1. Expect Value
Nationwide
2001 Annual Report

2. Company Information
Asset Management Financial Highlights
Property/Casualty
Gartmore Group
Nationwide Insurance For the Year 2001 2000
Gartmore – United States
Nationwide Indemnity ■
■ Direct Written Premiums
• Gartmore Global Investments
Nationwide Health Plans
■ Property/Casualty Companies $10.9 billion $9.5 billion
• Gartmore Morley
Life Companies $15.1 billion $18.7 billion
Allied Insurance
Gartmore – United Kingdom
■
Direct Written Premiums Total $26.0 billion $28.2 billion
Farmland Insurance
■
Emerging Managers
■
Net Income (Loss) $(294.9) million $330.8 million
CalFarm Insurance
■
• NorthPointe
Assets
NewHouse Capital
■
Scottsdale Insurance Property/Casualty Companies $24.5 billion $24.9 billion
Western Heritage
■
Life Companies and other $89.0 billion $92.1 billion
Strategic Investments
Assets Total $113.5 billion $117.0 billion
Life and Retirement Savings GatesMcDonald
■ Ongoing Property/Casualty Operations Combined Ratio 106.5% 111.1%
Nationwide Realty Investors
■ Property/Casualty Premium-to-Surplus Ratio 1.41 to 1 1.18 to 1
Nationwide Financial
Nationwide Advantage Mortgage
■
Customer Funds Managed and Administered $170.1 billion $194.1 billion
Nationwide Retirement Solutions
■
The 401(k) Company
■
TBG Financial
■
Nationwide Global
For the Year 2001 2000
PanEuroLife
■
Policies in Force
Poland Operations
■
Property/Casualty 14.0 million 13.9 million
Thailand Operations
■
Life Companies 2.1 million 2.1 million
Brazil Operations
■
Policies in Force Total 16.1 million 16.0 million
[ 01 ]

3. Message from the Chief Executive Officer
core businesses – domestic property/casualty, life and
For more than  years, Nationwide has been on
W. G. Jurgensen
retirement savings, and asset management. It also
your side with high-quality insurance and financial
Chief Executive Officer
means leveraging the competitive advantage from our
services. The relationships and traditions we’ve
unique organizational structure – a strong mutual
established over the years are the foundation for
parent with a publicly owned subsidiary.
everything we do. They give us strength and drive
the value our customers have come to expect from
We continued to refine our business mix and
Nationwide.
withdrew from businesses that no longer fit
strategically. We sold Neckura, our auto insurance
In , we worked hard to build on our foundation
business in Germany, a move that allowed us to
for the benefit of our policyholders, shareholders,
put greater emphasis on personal lines and small-
associates and producers. While we achieved
commercial business in the United States. In
a number of successes, our overall financial
another strategic move, we decided to exit claims
results this year were not what we wanted. Still,
administration for Medicare Part B because the
our foundation remains secure, and during this
federal contract was not linked to our primary
challenging year we built an even stronger base
businesses.
for value growth.
Property/Casualty Improvements
 Financial Performance
Our combined property/casualty operation, led by
The year was difficult for Nationwide, as it was
Nationwide Insurance President Galen Barnes and his
for the entire insurance and financial services
team, lowered its trade combined ratio to . percent
industry. The great strides we made in lowering
in  – no small feat in an industry in which the
Nationwide Insurance’s trade combined ratio and
average was  percent. This was accomplished
increasing property/casualty premiums were offset
through improved underwriting, pricing capabilities
by a decline in our investment income. The decline
and claims management.
in investment income also adversely impacted
We are on track to reach our  goal of a trade
our results in Allied, Nationwide Financial and
combined ratio of  percent with  percent
the Gartmore Group. In addition, Nationwide
annual growth in premiums.
Financial and Gartmore were negatively affected
by a late-year shift in consumer preference away
from equity-linked products.
Building on Our Foundation Galen R. Barnes
President and Chief Operating Officer
Despite a challenging year, we remained focused Nationwide Insurance
on ways to provide additional value by doing what
we do best. This means concentrating on three
Our property/casualty business improved its
trade combined ratio to 106.5 percent in 2001.
[ 02 ]

