment of entire death benefit within 5 years of the date
of death; or
o payment of the entire death benefit under an income option
over the Beneficiary's lifetime or for a period not
extending beyond the Beneficiary's life expectancy; or
payment of a portion of the death benefit under an income
option over the Beneficiary's lifetime or for a period not
extending beyond the Beneficiary's life expectancy, with the
balance of the death benefit payable to the Beneficiary. Any
portion of the death benefit not applied under an income
option within one year of the Owner's death, however, must
be paid within five years of the date of the Owner's death.
Under these payout options, the Beneficiary may also elect to receive
additional lump sums at any time. The receipt of any additional lump
sums will reduce the future payments to the Beneficiary.
Unless the Beneficiary chooses to receive the entire death benefit in a
single sum, the Beneficiary must elect a payout option within the
60-day period beginning with the date we receive proof of death and
payments must begin within one year of the date of death. If the
Beneficiary chooses to receive some or all of the death benefit in a
single sum and all the necessary requirements are met, we will pay the
death benefit within seven days. If your Beneficiary is your spouse,
he/she may elect to continue the Contract, at the current Contract
Value, in his/her own name. For more information, please see "Special
Spousal Continuation Option" beginning on page 52.
PRE-SELECTED PAYOUT OPTIONS. As Owner, you may also make a
predetermined selection of the death benefit payout option if your
death occurs before the Income Date. However, at the time of your
death, we may modify the death benefit option if the death benefit you
selected exceeds the life expectancy of the Beneficiary. If the
Pre-Selected Death Benefit Option Election is in force at the time of
your death, the payment of the death benefit may not be postponed, nor
can the Contract be continued under any other provisions of this
Contract. This restriction applies even if the Beneficiary is your
spouse, unless such restriction is prohibited by the Internal Revenue
Code. If the Beneficiary does not submit the required documentation for
the death benefit to us within one year of your death, however, the
death benefit must be paid, in a single lump sum, within five years of
your death.
SPECIAL SPOUSAL CONTINUATION OPTION. If your spouse is the Beneficiary
and elects to continue the Contract in his or her own name after your
death, pursuant to the Special Spousal Continuation Option, no death
benefit will be paid at that time. Instead, we will contribute to the
Contract a Continuation Adjustment, which is the amount by which the
death benefit that would have been payable exceeds the Contract Value.
We calculate this amount using the Contract Value and death benefit as
of the date we receive all required documentation from the Beneficiary
of record and the spousal Beneficiary's written request to continue the
Contract (the "Continuation Date"). We will add this amount to the
Contract based on the current allocation instructions at the time of
your death, subject to any minimum allocation restrictions, unless we
receive other allocation instructions from your spouse.
If your spouse continues the Contract in his/her own name under the
Special Spousal Continuation option, the new Contract Value will be
considered the initial premium for purposes of determining any future
death benefit under the Contract. The age of the surviving spouse at
the time of the continuation of the Contract will be used to determine
all benefits under the Contract prospectively, so the death benefit may
be at a different level.
If your spouse elects to continue the Contract, your spouse, as new
Owner, cannot terminate most of the optional benefits you elected. The
GMIB will terminate upon your death (and no further GMIB charges will
be deducted), unless your spouse is eligible for the benefit and elects
to continue it with the Contract. For more information, please see
"Guaranteed Minimum Income Benefit," beginning on page 27. Similarly, a
GMWB will also terminate upon your death (and no further GMWB charges
will be deducted), unless your spouse is eligible for the benefit and
elects to continue it with the Contract. For more information, please
see "7% Guaranteed Minimum Withdrawal Benefit" beginning on page 39.
Because the "for life" guarantee would no longer be in effect with the
5% or 4% For Life GMWB, however, the benefit would allow the spouse to
take partial withdrawals until the GWB is depleted. Otherwise, the
Contract, and its optional benefits, remains the same. There is no
charge for the Spousal Continuation Option; however, your spouse will
also be subject to the same fees, charges and expenses under the
Contract as you were.
The Special Spousal Continuation Option is available to elect one time
on the Contract. However, if the Pre-Selected Death Benefit Option
Election is in force at the time of your death, the payment of the
death benefit may not be postponed, nor can the Contract be continued
under any other provisions of this Contract. This restriction applies
even if the Beneficiary is your spouse, unless such restriction is
prohibited by the Internal Revenue Code.
DEATH OF OWNER ON OR AFTER THE INCOME DATE. If you or a joint Owner
dies who is not the Annuitant on or after the Income Date, any
remaining payments under the income option elected will continue at
least as rapidly as under the method of distribution in effect at the
date of death. If you die, the Beneficiary becomes the Owner.
DEATH OF ANNUITANT. If the Annuitant is not an Owner or joint Owner and
dies before the Income Date, you can name a new Annuitant. If you do
not name a new Annuitant within 30 days of the death of the Annuitant,
you will become the Annuitant. However, if the Owner is a non-natural
person (for example, a corporation), then the death of the Annuitant
will be treated as the death of the Owner, and a new Annuitant may not
be named.
If the Annuitant dies on or after the Income Date, any remaining
guaranteed payments will be paid to the Beneficiary as provided for in
the income option selected. Any remaining guaranteed payments will be
paid at least as rapidly as under the method of distribution in effect
at the Annuitant's death. With Option 1 or 2 of the income options, if
the Annuitant's death occurs before the first income payment, the
amount applied to the income option will be paid to the Owner or
Beneficiary, as applicable.
TAXES
THE FOLLOWING IS ONLY GENERAL INFORMATION AND IS NOT INTENDED AS TAX
ADVICE TO ANY INDIVIDUAL. ADDITIONAL TAX INFORMATION IS INCLUDED IN THE
SAI. YOU SHOULD CONSULT YOUR OWN TAX ADVISER AS TO HOW THESE GENERAL
RULES WILL APPLY TO YOU IF YOU PURCHASE A CONTRACT.
TAX-QUALIFIED AND NON-QUALIFIED CONTRACTS. If you purchase your
Contract as a part of a tax-qualified plan such as an Individual
Retirement Annuity (IRA), Tax-Sheltered Annuity (sometimes referred to
as a 403(b) Contract), or pension or profit-sharing plan (including a
401(k) plan or H.R. 10 Plan) your Contract will be what is referred to
as a qualified Contract. The related retirement or pension plans may
also be referred to as qualified plans. Tax deferral under a
tax-qualified Contract arises under the specific provisions of the
Internal Revenue Code (Code) governing the tax-qualified plan, so a
tax-qualified Contract should be purchased only for the features and
benefits other than tax deferral that are available under a
tax-qualified Contract, and not for the purpose of obtaining tax
deferral. You should consult your own adviser regarding these features
and benefits of the Contract prior to purchasing a tax-qualified
Contract.
If you do not purchase your Contract as a part of any tax-qualified
pension plan, specially sponsored program or an individual retirement
annuity, your Contract will be what is referred to as a non-qualified
Contract, and any unrelated retirement plan as non-qualified as well.
The amount of your tax liability on the earnings under and the amounts
received from either a tax-qualified or a non-qualified Contract will
vary depending on the specific tax rules applicable to your Contract
and your particular circumstances.
NON-QUALIFIED CONTRACTS - GENERAL TAXATION. Increases in the value of a
non-qualified Contract attributable to undistributed earnings are
generally not taxable to the Contract Owner or the Annuitant until a
distribution (either a withdrawal or an income payment) is made from
the Contract. This tax deferral is generally not available under a
non-qualified Contract owned by a non-natural person (e.g., a
corporation or certain other entities other than a trust holding the
Contract as an agent for a natural person). Loans based on a
non-qualified Contract are treated as distributions.
NON-QUALIFIED CONTRACTS - AGGREGATION OF CONTRACTS. For purposes of
determining the taxability of a distribution, the Code provides that
all non-qualified contracts issued by us (or an affiliate) to you
during any calendar year must be treated as one annuity contract.
Additional rules may be promulgated under this Code provision to
prevent avoidance of its effect through the ownership of serial
contracts or otherwise.
NON-QUALIFIED CONTRACTS - WITHDRAWALS AND INCOME PAYMENTS. Any
withdrawal from a non-qualified Contract is taxable as ordinary income
to the extent it does not exceed the accumulated earnings under the
Contract. A part of each income payment under a non-qualified Contract
is generally treated as a non-taxable return of premium. The balance of
each income payment is taxable as ordinary income. The amounts of the
taxable and non-taxable portions of each income payment are determined
based on the amount of the investment in the Contract and the length of
the period over which income payments are to be made. Income payments
received after all of your investment in the Contract is recovered are
fully taxable as ordinary income. Additional information is provided in
the SAI.
The Code also imposes a 10% penalty on certain taxable amounts received
under a non-qualified Contract. This penalty tax will not apply to any
amounts:
o paid on or after the date you reach age 59 1/2;
o paid to your Beneficiary after you die;
o paid if you become totally disabled (as that term is defined
in the Code);
o paid in a series of substantially equal periodic payments
made annually (or more frequently) for your life (or life
expectancy) or for a period not exceeding the joint lives
(or joint life expectancies) of you and your Beneficiary;
o paid under an immediate annuity; or
o which come from premiums made prior to August 14, 1982.
NON-QUALIFIED CONTRACTS - REQUIRED DISTRIBUTIONS. In order to be
treated as an annuity contract for federal income tax purposes, the
Code requires any nonqualified contract issued after January 18, 1985
to provide that (a) if an owner dies on or after the annuity starting
date but prior to the time the entire interest in the contract has been
distributed, the remaining portion of such interest will be distributed
at least as rapidly as under the method of distribution being used as
of the date of that owner's death; and (b) if an owner dies prior to
the annuity starting date, the entire interest in the contract must be
distributed within five years after the date of the owner's death.
The requirements of (b) above can be considered satisfied if any
portion of the Owner's interest which is payable to or for the benefit
of a "designated beneficiary" is distributed over the life of such
beneficiary or over a period not extending beyond the life expectancy
of that beneficiary and such distributions begin within one year of
that Owner's death. The Owner's "designated beneficiary", who must be a
natural person, is the person designated by such Owner as a Beneficiary
and to whom ownership of the Contract passes by reason of death.
However, if the Owner's "designated beneficiary" is the surviving
spouse of the Owner, the contract may be continued with the surviving
spouse as the new Owner.
TAX-QUALIFIED CONTRACTS - WITHDRAWALS AND INCOME PAYMENTS. The Code
imposes limits on loans, withdrawals and income payments under
tax-qualified Contracts. The Code also imposes minimum distribution
requirements for tax-qualified Contracts and a 10% penalty on certain
taxable amounts received prematurely under a tax-qualified Contract.
These limits, required minimum distributions, tax penalties and the tax
computation rules are summarized in the SAI. Any withdrawals under a
tax-qualified Contract will be taxable except to the extent they are
allocable to an investment in the Contract (any after-tax
contributions). In most cases, there will be little or no investment in
the Contract for a tax-qualified Contract because contributions will
have been made on a pre-tax or tax-deductible basis.
WITHDRAWALS - TAX-SHELTERED ANNUITIES. The Code limits the withdrawal
of amounts attributable to purchase payments made under a salary
reduction agreement from Tax-Sheltered Annuities. Withdrawals can only
be made when an Owner:
o reaches age 59 1/2;
o leaves his/her job;
o dies;
o becomes disabled (as that term is defined in the Code); or
o experiences hardship. However, in the case of hardship, the
Owner can only withdraw the premium and not any earnings.
WITHDRAWALS - ROTH IRAS. Subject to certain limitations, individuals
may also purchase a type of non-deductible IRA annuity known as a Roth
IRA annuity. Qualified distributions from Roth IRA annuities are
entirely federal income-tax free. 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 account of the individual's death or
disability, or as a qualified first-time home purchase, subject to
$10,000 lifetime maximum, for the individual, or for a spouse, child,
grandchild or ancestor.
CONSTRUCTIVE WITHDRAWALS - INVESTMENT ADVISER FEES. Withdrawals from
non-qualified Contracts for the payment of investment adviser fees will
be considered taxable distributions from the Contract. In a series of
Private Letter Rulings, however, the Internal Revenue Service has held
that the payment of investment adviser fees from a tax-qualified
Contract need not be considered a distribution for income tax purposes.
Under the facts in these Rulings:
o there was a written agreement providing for payments of the
fees solely from the annuity Contract,
o the Contract Owner had no liability for the fees and
o the fees were paid solely from the annuity Contract to the
adviser.
EXTENSION OF LATEST INCOME DATE. If you do not annuitize your Contract
on or before the Latest Income Date, it is possible that the IRS could
challenge the status of your Contract as an annuity Contract for tax
purposes. The result of such a challenge could be that you would be
viewed as either constructively receiving the increase in the Contract
Value each year from the inception of the Contract or the entire
increase in the Contract Value would be taxable in the year you attain
age 90. In either situation, you could realize taxable income even if
the Contract proceeds are not distributed to you at that time.
Accordingly, before purchasing a Contract, you should consult your tax
advisor with respect to these issues.
DEATH BENEFITS. None of the death benefits paid under the Contract to
the Beneficiary will be tax-exempt life insurance benefits. 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.
ASSIGNMENT. An assignment of your Contract will generally be a taxable
event. Assignments of a tax-qualified Contract may also be limited by
the Code and the Employee Retirement Income Security Act of 1974, as
amended. These limits are summarized in the SAI. You should consult
your tax adviser prior to making any assignment of your Contract.
DIVERSIFICATION. The Code provides that the underlying investments for
a non-qualified variable annuity must satisfy certain diversification
requirements in order to be treated as an annuity Contract. We believe
that the underlying investments are being managed so as to comply with
these requirements.
OWNER CONTROL. In a Revenue Ruling issued in 2003, the Internal Revenue
Service (IRS) 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 Contract, like the
contracts described in the Revenue Ruling, there will be no
arrangement, plan, Contract or agreement between the Contract Owner and
Jackson National 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 will be made by the insurance
company or an advisor in its sole and absolute discretion.
The Contract will differ from the contracts described in the Revenue
Ruling, in two respects. The first difference is that the contract in
the Revenue Ruling provided only twelve investment options with the
insurance company having the ability to add an additional 8 options
whereas a Contract offers 55 Investment Divisions and at least one
Fixed Account, although a Contract Owner can select no more than 18
Investment Divisions and the Fixed Account at any one time. The second
difference is that the Owner of a contract in the Revenue Ruling could
only make one transfer per 30-day period without a fee whereas during
the accumulation phase, a Contract Owner will be permitted to make up
to 15 transfers in any one year without a charge.
The Revenue Ruling 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 National does not believe that the differences
between the Contract and the contracts described in the Revenue Ruling
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 the Revenue Ruling 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. We
reserve the right to modify the Contract to the extent required to
maintain favorable tax treatment.
WITHHOLDING - In general, distributions from a Contract are subject to
10% federal income tax withholding unless you elect not to have tax
withheld. Some states have enacted similar rules. Different rules may
apply to payments delivered outside the United States.
Any distribution from a tax-qualified contract eligible for rollover
will be subject to federal tax withholding at a mandatory 20% rate
unless the distribution is made as a direct rollover to a tax-qualified
plan or to an individual retirement account or annuity.
The Code generally allows the rollover of most distributions to and
from tax-qualified plans, tax-sheltered annuities, Individual
Retirement Annuities and eligible deferred compensation plans of state
or local governments. Distributions which may not be rolled over are
those which are:
(a) one of a series of substantially equal annual (or more
frequent) payments made (a) over the life or life expectancy
of the employee, (b) the joint lives or joint life
expectancies of the employee and the employee's beneficiary,
or (c) for a specified period of ten years or more;
(b) a required minimum distribution;
(c) a hardship withdrawal; or
(d) the non-taxable portion of a distribution.
OTHER INFORMATION
DOLLAR COST AVERAGING. If the amount allocated to the Investment
Divisions plus the amount allocated to Fixed Accounts is at least
$15,000, you can arrange to have a dollar amount or percentage of money
periodically transferred automatically into other Investment Divisions
from the one-year Fixed Account or any of the Investment Divisions. In
the case of transfers from the one-year Fixed Account or Investment
Divisions with a stable unit value, this can let you pay a lower
average cost per unit over time than you would receive if you made a
one-time purchase. Transfers from the more volatile Investment
Divisions may not result in lower average costs and such Investment
Divisions may not be an appropriate source of dollar cost averaging
transfers in volatile markets. There is no charge for Dollar Cost
Averaging. Certain minimums and restrictions may apply, including that
you may not select Dollar Cost Averaging at the same time as
Rebalancing. We may offer an enhanced rate of interest, which would be
credited daily, on prmeiums you allocate to the Fixed Account for a
specified period, and we may require equal monthly transfers to the
Investment Divisions during the time.
EARNINGS SWEEP. You can choose to move your earnings from the money
market Investment Division or the one-year Fixed Account, if available,
on a monthly basis, and there is no minimum transfer amount. There is
no charge for Earnings Sweep.
REBALANCING. You can arrange to have us automatically reallocate your
Contract Value among Investment Divisions and the one-year Fixed
Account periodically to maintain your selected allocation percentages.
Rebalancing is consistent with maintaining your allocation of
investments among market segments, although it is accomplished by
reducing your Contract Value allocated to the better performing
Investment Divisions. You may not select Rebalancing at the same time
as Dollar Cost Averaging. There is no charge for Rebalancing.
You may cancel a Dollar Cost Averaging, Earnings Sweep or Rebalancing
program using whatever methods you use to change your allocation
instructions.
FREE LOOK. You may return your Contract to the selling agent or us
within twenty days after receiving it. We will return
o the Contract Value in the Investment Divisions, PLUS
o the full amount of premium you allocated to the Fixed
Account (minus any withdrawals).
We will determine the Contract Value in the Investment Divisions as of
the date we receive the Contract or the date you return it to the
selling agent. We will return premium payments where required by law.
ADVERTISING. From time to time, we may advertise several types of
performance of the Investment Divisions.
o TOTAL RETURN is the overall change in the value of an
investment in an Investment Division over a given period of
time.
o STANDARDIZED AVERAGE ANNUAL TOTAL RETURN is calculated in
accordance with SEC guidelines.
o NON-STANDARDIZED TOTAL RETURN may be for periods other than
those required by, or may otherwise differ from,
standardized average annual total return. For example, if a
Fund has been in existence longer than the Investment
Division, we may show non-standardized performance for
periods that begin on the inception date of the Fund, rather
than the inception date of the Investment Division.
o YIELD refers to the income generated by an investment over a
given period of time.
Performance will be calculated by determining the percentage change in
the value of an Accumulation Unit by dividing the increase (decrease)
for that unit by the value of the Accumulation Unit at the beginning of
the period. Performance will reflect the deduction of the mortality and
expense risk and administration charges and may reflect the deduction
of contract maintenance and withdrawal charges, but will not reflect
charges for optional features except in performance data used in sales
materials that promote those optional features. The deduction of
withdrawal charges and/or the charges for optional features would
reduce the percentage increase or make greater any percentage decrease.
MODIFICATION OF YOUR CONTRACT. Only our President, Vice President,
Secretary or Assistant Secretary may approve a change to or waive a
provision of your Contract. Any change or waiver must be in writing. We
may change the terms of your Contract without your consent in order to
comply with changes in applicable law, or otherwise as we deem
necessary.
LEGAL PROCEEDINGS. There are no material legal proceedings, other than
the ordinary routine litigation incidental to the business to which
Jackson National Life Insurance Company of New York is a party.
Jackson National Life Insurance Company ("Jackson National" or "JNL"),
Jackson National Life of NY's parent, is a defendant in a number of
civil proceedings substantially similar to other litigation brought
against many life insurers alleging misconduct in the sale or
administration of insurance products. These matters are sometimes
referred to as market conduct litigation. The market conduct litigation
currently pending against JNL asserts various theories of liability and
purports to be filed on behalf of individuals or differing classes of
persons in the United States who purchased either life insurance or
annuity products from JNL during periods ranging from 1981 to present.
JNL has retained national and local counsel experienced in the handling
of such litigation. To date, such litigation has either been resolved
by Jackson National on a non-material basis, or is being vigorously
defended. At this time, it is not feasible to make a meaningful
estimate of the amount or range of loss that could result from an
unfavorable outcome in such actions.
PRIVACY POLICY
COLLECTION OF NONPUBLIC PERSONAL INFORMATION. We collect nonpublic
personal information (financial and health) about you from some or all
of the following sources:
o Information we receive from you on applications or other
forms;
o Information about your transactions with us;
o Information we receive from a consumer reporting agency;
o Information we obtain from others in the process of
verifying information you provide us; and
o Individually identifiable health information, such as your
medical history, when you have applied for a life insurance
policy.
DISCLOSURE OF CURRENT AND FORMER CUSTOMER NONPUBLIC PERSONAL
INFORMATION. We WILL NOT DISCLOSE our current and former customers'
nonpublic personal information to affiliated or nonaffiliated third
parties, EXCEPT AS PERMITTED BY LAW. TO THE EXTENT PERMITTED BY LAW, WE
MAY DISCLOSE to either affiliated or nonaffiliated third parties all of
the nonpublic personal financial information that we collect about our
customers, as described above.
In general, any disclosures to affiliated or nonaffiliated parties will
be for the purpose of them providing services for us so that we may
more efficiently administer your Contract and process the transactions
and services you request. WE DO NOT SELL INFORMATION TO EITHER
AFFILIATED OR NON-AFFILIATED PARTIES.
We also share customer name and address information with unaffiliated
mailers to assist in the mailing of company newsletters and other
Contract Owner communications. Our agreements with these third parties
require them to use this information responsibly and restrict their
ability to share this information with other parties.
We do not internally or externally share nonpublic personal health
information other than, as permitted by law, to process transactions or
to provide services that you have requested. These transactions or
services include, but are not limited to, underwriting life insurance
policies, obtaining reinsurance of life policies and processing claims
for waiver of premium, accelerated death benefits, terminal illness
benefits or death benefits.
SECURITY TO PROTECT THE CONFIDENTIALITY OF NONPUBLIC PERSONAL
INFORMATION. We HAVE SECURITY PRACTICES AND procedures in place to
prevent unauthorized access to your nonpublic personal information. Our
practices of safeguarding your information help protect against the
criminal use of the information. Our employees are bound by a Code of
Conduct requiring that all information be kept in strict confidence,
and they are subject to disciplinary action for violation of the Code.
We RESTRICT ACCESS to nonpublic personal information about you to those
employees who need to know that information to provide products or
services to you. We MAINTAIN PHYSICAL, ELECTRONIC AND PROCEDURAL
SAFEGUARDS that comply with federal and state regulations to guard your
nonpublic personal information.
TABLE OF CONTENTS OF
THE STATEMENT OF ADDITIONAL INFORMATION
General Information and History ...............................................2
Services ......................................................................4
Purchase of Securities Being Offered ..........................................4
Underwriters ..................................................................4
Calculation of Performance ....................................................4
Additional Tax Information ....................................................7
Net Investment Factor ........................................................18
Financial Statements .........................................................20
APPENDIX A
DOW JONES DOES NOT:
o Sponsor, endorse, sell or promote the JNL/Mellon Capital Management The
DowSM 10 Fund.
o Recommend that any person invest in the JNL/Mellon Capital Management The
DowSM 10 Fund or any other securities.
o Have any responsibility or liability for or make any decisions about the
timing, amount or pricing of the JNL/Mellon Capital Management The DowSM 10
Fund.
o Have any responsibility or liability for the administration, management or
marketing of the JNL/Mellon Capital Management The DowSM 10 Fund.
o Consider the needs of the JNL/Mellon Capital Management The DowSM 10 Fund,
or the Owners of the JNL/Mellon Capital Management The DowSM 10 Fund, in
determining, composing or calculating the DJIA or have any obligation to do
so.
--------------------------------------------------------------------------------
DOW JONES WILL NOT HAVE ANY LIABILITY IN CONNECTION WITH THE JNL/MELLON CAPITAL
MANAGEMENT THE DOWSM 10 FUND. SPECIFICALLY,
o DOW JONES DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AND DOW JONES
DISCLAIMS ANY WARRANTY ABOUT:
o THE RESULTS TO BE OBTAINED BY THE JNL/MELLON CAPITAL MANAGEMENT THE
DOWSM 10 FUND, THE OWNERS OF THE JNL/MELLON CAPITAL MANAGEMENT THE
DOWSM 10 FUND OR ANY OTHER PERSON IN CONNECTION WITH THE USE OF THE
DJIA AND THE DATA INCLUDED IN THE DJIA;
o THE ACCURACY OR COMPLETENESS OF THE DJIA AND ITS DATA;
o THE MERCHANTABILITY AND THE FITNESS FOR A PARTICULAR PURPOSE OR USE OF
THE DJIA AND ITS DATA.
o DOW JONES WILL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS
IN THE DJIA OR ITS DATA.
o UNDER NO CIRCUMSTANCES WILL DOW JONES BE LIABLE FOR ANY LOST PROFITS OR
INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF DOW
JONES KNOWS THAT THEY MIGHT OCCUR.
o THE LICENSING AGREEMENT BETWEEN JACKSON NATIONAL LIFE INSURANCE COMPANY AND
DOW JONES IS SOLELY FOR THEIR BENEFIT AND NOT FOR THE BENEFIT OF THE OWNERS
OF THE JNL/MELLON CAPITAL MANAGEMENT THE DOWSM 10 FUND OR ANY OTHER THIRD
PARTIES.
--------------------------------------------------------------------------------
APPENDIX B
[Enlarge/Download Table]
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JNL/NY EXAMPLE 1
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100,000.00 : Premium
4.00% : Withdrawal Charge Year 4
3.00% : Contract Enhancement
2.00% : Recapture Charge Year 4
5.00% : Net Return
AT END OF YEAR 4
125,197.14 : Contract Value at end of year 4
100,000.00 : Net Withdrawal requested
25,197.14 : Earnings
79,577.51 : Premium withdrawn (grossed up to account for Withdrawal Charge and Recapture Charge)
---------
104,744.65 : Total Gross Withdrawal
104,774.65 : Total Gross Withdrawal
-3,183.10 : Withdrawal Charge
-1,591.55 : Recapture Charge
---------
100,000.00 : Total Net Withdrawal
-----------------------------------------------------------------------------------------------------------------
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JNL/NY EXAMPLE 2
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10/1/05
100,000.00 : Premium
5.00% : Withdrawal Charge Contribution Year 3
2.00% : Recapture Charge Contribution Year 3
12/1/05
100,000.00 : Premium
6.00% : Withdrawal Charge Contribution Year 2
3.00% : Recapture Charge Contribution Year 2
3.00% : Contract Enhancement
0.00% : Net Return
11/1/07
206,000.00 : Contract Value
150,000.00 : Net Withdrawal Requested
6,000.00 : Earnings
14,000.00 : 10% Additional Free Withdrawal Amount
100,000.00 : Premium 1 withdrawn (grossed up to account for Withdrawal Charge and Recapture Charge)
40,659.34 : Premium 2 withdrawn (grossed up to account for Withdrawal Charge and Recapture Charge)
---------
160,659.34 : Total Gross Withdrawal
160,659.34 : Total Gross Withdrawal
-5,000.00 : Withdrawal Charge from Premium 1
-2,000.00 : Recapture Charge from Premium 1
-2,439.56 : Withdrawal Charge from Premium 2
-1,219.78 : Recapture Charge from Premium 2
---------
150,000.00 : Total Net Withdrawal
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APPENDIX C
THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE GWB AND GAWA
VALUES ARE COMPUTED, AND HOW THEY MAY BE ALTERED BY VARIOUS EVENTS, INCLUDING
SUBSEQUENT PREMIUM PAYMENTS, ELECTION OF THE "STEP-UP," OR PARTIAL WITHDRAWALS.
THE EXAMPLES ONLY DEPICT LIMITED CIRCUMSTANCES, AND SPECIFIC FACTUAL
ASSUMPTIONS. THE RESULTS MAY VARY DEPENDING UPON THE TIMING OR SEQUENCE OF
ACTIONS, AS WELL AS CHANGES IN MARKET CONDITIONS. IF YOU ARE CONTEMPLATING
ELECTING THE 7% GMWB, OR EXERCISING ANY RIGHTS THEREUNDER, PLEASE CONSIDER IN
MAKING YOUR DECISIONS THE RESULTS BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU.
ALL OF THE FOLLOWING EXAMPLES ASSUME YOU SELECT THE 7% GMWB WHEN YOU PURCHASE
YOUR CONTRACT AND YOUR INITIAL PREMIUM PAYMENT IS $100,000. NO OTHER OPTIONAL
BENEFITS ARE SELECTED. THEY ALSO ASSUME THAT NO CHARGES OR ADJUSTMENTS WILL
APPLY TO PARTIAL WITHDRAWALS.
EXAMPLE 1: AT ISSUE, THE GWB AND GAWA ARE DETERMINED.
o Your Guaranteed Withdrawal Balance (GWB) is $100,000, which is your
initial Premium payment.
o Your Guaranteed Annual Withdrawal Amount (GAWA) is $7,000, which is 7%
of your GWB.
EXAMPLE 2: SUBSEQUENT PREMIUM PAYMENT.
If you make an additional Premium payment of $50,000 before you make any
withdrawals, then
o Your GWB is $150,000, which is your prior GWB ($100,000) plus your
additional Premium payment ($50,000).
o Your GAWA is $10,500, which is your prior GAWA ($7,000) plus 7% of
your additional Premium payment ($3,500).
EXAMPLE 3: WITHDRAWAL EQUAL TO THE GAWA.
If you take the GAWA ($7,000) as a withdrawal before the end of the first
Contract Year, then
o Your GWB becomes $93,000, which is your prior GWB ($100,000) minus the
GAWA ($7,000).
o Your GAWA for the next year remains $7,000, because you did not take
more than the GAWA ($7,000).
EXAMPLE 4: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.
If you withdraw $60,000 and your Contract Value is $150,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($60,000) from your
Contract Value ($150,000). This equals $90,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($60,000) from
your GWB ($100,000). This is $40,000.
Your new GWB is $40,000, since this is the lesser of the two amounts.
o Since the Contract Value after the partial withdrawal ($90,000) is
more than the new GWB ($40,000), but less than the GWB prior to the
partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 7%
of the greater of the Contract Value after the partial withdrawal or
the new GWB, which is $6,300.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 7 additional years to deplete the new GWB.
EXAMPLE 5: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.
If you withdraw $40,000 and your Contract Value is $150,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($40,000) from your
Contract Value ($150,000). This equals $110,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($40,000) from
your GWB ($100,000). This is $60,000.
Your new GWB is $60,000, since this is the lesser of the two amounts.
o Since the Contract value after the partial withdrawal ($110,000) is
more than the new GWB ($60,000) and more than the GWB prior to the
partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
$7,000.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 9 additional years to deplete the new GWB.
EXAMPLE 6: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.
If you withdraw $50,000 and your Contract value is $80,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($50,000) from your
Contract value ($80,000). This equals $30,000 and is your new
Contract value.
o Second, we deduct the amount of the withdrawal ($50,000) from
your GWB ($100,000). This is $50,000.
Your new GWB becomes $30,000, since this is the lesser of the two
amounts.
o Since the Contract value prior to the partial withdrawal ($80,000) is
less than or equal to the GWB prior to the partial withdrawal
($100,000), the GAWA is reduced. The new GAWA is 7% of the new GWB,
which is $2,100.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.
EXAMPLE 7: STEP-UP.
If you elect to "step-up" your 7% GMWB on a Contract Anniversary at least 5
years after electing the 7% GMWB, assuming you have made no withdrawals and your
Contract value at the time of step-up is $200,000, then
o We recalculate your GWB to equal your Contract value, which is
$200,000.
o We recalculate your GAWA by comparing your GAWA before the step-up
($7,000) to 7% of your new GWB ($14,000) and choose the greater amount
($14,000). This is your new GAWA.
o After the "step-up," if you took withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.
EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL REQUEST RATHER THAN MAKING THE WITHDRAWAL PRIOR TO A
"STEP-UP."
If your Contract value prior to any transactions is $200,000 and you wish to
"step-up" your 7% GMWB on a Contract Anniversary at least 5 years after electing
the 7% GMWB (assuming you have made no prior withdrawals) but also wish to take
the original GAWA ($7,000) as a withdrawal, then
8A: STEP-UP FOLLOWED BY WITHDRAWAL.
o Upon step-up, we recalculate your GWB to equal your Contract value,
which is $200,000. We then recalculate your GAWA by comparing your
GAWA before the step-up ($7,000) to 7% of your new GWB ($14,000) and
choose the greater amount ($14,000). This is your new GAWA.
o Upon withdrawal of less than or equal to the GAWA, your GWB becomes
$193,000, which is your prior GWB ($200,000) minus the withdrawal
($7,000). Your GAWA remains $14,000, because you did not take more
than the GAWA.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 14 additional years to deplete the new GWB.
8B: WITHDRAWAL FOLLOWED BY A STEP-UP.
o Upon withdrawal of less than or equal to the GAWA, your GWB becomes
$93,000, which is your prior GWB ($100,000) minus the withdrawal
($7,000). Your GAWA remains $7,000, because you did not take more than
the GAWA.
o Upon step-up, we recalculate your GWB to equal your Contract value
after the withdrawal, which is $193,000. We then recalculate your GAWA
by comparing your GAWA before the step-up ($7,000) to 7% of your new
GWB ($13,510) and choose the greater amount ($13,510). This is your
new GAWA.
o After the step-up, if you took withdrawals of the GAWA, it would take
15 additional years to deplete the new GWB.
EXAMPLE 9: THE FOLLOWING TWO EXAMPLES DEMONSTRATE THAT IN SOME CASES THE ORDER
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.
If your Contract value prior to any transactions is $200,000 and you wish to
"step-up" your 7% GMWB on a Contract Anniversary at least 5 years after electing
the 7% GMWB (assuming you have made no prior withdrawals) but also wish to take
a withdrawal greater than the GAWA ($15,000), then
9A: STEP-UP FOLLOWED BY WITHDRAWAL.
o Upon step-up, we recalculate your GWB to equal your Contract value,
which is $200,000. We then recalculate your GAWA by comparing your
GAWA before the step-up ($7,000) to 7% of your new GWB ($14,000) and
choose the greater amount ($14,000). This is your new GAWA.
o Upon withdrawal of an amount greater than the GAWA, your GWB is the
lesser of the Contract value after the partial withdrawal ($185,000)
or the prior GWB less the partial withdrawal ($15,000), which is
$185,000. Since the Contract value prior to the partial withdrawal
($200,000) is less than or equal to the GWB prior to the partial
withdrawal ($200,000), the GAWA is reduced. The new GAWA is 7% of the
new GWB, which is $12,950.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.
9B: WITHDRAWAL FOLLOWED BY A STEP-UP.
o Upon withdrawal of an amount greater than the GAWA, your GWB is the
lesser of the Contract value after the partial withdrawal ($185,000)
or the prior GWB less the partial withdrawal ($85,000), which is
$85,000. Since the Contract value after the partial withdrawal
($185,000) is more than the new GWB ($85,000) and more than the GWB
prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $7,000.
o Upon step-up, we recalculate your GWB to equal your Contract value
after the withdrawal, which is $185,000. We then recalculate your GAWA
by comparing your GAWA before the step-up ($7,000) to 7% of your new
GWB ($12,950) and choose the greater amount ($12,950). This is your
new GAWA.
o After the step-up, if you took withdrawals of the GAWA, it would take
15 additional years to deplete the new GWB.
APPENDIX D
THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE GWB AND GAWA
VALUES ARE COMPUTED, AND HOW THEY MAY BE ALTERED BY VARIOUS EVENTS, INCLUDING
SUBSEQUENT PREMIUM PAYMENTS, ELECTION OF THE "STEP-UP" OR PARTIAL WITHDRAWALS.
THE EXAMPLES ONLY DEPICT LIMITED CIRCUMSTANCES, AND SPECIFIC FACTUAL
ASSUMPTIONS. THE RESULTS MAY VARY DEPENDING UPON THE TIMING OR SEQUENCE OF
ACTIONS, AS WELL AS CHANGES IN MARKET CONDITIONS. IF YOU ARE CONTEMPLATING
ELECTING THE 5% FOR LIFE GMWB OR EXERCISING ANY RIGHTS THEREUNDER, PLEASE
CONSIDER IN MAKING YOUR DECISIONS BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU.
THE FOR LIFE GUARANTEE PERMITS WITHDRAWALS OF THE GAWA FOR THE LONGER OF THE
OWNER'S LIFE OR THE LIFE OF THE FIRST OF THE JOINT OWNERS TO DIE IF CONDITIONS
FOR THE BENEFIT TO BE FULLY EFFECTIVE ARE SATISFIED.
ALL OF THE FOLLOWING EXAMPLES ASSUME YOU SELECT THE 5% FOR LIFE GMWB WHEN YOU
PURCHASE YOUR CONTRACT AND YOUR INITIAL PREMIUM PAYMENT IS $100,000. NO OTHER
OPTIONAL BENEFITS ARE SELECTED.
EXAMPLE 1: AT ISSUE, THE GWB AND GAWA ARE DETERMINED.
o Your Guaranteed Withdrawal Balance (GWB) is $100,000, which is your
initial Premium payment.
o Your Guaranteed Annual Withdrawal Amount (GAWA) is $5,000, which is 5%
of your GWB.
EXAMPLE 2: SUBSEQUENT PREMIUM PAYMENT.
If you make an additional Premium payment of $50,000 before you make any
withdrawals, then
o Your GWB is $150,000, which is your prior GWB ($100,000) plus your
additional Premium payment ($50,000).
o Your GAWA is $7,500, which is your prior GAWA ($5,000) plus 5% of your
additional Premium payment ($2,500) and the For Life Guarantee remains
effective.
EXAMPLE 3: WITHDRAWAL EQUAL TO THE GAWA.
If you take the GAWA ($5,000) as a withdrawal before the end of the first
Contract Year, then
o Your GWB becomes $95,000, which is your prior GWB ($100,000) minus the
GAWA ($5,000).
o Your GAWA for the next year remains $5,000, because you did not take
more than the GAWA ($5,000) and the For Life Guarantee remains
effective.
EXAMPLE 4: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.
If you withdraw $60,000 and your Contract Value is $150,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($60,000) from your
Contract Value ($150,000). This equals $90,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($60,000) from
your GWB ($100,000). This is $40,000.
Your new GWB is $40,000, since this is the lesser of the two amounts.
o Since the Contract Value after the partial withdrawal ($90,000) is
more than the new GWB ($40,000), but less than the GWB prior to the
partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 5%
of the greater of the Contract Value after the partial withdrawal or
the new GWB, which is $4,500. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 9 additional years to deplete the new GWB.
EXAMPLE 5: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.
If you withdraw $40,000 and your Contract Value is $150,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($40,000) from your
Contract Value ($150,000). This equals $110,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($40,000) from
your GWB ($100,000). This is $60,000.
Your new GWB is $60,000, since this is the lesser of the two amounts.
o Since the Contract Value after the partial withdrawal ($110,000) is
more than the new GWB ($60,000) and more than the GWB prior to the
partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
$5,000, but since the withdrawal is greater than the GAWA, the For
Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 12 additional years to deplete the new GWB.
EXAMPLE 6: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.
If you withdraw $50,000 and your Contract Value is $80,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($50,000) from your
Contract Value ($80,000). This equals $30,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($50,000) from
your GWB ($100,000). This is $50,000.
Your new GWB becomes $30,000, since this is the lesser of the two
amounts.
o Since the Contract Value prior to the partial withdrawal ($80,000) is
less than or equal to the GWB prior to the partial withdrawal
($100,000), the GAWA is reduced. The new GAWA is 5% of the new GWB,
which is $1,500. Since the withdrawal is greater than the GAWA, the
For Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 20 additional years to deplete the new GWB.
EXAMPLE 7: STEP-UP.
If you elect to "step-up" your GMWB on a Contract Anniversary at least 5 years
after electing the GMWB, assuming you have made no withdrawals and your Contract
Value at the time of step-up is $200,000, then
o We recalculate your GWB to equal your Contract Value, which is
$200,000.
o We recalculate your GAWA by comparing your GAWA before the step-up
($5,000) to 5% of your new GWB ($10,000) and choose the greater amount
($10,000). This is your new GAWA.
o After the "step-up," if you took withdrawals of the GAWA, it would
take 20 additional years to deplete the new GWB. If the For Life
Guarantee remains effective, withdrawals of the GAWA could continue
until the death of the Owner or the first of the Joint Owners, if any,
even beyond 20 years.
EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL REQUEST RATHER THAN MAKING THE WITHDRAWAL PRIOR TO A
"STEP-UP".
If your Contract Value prior to any transactions is $200,000 and you wish to
"step-up" your GMWB on a Contract Anniversary at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take the
original GAWA ($5,000) as withdrawal, then
8A: STEP-UP FOLLOWED BY WITHDRAWAL.
o Upon step-up, we recalculate your GWB to equal your Contract Value,
which is $200,000. We then recalculate your GAWA by comparing your
GAWA before the step-up ($5,000) to 5% of your new GWB ($10,000) and
choose the greater amount ($10,000). This is your new GAWA.
o Upon withdrawal of less than or equal to the GAWA, your GWB becomes
$195,000, which is your prior GWB ($200,000) minus the withdrawal
($5,000). Your GAWA remains $10,000, because you did not take more
than the GAWA.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 20 additional years to deplete the new GWB. If the For Life
Guarantee remains effective, withdrawals of the GAWA could continue
until the death of the Owner or the first of the Joint Owners, if any,
even beyond 20 years.
8B: WITHDRAWAL FOLLOWED BY A STEP-UP.
o Upon withdrawal of less than or equal to the GAWA, your GWB becomes
$95,000, which is your prior GWB ($100,000) minus the withdrawal
($5,000). Your GAWA remains $5,000, because you did not take more than
the GAWA.
o Upon step-up, we recalculate your GWB to equal your Contract Value
after the withdrawal, which is $195,000. We then recalculate your GAWA
by comparing your GAWA before the step-up ($5,000) to 5% of your new
GWB ($9,750) and choose the greater amount ($9,750). This is your new
GAWA.
o After the step-up, if you took withdrawals of the GAWA, it would take
20 additional years to deplete the new GWB. If the For Life Guarantee
remains effective, withdrawals of the GAWA could continue until the
death of the Owner or the first of the Joint Owners, if any, even
beyond 20 years.
EXAMPLE 9: THE FOLLOWING TWO EXAMPLES DEMONSTRATE THAT IN SOME CASES THE ORDER
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.
If your Contract Value prior to any transactions is $200,000 and you wish to
"step-up" your GMWB on a Contract Anniversary at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take a
withdrawal greater than the GAWA ($15,000), then
9A: STEP-UP FOLLOWED BY WITHDRAWAL.
o Upon step-up, we recalculate your GWB to equal your Contract Value,
which is $200,000. We then recalculate your GAWA by comparing your
GAWA before the step-up ($5,000) to 5% of your new GWB ($10,000) and
choose the greater amount ($10,000). This is your new GAWA.
o Upon withdrawal of an amount greater than the GAWA, your GWB is the
lesser of the Contract Value after the partial withdrawal ($185,000)
or the prior GWB less the partial withdrawal ($15,000), which is
$185,000. Since the Contract Value prior to the partial withdrawal
($200,000) is less than or equal to the GWB prior to the partial
withdrawal ($200,000), the GAWA is reduced. The new GAWA is 5% of the
new GWB, which is $9,250. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 20 additional years to deplete the new GWB.
9B: WITHDRAWAL FOLLOWED BY A STEP-UP.
o Upon withdrawal of an amount greater than the GAWA, your GWB is the
lesser of the Contract Value after the partial withdrawal ($185,000)
or the prior GWB less the partial withdrawal ($85,000), which is
$85,000. Since the Contract Value after the partial withdrawal
($185,000) is more than the new GWB ($85,000) and more than the GWB
prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $5,000.
o Upon step-up, we recalculate your GWB to equal your Contract Value
after the withdrawal, which is $185,000. We then recalculate your GAWA
by comparing your GAWA before the step-up ($5,000) to 5% of your new
GWB ($9,250) and choose the greater amount ($9,250). This is your new
GAWA. Since the withdrawal is greater than the GAWA, the For Life
Guarantee is null and void.
o After the step-up, if you took withdrawals of the GAWA, it would take
20 additional years to deplete the new GWB.
EXAMPLE 10: WITHDRAWAL AFTER THE GWB HAS BEEN DEPLETED.
If your Contract Value is $15,000 and you take the GAWA ($5,000) as a withdrawal
when the GWB has been depleted ($0), if the sum of the withdrawals you have
taken did not exceed the GAWA in any contract year and the For Life Guarantee is
fully effective, then:
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($5,000) from your
Contract Value ($15,000). This equals $10,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($5,000) from your
GWB ($0). This cannot be less than $0 so it is set to $0. Your
GWB remains $0.
o Your GAWA for the next year remains $5,000 because you did not take
more than the GAWA ($5,000) and the For Life Guarantee remains
effective.
APPENDIX E
THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE GWB AND GAWA
VALUES ARE COMPUTED, AND HOW THEY MAY BE ALTERED BY VARIOUS EVENTS, INCLUDING
SUBSEQUENT PREMIUM PAYMENTS, ELECTION OF THE "STEP-UP" OR PARTIAL WITHDRAWALS.
THE EXAMPLES ONLY DEPICT LIMITED CIRCUMSTANCES AND SPECIFIC FACTUAL ASSUMPTIONS.
