Delivering Shareholder Value

Clark P. Manning, Jr.President and Chief Executive Officer

Jackson National Life Insurance

Value-based

approach

Low-cost, flexible

infrastructure

Excellent product manufacturing & administrative

capability

Relationship-driven distribution model

Strong risk management capabilities and financial discipline

Value-based

approach

Focus on Value

▲ Focus on value will drive your– Choice of customer segments– Product designs– Expense structure– Approach to growth

▲ Focus on value is an anchor during good times and bad

Value-based

approach

Low-cost, flexible

infrastructure

Low-Cost, Flexible Infrastructure

▲ Three ways to measure scale– Distribution scale– Administrative scale– Financial scale

Low-Cost, Flexible Infrastructure

▲ Benefits of organic growth before making acquisitions– No huge expenditures for systems

integration– Prior experience in conversions– New, efficient and well-integrated systems

Value-based

approach

Low-cost, flexible

infrastructure

Excellent product manufacturing & administrative

capability

Excellent Product Manufacturing and Administrative Capability

▲ Broad product line helps drive sales– 2000 was best sales year ever, driven by

high variable annuity sales– 2001 was second best sales year, driven

by high fixed annuity sales– Through 30 September 2002, sales are up

in every category

Excellent Product Manufacturing and Administrative Capability

▲ Efficient product manufacturing is a strategic advantage– Developed Perspective II from concept to

completion in only six months– 65% of September 2002 sales from

products that did not exist at beginning of this year

Value-based

approach

Low-cost, flexible

infrastructure

Excellent product manufacturing & administrative

capability

Relationship-driven distribution model

Relationship-Driven Distribution

▲ JNL’s high quality, value-added wholesaling model– Appeals to “high achiever” reps– Adds value through technology– Establishes trust and long-lasting profitable

relationships

Relationship-Driven Distribution

▲ JNL’s distribution network consists of:– Independent insurance agents– Banks and financial institutions– Independent broker-dealers– Regional broker-dealers

Relationship-Driven Distribution

▲ The quality of JNL’s distribution network is a significant strategic advantage– Wholesalers deliver consistent message of

“partnership”– Each JNL wholesaler generates a

significantly higher amount of new business than the industry average

Value-based

approach

Low-cost, flexible

infrastructure

Excellent product manufacturing & administrative

capability

Relationship-driven distribution model

Strong risk management capabilities and financial discipline

Strong Risk Management and Financial Discipline

▲ JNL takes a careful, yet confident approach to risk management– Unwilling to accept certain types of risk– Discipline pushes product design in

profitable direction

Strong Risk Management and Financial Discipline

▲ With investments, JNL prefers diversifiable credit risk over non-diversifiable interest rate risk– Credit environment has been difficult over last

two years but strategy effective over entire business cycle

– Earning fundamentals continue to be strong

Strong Risk Management and Financial Discipline▲ JNL’s strategy is based on strong

financial discipline– Returns on capital above the industry

average– Self-financed rapid growth over the last ten

years and still has returned capital to Prudential plc

Value-based approach

Low-cost, flexible infrastructure

Excellent product manufacturing & administrative capability

Relationship-driven distribution model

Strong risk management capabilities and financial discipline

Profitable, organic

growth in targeted

channels

Profitable, Organic Growth

▲ From 1991-2002:– Total sales grew 13% and retail sales grew

9% on an annualized basis– Admitted assets grew from $13.6b to $45b

(as of 30 June 2002)

▲ From 1 January 1992 to 1 January 2002, JNL returned $238m of capital to Prudential plc

Profitable, Organic Growth

▲ From 1986 to present, JNL’s admitted assets grew from $2.3b to $45b, nearly a 20-fold increase

▲ All achieved with a net investment of only $697m from Prudential

Profitable, Organic Growth

▲ Focus has been and will continue to be on organic growth

▲ In considering acquisitions to complement organic growth, we will:– Look at like businesses to lower unit costs

further – Follow strict pricing disciplines– Consider transactions that provide value

based on discounted cash flows

Value-based approach

Low-cost, flexible infrastructure

Excellent product manufacturing & administrative capability

Relationship-driven distribution model

Strong risk management capabilities and financial discipline

Profitable, organic

growth in targeted

channels

EXECUTION

Execution

▲ Speed to market is critical▲ Quality to market is critical▲ We do both▲ Jackson National’s success has been

founded on execution

Summary

▲ Jackson National is built for this environment, and the next

▲ Our strategy is cycle-neutral▲ We have no expense or goodwill

overhang▲ We never lost the economic rationale

for our business

Value-based approach

Low-cost, flexible infrastructure

Excellent product manufacturing & administrative capability

Relationship-driven distribution model

Strong risk management capabilities and financial discipline

Profitable, organic

growth in targeted

channels

Wednesday Agenda▲ Greg Salsbury, Executive Vice President, Jackson

National Life Distributors“The U.S. Retirement Market”

▲ Mike Wells, Vice Chairman, Jackson National Life“Broader Distribution, Greater Market Share”

▲ Break▲ Clifford Jack, President, Jackson National Life

Distributors, Inc.“Positioned to Win with Independent Broker/Dealers”

▲ Jim Sipe, President PCA, Raymond James Inc. ▲ Brad Powell, President, Insitutional Marketing Group

“Positioned to Win with Independent Broker/Dealers”▲ Mike Wells “Wrap Up”