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, | ||||||
2006 | 2005 | |||||
(Unaudited) | ||||||
Assets | ||||||
Investments | $ | 36,526.9 | $ | 38,626.8 | ||
Deferred policy acquisition costs | 3,758.0 | 3,597.9 | ||||
Other assets | 2,325.6 | 2,044.0 | ||||
Assets held in separate accounts | 67,351.9 | 62,689.8 | ||||
Total assets | $ | 109,962.4 | $ | 106,958.5 | ||
Liabilities and Shareholder’s Equity | ||||||
Future policy benefits and claims | $ | 34,409.4 | $ | 35,941.1 | ||
Long-term debt, payable to Nationwide Financial Services, Inc. (NFS) | 700.0 | 700.0 | ||||
Other liabilities | 3,063.3 | 3,372.4 | ||||
Liabilities related to separate accounts | 67,351.9 | 62,689.8 | ||||
Total liabilities | 105,524.6 | 102,703.3 | ||||
Total shareholder’s equity | 4,437.8 | 4,255.2 | ||||
Total liabilities and shareholder’s equity | $ | 109,962.4 | $ | 106,958.5 | ||
NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES
(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)
Condensed Consolidated Statements of Income
(in millions)
Years ended December 31, | ||||||||||
2006 | 2005 | 2004 | ||||||||
(Unaudited) | ||||||||||
Revenues: | ||||||||||
Policy charges | $ | 1,132.6 | $ | 1,055.1 | $ | 1,025.2 | ||||
Traditional life insurance and immediate annuity premiums | 308.3 | 260.0 | 270.4 | |||||||
Net investment income | 2,058.5 | 2,105.2 | 2,000.5 | |||||||
Net realized gains (losses) on investments, hedging instruments and hedged items | 7.1 | 10.6 | (36.4 | ) | ||||||
Other | 0.2 | 2.2 | 9.8 | |||||||
Total revenues | 3,506.7 | 3,433.1 | 3,269.5 | |||||||
Benefits and expenses: | ||||||||||
Interest credited to policyholder account values | 1,330.1 | 1,331.0 | 1,277.2 | |||||||
Life insurance and annuity benefits | 450.3 | 377.5 | 369.2 | |||||||
Policyholder dividends on participating policies | 25.6 | 33.1 | 36.2 | |||||||
Amortization of deferred policy acquisition costs | 450.3 | 466.3 | 410.1 | |||||||
Interest expense on debt, primarily with NFS | 65.5 | 66.3 | 59.8 | |||||||
Other operating expenses | 531.8 | 538.8 | 582.0 | |||||||
Total benefits and expenses | 2,853.6 | 2,813.0 | 2,734.5 | |||||||
Income from continuing operations before federal income tax expense | 653.1 | 620.1 | 535.0 | |||||||
Federal income tax expense | 30.6 | 95.6 | 120.0 | |||||||
Income from continuing operations | 622.5 | 524.5 | 415.0 | |||||||
Cumulative effect of adoption of accounting principles, net of taxes | — | — | (3.3 | ) | ||||||
Net income | $ | 622.5 | $ | 524.5 | $ | 411.7 | ||||