THE RESULTS MAY VARY DEPENDING UPON THE TIMING OR SEQUENCE OF ACTIONS, AS WELL
AS CHANGES IN MARKET CONDITIONS. IF YOU ARE CONTEMPLATING ELECTING THE 4% FOR
LIFE GMWB OR EXERCISING ANY RIGHTS THEREUNDER, PLEASE CONSIDER IN MAKING YOUR
DECISIONS BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU. THE FOR LIFE GUARANTEE
PERMITS WITHDRAWALS OF THE GAWA FOR THE LONGER OF THE OWNER'S LIFE OR THE LIFE
OF THE FIRST OF THE JOINT OWNERS TO DIE IF CONDITIONS FOR THE BENEFIT TO BE
FULLY EFFECTIVE ARE SATISFIED.
ALL OF THE FOLLOWING EXAMPLES ASSUME YOU SELECT THE 4% FOR LIFE GMWB WHEN YOU
PURCHASE YOUR CONTRACT AND YOUR INITIAL PREMIUM PAYMENT IS $100,000. NO OTHER
OPTIONAL BENEFITS ARE SELECTED.
EXAMPLE 1: AT ISSUE, THE GWB AND GAWA ARE DETERMINED.
o Your Guaranteed Withdrawal Balance (GWB) is $100,000, which is your
initial Premium payment.
o Your Guaranteed Annual Withdrawal Amount (GAWA) is $4,000, which is 4%
of your GWB.
EXAMPLE 2: SUBSEQUENT PREMIUM PAYMENT.
If you make an additional Premium payment of $50,000 before you make any
withdrawals, then
o Your GWB is $150,000, which is your prior GWB ($100,000) plus your
additional Premium payment ($50,000).
o Your GAWA is $6,000, which is your prior GAWA ($4,000) plus 4% of your
additional Premium payment ($2,000) and the For Life Guarantee remains
effective.
EXAMPLE 3: WITHDRAWAL EQUAL TO THE GAWA.
If you take the GAWA ($4,000) as a withdrawal before the end of the first
Contract Year, then
o Your GWB becomes $96,000, which is your prior GWB ($100,000) minus the
GAWA ($4,000).
o Your GAWA for the next year remains $4,000, because you did not take
more than the GAWA ($4,000) and the For Life Guarantee remains
effective.
EXAMPLE 4: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.
If you withdraw $60,000 and your Contract Value is $150,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($60,000) from your
Contract Value ($150,000). This equals $90,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($60,000) from
your GWB ($100,000). This is $40,000.
Your new GWB is $40,000, since this is the lesser of the two amounts.
o Since the Contract Value after the partial withdrawal ($90,000) is
more than the new GWB ($40,000), but less than the GWB prior to the
partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 4%
of the greater of the Contract Value after the partial withdrawal or
the new GWB, which is $3,600. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 12 additional years to deplete the new GWB.
EXAMPLE 5: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.
If you withdraw $40,000 and your Contract Value is $150,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($40,000) from your
Contract Value ($150,000). This equals $110,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($40,000) from
your GWB ($100,000). This is $60,000.
Your new GWB is $60,000, since this is the lesser of the two amounts.
o Since the Contract Value after the partial withdrawal ($110,000) is
more than the new GWB ($60,000) and more than the GWB prior to the
partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
$4,000, but since the withdrawal is greater than the GAWA, the For
Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.
EXAMPLE 6: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.
If you withdraw $50,000 and your Contract Value is $80,000 at the time of
withdrawal, then
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($50,000) from your
Contract Value ($80,000). This equals $30,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($50,000) from
your GWB ($100,000). This is $50,000.
Your new GWB becomes $30,000, since this is the lesser of the two
amounts.
o Since the Contract Value prior to the partial withdrawal ($80,000) is
less than or equal to the GWB prior to the partial withdrawal
($100,000), the GAWA is reduced. The new GAWA is 4% of the new GWB,
which is $1,200. Since the withdrawal is greater than the GAWA, the
For Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 25 additional years to deplete the new GWB.
EXAMPLE 7: STEP-UP.
If you elect to "step-up" your GMWB on a Contract Anniversary at least 5 years
after electing the GMWB, assuming you have made no withdrawals and your Contract
Value at the time of step-up is $200,000, then
o We recalculate your GWB to equal your Contract Value, which is
$200,000.
o We recalculate your GAWA by comparing your GAWA before the step-up
($4,000) to 4% of your new GWB ($8,000) and choose the greater amount
($8,000). This is your new GAWA.
o After the "step-up", if you took withdrawals of the GAWA, it would
take 25 additional years to deplete the new GWB. If the For Life
Guarantee remains effective, withdrawals of the GAWA could continue
until the death of the Owner or the first of the Joint Owners, if any,
even beyond 25 years.
EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL REQUEST RATHER THAN MAKING THE WITHDRAWAL PRIOR TO A
"STEP-UP".
If your Contract Value prior to any transactions is $200,000 and you wish to
"step-up" your GMWB on a Contract Anniversary at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take the
original GAWA ($4,000) as withdrawal, then
8A: STEP-UP FOLLOWED BY WITHDRAWAL.
o Upon step-up, we recalculate your GWB to equal your Contract Value,
which is $200,000. We then recalculate your GAWA by comparing your
GAWA before the step-up ($4,000) to 4% of your new GWB ($8,000) and
choose the greater amount ($8,000). This is your new GAWA.
o Upon withdrawal of less than or equal to the GAWA, your GWB becomes
$196,000, which is your prior GWB ($200,000) minus the withdrawal
($4,000). Your GAWA remains $8,000, because you did not take more than
the GAWA.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 25 additional years to deplete the new GWB. If the For Life
Guarantee remains effective, withdrawals of the GAWA could continue
until the death of the Owner or the first of the Joint Owners, if any,
even beyond 25 years.
8B: WITHDRAWAL FOLLOWED BY A STEP-UP.
o Upon withdrawal of less than or equal to the GAWA, your GWB becomes
$96,000, which is your prior GWB ($100,000) minus the withdrawal
($4,000). Your GAWA remains $4,000, because you did not take more than
the GAWA.
o Upon step-up, we recalculate your GWB to equal your Contract Value
after the withdrawal, which is $196,000. We then recalculate your GAWA
by comparing your GAWA before the step-up ($4,000) to 4% of your new
GWB ($7,840) and choose the greater amount ($7,840). This is your new
GAWA.
o After the step-up, if you took withdrawals of the GAWA, it would take
25 additional years to deplete the new GWB. If the For Life Guarantee
remains effective, withdrawals of the GAWA could continue until the
death of the Owner or the first of the Joint Owners, if any, even
beyond 25 years.
EXAMPLE 9: THE FOLLOWING TWO EXAMPLES DEMONSTRATE THAT IN SOME CASES THE ORDER
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.
If your Contract Value prior to any transactions is $200,000 and you wish to
"step-up" your GMWB on a Contract Anniversary at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take a
withdrawal greater than the GAWA ($15,000), then
9A: STEP-UP FOLLOWED BY WITHDRAWAL.
o Upon step-up, we recalculate your GWB to equal your Contract Value,
which is $200,000. We then recalculate your GAWA by comparing your
GAWA before the step-up ($4,000) to 4% of your new GWB ($8,000) and
choose the greater amount ($8,000). This is your new GAWA.
o Upon withdrawal of an amount greater than the GAWA, your GWB is the
lesser of the Contract Value after the partial withdrawal ($185,000)
or the prior GWB less the partial withdrawal ($15,000), which is
$185,000. Since the Contract Value prior to the partial withdrawal
($200,000) is less than or equal to the GWB prior to the partial
withdrawal ($200,000), the GAWA is reduced. The new GAWA is 4% of the
new GWB, which is $7,400. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.
o After the withdrawal, if you took withdrawals of the GAWA, it would
take 25 additional years to deplete the new GWB.
9B: WITHDRAWAL FOLLOWED BY A STEP-UP.
o Upon withdrawal of an amount greater than the GAWA, your GWB is the
lesser of the Contract Value after the partial withdrawal ($185,000)
or the prior GWB less the partial withdrawal ($85,000), which is
$85,000. Since the Contract Value after the partial withdrawal
($185,000) is more than the new GWB ($85,000) and more than the GWB
prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $4,000.
o Upon step-up, we recalculate your GWB to equal your Contract Value
after the withdrawal, which is $185,000. We then recalculate your GAWA
by comparing your GAWA before the step-up ($4,000) to 4% of your new
GWB ($7,400) and choose the greater amount ($7,400). This is your new
GAWA. Since the withdrawal is greater than the GAWA, the For Life
Guarantee is null and void.
o After the step-up, if you took withdrawals of the GAWA, it would take
25 additional years to deplete the new GWB.
EXAMPLE 10: WITHDRAWAL AFTER THE GWB HAS BEEN DEPLETED.
If your Contract Value is $15,000 and you take the GAWA ($4,000) as a withdrawal
when the GWB has been depleted ($0), if the sum of the withdrawals you have
taken did not exceed the GAWA in any contract year and the For Life Guarantee is
fully effective, then:
o We recalculate your GWB by comparing the results of two calculations
and choosing the lesser amount:
o First, we deduct the amount of the withdrawal ($4,000) from your
Contract Value ($15,000). This equals $11,000 and is your new
Contract Value.
o Second, we deduct the amount of the withdrawal ($4,000) from your
GWB ($0). This cannot be less than $0 so it is set to $0.
Your GWB remains $0.
o Your GAWA for the next year remains $4,000 because you did not take
more than the GAWA ($4,000) and the For Life Guarantee remains
effective.
[Enlarge/Download Table]
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QUESTIONS: If you have any questions about your Contract, you may contact us at:
ANNUITY SERVICE CENTER: 1 (800) 599-5651 (8 a.m. - 8 p.m., ET)
MAIL ADDRESS: P.O. Box 378004, Denver, Colorado 80237-8004
DELIVERY ADDRESS: 8055 East Tufts Avenue, Second Floor, Denver,
Colorado 80237
INSTITUTIONAL MARKETING
GROUP (IMG) SERVICE CENTER: 1 (888) 464-7779 (8 a.m. - 8 p.m., ET)
(for Contracts purchased through a bank
or another financial institution)
MAIL ADDRESS: P.O. Box 30901, Lansing, Michigan 48909-8401
DELIVERY ADDRESS: 1 Corporate Way, Lansing, Michigan 48951
Attn: IMG
HOME OFFICE: 2900 Westchester Avenue, Purchase, New York 10577
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STATEMENT OF ADDITIONAL INFORMATION
DECEMBER 30, 2004
INDIVIDUAL AND GROUP DEFERRED FIXED AND
VARIABLE ANNUITY CONTRACTS
ISSUED BY THE JNLNY SEPARATE ACCOUNT I
OF JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORKSM
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 Prospectus dated December 30, 2004.
The Prospectus may be obtained from Jackson National Life Insurance Company of
New York by writing P.O. Box 378004-8004, Denver, Colorado 80237, or calling
1-800-599-5651. Not all Investment Divisions described in this SAI may be
available for investment.
TABLE OF CONTENTS
PAGE
General Information and History...............................................2
Services......................................................................4
Purchase of Securities Being Offered..........................................4
Underwriters..................................................................4
Calculation of Performance....................................................4
Additional Tax Information....................................................7
Net Investment Factor .......................................................18
Financial Statements ........................................................20
GENERAL INFORMATION AND HISTORY
JNLNY Separate Account I (Separate Account) is a separate investment account of
Jackson National Life Insurance Company of New York (Jackson National(R) Life of
NY). In September 1997, the company changed its name from First Jackson National
Life Insurance Company to its present name. Jackson National Life of NY is a
wholly owned subsidiary of Jackson National Life Insurance Company(R), and is
ultimately a wholly owned subsidiary of Prudential plc, London, England, a life
insurance company in the United Kingdom.
The JNL/Mellon Capital Management S&P Divisions and the JNL/S&P Divisions are
not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of
The McGraw-Hill Companies, Inc. (S&P). S&P makes 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 to track general
stock market performance. S&P's only relationship to the Separate Account
(Licensee) is the licensing of certain trademarks and trade names of S&P and of
the S&P 500 Index that 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. 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
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 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 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.
Value Line Publishing, Inc.'s ("VLPI") only relationship to Jackson National
Life Insurance Company(R) ("JNL") is VLPI's licensing to JNL of certain VLPI
trademarks and trade names and the Value Line Timeliness Ranking System (the
"System"), which is composed by VLPI without regard to JNL, this Product or any
investor. VLPI has no obligation to take the needs of JNL 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 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(R) to track
general stock market performance. The Corporations' only relationship to Jackson
National Life Insurance Company (LICENSEE) is in the licensing of the
Nasdaq-100(R), Nasdaq-100 Index(R) and Nasdaq(R) trademarks or service marks,
and certain trade names of the Corporations and the use of the Nasdaq-100
Index(R) 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(R). 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(R) 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(R) 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(R) 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(R)," "Nasdaq-100 Index(R)," "Nasdaq Stock Market(R)" 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
National Life Insurance Company. The JNL/Mellon Capital Management NASDAQ(R) 15
Fund has not passed on the Corporations as to its legality or suitability. The
JNL/Mellon Capital Management NASDAQ(R) 15 Fund is 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(R) 15 FUND.
SERVICES
Jackson National Life of NY is the custodian of the assets of the Separate
Account. Jackson National Life of NY holds all cash of the Separate Account and
attends to the collection of proceeds of shares of the underlying Fund bought
and sold by the Separate Account.
The financial statements of JNLNY Separate Account I and Jackson National Life
of NY for the periods indicated have been included herein in reliance upon the
reports of KPMG LLP, 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, Suite 1400, Chicago,
Illinois 60601.
PURCHASE OF SECURITIES BEING OFFERED
The Contracts will be sold by licensed insurance agents. The agents will be
registered representatives of broker-dealers that are registered under the
Securities Exchange Act of 1934 and members of the National Association of
Securities Dealers, Inc. (NASD).
UNDERWRITERS
The Contracts are offered continuously and are distributed by Jackson National
Life Distributors, Inc. (JNLD), 8055 E. Tufts Avenue, Denver, Colorado 80237.
JNLD is a subsidiary of Jackson National Life Insurance Company. We expect to
compensate broker-dealers selling the Contracts, but we paid no commissions in
the last three fiscal years because the Contracts were not available for sale.
JNLD will not retain any portion of the commissions.
CALCULATION OF PERFORMANCE
When Jackson National Life of NY advertises performance for an Investment
Division (except the JNL/Select 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 Fund. 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 is annualized
and 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 National Life of NY 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 National Life of NY 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 National Life of NY 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:
[OBJECT OMITTED]
Where:
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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.
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
Fund. The yield on amounts held in the Investment Divisions 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 Funds operating expenses.
Any current yield quotations of the JNL/Select 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 day calendar period. The JNL/Select 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/Select 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/Select Money Market Division's yield 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/Select Money Market Division nor that Division's
investment in the JNL/Select 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 NATIONAL LIFE OF NY 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 NATIONAL LIFE OF NY'S TAX STATUS
Jackson National Life of NY is taxed as a life insurance company under the Code.
For federal income tax purposes, the Separate Account is not a separate entity
from Jackson National Life of NY and its operations form a part of Jackson
National Life of NY.
TAXATION OF ANNUITY CONTRACTS IN GENERAL
Section 72 of the Internal Revenue Code of 1986, as amended (the "Code"),
governs 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.
The taxable portion is taxed at ordinary income tax rates. 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 National Life of NY (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) (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 an 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 estimated 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 3 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 close
of each calendar quarter, 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 National Life of NY 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 National Life of NY 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 National
Life of NY 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 twelve investment options with the insurance company having the ability to
add an additional eight options whereas the Contract offers 55 Investment
Divisions and 4 Fixed Accounts although a Contract owner can select no more than
18 Allocation 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 National
Life of NY 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
National Life of NY 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 VS. 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. On November 22,
1999, the Internal Revenue Service filed an Action on Decision that indicated it
acquiesced in the Tax Court decision in CONWAY. However, in its acquiescence
with the decision of the Tax Court, the Internal Revenue Service stated that it
will challenge transactions where taxpayers enter into a series of partial
exchanges and annuitizations as part of a design to avoid application of the 10%
premature distribution penalty or other limitations imposed on annuity Contracts
under the Code. In the absence of further guidance from the Internal Revenue
Service it is unclear what specific types of partial exchange designs and
transactions will be challenged 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. 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.
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.
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) if
distribution is 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) upon separation
from service after attainment of age 55, 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.
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. 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.
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. 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.
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 National Life of NY's administrative
procedures. Jackson National Life of NY 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 National Life of NY 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 National Life of NY 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.
(c) Roth IRA Annuities
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 $2,000 per
year and are not deductible from taxable income. The Economic Growth &
Tax Relief Reconciliation Act of 2001 (the "Act") increases the maximum
annual dollar limitation limit for IRA contributions (including Roth
IRA contributions) from $2,000 to $3,000 for calendar years 2002
through 2004; $4,000 for calendar years 2005 through 2007; and $5,000
for 2008. After 2008, 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 $500 for 2002
through 2005, and $1,000 for 2006 and later.
Lower maximum limitations apply to individuals with adjusted gross
incomes between $95,000 and $110,000 in the case of single taxpayers,
between $150,000 and $160,000 in the case of married taxpayers filing
joint returns, and between $0 and $10,000 in the case of married
taxpayers filing separately. An overall $2,000 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, unless
the individual has adjusted gross income over $100,000 or the
individual is a married taxpayer filing a separate return. 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. 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 elective deferral
limitation. The Act increases the dollar limit on deferrals to conform
to the elective deferral limitation. The Act also increases the
elective deferral limitation to $11,000 for 2002 and in $1,000 annual
increments thereafter until it reaches $15,000 in 2006. The limit is
indexed for inflation after that in $500 increments. 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 $1,000 for 2002 and by additional
$1,000 increments through 2006, when the catch-up contribution will by
$5,000. 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:
o attains age 70 1/2,
o severs employment,
o dies, or
o 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.
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 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 National Life
of NY during the valuation period which are
determined by Jackson National Life of NY 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 National Life
of NY for the valuation period to reflect the asset based
charges (the mortality and expense risks), administration
charge, and any applicable charges for optional benefits.
Also see "Income Payments (The Income Phase)" in the Prospectus.
Since the net investment factor may be greater than, less than, or equal to one,
and the factor that offsets the 2.5% investment rate assumed is slightly less
than one, the value of an annuity unit (which changes with the product of that
factor) and the net investment may increase, decrease or remain the same.
JNLNY SEPARATE ACCOUNT - I
[GRAPHIC OMITTED]
FINANCIAL STATEMENTS
DECEMBER 31, 2003
[Enlarge/Download Table]
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio Portfolio Growth Portfolio Portfolio
----------------- ----------------- ------------------ -----------------
ASSETS
Investments, at value (a) $ 1,356,428 $ 407,432 $ 2,531,475 $ 7,075,708
Receivables:
Investment securities sold 15,941 239 846 470
Sub-account units sold 15,488 - 16,572 -
----------------- ----------------- ------------------ -----------------
TOTAL ASSETS 1,387,857 407,671 2,548,893 7,076,178
----------------- ----------------- ------------------ -----------------
LIABILITIES
Payables:
Investment securities purchased 15,488 - 16,572 -
Sub-account units redeemed 15,877 220 732 188
Insurance fees due to Jackson National
Life of New York 64 19 114 282
----------------- ----------------- ------------------ -----------------
TOTAL LIABILITIES 31,429 239 17,418 470
----------------- ----------------- ------------------ -----------------
NET ASSETS (NOTE 6) $ 1,356,428 $ 407,432 $ 2,531,475 $ 7,075,708
---------------------------------------- ================= ================= ================== =================
(a) Investment shares 127,844 42,047 216,922 479,384
Investments at cost $ 1,250,849 $ 394,371 $ 2,330,409 $ 8,442,254
JNL/Alliance JNL/Curian JNL/Curian JNL/Curian
Capital 25 Communications Consumer Brands
Growth Portfolio Portfolio Sector Portfolio Sector Portfolio
--------------------- ---------------- ------------------- ------------------
ASSETS
Investments, at value (a) $ 2,402,216 $ 7,121,571 $ - $ -
Receivables:
Investment securities sold 288 740 5,448 4,888
Sub-account units sold - - - -
--------------------- ---------------- ------------------- ------------------
TOTAL ASSETS 2,402,504 7,122,311 5,448 4,888
--------------------- ---------------- ------------------- ------------------
LIABILITIES
Payables:
Investment securities purchased - - - -
Sub-account units redeemed 181 382 5,448 4,888
Insurance fees due to Jackson National
Life of New York 107 358 - -
--------------------- ---------------- ------------------- ------------------
TOTAL LIABILITIES 288 740 5,448 4,888
--------------------- ---------------- ------------------- ------------------
NET ASSETS (NOTE 6) $ 2,402,216 $ 7,121,571 $ - $ -
---------------------------------------- ===================== ================ =================== ==================
(a) Investment shares 242,159 521,345 - -
Investments at cost $ 2,359,425 $ 5,619,808 $ - $ -
JNL/Curian
JNL/Curian Enhanced
Energy S&P 500 Stock
Sector Portfolio Index Portfolio
------------------- ------------------
ASSETS
Investments, at value (a) $ - $ 1,155,705
Receivables:
Investment securities sold 5,374 16,184
Sub-account units sold - 16,113
------------------- ------------------
TOTAL ASSETS 5,374 1,188,002
------------------- ------------------
LIABILITIES
Payables:
Investment securities purchased - 16,113
Sub-account units redeemed 5,374 16,130
Insurance fees due to Jackson National
Life of New York - 54
------------------- ------------------
TOTAL LIABILITIES 5,374 32,297
------------------- ------------------
NET ASSETS (NOTE 6) $ - $ 1,155,705
---------------------------------------- =================== ==================
(a) Investment shares - 145,738
Investments at cost $ - $ 1,043,517
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
JNL/Curian
JNL/Curian JNL/Curian Pharmaceutical/ JNL/Curian
Financial Global Healthcare S&P 400 MidCap
Sector Portfolio 15 Portfolio Sector Portfolio Index Portfolio
------------------- ----------------- ------------------- ---------------------
ASSETS
Investments, at value (a) $ 24,017 $ 1,357,402 $ 34,528 $ 2,079,634
Receivables:
Investment securities sold 5,220 134 5,214 143
Sub-account units sold - 115 - 120,036
------------------- ----------------- ------------------- ---------------------
TOTAL ASSETS 29,237 1,357,651 39,742 2,199,813
------------------- ----------------- ------------------- ---------------------
LIABILITIES
Payables:
Investment securities purchased - 115 - 120,036
Sub-account units redeemed 5,218 66 5,212 43
Insurance fees due to Jackson National
Life of New York 2 68 2 100
------------------- ----------------- ------------------- ---------------------
TOTAL LIABILITIES 5,220 249 5,214 120,179
------------------- ----------------- ------------------- ---------------------
NET ASSETS (NOTE 6) $ 24,017 $ 1,357,402 $ 34,528 $ 2,079,634
---------------------------------------- =================== ================= =================== =====================
(a) Investment shares 2,076 107,220 3,061 181,311
Investments at cost $ 23,508 $ 1,209,242 $ 33,911 $ 1,854,910
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
S&P 500 Small-Cap Small Cap Technology
Index Portfolio Portfolio Index Portfolio Sector Portfolio
---------------------------------------- ------------------- ------------------
ASSETS
Investments, at value (a) $ 4,370,817 $ 6,217,015 $ 2,844,286 $ -
Receivables:
Investment securities sold 308 366 182 4,837
Sub-account units sold 20,600 160,529 - -
--------------------- ------------------ ------------------- ------------------
TOTAL ASSETS 4,391,725 6,377,910 2,844,468 4,837
--------------------- ------------------ ------------------- ------------------
LIABILITIES
Payables:
Investment securities purchased 20,600 160,529 - -
Sub-account units redeemed 92 65 47 4,837
Insurance fees due to Jackson National
Life of New York 216 301 135 -
--------------------- ------------------ ------------------- ------------------
TOTAL LIABILITIES 20,908 160,895 182 4,837
--------------------- ------------------ ------------------- ------------------
NET ASSETS (NOTE 6) $ 4,370,817 $ 6,217,015 $ 2,844,286 $ -
---------------------------------------- ===================== ================== =================== ==================
(a) Investment shares 444,189 385,910 248,192 -
Investments at cost $ 3,972,471 $ 5,056,405 $ 2,504,472 $ -
JNL/Curian JNL/Curian
The Dow SM The S&P(R)
10 Portfolio 10 Portfolio
-------------------- -----------------
ASSETS
Investments, at value (a) $ 8,608,042 $ 8,406,164
Receivables:
Investment securities sold 915 525
Sub-account units sold 16,121 36
-------------------- -----------------
TOTAL ASSETS 8,625,078 8,406,725
-------------------- -----------------
LIABILITIES
Payables:
Investment securities purchased 16,121 36
Sub-account units redeemed 481 101
Insurance fees due to Jackson National
Life of New York 434 424
-------------------- -----------------
TOTAL LIABILITIES 17,036 561
-------------------- -----------------
NET ASSETS (NOTE 6) $ 8,608,042 $ 8,406,164
---------------------------------------- ==================== =================
(a) Investment shares 608,772 728,437
Investments at cost $ 7,208,937 $ 7,315,430
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio Equity Portfolio Growth Portfolio Portfolio
-------------------------------------- ------------------ ------------------
ASSETS
Investments, at value (a) $ 2,925,022 $ 3,055,631 $ 6,730,375 $ 4,997,027
Receivables:
Investment securities sold 317 130 277 386
Sub-account units sold - 3,054 - 54
------------------ ------------------ ------------------ ------------------
TOTAL ASSETS 2,925,339 3,058,815 6,730,652 4,997,467
------------------ ------------------ ------------------ ------------------
LIABILITIES
Payables:
Investment securities purchased - 3,054 - 54
Sub-account units redeemed 189 - 15 163
Insurance fees due to Jackson National
Life of New York 128 130 262 223
------------------ ------------------ ------------------ ------------------
TOTAL LIABILITIES 317 3,184 277 440
------------------ ------------------ ------------------ ------------------
NET ASSETS (NOTE 6) $ 2,925,022 $ 3,055,631 $ 6,730,375 $ 4,997,027
---------------------------------------- ================== ================== ================== ==================
(a) Investment shares 206,424 181,775 381,324 539,054
Investments at cost $ 2,844,638 $ 2,767,093 $ 9,923,167 $ 4,859,558
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard
Capital Growth Global Equities International Mid Cap
Portfolio Portfolio Value Portfolio Value Portfolio
-------------------- ------------------- ------------------- -------------------
ASSETS
Investments, at value (a) $ 6,074,117 $ 3,864,680 $ 775,151 $ 1,954,059
Receivables:
Investment securities sold 386 155 57 10,637
Sub-account units sold - - 18,578 15,709
-------------------- ------------------- ------------------- -------------------
TOTAL ASSETS 6,074,503 3,864,835 793,786 1,980,405
-------------------- ------------------- ------------------- -------------------
LIABILITIES
Payables:
Investment securities purchased - - 18,578 15,709
Sub-account units redeemed 147 7 22 10,543
Insurance fees due to Jackson National
Life of New York 239 148 35 94
-------------------- ------------------- ------------------- -------------------
TOTAL LIABILITIES 386 155 18,635 26,346
-------------------- ------------------- ------------------- -------------------
NET ASSETS (NOTE 6) $ 6,074,117 $ 3,864,680 $ 775,151 $ 1,954,059
---------------------------------------- ==================== =================== =================== ===================
(a) Investment shares 457,388 221,726 101,327 148,485
Investments at cost $ 10,773,253 $ 6,413,050 $ 683,508 $ 1,788,074
JNL/
Mellon Capital
JNL/Lazard Management
Small Cap Bond Index
Value Portfolio Portfolio
------------------- --------------------
ASSETS
Investments, at value (a) $ 3,162,272 $ 566,618
Receivables:
Investment securities sold 38,302 29
Sub-account units sold 22,854 -
------------------- --------------------
TOTAL ASSETS 3,223,428 566,647
------------------- --------------------
LIABILITIES
Payables:
Investment securities purchased 22,854 -
Sub-account units redeemed 38,160 -
Insurance fees due to Jackson National
Life of New York 142 29
------------------- --------------------
TOTAL LIABILITIES 61,156 29
------------------- --------------------
NET ASSETS (NOTE 6) $ 3,162,272 $ 566,618
---------------------------------------- =================== ====================
(a) Investment shares 242,320 54,067
Investments at cost $ 2,655,372 $ 579,290
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio Portfolio Portfolio Bond Portfolio
----------------------- ---------------------- --------------------- -------------------
ASSETS
Investments, at value (a) $ 662,506 $ 2,389,409 $ 680,466 $ 8,874,523
Receivables:
Investment securities sold 10,967 238 32 503
Sub-account units sold 10,884 10,180 - 5,702
----------------------- ---------------------- --------------------- -------------------
TOTAL ASSETS 684,357 2,399,827 680,498 8,880,728
----------------------- ---------------------- --------------------- -------------------
LIABILITIES
Payables:
Investment securities purchased 10,884 10,180 - 5,702
Sub-account units redeemed 10,932 129 - 77
Insurance fees due to Jackson National
Life of New York 35 109 32 426
----------------------- ---------------------- --------------------- -------------------
TOTAL LIABILITIES 21,851 10,418 32 6,205
----------------------- ---------------------- --------------------- -------------------
NET ASSETS (NOTE 6) $ 662,506 $ 2,389,409 $ 680,466 $ 8,874,523
---------------------------------------- ======================= ====================== ===================== ===================
(a) Investment shares 57,861 236,108 82,182 754,636
Investments at cost $ 608,499 $ 2,078,627 $ 688,803 $ 8,819,282
JNL/PPM America JNL/PPM JNL/PPM America JNL/PPM
Balanced America High Yield Money America Value
Portfolio Bond Portfolio Market Portfolio Portfolio
--------------------- -------------------- ------------------- ------------------
ASSETS
Investments, at value (a) $ 8,248,656 $ 11,550,577 $ 2,366,552 $ 1,133,160
Receivables:
Investment securities sold 39,974 16,216 99 162
Sub-account units sold 16,000 38,468 - -
--------------------- -------------------- ------------------- ------------------
TOTAL ASSETS 8,304,630 11,605,261 2,366,651 1,133,322
--------------------- -------------------- ------------------- ------------------
LIABILITIES
Payables:
Investment securities purchased 16,000 38,468 - -
Sub-account units redeemed 39,617 15,656 - 101
Insurance fees due to Jackson National
Life of New York 357 560 99 61
--------------------- -------------------- ------------------- ------------------
TOTAL LIABILITIES 55,974 54,684 99 162
--------------------- -------------------- ------------------- ------------------
NET ASSETS (NOTE 6) $ 8,248,656 $ 11,550,577 $ 2,366,552 $ 1,133,160
---------------------------------------- ===================== ==================== =================== ==================
(a) Investment shares 530,460 1,327,653 2,366,552 77,086
Investments at cost $ 7,318,222 $ 11,343,728 $ 2,365,804 $ 1,037,974
JNL/Putnam JNL/Putnam
Equity International
Portfolio Equity Portfolio
------------------ ---------------
ASSETS
Investments, at value (a) $ 3,386,462 $ 2,388,582
Receivables:
Investment securities sold 141 971
Sub-account units sold 7,974 -
------------------ ---------------
TOTAL ASSETS 3,394,577 2,389,553
------------------ ---------------
LIABILITIES
Payables:
Investment securities purchased 7,974 -
Sub-account units redeemed 7 872
Insurance fees due to Jackson National
Life of New York 134 99
------------------ ---------------
TOTAL LIABILITIES 8,115 971
------------------ ---------------
NET ASSETS (NOTE 6) $ 3,386,462 $ 2,388,582
---------------------------------------- ================== ===============
(a) Investment shares 204,744 248,552
Investments at cost $ 4,355,786 $ 2,224,228
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio Portfolio Portfolio I Portfolio I
--------------------- ----------------- ------------------- -------------------
ASSETS
Investments, at value (a) $ 1,354,194 $ 6,930,341 $ 7,524,453 $ 19,013,003
Receivables:
Investment securities sold 427 294 323 1,310
Sub-account units sold - 9,817 400,013 81,600
--------------------- ----------------- ------------------- -------------------
TOTAL ASSETS 1,354,621 6,940,452 7,924,789 19,095,913
--------------------- ----------------- ------------------- -------------------
LIABILITIES
Payables:
Investment securities purchased - 9,817 400,013 81,600
Sub-account units redeemed 366 8 6 447
Insurance fees due to Jackson National
Life of New York 61 286 317 863
--------------------- ----------------- ------------------- -------------------
TOTAL LIABILITIES 427 10,111 400,336 82,910
--------------------- ----------------- ------------------- -------------------
NET ASSETS (NOTE 6) $ 1,354,194 $ 6,930,341 $ 7,524,453 $ 19,013,003
---------------------------------------- ===================== ================= =================== ===================
(a) Investment shares 198,562 430,723 711,869 1,742,713
Investments at cost $ 1,392,868 $ 6,922,525 $ 7,703,623 $ 18,107,887
JNL/S&P Equity
JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Index 50 Index 75 Index 100 Growth
Portfolio Portfolio Portfolio Portfolio I
------------------ ------------------ ------------------ --------------------
ASSETS
Investments, at value (a) $ 381,083 $ 62,173 $ 521,372 $ 2,020,196
Receivables:
Investment securities sold 81 3 142 143
Sub-account units sold - - - -
------------------ ------------------ ------------------ --------------------
TOTAL ASSETS 381,164 62,176 521,514 2,020,339
------------------ ------------------ ------------------ --------------------
LIABILITIES
Payables:
Investment securities purchased - - - -
Sub-account units redeemed 65 - 116 56
Insurance fees due to Jackson National
Life of New York 16 3 26 87
------------------ ------------------ ------------------ --------------------
TOTAL LIABILITIES 81 3 142 143
------------------ ------------------ ------------------ --------------------
NET ASSETS (NOTE 6) $ 381,083 $ 62,173 $ 521,372 $ 2,020,196
---------------------------------------- ================== ================== ================== ====================
(a) Investment shares 37,143 5,984 49,560 211,539
Investments at cost $ 352,941 $ 56,056 $ 490,065 $ 2,213,340
JNL/S&P
JNL/S&P Equity Moderate
Growth Growth
Portfolio I Portfolio I
------------------- ------------------
ASSETS
Investments, at value (a) $ 23,903,774 $ 31,118,583
Receivables:
Investment securities sold 1,316 5,128
Sub-account units sold - -
------------------- ------------------
TOTAL ASSETS 23,905,090 31,123,711
------------------- ------------------
LIABILITIES
Payables:
Investment securities purchased - -
Sub-account units redeemed 158 3,688
Insurance fees due to Jackson National
Life of New York 1,158 1,440
------------------- ------------------
TOTAL LIABILITIES 1,316 5,128
------------------- ------------------
NET ASSETS (NOTE 6) $ 23,903,774 $ 31,118,583
---------------------------------------- =================== ==================
(a) Investment shares 2,477,075 2,811,073
Investments at cost $ 22,288,174 $ 29,289,834
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
JNL/
JNL/S&P Brothers
Very Aggressive JNL/Salomon U.S. Government JNL/T. Rowe
Growth Brothers Global & Quality Price Established
Portfolio I Bond Portfolio Bond Portfolio Growth Portfolio
--------------------- ------------------ ------------------ -------------------
ASSETS
Investments, at value (a) $ 1,844,383 $ 4,498,124 $ 7,945,583 $ 5,938,694
Receivables:
Investment securities sold 128 226 383 547
Sub-account units sold - 17,970 - 25,946
--------------------- ------------------ ------------------ -------------------
TOTAL ASSETS 1,844,511 4,516,320 7,945,966 5,965,187
--------------------- ------------------ ------------------ -------------------
LIABILITIES
Payables:
Investment securities purchased - 17,970 - 25,946
Sub-account units redeemed 49 20 34 292
Insurance fees due to Jackson National
Life of New York 79 206 349 255
--------------------- ------------------ ------------------ -------------------
TOTAL LIABILITIES 128 18,196 383 26,493
--------------------- ------------------ ------------------ -------------------
NET ASSETS (NOTE 6) $ 1,844,383 $ 4,498,124 $ 7,945,583 $ 5,938,694
---------------------------------------- ===================== ================== ================== ===================
(a) Investment shares 185,365 394,572 692,727 354,126
Investments at cost $ 1,946,991 $ 4,392,704 $ 8,142,449 $ 5,675,750
JNL/T. Rowe JNL/T. Rowe
Price Mid-Cap Price Value
Growth Portfolio Portfolio
------------------- -----------------
ASSETS
Investments, at value (a) $ 9,382,622 $ 5,680,928
Receivables:
Investment securities sold 20,830 475
Sub-account units sold 161,410 16,746
------------------- -----------------
TOTAL ASSETS 9,564,862 5,698,149
------------------- -----------------
LIABILITIES
Payables:
Investment securities purchased 161,410 16,746
Sub-account units redeemed 20,439 216
Insurance fees due to Jackson National
Life of New York 391 259
------------------- -----------------
TOTAL LIABILITIES 182,240 17,221
------------------- -----------------
NET ASSETS (NOTE 6) $ 9,382,622 $ 5,680,928
---------------------------------------- =================== =================
(a) Investment shares 376,963 476,988
Investments at cost $ 8,377,892 $ 5,048,917
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio Portfolio Growth Portfolio Portfolio
-------------------- -------------------- ------------------ -----------------
INVESTMENT INCOME
Dividends $ - $ - $ - $ -
-------------------- -------------------- ------------------ -----------------
EXPENSES
Insurance charges (Note 5) 8,824 4,910 16,819 82,564
-------------------- -------------------- ------------------ -----------------
TOTAL EXPENSES 8,824 4,910 16,819 82,564
-------------------- -------------------- ------------------ -----------------
-------------------- -------------------- ------------------ -----------------
NET INVESTMENT LOSS (8,824) (4,910) (16,819) (82,564)
-------------------- -------------------- ------------------ -----------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - -
Investments 20,822 (3,048) (30,837) (512,282)
Net change in unrealized appreciation
on investments 125,521 66,844 321,716 2,274,478
-------------------- -------------------- ------------------ -----------------
NET REALIZED AND UNREALIZED GAIN 146,343 63,796 290,879 1,762,196
-------------------- -------------------- ------------------ -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 137,519 $ 58,886 $ 274,060 $ 1,679,632
------------------------------------------ ==================== ==================== ================== =================
JNL/Alliance JNL/Curian JNL/Curian JNL/Curian
Capital 25 Communications Consumer Brands
Growth Portfolio Portfolio Sector Portfolio (a) Sector Portfolio (a)
------------------- ---------------- --------------------- -----------------------
INVESTMENT INCOME
Dividends $ - $ - $ - $ -
------------------- ---------------- --------------------- -----------------------
EXPENSES
Insurance charges (Note 5) 30,004 63,513 3 3
------------------- ---------------- --------------------- -----------------------
TOTAL EXPENSES 30,004 63,513 3 3
------------------- ---------------- --------------------- -----------------------
------------------- ---------------- --------------------- -----------------------
NET INVESTMENT LOSS (30,004) (63,513) (3) (3)
------------------- ---------------- --------------------- -----------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - -
Investments (101,635) 59,852 351 91
Net change in unrealized appreciation
on investments 471,854 1,502,965 - -
------------------- ---------------- --------------------- -----------------------
NET REALIZED AND UNREALIZED GAIN 370,219 1,562,817 351 91
------------------- ---------------- --------------------- -----------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 340,215 $ 1,499,304 $ 348 $ 88
------------------------------------------ =================== ================ ===================== =======================
JNL/Curian
JNL/Curian Enhanced
Energy S&P 500 Stock
Sector Portfolio (a) Index Portfolio
---------------------- -------------------
INVESTMENT INCOME
Dividends $ - $ 3,035
---------------------- -------------------
EXPENSES
Insurance charges (Note 5) 3 6,930
---------------------- -------------------
TOTAL EXPENSES 3 6,930
---------------------- -------------------
---------------------- -------------------
NET INVESTMENT LOSS (3) (3,895)
---------------------- -------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - -
Investments 278 8,962
Net change in unrealized appreciation
on investments - 112,301
---------------------- -------------------
NET REALIZED AND UNREALIZED GAIN 278 121,263
---------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 275 $ 117,368
------------------------------------------ ====================== ===================
(a) Inception date December 15, 2003.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/Curian
JNL/Curian JNL/Curian Pharmaceutical/ JNL/Curian
Financial Global Healthcare S&P 400 MidCap
Sector Portfolio (a) 15 Portfolio Sector Portfolio (a) Index Portfolio
--------------------- ------------------ ---------------------- --------------------
INVESTMENT INCOME
Dividends $ - $ - $ - $ 5,555
--------------------- ------------------ ---------------------- --------------------
EXPENSES
Insurance charges (Note 5) 17 8,781 21 12,877
--------------------- ------------------ ---------------------- --------------------
TOTAL EXPENSES 17 8,781 21 12,877
--------------------- ------------------ ---------------------- --------------------
--------------------- ------------------ ---------------------- --------------------
NET INVESTMENT LOSS (17) (8,781) (21) (7,322)
--------------------- ------------------ ---------------------- --------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - -
Investments 111 12,897 93 11,613
Net change in unrealized appreciation
on investments 509 151,306 617 224,736
--------------------- ------------------ ---------------------- --------------------
NET REALIZED AND UNREALIZED GAIN 620 164,203 710 236,349
--------------------- ------------------ ---------------------- --------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 603 $ 155,422 $ 689 $ 229,027
------------------------------------------ ===================== ================== ====================== ====================
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
S&P 500 Small-Cap Small Cap Technology
Index Portfolio Portfolio Index Portfolio Sector Portfolio (a)
--------------------------------------- ------------------- -------------------
INVESTMENT INCOME
Dividends $ 33,591 $ - $ 10,321 $ -
------------------- ------------------ ------------------- -------------------
EXPENSES
Insurance charges (Note 5) 26,620 53,822 17,694 3
------------------- ------------------ ------------------- -------------------
TOTAL EXPENSES 26,620 53,822 17,694 3
------------------- ------------------ ------------------- -------------------
------------------- ------------------ ------------------- -------------------
NET INVESTMENT LOSS 6,971 (53,822) (7,373) (3)
------------------- ------------------ ------------------- -------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies 13,082 - 19,113 -
Investments 7,007 107,866 25,014 39
Net change in unrealized appreciation
on investments 399,917 1,161,408 342,865 -
------------------- ------------------ ------------------- -------------------
NET REALIZED AND UNREALIZED GAIN 420,006 1,269,274 386,992 39
------------------- ------------------ ------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 426,977 $ 1,215,452 $ 379,619 $ 36
------------------------------------------ =================== ================== =================== ===================
JNL/Curian JNL/Curian
The Dow SM The S&P(R)
10 Portfolio 10 Portfolio
------------------- ---------------
INVESTMENT INCOME
Dividends $ - $ -
------------------- ---------------
EXPENSES
Insurance charges (Note 5) 68,475 79,077
------------------- ---------------
TOTAL EXPENSES 68,475 79,077
------------------- ---------------
------------------- ---------------
NET INVESTMENT LOSS (68,475) (79,077)
------------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - -
Investments 51,733 34,992
Net change in unrealized appreciation
on investments 1,396,548 1,099,166
------------------- ---------------
NET REALIZED AND UNREALIZED GAIN 1,448,281 1,134,158
------------------- ---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 1,379,806 $ 1,055,081
------------------------------------------ =================== ===============
(a) Inception date December 15, 2003.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio Equity Portfolio Growth Portfolio Portfolio
--------------------------------------- ------------------- ------------------
INVESTMENT INCOME
Dividends $ 17,747 $ - $ - $ 65,087
------------------- ------------------ ------------------- ------------------
EXPENSES
Insurance charges (Note 5) 34,184 32,438 107,004 66,975
--------------------------------------- ------------------- ------------------
TOTAL EXPENSES 34,184 32,438 107,004 66,975
--------------------------------------- ------------------- ------------------
------------------- ------------------ ------------------- ------------------
NET INVESTMENT LOSS (16,437) (32,438) (107,004) (1,888)
------------------- ------------------ ------------------- ------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - -
Investments (67,182) (63,798) (2,771,002) (73,574)
Net change in unrealized appreciation
on investments 555,796 757,635 5,039,647 562,483
------------------- ------------------ ------------------- ------------------
NET REALIZED AND UNREALIZED GAIN 488,614 693,837 2,268,645 488,909
------------------- ------------------ ------------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 472,177 $ 661,399 $ 2,161,641 $ 487,021
------------------------------------------ =================== ================== =================== ==================
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard
Capital Growth Global Equities International Mid Cap
Portfolio Portfolio Value Portfolio Value Portfolio
-------------------- ------------------ ------------------- -----------------
INVESTMENT INCOME
Dividends $ - $ - $ 9,286 $ 3,597
-------------------- ------------------ ------------------- -----------------
EXPENSES
Insurance charges (Note 5) 92,529 54,544 3,425 15,414
-------------------- ------------------ ------------------- -----------------
TOTAL EXPENSES 92,529 54,544 3,425 15,414
-------------------- ------------------ ------------------- -----------------
-------------------- ------------------ ------------------- -----------------
NET INVESTMENT LOSS (92,529) (54,544) 5,861 (11,817)
-------------------- ------------------ ------------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - -
Investments (3,131,482) (1,480,120) (2,490) (11,758)
Net change in unrealized appreciation
on investments 5,132,463 2,270,666 93,326 254,966
-------------------- ------------------ ------------------- -----------------
NET REALIZED AND UNREALIZED GAIN 2,000,981 790,546 90,836 243,208
-------------------- ------------------ ------------------- -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 1,908,452 $ 736,002 $ 96,697 $ 231,391
------------------------------------------ ==================== ================== =================== =================
JNL/
Mellon Capital
JNL/Lazard Management
Small Cap Bond Index
Value Portfolio Portfolio
------------------ ------------------
INVESTMENT INCOME
Dividends $ - $ 9,507
------------------ ------------------
EXPENSES
Insurance charges (Note 5) 32,084 3,592
------------------ ------------------
TOTAL EXPENSES 32,084 3,592
------------------ ------------------
------------------ ------------------
NET INVESTMENT LOSS (32,084) 5,915
------------------ ------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - 6,225
Investments 63,807 (805)
Net change in unrealized appreciation
on investments 694,392 (12,292)
------------------ ------------------
NET REALIZED AND UNREALIZED GAIN 758,199 (6,872)
------------------ ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 726,115 $ (957)
------------------------------------------ ================== ==================
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio Portfolio Portfolio Bond Portfolio
------------------------ -------------------- ------------------ ------------------
INVESTMENT INCOME
Dividends $ 7,163 $ - $ - $ 124,953
------------------------ -------------------- ------------------ ------------------
EXPENSES
Insurance charges (Note 5) 2,203 22,218 9,343 124,218
------------------------ -------------------- ------------------ ------------------
TOTAL EXPENSES 2,203 22,218 9,343 124,218
------------------------ -------------------- ------------------ ------------------
------------------------ -------------------- ------------------ ------------------
NET INVESTMENT LOSS 4,960 (22,218) (9,343) 735
------------------------ -------------------- ------------------ ------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - 157,241
Investments 3,816 (15,507) (17,305) 209,027
Net change in unrealized appreciation
on investments 54,007 519,231 103,650 (160,622)
------------------------ -------------------- ------------------ ------------------
NET REALIZED AND UNREALIZED GAIN 57,823 503,724 86,345 205,646
------------------------ -------------------- ------------------ ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 62,783 $ 481,506 $ 77,002 $ 206,381
------------------------------------------ ======================== ==================== ================== ==================
JNL/PPM America JNL/PPM JNL/PPM America JNL/PPM
Balanced America High Yield Money America Value
Portfolio Bond Portfolio Market Portfolio Portfolio
--------------------- -------------------- --------------------- ------------------
INVESTMENT INCOME
Dividends $ 155,969 $ 673,587 $ 20,020 $ 1,820
--------------------- -------------------- --------------------- ------------------
EXPENSES
Insurance charges (Note 5) 97,030 138,902 62,176 4,781
--------------------- -------------------- --------------------- ------------------
TOTAL EXPENSES 97,030 138,902 62,176 4,781
--------------------- -------------------- --------------------- ------------------
--------------------- -------------------- --------------------- ------------------
NET INVESTMENT LOSS 58,939 534,685 (42,156) (2,961)
--------------------- -------------------- --------------------- ------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies 61,543 - - 3,943
Investments 52,814 25,623 5,030 2,906
Net change in unrealized appreciation
on investments 1,052,354 614,055 (5,030) 95,205
--------------------- -------------------- --------------------- ------------------
NET REALIZED AND UNREALIZED GAIN 1,166,711 639,678 - 102,054
--------------------- -------------------- --------------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 1,225,650 $ 1,174,363 $ (42,156) $ 99,093
------------------------------------------ ===================== ==================== ===================== ==================
JNL/Putnam JNL/Putnam
Equity International
Portfolio Equity Portfolio
------------------- -----------------
INVESTMENT INCOME
Dividends $ 10,043 $ 34,373
------------------- -----------------
EXPENSES
Insurance charges (Note 5) 45,879 28,762
------------------- -----------------
TOTAL EXPENSES 45,879 28,762
------------------- -----------------
------------------- -----------------
NET INVESTMENT LOSS (35,836) 5,611
------------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - -
Investments (464,785) (65,693)
Net change in unrealized appreciation
on investments 1,222,236 539,121
------------------- -----------------
NET REALIZED AND UNREALIZED GAIN 757,451 473,428
------------------- -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 721,615 $ 479,039
------------------------------------------ =================== =================
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio Portfolio Portfolio I Portfolio I
-------------------- ------------------- ---------------- -----------------
INVESTMENT INCOME
Dividends $ - $ 73,514 $ 84,075 $ 408,953
-------------------- ------------------- ---------------- -----------------
EXPENSES
Insurance charges (Note 5) 17,209 90,166 78,006 219,537
-------------------- ------------------- ---------------- -----------------
TOTAL EXPENSES 17,209 90,166 78,006 219,537
-------------------- ------------------- ---------------- -----------------
-------------------- ------------------- ---------------- -----------------
NET INVESTMENT LOSS (17,209) (16,652) 6,069 189,416
-------------------- ------------------- ---------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - - - -
Investments (63,668) (247,602) (335,835) (21,815)
Net change in unrealized appreciation
on investments 365,937 1,525,059 1,474,020 1,908,994
-------------------- ------------------- ---------------- -----------------
NET REALIZED AND UNREALIZED GAIN 302,269 1,277,457 1,138,185 1,887,179
-------------------- ------------------- ---------------- -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 285,060 $ 1,260,805 $ 1,144,254 $ 2,076,595
------------------------------------------ ==================== =================== ================ =================
JNL/S&P Equity
JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Index 50 Index 75 Index 100 Growth
Portfolio (a) Portfolio (b) Portfolio Portfolio I
------------------- ------------------- ------------------ ---------------------
INVESTMENT INCOME
Dividends $ 156 $ 173 $ 1,642 $ 64
------------------- ------------------- ------------------ ---------------------
EXPENSES
Insurance charges (Note 5) 1,316 370 2,602 21,742
------------------- ------------------- ------------------ ---------------------
TOTAL EXPENSES 1,316 370 2,602 21,742
------------------- ------------------- ------------------ ---------------------
------------------- ------------------- ------------------ ---------------------
NET INVESTMENT LOSS (1,160) (197) (960) (21,678)
------------------- ------------------- ------------------ ---------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies 20 91 776 -
Investments 253 20 5,334 (156,729)
Net change in unrealized appreciation
on investments 28,142 6,117 30,987 522,340
------------------- ------------------- ------------------ ---------------------
NET REALIZED AND UNREALIZED GAIN 28,415 6,228 37,097 365,611
------------------- ------------------- ------------------ ---------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 27,255 $ 6,031 $ 36,137 $ 343,933
------------------------------------------ =================== =================== ================== =====================
JNL/S&P
JNL/S&P Equity Moderate
Growth Growth
Portfolio I Portfolio I
------------------- ------------------
INVESTMENT INCOME
Dividends $ 2,618 $ 498,931
------------------- ------------------
EXPENSES
Insurance charges (Note 5) 189,543 354,064
------------------- ------------------
TOTAL EXPENSES 189,543 354,064
------------------- ------------------
------------------- ------------------
NET INVESTMENT LOSS (186,925) 144,867
------------------- ------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - -
Investments (422,810) (142,520)
Net change in unrealized appreciation
on investments 3,572,927 4,040,224
------------------- ------------------
NET REALIZED AND UNREALIZED GAIN 3,150,117 3,897,704
------------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 2,963,192 $ 4,042,571
------------------------------------------ =================== ==================
(a) Inception date February 3, 2003.
