Condensed Consolidated Financial Information of NLIC

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

Exhibit 99.1

Nationwide Life Insurance Company

Condensed Consolidated Balance Sheets


(in U.S.$ millions)	As of March 31, 2004		As of December 31, 2003
(in U.S.$ millions)	As of March 31, 2004		As of December 31, 2003
	(Unaudited)
Assets

Investments	$	38,956.3	$	38,084.4
Deferred policy acquisition costs		3,140.4		3,219.3
Other assets		2,207.1		2,182.7
Assets held in separate accounts		58,256.5		57,084.5

	$	102,560.3	$	100,570.9

Liabilities and Shareholder’s Equity

Future policy benefits and claims	$	35,408.8	$	35,322.3
Long-term debt with related party		700.0		700.0
Other liabilities		4,029.4		3,464.5
Liabilities related to separate accounts		58,256.5		57,084.5

		98,394.7		96,571.3
Shareholder’s equity		4,165.6		3,999.6

	$	102,560.3	$	100,570.9

Nationwide Life Insurance Company

Unaudited Condensed Consolidated Statements of Income


	Three months Ended March 31,
(in U.S.$ millions)	2004			2003
Revenues
Policy charges	$	254.7		$	222.9
Life insurance premiums		65.0			75.3
Net investment income		502.8			486.3
Net realized losses on investments, hedging instruments and hedged items		(11.5	)		(42.9	)
Other		1.5			2.5

		812.5			744.1

Benefits and Expenses
Interest credited to policyholder account values		315.8			325.4
Other benefits and claims		83.4			98.9
Policyholder dividends on participating policies		8.5			10.9
Amortization of deferred policy acquisition costs		103.6			79.3
Interest expense on debt, primarily with related party		14.3			11.8
Other operating expenses		146.9			134.8

		672.5			661.1

Income from continuing operations before federal income tax expense		140.0			83.0
Federal income tax expense		34.7			17.0

Income from continuing operations		105.3			66.0
Cumulative effect of adoption of accounting principle, net of tax		(3.3	)		—

Net income	$	102.0		$	66.0