Condensed Consolidated Unaudited Financial Information of Nationwide Life

EX-99.1 2 dex991.htm CONDENSED CONSOLIDATED UNAUDITED FINANCIAL INFORMATION OF NATIONWIDE LIFE Condensed Consolidated Unaudited Financial Information of Nationwide Life

Exhibit 99.1

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

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

Condensed Consolidated Balance Sheets


(in millions)	September 30, 2004		December 31, 2003
	(Unaudited)
Assets
Investments	$	39,347.3	$	38,084.4
Deferred policy acquisition costs		3,360.3		3,219.3
Other assets		2,217.2		2,182.7
Assets held in separate accounts		56,811.3		57,084.5
Total assets	$	101,736.1	$	100,570.9
Liabilities and Shareholder’s Equity
Future policy benefits and claims	$	36,301.4	$	35,322.3
Long-term debt, payable to Nationwide Financial Services, Inc. (NFS)		700.0		700.0
Other liabilities		3,780.9		3,464.5
Liabilities related to separate accounts		56,811.3		57,084.5
Total liabilities		97,593.6		96,571.3
Total shareholder’s equity		4,142.5		3,999.6
Total liabilities and shareholder’s equity	$	101,736.1	$	100,570.9

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

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

Condensed Consolidated Statements of Income

(Unaudited)


	Three months ended September 30,					Nine months ended September 30,
(in millions)		2004			2003		2004			2003
Revenues:
Policy charges	$	254.4		$	238.0	$	763.3		$	689.8
Life insurance premiums		70.9			70.4		201.4			216.2
Net investment income		514.3			497.3		1,499.4			1,478.1
Net realized (losses) gains on investments, hedging instruments and hedged items		(11.4	)		5.3		(50.0	)		(59.5	)
Other		1.3			4.6		7.8			10.1
Total revenues		829.5			815.6		2,421.9			2,334.7

Benefits and expenses:
Interest credited to policyholder account values		322.7			328.3		950.7			984.8
Other benefits and claims		94.1			92.0		264.0			279.1
Policyholder dividends on participating policies		7.1			11.0		26.8			31.5
Amortization of deferred policy acquisition costs		94.1			98.3		299.9			271.8
Interest expense on debt, primarily with NFS		15.0			12.3		44.4			35.9
Other operating expenses		153.1			135.3		450.2			403.4
Total benefits and expenses		686.1			677.2		2,036.0			2,006.5
Income from continuing operations before federal income tax expense		143.4			138.4		385.9			328.2
Federal income tax expense		36.3			33.6		87.7			75.8
Income from continuing operations		107.1			104.8		298.2			252.4
Cumulative effect of adoption of accounting principle, net of tax		—			—		(3.3	)		—
Net income	$	107.1		$	104.8	$	294.9		$	252.4