EX-99.1 2 dex991.htm CONDENSED CONSOLIDATED UNAUDITED FINANCIAL INFORMATION OF NLIC Condensed Consolidated Unaudited Financial Information of NLIC

Exhibit 99.1

 

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Condensed Consolidated Balance Sheets

(in millions)

 

     December 31,
     2007
    2006
     (Unaudited)     

Assets

              

Investments

    $ 33,911.6    $ 36,526.9

Deferred policy acquisition costs

      3,997.4      3,758.0

Other assets

      1,954.5      2,325.6

Separate accounts assets

      69,676.5      67,351.9
    
  

Total assets

    $ 109,540.0    $ 109,962.4
    
  

Liabilities and Shareholder’s Equity

              

Future policy benefits and claims

    $ 31,998.4    $ 34,409.4

Long-term debt, payable to Nationwide Financial Services, Inc. (NFS)

      700.0      700.0

Other liabilities

      2,927.9      3,055.4

Separate account liabilities

      69,676.5      67,351.9
    
  

Total liabilities

      105,302.8      105,516.7

Total shareholder’s equity

      4,237.2      4,445.7
    
  

Total liabilities and shareholder’s equity

    $ 109,540.0    $ 109,962.4
    
  

 

 

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Condensed Consolidated Statements of Income

(in millions)

 

     Years ended December 31,
     2007
     2006
    2005
     (Unaudited)           

Revenues:

                      

Policy charges

    $ 1,208.3     $ 1,132.6    $ 1,055.1

Premiums

      291.7       308.3      260.0

Net investment income

      1,975.8       2,058.5      2,105.2

Net realized investment (losses) gains

      (166.2 )     7.1      10.6

Other income

      7.5       0.2      2.2
    
 
  

Total revenues

      3,317.1       3,506.7      3,433.1
    
 
  

Benefits and expenses:

                      

Interest credited to policyholder accounts

      1,262.6       1,330.1      1,331.0

Benefits and claims

      479.3       450.3      377.5

Policyholder dividends

      24.5       25.6      33.1

Amortization of deferred policy acquisition costs

      368.5       450.3      466.3

Interest expense, primarily with NFS

      70.0       65.5      66.3

Other operating expenses

      529.5       536.8      538.3
    
 
  

Total benefits and expenses

      2,734.4       2,858.6      2,812.5
    
 
  

Income from continuing operations before federal income tax expense

      582.7       648.1      620.6

Federal income tax expense

      128.5       28.7      95.8
    
 
  

Income from continuing operations

      454.2       619.4      524.8

Cumulative effect of adoption of accounting principle, net of taxes

      (6.0 )     —        —  
    
 
  

Net income

    $ 448.2     $ 619.4    $ 524.8