(b) Inception date April 15, 2003.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/
JNL/S&P Brothers
Very Aggressive JNL/Salomon U.S. Government JNL/T. Rowe
Growth Brothers Global & Quality Price Established
Portfolio I Bond Portfolio Bond Portfolio Growth Portfolio
-------------------- ------------------- ------------------ --------------------
INVESTMENT INCOME
Dividends $ - $ 187,164 $ 274,784 $ 1,470
-------------------- ------------------- ------------------ --------------------
EXPENSES
Insurance charges (Note 5) 20,409 50,520 146,329 67,410
-------------------- ------------------- ------------------ --------------------
TOTAL EXPENSES 20,409 50,520 146,329 67,410
-------------------- ------------------- ------------------ --------------------
-------------------- ------------------- ------------------ --------------------
NET INVESTMENT LOSS (20,409) 136,644 128,455 (65,940)
-------------------- ------------------- ------------------ --------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies - 55,438 93,902 -
Investments (122,403) 65,330 131,526 (136,752)
Net change in unrealized appreciation
on investments 463,970 75,946 (396,738) 1,360,745
-------------------- ------------------- ------------------ --------------------
NET REALIZED AND UNREALIZED GAIN 341,567 196,714 (171,310) 1,223,993
-------------------- ------------------- ------------------ --------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 321,158 $ 333,358 $ (42,855) $ 1,158,053
------------------------------------------ ==================== =================== ================== ====================
JNL/T. Rowe JNL/T. Rowe
Price Mid-Cap Price Value
Growth Portfolio Portfolio
------------------ -----------------
INVESTMENT INCOME
Dividends $ - $ 28,840
------------------ -----------------
EXPENSES
Insurance charges (Note 5) 88,321 60,309
------------------ -----------------
TOTAL EXPENSES 88,321 60,309
------------------ -----------------
------------------ -----------------
NET INVESTMENT LOSS (88,321) (31,469)
------------------ -----------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Distributions from investment companies 45,370 -
Investments (61,751) (124,642)
Net change in unrealized appreciation
on investments 1,912,020 1,145,889
------------------ -----------------
NET REALIZED AND UNREALIZED GAIN 1,895,639 1,021,247
------------------ -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 1,807,318 $ 989,778
------------------------------------------ ================== =================
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio Portfolio Growth Portfolio Portfolio
------------------- ------------------- ------------------ ------------------
OPERATIONS
Net investment loss $ (8,824) $ (4,910) $ (16,819) $ (82,564)
Net realized gain (loss) on investments 20,822 (3,048) (30,837) (512,282)
Net change in unrealized appreciation
on investments 125,521 66,844 321,716 2,274,478
------------------- ------------------- ------------------ ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 137,519 58,886 274,060 1,679,632
------------------- ------------------- ------------------ ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 372,677 76,913 717,064 311,743
Value of units redeemed (48,210) (19,564) (29,925) (352,292)
Transfers between portfolios 725,185 56,043 965,688 516,075
Policyholder charges (1,401) (890) (1,004) (15,598)
------------------- ------------------- ------------------ ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 1,048,251 112,502 1,651,823 459,928
------------------- ------------------- ------------------ ------------------
NET INCREASE IN NET ASSETS 1,185,770 171,388 1,925,883 2,139,560
NET ASSETS BEGINNING OF PERIOD 170,658 236,044 605,592 4,936,148
------------------- ------------------- ------------------ ------------------
NET ASSETS END OF PERIOD $ 1,356,428 $ 407,432 $ 2,531,475 $ 7,075,708
----------------------------------------------- =================== =================== ================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 22,659 31,855 79,400 719,157
Units Issued 157,602 15,846 190,014 161,227
Units Redeemed (44,017) (2,618) (35,901) (126,299)
------------------- ------------------- ------------------ ------------------
Units Outstanding at December 31, 2003 136,244 45,083 233,513 754,085
=================== =================== ================== ==================
JNL/Alliance JNL/Curian JNL/Curian JNL/Curian
Capital 25 Communications Consumer Brands
Growth Portfolio Portfolio Sector Portfolio (a) Sector Portfolio (a)
-------------------- ----------------- -------------------- --------------------
OPERATIONS
Net investment loss $ (30,004) $ (63,513) $ (3) $ (3)
Net realized gain (loss) on investments (101,635) 59,852 351 91
Net change in unrealized appreciation
on investments 471,854 1,502,965 - -
-------------------- ----------------- -------------------- --------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 340,215 1,499,304 348 88
-------------------- ----------------- -------------------- --------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 226,379 4,901,912 - -
Value of units redeemed (183,613) (64,694) - -
Transfers between portfolios 730,619 545,397 (348) (88)
Policyholder charges (5,193) (492) - -
-------------------- ----------------- -------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 768,192 5,382,123 (348) (88)
-------------------- ----------------- -------------------- --------------------
NET INCREASE IN NET ASSETS 1,108,407 6,881,427 - -
NET ASSETS BEGINNING OF PERIOD 1,293,809 240,144 - -
-------------------- ----------------- -------------------- --------------------
NET ASSETS END OF PERIOD $ 2,402,216 $ 7,121,571 $ - $ -
----------------------------------------------- ==================== ================= ==================== ====================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 265,364 23,461 - -
Units Issued 303,260 554,739 1,095 485
Units Redeemed (186,108) (42,866) (1,095) (485)
-------------------- ----------------- -------------------- --------------------
Units Outstanding at December 31, 2003 382,516 535,334 - -
==================== ================= ==================== ====================
JNL/Curian
JNL/Curian Enhanced
Energy S&P 500 Stock
Sector Portfolio (a) Index Portfolio
-------------------- -------------------
OPERATIONS
Net investment loss $ (3) $ (3,895)
Net realized gain (loss) on investments 278 8,962
Net change in unrealized appreciation
on investments - 112,301
-------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 275 117,368
-------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units - 451,814
Value of units redeemed - (26,460)
Transfers between portfolios (275) 587,050
Policyholder charges - (962)
-------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS (275) 1,011,442
-------------------- -------------------
NET INCREASE IN NET ASSETS - 1,128,810
NET ASSETS BEGINNING OF PERIOD - 26,895
-------------------- -------------------
NET ASSETS END OF PERIOD $ - $ 1,155,705
----------------------------------------------- ==================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 - 4,235
Units Issued 441 144,463
Units Redeemed (441) (15,449)
-------------------- -------------------
Units Outstanding at December 31, 2003 - 133,249
==================== ===================
(a) Inception date December 15, 2003.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/Curian
JNL/Curian JNL/Curian Pharmaceutical/ JNL/Curian
Financial Global Healthcare S&P 400 MidCap
Sector Portfolio (a) 15 Portfolio Sector Portfolio (a) Index Portfolio
---------------------- ----------------- ---------------------- -------------------
OPERATIONS
Net investment loss $ (17) $ (8,781) $ (21) $ (7,322)
Net realized gain (loss) on investments 111 12,897 93 11,613
Net change in unrealized appreciation
on investments 509 151,306 617 224,736
---------------------- ----------------- ---------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 603 155,422 689 229,027
---------------------- ----------------- ---------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 6 878,805 6 1,157,311
Value of units redeemed (30) (14,299) (37) (34,785)
Transfers between portfolios 23,438 244,321 33,870 543,319
Policyholder charges - (310) - (1,547)
---------------------- ----------------- ---------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 23,414 1,108,517 33,839 1,664,298
---------------------- ----------------- ---------------------- -------------------
NET INCREASE IN NET ASSETS 24,017 1,263,939 34,528 1,893,325
NET ASSETS BEGINNING OF PERIOD - 93,463 - 186,309
---------------------- ----------------- ---------------------- -------------------
NET ASSETS END OF PERIOD $ 24,017 $ 1,357,402 $ 34,528 $ 2,079,634
----------------------------------------------- ====================== ================= ====================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 - 9,619 - 22,024
Units Issued 2,802 111,068 3,863 169,313
Units Redeemed (494) (10,980) (503) (8,605)
---------------------- ----------------- ---------------------- -------------------
Units Outstanding at December 31, 2003 2,308 109,707 3,360 182,732
====================== ================= ====================== ===================
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
S&P 500 Small-Cap Small Cap Technology
Index Portfolio Portfolio Index Portfolio Sector Portfolio (a)
-------------------- ------------------ ----------------- -------------------
OPERATIONS
Net investment loss $ 6,971 $ (53,822) $ (7,373) $ (3)
Net realized gain (loss) on investments 20,089 107,866 44,127 39
Net change in unrealized appreciation
on investments 399,917 1,161,408 342,865 -
-------------------- ------------------ ----------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 426,977 1,215,452 379,619 36
-------------------- ------------------ ----------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 1,989,250 4,279,429 962,738 -
Value of units redeemed (49,548) (85,517) (23,648) -
Transfers between portfolios 1,748,501 539,888 1,320,453 (36)
Policyholder charges (1,874) (2,153) (907) -
-------------------- ------------------ ----------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 3,686,329 4,731,647 2,258,636 (36)
-------------------- ------------------ ----------------- -------------------
NET INCREASE IN NET ASSETS 4,113,306 5,947,099 2,638,255 -
NET ASSETS BEGINNING OF PERIOD 257,511 269,916 206,031 -
-------------------- ------------------ ----------------- -------------------
NET ASSETS END OF PERIOD $ 4,370,817 $ 6,217,015 $ 2,844,286 $ -
----------------------------------------------- ==================== ================== ================= ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 33,385 25,031 26,107 -
Units Issued 411,293 419,997 218,881 721
Units Redeemed (12,806) (48,223) (17,115) (721)
-------------------- ------------------ ----------------- -------------------
Units Outstanding at December 31, 2003 431,872 396,805 227,873 -
==================== ================== ================= ===================
JNL/Curian JNL/Curian
The Dow SM The S&P(R)
10 Portfolio 10 Portfolio
------------------- -------------------
OPERATIONS
Net investment loss $ (68,475) $ (79,077)
Net realized gain (loss) on investments 51,733 34,992
Net change in unrealized appreciation
on investments 1,396,548 1,099,166
------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 1,379,806 1,055,081
------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 4,875,922 6,032,895
Value of units redeemed (78,679) (82,458)
Transfers between portfolios 2,130,499 1,166,425
Policyholder charges (931) (557)
------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 6,926,811 7,116,305
------------------- -------------------
NET INCREASE IN NET ASSETS 8,306,617 8,171,386
NET ASSETS BEGINNING OF PERIOD 301,425 234,778
------------------- -------------------
NET ASSETS END OF PERIOD $ 8,608,042 $ 8,406,164
----------------------------------------------- =================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 27,038 24,513
Units Issued 633,407 773,121
Units Redeemed (36,290) (48,881)
------------------- -------------------
Units Outstanding at December 31, 2003 624,155 748,753
=================== ===================
(a) Inception date December 15, 2003.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------ ------------------ ------------------ -----------------
OPERATIONS
Net investment loss $ (16,437) $ (32,438) $ (107,004) $ (1,888)
Net realized gain (loss) on investments (67,182) (63,798) (2,771,002) (73,574)
Net change in unrealized appreciation
on investments 555,796 757,635 5,039,647 562,483
------------------ ------------------ ------------------ -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 472,177 661,399 2,161,641 487,021
------------------ ------------------ ------------------ -----------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 550,462 212,404 142,520 798,304
Value of units redeemed (186,790) (165,325) (699,817) (286,548)
Transfers between portfolios 232,745 474,713 (2,433,461) (38,402)
Policyholder charges (5,098) (4,975) (30,038) (6,229)
------------------ ------------------ ------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 591,319 516,817 (3,020,796) 467,125
------------------ ------------------ ------------------ -----------------
NET INCREASE IN NET ASSETS 1,063,496 1,178,216 (859,155) 954,146
NET ASSETS BEGINNING OF PERIOD 1,861,526 1,877,415 7,589,530 4,042,881
------------------ ------------------ ------------------ -----------------
NET ASSETS END OF PERIOD $ 2,925,022 $ 3,055,631 $ 6,730,375 $ 4,997,027
----------------------------------------------- ================== ================== ================== =================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 235,736 219,982 1,215,608 460,656
Units Issued 94,052 93,032 80,138 188,514
Units Redeemed (56,742) (62,047) (490,980) (133,398)
------------------ ------------------ ------------------ -----------------
Units Outstanding at December 31, 2003 273,046 250,967 804,766 515,772
================== ================== ================== =================
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard
Capital Growth Global Equities International Mid Cap
Portfolio Portfolio Value Portfolio Value Portfolio
------------------- ------------------- ------------------- ------------------
OPERATIONS
Net investment loss $ (92,529) $ (54,544) $ 5,861 $ (11,817)
Net realized gain (loss) on investments (3,131,482) (1,480,120) (2,490) (11,758)
Net change in unrealized appreciation
on investments 5,132,463 2,270,666 93,326 254,966
------------------- ------------------- ------------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 1,908,452 736,002 96,697 231,391
------------------- ------------------- ------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 201,460 52,027 169,116 605,485
Value of units redeemed (467,964) (230,423) (6,994) (44,823)
Transfers between portfolios (1,754,907) (1,117,932) 456,809 589,761
Policyholder charges (16,707) (11,951) (133) (1,564)
------------------- ------------------- ------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS (2,038,118) (1,308,279) 618,798 1,148,859
------------------- ------------------- ------------------- ------------------
NET INCREASE IN NET ASSETS (129,666) (572,277) 715,495 1,380,250
NET ASSETS BEGINNING OF PERIOD 6,203,783 4,436,957 59,656 573,809
------------------- ------------------- ------------------- ------------------
NET ASSETS END OF PERIOD $ 6,074,117 $ 3,864,680 $ 775,151 $ 1,954,059
----------------------------------------------- =================== =================== =================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 951,084 590,048 6,206 63,091
Units Issued 110,455 14,095 70,712 108,545
Units Redeemed (366,866) (183,723) (7,685) (17,662)
------------------- ------------------- ------------------- ------------------
Units Outstanding at December 31, 2003 694,673 420,420 69,233 153,974
=================== =================== =================== ==================
JNL/
Mellon Capital
JNL/Lazard Management
Small Cap Bond Index
Value Portfolio Portfolio
-------------------- ------------------
OPERATIONS
Net investment loss $ (32,084) $ 5,915
Net realized gain (loss) on investments 63,807 5,420
Net change in unrealized appreciation
on investments 694,392 (12,292)
-------------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 726,115 (957)
-------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 619,710 378,466
Value of units redeemed (237,094) (4,459)
Transfers between portfolios 1,031,815 173,752
Policyholder charges (1,901) (11)
-------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 1,412,530 547,748
-------------------- ------------------
NET INCREASE IN NET ASSETS 2,138,645 546,791
NET ASSETS BEGINNING OF PERIOD 1,023,627 19,827
-------------------- ------------------
NET ASSETS END OF PERIOD $ 3,162,272 $ 566,618
----------------------------------------------- ==================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 114,541 1,879
Units Issued 228,707 68,639
Units Redeemed (87,088) (17,303)
-------------------- ------------------
Units Outstanding at December 31, 2003 256,160 53,215
==================== ==================
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio Portfolio Portfolio Bond Portfolio
---------------------- --------------------- --------------------- ------------------
OPERATIONS
Net investment loss $ 4,960 $ (22,218) $ (9,343) $ 735
Net realized gain (loss) on investments 3,816 (15,507) (17,305) 366,268
Net change in unrealized appreciation
on investments 54,007 519,231 103,650 (160,622)
---------------------- --------------------- --------------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 62,783 481,506 77,002 206,381
---------------------- --------------------- --------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 461,091 420,800 141,890 4,118,507
Value of units redeemed (22,033) (108,810) (60,173) (519,562)
Transfers between portfolios 161,597 672,169 76,931 (682,297)
Policyholder charges (932) (1,134) (581) (16,326)
---------------------- --------------------- --------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 599,723 983,025 158,067 2,900,322
---------------------- --------------------- --------------------- ------------------
NET INCREASE IN NET ASSETS 662,506 1,464,531 235,069 3,106,703
NET ASSETS BEGINNING OF PERIOD - 924,878 445,397 5,767,820
---------------------- --------------------- --------------------- ------------------
NET ASSETS END OF PERIOD $ 662,506 $ 2,389,409 $ 680,466 $ 8,874,523
--------------------------------------------- ====================== ===================== ===================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 - 133,047 64,456 539,643
Units Issued 62,841 145,976 39,918 642,581
Units Redeemed (5,177) (31,231) (19,032) (435,003)
---------------------- --------------------- --------------------- ------------------
Units Outstanding at December 31, 2003 57,664 247,792 85,342 747,221
====================== ===================== ===================== ==================
JNL/PPM America JNL/PPM JNL/PPM America JNL/PPM
Balanced America High Yield Money America Value
Portfolio Bond Portfolio Market Portfolio Portfolio
-------------------- --------------------- ------------------- ----------------
OPERATIONS
Net investment loss $ 58,939 $ 534,685 $ (42,156) $ (2,961)
Net realized gain (loss) on investments 114,357 25,623 5,030 6,849
Net change in unrealized appreciation
on investments 1,052,354 614,055 (5,030) 95,205
-------------------- --------------------- ------------------- ----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 1,225,650 1,174,363 (42,156) 99,093
-------------------- --------------------- ------------------- ----------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 1,311,731 4,023,062 2,641,233 439,556
Value of units redeemed (518,364) (916,010) (663,014) (6,467)
Transfers between portfolios 1,195,127 2,538,581 (5,106,188) 593,469
Policyholder charges (8,764) (15,687) (30,745) (32)
-------------------- --------------------- ------------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 1,979,730 5,629,946 (3,158,714) 1,026,526
-------------------- --------------------- ------------------- ----------------
NET INCREASE IN NET ASSETS 3,205,380 6,804,309 (3,200,870) 1,125,619
NET ASSETS BEGINNING OF PERIOD 5,043,276 4,746,268 5,567,422 7,541
-------------------- --------------------- ------------------- ----------------
NET ASSETS END OF PERIOD $ 8,248,656 $ 11,550,577 $ 2,366,552 $ 1,133,160
--------------------------------------------- ==================== ===================== =================== ================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 465,521 481,093 515,416 691
Units Issued 212,450 777,469 415,586 81,997
Units Redeemed (84,192) (358,511) (712,531) (4,161)
-------------------- --------------------- ------------------- ----------------
Units Outstanding at December 31, 2003 593,779 900,051 218,471 78,527
==================== ===================== =================== ================
JNL/Putnam JNL/Putnam
Equity International
Portfolio Equity Portfolio
------------------ -----------------
OPERATIONS
Net investment loss $ (35,836) $ 5,611
Net realized gain (loss) on investments (464,785) (65,693)
Net change in unrealized appreciation
on investments 1,222,236 539,121
------------------ -----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 721,615 479,039
------------------ -----------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 147,690 148,191
Value of units redeemed (272,525) (82,453)
Transfers between portfolios (219,930) (95,001)
Policyholder charges (9,251) (3,456)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS (354,016) (32,719)
------------------ -----------------
NET INCREASE IN NET ASSETS 367,599 446,320
NET ASSETS BEGINNING OF PERIOD 3,018,863 1,942,262
------------------ -----------------
NET ASSETS END OF PERIOD $ 3,386,462 $ 2,388,582
--------------------------------------------- ================== =================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 485,868 280,703
Units Issued 66,189 46,179
Units Redeemed (125,101) (59,029)
------------------ -----------------
Units Outstanding at December 31, 2003 426,956 267,853
================== =================
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio Portfolio Portfolio I Portfolio I
--------------------- ------------------ ----------------- ------------------
OPERATIONS
Net investment loss $ (17,209) $ (16,652) $ 6,069 $ 189,416
Net realized gain (loss) on investments (63,668) (247,602) (335,835) (21,815)
Net change in unrealized appreciation
on investments 365,937 1,525,059 1,474,020 1,908,994
--------------------- ------------------ ----------------- ------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 285,060 1,260,805 1,144,254 2,076,595
--------------------- ------------------ ----------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 258,689 491,702 2,501,992 6,834,764
Value of units redeemed (96,009) (510,605) (673,849) (546,634)
Transfers between portfolios 6,110 (171,993) 142,322 594,060
Policyholder charges (2,108) (14,940) (5,075) (8,126)
--------------------- ------------------ ----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 166,682 (205,836) 1,965,390 6,874,064
--------------------- ------------------ ----------------- ------------------
NET INCREASE IN NET ASSETS 451,742 1,054,969 3,109,644 8,950,659
NET ASSETS BEGINNING OF PERIOD 902,452 5,875,372 4,414,809 10,062,344
--------------------- ------------------ ----------------- ------------------
NET ASSETS END OF PERIOD $ 1,354,194 $ 6,930,341 $ 7,524,453 $ 19,013,003
--------------------------------------------- ===================== ================== ================= ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 170,909 787,119 571,268 1,119,849
Units Issued 74,035 108,160 369,213 1,058,916
Units Redeemed (46,183) (171,261) (200,128) (410,497)
--------------------- ------------------ ----------------- ------------------
Units Outstanding at December 31, 2003 198,761 724,018 740,353 1,768,268
===================== ================== ================= ==================
JNL/S&P Equity
JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Index 50 Index 75 Index 100 Growth
Portfolio (a) Portfolio (b) Portfolio Portfolio I
-------------------- -------------------- -------------------- --------------------
OPERATIONS
Net investment loss $ (1,160) $ (197) $ (960) $ (21,678)
Net realized gain (loss) on investments 273 111 6,110 (156,729)
Net change in unrealized appreciation
on investments 28,142 6,117 30,987 522,340
-------------------- -------------------- -------------------- --------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 27,255 6,031 36,137 343,933
-------------------- -------------------- -------------------- --------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 270,038 23,307 458,032 325,340
Value of units redeemed (2,864) (672) (830) (55,124)
Transfers between portfolios 86,764 33,515 (19,952) 128,722
Policyholder charges (110) (8) (53) (2,203)
-------------------- -------------------- -------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 353,828 56,142 437,197 396,735
-------------------- -------------------- -------------------- --------------------
NET INCREASE IN NET ASSETS 381,083 62,173 473,334 740,668
NET ASSETS BEGINNING OF PERIOD - - 48,038 1,279,528
-------------------- -------------------- -------------------- --------------------
NET ASSETS END OF PERIOD $ 381,083 $ 62,173 $ 521,372 $ 2,020,196
--------------------------------------------- ==================== ==================== ==================== ====================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 - - 5,516 174,326
Units Issued 36,319 5,734 57,685 85,066
Units Redeemed (259) (485) (12,231) (46,261)
-------------------- -------------------- -------------------- --------------------
Units Outstanding at December 31, 2003 36,060 5,249 50,970 213,131
==================== ==================== ==================== ====================
JNL/S&P
JNL/S&P Equity Moderate
Growth Growth
Portfolio I Portfolio I
-------------------- -------------------
OPERATIONS
Net investment loss $ (186,925) $ 144,867
Net realized gain (loss) on investments (422,810) (142,520)
Net change in unrealized appreciation
on investments 3,572,927 4,040,224
-------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 2,963,192 4,042,571
-------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 4,399,662 8,035,079
Value of units redeemed (691,927) (1,217,364)
Transfers between portfolios 11,552,554 5,830,483
Policyholder charges (20,970) (33,921)
-------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 15,239,319 12,614,277
-------------------- -------------------
NET INCREASE IN NET ASSETS 18,202,511 16,656,848
NET ASSETS BEGINNING OF PERIOD 5,701,263 14,461,735
-------------------- -------------------
NET ASSETS END OF PERIOD $ 23,903,774 $ 31,118,583
--------------------------------------------- ==================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 827,393 1,724,588
Units Issued 2,092,754 1,866,707
Units Redeemed (344,536) (660,607)
-------------------- -------------------
Units Outstanding at December 31, 2003 2,575,611 2,930,688
==================== ===================
(a) Inception date February 3, 2003.
(b) Inception date April 15, 2003.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2003
JNL/
JNL/S&P Brothers
Very Aggressive JNL/Salomon U.S. Government JNL/T. Rowe
Growth Brothers Global & Quality Price Established
Portfolio I Bond Portfolio Bond Portfolio Growth Portfolio
--------------------- --------------------- -------------------- -------------------
OPERATIONS
Net investment loss $ (20,409) $ 136,644 $ 128,455 $ (65,940)
Net realized gain (loss) on investments (122,403) 120,768 225,428 (136,752)
Net change in unrealized appreciation
on investments 463,970 75,946 (396,738) 1,360,745
--------------------- --------------------- -------------------- -------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 321,158 333,358 (42,855) 1,158,053
--------------------- --------------------- -------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 401,128 963,269 1,868,601 767,250
Value of units redeemed (49,030) (281,271) (726,466) (258,787)
Transfers between portfolios 70,445 1,005,280 (2,990,772) 526,512
Policyholder charges (1,436) (6,708) (20,052) (7,333)
--------------------- --------------------- -------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 421,107 1,680,570 (1,868,689) 1,027,642
--------------------- --------------------- -------------------- -------------------
NET INCREASE IN NET ASSETS 742,265 2,013,928 (1,911,544) 2,185,695
NET ASSETS BEGINNING OF PERIOD 1,102,118 2,484,196 9,857,127 3,752,999
--------------------- --------------------- -------------------- -------------------
NET ASSETS END OF PERIOD $ 1,844,383 $ 4,498,124 $ 7,945,583 $ 5,938,694
--------------------------------------------- ===================== ===================== ==================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 160,429 209,812 804,141 467,506
Units Issued 88,442 193,721 311,379 151,987
Units Redeemed (48,685) (78,945) (476,999) (103,031)
--------------------- --------------------- -------------------- -------------------
Units Outstanding at December 31, 2003 200,186 324,588 638,521 516,462
===================== ===================== ==================== ===================
JNL/T. Rowe JNL/T. Rowe
Price Mid-Cap Price Value
Growth Portfolio Portfolio
------------------- ---------------
OPERATIONS
Net investment loss $ (88,321) $ (31,469)
Net realized gain (loss) on investments (16,381) (124,642)
Net change in unrealized appreciation
on investments 1,912,020 1,145,889
------------------- ---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS 1,807,318 989,778
------------------- ---------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 1,170,918 1,274,027
Value of units redeemed (374,742) (215,004)
Transfers between portfolios 2,472,989 638,410
Policyholder charges (8,437) (5,254)
------------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 3,260,728 1,692,179
------------------- ---------------
NET INCREASE IN NET ASSETS 5,068,046 2,681,957
NET ASSETS BEGINNING OF PERIOD 4,314,576 2,998,971
------------------- ---------------
NET ASSETS END OF PERIOD $ 9,382,622 $ 5,680,928
--------------------------------------------- =================== ===============
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2002 446,705 352,888
Units Issued 290,779 285,507
Units Redeemed (101,054) (119,021)
------------------- ---------------
Units Outstanding at December 31, 2003 636,430 519,374
=================== ===============
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2002
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio Portfolio Growth Portfolio Portfolio
------------------ ----------------- ------------------ -------------------
OPERATIONS
Net investment income (loss) $ (1,585) $ (3,295) $ (6,649) $ (95,346)
Net realized gain (loss) on investments (12,029) (15,193) (43,608) (975,881)
Net change in unrealized
depreciation on investments (20,318) (56,726) (122,126) (1,839,338)
------------------ ----------------- ------------------ -------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (33,932) (75,214) (172,383) (2,910,565)
------------------ ----------------- ------------------ -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 116,937 163,947 479,098 307,457
Value of units redeemed (1,136) (1,922) (2,765) (304,148)
Transfers between portfolios 52,894 77,614 262,658 (940,157)
Policyholder charges (6) (30) (40) (15,724)
------------------ ----------------- ------------------ -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 168,689 239,609 738,951 (952,572)
------------------ ----------------- ------------------ -------------------
NET INCREASE (DECREASE) IN NET ASSETS 134,757 164,395 566,568 (3,863,137)
NET ASSETS BEGINNING OF PERIOD 35,901 71,649 39,024 8,799,285
------------------ ----------------- ------------------ -------------------
NET ASSETS END OF PERIOD $ 170,658 $ 236,044 $ 605,592 $ 4,936,148
---------------------------------------------- ================== ================= ================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 3,496 6,579 3,530 843,056
Units Issued 27,592 51,717 129,376 138,655
Units Redeemed (8,429) (26,441) (53,506) (262,554)
------------------ ----------------- ------------------ -------------------
Units Outstanding at December 31, 2002 22,659 31,855 79,400 719,157
================== ================= ================== ===================
JNL/Curian
JNL/Alliance JNL/Curian Enhanced JNL/Curian
Capital 25 S&P 500 Stock Global
Growth Portfolio Portfolio (a) Index Portfolio (a) 15 Portfolio (a)
-------------------- ----------------- -------------------- ------------------
OPERATIONS
Net investment income (loss) $ (24,897) $ (3,885) $ (56) $ (3,588)
Net realized gain (loss) on investments (506,217) 17,668 (369) 1,491
Net change in unrealized
depreciation on investments (146,711) (1,202) (113) (3,146)
-------------------- ----------------- -------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (677,825) 12,581 (538) (5,243)
-------------------- ----------------- -------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 159,223 678,705 22,149 586,488
Value of units redeemed (78,912) (518,047) (63) (500,638)
Transfers between portfolios 236,317 66,905 5,347 12,856
Policyholder charges (1,851) - - -
-------------------- ----------------- -------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 314,777 227,563 27,433 98,706
-------------------- ----------------- -------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS (363,048) 240,144 26,895 93,463
NET ASSETS BEGINNING OF PERIOD 1,656,857 - - -
-------------------- ----------------- -------------------- ------------------
NET ASSETS END OF PERIOD $ 1,293,809 $ 240,144 $ 26,895 $ 93,463
---------------------------------------------- ==================== ================= ==================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 235,500 - - -
Units Issued 346,595 73,499 5,185 59,657
Units Redeemed (316,731) (50,038) (950) (50,038)
-------------------- ----------------- -------------------- ------------------
Units Outstanding at December 31, 2002 265,364 23,461 4,235 9,619
==================== ================= ==================== ==================
JNL/Curian JNL/Curian
S&P 400 MidCap S&P 500
Index Portfolio (a) Index Portfolio (a)
--------------------- --------------------
OPERATIONS
Net investment income (loss) $ 825 $ (601)
Net realized gain (loss) on investments (323) (491)
Net change in unrealized
depreciation on investments (12) (1,571)
--------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 490 (2,663)
--------------------- --------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 182,238 235,730
Value of units redeemed (3) (3)
Transfers between portfolios 3,584 24,447
Policyholder charges - -
--------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 185,819 260,174
--------------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS 186,309 257,511
NET ASSETS BEGINNING OF PERIOD - -
--------------------- --------------------
NET ASSETS END OF PERIOD $ 186,309 $ 257,511
---------------------------------------------- ===================== ====================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 - -
Units Issued 22,667 36,733
Units Redeemed (643) (3,348)
--------------------- --------------------
Units Outstanding at December 31, 2002 22,024 33,385
===================== ====================
(a) Inception date July 22, 2002.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2002
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Small-Cap Small Cap The Dow SM The S&P(R)
Portfolio (a) Index Portfolio (a) 10 Portfolio (a) 10 Portfolio (a)
-------------------- -------------------- ------------------ ------------------
OPERATIONS
Net investment income (loss) $ (3,969) $ 1,723 $ (4,094) $ (3,897)
Net realized gain (loss) on investments 49,903 (429) 61,211 (5,645)
Net change in unrealized
depreciation on investments (798) (3,051) 2,557 (8,432)
-------------------- -------------------- ------------------ ------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 45,136 (1,757) 59,674 (17,974)
-------------------- -------------------- ------------------ ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 711,815 203,443 734,327 683,675
Value of units redeemed (551,344) (3) (563,334) (496,150)
Transfers between portfolios 64,309 4,348 70,758 65,227
Policyholder charges - - - -
-------------------- -------------------- ------------------ ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 224,780 207,788 241,751 252,752
-------------------- -------------------- ------------------ ------------------
NET INCREASE (DECREASE) IN NET ASSETS 269,916 206,031 301,425 234,778
NET ASSETS BEGINNING OF PERIOD - - - -
-------------------- -------------------- ------------------ ------------------
NET ASSETS END OF PERIOD $ 269,916 $ 206,031 $ 301,425 $ 234,778
---------------------------------------------- ==================== ==================== ================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 - - - -
Units Issued 75,068 26,734 77,080 75,532
Units Redeemed (50,037) (627) (50,042) (51,019)
-------------------- -------------------- ------------------ ------------------
Units Outstanding at December 31, 2002 25,031 26,107 27,038 24,513
==================== ==================== ================== ==================
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio Equity Portfolio Growth Portfolio Portfolio
--------------------------------------- -------------------- ------------------
OPERATIONS
Net investment income (loss) $ (14,929) $ (32,760) $ (147,900) $ 28,777
Net realized gain (loss) on investments (122,052) (51,442) (3,523,317) (117,091)
Net change in unrealized
depreciation on investments (390,496) (577,096) (594,396) (299,005)
------------------- ------------------ -------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (527,477) (661,298) (4,265,613) (387,319)
------------------- ------------------ -------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 371,701 139,721 197,451 728,166
Value of units redeemed (125,543) (87,969) (482,736) (309,199)
Transfers between portfolios 255,169 (270,138) (1,885,727) 277,492
Policyholder charges (3,567) (3,282) (27,477) (3,977)
------------------- ------------------ -------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 497,760 (221,668) (2,198,489) 692,482
------------------- ------------------ -------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS (29,717) (882,966) (6,464,102) 305,163
NET ASSETS BEGINNING OF PERIOD 1,891,243 2,760,381 14,053,632 3,737,718
------------------- ------------------ -------------------- ------------------
NET ASSETS END OF PERIOD $ 1,861,526 $ 1,877,415 $ 7,589,530 $ 4,042,881
---------------------------------------------- =================== ================== ==================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 187,720 244,620 1,555,292 391,638
Units Issued 182,060 113,705 243,062 357,883
Units Redeemed (134,044) (138,343) (582,746) (288,865)
------------------- ------------------ -------------------- ------------------
Units Outstanding at December 31, 2002 235,736 219,982 1,215,608 460,656
=================== ================== ==================== ==================
JNL/Janus JNL/Janus
Capital Growth Global Equities
Portfolio Portfolio
------------------- ------------------
OPERATIONS
Net investment income (loss) $ (116,521) $ (47,268)
Net realized gain (loss) on investments (5,051,752) (2,222,448)
Net change in unrealized
depreciation on investments 1,844,952 20,902
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (3,323,321) (2,248,814)
------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 262,772 38,284
Value of units redeemed (378,215) (289,186)
Transfers between portfolios (2,222,051) (1,551,451)
Policyholder charges (22,937) (16,846)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS (2,360,431) (1,819,199)
------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS (5,683,752) (4,068,013)
NET ASSETS BEGINNING OF PERIOD 11,887,535 8,504,970
------------------- ------------------
NET ASSETS END OF PERIOD $ 6,203,783 $ 4,436,957
---------------------------------------------- =================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 1,262,399 812,892
Units Issued 225,523 68,359
Units Redeemed (536,838) (291,203)
------------------- ------------------
Units Outstanding at December 31, 2002 951,084 590,048
=================== ==================
(a) Inception date July 22, 2002.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2002
JNL/Mellon Capital
JNL/JPMorgan JNL/Lazard JNL/Lazard Management
International Mid Cap Small Cap Bond Index
Value Portfolio (b) Value Portfolio Value Portfolio Portfolio (a)
-------------------- ----------------- ----------------- --------------------
OPERATIONS
Net investment income (loss) $ 1,233 $ (6,639) $ (11,997) $ 605
Net realized gain (loss) on investments 2,629 (44,786) (51,497) 38
Net change in unrealized
depreciation on investments (1,683) (80,417) (190,428) (380)
-------------------- ----------------- ----------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 2,179 (131,842) (253,922) 263
-------------------- ----------------- ----------------- --------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 4,921 460,398 481,187 8,849
Value of units redeemed (1,207) (18,133) (13,330) -
Transfers between portfolios 53,778 112,832 681,877 10,715
Policyholder charges (15) (961) (185) -
-------------------- ----------------- ----------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 57,477 554,136 1,149,549 19,564
-------------------- ----------------- ----------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS 59,656 422,294 895,627 19,827
NET ASSETS BEGINNING OF PERIOD - 151,515 128,000 -
-------------------- ----------------- ----------------- --------------------
NET ASSETS END OF PERIOD $ 59,656 $ 573,809 $ 1,023,627 $ 19,827
---------------------------------------------- ==================== ================= ================= ====================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 - 14,023 11,708 -
Units Issued 14,331 112,259 191,956 1,879
Units Redeemed (8,125) (63,191) (89,123) -
-------------------- ----------------- ----------------- --------------------
Units Outstanding at December 31, 2002 6,206 63,091 114,541 1,879
==================== ================= ================= ====================
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio (a) Portfolio Portfolio Bond Portfolio
--------------------- --------------------- -------------------- -------------------
OPERATIONS
Net investment income (loss) $ (1) $ (15,825) $ (8,768) $ (38,754)
Net realized gain (loss) on investments (104) (36,991) (36,843) 10,170
Net change in unrealized
depreciation on investments - (225,382) (120,022) 244,864
--------------------- --------------------- -------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (105) (278,198) (165,633) 216,280
--------------------- --------------------- -------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units - 260,436 174,480 1,514,179
Value of units redeemed - (20,491) (39,056) (141,007)
Transfers between portfolios 105 156,345 34,719 3,778,632
Policyholder charges - (202) (159) (431)
--------------------- --------------------- -------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 105 396,088 169,984 5,151,373
--------------------- --------------------- -------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS - 117,890 4,351 5,367,653
NET ASSETS BEGINNING OF PERIOD - 806,988 441,046 400,167
--------------------- --------------------- -------------------- -------------------
NET ASSETS END OF PERIOD $ - $ 924,878 $ 445,397 $ 5,767,820
-------------------------------------------- ===================== ===================== ==================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 - 88,751 46,925 40,952
Units Issued 300 166,930 78,694 726,466
Units Redeemed (300) (122,634) (61,163) (227,775)
--------------------- --------------------- -------------------- -------------------
Units Outstanding at December 31, 2002 - 133,047 64,456 539,643
===================== ===================== ==================== ===================
JNL/PPM
JNL/PPM America America
Balanced High Yield
Portfolio Bond Portfolio
--------------------- -------------------
OPERATIONS
Net investment income (loss) $ 75,756 $ 315,080
Net realized gain (loss) on investments 145,736 (230,208)
Net change in unrealized
depreciation on investments (429,977) (51,159)
--------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (208,485) 33,713
--------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 497,165 651,347
Value of units redeemed (469,360) (215,458)
Transfers between portfolios 158,734 (58,220)
Policyholder charges (16,338) (4,588)
--------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 170,201 373,081
--------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS (38,284) 406,794
NET ASSETS BEGINNING OF PERIOD 5,081,560 4,339,474
--------------------- -------------------
NET ASSETS END OF PERIOD $ 5,043,276 $ 4,746,268
-------------------------------------------- ===================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 450,600 446,538
Units Issued 273,681 426,552
Units Redeemed (258,760) (391,997)
--------------------- -------------------
Units Outstanding at December 31, 2002 465,521 481,093
===================== ===================
(a) Inception date July 22, 2002.