4. Our commercial insurance unit performed well as GatesMcDonald returned to profitability for the
we lowered the trade combined ratio for our small- first time since . Our Allied operations also
business commercial lines to  percent. Again, continued to perform well, achieving a trade
improved underwriting and pricing helped us reach combined ratio of  percent, despite heavy wind
our goal. As we set our sights on  and beyond, and hail losses early in the year.
we are working hard to replicate this progress in our
Life and Retirement Savings Progress
homeowners line.
Under the direction of President Joe Gasper
Using technology, we continue to offer customers and his team, Nationwide Financial, our public
access on their terms by providing three ways to subsidiary, weathered the tough equities market
purchase Nationwide auto insurance – through a and made significant progress in strengthening the
local agent, via a toll-free telephone number, or over company’s product offerings, service capabilities
the Internet. We offer online quick-quote capability and distribution depth. These moves improve our
for auto insurance in both English and Spanish, competitive position, preparing us for even the most
and we have begun implementing online property challenging market environment.
insurance quoting in selected states. We are proud
that Boston-based Dalbar, Inc., a respected service- This also was a year for Nationwide Financial to
measurement group, recognized our online auto strengthen relationships with its producers and to
quote capability as the best in the industry. identify new ways to meet the needs of individual
and group customers. We call this effort “Be the
We continued our work to become more accessible Best,” and it reaffirms that these relationships are
in all markets. To ensure that urban residents have the foundation of our success and the formula for
greater access to our insurance products, in  we continued growth.
opened  additional urban sales and service centers,
bringing the total to . Most significantly, Nationwide Financial reached a
definitive agreement to acquire Provident Mutual
Our affiliates also showed progress in . Life Insurance Company in a . billion sponsored
Notably, Scottsdale Insurance improved its trade demutualization. Following the completion of the
combined ratio by  points to  percent, and
Joseph J. Gasper
President and Chief Operating Officer
Nationwide Financial
In 2001, Nationwide Financial continued to
strengthen its products and to deepen its
relationships with producers and customers.
[ 04 ]

5. transaction later this year, Nationwide Financial Gartmore is off to a great start. It recently received
is expected to move up four spots to become the recognition in the European marketplace by being
second-largest U.S. provider of variable life products. named Institutional Hedge Fund Firm of  at
the EuroHedge Awards. According to EuroHedge,
Asset Management Integration Gartmore is now the largest institutional firm in
Europe.
Under the leadership of President Paul Hondros, we
have unified our global asset management business
Values at Work
under one brand, reflecting a common investment
philosophy. This brand – Gartmore Group – became This past year, we acknowledged that we had some
effective in January. work to do inside our company to move us to a
higher level of performance and value creation.
Gartmore Group collectively manages more than
Enhancing our culture is critical to our long-term
 billion in nontaxable and taxable assets for
success. While each of our businesses are linked
individuals and institutional investors, including
by core competencies, the most significant tie is
corporate and public pension plans, endowments,
cultural – a shared set of values. These shared values
foundations, mutual funds, and insurance
and the investments we are making to reinforce
companies. The Gartmore Group encompasses an
them will move us from the good company
investment management and support staff of more
Nationwide is today to the great company we
than , professionals strategically situated in
envision for tomorrow.
North America, the United Kingdom, Europe
and Asia. We have taken personal accountability for
redefining our culture. We have a bias for action
Gartmore Group delivers to individuals and
and passion for results, and our core value of
institutional clients a diversified range of core,
honesty and integrity is the guide for all we do.
specialty and alternative investment strategies – all
designed to achieve superior results commensurate
with their amount of risk. Simultaneously with the
launch of Gartmore Group in the United States,
the Nationwide Family of Funds was renamed
Gartmore Funds.
Paul J. Hondros
President and Chief Operating Officer
Gartmore Group
By managing more than $78 billion in assets, Nationwide’s
Gartmore Group helps domestic and international investors
achieve their financial goals.
[ 06 ]

