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, | December 31, | ||||
| (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 | |||||||