(b) Inception date September 30, 2002.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2002
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam
Money America Value Equity International
Market Portfolio Portfolio (b) Portfolio Equity Portfolio
---------------------- ------------------- ----------------- -------------------
OPERATIONS
Net investment income (loss) $ (24,361) $ (7) $ (53,064) $ (13,697)
Net realized gain (loss) on investments 21,366 - (785,326) (779,198)
Net change in unrealized
depreciation on investments (21,366) (19) (324,611) 227,404
---------------------- ------------------- ----------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (24,361) (26) (1,163,001) (565,491)
---------------------- ------------------- ----------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 460,976 5,352 188,923 190,253
Value of units redeemed (347,703) (3) (302,228) (157,835)
Transfers between portfolios (1,450,805) 2,218 (547,403) (242,443)
Policyholder charges (9,943) - (13,528) (6,222)
---------------------- ------------------- ----------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS (1,347,475) 7,567 (674,236) (216,247)
---------------------- ------------------- ----------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS (1,371,836) 7,541 (1,837,237) (781,738)
NET ASSETS BEGINNING OF PERIOD 6,939,258 - 4,856,100 2,724,000
---------------------- ------------------- ----------------- -------------------
NET ASSETS END OF PERIOD $ 5,567,422 $ 7,541 $ 3,018,863 $ 1,942,262
-------------------------------------------- ====================== =================== ================= ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 641,923 - 585,748 308,863
Units Issued 802,324 691 90,566 408,193
Units Redeemed (928,831) - (190,446) (436,353)
---------------------- ------------------- ----------------- -------------------
Units Outstanding at December 31, 2002 515,416 691 485,868 280,703
====================== =================== ================= ===================
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio Portfolio Portfolio I Portfolio I
--------------------- ------------------ ----------------- -----------------
OPERATIONS
Net investment income (loss) $ (16,708) $ (35,927) $ (11,961) $ 52,096
Net realized gain (loss) on investments (143,910) (519,250) (306,975) (281,157)
Net change in unrealized
depreciation on investments (253,779) (1,302,544) (639,951) (498,289)
--------------------- ------------------ ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (414,397) (1,857,721) (958,887) (727,350)
--------------------- ------------------ ----------------- -----------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 200,841 541,213 1,238,879 2,926,776
Value of units redeemed (52,688) (449,172) (92,360) (332,536)
Transfers between portfolios (29,866) (1,526,159) (30,404) 1,791,663
Policyholder charges (2,103) (17,576) (5,629) (1,256)
--------------------- ------------------ ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 116,184 (1,451,694) 1,110,486 4,384,647
--------------------- ------------------ ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS (298,213) (3,309,415) 151,599 3,657,297
NET ASSETS BEGINNING OF PERIOD 1,200,665 9,184,787 4,263,210 6,405,047
--------------------- ------------------ ----------------- -----------------
NET ASSETS END OF PERIOD $ 902,452 $ 5,875,372 $ 4,414,809 $ 10,062,344
-------------------------------------------- ===================== ================== ================= =================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 159,264 972,111 450,377 646,383
Units Issued 127,765 321,699 284,063 879,368
Units Redeemed (116,120) (506,691) (163,172) (405,902)
--------------------- ------------------ ----------------- -----------------
Units Outstanding at December 31, 2002 170,909 787,119 571,268 1,119,849
===================== ================== ================= =================
JNL/S&P Equity
JNL/S&P Core Aggressive
Index 100 Growth
Portfolio (a) Portfolio I
-------------------- ------------------
OPERATIONS
Net investment income (loss) $ (148) $ (15,866)
Net realized gain (loss) on investments 4 (90,190)
Net change in unrealized
depreciation on investments 320 (230,593)
-------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 176 (336,649)
-------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 41,145 309,922
Value of units redeemed - (28,168)
Transfers between portfolios 6,717 102,385
Policyholder charges - (3,009)
-------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 47,862 381,130
-------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS 48,038 44,481
NET ASSETS BEGINNING OF PERIOD - 1,235,047
-------------------- ------------------
NET ASSETS END OF PERIOD $ 48,038 $ 1,279,528
-------------------------------------------- ==================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 - 129,844
Units Issued 5,516 82,533
Units Redeemed - (38,051)
-------------------- ------------------
Units Outstanding at December 31, 2002 5,516 174,326
==================== ==================
(a) Inception date July 22, 2002.
(b) Inception date September 30, 2002.
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2002
JNL/S&P JNL/S&P
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon
Growth Growth Growth Brothers Global
Portfolio I Portfolio I Portfolio I Bond Portfolio
--------------------- ----------------- ------------------- -------------------
OPERATIONS
Net investment income (loss) $ (86,553) $ (14,151) $ (19,874) $ 111,242
Net realized gain (loss) on investments (1,076,582) (775,107) (276,853) 13,599
Net change in unrealized
depreciation on investments (658,813) (1,166,637) (121,377) 19,904
--------------------- ----------------- ------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS (1,821,948) (1,955,895) (418,104) 144,745
--------------------- ----------------- ------------------- -------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 2,234,727 4,886,612 202,971 217,811
Value of units redeemed (278,335) (561,126) (51,566) (121,078)
Transfers between portfolios (213,388) 1,096,517 (184,868) 354,085
Policyholder charges (12,968) (5,399) (3,274) (1,311)
--------------------- ----------------- ------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 1,730,036 5,416,604 (36,737) 449,507
--------------------- ----------------- ------------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS (91,912) 3,460,709 (454,841) 594,252
NET ASSETS BEGINNING OF PERIOD 5,793,175 11,001,026 1,556,959 1,889,944
--------------------- ----------------- ------------------- -------------------
NET ASSETS END OF PERIOD $ 5,701,263 $ 14,461,735 $ 1,102,118 $ 2,484,196
-------------------------------------------- ===================== ================= =================== ===================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 629,958 1,128,991 174,264 170,660
Units Issued 808,669 1,651,507 97,752 135,549
Units Redeemed (611,234) (1,055,910) (111,587) (96,397)
--------------------- ----------------- ------------------- -------------------
Units Outstanding at December 31, 2002 827,393 1,724,588 160,429 209,812
===================== ================= =================== ===================
JNL/
Brothers
U.S. Government JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
& Quality Price Established Price Mid-Cap Price Value
Bond Portfolio Growth Portfolio Growth Portfolio Portfolio
----------------------- ------------------- ------------------- ------------------
OPERATIONS
Net investment income (loss) $ 229,642 $ (68,621) $ (78,331) $ (51,830)
Net realized gain (loss) on investments 279,781 (579,890) (247,463) (174,779)
Net change in unrealized
depreciation on investments 149,809 (891,506) (1,239,548) (518,886)
----------------------- ------------------- ------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 659,232 (1,540,017) (1,565,342) (745,495)
----------------------- ------------------- ------------------- ------------------
CONTRACT TRANSACTIONS (1)
Proceeds from the sale of units 1,403,538 483,872 580,173 533,863
Value of units redeemed (486,948) (271,575) (236,230) (189,302)
Transfers between portfolios 2,893,242 (1,204,848) (867,190) 262,737
Policyholder charges (13,358) (11,479) (14,310) (4,361)
----------------------- ------------------- ------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CONTRACT TRANSACTIONS 3,796,474 (1,004,030) (537,557) 602,937
----------------------- ------------------- ------------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS 4,455,706 (2,544,047) (2,102,899) (142,558)
NET ASSETS BEGINNING OF PERIOD 5,401,421 6,297,046 6,417,475 3,141,529
----------------------- ------------------- ------------------- ------------------
NET ASSETS END OF PERIOD $ 9,857,127 $ 3,752,999 $ 4,314,576 $ 2,998,971
-------------------------------------------- ======================= =================== =================== ==================
(1) CONTRACT UNIT TRANSACTIONS
Units Outstanding at December 31, 2001 488,773 589,978 495,035 300,675
Units Issued 782,722 251,046 196,672 320,853
Units Redeemed (467,354) (373,518) (245,002) (268,640)
----------------------- ------------------- ------------------- ------------------
Units Outstanding at December 31, 2002 804,141 467,506 446,705 352,888
======================= =================== =================== ==================
See notes to the financial statements.
JNLNY SEPARATE ACCOUNT I
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 - ORGANIZATION
Jackson National Life Insurance Company of New York ("Jackson National")
established JNLNY Separate Account I (the "Separate Account") on September 12,
1997. The Separate Account commenced operations on November 27, 1998, and is
registered under the Investment Company Act of 1940 as a unit investment trust.
The Separate Account assets legally belong to Jackson National and the
obligations under the contracts are the obligation of Jackson National. However,
the contract assets in the Separate Account are not chargeable with liabilities
arising out of any other business Jackson National may conduct.
The Separate Account receives and invests net premiums for individual flexible
premium variable annuity contracts issued by Jackson National. The contracts can
be purchased on a non-tax qualified basis or in connection with certain plans
qualifying for favorable federal income tax treatment. The Separate Account
currently contains fifty-six (56) Portfolios, each of which invests in the
following series of mutual funds:
---------------------------------------------------------------------------------------------------------------------------
JNL SERIES TRUST
JNL/AIM Large Cap Growth Fund JNL/PPM America Balanced Fund
JNL/AIM Premier Equity II Fund JNL/PPM America High Yield Bond Fund
JNL/AIM Small Cap Growth Fund JNL/PPM America Money Market Fund
JNL/Alger Growth Fund JNL/PPM America Value Fund
JNL/Alliance Capital Growth Fund JNL/Putnam Equity Fund
JNL/Curian Enhanced S&P 500 Stock Index Fund JNL/Putnam International Equity Fund
JNL/Curian S&P 400 Mid Cap Index Fund JNL/Putnam Midcap Growth Fund
JNL/Curian S&P 500 Index Fund JNL/Putnam Value Equity Fund
JNL/Curian Small Cap Index Fund JNL/S&P Aggressive Growth Fund I
JNL/Eagle Core Equity Fund JNL/S&P Conservative Growth Fund I
JNL/Eagle SmallCap Equity Fund JNL/S&P Core Index 50 Fund
JNL/Janus Aggressive Growth Fund JNL/S&P Core Index 75 Fund
JNL/Janus Balanced Fund JNL/S&P Core Index 100 Fund
JNL/Janus Capital Growth Fund JNL/S&P Equity Aggressive Growth Fund I
JNL/Janus Global Equities Fund JNL/S&P Equity Growth Fund I
JNL/JPMorgan International Value Fund JNL/S&P Moderate Growth Fund I
JNL/Lazard Mid Cap Value Fund JNL/S&P Very Aggressive Growth Fund I
JNL/Lazard Small Cap Value Fund JNL/Salomon Brothers Global Bond Fund
JNL/Mellon Capital Management Bond Index Fund JNL/Salomon Brothers U.S. Government & Quality Bond Fund
JNL/Mellon Capital Management International Index Fund JNL/T. Rowe Price Established Growth Fund
JNL/Oppenheimer Global Growth Fund JNL/T. Rowe Price Mid-Cap Growth Fund
JNL/Oppenheimer Growth Fund JNL/T. Rowe Price Value Fund
JNL/PIMCO Total Return Bond Fund
---------------------------------------------------------------------------------------------------------------------------
JNL VARIABLE FUND LLC JNLNY VARIABLE FUND I LLC
JNL/Curian Communications Sector Fund JNL/Curian 25 Fund
JNL/Curian Consumer Brands Sector Fund JNL/Curian Global 15 Fund
JNL/Curian Energy Sector Fund JNL/Curian Small-Cap Fund
JNL/Curian Financial Sector Fund JNL/Curian The Dow SM 10 Fund
JNL/Curian Pharmaceutical/Healthcare Sector Fund JNL/Curian The S&P(R)10 Fund
JNL/Curian Technology Sector Fund
---------------------------------------------------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION (CONTINUED)
Jackson National Asset Management, LLC, a wholly-owned subsidiary of Jackson
National Life Insurance Company, serves as investment adviser for all the Funds
and receives a fee for its services from each of the Funds.
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 to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
INVESTMENTS
The Separate Account's investments in the corresponding series of mutual
funds ("Funds") are stated at the 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 are reinvested in the
respective Funds. Dividend distributions received from the Funds are
reinvested in additional shares of the Funds and are recorded as income 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 National, 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.
NOTE 3 - POLICY CHARGES
Charges are deducted from the Separate Account to compensate Jackson National
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.
CONTRACT CHARGES
CONTRACT MAINTENANCE CHARGE
An annual contract maintenance charge of $30 is charged against each
contract to reimburse Jackson National 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. The charge is deducted by redeeming
units. For the years ended December 31, 2003 and 2002, contract maintenance
charges were assessed in the amount of $60,151 and $49,945, respectively.
TRANSFER FEE CHARGE
A transfer fee of $25 will apply to transfers made by contract holders
between the portfolios in excess of 15 transfers in a contract year.
Jackson National may waive the transfer fee in connection with
pre-authorized automatic transfer programs. This fee will be deducted from
any contract values remaining in the portfolio(s) from which the transfers
were made.
NOTE 3 - POLICY CHARGES (CONTINUED)
CONTRACT CHARGES (CONTINUED)
TRANSFER FEE CHARGE (CONTINUED)
If such remaining contract value is insufficient to pay the transfer fee,
then the fee will be deducted from transferred contract values. For the
years ended December 31, 2003 and 2002, transfer fee charges were assessed
in the amount of $375 and $500, respectively.
SURRENDER OR CONTINGENT DEFERRED SALES CHARGE
During the first seven 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 National and withheld from the proceeds of the withdrawals. For the
years ended December 31, 2003 and 2002, surrender charges were assessed in
the amount of $275,542 and $193,897, respectively.
ASSET-BASED CHARGES
INSURANCE CHARGES
Jackson National deducts a daily charge for administrative expenses from
the net assets of the Separate Account equivalent to an annual rate of
0.15%. The administration charge is designed to reimburse Jackson National
for administrative expenses related to the Separate Account and the
issuance and maintenance of contracts.
Jackson National deducts a daily base contract charge from the net assets
of the Separate Account equivalent to an annual rate of 1.10% to 1.50% for
the assumption of mortality and expense risks. The mortality risk assumed
by Jackson National is that the insured may receive benefits greater than
those anticipated by Jackson National. The expense risk assumed by Jackson
National is that the costs of administering the contracts of the Separate
Account will exceed the amount received from the Administration Charge and
the Contract Maintenance Charge.
OPTIONAL BENEFIT CHARGES
CONTRACT ENHANCEMENT CHARGE. If you select one of the contract enhancement
benefits, then for a period of three to seven contract years, Jackson
National will make an additional deduction based upon the average daily net
asset value of your allocations to the portfolios. The amounts of these
charges depend upon which of the contract enhancements you select and range
from 0.395% to 0.65%.
CONTRACT ENHANCEMENT RECAPTURE CHARGE. If you select a contract enhancement
benefit and then make a partial or total withdrawal during the first three
to seven contract years, Jackson National will assess a recapture charge
that reimburses Jackson National for all or part of the contract
enhancements that Jackson National credited to the account based on the
first year payments.
GUARANTEED MINIMUM INCOME BENEFIT CHARGE. If you select this benefit, on a
calendar quarter basis, Jackson National will deduct 0.1125% of the
Guaranteed Minimum Income Benefit (GMIB) Benefit Base.
GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select this benefit,
Jackson National will make an additional deduction of 0.35% on an annual
basis of the average daily net asset value of your allocations to the
portfolios. This charge will increase to 0.55% upon the first election of a
"step-up". Jackson National reserves the right to prospectively increase
the charge on new issues or upon any election of any "step-up" subject to a
maximum charge of 0.70%.
NOTE 3 - POLICY CHARGES (CONTINUED)
OPTIONAL BENEFIT CHARGES (CONTINUED)
OPTIONAL DEATH BENEFIT CHARGES. If you select one of the two optional death
benefits available under your Contract, Jackson National will deduct 0.15%
or 0.25% on an annual basis of the average daily net asset value of your
allocations to the portfolios.
WITHDRAWAL CHARGE PERIOD. If you select the optional three or five-year
withdrawal charge period feature (on the Perspective II base contract),
Jackson National will deduct 0.45% or 0.30%, respectively, on an annual
basis of the average daily net asset value of your allocations to the
portfolios.
20% ADDITIONAL FREE WITHDRAWAL CHARGE. If you select 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 National will deduct 0.30% on an annual basis of
the average daily net assets value of your allocations to the portfolios.
PREMIUM TAXES
Some states and other governmental entities charge premium taxes or other
similar taxes. Jackson National is responsible for the payment of 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 - PURCHASES AND SALES OF INVESTMENTS
For the year ended December 31, 2003, purchases and proceeds from sales of
investments are as follows:
-----------------------------------------------------------------------------------------
JNL SERIES TRUST
PROCEEDS
PURCHASES FROM SALES
JNL/AIM Large Cap Growth Fund $ 1,428,056 $ 388,629
JNL/AIM Premier Equity II Fund 133,496 25,904
JNL/AIM Small Cap Growth Fund 1,954,551 319,547
JNL/Alger Growth Fund 1,471,081 1,093,717
JNL/Alliance Capital Growth Fund 1,738,178 999,990
JNL/Curian Enhanced S&P 500 Index Fund 1,150,643 143,096
JNL/Curian S&P 400 Mid Cap Index Fund 1,765,553 108,577
JNL/Curian S&P 500 Index Fund 3,855,475 149,093
JNL/Curian Small Cap Index Fund 2,504,180 233,804
JNL/Eagle Core Equity Fund 1,131,327 556,445
JNL/Eagle SmallCap Equity Fund 1,132,611 648,232
JNL/Janus Aggressive Growth Fund 753,311 3,881,111
JNL/PPM America Balanced Fund $ 3,219,729 $ 1,119,517
JNL/PPM America High Yield Bond Fund 10,207,305 4,042,674
JNL/PPM America Money Market Fund 4,711,310 7,912,180
JNL/PPM America Value Fund 1,084,909 57,401
JNL/Putnam Equity Fund 514,582 904,434
JNL/Putnam International Equity Fund 436,590 463,698
JNL/Putnam Midcap Growth Fund 442,428 292,955
JNL/Putnam Value Equity Fund 1,269,156 1,491,644
JNL/S&P Aggressive Growth Fund I 3,813,832 1,842,373
JNL/S&P Conservative Growth Fund I 11,298,732 4,235,252
JNL/S&P Core Index 50 Fund 356,977 4,289
JNL/S&P Core Index 75 Fund 60,421 4,385
JNL/Janus Balanced Fund $ 1,730,367 $1,265,130
JNL/Janus Capital Growth Fund 858,911 2,989,558
JNL/Janus Global Equities Fund 106,756 1,469,579
JNL/JPMorgan International Value Fund 698,060 73,401
JNL/Lazard Mid Cap Value Fund 1,332,993 195,951
JNL/Lazard Small Cap Value Fund 2,355,975 975,529
JNL/Mellon Capital Management Bond Index Fund 740,509 180,621
JNL/Mellon Capital Management International Index Fund 665,177 60,494
JNL/Oppenheimer Global Growth Fund 1,224,396 263,589
JNL/Oppenheimer Growth Fund 299,742 151,018
JNL/PIMCO Total Return Bond Fund 8,114,629 5,056,331
JNL/S&P Core Index 100 Fund $ 556,891 $ 119,878
JNL/S&P Equity Aggressive Growth Fund I 772,223 397,166
JNL/S&P Equity Growth Fund I 17,874,481 2,822,087
JNL/S&P Moderate Growth Fund I 19,228,545 6,469,401
JNL/S&P Very Aggressive Growth Fund I 811,348 410,650
JNL/Salomon Brothers Global Bond Fund 2,933,746 1,061,094
JNL/Salomon Brothers US Government & Quality Bond Fund 4,461,565 6,107,897
JNL/T. Rowe Price Established Growth Fund 1,980,168 1,018,466
JNL/T. Rowe Price Mid-Cap Growth Fund 4,475,605 1,257,828
JNL/T. Rowe Price Value Fund 2,770,240 1,109,530
-----------------------------------------------------------------------------------------
JNL VARIABLE FUND LLC
PROCEEDS
PURCHASES FROM SALES
JNL/Curian Communications Sector Fund $ 5,100 $ 5,451
JNL/Curian Consumer Brands Sector Fund 4,800 4,891
JNL/Curian Energy Sector Fund 5,100 5,378
JNL/Curian Financial Sector Fund 28,663 5,266
JNL/Curian Pharmaceutical/Healthcare Sector Fund 39,089 5,271
JNL/Curian Technology Sector Fund 4,800 4,839
---------------------------------------------------------------------------------------
JNLNY VARIABLE FUND I LLC
PROCEEDS
PURCHASES FROM SALES
JNL/Curian 25 Fund $ 5,863,453 $ 544,843
JNL/Curian Global 15 Fund 1,236,175 136,439
JNL/Curian Small-Cap Fund 5,384,859 707,034
JNL/Curian The Dow SM 10 Fund 7,358,959 500,623
JNL/Curian The S&P(R)10 Fund
7,607,311 570,083
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES
The following is a summary of insurance charges for the period ended December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
----------------- ----------------- ----------------- ---------------- ----------------- -----------------
M&E CLASS
1.250 $ 13 $ - $ 77 $ 17 $ 102 $ 32
1.400 750 368 784 306 136 3,508
1.500 21 - 54 11 - 66
1.550 - - - - - -
1.600 60 - - - - 193
1.645 - - - - - 16
1.650 34 - 190 10 - 1,012
1.670 87 - 485 162 14 36
1.700 130 - 103 45 - 130
1.750 849 8 904 20 5 1,464
1.795 1,017 - 490 572 21 13,214
1.800 - 38 49 - 20 19
1.820 - - 1 76 75 -
1.850 37 11 37 34 34 40
1.895 - - - - - 11
1.900 - - - - - -
1.920 76 - 295 171 - 977
1.945 - - - - - -
1.950 3 - - 3 - -
1.960 1,260 109 1,267 937 430 38,946
1.970 24 - 3 29 - 45
1.995 - - - - - -
2.000 - 12 49 - - 397
2.020 - - - 64 - 55
2.050 - - 37 38 - 822
2.095 - - - 51 48 618
2.100 - - - - - -
2.145 - - 19 - - 14
2.150 - - 200 - 235 456
2.195 - - 33 - - 57
2.220 - - - - - 13
2.245 - - - - - -
2.270 2 - 45 - 164 74
2.295 - - - - - -
2.300 - 10 100 7 479 128
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 73
2.395 - 11 6 - - -
2.450 75 265 22 77 1,652 211
2.470 - - - - - -
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
--------------------- ------------------- ----------------- ------------------ ----------------- ----------------
M&E CLASS
1.250 $ 1 $ 1 $ 1 $ 68 $ 1 $ 40
1.400 - - - 784 - 718
1.500 - - - 4 - 48
1.550 - - - - - -
1.600 - - - 114 - 128
1.645 - - - - - 15
1.650 1 1 1 24 1 1,001
1.670 - - - 113 - 88
1.700 - - - 159 - 92
1.750 - - - 887 - 1,337
1.795 - - - 62 6 275
1.800 - - - 28 - 24
1.820 - - - - - -
1.850 - - - - - 48
1.895 - - - - - 11
1.900 - - - - - 15
1.920 - - - - - 55
1.945 - - - - - -
1.950 - - - - - -
1.960 - - - 873 - 1,598
1.970 - - - - - 59
1.995 - - - - - 8
2.000 - - - - - 40
2.020 - - - 46 - 35
2.050 - - - 88 - 805
2.095 - - - 94 - 635
2.100 - - - - - -
2.145 - - - - - 14
2.150 - - - - - 360
2.195 - - - 11 - -
2.220 - - - - - 13
2.245 - - - 6 - -
2.270 - - - - - 59
2.295 - - - - - 22
2.300 - - - 651 - 141
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 69
2.395 - - - - - -
2.450 - - - 145 - 58
2.470 - - - 3 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
----------------- ----------------- ----------------- ---------------- ----------------- -----------------
M&E CLASS
2.570 - - - - - 3
2.595 - - - - - 4
2.650 40 - 84 95 - -
2.800 - - 127 - - -
PERSPECTIVE
Standard Benefit 2,563 1,266 4,227 73,140 17,355 548
Contract Enhancement
Benefit 1,783 2,812 7,131 6,699 9,234 331
----------------- ----------------- ----------------- ---------------- ----------------- -----------------
Total $ 8,824 $ 4,910 $ 16,819 $ 82,564 $ 30,004 $ 63,513
================= ================= ================= ================ ================= =================
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
--------------------- ------------------- ----------------- ------------------ ----------------- ----------------
M&E CLASS
2.570 - - - - - 1
2.595 - - - - - 2
2.650 - - - 6 - -
2.800 - - - - - -
PERSPECTIVE
Standard Benefit 1 1 1 668 2 475
Contract Enhancement
Benefit - - - 2,096 7 492
--------------------- ------------------- ----------------- ------------------ ----------------- ----------------
Total $ 3 $ 3 $ 3 $ 6,930 $ 17 $ 8,781
===================== =================== ================= ================== ================= ================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
----------------- ---------------- ------------------ ------------------ ----------------- -----------------
M&E CLASS
1.250 $ 1 $ 138 $ 122 $ 35 $ 146 $ 1
1.400 - 592 1,970 3,012 502 -
1.500 - 17 17 48 - -
1.550 - - 32 - - -
1.600 - 77 231 122 60 -
1.645 - 156 208 16 157 -
1.650 1 105 102 1,118 113 1
1.670 - 56 - 85 5 -
1.700 - 67 31 36 10 -
1.750 - 1,262 2,423 1,430 1,171 -
1.795 8 1,065 3,447 10,682 1,472 -
1.800 - 52 35 13 40 -
1.820 - - 453 - - -
1.850 - 11 116 48 52 -
1.895 - - - 11 - -
1.900 - 68 169 - 34 -
1.920 - 82 91 814 81 -
1.945 - 4 4 - 4 -
1.950 - - - - - -
1.960 - 6,691 7,387 31,496 7,124 -
1.970 - - - 44 10 -
1.995 - - - 8 - -
2.000 - - 22 117 21 -
2.020 - 41 77 25 18 -
2.050 - - 62 806 30 -
2.095 - 1 191 561 1 -
2.100 - - - - - -
2.145 - 82 1,135 109 83 -
2.150 - - 114 487 - -
2.195 - - 31 34 - -
2.220 - - - 13 - -
2.245 - 1 - 2 - -
2.270 - 177 219 40 172 -
2.295 - - - - - -
2.300 - 416 2,122 169 411 -
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - 73 - -
2.395 - - 11 - - -
2.450 - 114 161 405 1,065 -
2.470 - - - - - -
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------ ------------------ ----------------- ---------------- ----------------- -----------------
M&E CLASS
1.250 $ 11 $ 20 $ 66 $ 16 $ - $ 21
1.400 4,998 4,030 593 236 103 1,131
1.500 66 75 42 1 - 19
1.550 - - - - - -
1.600 210 185 - - 7 7
1.645 16 15 - - - -
1.650 1,040 945 19 - - 201
1.670 43 23 88 1 - 110
1.700 404 161 56 - - 135
1.750 1,565 1,500 417 266 - 948
1.795 11,946 17,014 966 - 56 1,891
1.800 18 4 56 20 - 456
1.820 - - 58 1 - -
1.850 40 76 85 18 - 28
1.895 11 11 - - - -
1.900 12 - - - - -
1.920 905 1,290 159 - - 69
1.945 19 - - - - -
1.950 1 1 6 - - 3
1.960 41,492 50,058 1,103 612 618 2,302
1.970 79 44 41 3 - 21
1.995 - - - - - -
2.000 432 122 - - - -
2.020 35 87 - 32 - -
2.050 877 702 - - - 42
2.095 822 747 48 - 41 346
2.100 - - - - - -
2.145 13 13 180 295 - 435
2.150 357 340 7 68 - 5
2.195 66 35 1 - - -
2.220 13 13 - - - -
2.245 - - - - - -
2.270 74 73 - - - 13
2.295 - - - 11 - -
2.300 372 211 349 184 - 895
2.310 - - - - - -
2.320 - - - - - -
2.350 73 70 - - - 175
2.395 - - - - - -
2.450 1,177 59 - 258 - 195
2.470 - - - - - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
----------------- ---------------- ------------------ ------------------ ----------------- -----------------
M&E CLASS
2.570 - 4 7 2 2 -
2.595 - 6 10 - 3 -
2.650 - 194 10 169 62 -
2.800 - 308 302 97 316 -
PERSPECTIVE
Standard Benefit 1 544 4,095 1,318 3,786 1
Contract Enhancement
Benefit 10 546 1,213 377 743 -
----------------- ---------------- ------------------ ------------------ ----------------- -----------------
Total $ 21 $ 12,877 $ 26,620 $ 53,822 $ 17,694 $ 3
================= ================ ================== ================== ================= =================
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------ ------------------ ----------------- ---------------- ----------------- -----------------
M&E CLASS
2.570 4 5 - - - -
2.595 5 7 - - - -
2.650 - - - - - -
2.800 - - 122 154 - 465
PERSPECTIVE
Standard Benefit 557 749 17,795 24,119 99,142 35,553
Contract Enhancement
Benefit 722 392 11,927 6,143 7,037 21,509
------------------ ------------------ ----------------- ---------------- ----------------- -----------------
Total $ 68,475 $ 79,077 $ 34,184 $ 32,438 $ 107,004 $ 66,975
================== ================== ================= ================ ================= =================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
----------------- ----------------- ----------------- ---------------- ----------------- -------------------
M&E CLASS
1.250 $ 81 $ - $ 5 $ 9 $ 9 $ -
1.400 176 - 144 450 807 447
1.500 - - - 61 50 -
1.550 - - - - - -
1.600 - - - 45 36 104
1.645 - - - - - -
1.650 - - - 190 - -
1.670 - - 78 481 483 1
1.700 81 - 5 162 178 -
1.750 - - 330 615 227 27
1.795 66 - 64 738 866 393
1.800 - - - - 64 47
1.820 - - - 145 1 -
1.850 - - 2 48 27 92
1.895 - - - - - -
1.900 6 - - 15 23 33
1.920 - - - 262 290 73
1.945 - - 7 4 - -
1.950 - - - 2 3 -
1.960 229 - 60 775 4,687 1
1.970 - - - 31 9 -
1.995 - - - - - -
2.000 50 - 104 35 152 -
2.020 - - 59 123 35 -
2.050 37 - - 44 38 -
2.095 132 - 129 557 405 109
2.100 - - - - - -
2.145 - - - 22 201 -
2.150 - - 4 165 57 -
2.195 - - - - - -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 42 42 171
2.295 - - - 23 - -
2.300 - - 240 214 543 516
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - - - 146 224 -
2.470 - - - - - -
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
-------------------- ------------------ ------------------- ---------------- ------------------ -----------------
M&E CLASS
1.250 $ - $ 63 $ - $ 203 $ 55 $ 38
1.400 40 732 311 3,185 969 4,146
1.500 - 16 - 93 23 57
1.550 - - - - - -
1.600 82 7 - 29 53 99
1.645 51 - - - 5 3
1.650 8 19 - 849 44 15
1.670 - 84 - 300 147 112
1.700 - 75 47 983 340 523
1.750 844 340 364 767 488 1,452
1.795 159 896 164 5,775 1,469 5,343
1.800 - 15 - 827 98 334
1.820 - 209 186 2,736 237 3,821
1.850 13 42 13 77 35 40
1.895 - - - - - -
1.900 34 6 - - 6 -
1.920 81 74 7 525 220 400
1.945 - - - - - 504
1.950 - 3 - 6 3 3
1.960 163 932 162 7,696 3,169 10,721
1.970 - - - 106 12 93
1.995 - - - - - -
2.000 - - 69 584 145 329
2.020 25 18 - 41 15 34
2.050 28 38 - 545 - 370
2.095 1 182 88 1,415 107 1,019
2.100 - - - - - -
2.145 152 90 85 4,456 2,907 1,318
2.150 - - - 412 59 181
2.195 - - - 89 36 1
2.220 - - - - - -
2.245 - - - 6 - 114
2.270 179 125 2 82 - 1
2.295 - - - - - -
2.300 194 559 33 9,965 446 4,946
2.310 - - - - - -
2.320 - - - 4 - -
2.350 - - - - - 174
2.395 - - - - 6 -
2.450 40 832 242 5,606 144 18,707
2.470 - - - 3 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
----------------- ----------------- ----------------- ---------------- ----------------- -------------------
M&E CLASS
2.570 - - - - - -
2.595 - - - - - -
2.650 - - 41 41 39 25
2.800 - - 96 154 79 -
PERSPECTIVE
Standard Benefit 83,632 54,544 940 2,985 14,807 334
Contract Enhancement
Benefit 8,039 - 1,117 6,830 7,702 1,219
----------------- ----------------- ----------------- ---------------- ----------------- -------------------
Total $ 92,529 $ 54,544 $ 3,425 $ 15,414 $ 32,084 $ 3,592
=================== ================= ================= ================ ================= ===================
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
------------------- ------------------ ------------------ ---------------- ------------------ -----------------
M&E CLASS
2.570 3 - - - - -
2.595 4 - - - - -
2.650 - 1 - 149 - 201
2.800 - - 1 822 431 320
PERSPECTIVE
Standard Benefit 33 6,409 2,472 47,110 62,211 53,509
Contract Enhancement
Benefit 69 10,451 5,097 28,772 23,150 29,974
------------------- ------------------ ------------------ ---------------- ------------------ -----------------
Total $ 2,203 $ 22,218 $ 9,343 $ 124,218 $ 97,030 $ 138,902
=================== ================== ================== ================ ================== =================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ----------------- ------------------ ------------------ ----------------- ------------------
M&E CLASS
1.250 $ 2 $ 34 $ 7 $ 2 $ 15 $ -
1.400 394 108 154 213 500 727
1.500 2 19 - 1 - 19
1.550 - - - - - -
1.600 - 10 - - - -
1.645 - - - - - -
1.650 955 - - - - 19
1.670 383 64 - 30 - 103
1.700 - 13 24 - - 215
1.750 66 251 164 48 967 126
1.795 2,336 355 - 21 104 477
1.800 1,139 57 - 305 87 103
1.820 - 6 - - - 212
1.850 - 51 - 28 7 65
1.895 - - - - - -
1.900 - 49 - 8 - -
1.920 71 116 42 - - 174
1.945 - - - - - -
1.950 - 3 - - - 3
1.960 839 2,686 32 229 216 387
1.970 - 21 - - 6 21
1.995 - - - - - -
2.000 - - - 100 21 305
2.020 - 40 - - - -
2.050 - 45 - 208 - -
2.095 23 147 349 38 - 121
2.100 - - - - - -
2.145 - - - 14 19 -
2.150 - 172 - 105 - 66
2.195 - - - - - -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 5 - -
2.295 - - - - - 29
2.300 682 270 46 89 60 269
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - 6 -
2.450 12 - - - - -
2.470 - - - - - -
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------- ----------------- ------------------- ----------------- ------------------ -----------------
M&E CLASS
1.250 $ 20 $ 113 $ 198 $ - $ 44 $ 58
1.400 5,095 9,824 - 50 66 159
1.500 - 94 - - - -
1.550 - 11 - - - -
1.600 19 94 - - - -
1.645 - 65 - - - -
1.650 - 2,359 - - - -
1.670 1,046 646 - 5 118 4
1.700 892 1,649 - - - 633
1.750 975 4,452 162 - 276 -
1.795 2,602 4,440 21 96 486 -
1.800 13 1,833 - - 45 -
1.820 222 847 6 - 349 -
1.850 18 60 - - - -
1.895 - - - - - -
1.900 - - - - - -
1.920 577 260 34 - 256 79
1.945 4 - - - - -
1.950 - - - - - -
1.960 2,046 21,516 92 - 4 4,767
1.970 - 242 - - - -
1.995 - - - - - -
2.000 793 447 - - 416 -
2.020 2 5 - - - -
2.050 126 1,065 80 - 62 17
2.095 750 4,920 - - - -
2.100 - 448 - - - -
2.145 392 2,691 - - - -
2.150 38 62 - - - -
2.195 104 23 - - - 82
2.220 - 8 - - - -
2.245 - 134 - - - -
2.270 - 32 279 - - -
2.295 - - - - - -
2.300 1,526 13,204 - - 339 23
2.310 2 2 - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - 672 - - 40 -
2.470 3 - - - 3 -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ----------------- ----------------- ------------------ ----------------- ------------------
M&E CLASS
2.570 - 9 - - - -
2.595 - - - - - -
2.650 - 35 - 81 8 -
2.800 - - - 158 151 124
PERSPECTIVE
Standard Benefit 44,462 139 39,434 22,200 6,845 66,814
Contract Enhancement
Benefit 10,810 81 5,627 4,879 8,197 19,787
------------------- ----------------- ----------------- ------------------ ----------------- ------------------
Total $ 62,176 $ 4,781 $ 45,879 $ 28,762 $ 17,209 $ 90,166
===================== ================= ================= ================== ================= ==================
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------- ----------------- ------------------- ----------------- ------------------ -----------------
M&E CLASS
2.570 - 37 - - - -
2.595 - - - - - -
2.650 1,267 338 - - - -
2.800 64 308 - - - -
PERSPECTIVE
Standard Benefit 42,243 82,193 253 170 98 13,013
Contract Enhancement
Benefit 17,167 64,443 191 49 - 2,907
------------------- ----------------- ------------------- ----------------- ------------------ -----------------
Total $ 78,006 $ 219,537 $ 1,316 $ 370 $ 2,602 $ 21,742
=================== ================= =================== ================= ================== =================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government JNL/T. Rowe
Growth Growth Growth Brothers Global & Quality Price Established
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio Growth Portfolio
------------------- ----------------- ------------------ ------------------- -------------------- -------------------
M&E CLASS
1.250 $ 300 $ 357 $ 160 $ 28 $ 14 $ 32
1.400 932 24,043 750 656 1,914 803
1.500 15 53 - 24 45 29
1.550 11 1 - - - 9
1.600 532 434 - 18 - 4
1.645 - 79 - - - -
1.650 24 139 - 15 272 197
1.670 606 137 9 115 - 71
1.700 827 1,783 351 262 174 206
1.750 960 11,412 - 303 551 104
1.795 19,421 11,392 - 1,196 1,075 1,346
1.800 2,473 1,988 - 4 618 -
1.820 87 229 - 71 6,874 1
1.850 - 134 - 14 68 59
1.895 - 55 - - - -
1.900 - - - - - 43
1.920 3,675 207 79 279 57 189
1.945 4 104 44 7 - 7
1.950 - - - 3 - 5
1.960 43,905 31,583 914 2,282 1,874 1,594
1.970 - 95 - 39 29 40
1.995 - - - - - -
2.000 134 1,239 8 21 106 138
2.020 - 79 - - 5 33
2.050 62 246 - 99 72 167
2.095 - 1,653 10 255 839 418
2.100 - - - - - -
2.145 - 6,165 - 1,171 725 157
2.150 6 113 - - 353 -
2.195 144 63 14 - - 23
2.220 - - - - - -
2.245 - 110 - 111 - -
2.270 541 456 - 42 - 126
2.295 - - - - - -
2.300 14 20,611 1,364 676 6,991 377
2.310 2 2 - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - 11
2.450 217 864 - 310 2,705 261
2.470 - - - - - 9
JNL/T. Rowe JNL/T. Rowe
Price Mid-Cap Price Value
Growth Portfolio Portfolio
------------------- -----------------
M&E CLASS
1.250 $ 204 $ 83
1.400 1,208 1,594
1.500 79 47
1.550 - 25
1.600 35 14
1.645 3 3
1.650 14 317
1.670 497 206
1.700 164 953
1.750 701 781
1.795 1,015 1,328
1.800 10 481
1.820 117 181
1.850 43 68
1.895 - -
1.900 4 -
1.920 491 126
1.945 - 4
1.950 2 6
1.960 1,882 2,894
1.970 - 6
1.995 - -
2.000 44 280
2.020 10 49
2.050 131 629
2.095 292 823
2.100 - -
2.145 250 330
2.150 90 -
2.195 41 23
2.220 - -
2.245 - -
2.270 163 44
2.295 - 28
2.300 756 794
2.310 - -
2.320 - -
2.350 - -
2.395 - 6
2.450 1,025 472
2.470 9 9
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - INSURANCE CHARGES (CONTINUED)
The following is a summary of insurance charges for the period ended December 31, 2003 (continued):
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
------------------- ----------------- ------------------- ------------------- --------------------
M&E CLASS
2.570 - - - - -
2.595 - - - - -
2.650 - 598 54 - 56
2.800 - 64 479 279 -
PERSPECTIVE
Standard Benefit 47,287 102,502 9,525 26,446 78,381
Contract Enhancement
Benefit 67,364 135,074 6,648 15,794 42,531
------------------- ----------------- ------------------- ------------------- --------------------
Total $ 189,543 $ 354,064 $ 20,409 $ 50,520 $ 146,329
=================== ================= =================== =================== ====================
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
-------------------- ----------------- ----------------
M&E CLASS
2.570 5 5 -
2.595 - - -
2.650 - 65 98
2.800 - - 125
PERSPECTIVE
Standard Benefit 46,355 60,261 24,418
Contract Enhancement
Benefit 14,591 18,710 23,064
-------------------- ----------------- ----------------
Total $ 67,410 $ 88,321 $ 60,309
==================== ================= ================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
------------------ ----------------- ----------------- ----------------- ----------------- ----------------
M&E CLASS
1.250 10.346261 - 11.358258 17.059762 9.555924 13.415707
1.400 10.312914 9.436124 11.321728 16.852225 9.473083 13.412294
1.500 10.290330 - 11.297040 16.712940 - 13.367334
1.550 - - - - - -
1.600 10.267782 - - - - 13.348095
1.645 - - - - - 13.339377
1.650 10.256627 - 11.260147 16.508227 - 13.338410
1.670 10.252162 - 11.255215 16.481312 9.324514 13.334537
1.700 10.245326 - 11.247859 16.453390 - 13.328711
1.750 10.234609 9.364884 11.235687 16.374918 9.278919 13.319168
1.795 10.224978 9.355354 11.224700 16.313114 9.255652 13.310511
1.800 - 9.354270 11.223623 - 9.254077 13.319052
1.820 - - 11.218265 16.279387 9.243304 -
1.850 10.212096 9.344474 11.211198 16.239389 9.227102 13.299830
1.895 - - - - - 13.291303
1.900 - - - - - -
1.920 10.196620 - 11.194225 16.146348 - 13.286510
1.945 - - - - - -
1.950 10.189998 - - 16.106487 - -
1.960 10.184483 9.321791 11.184997 16.093331 9.168015 13.278544
1.970 10.185520 - 11.181043 16.080156 - 13.276929
1.995 - - - - - -
2.000 - 9.313563 11.174766 - - 13.271162
2.020 - - - 16.014208 - 13.267420
2.050 10.167871 - 11.162643 15.974792 - 13.261603
2.095 - - - 15.915893 9.096220 13.252985
2.100 - - - - - -
2.145 - - 11.140359 - - 13.242013
2.150 - - 11.138449 - 9.066986 13.242482
2.195 10.135979 - 11.127556 15.785711 - 13.233871
2.220 - - - - - 13.229094
2.245 - - - - - -
