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,
     2004
    2003
     (Unaudited)     

Assets

              

Investments

    $ 39,263.1    $ 38,084.4

Deferred policy acquisition costs

      3,416.6      3,219.3

Other assets

      2,417.6      2,182.7

Assets held in separate accounts

      60,798.7      57,084.5
    
  

Total assets

    $ 105,896.0    $ 100,570.9
    
  

Liabilities and Shareholder’s Equity

              

Future policy benefits and claims

    $ 36,321.2    $ 35,322.3

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

      700.0      700.0

Other liabilities

      3,860.2      3,464.5

Liabilities related to separate accounts

      60,798.7      57,084.5
    
  

Total liabilities

      101,680.1      96,571.3
    
  

Total shareholder's equity

      4,215.9      3,999.6
    
  

Total liabilities and shareholder's equity

    $ 105,896.0    $ 100,570.9
    
  

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

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

Condensed Consolidated Statements of Income

(Unaudited)

(in millions)

 

     Years ended December 31,
  
     2004
     2003
     2002
  

Revenues:

                         

Policy charges

    $ 1,025.2     $ 924.1     $ 973.8  

Life insurance premiums

      270.4       279.8       259.9  

Net investment income

      2,000.5       1,973.1       1,832.9  

Net realized losses on investments, hedging instruments and hedged items

      (36.4 )     (85.2 )     (75.5 )

Other

      9.8       12.8       8.7  
    
 
 

Total revenues

      3,269.5       3,104.6       2,999.8  
    
 
 

Benefits and expenses:

                         

Interest credited to policyholder account values

      1,277.2       1,309.2       1,244.4  

Other benefits and claims

      347.2       361.8       326.1  

Policyholder dividends on participating policies

      36.2       41.2       45.2  

Amortization of deferred policy acquisition costs

      410.1       375.9       670.1  

Interest expense on debt, primarily with NFS

      59.3       48.4       36.0  

Other operating expenses

      604.5       533.7       508.5  
    
 
 

Total benefits and expenses

      2,734.5       2,670.2       2,830.3  
    
 
 

Income from continuing operations before federal income tax expense

      535.0       434.4       169.5  

Federal income tax expense

      120.0       96.2       8.7  
    
 
 

Income from continuing operations

      415.0       338.2       160.8  

Income from discontinued operations, net of tax

      —         —         0.7  

Cumulative effect of adoption of accounting principles, net of tax

      (3.3 )     (0.6 )     —    
    
 
 

Net income

    $ 411.7     $ 337.6     $ 161.5