This document provides quarterly financial highlights and statistical data for Nationwide Financial Services, Inc. for the periods ending September 30, 2008. Some key details include:
- For the quarter ending September 30, 2008, Nationwide reported a net loss of $346.4 million compared to net income of $147 million for the same quarter the previous year.
- Total revenues decreased significantly to $484.6 million for the most recent quarter from $1,131.8 million in the prior year quarter, driven largely by net realized investment losses of $533.9 million in the current period.
- Total assets declined to $102.1 billion as of September 30, 2008 from $121.5 billion
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1. Nationwide Financial Services, Inc.
Statistical Supplement
September 30, 2008
Table of Contents
Page
Quarterly Financial Highlights 1-2
NFS Financial Reporting Structure 2
Quarterly Consolidated Income Statements 4
Combining Income Statements
For the three months ended September 30, 2008 5
For the three months ended September 30, 2007 6
Quarterly Consolidated Balance Sheets 8
Individual Investments Segment
Quarterly earnings trends 9
Account value activity 9
Account values by product 10
Sales by product 10
Sales by channel 10
Retirement Plans Segment
Quarterly earnings trends 11
Account value activity 11
Account values by product 12
Sales by product 12
Sales by channel 12
Individual Protection Segment
Quarterly earnings trends 13
Policy reserves 13
Insurance in force 13
Sales by product 14
Sales by channel 14
Investment life quarterly earnings trends 15
Investment life policy reserve activity 15
Fixed life quarterly earnings trends 16
Fixed life policy reserve activity 16
Corporate and Other Segment
Quarterly earnings trends 17
Nationwide Bank and Medium Term Notes Key Ratios and Statistics 17
Account value activity 17
Other Data
Customer funds managed and administered 18
Separate account assets by segment and fund type 18
Securities available-for-sale 19
Aging of gross unrealized losses on securities available-for-sale 19
Credit quality of fixed maturity securities available-for-sale 20
Mortgage loans by region and property type 20
Deferred policy acquisition costs 21
Individual variable annuity deferred acquisition costs 22
Value of business acquired 23
Individual variable annuity guaranteed minimum death benefits 24
Individual variable annuity guaranteed minimum accumulation benefits 25
Individual variable annuity guaranteed minimum income benefits 25
Individual variable annuity guaranteed lifetime withdrawal benefits 26
Individual variable annuity guaranteed minimum death benefit reserve activity 26
Individual fixed annuity and fixed option of variable annuity summary of crediting rate detail 26
Historical Data 27-40
Glossary 41-44
Shareholder Information 45
2. Nationwide Financial Services, Inc.
Statistical Supplement
September 30, 2008
Quarterly Financial Highlights
($ in millions except for per share data) Q3'07 Q4'07 Q1'08 Q2'08 Q3'08
Operating Revenues
Individual investments $ 359.0 $ 370.7 $ 338.8 $ 330.3 $ 314.5
Retirement plans 284.9 296.9 279.1 281.0 275.0
Individual protection 332.8 345.8 344.6 354.7 346.3
Corporate and other 172.1 173.4 135.9 144.3 82.7
Total operating revenues $ 1,148.8 $ 1,186.8 $ 1,098.4 $ 1,110.3 $ 1,018.5
Net realized investment gains/(losses) (1) (17.0) (118.1) (182.1) (29.8) (533.9)
Total revenues $ 1,131.8 $ 1,068.7 $ 916.3 $ 1,080.5 $ 484.6
Pre-tax Operating Earnings (Loss)
Individual investments $ 65.0 $ 69.1 $ 62.5 $ 47.7 $ (120.7)
Retirement plans 59.6 75.9 53.9 55.6 55.3
Individual protection 65.2 69.3 64.9 78.4 72.2
Corporate and other 13.9 2.3 (13.9) 4.9 (50.4)