2.270 10.119503 - 11.110726 - 9.003698 13.219536
2.295 - - - - - -
2.300 - 9.252791 11.109455 15.698225 8.987873 13.210367
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 13.204250
2.395 - 9.234213 11.079308 - - -
2.450 10.079317 9.223257 11.065943 15.457986 8.909601 13.185321
2.470 - - - - - -
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
-------------------- ------------------- ----------------- ----------------- ---------------- ---------------
M&E CLASS
1.250 3.961297 10.125434 13.358794 7.639067 10.938291 12.433563
1.400 - - - 7.591573 - 12.412128
1.500 - - - 7.551188 - 12.388776
1.550 - - - - - -
1.600 - - - 7.516481 - 12.371043
1.645 - - - - - 12.362753
1.650 3.890754 9.945277 13.120936 7.499082 10.743535 12.361968
1.670 - - - 7.492148 - 12.358122
1.700 - - - 7.481775 - 12.352905
1.750 - - - 7.464481 - 12.344125
1.795 - - - 7.452088 10.673999 12.336078
1.800 - - - 7.454592 - 12.347827
1.820 - - - - - -
1.850 - - - - - 12.326481
1.895 - - - - - 12.318303
1.900 - - - - - 12.317433
1.920 - - - - - 12.313836
1.945 - - - - - -
1.950 - - - - - -
1.960 - - - 7.392266 - 12.306909
1.970 - - - - - 12.214390
1.995 - - - - - 12.300589
2.000 - - - - - 12.299679
2.020 - - - 7.371799 - 12.296383
2.050 - - - 7.361556 - 12.290748
2.095 - - - 7.346256 - 12.282925
2.100 - - - - - -
2.145 - - - - - 12.272164
2.150 - - - - - 12.272976
2.195 - - - 7.312334 - 12.372554
2.220 - - - - - 12.260627
2.245 - - - 7.295415 - -
2.270 - - - - - 12.251782
2.295 - - - - - 12.247438
2.300 - - - 7.276834 - 12.246570
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 12.237624
2.395 - - - - - -
2.450 - - - 7.226549 - 12.220012
2.470 - - - 7.219857 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
------------------ ----------------- ----------------- ----------------- ----------------- ----------------
M&E CLASS
2.570 - - - - - 13.162399
2.595 - - - - - 13.157632
2.650 10.036249 - 11.018119 15.206695 - -
2.800 - - 10.982239 - - -
PERSPECTIVE
Standard Benefit 9.676957 9.436358 10.816509 9.232692 5.498981 13.235666
Contract Enhancement
Benefit 9.229813 8.637648 10.024703 7.632406 7.219964 13.165479
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
-------------------- ------------------- ----------------- ----------------- ---------------- ---------------
M&E CLASS
2.570 - - - - - 12.198864
2.595 - - - - - 12.194412
2.650 - - - 7.156376 - -
2.800 - - - - - -
PERSPECTIVE
Standard Benefit 10.682059 10.184188 10.538118 13.545042 10.232554 12.956775
Contract Enhancement
Benefit - - - 13.473675 10.205726 12.888543
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
------------------- ------------------- ----------------------------------- ----------------- -----------------
M&E CLASS
1.250 10.664169 11.299436 9.714316 15.821819 11.418840 5.795488
1.400 - 11.266088 9.685258 15.832995 11.385698 -
1.500 - 11.244293 9.666908 15.764814 11.363044 -
1.550 - - 9.657398 - - -
1.600 - 11.222368 9.647952 15.742086 11.340799 -
1.645 - 11.212412 9.639435 15.731831 11.330813 -
1.650 10.474290 11.211296 9.638508 15.730779 11.329691 5.692291
1.670 - 11.206911 9.634725 15.726137 11.325220 -
1.700 - 11.200277 9.629152 15.719315 11.318708 -
1.750 - 11.189441 9.619617 15.708038 11.307730 -
1.795 10.406452 11.179518 9.611164 15.697822 11.297579 -
1.800 - 11.178446 9.610363 15.696762 11.296413 -
1.820 - - 9.606453 - - -
1.850 - 11.167423 9.600798 15.685115 11.285386 -
1.895 - - - 15.675177 - -
1.900 - 11.156530 9.591402 - 11.274367 -
1.920 - 11.152143 9.587648 15.669495 11.269956 -
1.945 - 11.146686 9.582971 - 11.264421 -
1.950 - - - - - -
1.960 - 11.143465 9.580168 15.660468 11.261107 -
1.970 - 10.986992 - 15.658208 11.258922 -
1.995 - - - 15.652697 - -
2.000 - 11.134702 9.572439 15.651451 11.252295 -
2.020 - 11.130344 9.568880 15.646941 11.247856 -
2.050 - - 9.563017 15.640116 11.241129 -
2.095 - 11.127796 9.554817 15.630108 11.233027 -
2.100 - - - - - -
2.145 - 11.102939 9.545411 15.616835 11.220305 -
2.150 - - 9.544550 15.617626 - -
2.195 - - 9.613367 15.607428 - -
2.220 - - - 15.601807 - -
2.245 - 11.081336 - 15.596130 - -
2.270 - 11.075956 9.522140 15.590557 11.192925 -
2.295 - - - - - -
2.300 - 11.086436 9.516851 15.582050 11.200610 -
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - 15.572500 - -
2.395 - - 9.498832 - - -
2.450 - 11.035789 9.488648 15.550040 11.153578 -
2.470 - - - - - -
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
----------------- ----------------- ----------------------------------- ------------------ -----------------
M&E CLASS
1.250 13.886137 11.333552 16.574173 16.891779 - 9.500264
1.400 13.867814 11.320496 16.392963 16.707941 23.710543 9.447912
1.500 13.836906 11.292962 16.274797 16.584716 - 9.413515
1.550 - - - - - -
1.600 13.817068 11.276433 - - 23.309092 9.378964
1.645 13.808055 11.269211 - - - -
1.650 13.807155 11.268422 16.097582 - - 9.361766
1.670 13.803122 11.265125 16.074174 16.382015 - 9.354908
1.700 13.797172 11.260470 16.038811 - - 9.344540
1.750 13.787168 11.252071 15.980679 16.286287 - 9.327499
1.795 13.778237 11.244759 15.928287 16.250476 22.921561 9.312187
1.800 13.788870 11.243972 15.922926 16.227432 - 9.310393
1.820 - - 15.899514 16.202937 - -
1.850 13.767248 11.235889 15.864547 16.168457 - 9.293543
1.895 13.758351 11.228523 - - - -
1.900 13.757306 - - - - -
1.920 13.753373 11.224487 15.783764 - 22.673839 9.269505
1.945 13.748423 - - - - -
1.950 13.747218 11.219487 15.749240 - - 9.259354
1.960 13.745387 11.217850 15.736465 16.038586 22.595352 9.254859
1.970 13.723806 11.216397 15.726306 16.026653 - 9.252430
1.995 - - - - - -
2.000 13.737510 11.211477 - - - -
2.020 13.733577 11.208221 - 15.969176 - -
2.050 13.727561 11.203466 - - - 9.225584
2.095 13.718836 11.196235 15.583801 - 22.334683 9.210154
2.100 - - - - - -
2.145 13.706540 11.185639 15.526803 15.824195 - 9.193254
2.150 13.707762 11.187297 15.520887 15.819590 - 9.192904
2.195 13.671827 11.179916 15.470367 - - 9.176507
2.220 13.693916 11.175939 - - - -
2.245 - - - - - -
2.270 13.684066 11.167902 - - - 9.151582
2.295 - - - 15.652126 - -
2.300 13.676553 11.161136 15.352240 15.645983 - 9.141838
2.310 - - - - - -
2.320 - - - - - -
2.350 13.668294 11.155001 - - - 9.124414
2.395 - - - - - -
2.450 13.648543 11.138840 - 15.476048 - 9.091045
2.470 - - - - - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
------------------- ------------------- ----------------------------------- ----------------- -----------------
M&E CLASS
2.570 - 11.011049 9.466343 15.523149 11.127351 -
2.595 - 11.005673 9.461702 - 11.121897 -
2.650 - 10.993793 9.452314 15.505377 11.109897 -
2.800 - 10.961560 9.423812 15.471726 11.077352 -
PERSPECTIVE
Standard Benefit 10.220387 13.840641 13.380336 15.322615 15.147107 10.076125
Contract Enhancement
Benefit 10.192820 13.767629 13.308641 15.242097 15.067556 -
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
----------------- ----------------- ----------------------------------- ------------------ -----------------
M&E CLASS
2.570 13.624905 11.119629 - - - -
2.595 13.619993 11.115606 - - - -
2.650 - - - - - -
2.800 - - 14.802644 15.086008 - 8.975033
PERSPECTIVE
Standard Benefit 14.263935 10.656194 9.989229 12.090607 8.387840 9.825324
Contract Enhancement
Benefit 14.187056 10.599564 8.820808 10.092432 7.372207 9.885964
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
---------------- --------------- ----------------- ----------------- --------------- ------------------
M&E CLASS
1.250 18.291089 - 8.737517 14.143691 12.975393 -
1.400 18.055488 - 8.661126 14.021121 12.862386 10.875471
1.500 - - - 13.939136 12.787622 10.853415
1.550 - - - - - -
1.600 - - - 13.857775 12.713175 10.832171
1.645 - - - - - -
1.650 - - - 13.817383 - -
1.670 - - 8.525917 13.801357 12.661339 10.814137
1.700 17.594659 - 8.510698 13.777190 12.639203 -
1.750 - - 8.486254 13.737007 12.602233 10.800247
1.795 17.450176 - 8.482611 13.729774 12.569057 10.790902
1.800 - - - - 12.565405 10.789470
1.820 - - - 13.681187 12.550458 -
1.850 - - 8.437060 13.657139 12.529098 10.779255
1.895 - - - - - -
1.900 17.291651 - - 13.617500 12.492486 10.768726
1.920 - - - 13.601484 12.477890 10.764482
1.945 - - 8.390343 13.582086 - -
1.950 - - - 13.577760 12.456176 -
1.960 17.201860 - 8.382934 13.569909 12.448781 10.765431
1.970 - - - 13.561774 12.441597 -
1.995 - - - - - -
2.000 17.143842 - 8.363244 13.538010 12.419825 -
2.020 - - 8.355005 13.522353 12.405294 -
2.050 17.069857 - - 13.498342 12.383612 -
2.095 17.003987 - 8.317103 13.463204 12.351223 10.727628
2.100 - - - - - -
2.145 - - - 13.422058 12.314615 -
2.150 - - 8.290678 13.420165 12.311580 -
2.195 - - - 13.384774 12.279259 -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 13.326469 12.225666 10.690923
2.295 - - - 13.307000 - -
2.300 - - 8.218239 13.302255 12.204252 10.684522
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - - - 13.187211 12.098004 -
2.470 - - - - - -
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
--------------------- ------------------ ------------------ ----------------- ------------------- -----------------
M&E CLASS
1.250 - 9.787978 - 13.680473 21.336632 15.703877
1.400 11.541008 9.748778 8.000165 13.561232 21.062033 15.501822
1.500 11.519182 9.722864 - 13.482341 20.881181 15.368748
1.550 - - - - - -
1.600 11.496803 9.697008 - 13.403908 20.701453 15.236487
1.645 11.486515 - - - 20.620684 15.177778
1.650 11.485445 9.685228 - 13.364781 20.612152 15.170755
1.670 - 9.678921 7.925930 13.349289 20.576723 15.144627
1.700 - 9.671157 7.919732 13.325698 20.523407 15.106421
1.750 11.462631 9.658236 7.909375 13.286975 20.434777 15.040359
1.795 11.471968 9.646659 7.899770 13.252326 20.355700 14.981991
1.800 - 9.654996 - 13.248405 20.347053 14.975310
1.820 - 9.640221 7.894457 13.232938 20.311832 14.949703
1.850 11.440451 9.632544 7.888227 13.209749 20.259439 14.911013
1.895 - - - - - -
1.900 11.429288 9.618732 - - 20.171695 -
1.920 11.424801 9.614503 7.873281 13.155936 20.137178 14.821159
1.945 - - - - - 14.789193
1.950 - 9.606861 - 13.132912 20.085090 14.782823
1.960 11.409942 9.604380 7.865927 13.125920 20.066373 14.766891
1.970 - - - 13.117592 20.050301 14.757311
1.995 - - - - - -
2.000 - - 7.856682 13.094642 19.998634 14.719092
2.020 11.402381 9.588933 - 13.079289 19.963982 14.693620
2.050 11.396124 9.581222 - 13.056492 19.912340 14.655764
2.095 11.393434 9.569713 7.836820 13.022270 19.834254 14.598057
2.100 - - - - - -
2.145 11.374587 9.556922 7.826381 12.984289 19.749670 14.536590
2.150 - - - 12.980539 19.741076 14.529671
2.195 - 9.544381 - 12.946476 19.664535 14.473323
2.220 - - - - - -
2.245 - - - 12.908719 - 14.410953
2.270 11.346744 9.525171 7.800289 12.889977 - 14.380315
2.295 - - - - - -
2.300 11.340112 9.517474 7.788761 12.867212 19.486976 14.334311
2.310 - - - - - -
2.320 - - - 12.852377 - -
2.350 - - - - - 14.280857
2.395 - - - - 19.327860 -
2.450 11.306779 9.479456 7.762812 12.755231 19.236232 14.158055
2.470 - - - 12.740335 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
---------------- --------------- ----------------- ----------------- --------------- ------------------
M&E CLASS
2.570 - - - - - -
2.595 - - - - - -
2.650 - - 8.052018 13.034473 11.957502 10.611308
2.800 - - 7.981838 12.920566 11.853314 -
PERSPECTIVE
Standard Benefit 8.877847 9.192404 13.942587 11.690560 12.319498 10.272739
Contract Enhancement
Benefit 6.799432 - 13.868947 11.234508 11.984806 10.218522
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
--------------------- ------------------ ---------------- ----------------- ------------------- -----------------
M&E CLASS
2.570 11.280249 - - - - -
2.595 11.274745 - - - - -
2.650 - 9.414598 - 12.610622 - 13.915628
2.800 - - 7.690909 12.497363 18.663530 13.736486
PERSPECTIVE
Standard Benefit 13.958057 9.749234 8.108315 10.843406 13.302192 11.407323
Contract Enhancement
Benefit 13.882641 9.527187 7.946413 10.745002 11.641022 11.537175
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ----------------- ----------------- ----------------- ------------------ ----------------
M&E CLASS
1.250 12.471394 14.557751 18.351886 11.904771 6.514304 18.547694
1.400 12.310865 14.525774 18.115540 11.751717 6.478866 18.319091
1.500 12.205318 14.512371 - 11.650174 - 18.161604
1.550 - - - - - -
1.600 - 14.494045 - - - -
1.645 - - - - - -
1.650 12.047829 - - - - 17.927619
1.670 12.027066 14.481376 - 11.480679 - 17.896711
1.700 - 14.476072 17.652284 - - 17.850326
1.750 11.944154 14.466855 17.576179 11.401051 6.396013 17.773468
1.795 11.897945 14.468972 17.508029 11.357861 6.385404 17.704543
1.800 11.892809 14.457726 - 11.352505 6.384016 17.696271
1.820 - 14.445225 - - - 17.666437
1.850 - 14.448771 - 11.303701 6.372722 17.620560
1.895 - - - - - -
1.900 - 14.439747 - 11.254955 - -
1.920 11.770192 14.436109 17.320043 - - 17.514445
1.945 - - - - - -
1.950 - 14.430795 - - - 17.469194
1.960 11.729853 14.428898 17.259643 11.196024 6.345902 17.453989
1.970 - 14.427059 - - 6.344595 17.438974
1.995 - - - - - -
2.000 - - - 11.158224 6.337663 17.393868
2.020 - 14.418040 - - - -
2.050 - 14.412276 - 11.110049 - -
2.095 11.591042 14.404529 17.060171 11.066633 - 17.251986
2.100 - - - - - -
2.145 - - - 11.017900 6.303942 -
2.150 - 14.394618 - 11.014531 - 17.170017
2.195 - 14.386509 - - - -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 10.901246 - -
2.295 - - - - - 16.956318
2.300 11.390147 14.367611 16.760848 10.872882 6.268156 16.949071
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - 6.246385 -
2.450 11.243546 - - - - -
2.470 - - - - - -
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------ ---------------- ----------------- ----------------- ---------------- -----------------
M&E CLASS
1.250 11.516429 11.767229 10.016562 - 10.318947 10.607104
1.400 11.417449 11.666537 - 10.152679 10.286131 10.520459
1.500 11.352158 11.599806 - - - -
1.550 - 11.566803 - - - -
1.600 11.287248 11.533522 - - - -
1.645 - 11.503806 - - - -
1.650 - 11.500522 - - - -
1.670 11.242030 11.487330 - 10.099096 10.231488 10.355472
1.700 11.222718 11.467653 - - 10.248444 10.337785
1.750 11.190570 11.434787 9.918891 - 10.215858 -
1.795 11.161738 11.405315 9.910283 10.074431 10.206602 -
1.800 11.158775 11.402062 - - 10.205511 -
1.820 11.145848 11.389096 9.896781 - 10.201385 -
1.850 11.126608 11.369436 - - - -
1.895 - - - - - -
1.900 - - - - - -
1.920 11.082006 11.323898 9.886006 - 10.181499 10.208606
1.945 11.066423 - - - - -
1.950 - 11.303084 - - - -
1.960 11.056606 11.297989 9.877967 - 10.173521 10.185386
1.970 11.050447 11.291501 - - - -
1.995 - - - - - -
2.000 11.031283 11.272083 - - 10.165549 -
2.020 11.018892 11.259108 - - - -
2.050 10.999819 11.239865 9.860335 - 10.155506 10.132814
2.095 10.971345 11.210875 - - - -
2.100 - 11.207683 - - - -
2.145 10.939939 11.178808 - - - -
2.150 10.936853 11.175669 - - - -
2.195 10.908630 11.146857 - - 10.126865 10.049415
2.220 - 11.130834 - - - -
2.245 - 11.114913 - - - -
2.270 - 11.098994 9.818384 - - -
2.295 - - - - - -
2.300 10.843087 11.079931 - - 10.103550 9.999892
2.310 10.836912 11.073577 - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - 10.984935 - - 10.068045 -
2.470 10.737921 10.972487 - - 10.072370 -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ----------------- ----------------- ----------------- ------------------ ----------------
M&E CLASS
2.570 - 14.319102 - - - -
2.595 - - - - - -
2.650 - 14.281771 - 10.548830 6.199157 -
2.800 - - - 10.413214 6.154228 16.232717
PERSPECTIVE
Standard Benefit 10.861879 14.525491 7.789277 8.758048 6.707728 9.210500
Contract Enhancement
Benefit 9.830513 14.453730 7.550717 8.640287 7.301352 8.796199
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------ ---------------- ----------------- ----------------- ---------------- -----------------
M&E CLASS
2.570 - 10.909759 - - - -
2.595 - - - - - -
2.650 10.627667 10.864407 - - - -
2.800 10.536610 10.766868 - - - -
PERSPECTIVE
Standard Benefit 9.620843 10.503592 13.526511 13.060454 12.575050 9.224957
Contract Enhancement
Benefit 9.055772 9.972317 13.447778 12.991655 12.509584 9.196695
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
----------------- ---------------- ----------------- ----------------- --------------------
M&E CLASS
1.250 10.373531 11.853609 11.110472 17.900578 15.415351
1.400 10.284895 11.752139 11.015003 17.664106 15.216618
1.500 10.226168 11.684907 - 17.518717 15.086327
1.550 10.197111 11.651426 10.920344 - -
1.600 10.167869 11.618073 - 17.367943 -
1.645 - 11.588113 - - -
1.650 10.138804 11.584821 - 17.292866 14.892077
1.670 10.127203 11.571516 10.845222 17.263143 -
1.700 10.109867 11.550406 10.831511 17.218995 14.827310
1.750 10.080982 11.518567 - 17.144247 14.763913
1.795 10.055073 11.488868 - 17.086607 14.706753
1.800 10.052213 11.485602 - 17.069990 14.700407
1.820 10.040683 11.472206 - 17.040664 14.675025
1.850 - 11.452703 - 16.996795 14.636737
1.895 - 11.423188 - - -
1.900 - - - - -
1.920 9.983423 11.406818 10.690303 16.894378 14.548750
1.945 9.969083 11.390480 10.674963 16.857973 -
1.950 - - - 16.850800 -
1.960 9.967644 11.380692 10.665779 16.834485 14.497287
1.970 - 11.374176 - 16.821609 14.486121
1.995 - - - - -
2.000 9.937894 11.354617 10.641556 16.778788 14.448717
2.020 - 11.343357 - - 14.423215
2.050 9.909513 11.322185 - 16.705823 14.386004
2.095 - 11.292952 10.580850 16.640985 14.330862
2.100 - - - - -
2.145 - 11.260578 - 16.569315 14.268855
2.150 9.852388 11.257316 - - 14.262695
2.195 9.827575 11.044068 10.522502 16.498183 -
2.220 - - - - -
2.245 - 11.196195 - 16.426797 -
2.270 9.785514 11.180164 - 16.391338 -
2.295 - - - - -
2.300 9.773656 11.160944 10.483028 16.348924 14.079131
2.310 9.763142 11.154544 - - -
2.320 - - - - -
2.350 - - - - -
2.395 - - - - -
2.450 9.685254 11.065369 - 16.138601 13.898012
2.470 - - - - -
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
-------------------- ----------------- ----------------
M&E CLASS
1.250 24.109727 29.136326 11.699228
1.400 23.799073 28.762784 11.634817
1.500 23.594966 28.514060 11.592578
1.550 23.492740 - 11.571175
1.600 23.391903 28.268820 11.549963
1.645 - 28.160139 11.531085
1.650 23.291401 28.155018 11.528477
1.670 23.250858 28.098595 11.520356
1.700 23.190712 28.048796 11.507694
1.750 23.090442 27.905282 11.486575
1.795 23.001241 27.793850 11.467699
1.800 - 27.784825 11.465538
1.820 22.951066 27.739245 11.456734
1.850 22.892250 27.665477 11.444556
1.895 - - -
1.900 22.795044 27.545724 -
1.920 22.754251 27.498400 11.415154
1.945 22.705562 - 11.404931
1.950 22.695347 27.427153 11.402635
1.960 22.669609 27.403833 11.395851
1.970 22.656211 27.379881 11.394342
1.995 - - -
2.000 22.597427 27.309081 11.381701
2.020 22.558664 27.261953 11.373378
2.050 22.500138 27.191403 11.360795
2.095 22.413007 27.086014 11.342141
2.100 - - -
2.145 22.316432 26.969250 11.321317
2.150 - 26.957501 -
2.195 22.220258 26.852690 11.300578
2.220 - - -
2.245 - - -
2.270 22.076801 26.680178 11.268858
2.295 - - 11.259213
2.300 22.019597 26.610724 11.257149
2.310 - - -
2.320 - - -
2.350 - - -
2.395 21.839728 - 11.217961
2.450 21.736299 26.268101 11.195245
2.470 21.698730 26.222657 11.187195
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation unit values as of December 31, 2003:
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
----------------- ---------------- ----------------- ----------------- --------------------
M&E CLASS
2.570 - - - - -
2.595 - - - - -
2.650 - 10.939050 10.250512 - 13.678008
2.800 - 10.845506 10.162512 15.657991 -
PERSPECTIVE
Standard Benefit 9.151227 10.512174 8.672866 13.466195 12.328612
Contract Enhancement
Benefit 8.238884 9.392128 8.747131 12.242741 11.380473
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
-------------------- ----------------- ----------------
M&E CLASS
2.570 21.512152 25.997298 -
2.595 - - -
2.650 - 25.806374 11.112484
2.800 - - 11.052515
PERSPECTIVE
Standard Benefit 10.581662 14.006614 11.475984
Contract Enhancement
Benefit 8.890902 9.886902 9.892951
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
---------------- --------------- ---------------- ---------------- ----------------- ----------------
M&E CLASS
1.250 562 - 4,724 445 5,035 1,691
1.400 9,197 7,272 12,952 2,362 3,352 65,133
1.500 807 - 4,238 270 - 2,398
1.550 - - - - - -
1.600 1,013 - - - - 7,806
1.645 - - - - - 447
1.650 1,581 - 1,225 232 - 6,916
1.670 6,998 - 24,770 3,733 844 1,258
1.700 1,749 - 1,349 597 - 1,225
1.750 14,143 190 13,267 333 146 16,129
1.795 17,518 - 4,873 7,974 431 115,991
1.800 - 535 458 - - 317
1.820 - - 68 494 833 -
1.850 2,455 356 1,785 878 1,155 1,517
1.895 - - - - - 1,776
1.900 - - - - - -
1.920 2,990 - 10,371 4,684 - 43,674
1.945 - - - - - -
1.950 - - - - - -
1.960 24,744 1,551 12,790 3,381 3,591 221,614
1.970 731 - 96 552 - 3,375
1.995 - - - - - -
2.000 - 241 783 - - 3,380
2.020 - - - 1,213 - 2,777
2.050 1,523 - 1,372 983 - 6,030
2.095 - - - 300 480 5,435
2.100 - - - - - -
2.145 - - 193 - - 124
2.150 - - 3,542 - 7,110 3,318
2.195 102 - - 66 - 2,047
2.220 - - - - - 837
2.245 - - - - - -
2.270 212 - 1,015 - 4,742 5,190
2.295 - - - - - -
2.300 - 447 1,500 33 3,499 582
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 1,346
2.395 - 947 394 - - -
2.450 683 1,407 153 249 13,959 1,481
2.470 - - - - - -
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
------------------- ------------------ ----------------- ------------------- ------------------ ----------------
M&E CLASS
1.250 - - - 6,601 - 2,425
1.400 - - - 16,254 - 9,984
1.500 - - - 455 - 1,852
1.550 - - - - - -
1.600 - - - 4,565 - 5,684
1.645 - - - - - 437
1.650 - - - 1,665 - 6,883
1.670 - - - 7,050 - 3,780
1.700 - - - 3,418 - 980
1.750 - - - 24,593 - 14,171
1.795 - - - 1,220 986 3,143
1.800 - - - 991 - 438
1.820 - - - - - -
1.850 - - - - - 2,617
1.895 - - - - - 1,930
1.900 - - - - - 746
1.920 - - - - - 1,566
1.945 - - - - - -
1.950 - - - - - -
1.960 - - - 17,072 - 15,729
1.970 - - - - - 3,976
1.995 - - - - - 372
2.000 - - - - - 744
2.020 - - - 5,277 - 2,320
2.050 - - - 3,743 - 5,938
2.095 - - - 1,057 - 4,299
2.100 - - - - - -
2.145 - - - - - 125
2.150 - - - - - 2,629
2.195 - - - - - 1
2.220 - - - - - 889
2.245 - - - 1,420 - -
2.270 - - - - - 3,605
2.295 - - - - - 554
2.300 - - - 7,351 - 587
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 1,317
2.395 - - - - - -
2.450 - - - 2,872 - 884
2.470 - - - 677 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
---------------- --------------- ---------------- ---------------- ----------------- ----------------
M&E CLASS
2.570 - - - - - 628
2.595 - - - - - 550
2.650 284 - 848 623 - -
2.800 - - 2,065 - - -
PERSPECTIVE
Standard Benefit 27,037 10,713 80,765 666,137 258,617 7,489
Contract Enhancement
Benefit 21,915 21,424 47,917 58,546 78,722 2,853
---------------- --------------- ---------------- ---------------- ----------------- ----------------
Total 136,244 45,083 233,513 754,085 382,516 535,334
================ =============== ================ ================ ================= ================
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
------------------- ------------------ ----------------- ------------------- ------------------ ----------------
M&E CLASS
2.570 - - - - - 272
2.595 - - - - - 238
2.650 - - - 176 - -
2.800 - - - - - -
PERSPECTIVE
Standard Benefit - - - 14,618 102 3,378
Contract Enhancement
Benefit - - - 12,174 1,220 5,214
------------------- ------------------ ----------------- ------------------- ------------------ ----------------
Total - - - 133,249 2,308 109,707
=================== ================== ================= =================== ================== ================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
-------------------- ------------------ ---------------------------------- ---------------- ----------------
M&E CLASS
1.250 - 17,880 7,362 11,859 7,375 -
1.400 - 10,172 31,554 44,869 9,302 -
1.500 - 1,240 1,467 1,425 225 -
1.550 - - 1,687 - - -
1.600 - 3,582 12,253 4,118 2,580 -
1.645 - 5,103 8,884 351 5,104 -
1.650 - 698 764 5,961 769 -
1.670 - 2,120 2,138 3,517 356 -
1.700 - 983 530 318 360 -
1.750 - 28,009 57,273 12,056 26,006 -
1.795 1,262 12,046 48,171 75,226 15,967 -
1.800 - 977 3,386 359 474 -
1.820 - - 21,112 - - -
1.850 - 461 5,109 1,981 1,701 -
1.895 - - - 1,488 - -
1.900 - 2,814 8,334 - 1,407 -
1.920 - 1,685 2,766 29,330 1,567 -
1.945 - 463 543 - 461 -
1.950 - - - - - -
1.960 - 50,491 78,163 145,497 52,219 -
1.970 - 3 - 2,809 256 -
1.995 - - - 273 - -
2.000 - - 278 1,151 394 -
2.020 - 1,796 3,208 1,509 646 -
2.050 - - 846 4,792 209 -
2.095 - 20 1,336 3,797 20 -
2.100 - - - - - -
2.145 - 1,072 14,309 1,073 1,076 -
2.150 - - 1,883 2,933 - -
2.195 - - 5,505 - - -
2.220 - - - 680 - -
2.245 - 186 - 262 - -
2.270 - 14,231 24,006 1,906 13,282 -
2.295 - - - - - -
2.300 - 5,007 19,275 1,045 4,242 -
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - 1,063 - -
2.395 - - 924 - - -
2.450 - 1,448 2,190 2,349 7,211 -
2.470 - - - - - -
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------ ---------------- ----------------------------------- ----------------- ----------------
M&E CLASS
1.250 1,023 1,513 2,322 614 - 1,097
1.400 71,946 84,898 7,762 3,361 474 17,558
1.500 2,324 3,085 1,614 25 - 749
1.550 - - - - - -
1.600 8,201 8,627 - - 449 1,089
1.645 427 494 - - - -
1.650 6,526 7,485 482 - - 1,749
1.670 1,245 617 2,636 823 - 4,491
1.700 21,525 2,116 1,126 - - 1,750
1.750 15,692 19,144 4,392 2,791 - 20,174
1.795 98,079 173,128 14,615 7 357 27,592
1.800 302 223 216 - - 3,006
1.820 - - 209 47 - -
1.850 1,462 3,472 2,630 364 - 1,289
1.895 1,714 2,105 - - - -
1.900 342 - - - - -
1.920 37,014 64,957 4,072 - 95 3,044
1.945 3,159 - - - - -
1.950 - - - - - -
1.960 271,902 323,680 3,630 10,078 508 33,497
1.970 4,524 3,897 818 66 - 677
1.995 - - - - - -
2.000 5,333 1,623 - - - -
2.020 1,059 5,034 - 598 - -
2.050 6,232 5,426 - - - 342
2.095 5,794 6,905 36 - 107 2,060
2.100 - - - - - -
2.145 114 132 1,492 1,744 - 6,125
2.150 2,499 3,036 220 2,431 - 99
2.195 4,770 56 133 - - 112
2.220 813 983 - - - -
2.245 - - - - - -
2.270 5,059 6,088 - - - 239
2.295 - - - 210 - -
2.300 2,222 1,227 1,251 1,091 - 6,393
2.310 - - - - - -
2.320 - - - - - -
2.350 1,288 1,484 - - - 4,414
2.395 - - - - - -
2.450 6,515 1,014 - 2,728 - 1,477
2.470 - - - - - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
-------------------- ------------------ ---------------------------------- ---------------- ----------------
M&E CLASS
2.570 - 1,045 2,192 1,958 516 -
2.595 - 913 1,915 - 451 -
2.650 - 1,762 204 951 558 -
2.800 - 1,892 2,265 435 1,943 -
PERSPECTIVE
Standard Benefit 122 6,201 42,149 26,923 61,214 -
Contract Enhancement
Benefit 1,976 8,432 17,891 2,541 9,982 -
-------------------- ------------------ ----------------- --------------- ---------------- ----------------
Total 3,360 182,732 431,872 396,805 227,873 -
==================== ================== ================= =============== ================ ================
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------ ---------------- ----------------------------------- ----------------- ----------------
M&E CLASS
2.570 730 1,344 - - - -
2.595 637 1,178 - - - -
2.650 - - - - - -
2.800 - - 548 1,807 - 5,605
PERSPECTIVE
Standard Benefit 7,356 9,522 134,332 176,408 754,444 247,035
Contract Enhancement
Benefit 26,327 4,260 88,510 45,774 48,332 124,109
------------------ ---------------- ----------------- ----------------- ----------------- ----------------
Total 624,155 748,753 273,046 250,967 804,766 515,772
================== ================ ================= ================= ================= ================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
---------------- ---------------- ----------------- ---------------- ----------------- ------------------
M&E CLASS
1.250 3,205 - 470 394 431 -
1.400 1,384 - 3,805 5,284 9,332 4,171
1.500 - - - 2,429 2,931 719
1.550 - - - - - -
1.600 - - - 957 - 5,062
1.645 - - - - - -
1.650 - - - 1,109 - -
1.670 - - 6,757 23,113 24,282 38
1.700 518 - 255 1,870 2,134 -
1.750 - - 7,743 7,631 3,475 397
1.795 453 - 1,943 9,088 12,058 7,501
1.800 - - - - 331 238
1.820 - - - 673 61 -
1.850 - - 130 2,184 988 3,172
1.895 - - - - - -
1.900 75 - - 622 892 1,399
1.920 - - - 7,424 9,299 1,433
1.945 - - 806 102 - -
1.950 - - - - - -
1.960 64 - 2,176 7,619 13,254 16
1.970 - - - 791 310 -
1.995 - - - - - -
2.000 279 - 1,219 110 1,164 -
2.020 - - 2,093 2,785 814 -
2.050 188 - - 1,387 2,133 -
2.095 443 - 1,460 2,419 2,485 825
2.100 - - - - - -
2.145 - - - 181 1,517 -
2.150 - - 211 1,536 722 -
2.195 - - - 46 67 -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 817 907 13,688
2.295 - - - 515 - -
2.300 - - 3,929 2,064 3,790 2,674
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - - - 1,586 2,079 -
2.470 - - - - - -
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
-------------------- ------------------ ----------------- ------------------ ----------------- -----------------
M&E CLASS
1.250 - 3,436 - 8,106 1,449 1,204
1.400 843 11,715 8,474 33,417 8,588 41,576
1.500 227 643 - 5,099 720 1,529
1.550 - - - - - -
1.600 2,184 1,082 - 640 - 853
1.645 2,424 - - - 162 108
1.650 364 347 - 3,943 1,020 398
1.670 - 7,196 49 15,407 3,294 3,605
1.700 - 1,403 1,007 8,556 3,591 3,483
1.750 18,842 6,967 8,354 9,226 5,176 14,443
1.795 1,906 18,112 2,379 49,150 10,602 45,239
1.800 - 171 - 3,950 1,028 1,617
1.820 - 1,518 1,423 9,667 691 14,966
1.850 742 1,819 601 2,193 733 984
1.895 - - - - - -
1.900 1,447 141 - - 65 -
1.920 1,684 3,189 261 14,332 3,555 13,177
1.945 - - - - - 14,840
1.950 - - - - - -
1.960 4,428 6,284 1,747 37,815 14,714 66,829
1.970 - - - 2,663 230 2,173
1.995 - - - - - -
2.000 - - 957 4,212 1,580 1,785
2.020 925 1,629 - 838 639 651
2.050 1,158 1,676 - 3,054 796 3,324
2.095 20 1,263 870 5,139 396 5,848
2.100 - - - - - -
2.145 1,166 873 906 38,705 17,863 10,085
2.150 - - - 8,994 364 3,325
2.195 - 110 - 1,911 901 71
2.220 - - - - - -
2.245 - - - 789 - 6,059
2.270 14,288 3,503 272 1,612 - 72
2.295 - - - - - -
2.300 1,449 3,545 429 43,472 1,073 30,070
2.310 - - - - - -
2.320 - - - 4,812 - -
2.350 - - - - - 2,787
2.395 - - - - 225 -
2.450 503 4,710 2,245 18,064 995 87,439
2.470 - - - 379 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
---------------- ---------------- ----------------- ---------------- ----------------- ------------------
M&E CLASS
2.570 - - - - - -
2.595 - - - - - -
2.650 - - 421 255 242 459
2.800 - - 865 2,110 1,273 -
PERSPECTIVE
Standard Benefit 614,466 420,420 15,657 25,318 112,603 3,591
Contract Enhancement
Benefit 73,598 - 19,293 41,555 46,586 7,832
---------------- ---------------- ----------------- ---------------- ----------------- ------------------
Total 694,673 420,420 69,233 153,974 256,160 53,215
================ ================ ================= ================ ================= ==================
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
-------------------- ---------------- ----------------- ------------------ ----------------- -----------------
M&E CLASS
2.570 740 - - - - -
2.595 649 - - - - -
2.650 - 17 - 2,069 - 1,604
2.800 - - 36 4,815 1,871 1,635
PERSPECTIVE
Standard Benefit 108 86,668 20,888 244,216 380,983 329,149
Contract Enhance
Benefit 1,567 79,775 34,444 159,976 130,475 189,123
-------------------- ---------------- ----------------- ------------------ ----------------- -----------------
Total 57,664 247,792 85,342 747,221 593,779 900,051
==================== ================ ================= ================== ================= =================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ------------------ ---------------- ------------------ ----------------- ----------------
M&E CLASS
1.250 - 1,331 257 - 1,510 1
1.400 5,123 2,385 2,703 2,480 16,099 9,820
1.500 105 504 - 75 - 398
1.550 - - - - - -
1.600 - 830 - - - -
1.645 - - - - - -
1.650 2,535 - - - - 435
1.670 4,696 2,018 - 842 - 2,319
1.700 - 245 - - - 1,583
1.750 1,042 3,841 1,574 685 25,544 1,267
1.795 4,853 7,453 - 352 1,755 6,369
1.800 9,767 543 - 1,774 1,264 444
1.820 - 31 - - - 751
1.850 - 1,771 - 830 318 1,163
1.895 - - - - - -
1.900 - 1,550 - 415 - -
1.920 - 2,853 1,258 - - 2,639
1.945 - - - - - -
1.950 - - - - - -
1.960 2,678 32,852 121 1,385 1,824 1,438
1.970 - 452 - - 420 369
1.995 - - - - - -
2.000 - - - 794 406 1,988
2.020 - 971 - - - -
2.050 - 642 - 1,733 - -
2.095 119 876 1,122 286 - 351
2.100 - - - - - -
2.145 - - - 142 333 -
2.150 - 1,872 - 4,000 - 2,243
2.195 - 72 - - - -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 80 - -
2.295 - - - - - 517
2.300 1,049 2,275 - 1,862 1,690 2,035
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - 691 -
2.450 - - - - - -
2.470 - - - - - -
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------ ---------------- ---------------- ---------------- ---------------- ---------------
M&E CLASS
1.250 2,634 3,946 14,754 - 3,193 6,722
1.400 49,262 127,917 - 558 675 3,546
1.500 17,618 5,622 - - - -
1.550 - 282 - - - -
1.600 471 13,483 - - - -
1.645 - 2,096 - - - -
1.650 - 14,456 - - - -
1.670 62,067 69,185 - 401 5,832 505
1.700 6,876 21,620 - - 11 10,135
1.750 13,771 48,504 5,278 - 5,287 -
1.795 23,221 49,996 327 1,185 6,618 -
1.800 196 9,767 - - 3,610 -
1.820 1,477 5,888 44 - 2,102 -
1.850 19,026 5,518 - - - -
1.895 - - - - - -
1.900 - - - - - -
1.920 19,848 20,113 834 - 9,978 1,690
1.945 126 - - - - -
1.950 - 15 - - - -
1.960 9,039 105,765 1,050 - - 27,753
1.970 70 7,607 - - - -
1.995 - - - - - -
2.000 36,362 3,441 - - 10,288 -
2.020 51 99 - - - -
2.050 1,233 9,468 1,166 - 494 328
2.095 3,487 27,367 - - - -
2.100 - 9,302 - - - -
2.145 4,063 29,948 - - - -
2.150 418 654 - - - -
2.195 629 2,071 - - 102 685
2.220 - 290 - - - -
2.245 - 11,015 - - - -
2.270 - 3,644 6,275 - - -
2.295 - - - - - -
2.300 7,228 74,525 - - 1,382 176
2.310 2,285 2,222 - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - 12,415 - - 281 -
2.470 454 7,437 - - 483 -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ------------------ ---------------- ------------------ ----------------- ----------------
M&E CLASS
2.570 - 8,643 - - - -
2.595 - - - - - -
2.650 - 849 - 602 275 -
2.800 - - - 1,427 4,219 1,263
PERSPECTIVE
Standard Benefit 146,087 2,607 383,136 208,916 77,351 551,265
Contract Enhancement
Benefit 40,417 1,061 36,785 39,173 65,062 135,360
------------------- ------------------ ---------------- ------------------ ----------------- ----------------
Total 218,471 78,527 426,956 267,853 198,761 724,018
=================== ================== ================ ================== ================= ================
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------ ---------------- ---------------- ---------------- ---------------- ---------------
M&E CLASS
2.570 - 794 - - - -
2.595 - - - - - -
2.650 16,176 7,876 - - - -
2.800 802 2,872 - - - -
PERSPECTIVE
Standard Benefit 336,554 713,186 4,967 2,692 609 126,813
Contract Enhancement
Benefit 104,909 337,862 1,365 413 25 34,778
------------------ ---------------- ---------------- ---------------- ---------------- ---------------
Total 740,353 1,768,268 36,060 5,249 50,970 213,131
================== ================ ================ ================ ================ ===============
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
------------------ ----------------- ---------------- ------------------ -------------------
M&E CLASS
1.250 21,512 21,954 10,926 821 503
1.400 17,317 312,141 20,703 6,812 16,886
1.500 1,103 6,980 - 484 2,244
1.550 327 226 - - -
1.600 42,695 30,570 - 294 -
1.645 - 2,498 - - -
1.650 1,232 2,589 - 346 1,195
1.670 30,273 15,265 858 2,713 -
1.700 8,195 24,416 148 1,252 1,691
1.750 15,545 159,605 - 3,657 5,863
1.795 271,060 121,228 - 10,695 6,931
1.800 18,937 10,502 - 141 2,163
1.820 551 1,234 - 416 17,279
1.850 - 6,372 - 290 2,336
1.895 - 10,312 - - -
1.900 - - - - -
1.920 143,679 10,022 1,615 4,750 1,558
1.945 392 2,372 - 605 -
1.950 - - - - -
1.960 643,257 197,777 2,283 19,998 3,713
1.970 - 3,281 - 745 698
1.995 - - - - -
2.000 - 77,136 164 159 916
2.020 - 5,444 - - 75
2.050 1,497 2,475 - 447 370
2.095 - 10,419 98 1,243 4,287
2.100 - - - - -
2.145 - 50,743 - 7,691 5,255
2.150 83 1,489 - - 7,475
2.195 5,648 3,990 654 62 -
2.220 - - - - -
2.245 - 7,023 - 4,933 -
2.270 22,031 14,759 - 705 -
2.295 - - - - -
2.300 110 121,341 6,651 3,591 22,447
2.310 2,543 2,212 - - -
2.320 - - - - -
2.350 - - - - -
2.395 - - - - -
2.450 - 9,654 - 2,016 1,034
2.470 - - - - -
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
-------------------- ---------------- ----------------
M&E CLASS
1.250 952 8,273 5,360
1.400 6,088 5,957 22,534
1.500 467 2,026 1,739
1.550 162 - 721
1.600 213 - 1,814
1.645 - 59 149
1.650 791 35 3,598
1.670 1,471 10,946 7,846
1.700 1,470 898 10,689
1.750 1,097 4,327 12,454
1.795 11,333 6,035 25,104
1.800 - - 3,048
1.820 34 417 449
1.850 1,116 587 3,430
1.895 - - -
1.900 838 62 -
1.920 2,804 6,757 4,657
1.945 292 - 124
1.950 - - -
1.960 9,108 10,170 22,163
1.970 575 28 247
1.995 - - -
2.000 660 243 3,028
2.020 508 124 1,333
2.050 825 763 6,154
2.095 1,024 1,010 4,802
2.100 - - -
2.145 743 926 2,884
2.150 - 1,028 -
2.195 1,866 23 2,551
2.220 - - -
2.245 - - -
2.270 1,503 2,895 2,507
2.295 - - 779
2.300 2,183 1,527 9,086
2.310 - - -
2.320 - - -
2.350 - - -
2.395 402 - 396
2.450 1,463 3,018 3,343
2.470 347 283 676
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
------------------ ----------------- ---------------- ------------------ -------------------
M&E CLASS
2.570 - - - - -
2.595 - - - - -
2.650 - 12,080 434 - 905
2.800 - 803 3,362 1,126 -
PERSPECTIVE
Standard Benefit 518,314 856,656 103,383 140,087 360,386
Contract Enhancement
Benefit 809,310 815,120 48,907 108,509 172,311
------------------ ----------------- ---------------- ------------------ -------------------
Total 2,575,611 2,930,688 200,186 324,588 638,521
================== ================= ================ ================== ===================
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
-------------------- ---------------- ----------------
M&E CLASS
2.570 3,597 2,957 -
2.595 - - -
2.650 - 431 909
2.800 - - 1,887
PERSPECTIVE
Standard Benefit 353,669 438,725 178,918
Contract Enhancement
Benefit 108,861 125,900 173,995
-------------------- ---------------- ----------------
Total 516,462 636,430 519,374
==================== ================ ================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
----------------- ----------------- ---------------- ---------------- ----------------- ----------------
M&E CLASS
1.250 $ 5,815 $ - $ 53,652 $ 7,588 $ 48,118 $ 22,682
1.400 94,848 68,620 146,644 39,810 31,757 873,585
1.500 8,303 - 47,880 4,511 - 32,056
1.550 - - - - - -
1.600 10,405 - - - - 104,190
1.645 - - - - - 5,968
1.650 16,220 - 13,790 3,825 - 92,243
1.670 71,741 - 278,796 61,528 7,873 16,775
1.700 17,916 - 15,173 9,824 - 16,332
1.750 144,751 1,781 149,065 5,456 1,358 214,821
1.795 179,117 - 54,703 130,088 3,990 1,543,902
1.800 - 5,003 5,143 - - 4,226
1.820 - - 764 8,039 7,704 -
1.850 25,066 3,328 20,009 14,254 10,656 20,171
1.895 - - - - - 23,608
1.900 - - - - - -
1.920 30,491 - 116,091 75,634 - 580,274
1.945 - - - - - -
1.950 - - - - - -
1.960 252,005 14,454 143,058 54,411 32,919 2,942,709
1.970 7,443 - 1,079 8,879 - 44,806
1.995 - - - - - -
2.000 - 2,245 8,753 - - 44,860
2.020 - - - 19,424 - 36,845
2.050 15,488 - 15,316 15,706 - 79,972
2.095 - - - 4,774 4,362 72,036
2.100 - - - - - -
2.145 - - 2,155 - - 1,639
2.150 - - 39,457 - 64,466 43,942
2.195 1,036 - - 1,036 - 27,093
2.220 - - - - - 11,067
2.245 - - - - - -
2.270 2,149 - 11,277 - 42,698 68,603
2.295 - - - - - -
2.300 - 4,139 16,662 524 31,452 7,691
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 17,770
2.395 - 8,747 4,360 - - -
2.450 6,883 12,973 1,696 3,848 124,371 19,528
2.470 - - - - - -
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
------------------- ------------------- ------------------ ------------------ ------------------ --------------
M&E CLASS
1.250 $ - $ - $ - $ 50,427 $ - $ 30,149
1.400 - - - 123,393 - 123,921
1.500 - - - 3,437 - 22,939
1.550 - - - - - -
1.600 - - - 34,313 - 70,314
1.645 - - - - - 5,403
1.650 - - - 12,483 - 85,088
1.670 - - - 52,823 - 46,715
1.700 - - - 25,571 - 12,112
1.750 - - - 183,576 - 174,926
1.795 - - - 9,093 10,523 38,778
1.800 - - - 7,386 - 5,411
1.820 - - - - - -
1.850 - - - - - 32,252
1.895 - - - - - 23,769
1.900 - - - - - 9,184
1.920 - - - - - 19,289
1.945 - - - - - -
1.950 - - - - - -
1.960 - - - 126,201 - 193,575
1.970 - - - - - 48,565
1.995 - - - - - 4,578
2.000 - - - - - 9,153
2.020 - - - 38,903 - 28,532
2.050 - - - 27,553 - 72,985
2.095 - - - 7,767 - 52,799
2.100 - - - - - -
2.145 - - - - - 1,530
2.150 - - - - - 32,265
2.195 - - - - - 13
2.220 - - - - - 10,900
2.245 - - - 10,362 - -
2.270 - - - - - 44,164
2.295 - - - - - 6,790
2.300 - - - 53,489 - 7,189
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - 16,114
2.395 - - - - - -
