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, | ||||||
| 2004 | 2003 | |||||
| (Unaudited) | ||||||
Assets | ||||||
Investments | $ | 39,263.1 | $ | 38,084.4 | ||
Deferred policy acquisition costs | 3,416.6 | 3,219.3 | ||||
Other assets | 2,417.6 | 2,182.7 | ||||
Assets held in separate accounts | 60,798.7 | 57,084.5 | ||||
Total assets | $ | 105,896.0 | $ | 100,570.9 | ||
Liabilities and Shareholder’s Equity | ||||||
Future policy benefits and claims | $ | 36,321.2 | $ | 35,322.3 | ||
Long-term debt, payable to Nationwide Financial Services, Inc. (NFS) | 700.0 | 700.0 | ||||
Other liabilities | 3,860.2 | 3,464.5 | ||||
Liabilities related to separate accounts | 60,798.7 | 57,084.5 | ||||
Total liabilities | 101,680.1 | 96,571.3 | ||||
Total shareholder's equity | 4,215.9 | 3,999.6 | ||||
Total liabilities and shareholder's equity | $ | 105,896.0 | $ | 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)
| Years ended December 31, | ||||||||||||
| 2004 | 2003 | 2002 | ||||||||||
Revenues: | ||||||||||||
Policy charges | $ | 1,025.2 | $ | 924.1 | $ | 973.8 | ||||||
Life insurance premiums | 270.4 | 279.8 | 259.9 | |||||||||
Net investment income | 2,000.5 | 1,973.1 | 1,832.9 | |||||||||
Net realized losses on investments, hedging instruments and hedged items | (36.4 | ) | (85.2 | ) | (75.5 | ) | ||||||
Other | 9.8 | 12.8 | 8.7 | |||||||||
Total revenues | 3,269.5 | 3,104.6 | 2,999.8 | |||||||||
Benefits and expenses: | ||||||||||||
Interest credited to policyholder account values | 1,277.2 | 1,309.2 | 1,244.4 | |||||||||
Other benefits and claims | 347.2 | 361.8 | 326.1 | |||||||||
Policyholder dividends on participating policies | 36.2 | 41.2 | 45.2 | |||||||||
Amortization of deferred policy acquisition costs | 410.1 | 375.9 | 670.1 | |||||||||
Interest expense on debt, primarily with NFS | 59.3 | 48.4 | 36.0 | |||||||||
Other operating expenses | 604.5 | 533.7 | 508.5 | |||||||||
Total benefits and expenses | 2,734.5 | 2,670.2 | 2,830.3 | |||||||||
Income from continuing operations before federal income tax expense | 535.0 | 434.4 | 169.5 | |||||||||
Federal income tax expense | 120.0 | 96.2 | 8.7 | |||||||||
Income from continuing operations | 415.0 | 338.2 | 160.8 | |||||||||
Income from discontinued operations, net of tax | — | — | 0.7 | |||||||||
Cumulative effect of adoption of accounting principles, net of tax | (3.3 | ) | (0.6 | ) | — | |||||||
Net income | $ | 411.7 | $ | 337.6 | $ | 161.5 | ||||||
