Janus Aspen INTECH US Low Volatility Portfolio

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4QMATHEMATICAL 13 GROWTH 4Q15

Janus Aspen INTECH U.S. Low Volatility Portfolio Service Shares: 471021378 as of 12/31/15

Morningstar Style Box™

SMALL

MID

X

VALUE

MARKET CAPITALIZATION

LARGE

INVESTMENT STYLE

Category Large Blend

BLEND GROWTH

Portfolio Management Adrian Banner, Ph.D. Vassilios Papathanakos, Ph.D. Joseph Runnels, CFA Phillip Whitman, Ph.D.

Portfolio Characteristics Inception Date

9/6/12

Assets

$695.73 M

Number of Holdings Equity Issues Turnover (1 year trailing)

213

Portfolio Description An all equity portfolio that targets returns similar to the S&P 500® Index with lower absolute volatility over a market cycle. INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

Portfolio Performance (%)

4Q15

1 yr

3 yr

5 yr

10 yr

Since Inception (9/6/12)

Service Shares

4.95

4.09

15.21

—

—

13.51

S&P 500® Index

7.04

1.38

15.13

—

—

13.70

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 877.33JANUS (52687) or visit janus.com/variable-insurance.

Calendar Year Returns (%)

2013

2014

2015

Service Shares

24.84

17.70

4.09

S&P 500® Index

32.39

13.69

1.38

22.24%

Weighted Average Market Cap

$64.05 B

Distribution Frequency

Annually

Hypothetical Growth of $10,000 Since Inception $20,000

$15,310 Janus Aspen INTECH U.S. Low Volatility Portfolio S&P 500® Index

$15,225

Expense Ratios (%) Gross Net Service Shares 0.79 0.79 Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 5/1/16.

$10,000

$0

9/6/12

2014

12/31/15

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. Returns shown do not represent actual returns since they do not include insurance charges. Returns shown would have been lower had they included insurance charges. Continued on back page.

Janus Aspen INTECH U.S. Low Volatility Portfolio

Risk Statistics (3 Year) Alpha Beta R-Squared (%) Standard Deviation Sharpe Ratio

Market Capitalization Range of Equity Holdings (%) Over $100 Billion $25 Billion to $100 Billion $15 Billion to $25 Billion $2 Billion to $15 Billion Under $2 Billion

Regions (%) North America

Fund 4.37 0.70 69.41 8.98 1.69

Index — 1.00 100.00 10.62 1.42

Fund 20.56 32.62 23.06 22.06 0.07

Index 44.37 34.82 10.10 10.69 0.02

Fund 98.37

Index 99.98

Top Holdings (35.17% of Fund) AutoZone Inc Clorox Co Consolidated Edison Inc General Mills Inc Johnson & Johnson Kellogg Co Kimberly-Clark Corp McDonald's Corp Procter & Gamble Co Southern Co

Sector Allocation (%) Consumer Staples Consumer Discretionary Utilities Health Care Financials Industrials Information Technology Materials Telecommunication Services Energy Cash & Equivalents

Fund 33.14 15.94 13.75 12.97 9.90 4.56 3.47 1.76 1.72 1.16 1.63

Index 10.06 12.89 2.99 15.16 16.47 10.05 20.69 2.76 2.43 6.50 —

Index represents the S&P 500® Index. Holdings are subject to change without notice. For a complete list of holdings as of the most recent publicly available disclosure period, visit janus.com/variable-insurance. Equity country, regional, sector and industry weights based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights based on Barclays classifications. Investing involves market risk and it is possible to lose money by investing. Investment return and value will fluctuate in response to issuer, political, market and economic developments, which can affect a single issuer, issuers within an industry, economic sector or geographic region, or the market as a whole. The proprietary mathematical process used by INTECH may not achieve the desired results. Since the Fund's portfolio is periodically re-balanced, this may result in a higher portfolio turnover rate and higher expenses compared to a "buy and hold" or index fund strategy. INTECH's low volatility strategy may underperform its benchmark during certain periods of up markets and may not achieve the desired level of protection in down markets. The weighting of securities within the Fund's portfolio may differ significantly from the weightings within the index. The index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio. S&P 500® Index measures broad U.S. equity performance. Alpha compares the risk-adjusted performance of a portfolio to a benchmark index. A positive alpha means the portfolio has outperformed the index on a risk-adjusted basis. Beta is a measure of the volatility of a portfolio in comparison to a benchmark index. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index. R-Squared (R2) represents the percentage of the portfolio’s performance that can be explained by the general movements of a benchmark index. An R2 of 1.00 indicates perfect correlation to the index and an R2 of 0.00 indicates no correlation. The lower the R2, the more the portfolio’s performance is affected by factors other than the market as measured by that benchmark index. Standard deviation measures historical volatility. Higher standard deviation implies greater volatility. Sharpe Ratio measures risk-adjusted performance by dividing the portfolio’s excess returns (returns above a "risk-free" rate such as a Treasury bill) by the standard deviation of those returns. The higher the ratio, the better the portfolio’s return per unit of risk.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) or download the file from janus.com/variable-insurance. Read it carefully before you invest or send money. INTECH Investment Management LLC is a subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products. Janus and INTECH are registered trademarks of Janus International Holding LLC. © Janus International Holding LLC. Janus Distributors LLC C-1215-107247 04-15-16

For more information visit www.janus.com

199-08-28929 01-16