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, | ||||||
2007 | 2006 | |||||
(Unaudited) | ||||||
Assets | ||||||
Investments | $ | 33,911.6 | $ | 36,526.9 | ||
Deferred policy acquisition costs | 3,997.4 | 3,758.0 | ||||
Other assets | 1,954.5 | 2,325.6 | ||||
Separate accounts assets | 69,676.5 | 67,351.9 | ||||
Total assets | $ | 109,540.0 | $ | 109,962.4 | ||
Liabilities and Shareholder’s Equity | ||||||
Future policy benefits and claims | $ | 31,998.4 | $ | 34,409.4 | ||
Long-term debt, payable to Nationwide Financial Services, Inc. (NFS) | 700.0 | 700.0 | ||||
Other liabilities | 2,927.9 | 3,055.4 | ||||
Separate account liabilities | 69,676.5 | 67,351.9 | ||||
Total liabilities | 105,302.8 | 105,516.7 | ||||
Total shareholder’s equity | 4,237.2 | 4,445.7 | ||||
Total liabilities and shareholder’s equity | $ | 109,540.0 | $ | 109,962.4 | ||
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, | ||||||||||
2007 | 2006 | 2005 | ||||||||
(Unaudited) | ||||||||||
Revenues: | ||||||||||
Policy charges | $ | 1,208.3 | $ | 1,132.6 | $ | 1,055.1 | ||||
Premiums | 291.7 | 308.3 | 260.0 | |||||||
Net investment income | 1,975.8 | 2,058.5 | 2,105.2 | |||||||
Net realized investment (losses) gains | (166.2 | ) | 7.1 | 10.6 | ||||||
Other income | 7.5 | 0.2 | 2.2 | |||||||
Total revenues | 3,317.1 | 3,506.7 | 3,433.1 | |||||||
Benefits and expenses: | ||||||||||
Interest credited to policyholder accounts | 1,262.6 | 1,330.1 | 1,331.0 | |||||||
Benefits and claims | 479.3 | 450.3 | 377.5 | |||||||
Policyholder dividends | 24.5 | 25.6 | 33.1 | |||||||
Amortization of deferred policy acquisition costs | 368.5 | 450.3 | 466.3 | |||||||
Interest expense, primarily with NFS | 70.0 | 65.5 | 66.3 | |||||||
Other operating expenses | 529.5 | 536.8 | 538.3 | |||||||
Total benefits and expenses | 2,734.4 | 2,858.6 | 2,812.5 | |||||||
Income from continuing operations before federal income tax expense | 582.7 | 648.1 | 620.6 | |||||||
Federal income tax expense | 128.5 | 28.7 | 95.8 | |||||||
Income from continuing operations | 454.2 | 619.4 | 524.8 | |||||||
Cumulative effect of adoption of accounting principle, net of taxes | (6.0 | ) | — | — | ||||||
Net income | $ | 448.2 | $ | 619.4 | $ | 524.8 | ||||