2.450 - - - 20,752 - 10,806
2.470 - - - 4,884 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/AIM JNL/AIM JNL/AIM JNL/Alger JNL/Alliance JNL/Curian
Large Cap Premier Equity II Small Cap Growth Capital 25
Growth Portfolio Portfolio Growth Portfolio Portfolio Growth Portfolio Portfolio
----------------- ----------------- ---------------- ---------------- ----------------- ----------------
M&E CLASS
2.570 - - - - - 8,263
2.595 - - - - - 7,231
2.650 2,846 - 9,343 9,480 - -
2.800 - - 22,678 - - -
PERSPECTIVE
Standard Benefit 261,636 101,087 873,582 6,150,226 1,422,120 99,124
Contract Enhancement
Benefit 202,269 185,055 480,349 446,843 568,372 37,559
----------------- ----------------- ---------------- ---------------- ----------------- ----------------
Total $ 1,356,428 $ 407,432 $ 2,531,475 $ 7,075,708 $ 2,402,216 $ 7,121,571
================= ================= ================ ================ ================= ================
JNL/Curian
JNL/Curian JNL/Curian JNL/Curian Enhanced JNL/Curian JNL/Curian
Communications Consumer Brands Energy S&P 500 Stock Financial Global
Sector Portfolio Sector Portfolio Sector Portfolio Index Portfolio Sector Portfolio 15 Portfolio
M&E CLASS ------------------- ------------------- ------------------ ------------------ ------------------ --------------
2.570
2.595 - - - - - 3,321
2.650 - - - - - 2,903
2.800 - - - 1,260 - -
- - - - - -
PERSPECTIVE
Standard Benefit
Contract Enhancem - - - 197,998 1,046 43,770
Benefit
- - - 164,034 12,448 67,200
------------------- ------------------- ------------------ ------------------ ------------------ --------------
Total
$ - $ - $ - $ 1,155,705 $ 24,017 $ 1,357,402
=================== =================== ================== ================== ================== ==============
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
------------------ ------------------ ------------------- -------------- ------------------- ------------------
M&E CLASS
1.250 $ - $ 202,034 $ 71,515 $ 187,635 $ 84,216 $ -
1.400 - 114,603 305,607 710,408 105,912 -
1.500 - 13,945 14,181 22,464 2,561 -
1.550 - - 16,288 - - -
1.600 - 40,197 118,220 64,834 29,263 -
1.645 - 57,214 85,636 5,516 57,836 -
1.650 - 7,829 7,362 93,778 8,715 -
1.670 - 23,759 20,600 55,311 4,029 -
1.700 - 11,015 5,105 5,000 4,075 -
1.750 - 313,409 550,949 189,372 294,065 -
1.795 13,137 134,663 462,980 1,180,883 180,391 -
1.800 - 10,925 32,541 5,629 5,359 -
1.820 - - 202,809 - - -
1.850 - 5,152 49,048 31,072 19,197 -
1.895 - - - 23,320 - -
1.900 - 31,392 79,936 - 15,862 -
1.920 - 18,790 26,516 459,593 17,664 -
1.945 - 5,166 5,204 - 5,192 -
1.950 - - - - - -
1.960 - 562,643 748,813 2,278,558 588,041 -
1.970 - 30 - 43,978 2,882 -
1.995 - - - 4,281 - -
2.000 - - 2,662 18,013 4,437 -
2.020 - 19,986 30,698 23,618 7,270 -
2.050 - - 8,091 74,947 2,354 -
2.095 - 221 12,761 59,348 223 -
2.100 - - - - - -
2.145 - 11,903 136,583 16,762 12,075 -
2.150 - - 17,972 45,802 - -
2.195 - - 52,918 - - -
2.220 - - - 10,613 - -
2.245 - 2,058 - 4,087 - -
2.270 - 157,625 228,584 29,710 148,660 -
2.295 - - - - - -
2.300 - 55,506 183,440 16,285 47,516 -
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - 16,556 - -
2.395 - - 8,781 - - -
2.450 - 15,977 20,777 36,525 80,423 -
2.470 - - - - - -
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------- ---------------- ------------------------------------ ----------------- -----------------
M&E CLASS
1.250 $ 14,202 $ 17,153 $ 38,482 $ 10,364 $ - $ 10,426
1.400 997,739 961,088 127,246 56,149 11,242 165,884
1.500 32,152 34,840 26,275 413 - 7,051
1.550 - - - - - -
1.600 113,307 97,285 - - 10,474 10,215
1.645 5,889 5,563 - - - -
1.650 90,104 84,339 7,753 - - 16,378
1.670 17,187 6,952 42,370 13,483 - 42,012
1.700 296,983 23,822 18,067 - - 16,352
1.750 216,350 215,411 70,180 45,463 - 188,177
1.795 1,351,359 1,946,788 232,792 120 8,194 256,944
1.800 4,162 2,503 3,438 - - 27,986
1.820 - - 3,317 759 - -
1.850 20,130 39,013 41,722 5,891 - 11,975
1.895 23,579 23,630 - - - -
1.900 4,706 - - - - -
1.920 509,073 729,108 64,270 - 2,144 28,219
1.945 43,437 - - - - -
1.950 - - - - - -
1.960 3,737,399 3,630,996 57,123 161,633 11,472 310,014
1.970 62,092 43,712 12,859 1,063 - 6,262
1.995 - - - - - -
2.000 73,261 18,193 - - - -
2.020 14,537 56,424 - 9,557 - -
2.050 85,550 60,791 - - - 3,152
2.095 79,482 77,310 560 - 2,386 18,971
2.100 - - - - - -
2.145 1,556 1,474 23,158 27,600 - 56,308
2.150 34,251 33,967 3,408 38,454 - 909
2.195 65,220 624 2,065 - - 1,028
2.220 11,132 10,982 - - - -
2.245 - - - - - -
2.270 69,229 67,991 - - - 2,186
2.295 - - - 3,288 - -
2.300 30,395 13,696 19,198 17,066 - 58,443
2.310 - - - - - -
2.320 - - - - - -
2.350 17,605 16,554 - - - 40,271
2.395 - - - - - -
2.450 88,914 11,299 - 42,220 - 13,426
2.470 - - - - - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Curian
Pharmaceutical/ JNL/Curian JNL/Curian JNL/Curian JNL/Curian JNL/Curian
Healthcare S&P 400 MidCap S&P 500 Small-Cap Small Cap Technology
Sector Portfolio Index Portfolio Index Portfolio Portfolio Index Portfolio Sector Portfolio
------------------ ------------------ -------------------- ------------- ------------------- ------------------
M&E CLASS
2.570 - 11,511 20,747 30,389 5,746 -
2.595 - 10,043 18,116 - 5,017 -
2.650 - 19,370 1,930 14,751 6,205 -
2.800 - 20,745 21,341 6,736 21,523 -
PERSPECTIVE
Standard Benefit 1,252 85,831 564,002 412,504 927,166 -
Contract Enhancement
Benefit 20,139 116,092 238,104 38,737 150,411 -
------------------ ------------------ ------------------ ------------- ------------------- ------------------
Total $ 34,528 $ 2,079,634 $ 4,370,817 $ 6,217,015 $ 2,844,286 $ -
================== ================== ================== ============= =================== ==================
JNL/Curian JNL/Curian JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
The Dow SM The S&P(R) Core Equity SmallCap Aggressive Balanced
10 Portfolio 10 Portfolio Portfolio Equity Portfolio Growth Portfolio Portfolio
------------------- ---------------- ------------------------------------ ----------------- -----------------
M&E CLASS
2.570 9,947 14,943 - - - -
2.595 8,674 13,094 - - - -
2.650 - - - - - -
2.800 - - 8,114 27,265 - 50,301
PERSPECTIVE
Standard Benefit 104,934 101,466 1,341,893 2,132,875 6,328,150 2,427,198
Contract Enhancement
Benefit 373,505 45,153 780,732 461,968 356,313 1,226,939
------------------- ---------------- ----------------- ----------------- ----------------- -----------------
Total $ 8,608,042 $ 8,406,164 $ 2,925,022 $ 3,055,631 $ 6,730,375 $ 4,997,027
=================== ================ ================= ================= ================= =================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
---------------- ------------------ ----------------- ----------------- ----------------- --------------------
M&E CLASS
1.250 $ 58,631 $ - $ 4,109 $ 5,574 $ 5,593 $ -
1.400 24,994 - 32,959 74,094 120,034 45,367
1.500 - - - 33,858 37,474 7,805
1.550 - - - - - -
1.600 - - - 13,265 - 54,828
1.645 - - - - - -
1.650 - - - 15,325 - -
1.670 - - 57,609 318,994 307,437 406
1.700 9,119 - 2,170 25,764 26,970 -
1.750 - - 65,712 104,832 43,791 4,291
1.795 7,900 - 16,480 124,775 151,553 80,944
1.800 - - - - 4,159 2,568
1.820 - - - 9,206 765 -
1.850 - - 1,099 29,822 12,384 34,195
1.895 - - - - - -
1.900 1,301 - - 8,473 11,144 15,066
1.920 - - - 100,973 116,028 15,430
1.945 - - 6,761 1,383 - -
1.950 - - - - - -
1.960 1,097 - 18,238 103,390 164,994 177
1.970 - - - 10,732 3,859 -
1.995 - - - - - -
2.000 4,791 - 10,198 1,490 14,461 -
2.020 - - 17,490 37,655 10,095 -
2.050 3,202 - - 18,720 26,418 -
2.095 7,536 - 12,144 32,570 30,696 8,852
2.100 - - - - - -
2.145 - - - 2,429 18,684 -
2.150 - - 1,750 20,617 8,891 -
2.195 - - - 619 821 -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 10,892 11,089 146,332
2.295 - - - 6,854 - -
2.300 - - 32,290 27,458 46,259 28,566
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - - - 20,913 25,154 -
2.470 - - - - - -
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
--------------------- ------------------- ----------------- ------------------ ------------------ ----------------
M&E CLASS
1.250 $ - $ 33,630 $ - $ 110,895 $ 30,920 $ 18,902
1.400 9,729 114,210 67,790 453,173 180,887 644,508
1.500 2,613 6,255 - 68,746 15,039 23,503
1.550 - - - - - -
1.600 25,107 10,491 - 8,578 - 12,995
1.645 27,846 - - - 3,335 1,639
1.650 4,185 3,364 - 52,703 21,035 6,038
1.670 - 69,650 385 205,674 67,782 54,591
1.700 - 13,567 7,975 114,011 73,690 52,615
1.750 215,974 67,291 66,073 122,591 105,765 217,221
1.795 21,862 174,721 18,793 651,354 215,816 677,768
1.800 - 1,649 - 52,328 20,925 24,218
1.820 - 14,637 11,236 127,923 14,026 223,744
1.850 8,493 17,525 4,742 28,972 14,860 14,674
1.895 - - - - - -
1.900 16,535 1,358 - - 1,308 -
1.920 19,235 30,665 2,058 188,557 71,582 195,305
1.945 - - - - - 219,471
1.950 - - - - - -
1.960 50,527 60,357 13,740 496,356 295,262 986,862
1.970 - - - 34,928 4,621 32,070
1.995 - - - - - -
2.000 - - 7,517 55,155 31,592 26,274
2.020 10,551 15,616 - 10,957 12,747 9,562
2.050 13,193 16,060 - 39,877 15,851 48,715
2.095 231 12,083 6,817 66,926 7,862 85,373
2.100 - - - - - -
2.145 13,257 8,345 7,092 502,560 352,779 146,609
2.150 - - - 116,741 7,181 48,306
2.195 - 1,047 - 24,744 17,712 1,022
2.220 - - - - - -
2.245 - - - 10,183 - 87,322
2.270 162,127 33,368 2,122 20,775 - 1,036
2.295 - - - - - -
2.300 16,437 33,738 3,339 559,370 20,909 431,031
2.310 - - - - - -
2.320 - - - 61,849 - -
2.350 - - - - - 39,805
2.395 - - - - 4,342 -
2.450 5,687 44,651 17,424 230,407 19,133 1,237,965
2.470 - - - 4,823 - -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Mellon Capital
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard JNL/Lazard Management
Capital Growth Global Equities International Mid Cap Small Cap Bond Index
Portfolio Portfolio Value Portfolio Value Portfolio Value Portfolio Portfolio
---------------- ------------------ ----------------- ----------------- ----------------- --------------------
M&E CLASS
2.570 - - - - - -
2.595 - - - - - -
2.650 - - 3,392 3,325 2,890 4,867
2.800 - - 6,905 27,268 15,093 -
PERSPECTIVE
Standard Benefit 5,455,121 3,864,680 218,271 295,934 1,387,210 36,896
Contract Enhancement
Benefit 500,425 - 267,574 466,855 558,326 80,028
---------------- ------------------ ----------------- ----------------- ----------------- --------------------
Total $ 6,074,117 $ 3,864,680 $ 775,151 $ 1,954,059 $ 3,162,272 $ 566,618
================ ================== ================= ================= ================= ====================
JNL/Mellon Capital JNL/PPM
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO JNL/PPM America America
International Global Growth Growth Total Return Balanced High Yield
Index Portfolio Portfolio Portfolio Bond Portfolio Portfolio Bond Portfolio
--------------------- ------------------- ----------------- ------------------ ------------------ ----------------
M&E CLASS
2.570 8,347 - - - - -
2.595 7,321 - - - - -
2.650 - 162 - 26,088 - 22,320
2.800 - - 279 60,170 34,917 22,466
PERSPECTIVE
Standard Benefit 1,501 844,933 169,376 2,648,163 5,067,916 3,754,700
Contract Enhancement
Benefit 21,748 760,036 273,708 1,718,946 1,518,862 2,181,947
--------------------- ------------------- ----------------- ------------------ ------------------ ----------------
Total $ 662,506 $ 2,389,409 $ 680,466 $ 8,874,523 $ 8,248,656 $ 11,550,577
===================== =================== ================= ================== ================== ================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ------------------ ---------------- ------------------ ----------------- ------------------
M&E CLASS
1.250 $ - $ 19,378 $ 4,714 $ - $ 9,835 $ 13
1.400 63,075 34,637 48,958 29,143 104,304 179,892
1.500 1,284 7,317 - 869 - 7,233
1.550 - - - - - -
1.600 - 12,030 - - - -
1.645 - - - - - -
1.650 30,546 - - - - 7,802
1.670 56,484 29,227 - 9,672 - 41,507
1.700 - 3,542 - - - 28,263
1.750 12,447 55,568 27,669 7,813 163,381 22,518
1.795 57,746 107,843 - 4,002 11,206 112,759
1.800 116,157 7,850 - 20,134 8,070 7,861
1.820 - 446 - - - 13,261
1.850 - 25,592 - 9,383 2,025 20,487
1.895 - - - - - -
1.900 - 22,388 - 4,675 - -
1.920 - 41,179 21,797 - - 46,212
1.945 - - - - - -
1.950 - - - - - -
1.960 31,413 474,023 2,084 15,504 11,574 25,092
1.970 - 6,521 - - 2,663 6,444
1.995 - - - - - -
2.000 - - - 8,855 2,574 34,580
2.020 - 13,999 - - - -
2.050 - 9,248 - 19,255 - -
2.095 1,382 12,614 19,145 3,168 - 6,051
2.100 - - - - - -
2.145 - - - 1,568 2,098 -
2.150 - 26,942 - 44,060 - 38,518
2.195 - 1,035 - - - -
2.220 - - - - - -
2.245 - - - - - -
2.270 - - - 875 - -
2.295 - - - - - 8,762
2.300 11,944 32,693 - 20,242 10,594 34,496
2.310 - - - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - 4,318 -
2.450 - - - - - -
2.470 - - - - - -
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------- ---------------- ------------------ ------------------- ----------------- -----------------
M&E CLASS
1.250 $ 30,335 $ 46,434 $ 147,786 $ - $ 32,945 $ 71,305
1.400 562,441 1,492,349 - 5,664 6,945 37,306
1.500 200,000 65,211 - - - -
1.550 - 3,266 - - - -
1.600 5,321 155,504 - - - -
1.645 - 24,118 - - - -
1.650 - 166,247 - - - -
1.670 697,761 794,757 - 4,049 59,670 5,233
1.700 77,170 247,936 - - 109 104,770
1.750 154,110 554,635 52,347 - 54,012 -
1.795 259,183 570,220 3,243 11,940 67,549 -
1.800 2,191 111,366 - - 36,845 -
1.820 16,465 67,062 433 - 21,439 -
1.850 211,695 62,733 - - - -
1.895 - - - - - -
1.900 - - - - - -
1.920 219,956 227,757 8,242 - 101,589 17,251
1.945 1,392 - - - - -
1.950 - 165 - - - -
1.960 99,937 1,194,934 10,371 - - 282,675
1.970 778 85,898 - - - -
1.995 - - - - - -
2.000 401,116 38,784 - - 104,581 -
2.020 565 1,116 - - - -
2.050 13,562 106,419 11,500 - 5,015 3,321
2.095 38,254 306,806 - - - -
2.100 - 104,250 - - - -
2.145 44,454 334,784 - - - -
2.150 4,569 7,314 - - - -
2.195 6,858 23,083 - - 1,030 6,888
2.220 - 3,228 - - - -
2.245 - 122,436 - - - -
2.270 - 40,448 61,609 - - -
2.295 - - - - - -
2.300 78,375 825,733 - - 13,961 1,765
2.310 24,760 24,607 - - - -
2.320 - - - - - -
2.350 - - - - - -
2.395 - - - - - -
2.450 - 136,383 - - 2,830 -
2.470 4,870 81,600 - - 4,861 -
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/PPM America JNL/PPM JNL/Putnam JNL/Putnam JNL/Putnam JNL/Putnam
Money America Value Equity International Midcap Growth Value Equity
Market Portfolio Portfolio Portfolio Equity Portfolio Portfolio Portfolio
------------------- ------------------ ------------- ------------------ ----------------- ------------------
M&E CLASS
2.570 - 123,760 - - - -
2.595 - - - - - -
2.650 - 12,123 - 6,349 1,705 -
2.800 - - - 14,857 25,965 20,499
PERSPECTIVE
Standard Benefit 1,586,753 37,873 2,984,339 1,829,696 518,842 5,077,437
Contract Enhancement
Benefit 397,321 15,332 277,756 338,462 475,040 1,190,654
------------------- ------------------ ------------- ------------------ ----------------- ------------------
Total $ 2,366,552 $ 1,133,160 $ 3,386,462 $ 2,388,582 $ 1,354,194 $ 6,930,341
=================== ================== ============= ================== ================= ==================
JNL/S&P JNL/S&P JNL/S&P Equity
Aggressive Conservative JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Growth Growth Index 50 Index 75 Index 100 Growth
Portfolio I Portfolio I Portfolio Portfolio Portfolio Portfolio I
------------------- ---------------- ------------------ --------------- ----------------- -----------------
M&E CLASS
2.570 - 8,662 - - - -
2.595 - - - - - -
2.650 171,918 85,563 - - - -
2.800 8,447 30,920 - - - -
PERSPECTIVE
Standard Benefit 3,237,942 7,491,005 67,194 35,150 7,683 1,169,842
Contract Enhancement
Benefit 950,028 3,369,270 18,358 5,370 308 319,840
------------------- ---------------- ------------------ --------------- ----------------- -----------------
Total $ 7,524,453 $ 19,013,003 $ 381,083 $ 62,173 $ 521,372 $ 2,020,196
=================== ================ ================== =============== ================= =================
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
----------------- ---------------- ----------------- ------------------- -------------------
M&E CLASS
1.250 $ 223,159 $ 260,233 $ 121,398 $ 14,696 $ 7,754
1.400 178,105 3,668,319 228,043 120,337 256,952
1.500 11,276 81,564 - 8,477 33,852
1.550 3,333 2,628 - - -
1.600 434,115 355,159 - 5,113 -
1.645 - 28,945 - - -
1.650 12,486 29,989 - 5,982 17,800
1.670 306,580 176,641 9,305 46,829 -
1.700 82,854 282,010 1,600 21,558 25,076
1.750 156,711 1,838,420 - 62,693 86,563
1.795 2,725,531 1,392,771 - 182,747 101,932
1.800 190,354 120,624 - 2,415 31,796
1.820 5,534 14,158 - 7,081 253,564
1.850 - 72,981 - 4,925 34,198
1.895 - 117,799 - - -
1.900 - - - - -
1.920 1,434,411 114,317 17,263 80,253 22,669
1.945 3,912 27,023 - 10,200 -
1.950 - - - - -
1.960 6,411,753 2,250,843 24,354 336,660 53,825
1.970 - 37,320 - 12,533 10,109
1.995 - - - - -
2.000 - 875,845 1,750 2,669 13,237
2.020 - 61,751 - - 1,078
2.050 14,831 28,021 - 7,466 5,323
2.095 - 117,666 1,037 20,678 61,438
2.100 - - - - -
2.145 - 571,397 - 127,428 74,978
2.150 815 16,760 - - 106,614
2.195 55,509 44,064 6,881 1,021 -
2.220 - - - - -
2.245 - 78,627 - 81,033 -
2.270 215,583 165,002 - 11,548 -
2.295 - - - - -
2.300 1,072 1,354,280 69,719 58,710 316,040
2.310 24,832 24,670 - - -
2.320 - - - - -
2.350 - - - - -
2.395 - - - - -
2.450 - 106,829 - 32,541 14,375
2.470 - - - - -
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
---------------------- ---------------- -------------------
M&E CLASS
1.250 $ 22,952 $ 241,045 $ 62,710
1.400 144,893 171,345 262,180
1.500 11,017 57,758 20,156
1.550 3,817 - 8,337
1.600 4,989 - 20,955
1.645 - 1,650 1,718
1.650 18,433 985 41,482
1.670 34,204 307,566 90,390
1.700 34,085 25,186 123,006
1.750 25,336 120,747 143,058
1.795 260,682 167,728 287,880
1.800 - - 34,945
1.820 779 11,567 5,142
1.850 25,556 16,244 39,258
1.895 - - -
1.900 19,098 1,705 -
1.920 63,801 185,806 53,159
1.945 6,623 - 1,417
1.950 - - -
1.960 206,468 278,692 252,568
1.970 13,035 773 2,817
1.995 - - -
2.000 14,916 6,639 34,462
2.020 11,460 3,379 15,166
2.050 18,570 20,746 69,914
2.095 22,948 27,356 54,460
2.100 - - -
2.145 16,574 24,981 32,655
2.150 - 27,704 -
2.195 41,458 617 28,823
2.220 - - -
2.245 - - -
2.270 33,181 77,248 28,250
2.295 - - 8,772
2.300 48,060 40,647 102,285
2.310 - - -
2.320 - - -
2.350 - - -
2.395 8,785 - 4,438
2.450 31,791 79,276 37,422
2.470 7,520 7,420 7,561
JNLNY SEPARATE ACCOUNT - I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (continued)
The following is a summary of accumulation units outstanding as of December 31, 2003:
JNL/Salomon
JNL/S&P JNL/S&P Brothers
JNL/S&P Equity Moderate Very Aggressive JNL/Salomon U.S. Government
Growth Growth Growth Brothers Global & Quality
Portfolio I Portfolio I Portfolio I Bond Portfolio Bond Portfolio
----------------- ---------------- ----------------- ------------------- -------------------
M&E CLASS
2.570 - - - - -
2.595 - - - - -
2.650 - 132,144 4,450 - 12,382
2.800 - 8,708 34,162 17,633 -
PERSPECTIVE
Standard Benefit 4,743,207 9,005,361 896,628 1,886,447 4,443,053
Contract Enhancement
Benefit 6,667,811 7,655,714 427,793 1,328,451 1,960,975
----------------- ---------------- ----------------- ------------------- -------------------
Total $ 23,903,774 $ 31,118,583 $ 1,844,383 $ 4,498,124 $ 7,945,583
================= ================ ================= =================== ===================
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio Growth Portfolio Portfolio
---------------------- ---------------- -------------------
M&E CLASS
2.570 77,383 76,874 -
2.595 - - -
2.650 - 11,120 10,098
2.800 - - 20,856
PERSPECTIVE
Standard Benefit 3,742,403 6,145,057 2,053,259
Contract Enhancement
Benefit 967,877 1,244,761 1,721,329
---------------------- ---------------- -------------------
Total $ 5,938,694 $ 9,382,622 $ 5,680,928
====================== ================ ===================
JNLNY 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, 2003 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.
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio (b) Portfolio (b) Growth Portfolio (b) Portfolio
-------------------- ------------------- ------------------ ------------------
-------------------- ------------------- ------------------ ------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.036249 $ 9.223257 $ 10.982239 $ 15.206695
Total Return * 6.81%*** 19.69% 3.72%*** 16.18%***
Ratio of Expenses ** 2.65% 2.45% 2.80% 2.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 7.987771 $ 7.705924 $ 8.213547 $ 11.880599
Total Return * -4.46%*** -0.70%*** 10.27%*** -0.94%***
Ratio of Expenses ** 1.96% 2.45% 2.30% 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 10.269081 $ 10.175932 $ 11.055922 $ 8.757375
Total Return * 2.69%*** 1.76%*** 10.56%*** -12.43%***
Ratio of Expenses ** 1.40% 1.825% 1.40% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a $ 12.096268
Total Return * n/a n/a n/a -14.64%
Ratio of Expenses ** n/a n/a n/a 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a $ 14.170805
Total Return * n/a n/a n/a 31.94%
Ratio of Expenses ** n/a n/a n/a 1.40%
----------------------------------
JNL/Alliance JNL/Curian JNL/Curian JNL/Curian
Capital 25 Communications Consumer Brands
Growth Portfolio (a) Portfolio (c) Sector Portfolio (d) Sector Portfolio (d)
------------------- ----------------- -------------------- --------------------
------------------- ----------------- -------------------- --------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 8.909601 $ 13.157632 $ 3.890754 $ 9.945277
Total Return * 7.73%*** 1.28%*** 6.81%*** 1.83%***
Ratio of Expenses ** 2.45% 2.595% 1.65% 1.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 7.398434 $ 10.218284 n/a n/a
Total Return * 2.57%*** -4.73%*** n/a n/a
Ratio of Expenses ** 2.30% 2.45% n/a n/a
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 8.733208 n/a n/a n/a
Total Return * -12.67%*** n/a n/a n/a
Ratio of Expenses ** 1.825% n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 7.831161 n/a n/a n/a
Total Return * -21.69%*** n/a n/a n/a
Ratio of Expenses ** 1.40% n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/Curian
JNL/Curian Enhanced
Energy S&P 500 Stock
Sector Portfolio (d) Index Portfolio (c)
--------------------- ------------------
--------------------- ------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 13.120936 $ 7.156376
Total Return * 5.37%*** 13.92%***
Ratio of Expenses ** 1.65% 2.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value n/a $ 5.768271
Total Return * n/a 2.43%***
Ratio of Expenses ** n/a 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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, 2000.
(b) Inception date October 29, 2001.
(c) Inception date July 22, 2002.
(d) Inception date December 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio (b) Portfolio (b) Growth Portfolio (b) Portfolio
-------------------- ------------------- ------------------ ------------------
-------------------- ------------------- ------------------ ------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.346261 $ 9.436358 $ 11.358258 $ 17.059762
Total Return * 3.24%*** 20.95% 2.27%*** 4.55%***
Ratio of Expenses ** 1.25% 1.40% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 7.547329 $ 7.801655 $ 7.923624 $ 6.920658
Total Return * -26.50% -29.23% -28.33% -34.12%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 10.269081 $ 11.023744 $ 11.055922 $ 10.504819
Total Return * 2.69%*** 10.24%*** 10.56%*** -13.16%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a $ 12.096268
Total Return * n/a n/a n/a -14.64%
Ratio of Expenses ** n/a n/a n/a 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a $ 14.170805
Total Return * n/a n/a n/a 31.94%
Ratio of Expenses ** n/a n/a n/a 1.40%
----------------------------------
JNL/Alliance JNL/Curian JNL/Curian JNL/Curian
Capital 25 Communications Consumer Brands
Growth Portfolio (a) Portfolio (c) Sector Portfolio (d) Sector Portfolio (d)
------------------- ----------------- -------------------- --------------------
------------------- ----------------- -------------------- --------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 9.555924 $ 13.415707 $ 3.961297 $ 10.125434
Total Return * 4.74%*** 12.22%*** 6.83%*** 1.85%***
Ratio of Expenses ** 1.25% 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 4.485940 $ 10.150521 n/a n/a
Total Return * -31.99% 1.51%*** n/a n/a
Ratio of Expenses ** 1.40% 1.40% n/a n/a
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 6.595748 n/a n/a n/a
Total Return * -15.78% n/a n/a n/a
Ratio of Expenses ** 1.40% n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 7.831161 n/a n/a n/a
Total Return * -21.69%*** n/a n/a n/a
Ratio of Expenses ** 1.40% n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/Curian
JNL/Curian Enhanced
Energy S&P 500 Stock
Sector Portfolio (d) Index Portfolio (c)
--------------------- ------------------
--------------------- ------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 13.358794 $ 7.639067
Total Return * 5.39%*** 7.17%***
Ratio of Expenses ** 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value n/a $ 10.640831
Total Return * n/a 6.41%***
Ratio of Expenses ** n/a 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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, 2000.
(b) Inception date October 29, 2001.
(c) Inception date July 22, 2002.
(d) Inception date December 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/AIM JNL/AIM JNL/AIM JNL/Alger
Large Cap Premier Equity II Small Cap Growth
Growth Portfolio (b) Portfolio (b) Growth Portfolio (b) Portfolio
-------------------- ------------------- ------------------ ------------------
-------------------- ------------------- ------------------ ------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 1,356 $ 407 $ 2,531 $ 7,076
Units Outstanding (in thousands) 136 45 234 754
Investment Income Ratio * 0.00% 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 171 $ 236 $ 606 $ 4,936
Units Outstanding (in thousands) 23 32 79 719
Investment Income Ratio * 0.00% 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 36 $ 72 $ 39 $ 8,799
Units Outstanding (in thousands) 3 7 4 843
Investment Income Ratio * 0.00% 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a n/a $ 11,755
Units Outstanding (in thousands) n/a n/a n/a 972
Investment Income Ratio * n/a n/a n/a 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a n/a $ 8,319
Units Outstanding (in thousands) n/a n/a n/a 587
Investment Income Ratio * n/a n/a n/a 0.00%
----------------------------------
JNL/Alliance JNL/Curian JNL/Curian JNL/Curian
Capital 25 Communications Consumer Brands
Growth Portfolio (a) Portfolio (c) Sector Portfolio (d) Sector Portfolio (d)
------------------- ----------------- -------------------- --------------------
------------------- ----------------- -------------------- --------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 2,402 $ 7,122 $ - $ -
Units Outstanding (in thousands) 383 535 - -
Investment Income Ratio * 0.00% 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 1,294 $ 240 n/a n/a
Units Outstanding (in thousands) 265 23 n/a n/a
Investment Income Ratio * 0.00% 0.00% n/a n/a
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 1,657 n/a n/a n/a
Units Outstanding (in thousands) 236 n/a n/a n/a
Investment Income Ratio * 0.06% n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 870 n/a n/a n/a
Units Outstanding (in thousands) 111 n/a n/a n/a
Investment Income Ratio * 0.00% n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
----------------------------------
JNL/Curian
JNL/Curian Enhanced
Energy S&P 500 Stock
Sector Portfolio (d) Index Portfolio (c)
--------------------- ------------------
--------------------- ------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ - $ 1,156
Units Outstanding (in thousands) - 133
Investment Income Ratio * 0.00% 0.75%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) n/a $ 27
Units Outstanding (in thousands) n/a 4
Investment Income Ratio * n/a 0.07%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a 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.
(a) Commencement of operations May 1, 2000.
(b) Inception date October 29, 2001.
(c) Inception date July 22, 2002.
(d) Inception date December 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Curian
JNL/Curian JNL/Curian Pharmaceutical/ JNL/Curian
Financial Global Healthcare S&P 400 MidCap
Sector Portfolio (b)15 Portfolio (a) Sector Portfolio (b) Index Portfolio (a)
------------------- ----------------- ------------------- ------------------
------------------- ----------------- ------------------- ------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.205726 $ 12.194412 $ 10.192820 $ 10.961560
Total Return * 2.06%*** 1.63%*** 1.93%*** 19.40%***
Ratio of Expenses ** 1.82% 2.595% 1.82% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value n/a $ 9.641049 n/a $ 8.431162
Total Return * n/a -3.45%*** n/a -0.85%***
Ratio of Expenses ** n/a 2.30% n/a 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
S&P 500 Small-Cap Small Cap Technology
Index Portfolio (a) Portfolio (a) Index Portfolio (a) Sector Portfolio (b)
------------------------------------- ------------------- -------------------
------------------------------------- ------------------- -------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 9.423812 $ 15.471726 $ 11.077352 $ 5.692291
Total Return * 13.37%*** 20.85%*** 23.88%*** 0.75%***
Ratio of Expenses ** 2.80% 2.80% 2.80% 1.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 7.620310 $ 10.772237 $ 7.835213 n/a
Total Return * -7.67%*** -5.51%*** -5.83%*** n/a
Ratio of Expenses ** 2.30% 2.45% 2.45% n/a
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/Curian JNL/Curian
The Dow SM The S&P(R)
10 Portfolio (a) 10 Portfolio (a)
------------------ -----------------
------------------ -----------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 13.619993 $ 11.115606
Total Return * 1.23%*** 1.89%***
Ratio of Expenses ** 2.595% 2.595%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 11.104801 $ 9.589985
Total Return * 11.50%*** -9.58%***
Ratio of Expenses ** 2.30% 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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) Inception date July 22, 2002.
(b) Inception date December 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Curian
JNL/Curian JNL/Curian Pharmaceutical/ JNL/Curian
Financial Global Healthcare S&P 400 MidCap
Sector Portfolio (b)15 Portfolio (a) Sector Portfolio (b) Index Portfolio (a)
------------------- ----------------- ------------------- ------------------
------------------- ----------------- ------------------- ------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.938291 $ 12.433563 $ 10.664169 $ 11.299436
Total Return * 2.33%*** 1.02%*** 2.21%*** 3.62%***
Ratio of Expenses ** 1.25% 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value n/a $ 10.108930 n/a $ 10.431487
Total Return * n/a 1.09%*** n/a 4.31%***
Ratio of Expenses ** n/a 1.40% n/a 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
S&P 500 Small-Cap Small Cap Technology
Index Portfolio (a) Portfolio (a) Index Portfolio (a) Sector Portfolio (b)
------------------------------------- ------------------- -------------------
------------------------------------- ------------------- -------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 9.714316 $ 15.821819 $ 11.418840 $ 5.795488
Total Return * 5.15%*** 5.57%*** 4.54%*** 0.77%***
Ratio of Expenses ** 1.25% 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 10.617884 $ 10.503766 $ 10.529964 n/a
Total Return * 6.18%*** 5.04%*** 5.30%*** n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/Curian JNL/Curian
The Dow SM The S&P(R)
10 Portfolio (a) 10 Portfolio (a)
------------------ -----------------
------------------ -----------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 13.886137 $ 11.333552
Total Return * 14.31%*** 8.58%***
Ratio of Expenses ** 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 11.477618 $ 9.074024
Total Return * 14.78%*** -9.26%***
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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) Inception date July 22, 2002.
(b) Inception date December 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Curian
JNL/Curian JNL/Curian Pharmaceutical/ JNL/Curian
Financial Global Healthcare S&P 400 MidCap
Sector Portfolio (b)15 Portfolio (a) Sector Portfolio (b) Index Portfolio (a)
------------------- ----------------- ------------------- ------------------
------------------- ----------------- ------------------- ------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 24 $ 1,357 $ 35 $ 2,080
Units Outstanding (in thousands) 2 110 3 183
Investment Income Ratio * 0.00% 0.00% 0.00% 0.76%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) n/a $ 93 n/a $ 186
Units Outstanding (in thousands) n/a 10 n/a 22
Investment Income Ratio * n/a 0.00% n/a 1.69%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
----------------------------------
JNL/Curian JNL/Curian JNL/Curian JNL/Curian
S&P 500 Small-Cap Small Cap Technology
Index Portfolio (a) Portfolio (a) Index Portfolio (a) Sector Portfolio (b)
------------------------------------- ------------------- -------------------
------------------------------------- ------------------- -------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 4,371 $ 6,217 $ 2,844 $ -
Units Outstanding (in thousands) 432 397 228 -
Investment Income Ratio * 2.17% 0.00% 1.00% 0.00%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 258 $ 270 $ 206 n/a
Units Outstanding (in thousands) 33 25 26 n/a
Investment Income Ratio * 0.00% 0.00% 2.87% n/a
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
----------------------------------
JNL/Curian JNL/Curian
The Dow SM The S&P(R)
10 Portfolio (a) 10 Portfolio (a)
------------------ -----------------
------------------ -----------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 8,608 $ 8,406
Units Outstanding (in thousands) 624 749
Investment Income Ratio * 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 301 $ 235
Units Outstanding (in thousands) 27 25
Investment Income Ratio * 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a 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.
(a) Inception date July 22, 2002.
(b) Inception date December 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio (b) Equity Portfolio (c) Growth Portfolio (a)Portfolio (d)
---------------------------------------- ------------------ ----------------
---------------------------------------- ------------------ ----------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 14.802644 $ 15.086008 $ 22.334683 $ 8.975033
Total Return * 11.71%*** 3.11%*** 34.44%*** 5.16%***
Ratio of Expenses ** 2.80% 2.80% 2.095% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 12.614051 $ 11.438641 $ 17.011265 $ 8.191460
Total Return * -1.78%*** 3.25%*** -2.38%*** 0.22%***
Ratio of Expenses ** 2.30% 2.30% 1.96% 2.45%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 9.243211 $ 9.682239 $ 8.035502 $ 9.648733
Total Return * -7.57%*** -3.18%*** -19.64%*** -3.51%***
Ratio of Expenses ** 1.825% 1.825% 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 11.674317 $ 10.509551 $ 13.174866 $ 10.097165
Total Return * -1.11% -14.44% -22.04% 0.97%***
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 11.805260 $ 12.283910 $ 16.898445 n/a
Total Return * 18.05%*** 22.84%*** 68.98%*** n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
----------------------------------
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard
Capital Growth Global Equities International Mid Cap
Portfolio Portfolio Value Portfolio (g) Value Portfolio (e)
-------------------- ------------------ -------------------- -------------------
-------------------- ------------------ -------------------- -------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 17.003987 $ 9.192404 $ 7.981838 $ 12.920566
Total Return * 32.83% 22.25% 22.37%*** 5.83%***
Ratio of Expenses ** 2.095% 1.40% 2.80% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 12.800844 $ 7.519648 $ 6.031073 $ 10.485075
Total Return * -2.51%*** -28.13% -1.41%*** 13.24%***
Ratio of Expenses ** 2.095% 1.40% 2.300% 2.45%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 7.343670 $ 10.462604 n/a $ 10.521134
Total Return * -26.56%*** -24.58% n/a 5.21%***
Ratio of Expenses ** 1.825% 1.40% n/a 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 16.122236 $ 13.871569 n/a n/a
Total Return * -35.64% -19.41% n/a n/a
Ratio of Expenses ** 1.40% 1.40% n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 25.051730 $ 17.213570 n/a n/a
Total Return * 121.08% 62.29% n/a n/a
Ratio of Expenses ** 1.40% 1.40% n/a n/a
----------------------------------
JNL/
Mellon Capital
JNL/Lazard Management
Small Cap Bond Index
Value Portfolio (e) Portfolio (f)
------------------- ----------------
------------------- ----------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 11.853314 $ 10.611308
Total Return * 7.44%*** 1.13%***
Ratio of Expenses ** 2.80% 2.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 8.930386 $ 10.618420
Total Return * 10.91%*** 1.32%***
Ratio of Expenses ** 2.45% 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 10.815225 n/a
Total Return * 8.15%*** n/a
Ratio of Expenses ** 1.825% n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 29, 1999.
(b) Commencement of operations March 22, 1999.
(c) Commencement of operations April 22, 1999.
(d) Inception date May 1, 2000.
(e) Inception date October 29, 2001.
(f) Inception date July 22, 2002.
(g) Inception date September 30, 2002.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio (b) Equity Portfolio (c) Growth Portfolio (a)Portfolio (d)
---------------------------------------- ------------------ ----------------
---------------------------------------- ------------------ ----------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 16.574173 $ 16.891779 $ 8.387840 $ 9.500264
Total Return * 8.18%*** 5.56%*** 33.57% 3.64%***
Ratio of Expenses ** 1.25% 1.25% 1.40% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 8.134044 $ 8.759987 $ 6.279575 $ 8.760626
Total Return * -21.64% -23.84% -30.73% -7.87%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 10.379886 $ 11.501957 $ 9.065884 $ 9.509179
Total Return * -11.09% 9.44% -31.19% -5.82%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 11.674317 $ 10.509551 $ 13.174866 $ 10.097165
Total Return * -1.11% -14.44% -22.04% 0.97%***
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 11.805260 $ 12.283910 $ 16.898445 n/a
Total Return * 18.05%*** 22.84%*** 68.98%*** n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
----------------------------------
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard
Capital Growth Global Equities International Mid Cap
Portfolio Portfolio Value Portfolio (g) Value Portfolio (e)
-------------------- ------------------ -------------------- -------------------
-------------------- ------------------ -------------------- -------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 18.291089 $ 9.192404 $ 8.737517 $ 14.143691
Total Return * 5.75%*** 22.25% 10.27%*** 4.61%***
Ratio of Expenses ** 1.25% 1.40% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 6.637011 $ 7.519648 $ 10.140477 $ 9.197975
Total Return * -30.20% -28.13% 1.40%*** -15.28%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 9.508060 $ 10.462604 n/a $ 10.856520
Total Return * -41.03% -24.58% n/a 8.57%***
Ratio of Expenses ** 1.40% 1.40% n/a 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 16.122236 $ 13.871569 n/a n/a
Total Return * -35.64% -19.41% n/a n/a
Ratio of Expenses ** 1.40% 1.40% n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 25.051730 $ 17.213570 n/a n/a
Total Return * 121.08% 62.29% n/a n/a
Ratio of Expenses ** 1.40% 1.40% n/a n/a
----------------------------------
JNL/
Mellon Capital
JNL/Lazard Management
Small Cap Bond Index
Value Portfolio (e) Portfolio (f)
------------------- ----------------
------------------- ----------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 12.975393 $ 10.272739
Total Return * 4.79%*** 1.53%
Ratio of Expenses ** 1.25% 1.40%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 8.998926 $ 10.117737
Total Return * -18.37% 1.18%***
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 11.024118 n/a
Total Return * 10.24%*** n/a
Ratio of Expenses ** 1.40% n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a
Total Return * n/a n/a
Ratio of Expenses ** n/a n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 29, 1999.