Pre-tax operating earnings (loss) $ 203.7 $ 216.6 $ 167.4 $ 186.6 $ (43.6)
Federal income tax expense 49.1 54.9 35.9 59.0 (21.8)
Net operating earnings (loss) $ 154.6 $ 161.7 $ 131.5 $ 127.6 $ (21.8)
Net realized investment gains/(losses), net of taxes (2) (8.4) (66.2) (87.9) (41.5) (315.4)
Discontinued operations, net of taxes 0.8 (21.3) 0.9 (0.7) (9.2)
Net income (loss) $ 147.0 $ 74.2 $ 44.5 $ 85.4 $ (346.4)
Per Common Diluted Share
Net operating earnings (loss) $ 1.08 $ 1.16 $ 0.95 $ 0.92 $ (0.16)
Net realized investment gains/(losses), net of taxes (2) (0.06) (0.48) (0.64) (0.29) (2.29)
Discontinued operations, net of taxes 0.01 (0.15) 0.01 (0.01) (0.06)
Net income (loss) $ 1.03 $ 0.53 $ 0.32 $ 0.62 $ (2.51)
Sales by Channel
Non-affiliated
Independent broker/dealers $ 1,555.0 $ 1,580.5 $ 1,561.9 $ 1,425.4 $ 1,291.1
Wirehouse and regional firms 703.6 815.0 706.4 608.9 522.2
Financial institutions 604.1 663.8 610.7 553.3 462.5
Pension plan administrators 95.6 137.4 119.6 101.1 109.1
Life specialists 12.9 137.3 105.6 95.3 47.2
Affiliated
Nationwide Retirement Solutions 1,073.8 1,064.3 1,161.1 1,114.2 1,135.6
Nationwide Financial Network 357.7 386.8 320.9 316.6 302.0
Mullin TBG 41.5 4.2 99.9 53.5 22.4
Total $ 4,444.2 $ 4,789.3 $ 4,686.1 $ 4,268.3 $ 3,892.1
(1)
Excluding operating items (periodic net amounts paid or received on interest rate swaps that do not qualify for hedge accounting treatment, trading portfolio
realized gains and losses, trading portfolio valuation changes, and net realized gains and losses related to securitizations).
(2)
Excluding operating items (periodic net amounts paid or received on interest rate swaps that do not qualify for hedge accounting treatment, trading portfolio
realized gains and losses, trading portfolio valuation changes, and net realized gains and losses related to securitizations), and net of adjustment to amortization
related to net realized gains/(losses).
Note: The results of operations of TBG Financial are reflected as discontinued operations.
1
3. Nationwide Financial Services, Inc.
Statistical Supplement
September 30, 2008
Quarterly Financial Highlights
($ in millions except for per share data) Q3'07 Q4'07 Q1'08 Q2'08 Q3'08
Balance Sheet Data
Total assets $ 121,460.5 $ 119,207.1 $ 112,612.6 $ 110,771.2 $ 102,086.9
Customer funds managed and administered $ 165,275.2 $ 162,365.4 $ 153,304.6 $ 152,818.5 $ 140,882.5
Shareholders' equity
Including accumulated other comprehensive income (AOCI) (1) $ 5,340.4 $ 5,324.6 $ 5,003.9 $ 4,912.6 $ 4,211.6
AOCI (61.1) (81.5) (378.4) (525.2) (844.4)
Excluding AOCI $ 5,401.5 $ 5,406.1 $ 5,382.3 $ 5,437.8 $ 5,056.0
Net operating return on average equity excluding AOCI 11.3% 12.0% 9.8% 9.4% (1.7%)
Statutory capital and surplus $ 3,249.3 $ 3,175.1 $ 2,990.9 $ 3,015.0 $ 2,825.8
Stock Data
Closing Price $ 53.82 $ 45.01 $ 47.28 $ 48.01 $ 49.33
Weighted average common shares outstanding
Basic 141.8 139.0 137.9 137.8 137.9
Diluted 142.7 139.7 138.3 138.6 137.9
Book value per share
Including AOCI $ 38.48 $ 38.44 $ 36.31 $ 35.62 $ 30.52
Excluding AOCI $ 38.92 $ 39.03 $ 39.06 $ 39.43 $ 36.64
(1)
Includes changes in fair value of certain investments and derivatives under SFAS 115 and SFAS 133.
Note: The results of operations of TBG Financial are reflected as discontinued operations.
NFS Operating Segment Reporting Structure
NATIONWIDE FINANCIAL
SERVICES, INC.
Individual Retirement Individual Corporate
Investments Plans Protection and Other
Medium Term Notes
Public Sector - 457
Variable Annuities Fixed Life
Universal
Fixed Annuities Nationwide Bank
Whole
Private Sector – 401(k)
Term
Income Products Nationwide Funds Group
Investment Life
Variable Universal
Structured Products
Advisory Services
COLI
Corporate Other
2