6. Commitment to Communities We continued our spirit of giving with a  million
Nationwide Foundation gift to the American Red
The value we create fuels every goal we have.
Cross Disaster Relief Recovery Fund in response to
Unprofitable companies can’t keep commitments to
the events of September . We were pleased to make
their communities, customers, business partners or
this donation on behalf of our associates and agents,
associates.
many of whom have personally responded to the
Helping people in times of need is what Nationwide disaster through emergency response, donations or
is all about. We are proud that we have maintained military service.
our long-standing commitment to building better
Expect Value
communities where our associates and agents live
and work.
We are proud of the progress Nationwide made
in . We have a -year tradition of providing
In , we were honored to receive the th Annual
exceptional value for our customers and have built a
Spirit of America Award, United Way of America’s
solid foundation for future success. That foundation
highest recognition for corporate involvement
will lead us to significant new value creation in
and commitment to building better communities.
the coming years, and we are excited about the
Nationwide is the first Ohio-based company and the
opportunities ahead.
first insurance firm to win this prestigious award.
W. G. Jurgensen
Chief Executive Officer
[ 08 ]

7. Combined Income Statement
Combined Financial Statement
(in thousands of dollars)
Statutory
(in thousands of dollars)
Statutory
As of December 31 2001 2000
As of December 31 2001 2000
Assets Revenues
Bonds 30,812,709 27,741,552 Insurance Premiums
Stocks 3,781,148 4,071,203 Property/Casualty 10,410,727 9,317,942
Excess of Market Value
Life, Health and Annuity 15,065,986 18,635,290
Over Equity in Publicly Traded Subsidiary (Note 2) 1,913,537 2,374,379
Net Investment Income 2,630,026 2,711,248
Mortgage Loans and Real Estate 8,590,628 7,570,015
Policy Loans 599,509 568,755 Other 1,430,859 1,521,331
Cash and Short-Term Investments 1,062,075 1,271,390 Total Revenue 29,537,597 32,185,811
Other Invested Assets 509,221 939,795 Benefits and Expenses:
Total Investments 47,268,826 44,537,089 Insurance Claims Costs and Policyholders’ Benefits:
Premiums in Course of Collection 1,783,415 1,212,176
Property/Casualty 8,486,704 8,024,602
Other Assets 3,188,512 3,530,881
Life, Health and Annuity 13,881,413 14,613,086
Assets Held in Separate Accounts 61,222,336 67,759,326
Insurance Operating Expenses 5,262,476 4,963,644
Total Assets 113,463,089 117,039,472
Net Transfers to Separate Accounts 2,030,567 4,911,405
Liabilities
Total Benefits and Expenses 29,661,161 32,512,737
Insurance Reserves:
Operating Income (Loss) (123,563) (326,926)
Losses and Loss Adjustment Expenses 9,518,321 9,467,744
Future Policy Benefits 26,432,246 22,785,222 Other Income (Expense) (12,342) 26,438
Unearned Premiums 3,717,146 3,476,792 Dividends to Policyholders (52,229) (57,419)
Policyholders’ Dividend Accumulation 2,307 18,969
Long-Term Debt 728,171 558,449 Income Before Income Taxes, Realized Capital Gains
Accounts Payable and Other Liabilities 4,084,220 4,539,730 and Minority Interest (188,134) (357,906)
Liabilities Related to Separate Accounts 60,881,591 67,719,685 Realized Capital Gains (Losses) (115,281) 648,490
Total Liabilities 105,364,003 108,566,591 Minority Interest in (Income) Loss of Subsidiaries 1,675 19,881
Minority Interest in Subsidiary 290,644 199,789
Income Taxes (10,218) (60,066)
Preferred Securities of Subsidiary Trusts 300,000 300,000
Net Income (Loss) (294,871) 330,769
Surplus for Policyholders’ Protection 7,508,443 7,973,092
Net Unrealized Capital Gains (Losses) (768,798) (907,425)
Total Liabilities & Policyholders’ Surplus 113,463,089 117,039,472
Net Unrealized Capital Gain (Loss)
in Publicly Traded Subsidiary (Note 2) (460,842) 1,209,319
Notes to Combined Financial Statements Other Surplus Charges (Note 3) 1,059,862 (1,374,902)
1) The combined financial statements include the accounts of Nationwide Mutual Insurance Company (NMIC), Nationwide Mutual
Increase (Decrease) in Surplus for Policyholders’ Protection (464,649) (742,239)
Fire Insurance Company, Farmland Mutual Insurance Company and their subsidiaries. All material intercompany accounts have
been eliminated in consolidation. This financial information is not intended to supersede, or be as comprehensive as, the statu-
Surplus for Policyholders’ Protection – Jan. 1 7,973,092 8,715,331
tory annual statement filed for each company with the appropriate state insurance departments. The financial statements of the
individual companies within Nationwide have been audited by KPMG LLP. Surplus for Policyholders’ Protection – Dec. 31 7,508,443 7,973,092
2) Nationwide, concurrent with the initial public offering of Nationwide Financial Services, Inc. (NFS), elected to change its
carrying value in NFS from statutory equity to market value discounted by 30% in accordance with prescribed statutory account-
ing practices. This discount from market value is a result of Nationwide retaining control and ownership of more than 80% of
the outstanding common stock of NFS. The statutory equity of NFS and the corresponding equity investment in subsidiary were
eliminated in preparing these combined financial statements. However, the increased value of $1,913,537 ($2,374,379 in 2000)
from carrying Nationwide’s share of NFS at discounted market value remains as an asset on the balance sheet, and the change in
this asset from year-to-year is reflected as an unrealized capital gain (loss) in the Surplus for Policyholders’ Protection.
3) Other surplus charges include the change in deferred taxes, surplus note issuance, and goodwill write-offs. Goodwill is the
excess of the amount paid to acquire a company over the statutory carrying value of its net assets. Goodwill in excess of 10% of
the acquiring company’s capital stock and surplus is written off and charged directly to surplus. Other surplus charges in 2000
include a goodwill write-off related to the acquisition of Gartmore Investment Management.
4) Certain reclassifications have been made to 2000 amounts to conform to the current year presentation.
[ 10 ]
[ 11 ]