(b) Commencement of operations March 22, 1999.
(c) Commencement of operations April 22, 1999.
(d) Inception date May 1, 2000.
(e) Inception date October 29, 2001.
(f) Inception date July 22, 2002.
(g) Inception date September 30, 2002.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Eagle JNL/Eagle JNL/Janus JNL/Janus
Core Equity SmallCap Aggressive Balanced
Portfolio (b) Equity Portfolio (c) Growth Portfolio (a)Portfolio (d)
---------------------------------------- ------------------ ----------------
---------------------------------------- ------------------ ----------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 2,925 $ 3,056 $ 6,730 $ 4,997
Units Outstanding (in thousands) 273 251 805 516
Investment Income Ratio * 0.81% 0.00% 0.00% 1.53%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 1,862 $ 1,877 $ 7,590 $ 4,043
Units Outstanding (in thousands) 236 220 1,216 461
Investment Income Ratio * 0.78% 0.00% 0.00% 2.19%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 1,891 $ 2,760 $ 14,054 $ 3,738
Units Outstanding (in thousands) 188 245 1,555 392
Investment Income Ratio * 0.59% 0.00% 0.05% 3.34%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 1,622 $ 1,814 $ 23,447 $ 1,309
Units Outstanding (in thousands) 139 173 1,780 130
Investment Income Ratio * 0.00% 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 850 $ 922 $ 14,791 n/a
Units Outstanding (in thousands) 72 75 875 n/a
Investment Income Ratio * 0.00% 0.00% 0.00% n/a
----------------------------------
JNL/Janus JNL/Janus JNL/JPMorgan JNL/Lazard
Capital Growth Global Equities International Mid Cap
Portfolio Portfolio Value Portfolio (g) Value Portfolio (e)
-------------------- ------------------ -------------------- -------------------
-------------------- ------------------ -------------------- -------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 6,074 $ 3,865 $ 775 $ 1,954
Units Outstanding (in thousands) 695 420 69 154
Investment Income Ratio * 0.00% 0.00% 4.33% 0.39%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 6,204 $ 4,437 $ 60 $ 574
Units Outstanding (in thousands) 951 590 6 63
Investment Income Ratio * 0.00% 0.67% 2.80% 0.35%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 11,888 $ 8,505 n/a $ 152
Units Outstanding (in thousands) 1,262 813 n/a 14
Investment Income Ratio * 0.00% 1.39% n/a 0.72%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 21,952 $ 14,424 n/a n/a
Units Outstanding (in thousands) 1,362 1,040 n/a n/a
Investment Income Ratio * 0.00% 0.00% n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 16,043 $ 4,990 n/a n/a
Units Outstanding (in thousands) 640 290 n/a n/a
Investment Income Ratio * 0.00% 0.00% n/a n/a
----------------------------------
JNL/
Mellon Capital
JNL/Lazard Management
Small Cap Bond Index
Value Portfolio (e) Portfolio (f)
------------------- ----------------
------------------- ----------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 3,162 $ 567
Units Outstanding (in thousands) 256 53
Investment Income Ratio * 0.00% 4.56%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 1,024 $ 20
Units Outstanding (in thousands) 115 2
Investment Income Ratio * 0.00% 5.38%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 128 n/a
Units Outstanding (in thousands) 12 n/a
Investment Income Ratio * 0.20% n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a
Units Outstanding (in thousands) n/a n/a
Investment Income Ratio * n/a 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.
(a) Commencement of operations January 29, 1999.
(b) Commencement of operations March 22, 1999.
(c) Commencement of operations April 22, 1999.
(d) Inception date May 1, 2000.
(e) Inception date October 29, 2001.
(f) Inception date July 22, 2002.
(g) Inception date September 30, 2002.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio (d) Portfolio (b) Portfolio (b) Bond Portfolio (c)
------------------- ------------------- ----------------- ------------------
------------------- ------------------- ----------------- ------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 11.274745 $ 9.414598 $ 7.690909 $ 12.497363
Total Return * 2.54%*** 14.61%*** 1.97%*** -1.89%***
Ratio of Expenses ** 2.595% 2.65% 2.80% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 10.297913 $ 6.911561 $ 6.754412 $ 12.475080
Total Return * 2.98%*** -6.21%*** -0.08%*** 2.01%***
Ratio of Expenses ** 1.82% 2.45% 2.45% 2.45%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a $ 9.050551 $ 9.365809 $ 9.770700
Total Return * n/a -9.49%*** -6.34%*** -2.29%***
Ratio of Expenses ** n/a 1.825% 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/PPM America JNL/PPM JNL/PPM America JNL/PPM
Balanced America High Yield Money America Value
Portfolio (a) Bond Portfolio Market Portfolio Portfolio (e)
-------------------- --------------------- --------------------- ------------------
-------------------- --------------------- --------------------- ------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 18.663530 $ 13.736486 $ 11.243546 $ 14.281771
Total Return * 8.93%*** 6.88%*** -1.73%*** 10.54%***
Ratio of Expenses ** 2.80% 2.80% 2.45% 2.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 16.402339 $ 12.226651 $ 11.601511 $ 10.915943
Total Return * 0.95%*** 5.15%*** -0.17%*** -0.43%***
Ratio of Expenses ** 2.30% 2.45% 2.30% 1.960%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 10.126429 $ 9.880263 $ 10.041177 n/a
Total Return * 1.26%*** -1.20%*** 0.41%*** n/a
Ratio of Expenses ** 1.825% 1.825% 1.825% n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 10.524415 $ 9.297484 $ 10.787298 n/a
Total Return * 6.75% -6.93% 4.39% n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 9.858727 $ 9.989285 $ 10.334037 n/a
Total Return * -1.41%*** -0.32% 3.21% n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
----------------------------------
JNL/Putnam JNL/Putnam
Equity International
Portfolio Equity Portfolio
------------------ ---------------
------------------ ---------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 16.760848 $ 10.413214
Total Return * 12.56%*** 14.25%***
Ratio of Expenses ** 2.30% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 13.693344 $ 8.883618
Total Return * -1.04%*** -1.43%***
Ratio of Expenses ** 2.095% 1.96%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 8.109137 $ 8.778597
Total Return * -18.91%*** -12.21%***
Ratio of Expenses ** 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 11.218801 $ 11.226356
Total Return * -18.98% -15.18%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 13.847598 $ 13.234738
Total Return * 27.69% 30.37%
Ratio of Expenses ** 1.40% 1.40%
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 21, 1999.
(b) Commencement of operations May 1, 2001.
(c) Commencement of operations October 29, 2001.
(d) Inception date July 22, 2002.
(e) Inception date September 30, 2002.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio (d) Portfolio (b) Portfolio (b) Bond Portfolio (c)
------------------- ------------------- ----------------- ------------------
------------------- ------------------- ----------------- ------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 13.958057 $ 9.787978 $ 8.108315 $ 13.680473
Total Return * 35.39% 7.49%*** 16.14% 1.10%***
Ratio of Expenses ** 1.40% 1.25% 1.40% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 10.309147 $ 7.034003 $ 6.981291 $ 10.494459
Total Return * 3.09%*** -23.41% -26.33% 7.33%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a $ 9.184038 $ 9.476549 $ 9.777524
Total Return * n/a -8.16%*** -5.23%*** -2.22%***
Ratio of Expenses ** n/a 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a n/a
Total Return * n/a n/a n/a n/a
Ratio of Expenses ** n/a n/a n/a n/a
----------------------------------
JNL/PPM America JNL/PPM JNL/PPM America JNL/PPM
Balanced America High Yield Money America Value
Portfolio (a) Bond Portfolio Market Portfolio Portfolio (e)
-------------------- --------------------- --------------------- ------------------
-------------------- --------------------- --------------------- ------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 21.336632 $ 15.703877 $ 12.471394 $ 14.557751
Total Return * 4.62%*** 3.71%*** -0.20%*** 10.75%***
Ratio of Expenses ** 1.25% 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 11.096203 $ 9.748270 $ 10.964243 $ 10.930421
Total Return * -3.30% 0.63% -0.34% 9.30%***
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 11.474475 $ 9.686955 $ 11.001639 n/a
Total Return * 9.03% 4.19% 1.99% n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 10.524415 $ 9.297484 $ 10.787298 n/a
Total Return * 6.75% -6.93% 4.39% n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 9.858727 $ 9.989285 $ 10.334037 n/a
Total Return * -1.41%*** -0.32% 3.21% n/a
Ratio of Expenses ** 1.40% 1.40% 1.40% n/a
----------------------------------
JNL/Putnam JNL/Putnam
Equity International
Portfolio Equity Portfolio
------------------ ---------------
------------------ ---------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 18.351886 $ 11.904771
Total Return * 5.27%*** 7.68%***
Ratio of Expenses ** 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 6.208732 $ 6.910248
Total Return * -25.15% -21.69%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 8.295230 $ 8.823666
Total Return * -26.06% -21.40%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 11.218801 $ 11.226356
Total Return * -18.98% -15.18%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 13.847598 $ 13.234738
Total Return * 27.69% 30.37%
Ratio of Expenses ** 1.40% 1.40%
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 21, 1999.
(b) Commencement of operations May 1, 2001.
(c) Commencement of operations October 29, 2001.
(d) Inception date July 22, 2002.
(e) Inception date September 30, 2002.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Mellon Capital
Management JNL/Oppenheimer JNL/Oppenheimer JNL/PIMCO
International Global Growth Growth Total Return
Index Portfolio (d) Portfolio (b) Portfolio (b) Bond Portfolio (c)
------------------- ------------------- ----------------- ------------------
------------------- ------------------- ----------------- ------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 663 $ 2,389 $ 680 $ 8,875
Units Outstanding (in thousands) 58 248 85 747
Investment Income Ratio * 5.26% 0.00% 0.00% 1.69%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ - $ 925 $ 445 $ 5,768
Units Outstanding (in thousands) - 133 64 540
Investment Income Ratio * 0.00% 0.00% 0.00% 0.03%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) n/a $ 807 $ 441 $ 400
Units Outstanding (in thousands) n/a 89 47 41
Investment Income Ratio * n/a 0.00% 0.20% 2.44%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a n/a n/a
Units Outstanding (in thousands) n/a n/a n/a n/a
Investment Income Ratio * n/a n/a n/a n/a
----------------------------------
JNL/PPM America JNL/PPM JNL/PPM America JNL/PPM
Balanced America High Yield Money America Value
Portfolio (a) Bond Portfolio Market Portfolio Portfolio (e)
-------------------- --------------------- --------------------- ------------------
-------------------- --------------------- --------------------- ------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 8,249 $ 11,551 $ 2,367 $ 1,133
Units Outstanding (in thousands) 594 900 218 79
Investment Income Ratio * 2.47% 8.22% 0.47% 0.65%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 5,043 $ 4,746 $ 5,567 $ 8
Units Outstanding (in thousands) 466 481 515 1
Investment Income Ratio * 2.91% 8.93% 1.06% 0.00%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 5,082 $ 4,339 $ 6,939 n/a
Units Outstanding (in thousands) 451 447 642 n/a
Investment Income Ratio * 3.70% 11.88% 3.19% n/a
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 3,080 $ 2,179 $ 4,209 n/a
Units Outstanding (in thousands) 293 234 390 n/a
Investment Income Ratio * 0.00% 0.00% 0.00% n/a
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 1,867 $ 1,832 $ 1,142 n/a
Units Outstanding (in thousands) 189 183 111 n/a
Investment Income Ratio * 0.00% 0.00% 0.00% n/a
----------------------------------
JNL/Putnam JNL/Putnam
Equity International
Portfolio Equity Portfolio
------------------ ---------------
------------------ ---------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 3,386 $ 2,389
Units Outstanding (in thousands) 427 268
Investment Income Ratio * 0.32% 1.77%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 3,019 $ 1,942
Units Outstanding (in thousands) 486 281
Investment Income Ratio * 0.00% 0.87%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 4,856 $ 2,724
Units Outstanding (in thousands) 586 309
Investment Income Ratio * 0.00% 0.73%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 7,801 $ 2,989
Units Outstanding (in thousands) 695 266
Investment Income Ratio * 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 5,859 $ 1,406
Units Outstanding (in thousands) 423 106
Investment Income Ratio * 0.00% 0.00%
----------------------------------
* 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.
(a) Commencement of operations January 21, 1999.
(b) Commencement of operations May 1, 2001.
(c) Commencement of operations October 29, 2001.
(d) Inception date July 22, 2002.
(e) Inception date September 30, 2002.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio (d) Portfolio Portfolio I (b) Portfolio I (b)
------------------ ---------------- ---------------- ----------------
------------------ ---------------- ---------------- ----------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 6.154228 $ 16.232717 $ 10.536610 $ 10.766868
Total Return * 2.52%*** 7.18%*** 7.96%*** 7.47%***
Ratio of Expenses ** 2.80% 2.80% 2.80% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 4.848841 $ 13.924386 $ 8.750197 $ 9.628911
Total Return * 0.16%*** 7.56%*** 8.67%*** 6.28%***
Ratio of Expenses ** 1.96% 2.30% 2.30% 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 8.027341 $ 9.139763 $ 9.060847 $ 9.596988
Total Return * -19.73%*** -8.60%*** -9.39%*** -4.03%***
Ratio of Expenses ** 1.825% 1.825% 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 10.155592 $ 10.273964 $ 10.826340 $ 10.667420
Total Return * 1.56%*** 5.48% -10.63% -2.99%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a $ 9.740109 $ 12.113662 $ 10.996298
Total Return * n/a -2.42% 21.14%*** 9.96%***
Ratio of Expenses ** n/a 1.40% 1.40% 1.40%
----------------------------------
JNL/S&P Equity
JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Index 50 Index 75 Index 100 Growth
Portfolio (f) Portfolio (g) Portfolio (e) Portfolio I (a)
------------------ ----------------- ----------------- -----------------
------------------ ----------------- ----------------- -----------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 9.818384 $ 12.991655 $ 10.072370 $ 9.999892
Total Return * 5.32%*** 24.20%*** 1.00%*** 26.98%
Ratio of Expenses ** 2.27% 1.82% 2.47% 2.30%
PERIOD ENDED DECEMBER 31, 2002
Unit Value n/a n/a $ 8.450679 $ 7.875145
Total Return * n/a n/a -1.18%*** 5.95%***
Ratio of Expenses ** n/a n/a 2.45% 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a n/a $ 9.559577
Total Return * n/a n/a n/a -4.40%***
Ratio of Expenses ** n/a n/a n/a 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a $ 11.182167
Total Return * n/a n/a n/a -16.38%
Ratio of Expenses ** n/a n/a n/a 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a $ 13.372109
Total Return * n/a n/a n/a 33.72%***
Ratio of Expenses ** n/a n/a n/a 1.40%
----------------------------------
JNL/S&P
JNL/S&P Equity Moderate
Growth Growth
Portfolio I (a) Portfolio I (a)
-------------------- ----------------
-------------------- ----------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 9.685254 $ 10.845506
Total Return * 26.41%*** 6.85%***
Ratio of Expenses ** 2.45% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 7.715736 $ 9.381822
Total Return * 9.08%*** -1.79%***
Ratio of Expenses ** 2.30% 2.30%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 8.603629 $ 9.134164
Total Return * -13.96%*** -8.66%***
Ratio of Expenses ** 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 11.215864 $ 11.095608
Total Return * -15.25% -5.67%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 13.233816 $ 11.762325
Total Return * 32.34%*** 17.62%***
Ratio of Expenses ** 1.40% 1.40%
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 20, 1999.
(b) Commencement of operations April 22, 1999.
(c) Commencement of operations May 10, 1999.
(d) Inception date May 1, 2000.
(e) Inception date July 22, 2002.
(f) Inception date February 3, 2003.
(g) Inception date April 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio (d) Portfolio Portfolio I (b) Portfolio I (b)
------------------ ---------------- ---------------- ----------------
------------------ ---------------- ---------------- ----------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 6.514304 $ 18.547694 $ 11.516429 $ 11.767229
Total Return * 3.10%*** 3.68%*** 7.42%*** 4.84%***
Ratio of Expenses ** 1.25% 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 5.096737 $ 7.499085 $ 7.694273 $ 9.046263
Total Return * -30.30% -20.98% -19.39% -9.75%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 7.312892 $ 9.490032 $ 9.545538 $ 10.023547
Total Return * -27.99% -7.63% -11.83% -6.04%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 10.155592 $ 10.273964 $ 10.826340 $ 10.667420
Total Return * 1.56%*** 5.48% -10.63% -2.99%
Ratio of Expenses ** 1.40% 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a $ 9.740109 $ 12.113662 $ 10.996298
Total Return * n/a -2.42% 21.14%*** 9.96%***
Ratio of Expenses ** n/a 1.40% 1.40% 1.40%
----------------------------------
JNL/S&P Equity
JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Index 50 Index 75 Index 100 Growth
Portfolio (f) Portfolio (g) Portfolio (e) Portfolio I (a)
------------------ ----------------- ----------------- -----------------
------------------ ----------------- ----------------- -----------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.016562 $ 13.060454 $ 10.318947 $ 10.607104
Total Return * 7.81%*** 24.73%*** 4.30%*** 9.56%***
Ratio of Expenses ** 1.25% 1.40% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value n/a n/a $ 10.446153 $ 7.199696
Total Return * n/a n/a 4.46%*** -24.28%
Ratio of Expenses ** n/a n/a 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value n/a n/a n/a $ 9.508571
Total Return * n/a n/a n/a -14.97%
Ratio of Expenses ** n/a n/a n/a 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value n/a n/a n/a $ 11.182167
Total Return * n/a n/a n/a -16.38%
Ratio of Expenses ** n/a n/a n/a 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value n/a n/a n/a $ 13.372109
Total Return * n/a n/a n/a 33.72%***
Ratio of Expenses ** n/a n/a n/a 1.40%
----------------------------------
JNL/S&P
JNL/S&P Equity Moderate
Growth Growth
Portfolio I (a) Portfolio I (a)
-------------------- ----------------
-------------------- ----------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.373531 $ 11.853609
Total Return * 7.05%*** 5.00%***
Ratio of Expenses ** 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 7.163703 $ 8.757295
Total Return * -24.40% -13.62%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 9.476264 $ 10.137740
Total Return * -15.51% -8.63%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 11.215864 $ 11.095608
Total Return * -15.25% -5.67%
Ratio of Expenses ** 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 13.233816 $ 11.762325
Total Return * 32.34%*** 17.62%***
Ratio of Expenses ** 1.40% 1.40%
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 20, 1999.
(b) Commencement of operations April 22, 1999.
(c) Commencement of operations May 10, 1999.
(d) Inception date May 1, 2000.
(e) Inception date July 22, 2002.
(f) Inception date February 3, 2003.
(g) Inception date April 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/S&P JNL/S&P
JNL/Putnam JNL/Putnam Aggressive Conservative
Midcap Growth Value Equity Growth Growth
Portfolio (d) Portfolio Portfolio I (b) Portfolio I (b)
------------------ ---------------- ---------------- ----------------
------------------ ---------------- ---------------- ----------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 1,354 $ 6,930 $ 7,524 $ 19,013
Units Outstanding (in thousands) 199 724 740 1,768
Investment Income Ratio * 0.00% 1.21% 1.65% 3.06%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 902 $ 5,875 $ 4,415 $ 10,062
Units Outstanding (in thousands) 171 787 571 1,120
Investment Income Ratio * 0.00% 0.97% 1.22% 2.22%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 1,201 $ 9,185 $ 4,263 $ 6,405
Units Outstanding (in thousands) 159 972 450 646
Investment Income Ratio * 0.00% 1.06% 3.24% 4.58%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 556 $ 7,726 $ 4,321 $ 2,772
Units Outstanding (in thousands) 55 752 399 260
Investment Income Ratio * 0.00% 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a $ 5,276 $ 1,204 $ 1,233
Units Outstanding (in thousands) n/a 542 99 112
Investment Income Ratio * n/a 0.00% 0.00% 0.00%
----------------------------------
JNL/S&P Equity
JNL/S&P Core JNL/S&P Core JNL/S&P Core Aggressive
Index 50 Index 75 Index 100 Growth
Portfolio (f) Portfolio (g) Portfolio (e) Portfolio I (a)
------------------ ----------------- ----------------- -----------------
------------------ ----------------- ----------------- -----------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 381 $ 62 $ 521 $ 2,020
Units Outstanding (in thousands) 36 5 51 213
Investment Income Ratio * 0.18% 0.75% 1.07% 0.00%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) n/a n/a $ 48 $ 1,280
Units Outstanding (in thousands) n/a n/a 6 174
Investment Income Ratio * n/a n/a 0.00% 0.08%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) n/a n/a n/a $ 1,235
Units Outstanding (in thousands) n/a n/a n/a 130
Investment Income Ratio * n/a n/a n/a 2.76%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) n/a n/a n/a $ 1,394
Units Outstanding (in thousands) n/a n/a n/a 125
Investment Income Ratio * n/a n/a n/a 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) n/a n/a n/a $ 629
Units Outstanding (in thousands) n/a n/a n/a 47
Investment Income Ratio * n/a n/a n/a 0.00%
----------------------------------
JNL/S&P
JNL/S&P Equity Moderate
Growth Growth
Portfolio I (a) Portfolio I (a)
-------------------- ----------------
-------------------- ----------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 23,904 $ 31,119
Units Outstanding (in thousands) 2,576 2,931
Investment Income Ratio * 0.02% 2.35%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 5,701 $ 14,462
Units Outstanding (in thousands) 827 1,725
Investment Income Ratio * 0.12% 1.49%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 5,793 $ 11,001
Units Outstanding (in thousands) 630 1,129
Investment Income Ratio * 2.99% 4.41%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 3,927 $ 4,153
Units Outstanding (in thousands) 350 374
Investment Income Ratio * 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 1,466 $ 1,270
Units Outstanding (in thousands) 111 108
Investment Income Ratio * 0.00% 0.00%
----------------------------------
* 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.
(a) Commencement of operations April 20, 1999.
(b) Commencement of operations April 22, 1999.
(c) Commencement of operations May 10, 1999.
(d) Inception date May 1, 2000.
(e) Inception date July 22, 2002.
(f) Inception date February 3, 2003.
(g) Inception date April 15, 2003.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JN./Salomon
JNL/S&P Brothers
Very Aggressive JNL/Salomon U.S. Government
Growth Brothers Global & Quality
Portfolio I (b) Bond Portfolio (a) Bond Portfolio
------------------ ------------------ --------------------
------------------ ------------------ --------------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 10.162512 $ 15.657991 $ 13.678008
Total Return * 11.62%*** 1.49%*** 2.27%***
Ratio of Expenses ** 2.80% 2.80% 2.65%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 8.215024 $ 15.121315 $ 14.076853
Total Return * -2.21%*** 6.43%*** 0.70%***
Ratio of Expenses ** 2.30% 1.96% 2.45%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 9.045384 $ 10.318554 $ 10.464504
Total Return * -9.55%*** 3.19%*** 4.65%***
Ratio of Expenses ** 1.825% 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 10.455100 $ 10.685887 $ 10.653265
Total Return * -18.31% 5.69% 9.86%
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 12.798458 $ 10.110410 $ 9.696972
Total Return * 27.98%*** 1.10%*** -3.86%
Ratio of Expenses ** 1.40% 1.40% 1.40%
----------------------------------
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio (a) Growth Portfolio Portfolio (c)
--------------------- ------------------- ---------------
--------------------- ------------------- ---------------
HIGHEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 21.512152 $ 25.806374 $ 11.052515
Total Return * 0.17%*** 12.36%*** 9.05%***
Ratio of Expenses ** 2.57% 2.65% 2.80%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 17.709824 $ 19.422769 $ 8.834614
Total Return * 1.07%*** -5.05%*** 16.14%***
Ratio of Expenses ** 1.96% 2.45% 2.45%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 9.212695 $ 9.476180 $ 9.499841
Total Return * -7.87%*** -5.24%*** -5.00%***
Ratio of Expenses ** 1.825% 1.825% 1.825%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 12.283983 $ 13.705900 $ 10.997229
Total Return * -1.71% 5.68% 9.97%***
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 12.498154 $ 12.969005 n/a
Total Return * 24.98%*** 18.46% n/a
Ratio of Expenses ** 1.40% 1.40% n/a
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 21, 1999.
(b) Commencement of operations May 13, 1999.
(c) Inception date May 1, 2000.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Salomon
JNL/S&P Brothers
Very Aggressive JNL/Salomon U.S. Government
Growth Brothers Global & Quality
Portfolio I (b) Bond Portfolio (a) Bond Portfolio
------------------ ------------------ --------------------
------------------ ------------------ --------------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 11.110472 $ 17.900578 $ 15.415351
Total Return * 8.25%*** 2.12%*** 0.93%***
Ratio of Expenses ** 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 6.735581 $ 12.028236 $ 12.356886
Total Return * -24.26% 6.87% 9.92%
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 8.893409 $ 11.254871 $ 11.241325
Total Return * -14.94% 5.32% 5.52%
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 10.455100 $ 10.685887 $ 10.653265
Total Return * -18.31% 5.69% 9.86%
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 12.798458 $ 10.110410 $ 9.696972
Total Return * 27.98%*** 1.10%*** -3.86%
Ratio of Expenses ** 1.40% 1.40% 1.40%
----------------------------------
----------------------------------
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio (a) Growth Portfolio Portfolio (c)
--------------------- ------------------- ---------------
--------------------- ------------------- ---------------
LOWEST EXPENSE RATIO
PERIOD ENDED DECEMBER 31, 2003
Unit Value $ 24.109727 $ 29.136326 $ 11.699228
Total Return * 6.23%*** 7.39%*** 7.28%***
Ratio of Expenses ** 1.25% 1.25% 1.25%
PERIOD ENDED DECEMBER 31, 2002
Unit Value $ 8.220399 $ 10.248404 $ 8.961548
Total Return * -24.39% -23.01% -17.99%
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2001
Unit Value $ 10.872746 $ 13.312135 $ 10.927669
Total Return * -11.49% -2.87% -0.63%
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 2000
Unit Value $ 12.283983 $ 13.705900 $ 10.997229
Total Return * -1.71% 5.68% 9.97%***
Ratio of Expenses ** 1.40% 1.40% 1.40%
PERIOD ENDED DECEMBER 31, 1999
Unit Value $ 12.498154 $ 12.969005 n/a
Total Return * 24.98%*** 18.46% n/a
Ratio of Expenses ** 1.40% 1.40% n/a
----------------------------------
----------------------------------
* Total return for period indicated, including changes in the value of the
underlying fund, and reflect 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.
** 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 21, 1999.
(b) Commencement of operations May 13, 1999.
(c) Inception date May 1, 2000.
JNLNY SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)
JNL/Salomon
JNL/S&P Brothers
Very Aggressive JNL/Salomon U.S. Government
Growth Brothers Global & Quality
Portfolio I (b) Bond Portfolio (a) Bond Portfolio
------------------ ------------------ --------------------
------------------ ------------------ --------------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 1,844 $ 4,498 $ 7,946
Units Outstanding (in thousands) 200 325 639
Investment Income Ratio * 0.00% 5.83% 2.99%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 1,102 $ 2,484 $ 9,857
Units Outstanding (in thousands) 160 210 804
Investment Income Ratio * 0.07% 6.62% 4.67%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 1,557 $ 1,890 $ 5,401
Units Outstanding (in thousands) 174 171 489
Investment Income Ratio * 3.37% 7.94% 5.70%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 1,013 $ 874 $ 2,883
Units Outstanding (in thousands) 97 82 271
Investment Income Ratio * 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 199 $ 537 $ 1,530
Units Outstanding (in thousands) 16 53 158
Investment Income Ratio * 0.00% 0.00% 0.00%
----------------------------------
JNL/T. Rowe JNL/T. Rowe JNL/T. Rowe
Price Established Price Mid-Cap Price Value
Growth Portfolio (a) Growth Portfolio Portfolio (c)
--------------------- ------------------- ---------------
--------------------- ------------------- ---------------
PORTFOLIO DATA
PERIOD ENDED DECEMBER 31, 2003
Net Assets (in thousands) $ 5,939 $ 9,383 $ 5,681
Units Outstanding (in thousands) 516 636 519
Investment Income Ratio * 0.03% 0.00% 0.77%
PERIOD ENDED DECEMBER 31, 2002
Net Assets (in thousands) $ 3,753 $ 4,315 $ 2,999
Units Outstanding (in thousands) 468 447 353
Investment Income Ratio * 0.09% 0.00% 0.01%
PERIOD ENDED DECEMBER 31, 2001
Net Assets (in thousands) $ 6,297 $ 6,417 $ 3,142
Units Outstanding (in thousands) 590 495 301
Investment Income Ratio * 0.00% 0.00% 1.25%
PERIOD ENDED DECEMBER 31, 2000
Net Assets (in thousands) $ 5,732 $ 6,525 $ 395
Units Outstanding (in thousands) 467 476 36
Investment Income Ratio * 0.00% 0.00% 0.00%
PERIOD ENDED DECEMBER 31, 1999
Net Assets (in thousands) $ 3,352 $ 2,206 n/a
Units Outstanding (in thousands) 268 170 n/a
Investment Income Ratio * 0.00% 0.00% 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.
(a) Commencement of operations January 21, 1999.
(b) Commencement of operations May 13, 1999.
(c) Inception date May 1, 2000.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors of Jackson National Life Insurance Company of New York
and Contract Owners of JNLNY Separate Account I:
We have audited the accompanying statements of assets and liabilities of each of
the sub-accounts of JNLNY Separate Account I, at December 31, 2003, and the
related statements of operations, changes in net assets and financial highlights
for each of the periods indicated. 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 and financial highlights. Our procedures
included confirmation of investments owned at December 31, 2003 by
correspondence with the transfer agent of the underlying mutual funds. An audit
also includes 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 referred to above present fairly, in
all material respects, the financial position of the sub-accounts of JNLNY
Separate Account I as of December 31, 2003 and the results of its operations,
changes in net assets and financial highlights for each of the periods
indicated, in conformity with accounting principles generally accepted in the
United States of America.
/s/ KPMG LLP
March 5, 2004
JACKSON NATIONAL LIFE INSURANCE
COMPANY OF NEW YORK
[GRAPHIC OMITTED]
FINANCIAL STATEMENTS
DECEMBER 31, 2003
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 2003
------------------------------------------------------------------
Report of Independent Registered Public Accounting Firm 1
Balance Sheets 2
Income Statements 3
Statements of Stockholder's Equity and Comprehensive Income 4
Statements of Cash Flows 5
Notes to Financial Statements 6
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholder of
Jackson National Life Insurance Company of New York
We have audited the accompanying balance sheets of Jackson National Life
Insurance Company of New York as of December 31, 2003 and 2002, and the related
statements of income, stockholder's equity and comprehensive income, and cash
flows for each of the years in the three year period ended December 31, 2003.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements 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 are free of material misstatement. An audit includes examining on a
test basis evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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 referred to above present fairly, in
all material respects, the financial position of Jackson National Life Insurance
Company of New York as of December 31, 2003 and 2002, and the results of its
operations and its cash flows for each of the years in the three year period
ended December 31, 2003 in conformity with accounting principles generally
accepted in the United States of America.
/s/ KPMG LLP
Detroit, Michigan
January 30, 2004
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS
BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE INFORMATION)
[Enlarge/Download Table]
------------------------------------------------------------------------------------------------------------------
DECEMBER 31,
ASSETS 2003 2002
------------------ ------------------
Investments:
Cash and short-term investments $ 38,609 $ 99,729
Investments available for sale, at fair value:
Fixed maturities (amortized cost: 2003, $1,369,729;
2002, $1,147,923) 1,457,302 1,203,892
Equities (cost: 2003, $157; 2002, $139) 148 10
Policy loans 4 -
------------------ ------------------
Total investments 1,496,063 1,303,631
Accrued investment income 19,911 16,890
Deferred acquisition costs 65,447 70,525
Reinsurance recoverable 1,051 834
Receivable from Parent - 36
Other assets 69 122
Variable annuity assets 261,598 133,034
------------------ ------------------
Total assets $ 1,844,139 $ 1,525,072
================== ==================
LIABILITIES AND STOCKHOLDER'S EQUITY
LIABILITIES
Policy reserves and liabilities
Reserves for future policy benefits $ 2,495 $ 851
Deposits on investment contracts 1,366,809 1,177,883
Claims payable 9,841 1,368
Securities lending payable 19,915 37,872
Deferred income taxes 9,857 12,272
General expenses payable 1,110 1,977
Income taxes payable to Parent 28 1,337
Payable to Parent 291 -
Other liabilities 5,038 4,515
Variable annuity liabilities 261,598 133,034
------------------ ------------------
Total liabilities 1,676,982 1,371,109
------------------ ------------------
STOCKHOLDER'S EQUITY
Common stock, $1,000 par value; 2,000 shares
authorized, issued and outstanding 2,000 2,000
Additional paid-in capital 141,000 141,000
Accumulated other comprehensive income 19,205 15,409
Retained earnings (deficit) 4,952 (4,446)
------------------ ------------------
Total stockholder's equity 167,157 153,963
------------------ ------------------
Total liabilities and stockholder's equity $ 1,844,139 $ 1,525,072
================== ==================
See accompanying notes to financial statements.
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS
INCOME STATEMENTS
(IN THOUSANDS)
---------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------
2003 2002 2001
---------------- --------------- -----------------
REVENUES
Premiums $ 130 $ 148 $ 142
Net investment income 81,140 55,457 24,732
Net realized gains (losses) on investments 199 (15,161) (779)
Fee income:
Mortality charges 165 117 76
Expense charges 220 160 59
Surrender charges 2,113 1,034 844
Variable annuity fees 2,894 2,071 1,989
---------------- --------------- -----------------
Total fee income 5,392 3,382 2,968
Other income 117 106 141
---------------- --------------- -----------------
Total revenues 86,978 43,932 27,204
---------------- --------------- -----------------
BENEFITS AND EXPENSES
Death benefits - 75 -
Market value adjustment benefits 110 22 35
Interest credited on deposit liabilities 60,081 46,904 20,818
Increase in reserves, net of reinsurance recoverables 55 1,201 217
Other policyholder benefits 6,250 4,691 2,738
Commissions 21,398 41,272 24,880
General and administrative expenses 4,147 5,092 2,971
Taxes, licenses and fees 1,284 1,651 613
Deferral of policy acquisition costs (30,214) (52,207) (29,495)
Amortization of acquisition costs:
Attributable to operations 9,326 6,381 1,534
Attributable to net realized gains (losses) on
investments 82 (4,170) (148)
---------------- --------------- -----------------
Total benefits and expenses 72,519 50,912 24,163
---------------- --------------- -----------------
Pretax income (loss) 14,459 (6,980) 3,041
Income tax expense (benefit) 5,061 (2,443) 1,065
---------------- --------------- -----------------
NET INCOME (LOSS) $ 9,398 $ (4,537) $ 1,976
================ =============== =================
See accompanying notes to financial statements.
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS
STATEMENTS OF STOCKHOLDER'S EQUITY AND COMPREHENSIVE INCOME
(IN THOUSANDS)
-----------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
2003 2002 2001
----------------- ------------------ -------------------
COMMON STOCK
Beginning and end of year $ 2,000 $ 2,000 $ 2,000
----------------- ------------------ -------------------
ADDITIONAL PAID-IN CAPITAL
Beginning of year 141,000 71,000 31,000
Capital contributions - 70,000 40,000
----------------- ------------------ -------------------
End of year 141,000 141,000 71,000
----------------- ------------------ -------------------
ACCUMULATED OTHER COMPREHENSIVE INCOME
Beginning of year 15,409 2,957 1,521
Net unrealized investment gains, net of tax
of $2,044 in 2003; $6,705 in 2002 and
$773 in 2001 3,796 12,452 1,436
----------------- ------------------ -------------------
End of year 19,205 15,409 2,957
----------------- ------------------ -------------------
RETAINED EARNINGS (DEFICIT)
Beginning of year (4,446) 91 (1,885)
Net income (loss) 9,398 (4,537) 1,976
----------------- ------------------ -------------------
End of year 4,952 (4,446) 91
----------------- ------------------ -------------------
TOTAL STOCKHOLDER'S EQUITY $ 167,157 $ 153,963 $ 76,048
================= ================== ===================
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------
2003 2002 2001
----------------- ------------------ -------------------
COMPREHENSIVE INCOME
Net income (loss) $ 9,398 $ (4,537) $ 1,976
Net unrealized holding gains arising during the
period, net of tax of $1,823 in 2003;
$5,128 in 2002 and $797 in 2001 3,386 9,524 1,480
Reclassification adjustment for gains (losses) included
in net income, net of tax of $221 in 2003,
$1,576 in 2002, and $(24) in 2001 410 2,928 (44)
----------------- ------------------ -------------------
COMPREHENSIVE INCOME $ 13,194 $ 7,915 $ 3,412
================= ================== ===================
See accompanying notes to financial statements.
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS
STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
-------------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
2003 2002 2001
------------------- ---------------- -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 9,398 $ (4,537) $ 1,976
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities:
Net realized gains (losses) on investments (199) 15,161 779
Interest credited on deposit liabilities 60,081 46,904 20,818
Amortization of premium (discount) on investments 2,320 67 (568)
Deferred income tax provision (4,459) (5,037) 6,379
Other charges 2,471 2,868 569
Change in:
Accrued investment income (3,021) (8,461) (4,830)
Deferred acquisition costs (20,807) (49,996) (28,109)
Income taxes payable to Parent (1,309) 1,337 -
Claims payable 8,473 1,368 -
Other assets and liabilities, net 1,463 (934) 2,207
------------------- ---------------- -----------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 54,411 (1,260) (779)
------------------- ---------------- -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Fixed maturities and equities available for sale:
Sales 54,029 20,108 9,589
Principal repayments, maturities, calls
and redemptions 83,455 25,631 11,068
Purchases (361,429) (681,209) (354,709)
Other investing activities (17,960) 28,326 (7,454)
------------------- ---------------- -----------------
NET CASH USED IN INVESTING ACTIVITIES (241,905) (607,144) (341,506)
------------------- ---------------- -----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholder's account balances:
Deposits 316,359 663,807 377,132
Withdrawals (99,335) (49,277) (27,764)
Net transfers to separate accounts (90,650) (17,103) (34,013)
Capital contribution - 70,000 40,000
------------------- ---------------- -----------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 126,374 667,427 355,355
------------------- ---------------- -----------------
NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS (61,120) 59,023 13,070
CASH AND SHORT-TERM INVESTMENTS, BEGINNING OF YEAR 99,729 40,706 27,636
------------------- ---------------- -----------------
CASH AND SHORT-TERM INVESTMENTS, END OF YEAR $ 38,609 $ 99,729 $ 40,706
=================== ================ =================
See accompanying notes to financial statements.
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003
--------------------------------------------------------------------------------
1. NATURE OF OPERATIONS
Jackson National Life Insurance Company of New York, (the "Company" or
"JNL/NY") is wholly owned by Jackson National Life Insurance Company ("JNL"
or the "Parent"), a wholly owned subsidiary of Brooke Life Insurance
Company ("Brooke Life") which is ultimately a wholly owned subsidiary of
Prudential plc ("Prudential"), London, England. JNL/NY is licensed to sell
group and individual annuity products, including immediate and deferred
fixed annuities, guaranteed investment contracts, variable annuities, and
individual life insurance products in the states of New York, Delaware and
Michigan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America
("GAAP"). Certain prior year amounts have been reclassified to conform with
the current year presentation with no impact on stockholder's equity or net
income (loss).
The preparation of the financial statements in conformity with GAAP
requires the use of estimates and assumptions that affect the amounts
reported in the financial statements and the accompanying notes. Actual
results may differ from those estimates. Significant estimates, as further
discussed in the notes, include: 1) valuation of investments, including
fair values of securities without readily ascertainable market values and
the determination of when an unrealized loss is other than temporary; 2)
assumptions as to 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; 3) assumptions
used in calculating policy reserves and liabilities, including lapse and
mortality rates, expenses and investment returns and 4) assumptions as to
future earnings levels being sufficient to realize deferred tax benefits.
COMPREHENSIVE INCOME
Comprehensive income includes all changes in stockholder's equity (except
those arising from transactions with owners/stockholders) and, in the
Company's case, includes net income and net unrealized gains and losses on
securities.
INVESTMENTS
Cash and short-term investments, which primarily include commercial paper
and money market instruments, are carried at amortized cost. These
investments have maturities of three months or less and are considered cash
equivalents for reporting cash flows.
Fixed maturities consist primarily of bonds, mortgage-backed securities and
structured securities. Acquisition discounts and premiums on fixed
maturities are amortized into investment income using the interest method.
Mortgage-backed and structured securities are amortized over the estimated
redemption period. All fixed maturities are classified as available for
sale and are carried at fair value. For declines in fair value considered
to be other than temporary, the cost basis of fixed maturities is reduced
to estimated net realizable value, or in the case of other than high credit
quality beneficial interests in securitized financial assets, fair value.
In determining whether an other than temporary impairment has occurred, the
Company considers a security's forecasted cash flows as well as the
severity and duration of depressed fair values.
Equities are carried at fair value. The cost basis of equities is reduced
to estimated net realizable value for declines in fair value considered to
be other than temporary.
Policy loans are carried at the unpaid principal balances.
Realized gains and losses on the sale of investments are recognized in
income at the date of sale and are determined using the specific cost
identification method. Acquisition premiums and discounts on investments
are amortized to investment income using call or maturity dates. The
changes in unrealized gains and losses on investments classified as
available for sale, net of tax and the effect of the deferred acquisition
costs adjustment, are excluded from net income and included as a component
of comprehensive income and stockholder's equity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
DEFERRED ACQUISITION COSTS
Certain costs of acquiring new business, principally commissions, bonus
interest on certain products and certain costs associated with policy issue
and underwriting, which vary with and are primarily related to the
production of new business, have been 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. 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. The change in this
adjustment is included with the change in fair value of fixed maturities
and equities available for sale, net of tax, that is credited or charged
directly to stockholder's equity and is a component of other comprehensive
income. Deferred acquisition costs have been decreased by $58.0 million and
$32.1 million at December 31, 2003 and 2002, respectively, to reflect this
change.
During 2002, poor equity market performance lowered future expected profits
on the variable annuity line through lower fee income and an increased
provision for future guaranteed minimum death benefit claims. As a result,
the deferred acquisition cost asset associated with the variable annuities
became impaired. During 2002, the asset was reduced through increased
amortization of approximately $1.0 million to reflect the impairment. No
such deferred acquisition cost asset reductions were required in 2003.
However, further impairments or accelerated amortization of this deferred
acquisition cost asset may result if future equity market returns are below
assumed levels.
FEDERAL INCOME TAXES
The Company provides deferred income taxes on the temporary differences
between the tax and financial statement basis of assets and liabilities.
The Company files a consolidated federal income tax return with Jackson
National Life Insurance Company and Brooke Life. The Company has entered
into a written tax sharing agreement which is generally based on separate
return calculations. Intercompany balances are settled on a quarterly
basis.
EMBEDDED DERIVATIVE
The Company offers a guaranteed minimum income benefit on certain of its
variable annuity products. Beginning in 2003, the liability is ceded to an
unaffiliated company. The structure of the reinsurance agreement creates an
embedded derivative, as defined by Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities" ("FAS 133"). The embedded derivative has been separated for
accounting and financial reporting purposes and is carried at fair value.
The change in fair value of the embedded derivative of $127 thousand in
2003 is included in increase in reserves, net of reinsurance recoverables.
The fair value of the embedded derivative of $127 thousand at December 31,
2003 is included in reserves for future policy benefits.
POLICY RESERVES AND LIABILITIES
RESERVES FOR FUTURE POLICY BENEFITS:
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 as to mortality, interest, policy lapsation and
expenses plus provisions for adverse deviations. Mortality assumptions
range from 30% to 135% of the 1975-1980 Basic Select and Ultimate tables
depending on policy duration. Interest rate assumptions range from 4.0% to
7.4%. Lapse and expense assumptions are based on the Parent's experience.
DEPOSITS ON INVESTMENT CONTRACTS:
For the Company's interest-sensitive life contracts, reserves approximate
the policyholder's account value. For deferred annuities and the fixed
option on variable annuity contracts, the reserve is the policyholder's
account value.
VARIABLE ANNUITY ASSETS AND LIABILITIES
The assets and liabilities resulting from individual variable annuity
contracts, which aggregated $261.6 million and $133.0 million at December
31, 2003 and 2002, respectively, are segregated in separate accounts. The
Company receives fees for assuming mortality and expense risks and other
administrative fees related to the issuance and maintenance of the
contracts. Such fees are recorded as earned and included in fee income in
the income statement.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 by provisions for future policy benefits and the deferral and
amortization of acquisition costs.
Deposits on interest-sensitive life products and investment contracts,
principally universal life contracts and deferred annuities, 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 and administrative
expenses. 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 policyholder account
are recognized as an expense when incurred. Expenses consist primarily of
the interest credited to the policyholder deposit. Underwriting and other
acquisition expenses are associated with gross profit in order to recognize
profit over the life of the business. This is accomplished by deferral and
amortization of acquisition costs. Non-acquisition expenses are recognized
as incurred.
Investment income is not accrued on securities in default and otherwise
where the collection is uncertain. Subsequent receipts of interest on such
securities are generally used to reduce the cost basis of the securities.
