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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