8. Nationwide Board of Directors
Lewis J. Alphin Keith W. Eckel Ralph M. Paige
Galen R. Barnes Willard J. Engel James F. Patterson
A. I. Bell Fred C. Finney Arden L. Shisler
Timothy J. Corcoran W. G. Jurgensen Robert L. Stewart
Yvonne M. Curl Lydia M. Marshall
Kenneth D. Davis David O. Miller
Nationwide Office of the CEO
W. G. Jurgensen Donna A. James
Chief Executive Officer Executive Vice President
Chief Administrative Officer
Galen R. Barnes
President and Chief Operating Officer Michael C. Keller
Nationwide Insurance Executive Vice President
Chief Information Officer
Joseph J. Gasper
President and Chief Operating Officer Robert A. Oakley
Nationwide Financial Executive Vice President
Chief Financial Officer
Richard D. Headley
President and Managing Director Steve S. Rasmussen
Nationwide Global Holdings President and Chief Operating Officer
Allied Group, Inc.
Michael S. Helfer
President, Strategic Investments R. Max Williamson
Chief Strategic Officer President and Chief Operating Officer
Scottsdale Insurance Company
Paul J. Hondros
President and Chief Operating Officer Robert J. Woodward, Jr.
Gartmore Group Executive Vice President
Chief Investment Officer
[ 12 ]

9. International Headquarters
One Nationwide Plaza
Columbus, Ohio 43215-2220
An equal opportunity and affirmative action employer
www.nationwide.com