UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: NOVEMBER 4, 2003 COMMISSION FILE NO. 2-64559
(DATE OF EARLIEST EVENT REPORTED: NOVEMBER 4, 2003)
NATIONWIDE LIFE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
OHIO 31-4156830
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
ONE NATIONWIDE PLAZA
COLUMBUS, OHIO 43215
(614) 249-7111 (Address,
including zip code, and telephone number,
including area code, of Registrant's principal executive offices)
ITEM 5. OTHER EVENTS.
The Exhibit below sets forth certain financial information of
Nationwide Life Insurance Company as of the dates and for the
periods indicated therein. The information as of September 30,
2003 and for the three and nine months ended September 30, 2003
and 2002 is unaudited.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
Exhibit 99.1 Condensed Consolidated Financial Information of
Nationwide Life Insurance Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONWIDE LIFE INSURANCE COMPANY
(Registrant)
Date: November 4, 2003 /s/Mark R. Thresher
-------------------------------------------------
Mark R. Thresher
Senior Vice President - Chief Financial Officer
EXHIBIT 99.1
NATIONWIDE LIFE INSURANCE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF AS OF
SEPTEMBER 30, DECEMBER 31,
(IN U.S.$ MILLIONS) 2003 2002
- ------------------- ---- ----
(UNAUDITED)
ASSETS
Investments............................... $ 37,878.7 $ 34,270.1
Deferred policy acquisition costs......... 3,071.5 2,971.1
Other assets.............................. 1,976.0 1,573.2
Assets held in separate accounts.......... 52,440.2 47,208.2
-- ---------- --------
$ 95,366.4 $ 86,022.6
========== ==========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits and claims......... $ 34,736.1 $ 31,679.8
Long-term debt with related party......... 600.0 600.0
Other liabilities......................... 3,468.7 2,985.8
Liabilities related to separate accounts.. 52,440.2 47,208.2
-- ---------- --------
91,245.0 82,473.8
Shareholder's equity...................... 4,121.4 3,548.8
---- ----------- -------
$ 95,366.4 $ 86,022.6
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EXHIBIT 99.1
NATIONWIDE LIFE INSURANCE COMPANY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS NINE MONTHS ENDED
ENDED SEPTEMBER 30,
SEPTEMBER 30,
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(IN U.S.$ MILLIONS) 2003 2002 2003 2002
---- ---- ---- ----
REVENUES
Policy charges......................................... $ 238.0 $ 234.7 $ 689.8 $ 746.0
Life insurance premiums................................ 70.4 64.5 216.2 189.2
Net investment income.................................. 499.2 465.2 1,483.2 1,351.4
Net realized gains (losses) on investments, hedging
instruments
and hedged items:
Unrelated parties 1.4 (41.1) (72.0) (86.6)
Related parties - 23.2 - 23.2
Other Income.......................................... 4.8 0.5 10.3 4.5
-------- -------- ---- -------
813.8 747.0 2,327.5 2,227.7
--------- ---------- ------------ -----------
BENEFITS AND EXPENSES
Interest credited to policyholder account values....... 326.5 321.3 977.6 917.1
Other benefits and claims.............................. 92.0 77.6 279.1 228.2
Policyholder dividends on participating policies....... 11.0 11.6 31.5 33.5
Amortization of deferred policy acquisition costs...... 98.3 430.4 271.8 598.2
Interest expense on debt, primarily with related party. 12.4 12.0 35.9 23.7
Other operating expenses............................... 135.2 120.6 403.4 385.7
---------- ---------- ---------- ---------
675.4 973.5 1,999.3 2,186.4
---------- ---------- ------------ -----------
Income (loss) from continuing operations before federal income
tax expense......................................... 138.4 (226.5) 328.2 41.3
Federal income tax expense (benefit)................... 33.6 (91.3) 75.8 (23.3)
---- ------ ---- ------
Income (loss) from continuing operations............... 104.8 (135.2) 252.4 64.6
Income from discontinued operations, net of tax - - - 0.7
-------- ------------ ------------- ---------
Net income (loss)................................. $ 104.8 $ (135.2) $ 252.4 $ 65.3
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