Condensed Consolidated Financial Information

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

Exhibit 99.1

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

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

Condensed Consolidated Balance Sheets

(in millions)


	June 30, 2004		December 31, 2003
	(Unaudited)
Assets
Investments	$	38,201.8	$	38,084.4
Deferred policy acquisition costs		3,450.1		3,219.3
Other assets		2,250.0		2,182.7
Assets held in separate accounts		58,071.2		57,084.5

Total assets	$	101,973.1	$	100,570.9

Liabilities and Shareholder’s Equity
Future policy benefits and claims	$	35,868.5	$	35,322.3
Long-term debt, payable to Nationwide Financial Services, Inc. (NFS)		700.0		700.0
Other liabilities		3,413.1		3,464.5
Liabilities related to separate accounts		58,071.2		57,084.5

Total liabilities		98,052.8		96,571.3

Total shareholder’s equity		3,920.3		3,999.6

Total liabilities and shareholder’s equity	$	101,973.1	$	100,570.9

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

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

Condensed Consolidated Statements of Income

(Unaudited)

(in millions)


	Three months ended June 30,						Six months ended June 30,
	2004			2003			2004			2003
Revenues:
Policy charges	$	254.2		$	228.9		$	508.9		$	451.8
Life insurance premiums		65.5			70.5			130.5			145.8
Net investment income		482.3			494.5			985.1			980.8
Net realized losses on investments, hedging instruments and hedged items		(27.1	)		(21.8	)		(38.6	)		(64.8	)
Other		5.0			3.0			6.5			5.5

Total revenues		779.9			775.1			1,592.4			1,519.1

Benefits and expenses:
Interest credited to policyholder account values		312.2			331.1			628.0			656.5
Other benefits and claims		86.5			88.2			169.9			187.1
Policyholder dividends on participating policies		11.2			9.6			19.7			20.5
Amortization of deferred policy acquisition costs		102.2			94.2			205.8			173.5
Interest expense on debt, primarily with NFS		15.1			11.8			29.4			23.6
Other operating expenses		150.2			133.4			297.1			268.1

Total benefits and expenses		677.4			668.3			1,349.9			1,329.3

Income from continuing operations before federal income tax expense		102.5			106.8			242.5			189.8
Federal income tax expense		16.7			25.2			51.4			42.2

Income from continuing operations		85.8			81.6			191.1			147.6
Cumulative effect of adoption of accounting principle, net of tax		—			—			(3.3	)		—

Net income	$	85.8		$	81.6		$	187.8		$	147.6