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 | ||||||||
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