3. FAIR VALUE OF FINANCIAL INSTRUMENTS
Disclosure is required for fair value information about financial
instruments for which it is practicable to estimate that value. In cases
where quoted market prices are not available, fair values are based on
estimates using present value or other valuation techniques. Those
techniques are significantly affected by the assumptions used, including
the discount rate and estimates of future cash flows. In that regard, the
derived fair value estimates cannot be substantiated by comparison to
independent markets and, in many cases, cannot be realized in immediate
settlement of the instrument.
The following summarizes the basis used by the Company in estimating its
fair value disclosures for financial instruments:
CASH AND SHORT-TERM INVESTMENTS:
Carrying value is considered to be a reasonable estimate of fair value.
FIXED MATURITIES:
Fair values for fixed maturity securities are based principally on quoted
market prices, if available. For securities that are not actively traded,
fair values are estimated using independent pricing services or
analytically determined values.
EQUITIES:
Fair values for common stock are based principally on quoted market prices,
if available. For securities that are not actively traded, fair values are
estimated using independent pricing services or analytically determined
values.
POLICY LOANS:
Fair value approximates carrying value since policy loan balances reduce
the amount payable at death or surrender of the contract.
VARIABLE ANNUITY ASSETS:
Variable annuity assets are carried at the market value of the underlying
securities.
ANNUITY RESERVES:
Fair value for immediate annuities, without mortality features, are derived
by discounting the future estimated cash flows using current interest rates
for similar maturities. For deferred annuities, fair value is based on
surrender value. The carrying value and fair value of such annuities
approximated $1,312.9 million and $1,276.6 million, respectively, at
December 31, 2003 and $1,134.1 million and $1,105.8 million, respectively,
at December 31, 2002.
3. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
VARIABLE ANNUITY LIABILITIES:
Fair value of contracts in the accumulation phase is based on surrender
value. Fair value of contracts in the payout phase is based on the present
value of future cash flows at assumed interest rates. The fair value
approximated $243.6 million and $121.5 million at December 31, 2003 and
2002, respectively.
4. INVESTMENTS
Investments are comprised primarily of fixed-income securities, primarily
publicly-traded industrial, mortgage-backed, utility and government bonds.
Mortgage-backed securities include asset-backed and other structured
securities. The Company generates the majority of its deposits from
interest-sensitive individual annuity contracts and life insurance products
on which it has committed to pay a declared rate of interest. The Company's
strategy of investing in fixed-income securities aims to ensure matching of
the asset yield with the interest-sensitive liabilities and to earn a
stable return on its investments.
FIXED MATURITIES
The following table sets forth fixed maturity investments at December 31,
2003, classified by rating categories as assigned by nationally recognized
statistical rating organizations, the National Association of Insurance
Commissioners ("NAIC"), or if not rated by such organizations, the
Company's investment advisor. At December 31, 2003, the carrying value of
investments rated by the Company's investment advisor totaled $21.9
million. For purposes of the table, if not otherwise rated higher by a
nationally recognized statistical rating organization, 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.
INVESTMENT RATING PERCENT OF TOTAL
----------------- -------------------------
AAA 5.1%
AA 4.0
A 27.4
BBB 57.1
-------------------------
Investment grade 93.6
-------------------------
BB 5.2
B and below 1.2
-------------------------
Below investment grade 6.4
-------------------------
Total fixed maturities 100.0%
-------------------------
The amortized cost and carrying value of fixed maturities in default that
were anticipated to be income producing when purchased were $3.0 million
and $3.2 million, respectively, at December 31, 2003. The amortized cost
and carrying value of fixed maturities that have been non-income producing
for the 12 months preceding December 31, 2003 were $3.0 million and $3.2
million respectively.
4. INVESTMENTS (CONTINUED)
The amortized cost, gross unrealized gains and losses and fair value of
fixed maturities are as follows (in thousands):
[Enlarge/Download Table]
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED FAIR
DECEMBER 31, 2003 COST GAINS LOSSES VALUE
-------------------------------- ------------------ ------------------ ----------------- ------------------
U.S. Treasury securities $ 514 $ 21 $ - $ 535
Public utilities 133,295 10,917 119 144,093
Corporate securities 1,031,522 74,993 1,608 1,104,907
Mortgage-backed securities 204,398 4,437 1,068 207,767
------------------ ------------------ ----------------- ------------------
Total $ 1,369,729 $ 90,368 $ 2,795 $ 1,457,302
================== ================== ================= ==================
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED FAIR
DECEMBER 31, 2002 COST GAINS LOSSES VALUE
-------------------------------- ------------------- ------------------ ----------------- ------------------
U.S. Treasury securities $ 515 $ 33 $ - $ 548
Public utilities 79,776 4,969 3,128 81,617
Corporate securities 887,746 57,151 6,770 938,127
Mortgage-backed securities 179,886 4,409 695 183,600
------------------- ------------------ ----------------- ------------------
Total $ 1,147,923 $ 66,562 $ 10,593 $ 1,203,892
=================== ================== ================= ==================
At December 31, 2003 and 2002, available for sale securities without a
readily ascertainable market value having an amortized cost of $157.4
million and $94.2 million, respectively, had an estimated fair value of
$161.6 million and $96.4 million, respectively.
The amortized cost and fair value of fixed maturities at December 31, 2003,
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.
AMORTIZED
COST FAIR VALUE
------------------- -------------------
Due in 1 year or less $ 21,614 $ 22,208
Due after 1 year through 5 years 308,427 330,991
Due after 5 years through 10 years 781,451 841,378
Due after 10 years through 20 years 48,709 49,489
Due after 20 years 5,130 5,469
Mortgage-backed securities 204,398 207,767
------------------- -------------------
Total $ 1,369,729 $ 1,457,302
=================== ===================
Fixed maturities with a carrying value of $535 thousand and $548 thousand
were on deposit with the State of New York at December 31, 2003 and 2002,
respectively, as required by state insurance law.
4. INVESTMENTS (CONTINUED)
As of December 31, 2003, the fair value and the amount of gross unrealized
losses in accumulated other comprehensive income in stockholder's equity
are as follows (in thousands):
[Enlarge/Download Table]
LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
GROSS GROSS GROSS
UNREALIZED UNREALIZED UNREALIZED
LOSSES FAIR VALUE LOSSES FAIR VALUE LOSSES FAIR VALUE
-------------- --------------- ------------- -------------- ------------- ---------------
Public utilities $ 11 $ 4,913 $ 108 $ 910 $ 119 $ 5,823
Corporate securities 1,583 75,923 25 1,970 1,608 77,893
Mortgage-backed securities 1,005 36,812 63 3,993 1,068 40,805
-------------- --------------- ------------- -------------- ------------- ---------------
Subtotal - fixed maturities 2,599 117,648 196 6,873 2,795 124,521
Equities 10 148 - - 10 148
-------------- --------------- ------------- -------------- ------------- ---------------
Total temporarily impaired
securities $ 2,609 $ 117,796 $ 196 $ 6,873 $ 2,805 $ 124,669
============== =============== ============= ============== ============= ===============
To the extent unrealized losses are not due to changes in interest rates,
securities in an unrealized loss position are regularly reviewed for other
than temporary declines in value. Factors considered in determining whether
a decline is other than temporary include the length of time a security has
been in an unrealized position, reasons for the decline in value and
expectations for the amount and timing of a recovery in value.
Assessments 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 for,
any collateral backing obligations, the macro-economic outlook and
micro-economic outlooks for specific industries and issuers. Assessing the
duration of mortgage-backed securities can also involve assumptions
regarding underlying collateral such as prepayment rates, default and
recovery rates, and third-party servicing abilities.
Of the total carrying value for fixed maturities in an unrealized loss
position at December 31, 2003, 59.6% were investment grade, 5.6% were below
investment grade and 34.8% were not rated. Unrealized losses from fixed
maturities that were below investment grade or not rated represented
approximately 46.0% of the aggregate gross unrealized losses on available
for sale fixed maturities.
Corporate fixed maturities in an unrealized loss position were diversified
across industries. As of December 31, 2003, the industries representing the
larger unrealized losses included insurance (12.0% of fixed maturities
gross unrealized losses) and food (6.7%). Other debt securities in an
unrealized loss position are primarily asset-backed securities, including
collateralized debt obligations. As of December 31, 2003 asset-backed other
debt securities represented 32.1% of fixed maturities gross unrealized
losses, including 0.2% related to collateralized debt obligations. The
Company had no material unrealized losses on individual fixed maturities or
equities at December 31, 2003.
The amount of gross unrealized losses for fixed maturities in an unrealized
loss position by maturity date of the fixed maturities as of December 31,
2003 are as follows (in thousands):
Less than one year $ -
One to five years 197
Five to ten years 967
More than ten years 563
Mortgage-backed securities 1,068
--------------
Total gross unrealized losses $ 2,795
==============
4. INVESTMENTS (CONTINUED)
SECURITIES LENDING
The Company has entered into a securities lending agreement with an agent
bank whereby blocks of securities are loaned to third parties, primarily
major brokerage firms. As of December 31, 2003 and 2002, the estimated fair
value of loaned securities was $19.5 million and $36.8 million,
respectively. The agreement requires 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.
Cash collateral received in the amount of $19.9 million and $37.9 million
at December 31, 2003 and 2002, respectively, was invested by the agent bank
and included in short-term investments of the Company. A securities lending
payable is included in liabilities for cash collateral received.
5. INVESTMENT INCOME AND REALIZED GAINS AND LOSSES
All investment income for 2003, 2002 and 2001 is related to earnings on
short-term investments, fixed maturity securities and equities. Investment
expenses totaled $562 thousand, $323 thousand and $131 thousand in 2003,
2002 and 2001, respectively.
[Download Table]
Net realized investment gains (losses) on investments are as follows (in thousands):
YEARS ENDED DECEMBER 31,
2003 2002 2001
------------ ------------- ------------
Sales of fixed maturities:
Gross gains $ 4,032 $ 296 $ 424
Gross losses (3,638) (3,090) (703)
Impairment losses (195) (12,367) (500)
------------ ------------- ------------
Total $ 199 $ (15,161) $ (779)
============ ============= ============
The Company periodically reviews its fixed maturities and equities on a
case-by-case basis to determine if any decline in fair value below the
carrying value is other than temporary. If it is determined that a decline
in value of an investment is temporary, the decline is recorded as an
unrealized loss in accumulated other comprehensive income in stockholder's
equity. If the decline is considered to be other than temporary, a realized
loss is recorded in the income statement.
Generally, securities with fair values that are less than 80% of cost and
other 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 included
on a watch list are: credit deterioration which has led to a significant
decline in value of the security; a significant covenant related to the
security has been breached; and 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 credit worthiness.
In performing these reviews, the Company considers the relevant facts and
circumstances relating to each investment and must exercise considerable
judgment in determining whether a security is other than temporarily
impaired. Among the factors considered is whether the decline in fair value
results from a change in the 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 current and short term prospects
of the issuer. Unrealized losses that are considered to be primarily the
result of market conditions, such as increasing interest rates, unusual
market volatility or industry-related events, and where the Company also
believes there exists a reasonable expectation for recovery and,
furthermore, has the intent and ability to hold the investment until
maturity or the market recovery, are usually determined to be temporary.
The risks inherent in reviewing the impairment of any investment include
the risk that market results may differ from expectations; facts and
circumstances may change in the future and differ from estimates and
assumptions; or the Company may later decide to sell the security as a
result of changed circumstances.
5. INVESTMENT INCOME AND REALIZED GAINS AND LOSSES (CONTINUED)
To the extent factors contributing to the impairment losses recognized in
2003, 2002 and 2001 affected other investments, such investments were
reviewed for other than temporary impairment and losses were recorded if
appropriate.
The Company applies the provisions of Emerging Issues Task Force Issue No.
99-20 ("EITF 99-20"), "Recognition of Interest Income and Impairment on
Purchased and Retained Beneficial Interests in Securitized Financial
Assets," when evaluating whether impairments on its structured securities,
including asset-backed securities and collateralized debt obligations, are
other than temporary. The Company regularly reviews future cash flow
assumptions and, in accordance with EITF 99-20, if there has been an
adverse change in estimated cash flows to be received from a security, an
impairment is recognized in net income. For privately placed structured
securities, impairment amounts are based on discounted cash flows.
There are inherent uncertainties in assessing the fair values assigned to
the Company's investments and in determining whether a decline in market
value is other than temporary. The Company's review of fair value involves
several criteria including economic conditions, credit loss experience,
other issuer-specific developments and 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 financial statements, unrealized losses currently in
accumulated other comprehensive income may be recognized in the statement
of operations in future periods.
The Company currently intends to hold available for sale securities with
unrealized losses not considered other than temporary until they mature or
recover in value. However, if the specific facts and circumstances
surrounding a security, or the outlook for its industry sector change, the
Company may sell the security and realize a loss.
6. REINSURANCE
The Company cedes reinsurance 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 maximum amount of life insurance risk retained by the
Company on any one life is generally $200 thousand. Amounts not retained
are ceded to other companies on a yearly renewable-term or a coinsurance
basis.
The effect of reinsurance on premiums is as follows (in thousands):
YEARS ENDED DECEMBER 31,
2003 2002 2001
------------- ------------ ------------
Direct premiums $ 588 $ 553 $ 558
Ceded premiums 458 405 416
------------- ------------ ------------
Net premiums $ 130 $ 148 $ 142
============= ============ ============
Components of the reinsurance recoverable asset are as follows (in
thousands):
DECEMBER 31,
2003 2002
------------- ------------
Ceded reserves $ 1,041 $ 825
Ceded - other 10
9
------------- ------------
Total $ 1,051 $ 834
============= ============
7. FEDERAL INCOME TAXES
The components of the provision for federal income taxes are as follows (in
thousands):
[Enlarge/Download Table]
YEARS ENDED DECEMBER 31,
2003 2002 2001
------------- ------------ ------------
Current tax expense (benefit) $ 9,520 $ 2,594 $ (5,314)
Deferred tax expense (benefit) (4,459) 6,379
(5,037)
------------- ------------ ------------
Provision for income taxes $ 5,061 $ (2,443) $ 1,065
============= ============ ============
The provisions for 2003, 2002 and 2001 differ from the amounts determined
by multiplying pretax income (loss) by the statutory federal income tax
rate of 35% by the effect of rounding.
Federal income taxes of $10.8 million, $650 thousand and $(5.3) million
were paid to (recovered from) JNL in 2003, 2002 and 2001, respectively.
The tax effects of significant temporary differences that give rise to
deferred tax assets and liabilities were as follows (in thousands):
DECEMBER 31,
2003 2002
------------------- ------------------
GROSS DEFERRED TAX ASSET
Policy reserves and other insurance items $ 33,542 $ 22,133
Difference between financial reporting and tax basis of
investments 4,511 4,410
Other, net 154 485
------------------- ------------------
Total gross deferred tax asset 38,207 27,028
------------------- ------------------
GROSS DEFERRED TAX LIABILITY
Deferred acquisition costs (17,417) (19,741)
Net unrealized gains on available for sale securities (30,647) (19,544)
Other, net - (15)
------------------- ------------------
Total gross deferred tax liability (48,064) (39,300)
------------------- ------------------
NET DEFERRED TAX LIABILITY $ (9,857) $ (12,272)
=================== ==================
Management believes that it is more likely than not that the results of
future operations will generate sufficient taxable income to realize the
deferred tax asset.
At December 31, 2003, the Company had a federal tax capital loss
carryforward of approximately $8.9 million, which will expire in 2007 and
2008.
8. CONTINGENCIES
The Company is not involved in litigation that would have a material
adverse affect on the Company's financial condition or results of
operations.
9. STOCKHOLDER'S EQUITY
The declaration of dividends which can be paid by the Company is regulated
by New York Insurance law. The Company must file a notice of its intention
to declare a dividend and the amount thereof with the superintendent at
least thirty days in advance of any proposed dividend declaration. No
dividends were paid to JNL in 2003, 2002 or 2001. The Company received
capital contributions of $70.0 million and $40.0 million in 2002 and 2001,
respectively.
9. STOCKHOLDER'S EQUITY (CONTINUED)
Statutory capital and surplus of the Company was $109.9 million and $96.0
million at December 31, 2003 and 2002, respectively. Statutory net income
(loss) of the Company was $14.4 million, $(18.2) million, and $(13.6)
million in 2003, 2002 and 2001, respectively.
For life insurance companies, regulatory risk-based capital rules require a
specified level of capital depending on the types and quality of
investments held, the types of business written and the types of
liabilities maintained. Depending on the ratio of an insurer's adjusted
surplus to its risk-based capital, the insurer could be subject to various
regulatory actions ranging from increased scrutiny to conservatorship.
JNL/NY has risk-based capital ratios for 2003 and 2002 that are
significantly above the regulatory action levels.
Effective December 31, 2002, the Insurance Department of the State of New
York adopted accounting guidance permitting the reporting of certain
deferred tax assets. The implementation of the revised guidance on December
31, 2002 resulted in an increase to statutory capital and surplus of $2.5
million.
10. LEASE OBLIGATION
The Company is party to a cancelable operating lease agreement under which
it occupies office space. Rent expense totaled $21 thousand, $21 thousand,
and $102 thousand in 2003, 2002 and 2001, respectively. During 2001, the
Company terminated its operating lease agreement and entered into a new
lease agreement with the same landlord for less office space. The future
lease obligations at December 31, 2003 relating to this lease are
immaterial.
11. OTHER RELATED PARTY TRANSACTIONS
The Company's investment portfolio is managed by PPM America, Inc. ("PPM"),
a registered investment advisor and ultimately a wholly owned subsidiary of
Prudential. The Company paid $474 thousand, $318 thousand and $129 thousand
to PPM for investment advisory services during 2003, 2002 and 2001,
respectively.
The Company has an administrative services agreement with its parent, JNL,
under which JNL provides certain administrative services. Administrative
fees were $2.8 million, $3.5 million, and $1.1 million in 2003, 2002 and
2001, respectively.
12. BENEFIT PLANS
The Company participates in a defined contribution retirement plan covering
substantially all employees, sponsored by its parent, JNL. To be eligible,
an employee must have attained the age of 21 and completed at least 1,000
hours of service in a 12-month period. 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. The
Company's expense related to this plan was $93 thousand, $62 thousand and
$44 thousand in 2003, 2002 and 2001, respectively.
The Company participates in a non-qualified voluntary deferred compensation
plan for certain employees, sponsored by its parent, JNL. At December 31,
2003 and 2002, JNL's liability for this plan related to the Company's
employees totaled $429 thousand and $229 thousand, respectively. JNL
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 had no expense related to this plan in 2003,
2002 or 2001.
The Company sponsors a non-qualified voluntary deferred compensation plan
for certain agents. The plan assets and liabilities are held by the
Company's parent, JNL, pursuant to the administrative services agreement.
At December 31, 2003 and 2002, JNL's liability for this plan related to the
Company's agents totaled $598 thousand and $477 thousand, respectively. JNL
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 related to this plan totaled $5
thousand, $44 thousand, and $31 thousand in 2003, 2002 and 2001,
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:
JNLNY Separate Account I
Report of Independent Accountants as of December 31, 2003
Statement of Assets and Liabilities as of December 31, 2003
Statement of Operations for the Year Ended December 31, 2003
Statement of Changes in Net Assets for the Years Ended
December 31, 2003, 2002 and 2001
Notes to Financial Statements
Jackson National Life Insurance Company of New York
Report of Independent Accountants as of December 31, 2003
Balance Sheet for the years ended December 31, 2003, 2002 and
2001
Income Statement for the years ended December 31, 2003,
2002, and 2001
Statement of Stockholder's Equity and Comprehensive Income
for the years ended December 31, 2003, 2002, and 2001
Statement of Cash Flows for the years ended
December 31, 2003, 2002 and 2001
Notes to Financial Statements
Item 24.(b) Exhibits
Exhibit No. Description
1. Resolution of Depositor's Board of Directors authorizing the
establishment of the Registrant, incorporated by reference to
Registrant's Registration Statement filed on October 3,
1997 (File Nos. 333-37175 and 811-08401).
2. Not Applicable
3.a General Distributor Agreement dated September 19, 1997, incorporated
by reference to Registrant's Registration Statement filed
on October 3, 1997 (File Nos. 333-37175 and 811-08401).
b. General Distributor Agreement dated June 30, 1998, incorporated
by reference to Registrant's Post-Effective Amendment No. 12 filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).
4.a. Specimen of the Perspective L Series Fixed and Variable Annuity
Contract, attached hereto.
b. Specimen of Section 403(b) Tax Sheltered Annuity Endorsement,
incorporated by reference to Registrant's Registration Statement
filed on August 19, 2004 (File Nos. 333-118370 and 811-08401).
c. Specimen of Retirement Plan Endorsement, incorporated by reference to
Registrant's Registration Statement filed on August 19, 2004
(File Nos. 333-118370 and 811-08401).
d. Specimen of Individual Retirement Annuity Endorsement, incorporated by
reference to Registrant's Registration Statement filed on August 19,
2004 (File Nos. 333-118370 and 811-08401).
e. Specimen of Roth Individual Retirement Annuity Endorsement,
incorporated by reference to Registrant's Registration Statement
filed on August 19, 2004 (File Nos. 333-118370 and 811-08401).
f. Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,
incorporated by reference to Registrant's Post-Effective Amendment No.
12 filed on July 22, 2004 (File Nos. 333-70384 and 811-08401).
g. Specimen of 5% for Life Guaranteed Minimum Withdrawal Benefit Endorse-
ment, incorporated by reference to Registrant's Post-Effective
Amendment No. 12 filed on July 22, 2004 (File Nos. 333-70384
and 811-08401).
h. Specimen of 4% for Life Guaranteed Minimum Withdrawal Benefit Endorse-
ment, incorporated by reference to Registrant's Post-Effective
Amendment No. 12 filed on July 22, 2004 (File Nos. 333-70384
and 811-08401).
i. Specimen of Guaranteed Minimum Income Benefit Endorsement, incorporated
by reference to Registrant's Registration Statement filed on October 4,
2004 (File Nos. 333-119522 and 811-08401).
j. Specimen of Highest Anniversary Value Death Benefit Endorsement,
incorporated by reference to Registrant's Post-Effective Amendment
No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).
k. Specimen of 3% Contract Enhancement Endorsement, incorporated by
reference to the Registrant's Post-Effective Amendment No. 9 filed on
September 22, 2003 (File Nos. 333-70384 and 811-08401).
l. Specimen of 4% Contract Enhancement Endorsement, incorporated by
reference to Registrant's Post-Effective Amendment No. 12 as filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).
m. Specimen of 2% Contract Enhancement Endorsement, incorporated by
reference to Registrant's Post-Effective Amendment No. 12 as filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).
n. Form of Reduced Administration Charge Endorsement, incorporated by
reference to Registrant's Pre-Effective Amendment No. 1 filed via
EDGAR on May 8, 2002 (File Nos. 333-81266 and 811-08401).
o. Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,
incorporated by reference to Registrant's Post-Effective Amendment No.
12 as filed on July 22, 2004 (File Nos. 333-70384 and 811-08401).
p. Specimen of 5% for Life Guaranteed Minimum Withdrawal Benefit Endorse-
ment, incorporated by reference to Registrant's Post-Effective
Amendment No. 12 filed via EDGAR on July 22, 2004 (File Nos. 333-70384
and 811-08401).
q. Specimen of 4% for Life Guaranteed Minimum Withdrawal Benefit Endorse-
ment, incorporated by reference to Registrant's Post-Effective
Amendment No. 12 filed via EDGAR on July 22, 2004 (File Nos. 333-70384
and 811-08401).
r. Specimen of Charitable Remainder Trust Endorsement, attached hereto.
s. Specimen of Enhanced Dollar Cost Averaging Endorsement, attached
hereto.
5.a. Form of the Perspective L Series Fixed and Variable Annuity
Application, attached hereto.
6.a. Declaration and Charter of Depositor, incorporated by reference to
Registrant's Registration Statement filed on October 3,
1997 (File Nos. 333-37175 and 811-08401).
b. By-laws of Depositor, incorporated by reference to Registrant's
Registration Statement filed on October 3, 1997 (File Nos.
333-37175 and 811-08401).
7.a. Variable Annuity GMIB Reinsurance Agreement [TO BE FILED BY AMENDMENT].
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 Positions and Offices
Business Address with Depositor
Donald B. Henderson, Jr. Director
4A Rivermere Apartments
Bronxville, NY 10708
David L. Porteous Director
20434 Crestview Drive
Reed City, MI 49777
Donald T. DeCarlo Director
200 Manor Road
Douglaston, New York 11363
Joanne P. McCallie Director
1 Birch Road
110 Berkowitz
East Lansing, MI 48824
Herbert G. May III Chief Administrative Officer &
275 Grove St Building 2 Director
4th floor
Auburndale, MA 02466
Richard D. Ash Vice President -
1 Corporate Way Actuary & Appointed Actuary
Lansing, MI 48951
John B. Banez Vice President -
1 Corporate Way Systems and Programming
Lansing, MI 48951
James Binder Vice President -
1 Corporate Way Finance and Corporate Strategy
Lansing, MI 48951
John H. Brown Vice President - Government
1 Corporate Way Relations & Director
Lansing, MI 48951
Joseph Mark Clark Vice President -
1 Corporate Way Policy Administration
Lansing, MI 48951
Marianne Clone Vice President - Administration -
1 Corporate Way Customer Service Center & Director
Lansing, MI 48951
James B. Croom Vice President &
1 Corporate Way Deputy General Counsel
Lansing, MI 48951
Gerald W. Decius Vice President -
1 Corporate Way Systems Application Coordinator
Lansing, MI 48951
Lisa C. Drake Senior Vice President - Chief
1 Corporate Way Actuary
Lansing, MI 48951
Robert A. Fritts Senior Vice President &
1 Corporate Way Controller - Financial
Lansing, MI 48951 Operations
James D. Garrison Vice President - Tax
1 Corporate Way
Lansing, MI 48951
Julia A. Goatley Vice President, Senior Counsel,
1 Corporate Way Assistant Secretary & Director
Lansing, MI 48951
James Golembiewski Vice President & Chief of Compliance
1 Corporate Way for Separate Accounts, Senior
Lansing, MI 48951 Counsel & Assistant Secretary
Andrew B. Hopping Executive Vice President,
1 Corporate Way Chief Financial Officer,
Lansing, MI 48951 Treasurer & Chairman of the Board
Stephen A. Hrapkiewicz, Jr. Senior Vice President - Human
1 Corporate Way Resources
Lansing, MI 48951
Clifford J. Jack Executive Vice President &
8055 E. Tufts Avenue Chief Distribution Officer
Suite 1000
Denver, CO 80237
Cheryl L. Johns Vice President - Life Division
1 Corporate Way
Lansing, MI 48951
Timo P. Kokko Vice President - Support
1 Corporate Way Services
Lansing, MI 48951
Everett W. Kunzelman Vice President - Underwriting
1 Corporate Way
Lansing, MI 48951
Clark P. Manning President, Chief Executive Officer
1 Corporate Way & Director
Lansing, MI 48951
Thomas J. Meyer Senior Vice President,
1 Corporate Way General Counsel &
Lansing, MI 48951 Secretary
Keith R. Moore Vice President - Technology
1 Corporate Way
Lansing, MI 48951
P. Chad Myers Senior Vice President - Asset/
1 Corporate Way Liability Management
Lansing, MI 48951
J. George Napoles Executive Vice President &
1 Corporate Way Chief Information Officer
Lansing, MI 48951
Mark D. Nerud Vice President - Fund
225 W. Wacker Drive Accounting & Administration
Suite 1200
Chicago, IL 60606
Russell E. Peck Vice President - Financial
1 Corporate Way Operations & Director
Lansing, MI 48951
Bradley J. Powell Vice President - Institutional
210 Interstate North Parkway Marketing Group
Suite 401
Atlanta, GA 30339-2120
Laura L. Prieskorn Vice President - Model Office
1 Corporate Way
Lansing, MI 48951
James B. Quinn Vice President - Broker
1 Corporate Way Management
Lansing, MI 48951
James R. Sopha Executive Vice President -
1 Corporate Way Corporate Development
Lansing, MI 48951
Robert M. Tucker, Jr. Vice President - Regional
1 Corporate Way Information Technology
Lansing, MI 48951
Michael A. Wells Chief Operating Officer
401 Wilshire Boulevard & Director
Suite 1200
Santa Monica, CA 90401
Karen S. Weidman Vice President - Administration -
8055 E. Tufts Avenue Denver Service Center
Suite 1000
Denver, CO 80237
[Enlarge/Download Table]
Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant.
Company State of Organization Control/Ownership Business Principal
120 Orion, LLC South Carolina 100% Jackson National Life Real Estate
Insurance Company
Alaiedon, LLC Michigan 100% Hermitage
Management LLC
Alcona Funding LLC Delaware 100% Jackson National Life Investment Related
Insurance Company Company
BH Clearing, LLC Michigan 100% Jackson National Life Broker/Dealer
Insurance Company
Berrien Funding LLC Delaware 100% Jackson National Life Investment Related
Insurance Company Company
Brooke Finance Corporation Delaware 100% Brooke Holdings, Inc. Finance Company
Brooke Holdings, Inc. Delaware 100% Brooke Holdings (UK) Holding Company Activities
Limited
Brooke Holdings (UK) Limited United Kingdom 100% Holborn Delaware Holding Company Activities
Corporation
Brooke Investment, Inc. Delaware 100% Brooke Holdings, Inc. Investment Related Company
Brooke Life Insurance Company Michigan 100% Brooke Holdings, Inc. Life Insurance
Brooke (Jersey) Limited United Kingdom 100% Prudential One Limited Holding Company Activities
Calhoun Funding LLC Delaware 100% Jackson National Life Investment Related
Insurance Company Company
Crescent Telephone Delaware 100% Jackson National Life Telecommunications
Insurance Company
Curian Capital, LLC Michigan 100% Jackson National Life Registered Investment
Insurance Company Advisor
Equestrian Pointe Investors, Illinois 100% Jackson National Life Real Estate
L.L.C. Insurance Company
Forty Partners #1, L.C. Missouri 100% Jackson National Life Real Estate
Insurance Company
GCI Holding Corporation Delaware 70% Jackson National Life Holding Company Activities
Insurance Company
Gloucester Holdings Delaware 100% Jackson National Life Adhesives
Insurance Company
GS28 Limited United Kingdom 100% Brooke Holdings (UK) Holding Company Activities
Limited
Hermitage Management, LLC Michigan 100% Jackson National Life Advertising Agency
Company Insurance
Holborn Delaware Corporation Delaware 100% Prudential Four Holding Company Activities
Limited
Holliston Mills Delaware 70% Jackson National Life Textile Mfg.
Insurance Company
Industrial Coatings Group Delaware 70% Jackson National Life Textile Mfg.
Insurance Company
IFC Holdings, Inc. Delaware 100% National Planning Broker/Dealer
Holdings Inc.
Investment Centers of America Delaware 100% IFC Holdings, Inc. Broker/Dealer
JNL Investors Series Trust Massachusetts 100% Jackson National Investment Company
Life Insurance Company
Jackson National Asset Michigan 100% Jackson National Life Investment Adviser and
Management, LLC Insurance Company Transfer Agent
Jackson National Life Bermuda 100% Jackson National Life Insurance
(Bermuda) Ltd. Life Insurance Company
Jackson National Life Delaware 100% Jackson National Life Advertising/Marketing
Distributors, Inc. Insurance Company Corporation and
Broker/Dealer
Jackson National Life New York 100% Jackson National Life Life Insurance
Insurance Company of New York Insurance Company
JNLI LLC Delaware 100% Jackson National Life Tuscany Notes
Insurance Company
JNL Securities, LLC Michigan 100% Curian Capital, LLC Broker/Dealer and
Insurance Agency
JNL Series Trust Massachusetts Common Law Trust with Investment Company
contractual association
with Jackson National Life
Insurance Company of New
York
JNL Variable Fund LLC Delaware 100% Jackson National Investment Company
Separate Account - I
JNL Variable Fund III LLC Delaware 100% Jackson National Investment Company
Separate Account III
JNL Variable Fund IV LLC Delaware 100% Jackson National Investment Company
Separate Account IV
JNL Variable Fund V LLC Delaware 100% Jackson National Investment Company
Separate Account V
JNLNY Variable Fund I LLC Delaware 100% JNLNY Separate Investment Company
Account I
JNLNY Variable Fund II LLC Delaware 100% JNLNY Separate Investment Company
Account II
LePages Management Company, LP Delaware 50% LePages MC, LLC
LePages MC, LLC Delaware 100% PPM Management, Inc.
Meadows NRH Associates, L.P. Texas 100% Meadows NRH, Inc. Real Estate
Meadows NRH, Inc. Texas 100% Jackson National Life Real Estate
Insurance Company
National Planning Corporation Delaware 100% National Planning Broker/Dealer and
Holdings, Inc. Investment Adviser
National Planning Holdings, Delaware 100% Brooke Holdings, Inc. Holding Company Activities
Inc.
Piedmont Funding LLC Delaware 100% Jackson National Life Investment Related
Insurance Company Company
PPM Holdings, Inc. Delaware 100% Brooke Holdings, Inc. Holding Company Activities
Prudential plc United Kingdom Publicly Traded Financial Institution
Prudential One Limited United Kingdom 100% Prudential plc Holding Company Activities
Prudential Two Limited United Kingdom 100% Prudential One Limited Holding Company Activities
Prudential Three Limited United Kingdom 100% Prudential One Limited Holding Company Activities
Prudential Four Limited United Kingdom 80% Prudential One Limited, Holding Company Activities
10% Prudential Two Limited,
10% Prudential Three
Limited
SII Investments, Inc. Wisconsin 100% National Planning Broker/Dealer
Holdings, Inc.
Item 27. Not applicable.
Item 28. Indemnification
Provision is made in the Company's By-Laws for indemnification by the Company of
any person made or threatened to be made a party to an action or proceeding,
whether civil or criminal by reason of the fact that he or she is or was a
director, officer or employee of the Company or then serves or has served any
other corporation in any capacity at the request of the Company, against
expenses, judgments, fines and amounts paid in settlement to the full extent
that officers and directors are permitted to be indemnified by the laws of the
State of New York.
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
(a) Jackson National Life Distributors, Inc. acts as general distributor
for the JNLNY Separate Account I. Jackson National Life Distributors,
Inc. also acts as general distributor for the Jackson National
Separate Account - I, the Jackson National Separate Account III, the
Jackson National Separate Account IV, the Jackson National Separate
Account V, and the JNLNY Separate Account II.
(b) Directors and Officers of Jackson National Life Distributors, Inc.:
NAME AND BUSINESS ADDRESS POSITIONS AND OFFICES WITH UNDERWRITER
------------------------- --------------------------------------
Michael A. Wells Director
401 Wilshire Blvd.
Suite 1200
Santa Monica, CA 90401
Andrew B. Hopping Director and Chief Financial Officer
1 Corporate Way
Lansing, MI 48951
Clifford J. Jack President and Chief Executive Officer
8055 E. Tufts Avenue
Suite 1000
Denver, CO 80237
Nikhil Advani Vice President - Product Management
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Stephen M. Ash Vice President - Finance
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Michael Bell Senior Vice President and Chief Legal Officer
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Kristen (West) Billows Vice President - Fixed Annuities Marketing
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
William Britt Vice President - Market Planning and
8055 E. Tufts Avenue Analysis
Suite 1100
Denver, CO 80237
Tori Bullen Vice President - Institutional Marketing
210 Interstate North Parkway Group
Suite 401
Atlanta, GA 30339-2120
Maura Collins Vice President - Regulatory Accounting and
8055 E. Tufts Avenue Special Projects
Suite 1100
Denver, CO 80237
Anthony L. Dowling Assistant Vice President and
8055 E. Tufts Avenue Chief Compliance Officer
Suite 1100
Denver, CO 80237
Joseph D. Emanuel Executive Vice President
8055 E. Tufts Avenue
Suite 1000
Denver, CO 80237
Steve Goldberg Vice President - Guaranteed Product
8055 E. Tufts Avenue Development
Suite 1100
Denver, CO 80237
Luis Gomez Vice President - Creative Services
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Thomas Hurley Vice President - Market Research
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Steve Kluever Vice President - Variable Product
8055 E. Tufts Avenue Development
Suite 1100
Denver, CO 80237
David R. Lilien Senior Vice President - National Sales
8055 E. Tufts Avenue Development
Suite 1100
Denver, CO 80237
James Livingston Senior Vice President - Product Development
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Susan McClure Vice President - Business Development and
8055 E. Tufts Avenue Chief of Staff
Suite 1100
Denver, CO 80237
James McCorkle Vice President of National Accounts
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Thomas J. Meyer Secretary
1 Corporate Way
Lansing, MI 48951
Michael Nicola Senior Vice President - Strategic
8055 E. Tufts Avenue Relationships
Suite 1100
Denver, CO 80237
Bradley J. Powell Executive Vice President
210 Interstate North Parkway
Suite 401
Atlanta, GA 30339-2120
Peter Radloff Vice President - Marketing
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Gregory B. Salsbury Executive Vice President
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Marilynn Scherer Vice President - National Sales Development
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Greg Smith Senior Vice President - Project Management/
8055 E. Tufts Avenue Business Solutions
Suite 1100
Denver, CO 80237
David Sprague Vice President - National Sales Development
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Daniel Starishevsky Vice President - Variable Annuity Marketing
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Doug Townsend Vice President, Controller and FinOp
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Ray Trueblood Vice President - National Sales Development
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
Bruce Wing Senior Vice President and National Director
8055 E. Tufts Avenue of Life Sales
Suite 1100
Denver, CO 80237
Phil Wright Vice President - Copywriting Services
8055 E. Tufts Avenue
Suite 1100
Denver, CO 80237
[Enlarge/Download Table]
(c)
NEW UNDERWRITING COMPENSATION ON
NAME OF PRINCIPAL DISCOUNTS AND REDEMPTION BROKERAGE
UNDERWRITER COMMISSIONS OR ANNUITIZATION COMMISSIONS COMPENSATION
----------- ----------- ---------------- ----------- ------------
Jackson National Life
Distributors, Inc. Not Applicable Not Applicable Not Applicable Not Applicable
Item 30. Location of Accounts and Records
Jackson National Life Insurance Company of New York
2900 Westchester Avenue
Purchase, NY 10577
Jackson National Life Insurance Company of New York
Annuity Service Center
8055 East Tufts Ave., Second Floor
Denver, CO 80237
Jackson National Life Insurance Company of New York
Institutional Marketing Group Service Center
1 Corporate Way
Lansing, MI 48951
Jackson National Life Insurance Company of New York
225 West Wacker Drive, Suite 1200
Chicago, IL 60606
Item 31. Management Services
Not Applicable
Item 32. Undertakings and Representations
a. Jackson National Life Insurance Company of New York 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.
b. Jackson National Life Insurance Company of New York 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 of New York 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 of New York 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 of New York.
e. 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 IRC 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 the Registration
Statement to be signed on its behalf, in the City of Lansing, and State of
Michigan, on this 30th day of December, 2004.
JNLNY Separate Account I
(Registrant)
By: Jackson National Life Insurance Company of New York
By: /s/ Thomas J. Meyer
-----------------------------------------------
Thomas J. Meyer
Senior Vice President, General Counsel,
Secretary and Director
Jackson National Life Insurance Company of New York (Depositor)
By: /s/ Thomas J. Meyer
-----------------------------------------------
Thomas J. Meyer
Senior Vice President, General Counsel,
Secretary and Director
As required by the Securities Act of 1933, this Registration Statement
has been signed by the following persons in the capacities and on the dates
indicated.
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Clark P. Manning Date
President and Chief Executive Officer
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Andrew B. Hopping Date
Executive Vice President,
Chief Financial Officer,
Treasurer and Chairman of
the Board
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Herbert G. May III Date
Chief Administrative Officer and Director
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Bradley J. Powell Date
Vice President - IMG and Director
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Thomas J. Meyer Date
Senior Vice President, General Counsel,
Secretary and Director
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Donald B. Henderson, Jr. Date
Director
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
David C. Porteous Date
Director
/S/ THOMAS J. MEYER* December 30, 2004
---------------------------- ------------------
Donald T. DeCarlo Date
Director
* Thomas J. Meyer, Attorney In Fact
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as a
director and/or officer of JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(the Depositor), a New York corporation, hereby appoints Andrew B. Hopping,
Thomas J. Meyer and Clark P. Manning (with full power to each of them to act
alone) his attorney-in-fact and agent, each with full power of substitution and
resubstitution, for and in his name, place and stead, in any and all capacities,
to execute, deliver and file in the names of the undersigned, any of the
documents referred to below relating to the registration statement on Form N-4,
under the Investment Company Act of 1940, as amended, and under the Securities
Act of 1933, as amended, covering the registration of a Variable Annuity
Contract issued by JNLNY Separate Account I (the Registrant), including the
initial registration statements, any amendment or amendments thereto, with all
exhibits and any and all documents required to be filed with respect thereto
with any regulatory authority. Each of the undersigned grants to each of said
attorney-in-fact and agent, full authority to do every act necessary to be done
in order to effectuate the same as fully, to all intents and purposes as he
could do in person, thereby ratifying all that said attorney-in-fact and agent,
may lawfully do or cause to be done by virtue hereof.
This Power of Attorney may be executed in one or more counterparts, each
of which shall be deemed to be an original, and all of which shall be deemed to
be a single document.
IN WITNESS WHEREOF, each of the undersigned director and/or officer
hereby executes this Power of Attorney as of the 5th day of January, 2004.
/S/ CLARK P. MANNING
-------------------------------------
Clark P. Manning
President and Chief Executive Officer
/S/ ANDREW B. HOPPING
-------------------------------------
Andrew B. Hopping
Executive Vice President, Chief
Financial Officer and Director
/S/ BRADLEY J. POWELL
-------------------------------------
Bradley J. Powell
Vice President - IMG and Director
/S/ HERBERT G. MAY III
-------------------------------------
Herbert G. May III
Chief Administrative Officer and
Director
/S/ JAMES G. GOLEMBIEWSKI
-------------------------------------
James G. Golembiewski
Vice President, Associate General
Counsel and Director
/S/ THOMAS J. MEYER
-------------------------------------
Thomas J. Meyer
Senior Vice President, General
Counsel and Director
/S/ DONALD B. HENDERSON, JR.
-------------------------------------
Donald B. Henderson, Jr.
Director
/S/ HENRY J. JACOBY
-------------------------------------
Henry J. Jacoby
Director
/S/ DAVID L. PORTEOUS
-------------------------------------
David L. Porteous
Director
/S/ DONALD T. DECARLO
-------------------------------------
Donald T. DeCarlo
Director
Exhibit List
Exhibit No. Description
4.a. Specimen of the Perspective L Series Fixed and Variable Annuity
Contract, attached hereto as EX-4.a.
4.r. Specimen of Charitable Remainder Trust Endorsement, attached
hereto as EX-4.r.
4.s. Specimen of Enhanced Dollar Cost Averaging Endorsement, attached
hereto as EX-4.s.
5.a. Form of the Perspective L Series Fixed and Variable Annuity
Application, attached hereto as EX-5.a.
9. Opinion and Consent of Counsel, attached hereto as EX-9.
10. Consent of Independent Registered Public Accounting Firm,
attached hereto as EX-10.
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
|---|
| This ‘N-4/A’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| Filed on: | | 12/30/04 | | 1 | | 119 |
| | 10/4/04 | | 118 | | | | | 485BPOS, 497, N-4 |
| | 8/19/04 | | 118 | | | | | N-4 |
| | 7/22/04 | | 118 | | | | | 485APOS |
| | 3/5/04 | | 100 |
| | 1/30/04 | | 103 |
| | 12/31/03 | | 17 | | 118 | | | 24F-2NT, NSAR-U |
| | 12/15/03 | | 7 | | 87 | | | 485BPOS |
| | 9/22/03 | | 118 | | | | | 485BPOS |
| | 4/15/03 | | 28 | | 96 |
| | 2/3/03 | | 28 | | 96 |
| | 12/31/02 | | 30 | | 118 | | | 24F-2NT, 497, NSAR-U |
| | 9/30/02 | | 38 | | 93 | | | 485BPOS, 497 |
| | 7/22/02 | | 36 | | 96 |
| | 5/8/02 | | 118 | | | | | N-4/A |
| | 12/31/01 | | 36 | | 118 | | | 24F-2NT, NSAR-U |
| | 10/29/01 | | 82 | | 93 |
| | 5/1/01 | | 91 | | 93 |
| | 12/31/00 | | 82 | | 99 | | | 24F-2NT, NSAR-U |
| | 5/1/00 | | 82 | | 99 |
| | 12/31/99 | | 82 | | 99 | | | 24F-2NT, NSAR-U |
| | 11/22/99 | | 16 |
| | 5/13/99 | | 97 | | 99 |
| | 5/10/99 | | 94 | | 96 |
| | 4/22/99 | | 88 | | 96 |
| | 4/20/99 | | 94 | | 96 |
| | 3/22/99 | | 88 | | 90 |
| | 1/29/99 | | 88 | | 90 |
| | 1/21/99 | | 91 | | 99 |
| | 11/27/98 | | 41 |
| | 6/30/98 | | 118 |
| | 10/3/97 | | 118 | | | | | N-4 EL, N-8A |
| | 9/19/97 | | 118 |
| | 9/12/97 | | 7 | | 41 |
| List all Filings |
64 Subsequent Filings that Reference this Filing
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