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,
     2005
    2004
     (Unaudited)     

Assets

              

Investments

    $ 38,626.8    $ 39,263.1

Deferred policy acquisition costs

      3,597.9      3,416.6

Other assets

      2,044.0      2,479.5

Assets held in separate accounts

      62,689.8      60,798.7
    
  

Total assets

    $ 106,958.5    $ 105,957.9
    
  

Liabilities and Shareholder’s Equity

              

Future policy benefits and claims

    $ 35,941.1    $ 36,383.1

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

      700.0      700.0

Other liabilities

      3,372.4      3,860.2

Liabilities related to separate accounts

      62,689.8      60,798.7
    
  

Total liabilities

      102,703.3      101,742.0
    
  

Total shareholder’s equity

      4,255.2      4,215.9
    
  

Total liabilities and shareholder’s equity

    $ 106,958.5    $ 105,957.9
    
  

 

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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,
  
     2005
    2004
     2003
  

Revenues:

                        

Policy charges

   $ 1,055.1    $ 1,025.2     $ 924.1  

Life insurance premiums

      260.0      270.4       279.8  

Net investment income

      2,105.2      2,000.5       1,973.1  

Net realized gains (losses) on investments, hedging instruments and hedged items

      10.6      (36.4 )     (85.2 )

Other

      2.2      9.8       12.8  
    
  
 

Total revenues

      3,433.1      3,269.5       3,104.6  
    
  
 

Benefits and expenses:

                        

Interest credited to policyholder account values

      1,331.0      1,277.2       1,309.2  

Other benefits and claims

      377.5      369.2       380.0  

Policyholder dividends on participating policies

      33.1      36.2       41.2  

Amortization of deferred policy acquisition costs

      466.3      410.1       375.9  

Interest expense on debt, primarily with NFS

      66.3      59.8       48.4  

Other operating expenses

      538.8      582.0       515.5  
    
  
 

Total benefits and expenses

      2,813.0      2,734.5       2,670.2  
    
  
 

Income from continuing operations before federal income tax expense

      620.1      535.0       434.4  

Federal income tax expense

      95.6      120.0       96.2  
    
  
 

Income from continuing operations

      524.5      415.0       338.2  

Cumulative effect of adoption of accounting principles, net of taxes

      —        (3.3 )     (0.6 )
    
  
 

Net income

   $ 524.5    $ 411.7     $ 337.6  
    
  
 

 

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